Abbott Capital A Leading Private Equity Firm Tiburon

Abbott Capital: A Leading Private Equity Firm Tiburon Research April 16, 2019

Abbott Capital Comments • Founded in 1986 • Based in New York, NY • Web site: www. abbottcapital. com Source: 4/16/19 Abbott Capital Web Site; 3/30/00 Sovereign Conversation (Ratliff); 3/28/00 Sovereign Email (Ratliff); Tiburon Research & Analysis 19. 04. 16 – Abbott Capital © Tiburon Strategic Advisors, LLC™ 1

Abbott Capital was Founded in 1986 and Has Subsequently Evolved Through their Early, Middle, & Recent Phases Abbott Capital History Abbott Capital Founded Approximate Dates: Key Steps: 1986 • 1986: Abbott Capital as founded Middle Phase Early Phase 1986 - 1994 • XXXX: -- Recent Phase 1995 - 1997 • • 1995: Closed Fund I 1997: Closed Fund II 1998 - 2019 • Abbott Capital Today 2019 XXXX: -- Source: 4/16/19 Abbott Capital Web Site; 3/30/00 Sovereign Conversation (Ratliff); 3/28/00 Sovereign Email (Ratliff); Tiburon Research & Analysis 19. 04. 16 – Abbott Capital © Tiburon Strategic Advisors, LLC™ 2

Abbott Capital is Not a Frequent Advertiser Comments • -- Source: Tiburon Research & Analysis 19. 04. 16 – Abbott Capital © Tiburon Strategic Advisors, LLC™ 3

Abbott Capital is Not a Frequent Acquirer Comments • -- Source: Tiburon Research & Analysis 19. 04. 16 – Abbott Capital © Tiburon Strategic Advisors, LLC™ 4

Abbott Capital Has a Charitable Giving Program Comments • -- Source: Tiburon Research & Analysis 19. 04. 16 – Abbott Capital © Tiburon Strategic Advisors, LLC™ 5

Abbott Capital Has Two Businesses, Including Funds-of-Funds Abbott Capital Businesses Funds-of-Funds -- Source: 3/30/00 Sovereign Conversation (Ratliff); 3/28/00 Sovereign Email (Ratliff); Tiburon Research & Analysis 19. 04. 16 – Abbott Capital © Tiburon Strategic Advisors, LLC™ 6

Abbott Capital’s First Business is Funds-of-Funds Comments • -- Source: 3/30/00 Sovereign Conversation (Ratliff); 3/28/00 Sovereign Email (Ratliff); Tiburon Research & Analysis 19. 04. 16 – Abbott Capital © Tiburon Strategic Advisors, LLC™ 7

Abbot Capital’s Funds-of-Funds Business Has Many Funds-of. Funds, Including Abbot Capital Private Equity Funds I, II, and III Funds-of-Funds Business Funds Abbott Capital Private Equity Fund I • Closed in 1995 • 23. 8% internal rate of return Abbott Capital Private Equity Fund II • Closed in 1997 • 28. 2% internal rate of return Abbott Capital Private Equity Fund III • • • $150 million target Diversified over 20 buyout, venture capital, special situation funds and some direct investments More focused on buyout than venture capital funds $5 million minimum investment Fees – 1% for commitments up to $5 million – 0. 9% for $5 million to $10 million – 0. 7% for over $10 million to $20 million – 0. 5% thereafter with a 10% decline after 8 years Source: 3/30/00 Sovereign Conversation (Ratliff); 3/28/00 Sovereign Email (Ratliff); Tiburon Research & Analysis 19. 04. 16 – Abbott Capital © Tiburon Strategic Advisors, LLC™ 8

Abbott Capital’s Second Business is… Comments • -- Source: Tiburon Research & Analysis 19. 04. 16 – Abbott Capital © Tiburon Strategic Advisors, LLC™ 9

Abbott Capital is Led by its President Jonathan Roth Abbott Capital Organizational Chart Jonathan Roth President -- -- Source: 4/16/19 Abbott Capital Web Site; Tiburon Research & Analysis 19. 04. 16 – Abbott Capital © Tiburon Strategic Advisors, LLC™ 10

Abbott Capital Has a Board of Directors Led by its Chairman… Abbott Capital Board of Directors -- • -- -- • -- Source: Tiburon Research & Analysis 19. 04. 16 – Abbott Capital © Tiburon Strategic Advisors, LLC™ 11

Abbott Capital is Privately Owned Comments • -- Source: Tiburon Research & Analysis 19. 04. 16 – Abbott Capital © Tiburon Strategic Advisors, LLC™ 12

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 - Mc. Kinsey & Company - Charles Schwab & Company - Tiburon since 1998 Source: Tiburon Research & Analysis 19. 04. 16 – Abbott Capital © Tiburon Strategic Advisors, LLC™ 13