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Tiburon Research October 8, 2019

Slow Ventures: A Venture Capital Firm Specializing in Seed-Stage & Early-Stage Technology Investments. Tiburon Research October 8, 2019. Slow Ventures. Comments. Founded in 2009 Founded by Kevin Colleran, Sam Lessin, & Dave Morin Based in San Francisco, CA 2 offices 5 funds

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Tiburon Research October 8, 2019

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  1. Slow Ventures:A Venture Capital Firm Specializing in Seed-Stage & Early-Stage Technology Investments Tiburon Research October 8, 2019

  2. Slow Ventures Comments • Founded in 2009 • Founded by Kevin Colleran, Sam Lessin, & Dave Morin • Based in San Francisco, CA • 2 offices • 5 funds • Founder: Dave Morin • Web site: slow.co Source: 2/12/19 Securities & Exchange Commission (SEC) Web Site; 2/8/19 Medium Web Site; 2/8/19 Facebook Web Site; 2/8/19 Crunchbase Web Site; 2/8/19 Linked In Web Site; 11/30/18 Slow Ventures Form D; Tiburon Research & Analysis

  3. Slow Ventures was Founded in 2009 and Has Subsequently Evolved through its Early, Middle, & Recent Phases Slow Ventures History Slow Ventures Founded Slow Ventures Today Middle Phase Recent Phase Early Phase Approximate Dates: 2009 2009 - 2010 2011 - 2016 2017 - 2019 2019 Key Steps: • 2009: Slow Ventures founded • 2009; Raised Slow Ventures I • 2015: Raised Slow Ventures II • 2016: Raised Slow Ventures III • 2018: Raised Slow Ventures IV • 2018: Slow Ventures Opportunity Fund I Source: 2/12/19 Securities & Exchange Commission (SEC) Web Site; 2/8/19 Crunchbase Web Site; 2/8/19 Securities & Exchange Commission (SEC) Web Site; 2/8/19 Linked In Web Site; 2/12/18 Securities & Exchange Commission (SEC) Web Site; Tiburon Research & Analysis

  4. Slow Ventures was Founded by Kevin Colleran, Sam Lessin, & Dave Morin in 2009 Comments • Founded in 2009 • Founded by Dave Morin, Kevin Colleran, & Sam Lessin • Based in San Francisco, CA • 2 offices • Founder: Dave Morin Source: 2/12/19 Securities & Exchange Commission (SEC) Web Site; 2/8/19 Medium Web Site; 2/8/19 Crunchbase Web Site; 2/8/19 Linked In Web Site; 11/30/18 Slow Ventures Form D; Tiburon Research & Analysis 3

  5. Slow Ventures Has Raised Five Funds, Including Slow Ventures I in 2009 (Page 1) Slow Ventures I: -- Slow Ventures Funds Raised Slow Ventures I Slow Ventures II Slow Ventures III Slow Ventures IV • Raised in 2009 • Raised in 2015 • Raised in 2016 • $145 million assets raised • Raised in 2018 • $65 million raised Slow Ventures II: -- Slow Ventures III: Announced 1/1/14 (raised $10 million); announced 11/17/16 (raised $145 million) Slow Ventures IV: Announced 4/29/15; raised $65 million Source: 2/12/19 Securities & Exchange Commission (SEC) Web Site; 2/8/19 Medium Web Site; Tiburon Research & Analysis

  6. Slow Ventures Funds Raised (Page 2) Slow Ventures Opportunity Fund I:Announced 11/30/18 Slow Ventures Funds Raised Slow Ventures Opportunity Fund I -- -- -- • Raised in 2018 • -- • -- • -- Source: 2/12/19 Securities & Exchange Commission (SEC) Web Site; Tiburon Research & Analysis

  7. Slow Venturesis Not a Frequent Advertiser Advertising Comments • -- Source: Tiburon Research & Analysis

  8. Slow Ventures Has a Web Site with Four Core Sections, Including Companies, Medium, Twitter, & Facebook Utilizes Viewpoint Meta, iPhone & mobile compatible, and Apple mobile web clips icon Slow Ventures Web Site 2,844 monthly web site visitors Slow Ventures Web Site Companies Medium Twitter Facebook Source: 10/8/19 Slow Ventures Web Site; 4/15/19 Slow Ventures Web Site; 2/12/19 Slow Ventures Web Site; 2/8/19 Slow Ventures Web Site; 2/8/19 Crunchbase Web Site; Tiburon Research & Analysis

  9. Slow Venturesis Not a Frequent Acquirer Acquisitions Comments • -- Source: Tiburon Research & Analysis

  10. Slow VenturesHas a Charitable Giving Program Charitable Giving Comments • -- Source: Tiburon Research & Analysis

  11. Slow Ventures Has Two Offices, Consistent Since 2018 2019 = 2/8/19 Slow Ventures Offices 2018 = 2/8/19 Source: 2/8/19 Linked In Web Site; Tiburon Research & Analysis 10

  12. Slow Ventures’ Offices Include Cambridge, MA & San Francisco, CA New York, NY? Slow Ventures Offices • -- • San Francisco, CA • Cambridge, MA Source: 2/8/19 Twitter Web Site; 2/8/19 Linked In Web Site; Tiburon Research & Analysis 11

  13. Slow Ventures Has Employees Needs data Slow Ventures Employees 1-10 employees (2/8/19) Source: 2/8/19 Crunchbase Web Site; Tiburon Research & Analysis 12

  14. Slow Ventures Has Raised Five Funds, Up From One in 2009 2019 = 2/12/19 Slow Ventures Funds 2018 = 2/12/19 Source: 2/12/19 Securities & Exchange Commission (SEC) Web Site; 2/8/19 Medium Web Site; 2/8/19 Crunchbase Web Site; Tiburon Research & Analysis 13

  15. Slow Ventures Has Institutional Investors Needs data Slow Ventures Institutional Investors Source: Tiburon Research & Analysis 14

  16. Slow Ventures’ Institutional Investors Include… Slow Ventures Institutional Investors • -- • -- • -- Source: Tiburon Research & Analysis 15

  17. Slow Ventures Has Raised $220 Million Assets, Consistent Since 2018 2019 = 2/8/19 Slow Ventures Assets Raised ($ Millions) 2018 = 2/8/19 Source: 2/8/19 Crunchbase Web Site; Tiburon Research & Analysis 16

  18. Slow Ventures Has Made 375 Investments, Consistent Since 2018 2019 = 2/8/19 Slow Ventures Investments 2018 = 2/8/19 16 lead investments (2/8/19) 60 exits (2/8/19) Source: 2/8/19 Crunchbase Web Site; Tiburon Research & Analysis 17

  19. Slow Ventures’ Investments Include Beam & Facet Wealth Beam: Compliance technology platform (targets FinTechs, banks, broker/dealers, cryptocurrency companies, & other regulated financial groups); CEO: Ben Duranske; investors include Broadhaven, Lanaan, Conversion Capital, Greycroft Partners, and Plug & Play Slow Ventures Investments Facet Wealth: -- • Facet Wealth • Handy • Ingenuity Brands • Nest Labs • New Relic • Nexar • Pandora • Perceptive Automata • Pill Pack • Postmates • Ro • Room • Smart Things • Truepill • Twitter • UniformTeeth • Very Good Security • AAF • Airtable • AISense (Otter) • Ampleforth • Artsy • Beam • Birchbox • Birdies • Blanket • Brandless • Dash Radio • Dropbox • Earnest Other Possible Investments: -- Source: 3/12/19 Nosh; 3/12/19 Google News Alert; 3/1/19 Mobile Payments today; 3/1/19 Fortune; 3/1/19 Google News Alert; 2/28/19 Associated Press; 2/28/19 Google News Alert; 2/22/19 Google News Alert; 2/19/19 Google News Alert; 2/19/19 News Stock Exchange; 2/8/19 Crunchbase Web Site; 2/7/19 Tech Crunch; 2/7/19 Freightwaves; 2/7/19 Google News Alert; 1/22/19 Biz Woman; 1/19/19 Google News Alert; Tiburon Research & Analysis 18

  20. Slow Ventures Has Invested Capital Needs data Slow Ventures Invested Capital ($ Millions) Source: Tiburon Research & Analysis 19

  21. Slow Ventures Has $XX Million Assets Under Management Needs data Slow Ventures Assets Under Management ($ Millions) Source: Tiburon Research & Analysis 20

  22. Slow Ventures Has Portfolio Companies Needs data Slow Ventures Portfolio Companies Source: Tiburon Research & Analysis 21

  23. Slow Ventures’ Portfolio Companies Include Facet Wealth Slow Ventures Portfolio Companies • Facet Wealth • -- • -- Source: 12/7/18 Financial Planning; 11/7/18 Financial Planning; 9/25/18 RIA Biz; 9/10/18 Venture Beat; 9/10/18 Echelon Partners Email (Mulder); Tiburon Research & Analysis 22

  24. Slow Ventures Generates Revenues Needs data Slow Ventures Revenues ($ Millions) Source: Tiburon Research & Analysis 23

  25. Slow Ventures Earns $___ Million Needs data Slow Ventures Net Profits ($ Millions) Source: Tiburon Research & Analysis 24

  26. Slow Ventures Has Two Businesses, Including… Slow Ventures Businesses Slow Ventures Businesses -- -- Source: Tiburon Research & Analysis

  27. Slow Ventures’ First Business is… Comments • -- Source: Tiburon Research & Analysis 26

  28. Slow Ventures’ Second Business is… Comments • -- Source: Tiburon Research & Analysis 27

  29. Slow Ventures Utilizes G Suite (Formerly Google Apps for Work), Apache Web Services, & Amazon EC2 Comments • -- Source: 2/8/19 Crunchbase Web Site; Tiburon Research & Analysis 28

  30. Slow Ventures is Led by its Founder Dave Morin Other Executives: Allie Wagner (Marketing) Slow Ventures Organizational Chart Dave Morin Founder Kevin Colleran Managing Director Sam Lessin Partner Will Quist Managing Director Scott Marlette Partner Note: Dave Morin co-founded the firm in 2009; Kevin Colleran co-founded the firm in 2009; Sam Lessin co-founded the firm in 2009; Scott Marlette joined the firm in 2015; Will Quist joined the firm in 2015 Source: 2/12/19 Linked In Web Site; 2/8/19 Facebook Web Site; 2/8/19 Crunchbase Web Site; 1/8/19 Vator.TV Web Site; 1/8/19 Google News Alert; 11/30/18 Slow Ventures Form D; Tiburon Research & Analysis

  31. Slow Ventures Has a Board of Directors Led by its Chairman… Slow Ventures Board of Directors -- -- -- -- -- • -- • -- • -- • -- • -- Source: Tiburon Research & Analysis

  32. Slow Ventures is Privately Owned Comments • -- Source: Tiburon Research & Analysis

  33. Slow Ventures Has Assets Needs data Slow Ventures Assets ($ Millions) Source: Tiburon Research & Analysis 32

  34. Slow Ventures Has Liabilities Needs data Slow Ventures Liabilities ($ Millions) Source: Tiburon Research & Analysis 33

  35. Slow Ventures Has Shareholders’ Equity Needs data Slow Ventures Shareholders Equity ($ Millions) Source: Tiburon Research & Analysis 34

  36. Slow Ventures Earns … Per Share Needs data Slow Ventures Earnings Per Share Source: Tiburon Research & Analysis 35

  37. Slow Ventures Declares … Dividends Per Share Needs data Slow Ventures Dividends Per Share Source: Tiburon Research & Analysis 36

  38. Slow Ventures Has a … Dividend Yield Needs data Slow Ventures Dividend Yield Source: Tiburon Research & Analysis 37

  39. Slow Ventures’ Stock Price is … Needs data Slow Ventures Stock Price Source: Tiburon Research & Analysis 38

  40. Slow Ventures Has … Shares Outstanding Needs data Slow Ventures Shares Outstanding Source: Tiburon Research & Analysis 39

  41. Slow Ventures’ Market Capitalization is … Needs data Slow Ventures Market Capitalization ($ Millions) Source: Tiburon Research & Analysis 40

  42. Slow Ventures is Owned by …. Needs data Slow Ventures Ownership By Owner Source: Tiburon Research & Analysis 41

  43. Slow Ventures’ Stock Volume is…. Needs data Slow Ventures Stock Volume Source: Tiburon Research & Analysis 42

  44. Tiburon Strategic Advisors Comments • Focus on corporate-level strategy • Serve senior executives only at financial services companies • Key services: market seminars, market research, & strategy consulting • Served over 450 corporate clients and completed over 2,200 projects since 1998 • Host semi-annual CEO Summits, offer free weekly research releases, and offer free business benchmarking tools for all types of advisors • Chip Roame background • McKinsey & Company • Charles Schwab & Company • Tiburon since 1998 Source: Tiburon Research & Analysis

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