BNA Tax Management: A Leading Washington, DC Based Technology Company Tiburon Research April 24, 2019

BNA Tax Management Comments 2 Founded in 1947 Based in Washington, DC Web Site: www.BNASoftware.Com Source: 11/28/05 BNA Software Web Site; 10/27/05 BNA Software Web Site; 4/05 Investment Advisor; Tiburon Research & Analysis 2

BNA Tax Management History BNA Tax Management was Founded in 1947 and Has Subsequently Evolved through its Early, Middle, & Recent Phases BNA Tax Management History BNA Tax Management Founded BNA Tax Management Today Early Phase Middle Phase Recent Phase Approximate Dates: 1947 1947 - 1977 1977- 2007 2007- 2019 2019 Key Steps: 1947: BNA Tax Management founded XXXX: -- XXXX: -- XXXX: -- Source: 11/28/05 BNA Software Web Site; 10/27/05 BNA Software Web Site; 4/05 Investment Advisor; Tiburon Research & Analysis 3

BNA Tax Management was Founded by XXXX Comments Founded in 1947 Based in Washington, DC Source: 11/28/05 BNA Software Web Site; 10/27/05 BNA Software Web Site; 4/05 Investment Advisor; Tiburon Research & Analysis 4

BNA Tax Management is Not a Frequent Advertiser Comments -- Source: Tiburon Research & Analysis 5

BNA Tax Management Web Site BNA Tax Management Has a Web Site with Six Core Sections, Including Solutions, Resources, Training & Services, About Us, Blog, and For You BNA Tax Management Web Site BNA Tax Management Web Site Solutions Resources Training & Services About Us Blog For You Source: 4/24/19 BNA Tax Management Web Site; Tiburon Research & Analysis 6

BNA Tax Management is Not a Frequent Acquirer Comments -- Source: Tiburon Research & Analysis 7

BNA Tax Management Has a Charitable Giving Program Comments -- Source: Tiburon Research & Analysis 8

BNA Tax Management Has Offices Source: Tiburon Research & Analysis 9

BNA Tax Management Has Employees Source: Tiburon Research & Analysis 10

BNA Tax Management Serves Clients (Millions) Source: Tiburon Research & Analysis 11

BNA Tax Management Generates Revenues ($ Millions) Source: Tiburon Research & Analysis 12

BNA Tax Management Earns $___ Million Net Profits ($ Millions) Source: Tiburon Research & Analysis 13

BNA Tax Management Has a Number of Businesses, Including… -- -- -- -- -- Source: Tiburon Research & Analysis 14

BNA Tax Management’s First Businesses is ___ Comments -- Source: Tiburon Research & Analysis 15

BNA Tax Management’s Second Businesses is ___ Comments -- Source: Tiburon Research & Analysis 16

BNA Tax Management is Led by its CEO… Organizational Chart -- CEO -- -- -- -- -- Source: 11/28/05 BNA Software Web Site; 10/27/05 BNA Software Web Site; 4/05 Investment Advisor; Tiburon Research & Analysis 17

BNA Tax Management Has a Board of Directors Led by its Chairman… -- Chairman -- -- -- -- -- -- -- -- -- Source: Tiburon Research & Analysis

BNA Tax Management is Privately Owned Comments -- Source: Tiburon Research & Analysis 19

BNA Tax Management Has Assets ($ Millions) Source: Tiburon Research & Analysis 20 20 20

BNA Tax Management Has Liabilities ($ Millions) Source: Tiburon Research & Analysis 21 21 21

BNA Tax Management Has Shareholders’ Equity ($ Millions) Source: Tiburon Research & Analysis 22 22 22

BNA Tax Management Earns … Per Share Earnings Per Share Source: Tiburon Research & Analysis 23 23 23

BNA Tax Management Declares … Dividends Per Share Source: Tiburon Research & Analysis 24 24 24

BNA Tax Management Has a … Dividend Yield Source: Tiburon Research & Analysis 25 25 25

BNA Tax Management’s Stock Price is … Source: Tiburon Research & Analysis 26 26 26

BNA Tax Management Has … Shares Outstanding Source: Tiburon Research & Analysis 27 27 27

BNA Tax Management’s Market Capitalization is … ($ Millions) Source: Tiburon Research & Analysis 28 28 28

BNA Tax Management is Owned by …. Ownership By Owner Source: Tiburon Research & Analysis 29 29 29

BNA Tax Management’s Stock Volume is…. Source: Tiburon Research & Analysis 30 30 30

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 31 31