Morgan Stanley Investment Banking Pitch Book

Morgan Stanley Broker Estimates for Orange Select Analyst Estimates and Targets (1) SMM, except per share data Broker Cowen Truist Piper Sandler Canaccord Stephens Needham Goldman Sachs Bank of America Cit UBS Mean Cowen Median Truist Piper Sandler Morgan Stanley MS Canaccord Stephens Needham GS BofA Citi UBS Date of Report 8/4/2022 8/4/2022 8/4/2022 8/4/2022 8/4/2022 8/4/2022 8/4/2022 8/4/2022 8/4/2022 8/5/2022 8/4/2022 Following Q2'22 Earnings Announcement, broker price targets range decreased from $19-$29 Rating Outperform Buy Buy Overweight 25.00 Buy Buy Current Price Target Overweight 25.00 Buy 28.00 Neutral 28.00 Neutral 25.00 Equal Weight 21.00 24.00 22.00 20.00 20.00 19.00 $23.36 $24.00 Price Target Methodology -12x CY2023E AVI Revenue DCF (20x CY2032 FCF TV) DCF (25x CY2026E FCF) 10x CY2023E AVI Revenue 9.7x AV/CY2023E Revenue 85% 7.5x AV/ Revenue; 15% Strategic Ppaids -40x CY2023E AV/ AV/Revenue, FCF AV/FCF 25x CY2027E AV/FCF 7x CY2023E AV/ Revenue 8.0x CY2023E AV/ Revenue 8.0x CY2023E AV/ Revenue Valuation Methodology Notes 1. Latest available broker estimates, excludes Berenberg due to price target as of 2/17/2022 PROJECT ORANGE AV/FCF AV/FCF, DCF AV/FCF, DCF CY22E $335 AV/FCF $334 $334 AV/Revenue $334 $334 AV/Revenue $334 AV/Revenue AV/Revenue $332 $333 AV/Revenue $334 AV/Revenue $334 $333 $334 $334 Revenue CY23E $415 $424 $421 $421 $422 $415 $412 $413 $420 $394 $407 $415 $415 CY24E $515 $507 $492 $502 $521 $484 $475 $499 $502 CY22E 87% 86% 87% 87% 88% 87% 86% 86% 87% 83% 87% 87% 87% Post earnings, median CY22 revenue estimates increased from $332; CY23 estimates decreased from $417 PRELIMINARY AND CONFIDENTIAL DRAFT Gross Margin CY23E 87% 85% 85% 87% 87% 87% 85% 86% 85% 78% 87% 85% 86% CY24E . 87% 87% 85% 87% 85% 78% 88% 85% 87% CY22E $54 $53 $46 $46 $57 $52 $60 $53 $53 Adj. EBITDA CY23E CY24E $59 4 $72 $65 $60 $72 $63 $75 $66 $65 . $98 $90 $93 $97 $79 $89 $91 $92 CY22E $87 $81 $83 $80 $81 $80 $64 $85 $79 $84 $82 $81 $81 Free Cash Flow CY23E CY24E $123 $98 $114 $105 $114 $107 $106 $84 $98 $98 $95 $104 $105 REFERENCE MATERIALS . . . $133 $146 $115 $110 $126 $109 $123 $121 27

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