BizEquity: The Global Leading Provider of Online Business Valuation Tiburon Research March 8, 2019

BizEquity Comments Founded in 2010 Founded by Michael Carter Based in Wayne, PA 5 offices 215 employees Founder: Michael Carter Web site: bizequity.com Source: 3/8/19 BizEquity Web Site; 3/8/19 Cunchbase Web Site; Tiburon Research & Analysis

BizEquity was Founded in 2010 and Has Subsequently Evolved Through its Early, Middle, & Recent Phases BizEquity History BizEquity Founded BizEquity Today Early Phase Middle Phase Recent Phase Approximate Dates: 2010 2010 - 2014 2015 - 2017 2018 - 2019 2019 Key Steps: 2010: BizEquity founded XXXX: -- XXXX: -- XXXX: -- Source: 3/8/19 Cunchbase Web Site; Tiburon Research & Analysis

BizEquity is Not a Frequent Advertiser Comments -- Source: Tiburon Research & Analysis 3

BizEquity is Not a Frequent Acquirer Comments -- Source: Tiburon Research & Analysis 4

BizEquity Has a Charitable Giving Program Comments -- Source: Tiburon Research & Analysis 5

BizEquity Has Five Offices, Consistent Since 2018 Source: 3/8/19 BizEquity Web Site; Tiburon Research & Analysis 6 6 6

BizEquity’ Offices Include London, United Kingdom; New Delhi, India; Philadelphia, PA; Singapore; & Wayne, PA BizEquity Offices London, United Kingdom New Delhi, India Philadelphia, PA Singapore Wayne, PA -- Source: 3/8/19 BizEquity Web Site; Tiburon Research & Analysis 7 7

BizEquity Has 215 Employees, Consistent Since 2018 Source: 3/8/19 Owler Web Site; Tiburon Research & Analysis 8 8

BizEquity Generates $7.9 Million Revenues Needs more complete data BizEquity Revenues ($ Millions) Source: 3/8/19 Cunchbase Web Site; Tiburon Research & Analysis 9 9 9

BizEquity Has One Services, Including Business Valuation Businesses Business Valuation -- Source: 3/8/19 BizEquity Web Site; Tiburon Research & Analysis

BizEquity’ First Service is Business Valuation Comments -- Source: Tiburon Research & Analysis 11 11

BizEquity is Led by its CEO Michael Carter Organizational Chart Michael Carter CEO Phil Calamia Chief Financial Officer Amir Tahvildaran Chief Technology Officer Scott Gabehart Chief Valuation Officer Jason Early Chief Revenue Officer Note: Michael Carter founded the firm in 2010; Scott Gabehart joined the firm in XXXX; Jason Early joined the firm in XXXX; Phil Calamia joined the firm in XXXX; Amir Tahvildaran joined the firm in XXXX Source: 3/8/19 BizEquity Web Site; Tiburon Research & Analysis

BizEquity Has a Board of Directors Led by its Chairman… Tom Petro Randy Shuken Peter Brooks Michael Abbott Michael Moe Joined in XXXX Joined in XXXX Joined in XXXX Joined in XXXX Joined in XXXX Source: 3/8/19 BizEquity Web Site; Tiburon Research & Analysis

BizEquity Has a Board of Directors (Page 2) Miles Frost John Loftus Pete Musser Clarence Davis -- Joined in XXXX Joined in XXXX Joined in XXXX Joined in XXXX -- Source: 3/8/19 BizEquity Web Site; Tiburon Research & Analysis

BizEquity is Privately Owned Comments -- Source: Tiburon Research & Analysis

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