Value Creation Through Constructive Activism Q2 2020 Shareholder - PowerPoint PPT Presentation

C O N F I D E N T I A L Value Creation Through Constructive Activism Q2 2020 Shareholder Update Call August 11, 2020 1

Safe Harbor Statement C O N F I D E N T I A L This presentation may contain statements of a forward-looking nature relating to future events. Statements contained in this presentation that are forward-looking statements are intended to be made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to the inherent uncertainties in predicting future results and conditions. These statements reflect the Company’s current beliefs, and a number of important factors could cause actual results to differ materially from those expressed herein. Please see the Company’s filings with the Securities and Exchange Commission for a more detailed discussion of the risks and uncertainties associated with the Company’s business, including but not limited to the risks and uncertainties associated with investing in privately held and publicly traded companies and other significant factors that could affect the Company’s actual results. Except as otherwise required by Federal securities laws, 180 Degree Capital Corp. undertakes no obligation to update or revise these forward-looking statements to reflect new events or uncertainties. 1

Sum of the Parts of TURN C O N F I D E N T I A L Based on Stock Based on Stock Based on Stock Price as of Price as of Price as of August 10, 2020 June 30, 2020 March 31, 2020 Stock Price $1.895 $1.74 $1.3582 Value of Publicly Traded Portfolio $1.53 $1.18 $0.9255 Companies Per Share* Cash Per Share** $0.25 $0.25 $0.1164 Net Other Non-Investment Assets Per $0.02 $0.02 $0.0173 Share Total Liabilities Per Share $(0.05) $(0.05) $(0.0509) Total Non-Private Portfolio Net Assets $1.750 $1.40 $1.0083 Per Share Remaining Per Share Value Ascribed $0.145 $0.34 $0.3499 to Private Portfolio Private Portfolio Value Per Share $1.30 $1.30 $1.1128 Effective Market Value Per Share / 11.2% 26.2% 31.4% Value of Private Portfolio Per Share * Includes accrued partial liquidating damages of approximately $700,000 from MVEN, an increase of $277,000 from the prior quarter. ** Net of unsettled trades as of the end of each period. 2

Summary of Q2 2020 and Q3 2020 Developments C O N F I D E N T I A L • Increases in stock price, NAV/share, and cash + liquid securities: ◦ Stock Price: $1.3582 -> $1.74 (28.1%) ◦ NAV/Share: $2.12 -> $2.70 (27.4%) ◦ Stock Price/NAV: 64% -> 64% Cash + Liquid Securities*: $32.4 million -> $44.6 million (37.7%) ◦ • 180 portfolio notes Public portfolio net value increased by approximately $8.3 million from prior quarter. ◦ ▪ Largest increases in value: FRG ($4.1 million), ALTG ($2.1 million), LTRX ($2.0 million) and QMCO ($1.4 million). Largest decreases in value: MVEN ($-1.4 million) and PBPB ($-1.1 million) ▪ ▪ One new core position**: SONM ($4.4 million) ◦ Private portfolio net value increased by $10.6 million from the prior quarter. ▪ Largest increases in value: Petra, EchoPixel, ORIG3N ▪ Largest decrease in value: Lodo • Separately managed account portfolio notes ◦ Began managing $25 million in separate account on June 3, 2020. • Market notes: ◦ Significant rebound in market indices, including microcaps. Growth stocks increased more than value stocks. • Q3 2020 Developments ◦ Gross total return of public portfolio +11.7% in July 2020 and +24.6% QTD through August 10, 2020. * Net of unsettled trades as of the end of the quarters, respectively. ** Cost basis of investment. 3

Historical Trend of NAV C O N F I D E N T I A L Inception to Q2 2020 Change of NAV of 15.4% Versus 7.0% for the Russell Microcap Index $3.25 $3 $2.75 $2.5 $3.06 $2.25 $2.70 $2.64 $2.60 $2 $2.43 $2.34 $1.75 $1.5 9 9 9 9 0 6 7 7 7 7 8 8 8 8 0 1 1 1 1 1 1 1 2 2 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 / / / / / / / / / / / / / / / 1 1 1 0 0 1 1 0 0 1 0 0 1 1 0 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 / / / / / / / / / / / / / / / 2 3 6 9 2 3 6 9 2 3 6 9 2 3 6 1 1 1 1 4

TURN Stock Price Discount to NAV History C O N F I D E N T I A L 5

Value vs. Growth Over the Past 40+ Years C O N F I D E N T I A L RLV - Russell 1000 Value Index RLG - Russell 1000 Growth Index 6

Sources of Changes in Net Assets - Q1 2020 to Q2 2020 C O N F I D E N T I A L $3.00 Public Portfolio NAV as of (Net) 6/30/20 $2.75 $0.03 Operating $0.27 Expenses $2.50 $0.34 NAV as of $2.25 3/31/20 $2.70 Private $2.00 Portfolio (Net) $2.12 $1.75 $1.50 7

Sources of Changes in Net Assets - Q4 2019 to Q2 2020 C O N F I D E N T I A L $3.25 Public Portfolio NAV as of 12/31/19 (Net) $3.00 $0.24 Private NAV as of $0.08 Portfolio (Net) $2.75 6/30/20 $0.04 Operating Expenses $3.06 $2.50 $2.70 $2.25 $2.00 8

Sources of Changes in Net Assets - Q4 2016 to Q2 2020 C O N F I D E N T I A L $3.50 Public Portfolio Private (Net) Portfolio (Net) Restructuring Expenses and Additional Shares $3.25 $0.14 Outstanding $0.06 $3.00 $0.38 NAV as of $0.94 6/30/20 $2.75 Operating Expenses Including 2017 Paid and Deferred and 2019 Annual Bonus $2.50 NAV as of Compensation 12/31/16 Accrual Net of Income $2.70 $2.25 $2.34 $2.00 Appreciation of MRSN pre-IPO to the IPO price is allocated to the private portfolio and post-IPO to the public portfolio. Interest write-off related to PWA included in private portfolio value change rather than change in income for this chart. Carried interest 9 from TST SPV included in public portfolio results.

Public Portfolio Performance in Q2 2020 C O N F I D E N T I A L Total Gross IPO PPS / Avg. Ticker Shares Shares Total Shares Avg. Sale PPS on Investment / Cash Received Value @ Value + Cash Total Net Shares Sold PPS @ Purchase Cash Invested % Change Symbol Owned on Purchased on 06/30/20 PPS 6/30/20 Value @ From Sales 06/30/20 Received Change 03/31/20 PPS 3/31/20 03/31/20 ALTG 495,560 104,340 41,272 558,628 $4.27 $4.61 $8.73 $7.77 $2,116,041 $481,305 $360,272 $4,340,540 $4,700,812 $2,103,466 81.0% ALTG/WS 150,000 — — 150,000 $0.599 $1.0473 $89,805 $— $— $157,095 $157,095 $67,290 74.9% EMKR 154,038 — 154,038 — $2.24 $2.16 $— $345,045 $— $332,879 $— $332,879 $(12,166) (3.5)% FRG* 264,706 — 121,537 143,169 $8.424 $25.80 $21.88 $2,229,783 $— $3,202,206 $3,132,538 $6,334,744 $4,104,961 184.1% ITI 370,600 — 370,600 — $3.20 $4.53 $— $1,185,920 $— $1,680,253 $— $1,680,253 $494,333 41.7% LTRX 1,129,402 86,269 — 1,215,671 $1.96 $3.03 $3.71 $2,207,981 $261,664 $— $4,510,139 $4,510,139 $2,040,494 82.6% MVEN** 15,428,571 — — 15,428,571 $0.6043 $0.4908 $9,747,136 $— $— $8,336,041 $8,336,041 $(1,411,094) (14.5)% PBPB 1,420,000 69,455 — 1,489,455 $3.09 $1.93 $2.28 $4,387,800 $134,085 $— $3,395,957 $3,395,957 $(1,125,928) (24.9)% QMCO 1,501,120 14,485 — 1,515,605 $2.95 $2.73 $3.86 $4,428,304 $39,585 $— $5,850,235 $5,850,235 $1,382,346 30.9% SONM — 5,901,547 — 5,901,547 $— $0.75 $0.8009 $— $4,426,238 $— $4,726,549 $4,726,549 $300,311 6.8% SYNC*** 1,708,501 12,387 — 1,720,888 $1.02 $— $1.13 $1,792,494 $— $— $1,988,283 $1,988,283 $195,789 10.9% Other**** $271,272 $194,390 $369,944 $204,964 $574,908 $109,246 23.5% Total Public Portfolio $28,801,581 $5,537,266 $5,945,553 $36,642,341 $42,587,895 $8,249,048 Public Portfolio Gross Total Return 23.9% Note:. Past performance is not an indication or guarantee of future performance. Amounts above are gross unrealized and realized returns. 180 Degree Capital Corp. is an internally managed registered closed end fund and does not have an external manager that is paid fees based on assets and/or returns. 180 also has approx. half of its investment portfolio in legacy privately held investments. Please see its filings with the SEC for information on its expenses and expense ratio. * FRG value includes approximately $66,000 in dividend income. ** 180 owns convertible preferred securities of MVEN that will convert into approx. 15.5 million shares of common stock upon amendment of MVEN's articles of incorporation. Value @ 6/30/20 includes approximately $700,000 in accrued liquidated damages due for failure to file its financial statements with the SEC as of that date. *** SYNC value includes unvested stock options and restricted stock units received for service on the company's board of directors. **** “Other” refers to positions that have not yet been disclosed publicly and/or immaterial warrant positions. 10