Avalara Q2 2022 Financial Analysis

3 Executive Summary ■ Avalara's September 23, 2022 investor presentation reinforces our belief that the Board chose the wrong time to sell, oversaw a flawed sale process and endorsed an inadequate price ■ The tone of the investor presentation is in stark contrast to the optimism of the Company's Analyst Day presentation just three months ago - - We believe the Company is intentionally taking a pessimistic tone to justify the sale to Vista at what we think is less than full and fair value for the Company Avalara appears to be manipulating data to manufacture an argument that the transaction offers an attractive premium when it does not ■ Notably, the Company's presentation fails to address some of the most concerning issues and facts about the transaction We believe if the transaction were voted down, Avalara's stock price would soon be exceed the offer price ■ The Company's presentation is, in our view, disheartening evidence that this Board is not interested in helping Avalara reach its full potential and is instead seeking a sale of the Company as a means to avoid the hard work of adjusting to transient headwinds ■ We intend to vote AGAINST the suboptimal transaction with Vista Altair US, LLC

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