ABS Ventures A Leading Venture Capital Firm Tiburon

ABS Ventures: A Leading Venture Capital Firm Tiburon Research April 18, 2019

ABS Ventures Comments • Founded in 1982 • Based in Waltham, MA • Web site: www. absventures. com Source: 4/18/19 ABS Ventures Web Site; 4/18/19 Crunchbase Web Site; Tiburon Research & Analysis 19. 04. 18 – ABS Ventures © Tiburon Strategic Advisors, LLC™ 1

ABS Ventures was Founded in 1982 and Has Subsequently Evolved Through their Early, Middle, & Recent Phases ABS Ventures History ABS Ventures Founded Approximate Dates: Key Steps: 1982 • 1982: ABS Ventures founded Middle Phase Early Phase 1982 - 1990 • XXXX: -- Recent Phase 1991 - 2005 • XXXX: -- 2006 - 2019 • ABS Ventures Today 2019 XXXX: -- Source: 4/18/19 ABS Ventures Web Site; Tiburon Research & Analysis 19. 04. 18 – ABS Ventures © Tiburon Strategic Advisors, LLC™ 2

ABS Ventures was Founded in 1982 Comments • Founded in 1982 • Based in Waltham, MA Source: 4/18/19 ABS Ventures Web Site; Tiburon Research & Analysis 19. 04. 18 – ABS Ventures © Tiburon Strategic Advisors, LLC™ 3

ABS Ventures is Not a Frequent Advertiser Advertising Comments • -- Source: Tiburon Research & Analysis 19. 04. 18 – ABS Ventures © Tiburon Strategic Advisors, LLC™ 4

ABS Ventures Has a Web Site with Four Core Sections, Including Overview, Team, News, & Contact Us ABS Ventures Web Site Overview Team News Contact US Source: 4/18/19 ABS Ventures Web Site; Tiburon Research & Analysis 19. 04. 18 – ABS Ventures © Tiburon Strategic Advisors, LLC™ 5

ABS Ventures is Not a Frequent Acquirer Acquisitions Comments • -- Source: Tiburon Research & Analysis 19. 04. 18 – ABS Ventures © Tiburon Strategic Advisors, LLC™ 6

ABS Ventures Has a Charitable Giving Program Charitable Giving Comments • -- Source: Tiburon Research & Analysis 19. 04. 18 – ABS Ventures © Tiburon Strategic Advisors, LLC™ 7

ABS Ventures Has One Offices, Consistent Since 2018 ABS Ventures Offices Source: 4/18/19 ABS Ventures Web Site; Tiburon Research & Analysis 19. 04. 18 – ABS Ventures © Tiburon Strategic Advisors, LLC™ 8

ABS Ventures' Offices Include Waltham, MA ABS Ventures Offices • -- • Waltham, MA Source: 4/18/19 ABS Ventures Web Site; Tiburon Research & Analysis 19. 04. 18 – ABS Ventures © Tiburon Strategic Advisors, LLC™ 9

ABS Ventures Has Employees Needs data ABS Ventures Employees Source: Tiburon Research & Analysis 19. 04. 18 – ABS Ventures © Tiburon Strategic Advisors, LLC™ 10

ABS Ventures Has Raised Funds Needs data ABS Ventures Funds Source: Tiburon Research & Analysis 19. 04. 18 – ABS Ventures © Tiburon Strategic Advisors, LLC™ 11

ABS Ventures Has Institutional Investors Needs data ABS Ventures Institutional Investors Source: Tiburon Research & Analysis 19. 04. 18 – ABS Ventures © Tiburon Strategic Advisors, LLC™ 12

ABS Ventures' Institutional Investors Include… ABS Ventures Institutional Investors • -- Source: Tiburon Research & Analysis 19. 04. 18 – ABS Ventures © Tiburon Strategic Advisors, LLC™ 13

ABS Ventures Has Investors Needs data ABS Ventures Investors Source: Tiburon Research & Analysis 19. 04. 18 – ABS Ventures © Tiburon Strategic Advisors, LLC™ 14

ABS Ventures Has Gathered $XX Million Assets Under Management Needs data ABS Ventures Assets Under Management ($ Millions) Source: Tiburon Research & Analysis 19. 04. 18 – ABS Ventures © Tiburon Strategic Advisors, LLC™ 15

ABS Ventures Has Portfolio Companies Needs data ABS Ventures Portfolio Companies Source: Tiburon Research & Analysis 19. 04. 18 – ABS Ventures © Tiburon Strategic Advisors, LLC™ 16

ABS Ventures' Portfolio Companies Include… ABS Ventures Portfolio Companies • -- Source: Tiburon Research & Analysis 19. 04. 18 – ABS Ventures © Tiburon Strategic Advisors, LLC™ 17

ABS Ventures Generates Revenues Needs data ABS Ventures Revenues ($ Millions) Source: Tiburon Research & Analysis 19. 04. 18 – ABS Ventures © Tiburon Strategic Advisors, LLC™ 18

ABS Ventures Earns $___ Million Needs data ABS Ventures Net Profits ($ Millions) Source: Tiburon Research & Analysis 19. 04. 18 – ABS Ventures © Tiburon Strategic Advisors, LLC™ 19

ABS Ventures Has Two Businesses, Including… ABS Ventures Businesses -- -- Source: Tiburon Research & Analysis 19. 04. 18 – ABS Ventures © Tiburon Strategic Advisors, LLC™ 20

ABS Ventures' First Business is… Comments • -- Source: Tiburon Research & Analysis 19. 04. 18 – ABS Ventures © Tiburon Strategic Advisors, LLC™ 21

ABS Ventures' Second Business is… Comments • -- Source: Tiburon Research & Analysis 19. 04. 18 – ABS Ventures © Tiburon Strategic Advisors, LLC™ 22

ABS Ventures is Led by its Managing Partners Bill Burgess & Bruns Grayson ABS Ventures Organizational Chart Bill Burgess Managing Partner -- -- Bruns Grayson Managing Partner -- -- Source: 4/18/19 ABS Ventures Web Site; Tiburon Research & Analysis 19. 04. 18 – ABS Ventures © Tiburon Strategic Advisors, LLC™ 23

ABS Ventures Has a Board of Directors Led by its Chairman… ABS Ventures Board of Directors -- • -- -- • -- Source: Tiburon Research & Analysis 19. 04. 18 – ABS Ventures © Tiburon Strategic Advisors, LLC™ 24

ABS Ventures is Privately Owned Comments • -- Source: Tiburon Research & Analysis 19. 04. 18 – ABS Ventures © Tiburon Strategic Advisors, LLC™ 25

ABS Ventures Has Assets Needs data ABS Ventures Assets ($ Millions) Source: Tiburon Research & Analysis 19. 04. 18 – ABS Ventures © Tiburon Strategic Advisors, LLC™ 26

ABS Ventures Has Liabilities Needs data ABS Ventures Liabilities ($ Millions) Source: Tiburon Research & Analysis 19. 04. 18 – ABS Ventures © Tiburon Strategic Advisors, LLC™ 27

ABS Ventures Has Shareholders’ Equity Needs data ABS Ventures Shareholders Equity ($ Millions) Source: Tiburon Research & Analysis 19. 04. 18 – ABS Ventures © Tiburon Strategic Advisors, LLC™ 28

ABS Ventures Earns … Per Share Needs data ABS Ventures Earnings Per Share Source: Tiburon Research & Analysis 19. 04. 18 – ABS Ventures © Tiburon Strategic Advisors, LLC™ 29

ABS Ventures Declares … Dividends Per Share Needs data ABS Ventures Dividends Per Share Source: Tiburon Research & Analysis 19. 04. 18 – ABS Ventures © Tiburon Strategic Advisors, LLC™ 30

ABS Ventures Has a … Dividend Yield Needs data ABS Ventures Dividend Yield Source: Tiburon Research & Analysis 19. 04. 18 – ABS Ventures © Tiburon Strategic Advisors, LLC™ 31

ABS Ventures' Stock Price is … Needs data ABS Ventures Stock Price Source: Tiburon Research & Analysis 19. 04. 18 – ABS Ventures © Tiburon Strategic Advisors, LLC™ 32

ABS Ventures Has … Shares Outstanding Needs data ABS Ventures Shares Outstanding Source: Tiburon Research & Analysis 19. 04. 18 – ABS Ventures © Tiburon Strategic Advisors, LLC™ 33

ABS Ventures' Market Capitalization is … Needs data ABS Ventures Market Capitalization ($ Millions) Source: Tiburon Research & Analysis 19. 04. 18 – ABS Ventures © Tiburon Strategic Advisors, LLC™ 34

ABS Ventures is Owned by …. Needs data ABS Ventures Ownership By Owner Source: Tiburon Research & Analysis 19. 04. 18 – ABS Ventures © Tiburon Strategic Advisors, LLC™ 35

ABS Ventures' Stock Volume is…. Needs data ABS Ventures Stock Volume Source: Tiburon Research & Analysis 19. 04. 18 – ABS Ventures © Tiburon Strategic Advisors, LLC™ 36

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. 18 – ABS Ventures © Tiburon Strategic Advisors, LLC™ 37