Aberdare Ventures A Leading Venture Capital Firm Tiburon

Aberdare Ventures: A Leading Venture Capital Firm Tiburon Research April 17, 2019

Aberdare Ventures Comments • Founded in 1999 – Founded by Paul Klingenstein • Based in San Francisco, CA • Web site: www. aberdare. com Source: 3/17/19 Aberdare Ventures Web Site; Tiburon Research & Analysis 19. 04. 17 – Aberdare Ventures © Tiburon Strategic Advisors, LLC™ 1

Aberdare Ventures was Founded in 1999 and Has Subsequently Evolved Through their Early, Middle, & Recent Phases Aberdare Ventures History Aberdare Ventures Founded Approximate Dates: Key Steps: 1999 • 1999: Aberdare Ventures founded Middle Phase Early Phase 1999 - XXXX • XXXX: -- Recent Phase XXXX - XXXX • XXXX: -- XXXX - 2019 • Aberdare Ventures Today 2019 XXXX: -- Source: 3/17/19 Aberdare Ventures Web Site; Tiburon Research & Analysis 19. 04. 17 – Aberdare Ventures © Tiburon Strategic Advisors, LLC™ 2

Aberdare Ventures is Not a Frequent Advertiser Comments • -- Source: Tiburon Research & Analysis 19. 04. 17 – Aberdare Ventures © Tiburon Strategic Advisors, LLC™ 3

Aberdare Ventures is Not a Frequent Acquirer Comments • -- Source: Tiburon Research & Analysis 19. 04. 17 – Aberdare Ventures © Tiburon Strategic Advisors, LLC™ 4

Aberdare Ventures Has a Charitable Giving Program Comments • -- Source: Tiburon Research & Analysis 19. 04. 17 – Aberdare Ventures © Tiburon Strategic Advisors, LLC™ 5

Aberdare Ventures Has One Office, Consistent Since 2018 Aberdare Ventures Offices Source: 3/17/19 Aberdare Ventures Web Site; Tiburon Research & Analysis 19. 04. 17 – Aberdare Ventures © Tiburon Strategic Advisors, LLC™ 6

Aberdare Ventures' Offices Include San Francisco, CA Aberdare Ventures Offices • -- • San Francisco, CA Source: 3/17/19 Aberdare Ventures Web Site; Tiburon Research & Analysis 19. 04. 17 – Aberdare Ventures © Tiburon Strategic Advisors, LLC™ 7

Aberdare Ventures Has Eleven Portfolio Companies, Consistent Since 2018 Aberdare Ventures Portfolio Companies Source: 3/17/19 Aberdare Ventures Web Site; Tiburon Research & Analysis 19. 04. 17 – Aberdare Ventures © Tiburon Strategic Advisors, LLC™ 8

Aberdare Ventures Has Two Businesses, Including… Aberdare Ventures Businesses -- -- Source: Tiburon Research & Analysis 19. 04. 17 – Aberdare Ventures © Tiburon Strategic Advisors, LLC™ 9

Aberdare Ventures' First Business is… Comments • -- Source: Tiburon Research & Analysis 19. 04. 17 – Aberdare Ventures © Tiburon Strategic Advisors, LLC™ 10

Aberdare Ventures' Second Business is… Comments • -- Source: Tiburon Research & Analysis 19. 04. 17 – Aberdare Ventures © Tiburon Strategic Advisors, LLC™ 11

Aberdare Ventures is Led by its Managing Director Paul Klingenstein Aberdare Ventures Organizational Chart Paul Klingenstein Managing Director -- -- Note: Paul Klingenstein founded the firm in 1999 Source: 3/17/19 Aberdare Ventures Web Site; Tiburon Research & Analysis 19. 04. 17 – Aberdare Ventures © Tiburon Strategic Advisors, LLC™ 12

Aberdare Ventures Has a Board of Directors Led by its Chairman… Aberdare Ventures Board of Directors -- • -- -- • -- Source: Tiburon Research & Analysis 19. 04. 17 – Aberdare Ventures © Tiburon Strategic Advisors, LLC™ 13

Aberdare Ventures is Privately Owned Comments • -- Source: Tiburon Research & Analysis 19. 04. 17 – Aberdare Ventures © Tiburon Strategic Advisors, LLC™ 14

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. 17 – Aberdare Ventures © Tiburon Strategic Advisors, LLC™ 15