Slow Ventures: A Venture Capital Firm Specializing in Seed-Stage & Early-Stage Technology Investments Tiburon Research February 12, 2019

Slow Ventures Comments Founded in 2009 Founded by Kevin Colleran, Sam Lessin, & Dave Morin Based in San Francisco, CA 2 offices Founder: Dave Morin Web site: slow.co Source: 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

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 Early Phase Middle Phase Recent Phase Approximate Dates: 2009 2009 - 2010 2011 - 2015 2016 - 2019 2019 Key Steps: 1939: Slow Ventures founded XXXX: -- XXXX: -- XXXX: -- Source: 2/8/19 Crunchbase Web Site; 2/8/19 Securities & Exchange Commission (SEC) Web Site; 2/8/19 Linked In Web Site; Tiburon Research & Analysis

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: 2/8/19 Crunchbase Web Site; 2/8/19 Linked In Web Site; 11/30/18 Slow Ventures Form D; Tiburon Research & Analysis 3 3

Slow Ventures Funds Raised Slow Ventures Has Raised Funds, Including Slow Ventures I, Slow Ventures II, & Slow Ventures III (Page 1) Slow Ventures Funds Raised Slow Ventures I Slow Ventures II Slow Ventures III -- -- Raised in 2005 Raised in 2016 $145 million assets under management -- Source: 2/8/19 Medium Web Site; Tiburon Research & Analysis 4

Slow Ventures Has Raised Funds (Page 2) Funds Raised -- -- -- -- -- -- -- -- Source: Tiburon Research & Analysis 5

Slow Ventures is Not a Frequent Advertiser Advertising Comments -- Source: Tiburon Research & Analysis 6

Slow Ventures Has a Web Site with Four Core Sections, Including Companies, Medium, Twitter, & Facebook Slow Ventures Web Site Slow Ventures Web Site Companies Twitter Facebook Medium Source: 2/12/19 Slow Ventures Web Site; 2/8/19 Slow Ventures Web Site; Tiburon Research & Analysis 7

Slow Ventures is Not a Frequent Acquirer Acquisitions Comments -- Source: Tiburon Research & Analysis 8

Slow Ventures Has a Charitable Giving Program Comments -- Source: Tiburon Research & Analysis 9

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 10 10

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 11

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 12

Slow Ventures Has Raised Funds Needs data Slow Ventures Funds Source: Tiburon Research & Analysis 13 13 13

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

Slow Ventures Has Raised Assets Needs data Slow Ventures Assets Raised ($ Millions) Source: Tiburon Research & Analysis 15 15 15

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) Source: 2/8/19 Crunchbase Web Site; Tiburon Research & Analysis 16 16 16

Slow Ventures’ Investments Include 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 17 17

Slow Ventures Has Invested Capital Needs data Slow Ventures Invested Capital ($ Millions) Source: Tiburon Research & Analysis 18 18 18

Slow Ventures Has $XX Million Assets Under Management Needs data Slow Ventures Assets Under Management ($ Millions) Source: Tiburon Research & Analysis 19 19 19

Slow Ventures Has Portfolio Companies Needs data Slow Ventures Portfolio Companies Source: Tiburon Research & Analysis 20 20 20

Slow Ventures’ Portfolio Companies Include Facet Wealth Investments 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 21 21

Slow Ventures Generates Revenues Needs data Slow Ventures Revenues ($ Millions) Source: Tiburon Research & Analysis 22 22 22

Slow Ventures Earns $___ Million Needs data Slow Ventures Net Profits ($ Millions) Source: Tiburon Research & Analysis 23 23 23

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

Slow Ventures’ First Business is… Comments -- Source: Tiburon Research & Analysis 25 25

Slow Ventures’ Second Business is… Comments -- Source: Tiburon Research & Analysis 26 26

Slow Ventures is Led by its Founder Dave Morin Organizational Chart Dave Morin Founder Will Quist Managing Director Scott Marlette Partner Kevin Colleran Sam Lessin Note: Kevin Colleran co-founded the firm in 2009; Sam Lessin co-founded the firm in 2009; Scott Marlette; joined the firm in 2015; Dave Morin co-founded the firm in 2009; Will Quist joined the firm in 2015 Source: 2/12/19 Linked In Web Site; 11/30/18 Slow Ventures Form D; Tiburon Research & Analysis

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

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

Slow Ventures Has Assets Needs data Slow Ventures Assets ($ Millions) Source: Tiburon Research & Analysis 30 30 30

Slow Ventures Has Liabilities Needs data Slow Ventures Liabilities ($ Millions) Source: Tiburon Research & Analysis 31 31 31

Slow Ventures Has Shareholders’ Equity Needs data Slow Ventures Shareholders Equity ($ Millions) Source: Tiburon Research & Analysis 32 32 32

Slow Ventures Earns … Per Share Needs data Slow Ventures Earnings Per Share Source: Tiburon Research & Analysis 33 33 33

Slow Ventures Declares … Dividends Per Share Needs data Slow Ventures Dividends Per Share Source: Tiburon Research & Analysis 34 34 34

Slow Ventures Has a … Dividend Yield Needs data Slow Ventures Dividend Yield Source: Tiburon Research & Analysis 35 35 35

Slow Ventures’ Stock Price is … Needs data Slow Ventures Stock Price Source: Tiburon Research & Analysis 36 36 36

Slow Ventures Has … Shares Outstanding Needs data Slow Ventures Shares Outstanding Source: Tiburon Research & Analysis 37 37 37

Slow Ventures’ Market Capitalization is … Needs data Slow Ventures Market Capitalization ($ Millions) Source: Tiburon Research & Analysis 38 38 38

Slow Ventures is Owned by …. Needs data Slow Ventures Ownership By Owner Source: Tiburon Research & Analysis 39 39 39

Slow Ventures’ Stock Volume is…. Needs data Slow Ventures Stock Volume Source: Tiburon Research & Analysis 40 40 40

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