Aberdare Ventures: A Leading Venture Capital Firm Tiburon Research April 17, 2019

Aberdare Ventures Comments Founded in 1999 Founded by Paul Klingenstein Based in San Francisco, CA Web site: www.aberdare.com Source: 3/17/19 Aberdare Ventures Web Site; Tiburon Research & Analysis

Aberdare Ventures Today Aberdare Ventures was Founded in 1999 and Has Subsequently Evolved Through their Early, Middle, & Recent Phases Aberdare Ventures History Aberdare Ventures Founded Aberdare Ventures Today Early Phase Middle Phase Recent Phase Approximate Dates: 1999 1999 - XXXX XXXX - XXXX XXXX - 2019 2019 Key Steps: 1999: Aberdare Ventures founded XXXX: -- XXXX: -- XXXX: -- Source: 3/17/19 Aberdare Ventures Web Site; Tiburon Research & Analysis

Aberdare Ventures was Founded by Paul Klingenstein in 1999 Comments Founded in 1999 Founded by Paul Klingenstein Based in San Francisco, CA Source: 3/17/19 Aberdare Ventures Web Site; Tiburon Research & Analysis 3 3

Aberdare Ventures is Not a Frequent Advertiser Advertising Comments -- Source: Tiburon Research & Analysis 4

Aberdare Ventures Web Site Aberdare Ventures Has a Web Site with Four Core Sections, Including Investments, People, About, & Contact Aberdare Ventures Web Site Aberdare Ventures Web Site Investments About Contact People Source: 3/17/19 Aberdare Ventures Web Site; Tiburon Research & Analysis 5

Aberdare Ventures is Not a Frequent Acquirer Acquisitions Comments -- Source: Tiburon Research & Analysis 6

Aberdare Ventures Has a Charitable Giving Program Comments -- Source: Tiburon Research & Analysis 7

Aberdare Ventures Has One Office, Consistent Since 2018 Offices Source: 3/17/19 Aberdare Ventures Web Site; Tiburon Research & Analysis 8 8 8

Aberdare Ventures' Offices Include San Francisco, CA -- San Francisco, CA -- Source: 3/17/19 Aberdare Ventures Web Site; Tiburon Research & Analysis 9 9

Aberdare Ventures Has Employees Needs data Aberdare Ventures Employees Source: Tiburon Research & Analysis 10 10

Aberdare Ventures Has Raised Funds Needs data Aberdare Ventures Funds Source: Tiburon Research & Analysis 11 11 11

Aberdare Ventures Has Institutional Investors Needs data Aberdare Ventures Institutional Investors Source: Tiburon Research & Analysis 12 12 12

Aberdare Ventures' Institutional Investors Include… -- -- -- Source: Tiburon Research & Analysis 13 13

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

Aberdare Ventures Has Gathered $XX Million Assets Under Management Needs data Aberdare Ventures Assets Under Management ($ Millions) Source: Tiburon Research & Analysis 15 15 15

Aberdare Ventures Portfolio Companies Aberdare Ventures Has Eleven Portfolio Companies, Consistent Since 2018 Aberdare Ventures Portfolio Companies Source: 3/17/19 Aberdare Ventures Web Site; Tiburon Research & Analysis 16 16 16

Aberdare Ventures' Portfolio Companies Include… -- -- -- Source: Tiburon Research & Analysis 17 17

Aberdare Ventures Generates Revenues Needs data Aberdare Ventures Revenues ($ Millions) Source: Tiburon Research & Analysis 18 18 18

Aberdare Ventures Earns $___ Million Needs data Aberdare Ventures Net Profits ($ Millions) Source: Tiburon Research & Analysis 19 19 19

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

Aberdare Ventures' First Business is… Comments -- Source: Tiburon Research & Analysis 21 21

Aberdare Ventures' Second Business is… Comments -- Source: Tiburon Research & Analysis 22 22

Aberdare Ventures is Led by its Managing Director Paul Klingenstein Organizational Chart Paul Klingenstein Managing Director -- Note: Paul Klingenstein founded the firm in 1999 Source: 3/17/19 Aberdare Ventures Web Site; Tiburon Research & Analysis

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

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

Aberdare Ventures Has Assets Needs data Aberdare Ventures Assets ($ Millions) Source: Tiburon Research & Analysis 26 26 26

Aberdare Ventures Has Liabilities Needs data Aberdare Ventures Liabilities ($ Millions) Source: Tiburon Research & Analysis 27 27 27

Aberdare Ventures Has Shareholders’ Equity Needs data Aberdare Ventures Shareholders Equity ($ Millions) Source: Tiburon Research & Analysis 28 28 28

Aberdare Ventures Earns … Per Share Needs data Aberdare Ventures Earnings Per Share Source: Tiburon Research & Analysis 29 29 29

Aberdare Ventures Declares … Dividends Per Share Needs data Aberdare Ventures Dividends Per Share Source: Tiburon Research & Analysis 30 30 30

Aberdare Ventures Has a … Dividend Yield Needs data Aberdare Ventures Dividend Yield Source: Tiburon Research & Analysis 31 31 31

Aberdare Ventures' Stock Price is … Needs data Aberdare Ventures Stock Price Source: Tiburon Research & Analysis 32 32 32

Aberdare Ventures Has … Shares Outstanding Needs data Aberdare Ventures Shares Outstanding Source: Tiburon Research & Analysis 33 33 33

Aberdare Ventures' Market Capitalization is … Needs data Aberdare Ventures Market Capitalization ($ Millions) Source: Tiburon Research & Analysis 34 34 34

Aberdare Ventures is Owned by …. Needs data Aberdare Ventures Ownership By Owner Source: Tiburon Research & Analysis 35 35 35

Aberdare Ventures' Stock Volume is…. Needs data Aberdare Ventures Stock Volume Source: Tiburon Research & Analysis 36 36 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 McKinsey & Company Charles Schwab & Company Tiburon since 1998 Source: Tiburon Research & Analysis