Slow Ventures A Venture Capital Firm Specializing in

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 • 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 19. 10. 08 – Slow Ventures © Tiburon Strategic Advisors, LLC™ 1

Slow Ventures was Founded in 2009 and Has Subsequently Evolved through its Early, Middle, & Recent Phases Slow Ventures History Slow Ventures Founded Approximate Dates: Key Steps: 2009 • 2009: Slow Ventures founded Middle Phase Early Phase 2009 - 2010 • 2009; Raised Slow Ventures I Recent Phase 2011 - 2016 • • 2015: Raised Slow Ventures II 2016: Raised Slow Ventures III 2017 - 2019 • • Slow Ventures Today 2019 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 19. 10. 08 – Slow Ventures © Tiburon Strategic Advisors, LLC™ 2

Slow Ventures Has Raised Five Funds, Including Slow Ventures I in 2009 (Page 1) Slow Ventures Funds Raised Slow Ventures I • Raised in 2009 Slow Ventures II • Raised in 2015 Slow Ventures III • • Slow Ventures IV • • Raised in 2016 $145 million assets raised Raised in 2018 $65 million raised Source: 2/12/19 Securities & Exchange Commission (SEC) Web Site; 2/8/19 Medium Web Site; Tiburon Research & Analysis 19. 10. 08 – Slow Ventures © Tiburon Strategic Advisors, LLC™ 3

Slow Ventures Funds Raised (Page 2) 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 19. 10. 08 – Slow Ventures © Tiburon Strategic Advisors, LLC™ 4

Slow Ventures is Not a Frequent Advertiser Comments • -- Source: Tiburon Research & Analysis 19. 10. 08 – Slow Ventures © Tiburon Strategic Advisors, LLC™ 5

Slow Ventures is Not a Frequent Acquirer Comments • -- Source: Tiburon Research & Analysis 19. 10. 08 – Slow Ventures © Tiburon Strategic Advisors, LLC™ 6

Slow Ventures Has a Charitable Giving Program Comments • -- Source: Tiburon Research & Analysis 19. 10. 08 – Slow Ventures © Tiburon Strategic Advisors, LLC™ 7

Slow Ventures Has Two Offices, Consistent Since 2018 Slow Ventures Offices Source: 2/8/19 Linked In Web Site; Tiburon Research & Analysis 19. 10. 08 – Slow Ventures © Tiburon Strategic Advisors, LLC™ 8

Slow Ventures’ Offices Include Cambridge, MA & San Francisco, CA Slow Ventures Offices • Cambridge, MA • -- • San Francisco, CA Source: 2/8/19 Twitter Web Site; 2/8/19 Linked In Web Site; Tiburon Research & Analysis 19. 10. 08 – Slow Ventures © Tiburon Strategic Advisors, LLC™ 9

Slow Ventures Has Raised Five Funds, Up From One in 2009 Slow Ventures Funds 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 19. 10. 08 – Slow Ventures © Tiburon Strategic Advisors, LLC™ 10

Slow Ventures Has Raised $220 Million Assets, Consistent Since 2018 Slow Ventures Assets Raised ($ Millions) Source: 2/8/19 Crunchbase Web Site; Tiburon Research & Analysis 19. 10. 08 – Slow Ventures © Tiburon Strategic Advisors, LLC™ 11

Slow Ventures Has Made 375 Investments, Consistent Since 2018 Slow Ventures Investments Source: 2/8/19 Crunchbase Web Site; Tiburon Research & Analysis 19. 10. 08 – Slow Ventures © Tiburon Strategic Advisors, LLC™ 12

Slow Ventures’ Investments Include Beam & Facet Wealth Slow Ventures Investments • • • • AAF Airtable AISense (Otter) Ampleforth Artsy Beam Birchbox Birdies Blanket Brandless Dash Radio Dropbox Earnest • • • Facet Wealth Handy Ingenuity Brands Nest Labs New Relic Nexar Pandora Perceptive Automata Pill Pack Postmates Ro Room • • • Smart Things Truepill Twitter Uniform. Teeth Very Good Security 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 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 19. 10. 08 – Slow Ventures © Tiburon Strategic Advisors, LLC™ 13

Slow Ventures Has Two Businesses, Including… Slow Ventures Businesses -- -- Source: Tiburon Research & Analysis 19. 10. 08 – Slow Ventures © Tiburon Strategic Advisors, LLC™ 14

Slow Ventures is Led by its Founder Dave Morin 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 19. 10. 08 – Slow Ventures © Tiburon Strategic Advisors, LLC™ 15

Slow Ventures Has a Board of Directors Led by its Chairman… Slow Ventures Board of Directors -- • -- -- • -- Source: Tiburon Research & Analysis 19. 10. 08 – Slow Ventures © Tiburon Strategic Advisors, LLC™ 16

Slow Ventures is Privately Owned Comments • -- Source: Tiburon Research & Analysis 19. 10. 08 – Slow Ventures © Tiburon Strategic Advisors, LLC™ 17

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. 10. 08 – Slow Ventures © Tiburon Strategic Advisors, LLC™ 18