Morgan Stanley Investment Banking Pitch Book

Morgan Stanley 2 Since IPO, Orange Share Price Has Outperformed Peers Since Orange IPO (1)(2) Share Price Performance Indexed to 100 (%) 225 200 175 150 125 100 75 50 Apr-21 Source: Capital IQ May-21 Jul-21 Aug-21 Sep-21 Orange Nov-21 High Growth Software Dec-21 Jan-22 Feb-22 -High Growth Security Apr-22 May-22 S&P 500 w Jun-22 Aug-22 Notes 1. Market data and Thomson estimates as of 9/12/2022 2. Median of each category shown; High Growth Software includes: Atlassian, Docusign, Smartsheet, Jamf, Zoominfo, Asana, Sprout Social, Pagerduty, Hubspot, High Growth Security includes: Crowdstrike, Okta, Qualys, Rapid7, Tenable, Zscaler PROJECT ORANGE PRELIMINARY AND CONFIDENTIAL DRAFT 21% (2%) (2%) (30%) Sep-22 5

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