Morgan Stanley Investment Banking Pitch Book

Morgan Stanley Overview of Street vs. Management Plan (1)(2) Total Revenue SMM $121 2019A 59.1% $175 2019A 2020A Total Revenue Growth % 45.0% 2020A $246 2021A 40.8% 2021A $336 $334 2022E 36.3% 35.5% 2022E $440 2023E Actuals $415 31.2% 24.4% 2023E Notes 1. Street financials represent Thomson consensus estimates as of 9/12/2022 2. Management reflects forecast provided by Management on 8/12/2022 PROJECT ORANGE $555 $497 2024E 26.1% 19.7% 2024E Street $697 $585 2025E 25.6% 17.7% 2025E Gross Profit SMM $100 2019A 82.9% $148 Gross Profit Margin 2019A 2020A 84.7% 2020A -O-- Street Extrapolations PRELIMINARY AND CONFIDENTIAL DRAFT $211 2021A 85.7% 2021A $290 $290 2022E 86.3% 86.9% 2022E $381 $357 2023E Management 86.5% 86.1% 2023E $490 $427 2024E 88.3% 86.0% 2024E $622 $503 2025E 89.2% 86.0% 2025E REFERENCE MATERIALS 21

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