AvePoint Investment Thesis

Highly Attractive Financial Profile Quarterly Core ARR¹ ($mm) $101 $95 $90 $85 $78 $75 2019 Q1 2019 Q2 2019 Q3 2019 Q4 2020 Q1 2020 Q2 % YoY ARR Growth 18% 19% 23% 25% 27% 29% Annual Revenue and Recurring Revenue² ($mm) $257 $220 CAGR '19A-'22E $193 $148 $157 $117 $115 38% $83 30% 2019A 2020E Recurring Revenue Source: AvePoint Management.. 1) Includes subscription and maintenance revenues. 2) Includes subscription, maintenance, and distribution channel revenues. ▲ AvePoint 2021E Revenue 2022E 18

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