Avalara Q2 2022 Financial Analysis

15 Conclusion ■ We remain convinced that Avalara is a fundamentally strong business with excellent long-term growth prospects ☐ Despite the Company's near-term challenges - several of which seem to have been introduced for the first time in its recent investor presentation - we believe Avalara is well-positioned as a market leader with limited competition and a strong competitive moat ■ The Board appears to have anticipated near-term headwinds and determined that, rather than work to fortify the business. and evolve the leadership team, the best outcome was a fire sale in a difficult financing market We disagree; we believe the Board's decision was the easy one, but not the optimal one for shareholders ▪ This transaction suffers from: Bad timing A poorly designed process - An inadequate price Don't be misled by Avalara's false and misleading claims - join us in voting the GOLD proxy card AGAINST the sale to Vista Altair US, LLC

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