AvePoint Investment Thesis

Digital Transformation Has Accelerated During the Pandemic, With Microsoft Cloud Gaining Significant Momentum "We have seen two years' worth of digital transformation in two months." Satya Nadella, (04/29/2020) C -59% Of workforce would prefer to work remotely1 SH Ret Q soft Teams m work infr Microsc Stop 37% Increase in cloud spending in Q1 20203 Croate the c plution-or bep 95.4% Projected growth in Desktop as a Service (2020)² Azure Microsoft Teams Microsoft 365 OneDrive Microsoft Dynamics 365 IaaS5 $48.4bn Cloud LTM Revenue4 Microsoft Market Share SaaS6 Productivity and Collaboration7 AWS - 47% Microsoft 13% - Microsoft 11% Salesforce 8% - Microsoft 28% ! - Slack - 17% Alibaba - 7% Oracle - 4% Atlassian 8% Total Market $49bn5 $184bn6 $3bn7 1) Gallup Poll, https://news.gallup.com/poll/306695/workers-discovering-affinity-remote-work.aspx, April 2020. 2) Gartner Press Release, https://www.gartner.com/en/newsroom/press-releases/2020-07-23-gartner-forecasts-worldwide-public-cloud-revenue-to-grow-6point3-percent-in-2020 (July-2020). 3) Price WaterhouseCoopers Research, https://www.pwc.com/us/en/industries/tmt/library/covid19-cloud-infrastructure.html, (2020). 4) Microsoft Public Filings, Intelligent Cloud LTM revenue as of Jun-2020. 5) Worldwide Public Cloud Infrastructure as a Service Market Shares 2019, IDC (July 2020). 6) Worldwide Software as a Service and Cloud Software Market Shares, 2019, IDC (July 2020). 7) Worldwide Team Collaboration Applications Market Shares 2019, IDC (August 2020). ▲ Ave Point 10

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