180 Degree Capital : Call Slides Q1 2024

Value Creation Through Constructive Activism

Q1 2024 Shareholder Update Call

May 14, 2024

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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.

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Summary of Q1 2024

• Increases in stock price, NAV/share, and cash + liquid securities:
• • Stock Price: $4.10 -> $4.29 (+4.6%)
  • NAV/Share: $5.02 -> $5.16 (+2.8%)
  • Stock Price/NAV: 82% -> 83%
  • Cash + Public and Public-Related Securities*: $49.1 million -> $51.7 million (+5.4%)
• 180 portfolio notes
• • Public portfolio net value increased by approximately $2.4 million from prior quarter.
  • • Largest increases in value: PBPB (+$2.5 million), SNCR (+$1.8 million), QBTS (+$0.9 million), QMCO (+$0.8 million)
    • Largest decreases in value: LTRX (-$1.3 million), AREN (-$1.2 million), SCOR (-$0.5 million)
  • Private portfolio flat from the prior quarter.
  • • Received $1.3 million from final time-based payment from acquisition of TARA.
• SMA notes
• • Ending net assets of $9.9 million vs. $10.6 million as of end of Q4 2023.

* Net of unsettled trades as of the end of the quarters, respectively.

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Sources of Largest Increases in Public Portfolio in Q1 2024

• Potbelly Corporation (PBPB): Increased by $2.5 million (+$0.25/share).
• • PBPB increased from $10.42 to $12.11 per share (+16.2%) in the quarter.
  • PBPB pre-announced another strong quarter with 6.4% growth in same-store sales and average weekly sales that exceeded estimates driven primarily by traffic growth. PBPB also noted 192 new shop commitments as part of the pre-announcement that was expanded to 202 when PBPB reported its full results in March 2024.
  • PBPB provided long-term growth targets that supported its belief that the growth trends from 2024 will continue into the future.
  • PBPB is down 24.2% as of May 9, 2024.
• Synchronoss Technologies, Inc. (SNCR): Increased by $1.8 million (+$0.18/share).
• • SNCR increased from $6.21 to $8.35 per share (+34.5%) in the quarter.
  • In February 2024, SNCR reported that it had completed post-divestiture cost removals that resulted in annual savings of approximately $15 million.
  • In the same release, SNCR noted that it expected to report revenue and adj. EBITDA for Q4 2024 that met or exceeded the upper end of its original guidance.
  • SNCR's stock doubled after this announcement to a high near $14/share before retreating through the remainder of the quarter on no new information.
  • SNCR is up 9.6% as of May 9, 2024.
• Quantum Corporation (QMCO): Increased by $0.8 million (+$0.08/share).
• • QMCO increased from $0.349 to $0.595 per share (+70.5%) in the quarter.
  • Even though QMCO remained delayed in filing its financial statements due to the ongoing review of revenue recognition as raised by its new auditor, Grant Thornton, the company was able to provide updates on its balance sheet and noted that it was taking steps to optimize its working capital and reduce debt.
  • QMCO also announced a number of new products with artificial intelligence-related features.
  • QMCO is down 13.2% as of May 9, 2024.
• D-WaveQuantum, Inc. (QBTS): Increased by $0.9 million (+$0.09/share).
• • QBTS increased from $0.88 to $2.04 per share (+131.8%) in the quarter.
  • QBTS announced the availability of new quantum computing resources and partnerships to drive quantum computing adoption. The increase in QBTS' stock price also allowed it to regain compliance with NYSE listing standards and the abiltiy to tap its equity line of credit for additional capital to fund operations.

◦ QBTS is down 35.8% as of May 9, 2024.

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Largest decreases in public portfolio in Q1 2024

• Lantronix, Inc. (LTRX): Decreased by $1.3 million (-$0.13/share).
• • LTRX decreased from $5.86 to $3.56 per share (-39.2%) in the quarter.
  • LTRX reported results for its fiscal Q2 2024 (ended December 31, 2023), that met expectations, however delays in one of its compute programs coupled with weakness in its distribution sales channels led to lowering of full-year guidance.
  • While this reduction was expected to lead to weakness in the stock, LTRX's new CEO indicated his need to review every aspect of the company and would not back the opportunity funnel communicated on calls prior to his tenure. His tone and word selection made LTRX appear as a turnaround rather than a strong business, and this approach placed extreme pressure on the stock that continued through the remainder of the quarter.
  • LTRX is up 1.1% as of May 9, 2024.
• Arena Group Holdings, Inc. (AREN): Decreased by $1.2 million (-$0.12/share).
• • AREN decreased from $2.38 to $1.18 per share (-50.4%) in the quarter.
  • AREN defaulted on its contractual payments to ABG related to its Sports Illustrated license, which resulted in ABG giving AREN notice that it was cancelling the license. Subsequent to the end of Q1 2024, ABG signed a new agreement to run SI with Minute Media. AREN was also served with lawsuits from ABG and former management.
  • In Q2 2024, representatives from AREN held a conference call during which they reiterated the expectation of driving to a close of the transaction between AREN and Bridge Media, albeit without providing financial estimates on what the go-forward business looks like without Sports Illustrated in terms of financial performance.
  • AREN is down 27.1% as of May 9, 2024.
• comScore, Inc. (SCOR): Decreased by $0.5 million (-$0.05/share).
• • SCOR decreased from $16.70 to $15.40 per share (-7.8%) in the quarter.
  • SCOR again missed top-line estimates and exceeded EBITDA targets for Q4 2023. SCOR then provided guidance for 2024 that indicated expected revenue growth, but not the ability to maintain or exceed 15% EBITDA margins for the year. SCOR also was unable to reach a conclusion on the outstanding negotiations with Charter to resolve data licensing issues and with the preferred stockholders to resolve outstanding capital structure issues.
  • 180 nominated Matt McLaughlin as a board nominee at the 2024 Annual Meeting and planned to run a competitive proxy contest until SCOR decided to include Matt on its proxy and expand the board to accommodate his election.
  • SCOR is down 11.0% as of May 9, 2024.

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"Normal" Rate Environments

Source: Bloomberg

As shown above, the average fed funds rate for the entirety of the last 60 years is 4.9%, if one excluded 2009 to 2023 when rates were historically low, the average fed funds rate is 6.3%.

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"Normal" Rate Environments and GDP

Source: Bloomberg

Over the past 60 years, there have been 31 years (or half the time), in which the fed funds rate was 4.9% or greater. The dark blue bars in the chart above show that the economy grew in 26 out of these 31 instances, or 84%. As, or perhaps more, interesting is that in the years where the fed funds rate was greater than 4.9%, the economy grew an average of 3.3%. In the years where the fed funds rate was less than 4.9%, the economy grew 2.9%.

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"Normal" Rate Environments and R2K Growth

Source: Bloomberg

The Russell 2000 Index was down 14 years out of the last 45. In 8 of those 14 years, the Fed funds rate was less than 5%, while in 6 years the fed funds rate was 4.9% or higher. The number of times the Russell 2000 Index was up in each interest rate environment is approximately equal with 15 years of increases when Fed funds rates were greater than 4.9% and 16 times when it was less than 4.9%.

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We Believe Constructive Activism and Long-Awaited Catalysts Will Define 2024

Portfolio Company	Initial 2024 Constructive Activism and Potential Catalysts	May 2024 Status
	Constructive Activism - Actively work with management to improve
	investor relations and balance sheet as well as assisting with on-going	Ongoing
	strategic alternatives evaluation.
	Potential Catalysts - Return to top-line revenue growth and	Ongoing - Q1 2024 results exceeded
	generation of material free cash flow. Improvement of balance sheet	estimates and believe business is well
	through opportunistic refinancing/deleveraging.	positioned to deliver on targets.
	Constructive Activism - Continue to seek addition of Matt	Successfully have Matt included on SCOR
	McLaughlin to the board of directors of SCOR as well as continue to
	proxy issued in April 2024 for election at
	pressure preferred stockholders to demonstrate alignment with all
	June 2024 Annual Meeting
	stakeholders.
	Potential Catalysts - Stabilization of digital business with continued	Ongoing - Q1 2024 results missed on top
	wins in cross-platform.	line but full year guidance reaffirmed.
	Potential Catalysts - Announcing next three-year operating targets	Long-term guidance provided. Store
	openings on schedule with additional
	following successfully reaching prior published targets ahead of
	visibility provided on Q1 2024 earnings
	schedule. Achieving projected 10% growth in store count in 2024.
	call. Q1 2024 results exceeded estimates.
	Potential Catalysts - Sale of first TRIO tool by paying customer to	Tool shipped to new customer in April
	Corning and/or other customers that provides clarity on market	2024 with qualification and revenue
	opportunity for the new tools.	expected in late Q2 or Q3 2024.
	Resolution of outstanding receivables with Seagate.	Completed in April 2024.
	Visibility to Western Digital beginning upgrades of existing Lean tools	First orders in April 2024.
	to support HAMR development.
	Potential Catalysts - Continued growth through sku/customer	Ongoing. Positive momentum continued
	increases and new customer wins. Acquisition of business that	in Q1 2024 with further acceleration
	improves distribution abilities, particularly in western US, and/or	anticipated by MAMA management in H2
	provides additional product opportunities.	2024.

We Believe Constructive Activism and Long-Awaited Catalysts Will Define 2024

Portfolio Company	Initial 2024 Constructive Activism and Potential Catalysts	May 2024 Status
	Potential Catalysts - Announcement of next PO from Enel/	Additional PO with Gridspertise
	Gridspertise and/or additional wins for LTRX's compute business.
	announced along with generally positive
	Stabilization and resumption of growth of distributor-based business.
	comments about the business.
	Gross margin growth from mid-40% to 50%+.
		Successfully got LTRX to announce results
		prior to Russell Index cutoff date.
		Considering ramp up activism publicly.
	Potential Catalysts - Gets current on financial statements and	Ongoing
	regains compliance with continued listing on NASDAQ.
	Potential divestitures of non-core/non-profitable businesses and/or	Completed sale of certain inventory to
	completion of strategic alternatives process that provides access to	manufacturing partner to reduce working
	greater distribution and sales infrastructure.	capital needs and debt outstanding.
	Announcement of new customers for Myriad.	First customers announced in Q1 2024.
	Potential Catalysts - Return to top-line revenue growth and	Ongoing - Q1 2024 results better than
	estimates but Q2 2024 guidance a bit
	generation of free cash flow. Securing additional large customers to
	lower than expected due to customer loss
	accelerate growth and profitability.
	and long decision cycles for large deals.
	Potential Catalysts - Successfully completing merger with Bridge	Sports Illustrated now run by different
	company. Bridge Media merger appears
	Media. Resolution of Sports Illustrated license with ABG that
	to be on track for sometime in 2024.
	removes potential $45 million payment for ending the license and/or
	While company indicates will be
	reaching new license agreement that enables Arena to run SI
	profitable in 2024, full financial picture of
	profitably. Demonstrating ability to run entire business profitably.
	go-forward company remains unclear.
		Ongoing - Tubular manufacturing issues
	Potential Catalysts - Sale of remaining tubular assets to become pure-	resolved beginning of Q2 2024.
	play chemicals business with attractive gross and EBITDA margins	Destocking in chemicals ongoing
	and substantial positive cash flows. Completion of an acquisition that	headwind. New orders in chemicals give
	meaningfully increases scale of chemicals business.	support to potential improvements in H2
		2024.

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