AvePoint Investment Thesis

Large and Growing Addressable Market Digital Transformation TAM Security Compliance¹ Cloud Integration & Migration² $7.2bn $3.1bn DPaaS³ $4.8bn Additional Cloud MSFT Cloud Growth Current MSFT Cloud Size ~$5bn6 $1.8tn by 20224 ~$33bn by 20225 1 I I 1 I I I I 1 I 1 I I AvePoint Growth Outlook Microsoft 365 Users I 2020 Future 1 I I I I 250mm AvePoint Share of total AvePoint Users 3% 500mm 10% ~13% MSFT Cloud Penetration ~$1bn7 I 1 I I 7mm 50mm 148mm8 Revenue I 1 I 1) Worldwide Data Services for Hybrid Cloud Forecast 2018-2022, 2017 Market Forecast, IDC, (July2018). 2) Cloud Migration Market Size, Share, Trends Forecast (2018-2023), 2017 Market Forecast, Mordor Intelligence, (April 2018). 3) Worldwide Data Protection as a Service Forecast, 2018- 2022 Initial Market Sizing, 2017 Market Forecast, IDC, (July 2018). 4) Worldwide Digital Transformation (DX) Investment Trends in a COVID World, Post-COVID 19 Direct DX Investment, IDC (August 2020). 5) Sum of Security Compliance, Cloud Integration & Migration and Data Protection As a Service Markets projected in 2022. 6) Assuming 100% penetration of ~250 million Microsoft Cloud users. 7) Assuming 13% penetration of ~250 million Microsoft Cloud users. 8) AvePoint management estimates. 9) Microsoft FY20 Q3 earnings call. Microsoft has 258 million paid seats of Microsoft Office 365. https://www.microsoft.com/en-us/Investor/events/FY-2020/earnings-fy-2020-q3.aspx. ▲ Ave Point 14

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