Value Creation Through Constructive Activism Q Q4 2019 Shareholder - PowerPoint PPT Presentation

Value Creation Through Constructive Activism Q Q4 2019 Shareholder Update Call February 25, 2020 1

Safe Harbor Statement 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. 2

Summary of Q4 2019 • Increases in stock price, NAV/share, and cash + liquid securities: ◦ Stock Price: $2.1368 -> $2.15 (+0.6%) ◦ NAV/Share: $3.05 -> $3.06 (+0.3%) ◦ Stock Price/NAV: 70% -> 70% ◦ Cash + Liquid Securities*: $48.4 million -> $51.2 million (+6%) • Portfolio notes ◦ Public portfolio net value increased by approximately $3.9 million from prior quarter. ▪ Increases in value led by QMCO ($3.1 million) and MRSN ($1.3 million). ▪ Decrease in value of MVEN ($0.6 million) was largest offset to increases in value. ▪ One new position initiated in Q4 (PBPB), and committed to invest $4 million upon merger of Alta Equipment Company with B. Riley Principal Merger Corporation (a SPAC). This investment closed in February 2020. ◦ Private portfolio net value change decreased $1.8 million from the prior quarter. ▪ Decreases driven by Nanosys (financing risk/est. transaction terms), ORIG3N (financing risk) and D-Wave Systems (market adj. factor) ▪ Increases driven by AgBiome (financing terms) and Petra Pharma (potential outlicensing transaction) • Market notes: ◦ Microcap indices increased materially following declines in the prior quarter. 3 * Net of unsettled trades as of the end of the quarters, respectively.

Historical Trend of NAV Three-Year Growth of NAV of 30.8% Versus 20.5% for the Russell Microcap Index $3.2 $3 $2.8 $2.6 $3.06 $2.4 $2.64 $2.60 $2.2 $2.34 $2 6 8 9 7 7 7 7 8 8 8 9 9 9 1 1 1 1 1 1 1 1 1 1 1 1 1 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 / / / / / / / / / / / / / 1 1 0 0 1 1 0 0 1 1 0 0 1 3 3 3 3 3 3 3 3 3 3 3 3 3 4 / / / / / / / / / / / / / 2 3 6 9 2 3 6 9 2 3 6 9 2 1 1 1 1

TURN Stock Price Discount to NAV History Discount to NAV reduced by 11% since end of 2016 5

Source of Changes in Net Assets – Q3 2019 to Q4 2019 $3.50 $3.40 $3.30 Private Public Portfolio (Net) Portfolio (Net) $3.20 NAV as of NAV as of $0.06 $0.13 $3.10 9/30/19 12/31/19 $0.06 Operating Expenses $3.00 Including 2017 Deferred and 2019 Annual Bonus $2.90 Compensation Accrual and $2.80 $3.06 $3.05 Net of Income $2.70 $2.60 $2.50 6

Source of Changes in Net Assets – Q4 2018 to Q4 2019 Public Private Portfolio (Net) Portfolio (Net) $3.40 $0.13 $3.20 NAV as of $0.17 12/31/19 $3.00 $0.72 Operating Expenses Including 2017 Deferred and 2019 Annual Bonus Compensation $2.80 Accrual and $3.06 Net of Income NAV as of 12/31/18 $2.60 $2.64 Note: Interest write-off related to PWA included in private portfolio value change rather than change in income for this chart. Carried interest from TST SPV included in public portfolio results. 7

Source of Changes in Net Assets – Q4 2016 to Q4 2019 $3.75 Restructuring Expenses Public Portfolio Private Portfolio and Additional Shares (Net) (Net) Outstanding $3.50 $0.06 $0.06 $3.25 $0.34 NAV as of 12/31/19 $3.00 Operating Expenses $1.18 Including 2017 Paid and Deferred and 2019 $2.75 Annual Bonus Compensation Accrual Net of Income $3.06 $2.50 NAV as of 12/31/16 $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 8 included in private portfolio value change rather than change in income for this chart. Carried interest from TST SPV included in public portfolio results.

Our Public Positions Had a Positive Q4 2019 - Largest Increases in Value • Quantum Corporation (QMCO): Increased by $3.1 million ($0.10/share) from $5.70 to $7.42 (+30.2%) ◦ First report after completing restatement viewed positively. ◦ Management team also held multiple investor meetings throughout the quarter. ◦ Sold 177,000 shares during quarter at average sale price of $6.26/share. ◦ Stock is down (28.7)% through February 24, 2020. • Mersana Therapeutics: Increased by $1.3 million ($0.04/share) from $1.58 to $5.73 (262.7%) ◦ Shareholder churn completed leading to renewed interest in the stock ◦ Anticipation for next target announcements in Q1 2020 as well as update on on-going clinical trial. ◦ Sold 201,100 shares during quarter at average sale price of $5.81/share. ◦ Sold remaining 100,000 shares in Q1 2020 at average sale price of $7.35/share. 9

Largest Decrease in Value and Other Notable Portfolio Events in Q4 2019 • TheMaven, Inc. (MVEN): Decreased by $(0.6) million ($(0.02)/share) from $0.70 to $0.6585 (-(5.9)%) ◦ Valued based on VWAP of at least 1% of outstanding shares traded. ◦ No material developments during Q4 2019. ◦ MVEN issued a press release in early 2020 noting that it generated $45 million in revenue in Q4 2019 and guided to $160 million in revenue and $20 million in EBITDA in 2020. The company also noted material increases in metrics for Sports Illustrated. ◦ Stock 1%-trading volume VWAP is up 16.8% from 1%-trading VWAP through February 24, 2020. • Lantronix, Inc.: Increased by $0.2 million (0.01/share) from $3.35 to $3.55 (+6.0%) ◦ Announced acquisition of Intrinsyc Technologies Corporation and debt financing for the transaction. ◦ Its fiscal first quarter results were viewed generally positive. ◦ Stock is down (6.2)% through February 24, 2020. • Synacor, Inc.: Increased by $0.2 million ($0.01/share) from $1.40 to $1.52 (+8.6%) ◦ AT&T portal wound-down as of September 30, 2019. Company completed reduction in staff and continues efforts to right-size its business. ◦ Focus now on growth of software business. ◦ In February 2020, SYNC announced a merger with QUMU. ◦ Stock is down 24.3% through February 24, 2020. 10