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Exhibit (c)(9)

 DRAFT | Confidential  Preliminary | Subject to Further Review and Evaluation  January 2025  Project Alpha  Discussion Materials 
 
 CONFIDENTIAL | DRAFT  ($MM, except per share amounts)  Share Price:  1-Day Prior to  $240 Echo Public Proposal  (11/4/24)  Echo Proposal (5)  (1/22/25)  $237.59  $265.00  Implied Transaction Premium Statistic  Premium to 1-Day Prior to $240 Echo Public Proposal (11/4/24) $237.59  Premium to 30-Day VWAP (11/4/24) (1) 235.83  Premium to 60-Day VWAP (11/4/24) (1) 229.07  Premium to 90-Day VWAP (11/4/24) (1) 216.77  Premium to LTM VWAP (11/4/24) (1) 204.42  Premium to Alpha Share Price Post FQ4’24 Earnings (8/7/24) 207.00 Premium / (Discount) to All-Time High Share Price (11/4/24) (All-Time High Date: 10/5/22) (1) 256.23 Premium / (Discount) to LTM High Share Price (11/4/24) (LTM High Date: 10/30/24) (1) 240.83 Premium to LTM Low Share Price (11/4/24) (LTM Low Date: 11/9/23) (1) 163.41  -  1%  4%  10%  16%  15%  (7%)  (1%)  45%  12%  12%  16%  22%  30%  28%  3%  10%  62%  Implied Valuation & Multiples  Fully-Diluted Equity Value (2) Fully-Diluted Enterprise Value (2)  $15,222  $15,056  $16,989  $16,822  FD Equity Value Excluding Current Echo Stake of 57% (43%)  $6,595  $7,367  Alpha Street  Revenue Multiples ACV % Gr. % Gr. / Mar. Statistic (3)  NTM (ending 9/30/25) 9% 13% $1,239  CY25E 9% 10% 1,249  EBITDA Multiples  NTM (ending 9/30/25) 46% $574  CY25E 46% 576  LFCF Multiples  NTM (ending 9/30/25) 31% $381  CY25E 33% 418  Alpha Management  Revenue Multiples ACV % Gr. % Gr. / Mar. Statistic (4)  NTM (ending 9/30/25) 11% 13% $1,239  CY25E 12% 8% 1,235  EBITDA Multiples  NTM (ending 9/30/25) 46% $564  CY25E 44% 541  LFCF Multiples  NTM (ending 9/30/25) 30% $376  CY25E 31% 382  12.1x  12.1  26.2x  26.1  40.0x  36.4  13.6x  13.5  29.3x  29.2  44.6x  40.6  12.2x  12.2  26.7x  27.8  40.5x  39.8  13.6x  13.6  29.8x  31.1  45.2x  44.4  Alpha Transaction Statistics  stock method. Alpha balance sheet statistics per Alpha Management for the period ended December 31, 2024. Cash adjusted for $9MM holdback related to  acquisition of Open Grid, expected to be paid in FY26.  Note: Current market prices per FactSet as of January 24, 2025. (3) Alpha street projections based on mean consensus estimates of Wall Street Analyst reports as of January 24, 2025, provided by Alpha Management.  (1) Alpha market statistics based on share prices and volume-weighted average prices as of 1-day prior to the $240 Echo Public Proposal of November 4, 2024. (4) Alpha Management Plan provided by Alpha Management as of December 2024, updated in January 2025 for FQ2’25 actuals.  Volume-weighted average prices based on trading days per FactSet. (5) Reflects Echo Proposal of $265.00 per share received on January 22, 2025.  (2) Alpha common shares outstanding, RSUs, PSUs, and options as of January 17, 2025 per Alpha Management. Fully-diluted shares calculated using treasury  2 
 
 CONFIDENTIAL | DRAFT  Summary of Alpha Valuation Analyses  Valuation Analysis  Discounted  Cash Flow Analysis (1)(2)  WACC Range: 9.5% - 11.5%  Terminal NTM UFCF Mult. Range: 20.0x - 30.0x  Implied Perpetuity Growth Rate: 4.3% - 8.0%  Selected Companies Analysis (2)  Selected Transaction Analysis (2)  Fully-Diluted Equity Value / LFCF Multiples  CY25E Multiple Range: 26.0x - 40.0x  Fully-Diluted Enterprise Value / Revenue Multiples  Fully-Diluted Enterprise Value / EBITDA Multiples  NTM Multiple Range:  24.7x - 33.5x  Fully-Diluted Equity Value / LFCF Multiples  Reference Range  NTM Multiple Range:  7.5x - 14.5x  NTM Multiple Range:  33.4x - 48.8x  Financial Case  Alpha Management Plan (3)  Alpha Street (4)  Alpha Management Plan (3)  Alpha Street (4)  Implied Alpha Price Per Share  $200.02  $170.01  $155.51  $147.93  $224.15  $198.45  $305.22  $260.90  $238.66  $282.13  $302.90  $289.64  Echo Proposal(5):  $265.00  3  Present values as of December 31, 2024, assuming mid-period convention. Assumes current Alpha shareholders incur 2% cumulative dilution through issuance of equity awards over the projected period, per Alpha Management.  Alpha common shares outstanding, RSUs, PSUs, and options as of January 17, 2025 per Alpha Management. Fully-diluted shares calculated using treasury stock method. Alpha balance sheet statistics per Alpha Management for the period ended December 31, 2024. Cash adjusted for $9MM holdback  related to acquisition of Open Grid, expected to be paid in FY26.  Alpha Management Plan provided by Alpha Management as of December 2024, updated in January 2025 for FQ2’25 actuals.  Alpha street projections based on mean consensus estimates of Wall Street Analyst reports as of January 24, 2025, provided by Alpha Management.  Reflects Echo Proposal of $265.00 per share received on January 22, 2025. 
 
 -  500  1,000  1,500  2,000  2,500  80  90  Alpha 8/6 100  110  120  130  140  150  160  8/06  8/08  8/12  8/14  8/16  8/20  8/22  8/26  8/28  8/30  9/04  9/06  9/10  9/12  9/16  9/18  9/20  9/24  9/26  9/30  10/02  10/04  10/08  10/10  10/14  10/16  10/18  10/22  10/24  10/28  10/30  11/01  11/05  11/07  11/11  11/13  11/15  11/19  11/21  11/25  11/27  12/02  12/04  12/06  12/10  12/12  12/16  12/18  12/20  12/24  12/27  12/31  1/03  1/07  1/10  1/14  1/16  1/21  1/23  Source: FactSet as of January 24, 2025.  Technical Software Index includes Cadence, Synopsys, Autodesk, PTC, Bentley Systems, Nemetschek, Dassault and Altair until October 21, 2024, the last unaffected trading date prior to announcement of a transaction with Siemens..  Reflects Echo Proposal of $265.00 per share received on January 22, 2025.  Alpha Trading Since FQ4’24 Earnings  Volume (000’s)  Echo Proposal(2): $265.00  From August 6, 2024 to Current (January 24, 2025)  Indexed Share Price  Alpha  Current: $255.16  +43% Since 8/6/24  +7% Since 11/4/24  11/4: $237.59  +34% Since 8/6/24  Close: $177.84  4  Sep. 17, 2024  2024 Investor Day  +3% 1-Day Price Reaction  Nov. 4, 2024 (Post-Market) - FQ1’25 Earnings  Revenue: -19% miss ACV: 54bps miss  FCF: -$16M miss (-$6M vs $10M)  Reaffirmed FY25 guidance  Alpha share price drops ~-5% to $225.72 after hours  Aug. 7, 2024 (9AM ET Start)  Echo FQ3’24 Earnings  At ~9:42AM ET (12 minutes after market open), Lal responds ‘no comment’ to analyst question about potential Alpha Acquisition in FY25  Nov. 5, 2024  Echo submits proposal to acquire remaining Alpha Stake  Aug. 6, 2024 (Post-Market) - FQ4’24 Earnings  Revenue: +7% beat  ACV growth: 46bps beat (excl. one-off impact of exited Russia ops.)  FCF: -5% miss  Issued FY25 guidance in line with street consensus on revenue but lower on FCF ($340M vs $387M)  Alpha share price opens +17% to $208.47, prior to any commentary from Echo Management about a take-out of Alpha  +16% Alpha 1-Day Price Reaction  Technical Software(1) Current  +15% Since 8/6/24  +6% Since 11/4/24  CONFIDENTIAL | DRAFT  Nov. 5, 2024 (Pre-Market) Echo FQ4’24 Earnings Echo share price rises +7% 
 
 $0  Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 Jul-17 Jan-18 Jul-18 Jan-19 Jul-19 Jan-20 Jul-20 Jan-21 Jul-21 Jan-22 Jul-22 Jan-23 Jul-23 Jan-24 Jul-24 Jan-25  $50  $100  $150  $200  $250  From January 2, 2014 to Current (January 24, 2025)  Share Price  $300  Echo Proposal vs. Alpha Historical Stock Price  5  Source: FactSet as of January 24, 2025.  Reflects Echo Proposal of $265.00 per share received on January 22, 2025.  Reflects the period 11/4/2023 to 11/4/2024, the year prior to the receipt of Echo’s first proposal.  Alpha (Current):  $255.16  +39% Since 5/17/22  Alpha (11/4/24):  $237.59  +29% Since 5/17/22  Echo Proposal(1): $265.00  52-Week High (10/30/24)(2): $240.83  52-Week Low (11/9/23)(2): $163.41  1st Echo Transaction  Announce (October 11, 2021) | Close (May 16, 2022)  CONFIDENTIAL | DRAFT 
 
 77.6x  24.1x 23.9x 23.2x 22.1x 21.9x 20.1x 20.0x 18.4x 17.9x 16.6x 16.2x 15.5x 14.5x 14.0x 13.2x 12.8x  10.6x  5.9x  - -  Altair  Altium  Ansys  Echo Proposal  Inovalon  Mimecast  Coupa  RealPage  Red Hat  AVEVA  Smartsheet  Splunk  Black Knight  PowerSchool  Commerce Hub  Advent Software  Cerner  Squarespace  Informatica  Infoblox  Instructure  DealerTrack  Cornerstone OnDemand  Citrix  VMware  Blackboard  Riverbed  McAfee  LogMeIn  AVG  Quest Software  BMC  Neustar  Medidata  Mentor Graphics  Overall Median: 23.6x  37.8x 33.8x 33.4x(3)31.1x 29.3x 28.2x 28.2x 26.8x  60.6x  48.8x 44.6x(4) 41.5x 40.6x 39.3x  9.7x  9.3x  8.8x 8.8x  8.6x 8.4x  8.2x  7.1x  6.9x  6.4x 6.4x  5.9x  5.6x  5.1x 5.1x  4.8x  4.3x  4.1x  3.7x  3.7x  3.4x  3.2x 3.2x 3.2x 3.1x  2.5x  2.3x  Altium  Altair  Ansys  Echo Proposal  Black Knight  Red Hat  Inovalon  Mimecast  Commerce Hub  Coupa  RealPage  AVEVA  Medidata  McAfee  PowerSchool  Splunk  Instructure  Advent Software  Smartsheet  Cornerstone OnDemand  Squarespace  VMware  Citrix  Cerner  Informatica  DealerTrack  Infoblox  Mentor Graphics  LogMeIn  AVG  Riverbed  Blackboard  BMC  Quest Software  Neustar  Overall Median: 6.4x  64.4x  43.9x 37.5x 35.0x  25.0x 24.7x 22.9x 21.0x 20.5x 19.7x 19.4x 19.4x 18.8x 18.1x 18.0x 17.0x 16.9x 16.0x 15.7x 15.1x  14.1x 12.6x 11.5x 10.9x 10.7x  9.0x  7.9x  5.0x  Altair  Altium  Coupa  Smartsheet  Red Hat  Ansys  Mimecast  Medidata  Splunk  Echo Proposal  RealPage  Inovalon  AVEVA  Squarespace  PowerSchool  Commerce Hub  Black Knight  Infoblox  DealerTrack  Cornerstone OnDemand  Informatica  Advent Software  McAfee  Instructure  Citrix  Mentor Graphics  VMware  Cerner  Blackboard  Riverbed  Quest Software  LogMeIn  AVG  BMC  Neustar  Overall Median: 19.4x  Selected Transaction Statistics  Selected Public Software Transactions Above $1 Billion Since 2011 with Revenue Growth Between ~0% and 20% and LFCF Margin > ~20%(1)  Source: Capital IQ, FactSet, company filings, company press releases and Wall Street research. Note: Multiples greater than 80.0x or negative shown as dashes.  Includes Altair, Altium, Mentor Graphics, and Medidata transactions.  NTM statistics based on mean analyst consensus estimates for the next 12-month period as of transaction announcement.  (4) Reflects Echo Proposal of $265.00 per share received on January 22, 2025. Alpha common shares outstanding, RSUs, PSUs, and options as of January 17, 2025 per Alpha Management. PSUs outstanding reflects PSUs based on target performance. Fully-diluted shares calculated using treasury stock method. Alpha balance sheet statistics per Alpha Management for the period ended December 31, 2024. Cash adjusted for $9MM holdback related to acquisition of Open Grid, expected to be paid in FY26.  NTM Revenue Multiples of Selected Transactions(2)  6  Legend  Recent Technical SW Transactions  NTM LFCF Multiples of Selected Transactions(2)  NTM EBITDA Multiples of Selected Transactions(2)  7.5x (3) 7.5x 7.4x 7.2x  16.2x 14.6x 14.5x (4)  13.6x  (3)  (3) AVEVA statistics reflect 2022 buy-out of its minority shareholders by Schneider Electric.  CONFIDENTIAL | DRAFT  33.8x 33.5x 32.1x 31.0x 30.9x 29.3x(4) 28.9x 
 
  Premium   Min Range:  <10%  10%  20%  30%  40%  50%  60%  70%  80%  Max Range:  10%  20%  30%  40%  50%  60%  70%  80%  >80%  # of Transactions  55  83  101  64  51  35  19  11  19  % of Total  13%  19%  23%  15%  12%  8%  4%  3%  4%  % of Total At Or  Below Range  13%  32%  55%  69%  81%  89%  93%  96%  100%  Source: FactSet as of January 24, 2025.  Note: Based on FactSet premia and unaffected dates for technology M&A transactions greater than $1Bn enterprise value since 2003.  (1) Reflects Echo Proposal of $265.00 per share received on January 22, 2025.  CONFIDENTIAL | DRAFT  55  83  101  64  51  35  19  11  19  Median: 28% Premium  Selected Technology Transaction Premia  Premia in Selected >$1Bn Public Technology Transactions Since 2003  7  1- Day Premia Paid  438 Total Transactions in Data Set  25th Percentile: 18% Premium  75th Percentile: 44% Premium  Mean: 33%  Premium  Echo Proposal(1): 12% 
 
 Alpha Financial Overview 
 
 35%  36%  35%  42%  39%  43%  44%  44%  29%  30%  29%  $360  39%  $480  34%  $501  37%  $638  37%  $735  37%  $834  $306  $336  FY23A  FY24A  FY25E  FY26E  FY27E  FY28E  FY29E  FY30E  LFCF Growth:  10%  7%  33%  4%  27%  15%  13%  $885  $933  $1,035  $1,156  $1,299  $1,469  $1,669  $1,898  11%  12%  12%  13%  14%  14%  12%  FY23A FY24A FY25E FY26E FY27E FY28E FY29E FY30E  Actual  Summary of Alpha Management Plan  Annual Contract Value(1) ($MM) | Growth (%)  9% (2)  Forecast  FY24A-FY30E CAGR: 13%  Revenue ($MM) | Growth (%)  Operating Income ($MM) | Margin (%)  Levered Free Cash Flow ($MM) | Margin (%)  Source: Historical figures per Alpha company filings. Alpha Management Plan provided by Alpha Management as of December 2024, updated in January 2025 for (2) YoY Growth normalized to exclude the effect of a one-time $36M write-off of suspended Russian business.  FQ2’25 actuals. (3) ACV Margin = (ACV – non-GAAP expenses) / ACV.  Note: Alpha fiscal year ends June 30.  % ACV  Margin(3)  % Margin (ACV-Based)  9  Actual Forecast  27%  28%  35%  39%  43%  46%  50%  50%  38%  40%  45%  $562  42%  $510  49%  $726  54%  $926  58%  $1,147  58%  $1,301  $395  $456  FY23A  FY24A  FY25E  FY26E  FY27E  FY28E  FY29E  FY30E  Actual  Forecast  FY24A-FY30E CAGR: 12%  Actual Forecast  $1,044  (1) Alpha defines ACV as the estimate of the annual value of its portfolio of term license and software maintenance and support, or SMS, contracts, the annual value of SMS agreements purchased with perpetual licenses and the annual value of standalone SMS agreements purchased with certain legacy term license  CONFIDENTIAL | DRAFT  agreements, which have become an immaterial part of its business.  $1,127  $1,236  $1,217  $1,472  $1,713  $1,974  $2,241  10%  (1%)  21%  16%  15%  13%  1%  8%  FY23A FY24A FY25E FY26E FY27E FY28E FY29E FY30E 
 
 10%  (1%)  21%  16%  15%  13%  6%  8%  9%  1%  8%  $1,035  $1,156  $1,299  $1,469  $1,669  $1,898  $1,019  $1,109  $1,212  $885  $933  FY23A FY24A FY25E FY26E FY27E FY28E FY29E FY30E  12%  12%  13%  14% 14%  9%  9%  9%  12%  (2) 11%  9%  FY23A FY24A FY25E FY26E FY27E FY28E FY29E FY30E  $1,472  $1,713  $1,974  $1,192 $1,217  $1,236 $1,283  $2,241  $1,394  $1,127  $1,044  FY23A FY24A FY25E FY26E FY27E FY28E FY29E FY30E  $562  $510  $726  $926  $1,147  $1,301  $521  $576  $650  $395  $456  FY23A FY24A FY25E FY26E FY27E FY28E FY29E FY30E  $360  $480  $501  $638  $735  $834  $342  $411  $477  $306  $336  FY23A FY24A FY25E FY26E FY27E FY28E FY29E FY30E  45%  42%  49%  54%  58% 58%  44%  45%  47%  38%  40%  29%  39%  34%  37% 37% 37%  29%  32%  34%  29%  30%  10  Source: Historical figures per Alpha company filings. Alpha Management Plan provided by Alpha Management as of December 2024, updated in January 2025 for (2) YoY Growth normalized to exclude the effect of a one-time $36M write-off of suspended Russian business.  FQ2’25 actuals. Alpha street projections based on mean consensus estimates of Wall Street Analyst reports as of January 24, 2025, provided by Alpha Management. (3) ACV Margin = (ACV – non-GAAP expenses) / ACV. Note: Alpha fiscal year ends June 30. (4) Rule of 40 = Revenue Growth + LFCF Margin.  Non-GAAP Operating Income ($MM)  Levered Free Cash Flow ($MM)  Levered Free Cash Flow Margin (%)  FY24A-FY30E CAGR:  Mgmt. Plan: 13%  Street (FY27E): 9%  -  FY23A FY24A FY25E FY26E FY27E FY28E FY29E FY30E  Ro40(4):  Mgmt: 36% 38% 39% 38% 55% 54% 52% 51%  FY23A FY24A FY25E FY26E FY27E FY28E FY29E FY30E FY23A FY24A FY25E FY26E FY27E FY28E FY29E FY30E Street: 36% 38% 34% 40% 43% - -  # o  Alpha Management Plan vs. Street  ACV ($MM)(1) Revenue ($MM)  Legend  Management Plan Street Case  FY24A-FY30E CAGR:  Mgmt. Plan: 12%  Street (FY27E): 7%  8 8 6  Revenue Growth (%)  f Brokers for Consensus:  5  4  3  #  ACV  Gro  wth (  %)(1)  of Brokers for Consensus:  # of Brokers for Consensus:  8  8  6  #  Non-GA  AP O  pera  ting M  argin (%)  6 6 4  of Brokers for Consensus:  -  27%  28%  35%  39%  43%  46%  50%  50%  27%  28%  34%  36%  39%  -  -  % ACV Margin(3):  Mgmt:  Street:  -  35%  36%  35%  42%  39%  43%  44%  44%  35%  36%  34%  37%  39%  -  -  % Margin (ACV-Based):  Mgmt:  Street:  Revenue and profitability metrics are impacted by timing of bookings  FY24A-FY30E CAGR:  Mgmt. Plan: 19%  Street (FY27E): 13%  FY24A-FY30E CAGR:  Mgmt. Plan: 16%  Street (FY27E): 12%  (1) Alpha defines ACV as the estimate of the annual value of its portfolio of term license and software maintenance and support, or SMS, contracts, the annual value of SMS agreements purchased with perpetual licenses and the annual value of standalone SMS agreements purchased with certain legacy term license  CONFIDENTIAL | DRAFT  agreements, which have become an immaterial part of its business. 
 
 CONFIDENTIAL | DRAFT  Date  Company  Broker Rating   Price Targets   Post Investor Post Echo Prop.  Day (9/17) (11/4) & Q1'25 % Change  Valuation Methodology  12/11/24  Baird  Buy  $250.00  $275.00  10%  42.0x FY26E FCF  11/5/24  BofA Securities  Buy  260.00  260.00  -  25.0x CY26E EBITDA  11/4/24  Loop Capital  Buy  260.00  260.00  -  36.0x FY27E FCF, 12.0x FY27E Revenue  11/6/24  Berenberg  Hold  265.00  250.00  (6%)  36.0x CY25E FCF  11/5/24  Piper Sandler  Hold  217.00  240.00  11%  Echo offer  11/5/24  William Blair  Hold  -  -  39.0x CY25E FCF  11/4/24  Wolfe Research  Hold  -  -  35.0-40.0x CY25E FCF  11/4/24  KeyBanc  Hold  -  -  37.5x FY26E FCF  Median  $260.00  $260.00  9.4% Premium to Alpha share price of $237.59 as of 11/4, 1-day prior to Echo’s $240 public proposal  Average  $250.40  $257.00  Summary of Alpha Broker Valuation Methodologies  Baird BofA Securities  Source: Wall Street research and FactSet as of January 24, 2025. Note: Alpha fiscal year ends June 30.  (1) Reflects Echo Proposal of $265.00 per share received on January 22, 2025.  Buy: 38%  Hold: 63%  Sell: 0%  FCF 75%  Valuation Methodology Summary  Revenue 13%  EBITDA  13%  $275.00  $260.00  $260.00  $250.00  $240.00  Loop Capital  Berenberg  Piper Sandler  11  Echo Proposal(1):  $265.00  Alpha as of 11/4/24:  $237.59 
 
 Alpha Trading Overview 
 
 0.0x  10.0x  20.0x  30.0x  40.0x  70.0x  60.0x  50.0x  80.0x  Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 Jul-17 Jan-18 Jul-18 Jan-19 Jul-19 Jan-20 Jul-20 Jan-21 Jul-21 Jan-22 Jul-22 Jan-23 Jul-23 Jan-24 Jul-24 Jan-25  Alpha NTM LFCF Multiple Over Time vs. Technical Software Peers  From January 2, 2014 to Current (January 24, 2025)  NTM LFCF Mult. (10-Day Moving Average)  13  Source: Factset mean consensus estimates as of January 24, 2025.  Technical Software Index includes Aveva, Cadence, Synopsys, Autodesk, PTC, Bentley Systems, Dassault, and Nemetschek. Includes Aveva until 8/23/2022, the last unaffected trading date prior to announcement of a transaction with Schneider.  Excludes Cadence and Synopsys.  Multiple as of November 4, 2024, 1-day prior to Echo's $240.00 public proposal for the remaining shares of Alpha. CONFIDENTIAL | DRAFT  Alpha (11/4/24): 40.0x(3)  Tech. SW. Index  Current(1): 41.9x Tech. SW. Index (Excl. EDA)(2)  Current: 36.0x  1st Echo Transaction  Announce (October 11, 2021) | Close (May 16, 2022)  Average discount / premium to:  Technical SW. Index: (12%)  Tech. SW. Excl. EDA: (18%)  Avg. discount / premium to: Technical SW. Index: (7%)  Tech. SW. Excl. EDA: 1%  Alpha Selected Companies CY25 LFCF Range: 26.0 – 40.0x  Implied NTM Mult. Range: 28.6 – 43.9x   Average Statistics 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 YTD Current  Technical Software Index  17.8x  20.9x  24.1x  27.5x  33.5x  32.1x  36.6x  42.8x  31.2x  37.1x  41.6x  40.1x  41.9x  Tech. SW. Index (Excl. EDA) Alpha  19.2x  20.5x  22.6x  18.2x  27.2x  20.5x  29.9x  25.5x  37.7x  29.9x  33.2x  30.1x  37.4x  27.0x  44.2x  32.9x  29.8x  36.1x  35.4x  30.8x  36.2x  36.4x  34.6x  -  36.0x  40.0x(3)  Alpha NTM Rev. Growth  11%  7%  2%  2%  7%  3%  10%  1%  11%  9%  8%  13%  13%  Alpha NTM LFCF Margin  45%  42%  40%  36%  41%  46%  45%  41%  36%  35%  32%  31%  31% 
 
 CONFIDENTIAL | DRAFT  33%  31%  34%  30%  28%  27%  24%  24%  40%  38%  33%  26%  26%  22%  Alpha Street  Alpha Mgmt.  PTC  Autodesk  Cadence  Bentley  Synopsys  Nemetschek  Dassault  Adobe  Palo Alto Networks  Salesforce  Workday  Informatica  SAP  Median: 30%  Median: 28%  28%  46%  44%  46%  43%  43%  38%  36%  36%  30%  49%  40%  34%  31%  30%  30%  Alpha Street  Alpha Mgmt.  Cadence  Synopsys  PTC  Autodesk  Bentley  Dassault  Nemetschek  Adobe  Salesforce  Informatica  Workday  SAP  Palo Alto  Networks  Median: 33%  Median: 38%  31%  36%  29%  27%  25%  24%  23%  39%  35%  32%  27%  24%  15%  Alpha Street  Alpha Mgmt.  PTC  Cadence  Autodesk  Nemetschek  Bentley  Synopsys  Dassault  Adobe  Palo Alto  Networks  Salesforce  Informatica  Workday  SAP  Median: 30%  Median: 27%  27%  10%  8%  17%  14%  13%  12%  11%  6%  15%  13%  9%  7%  Alpha Street Alpha Mgmt.  Synopsys  PTC  Cadence  Autodesk  Bentley  Dassault  Palo Alto Networks  Workday  Adobe  Salesforce  SAP  Informatica  Median: 9%  9% 9%  Median: 13%  13%  CY25E Operating Statistics of Selected Companies  Source: Factset mean consensus estimates as of January 24, 2025. Alpha street projections based on mean consensus estimates of Wall Street Analyst reports as of January 17, 2025 provided by Alpha Management. Alpha Management Plan provided by Alpha Management as of  December 2024, updated in January 2025 for FQ2’25 actuals.  Note: Alpha fiscal year ends June 30.  (1) Nemetschek CY25E growth PF for the acquisition of GoCanvas.  (2) Rule of 40 = Revenue Growth + LFCF Margin.  Legend  Selected Engineering Software Selected Profitable Software  CY25E  Rev ($MM)  $1,249  $1,235  $7,098  $2,620  $5,243  $6,906  $1,191  $1,496  $7,015  $9,796  $9,528  $23,505  $41,346  $39,443  $1,783  Revenue Growth  NTM UFCF Margin  LFCF Margin  44%  39%  47%  42%  41%  39%  44%  35%  29%  49%  52%  42%  39%  33%  30%  Nemetschek (1)  14  FY25 ACV Guidance: ~9% Growth  EBITDA Margin  CY25E Rule of 40(2)  Terminal FY2030E:  31%  40%  Terminal FY2030E:  13% 
 
 39.5x  44.2x  60.5x  50.9x  45.1x  42.2x  36.4x  32.7x  27.0x  57.6x  37.6x  31.1x  24.7x  21.0x  18.1x  Cadence  Synopsys  Nemetschek  Bentley  Autodesk  Dassault  PTC  SAP  Palo Alto Networks  Workday  Salesforce  Adobe  Informatica  Median: 27.9x  Median: 42.2x  36.4x  40.6x  60.9x  47.9x  45.5x  33.4x  32.4x  31.7x  26.2x  40.7x  35.2x  29.1x  23.9x  21.0x  17.4x  Cadence  Nemetschek  Synopsys  Bentley  Autodesk  Dassault  PTC  SAP  Palo Alto  Networks  Workday  Salesforce  Adobe  Informatica  Median: 26.5x  Median: 33.4x  26.1x  29.2x  39.8x  37.3x  28.5x  26.7x  25.7x  22.0x  20.5x  42.4x  28.2x  23.2x  19.6x  16.8x  14.1x  Median: 21.4x  Median: 26.7x  12.1x  13.5x  17.2x  11.9x  11.6x  10.3x  9.7x  9.4x  7.4x  12.6x  8.5x  7.2x  4.8x  Median: 8.0x  8.2x 7.8x  Median: 10.3x  CY25E Operating Statistics of Selected Companies  Source: Factset mean consensus estimates as of January 24, 2025. Alpha street projections based on broker mean consensus estimates provided by Alpha Management as of November 2024, post Q1’FY25 earnings.  (1) Reflects Echo Proposal of $265.00 per share received on January 22, 2025.  Legend  Selected Engineering Software Selected Profitable Software  Revenue Multiple  NTM UFCF Multiple  LFCF Multiple  15  EBITDA Multiple  EV ($Bn)  CONFIDENTIAL | DRAFT  $15.1  $16.8  $90.2  $14.2  $82.4  $15.4  $66.8  $24.6  $51.9  $123.5  $334.9  $193.0  $324.1  $68.3  $8.6  Selected Companies LFCF Range: 26.0x-40.0x  DCF UFCF Range: 20.0x-30.0x  1D Prior to Echo Proposal(1)  Cadence  Nemetschek  Synopsys  Bentley  Autodesk  PTC  Dassault  Palo Alto  SAP  Adobe  Salesforce  Workday  Informatica  Echo Prop. @ $265.00  Networks  1D Prior to Echo Proposal(1)  Nemetschek  Cadence  Bentley  Synopsys  Autodesk  PTC  Dassault  Palo Alto  SAP  Workday  Salesforce  Adobe  Informatica  Echo Prop. @ $265.00  Networks  1D Prior to Echo Proposal (1)  Echo Prop. @ $265.00  1D Prior to Echo Proposal (1)  Echo Prop. @ $265.00 
 
 Alpha Valuation Analysis 
 
 Summary of Alpha Unlevered Free Cash Flow Projections  CONFIDENTIAL | DRAFT  17  Alpha Management Plan provided by Alpha Management as of December 2024, updated in January 2025 for FQ2’25 actuals.  ACV Margin = (ACV – non-GAAP expenses) / ACV.  Long-term steady state taxes per Alpha Management assumed in FY2030 (assumes no DTL-related taxes, remaining DTLs of $274MM in FY29E valued separately).  ($MM, except per share amounts)   Alpha Management Plan (1) '25E-  Terminal '30E  H2'FY25E  FY26E  FY27E  FY28E  FY29E  FY30E  CAGR  ACV  $1,035  $1,156  $1,299  $1,469  $1,669  $1,898  13%  % Growth  11%  12%  12%  13%  14%  14%  Revenue  $716  $1,217  $1,472  $1,713  $1,974  $2,241  13%  % Growth  -  (1%)  21%  16%  15%  13%  Non-GAAP Operating Income  $364  $510  $726  $926  $1,147  $1,301  ACV Non-GAAP Operating Margin (2)  -  39%  43%  46%  50%  50%  % Margin (Revenue-Based)  51%  42%  49%  54%  58%  58%  Less: Cash Taxes (3)  (72)  (120)  (153)  (179)  (223)  (192)  Net Operating Profit After Taxes  $293  $390  $573  $747  $924  $1,109  % Margin (ACV-Based)  -  34%  44%  51%  55%  58%  % Margin (Revenue-Based)  41%  32%  39%  44%  47%  50%  Less: Capital Expenditures & Cap. SW Costs  (9)  (16)  (15)  (15)  (15)  (15)  Plus: Depreciation  4  10  13  17  19  19  Less: Change in NWC  14  45  (119)  (164)  (257)  (287)  Plus: Interest Income from LT Rev. Contracts (ASC 606)  29  53  50  54  64  64  Unlevered Free Cash Flow  $330  $481  $502  $639  $736  $891  % Margin (ACV-Based)  -  42%  39%  44%  44%  47%  % Margin (Revenue-Based)  46%  40%  34%  37%  37%  40%  Cumulative Dilution  -  0.5%  1.0%  1.5%  2.0%  - 
 
 Alpha Discounted Cash Flow Analysis  acquisition of Open Grid, expected to be paid in FY26.  CONFIDENTIAL | DRAFT  Note: Present values as of December 31, 2024, assuming mid-period convention.  Alpha Management Plan provided by Alpha Management as of December 2024, updated in January 2025 for FQ2’25 actuals.  Alpha balance sheet statistics per Alpha Management for the period ended December 31, 2024. Cash adjusted for $9MM holdback related to  (3) Alpha common shares outstanding, RSUs, PSUs, and options as of January 17, 2025 per Alpha Management. Fully-diluted shares calculated using treasury stock method.  Summary of Discounted Cash Flow Assumptions  − Unlevered free cash flow projections and terminal value discounted to December 31, 2024 using mid-period convention  − Excludes the impact of stock-based compensation, amortization of intangibles, non-recurring expenses, and other non-cash items in unlevered free cash flow  − Weighted average cost of capital range of 9.5% to 11.5%  − Terminal value based on NTM UFCF multiple range of 20.0x to 30.0x and terminal year (FY30E) UFCF of $891MM  − Assumes current shareholders incur ~2% cumulative dilution through issuance of equity awards over the projected period, per Alpha Management  Implied Perpetuity Growth Rate  4.3%  5.3%  6.0%  5.2%  6.3%  7.0%  6.2%  7.3%  8.0%  PV of Unlevered FCFs Adj. for Dilution (H2'FY25E - FY29E) (1)  $2,156  $2,156  $2,156  $2,113  $2,113  $2,113  $2,072  $2,072  $2,072  PV of Terminal Value Adj. for Dilution (FY30E & Beyond) (1)  11,608  14,509  17,411  11,142  13,928  16,713  10,700  13,374  16,049  % of Enterprise Value in Terminal Value  84%  87%  89%  84%  87%  89%  84%  87%  89%  Implied Enterprise Value  $13,764  $16,665  $19,567  $13,255  $16,041  $18,826  $12,771  $15,446  $18,121  Less: Debt (2)  (7)  (7)  (7)  (7)  (7)  (7)  (7)  (7)  (7)  Plus: Cash (2)  173  173  173  173  173  173  173  173  173  Less: PV of DTLs (FY30E & Beyond) (1)  (153)  (153)  (153)  (144)  (144)  (144)  (137)  (137)  (137)  Implied Equity Value  $13,777  $16,679  $19,581  $13,277  $16,063  $18,848  $12,801  $15,476  $18,151  Implied Price Per Share (3)  $215.18  $260.20  $305.22  $207.42  $250.64  $293.85  $200.02  $241.53  $283.03  ($MM, except per share amounts)  Present Value as of December 31, 2024  Discount Rate:  9.5%  10.5%  11.5%  Terminal NTM UFCF Multiple:  20.0x  25.0x  30.0x  20.0x  25.0x  30.0x  20.0x  25.0x  30.0x  18 
 
 Selected Companies Analysis  Alpha street projections based on mean consensus estimates of Wall Street Analyst reports as of January 24, 2025, provided by Alpha Management.  Alpha Management Plan provided by Alpha Management as of December 2024, updated in January 2025 for FQ2’25 actuals.  Alpha common shares outstanding, RSUs, PSUs, and options as of January 17, 2025 per Alpha Management. Fully-diluted shares calculated using treasury stock method.  19  Selected Companies Analysis  Alpha Street (1)  Alpha Management (2)   Reference Range   Statistic Low High   Reference Range   Statistic Low High  CONFIDENTIAL | DRAFT  Equity Value / CY25E LFCF Multiple  $418  $382  Trading Multiple  26.0x  40.0x  26.0x  40.0x  Implied Alpha Price (3)  $170.01  $260.90  $155.51  $238.66  ($MM, except per share amounts) 
 
 Selected Transaction Statistics  Selected Public Software Transactions Above $1 Billion Since 2011 with Revenue Growth Between ~0% and 20% and LFCF Margin > ~20%(1)  ($MM)  Source: Capital IQ, FactSet, company filings, company press releases and Wall Street research.  (1)  (2)  (3)  Includes Altair, Altium, Mentor Graphics, and Medidata transactions.  NTM statistics based on mean analyst consensus estimates for the next twelve-month period as of transaction announcement.  Unaffected premium indicates premium based on day prior to rumors of a potential transaction, or premium based on day prior to transaction announcement if no substantial  rumors existed.  Note: Selected Transactions sorted by announce date. Multiples greater than 80.0x, Adj. Rev. Mult.s greater than 4.0x, and Adj. LFCF Mults. greater than 7.0x, or negative mults (4) noted as dashes. (5)  (6)  Levered free cash flow based on cash flow from operations less capital expenditures and capitalized software. AVEVA statistics reflect 2022 buy-out of its minority shareholders by Schneider Electric.  Alpha common shares outstanding, RSUs, PSUs, and options as of January 17, 2025 per Alpha Management. Fully-diluted shares calculated using treasury stock method. Alpha balance sheet statistics per Alpha Management for the period ended December 31, 2024. Cash adjusted for $9MM holdback related to acquisition of Open Grid, expected to be paid in FY26.  Legend  *  Transaction Consideration Included Stock  Recent Technical SW Transactions  20  Median:  6.4x  19.4x  23.6x  30%  5%  9%  31%  23%  Mean:  6.7  22.4  27.1  34%  3%  10%  31%  23%  Mean of Recent Technical SW Transactions:  13.2x  41.6x  55.1x  32%  8%  14%  33%  25%  Echo Proposal @ $265.00 (6):  $16,989  $16,822  13.6x  29.3x  44.6x  12%  10%  13%  46%  31%   NTM Transaction Multiples (2) Unaffected Premium (3) NTM Operating Statistics   Annc.  FD Equity  FD Enterprise  LTM  Revenue  EBITDA  LFCF  Date  Target  Acquiror  Value  Value  Revenue  EBITDA  LFCF(5)  1-Day  High  Growth  Margin  Margin (4)  10/31/24  Altair Engineering (1)  Siemens  $10,595  $10,100  14.6x  64.4x  77.6x  19%  13%  8%  23%  20%  09/24/24  Smartsheet  Blackstone & Vista Equity  8,351  7,645  6.4  35.0  31.1  25%  16%  15%  18%  22%  09/09/24  Squarespace  Permira  7,013  7,237  5.6  22.9  23.2  22%  22%  17%  24%  23%  07/25/24  Instructure  KKR  3,631  4,721  6.9  16.9  20.1  16%  (17%)  6%  41%  26%  06/07/24  PowerSchool  Bain Capital  4,894  5,838  7.2  21.0  28.2  37%  (9%)  12%  34%  21%  02/15/24  Altium (1)  Renesas  5,919  5,718  16.2  43.9  60.6  34%  31%  25%  37%  28%  01/16/24  Ansys *  Synopsys  34,634  34,841  14.5  33.5  48.8  29%  12%  12%  43%  29%  09/21/23  Splunk  Cisco  28,133  29,552  7.1  30.9  29.3  31%  26%  9%  23%  23%  12/12/22  Coupa  Thoma Bravo  6,675  8,003  8.4  37.5  39.3  77%  (61%)  16%  23%  18%  09/21/22  AVEVA (5)  Schneider Electric  11,461  11,934  7.5  24.7  33.4  47%  (24%)  10%  30%  22%  05/26/22  VMware *  Broadcom  61,083  70,200  5.1  15.1  16.6  44%  (17%)  6%  34%  27%  05/04/22  Black Knight *  Intercontinental Exchange  13,259  15,873  9.7  19.7  28.2  43%  2%  8%  49%  29%  01/31/22  Citrix  Evergreen Coast & Vista  13,633  16,519  5.1  16.0  17.9  30%  (28%)  3%  32%  23%  12/20/21  Cerner  Oracle  28,305  28,938  4.8  14.1  23.9  20%  14%  6%  34%  20%  12/07/21  Mimecast  Permira  5,822  5,538  8.8  32.1  40.6  16%  13%  14%  27%  23%  11/07/21  McAfee  Investor Group  11,958  14,472  7.4  17.0  14.5  23%  (17%)  12%  44%  42%  08/19/21  Inovalon  Nordic Capital  6,415  7,209  8.8  25.0  41.5  25%  20%  14%  35%  19%  08/05/21  Cornerstone OnDemand  Clearlake  4,127  5,238  5.9  18.8  18.4  31%  4%  7%  31%  25%  12/21/20  RealPage  Thoma Bravo  9,101  10,186  8.2  28.9  37.8  31%  28%  12%  28%  19%  12/17/19  LogMeIn  Francisco Partners  4,337  4,418  3.4  10.7  14.0  25%  (11%)  4%  32%  24%  06/12/19  Medidata (1)  Dassault Systèmes  5,897  5,785  7.5  31.0  –  17%  4%  17%  24%  6%  10/28/18  Red Hat  IBM  34,630  33,622  9.3  33.8  33.8  63%  8%  17%  27%  28%  03/06/18  CommerceHub  GTCR & Sycamore  1,069  1,049  8.6  20.5  26.8  25%  (4%)  10%  42%  33%  12/14/16  Neustar  Golden Gate Capital  1,997  2,882  2.3  5.0  5.9  45%  21%  9%  45%  27%  11/14/16  Mentor Graphics (1)  Siemens  4,529  4,521  3.7  15.7  –  21%  21%  11%  23%  8%  09/19/16  Infoblox  Vista  1,611  1,353  3.7  19.4  21.9  72%  (5%)  3%  19%  20%  07/07/16  AVG  Avast  1,341  1,452  3.2  9.0  13.2  34%  (13%)  3%  36%  23%  06/15/15  DealerTrack  Cox Automotive  3,997  4,617  4.1  19.4  20.0  59%  27%  20%  21%  18%  04/07/15  Informatica  Permira & CPP  5,295  4,874  4.3  18.1  22.1  27%  17%  8%  24%  21%  02/02/15  Advent Software  SS&C Technologies  2,501  2,683  6.4  18.0  24.1  44%  26%  6%  36%  25%  12/15/14  Riverbed Technology  Thoma Bravo  3,543  3,580  3.2  11.5  15.5  39%  (6%)  3%  28%  20%  05/06/13  BMC  Investor Group  7,032  7,136  3.1  7.9  10.6  14%  (18%)  5%  39%  29%  07/02/12  Quest Software  Dell  2,529  2,386  2.5  10.9  12.8  44%  1%  7%  23%  21%  07/01/11  Blackboard  Providence Equity  1,638  1,750  3.2  12.6  16.2  21%  5%  17%  25%  18%  CONFIDENTIAL | DRAFT 
 
 Selected Transactions Analysis  Note: NTM represents the 12-month period ended September 30, 2025.  Alpha street projections based on mean consensus estimates of Wall Street Analyst reports as of January 24, 2025, provided by Alpha Management.  Alpha common shares outstanding, RSUs, PSUs, and options as of January 17, 2025 per Alpha Management. Fully-diluted shares calculated using treasury stock method. Alpha balance sheet statistics per Alpha Management for the period ended December 31, 2024. Cash adjusted for $9MM holdback related to acquisition of Open Grid, expected to be paid in FY26.  21  Reference Range  Statistic  Low  High  Alpha Street (1)  Enterprise Value / NTM Revenue Multiple  Selected Multiple Range  $1,239  7.5x  14.5x  Implied Alpha Share Price (2)  $147.93  $282.13  Enterprise Value / NTM EBITDA Multiple  Selected Multiple Range  $574  24.7x  33.5x  Implied Alpha Share Price (2)  $224.15  $302.90  Equity Value / NTM Levered Free Cash Flow Multiple  Selected Multiple Range  $381  33.4x  48.8x  Implied Alpha Share Price (2)  $198.45  $289.64  ($MM, except per share amounts)  Selected Transactions Analysis  CONFIDENTIAL | DRAFT 
 
 Appendix  Cost of Capital 
 
 Alpha Cost of Capital Calculation (1/2)   Overall   Historical Unlevered  Beta  Betas   Predicted Unlevered  Beta  Alpha (4)  0.70  0.90  Overall Median  1.19  0.93   Unlevered Beta Calculation   Alpha (4)  0.47  0.60  Overall Median  0.39  0.31  Unlevered Beta  0.86  0.91  ($MM, except per share information)   WACC Analysis    Betas   Current FD Historical(1) Predicted(2)  Stock  Equity  Levered Unlevered  Levered Unlevered  Price  Value  Debt Equity / Debt Tax Rate  Beta Beta  Beta Beta  Alpha (1-Day Prior to Prop.) (3)(4) $237.59 $15,222 $7 100% / 0% 20% 0.70 0.70 0.90 0.90  Selected Companies  SAP $276.29 $346,084 $7,755 98% / 2% 21% 1.13 1.11 0.65 0.64  Salesforce 333.88 329,809 9,297 97% / 3% 21% 1.22 1.19 1.05 1.02  Adobe 435.38 195,224 7,650 96% / 4% 18% 1.15 1.11 1.09 1.06  Palo Alto Networks 187.70 130,392 541 100% / 0% 22% 1.30 1.30 0.97 0.97  Cadence 320.48 90,193 2,850 97% / 3% 17% 1.16 1.13 0.88 0.85  Synopsys 546.19 86,362 16 100% / 0% 21% 1.20 1.20 0.94 0.93  Workday 258.28 72,412 3,000 96% / 4% 19% 1.27 1.23 1.09 1.05  Autodesk 300.83 66,450 2,303 97% / 3% 18% 1.27 1.23 0.90 0.88  Dassault 38.73 52,902 2,841 95% / 5% 15% 0.84 0.81 1.09 1.04  PTC 188.96 23,090 1,753 93% / 7% 24% 1.25 1.18 0.85 0.80  Bentley 46.10 14,084 1,431 91% / 9% 20% 1.27 1.17 0.97 0.89  Nemetschek 119.27 13,776 667 95% / 5% 20% 1.51 1.45 1.10 1.06  Informatica 24.76 8,059 1,828 82% / 18% 24% 1.44 1.23 1.06 0.90  Median Mean  96% / 4%  95% / 5%  1.25  1.23  1.19  1.18  0.97  0.97  0.93  0.93  Sources: FactSet, Bloomberg, Barra.  Note: Prices as of January 24, 2025. Debt includes currently outstanding face value of 'in-the-money' convertible debt and excludes minority interests.  Based on Bloomberg, 5-year weekly betas as of December 31, 2024.  Based on Barra betas as of December 31, 2024.   Alpha balance sheet statistics per Alpha Management for the period ended December 31, 2024. Cash adjusted for $9MM holdback related to acquisition of Open Grid, expected to be paid in FY26.   Alpha historical beta represents 2-year weekly, capturing trading history post close of initial Echo transaction in October 2022. Alpha historical and predicted betas as of October 31, 2024, prior to Echo's Proposal of $240.00 per share received on November 5, 2024.  23  CONFIDENTIAL | DRAFT 
 
 Alpha Cost of Capital Calculation (2/2)  Market Assumptions  Risk Free Rate  (1)  4.9%  6.2% - 7.2%  Market Risk Premium(2) Size Premium(3)  Historical Predicted  0.5%  0.0%  Cost of Capital Calculation - Equity Market Risk Premium / Unlevered Predicted Beta Sensitivity  WACC(4)  Unlevered  Levered  Equity Market Risk Prem.:  6.2%  6.7%  7.2%  Beta (5)  Beta  Debt as % of Cap.:  0%  0%  0%  23  CONFIDENTIAL | DRAFT  Cost of Capital Calculation - Equity Market Risk Premium / Unlevered Historical Beta Sensitivity  WACC(4)  Unlevered  Levered  Equity Market Risk Prem.:  6.2%  6.7%  7.2%  Beta (6)  Beta  Debt as % of Cap.:  0%  0%  0%  0.91  0.91  <--- Overall Blended  10.6%  11.0%  11.4%  0.90  0.90  <--- Standalone  10.5%  10.9%  11.4%  0.86  0.86  <--- Overall Blended  10.7%  11.1%  11.5%  0.70  0.70  <--- Standalone  9.7%  10.0%  10.4%  Note: Unlevered Betas based on median of peer group.  Based on 20-Year U.S. Interpolated Treasury Yield as of January 24, 2025. Source: FactSet.   Long-horizon expected equity risk premium (historical) and Long-horizon expected equity risk premium (supply-side) based on Duff & Phelps Cost of Capital Navigator (2024).  Size premium based on Duff & Phelps Cost of Capital Navigator (2024).  WACC equals (Rd*(1 - t)*D / Net Capital) + Re*E / Net Capital. Net Capital equals D + E  Re equals Rf + βlevered*(Rm - Rf) + Sp.  Based on Barra betas as of December 31, 2024. Alpha predicted beta as of October 31, 2024.  Based on Bloomberg, 5-year weekly betas as of December 31, 2024. Alpha 2-year weekly beta as of October 31, 2024. 
 
 Appendix  Supplementary Information 
 
 CONFIDENTIAL | DRAFT  Statistics of Selected Companies  Source: FactSet mean consensus estimates as of January 24, 2025. Alpha common shares outstanding, RSUs, PSUs, and options as of January 17, 2025 per Alpha Management. Fully-diluted shares calculated using treasury stock method. Alpha balance sheet statistics per Alpha Management for the period ended December 31, 2024. Cash adjusted for $9MM holdback related to acquisition of Open Grid, expected to be paid in FY26.  Note: Multiples greater than 75x or negative noted as dashes.  (1) Rule of 40 = Revenue Growth + LFCF Margin.  26  1-Day Prior to Echo Prop.  $237.59  $15,222  $15,056  12.1x  11.5x  26.1x  25.1x  36.4x  35.7x  $1,249  $1,308  10%  5%  46%  46%  33%  33%  44%  37%  Echo Proposal  $265.00  $16,989  $16,822  13.5x  12.9x  29.2x  28.1x  40.6x  39.9x  $1,249  $1,308  10%  5%  46%  46%  33%  33%  44%  37%  Selected Engineering Software  Cadence (Dec.)  $320.48  $90,193  $90,152  17.2x  15.6x  37.3x  33.3x  60.9x  47.6x  $5,243  $5,796  13%  11%  46%  47%  28%  33%  41%  43%  Synopsys (Oct.)  546.19  86,362  82,359  11.6  10.5  26.7  23.9  45.5  38.7  7,098  7,829  17%  10%  43%  44%  27%  28%  44%  39%  Autodesk (Jan.)  300.83  66,450  66,776  9.7  8.6  25.7  22.5  32.4  28.3  6,906  7,722  13%  12%  38%  38%  30%  30%  42%  42%  Dassault (Dec.)  38.73  52,902  51,910  7.4  6.9  20.5  19.0  31.7  28.9  7,015  7,546  6%  8%  36%  36%  24%  24%  29%  32%  PTC (Sep.)  188.96  23,090  24,576  9.4  8.4  22.0  19.5  26.2  22.7  2,620  2,917  14%  11%  43%  43%  34%  35%  47%  46%  Bentley (Dec.)  46.10  14,084  15,418  10.3  9.3  28.5  25.6  33.4  31.6  1,496  1,656  11%  11%  36%  36%  28%  27%  39%  38%  Nemetschek (Dec.)  119.27  13,776  14,206  11.9  10.4  39.8  32.5  47.9  40.3  1,191  1,367  12%  15%  30%  32%  24%  25%  36%  40%  Median  10.3x  9.3x  26.7x  23.9x  33.4x  31.6x  13%  11%  38%  38%  28%  28%  41%  40%  Mean  11.1x  10.0x  28.7x  25.2x  39.7x  34.0x  12%  11%  39%  40%  28%  29%  40%  40%  Selected Profitable Software  SAP (Dec.)  $276.29  $346,084  $334,933  8.5x  7.6x  28.2x  24.5x  40.7x  31.3x  $39,443  $44,146  9%  12%  30%  31%  22%  25%  30%  37%  Salesforce (Jan.)  333.88  329,809  324,131  7.8  7.2  19.6  17.9  23.9  21.6  41,346  44,987  9%  9%  40%  40%  33%  34%  42%  43%  Adobe (Nov.)  435.38  195,224  192,988  8.2  7.5  16.8  15.4  21.0  19.0  23,505  25,774  9%  10%  49%  49%  40%  40%  49%  50%  Palo Alto Networks (Jul.)  187.70  130,392  123,528  12.6  11.0  42.4  37.0  35.2  29.1  9,796  11,190  15%  14%  30%  30%  38%  40%  52%  54%  Workday (Jan.)  258.28  72,412  68,255  7.2  6.3  23.2  18.7  29.1  23.1  9,528  10,806  13%  13%  31%  34%  26%  29%  39%  42%  Informatica (Dec.)  24.76  8,059  8,647  4.8  4.5  14.1  12.9  17.4  15.4  1,783  1,926  7%  8%  34%  35%  26%  27%  33%  35%  Median  8.0x  7.3x  21.4x  18.3x  26.5x  22.4x  9%  11%  33%  34%  30%  31%  41%  43%  Mean  8.2x  7.4x  24.0x  21.1x  27.9x  23.2x  10%  11%  36%  36%  31%  33%  41%  44%  ($MM, except per share information)   FD Capitalization Trading Multiples Operating Statistics    Ent. Value / Equity Value / Revenue EBITDA LFCF Rule  Stock Price Equity Ent. Revenue EBITDA LFCF $ % Growth Margins Margins of 40 (1)   Company (FYE) 1/24/2025 Value Value CY25E CY26E CY25E CY26E CY25E CY26E CY25E CY26E '24-25E '25-26E CY25E CY26E CY25E CY26E CY25E CY26E 
 
 Alpha Deferred Tax Liability Schedule  Source: DTL runoff as provided by Alpha Management.  (1) Alpha Management Plan provided by Alpha Management as of December 2024, updated in January 2025 for FQ2’25 actuals.  27  ($MM) Alpha DTL Schedule (1)   FY30E  FY31E  FY32E  FY33E  Beginning DTL Balance  $274  $191  $108  $25  Plus: Additional / (Usage) of DTLs  (83)  (83)  (83)  (25)  DTLs, Ending Balance  $191  $108  $25  -  Incremental Cash Taxes Due to DTLs  ($83)  ($83)  ($83)  ($25)  Discount Rate  9.5%  10.5%  11.5%  PV of Incremental Tax Due to DTLs (FY30E & Beyond)  ($153)  ($144)  ($137)  CONFIDENTIAL | DRAFT 
 
 These materials have been prepared by Qatalyst Partners LP (including any affiliates “Qatalyst”) for the Qatalyst client or potential client to whom such materials are directly addressed and delivered or a special committee of the Board of Directors thereof (the “Company”) in connection with an actual or potential mandate or engagement and may not be used or relied upon for any purpose other than as specifically contemplated by a written agreement with Qatalyst. These materials are based on information provided by or on behalf of the Company and/or other potential transaction participants, from public sources or otherwise reviewed by Qatalyst. Qatalyst assumes no responsibility for independent investigation or verification of such information and has relied on such information being complete and accurate in all respects. 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These materials were designed for use by specific persons familiar with the business and affairs of the Company and are being furnished and should be considered only in connection with other information, oral or written, being provided by Qatalyst in connection herewith. These materials are not intended to provide the sole basis for evaluating, and should not be considered a recommendation with respect to, any transaction or other matter. Prior to entering into any transaction the Company should determine, without reliance on Qatalyst, the economic risks and merits as well as the legal, tax and accounting characterizations and consequences of any such transaction. In this regard, by accepting this presentation, the Company acknowledges that (a) Qatalyst is not in the business of providing (and the Company is not relying on Qatalyst for) legal, tax or accounting advice, (b) there may be legal, tax or accounting risks associated with any transaction, (c) the Company should receive (and rely on) separate and qualified legal, tax and accounting advice and (d) the Company should apprise senior management as to such legal, tax and  accounting advice (and any risks associated with any transaction) and Qatalyst’s disclaimer as to these matters. Qatalyst does not provide tax advice. Accordingly, any statements contained herein as to tax matters were neither written nor intended by Qatalyst to be used and cannot be used by any taxpayer for the purpose of avoiding tax penalties that may be imposed on such taxpayer. Any discussion of tax matters in these materials may have been written in connection with the “promotion” or “marketing” of any transaction contemplated hereby. Accordingly, any taxpayer should seek advice based on such taxpayer’s particular circumstances from an independent tax advisor. These materials do not constitute an offer or solicitation to sell or purchase any securities and are not a commitment by Qatalyst to provide or arrange any financing for any transaction or to purchase any security in connection therewith. Qatalyst is not acting in any other capacity as a fiduciary to the Company. Qatalyst assumes no obligation to update or otherwise revise these materials. These materials have not been prepared with a view toward public disclosure under state or federal securities laws or otherwise, are intended for the benefit and use of the Company, and may not be reproduced, disseminated, quoted, summarized or referred to, in whole or in part, without the prior written consent of Qatalyst. These materials may not reflect information known to other professionals in other business areas of Qatalyst.  Qatalyst is a full service securities firm providing investment banking and other services and products to a wide range of corporations and individuals, domestically and offshore, from which conflicting interests or duties may arise. In the ordinary course of these activities, Qatalyst may at any time hold long or short positions, and may trade or otherwise effect transactions, for their own account or the accounts of customers, in debt or equity securities or loans of the Company, potential counterparties, or any other company that may be involved in a transaction.  Qatalyst is required to obtain, verify and record certain information that identifies each entity that enters into a formal business relationship with it, which information includes the complete name and address and taxpayer ID number. Qatalyst may also request corporate formation documents, or other forms of identification, to verify information provided.  Disclaimer  CONFIDENTIAL | DRAFT