Morgan Stanley Investment Banking Pitch Book

Morgan Stanley 2 Precedent Technology M&A Premia $1Bn+ Aggregate Value Software Transactions Since 2014 (1) Unaffected Spot Premium % # of deals % Premium % Distribution # of deals 20 Unaffected 30-Day Average % % Premium % Distribution <20% 28% 13 <20% 18% 18 20%-30% 25% 20 20% - 30% 28% Notes 1. Transaction data as of September 2022; excludes withdrawn deals and those by strategic acquirers PROJECT ORANGE Median: 30% 15 30% -40% 21% Median: 35% 14 30% -40% 19% PRELIMINARY AND CONFIDENTIAL DRAFT 8 40%-50% 11% 12 40%-50% 17% # of Deals = 72 11 50%+ 15% 13 50%+ 18% 14

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