AvePoint Investment Thesis

Attractive Valuation Multiple vs. Peers 9.0x 6.8x 14.3x 2021 & 2022 Firm Value / Revenue 13.8x 11.8x 11.3x 11.1x 9.9x 22.9x 21.2x 19.9x 19.0x 18.1x 16.8x 16.2x 13.6x ▲ Ave Point alteryx dynatrace jamf Avalara Five9 RingCentral HubSpot 2020E-2022E Revenue CAGR 32% 22% 23% 20% 23% 18% 23% 23% 2020E EBIT Margin 14% 11% 27% 11% (2%) 14% 10% 7% Implied 2021E Growth Adj.¹ Revenue Multiple 0.28x 0.65x 0.60x 0.60x 0.98x 1.19x 0.86x 0.74x Growth Infrastructure Growth SaaS Source: AvePoint Management, Company filings, and FactSet median broker consensus estimates as of November 20, 2020. 1) Multiples are growth adjusted by CY2020E-CY2022E revenue CAGR. ▲ Ave Point 21

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