DRAFT | Confidential Preliminary | Subject to Further Review and
Evaluation January 2025 Project Alpha Special Committee Materials
CONFIDENTIAL | DRAFT 2 Agenda Echo Ability to Pay & Earnings Impact
Analysis Perspectives on Pro Forma Impact to Alpha of Illustrative Target Echo + Alpha Synergies Analysis
Echo Ability to Pay & Earnings Impact Analysis
Valuation
Statistics Statistic $15,366 $16,007 $16,655 $17,299 $17,943 $18,587 $19,231 $19,876 $20,520 V.-ilue Excludi Ecl10 Stake $6,652 $6,932 $7,215 $7,496 $7,777 $8,058 $8,339 $8,620 $8,901 EV / NTM
Revenue 11,239 12.3x 12.Sx 13.3x 13.Sx 14.3x 14.9x 15.4x 15.9x 16.4x Equity Value / NTM LFCF 381 40.4x 42.0x 43.7x 45.4x 47.lx 48.Sx 50.5x 52.2x 53.9x Assumin No Sale of Safe!l'.& Pcoductivi!l'. Sources of
Funds Combined Balance Sheet Cash $1,453 $1,453 $1,453 $1,453 $1,453 $1,453 $1,453 $1,453 $1,453 Drawdown of Revolving Credit Facility 4,500 4,500 4,500 4,500 4,500 4,500 4,500 4,500 4,500 New Debt
Raised 841 1,129 1,420 1,710 1,999 2,289 2,579 2,868 3,158 Total Sources $6,794 $7,082 $7,373 $7,663 $7,953 $8,242 $8,532 $8,821 $9,111 Uses of Funds Purchase of Alpha Outstanding
Shares $6,652 $6,932 $7,215 $7,496 $7,777 $8,058 $8,339 $8,620 $8,901 Fees and E enses 141 150 158 167 176 184 193 201 210 Total Uses $6,794 $7,082 $7,373 $7,663 $7,953 $8,242 $8,532 $8,821 $9,111 Pro Forina Levera
e LTM Gross Leverage at Txn. Close (3/31/25) $4,121 2.8x 2.8x 2.9x 2.9x 3.0x 3.lx 3.lx 3.2x 3.3x LTM Net Leverage at Txn. Oose (3/31/25) 2.4x 2.5x 2.6x 2.6x 2.7x 2.7x 2.Sx 2.9x 2.9x FY25E Gross Levera e w/ Pa
down 15,043 2.Sx 2.Sx 2.6x 2.6x 2.7x 2.8x 2.8x 2.9x 2.9x FY25E Net Leverage (w/ Paydown) 2.2x 2.2x 2.3x 2.3x 2.4x 2.5x 2.5x 2.6x 2.6x FY26E Gross Leverage (w/
Paydown) 15,397 1.8x 1.9x 1.9x 2.0x 2.lx 2.lx 2.2x 2.2x 2.3x FY26E Net Leverage (w/Paydown) 1.5x 1.6x 1.7x 1.7x 1.Sx 1.Sx 1.9x 1.9x 2.0x Highly Preliminary - DRAFT Echo Ability to Pay Analysis Echo Consolidated B/S Cash
(Includes Alpha) (+) Echo Consolidated FCF to 3/31/25 (Includes Alpha) (-) Cash Used for Sha.re Repurchases and Dividend Payments (1) (-) illustrative l\finimum Cash Illustrative Excess Cash Available foe
Transaction $3,588 1,299 (1,933) (1,500) $1,453 Assumes Illustrative Transaction Close of 3 / 31 / 25; No Sale of Safety & Productivity Business Moody's has indicated that Echo could support leverage up to ~3.0x before risk of a
credit downgrade<2l Echo has an undrawn $3.SBn revolving credit facility, with the option to increase its aggregate commitment by up to $1.0Bn at an interest rate of SOFR + 0.905% based on Echo's current A2 debt rating ' ' . Illustrative
Share Price: $240.00 Imp!ted Prrmmm lo C11m11/: (4%) E p $260.00 $270.00 $280.00 $290.00 $300.00 $310.00 $320.00 4% 8% 12% 16% 20% 24% 28% E.dJoFY25E..EBlTD.A.WH OIi a (t»l!o/ith:td Hsis(indlldin1,Alpb4)far tbt
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Hig hly Preliminary-DRAFT I Echo Earnings Per Share Impact
Analysis .Transaction Assumptions: . All-cash transaction Illustrative transaction close of 3/31/25 Financed usingundrawn RCF at SOFR + 0.975% & incremental . new debt at 4.85% interest rate Tax rate of 21% . Forgone cash rate based
on quarterly SOFR M&A fee of 2.0%, financing fee of 1.0% Assumes Illustrative Transaction Close of 3 / 31 / 25; No Sale of Safety & Productivity Business Echo publicly announced that they expect the impact of the Alpha squeeze-out to
be EPS neutral in FY25 with synergies ) (1i\!M,x, apr pff-shart a111011n11) Echo Proposal Current Illustrath•e Share Price: $240.00 $260.00 $2i0.00 $280.00 $290.00 $300.00 $310.00 $320.00 Implted Prw111m to
C11rrent: (4% lllllllllllllrl 4% 8% 12% 16% 20% 24% 28% Assuming No Sale of Safety & Productivity Alpha Preliminary Management Plan (2) FY25E Pro Forrna
EPS $5.96 $5.89 $5.88 $5.87 $586 $5.85 $5.84 $5.83 $5.82 $5.81 FY25B I Acmtion I Dil1ltion (10.08) (10.09) (10.10) (10.11) (10.12) {10.13) (10.14) (10.15) (10.16) PY25E % Accretion /
Dilution (1.3%) (1.4%) (1.6%) (1.8%) (1.9%) (2.1%) (2.3%) (2.4%) (2.6%)1 Prr-Tax Syne!!Jts Netdtd / (Cusbion) lo Bttahl:en iJJJtjJtk 154 161 168 175 182 190 197 1104 1111 % of Alpba H2'FY25
opBx 1255 21% 24% 27% 30% 32% 35% 38% 41% 43% Alpha Street (3) FY25E Pro Forrna EPS $5.96 $5.93 $5.92 $5.91 $590 $5.89 $5.88 $5.87 $5.86 $5.85 FY25B I Acmtion I
Dil1ltion (10.03) (10.04) (10.05) (10.06) (IO.o7) (10.08) (10.09) (10.10) (10.11) PY25E % Accretion / Dilution (0.5%) (0.7%) (0.8%) (1.0%) (1.2%) (1.3%) (1.5%) (1.7%) (1.8%)1 Prr-Tax Syne!!Jts Netdtd / (Cusbion) lo
Bttahl:en iJJJtjJtk 122 129 136 143 150 157 164 171 178 % of Alpba H2'FY25 opBx 1248 9% 12% 14% 17% 20% 23% 26% 29% 32% Alpha Preliminary Management Plan (2) FY26E Pro Forrna
EPS $6.52 $6.49 $6.47 $6.45 $6.43 $6.40 $6.38 $6.36 $6.34 $6.32 FY26B I Acmtion I Dil1ltion (10.04) (10.06) {10.08) (10.10) (10.12) (10.14) (10.16) (10.18) (10.20) PY26E % Accretion /
Dilution (0.5%) (0.9%) (1.2%) (1.5%) (1.8%) (2.1%) (2.5%) (2.8%) (3.1%) Prr-Tax Syne!!Jts Netdtd / (Cusbion) lo Bttahl:en Statistic 125 139 154 169 183 198 1112 1127 1142 % of Alpba FY26
opBx 1516 5% 8% 10% 13% 16% 19% 22% 25% 27% Alpha Street (3) Stando/om FY26E Pro Forrna EPS $6.52 $6.49 $6.47 $6.45 $6.43 $6.41 $6.39 $6.36 $6.34 $6.32 FY26B I Acmtion I Dil1ltion
0.03 '10.05 '10.08 0.10 0.12 0.14 0.16 0.18 '10.20 PY26E % Accretion / Dilution (0.5%) (0.8%) (1.2%) (1.5%) (1.8%) (2.1%) (2.4%) (2.8%) (3.1%) Prr-Tax Syne!!Jts Netdtd / (Cusbion) lo Bttahl:en Statistic
124 138 153 168 182 197 1111 1126 1141 % of Alpba FY26 opBx 1483 5% 8% 11% 14% 17% 20% 23% 26% 29% 5 s : E.d,oft11aMiabptrF«tStttllldfilingsas'(]IWl#fY 2. 2025. No:t: A.slN.ltffl ilhlstmiff trrlM«1#11 f.Hlst llfMarr.b)1.
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Echo Consolidated B/S Cash (Includes Alpha) $3,588 (+) Echo Consolidated FCF to
3/31/25 (Includes Alpha) 1,299 (-) Cash Used for Share Repurchases and Dividend Payments (1) (1,933) (-) Illustrative Minimum Cash (1,500) lliustrative Excess Cash Available for Transaction $1,453 (+) Illust. Cash Generated from Sale of
Safety & Productivity (4) 3,819 lliustrative Excess Cash Available for Transaction incl. Sale $5,273 Full -Diluted E ui Value $15,366 $16,007 $16,655 $17,299 $17,943 $18,587 $19,231 $19,876 $20,520 Fully-Diluted Equity Value
Excludi11g Ecl10 Stake $6,652 $6,932 $7,215 $7,496 $7,777 $8,058 $8,339 $8,620 $8,901 EV / N1M Revenue $1,239 12.3x 12.Sx 13.3x 13.Sx 14.3x 14.9x 15.4x 15.9x 16.4x Equity Value/ N1M
LFCF 381 40.4x 42.0x 43.7x 45.4x 47.lx 48.Sx 50.5x 52.2x 53.9x Assuming Sale of Safety & Productivity Sources of Funds Combined Balance Sheet
Cash $5,273 $5,273 $5,273 $5,273 $5,273 $5,273 $5,273 $5,273 $5,273 Drawdown of Revolving Credit Facility 1,615 1,900 2,189 2,475 2,762 3,049 3,336 3,622 3,909 New Debt Raised Total
Sources $6,888 $7,173 $7,461 $7,748 $8,035 $8,321 $8,608 $8,895 $9,182 Uses of Funds Purchase of Alpha Outstanding Shares $6,652 $6,932 $7,215 $7,496 $7,777 $8,058 $8,339 $8,620 $8,901 Fees and
Exeenses 235 241 247 252 258 263 269 275 280 Total Uses $6,888 $7,173 $7,461 $7,748 $8,035 $8,321 $8,608 $8,895 $9,182 LTM Gross Levera e at Txn. Oose
3/31/25 14,352 2.lx 2.2x 2.3x 2.3x 2.4x 2.Sx 2.Sx 2.6x 2.7x L1M Net Leverage at Txn. Oose (3/31/25) 1.8x 1.9x 1.9x 2.0x 2.lx 2.lx 2.2x 2.3x 2.3x FY25E Gross Levera e w Pa
down 4673 1.Sx 1.9x 2.0x 2.0x 2.lx 2.2x 2.2x 2.3x 2.3x FY25E Net Leverage (w/ Paydonw) 1.5x 1.6x 1.6x 1.7x 1.8x 1.8x 1.9x 2.0x 2.0x FY26E Gross Levera e w/ Pa
down 15,013 1.Sx 1.Sx 1.Sx 1.Sx 1.Sx 1.Sx 1.Sx 1.6x 1.7x FY26E Net Leverage (w/Paydown) 1.2x 1.2x 1.2x 1.2x 1.2x 1.2x 1.2x 1.3x 1.4x ---Hi-ghly Preliminary - DRAFT Echo Ability to Pay Analysis Assumes
IllustrativeTransaction Close of 3 / 31 / 25; Sale of S ajety & Productivity Business Moody's has indicated that Echo could support leverage up to ~3.0x before risk of a credit downgrade<3) Echo has an undrawn $3.5Bn revolving credit
facility, with the option to increase its aggregate commitment by up to $1.0Bn at an interest rate of SOFR + 0.905% based on Echo's current A2 debt rating ($MM, txctptper-sbareamounts) lliustrative Share
Price: $240.00 $260.00 $270.00 $280.00 $290.00 $300.00 $310.00 $320.00 Imp!ted Premium to Curren/: (4%) - 4% 8% 12% 16% 20% 24% 28% Echo Proposal Current Valuation Statistics Slatimc s :A9&1PrtliJ!lti11a,yZ14o
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Highly Preliminary - DRAFT Echo Earnings Per Share Impact Analysis Assumes
IllustrativeTransaction Close of 3 / 31 / 25; Sale of S ajety & Productivity Business Transaction Assumptions: All-cash transaction Illustrative transaction close of 3/31/25 Financed using widrawn RCF at SOFR + 0.975% & incremental
new debt at 4.85% interest rate Tax rate of 21¾ Forgone cash rate based on quarterly SOFR M&A fee of2.0¾, financing fee of 1.0% for Alpha purchase; M&A fee of 1.5% for S&P sale Illustrative -12x NTM BBITDA street consensus
estimates assumed for cash proceeds in sale of S&P Assumes incremental interest on cash generated from S&P sale proceeds at SOFR "- , , .. Illustrative Share Price: $240.00 $260.00 $270.00 $280.00 $290.00 $300.00 $310.00
$320.00 8% 12% 16% 20% 24% 28% llllphtd Pretm,1111 to Oment: (4%) - 4% Accretion / dilution analysis compares Echo status quo against pro forma Echo adjusted for Alpha squeeze-out & S&P divestiture. Echo publicly announced that
they expect the impact of the Alpha squeeze-out to be EPS neutral in FY25 with synergies - Assuming Sale of Safety & Productivity Alpha Preliminary Management Plan (2) .s.tJmda/JJJJ!_ FY25B Pro Forma
BPS $5.96 $5.77 $5.76 $5.75 $5.74 $5.73 $5.72 $5.71 $5.70 $5.69 FY25B I Acmtion I Dilution 0.19 0.20 0.21 022 0.23 0.24 0.25 0.26 0.27 PY25E % Acccetion /
Dilution (3.2%) (3.4%) (3.5%) (3.7%) (3.9%) (4.0%) (4.2%) (4.4%) (4.5% Pn-Tax S.)'ne,giu Needed I (Oisbion) to Brtahim S./JJtiJJ.t $136 $143 $150 $157 $164 1171 1178 1185 $192 % ofAlpba H2'FY25
op& 1255 53% 56% 59% 62% 64% 67% 70% 73% 75% Alpha Street (3) Standa/ont FY25B Pro Forma BPS $5.96 $5.82 $5.81 $5.80 $5.79 $5.78 $5.77 $5.76 $5.75 $5.74 FY25B I Acmtion I
Dilution (10.15) (10.16) (10.17) (10.18) (10.18) (10.19) (10.20) (S0.21) (S0.22) PY25E % Acccetion / Dilution (24%) (2.6%) (2.8%) (2.9%) (3.1%) (3.3%) (3.4%) (3.6%) (3.8% Pn-Tax S.)'ne,giu Needed I (Oisbion) to
Brtahim Statistic $104 $111 $118 $125 $132 1139 1146 1153 $160 % ofAlpba H2'FY25 op& 1248 42% 44% 47% 50% 53% 56% 59% 61% 64% Alpha Preliminary Management Plan (2) .s.tJmda/JJJJ!_ FY26B Pro Forma
BPS $6.52 $6.25 $6.23 $6.21 $6.19 $6.18 $6.16 $6.14 $6.12 $6.10 FY26B I Acmtion I Dilution 0.27 0.29 0.31 0.33 0.35 0.37 0.39 0.41 0.43 PY26E % Acccetion /
Dilution (4.2%) (4.5%) (4.8%) (5.0%) (5.3%) (5.6%) (5.9%) (6.2%) (6.5% Pn-Tax S.)'ne,giu Needed I (Oisbion) to Brtahim S./JJtiJJ.t $192 $204 $218 $231 $244 1258 1272 1285 $299 % ofAlpba FY26
opBx 1516 37% 4(!'/o 42% 45% 47% 5(!'/o 53% 55% 58% Alpha Street (3) Standa/ont FY26B Pro Forma BPS $6.52 $6.25 $6.23 $6.21 $6.20 $6.18 $6.16 $6.14 $6.12 $6.10 FY26B I Acmtion I
Dilution (10.27) (10.29) (10.31) (10.33) (10.35) (10.37) (10.39) (S0.41) (S0.42) PY26E % Acccetion / Dilution (4.2%) (4.4%) (4.7%) (5.0%) (5.3%) (5.6%) (5.9%) (6.2%) (6.5% Pn-Tax S.)'ne,giu Needed I (Oisbion) to
Brtahim Statistic $191 $204 $217 $230 $243 1257 1271 1285 $298 % ofAlpba FY26 opBx 1483 39% 42% 45% 48% 5(!'/o 53% 56% 59% 62% 7 s..,,,:E<bo ft•wa/JI'"F.aStt_, - ftlhlgs.,,r f""'"Y 2. 2025. No:t:A.slN.ltffl ilhlstmiff
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Perspectives on Pro Forma Impact to Alpha of Illustrative Target
---Hi-ghly Preliminary - DRAFT Illustrative Alpha + Illust. Target FCF Per Share
Impact Analysis Assumes IllustrativeTransaction Close of 6/ 30/ 25 ($MM, except per-share amo1111ts) Alpha Management estimates annual revenue synergies to reach ~$10MM in Year 4, ramping ratably from ~$3MM in Year 2. At an illustrative
contribution margin of70% today, every $3MM in revenue synergies would imply an additional ~$0.04 FCF / share and drive -0.6% accretion Transaction Assumptions: All-cash transaction Illusuative 11:ansaction close of FY25 (6/YJ/2'5) Minimum
cash balance of $200MM Financed usingcash on hand & debt at SOFR + l SObps; debt piUd down with excess FCF Tax rate of 20% Fo,:gone cash rate based on SOFR Transaction fees/expenses of$25MM Illustrative Purchase Price: Implied CY25E
Revenue Transaction Multiple: - 100%Cash $1 $1 $1 8.3x 9.4x 10.6x - - - Alpha Prelim. Mgmt. Plan+ Illustrative Target (1)(2) Pro Forma FCF per Share Alpha FY26 (Ending June 30, 2026) !¾ Accretion / (Dilution) excl.
Synergies Pre-Tax Syn-e'l}es Needed/ (Cushion) to Breakeven (11.8) Alpha Street + Illustrative Target (2)(3) Pro Forma FCF per Share !¾ Accretion / (Dilution) excl. Synergies Pre-Tax Syn-e'l}es Needed/ (Cushion) to Breakeven $5.0 - -
- $11.1 - ($1.2) Alpha Prelim. Mgmt. Plan+ Illustrative Target (1)(2) Standalone Alpha FY27 (Ending June 30, 2027) Pro Forma FCF per Share $5.0 - - - $11.1 - $ Accretion I ¾Accretion ies Pre-Tax Syn-e'l}es Needed/ (Cushion) to
Breakeven ($33.9) - - ($33.9) - ($21.1) - Alpha Street + Illustrative Target (2)(3) Pro Forma FCF per Share $Accretion I Pre-Tax Syn-e'l}es Needed/ (Cushion) to Breakeven ($32.1) ($21.6) ($20.6) 9 N,r,:1/hamri,1"'1!1.fo,,mdah
.,,.,.,sJ95MM a.J l118MMfor FY26E m,J FY27E, nsp,m,,!:,, at 28-29%UCF 1m1,zm< {1) 41,a Prrlimwry M,,,,,z,,,,,.,Planp,,,idtd Ma"'Pmra, oj'Dmmt,,,202'. {2) 1/1,um,r;,,, T"'l''projtmd fo,,md,ls pr,,idtd Ma_,.,asofN..,,.t,,,202'. (J} 4ha
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Echo + Alpha Synergies Analysis
FY25 FY26 FY27 FY28 FY29 FY30 Unactioned 2021 Revenue Synergies
(1) $21 $51 $71 $92 $99 Squeeze Out Revenue Synergies (assumes 50% take-rate on unactioned 2021 synergies) 10 25 35 46 50 Total Revenue Synergies $31 $76 $106 $138 $149 (x) Ac!J. EBIIDA Contribution
Margin 81% 86% 85% 83% 19% Adj. EBITDA Revenue Synergies $27 $66 $90 $115 $118 Adj. EBITDA Cost Synergies (1) $9 $75 $104 $110 $115 $120 Total Adj. EBITDA Synergies (2) $9 $103 $172 $204 $237 $248 Total Unlevered Free
Cash Flow Synergies (3) $7 $60 $93 $121 $154 $195 Revenue Synergies as % of Alpha Revenue 3% 5% 6% 1% 7% Cost Syne,gies as% ofNon-GAAP OpEx 13% 11% 11% 11% 16% Cost Syne,gies as% ofNon-GAAP COGS +
OpEx 10% 13% 13% 13% 12% Highly Preliminary - DRAFT Overview of Alpha Management Projected Revenue & Cost Synergies 11 So,nu: Afh:a:MtlMJPl!ntf. Nok: Umutio,,ed 2021 m,1tllldV'11tT/J tkriwd fromGA.CV [JN,Z,assxmptioN "'"ss SSEand
HAT »id,.1%tollfrad tscalario11 tJSJIOlltd. Bna11t ulfn/its driw11 Jiwi:i,,gs rih 61% rnog,u d MP.fro .12% nttJfl"':;:tdra14.I,!, om' f(Jllf4f7 rm11and7% rnog,,r;:td rllf4j/J asinmur(e:,,:dNdtd dvM). s ONTulWf/llpf't!itt12J% txptJIISio# of GACV
from 2021 plm,. C.,,srV'1U'T/jtS (ITt i#cbaM of md:-iastd((JIIIJH1ffi1#tm. (1) U11anifJ1,ed 2021 m,1tllktV'11tTfits (kriffdf,o111 GA.CV [1Nrgit.1otr#SJ SSE & HAT .,.;th .1%cqllfrad nt"a.hti#n ass1011td. B.nit#ktVM'lfes (I.JSIUIH 61%
eflwkmgs rtt d1tpfn,,,1> J2% ft((Jgnt\rdrarai!J IWtT((J1,-1r«z rm11 a,,d7% rtt das.ASC606 mum:.SgN oJ/1!JNrgiu projtcr t.'<P'J#sio11tf GACV from""'1CtioMd 2021 Aa-'" [JNrgiu.VJ1r [JM,tfes asslOllt 100% ramp FY27E a!ld mT UK.INJM of dine
pi,t/,lit<O./l'fjJtJclo!Jns,HR & fi,,a,,a, G&A fJfffbtad, R.&D '!l aMI sr«k-itmdcompt,uttlio11. {2) LK/xtksi#"ftTt.Jt. (J) UFCF = Prt-14."t(V'11tTfits Its,rashraxrs ,f 20% A9ha f(ZJ(rak app&d ll)Adj. EBI1DA SyNTjjts.
PrN(ZJ[(JM'lfes dt1uilas:ttilaU 011 pogt 16. CONFIDENTIAL I DRAFI C-t_ataly:st PARTNERS
Highly Preliminary - DRAFT Cost Synergies Benchmarking Across Selected Technology
Transactions :: :; RIB/Schneider Ixia / Keysight IHS.Mailit Black Knight / ICE WageWorks / Hea!thEquity Announced Cost Synergies as a% of Target OpEx 87% 61% I 49% 46% Alpha FY30 Synergies:!16% 27% 27% 27% 26% 26% 25% 0
0 ID11111111t111n1iiiii■11 1■1■■:::-::-:: Re't'enue Synergies 1/oofTar et Sales Altair / Siemens $500 71% l..ivongo / Teladoc 100 24% Alpha / Echo (2021) (I
Z) 131 18% 500 16% 400 16% 44 14% so 10% 350 125 8% 8% Median: 22% Alpha/ Echo 149 'J:l 7% 6% 11.fentor Gnphics / Siemens 54 4% TSYS I Global Pa ents 100 2% 54% . 4% 4% -- Announced Cost Synergies as a% of Target
COGS+ OpEx 61% 50% Median: 14% Alpha FY30 Synergies: 12% I 24% 23% 22•1c 21 2"" 2"" • IIHI11.. 11tt o % v1/o v3/o 19% 19% 17•/cO 16°/Oc16°/c O 15% 14% 14% 13% 13% 13% 12% 12% 12% 11% 11% 11% 10% 10% 03/, 0 11111 ■■---■■■ i■■■ii■
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2019. 12 S.JIW'lit1N,,-,11J.UIMM11,kr.111JM1'fic• X.U.-l'/lltt'1.JIW'litssJ»-p,..,.,-,}#111,. S.JIW'lit1.ut1%4/ •t.#lmf1Wmi,,,.m,JNKJ.-FY22E,T.,.J p]tjfawnp,,nJ.ndJ11M22,2022. S.JIW'lits,u,,% 4/ •t.lhmsliu mi,,,.m:,jw SAP •I B11#1'a:1
,.Id.-NTM•t.o.:ptrut1puWtilnsl, (I) (2) (J) (I,) (.1) S.JIW'lits,u,,% 4/ •t.lhmsliu mi,,,.m:,HXJ• CY'to.E #f't"'li•t.O?r-10 perJPMlt}¥-nJndf 27,2016. •;..,E.BITDA•1tJ,,, jwc;,,;x (12) I.,Stll70.\IM S.JIW'lits"" li•of11u-« /
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Illust. (20%) Discount to Mgmt. FY.JO Cost Syn.: $96MM Al12ha Management
(2) FY.JO Cost Syn.: $120MM Illrnu, (2ll0fq) Di12s;;g11u1112Mgmt, FY.JO Cost Syn.: $96MM Al12ha Management (2) FY.JO Cost S .:$120MM Illust. (20%) Discount to
Mgmt. $35.23 $43.02 $50.81 $33.99 $41.48 $48.98 $32.80 $40.01 $47.24 FY.JO Cost Syn.: $96MM 17% 17% 17% 17% 17% 17% 17% 17% 17% Al12ha Management
(2) $39.56 $48.28 $57.00 $38.16 $46.55 $54.95 $36.83 $44.90 $53.00 FY.JO Cost Syn.: $120MM 19% 19% 19% 19% 19% 19% 19% 19% 19% llh11a1. 20°i<al!a::s=winw 112 Mg;wt.
$43.88 $53.54 $63.20 $42.33 $51.62 $60.93 $40.86 $49.80 $58.76 FY30 Cost Syn.:
$144MM 21% 21% 21% 21% 21% 21% 21% 21% 21% $39.31 $48.02 $56.73 $37.92 $46.30 $54.68 $36.59 $44.65 $52.73 19% 19% 19% 19% 19% 19% 19% 19% 19% $43.63 $53.27 $62.92 $42.09 $51.37 $60.65 $40.62 $49.55 $58.49 21% 21% 21% 21% 21% 21% 21% 21% 21% Illust.
20% Premium to Mgmt. $47.96 $58.53 $69.11 $46.26 $56.44 $66.62 $44.65 $54.44 $64.25 FY30 Cost Syn.:
$144MM 23% 23% 23% 23% 23% 23% 23% 23% 23% $43.39 $53.01 $62.64 $41.85 $51.11 $60.38 $40.39 $49.29 $58.22 21% 21% 21% 21% 21% 21% 20% 21% 21% $47.71 $58.27 $68.83 $46.02 $56.18 $66.35 $44.41 $54.19 $63.98 23% 23% 23% 23% 23% 23% 23% 23% 23% Illust.
20% Premium to Mgmt. $52.03 $63.53 $75.02 $50.20 $61.25 $72.32 $48.44 $59.08 $69.74 FY30 Cost Syn.: $144MM 25% 25% 25% 25% 25% 25% 25% 25% 25% Highly Preliminary - DRAFT Illustrative Present Value of Synergies per Share
Sensitivity Analysis Legend $ Value of f}nergies per share % Premium to Standalone DCF , , ,, '$MM h Illustrative Present Value of Synergies per Share Discount Rate: 9.5% 10.375% 11.25% -------------30.0x25.0x20.0x
-------------30.0x25.0x20.0x Ten ni n al NTM UFCF Multiple: 20.0x 25.0x 30.0x Cost Synergy Sensitivity {EBITDA) Nott: Pmt111FtllNt as efStp1t111lttr JO, 2024. AsJJOflft.s111idptriod
diKoN11ri,,_cgo/fHllliq11. C-t_ataly:st PARTNERS 13 {1) com11m1sharts ok11rudi•g as oJOmkr O, 2024 ptr 4ha 10-Q,.for rhtptmdtttdtd Stptt1J1'1tOr , 2024. BSUs, PSU1» a!ld ,priot,s tJStf N91,1t111k,22, 2024 ptr Alpha 111anagt111t11t.
Fllfh....Jibmd 1ha1tScaladtatd N.Ji•g manny sr«i: IIHfbod. A#>J,a kthJKt shtttsktrisriaptr 10Q.for ti,,p,md md,d Stpm,J,,r JO, 2024. {2) p,, Ma'"'!!"""' Phnp,,,;dtd Alpha ,,,,.,as oj'Dtw11btr 2024. CONFIDENTIAL I DRAFI
CONFIDENTIAL | DRAFT 14 Illustrative Discounted Cash Flow Analysis – Synergies
(Citi) Source: Alpha Management, FactSet, Public Filings. Market data as of 01/02/2025. Note: Valuation date as of 12/31/2024. Assumes mid-year discounting. Share price rounded to nearest dollar. Discount rate reflects discount rate of Echo,
Tax rate reflects that of Echo. 1) Alpha diluted shares outstanding as of 09/30/2024, includes: 63mm common, 0.7mm options (weighted average strike price: $142.49), 0.5 RSUs & PSUs outstanding. Highly Preliminary – DRAFT 6 Months Ended
Fiscal Year Ended June 30, Terminal Unlevered Free Cash Flow Profile 11.3% $28 $31 $35 11.9 26 29 32 12.4 25 27 30 ($ mm) 6/30/2025 2026E 2027E 2028E 2029E 2030E Year Build to Cash Tax: Revenue
Synergies -- $31 $76 $106 $138 $149 $149 % Growth N/A 145.7% 39.2% 30.0% 8.0% (-) Cost of Revenue Synergies -- (4) (11) (16) (24) (31) (31) % Contribution Margin 87.5% 86.2% 85.0% 82.9% 78.9% 78.9% (+) Net Cost Synergy
/ (Investment) 9 75 104 110 115 120 120 (+) ASC 606 Interest from Synergies -- 0 2 4 7 10 10 Adj. EBITDA Synergies $9 $103 $172 $204 $237 $248 $248 Cash Tax (2) (23) (38) (45) (52) (54) (54) % Tax
Rate 22.0% 22.0% 22.0% 22.0% 22.0% 22.0% 22.0% Build to UFCF: Collections from Revenue Synergies -- $9 $33 $68 $111 $156 $156 % Growth N/A 271.7% 105.3% 62.9% 41.0% (-) Cost of Revenue
Synergies -- (4) (11) (16) (24) (31) (31) (+) Net Cost Synergy / (Investment) 9 75 104 110 115 120 120 (-) Cash Tax (2) (23) (38) (45) (52) (54) (54) Unlevered Free Cash
Flow $7 $58 $89 $117 $150 $190 $190 Illustrative Sensitivity Analysis Perpetuity Growth Rate Perpetuity Growth Rate Perpetuity Growth Rate 3.0% 4.0% 5.0% 3.0% 4.0% 5.0% 3.0% 4.0% 5.0% Discount Rate Implied Equity Value Per
Share of Synergies(1) Implied Terminal UFCF Multiple of Synergies (Pre-SBC) Implied Equity Value Per Share of Cost Synergies(1) 13.9x 15.9x 18.6x $15 $17 $19 13.1 14.9 17.2 14 16 17 12.3 13.9 16.0 13 15 16
Appendix Additional Echo + Alpha Synergies Detail
CONFIDENTIAL | DRAFT 16 Preliminary GACV, Revenue & Cost Synergies Source:
Note: Alpha Management. Unactioned 2021 revenue synergy derived from GACV synergy assumptions across SSE and HAT with 3% contract escalation assumed. Revenue synergies driven by bookings with 61% recognized upfront, 32% recognized ratably
over contact term and 7% recognized ratably as interest (excluded above). Squeeze out synergies project 25% expansion of GACV from 2021 plan. Cost synergies are inclusive of stock-based compensation. Highly Preliminary – DRAFT Growth in
ACV FY25 FY26 FY27 FY28 FY29 FY30 Bigger Loop Optimization for Hydrocarbons -- $1 $2 $4 $4 $4 Expanding E&P to Non-Experts -- 1 2 1 2 2 T&D Asset Management -- 2 5 7 9 9 Harmonized Digital Transformation
Portfolio -- 1 6 8 9 9 KOB1 Megaprojects -- -- 1 1 1 1 Refocused and Expanded Strategic Alliance -- 3 4 4 5 5 GACV (Unactioned 2021 Revenue Synergies) -- $9 $20 $25 $30 $30 Memo:
Bookings -- 32 73 94 114 114 Revenue Unactioned 2021 Revenue Synergies -- $21 $51 $71 $92 $99 Squeeze Out Revenue Synergies (at 50% of Unactioned 2021 Synergies) -- 10 25 35 46 50 A Total Revenue
Synergies -- $31 $76 $106 $138 $149 Memo: Collections -- $9 $33 $68 $111 $156 CoR: Cost to Achieve -- $2 $5 $8 $12 $16 S&M: Cost to Achieve -- 2 5 8 12 16 B Cost to Achieve Revenue
Synergies -- (4) (11) (16) (24) (31) ACV-Based Margin (%) -- 129% 124% 120% 119% 118% Contribution Margin to Adj. EBITDA (%) -- 113% 114% 115% 117% 121% Direct Public Company Costs $1 $5 $7 $7 $7 $8 % Total cost
synergies 9% 6% 6% 6% 7% 7% HR & Finance 3 14 18 19 19 19 % Total cost synergies 30% 18% 17% 17% 16% 16% Other G&A Overhead 4 17 24 25 25 25 % Total cost synergies 42% 23% 23% 22% 22% 21% R&D
Productivity (1) 33 47 50 53 56 % Total cost synergies (6%) 44% 45% 45% 46% 47% Stock-based Compensation 2 7 9 10 10 11 % Total cost synergies 24% 9% 9% 9% 9% 9% C Net Cost (Synergy) /
Investment $9 $75 $104 $110 $115 $120 % Total synergies 100% 73% 61% 55% 50% 50% Memo: Net Cost (Synergy) / Investment incl. Project Oscar $33 $99 $128 $134 $139 $144 Memo: Cost to Achieve ($15) -- -- -- -- -- Adj.
EBITDA Synergies (excl. ASC 606 Interest) $9 $102 $170 $200 $229 $238 Adj. EBITDA Synergies (incl. ASC 606 Interest) $9 $103 $172 $204 $237 $248 Pre-Tax Synergies (A - B + C) $9 $80 $127 $162 $202 $245 Less: Cash Taxes (22%
Tax Rate on Adj. EBITDA incl. ASC 606 Interest) ($2) ($23) ($38) ($45) ($52) ($54) Less: Stock-Based Compensation Synergy ($2) ($7) ($9) ($10) ($10) ($11) LFCF Synergies $5 $51 $80 $107 $139 $179 Revenue Synergies, % of
Alpha Revenue NA 3% 5% 6% 7% 7% Cost Synergies, % of Non-GAAP COGS + OpEx NA 10% 13% 13% 13% 12% Cost Synergies, % of Non-GAAP COGS + OpEx incl. Project Oscar NA 13% 16% 16% 16% 14% Cost Synergies, % of Non-GAAP
OpEx NA 13% 17% 17% 17% 16% Cost Synergies, % of Non-GAAP OpEx incl. Project Oscar NA 17% 21% 21% 21% 19% Cost Synergies, % of Non-GAAP COGS + OpEx (excl. SBC) NA 10% 13% 13% 13% 12% Cost Synergies, % of Non-GAAP COGS +
OpEx incl. Oscar (excl. SBC) NA 13% 16% 16% 16% 14%
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