2019 BI-ANNUAL NEWSLETTER FOLLOW US

TCV Expands Value Creation with New Portfolio Operations Team, Capital Markets Lead and Senior Hires in Finance and IR

TCV continued its strong execution in 2019, with TCV X, a

$3.2 billion fund, 12 new investments, a 63rd IPO with Peloton, M&A exits for IQMS and Webroot, and two liquidity events with Avalara and Rapid7.

TCV also launched a new portfolio operations team to enable value creation across our portfolio, created a new Head of Capital Markets role to work with our investment teams and portfolio companies to optimize , expanded the investment team, and hired new senior management leaders in IR and Finance.

RECENT INVESTMENT HIGHLIGHTS

Capsule

Healthcare technology leader rebuilding the pharmacy

September 13, 2019 – $200M Round Led by TCV

TCV Board Member: Adam Silverschotz

Clio Software

Leader in cloud-based legal technology

September 4, 2019 – $250M Round Co-Led by TCV

TCV Board Member: Amol Helekar

Perceptyx

Leading employee survey and people analytics platform

August 12, 2019 – Strategic Investment by TCV

TCV Board Members: Nari Ansari and Dave Eichler

Nubank

Leading digital finance platform in Latin America

July 26, 2019 – $400M Round Led By TCV

FlixMobility

Global mobility provider

July 18, 2019 – Investment Led by TCV and Permira

TCV Board Member: John Doran

Vectra

Leader in network threat detection and response (NDR) solutions

June 10, 2019 – $100M Round Led by TCV

TCV Board Member: Tim McAdam

WorldRemit

Leading mobile payments provider

June 3, 2019 – $175M Series D Led by TCV

TCV Board Member: John Doran

Modsy

Leading provider of online interior design service

May 21, 2019 – $37M Round Led by TCV

TCV Board Member: Tina Hoang-To

Rave Mobile Safety

Leading critical communication and data platform

April 25, 2019 – Investment by TCV

TCV Board Members: Kapil Venkatachalam, Bob Burke and Gal Peleg

Toast

Leading restaurant management platform

April 1, 2019 – $250M Round Led by TCV

TCV Board Member: David Yuan

Newsela

Leading instructional content platform

March 13, 2019 – $50M Series C Round Led by TCV

TCV Board Member: Woody Marshall

RELEX Solutions

Leading provider of unified retail planning solutions

February 6, 2019 – $200M Investment by TCV

TCV Board Members: John Doran, Bob Burke, and Muz Ashraf

Source: Company Press Release Excerpts

IPO, M&A AND LIQUIDITY HIGHLIGHTS

Peloton

September 25, 2019 - Peloton Announces Pricing Of . The shares are expected to begin trading on the Nasdaq Global Select Market on September 26, 2019 - under the ticker symbol "PTON."

Carbonite Closes Acquisition of Dassault Systèmes Completes Webroot IQMS Acquisition

March 26, 2019 - Carbonite, Inc. January 8, 2019 - Dassault Systèmes (NASDAQ: CARB), a leading cloud-based (Paris:DSY) (Euronext Paris: #13065, data protection provider, today closed its DSY.PA) today announced the completion previously announced acquisition of of the acquisition of IQMS, a leading Webroot Inc. The combination of cloud- manufacturing ERP software company, for based backup and recovery with cloud- $425 million. With the acquisition of the based cybersecurity introduces a new California-based IQMS, Dassault approach to data protection for the Systèmes extends the 3DEXPERIENCE endpoint. The total purchase price for platform to small and midsized Webroot was $618.5 million in cash. manufacturing companies seeking to digitally transform their business operations.

TCV EVENTS

TCV’S CHRO FORUM

Exclusive gathering of TCV portfolio companies and industry experts to discuss current trends and best practices in acquiring, onboarding, retaining, and nurturing top talent.

Focus areas included:

Best practices in scaling the organization, with a focus on winning the talent wars (particularly in major technology hubs), and creating a thriving culture. Aligning HR focus and capabilities with key strategic business goals and needs of business leaders throughout the organization. Transforming HR into a data and analytics driven organization – finding ways to predict and chart employee recruitment, development and growth. “ “ “ “ Great conversations I was able to build We think about the Being a mission- and best practices great relationships employee lifecycle based company has on how we can with people who I and journey helped us recruit top manage our can learn from, as it holistically and we talent, while we employee journey as really helps to have a want to ground it in continue to focus on data and stories; we closely as we new network of providing great want to use it to drive manage our People/HR Thought candidate and competencies and customer journey. Leaders. growth. employee experiences. Beth Grous Eric Bacolas Tammy Sheffer Chief People Chief People Chief People Amy Kruglak Officer Officer Officer Director of HR TripAdvisor Newsela Rent the Runway Rave Mobile „ „ „ Sa„fety

TCV LAUNCHES PORTFOLIO OPERATIONS

At TCV, we are your partners in growth. Our Portfolio Operations team is a best-in-class advisory and consulting organization, established to enable value creation across our portfolio. We are experienced operators who are passionate about driving growth and opportunity. Our goal is to ensure portfolio companies are supported and have the resources they need to succeed throughout their lifecycle.

TCV PORTFOLIO OPERATIONS TEAM

Susan Clark Brian Jawalka Elizabeth Knuppel General Partner Principal Principal Product & Tech Talent & Organization

Kunal Mehta Mark Rothert Jessiah Straw Principal Principal Associate Sales & Marketing Consulting Consulting

Michelle Wickman Vice President Customer Success & Systems

WHAT WE DO

We help companies scale and achieve great outcomes by translating strategic objectives into impactful workplans, and collaborate with management teams to execute against those workplans. Leveraging our collective experience as an investor in over 100 market-leading growth stage companies, we support management teams by sharing best practices and relevant benchmarks, introducing industry experts and preferred partners, and providing access to best- in-class tools. We aim to be an extension of company management teams for operational expertise, processes and support across the following disciplines.

Talent & Sales & Customer Systems Product & M&A Organization Marketing Success Technology

HOW WE ENGAGE

Operational Due Talent Best Operations Diligence Practices Execution

TCV CAPITAL MARKETS

TCV has created a new Head of Capital Markets role focused on capital structure optimization as well as other debt and equity capital markets-related value creation opportunities for new and existing portfolio companies. Jon Rauen, previously a member of Morgan Stanley’s Leveraged & Acquisition Finance Group, has joined TCV to lead this effort.

Jon Rauen

TCV LAUNCHES PODCAST: GROWTH JOURNEYS

“Growth Journeys” is a podcast series from TCV. Listen to CEOs and other innovators as they unpack the lessons and patterns from their personal and professional journeys in building and scaling high-growth businesses to category leadership.

Check out “Growth Journeys” by tuning into SoundCloud, Spotify, iTunes, Podcasts.com.

TECHNOLOGY PERSPECTIVES

⇒ Making the Mundane Sexy: How Intuit Turned SMB Bookkeeping and DIY taxes into Massive Business Lines -- A conversation with Daniel Wernikoff, former EVP and GM at Intuit and TCV GP Tim McAdam.

⇒ TripAdvisor: Elevating People Functions to Business Partnership. A conversation with Beth Grous, Chief People Officer at TripAdvisor, and Nari Ansari, General Partner at TCV.

⇒ Webinar: Evolving from SaaS to Marketplace: Key Lessons for Tech Leaders in Making the Jump. John Burke, EVP at TCV, chats with Brian Rothenberg, Partner at Defy and former VP & GM at Eventbrite.

⇒ A Founder’s Perspective: The Journey on the Private Equity Highway. Insights from ETQ’s Founder & former CEO, Glenn McCarty, and TCV GP Kapil Venkatachalam.

⇒ Toast: Building a System of Record for the Restaurant Industry. A Conversation with Tim Barash, Chief Business Officer and CFO of Toast, Inc. and Dave Yuan, General Partner at TCV.

⇒ NVCA Member Spotlight: TCV - NVCA Member Spotlight with Nathan Sanders, General Partner & Chief Operating Officer at TCV.

⇒ This is the biggest trend in hotel tech that you’ve never heard of. Via Hotel Tech Report: Investor Insights featuring John Burke, EVP at TCV.

⇒ Factory Software from Wine Country. How the CEOs of IQMS built a global category leader in a rural town.

⇒ Banking Evolution & Revolution—Fireside Chat with Jacqueline (Jackie) Reses, Head of Square Capital, and David Yuan, GP at TCV.

⇒ Brands with a Purpose. Master Marketer Jonathan Mildenhall and TCV General Partner David Yuan Talk about the Power of Purpose-Driven Brands.

TEAM NEWS

As part of TCV’s continued growth, we welcome two new senior team members to the firm. Erez Elisha, our new CFO based in New York, gained his leadership experience working for some of the world’s largest global financial institutions. Julia Novaes Roux, with her extensive international background in private equity, has joined our investor relations team to expand our access to capital worldwide.

Erez Elisha Julia Novaes Roux CFO Principal, Investor Relations

NEW AND RETURNING MEMBERS

Kenzie Amack Amy Bohutinsky Associate Venture Partner

Matt Cheung John Fitton Associate Associate

Colby Gilbert Sharon Goethals Analyst Director, Human Capital

Sourav Gupta Tina Hoang-To Analyst Executive VP

Rohit Iragavarapu Gary Li VP Associate

Matt Potter Mikko Savolainen VP Associate

Alice Shang Richard Son Associate Analyst

Vivian Wu Howard Xu Associate Associate

Angela Zhu VP

Read Our Team Bios »

If you are interested in learning more about how we partner with great management teams or know of a business that might interest us, let us know.

CONTACT US »

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This newsletter is intended solely for prospective portfolio companies and their agents regarding TCV's potential financing capabilities, and is not an offer to sell to any person, or solicitation from any person of any offer to buy, any securities. Certain information contained in this newsletter consists of portions of press releases issued by our portfolio companies. Such information has not been independently verified by TCV, and TCV does not assume responsibility for the accuracy of such information. M&A exits refer to sales that resulted in a gain. Organization headcount includes Venture Partners and Executive Advisors who are typically consultants and not employees of TCV. The portfolio companies described in this newsletter are not a complete list of TCV's investments and no assumption should be made that the investments identified herein were or will be profitable; for a complete list of TCV investments (other than certain public company investments), visit us at www.tcv.com/portfolio-list. ©2019