As filed with the Securities and Exchange Commission on February 10, 2025
No. 005-      
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13E-3
RULE 13E-3 TRANSACTION STATEMENT UNDER SECTION 13(E)
OF THE SECURITIES ACT OF 1934
Aspen Technology, Inc.
(Name of the Issuer)
Aspen Technology, Inc.
(Names of Persons Filing Statement)
Common stock, $0.0001 par value per share
(Title of Class of Securities)
29109X106
(CUSIP Number of Class of Securities)
Aspen Technology, Inc.
20 Crosby Drive
Bedford, MA 01730
(781) 221-6400
(Name, Address, and Telephone Number of Person Authorized to Receive Notices and Communications on Behalf of the Persons Filing Statement)
With copies to
Graham Robinson
Chadé Severin
Skadden, Arps, Slate, Meager & Flom LLP
500 Boylston Street
Boston, MA 02116
(617) 573-4800
This statement is filed in connection with (check the appropriate box):
 
 
 
 
 
 
 
a. 
 
 
☐
 
 
The filing of solicitation materials or an information statement subject to Regulation 14A, Regulation 14C or Rule 13e-3(c) under the Securities Exchange Act of 1934.
b. 
 
 
☐
 
 
The filing of a registration statement under the Securities Act of 1933.
c. 
 
 
☒
 
 
A tender offer.
d. 
 
 
☐
 
 
None of the above.
 
 
 
 
 
 
 
Check the following box if the soliciting materials or information statement referred to in checking box (a) are preliminary copies: ☐
Check the following box if the filing is a final amendment reporting the results of the transaction: ☐
NEITHER THE SECURITIES AND EXCHANGE COMMISSION NOR ANY STATE SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED OF THIS TRANSACTION, PASSED UPON THE MERITS OR FAIRNESS OF THIS TRANSACTION, OR PASSED UPON THE ADEQUACY OR ACCURACY OF THE DISCLOSURE IN THIS SCHEDULE 13E-3. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.
INTRODUCTION
This Rule 13e-3 Transaction Statement on Schedule 13E-3 (this “Statement”) is being filed by Aspen Technology, Inc., a Delaware corporation (“AspenTech”), the issuer of the common stock that is the subject of the Rule 13e-3 transaction described below, and relates to the cash tender offer by Emersub CXV, Inc., a Delaware corporation (“Purchaser”) and a wholly owned subsidiary of Emerson Electric Co, a Missouri corporation (“Emerson”), to purchase all of the issued and outstanding shares of common stock, par value $0.0001 per share, of AspenTech (other than the Excluded Shares, as defined in the Merger Agreement) at a price per Share equal to $265, net to the seller of such Shares in cash, without interest (the “Offer”). The Offer is being made pursuant to the Agreement and Plan of Merger, dated as of January 26, 2025 (together with any amendments or supplements thereto, the “Merger Agreement”), by and among AspenTech, Emerson and Purchaser. The Merger Agreement provides that, among other things, following the consummation of the Offer and subject to the terms and conditions of the Merger Agreement, Purchaser will merge with and into AspenTech pursuant to Section 251(h) of the General Corporation Law of the State of Delaware (the “DGCL”), with AspenTech being the surviving corporation (the “Merger”). The terms of the Offer, and the conditions to which it is subject, are set forth in the combined Tender Offer Statement and Rule 13e-3 Transaction Statement filed under cover of Schedule TO by Purchaser and Emerson on February 10, 2025 (as amended or supplemented from time to time, the “Schedule TO”), which contains as exhibits an Offer to Purchase dated February 10, 2025 (the “Offer to Purchase”), and the related Letter of Transmittal (the “Letter of Transmittal,” which together with the Offer to Purchase, as each of them may be amended or supplemented from time to time, contain the terms of the Offer).
In response to the Offer, AspenTech filed a Solicitation/Recommendation Statement on Schedule 14D-9 on February 10, 2025 (the “Schedule 14D-9”).The information contained in the Schedule 14D-9 and the Offer to Purchase, including all schedules, annexes and exhibits thereto, copies of which are attached as exhibits hereto, is expressly incorporated by reference to the extent such information is required in response to the items of this Schedule 13E-3, and is supplemented by the information specifically provided herein. The responses to each item in this Schedule 13E-3 are qualified in their entirety by the information contained in the Schedule 14D-9 and the Offer to Purchase. All information contained in this Schedule 13E-3 concerning AspenTech, Emerson and Purchaser has been provided by such person and not by any other person. All capitalized terms used in this Schedule 13E-3 without definition have the meanings ascribed to them in the Schedule 14D-9.
Item 1. Summary Term Sheet
The information set forth in the Offer to Purchase under the heading “Summary Term Sheet” is incorporated herein by reference.
Item 2. Subject Company Information
(a) Name and Address
The information set forth in the Schedule 14D-9 under the heading “Item 1. Subject Company Information—Name and Address” is incorporated herein by reference.
(b) Securities
The information set forth in the Schedule 14D-9 under the heading “Item 1. Subject Company Information—Securities” is incorporated herein by reference.
(c) Trading Market and Price
The information set forth in the Offer to Purchase under the heading “The Tender Offer—Section 16. Price Range of Shares; Dividends” is incorporated herein by reference.
(d) Dividends
The information set forth in the Offer to Purchase under the heading “The Tender Offer—Section 16. Price Range of Shares; Dividends” is incorporated herein by reference.
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(e) Prior Public Offerings
Not applicable.
(f) Prior Stock Purchases
Not applicable.
Item 3. Identity and Background of Filing Person
(a) Name and Address
The information set forth in the Offer to Purchase under the headings “The Tender Offer—Section 19. Certain Information Concerning Parent, Purchaser and Certain Related Persons” and “Schedule A—Information Concerning Members of the Boards of Directors and the Executive Officers of Purchaser, EMR US Holdings LLC, EMR Worldwide Inc., EMR Holdings, Inc. and Parent” is incorporated herein by reference.
(b) Business and Background of Entities
The information set forth in the Schedule 14D-9 under the heading “Item 1. Subject Company Information—Name and Address” is incorporated herein by reference.
The information set forth in the Offer to Purchase under the headings “The Tender Offer—Section 19. Certain Information Concerning Parent, Purchaser and Certain Related Persons,” “Special Factors—Section 5. Transactions and Arrangements Concerning the Shares” and “Schedule A—Information Concerning Members of the Boards of Directors and the Executive Officers of Purchaser, EMR US Holdings LLC, EMR Worldwide Inc., EMR Holdings, Inc. and Parent” is incorporated herein by reference.
(c) Business and Background of Natural Persons
The information set forth in the Schedule 14D-9 under the headings “Item 2. Identity and Background of Filing Person—Business and Background of AspenTech’s Directors and Executive Officers” and “Annex A—Business and Background of AspenTech’s Directors and Executive Officers” is incorporated herein by reference.
The information set forth in the Offer to Purchase under the headings “Special Factors—Section 5. Transactions and Arrangements Concerning the Shares” and “Schedule A—Information Concerning Members of the Boards of Directors and the Executive Officers of Purchaser, EMR US Holdings LLC, EMR Worldwide Inc., EMR Holdings, Inc. and Parent” is incorporated herein by reference.
(d) Tender Offer
The information set forth in the Schedule 14D-9 under the heading “Item 2. Identity and Background of Filing Person—Tender Offer” is incorporated herein by reference.
The information set forth in the Offer to Purchase under the heading “The Tender Offer—Section 19. Certain Information Concerning Parent, Purchaser and Certain Related Persons” is incorporated herein by reference.
Item 4. Terms of the Transaction
(a) Material Terms
(1)(i) The information set forth in the Schedule 14D-9 under the heading “Item 2. Identity and Background of Filing Person—Tender Offer” is incorporated herein by reference.
The information set forth in the Offer to Purchase under the headings “Summary Term Sheet” and “The Tender Offer—Section 11. Terms of the Offer” is incorporated herein by reference.
(1)(ii) The information set forth in the Schedule 14D-9 under the heading “Item 2. Identity and Background of Filing Person—Tender Offer” is incorporated herein by reference.
The information set forth in the Offer to Purchase under the headings “Summary Term Sheet” and “The Tender Offer—Section 11. Terms of the Offer” is incorporated herein by reference.
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(1)(iii) The information set forth in the Schedule 14D-9 under the heading “Item 2. Identity and Background of Filing Person—Tender Offer” is incorporated herein by reference.
The information set forth in the Offer to Purchase under the headings “Summary Term Sheet” and “The Tender Offer—Section 11. Terms of the Offer” is incorporated herein by reference.
(1)(iv) The information set forth in the Offer to Purchase under the headings “The Tender Offer—Section 11. Terms of the Offer” and “The Tender Offer—Section 20. Summary of the Merger Agreement—The Offer” is incorporated herein by reference.
(1)(v) The information set forth in the Offer to Purchase under the headings “Summary Term Sheet,” “The Tender Offer—Section 11. Terms of the Offer” and “The Tender Offer—Section 20. Summary of the Merger Agreement—The Offer” is incorporated herein by reference.
(1)(vi) The information set forth in the Offer to Purchase under the headings “Summary Term Sheet” and “The Tender Offer—Section 14. Withdrawal Rights” is incorporated herein by reference.
(1)(vii) The information set forth in the Offer to Purchase under the headings “Summary Term Sheet,” “The Tender Offer—Section 13. Procedures for Tendering Shares” and “The Tender Offer—Section 14. Withdrawal Rights” is incorporated herein by reference.
(1)(viii) The information set forth in the Offer to Purchase under the headings “Summary Term Sheet,” “The Tender Offer—Section 11. Terms of the Offer” and “The Tender Offer—Section 12. Acceptance for Payment and Payment for Shares” is incorporated herein by reference.
(1)(ix) Not applicable.
(1)(x) The information set forth in the Schedule 14D-9 under the heading “Item 3. Past Contacts, Transactions, Negotiations and Agreements—Arrangements with Current Executive Officers and Directors of AspenTech” is incorporated herein by reference.
(1)(xi) Not applicable.
(1)(xii) The information set forth in the Offer to Purchase under the heading “The Tender Offer—Section 15. Certain U.S. Federal Income Tax Consequences of the Offer and the Merger” is incorporated herein by reference.
(2)(i) The information set forth in the Schedule 14D-9 under the heading “Item 2. Identity and Background of Filing Person—Tender Offer” is incorporated herein by reference. The information set forth in the Offer to Purchase under the headings “Summary Term Sheet,” “The Tender Offer—Section 11. Terms of the Offer” and “The Tender Offer—Section 20. Summary of the Merger Agreement” is incorporated herein by reference.
(2)(ii) The information set forth in the Schedule 14D-9 under the heading “Item 2. Identity and Background of Filing Person—Tender Offer” is incorporated herein by reference. The information set forth in the Offer to Purchase under the heading “Summary Term Sheet” is incorporated herein by reference.
(2)(iii) The information set forth in the Schedule 14D-9 under the headings “Item 4. The Solicitation or Recommendation—Background of the Merger Agreement; Reasons for the Recommendation—Reasons for the Recommendation of the Special Committee; Reasons for the Recommendation of the Board” and “Item 4. The Solicitation or Recommendation—Opinion of AspenTech’s Financial Advisors” is incorporated herein by reference. The information set forth in the Offer to Purchase under the headings “Summary Term Sheet” and “Special Factors—Section 2. Position of Parent Regarding the Fairness of the Transaction” is incorporated herein by reference.
(2)(iv) The information set forth in the Schedule 14D-9 under the heading “Item 8. Additional Information—Stockholder Vote of the Merger Not Required” is incorporated herein by reference. The information set forth in the Offer to Purchase under the headings “Summary Term Sheet” and “Special Factors—Section 3. Purpose of the Offer and Plans for AspenTech” is incorporated herein by reference.
(2)(v) The information set forth in the Schedule 14D-9 under the headings “Item 3. Past Contacts, Transactions, Negotiations and Agreements—Arrangements with Current Executive Officers and Directors of AspenTech” and “Item 3. Past Contacts, Transactions, Negotiations and Agreements—Executive Officer and Director Arrangements Following the Merger” is incorporated herein by reference.
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(2)(vi) Not applicable.
(2)(vii) The information set forth in the Offer to Purchase under the heading “The Tender Offer—Section 15. Certain U.S. Federal Income Tax Consequences of the Offer and the Merger” is incorporated herein by reference.
(c) Different Terms
The information set forth in the Schedule 14D-9 under the heading “Item 3. Past Contacts, Transactions, Negotiations and Agreements” is incorporated herein by reference.
The information set forth in the Offer to Purchase under the headings “Summary Term Sheet,” “Special Factors—Section 4. Interests of Certain Persons in the Offer” and “Special Factors—Section 6. Related Party Transactions” is incorporated herein by reference.
(d) Appraisal Rights
The information set forth in the Schedule 14D-9 under the heading “Item 8. Additional Information—Appraisal Rights” is incorporated herein by reference.
The information set forth in the Offer to Purchase under the headings “Summary Term Sheet” and “The Tender Offer—Section 24. Certain Legal Matters; Regulatory Approvals—Appraisal Rights” is incorporated herein by reference.
(e) Provisions for Unaffiliated Security Holders
The filing person has not made any provision in connection with the transaction to grant unaffiliated security holders access to the corporate files of the filing person or to obtain counsel or appraisal services at the expense of the filing person.
(f) Eligibility for Listing or Trading
Not applicable.
Item 5. Past Contacts, Transactions, Negotiations and Agreements
(a) Transactions
The information set forth in the Schedule 14D-9 under the heading “Item 3. Past Contacts, Transactions, Negotiations and Agreements” is incorporated herein by reference.
The information set forth in the Offer to Purchase under the heading “Special Factors—Section 6. Related Party Transactions” is incorporated herein by reference.
(b)–(c) Significant Corporate Events; Negotiations or Contacts
The information set forth in the Schedule 14D-9 under the headings “Item 3. Past Contacts, Transactions, Negotiations and Agreements,” “Item 4. The Solicitation or Recommendation—Background of the Merger Agreement; Reasons for the Recommendation—Background of the Merger Agreement” and “Item 5. Persons/Assets Retained, Employed, Compensated or Used” is incorporated herein by reference.
The information set forth in the Offer to Purchase under the headings “Special Factors—Section 1. Background of the Offer; Contacts with AspenTech,” “Special Factors—Section 4. Interests of Certain Persons in the Offer,” “Special Factors—Section 6. Related Party Transactions” and “Special Factors—Section 10. Materials Prepared by Parent’s Financial Advisors” is incorporated herein by reference.
(e) Agreements Involving the Subject Company’s Securities
The information set forth in the Schedule 14D-9 under the headings “Item 2. Identity and Background of Filing Person—Tender Offer” and “Item 3. Past Contacts, Transactions, Negotiations and Agreements” is incorporated herein by reference.
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The information set forth in the Offer to Purchase under the headings “Special Factors—Section 6. Related Party Transactions,” “The Tender Offer—Section 11. Terms of the Offer” and “The Tender Offer—Section 20. Summary of the Merger Agreement” is incorporated herein by reference.
Item 6. Purposes of the Transaction, and Plans or Proposals
(b) Use of Securities Acquired
The information set forth in the Offer to Purchase under the headings “Summary Term Sheet,” “Special Factors—Section 3. Purpose of the Offer and Plans for AspenTech,” “The Tender Offer—Section 11. Terms of the Offer” and “The Tender Offer—Section 17. Possible Effects of the Offer on the Market for the Shares; Nasdaq Listing; Exchange Act Registration and Margin Regulations” is incorporated herein by reference.
(c)(1)–(8) Plans
The information set forth in the Schedule 14D-9 under the heading “Item 2. Identity and Background of Filing Person—Tender Offer” is incorporated herein by reference.
The information set forth in the Offer to Purchase under the headings “Summary Term Sheet,” “Special Factors—Section 3. Purpose of the Offer and Plans for AspenTech,” “The Tender Offer—Section 11. Terms of the Offer” and “The Tender Offer—Section 17. Possible Effects of the Offer on the Market for the Shares; Nasdaq Listing; Exchange Act Registration and Margin Regulations” is incorporated herein by reference.
Item 7. Purposes, Alternatives, Reasons and Effects
(a) Purposes
The information set forth in the Schedule 14D-9 under the headings “Item 4. The Solicitation or Recommendation—Background of the Merger Agreement; Reasons for the Recommendation—Reasons for the Recommendation of the Special Committee; Reasons for the Recommendation of the Board,” “Item 4. The Solicitation or Recommendation—Opinion of AspenTech’s Financial Advisors” and “Item 7. Purposes of the Transaction and Plans or Proposals” is incorporated herein by reference.
The information set forth in the Offer to Purchase under the headings “Summary Term Sheet,” “Special Factors—Section 1. Background of the Offer; Contacts with AspenTech” and “Special Factors—Section 3. Purpose of the Offer and Plans for AspenTech” is incorporated herein by reference.
(b) Alternatives
The information set forth in the Schedule 14D-9 under the headings “Item 4. The Solicitation or Recommendation—Background of the Merger Agreement; Reasons for the Recommendation” and “Item 4. The Solicitation or Recommendation—Opinion of AspenTech’s Financial Advisors” is incorporated herein by reference.
The information set forth in the Offer to Purchase under the headings “Special Factors—Section 1. Background of the Offer; Contacts with AspenTech” and “Special Factors—Section 3. Purpose of the Offer and Plans for AspenTech” is incorporated herein by reference.
(c) Reasons
The information set forth in the Schedule 14D-9 under the headings “Item 4. The Solicitation or Recommendation—Background of the Merger Agreement; Reasons for the Recommendation—Reasons for the Recommendation of the Special Committee; Reasons for the Recommendation of the Board” and “Item 4. The Solicitation or Recommendation—Opinion of AspenTech’s Financial Advisors” is incorporated herein by reference.
The information set forth in the Offer to Purchase under the headings “Special Factors—Section 1. Background of the Offer; Contacts with AspenTech” and “Special Factors—Section 3. Purpose of the Offer and Plans for AspenTech” is incorporated herein by reference.
(d) Effects
The information set forth in the Schedule 14D-9 under the headings “Item 3. Past Contacts, Transactions, Negotiations and Agreements—Arrangements with Current Executive Officers and Directors of AspenTech,” “Item 3. Past Contacts, Transactions, Negotiations and Agreements—Executive Officer and Director
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Arrangements Following the Merger,” “Item 4. The Solicitation or Recommendation—Background of the Merger Agreement; Reasons for the Recommendation,” “Item 4. The Solicitation or Recommendation—Opinion of AspenTech’s Financial Advisors” and “Item 8. Additional Information” is incorporated herein by reference.
The information set forth in the Offer to Purchase under the headings “Summary Term Sheet,” “Special Factors—Section 3. Purpose of the Offer and Plans for AspenTech,” “The Tender Offer—Section 11. Terms of the Offer,” “The Tender Offer—Section 15. Certain U.S. Federal Income Tax Consequences of the Offer and the Merger” and “The Tender Offer—Section 17. Possible Effects of the Offer on the Market for the Shares; Nasdaq Listing; Exchange Act Registration and Margin Regulations” is incorporated herein by reference.
Item 8. Fairness of the Transaction
(a) Fairness
The information set forth in the Schedule 14D-9 under the headings “Item 4. The Solicitation or Recommendation—Background of the Merger Agreement; Reasons for the Recommendation—Reasons for the Recommendation of the Special Committee; Reasons for the Recommendation of the Board” and “Item 4. The Solicitation or Recommendation—Opinion of AspenTech’s Financial Advisors” is incorporated herein by reference.
(b) Factors Considered in Determining Fairness
The information set forth in the Schedule 14D-9 under the headings “Item 4. The Solicitation or Recommendation—Background of the Merger Agreement; Reasons for the Recommendation—Reasons for the Recommendation of the Special Committee; Reasons for the Recommendation of the Board,” “Item 4. The Solicitation or Recommendation—Opinion of AspenTech’s Financial Advisors” and the information set forth in Exhibits (c)(1) and (c)(2) attached hereto is incorporated herein by reference.
(c) Approval of Security Holders
The information set forth in the Schedule 14D-9 under the headings “Item 2. Identity and Background of Filing Person—Tender Offer” and “Item 4. The Solicitation or Recommendation—Background of the Merger Agreement; Reasons for the Recommendation—Reasons for the Recommendation of the Special Committee; Reasons for the Recommendation of the Board” is incorporated herein by reference.
The information set forth in the Offer to Purchase under the headings “Summary Term Sheet,” “The Tender Offer—Section 11. Terms of the Offer” and “The Tender Offer—Section 22. Conditions of the Offer” is incorporated herein by reference.
(d) Unaffiliated Representative
The information set forth in the Schedule 14D-9 under the heading “Item 4. The Solicitation or Recommendation—Background of the Merger Agreement; Reasons for the Recommendation” is incorporated herein by reference. An unaffiliated representative was not retained to act solely on behalf of unaffiliated security holders for purposes of negotiating the terms of the transaction or preparing a report concerning the fairness of the transaction.
(e) Approval of Directors
The information set forth in the Schedule 14D-9 under the heading “Item 4. The Solicitation or Recommendation—Recommendation of the Special Committee and the Board of Directors” is incorporated herein by reference.
(f) Other Offers
The information set forth in the Schedule 14D-9 under the heading “Item 4. The Solicitation or Recommendation—Background of the Merger Agreement; Reasons for the Recommendation” is incorporated herein by reference.
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Item 9. Reports, Opinions, Appraisals and Negotiations
(a)–(b) Report, Opinion or Appraisal; Preparer and Summary of the Report, Opinion or Appraisal
The information set forth in the Schedule 14D-9 under the headings “Item 4. The Solicitation or Recommendation,” “Item 5. Persons/Assets Retained, Employed, Compensated or Used” and the information set forth in Exhibits (c)(1) and (c)(2) attached hereto is incorporated herein by reference.
(c) Availability of Documents
The reports, opinions or appraisals referenced in this Item 9 are available for inspection and copying at AspenTech’s principal executive offices located at 20 Crosby Drive, Bedford, MA 01730, during regular business hours, by any interested stockholder of AspenTech or a representative of such interested stockholder who has been so designated in writing by such interested stockholder.
Item 10. Source and Amounts of Funds or Other Consideration
(a)–(b) Source of Funds; Conditions
The information set forth in the Offer to Purchase under the heading “The Tender Offer—Section 21. Source and Amount of Funds” is incorporated herein by reference.
(c) Expenses
The information set forth in the Schedule 14D-9 under the headings “Item 4. The Solicitation or Recommendation—Opinion of AspenTech’s Financial Advisors” and “Item 5. Persons/Assets Retained, Employed, Compensated or Used” is incorporated herein by reference. The information set forth in the Offer to Purchase under the heading “The Tender Offer—Section 25. Fees and Expenses” is incorporated herein by reference.
(d) Borrowed Funds
Not applicable.
Item 11. Interest in Securities of the Subject Company
(a) Securities Ownership
The information set forth in Schedule 14D-9 under the heading “Item 3. Past Contacts, Transactions, Negotiations and Agreements” is incorporated herein by reference.
The information set forth in the Offer to Purchase under the headings “Special Factors—Section 5. Transactions and Arrangements Concerning the Shares,” “Special Factors—Section 6. Related Party Transactions” and “Schedule A—Security Ownership of Certain Beneficial Owners and Management” is incorporated herein by reference.
(b) Securities Transactions
The information set forth in Schedule 14D-9 under the heading “Item 6. Interest in Securities of the Subject Company” is incorporated herein by reference.
The information set forth in the Offer to Purchase under the heading “Special Factors—Section 5. Transactions and Arrangements Concerning the Shares” is incorporated herein by reference.
Item 12. The Solicitation or Recommendation
(d) Intent to Tender or Vote in a Going-Private Transaction
The information set forth in the Schedule 14D-9 under the heading “Item 4. The Solicitation or Recommendation—Intent to Tender” is incorporated herein by reference. The information set forth in the Offer to Purchase under the heading “Special Factors—Section 5. Transactions and Arrangements Concerning the Shares” is incorporated herein by reference.
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(e) Recommendations of Others
The information set forth in the Schedule 14D-9 under the heading “Item 4. The Solicitation or Recommendation—Recommendation of the Special Committee and the Board of Directors” and “Item 4. The Solicitation or Recommendation—Background of the Merger Agreement; Reasons for the Recommendation—Reasons for the Recommendation of the Special Committee; Reasons for the Recommendation of the Board” is incorporated herein by reference. The information set forth in the Offer to Purchase under the heading “Special Factors—Section 9. Recommendation by the Special Committee and the AspenTech Board” is incorporated herein by reference.
Item 13. Financial Statements
(a) Financial Information
The audited financial statements of AspenTech as of and for the fiscal years ended June 30, 2023, and June 30, 2024, are incorporated herein by reference to Item 8 of AspenTech’s Annual Report on Form 10-K for the fiscal year ended June 30, 2024, filed with the SEC on August 13, 2024. The unaudited consolidated financial statements of AspenTech for the six months ended December 31, 2024, are incorporated herein by reference to Item 1 of Part 1 of AspenTech’s Quarterly Report on Form 10-Q for the quarterly period ended December 31, 2024, filed with the SEC on February 4, 2025.
The information set forth in the Offer to Purchase under the heading “The Tender Offer—Section 18. Certain Information Concerning AspenTech—Historical Selected Financial Information” is incorporated herein by reference.
(b) Pro Forma Information
Not applicable.
Item 14. Persons/Assets, Retained, Employed, Compensated or Used
(a) Solicitations or Recommendations
The information set forth in the Schedule 14D-9 under the heading “Item 5. Persons/Assets Retained, Employed, Compensated or Used” is incorporated herein by reference.
The information set forth in the Offer to Purchase under the heading “The Tender Offer—Section 25. Fees and Expenses” is incorporated herein by reference.
(b) Employees and Corporate Assets
The information set forth in the Schedule 14D-9 under the heading “Item 5. Persons/Assets Retained, Employed, Compensated or Used” is incorporated herein by reference.
Item 15. Additional Information
(b) Golden Parachute Payments
The information set forth in the Schedule 14D-9 under the headings “Item 3. Past Contacts, Transactions, Negotiations and Agreements—Arrangements with Current Executive Officers and Directors of AspenTech—Golden Parachute Compensation” is incorporated herein by reference.
(c) Other Material Information
The information set forth in the Schedule 14D-9 under the heading “Item 8. Additional Information” is incorporated herein by reference.
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Item 16. Exhibits
The following exhibits are filed herewith:
 
 
 
 
Exhibit No.
 
 
Description
(a)(1)(A)
 
 
Offer to Purchase, dated February 10, 2025 (incorporated by reference to Exhibit (a)(1)(i) to Schedule TO filed by Emerson and Purchaser on February 10, 2025).
(a)(1)(B)
 
 
Form of Letter of Transmittal, dated February 10, 2025 (incorporated by reference to Exhibit (a)(1)(ii) to Schedule TO filed by Emerson and Purchaser on February 10, 2025).
(a)(1)(C)
 
 
Form of Notice of Guaranteed Delivery, dated February 10, 2025 (incorporated by reference to Exhibit (a)(1)(iii) to Schedule TO filed by Emerson and Purchaser on February 10, 2025).
(a)(1)(D)
 
 
Form of Letter to Brokers, Dealers, Commercial Banks, Trust Companies and Other Nominees, dated February 10, 2025 (incorporated by reference to Exhibit (a)(1)(iv) to Schedule TO filed by Emerson and Purchaser on February 10, 2025).
(a)(1)(E)
 
 
Form of Letter to Clients for Use by Brokers, Dealers, Commercial Banks, Trust Companies and Other Nominees, dated February 10, 2025 (incorporated by reference to Exhibit (a)(1)(v) to Schedule TO filed by Emerson and Purchaser on February 10, 2025).
(a)(1)(F)
 
 
Form of Summary Advertisement, published February 10, 2025, in the Wall Street Journal (incorporated by reference to Exhibit (a)(1)(vi) to Schedule TO filed by Emerson and Purchaser on February 10, 2025).
(a)(2)(A)
 
 
Solicitation/Recommendation Statement on Schedule 14D-9 (incorporated by reference to the Solicitation/Recommendation Statement on Schedule 14D-9 filed on February 10, 2025).
(a)(5)(A)
 
 
Excerpts from the Company 10-Q filed February 4, 2025 (incorporated by reference to Exhibit 99.1 to Schedule 14D-9C filed by AspenTech on February 4, 2025).
(a)(5)(B)
 
 
AspenTech Employee Q&A (incorporated by reference to Exhibit 99.1 to Schedule 14D-9C filed by AspenTech on January 29, 2025).
(a)(5)(C)
 
 
Form of email distributed to employees (incorporated by reference to Exhibit 99.1 to Schedule 14D-9C filed by AspenTech on January 27, 2025).
(a)(5)(D)
 
 
Form of letter sent to customers (incorporated by reference to Exhibit 99.2 to Schedule 14D-9C filed by AspenTech on January 27, 2025).
(a)(5)(E)
 
 
Form of letter sent to business partners (incorporated by reference to Exhibit 99.3 to Schedule 14D-9C filed by AspenTech on January 27, 2025).
(a)(5)(F)
 
 
Joint Press Release issued by AspenTech and Emerson on January 27, 2025 (incorporated by reference to Exhibit 99.1 to Form 8-K filed by AspenTech on January 27, 2025).
(a)(5)(G)
 
 
Press Release issued by AspenTech on November 20, 2024 (incorporated by reference to Exhibit 99.1 to Schedule 14D-9C filed by AspenTech on November 20, 2024).
(a)(5)(H)
 
 
Press Release issued by AspenTech on November 5, 2024 (incorporated by reference to Exhibit 99.1 to Schedule 14D-9C filed by AspenTech on November 6, 2024).
(c)(1)
 
 
Opinion of Qatalyst Partners LP, dated January 26, 2025 (incorporated by reference to Annex B attached to AspenTech’s Solicitation/Recommendation Statement on Form 14D-9 filed on February 10, 2025).
(c)(2)
 
 
Opinion of Citigroup Global Markets Inc., dated January 26, 2025 (incorporated by reference to Annex C attached to AspenTech’s Solicitation/Recommendation Statement on Form 14D-9 filed on February 10, 2025).
(c)(3)
 
 
Presentation titled “Project Alpha Discussion Materials—Echo Proposal Overview,” dated November 19, 2024, of Qatalyst Partners LP and Citigroup Global Markets Inc. to the Special Committee.
 
 
 
 
9
 
 
 
 
Exhibit No.
 
 
Description
(c)(4)
 
 
Presentation titled “Project Alpha Discussion Materials—Echo Proposal Overview,” dated December 7, 2024, of Qatalyst Partners LP to the Special Committee.
(c)(5)
 
 
Presentation titled “Project Alpha Discussion Materials for the Special Committee,” dated December 7, 2024, of Citigroup Global Markets Inc. to the Special Committee.
(c)(6)*
 
 
Presentation titled “Project Alpha—Discussion Materials,” dated December 22, 2024, of Qatalyst Partners LP and Citigroup Global Markets Inc. to the Special Committee.
(c)(7)*
 
 
Presentation titled “Project Alpha—Special Committee Materials,” dated January 5, 2025, of Qatalyst Partners LP and Citigroup Global Markets Inc. to the Special Committee.
(c)(8)*
 
 
Presentation titled “Project Alpha—Special Committee Materials,” dated January 19, 2025, of Qatalyst Partners LP and Citigroup Global Markets Inc. to the Special Committee.
(c)(9)
 
 
Presentation titled “Project Alpha Discussion Materials—Presentation to the Special Committee,” dated January 26, 2025, of Qatalyst Partners LP to the Special Committee and the board of directors of AspenTech.
(c)(10)
 
 
Presentation titled “Project Alpha—Discussion Materials for the Special Committee,” dated January 26, 2025, of Citigroup Global Markets Inc. to the Special Committee and the board of directors of AspenTech.
(d)(1)
 
 
Agreement and Plan of Merger, dated as of January 26, 2025, among Aspen Technology, Inc., Emerson Electric Co. and Emersub CXV, Inc., (incorporated by reference to Form 8-K filed by AspenTech on January 27, 2025).
(d)(2)
 
 
Transaction Agreement and Plan of Merger, dated as of October 10, 2021 (the “Transaction Agreement and Plan of Merger”), among AspenTech Corporation (f/k/a Aspen Technology, Inc.), Emerson Electric Co., EMR Worldwide Inc., Aspen Technology, Inc. (f/k/a Emersub CX, Inc.) and Emersub CXI, Inc. (incorporated by reference to Form 8-K filed by AspenTech on October 12, 2021).
(d)(3)
 
 
Amendment No. 1 to the Transaction Agreement and Plan of Merger (incorporated by reference to Form 10-Q filed by AspenTech on April 27, 2022).
(d)(4)
 
 
Amendment No. 2 to the Transaction Agreement and Plan of Merger (incorporated by reference to Form 10-K filed by AspenTech on August 21, 2023).
(d)(5)
 
 
Stockholders Agreement, dated as of May 16, 2022, among Aspen Technology, Inc., Emerson Electric Co. and EMR Worldwide Inc. (incorporated by reference to Form 8-K filed by AspenTech on May 17, 2022).
(d)(6)
 
 
Registration Rights Agreement, dated as of May 16, 2022, between EMR Worldwide Inc. and Aspen Technology, Inc. (incorporated by reference to Form 8-K filed by AspenTech May 17, 2022).
(d)(7)
 
 
Tax Matters Agreement, dated as of May 16, 2022, between Emerson Electric Co. and Aspen Technology, Inc. (incorporated by reference to Form 8-K filed by AspenTech on May 17, 2022).
(d)(8)
 
 
Aspen Technology, Inc. 2022 Employee Stock Purchase Plan (incorporated by reference to Form 8-K filed by AspenTech on May 17, 2022).
(d)(9)
 
 
Aspen Technology, Inc. 2022 Omnibus Incentive Plan (incorporated by reference to Form 8-K filed by AspenTech on May 17, 2022).
(d)(10)
 
 
Form of Aspen Technology, Inc. Stock Option Grant Agreement (Employee) under the Aspen Technology, Inc. 2022 Omnibus Incentive Plan (incorporated by reference to Form 10-Q filed by AspenTech on May 2, 2023).
(d)(11)
 
 
Form of Aspen Technology, Inc. Restricted Stock Unit Grant Agreement (Employee) under the Aspen Technology, Inc. 2022 Omnibus Incentive Plan (incorporated by reference to Form 10-Q filed by AspenTech on May 2, 2023).
 
 
 
 
10
 
 
 
 
Exhibit No.
 
 
Description
(d)(12)
 
 
Form of Aspen Technology, Inc. Performance Stock Unit Grant Agreement (Employee) under the Aspen Technology, Inc. 2022 Omnibus Incentive Plan (incorporated by reference to Form 10-K filed by AspenTech on August 21, 2023).
(d)(13)
 
 
Form of Aspen Technology, Inc. Restricted Stock Unit Grant Agreement (Director Initial Grant) under Aspen Technology, Inc. 2022 Omnibus Incentive Plan (incorporated by reference to Form 10-Q filed by AspenTech on May 2, 2023).
(d)(14)
 
 
Form of Aspen Technology, Inc. Restricted Stock Unit Grant Agreement (Director Annual Grant) under the Aspen Technology, Inc. 2022 Omnibus Incentive Plan (incorporated by reference to Form 10-Q filed by AspenTech on May 2, 2023).
(d)(15)
 
 
Aspen Technology, Inc. Executive Retention Plan (incorporated by reference to Form 10-Q filed by AspenTech on May 7, 2024).
(d)(16)
 
 
Form of Aspen Technology, Inc. Indemnification Agreement (incorporated by reference to Form 10-KT filed by AspenTech on August 25, 2022).
(d)(17)
 
 
Second Amended and Restated Credit Agreement by and among Aspen Technology, Inc., the lenders and issuing banks party thereto and JPMorgan Chase Bank, N.A., as administrative agent (incorporated by reference to Form 8-K filed by AspenTech on June 27, 2024).
(f)
 
 
Section 262 of the Delaware General Corporation Law.
107
 
 
Filing Fee Table.
 
 
 
 
*
Certain portions of this exhibit have been redacted and provided separately to the Securities and Exchange Commission pursuant to a request for confidential treatment.
11
SIGNATURES
After due inquiry and to the best of the undersigned’s knowledge and belief, the undersigned certifies that the information set forth in this statement is true, complete and correct.
 
 
 
 
 
 
 
Aspen Technology, Inc.
 
 
 
 
 
 
 
 
 
 
By:
 
 
/s/ Antonio J. Pietri
 
 
 
Name:
 
 
Antonio J. Pietri
 
 
 
Title:
 
 
President and Chief Executive Officer
 
 
 
Date:
 
 
February 10, 2025
 
 
 
 
 
 
 
[Signature Page to SC 13E-3]
12
Exhibit (c)(3)

 DRAFT | Confidential  Preliminary | Subject to Further Review and Evaluation  November 2024  Project Alpha  Discussion Materials 
 
 Echo Proposal Overview 
 
 CONFIDENTIAL | DRAFT  3  Deal Consideration  $240 in cash per Alpha share to acquire all outstanding shares of Alpha common stock not already owned by Echo  Deal Value(1)  Proposal represents a fully diluted equity value of $15.3Bn and enterprise value of $15.1Bn  Proposal states a 39.0x CY25E FCF multiple on street consensus estimates and 44.4x FY25 Alpha FCF as guided by the company at their  September 17th Investor Day   Proposal cites a 35% premium to Alpha’s unaffected share price of $177.84 on August 6, 2024, and an 8% premium to the unaffected 52-week high of $221.94 through August 6, 2024, the date immediately prior to Echo’s August 7, 2024 earnings call, when active transaction speculation began in the market  Earnings Impact  Echo expects impact of proposed transaction with synergies to be neutral to adjusted EPS in fiscal 2025  Financing  Not subject to any financing condition  To be financed from cash on hand, committed lines of credit/or other available sources of financing  Diligence  Echo has stated, given their knowledge of Alpha and their close working relationship with the Company, that they are in position to move quickly and do not need to complete additional diligence prior to signing a definitive  Special Committee Recommendation  Echo will not proceed with such a transaction unless a fully empowered special committee, comprising solely of independent and disinterested directors appointed by Alpha’s BoD and advised by independent legal and financial advisors, recommends approval of such transaction to the Alpha BoD  Transaction Structure  Tender offer subject to a non-waivable condition that at least a majority of the Alpha common stock held by minority stockholders be tendered and not withdrawn in accordance with the framework establish under Kahn v. M&F Worldwide Corp., 88 A.3d 635 (Del. 2014) and its progeny; and thereafter a merger consummated at the same price without further stockholder action  Other Echo Strategic Decisions  Echo has commenced a process to explore strategic alternatives, including a cash sale, for the Safety & Productivity segment, which comprises  the remaining businesses not related to automation in Echo’s portfolio  Echo plans to repurchase approximately $2Bn of its common stock in FY25, with approximately $1Bn of the repurchase expected to be completed in the first quarter of FY25  Echo Proposal Summary  (1) Per Echo’s proposal and letter to Alpha’s board of directors as of November 5, 2024. 
 
 CONFIDENTIAL | DRAFT  LFCF Multiples  FY25E (ending 6/30/25) NTM (ending 9/30/25) CY25E  27%  31%  33%  $341 379  417  33.3x  29.9  27.2  44.6x  40.1  36.5  45.1x  40.5  36.9  46.2x  41.5  37.8  47.0x  42.2  38.4  48.9x  43.9  40.0  50.8x  45.6  41.5  52.7x  47.3  43.0  54.6x  49.0  44.6  56.4x  50.7  46.1  Illustrative Alpha Transaction Statistics at Various Prices  Note: FactSet as of November 18, 2024.  (1) Volume-weighted average price based on trading days per FactSet from November 5, 2024 to November 18, 2024. (2)  they valued at an estimated $2.5Bn).  (3) Alpha capitalization and balance sheet statistics per Alpha 10-Q for the period ended September 30, 2024. Debt balance includes  $8.2MM of unfunded pension obligations, tax-affected at statutory tax rate of 21%.  Echo estimated the value of its contribution for a 55% stake in Alpha at $8.5Bn / $160 per share ($6Bn in cash + software assets (4) Alpha projections based on FactSet mean consensus estimates as of November 18, 2024.  2021 Txn. NTM Mult(2): 38.7x  ($MM, except per share amounts)  Echo-Cited  Unaffected  (8/6/24)  1-Day Prior to  Echo Proposal  (11/4/24)  Echo  Proposal  (11/5/24)  Alpha  Current  (11/18/24)  Illustrative Alpha Valuation Statistics  Illustrative  Share Price:  $177.84  $237.59  $240.00  $246.10  $250.00  $260.00  $270.00  $280.00  $290.00  $300.00  Implied Transaction Premium  Statistic  Premium / (Discount) to Price 1-Day Prior to Echo Proposal (11/4/24)  237.59  (25%)  -  1%  4%  5%  9%  14%  18%  22%  26%  Premium to Echo-Cited Unaffected Price (8/6/24)  $177.84  -  34%  35%  38%  41%  46%  52%  57%  63%  69%  Premium / (Discount) to 30-Day VWAP as of 8/6/24  190.53  (7%)  25%  26%  29%  31%  36%  42%  47%  52%  57%  Premium / (Discount) to 30-Day VWAP Ending 11/4/24  235.83  (25%)  1%  2%  4%  6%  10%  14%  19%  23%  27%  Premium / (Discount) to VWAP Since Proposal (11/5/24) (1)  244.21  (27%)  (3%)  (2%)  1%  2%  6%  11%  15%  19%  23%  Premium / (Discount) to LTM High Share Price Until 11/4/24 (10/30/24)  240.83  (26%)  (1%)  (0%)  2%  4%  8%  12%  16%  20%  25%  Premium to LTM Low Share Price Until 11/4/24 (11/9/23)  163.41  9%  45%  47%  51%  53%  59%  65%  71%  77%  84%  Implied Valuation & Multiples  Fully-Diluted Equity Value (3)  $11,328  $15,203  $15,358  $15,752  $16,003  $16,647  $17,292  $17,936  $18,581  $19,225  Fully-Diluted Enterprise Value (3)  $11,091  $15,034  $15,189  $15,582  $15,833  $16,478  $17,122  $17,767  $18,411  $19,056  FD Equity Value Excluding Echo Stake (43%)  $4,871  $6,577  $6,645  $6,816  $6,926  $7,207  $7,489  $7,770  $8,052  $8,333  Revenue Multiples ACV % Gr. % Gr. / Mar. Statistic (4)  2021 Txn. NTM Mult(2): 15.0x  FY25E (ending 6/30/25)  9%  6%  $1,192  9.3x  12.6x  12.7x  13.1x  13.3x  13.8x  14.4x  14.9x  15.4x  16.0x  NTM (ending 9/30/25)  9%  13%  1,239  9.0  12.1  12.3  12.6  12.8  13.3  13.8  14.3  14.9  15.4  CY25E  9%  10%  1,250  8.9  12.0  12.2  12.5  12.7  13.2  13.7  14.2  14.7  15.2  EBITDA Multiples 2021 Txn. NTM Mult(2): 28.0x  FY25E (ending 6/30/25)  43%  $528  21.0x  28.4x  28.7x  29.5x  30.0x  31.2x  32.4x  33.6x  34.8x  36.1x  NTM (ending 9/30/25)  46%  575  19.3  26.2  26.4  27.1  27.6  28.7  29.8  30.9  32.0  33.2  CY25E  46%  577  19.2  26.0  26.3  27.0  27.4  28.5  29.7  30.8  31.9  33.0  2021 Alpha / Echo Txn. NTM Operating Stats.|Mults.(2)  Revenue: 2% | 15.0x EBITDA: 53% | 28.0x FCF: 39% | 38.7x  4 
 
 $0  $50  $100  $150  $200  $250  From January 2, 2014 to Current (November 18, 2024)  Share Price  $300  Jan-14  Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 Jul-17 Jan-18  Source: FactSet as of November 18, 2024.  (1) Reflects Echo Proposal of $240.00 per share received on November 5, 2024.  Jul-18 Jan-19 Jul-19 Jan-20 Jul-20 Jan-21 Jul-21 Jan-22 Jul-22 Jan-23 Jul-23 Jan-24 Jul-24  Alpha Long-Term Share Price Performance  Echo Proposal Price Per Share(1): $240.00  Oct. 11, 2021  Announced transaction with Echo  Unaffected Date Close (10/6/21): $125.52  May. 16, 2022  Completed transaction with Echo,  began trading as New Alpha  New Alpha 1st Day Close: $184.00  52-Week High (10/30/24): $240.83  5  CONFIDENTIAL | DRAFT  52-Week Low (11/9/23): $163.41  Alpha (Current):  $246.10  +34% Since 5/17/22  Alpha (11/4/24):  $237.59  +29% Since 5/17/22  Echo-cited Unaff.   (8/6/24): $177.84 
 
 60  6  February 15, 2024, the last unaffected trading date prior to announcement of a transaction with Renesas. Includes Altair until 10/21/2024, the last unaffected trading date prior to announcement of a transaction with Siemens.  (2) Reflects Echo Proposal of $240.00 per share received on November 5, 2024.  CONFIDENTIAL | DRAFT  80  100  120  140  160  180  May-22  Nov-22 May-23 Nov-23 May-24  Source: FactSet as of November 18, 2024.  (1) Technical Software Index includes Cadence, Synopsys, Altair, Autodesk, PTC, Bentley Systems, Dassault, Altium, Ansys. Includes Ansys until December 21, 2023, the last unaffected trading date prior to rumors of a transaction with Synopsys. Includes Altium until  Nov-2  Since the Echo Transaction, Alpha has Underperformed its Technical SW Peers  From May 17, 2022 to Current (November 18, 2024)  Technical Software: $289.43  +57% Since 5/17/22  e  5%  e  (1%)  e  3%  e  10%  e  (25%)  e  (2%)  e  (5%)  e  (4%)  May 16, 2022  Completed transaction with Echo, began trading as New Alpha  e  1-day rxn: 16%  Aftermarket: 4%  e  1-day rxn: 1%  Echo Proposal (11/5/24)(2): $240.00  Sep. 17, 2024  2024 Investor Day  +3% 1-Day Price rxn.  Apr. 26, 2023 (FQ3’23 Earnings)  -20% miss on revenue  -2% miss on Annual Spend  -20% miss of FCF  -10% Revision in FY Revenue Guidance Midpoint  Alpha (Current):  $246.10  +34% Since 5/17/22  Alpha (11/4/24):  $237.59  +29% Since  Aftermarket: -5% 5/17/22 
 
 -  500  1,000  1,500  2,000  2,500  80  90  Alpha 8/6 Close: $177.84 100  110  120  130  140  150  160  8/06  8/07  8/08  8/09  8/12  8/13  8/14  8/15  8/16  8/19  8/20  8/21  8/22  8/23  8/26  8/27  8/28  8/29  8/30  9/03  9/04  9/05  9/06  9/09  9/10  9/11  9/12  9/13  9/16  9/17  9/18  9/19  9/20  9/23  9/24  9/25  9/26  9/27  9/30  10/01  10/02  10/03  10/04  10/07  10/08  10/09  10/10  10/11  10/14  10/15  10/16  10/17  10/18  10/21  10/22  10/23  10/24  10/25  10/28  10/29  10/30  10/31  11/01  11/04  11/05  11/06  11/07  11/08  11/11  11/12  11/13  11/14  11/15  11/18  Source: FactSet as of November 18, 2024.  (1) Technical Software Index includes Cadence, Synopsys, Autodesk, PTC, Bentley Systems, Nemetschek, Dassault and Altair through unaffected date of 10/22, 1-day prior to Retours article reporting on potential acquisition.  Alpha Short-Term Trading  Volume (000’s)  Echo Proposal (11/5/24)(2): $240.00  From August 6, 2024 to Current (November 18, 2024)  Indexed Share Price  Alpha  Current: $246.10  +38% Since 8/6/24  11/4: $237.59  +34% Since 8/6/24  Sep. 17, 2024  2024 Investor Day  +3% 1-Day Price Reaction  Nov. 4, 2024 (Post-Market) - FQ1’25 Earnings  Revenue: -19% miss ACV: 54bps miss  FCF: -$16M miss (-$6M vs $10M)  Reaffirmed FY25 guidance  Alpha share price drops ~-5% to $225.72 after hours  Aug. 6, 2024 (Post-Market) - FQ4’24 Earnings  Revenue: +7% beat  ACV growth: 46bps beat (excl. one-off impact of exited Russia ops.) FCF: -5% miss  Issued FY25 guidance in line with street consensus on revenue but lower on FCF ($340M vs $387M) Alpha share price closes ~+4% to $185.30 after hours  +16% Alpha 1-Day Price Reaction  Aug. 7, 2024 (Pre-Market)  Echo FQ3’24 Earnings  Responded “no comment” to Analyst question about potential Alpha acquisition in FY25  -8% Echo 1-Day Price Reaction  Nov. 5, 2024 (Pre-Market) Echo FQ4’24 Earnings Echo share price rises +7%  Technical Software(1) Current  +9% Since 8/6/24  VWAP since Proposal  (11/5)(2): $244.21  Nov. 5, 2024  Echo submits proposal to acquire remaining Alpha Stake  7  (2) Reflects Echo Proposal of $240.00 per share received on November 5, 2024.  CONFIDENTIAL | DRAFT 
 
 0.0MM  0.5MM  1.0MM  1.5MM  2.0MM  2.5MM  3.0MM  $170  $180  $190  $200  $210  $220  $230  $240  $250  8/5/2024  8/12/2024  8/19/2024  8/26/2024  9/2/2024  9/9/2024  9/16/2024 9/23/2024  9/30/2024  10/7/2024  10/14/2024  10/21/2024  10/28/2024  11/4/2024  11/11/2024  11/18/2024  Alpha Trading Volume  Alpha Share Price  Impact of Echo Commentary / Offer on Alpha Trading Volume and Shareholder Base  August 5, 2024 to Present (November 18, 2024)  Alpha Share Price  Source: FactSet as of November 18, 2024.  (1) Represents after-hours price reaction, prior to Echo’s announcement.  (3) Average trading volume during the 5-Aug to 4-Nov period was below the average daily trading volume of 0.2MM for 3-months preceding Q4:2024 earnings announcement  Q4:2024 Earnings + Echo Commentary  +16%  “No Comment” to  Echo Proposal  (Aug. 5 – Nov. 4)  Since Ann’c of  Echo Proposal (Nov. 5 – Present)  Cumulative Shares  Traded  19.1MM  8.9MM  As % of Public Float  71%  40%  As % of Total Shares  30%  17%  Excess Shares Traded(2)  -(3)  7.8MM  As % of Public Float  -  29%  Q1:2025 Earnings  (5%) After-Market (1)  Echo Offer  Alpha Trading Volume  Investor Day  +3%  Since the announcement of Echo’s acquisition proposal, 98% of Alpha shares traded have been above Echo’s offer of $240/share ($245.90 VWAP)  While cumulative shares traded represent 17% of o/s, this includes significant double counting (shares trading multiple times); it is likely  that 5% or less of o/s (~13% of  public float) have traded to arbs since ann’c  Alpha did not trade a significant amount of “excess shares” from 5-Aug until the Echo offer on 5-Nov  This suggests that a limited number of arbs  entered on the “soft catalyst” of Echo’s August  earnings comments  Investor 13Fs for the period ended 30-Sep show a  net decrease in hedge fund ownership vs. 30-Jun  8  (2) Based on average daily trading volume of 0.2MM for 3-months preceding Q4:2024 earnings announcement.  CONFIDENTIAL | DRAFT 
 
 CONFIDENTIAL | DRAFT  15.0x  25.0x  35.0x  45.0x  Jan-18 Jul-18 Jan-19 Jul-19 Jan-20 Jul-20  Jan-21  Jul-21  Jan-22  Jul-22  Technical Software NTM LFCF Multiples Over Time  9  Source: FactSet as of November 18, 2024.  Technical Software Index includes Cadence, Synopsys, Altair, Autodesk, PTC, Bentley Systems, Dassault, Altium, Ansys. Includes Ansys until December 21, 2023, the last unaffected trading date prior to rumors of a transaction with Synopsys. Includes Altium until February 15, 2024, the last unaffected trading date prior to announcement of a transaction with Renesas. Includes Altair until 10/21/2024, the last unaffected trading date prior to announcement of a transaction with Siemens. Includes Aveva until 8/23/2022, the last unaffected trading date prior to announcement of a transaction with Siemens.  Reflects Echo Proposal of $240.00 per share received on November 5, 2024 (3)  Statistic shown up to close on November 4, 2024.  N  1st Echo Transaction Announce (October 11, 2021) –  Close (May 16, 2022)  Echo Proposal Implied NTM LFCF Multiple(2): 40.5x  Average Alpha NTM LFCF  Multiple Prior to 1st Echo Trx.:  29.9x  Technical Software(1) (Current): 41.7x  Alpha (Current): 41.5x  Alpha (11/4): 40.1x  Avg. Alpha NTM LFCF Multiple Post 1st Echo Trx.: 34.4x  Average Trading Discount to Technical SW. Peers: -19%  Average Trading Discount to Technical SW. Peers(3): -10%  Jan-23 Jul-23 Jan-24 Jul-24   Average Statistics   From January 2, 2018 to Current (November 18, 2024) 2018 2019 2020 2021 2022 2023 2024 YTD Current  10/11/21  11/18/24  % Δ  Alpha  30.2x  30.4x  27.3x  33.3x  36.9x  31.2x  35.6x  41.5x  35.9x  40.7x  +13%  TM LFCF Multiple (10-Day Moving Average)  Altair Altium  47.5x  39.7x  43.9x  39.1x  53.1x  45.0x  55.3x  -  52.9x  44.6x  39.2x  43.7x  40.2x  39.9x  -  -  51.2x  43.1x  -16%  Ansys  30.2x  31.5x  55.5x  63.5x  41.3x  38.5x  -  -  41.5x  57.9x  +40%  Autodesk  45.0x  26.9x  33.5x  39.8x  24.2x  36.8x  37.1x  40.7x  Aveva  28.2x  29.4x  33.3x  33.1x  20.6x  -  -  -  38.1x  27.3x  -28%  Bentley  -  -  46.9x  57.3x  34.0x  49.5x  45.4x  43.1x  53.8x  41.7x  -23%  Cadence  25.4x  31.0x  35.0x  45.2x  41.0x  48.1x  58.8x  57.9x  Dassault  38.2x  37.2x  34.3x  42.4x  32.8x  30.0x  31.5x  27.3x  32.9x  27.5x  -16%  Nemetschek PTC  39.3x  41.2x  42.5x  29.9x  51.1x  32.6x  52.2x  39.5x  35.8x  28.2x  34.5x  25.6x  38.9x  27.7x  41.7x  27.5x  32.3x  53.5x  +66%  Synopsys  23.9x  30.6x  36.7x  34.8x  31.4x  37.2x  55.8x  53.5x  Average  40.8x  41.7x  +2%  Technical Software Index  35.4x  34.0x  40.5x  46.3x  35.2x  37.7x  41.9x  41.7x  Median  38.1x  41.7x  +9%  Alpha Premium / Discount to Tech. SW. Index (10-Day Moving Average)  50%  -  Current: +2%  (50%)  Jan-18  Jul-18  Jan-19  Jul-19  Jan-20  Jul-20  Jan-21  Jul-21  Jan-22  Jul-22  Jan-23  Jul-23  Jan-24  Jul-24 
 
 CONFIDENTIAL | DRAFT  NTM Annual Spend / ACV Growth  NTM FCF Margin  31%  39%  NTM EBITDA Margin  46%  53%  2-Year LFCF CAGR(4)  19%  9%  NTM Revenue Growth  13%  2%  NTM Revenue Multiple  12.3x  15.0x  – 16.9x  NTM EBITDA Multiple  26.4x  28.0x  – 31.6x  NTM LFCF Multiple  38.7x  How Does Alpha’s Financial Profile & Original Echo Transaction in 2021 Compare to Current Alpha & Echo’s Proposal Today?  10  Source: Company Filings and FactSet as of November 18, 2024.  Echo estimates its $8.5Bn contribution based on $6Bn in cash + software assets they valued at an estimated $2.5Bn.  Based on broker consensus estimates for NTM Annual Spend growth at the time of transaction.  Represents ACV growth for period ending September 30, 2025.  – 43.6x 40.5x  (4) LFCF Growth in October 2021 based on 2-Year FY21A-FY23E LFCF CAGR at the time of transaction announcement and LFCF growth today based on 2-Year CY24E-CY26E LFCF CAGR.  (3)  9%  Alpha @ Echo Oct-2021 Illustrative Transaction Value @ $160 - $180  Alpha Today / Echo Proposal @ $240  Echo estimated the value to Alpha shareholders represented ~$160 per Alpha share before synergies, and ~$180 with synergies.  6% (2) 
 
  NTM Multiples    NTM Op Stats (1)   Announce Date  Precedent Transaction  Rev. Growth  10/30/24   Revenue EBITDA LFCF   14.5x 62.1x 78.2x  8%  EBITDA LFCF   Margin Growth Margin  23% 4% 19%  03/05/24  13.8x  –  –  –  –  –  –  02/15/24  16.3x  44.1x  60.6x  25%  37%  NM  28%  01/16/24  14.5x  33.5x  48.8x  12%  43%  12%  29%  10/12/21  15.0x  28.0x  38.7x  2%  53%  1%  39%  Average:  14.8x  41.9x  56.6x  11%  39%  6%  29%  Alpha @ $240 Echo Proposal (2) 12.3x 26.4x 40.5x  13%  46% 21% 31%  NTM ACV Growth: 9%  Precedent Technical Software Transactions  Note: Multiples greater than 80.0x or negative excluded.  (1) NTM revenue based on mean analyst consensus estimates for the next 12-month period as of transaction announcement.  Alpha (@ $160)  Echo  11  (2) FactSet mean consensus estimates as of November 18, 2024.  CONFIDENTIAL | DRAFT 
 
 Selected Transaction Statistics  Selected Public Software Transactions Above $1 Billion Since 2011 with Revenue Growth Between ~0% and 20% and LFCF Margin > ~20%(1)  Note: Multiples greater than 80.0x or negative shown as dashes. Overall median and percentiles do not include Alpha @ $180 transaction.  AVEVA statistics reflect 2022 buy-out of its minority shareholders by Schneider Electric.  Echo estimated the value of its contribution for a 55% stake in Alpha at $8.5Bn / $160 per share ($6Bn in cash + software  NTM Revenue Multiples of Selected Transactions(2)  Legend  Recent Technical SW Transactions Oct. 2021 Echo Transaction  NTM LFCF Multiples of Selected Transactions(2)  NTM EBITDA Multiples of Selected Transactions(2)  25th Percentile: 3.9x  th  75 Percentile: 29.9x 25th Percentile: 15.4x  Alpha @ $240: 12.3x  (4)  25th Percentile: 16.6x  Alpha @ $240: 26.4x  (4)  (4)  16.9x(4)16.3x  15.0x 14.5x 14.5x  9.7x  9.3x  8.8x 8.8x  8.6x 8.4x  8.2x  7.5x(3) 7.5x 7.4x  7.2x  7.1x 6.9x  6.4x 6.4x  5.9x  5.6x  5.1x 5.1x  4.8x  4.3x  4.1x  3.7x 3.7x  3.4x 3.2x 3.2x 3.2x  3.1x  2.5x  2.3x  75th Percentile: 8.5x Overall Median: 6.4x  Alpha @ $180  Altium  Alpha @ $160  Altair  Ansys  Black Knight  Red Hat  Inovalon  Mimecast  Commerce  Hub  Coupa  RealPage  AVEVA  Medidata  McAfee  PowerSchool  Splunk  Instructure  Advent Software  Smartsheet  Cornerstone OnDemand  Squarespace  VMware  Citrix  Cerner  Informatica  DealerTrack  Infoblox  Mentor Graphics  LogMeIn  AVG  Riverbed  Blackboard  BMC  Quest Software  Neustar  78.2x  60.6x  48.8x 43.6x(4)41.5x 40.6x 39.3x  38.7x 37.8x 33.8x 33.4x(3)31.1x 29.3x 28.2x 28.2x 26.8x  24.1x 23.9x 23.2x 22.1x 21.9x 20.1x 20.0x 18.4x 17.9x 16.6x 16.2x 15.5x 14.5x 14.0x 13.2x 12.8x  10.6x  5.9x  - -  Alpha @ $240: 40.5x 75th Percentile: 33.8x Overall Median: 23.9x  Altair  Altium  Ansys  Alpha @ $180  Inovalon  Mimecast  Coupa  Alpha @ $160  RealPage  Red Hat  AVEVA  Smartsheet  Splunk  Black Knight  PowerSchool  Commerce Hub  Advent Software  Cerner  Squarespace  Informatica  Infoblox  Instructure  DealerTrack  Cornerstone OnDemand  Citrix  VMware  Blackboard  Riverbed  McAfee  LogMeIn  AVG  Quest Software  BMC  Neustar  Medidata  Mentor Graphics  62.1x  12  (1) Includes Altair, Altium, Mentor Graphics, and Medidata transactions.  (2) NTM statistics based on mean analyst consensus estimates for the next 12-month period as of transaction announcement.  assets they valued at an estimated $2.5Bn). Implied value of $180/share includes synergies.  CONFIDENTIAL | DRAFT  44.1x  37.5x 35.0x 33.8x 33.5x 32.1x 31.6x(4)  31.0x 30.9x 28.9x 28.0x 25.0x 24.7x(3) 22.9x 21.0x  20.5x 19.7x 19.4x 19.4x 18.8x 18.1x 18.0x 17.0x 16.9x 16.0x 15.7x 15.1x 14.1x 12.6x 11.5x 10.9x 10.7x  9.0x  7.9x  5.0x  Altair  Altium  Coupa  Smartsheet  Red Hat  Ansys  Mimecast  Alpha @ $180  Medidata  Splunk  RealPage  Alpha @ $160  Inovalon  AVEVA  Squarespace  PowerSchool  Commerce Hub  Black Knight  Infoblox  DealerTrack  Cornerstone OnDemand  Informatica  Advent Software  McAfee  Instructure  Citrix  Mentor Graphics  VMware  Cerner  Blackboard  Riverbed  Quest Software  LogMeIn  AVG  BMC  Neustar  Overall Median: 19.4x 
 
 (11/5/24)  “In our view  , the appreciation in shares  since August was not entirely driven by  M&A speculation but also by the  company’s new financial targets  (given  9/17). We would not be surprised if the deal price is pushed slightly higher from here, but caveated with: Echo likely has a firm grasp on tolerable limits for attractive returns…  $240 is only a ~10% premium to our $217  PT, which we felt appropriately valued  the company’s planned expansion of  FCF margins back to 40-43%  over the  next five years.”  “Not surprised if price  pushed slightly higher”  (11/5/24)  “Some investors may be drawing parallels to Echo’s 2023 acquisition of National Instruments (NI), where the initial offers of  $48 and $53 per share were eventually raised to $60. However, these situations are quite different – Echo only owned about 2% of NI before that acquisition, whereas it already owns 57% of Alpha. Therefore, while the pre-market trading might suggest investors  are speculating on a higher offer,  we view  the current $240 per share offer as fair.  ”  “Fair”  (11/5/24)  “  We think the $240 proposal price seems  a bit low.  By using the recent takeout  multiple for ANSS (~14x out-year  revenue; ~47x out-year FCF) and ALTR  (~15x CY25 revenue; ~67x CY25 FCF),  we see upward bias towards our bull-  case scenario of $260  , which would imply a  ~42x CY25 FCF multiple (~13x CY25  Revenue multiple).”  “A bit low / See Upward  Bias”  (11/6/24)  “Echo’s bid price for Alpha came in at $240  per share,  which we think is  underwhelming  . Based on Alpha’s share  price performance throughout the year and in the period leading up to 6 August (the date the bid premium is calculated from) and considering the takeout premiums of other  recent deals in the software sector,  we  estimate that an offer price in the region  of $250-260 would have been more  suitable  . As such, we hope that there is a  price negotiation that could lead to an  increase in the bid price; although, given  Alpha’s ownership structure,  we think that  a price negotiation would be unlikely to  yield much more of an increase than  $250.”  “Underwhelming”  “An offer…of $250-  $260…more suitable”  Summary of Alpha Broker Commentary on Echo Proposal  Commentary  Perspectives on Proposal Price  13  CONFIDENTIAL | DRAFT 
 
 (11/6/24)  “While we don’t view the proposed Alpha  transaction as inexpensive (and  we would  not be surprised if a final transaction  price drifted somewhat higher vs. Echo’s  initial public proposal  ), we see good  strategic rationale for Echo to acquire the remaining portion of Alpha that it doesn’t already own and our sense is that Echo, through its existing 57% ownership stake in Alpha and already close collaboration between the companies, likely has a solid value creation roadmap for the asset if and when a transaction does close.”  “Would not be surprised if…price drifted somewhat  higher”  (11/5/24)  “Management took decisive action today to untie this Gordian Knot via a $240 tender offer, barely above Alpha's pre- announcement closing price, reinforcing the  view  that management does not intend to  pay a control premium on an inflated  stock price  …. Do we think the Alpha  tender gets done at $240?  We think this is  a fair and reasonable indicative offer  …  Alpha has significantly outperformed its  software peer group over the past three  months, and the offer prices Alpha at a 12%  premium on 2025E EBITDA.  Clearly, this  bid could move a little higher in order to  secure the approval of the Alpha  independent directors for the tender  offer. But we view $240 as pretty close to  the bullseye.”  “Pretty close to the bullseye”  (11/5/24)  “We are encouraged by potential synergies  from an Alpha transaction. That said, we  think the likelihood of a deal at  $240/share could be low given Alpha is  already trading ~in line with this share  price, and could see an offer closer to  ~$260 as necessary  … we think Echo's  proposed price of $240 could face challenges in being accepted by a shareholder vote given the limited premium implied to preannouncement share prices.”  “Could see an offer closer to  ~$260”  (11/6/24)  “Echo remains in negotiations with Alpha  (price/timing TBD), with no intention to sell  its existing stake.  We expect Echo to  ultimately succeed in purchasing the  balance of Alpha (could be some upward  pressure on sale price)  , while a sale to PE  or spin seems like the most likely outcomes for Safety & Productivity. Alpha move is expected to be neutral to F25 earnings  (including synergies).”  “Could be some upward  pressure”  Summary of Echo Broker Commentary on Echo Proposal  Commentary  Perspectives on Proposal Price  13  CONFIDENTIAL | DRAFT 
 
 Price Targets Increased After Alpha 2024 Investor Day, Prior to Echo’s  Unsolicited Offer  11/4/24 Buy  $217  $204  $260  $260  5.6% FCF Multiple:  36.0x EV / FY27 FCF  11/5/24 Buy  $230  $250  $250  $250  1.6% FCF Multiple:  38.0x P / FY26 FCF  11/6/24 Hold  $255  $250  $265  $250  1.6% FCF Multiple:  36.0x EV / CY25 FCF  Methodology  Pre 4Q  Broker Date Rating Earnings  11/5/24 Buy $235  Pre Post Current  Investor Investor Price Premium / Day Day Target (Discount)  $225 $260 $260 5.6%  EBITDA Multiple:  25.0x EV / CY26  EBITDA  11/5/24 Hold  $180  $200  (2.5%)  FCF Multiple:  34.0x EV / CY25 FCF  11/4/24 Hold  NA  NA  NA  NA  NA  11/5/24 Hold  NA  NA  NA  NA  NA  11/5/24 Hold  NA  NA  NA  NA  NA  88%  38%  63%  Source: (1)  (1)  (2)  Wall Street Research and FactSet. Market data as of November 18, 2024.  Valuation methodology used for “fair value”.  Midpoint of “fair value” range.  Approximate trading range based on William Blair FCF estimate.  N=8  FCF  Multiple  N=8  Buy  Broker Max  $260.00  Broker Range  52-Week High  $249.91  Hold  Broker Median  $250.00  Current Price  $246.10  Broker Min  $240.00  52-Week Low  $162.99  EBITDA  Multiple  13%  Analyst Commentary  Well positioned to capitalize on several multi-year investment tailwinds around energy sustainability, efficiency, productivity and capacity optimization  Opportunity to expand within existing customer base as need for digitalization in increasingly complex global environment is paramount to process manufacturing- oriented businesses  ? Focus on ACV and FCF trends heading into 2H 2025  ? Sensitivity to the current macro backdrop as a function of continued deal elongation and delayed end-market recovery  Investor Day: 9/17/2024  Includes Takeover Premium in Valuation  $217 $240  Median: $230  $225  $260  $250  Δ Current: (6.58)  (8.9%)  5.3%  1.3%  $246.10  Current Price  CONFIDENTIAL | DRAFT  15  FCF Multiple:(2)  37.5x EV / CY25 FCF  FCF Multiple:(3)  39.0x EV / CY25 FCF  FCF Multiple:(1)  37.5x EV/ FY26 FCF  Analyst Valuation Summary 
 
  Premium   Min Range:  <10%  10%  20%  30%  40%  50%  60%  70%  80%  Max Range:  10%  20%  30%  40%  50%  60%  70%  80%  >80%  # of Transactions  55  82  100  62  51  35  19  11  19  % of Total  13%  19%  23%  14%  12%  8%  4%  3%  4%  % of Total At Or  Below Range  13%  32%  55%  69%  81%  89%  93%  96%  100%  Source: FactSet as of November 18, 2024.  Note: Based on FactSet premia and unaffected dates for technology M&A transactions greater than $1Bn enterprise value since 2003.  (1) Reflects Echo Proposal of $240.00 per share received on November 5, 2024.  CONFIDENTIAL | DRAFT  55  82  100  62  51  35  19  11  19  Median: 28% Premium  Selected Technology Transaction Premia  Premia in Selected >$1Bn Public Technology Transactions Since 2003  16  1- Day Premia Paid  434 Total Transactions in Data Set  25th Percentile: 18% Premium  Echo Proposal Premium to Echo-cited Unaffected: 35%  75th Percentile: 45% Premium  Mean: 33%  Premium 
 
 CONFIDENTIAL | DRAFT  81%  64%  62%  59%  50%  47%  45%  44%  42%  42%  36%  29%  29%  29%  19%  16%  16%  15%  6%  Pivotal  FBL  NetSuite  Akcea  Myovant  Aveva (1)  AVX  National Interstate  DVMT (2)  Speedway Motorsports  Sisecam Resources  Independence  R1 RCM (3)  Foundation Medicine  SciPlay  Tipperary  Genentech  Starz  Continental  Midcoast Energy  Unaffected 1-Day Premia of Selected Strategic Take Privates By Target Controlling Shareholders  Target:  Source: FactSet, Dealpoint, and Dealogic.  No 13E-3 filed in relation to this take-private transaction due to non-US target and acquirer.  Dell's acquisition of publicly traded VMWare tracking stock (Dell Class V common stock).  Sponsor-led deal with strategic participation.  VMWare  Farm Bureau Insurance  Oracle  Ionis  Sumitomo  Schneider  Kyocera  AFG  Dell  Sonic Financial  Sisecam Chemicals  Geneve  CD&R  TowerBrook  Roche  Light & Wonder  Santos  Roche  Lions Gate  Hamm Family  Enbridge  Aug-19  Sep-20  Jul-16  Aug-20  Oct-22  Sep-22  Nov-19  Mar-16  Jul-18  Nov-18  Jul-22  Aug-21  Aug-24  Jun-18  May-23  Jul-05  Jul-08  Jun-16  Jun-22  Jan-17  Acquiror:  Annc. Date:  Txn. Size ($Bn):  Acq. Own. %:  Acq. Voting %: Bump from initial  bid %:  $2.1  $0.6  $9.4  $0.4  $1.3  $11.6  $1.0  $0.3  $14.0  $0.8  $0.1  $0.3  $6.5  $2.2  $0.5  $0.4  $44.3  $4.3  $4.3  $0.9  63%  61%  40%  76%  52%  60%  72%  51%  NA  71%  74%  62%  29%  57%  18%  58%  50%  16%  83%  52%  94%  61%  40%  76%  52%  60%  72%  51%  NA  71%  74%  62%  29%  57%  98%  58%  50%  63%  83%  52%  9%  30%  9%  13%  19%  4%  12%  14%  NA  10%  40%  7%  4%  3%  15%  0%  NA  2%  6%  NA  Median: 42%  Echo Proposal Premium to Echo-cited Unaffected: 35%  39%  Selected 13E-3 Transactions >$100M Since October 2003  (48%)  0%  10%  (19%)  38%  (24%)  16%  10%  30%  (5%)  13%  19%  (22%)  28%  29%  13%  16%  (23%)  2%  (17%)  Premium to LTM High:  Median: 10%  Echo Proposal Premium to LTM High: (0%)  17 
 
 Alpha Trading & Financial Overview 
 
 $885  $933  $1,018  $1,109  9% 9%  9%  $1,212  12%  FY23A  FY24A  FY25E  FY26E  FY27E  $1,044  $1,127  $1,192  $1,283  6%  8%  $1,391  7%  8% 8%  FY23A  FY24A  FY25E  FY26E  FY27E  $395  $456  $521  $576  $645  29%  32%  33%  28%  30%  FY23A  FY24A  # of Brokers for Consensus:  FY25E  FY26E  FY27E  $292  $335  $341  $409  $463  29%  32%  33%  28%  30%  FY24A  FY25E  FY26E  FY27E  Summary of Alpha Street Financials  Annual Contract Value(1)(2) ($MM) | Growth (%)  Revenue(2) ($MM) | Growth (%)  # of Brokers for Consensus:  4  4  2  Operating In  come ($MM) | M  argin (%)  # of Brokers for Consensus:  8  8  5  Levered Free  Cash Flow ($MM)  | Margin (%)  Actual Forecast  Actual  Forecast  Actual  Forecast  8  8  5  15%  2%  20%  13%  # of Brokers for Consensus:  4  5  3  Note: Alpha FYE of June 30.  Source: FactSet as of November 18, 2024. (2)  FY22A revenue does not include revenue contribution from Heritage Alpha from April 1 – May 16, 2022 as the result of the transaction closing on  (1) Alpha defines ACV as the estimate of the annual value of its portfolio of term license and software maintenance and support, or SMS, contracts, the (3) annual value of SMS agreements purchased with perpetual licenses and the annual value of standalone SMS agreements purchased with certain legacy (4) term license agreements, which have become an immaterial part of its business. (5)  May 16, 2022. Fully PF FY22A revenue is not available in public filings. Long-term guidance based on 8-K for the period ended September 30, 2024.  YoY Growth normalized to exclude the effect of a one-time $36M write-off of suspended Russian business. ACV Margin = (ACV – non-GAAP expenses) / ACV.  FY25 Guidance:  ~$1,017MM / 9%  Growth  FY25E Guidance:  ~$340MM /  29% Margin  Long-Term Guidance(3): 40-43% ACV-Based Margin /  Mid-teens Growth  FY23A  LFCF Growth:  LT Guidance(3): High Single – Low Double-Digit Growth  Actual Forecast  5% (4)  FY25 Guidance:  ~$1,190MM  FY25 Guidance:  ~$514MM / 43% Margin  LT Guidance(3): 45%-47% ACV Margin(5)  27%  28%  34%  36%  38%  % ACV  Margin(5)  33%  36%  33%  37%  38%  CONFIDENTIAL | DRAFT  % Margin (ACV-Based)  19 
 
 33%  33%  31%  29%  28%  26%  24%  24%  40%  38%  33%  32%  28%  26%  22%  17%  Alpha  PTC  Cadence  Autodesk  Bentley  Synopsys  Dassault  Adobe  Palo Alto  Salesforce  Workday  SAP  Oracle  Median: 30%  Median: 28%  46%  46%  42%  41%  36%  35%  30%  53%  49%  40%  36%  34%  30%  30%  24%  Alpha  Cadence  Synopsys  PTC  Autodesk  Bentley  Dassault  Nemetschek  Oracle  Adobe  Salesforce  ServiceNow  Palo Alto  Workday  SAP  Atlassian  Median: 35%  Median: 37%  37%  19%  23%  23%  19%  15%  12%  11%  9%  24%  21%  20%  17%  17%  17%  16%  13%  Alpha  Oracle  Atlassian  Adobe  Palo Alto  Salesforce  ServiceNow Atlassian  Median: 17%  Median: 15%  10%  14%  14%  13%  13%  12%  11%  6%  20%  17%  15%  14%  11%  11%  11%  9%  Alpha  PTC  Synopsys  Cadence  Autodesk  Bentley  Dassault  ServiceNow  Atlassian  Palo Alto  Workday  Oracle  Adobe  SAP  Salesforce  Median: 13%  Median: 13%  CY25E Operating Statistics of Selected Companies  Legend  Selected Engineering Software Selected Large-Cap Software  CY25E  Rev ($MM)  $1,250  $2,625  $1,207  $7,091  $5,237  $6,860  $1,502  $7,063  $13,200  $5,570  $9,788  $9,575  $61,163  $23,819  $40,664  $41,193  Revenue Growth  CY24-26E LFCF CAGR  LFCF Margin  44%  47%  44%  42%  39%  40%  30%  37%  51%  52%  42%  52%  45%  40%  33%  29%  Nemetschek(1)  Nemetschek (1)  20  FY25 ACV Guidance:  ~9% Growth  EBITDA Margin  CY25E Rule of 40(2)  CONFIDENTIAL | DRAFT  SAP (3)  Cadence (3) Synopsys (3) Nemetschek (3) PTC Bentley Dassault Autodesk (3) Workday ServiceNow  Source: FactSet as of November 18, 2024.  Nemetschek CY25E growth PF for the acquisition of GoCanvas.  Rule of 40 calculated as revenue growth + LFCF margin.  CY25E-CY26E growth shown due to one-time CY24E LFCF impacts. Cadence LFCF growth based on Piper Sandler estimates. Synopsys LFCF growth based on Loop Capital Estimates. 
 
 26.0x  26.3x  34.6x  34.3x  28.8x  26.9x  26.5x  22.7x  17.9x  48.1x  43.1x  39.0x  23.6x  23.0x  19.2x  19.0x  19.0x  1D Prior to Echo Prop.  Echo Proposal @ $240  Nemetschek  Cadence  Bentley  Synopsys  Autodesk  PTC  Dassault  Atlassian  ServiceNow  Palo Alto  Workday  SAP  Adobe  Oracle  Salesforce  Median: 23.3x  Median: 26.9x  12.0x  12.2x  15.8x  11.2x  10.4x  10.4x  9.8x  9.4x  6.3x  15.6x  13.2x  11.8x  10.2x  9.4x  7.6x  7.1x  6.8x  1D Prior to  Echo Proposal  Cadence  Synopsys  Bentley  Nemetschek  Autodesk  PTC  Dassault  ServiceNow  Palo Alto  Atlassian  Oracle  Adobe  Salesforce  Workday  SAP  Echo Prop.  @ $240  Median: 9.8x  Median: 10.4x  36.5x  36.9x  50.6x  45.2x  42.4x  34.5x  33.2x  27.3x  26.3x  51.4x  51.1x  43.1x  36.6x  32.9x  29.2x  23.7x  23.3x  1D Prior to  Echo Proposal  Cadence  Synopsys  Nemetschek  Bentley  Autodesk  Dassault  PTC  Oracle  ServiceNow  Atlassian  Palo Alto  SAP  Workday  Salesforce  Adobe  Echo Prop.  @ $240  Median: 34.8x  Median: 34.5x  CY25E Trading Statistics of Selected Companies  Source: FactSet as of November 18, 2024.  EV ($Bn)  $15.0  $15.2  $82.8  $79.8  $15.7  $12.5  $66.9  $24.6  $44.8  $206.2  $129.1  $65.6  $621.6  $224.6  $311.1  $68.4  $278.5  LFCF Multiple  Revenue Multiple  EBITDA Multiple  Legend  Selected Engineering Software Selected Large-Cap Software  CONFIDENTIAL | DRAFT  21 
 
 1.15x  1.16x  1.21x  1.05x  0.96x  0.83x  0.79x  0.76x  0.68x  0.90x  0.89x  0.86x  0.85x  0.78x  0.68x  0.62x  0.51x  1D Prior to  Echo Proposal  Cadence  Dassault  Bentley  Synopsys  Autodesk Nemets  chek (1) PTC  Oracle  Palo Alto  Salesforce  Adobe  ServiceNow  Atlassian  SAP  Workday  Echo Prop.  @ $240  Median: 0.81x  Median: 0.83x  0.27x  0.28x  0.36x  0.28x  0.28x  0.27x  0.23x  0.21x  0.20x  0.35x  0.30x  0.26x  0.25x  0.21x  0.18x  0.18x  0.18x  Median: 0.23x  Median: 0.27x  1.94x  1.96x  3.83x  2.82x  2.48x  2.22x  2.16x  1.98x  1.71x  2.98x  2.57x  2.39x  2.35x  1.77x  1.62x  1.40x  1.20x  1D Prior to  Echo Proposal  Autodesk  Bentley  Dassault  Nemetschek  Cadence  Synopsys  PTC  Oracle  Atlassian  ServiceNow  Palo Alto  Salesforce  SAP  Adobe  Workday  Echo Prop.  @ $240  Median: 2.06x  Median: 2.22x  CY25E Trading Statistics of Selected Companies  Source: FactSet as of November 18, 2024.  (1) Nemetschek CY25E growth PF for the acquisition of GoCanvas.  EV / Rev.  12.0x  12.2x  15.8x  6.3x  10.4x  11.2x  9.8x  10.4x  9.4x  10.2x  13.2x  7.6x  9.4x  15.6x  11.8x  6.8x  7.1x  Growth Adjusted LFCF Multiple  Growth Adjusted Revenue Multiple  Ro40 Adjusted Revenue Multiple  1D Prior to  Echo Proposal  Cadence  Synopsys Nemetschek (1) Bentley  Autodesk  Dassault  PTC  Oracle  ServiceNow  Atlassian  Palo Alto  SAP  Adobe  Salesforce  Workday  Echo Prop.  @ $240  Legend  Selected Engineering Software Selected Large-Cap Software  22  (2) CY25E-CY26E growth shown due to one-time CY24E LFCF impacts. Cadence LFCF growth based on Piper Sandler estimates. Synopsys LFCF growth based on Loop Capital Estimates.  CONFIDENTIAL | DRAFT  CY24-26E 19%  LFCF CAGR  19%  (2)  9%  12%  11%  (2)  19%  (2)  23%  (2)  23%  15%  17%  17%  21%  16%  13%  (2)  20%  17%  24% 
 
 Shareholder & Engagement Considerations 
 
 Top-25 Institutional Shareholders  #  Fund  Type  Current Ownership (as of 9/30/2024)  Prior Holdings (Shares MM)  % of O/S  Shares (MM)  $ Value (MM)  Est. Cost Basis  Jun-24  Mar-24  Dec-23  Sep-23  1 Echo  Corporate  57.4%  36.3  $8,964  -  36.3  36.3  36.3  36.3  2  Kayne Anderson Rudnick  Fundamental  6.6%  4.2  $1,027  $194  4.1  4.0  3.8  3.7  3 BlackRock, Inc.  Index  6.3%  4.0  $987  -  3.9  4.3  5.3  5.1  4 The Vanguard Group  Index  4.4%  2.8  $680  -  2.7  2.7  2.9  2.9  5 State Street Global Advisors  Index  1.6%  1.0  $252  -  1.1  1.1  1.1  1.0  6 Nordea Investment Mgmt.  Fundamental  1.5%  0.9  $226  $192  0.9  0.9  1.0  1.0  7  First Manhattan  Fundamental  1.4%  0.9  $221  $199  0.9  0.6  0.0  0.0  8  Neuberger Berman  Fundamental  1.4%  0.9  $217  $191  0.9  0.9  0.9  0.9  9 Dimensional Fund Advisors  Index  0.9%  0.6  $146  -  0.5  0.4  0.3  0.3  10 Nikko Asset Mgmt.  Fundamental  0.9%  0.6  $144  $200  0.6  0.4  0.4  0.4  11  Lazard Asset Mgmt.  Fundamental  0.9%  0.6  $140  $205  0.5  0.0  0.4  0.4  12 Geode Capital Mgmt.  Index  0.9%  0.6  $140  -  0.6  0.5  0.5  0.5  13 Independent Franchise Partners  Fundamental  0.9%  0.6  $137  $187  0.5  0.5  0.4  0.4  14 BAMCO, Inc.  Fundamental  0.7%  0.5  $116  $191  0.5  0.5  0.6  0.6  15  ClearBridge Investments  Fundamental  0.7%  0.5  $113  $191  0.5  0.5  0.5  0.5  16 Wells Fargo  Broker  0.7%  0.4  $110  -  0.5  0.5  0.5  0.5  17 JPMorgan Investment Mgmt.  Fundamental  0.6%  0.4  $90  $203  0.2  0.2  0.1  0.1  18 Valley Forge Capital Mgmt.  Hedge Fund  0.5%  0.3  $73  $186  0.3  0.3  0.3  0.3  19 Raymond James Investment Mgmt. Fundamental  0.4%  0.3  $70  $205  0.3  0.3  0.2  0.2  20  Wellington Mgmt.  Fundamental  0.4%  0.3  $69  $199  0.5  0.5  0.5  0.5  21 Capital Research & Mgmt. (World) Fundamental  0.4%  0.3  $67  $193  0.3  0.3  0.2  0.2  22 Stephens Investment Mgmt.  Fundamental  0.4%  0.3  $63  $194  0.3  0.2  0.2  0.2  23 AXA Investment Mgmt.  Fundamental  0.4%  0.2  $61  $208  0.2  0.2  0.2  0.2  24 Fiera Capital Corp.  Fundamental  0.4%  0.2  $58  $193  0.3  0.3  0.2  0.2  25  Janus Henderson Investors  Fundamental  0.4%  0.2  $57  $191  0.2  0.2  0.2  0.2  TOTAL  91.1%  57.6  $14,224  $195  57.4  56.6  57.0  56.6  Legend  = New since prior quarter  = Increased relative to prior quarter  = Decreased relative to prior quarter  = Unchanged relative to prior quarter  Echo’s use of tender offer reduces influence of ISS/GL and index fund stewardship teams (e.g., BLK, VGD, SSGA)  Once 14D-9 recommendation is made, SC should engage in earnest with (1) large holders and (2) those likely to be more vocal  A number of Alpha shareholders have a history of public activism in M&A situations  N-B (Stratasys, Zendesk)  Clearbridge (Model N, Forward Air)  Wellington (BMS)  Janus (Karnov, Zendesk, IAA)  Of note, Echo’s current bid is a  mild premium to the average  estimated cost basis of Alpha’s  shareholders  Engagement Considerations  Alpha Shareholder Base and Engagement Considerations  Source: FactSet.  24  CONFIDENTIAL | DRAFT 
 
 Appendix  Supplementary Information 
 
 -  (10%)  (20%)  (30%)  10%  20%  30%  40%  50%  60%  70%  80%  May-22  Aug-22 Nov-22  Source: Market data from FactSet as of November 18, 2024.  Feb-23  May-23  Aug-23  Nov-23  Feb-24  May-24  Aug-24  Nov-24  Echo Indexed Stock Price vs. Peers from First Echo Transaction Close  From First Echo Transaction Close (May 17, 2022) to Current (November 18, 2024)  Honeywell:  +15%  Legend  Acquisition Divestiture  $8.2Bn  4/12/2023  $3.0Bn  8/8/2022  Sale of Copeland (formerly, Climate Technologies)  $14Bn  Sale of Majority Stake for $9.5Bn in pre-tax cash proceeds 11/11/2022  $3.5Bn  Sale of Minority Stake for $3.4Bn in pre-tax cash proceeds ($1.9Bn for remaining stake & $1.5Bn for repurchase of issued notes)  6/6/2024  Echo announces Q4’FY24 earnings and Alpha offer 11/5/24  Echo:  +50%  18% since  e prio11/r4t/o2FY244 (1-day  earnings / offer)  S&P 500:  +44%  Rockwell:  +39%  7%  27  CONFIDENTIAL | DRAFT 
 
 Echo NTM EBITDA Multiples Over Time vs. Peers  From January 1, 2016 to Current (November 18, 2024)  Jul-16 Jan-17 Jul-17 Jan-18 Jul-18 Jan-19 Jul-19 Jan-20 Jul-20 Jan-21 Jul-21  Source: Market data from FactSet as of November 18, 2024.  Note: Prior to deal announce average statistics includes period from October 22, 2018 to October 11, 2021. Post deal close average statistics includes period from May 17, 2022 to November 18, 2024.  Multiple Uplift Driven By Revised  Earnings Following Climate Tech  Divestiture to Blackstone  5.0x  10.0x  15.0x  20.0x  25.0x  30.0x  Jan-16  Jan-22  Jul-22  Jan-23  Jul-23  Jan-24  Jul-24  Alpha Deal Announce to Close     Echo: 16.3x  Honeywell:  15.9x  Rockwell: 21.6x  Average Statistics  2018  2019  2020  2021  2022 2023 2024 YTD  Current  Prior to  Deal Annc.  Post Deal  Close  Echo EBITDA Mult.  Echo EBITDA Margin  12.1x  22%  11.5x  21%  12.8x  21%  14.4x  23%  13.4x  25%  14.9x  26%  15.6x  27%  16.3x  28%  12.7x  21%  14.9x  26%  Honeywell EBITDA Mult.  Honeywell EBITDA Margin  12.8x  22%  13.9x  24%  15.2x  24%  18.3x  25%  15.5x  25%  14.8x  26%  14.6x  26%  15.9x  26%  -  -  -  -  Rockwell EBITDA Mult.  Rockwell EBITDA Margin  14.0x  23%  13.7x  23%  20.2x  20%  23.1x  21%  18.3x  22%  18.5x  22%  18.6x  21%  21.6x  20%  -  -  -  -  27  CONFIDENTIAL | DRAFT 
 
 5.0x  15.0x  25.0x  35.0x  45.0x  55.0x   Average Statistics   2018 2019 2020 2021 2022 2023 2024 YTD  Deal Annc.  (1)  Post Deal Post FQ3'23  Close (2) Earnings (3) 11/4/2024 Current  29.0x  41.5x  -  29.9x  7%  41%  30.1x  3%  46%  27.0x  10%  45%  32.9x  1%  41%  36.1x  11%  36%  30.8x  9%  35%  35.6x  7%  33%  6%  45%  28.4x  26.7x  26.0x  31%  27.1x  Alpha NTM LFCF Mult. Alpha NTM Rev. Growth Alpha NTM LFCF Margin  Alpha NTM EBITDA Mult.  Alpha NTM EBITDA Margin  25.5x  49%  50%  23.3x  53%  25.2x  54%  49%  24.6x  43%  26.7x  42%  52%  34.4x  9%  34%  26.1x  44%  33.9x  7%  33%  25.7x  42%  40.1x  9%  29%  26.2x  45%  -  Alpha Long-Term Trading Performance  From January 2, 2014 to Current (November 18, 2024)  28  Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 Jul-17 Jan-18 Jul-18  Source: FactSet as of November 18, 2024.  Statistics shown prior to October 11, 2021.  Statistics shown after May 16, 2022.  Statistics shown after April 26,2023.  Jan-19 Jul-19 Jan-20 Jul-20 Jan-21 Jul-21 Jan-22 Jul-22 Jan-23 Jul-23 Jan-24 Jul-24  Reflects Echo Proposal of $240.00 per share received on November 5, 2024.  Historical Alpha revenue growth pro forma adjusted for additional revenue attributable to Echo’s OSI Inc. and geological  simulation software business.  CONFIDENTIAL | DRAFT  Echo Proposal Implied NTM LFCF Multiple(4): 40.5x  NTM Multiple  NTM EBITDA Mult.  Current: 27.1x 11/4: 26.2x  Echo Proposal Implied NTM EBITDA Multiple(4): 26.4x  Oct. 11, 2021  Announced transaction with Echo  Pre-Transaction Alpha:  >40% FCF Margins  Since Transaction (Including Echo Assets): Mid-30s FCF Margins  Avg. LFCF Mult.  Since 1st Echo Trx: 34.4x  NTM LFCF Mult.  Current: 41.5x 11/4: 40.1x  May. 16, 2022  Completed transaction with Echo, began trading as New Alpha 
 
 CONFIDENTIAL | DRAFT  Source: National Instruments Merger Proxy DEFM14A filed on May 25, 2023.  Note: Premiums shown to close stock price on proposal date, or if proposal not made on trading day, to closing stock price as of last trading date. National Instruments responses indicate responses by representatives of National Instruments, the Board, and all advisors of National Instruments and the Board.  (1) Based on unaffected price of as of market close on January 12, 2023, the trading day prior to Reuter's report of Echo’s hostile bid to acquire NI.  29  Timeline of Events  1  2  3  Echo submitted a proposal to acquire NI for $48/share, which was rejected by NI on 6/16/22  Echo reiterated their proposal of $48/share, which was  unanimously rejected by NI’s board again on 8/2/22  Echo revised proposal to $53/share  National Instruments Bidding History and Offer Premium Over Time  In May 2022, Echo’s CEO expressed interest in acquiring NI, following up with an initial offer of $48 per share. NI’s board, with legal and financial advisors, reviewed the offer and deemed it too low. Over the following months, NI engaged in discussions with Echo and other potential bidders to explore alternatives. During this process, several interested parties entered into non-disclosure agreements, and four submitted initial proposals. After successive rounds of bidding, Echo emerged as the bidder with a the most favorable terms and a final cash offer of $60 per share. The merger was announced in April 2023.  Spoke to 4 parties in total  Echo and Party A eventually emerged as the two final bidders at $60, with Echo reaching a definitive agreement with NI in mid-April  Timing: 11 months from Echo initial $48 proposal to definitive agreement  Process Highlights  Sale to Echo: Summary Bidding Overview  Echo publicly announced 53/share proposal and subsequently submitted non-binding IOI of $53/share on 2/23  3 other parties also submitted nonbinding IOIs:  $54/share (Party A), $57/share (Party B), $55/share (Party C)  Echo submitted revised proposals: $57/share  Party A submitted revised proposal: $56/share. Party B decided not to proceed.  Echo revised their offer to $57.75/share.  4  5  6  7  8  9  10  11  Party A offered $58.50/share  Echo revised their offer to $60.00/share, after initially revising to $59.50.  Party A offered $60/share  2  6/22/22  $48  53%  3  11/3/22  $53  45%  4/12/23  NI and Echo announce transaction  May 2022  1  5/25/22  $48  40%  4/5/23  Party A: $56 39% (1)  4/5/23  $57  42% (1)  6  7  4/10/23  $57.75  44% (1)  9  8  4/11/23  Party A:  $60 49% (1)  4/11/23  11 $60  49% (1)  10  4/10/23  Party A:  $58.50 46% (1)  Apr 2023  1/17/23  $53  32% (1)  4  2/23/23  Party A: $54  34% (1)  Party B: $57 42% (1)  Party C: $55 37% (1)  5  1/17/23: Reuters article reporting hostile bid from Echo  +0%  +10%  +0%  +8%  +1%  +4%  +25% increase from initial bid to final transaction price by Echo  Legend  Echo Mult-Party  Date Proposal Premium  Echo unveils hostile $7 billion  bid for National Instruments  Unaff. Price  (1/12/23): $40.17 1/17/23 
 
 CONFIDENTIAL | DRAFT  Statistics of Selected Companies  Source: FactSet as of November 18, 2024.  Note: Multiples greater than 75x or negative noted as dashes.  30  Selected Engineering Software  Synopsys (Oct.)  $523.98  $83,335  $79,768  11.2x  10.0x  26.9x  23.0x  45.2x  35.7x  0.83x  0.79x  0.28x  0.24x  1.98x  1.56x  $7,091  $7,984  13%  13%  42%  43%  26%  29%  40%  42%  Cadence (Dec.)  294.33  82,811  82,770  15.8  14.3  34.3  30.4  50.6  44.7  1.21  1.37  0.36  0.34  2.16  1.91  5,237  5,784  13%  10%  46%  47%  31%  32%  44%  42%  Autodesk (Jan.)  302.05  66,719  66,913  9.8  8.7  26.5  22.6  33.2  29.7  0.79  0.68  0.23  0.21  3.83  3.42  6,860  7,735  12%  13%  37%  38%  29%  29%  42%  42%  Dassault (Dec.)  33.56  45,778  44,781  6.3  5.9  17.9  16.3  27.3  24.9  1.05  0.75  0.21  0.18  2.48  2.26  7,063  7,615  6%  8%  35%  36%  24%  24%  30%  32%  PTC (Sep.)  189.26  23,126  24,613  9.4  8.4  22.7  20.4  26.3  22.8  0.68  0.74  0.20  0.18  1.71  1.48  2,625  2,924  14%  11%  41%  41%  33%  35%  47%  46%  Bentley (Dec.)  46.98  14,353  15,687  10.4  9.4  28.8  25.8  34.5  30.3  0.96  0.89  0.27  0.24  2.82  2.47  1,502  1,661  11%  11%  36%  37%  28%  29%  39%  39%  Nemetschek (Dec.)  104.68  12,090  12,522  10.4  9.0  34.6  28.2  42.4  35.5  0.76  0.61  0.28  0.23  2.22  1.87  1,207  1,385  14%  15%  30%  32%  24%  25%  37%  39%  Median  10.4x  9.0x  26.9x  23.0x  34.5x  30.3x  0.83x  0.75x  0.27x  0.23x  2.22x  1.91x  13%  11%  37%  38%  28%  29%  40%  42%  Mean  10.5x  9.4x  27.4x  23.8x  37.1x  31.9x  0.90x  0.83x  0.26x  0.23x  2.46x  2.14x  12%  11%  38%  39%  28%  29%  40%  40%  Selected Large-Cap Software  Oracle (May.)  $185.73  $547,151  $621,597  10.2x  9.1x  19.0x  16.9x  51.4x  39.1x  0.90x  0.78x  0.35x  0.28x  2.98x  2.26x  $61,163  $68,294  11%  12%  53%  54%  17%  21%  29%  32%  Salesforce (Jan.)  322.25  319,042  311,100  7.6  7.0  19.0  15.9  23.7  21.0  0.86  0.84  0.18  0.16  1.77  1.57  41,193  44,614  9%  8%  40%  44%  33%  34%  42%  42%  SAP (Dec.)  231.30  289,729  278,477  6.8  6.1  23.0  19.6  32.9  27.4  0.62  0.47  0.21  0.17  1.62  1.35  40,664  45,863  11%  13%  30%  31%  22%  23%  33%  36%  Adobe (Dec.)  499.51  223,980  224,615  9.4  8.5  19.2  17.4  23.3  21.2  0.85  0.82  0.18  0.17  1.40  1.27  23,819  26,306  11%  10%  49%  49%  40%  40%  51%  51%  ServiceNow (Dec.)  1,005.34  213,854  206,230  15.6  13.1  43.1  35.2  51.1  42.1  0.78  0.67  0.30  0.25  2.39  1.97  13,200  15,783  20%  20%  36%  37%  32%  32%  52%  52%  Palo Alto Networks (Jul.)  386.83  134,628  129,056  13.2  11.5  39.0  34.3  36.6  31.0  0.89  0.81  0.25  0.22  2.35  1.99  9,788  11,181  15%  14%  34%  34%  38%  39%  52%  53%  Workday (Jan.)  259.36  73,021  68,411  7.1  6.3  23.6  18.6  29.2  23.2  0.51  0.45  0.18  0.15  1.20  0.95  9,575  10,896  14%  14%  30%  34%  26%  29%  40%  43%  Atlassian (Jun.)  238.69  66,992  65,554  11.8  9.9  48.1  40.3  43.1  35.4  0.68  0.53  0.26  0.21  2.57  2.11  5,570  6,605  17%  19%  24%  25%  28%  29%  45%  47%  Median  9.8x  8.8x  23.3x  19.1x  34.8x  29.2x  0.81x  0.72x  0.23x  0.19x  2.06x  1.77x  13%  13%  35%  35%  30%  31%  43%  45%  Mean  10.2x  8.9x  29.3x  24.8x  36.4x  30.1x  0.76x  0.67x  0.24x  0.20x  2.04x  1.69x  14%  14%  37%  38%  29%  31%  43%  44%  ($MM, except per share information)  FD Capitalization  Trading Multiples  Operating Statistics  Stock Price  Equity  Ent.  Ent. Value / Equity Value / Adjusted Revenue Mult.  Revenue EBITDA LFCF Growth Rule of 40  Adj. LFCF Mult.  CY24-26E CAGR  Revenue EBITDA LFCF Rule  $ % Growth Margins Margins of 40 (1)  CY25E CY26E CY25E CY26E CY25E CY26E CY25E CY26E CY25E CY26E  CY25E CY26E  CY25E  CY26E '24-25E '25-26E CY25E CY26E CY25E CY26E CY25E CY26E  Company (FYE)  11/18/2024  Value  Value  1-Day Prior to Echo Prop.  $237.59  $15,203  $15,034  12.0x 11.2x 26.0x 24.2x 36.5x 34.9x 1.15x 1.61x 0.27x 0.28x  1.94x 1.85x  $1,250  $1,337 10% 7% 46% 46% 33% 33% 44% 40%  Echo Proposal  $240.00  $15,358  $15,189  12.2x 11.4x 26.3x 24.5x 36.9x 35.2x 1.16x 1.63x 0.28x 0.29x  1.96x 1.87x  $1,250  $1,337 10% 7% 46% 46% 33% 33% 44% 40%  Echo (Sep.)  $129.16  $72,268  $82,240  4.4x 4.2x 16.0x 14.9x 21.7x 18.7x 0.97x 0.82x 0.20x 0.17x  1.53x 1.31x  $18,516  $19,465 5% 5% 28% 28% 18% 20% 23% 25% 
 
 CONFIDENTIAL | DRAFT   NTM Transaction Multiples (2) Unaffected Premium (3) NTM Operating Statistics   Annc.  FD Equity FD Enterprise  Gr. Adj.  Ro40 Adj.  LFCF Gr.  LTM  Revenue  EBITDA   LFCF   Rule of  Date  Target  Acquiror  Value Value  Revenue  Revenue  Revenue (4)  EBITDA  LFCF(5) Adj. LFCF(5)  1-Day  High  Growth  Margin  Growth Margin  40 (4)(5)  Mean of Recent Technical SW Transactions:  13.2x  1.14x  0.36x  41.1x  55.2x  4.00x  32%  8%  14%  33%  8%  24%  38%  Oct-21 Alpha / Echo @ $180 (with synergies) (7)  $12,255  $12,171  16.9x  - 0.42x  31.6x  43.6x  –  43%  13%  2%  53%  1%  39%  41%  Echo Proposal @ $240:  $15,358  $15,189  12.3x  0.92x  0.28x  26.4x  40.5x  1.91x  1%  22%  13%  46%  21%  31%  44%  10/30/24  Altair Engineering (1)  Siemens  $10,222  $10,082  14.5x  1.91x  0.55x  62.1x  78.2x  –  19%  13%  8%  23%  4%  19%  26%  09/24/24  Smartsheet  Blackstone & Vista Equity  8,351  7,645  6.4  0.42  0.17  35.0  31.1  0.54  25%  16%  15%  18%  58%  22%  37%  09/09/24  Squarespace  Permira  7,013  7,237  5.6  0.32  0.14  22.9  23.2  0.99  22%  22%  17%  24%  24%  23%  41%  07/25/24  Instructure  KKR  3,631  4,721  6.9  1.14  0.21  16.9  20.1  0.85  16%  (17%)  6%  41%  24%  26%  33%  06/07/24  PowerSchool  Bain Capital  4,894  5,838  7.2  0.61  0.22  21.0  28.2  0.36  37%  (9%)  12%  34%  78%  21%  33%  02/15/24  Altium (1)  Renesas  5,919  5,739  16.3  0.66  0.31  44.1  60.6  –  34%  31%  25%  37%  -  28%  52%  01/16/24  Ansys *  Synopsys  34,634  34,841  14.5  1.26  0.35  33.5  48.8  4.00  29%  12%  12%  43%  12%  29%  41%  09/21/23  Splunk  Cisco  28,133  29,552  7.1  0.80  0.22  30.9  29.3  1.51  31%  26%  9%  23%  19%  23%  32%  12/12/22  Coupa  Thoma Bravo  6,675  8,003  8.4  0.54  0.25  37.5  39.3  –  77%  (61%)  16%  23%  -  18%  34%  09/21/22  AVEVA (6)  Schneider Electric  11,461  11,934  7.5  0.72  0.23  24.7  33.4  –  47%  (24%)  10%  30%  -  22%  32%  05/26/22  VMware *  Broadcom  61,083  70,200  5.1  0.85  0.16  15.1  16.6  –  44%  (17%)  6%  34%  -  27%  33%  05/04/22  Black Knight *  Intercontinental Exchange  13,259  15,873  9.7  1.22  0.26  19.7  28.2  0.79  43%  2%  8%  49%  36%  29%  37%  01/31/22  Citrix  Evergreen Coast & Vista  13,633  16,519  5.1  1.84  0.19  16.0  17.9  0.50  30%  (28%)  3%  32%  36%  23%  26%  12/20/21  Cerner  Oracle  28,305  28,938  4.8  0.86  0.19  14.1  23.9  –  20%  14%  6%  34%  2%  20%  25%  12/07/21  Mimecast  Permira  5,822  5,538  8.8  0.63  0.24  32.1  40.6  1.39  16%  13%  14%  27%  29%  23%  37%  11/07/21  McAfee  Investor Group  11,958  14,472  7.4  0.60  0.14  17.0  14.5  –  23%  (17%)  12%  44%  -  42%  55%  10/12/21  Alpha @ $160 * (7)  Echo  10,878  10,794  15.0  -  0.37  28.0  38.7  –  27%  1%  2%  53%  1%  39%  41%  08/19/21  Inovalon  Nordic Capital  6,415  7,209  8.8  0.63  0.27  25.0  41.5  –  25%  20%  14%  35%  -  19%  33%  08/05/21  Cornerstone OnDemand  Clearlake  4,127  5,238  5.9  0.80  0.18  18.8  18.4  1.32  31%  4%  7%  31%  14%  25%  33%  12/21/20  RealPage  Thoma Bravo  9,101  10,186  8.2  0.69  0.26  28.9  37.8  –  31%  28%  12%  28%  -  19%  31%  12/17/19  LogMeIn  Francisco Partners  4,337  4,418  3.4  0.87  0.12  10.7  14.0  –  25%  (11%)  4%  32%  -  24%  28%  06/12/19  Medidata (1)  Dassault Systèmes  5,897  5,785  7.5  0.44  0.32  31.0  –  –  17%  4%  17%  24%  13%  6%  23%  10/28/18  Red Hat  IBM  34,630  33,622  9.3  0.56  0.21  33.8  33.8  3.28  63%  8%  17%  27%  10%  28%  45%  03/06/18  CommerceHub  GTCR & Sycamore  1,069  1,049  8.6  0.87  0.20  20.5  26.8  2.21  25%  (4%)  10%  42%  12%  33%  43%  12/14/16  Neustar  Golden Gate Capital  1,997  2,882  2.3  0.25  0.06  5.0  5.9  0.21  45%  21%  9%  45%  28%  27%  36%  11/14/16  Mentor Graphics (1)  Siemens  4,529  4,521  3.7  0.32  0.19  15.7  –  –  21%  21%  11%  23%  -  8%  19%  09/19/16  Infoblox  Vista  1,611  1,353  3.7  1.16  0.16  19.4  21.9  0.86  72%  (5%)  3%  19%  25%  20%  23%  07/07/16  AVG  Avast  1,341  1,452  3.2  1.00  0.13  9.0  13.2  0.53  34%  (13%)  3%  36%  25%  23%  26%  06/15/15  DealerTrack  Cox Automotive  3,997  4,617  4.1  0.21  0.11  19.4  20.0  –  59%  27%  20%  21%  -  18%  37%  04/07/15  Informatica  Permira & CPP  5,295  4,874  4.3  0.54  0.15  18.1  22.1  1.72  27%  17%  8%  24%  13%  21%  29%  02/02/15  Advent Software  SS&C Technologies  2,501  2,683  6.4  1.14  0.21  18.0  24.1  –  44%  26%  6%  36%  -  25%  30%  12/15/14  Riverbed Technology  Thoma Bravo  3,543  3,580  3.2  1.17  0.14  11.5  15.5  0.86  39%  (6%)  3%  28%  18%  20%  23%  05/06/13  BMC  Investor Group  7,032  7,136  3.1  0.63  0.09  7.9  10.6  –  14%  (18%)  5%  39%  -  29%  34%  07/02/12  Quest Software  Dell  2,529  2,386  2.5  0.34  0.09  10.9  12.8  0.35  44%  1%  7%  23%  37%  21%  28%  07/01/11  Blackboard  Providence Equity  1,638  1,750  3.2  0.19  0.09  12.6  16.2  0.66  21%  5%  17%  25%  24%  18%  35%  Median:  6.4x  0.68x  0.19x  19.4x  23.9x  0.86x  30%  4%  9%  31%  24%  23%  33%  Mean:  6.9  0.77  0.21  22.5  27.5  1.21  34%  3%  10%  32%  24%  23%  33%  Selected Transaction Statistics  Selected Public Software Transactions Above $1 Billion Since 2011 with Revenue Growth Between ~0% and 20% and LFCF Margin > ~20%(1)  ($MM)  noted as dashes. Source: Capital IQ, FactSet, company filings, company press releases and Wall Street research.  (1)  (2)  (3)  Includes Altair, Altium, Mentor Graphics, and Medidata transactions.  NTM statistics based on mean analyst consensus estimates for the next twelve-month period as of transaction announcement.  Unaffected premium indicates premium based on day prior to rumors of a potential transaction, or premium based on day prior to transaction announcement if no substantial  rumors existed.  Note: Selected Transactions sorted by announce date. Multiples greater than 80.0x, Adj. Rev. Mult.s greater than 4.0x, and Adj. LFCF Mults. greater than 7.0x, or negative mults (4)  (5)  (6)  (7)  Rule of 40 calculated as revenue growth plus LFCF margin.  Levered free cash flow based on cash flow from operations less capital expenditures and capitalized software. AVEVA statistics reflect 2022 buy-out of its minority shareholders by Schneider Electric.  Echo estimated the value of its contribution for a 55% stake in Alpha at $8.5Bn / $160 per share ($6Bn in cash + software assets they valued at an estimated $2.5Bn).  Implied $180/share includes synergies.  Legend  *  Transaction Consideration Included Stock  Recent Technical SW Transactions  31 
 
 Alpha Capitalization Summary  CONFIDENTIAL | DRAFT  (1) Alpha capitalization and balance sheet statistics based on Alpha 10-Q for the period ended September 30, 2024. Debt balance includes $8.2MM of unfunded pension obligations, tax-affected at statutory tax rate of 21%.  32  Echo Proposal (11/5/24)  $240.00  Equity (1)  Balance Sheet (1)  Shares Outstanding (MM)  63.2  Total Debt  $6  RSUs Outstanding (MM)  0.5  Cash and Cash Equivalents  176  Options/Warrants Outstanding (MM)  0.2  Net Debt (Cash)  ($170)  Fu ly-Diluted Shares Outstanding  64.0  Shares Owned by Echo (57% Ownership)  36.3  Calculation of Equity and Enterprise Value  Shares Owned by Alpha Shareholders  27.7  Fu ly-Diluted Shares Outstanding  64.0  (x) Echo Proposal (11/5/24)  $240.00  'In the $' Options/Warrants Outstanding (MM)  0.7  Fully-Diluted Equity Value  $15,358  WAEP of 'In the $' Options/Warrants  $159.47  (+) Net Debt (Cash)  (170)  Proceeds from 'In the $' Options/Warrants  $109  Fully-Diluted Enterprise Value  $15,189  Alpha Capitalization 
 
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Any discussion of tax matters in these materials may have been written in connection with the “promotion” or “marketing” of any transaction contemplated hereby. Accordingly, any taxpayer should seek advice based on such taxpayer’s particular circumstances from an independent tax advisor. These materials do not constitute an offer or solicitation to sell or purchase any securities and are not a commitment by Qatalyst to provide or arrange any financing for any transaction or to purchase any security in connection therewith. Qatalyst is not acting in any other capacity as a fiduciary to the Company. Qatalyst assumes no obligation to update or otherwise revise these materials. These materials have not been prepared with a view toward public disclosure under state or federal securities laws or otherwise, are intended for the benefit and use of the Company, and may not be reproduced, disseminated, quoted, summarized or referred to, in whole or in part, without the prior written consent of Qatalyst. These materials may not reflect information known to other professionals in other business areas of Qatalyst.  Qatalyst is a full service securities firm providing investment banking and other services and products to a wide range of corporations and individuals, domestically and offshore, from which conflicting interests or duties may arise. In the ordinary course of these activities, Qatalyst may at any time hold long or short positions, and may trade or otherwise effect transactions, for their own account or the accounts of customers, in debt or equity securities or loans of the Company, potential counterparties, or any other company that may be involved in a transaction.  Qatalyst is required to obtain, verify and record certain information that identifies each entity that enters into a formal business relationship with it, which information includes the complete name and address and taxpayer ID number. Qatalyst may also request corporate formation documents, or other forms of identification, to verify information provided.  Disclaimer  CONFIDENTIAL | DRAFT 
 
 The preceding pages contain material provided to the Special Committee of the Board of Directors of Alpha (the “Company”) by Citigroup Global Markets Inc. (“Citi”) in connection with the  proposed transaction involving the Company and Echo.  The accompanying material was compiled or prepared on a confidential basis solely for the use of the Special Committee of the Board of Directors of the Company and not with a view toward public disclosure under any securities laws or otherwise. The information contained in the accompanying material was obtained from the Company and other sources. Any estimates and projections contained herein have been prepared or adopted by management of the Company, obtained from public sources, or are based upon such estimates and projections, and involve numerous and significant subjective determinations, and there is no assurance that such estimates and projections will be realized. Citi does not take responsibility for such estimates and projections, or the basis on which they were prepared. No representation or warranty, express or implied, is made as to the accuracy or completeness of such information and nothing contained herein is, or shall be relied upon as, a representation, whether as to the past, the present or the future. In preparing the accompanying material, Citi assumed and relied, without independent verification, upon the accuracy and completeness of all financial and other information and data publicly available or provided to or otherwise reviewed by or discussed with Citi and upon the assurances of the management of the Company, that they are not aware of any relevant information that has been omitted or that remains undisclosed to Citi.  The accompanying material was not prepared for use by readers not as familiar with the Company and Echo as the Special Committee of the Board of Directors of the Company and, accordingly, neither the Company nor Citi nor their respective legal or financial advisors or accountants take any responsibility for the accompanying material if used by persons other than the Special Committee of the Board of Directors of the Company. The accompanying material is necessarily based upon information available to Citi, and financial, stock market and other conditions and circumstances existing and disclosed to Citi, as of the date of the accompanying material. Citi does not have any obligation to update or otherwise revise the accompanying material. Nothing contained herein shall be construed as legal, tax or accounting advice.  Disclaimer  CONFIDENTIAL | DRAFT 
 
Exhibit (c)(4)

 DRAFT | Confidential  Preliminary | Subject to Further Review and Evaluation  December 2024  Project Alpha  Discussion Materials 
 
 Echo Proposal Overview 
 
 3  CONFIDENTIAL | DRAFT  Deal Consideration  $240 in cash per Alpha share to acquire all outstanding shares of Alpha common stock not already owned by Echo  Deal Value(1)  Proposal represents a fully diluted equity value of $15.4Bn and enterprise value of $15.2Bn(2)  Proposal cites a 39.0x CY25E FCF multiple on street consensus estimates, 44.4x FY25E Alpha FCF as guided by the Company at their September 17th Investor Day and a 29x FY25E EBITDA multiple on street consensus estimates consistent with the forward multiple paid in its original transaction for Alpha   Proposal cites a 35% premium to Alpha’s unaffected share price of $177.84 on August 6, 2024, and an 8% premium to the unaffected 52-week high of $221.94 through August 6, 2024, the date immediately prior to Echo’s August 7, 2024 earnings call, when active transaction speculation began in the market  Earnings Impact  Echo expects impact of proposed transaction with synergies to be neutral to adjusted EPS in fiscal 2025  Financing  Not subject to any financing condition  To be financed from cash on hand, committed lines of credit or other available sources of financing  Diligence  Echo has stated, given their knowledge of Alpha and their close working relationship with the Company, that they are in position to move quickly and do not need to complete additional diligence prior to signing a definitive  Special Committee Recommendation  Echo will not proceed with such a transaction unless a fully empowered special committee, comprising solely of independent and disinterested directors appointed by Alpha’s BoD and advised by independent legal and financial advisors, recommends approval of such transaction to the Alpha BoD  Transaction Structure  Tender offer subject to a non-waivable condition that at least a majority of the Alpha common stock held by minority stockholders be tendered and not withdrawn in accordance with the framework establish under Kahn v. M&F Worldwide Corp., 88 A.3d 635 (Del. 2014) and its progeny; and thereafter a merger consummated at the same price without further stockholder action  Other Echo Strategic Decisions  Echo has commenced a process to explore strategic alternatives, including a cash sale, for the Safety & Productivity segment, which comprises the  remaining businesses not related to automation in Echo’s portfolio  Echo plans to repurchase approximately $2Bn of its common stock in FY25, with approximately $1Bn of the repurchase expected to be completed in the first quarter of FY25  Echo Proposal Summary  Per Echo’s proposal and letter to Alpha’s board of directors as of November 5, 2024.  Alpha common shares outstanding as of October 30, 2024 per Alpha 10-Q for the period ended September 30, 2024. RSUs, PSUs, and options as of November 22, 2024 per Alpha Management. Fully-diluted shares calculated using treasury stock method. Alpha balance sheet statistics per Alpha Management for the period ended September 30, 2024. Cash adjusted for $49M acquisition of Ocean Grid, including $9M cash holdback expected to be paid in FY26. 
 
 Illustrative Alpha Transaction Statistics at Various Prices  Note: Current market data per FactSet as of December 5, 2024.  (1)  (2)  Volume-weighted average price based on trading days per FactSet from November 5, 2024 to December 5, 2024.  Echo estimated the value of its contribution for a 55% stake in Alpha at $8.5Bn / $160 per share ($6Bn in cash + software assets they valued at an estimated  $2.5Bn).  (3)  Alpha common shares outstanding as of October 30, 2024 per Alpha 10-Q for the period ended September 30, 2024. RSUs, PSUs, and options as of November 22, 2024 per Alpha Management. Fully-diluted shares calculated using treasury stock method. Alpha balance sheet statistics per Alpha 10-Q for the period ended  September 30, 2024. Cash adjusted for $49M acquisition of Ocean Grid, including $9M cash holdback expected to be paid in FY26.  Alpha projections based on Wall Street Analyst reports mean consensus estimates provided by Alpha Management as of November 2024, post Q1’FY25 earnings.  Alpha Preliminary Management Plan provided by Alpha Management as of December 2024.  (4)  (5)  ($MM, except per share amounts)  2021 Alpha / Echo Txn. NTM Operating Stats.|Mults.(2)  Revenue: 2% | 15.0x EBITDA: 53% | 28.0x FCF: 39% | 38.7x  4  (  Illustrative Share Price:  Echo-Cited Unaffected (8/6/24)  1-Day Prior to Echo Proposal  (11/4/24)  Echo Proposal (11/5/24)  Alpha Current (12/5/24)  Illustrative Alpha Valuation Statistics  $177.84  $237.59  $240.00  $249.93  $260.00  $270.00  $280.00  $290.00  $300.00  $310.00  Implied Transaction Premium  Statistic  Premium / (Discount) to Price 1-Day Prior to Echo Proposal (11/4/24)  $237.59  (25%)  -  1%  5%  9%  14%  18%  22%  26%  30%  Premium to Echo-Cited Unaffected Price (8/6/24)  177.84  -  34%  35%  41%  46%  52%  57%  63%  69%  74%  Premium / (Discount) to 30-Day VWAP as of 8/6/24  190.53  (7%)  25%  26%  31%  36%  42%  47%  52%  57%  63%  Premium / (Discount) to 30-Day VWAP Ending 11/4/24  235.83  (25%)  1%  2%  6%  10%  14%  19%  23%  27%  31%  Premium / (Discount) to VWAP Since Proposal (11/5/24) (1)  246.35  (28%)  (4%)  (3%)  1%  6%  10%  14%  18%  22%  26%  Premium / (Discount) to LTM High Share Price Until 11/4/24 (10/30/24) Premium to LTM Low Share Price Until 11/4/24 (11/9/23)  240.83  163.41  (26%)  9%  (1%)  45%  (0%)  47%  4%  53%  8%  59%  12%  65%  16%  71%  20%  77%  25%  84%  29%  90%  Implied Valuation & Multiples  Fully-Diluted Equity Value (3)  $11,328  $15,211  $15,366  $16,006  $16,655  $17,299  $17,943  $18,587  $19,231  $19,876  Fully-Diluted Enterprise Value (3)  $11,091  $15,045  $15,201  $15,840  $16,489  $17,133  $17,777  $18,422  $19,066  $19,710  FD Equity Value Excluding Current Echo Stake of 57% (43%)  $4,871  $6,585  $6,652  $6,932  $7,215  $7,496  $7,777  $8,058  $8,339  $8,620  Alpha Street  13.8x  13.3  13.2  TM Mult(2): 28.0x  31.2x  28.7  28.6  48.7x  43.7  39.8  13.3x  13.3  13.4  29.0x  29.3  30.2  46.3x  44.3  41.8  14.4x  13.8  13.7  32.4x  29.8  29.7  50.6x  45.4  41.4  13.9x  13.8  13.9  30.1x  30.4  31.4  48.0x  46.0  43.4  14.9x  14.3  14.2  33.6x  30.9  30.8  52.5x  47.1  42.9  14.4x  14.4  14.5  31.2x  31.5  32.6  49.8x  47.7  45.1  2021 Txn. NTM Mult(2): 15.0x  15.5x 16.0x  14.9 15.4  14.7 15.3  34.9x 36.1x  32.1 33.2  32.0 33.1  54.3x 56.2x  48.8 50.5  44.5 46.0  14.9x 15.4x  14.9 15.4  15.0 15.5  32.4x 33.5x  32.7 33.8  33.7 34.9  51.6x 53.4x  49.4 51.1  46.7 48.3  16.5x  15.9  15.8  37.3x  34.3  34.2  58.1x  52.2  47.5  16.0x  15.9  16.0  34.6x  35.0  36.1  55.2x  52.8  49.9  Revenue Multiples  ACV % Gr.  % Gr. / Mar.  Statistic (4)  FY25E (ending 6/30/25)  9%  6%  $1,192  9.3x  12.6x  12.8x  13.3x  NTM (ending 9/30/25)  9%  13%  1,239  9.0  12.1  12.3  12.8  CY25E  9%  10%  1,249  8.9  12.0  12.2  12.7  EBITDA Multiples  2021 Txn. N  FY25E (ending 6/30/25)  44%  $528  21.0x  28.5x  28.8x  30.0x  NTM (ending 9/30/25)  46%  574  19.3  26.2  26.5  27.6  CY25E  46%  576  19.2  26.1  26.4  27.5  LFCF Multiples  2021 Txn  . NTM Mult  2): 38.7x  FY25E (ending 6/30/25)  29%  $342  33.1x  44.5x  44.9x  46.8x  NTM (ending 9/30/25)  31%  381  29.8  40.0  40.4  42.0  CY25E  33%  418  27.1  36.4  36.8  38.3  Alpha Preliminary Management  Revenue Multiples  ACV % Gr.  % Gr. / Mar.  Statistic (5)  FY25E (ending 6/30/25)  11%  10%  $1,236  9.0x  12.2x  12.3x  12.8x  NTM (ending 9/30/25)  11%  13%  1,239  9.0  12.1  12.3  12.8  CY25E  12%  7%  1,230  9.0  12.2  12.4  12.9  EBITDA Multiples  FY25E (ending 6/30/25)  46%  $569  19.5x  26.4x  26.7x  27.8x  NTM (ending 9/30/25)  46%  564  19.7  26.7  27.0  28.1  CY25E  44%  546  20.3  27.6  27.8  29.0  LFCF Multiples  FY25E (ending 6/30/25)  29%  $360  31.5x  42.2x  42.7x  44.5x  NTM (ending 9/30/25)  30%  376  30.1  40.4  40.9  42.6  CY25E  32%  398  28.4  38.2  38.6  40.2  CONFIDENTIAL | DRAFT 
 
 $0  $50  $100  $150  $200  $250  From January 2, 2014 to Current (December 5, 2024)  Share Price  $300  Jan-14  Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 Jul-17 Jan-18  Source: FactSet as of December 5, 2024.  (1) Reflects Echo Proposal of $240.00 per share received on November 5, 2024.  Jul-18 Jan-19 Jul-19 Jan-20 Jul-20 Jan-21 Jul-21 Jan-22 Jul-22 Jan-23 Jul-23 Jan-24 Jul-24  Alpha Long-Term Share Price Performance  5  Alpha (Current):  $249.93  +36% Since 5/17/22  Alpha (11/4/24):  $237.59  +29% Since 5/17/22  Echo Proposal Price Per Share(1): $240.00  52-Week High (10/30/24): $240.83  52-Week Low (11/9/23): $163.41  Echo-cited Unaff. (8/6/24)(1): $177.84  1st Echo Transaction  Announce (October 11, 2021) | Close (May 16, 2022)  CONFIDENTIAL | DRAFT 
 
 60  6  Includes Altium until February 14, 2024, the last unaffected trading date prior to announcement of a transaction with Renesas. Includes Altair until October 21, 2024, the last unaffected trading date prior to announcement of a transaction with Siemens.  (2) Reflects Echo Proposal of $240.00 per share received on November 5, 2024.  CONFIDENTIAL | DRAFT  80  100  120  140  160  180  May-22  Nov-22 May-23 Nov-23 May-24  Source: FactSet as of December 5, 2024.  (1) Technical Software Index includes Cadence, Synopsys, Altair, Autodesk, PTC, Bentley Systems, Dassault, Altium, Ansys, and Nemetschek. Includes Ansys until December 21, 2023, the last unaffected trading date prior to rumors of a transaction with Synopsys.  Nov-24  Alpha Share Price Performance Since the Echo Transaction  From May 17, 2022 to Current (December 5, 2024)  Technical Software: $297.96  +62% Since 5/17/22  e  5%  e  (1%)  e  3%  e  10%  e  (25%)  e  (2%)  e  (5%)  e  (4%)  May 16, 2022  Completed transaction with Echo, began trading as New Alpha  e  1-day rxn: 16%  Aftermarket: 4%  e  1-day rxn: 1%  Aftermarket: -5%  Echo Proposal (11/5/24)(2): $240.00  Alpha (Current):  $249.93  +36% Since 5/17/22  Alpha (11/4/24):  $237.59  +29% Since 5/17/22  Sep. 17, 2024  2024 Investor Day  +3% 1-Day Price rxn.  Apr. 26, 2023 (FQ3’23 Earnings)  -20% miss on revenue  -2% miss on Annual Spend  -20% miss of FCF  -10% Revision in FY Revenue Guidance Midpoint  Indexed Share Price 
 
 -  500  1,000  1,500  2,000  2,500  80  90  Alpha 8/6 100  110  120  130  140  150  160  Source: FactSet as of December 5, 2024.  (1) Technical Software Index includes Cadence, Synopsys, Autodesk, PTC, Bentley Systems, Nemetschek, Dassault and Altair until October 21, 2024, the last unaffected trading date prior to announcement of a transaction with Siemens..  Alpha Short-Term Trading Since FQ4’24 Earnings  Volume (000’s)  Echo Proposal (11/5/24)(2): $240.00  From August 6, 2024 to Current (December 5, 2024)  Indexed Share Price  Alpha  Current: $249.93  +41% Since 8/6/24  +5% Since 11/4/24  11/4: $237.59  +34% Since 8/6/24  Close: $177.84  Sep. 17, 2024  2024 Investor Day  +3% 1-Day Price Reaction  Nov. 4, 2024 (Post-Market) - FQ1’25 Earnings  Revenue: -19% miss ACV: 54bps miss  FCF: -$16M miss (-$6M vs $10M)  Reaffirmed FY25 guidance  Alpha share price drops ~-5% to $225.72 after hours  Aug. 7, 2024 (9AM ET Start)  Echo FQ3’24 Earnings  At ~9:42AM ET (12 minutes after market open), Lal responds ‘no comment’ to analyst question about potential Alpha Acquisition in FY25  Nov. 5, 2024 (Pre-Market) Echo FQ4’24 Earnings Echo share price rises +7%  Technical Software(1) Current  +12% Since 8/6/24  +3% Since 11/4/24  VWAP since Proposal (11/5)(2): $246.35  Nov. 5, 2024  Echo submits proposal to  acquire remaining Alpha Stake  Aug. 6, 2024 (Post-Market) - FQ4’24 Earnings  Revenue: +7% beat  ACV growth: 46bps beat (excl. one-off impact of exited Russia ops.)  FCF: -5% miss  Issued FY25 guidance in line with street consensus on revenue but lower on FCF ($340M vs $387M)  Alpha share price opens +17% to $208.47, prior to any commentary from Echo Management about a take-out of Alpha  +16% Alpha 1-Day Price Reaction  7  (2) Reflects Echo Proposal of $240.00 per share received on November 5, 2024.  CONFIDENTIAL | DRAFT 
 
 0.0MM  0.5MM  1.0MM  1.5MM  2.0MM  2.5MM  3.0MM  $170  $180  $190  $200  $210  $220  $230  $240  $250  5-Aug  12-Aug  19-Aug  26-Aug  2-Sep  9-Sep  16-Sep  23-Sep 30-Sep 7-Oct Alpha Trading Volume  4-Nov  11-Nov  18-Nov  25-Nov  2-Dec  14-Oct 21-Oct 28-Oct Alpha Share Price  Source: FactSet as of December 5, 2024.  (1) Represents after-hours price reaction, prior to Echo’s announcement.  (3) Average trading volume during the 5-Aug to 4-Nov period was below the average daily trading volume of 0.2MM for 3-months preceding Q4:2024 earnings announcement  Q4:2024 Earnings + Echo Commentary  +16%  “No Comment”  to Echo Proposal  Since Ann’c of Echo Proposal  (Aug. 5 – Nov. 4) (Nov. 5 – Present)  Cumulative Shares  Traded  As % of Public Float  19.1MM 18.4MM  71% 69%  As % of Total Shares  30% 29%  Excess Shares Traded(2)  -(3)  11.8MM  As % of Public Float  -  44%  Q1:2025 Earnings  (5%) After-Market (1)  Echo Offer  Alpha Trading Volume  Investor Day  +3%  Since the announcement of  Echo’s acquisition proposal, 99% of Alpha shares traded have been above Echo’s offer of  $240/share ($247.99 VWAP)  While cumulative shares traded represent 29% of o/s, this includes significant double counting (shares trading multiple times); it is likely that 10% or less of o/s (~23% of public float) have traded to arbs since ann’c  Alpha did not trade a significant amount of “excess shares” from 5-Aug until the Echo offer on 5-Nov  This suggests that a limited number of arbs entered  on the “soft catalyst” of Echo’s August earnings  comments  Investor 13Fs for the period ended 30-Sep show a  net decrease in hedge fund ownership vs. 30-Jun  From August 5, 2024 to Current (December 5, 2024)  Alpha Share Price  (2) Based on average daily trading volume of 0.2MM for 3-months preceding Q4:2024 earnings announcement.  CONFIDENTIAL | DRAFT  8  Impact of Echo Commentary / Offer on Alpha Trading Volume 
 
 CONFIDENTIAL | DRAFT  16.2x  14.6x  9.7x  9.3x  8.8x 8.8x  8.6x  8.4x 8.2x  7.2x  7.1x  6.9x  6.4x 6.4x  5.9x  5.6x  5.1x  5.1x  4.8x  4.3x  4.1x  3.7x 3.7x  3.4x  3.2x  3.2x  3.2x  3.1x  2.5x  2.3x  Altium  Altair  Ansys  Black Knight  Red Hat  Inovalon  Mimecast  Commerce Hub  Coupa  RealPage  AVEVA  Medidata  McAfee  PowerSchool  Splunk  Instructure  Advent Software  Smartsheet  Cornerstone OnDemand  Squarespace  VMware  Citrix  Cerner  Informatica  DealerTrack  Infoblox  Mentor Graphics  LogMeIn  AVG  Riverbed  Blackboard  BMC  Quest Software  Neustar  Overall Median: 6.4x  77.6x  60.6x  48.8x  41.5x 40.6x  39.3x  37.8x  29.3x 28.2x 28.2x  26.8x  24.1x  23.9x  23.2x 22.1x 21.9x  20.1x  20.0x  18.4x  17.9x  16.6x 16.2x 15.5x  14.5x  14.0x  13.2x  12.8x  10.6x  5.9x  - -  Altair  Altium  Ansys  Inovalon  Mimecast  Coupa  RealPage  Red Hat  AVEVA  Smartsheet  Splunk  Black Knight  PowerSchool  Commerce Hub  Advent Software  Cerner  Squarespace  Informatica  Infoblox  Instructure  DealerTrack  Cornerstone OnDemand  Citrix  VMware  Blackboard  Riverbed  McAfee  LogMeIn  AVG  Quest Software  BMC  Neustar  Medidata  Mentor Graphics  64.4x  43.9x  37.5x  35.0x  33.8x  33.5x  32.1x  31.0x 30.9x  28.9x  21.0x  20.5x  19.7x 19.4x 19.4x 18.8x  18.1x  18.0x  17.0x  16.9x  16.0x  15.7x  15.1x  14.1x  12.6x  11.5x  10.9x  10.7x  9.0x  7.9x  5.0x  Altair  Altium  Coupa  Smartsheet  Red Hat  Ansys  Mimecast  Medidata  Splunk  RealPage  Inovalon  AVEVA  Squarespace  PowerSchool  Commerce Hub  Black Knight  Infoblox  DealerTrack  Cornerstone OnDemand  Informatica  Advent Software  McAfee  Instructure  Citrix  Mentor Graphics  VMware  Cerner  Blackboard  Riverbed  Quest Software  LogMeIn  AVG  BMC  Neustar  Overall Median: 19.4x  Selected Transaction Statistics  Selected Public Software Transactions Above $1 Billion Since 2011 with Revenue Growth Between ~0% and 20% and LFCF Margin > ~20%(1)  Note: Multiples greater than 80.0x or negative shown as dashes.  Includes Altair, Altium, Mentor Graphics, and Medidata transactions.  NTM statistics based on mean analyst consensus estimates for the next 12-month period as of transaction announcement.  AVEVA statistics reflect 2022 buy-out of its minority shareholders by Schneider Electric.  Echo estimated the value of its contribution for a 55% stake in Alpha at $8.5Bn / $160 per share ($6Bn in cash + software assets they valued at an  estimated $2.5Bn).  (5) Alpha common shares outstanding as of October 30, 2024 per Alpha 10-Q for the period ended September 30, 2024. RSUs, PSUs, and options as of November 22, 2024 per Alpha Management. Fully-diluted shares calculated using treasury stock method. Alpha balance sheet statistics per Alpha 10-Q for the period ended September 30, 2024. Cash adjusted for $49M acquisition of Ocean Grid, including $9M cash holdback expected to be paid in FY26.  NTM Revenue Multiples of Selected Transactions(2)  9  Legend  Recent Technical SW Transactions  NTM LFCF Multiples of Selected Transactions(2)  NTM EBITDA Multiples of Selected Transactions(2)  75th Percentile: 8.4x  25th Percentile: 3.8x  14.5x Alpha @ $240(5): 12.3x  25th Percentile: 15.2x  25.0x 24.7x (3)22.9x  7.5x(3) 7.5x 7.4x  25th Percentile: 16.5x  33.8x 33.4x(3) 31.1x  Alpha @ $240(5): 40.4xAlpha 2021 @ $160(4): 38.7x Overall Median: 23.6x  75th Percentile: 33.5x  Alpha 2021 @ $160(4): 28.0x  75th Percentile: 30.4x Alpha @ $240(5): 26.5x  Alpha 2021 @ $160(4): 15.0x 
 
 4.00x  2.21x  1.72x  1.51x  1.39x  1.32x  0.99x  0.86x  0.86x  0.85x  0.79x  0.66x  0.54x 0.53x  0.50x  0.36x  0.35x  0.21x  Ansys  Red Hat  Commerce Hub  Informatica  Splunk  Mimecast  Cornerstone OnDemand  Squarespace  Infoblox  Riverbed  Instructure  Black Knight  Blackboard  Smartsheet  AVG  Citrix  PowerSchool  Quest Software  Neustar  Overall Median: 0.86x  1.94x  1.84x  1.26x  1.22x  1.17x 1.16x 1.14x 1.14x  1.00x  0.87x 0.87x 0.86x 0.85x  0.80x  0.80x  0.72x  0.69x  0.66x  0.63x  0.63x  0.63x  0.61x  0.60x  0.56x 0.54x 0.54x  0.44x  0.42x  0.34x  0.32x  0.32x  0.25x  0.21x  0.19x  Altair  Citrix  Ansys  Black Knight  Riverbed  Infoblox  Instructure  Advent Software  AVG  Commerce Hub  LogMeIn  Cerner  VMware  Splunk  Cornerstone OnDemand  AVEVA  RealPage  Altium  Inovalon  BMC  Mimecast  PowerSchool  McAfee  Red Hat  Informatica  Coupa  Medidata  Smartsheet  Quest Software  Mentor Graphics  Squarespace  Neustar  DealerTrack  Blackboard  Overall Median: 0.68x  0.35x  0.32x 0.31x  0.27x 0.26x 0.26x  0.25x  0.24x 0.23x  0.22x  0.22x  0.21x  0.21x  0.21x  0.20x  0.19x 0.19x 0.19x  0.18x  0.17x  0.16x  0.16x  0.15x  0.14x 0.14x 0.14x  0.13x  0.12x  0.11x  0.09x  0.09x  0.09x  0.06x  Altair  Ansys  Medidata  Altium  Inovalon  Black Knight  RealPage  Coupa  Mimecast  AVEVA  Splunk  PowerSchool  Instructure  Advent Software  Red Hat  Commerce  Hub  Citrix  Mentor Graphics  Cerner  Cornerstone OnDemand  Smartsheet  Infoblox  VMware  Informatica  Riverbed  Squarespace  McAfee  AVG  LogMeIn  DealerTrack  BMC  Blackboard  Quest Software  Neustar  Overall Median: 0.19x  Selected Transaction Statistics  Selected Public Software Transactions Above $1 Billion Since 2011 with Revenue Growth Between ~0% and 20% and LFCF Margin > ~20%(1)  NTM Growth Adjusted Revenue Multiples of Selected Transactions(2)  10  NTM LFCF Growth Adjusted LFCF Multiples of Selected Transactions(2)  NTM Rule of 40 Adjusted Revenue Multiples of Selected Transactions(2)  25th Percentile: 0.54x  (3)  75th Percentile: 0.97x Alpha @ $240(5): 0.92x  75th Percentile: 0.24x 25th Percentile: 0.14x  (3)  Alpha 2021 @ $160(4): 0.37x Alpha @ $240(5): 0.28x  0.54x  75th Percentile: 1.45x  25th Percentile: 0.54x  3.28x Alpha @ $240(5): 1.86x  Legend  Recent Technical SW Transactions  Includes Altair, Altium, Mentor Graphics, and Medidata transactions.  NTM statistics based on mean analyst consensus estimates for the next 12-month period as of transaction announcement.  AVEVA statistics reflect 2022 buy-out of its minority shareholders by Schneider Electric.  Echo estimated the value of its contribution for a 55% stake in Alpha at $8.5Bn / $160 per share ($6Bn in cash + software assets they valued at an estimated $2.5Bn).  Note: Adjusted Revenue Multiples greater than 4.0x or negative and Adjusted LFCF Multiples greater than 7.0x or negative noted as dashes. (5) Alpha common shares outstanding as of October 30, 2024 per Alpha 10-Q for the period ended September 30, 2024. RSUs, PSUs,  and options as of November 22, 2024 per Alpha Management. Fully-diluted shares calculated using treasury stock method. Alpha balance sheet statistics per Alpha 10-Q for the period ended September 30, 2024. Cash adjusted for $49M acquisition of Ocean Grid, including $9M cash holdback expected to be paid in FY26.  CONFIDENTIAL | DRAFT 
 
  Price Targets   Date  Company  Broker Rating  Post Echo Prop. (11/4) & Q1'25  Valuation Methodology  11/5/24  BofA Securities Buy  $260.00  25.0x CY26E EBITDA  11/4/24  Loop Capital  Buy  Pre Investor Post Investor  Day (9/17) Day (9/17) % Change  $225.00 $260.00 16%  204.00 260.00 27%  260.00  36.0x FY27E FCF, 12.0x FY27E Revenue  11/5/24  Baird  Buy  250.00  250.00  -  250.00  38.0x FY26E FCF  11/6/24  Berenberg  Hold  250.00  265.00  6%  250.00  36.0x CY25E FCF  11/5/24  Piper Sandler  Hold  200.00  217.00  9%  240.00  Echo offer  11/5/24  William Blair  Hold  -  -  -  39.0x CY25E FCF  11/4/24 Wolfe Research Hold  -  35.0-40.0x CY25E FCF  11/4/24 KeyBanc Hold  - -  - -  -  37.5x FY26E FCF  Summary of Alpha Broker Valuation Methodologies  Source: FactSet and Wall Street research.  Valuation Methodology Summary  Median  $225.00  $260.00  16%  $250.00  Average  $225.80  $250.40  11%  $252.00  Buy: 38% Hold: 63% Sell: 0%  0.0% Premium to Current  Share Price of $249.93  Current Price as of 12/5/24: $249.93  $250.00 $250.00  FCF 75%  Revenue 13%  EBITDA  13%  $260.00  $260.00  $240.00  BofA Securities  Loop Capital  Baird  Berenberg  Piper Sandler  4 analysts raised their PT post investor day by a range of  6% - 27%  Going into earnings, 4 of 5 price targets were above  $240 Echo proposal  11  CONFIDENTIAL | DRAFT 
 
 (11/5/24)  “In our view  , the appreciation in shares  since August was not entirely driven by  M&A speculation but also by the  company’s new financial targets  (given  9/17). We would not be surprised if the deal price is pushed slightly higher from here, but caveated with: Echo likely has a firm grasp on tolerable limits for attractive returns…  $240 is only a ~10% premium to our $217  PT, which we felt appropriately valued  the company’s planned expansion of  FCF margins back to 40-43%  over the  next five years.”  “Not surprised if price  pushed slightly higher”  (11/5/24)  “Some investors may be drawing parallels to Echo’s 2023 acquisition of National Instruments (NI), where the initial offers of  $48 and $53 per share were eventually raised to $60. However, these situations are quite different – Echo only owned about 2% of NI before that acquisition, whereas it already owns 57% of Alpha. Therefore, while the pre-market trading might suggest investors  are speculating on a higher offer,  we view  the current $240 per share offer as fair.  ”  “Fair”  (11/5/24)  “  We think the $240 proposal price seems  a bit low.  By using the recent takeout  multiple for ANSS (~14x out-year  revenue; ~47x out-year FCF) and ALTR  (~15x CY25 revenue; ~67x CY25 FCF),  we see upward bias towards our bull-  case scenario of $260  , which would imply a  ~42x CY25 FCF multiple (~13x CY25  Revenue multiple).”  “A bit low / See Upward  Bias”  (11/6/24)  “Echo’s bid price for Alpha came in at $240  per share,  which we think is  underwhelming  . Based on Alpha’s share  price performance throughout the year and in the period leading up to 6 August (the date the bid premium is calculated from) and considering the takeout premiums of other  recent deals in the software sector,  we  estimate that an offer price in the region  of $250-260 would have been more  suitable  . As such, we hope that there is a  price negotiation that could lead to an  increase in the bid price; although, given  Alpha’s ownership structure,  we think that  a price negotiation would be unlikely to  yield much more of an increase than  $250.”  “Underwhelming”  “An offer…of $250-  $260…more suitable”  Summary of Alpha Broker Commentary on Echo Proposal  Commentary  Perspectives on Proposal Price  11  CONFIDENTIAL | DRAFT 
 
 (11/6/24)  “While we don’t view the proposed Alpha  transaction as inexpensive (and  we would  not be surprised if a final transaction  price drifted somewhat higher vs. Echo’s  initial public proposal  ), we see good  strategic rationale for Echo to acquire the remaining portion of Alpha that it doesn’t already own and our sense is that Echo, through its existing 57% ownership stake in Alpha and already close collaboration between the companies, likely has a solid value creation roadmap for the asset if and when a transaction does close.”  “Would not be surprised if…price drifted somewhat  higher”  (11/5/24)  “Management took decisive action today to untie this Gordian Knot via a $240 tender offer, barely above Alpha's pre- announcement closing price, reinforcing the  view  that management does not intend to  pay a control premium on an inflated  stock price  …. Do we think the Alpha  tender gets done at $240?  We think this is  a fair and reasonable indicative offer  …  Alpha has significantly outperformed its  software peer group over the past three  months, and the offer prices Alpha at a 12%  premium on 2025E EBITDA.  Clearly, this  bid could move a little higher in order to  secure the approval of the Alpha  independent directors for the tender  offer. But we view $240 as pretty close to  the bullseye.”  “Pretty close to the bullseye”  (11/5/24)  “We are encouraged by potential synergies  from an Alpha transaction. That said, we  think the likelihood of a deal at  $240/share could be low given Alpha is  already trading ~in line with this share  price, and could see an offer closer to  ~$260 as necessary  … we think Echo's  proposed price of $240 could face challenges in being accepted by a shareholder vote given the limited premium implied to preannouncement share prices.”  “Could see an offer closer to  ~$260”  (11/6/24)  “Echo remains in negotiations with Alpha  (price/timing TBD), with no intention to sell  its existing stake.  We expect Echo to  ultimately succeed in purchasing the  balance of Alpha (could be some upward  pressure on sale price)  , while a sale to PE  or spin seems like the most likely outcomes for Safety & Productivity. Alpha move is expected to be neutral to F25 earnings  (including synergies).”  “Could be some upward  pressure”  Summary of Echo Broker Commentary on Echo Proposal  Commentary  Perspectives on Proposal Price  11  CONFIDENTIAL | DRAFT 
 
  Premium   Min Range:  <10%  10%  20%  30%  40%  50%  60%  70%  80%  Max Range:  10%  20%  30%  40%  50%  60%  70%  80%  >80%  # of Transactions  55  82  100  62  51  35  19  11  19  % of Total  13%  19%  23%  14%  12%  8%  4%  3%  4%  % of Total At Or  Below Range  13%  32%  55%  69%  81%  89%  93%  96%  100%  55  82  100  62  51  35  19  11  19  Median: 28% Premium  Selected Technology Transaction Premia  Premia in Selected >$1Bn Public Technology Transactions Since 2003  Source: FactSet as of December 5, 2024.  Note: Based on FactSet premia and unaffected dates for technology M&A transactions greater than $1Bn enterprise value since 2003.  1- Day Premia Paid  434 Total Transactions in Data Set  25th Percentile: 18% Premium  Echo Proposal Premium to Echo-cited Unaffected(1): 35%  75th Percentile: 45% Premium  Mean: 33%  Premium  14  (1) Reflects Echo Proposal of $240.00 per share received on November 5, 2024.  CONFIDENTIAL | DRAFT 
 
 Alpha Preliminary Valuation Analysis 
 
 $1,044  $1,127  $1,236  $1,217  $1,472  $1,713  $1,974  $2,241  10%  (1%)  21%  16%  15%  13%  7%  8%  FY23A FY24A FY25E FY26E FY27E FY28E FY29E FY30E  $306  $336  $360  $480  $501  $834  $735  $638  29%  39%  34%  37%  37%  37%  29%  30%  FY27E  FY28E  FY29E  FY30E  $885  $933  $1,035  $1,156  $1,299  $1,469  $1,669  $1,898  12% 13%  14% 14%  12%  FY23A FY24A FY25E FY26E FY27E FY28E FY29E FY30E  Forecast  11% 12%  Summary of Alpha Preliminary Management Plan  Annual Contract Value(1) ($MM) | Growth (%)  Actual  9% (2)  Revenue ($MM) | Growth (%)  Operating Income ($MM) | Margin (%)  Levered Free Cash Flow ($MM) | Margin (%)  Source: Alpha Preliminary Management Plan provided by Alpha Management as of December 2024. Note: Alpha FYE of June 30.  (1) Alpha defines ACV as the estimate of the annual value of its portfolio of term license and software maintenance and support, or SMS, contracts, the annual value of SMS agreements purchased with perpetual licenses and the annual value of standalone SMS agreements purchased with certain legacy  YoY Growth normalized to exclude the effect of a one-time $36M write-off of suspended Russian business.  ACV Margin = (ACV – non-GAAP expenses) / ACV.  4%  27%  15%  13%  FY23A FY24A FY25E FY26E  LFCF Growth: 10% 7% 33%  % ACV  Margin(3)  % Margin (ACV-Based)  16  FY24A-30E CAGR: 16%  Actual Forecast  27%  28%  35%  39%  43%  46%  50%  50%  38%  40%  45%  $562  42%  $510  49%  $726  54%  $926  58%  $1,147  58%  $1,301  $395  $456  FY23A  FY24A  FY25E  FY26E  FY27E  FY28E  FY29E  FY30E  Actual Forecast  35%  CONFIDENTIAL | DRAFT  term license agreements, which have become an immaterial part of its business.  Actual Forecast  36% 35%  42%  39%  43%  44%  44% 
 
 CONFIDENTIAL | DRAFT  $1,035  $1,156  $1,299  $1,469  $1,669  $1,898  $1,019  $1,109  $1,212  $885  $933  FY23A FY24A FY25E FY26E FY27E FY28E FY29E FY30E  12%  12%  13%  14% 14%  9%  9%  9%  12%  (2) 11%  9%  $1,472  $1,713  $1,974  $1,192 $1,217  $1,236 $1,283  $2,241  $1,394  $1,127  $1,044  FY23A FY24A FY25E FY26E FY27E FY28E FY29E FY30E  10%  (1%)  21%  16%  15%  13%  6%  8%  9%  7%  8%  $562  $510  $726  $926  $1,147  $1,301  $521  $576  $650  $395  $456  FY23A FY24A FY25E FY26E FY27E FY28E FY29E FY30E  $360  $480  $501  $638  $735  $834  $342  $411  $477  $306  $336  FY23A FY24A FY25E FY26E FY27E FY28E FY29E FY30E  45%  42%  49%  54%  58% 58%  44%  45%  47%  38%  40%  29%  39%  34%  37% 37% 37%  29%  32%  34%  29%  30%  FY23A FY24A FY25E FY26E FY27E FY28E FY29E FY30E  Ro40(4):  17  Wall Street Analyst reports mean consensus estimates provided by Alpha Management as of November 2024, post Q1’FY25 earnings.  Note: Alpha FYE June 30.  (1) Alpha defines ACV as the estimate of the annual value of its portfolio of term license and software maintenance and support, or SMS, contracts, the annual value of SMS  agreements purchased with perpetual licenses and the annual value of standalone SMS agreements purchased with certain legacy term license agreements, which have become an  immaterial part of its business.  FY23A FY24A FY25E FY26E FY27E FY28E FY29E FY30E  Source: Historical financials based on company filings. Alpha Preliminary Management Plan provided by Alpha Management as of December 2024. Street Case projections based on (2) YoY Growth normalized to exclude the effect of a one-time $36M write-off of suspended Russian business.  ACV Margin = (ACV – non-GAAP expenses) / ACV.  Rule of 40 = Revenue Growth + LFCF Margin.  Levered Free Cash Flow ($MM)  Levered Free Cash Flow Margin (%)  FY24A-FY29E CAGR:  Prelim. Mgmt. Plan: 12% Street (FY27E): 9%  -  Mgmt: 36% 38% 39% 38% 55% 54% 52% 51%  FY23A FY24A FY25E FY26E FY27E FY28E FY29E FY30E FY23A FY24A FY25E FY26E FY27E FY28E FY29E FY30E Street: 36% 38% 34% 40% 43% - -  # o  Alpha Preliminary Management Plan vs. Street  ACV ($MM)(1) Revenue ($MM) Non-GAAP Operating Income ($MM)  Legend  Preliminary Management Plan Street Case  FY24A-FY29E CAGR:  Prelim. Mgmt. Plan: 4% Street (FY27E): 7%  8 8 6  Revenue Growth (%)  f Brokers for Consensus:  5  4  3  #  ACV  Gro  wth (  %)(1)  of Brokers for Consensus:  # of Brokers for Consensus:  8  8  6  #  Non-GA  AP O  pera  ting M  argin (%)  6 6 4  of Brokers for Consensus:  -  27%  28%  35%  39%  43%  46%  50%  50%  27%  28%  34%  36%  39%  -  -  % ACV Margin(3):  Mgmt:  Street:  -  35%  36%  35%  42%  39%  43%  44%  44%  35%  36%  34%  37%  39%  -  -  % Margin (ACV-Based):  Mgmt:  Street:  Revenue and profitability metrics are impacted by timing of bookings  FY24A-FY29E CAGR:  Prelim. Mgmt. Plan: 6% Street (FY27E): 12%  FY24A-FY29E CAGR:  Prelim. Mgmt. Plan: 17% Street (FY27E): 12% 
 
 10.0x  0.0x  20.0x  30.0x  40.0x  50.0x  60.0x  70.0x  80.0x  Jan-14  Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 Jul-17 Jan-18 Jul-18 Jan-19 Jul-19 Jan-20 Jul-20 Jan-21 Jul-21 Jan-22 Jul-22 Jan-23 Jul-23  Source: Factset mean consensus estimates as of December 5, 2024.  Technical Software Index includes Aveva, Cadence, Synopsys, Autodesk, PTC, Bentley Systems, Dassault, and Nemetschek. Includes Aveva until 8/23/2022, the last unaffected trading date prior to announcement of a transaction with Schneider.  Excludes Cadence and Synopsys.  Jan-24 Jul-24  Alpha NTM LFCF Multiple Over Time vs. Technical Software Peers  From January 2, 2014 to Current (December 5, 2024)  NTM LFCF Mult. (10-Day Moving Average)  18  Alpha Current: 42.0x  Tech. SW. Index Current(1): 41.2x Tech. SW. Index (Excl. EDA)(2)  Current: 36.4x  10/11/21  12/5/24  % Δ  36.0x  36.1x  0%  51.2x  45.5x  (11%)  40.4x  58.2x  44%  38.2x  29.1x  (24%)  54.5x  42.2x  (23%)  32.9x  29.2x  (11%)  30.9x  48.2x  56%  Average  40.6x  41.2x  1%  Median  38.2x  42.2x  10%  1st Echo Transaction  Announce (October 11, 2021) | Close (May 16, 2022)  Average discount / premium to:  Technical SW. Index: (12%) Avg. discount / premium to: Technical SW. Index: (7%)  Tech. SW. Excl. EDA: (18%) Tech. SW. Excl. EDA: 2%  Alpha Future Trading CY+1 LFCF Range: 27.5x – 40.0x  Implied NTM Mult. Range: 30.2x – 43.9x  Technical Software Index   Average Statistics 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 YTD Current  17.8x 20.9x 24.1x 27.5x 33.5x 32.1x 36.6x 42.8x 31.2x 37.1x 41.7x 41.2x  Tech. SW. Index (Excl. EDA)  19.2x 22.6x 27.2x 29.9x 37.7x 33.2x 37.4x 44.2x 29.8x 35.4x 36.2x 36.4x  Alpha  Alpha NTM Rev. Growth Alpha NTM LFCF Margin  20.5x 18.2x 20.5x 25.5x 29.9x 30.1x 27.0x 32.9x 36.1x 30.8x  11% 7% 2% 2% 7% 3% 10% 1% 11% 9%  45% 42% 40% 36% 41% 46% 45% 41% 36% 35%  36.0x  8%  32%  42.0x  13%  31%  CONFIDENTIAL | DRAFT 
 
 33%  32%  34%  30%  28%  26%  24%  24%  40%  38%  33%  26%  26%  22%  Alpha Street  Alpha Mgmt.  PTC  Autodesk  Cadence  Bentley  Synopsys  Dassault  Nemetschek  Adobe  Palo Alto Networks  Salesforce  Workday  Informatica  SAP  Median: 30%  Median: 28%  28%  46%  44%  47%  44%  42%  36%  36%  30%  49%  40%  34%  33%  31%  30%  Alpha Street  Alpha Mgmt.  Cadence  Synopsys  PTC  Autodesk  Bentley  Dassault  Nemetschek  Adobe  Salesforce  Informatica  Palo Alto  Networks  Workday  SAP  Median: 34%  Median: 37%  37%  30%  36%  29%  27%  26%  25%  24%  23%  40%  35%  32%  27%  23%  15%  Alpha Street  Alpha Mgmt.  PTC  Cadence  Autodesk  Nemetschek  Synopsys  Bentley  Dassault  Adobe  Palo Alto  Networks  Salesforce  Informatica  Workday  SAP  Median: 30%  Median: 26%  10%  7%  16%  14%  14%  13%  13%  11%  6%  15%  13%  11%  10%  9%  7%  Alpha Street Alpha Mgmt.  Synopsys  PTC  Cadence  Autodesk  Bentley  Dassault  Palo Alto Networks  Workday  Adobe  SAP  Salesforce  Informatica  Median: 10%  Median: 13%  CY25E Operating Statistics of Selected Companies  Source: Factset mean consensus estimates as of December 5, 2024.  Nemetschek CY25E growth PF for the acquisition of GoCanvas.  Rule of 40 calculated as revenue growth + LFCF margin.  Legend  Selected Engineering Software Selected Profitable Software  CY25E  Rev ($MM)  $1,249  $1,230  $7,067  $2,629  $1,207  $5,243  $6,908  $1,502  $7,073  $9,799  $9,524  $23,786  $40,108  $41,282  $1,785  Revenue Growth  NTM UFCF Margin  LFCF Margin  44%  40%  48%  42%  41%  38%  41%  30%  37%  51%  52%  42%  39%  33%  31%  Nemetschek (1)  19  FY25 ACV Guidance: ~9% Growth  EBITDA Margin  CY25E Rule of 40(2)  CONFIDENTIAL | DRAFT  Terminal FY2030E: 31%  40%  Terminal FY2030E:  13% 
 
 39.5x  39.9x  57.3x  46.9x  46.8x  41.9x  37.0x  30.5x  28.6x  51.2x  40.6x  32.1x  26.8x  26.2x  19.9x  1D Prior to Echo Prop.  Echo Proposal @ $240  Cadence  Bentley  Synopsys  Nemetschek  Autodesk  Dassault  PTC  SAP  Palo Alto Networks  Workday  Salesforce  Adobe  Informatica  Median: 29.5x  Median: 41.9x  36.4x  36.8x  57.7x  45.4x  43.3x  36.5x  32.9x  29.2x  27.5x  37.7x  37.1x  29.7x  26.1x  25.2x  19.1x  1D Prior to  Echo Prop.  Echo Proposal  @ $240  Cadence  Synopsys  Nemetschek  Bentley  Autodesk  Dassault  PTC  Palo Alto  Networks  SAP  Workday  Salesforce  Adobe  Informatica  Median: 27.9x  Median: 36.5x  26.1x  26.4x  35.3x  34.8x  30.2x  26.2x  25.3x  23.6x  18.9x  41.6x  25.5x  23.6x  21.3x  20.7x  15.4x  1D Prior to  Echo Prop.  Echo Proposal  @ $240  Nemetschek  Cadence  Bentley  Autodesk  Synopsys  PTC  Dassault  Palo Alto  Networks  SAP  Workday  Salesforce  Adobe  Informatica  Median: 22.4x  Median: 26.2x  12.0x  12.2x  16.3x  11.0x  11.0x  10.6x  9.9x  9.8x  6.8x  13.6x  10.2x  8.5x  7.7x  7.3x  5.3x  1D Prior to Echo Prop.  Echo Proposal @ $240  Cadence  Synopsys  Bentley  Nemetschek  PTC  Autodesk  Dassault  Palo Alto Networks  Adobe  Salesforce  SAP  Workday  Informatica  Median: 8.1x  Median: 10.6x  CY25E Operating Statistics of Selected Companies  Source: Factset mean consensus estimates as of December 5, 2024.  Legend  Selected Engineering Software Selected Profitable Software  Revenue Multiple  NTM UFCF Multiple  LFCF Multiple  20  EBITDA Multiple  EV ($Bn)  CONFIDENTIAL | DRAFT  $15.0  $15.2  $85.4  $77.9  $16.5  $12.8  $26.0  $67.7  $47.9  $133.2  $242.0  $351.1  $308.8  $69.5  $9.4  Illustrative FT LFCF Mult. Range: 27.5x-40.0x  Illustrative DCF Terminal Mult. Range: 20.0x-30.0x 
 
 1.17x  1.18x  1.23x  1.09x  1.01x  0.78x  0.76x  0.71x  0.70x  0.96x  0.93x  0.93x  0.78x  0.75x  0.56x  1D Prior to  Echo Proposal  Cadence  Dassault  Bentley Neme  tschek (1) Autodesk  Synopsys  PTC  Salesforce  Palo Alto  Adobe  SAP  Informatica  Workday  Echo Prop.  @ $240  Networks  Median: 0.86x  Median: 0.78x  0.27x  0.28x  0.39x  0.29x  0.28x  0.27x  0.23x  0.23x  0.21x  0.26x  0.25x  0.20x  0.20x  0.19x  0.16x  Median: 0.20x  Median: 0.27x  2.08x  2.10x  3.79x  3.73x  3.67x  2.47x  2.27x  1.99x  1.83x  2.24x  1.92x  1.33x  1.32x  1.27x  1.25x  1D Prior to Echo Prop.  Echo Proposal @ $240  Autodesk  Dassault  Bentley  Cadence  Nemetschek  Synopsys  PTC  Salesforce  Palo Alto Networks  Adobe  Workday  SAP  Informatica  Median: 1.33x  Median: 2.47x  CY25E Trading Statistics of Selected Companies  Source: Factset mean consensus estimates as of December 5, 2024.  Nemetschek CY25E growth PF for the acquisition of GoCanvas.  CY25E-CY26E growth shown due to one-time CY24E LFCF impacts. Cadence LFCF growth based on Piper Sandler estimates. Synopsys LFCF growth based on Loop Capital Estimates.  EV / Rev.  12.0x  12.2x  16.3x  6.8x  11.0x  10.6x  9.8x  11.0x  9.9x  8.5x  13.6x  10.2x  7.7x  5.3x  7.3x  Growth Adjusted LFCF Multiple  Growth Adjusted Revenue Multiple  Ro40 Adjusted Revenue Multiple  1D Prior to  Echo Proposal  Cadence  Bentley  Nemetschek (1) Synopsys  Autodesk  Dassault  PTC  Palo Alto  SAP  Salesforce  Adobe  Workday  Informatica  Echo Prop.  @ $240  Networks  Legend  Selected Engineering Software Selected Profitable Software  CONFIDENTIAL | DRAFT  CY24-26E 17%  LFCF CAGR  17%  (2)  9%  8%  10%  (2)  23%  (2)  19%  (2)  23%  15%  12%  20%  19%  22%  (2)  29%  15%  21 
 
 CONFIDENTIAL | DRAFT  $1,146  9%  $1,249  9%  9%  $1,308  5%  $1,423  9%  8%  $426  33%  $478  34%  16%  37%  42%  $1,221  13%  $1,370  12%  12%  $1,356  10%  $1,571  16%  12%  $480  35%  $543  35%  21%  46%  50%  ($MM, except per-share amounts)  Alpha Street (1)  Alpha Preliminary Management Plan (2)  1-Year 2-Year  CY26E CY27E  '24E-'27E CAGR  1-Year 2-Year  CY26E CY27E  '24E-'27E CAGR  ACV:  % Growth:  Revenue:  % Growth:  Free Cash Flow:  % Margin:  Rule of 40 (3):  High: Mid: Low:  40.0x  33.75x  27.5x  $265  $224  $182  $296  $250  $204  $298  $252  $205  $335  $283  $231  High: Mid: Low:  40.0x  33.75x  27.5x  12.6x  10.6x  8.5x  12.8x  10.7x  8.6x  13.8x  11.5x  9.3x  13.2x  11.0x  8.9x  High: Mid: Low:  40.0x  33.75x  27.5x  27.5x  23.1x  18.6x  26.9x  22.5x  18.0x  29.0x  24.3x  19.7x  25.2x  21.1x  17.0x  Present Value per Share (10.25% Cost of Equity)  Implied Future Share Price  Implied CY+1 Rev. Mults  Implied CY+1 EBITDA Mults  $165.50  $167.55  $186.27  $190.12  $240.19  $243.18  $270.35  $276.00  $202.86  $205.37  $228.31  $233.06  Illustrative LFCF-Based Present Value of Future Share Price  Present Value of Future Alpha Share Price Based on a Range of LFCF Multiples  27.5x  40.0x  CY+1 LFCF Mult:  Note: Assumes illustrative 10.25% cost of equity and 0.5% dilution per year due to employee equity issuances.  Alpha Street projections based on mean consensus estimates of Wall Street Analyst reports as provided by Alpha Management as of November 2024, post Q1'FY25 earnings. FQ1-FQ2'FY28E projections extrapolated due to lack of broker estimates.  Alpha Preliminary Management Plan provided by Alpha Management as of December 2024.  (3) Rule of 40 = Revenue Growth + LFCF Margin.  33.75x  Echo Proposal (11/5/24):  $240.00  22 
 
 Summary of Alpha Unlevered Free Cash Flow Projections  CONFIDENTIAL | DRAFT  23  Alpha Preliminary Management Plan provided by Alpha Management as of December 2024.  ACV Margin = (ACV – non-GAAP expenses) / ACV.  Long-term steady state taxes per Alpha Management assumed in FY2030 (assumes no DTL-related taxes, remaining DTLs of $274M in FY29E valued separately).  ($MM, except per share amounts)   Alpha Preliminary Management Plan (1) '25E-  Terminal '30E  Q2-Q4'FY25E  FY26E  FY27E  FY28E  FY29E  FY30E  CAGR  ACV  $1,035  $1,156  $1,299  $1,469  $1,669  $1,898  13%  % Growth  11%  12%  12%  13%  14%  14%  Revenue  $1,020  $1,217  $1,472  $1,713  $1,974  $2,241  13%  % Growth  -  (1%)  21%  16%  15%  13%  Non-GAAP Operating Income  $513  $510  $726  $926  $1,147  $1,301  ACV Non-GAAP Operating Margin (2)  -  39%  43%  46%  50%  50%  % Margin (Revenue-Based)  50%  42%  49%  54%  58%  58%  Less: Cash Taxes (3)  (91)  (120)  (153)  (179)  (223)  (192)  Net Operating Profit After Taxes  $423  $390  $573  $747  $924  $1,109  % Margin (ACV-Based)  -  34%  44%  51%  55%  58%  % Margin (Revenue-Based)  41%  32%  39%  44%  47%  50%  Less: Capital Expenditures & Cap. SW Costs  (13)  (16)  (15)  (15)  (15)  (15)  Plus: Depreciation  6  10  13  17  19  19  Less: Change in NWC  (93)  45  (119)  (164)  (257)  (287)  Plus: Interest Income from LT Rev. Contracts (ASC 606)  46  53  50  54  64  64  Unlevered Free Cash Flow  $367  $481  $502  $639  $736  $891  % Margin (ACV-Based)  -  42%  39%  44%  44%  47%  % Margin (Revenue-Based)  36%  40%  34%  37%  37%  40%  Cumulative Dilution  -  0.5%  1.0%  1.5%  2.0%  - 
 
 Illustrative Alpha Discounted Cash Flow Analysis  CONFIDENTIAL | DRAFT  Note: Assumes mid-period discounting convention.  Alpha Preliminary Management Plan provided by Alpha Management as of December 2024.  Alpha common shares outstanding as of October 30, 2024 per Alpha 10-Q for the period ended September 30, 2024. RSUs, PSUs, and options as of November 22, 2024 per Alpha Management. Fully-diluted shares calculated using treasury stock method. Alpha balance sheet statistics per Alpha 10-Q for the period ended September 30, 2024.  Cash adjusted for $49M acquisition of Ocean Grid, including $9M cash holdback expected to be paid in FY26.  Summary of Discounted Cash Flow Assumptions  − Unlevered free cash flow projections and terminal value discounted to September 30, 2024 using mid-period convention  − Excludes the impact of stock-based compensation, amortization of intangibles, non-recurring expenses, and other non-cash items in unlevered free cash flow  − Weighted average cost of capital range of 9.5% to 11.25%  − Terminal value based on NTM UFCF multiple range of 20.0x to 30.0x and terminal year (FY30E) UFCF of $891MM  − Assumes current shareholders incur ~2% cumulative dilution through issuance of equity awards over the projected period, per Alpha Management  Implied Perpetuity Growth Rate  4.3%  5.3%  6.0%  5.1%  6.2%  6.9%  6.0%  7.0%  7.7%  PV of Unlevered FCFs Adj. for Dilution (Q2-Q4'FY25E - FY29E) (1)  $2,147  $2,147  $2,147  $2,106  $2,106  $2,106  $2,066  $2,066  $2,066  PV of Terminal Value Adj. for Dilution (FY30E & Beyond) (1)  11,347  14,184  17,021  10,926  13,658  16,389  10,524  13,155  15,786  % of Enterprise Value in Terminal Value  84%  87%  89%  84%  87%  89%  84%  86%  88%  Implied Enterprise Value  $13,494  $16,331  $19,167  $13,032  $15,764  $18,495  $12,590  $15,221  $17,852  Less: Debt (2)  (7)  (7)  (7)  (7)  (7)  (7)  (7)  (7)  (7)  Plus: Cash (2)(3)  172  172  172  172  172  172  172  172  172  Less: PV of DTLs (FY30E & Beyond) (1)  (149)  (149)  (149)  (142)  (142)  (142)  (135)  (135)  (135)  Implied Equity Value  $13,511  $16,347  $19,184  $13,056  $15,788  $18,519  $12,621  $15,252  $17,883  Implied Price Per Share  $211.19  $255.23  $299.26  $204.13  $246.54  $288.94  $197.37  $238.23  $279.07  ($MM, except per share amounts)  Illustrative Present Value as of September 30, 2024  Discount Rate:  9.5%  10.375%  11.25%  Terminal NTM UFCF Multiple:  20.0x  25.0x  30.0x  20.0x  25.0x  30.0x  20.0x  25.0x  30.0x  24 
 
 CONFIDENTIAL | DRAFT  Selected Transaction Statistics  Selected Public Software Transactions Above $1 Billion Since 2011 with Revenue Growth Between ~0% and 20% and LFCF Margin > ~20%(1)  ($MM)  noted as dashes. Source: Capital IQ, FactSet, company filings, company press releases and Wall Street research.  (1)  (2)  (3)  Includes Altair, Altium, Mentor Graphics, and Medidata transactions.  NTM statistics based on mean analyst consensus estimates for the next twelve-month period as of transaction announcement.  Unaffected premium indicates premium based on day prior to rumors of a potential transaction, or premium based on day prior to transaction announcement if no substantial  rumors existed.  Note: Selected Transactions sorted by announce date. Multiples greater than 80.0x, Adj. Rev. Mult.s greater than 4.0x, and Adj. LFCF Mults. greater than 7.0x, or negative mults (4)  (5)  (6)  (7)  Rule of 40 = Revenue growth + LFCF Margin.  Levered free cash flow based on cash flow from operations less capital expenditures and capitalized software. AVEVA statistics reflect 2022 buy-out of its minority shareholders by Schneider Electric.  Echo estimated the value of its contribution for a 55% stake in Alpha at $8.5Bn / $160 per share ($6Bn in cash + software assets they valued at an estimated $2.5Bn).  Implied $180/share includes synergies.  Legend  *  Transaction Consideration Included Stock  Recent Technical SW Transactions  25   NTM Transaction Multiples (2) Unaffected Premium (3) NTM Operating Statistics   Annc.  FD Equity FD Enterprise  Gr. Adj.  Ro40 Adj.  LFCF Gr.  LTM  Revenue  EBITDA LFCF   Rule of  Date  Target  Acquiror  Value Value  Revenue  Revenue  Revenue (4)  EBITDA  LFCF(5) Adj. LFCF(5)  1-Day  High  Growth  Margin Growth Margin  40 (4)(5)  Mean of Recent Technical SW Transactions:  13.2x  1.14x  0.36x  41.6x  55.1x  4.00x  32%  8%  14%  33%  10%  25%  38%  Oct-21 Alpha / Echo @ $160 (7)  $10,878  $10,794  15.0x  –  0.37x  28.0x  38.7x  –  27%  1%  2%  53%  1%  39%  41%  Oct-21 Alpha / Echo @ $180 (with synergies) (7)  $12,255  $12,171  16.9  –  0.42  31.6  43.6  –  43%  13%  2%  53%  1%  39%  41%  Echo Proposal @ $240:  $15,366  $15,200  12.3x  0.92x  0.28x  26.5x  40.4x  1.86x  1%  (0%)  13%  46%  22%  31%  44%  10/31/24  Altair Engineering (1)  Siemens  $10,595  $10,100  14.6x  1.94x  0.54x  64.4x  77.6x  –  19%  13%  8%  23%  8%  20%  27%  09/24/24  Smartsheet  Blackstone & Vista Equity  8,351  7,645  6.4  0.42  0.17  35.0  31.1  0.54  25%  16%  15%  18%  58%  22%  37%  09/09/24  Squarespace  Permira  7,013  7,237  5.6  0.32  0.14  22.9  23.2  0.99  22%  22%  17%  24%  24%  23%  41%  07/25/24  Instructure  KKR  3,631  4,721  6.9  1.14  0.21  16.9  20.1  0.85  16%  (17%)  6%  41%  24%  26%  33%  06/07/24  PowerSchool  Bain Capital  4,894  5,838  7.2  0.61  0.22  21.0  28.2  0.36  37%  (9%)  12%  34%  78%  21%  33%  02/15/24  Altium (1)  Renesas  5,919  5,718  16.2  0.66  0.31  43.9  60.6  –  34%  31%  25%  37%  -  28%  52%  01/16/24  Ansys *  Synopsys  34,634  34,841  14.5  1.26  0.35  33.5  48.8  4.00  29%  12%  12%  43%  12%  29%  41%  09/21/23  Splunk  Cisco  28,133  29,552  7.1  0.80  0.22  30.9  29.3  1.51  31%  26%  9%  23%  19%  23%  32%  12/12/22  Coupa  Thoma Bravo  6,675  8,003  8.4  0.54  0.25  37.5  39.3  –  77%  (61%)  16%  23%  -  18%  34%  09/21/22  AVEVA (6)  Schneider Electric  11,461  11,934  7.5  0.72  0.23  24.7  33.4  –  47%  (24%)  10%  30%  -  22%  32%  05/26/22  VMware *  Broadcom  61,083  70,200  5.1  0.85  0.16  15.1  16.6  –  44%  (17%)  6%  34%  -  27%  33%  05/04/22  Black Knight *  Intercontinental Exchange  13,259  15,873  9.7  1.22  0.26  19.7  28.2  0.79  43%  2%  8%  49%  36%  29%  37%  01/31/22  Citrix  Evergreen Coast & Vista  13,633  16,519  5.1  1.84  0.19  16.0  17.9  0.50  30%  (28%)  3%  32%  36%  23%  26%  12/20/21  Cerner  Oracle  28,305  28,938  4.8  0.86  0.19  14.1  23.9  –  20%  14%  6%  34%  2%  20%  25%  12/07/21  Mimecast  Permira  5,822  5,538  8.8  0.63  0.24  32.1  40.6  1.39  16%  13%  14%  27%  29%  23%  37%  11/07/21  McAfee  Investor Group  11,958  14,472  7.4  0.60  0.14  17.0  14.5  –  23%  (17%)  12%  44%  -  42%  55%  08/19/21  Inovalon * (7)  Nordic Capital  6,415  7,209  8.8  0.63  0.27  25.0  41.5  –  25%  20%  14%  35%  -  19%  33%  08/05/21  Cornerstone OnDemand  Clearlake  4,127  5,238  5.9  0.80  0.18  18.8  18.4  1.32  31%  4%  7%  31%  14%  25%  33%  12/21/20  RealPage  Thoma Bravo  9,101  10,186  8.2  0.69  0.26  28.9  37.8  –  31%  28%  12%  28%  -  19%  31%  12/17/19  LogMeIn  Francisco Partners  4,337  4,418  3.4  0.87  0.12  10.7  14.0  –  25%  (11%)  4%  32%  -  24%  28%  06/12/19  Medidata  Dassault Systèmes  5,897  5,785  7.5  0.44  0.32  31.0  –  –  17%  4%  17%  24%  13%  6%  23%  10/28/18  Red Hat (1)  IBM  34,630  33,622  9.3  0.56  0.21  33.8  33.8  3.28  63%  8%  17%  27%  10%  28%  45%  03/06/18  CommerceHub  GTCR & Sycamore  1,069  1,049  8.6  0.87  0.20  20.5  26.8  2.21  25%  (4%)  10%  42%  12%  33%  43%  12/14/16  Neustar  Golden Gate Capital  1,997  2,882  2.3  0.25  0.06  5.0  5.9  0.21  45%  21%  9%  45%  28%  27%  36%  11/14/16  Mentor Graphics  Siemens  4,529  4,521  3.7  0.32  0.19  15.7  –  –  21%  21%  11%  23%  -  8%  19%  09/19/16  Infoblox (1)  Vista  1,611  1,353  3.7  1.16  0.16  19.4  21.9  0.86  72%  (5%)  3%  19%  25%  20%  23%  07/07/16  AVG  Avast  1,341  1,452  3.2  1.00  0.13  9.0  13.2  0.53  34%  (13%)  3%  36%  25%  23%  26%  06/15/15  DealerTrack  Cox Automotive  3,997  4,617  4.1  0.21  0.11  19.4  20.0  –  59%  27%  20%  21%  -  18%  37%  04/07/15  Informatica  Permira & CPP  5,295  4,874  4.3  0.54  0.15  18.1  22.1  1.72  27%  17%  8%  24%  13%  21%  29%  02/02/15  Advent Software  SS&C Technologies  2,501  2,683  6.4  1.14  0.21  18.0  24.1  –  44%  26%  6%  36%  -  25%  30%  12/15/14  Riverbed Technology  Thoma Bravo  3,543  3,580  3.2  1.17  0.14  11.5  15.5  0.86  39%  (6%)  3%  28%  18%  20%  23%  05/06/13  BMC  Investor Group  7,032  7,136  3.1  0.63  0.09  7.9  10.6  –  14%  (18%)  5%  39%  -  29%  34%  07/02/12  Quest Software  Dell  2,529  2,386  2.5  0.34  0.09  10.9  12.8  0.35  44%  1%  7%  23%  37%  21%  28%  07/01/11  Blackboard  Providence Equity  1,638  1,750  3.2  0.19  0.09  12.6  16.2  0.66  21%  5%  17%  25%  24%  18%  35%  Median:  6.4x  0.68x  0.19x  19.4x  23.6x  0.86x  30%  5%  9%  31%  24%  23%  33%  Mean:  6.7  0.77  0.20  22.4  27.1  1.21  34%  3%  10%  31%  25%  23%  33% 
 
 Illustrative Valuation Framework Summary  Broker Price Targets  Last Twelve Months Trading  5 Brokers  (Post Q1'FY25 Earnings)  LTM High Date: 10/30/24  LTM Low Date: 11/9/23  N/A  N/A  $240.00  Valuation Analysis  Illustrative Discounted Cash Flow Analysis (1)  Illustrative Present Value of Future Share Price (1)(2)  Illustrative Selected Transaction Analysis (1)  Fully-Diluted Equity Value / LFCF Multiples  Fully-Diluted Equity Value / LFCF Multiples  WACC Range: 9.5% - 11.25%  Reference Range  Terminal NTM UFCF Mult. Range: 20.0x - 30.0x  Cost of Equity: 10.25%  CY+1 Mult. Range:  27.5x - 40.0x  (Applied to CY27E Stats)  NTM Multiple Range (25th and 75th Percentile of Selected Pub.  SW. Transactions):  16.5x - 33.5x  NTM Multiple Range (Selected Technical Software Transactions): 33.0x - 50.0x  Implied Perpetuity Growth Rate:  4.3% - 7.7%  Financial Case  Alpha Prelim. Management Plan (5)  Alpha Street (3)  Alpha Prelim. Management Plan (5)  Alpha Street (3)  $299.26  $296.96  $276.00  $243.18  Implied Alpha Price Per  $199.29  Share  $197.37  $190.12  $196.47  $167.55  $98.42  $163.41  $260.00  $240.83  Echo Proposal (11/5/24):  $240.00  CONFIDENTIAL | DRAFT  26  Source: FactSet and company filings as of December 5, 2024.  PSUs, and options as of November 22, 2024 per Alpha Management. Fully-diluted shares calculated using treasury stock  method. Alpha balance sheet statistics per Alpha 10-Q for the period ended September 30, 2024.  (3) Alpha Street projections based on Wall Street Analyst reports mean consensus estimates provided by Alpha Management as of  (1) Assumes illustrative 10.25% cost of equity and 0.5% dilution per year due to employee equity issuances. November 2024, post Q1’FY25 earnings. CY27E Street Projections based on Q3-Q4’FY27E mean consensus estimates per Wall  (2) Alpha common shares outstanding as of October 30, 2024 per Alpha 10-Q for the period ended September 30, 2024. RSUs, Street Analyst reports and extrapolated projections for Q1-Q2’FY28E.  Price implied based on price 1-day prior to proposal (11/4/24) of $237.59.  Alpha Preliminary Management Plan provided by Alpha Management as of December 2024. 
 
 Appendix  Cost of Capital 
 
 Illustrative Alpha Cost of Capital Calculation (1/2)  ($MM, except per share information)   Illustrative Cost of Capital Analysis    Betas   Current FD Historical(1) Predicted(2)  Stock  Price  Equity  Value  Debt  Equity / Debt  Tax Rate  Levered  Beta  Unlevered  Beta  Levered  Beta  Unlevered  Beta  Alpha (1-Day Prior to Prop.) (3)(4)  $237.59  $15,211  $7  100% / 0%  20%  0.73  0.72  0.81  0.81  Selected Companies  Salesforce  $361.38  $357,117  $9,297  97% / 3%  22%  1.22  1.19  1.09  1.06  SAP  255.54  320,092  7,755  98% / 2%  21%  1.12  1.10  0.70  0.69  Adobe  538.22  241,338  5,650  98% / 2%  17%  1.14  1.12  1.03  1.01  Palo Alto Networks  403.03  140,064  541  100% / 0%  22%  1.24  1.24  0.94  0.94  Cadence  303.79  85,482  2,850  97% / 3%  17%  1.16  1.13  0.91  0.89  Synopsys  515.29  81,948  16  100% / 0%  21%  1.21  1.21  0.87  0.87  Workday  262.70  73,651  3,000  96% / 4%  19%  1.27  1.23  1.11  1.07  Autodesk  305.17  67,408  2,303  97% / 3%  19%  1.27  1.23  0.95  0.92  Dassault  35.83  48,911  2,856  94% / 6%  20%  0.84  0.80  1.14  1.09  PTC  200.86  24,544  1,753  93% / 7%  24%  1.24  1.18  0.85  0.80  Bentley  49.56  15,141  1,431  91% / 9%  21%  1.28  1.19  0.99  0.92  Nemetschek  106.79  12,335  671  95% / 5%  19%  1.51  1.45  1.10  1.05  Informatica  27.10  8,842  1,828  83% / 17%  24%  1.45  1.25  1.10  0.95  Median  97% / 3%  1.24  1.19  0.99  0.94  Mean  95% / 5%  1.23  1.18  0.98  0.94  Sources: FactSet, Bloomberg, Barra.  Note: Prices as of December 5, 2024. Debt includes currently outstanding face value of 'in-the-money' convertible debt and excludes minority interests.  Based on Bloomberg, 5-year weekly betas as of November 29, 2024.  Based on Barra betas as of November 29, 2024.  Alpha balance sheet statistics per Alpha 10-Q for the period ended September 30, 2024.  Cash adjusted for $49M acquisition of Ocean Grid, including $9M cash holdback expected to be paid in FY26.  Alpha historical beta represents 2-year weekly, capturing trading history post close of initial Echo transaction in October 2022.  Alpha (4)  0.49  0.54  Overall Median  0.39  0.31  Illust Unlevered Beta  0.88  0.85   Overall Betas   Historical Predicted Unlevered Unlevered Beta Beta  Alpha (4) Overall Median  0.72  1.19  0.81  0.94  Illustrative Unlevered Beta Calculation  28  CONFIDENTIAL | DRAFT 
 
 Illustrative Alpha Cost of Capital Calculation (2/2)  29  Market Assumptions  Risk Free Rate(1) Market Risk Premium(2) Size Premium(3)  Historical Predicted  4.5%  6.2% - 7.2%  0.5%  0.0%  Cost of Capital Calculation - Equity Market Risk Premium / Unlevered Predicted Beta Sensitivity   Cost of Equity   WACC(4)  Unlevered  Levered  Equity Market Risk Prem.:  6.2% 6.7% 7.2%  6.2%  6.7%  7.2%  Beta (5)  Beta  Debt as % of Cap.:  - - -  0%  0%  0%  CONFIDENTIAL | DRAFT  Cost of Capital Calculation - Equity Market Risk Premium / Unlevered Historical Beta Sensitivity  Unlevered Beta (6)  Levered  Beta  Equity Market Risk Prem.:  Debt as % of Cap.:   Cost of Equity   6.2% 6.7% 7.2%  - - -  WACC(4)  6.2%  0%  6.7%  0%  7.2%  0%  0.85  0.85 <--- Overall Blended  9.8%  10.2%  10.6%  9.7%  10.2%  10.6%  0.81  0.81 <--- Standalone  9.5%  9.9%  10.3%  9.5%  9.9%  10.3%  0.88  0.88 <--- Overall Blended  10.4%  10.8%  11.2%  10.4%  10.8%  11.2%  0.72  0.73 <--- Standalone  9.4%  9.8%  10.1%  9.4%  9.8%  10.1%  Note: Unlevered Betas based on median of peer group.  Based on 20-Year U.S. Interpolated Treasury Yield as of December 4, 2024. Source: FactSet.   Long-horizon expected equity risk premium (historical) and Long-horizon expected equity risk premium (supply-side) based on Duff & Phelps Cost of Capital Navigator (2024).  Size premium based on Duff & Phelps Cost of Capital Navigator (2024).  WACC equals (Rd*(1 - t)*D / Net Capital) + Re*E / Net Capital. Net Capital equals D + E  Re equals Rf + βlevered*(Rm - Rf) + Sp.  Based on Barra betas as of November 29, 2024.  Based on Bloomberg, 5-year weekly betas as of November 29, 2024. 
 
 Appendix  Supplementary Information 
 
  NTM Multiples    NTM Op Stats (1)   Announce Date  Precedent Transaction  Rev. Growth  10/31/24   Revenue EBITDA LFCF   14.6x 64.4x 77.6x  8%  EBITDA LFCF   Margin Growth Margin  23% 8% 20%  03/05/24  13.8x  –  –  –  –  –  –  02/15/24  16.2x  43.9x  60.6x  25%  37%  NM  28%  01/16/24  14.5x  33.5x  48.8x  12%  43%  12%  29%  10/12/21  15.0x  28.0x  38.7x  2%  53%  1%  39%  Average:  14.8x  42.5x  56.4x  11%  39%  7%  29%  Alpha @ $240 Echo Proposal (2) 12.3x 26.5x 40.4x  13%  46% 22% 31%  NTM ACV Growth: 9%  Precedent Technical Software Transactions  Note: Multiples greater than 80.0x or negative excluded.  NTM revenue based on mean analyst consensus estimates for the next 12-month period as of transaction announcement.  Alpha projections based on Wall Street Analyst reports mean consensus estimates provided by Alpha Management as of November 2024, post Q1’FY25 earnings. Alpha common shares outstanding as of October 30, 2024 per Alpha 10-Q for the period ended September 30, 2024. RSUs, PSUs, and options as of November 22, 2024 per Alpha Management. Fully-diluted shares calculated using treasury stock method. Alpha balance sheet statistics per Alpha 10-Q for the period ended September 30, 2024. Cash adjusted for $49M acquisition of Ocean Grid, including $9M cash holdback expected to be paid in FY26.  31  Alpha (@ $160)  Echo  CONFIDENTIAL | DRAFT 
 
 CONFIDENTIAL | DRAFT  81%  59%  50%  50%  47%  47%  45%  44%  42%  38%  36%  34%  29%  16%  15%  14%  11%  Pivotal  Akcea  Myovant  EMC Insurance  Aveva (1)  SciPlay  AVX  National Interstate  Speedway Motorsports  CNA Surety  Independence  Foundation Medicine  R1 RCM (2)  Starz  International Speedway  Santander Sauer-Danfoss Consumer USA  Unaffected 1-Day Premia of Minority Squeeze Outs by Strategics  Target:  Source: FactSet, Dealpoint, public company filings, and Dealogic.  No 13E-3 filed in relation to this take-private transaction due to non-US target and acquirer.  Sponsor-led deal with strategic participation.  Reflects Echo Proposal of $240.00 per share received on November 5, 2024.  VMWare  Ionis  Sumitomo  Employers Mutual  Schneider  Light & Wonder  Kyocera  AFG  Sonic Financial  CNA Financial  Geneve  Roche  CD&R  TowerBrook  Lions Gate  NASCAR  Banco Santander  Danfoss  Aug-19  Aug-20  Oct-22  Nov-19  Sep-22  May-23  Nov-19  Mar-16  Nov-18  Apr-11  Aug-21  Jun-18  Aug-24  Jun-16  Nov-18  Jul-21  Nov-12  Acquiror:  Annc. Date:  Txn. Size ($Bn):  Acq. Own. %:  Acq. Voting %: Bump from initial  bid %:  $2.1  $0.4  $1.3  $0.4  $11.9  $0.5  $1.0  $0.3  $0.8  $0.5  $0.3  $2.2  $6.5  $4.3  $1.2  $2.5  $0.7  63%  76%  52%  54%  59%  83%  72%  51%  72%  61%  63%  57%  29%  16%  84%  80%  76%  94%  76%  52%  54%  60%  98%  72%  51%  72%  61%  62%  57%  29%  63%  75%  80%  76%  9%  13%  19%  20%  4%  15%  12%  8%  10%  21%  14%  3%  4%  2%  7%  6%  19%  Median: 42%  Selected Transactions >$100M Since October 2003  (48%)  (19%)  38%  16%  (24%)  29%  16%  10%  (5%)  36%  19%  28%  (22%)  (23%)  (5%)  (7%)  5%  Premium to LTM High:  Median: 7%  Echo Proposal Premium to LTM High: (0%)  Echo Proposal Premium to Echo-cited Unaffected(3): 35%  32 
 
 5.0x  CONFIDENTIAL | DRAFT  10.0x  15.0x  20.0x  25.0x  30.0x  Jan-16  Jul-16 Jan-17 Jul-17 Jan-18 Jul-18 Jan-19 Jul-19 Jan-20 Jul-20 Jan-21 Jul-21  Source: Market data from FactSet as of December 5, 2024.  Note: Prior to deal announce average statistics includes period from October 22, 2018 to October 11, 2021. Post deal close average statistics includes period from May 17, 2022 to November 18, 2024.  Jan-22  Jul-22  Jan-23  Jul-23  Jan-24  Jul-24  Alpha Deal Announce to Close     Echo NTM EBITDA Multiples Over Time vs. Peers  From January 1, 2016 to Current (December 5, 2024)  Multiple Uplift Driven By Revised  Earnings Following Climate Tech  Divestiture to Blackstone   Average Statistics   Deal  Deal  2018  2019  2020  2021  2022  2023 2024 YTD  Current  Annc.  Close  Echo EBITDA Mult.  12.1x  11.5x  12.8x  14.4x  13.4x  14.9x  15.7x  16.7x  12.7x  15.0x  Echo EBITDA Margin  22%  21%  21%  23%  25%  26%  27%  28%  21%  26%  Honeywell EBITDA Mult.  12.8x  13.9x  15.2x  18.3x  15.5x  14.8x  14.6x  16.0x  -  -  Honeywell EBITDA Margin  22%  24%  24%  25%  25%  26%  26%  26%  -  -  Rockwell EBITDA Mult.  14.0x  13.7x  20.2x  23.1x  18.3x  18.5x  18.7x  22.7x  -  -  Rockwell EBITDA Margin  23%  23%  20%  21%  22%  22%  21%  20%  -  -  Echo: 16.7x  Honeywell:  16.0x  Rockwell: 22.7x  33 
 
 Statistics of Selected Companies  Source: FactSet as of December 5, 2024. Alpha common shares outstanding as of October 30, 2024 per Alpha 10-Q for the period ended September 30, 2024. RSUs, PSUs, and options as of November 22, 2024 per Alpha Management. Fully-diluted shares calculated using treasury stock method. Alpha balance sheet statistics per Alpha 10-Q for the period ended September 30, 2024. Cash adjusted for $49M acquisition of Ocean Grid, including $9M cash holdback expected to be paid in FY26.  Note: Multiples greater than 75x or negative noted as dashes.  34  Selected Engineering Software  Cadence (Dec.)  $303.79  $85,482  $85,442  16.3x  14.7x  34.8x  30.3x  57.3x  57.7x  46.1x  1.23x  1.40x  0.39x  0.35x  2.47x  1.98x  $5,243  $5,796  13%  11%  47%  49%  29%  28%  32%  41%  43%  Synopsys (Oct.)  515.29  81,948  77,946  11.0  9.9  25.3  22.6  46.8  45.4  35.0  0.71  0.86  0.27  0.24  1.99  1.53  7,067  7,880  16%  11%  44%  44%  25%  26%  30%  41%  41%  Autodesk (Jan.)  305.17  67,408  67,735  9.8  8.8  26.2  23.1  37.0  32.9  28.8  0.76  0.75  0.23  0.21  3.79  3.32  6,908  7,721  13%  12%  37%  38%  27%  30%  30%  42%  42%  Dassault (Dec.)  35.83  48,911  47,914  6.8  6.3  18.9  17.5  30.5  29.2  26.6  1.09  0.83  0.23  0.20  3.73  3.40  7,073  7,611  6%  8%  36%  36%  23%  24%  24%  30%  32%  PTC (Sep.)  200.86  24,544  26,031  9.9  8.9  23.6  20.6  28.6  27.5  24.1  0.70  0.79  0.21  0.19  1.83  1.60  2,629  2,924  14%  11%  42%  43%  36%  34%  35%  48%  46%  Bentley (Dec.)  49.56  15,141  16,475  11.0  9.9  30.2  27.1  46.9  36.5  33.3  1.01  0.94  0.29  0.26  3.67  3.34  1,502  1,661  11%  11%  36%  37%  24%  28%  27%  38%  38%  Nemetschek (Dec.)  106.79  12,335  12,766  10.6  9.2  35.3  28.8  41.9  43.3  36.3  0.78  0.63  0.28  0.24  2.27  1.90  1,207  1,384  14%  15%  30%  32%  26%  24%  25%  37%  39%  Median  10.6x  9.2x  26.2x  23.1x  41.9x  36.5x  33.3x  0.78x  0.83x  0.27x  0.24x  2.47x  1.98x  13%  11%  37%  38%  26%  28%  30%  41%  41%  Mean  10.8x  9.7x  27.8x  24.3x  41.3x  38.9x  32.9x  0.90x  0.88x  0.27x  0.24x  2.82x  2.44x  12%  11%  39%  40%  27%  27%  29%  40%  40%  Selected Profitable Software  Salesforce (Jan.)  $361.38  $357,117  $351,056  8.5x  7.8x  21.3x  19.6x  26.8x  26.1x  23.7x  0.96x  0.93x  0.20x  0.19x  2.24x  2.03x  $41,282  $44,763  9%  8%  40%  40%  32%  33%  34%  42%  42%  SAP (Dec.)  255.54  320,092  308,841  7.7  6.9  25.5  21.7  51.2  37.1  28.7  0.78  0.55  0.25  0.18  1.27  0.98  40,108  45,063  10%  12%  30%  32%  15%  22%  25%  31%  37%  Adobe (Dec.)  538.22  241,338  241,973  10.2  9.2  20.7  18.7  26.2  25.2  22.8  0.93  0.87  0.20  0.18  1.33  1.21  23,786  26,306  11%  11%  49%  49%  40%  40%  40%  51%  51%  Palo Alto Networks (Jul.)  403.03  140,064  133,200  13.6  11.9  41.6  29.5  40.6  37.7  31.3  0.93  0.85  0.26  0.22  1.92  1.59  9,799  11,177  15%  14%  33%  40%  35%  38%  40%  52%  54%  Workday (Jan.)  262.70  73,651  69,494  7.3  6.4  23.6  19.1  32.1  29.7  23.8  0.56  0.48  0.19  0.15  1.32  1.06  9,524  10,793  13%  13%  31%  34%  23%  26%  29%  39%  42%  Informatica (Dec.)  27.10  8,842  9,430  5.3  4.9  15.4  14.0  19.9  19.1  16.9  0.75  0.60  0.16  0.14  1.25  1.10  1,785  1,930  7%  8%  34%  35%  27%  26%  27%  33%  35%  Median  8.1x  7.3x  22.4x  19.4x  29.5x  27.9x  23.7x  0.86x  0.73x  0.20x  0.18x  1.33x  1.15x  10%  11%  34%  37%  30%  30%  31%  41%  42%  Mean  8.8x  7.9x  24.7x  20.4x  32.8x  29.2x  24.5x  0.82x  0.71x  0.21x  0.18x  1.56x  1.33x  11%  11%  36%  38%  29%  31%  32%  42%  44%  ($MM, except per share information)  FD Capitalization  Trading Multiples  Operating Statistics  Stock Price  Equity  Ent.  Ent. Value /  Revenue EBITDA  Equity Value / Adjusted Revenue Mult.  UFCF LFCF Growth Rule of 40  Adj. LFCF Mult.  CY24-26E CAGR  Revenue EBITDA  $ % Growth Margins  UFCF LFCF Rule  Margin Margins of 40 (1)  CY25E CY26E CY25E CY26E  NTM CY25E CY26E CY25E CY26E CY25E CY26E  CY25E CY26E  CY25E  CY26E '24-25E '25-26E CY25E CY26E  NTM CY25E CY26E CY25E CY26E  Company (FYE)  12/5/2024  Value  Value  1-Day Prior to Echo Prop.  $237.59  $15,211  $15,045  12.0x 11.5x 26.1x 25.1x  39.5x 36.4x 35.7x 1.17x 2.45x 0.27x 0.31x  2.08x 2.04x  $1,249  $1,308 10% 5% 46% 46%  31% 33% 33% 44% 37%  Echo Proposal  $240.00  $15,366  $15,201  12.2x 11.6x 26.4x 25.4x  39.9x 36.8x 36.1x 1.18x 2.47x 0.28x 0.31x  2.10x 2.06x  $1,249  $1,308 10% 5% 46% 46%  31% 33% 33% 44% 37%  CONFIDENTIAL | DRAFT 
 
 Alpha Capitalization Summary  CONFIDENTIAL | DRAFT  (1) Alpha common shares outstanding as of October 30, 2024 per Alpha 10-Q for the period ended September 30, 2024. RSUs, PSUs, and options as of November 22, 2024 per Alpha Management. Fully-diluted shares calculated using treasury stock method. Alpha balance sheet statistics per Alpha 10-Q for the period ended September 30, 2024. Cash adjusted for $49M acquisition of Ocean Grid, including $9M cash holdback expected to be paid in FY26.  Echo Proposal (11/5/24)  $240.00  Equity (1)  Balance Sheet (1)  Shares Outstanding (MM)  63.2  Total Debt  $7  RSUs Outstanding (MM)  0.5  Cash and Cash Equivalents  172  Options/Warrants Outstanding (MM)  0.3  Net Debt (Cash)  ($166)  Fully-Diluted Shares Outstanding  64.0  Shares Owned by Echo (57% Ownership)  36.3  Calculation of Equity and Enterprise Value  Shares Owned by Alpha Shareholders  27.7  Fully-Diluted Shares Outstanding  64.0  (x) Echo Proposal (11/5/24)  $240.00  'In the $' Options/Warrants Outstanding (MM)  0.7  Fully-Diluted Equity Value  $15,366  WAEP of 'In the $' Options/Warrants  $142.24  (+) Net Debt (Cash)  (166)  Proceeds from 'In the $' Options/Warrants  $94  Fully-Diluted Enterprise Value  $15,201  35  Alpha Capitalization 
 
 Alpha Deferred Tax Liability Schedule  Source: DTL runoff as provided by Alpha Management.  (1) Alpha Preliminary Management Plan provided by Alpha Management in December 2024.  36  ($MM) Illustrative Alpha DTL Schedule (1)   FY30E  FY31E  FY32E  FY33E  Beginning DTL Balance  $274  $191  $108  $25  Plus: Additional / (Usage) of DTLs  (83)  (83)  (83)  (25)  DTLs, Ending Balance  $191  $108  $25  -  Incremental Cash Taxes Due to DTLs  ($83)  ($83)  ($83)  ($25)  Discount Rate  9.5%  10.375%  11.25%  PV of Incremental Tax Due to DTLs (FY30E & Beyond)  ($149)  ($142)  ($135)  CONFIDENTIAL | DRAFT 
 
 These materials have been prepared by Qatalyst Partners LP (including any affiliates “Qatalyst”) for the Qatalyst client or potential client to whom such materials are directly addressed and delivered or a special committee of the Board of Directors thereof (the “Company”) in connection with an actual or potential mandate or engagement and may not be used or relied upon for any purpose other than as specifically contemplated by a written agreement with Qatalyst. These materials are based on information provided by or on behalf of the Company and/or other potential transaction participants, from public sources or otherwise reviewed by Qatalyst. Qatalyst assumes no responsibility for independent investigation or verification of such information and has relied on such information being complete and accurate in all respects. To the extent such information includes estimates and forecasts of future financial performance (including estimates of potential cost savings and synergies) prepared by or reviewed with the managements of the Company and/or other potential transaction participants or obtained from public sources, Qatalyst has assumed that such estimates and forecasts have been reasonably prepared on bases reflecting the best currently available estimates and judgments of such managements (or, with respect to estimates and forecasts obtained from public sources, represent reasonable estimates). No representation or warranty, express or implied, is made as to the accuracy or completeness of such information and nothing contained herein is, or shall be relied upon as, a representation, whether as to the past, the present or the future. These materials were designed for use by specific persons familiar with the business and affairs of the Company and are being furnished and should be considered only in connection with other information, oral or written, being provided by Qatalyst in connection herewith. These materials are not intended to provide the sole basis for evaluating, and should not be considered a recommendation with respect to, any transaction or other matter. Prior to entering into any transaction the Company should determine, without reliance on Qatalyst, the economic risks and merits as well as the legal, tax and accounting characterizations and consequences of any such transaction. In this regard, by accepting this presentation, the Company acknowledges that (a) Qatalyst is not in the business of providing (and the Company is not relying on Qatalyst for) legal, tax or accounting advice, (b) there may be legal, tax or accounting risks associated with any transaction, (c) the Company should receive (and rely on) separate and qualified legal, tax and accounting advice and (d) the Company should apprise senior management as to such legal, tax and  accounting advice (and any risks associated with any transaction) and Qatalyst’s disclaimer as to these matters. Qatalyst does not provide tax advice. Accordingly, any statements contained herein as to tax matters were neither written nor intended by Qatalyst to be used and cannot be used by any taxpayer for the purpose of avoiding tax penalties that may be imposed on such taxpayer. Any discussion of tax matters in these materials may have been written in connection with the “promotion” or “marketing” of any transaction contemplated hereby. Accordingly, any taxpayer should seek advice based on such taxpayer’s particular circumstances from an independent tax advisor. These materials do not constitute an offer or solicitation to sell or purchase any securities and are not a commitment by Qatalyst to provide or arrange any financing for any transaction or to purchase any security in connection therewith. Qatalyst is not acting in any other capacity as a fiduciary to the Company. Qatalyst assumes no obligation to update or otherwise revise these materials. These materials have not been prepared with a view toward public disclosure under state or federal securities laws or otherwise, are intended for the benefit and use of the Company, and may not be reproduced, disseminated, quoted, summarized or referred to, in whole or in part, without the prior written consent of Qatalyst. These materials may not reflect information known to other professionals in other business areas of Qatalyst.  Qatalyst is a full service securities firm providing investment banking and other services and products to a wide range of corporations and individuals, domestically and offshore, from which conflicting interests or duties may arise. In the ordinary course of these activities, Qatalyst may at any time hold long or short positions, and may trade or otherwise effect transactions, for their own account or the accounts of customers, in debt or equity securities or loans of the Company, potential counterparties, or any other company that may be involved in a transaction.  Qatalyst is required to obtain, verify and record certain information that identifies each entity that enters into a formal business relationship with it, which information includes the complete name and address and taxpayer ID number. Qatalyst may also request corporate formation documents, or other forms of identification, to verify information provided.  Disclaimer  CONFIDENTIAL | DRAFT 
 
Exhibit (c)(5)

 Project Alpha  Discussion Materials for the Special Committee Preliminary | Subject to further review and revision  Technology Investment Banking  December 7, 2024 | Strictly Private and Confidential 
 
 2  PRELIMINARY – SUBJECT TO FURTHER REVIEW AND REVISION  Disclaimer  The following pages contain material provided to the Special Committee of the Board of Directors of Alpha (the “Company”)  by Citigroup Global Markets Inc. (“Citi”) in connection with the proposed transaction involving the Company and Echo.  The accompanying material was compiled or prepared on a confidential basis solely for the use of the Special Committee of the Board of Directors of the Company and not with a view toward public disclosure under any securities laws or otherwise. The information contained in the accompanying material was obtained from the Company and other sources. Any estimates and projections contained herein have been prepared or adopted by management of the Company, obtained from public sources, or are based upon such estimates and projections, and involve numerous and significant subjective determinations, and there is no assurance that such estimates and projections will be realized. Citi does not take responsibility for such estimates and projections, or the basis on which they were prepared. No representation or warranty, express or implied, is made as to the accuracy or completeness of such information and nothing contained herein is, or shall be relied upon as, a representation, whether as to the past, the present or the future. In preparing the accompanying material, Citi assumed and relied, without independent verification, upon the accuracy and completeness of all financial and other information and data publicly available or provided to or otherwise reviewed by or discussed with Citi and upon the assurances of the management of the Company, that they are not aware of any relevant information that has been omitted or that remains undisclosed to Citi.  The accompanying material was not prepared for use by readers not as familiar with the Company and Echo as the Special Committee of the Board of Directors of the Company and, accordingly, neither the Company nor Citi nor their respective legal or financial advisors or accountants take any responsibility for the accompanying material if used by persons other than the Special Committee of the Board of Directors of the Company. The accompanying material is necessarily based upon information available to Citi, and financial, stock market and other conditions and circumstances existing and disclosed to Citi, as of the date of the accompanying material. Citi does not have any obligation to update or otherwise revise the accompanying material. Nothing contained herein shall be construed as legal, tax or accounting advice. 
 
 3  PRELIMINARY – SUBJECT TO FURTHER REVIEW AND REVISION  Source:  Echo’s proposal to Alpha’s Board of Directors on 11/05/2024.  Overview of Echo’s November 5th Unsolicited Proposal  Transaction Consideration  $240 in cash per Alpha share to acquire all outstanding shares of Alpha common stock not already owned by Echo (as of the date of the proposal, Echo owns approximately 57% of the outstanding common stock of Alpha)  Transaction Value  Proposal states a fully diluted equity value of $15.3bn and enterprise value of $15.1bn  Proposal states a 39.0x CY25E LFCF multiple on street consensus estimates and 44.4x FY25 Alpha LFCF as guided by Alpha at their September 17th Investor Day  Proposal cites a 35% premium to Alpha’s “undisturbed” share price of $177.84 on August 6, 2024, and an 8% premium to the “undisturbed” 52-week high of $221.94 through August 6, 2024, the date immediately prior to Echo’s August 7, 2024 earnings call  Earnings Impact  Echo expects impact of proposed transaction with synergies to be neutral to adjusted EPS in fiscal 2025  Financing  Echo will finance from cash on hand, committed lines of credit / or other available sources of financing  ‒ Echo Credit Rating: A (Stable) / A2 (Stable)  Not subject to any financing condition  Diligence  Echo has stated, given their knowledge of Alpha and their close working relationship with the Company, that they are in position to move quickly and do not need to complete additional diligence prior to signing a definitive agreement  Special Committee  Echo will not proceed with the transaction unless a fully empowered special committee, comprising solely independent and disinterested directors appointed by Alpha’s BoD and advised by independent legal and financial advisors, recommends approval of such transaction to the Alpha BoD  Proposed  Structure  Tender offer subject to a non-waivable condition that at least a majority of the Alpha common stock held by minority stockholders be tendered and not withdrawn in accordance with the MFW framework; and thereafter a merger consummated at the same price without further stockholder action  Other Concurrent Echo Announcements  Echo has commenced a process to explore strategic alternatives, including a cash sale, for the Safety & Productivity segment, which  comprises the remaining businesses not related to automation in Echo’s portfolio  Echo plans to repurchase approximately $2bn of its common stock in FY25, with approximately $1bn of the repurchase expected to be completed in the first quarter of FY25 
 
 1. Preliminary Market Perspectives 
 
 5  PRELIMINARY – SUBJECT TO FURTHER REVIEW AND REVISION  $150  $170  $190  $184  $210  $230  $290  $310  May-22 Aug-22 Nov-22 Feb-23 May-23  Aug-24 Nov-24  Alpha Share Price Performance Since Consummation of 2021 Echo Transaction  Source: FactSet. Market data as of 12/05/2024.  Initial Echo majority acquisition of Alpha closed on 05/16/2022.  “Unaffected date” is 11/04/2024, the last unaffected trading day prior to Echo offer.  Alpha Peers include Autodesk, Bentley Systems, Dassault Systèmes, Nemetschek and PTC.  Alpha beat median of Wall Street analyst consensus on ACV, when excluding Russian impact, and on  Revenue and EPS without adjustment.  “Undisturbed” as quoted by Echo in tender offer press release published on 11/05/2024 and represents Alpha’s closing share price on 08/06/2024.  (5)  Alpha Peers(3): 48%  May 16, 2024  End of “Lock Up Period”  Share Price: $213.88  Sep 17, 2024  Investor Day 2024  Share Price: $233.54  Alpha: 36% ($249.93)  +5% Since Echo Offer  1-Month Average ($237)  Alpha’s Relative Share Price Performance Since Close(1) of Echo Transaction  Earnings Date  Average % Return to Nov 4, 2024   Share Price(2) “Unaffected Date”(2)   Alpha Alpha Alpha Peers(3)  "Unaffected" 1-Month  $237  (1%)  4%  08/06/2024(4) to "Unaffected"  $228  34%  9%  "Unaffected" YTD  $208  8%  6%  Alpha Close to "Unaffected"  $204   Share Price(2)   29%  56%  All-Time High  $256  (7%)  All-Time Low  $162  47%  "Unaffected" 52-Wk High  $241  (1%)  "Unaffected" 52-Wk Low  $163  45%  Pre-market | Aug 7, 2024  Echo Q3 FY24 Earnings  Since 8/6/2024 Average ($228)  Pre-market | Nov 5, 2024  Echo Announces Offer  $240.00 / Share  Share Price: $237.59  YTD Average ($208)  Since Alpha Close Average ($204)  August 6, 2024 Q4 FY24 Earnings Consensus Beat(4) / “Undisturbed Date”(5) Share Price: $177.84  Jul 15, 2024 to Aug 6, 2024  Alpha (10%) vs. IGV (10%)  Aug 6, 2024 to Current  Alpha +41% vs. IGV +37%  $270  Oct 5, 2022  All-Time High  Oct 26, 2022  Q1 2023  Cons. LFCF miss  Apr 26, 2023  Q3 2023 Earnings  Cons. ACV, Revenue, FCF Miss  $250  May 7, 2024  Q3 2024 Earnings Cons. ACV In-line, Revenue Beat  Aug-23 Nov-23 Feb-24 May-24 
 
 6  PRELIMINARY – SUBJECT TO FURTHER REVIEW AND REVISION  15.0  20.0  25.0  30.0  35.0  40.0  45.0  50.0  55.0  60.0  70.0x  Jan-18  Jun-18  Dec-18  Jun-19  Dec-19  Jun-20  Dec-20  May-23  Nov-23  May-24  Nov-24  2018  2019  Alpha  28.3x  31.1x  33.2x  2023 2024YTD 11/4/2024  34.9x 40.0x  65.0 Autodesk  41.0x  24.6x  32.6x  Bentley  -  40.8x  33.1x 32.9x  39.4x 36.0x  Dassault  37.5x  36.2x  29.8x  Nemetschek  41.5x  45.7x  - 43.6x 55.7x 32.1x 35.0x 43.7x 32.8x  54.6x 55.9x 38.0x  37.1x  PTC  37.2x  27.7x  29.9x 36.6x 26.1x  24.5x  Altair  62.9x  63.0x  69.2x 72.3x  46.2x  Ansys  31.0x  34.1x  37.2x  33.4x  37.5x  51.8x 58.6x 38.5x  41.1x 41.9x  -  Aveva  Technical SW Average  40.7x  38.4x  44.5x 46.7x  Source: FactSet. Market data as of 11/04/2024, Alpha’s unaffected date prior to Echo’s acquisition proposal.  (1)  Technical Software includes Altair, Ansys, Autodesk, AVEVA, Bentley Systems, Dassault Systèmes, Nemetschek, and PTC. Altair included until 10/21/2024 which is the unaffected date prior to rumors of (2) acquisition by Siemens. Ansys included until 12/21/2023 which is the unaffected date prior to rumors of (3)  acquisition by Synopsys. AVEVA included until 08/23/2022 which is the unaffected date prior to  announcement of acquisition by Schneider Electric.  Multiples greater than 100.0x deemed not meaningful, “NM”.  Averages do not include acquired companies after their unaffected dates disclosed in footnote 1.  Alpha and Technical Software LFCF Multiples Over Time  Alpha 40.0x  Technical  SW(1)  33.0x  Equity Value / NTM LFCF Since January 2018 to “Unaffected” Date (Research Consensus Estimates)  Average Alpha NTM LFCF Multiple  Prior to Initial Echo Acquisition  30.1x  Oct 11, 2021 to May 16, 2022  Initial Echo Acquisition Announcement to Close  Jun-21 Dec-21 Jun-22 Nov-22  Average Technical SW NTM LFCF Multiple Since Close of Initial Echo Acquisition  35.7x  Average Alpha NTM LFCF Multiple  Since Close of Initial Echo Acquisition  35.1x  Average Multiple(1)  2020 2021 2022  28.7x 33.2x 36.2x  31.2x 34.8x 24.3x  Average Technical SW NTM LFCF Multiple Prior to Initial Echo Acquisition  42.1x  NM(2)  “Unaffected”  32.0x(3)  26.2x  35.3x(3)  31.3x 27.1x  41.6x 43.2x  26.7x 26.0x  51.7x -  - -  - -  37.1x(3) 33.0x  Technical SW index declined by ~4x upon the exclusion of Altair starting Oct 21, 2024. Including Altair’s unaffected multiple would increase the Technical SW average of 33.0x on Nov 4, 2024 to 36.7x. 
 
 2. Preliminary Perspectives on Value 
 
 8  PRELIMINARY – SUBJECT TO FURTHER REVIEW AND REVISION  Illustrative Financial Forecast Overview  Preliminary Management Case vs. Wall Street Consensus  ACV  $ in millions  Revenue  $ in millions  Adj. EBITDA (Pre-SBC)  $ in millions  Preliminary Management Case Consensus (Mean)  $885  $933  $1,019  $1,109  $1,212  $1,035  $1,156  $1,299  $1,469  $1,669  $1,898  FY25E  FY26E  FY27E  FY28E  FY29E  FY30E  $1,044  $1,127  $1,192  $1,283  $1,394  $1,236  $1,217  $1,472  $1,713  $1,974  $2,241  FY25E  FY26E  FY27E  FY28E  FY29E  FY30E  $401  $463  $528  $583  $658  $569  $520  $741  $945  $1,167  $1,322  FY23A FY24A  Mgmt. Growth %  12% 5%  Consensus Growth %  12%  Growth Variance  --  -- 4% (9%) 12%  Levered Free Cash Flow (Pre-SBC)  $ in millions  FY23A FY24A FY25E FY26E FY27E FY28E FY29E FY30E  $306  $336  $477  $360  $480  $501  $638  $735  $342 $411  FY23A FY24A FY25E FY26E  $834  FY27E  FY28E  FY29E  FY30E  11%  12%  12%  13%  14%  14%  5%  9%  9%  9%  NA  NA  NA  1%  --  2%  3%  3%  NA  NA  NA  Growth Variance  --  FY23A FY24A  Mgmt. Growth %  1% 8%  Consensus Growth %  8%  10%  (1%)  21%  16%  15%  13%  6%  8%  9%  NA  NA  NA  NA  Mgmt. Margin (ACV-based) %  45% 50% 55%  Consensus Margin (ACV-based) %  45% 50% 52%  Margin Variance  -- -- 3%  Source: Alpha Management, Wall Street Research.  45%  57%  64%  70%  70%  53% 54% NA NA NA  (8%) 3% NA NA NA  Mgmt. Margin (ACV-based) %  35% 36% 35%  Consensus Margin (ACV-based) %  35% 36% 34%  Margin Variance  -- -- 1%  42%  39%  43%  44%  44%  37%  39%  NA  NA  NA  5%  (1%)  NA  NA  NA  Note: Fiscal year ending June 30. Preliminary Management Case includes acquisition of Open Grid Systems announced 11/04/2024.  Long-term guidance based on September 2024 Investor Day presentation.  Management FY25E guidance inclusive of $10mm in estimated Russia exit costs and $8mm in estimated Restructuring costs.  FY25 Guidance:  ~$1,017mm / 9% Growth  FY25 Guidance:  ~$1,190mm  LT Guidance(1): High Single – Low Double Digit Growth  NA NA  LT Guidance(1): 40-43% LFCF Margin  / Mid-Teens Growth  FY25 Guidance:  ~$340mm(2) / 33% LFCF Margin 
 
 9  PRELIMINARY – SUBJECT TO FURTHER REVIEW AND REVISION  ($ in Millions, Except per Share Data)  Offer Price Current  Current Stock Price  Premium / (Discount) to:  (11/05/24)  (12/05/24)  $240.00  $249.93  $260.00  $270.00  $280.00  $290.00  $300.00  $249.93  (4%)  --  4%  8%  12%  16%  20%  Current (12/05/24) Unaffected (11/04/24)  Average Since First Trading (05/17/22 - 11/04/24) Unaffected 52-Week High (10/30/24)  Unaffected 52-Week Low (11/09/23)  237.59  203.93  240.83  163.41  1  18  (0)  47  5  23  4  53  9  27  8  59  14  32  12  65  18  37  16  71  22  42  20  77  26  47  25  84  177.84  35  41  46  52  57  63  69  Implied Equity Value  $15,366  $16,006  $16,655  $17,299  $17,943  $18,587  $19,231  Memo: Implied Equity Value of Remaining Stake  $6,652  $6,932  $7,215  $7,496  $7,777  $8,058  $8,339  $15,201  $15,840  $16,489  $17,133  $17,777  $18,422  $19,066  14.9x  14.9  Metric  $1,236 1,239  1,230  12.3x  12.3  12.4  12.8x  12.8  12.9  13.3x  13.3  13.4  13.9x  13.8  13.9  14.4x  14.4  14.5  15.4x  15.4  15.5  Enterprise Value / Revenue FY2025E  NTM (as of 09/30/24) CY2025E  Equity Value / LFCF FY2025E  NTM (as of 09/30/24) CY2025E  $360 376  398  42.7x  40.9  38.6  44.5x  42.6  40.2  46.3x  44.3  41.8  48.0x  46.0  43.4  49.8x  47.7  45.1  51.6x  49.4  46.7  53.4x  51.1  48.3  $1,192 1,239  1,249  12.8x  12.3  12.2  13.3x  12.8  12.7  13.8x  13.3  13.2  14.4x  13.8  13.7  14.9x  14.3  14.2  15.5x  14.9  14.7  16.0x  15.4  15.3  Enterprise Value / Revenue FY2025E  NTM (as of 09/30/24) CY2025E  Equity Value / LFCF FY2025E  NTM (as of 09/30/24) CY2025E  $342 381  418  44.9x  40.4  36.8  46.8x  42.0  38.3  48.7x  43.7  39.8  50.6x  45.4  41.4  52.5x  47.1  42.9  54.3x  48.8  44.5  56.2x  50.5  46.0  For Reference : Undisturbed, per Echo (08/06/24)(1)  Implied Enterprise Value(2)  Source:  Note:  (1)  Alpha Management, Public Filings, FactSet, Wall Street Research. Market data as of 12/05/2024.  52-week high and low based on at close prices. Alpha diluted shares outstanding as of 09/30/2024, (2) includes: 63mm common, 0.7mm options (weighted average strike price: $142.49), 0.5 RSUs & PSUs outstanding.  “Undisturbed” as quoted by Echo in tender offer press release published on 11/05/2024 and represents Alpha’s closing share price on 08/06/2024.  Alpha bridge to enterprise value adjustments include $172mm in cash & equivalents (based on 09/30/2024 balance pro-forma for acquisition of Open Grid Systems), $7mm in net post-tax pension liability.  Illustrative Analysis at Various Prices  Alpha Management Case  Consensus Case  Oct-2115.0  Acq.: 14.8x  Oct-21 Acq.: 37.4x 
 
 10  PRELIMINARY – SUBJECT TO FURTHER REVIEW AND REVISION  $185 $186  $264  $286  $198 $204  $198 $209  $247 $247  $263 $269  $275  Alpha Illustrative Implied Discounted Future Share Price(1)  Unaffected  Share Price:  $237.59  Analysis applies illustrative 30.0x – 40.0x Equity Value / NTM LFCF multiples (unaffected multiple of 40.0x)  Future share price and cumulative excess cash per share discounted at assumed 12.2% Cost of Equity  Key Assumptions  Source: Note: (1)  Alpha Management, FactSet. Market data as of 12/05/2024. Unaffected share price as of 11/04/2024.  Future share price rounded to nearest dollar. Share price discounted back to present.  Alpha diluted shares outstanding as of 09/30/2024, includes: 63mm common, 0.7mm options (weighted average strike price: $142.49), 0.5 RSUs & PSUs outstanding. Assumes additional dilution from forecasted stock-based compensation.  Discounted cumulative excess cash per share rounded to the nearest $0.05. Excess cash defined as cash above PF balance at 09/30/2024 of $172mm.  (2)  ($mm, except per share)  30.0x  $215 $230 (Low)  Illustrative Equity Value / NTM LFCF  $301 40.0x  (High)  Shown for illustrative and informational reference purposes and not as an indication of actual future trading prices or other results which will be affected by various factors, including financial  performance and market conditions. This reflects an arithmetic exercise assuming the Company’s shares trade at an illustrative multiple range and the Company achieves Management’s forecast.  Illustrative Present Value of Alpha’s Future Share Price Analysis  12/31/2024  12/31/2025  12/31/2026  12/31/2027  Undiscounted Price Range  $187 - $249  $224 - $298  $252 - $336  $306 - $407  NTM ACV  $1,078  $1,221  $1,370  $1,551  NTM Revenue  $1,230  $1,356  $1,571  $1,850  NTM LFCF  $398  $480  $543  $664  Ending Cash Balance  $193  $591  $1,071  $1,614  Discounted Cumulative Excess Cash per Share(2)  $0.30  $5.75  $10.95  $15.55  Discounted Future Share Price  Discounted Future Share Price incl. Cumulative Excess Cash per Share(2) 
 
 11  PRELIMINARY – SUBJECT TO FURTHER REVIEW AND REVISION  Discounted Cash Flow Analysis  5.75 year DCF; present value date as of 09/30/2024  Discount rate range of 11.2% to 12.4%  Perpetuity growth rate range of 6.0% to 8.0%  Selected Precedent Transactions Analysis  - Equity Value / NTM LFCF multiple range of 37.4x to 50.0x  - NTM LFCF (09/30/2024) of $376mm  Selected Public Companies Analysis  Equity Value / CY25 LFCF multiple range of 30.0x to 40.0x  CY2025 LFCF of $398mm  52-Week Trading Range  (For Reference Only)  - As of 11/04/2024 (unaffected date)  - 52-week low of $163.41 (11/09/2023)  - 52-week high of $240.83 (10/30/2024)  1  Analysts' Stock Price Targets  (For Reference Only)  As of 11/04/2024 (unaffected date)  High and low undiscounted broker price targets  Dotted box: high and low discounted broker price targets,  1discounted by 12 months at 12.2% cost of equity  Selected Precedent Squeeze Out Total Bump %  (For Reference Only)  1st and 3rd quartile selected squeeze out total bump from initial offer (8.3% and 18.7%)  Applied to initial Echo offer price of $240.00  8.2x  -  15.5x  27.3x  - 51.5x  11.2x  -  15.0x  37.4x  - 50.0x  9.5x  -  12.7x  31.8x  - 42.4x  8.3x  -  12.3x  27.8x  - 41.0x  11.1x  -  13.6x  36.9x  - 45.1x  13.3x  -  14.6x  44.3x  - 48.5x  Implied Multiples  Enterprise Value / NTM Revenue  Equity Value / NTM LFCF  Methodology Assumptions Implied Equity Value Per Share ($)(1)  $161  $220  $187  $163  $217  $260  $302  $293  $249  $241  $265  $285  $193  $236  Source: Alpha Management, FactSet, Public Filings. Market data as of 12/05/2024.  Note: Valuation date as of 09/30/2024. Assumes mid-year discounting. Share price rounded to nearest dollar.  (1) Alpha diluted shares outstanding as of 09/30/2024, includes: 63mm common, 0.7mm options (weighted average strike price: $142.49), 0.5 RSUs & PSUs outstanding. Alpha bridge to enterprise value adjustments include  $172mm in cash & equivalents (based on 09/30/2024 balance pro-forma for acquisition of Open Grid Systems), $7mm in net post-tax pension liability.  Preliminary Alpha Valuation Summary  Echo Proposal Price: $240.00 
 
 12  PRELIMINARY – SUBJECT TO FURTHER REVIEW AND REVISION  Source: Alpha Management, FactSet, Public Filings. Market data as of 12/05/2024.  Note: Valuation date as of 9/30/2024. Assumes mid-year discounting. Share price rounded to nearest dollar.  Terminal year cash tax assumes zero change in deferred tax liability, assumes D&A equal to Capex. Cash tax impact of remaining DTLs in FY31 to FY33 results in reduction in implied Enterprise Value at ($88mm at midpoint WACC).  Terminal change in NWC based on average of change in NWC and interest income for FY28-FY30, less terminal  interest income.  (3)  Alpha diluted shares outstanding as of 09/30/2024, includes: 63mm common, 0.7mm options (weighted average strike price: $142.49), 0.5 RSUs & PSUs outstanding. Alpha bridge to enterprise value adjustments include $172mm in cash & equivalents (based on 09/30/2024 balance pro-forma for acquisition of Open Grid Systems), $7mm in net post-tax pension liability.  At midpoint discount rate and perpetuity growth rate. Variables sensitized in years 2026E through to terminal year.  (4)  Unlevered Free Cash Flow Profile  Illustrative Sensitivity Analysis  Illustrative Discounted Cash Flow Analysis – Mgmt. LRP   Perpetuity Growth Rate Perpetuity Growth Rate Perpetuity Growth Rate   6.0% 7.0% 8.0%  Implied Equity Value Per Share(3)  6.0% 7.0% 8.0%  Implied Terminal UFCF Multiple (Pre-SBC)  6.0% 7.0% 8.0%  Terminal Value as a  % of Enterprise Value  Discount Rate  11.2%  $198  $238  $302  11.8  177  208  255  12.4  161  185  220  20.2x  25.2x  33.3x  82.1%  85.1%  88.4%  18.2  22.2  28.3  80.3  83.2  86.4  16.5  19.8  24.5  78.5  81.4  84.4  Variable Equity Value per Share Sensitivity(4)  ACV Growth (+/- 100 bps)  UFCF % of ACV  (+/- 100 bps)  ($8.25)  ($4.45)  $8.50  $4.45  9 Months Ended  Fiscal Year Ended June 30,  Terminal  ($ mm)  6/30/2025  2026E  2027E  2028E  2029E  2030E  Year  Memo: ACV  $1,035  $1,156  $1,299  $1,469  $1,669  $1,898  $1,898  % Growth  11.0%  11.6%  12.4%  13.1%  13.7%  13.7%  Revenue  $1,020  $1,217  $1,472  $1,713  $1,974  $2,241  $2,241  % Growth  16.1%  (1.5%)  20.9%  16.3%  15.3%  13.5%  Adj. EBITDA  $519  $520  $741  $945  $1,167  $1,322  $1,322  % Margin  50.9%  42.7%  50.3%  55.2%  59.1%  59.0%  59.0%  (–) SBC  (40)  (57)  (56)  (57)  (56)  (56)  (56)  Adj. EBITDA (Post-SBC)  $479  $463  $684  $888  $1,111  $1,265  $1,265  % Margin  46.9%  38.1%  46.5%  51.9%  56.3%  56.5%  56.5%  Memo: Income Before Tax  $166  $122  $336  $551  $793  $954  $958  % Margin  16.3%  10.0%  22.8%  32.2%  40.2%  42.6%  (–) Cash Tax  (91)  (120)  (153)  (179)  (223)  (248)  (193)(1)  % Tax Rate  54.7%  98.4%  45.4%  32.5%  28.1%  26.0%  20.1%  (+) Interest Income from Revenue Rec.  46  53  50  54  64  64  64  (-) Operational Amortization  (0)  (1)  (1)  (1)  (1)  (1)  (1)  (–) Increase in NWC  (93)  45  (119)  (164)  (257)  (287)  (240)(2)  (–) Capital Expenditures  (13)  (16)  (15)  (15)  (15)  (15)  (15)  Unlevered Free Cash Flow (Post-SBC)  $327  $425  $446  $582  $679  $778  $882  % Growth  37.5%  5.0%  30.6%  16.7%  14.6%  % of ACV  31.6%  36.7%  34.3%  39.6%  40.7%  41.0%  46.5% 
 
 13  PRELIMINARY – SUBJECT TO FURTHER REVIEW AND REVISION  10/30/24  Altair Engineering  Siemens  $10.1  $10.6  14.4x  62.2x  69.7x  9%  20%  23%  22%  02/15/24  Altium  Renesas  5.7  5.9  15.9  42.8  61.2  20  30  37  27  01/16/24  Ansys  Synopsys  34.8  34.6  14.0  31.1  45.5  10  14  45  31  06/28/23  ESI  Keysight  1.0  1.0  6.7  30.2  53.1  4  NM  22  12  09/21/22  Aveva  Schneider Electric  (2)  11.9  11.5  7.2  24.9  33.4  7  37  29  21  10/11/21  Alpha  Echo  10.8  10.9  14.8  27.3  37.4  2  4  54  40  1.5  1.6  4.8  21.7  49.1  26  NM  22  10  Mean  11.1x  34.3x  49.9x  11%  21%  33%  23%  Median  14.0  30.2  49.1  9  20  29  22  Implied Share Price  Selected Range Implied Equity Value Implied Share Price(4)  (US$ in billio ns)  Enterprise Value  Equity Value  NTM  NTM  NTM  Growth  Margin  Date Target Acquiror  Enterprise Value  Equity Value  Revenue  EBITDA  LFCF  Revenue  LFCF  EBITDA  LFCF  $15.2  $15.4  12.3x  26.5x  40.4x  13%  22%  46%  31%  02/13/20  RIB  (3)  Schneider Electric  of 09/30/2024.  Implied multiples based on a $240 share price for Alpha and based on consensus estimates as outlined in the note. Metrics related to offer are not included in mean or median.  Schneider acquired the ~40% of AVEVA it did not already own.  Schneider launched voluntary takeover offer on 02/13/2020 and completed on 10/07/2020 . Share price rounded to the nearest $1.00.  (1)  Source: Alpha Management, FactSet, Public Filings, Wall Street Research.  Note: Alpha diluted shares outstanding as of 09/30/2024, includes: 63mm common, 0.7mm options (weighted average strike price: $142.49), 0.5 RSUs & PSUs outstanding. Alpha bridge to enterprise  value adjustments include $172mm in cash & equivalents (based on Q1 FY25 10-Q balance pro-forma (2) for acquisition of Open Grid Systems), $7mm in net post-tax pension liability. Consensus estimates (3) based on time-weighted annual average of brokers available to Citi. Alpha 11/05/2024 offer NTM as (4)  Selected Precedent Transaction Analysis  (1)  (1)  (1)  Initial Echo offer announced on November 5, 2024  11/05/24 Alpha Echo  Metric  Low  High  Low  High  Low  High  Alpha Mgmt. NTM LFCF (9/30/2024)  $376  37.4x  - 50.0x  $14,231  -  $18,970  $220  -  $293  Alpha Mgmt. NTM Revenue (9/30/2024)  $1,239  14.0x  For Reference Only  - 14.8x  $17,343  $18,334  $271  -  $286 
 
 14  PRELIMINARY – SUBJECT TO FURTHER REVIEW AND REVISION  12.2x  10.6x  11.0x  9.8x  6.8x  9.9x  11.6x  10.7x  Median: 9.9x  36.8x  36.4x  38.2x  43.5x  36.5x  32.9x  29.2x  27.5x  56.6x  37.0x  Median: 32.9x   Selected Range    Implied Equity Value   Metric  Low  High  Low  High  Low  High  Alpha Mgmt. CY2025 LFCF  $398  30.0x  - 40.0x  $11,948  -  $15,930  $187  -  $249  (2)  Engineering Software Peers  EQUITY VALUE / CY2025E LFCF  ENTERPRISE VALUE ($bn)  EQUITY VALUE ($bn)  CY25E  REV ($mm)  CY25E REV GROWTH ($mm)  CY25E LFCF MARGIN %  CY25E LFCF  GROWTH %  CY25E RULE OF X(3)  Alpha  Consensus @$237.59  (1)  Selected Public Companies Analysis  “For Reference”  ENTERPRISE VALUE / CY2025E REVENUE  28.4x – 36.5x  (Q1 – Q3)  9.8x – 10.6x  (Q1 – Q3)  Alpha  Management @$237.59  Implied Share Price  Implied Share Price (4)  Alpha  Consensus @$240.00  “Echo Offer”  “For Reference”  “Unaffected Price”  (11/4/24)  “Echo Offer”  “Unaffected Price”  (11/4/24)  12.0x 12.2x  (2)  Alpha  Consensus  @$237.59  (1)  Alpha  Management  @$237.59  Alpha  Consensus  @$240.00  Median  $15.2  $15.0  $15.0  $12.8  $16.5  $67.7  $47.9  $26.0  $26.0  $8.3  $29.2  $15.4  $15.2  $15.2  $12.3  $15.1  $67.4  $48.9  $24.5  $24.5  $8.8  $29.1  $1,249  $1,249  $1,230  $1,207  $1,502  $6,908  $7,073  $2,629  $2,629  $713  $2,720  10%  10%  7%  16%  11%  13%  6%  14%  13%  9%  9%  33%  33%  32%  23%  28%  30%  24%  34%  28%  22%  29%  48%  48%  31%  22%  10%  37%  6%  16%  16%  23%  7%  44%  44%  40%  40%  38%  42%  30%  48%  40%  31%  38%  Source:  Note:  FactSet, Alpha Management and Public Filings, Wall Street Research. Market data as of 12/05/2024.  Alpha diluted shares outstanding as of 09/30/24, includes: 63mm common, 0.7mm options (weighted average  strike price: $142.49), 0.5 RSUs & PSUs outstanding. Alpha bridge to enterprise value adjustments include  $172mm in cash & equivalents (based on Q1 FY25 10-Q balance pro-forma for acquisition of Open Grid Systems),  $7mm in net post-tax pension liability. Consensus estimates based on four-quarter sum averages of brokers  available to Citi. Calendarized metrics are used in absence of quarterly data.  Altair metrics represent unaffected metrics prior to rumors on 10/21/2024.  Ansys metrics represent unaffected metrics prior to rumors on 12/21/2023.  Rule of X represents Revenue Growth + LFCF Margin.  Share price rounded to the nearest $1.00. 
 
 15  PRELIMINARY – SUBJECT TO FURTHER REVIEW AND REVISION  Pre  Pre  Post  Current  Broker  Date  Rating  4Q  Earnings  Investor  Day  Investor  Day  Price  Target  Premium /  (Discount)  Methodology  11/5/24 Buy  $235  $225  $260  $260  4.0%  EB ITDA M ultiple:  25.0x EV / CY26 EB ITDA  11/4/24 Buy  $217  $204  $260  $260  4.0%  LFCF M ultiple:  36.0x EV / FY27 LFCF  11/5/24 Buy  $230  $250  $250  $250  0.0%  LFCF M ultiple:  38.0x P / FY26 LFCF  11/6/24 Hold  $255  $250  0.0%  LFCF M ultiple:  36.0x EV / CY25 LFCF  11/5/24  Hold  $180  $200 $217  (4.0%)  LFCF M ultiple:  34.0x EV / CY25 LFCF  11/4/24 Hold  NA  NA  NA  NA  NA  LFCF M ultiple:  37.5x EV/ FY26 LFCF  11/5/24  Hold  NA  NA  NA  NA  NA  LFCF M ultiple:  37.5x EV / CY25 LFCF  11/5/24 Hold NA NA NA NA  NA  LFCF M ultiple:  39.0x EV / CY25 LFCF  88%  13%  Broker Valuation Summary Broker Recommendations  Source: FactSet, Wall Street Research. Market data as of 12/05/2024.  Note: (1)  52-week high / low as of daily market closing price.  “Unaffected” broker targets are as of 11/05/2024, using research published prior to announcement  of Echo offer.  Valuation methodology used for “fair value”.  Midpoint of “fair value” range.  Approximate trading range based on William Blair LFCF estimate.  Selected Analyst Research Summary  N=8  LFCF  Multiple  EBITDA  Multiple  38%  63%  N=8  Buy  Hold  Broke  r Range  52-Week Low  $172.90  52-Week High  $250.94  Broker Average  $250.40  Current Price  $249.93  (3)  (4)  $249.93  Current Trading Price  (2)  Investor Day:  9/17/2024  Mean: $223 $226 $250 $252  Δ Current: 11.9% 10.7% (0.2%) (0.8%)  Includes Takeover Premium in Valuation  Post Echo Offer  $265 $250  Post Echo Offer  $240  “Unaffected”  Broker Max(1)  $265.00  Broker Max  $260.00  “Unaffected”  Broker Min(1)  $217.00  Broker Min  $240.00 
 
 16  PRELIMINARY – SUBJECT TO FURTHER REVIEW AND REVISION  Source: Citi Deal Intelligence (Thompson SDC), Deal Point Data, FactSet, Public Filings.  Note: Selected announced US transactions since January 1, 2010, with Acquiror existing ownership >50%. Includes 100% cash deals only.  Excludes transactions where acquiror is a financial sponsor.  (1) Represents share price in GBP.  Selected All-Cash US Minority Squeeze-Outs  Ann. Date  Acquiror  Target  Structure % Stake  Acquired  Equity Value ($mm)  # Days Initial Offer to Ann.  Offer Price  Per Share  Initial Final  Initial Final  Offer Offer Prem to Prem to Unaffect. Unaffect.  Offer Price Per Share  Progression (% Change)  Bump Summary  Initial  1 to 2 2 to 3 3 to 4  4 to 5  #  Total Avg. (%)  to 1  (%)  Aug-23  Light & Wonder Inc  SciPlay Corp  Vote  17%  $436  82  $20.00  $22.95  29%  47%  8%  3%  2%  1%  --  4  15%  4%  Oct-22  Sumitomo Pharma Co., Ltd.  Myovant Sciences Ltd.  Vote  48  1,700  23  22.75  27.00  27  50  11  4  2  1  --  4  19  4  Nov-21  Geneve Holdings Inc  Independence Holding Co  Tender  38  294  72  50.00  57.00  19  36  12  2  --  --  --  2  14  7  Aug-21  Banco Santander, S.A.  Santander Consumer USA Holdings Inc.  Tender  20  2,358  53  39.00  41.50  7  14  2  4  --  --  --  2  6  3  Aug-20  Ionis Pharmaceuticals  Akcea Therapeutics Inc  Tender  24  442  12  16.00  18.15  41  59  6  4  2  --  --  3  13  4  Feb-20  KYOCERA Corp  AVX Corp  Tender  28  923  86  19.50  21.75  30  45  5  2  4  --  --  3  12  4  Jul-19  Sonic Financial Corp  Speedway Motorsports Inc  Tender  28  205  92  18.00  19.75  29  42  7  3  --  --  --  2  10  5  May-19  NASCAR Media Group LLC  International Speedway Corp  Tender  16  475  194  42.00  45.00  8  15  1  2  1  1  1  5  7  1  May-19  Employers Mutual Casualty Co  EMC Insurance Group Inc  Tender  46  295  174  30.00  36.00  25  50  10  9  --  --  --  2  20  10  Jun-18  Roche Holding AG  Foundation Medicine Inc  Tender  43  2,132  4  133.00  137.00  30  34  2  1  1  --  --  3  3  1  Jul-16  American Financial Group Inc  National Interstate Corp  Vote  49  291  141  30.00  32.50  33  44  2  4  2  --  --  3  8  3  Mar-13  Danfoss A/S  Sauer-Danfoss Inc  Tender  24  579  93  49.00  58.50  (7)  11  10  5  2  --  --  3  19  6  Apr-11  CNA Financial Corporation  CNA Surety Corporation  Tender  39  371  171  22.00  26.55  14  38  15  4  1  0  --  4  21  5  Mean  32%  $808  92  $37.79  $41.82  22%  37%  7%  4%  2%  1%  1%  3  13%  4%  Median  28  442  86  30.00  32.50  27  42  7  4  2  1  1  3  13  4  Nov-22 Schneider Electric SE AVEVA Group plc Vote 41 11,461 65 31.00 (1) 32.25 (1) 41 47 4 -- -- -- -- 1 4 4  For Reference Only (non-US): 
 
 Appendix: Supporting Materials 
 
 18  PRELIMINARY – SUBJECT TO FURTHER REVIEW AND REVISION  Source: Alpha Management, FactSet, Wall Street Research.  Note: (1)  Fiscal year ending June 30. Preliminary Management Case includes acquisition of Open Grid Systems announced 11/04/2024.  Individual broker estimates shown represent Adj. EBIT. Implied Consensus Adj. EBITDA calculated using Mean Adj. EBIT with D&A adjustment of 0.6% of revenue (based on average of LTM D&A as of 9/30/2024).  Benchmarking Selected Broker Estimates Against Management Figures  2025E  2026E  2027E  2025E  2026E  2027E  Berenberg  11/6/2024  Neutral  $265  $250  $344  $435  $480  Baird  11/5/2024  Outperform  250  250  342  413  BofA  11/5/2024  Buy  260  260  $1,026  346  421  517  Piper Sandler  11/5/2024  Neutral  217  240  1,017  $1,113  $1,230  340  424  482  William Blair  11/5/2024  Neutral  NA  NA  KeyBanc  11/4/2024  Neutral  NA  NA  1,019  1,112  340  391  Loop Capital  11/4/2024  Buy  260  260  1,017  1,109  1,208  Wolfe Research  11/4/2024  Neutral  NA  NA  1,017  1,104  1,198  340  383  428  Mean ("Consensus")  $250  $252  $1,019  $1,109  $1,212  $342  $411  $477  % Growth  9%  9%  9%  2%  20%  16%  % ACV-based Margin  34  37  39  Management Case  $1,035  $1,156  $1,299  $360  $480  $501  % Growth  11%  12%  12%  7%  33%  4%  % Growth Variance vs. Consensus  2  3  3  5  13  (12)  % ACV-based Margin  35  42  39  % ACV-based Margin Variance vs. Consensus  1  5  (1)  $ in millions, Fiscal Year Ending June 30  Target Price ACV Levered Free Cash Flow  Broker Name Date Rec Pre-Ann. Post-Ann.  Revenue  Broker Name Methodology  2025E  2026E  2027E  2025E  2026E  2027E  Berenberg 36x next-year LFCF  $1,194  $1,307  $1,430  $514  $564  $615  Baird ~38x Price / FY26 LFCF  1,195  1,305  514  567  617  BofA 25x EV / CY26E EBITDA  1,196  1,278  1,413  557  606  669  Piper Sandler 34x CY25E LFCF  1,190  1,281  1,382  514  581  645  William Blair NA  1,189  1,278  1,374  519  578  KeyBanc NA  1,190  1,250  513  589  679  Loop Capital ~36x EV / FY27 LFCF and ~12x EV / FY27E Revenue  1,192  1,284  1,392  521  540  Wolfe Research NA  1,190  1,279  1,375  520  583  674  Memo: Adj. EBIT Mean ("Consensus")  $521  $576  $650  (+) D&A  7  7  8  Mean ("Consensus")  $1,192  $1,283  $1,394  $528  $583  $658  % Growth  6%  8%  9%  14%  10%  13%  % ACV-based Margin  52  53  54  Management Case  $1,236  $1,217  $1,472  $569  $520  $741  % Growth  10%  (1%)  21%  23%  (9%)  42%  % Growth Variance vs. Consensus  4  (9)  12  9  (19)  30  % ACV-based Margin  55  45  57  % ACV-based Margin Variance vs. Consensus  3  (8)  3  Adjusted EBITDA(1) 
 
 19  PRELIMINARY – SUBJECT TO FURTHER REVIEW AND REVISION  Source: Bloomberg, FactSet, Public Filings. Market data as of 12/05/2024. Alpha market data as of 11/04/2024.  Note: Alpha beta is as of the last 5 years, but excludes period between the announcement of Echo’s acquisition of Heritage Alpha and one-day before New Alpha’s first trading date.  Illustrative Alpha WACC Analysis  Cost of Equity: 6.3% Equity Market Risk Premium  7.2% Equity Market Risk Premium  11.4 –  12.4 –  12.0 %  13.1 %  Risk Free Rate (20-Year CMT Bond):  4.4 %  Assumed Equity Market Risk Premium - low:  6.3 %  Assumed Equity Market Risk Premium - high:  7.2 %  Relevered Equity Beta:  Unlevered Asset Beta:  Selected “Standard” Beta Measurement Period (Years):  1.11 –  1.20  1.11  5  – Implied Net Debt / Equity Ratio:  0.0 –  11.1 %   WACC Calculation Inputs   Target Capital Structure (Net Debt / Total Capital):  0.0  –  10.0  %  Median Capital Structure of Selected Companies:  3.1 %  After-Tax Cost of Debt:  4.0  %  Expected Long-Term Yield:  – Current Statutory Marginal Tax Rate:  5.1 %  20.0  %  Small Cap Risk Premium: High Yield Issuer? (Y / N)  0.0 % N  Weighted Average Cost of Capital:  11.2 –  12.4 %  6.3% Equity Market Risk Premium  11.4 –  11.2 %  7.2% Equity Market Risk Premium  12.4 –  12.2 %  * Beta estimation period differs from standard period of 5 years used in the analysis  The low end of the WACC is based upon the low end of the equity market risk premium (6.3%) and the high end of the net debt / total capital ratio. The high end is based on the high end of the equity market risk premium (7.2%) and the low end of the capital structure.  Median  $394  $24,544  3.1%  5.1%  Alpha  (166)  15,211  (1.1)  20.0  N/A  Cost of Equity-Related Metrics  Adjusted Equity Beta (Bloomberg)  Beta Estimation Period (Yrs)  High Yield Issuer  Debt Beta  Unlevering Tax Rate  Unlevered Asset Beta  Autodesk, Inc.  1.211  5.0  0.0  25.0%  1.207  Bentley Systems, Inc.  1.270  4.2  *  0.0  25.0  1.191  Dassault Systèmes SE  1.031  5.0  0.0  25.0  1.047  Nemetschek SE  1.486  5.0  0.0  30.0  1.454  PTC, Inc.  1.252  5.0  Y  0.3  25.0  1.211  Median  1.252  1.207  Alpha  1.095  4.4  *  0.0  20.0  1.105  Cost of Net Debt-Related Metrics  Capital Structure  Value of Net Debt  Market Value of Equity  Net Debt / Total Capital Ratio  Current Statutory Marginal Tax Rate  Long Term Yield  Autodesk, Inc.  $326  $67,408  0.5%  25.0%  4.8%  Bentley Systems, Inc.  1,334  15,142  8.1  25.0  N/A  Dassault Systèmes SE  (1,011)  48,925  (2.1)  25.0  N/A  Nemetschek SE  394  12,373  3.1  30.0  N/A  PTC, Inc.  1,487  24,544  5.7  25.0  5.3 
 
Exhibit (c)(6)

 DRAFT | Confidential  Preliminary | Subject to Further Review and Evaluation  December 2024  Project Alpha  Discussion Materials 
 
 CONFIDENTIAL | DRAFT  Key Considerations for Discussion –  Letter to the Special Committee  1. How should the Special Committee respond to over the near-term?  2. What are the timing and disclosure implications of the HSR filing by  3. How best to communicate and utilize the filing with Echo?  4. How should we manage timing of a public disclosure (if any) of  position and views?  5. Is there value to an NDA with  6. Requesting to share its third-party synergy analysis as cited in its letter  2  Stockholder H  Stockholder H  Stockholder H?  Stockholder H  Stockholder H's  Stockholder H?  Stockholder H 
 
 Appendix  Supplementary Information 
 
 Note: Multiples greater than 80.0x or negative excluded.  NTM revenue based on mean analyst consensus estimates for the next 12-month period as of transaction announcement.  Alpha projections based on Wall Street Analyst reports mean consensus estimates provided by Alpha Management as of November 2024, post Q1’FY25 earnings. Alpha common shares outstanding as of October 30, 2024 per Alpha 10-Q for the period ended September 30, 2024. RSUs, PSUs, and options as of November 22, 2024 per Alpha Management. Fully-diluted shares calculated using treasury stock method. Alpha balance sheet statistics per Alpha 10-Q for the period ended September 30, 2024. Cash adjusted for $49M acquisition of Ocean Grid, including $9M cash holdback expected to be paid in FY26.  CONFIDENTIAL | DRAFT  10/12/21  Alpha (@ $160)  Echo  15.0x  28.0x  38.7x  2%  53%  1%  39%  Average:  14.8x  42.5x  56.4x  11%  39%  7%  29%  10/12/21  Alpha incl. Syn. (@ $180)  Echo  16.9x  31.6x  43.6x  2%  53%  1%  39%   NTM Multiples NTM Op Stats (1)   Announce Date  Precedent Transaction   Revenue    EBITDA    LFCF   Rev. Growth  10/31/24  14.6x  64.4x  77.6x  8%  EBITDA LFCF   Margin Growth Margin  23% 8% 20%  03/05/24  13.8x  –  –  –  –  –  –  02/15/24  16.2x  43.9x  60.6x  25%  37%  NM  28%  01/16/24  14.5x  33.5x  48.8x  12%  43%  12%  29%  Alpha @ $240 Echo Proposal (2) 12.3x 26.5x 40.4x  13%  46% 22%  31%  NTM ACV Growth: 9%  Investor Day LT ACV-based Margin Target of 40-43% would imply ~33-36% NTM LFCF Margins today  Selected Precedent Technical Software Transactions  4  letter cites the forward EBITDA multiples of the following recent precedent technical software transactions:  Altair / Siemens (~60x), Altium / Renesas (~43x), Ansys / Synopsys (~32x) and original Echo / Alpha incl. synergies (~35x Heritage Alpha | ~31x PF New Alpha)  Stockholder H 
 
 CONFIDENTIAL | DRAFT  Median:  6.4x  0.68x  0.19x  19.4x  23.6x  0.86x  30%  5%  9%  31%  24%  23%  33%  Mean:  6.7  0.77  0.20  22.4  27.1  1.62  34%  3%  10%  31%  25%  23%  33%  Oct-21 Alpha / Echo @ $160 (7)  $10,878  $10,794  15.0x  -  0.37x  28.0x  38.7x  –  27%  1%  2%  53%  1%  39%  41%  Oct-21 Alpha / Echo @ $180 (with synergies) (7)  $12,266  $12,182  16.9  -  0.42  31.6  43.6  –  44%  14%  2%  53%  1%  39%  41%  Mean of Recent Technical SW Transactions:  13.2x  1.14x  0.36x  41.6x  55.1x  6.71x  32%  8%  14%  33%  10%  25%  38%  Echo Proposal @ $240: $15,366 $15,200 12.3x 0.92x 0.28x 26.5x 40.4x 1.86x 1% (0%) 13% 46% 22% 31% 44%  09/21/22  AVEVA (6)  Schneider Electric  11,461  11,934  7.5  0.72  0.23  24.7  33.4  –  47%  (24%)  10%  30%  -  22%  32%   NTM Transaction Multiples (2) Unaffected Premium (3) NTM Operating Statistics   Annc. FD Equity FD Enterprise Gr. Adj. Ro40 Adj. LFCF Gr. LTM Revenue EBITDA LFCF Rule of  Date  Target  Acquiror  Value  Value  Revenue  Revenue  Revenue (4)  EBITDA  LFCF(5)  Adj. LFCF(5)  1-Day  High  Growth  Margin  Growth  Margin  40 (4)(5)  10/31/24  Altair Engineering (1)  Siemens  $10,595  $10,100  14.6x  1.94x  0.54x  64.4x  77.6x  9.43x  19%  13%  8%  23%  8%  20%  27%  09/24/24  Smartsheet  Blackstone & Vista Equity  8,351  7,645  6.4  0.42  0.17  35.0  31.1  0.54  25%  16%  15%  18%  58%  22%  37%  09/09/24  Squarespace  Permira  7,013  7,237  5.6  0.32  0.14  22.9  23.2  0.99  22%  22%  17%  24%  24%  23%  41%  07/25/24  Instructure  KKR  3,631  4,721  6.9  1.14  0.21  16.9  20.1  0.85  16%  (17%)  6%  41%  24%  26%  33%  06/07/24  PowerSchool  Bain Capital  4,894  5,838  7.2  0.61  0.22  21.0  28.2  0.36  37%  (9%)  12%  34%  78%  21%  33%  02/15/24  Altium (1)  Renesas  5,919  5,718  16.2  0.66  0.31  43.9  60.6  –  34%  31%  25%  37%  -  28%  52%  01/16/24  Ansys *  Synopsys  34,634  34,841  14.5  1.26  0.35  33.5  48.8  4.00  29%  12%  12%  43%  12%  29%  41%  09/21/23  Splunk  Cisco  28,133  29,552  7.1  0.80  0.22  30.9  29.3  1.51  31%  26%  9%  23%  19%  23%  32%  12/12/22  Coupa  Thoma Bravo  6,675  8,003  8.4  0.54  0.25  37.5  39.3  –  77%  (61%)  16%  23%  -  18%  34%  05/26/22  VMware *  Broadcom  61,083  70,200  5.1  0.85  0.16  15.1  16.6  –  44%  (17%)  6%  34%  -  27%  33%  05/04/22  Black Knight *  Intercontinental Exchange  13,259  15,873  9.7  1.22  0.26  19.7  28.2  0.79  43%  2%  8%  49%  36%  29%  37%  01/31/22  Citrix  Evergreen Coast & Vista  13,633  16,519  5.1  1.84  0.19  16.0  17.9  0.50  30%  (28%)  3%  32%  36%  23%  26%  12/20/21  Cerner  Oracle  28,305  28,938  4.8  0.86  0.19  14.1  23.9  –  20%  14%  6%  34%  2%  20%  25%  12/07/21  Mimecast  Permira  5,822  5,538  8.8  0.63  0.24  32.1  40.6  1.39  16%  13%  14%  27%  29%  23%  37%  11/07/21  McAfee  Investor Group  11,958  14,472  7.4  0.60  0.14  17.0  14.5  –  23%  (17%)  12%  44%  -  42%  55%  08/19/21  Inovalon * (7)  Nordic Capital  6,415  7,209  8.8  0.63  0.27  25.0  41.5  –  25%  20%  14%  35%  -  19%  33%  08/05/21  Cornerstone OnDemand  Clearlake  4,127  5,238  5.9  0.80  0.18  18.8  18.4  1.32  31%  4%  7%  31%  14%  25%  33%  12/21/20  RealPage  Thoma Bravo  9,101  10,186  8.2  0.69  0.26  28.9  37.8  –  31%  28%  12%  28%  -  19%  31%  12/17/19  LogMeIn  Francisco Partners  4,337  4,418  3.4  0.87  0.12  10.7  14.0  –  25%  (11%)  4%  32%  -  24%  28%  06/12/19  Medidata  Dassault Systèmes  5,897  5,785  7.5  0.44  0.32  31.0  –  –  17%  4%  17%  24%  13%  6%  23%  10/28/18  Red Hat (1)  IBM  34,630  33,622  9.3  0.56  0.21  33.8  33.8  3.28  63%  8%  17%  27%  10%  28%  45%  03/06/18  CommerceHub  GTCR & Sycamore  1,069  1,049  8.6  0.87  0.20  20.5  26.8  2.21  25%  (4%)  10%  42%  12%  33%  43%  12/14/16  Neustar  Golden Gate Capital  1,997  2,882  2.3  0.25  0.06  5.0  5.9  0.21  45%  21%  9%  45%  28%  27%  36%  11/14/16  Mentor Graphics  Siemens  4,529  4,521  3.7  0.32  0.19  15.7  –  –  21%  21%  11%  23%  -  8%  19%  09/19/16  Infoblox (1)  Vista  1,611  1,353  3.7  1.16  0.16  19.4  21.9  0.86  72%  (5%)  3%  19%  25%  20%  23%  07/07/16  AVG  Avast  1,341  1,452  3.2  1.00  0.13  9.0  13.2  0.53  34%  (13%)  3%  36%  25%  23%  26%  06/15/15  DealerTrack  Cox Automotive  3,997  4,617  4.1  0.21  0.11  19.4  20.0  –  59%  27%  20%  21%  -  18%  37%  04/07/15  Informatica  Permira & CPP  5,295  4,874  4.3  0.54  0.15  18.1  22.1  1.72  27%  17%  8%  24%  13%  21%  29%  02/02/15  Advent Software  SS&C Technologies  2,501  2,683  6.4  1.14  0.21  18.0  24.1  –  44%  26%  6%  36%  -  25%  30%  12/15/14  Riverbed Technology  Thoma Bravo  3,543  3,580  3.2  1.17  0.14  11.5  15.5  0.86  39%  (6%)  3%  28%  18%  20%  23%  05/06/13  BMC  Investor Group  7,032  7,136  3.1  0.63  0.09  7.9  10.6  –  14%  (18%)  5%  39%  -  29%  34%  07/02/12  Quest Software  Dell  2,529  2,386  2.5  0.34  0.09  10.9  12.8  0.35  44%  1%  7%  23%  37%  21%  28%  07/01/11  Blackboard  Providence Equity  1,638  1,750  3.2  0.19  0.09  12.6  16.2  0.66  21%  5%  17%  25%  24%  18%  35%  Selected Public Software Transactions Above $1 Billion Since 2011 with Revenue Growth Between ~0% and 20% and LFCF Margin > ~20%(1)  ($MM)  Selected Transaction Statistics  (1)  (2)  (3)  Includes Altair, Altium, Mentor Graphics, and Medidata transactions.  NTM statistics based on mean analyst consensus estimates for the next twelve-month period as of transaction announcement.  Unaffected premium indicates premium based on day prior to rumors of a potential transaction, or premium based on day prior to transaction announcement if no substantial  rumors existed.  Note: Selected Transactions sorted by announce date. Multiples greater than 80.0x, Adj. Rev. Mult.s greater than 4.0x, and Adj. LFCF Mults. greater than 7.0x, or negative mults (4) noted as dashes. Source: Capital IQ, FactSet, company filings, company press releases and Wall Street research. (5) (6)  (7)  Rule of 40 = Revenue growth + LFCF Margin.  Levered free cash flow based on cash flow from operations less capital expenditures and capitalized software. AVEVA statistics reflect 2022 buy-out of its minority shareholders by Schneider Electric.  Echo estimated the value of its contribution for a 55% stake in Alpha at $8.5Bn / $160 per share ($6Bn in cash + software assets they valued at an estimated $2.5Bn).  Implied $180/share includes synergies.  Legend  *  Transaction Consideration Included Stock  Recent Technical SW Transactions  5  letter cites the premia of the original Alpha transaction with Echo incl. of synergies (44%), Schneider’s squeeze- out of AVEVA (47%) and ‘relevant public software precedents’ (44%)  Stockholder H 
 
  Premium   Min Range:  <10%  10%  20%  30%  40%  50%  60%  70%  80%  Max Range:  10%  20%  30%  40%  50%  60%  70%  80%  >80%  # of Transactions  55  82  100  62  51  35  19  11  19  % of Total  13%  19%  23%  14%  12%  8%  4%  3%  4%  % of Total At Or  Below Range  13%  32%  55%  69%  81%  89%  93%  96%  100%  Source: FactSet as of December 20, 2024.  Note: Based on FactSet premia and unaffected dates for technology M&A transactions greater than $1Bn enterprise value since 2003.  (1) Reflects Echo Proposal of $240.00 per share received on November 5, 2024.  CONFIDENTIAL | DRAFT  55  82  100  62  51  35  19  11  19  Median: 28% Premium  Selected Technology Transaction Premia  Premia in Selected >$1Bn Public Technology Transactions Since 2003  6  1- Day Premia Paid  434 Total Transactions in Data Set  25th Percentile: 18% Premium  Echo Proposal Premium to Echo-cited Unaffected(1): 35%  75th Percentile: 45% Premium  Mean: 33%  Premium  letter cites the premia of the original Alpha transaction with Echo incl. of synergies (44%), Schneider’s squeeze- out of AVEVA (47%) and ‘relevant public software precedents’ (44%)  Stockholder H 
 
 CONFIDENTIAL | DRAFT  81%  59%  50%  50%  47%  47%  45%  44%  42%  38%  36%  34%  29%  16%  15%  14%  11%  Pivotal  Akcea  Myovant  EMC Insurance  Aveva (1)  SciPlay  AVX  National Interstate  Speedway Motorsports  CNA Surety  Independence  Foundation Medicine  R1 RCM (2)  Starz  International Speedway  Santander Sauer-Danfoss Consumer USA  Unaffected 1-Day Premia of Minority Squeeze Outs by Strategics  Selected Transactions >$100M Since October 2003  Target:  Source: FactSet, Dealpoint, public company filings, and Dealogic.  No 13E-3 filed in relation to this take-private transaction due to non-US target and acquirer.  Sponsor-led deal with strategic participation.  Reflects Echo Proposal of $240.00 per share received on November 5, 2024.  VMWare  Ionis  Sumitomo  Employers Mutual  Schneider  Light & Wonder  Kyocera  AFG  Sonic Financial  CNA Financial  Geneve  Roche  CD&R  TowerBrook  Lions Gate  NASCAR  Banco Santander  Danfoss  Aug-19  Aug-20  Oct-22  Nov-19  Sep-22  May-23  Nov-19  Mar-16  Nov-18  Apr-11  Aug-21  Jun-18  Aug-24  Jun-16  Nov-18  Jul-21  Nov-12  Acquiror:  Annc. Date:  Txn. Size ($Bn):  Acq. Own. %:  Acq. Voting %: Bump from initial  bid %:  $2.1  $0.4  $1.3  $0.4  $11.9  $0.5  $1.0  $0.3  $0.8  $0.5  $0.3  $2.2  $6.5  $4.3  $1.2  $2.5  $0.7  63%  76%  52%  54%  59%  83%  72%  51%  72%  61%  63%  57%  29%  16%  84%  80%  76%  94%  76%  52%  54%  60%  98%  72%  51%  72%  61%  62%  57%  29%  63%  75%  80%  76%  9%  13%  19%  20%  4%  15%  12%  8%  10%  21%  14%  3%  4%  2%  7%  6%  19%  Median: 42%  (48%)  (19%)  38%  16%  (24%)  29%  16%  10%  (5%)  36%  19%  28%  (22%)  (23%)  (5%)  (7%)  5%  Premium to LTM High:  Median: 7%  Echo Proposal Premium to LTM High: (0%)  Echo Proposal Premium to Echo-cited Unaffected(3): 35%  7  letter cites a premia of 40% in  ‘Other U.S. minority squeeze-out’ transactions  Stockholder H 
 
 CONFIDENTIAL | DRAFT  8  Cost Synergies Benchmarking Across Selected Technology Transactions  letter cites a squeeze out synergy range of $155 - $215M FCF per year, based on work they did with a leading third-party consultancy, that consists of a combination of 1) cost synergies of 20-25% current cash opex; and 2) significant new revenue synergies at ~70% incremental profitability  ($MM)   Synergies as a % of   Annc.  Enterprise  Announced  Target  Target  Date  Target  Acquiror  Value  Cost Synergies  OpEx  COGS + OpEx  10/30/24  Altair  Siemens  $10,100  $150  36%  28%  01/16/24  Ansys  Synopsys  34,841  400  34%  29%  04/12/23  National Instruments  Emerson  8,552  165  19%  12%  08/25/22  Micro Focus (1)  Open Text  5,962  400  39%  24%  07/13/22  ironSource (2)  Unity  4,386  300  61%  50%  05/04/22  Black Knight  ICE  15,873  200  20%  20%  01/10/22  Zynga  Take-Two  12,557  100  6%  4%  10/12/21  Alpha  Echo  10,794  40  15%  12%  08/10/21  Avast  NortonLifeLock  9,051  280  87%  61%  11/30/20  IHS Markit (3)  S&P Global  43,927  480  27%  29%  10/29/20  Inphi (3)  Marvell  9,964  125  46%  23%  10/27/20  Xilinx  AMD  34,956  300  25%  14%  08/05/20  Livongo  Teladoc  18,475  60  17%  13%  07/13/20  Maxim  Analog Devices  20,676  275  38%  19%  12/19/19  Xperi (4)  TiVo  1,274  50  11%  8%  12/18/19  Takeaway  Just Eat  8,261  69  9%  5%  06/24/19  Rudolph  Nanometrics  892  20  21%  9%  06/09/19  Raytheon (5)  UTC  86,516  1,000  4%  4%  05/28/19  TSYS (6)  Global Payments  24,936  300  11%  -  03/18/19  Worldpay (7)  FIS  43,741  400  19%  19%  01/16/19  First Data  Fiserv  38,735  900  26%  13%  10/03/18  Hortonworks  Cloudera  1,993  125  38%  30%  03/01/18  Microsemi  Microchip  10,167  300  49%  22%  11/20/17  Cavium  Marvell  6,675  163  38%  21%  Source: Capital IQ, FactSet, company filings, company press releases and Wall Street research. Micro Focus and CSC / HPE statistics per HPE management. Note: All operating statistics represented on an NTM basis.  Synergies as a % of operating statistics estimated based on FY22E Total Expenses per Jefferies report dated June 22, 2022.  Synergies at announcement assumed to be cost synergies.  Run-rate synergies shown per company filing.  Synergies as a % of operating statistics estimated based on CY20E Cost of Revenue & Operating Expenses per RBC report dated November 6, 2019.  Synergies as a % of operating statistics estimated based on CY20E Cost of Revenue & Operating Expenses per JPM report dated April 26, 2019.  Revenue less EBITDA used as proxy for TSYS OpEx.  (7) Synergies as a % of operating statistics estimated based on CY19E Operating Expenses per JPM report dated February 26, 2019.  Stockholder H 
 
 CONFIDENTIAL | DRAFT  Median:  Mean:  22% 13%  26% 16%  Alpha @ 22.5% FY25 OpEx $105  22.5% 16%  ($MM)   Synergies as a % of   Annc. Date  Target  Acquiror  Enterprise  Value  Announced Cost Synergies  Target OpEx  Target COGS + OpEx  09/05/17  AVEVA (1)  Schneider Electric  $2,845  $33  17%  15%  01/30/17  Ixia (2)  Keysight  1,604  60  19%  14%  11/20/16  LifeLock  Symantec  2,363  80  17%  13%  11/14/16  Mentor Graphics (3)  Siemens  4,521  109  14%  11%  07/26/16  Linear  Analog Devices  13,467  150  39%  20%  07/26/16  Citrix GoTo (4)  LogMeIn, Inc.  1,803  100  21%  -  06/13/16  LinkedIn  Microsoft  26,152  150  4%  4%  10/21/15  SanDisk  Western Digital  17,525  500  35%  11%  05/28/15  Broadcom  Avago  31,335  750  26%  11%  02/02/15  Advent Software  SS&C  2,683  45  27%  16%  12/01/14  Spansion  Cypress  1,948  135  40%  12%  02/24/14  TriQuint  RFMD  1,641  150  54%  17%  12/16/13  LSI  Avago  6,493  200  22%  10%  12/14/11  Novellus  Lam Research  3,299  100  27%  10%  02/03/09  Ticketmaster  Live Nation  393  40  11%  3%  10/07/07  Business Objects (5)  SAP  5,452  219  22%  16%  12/16/04  Veritas Software (6)  Symantec  13,521  100  9%  7%  9  Cost Synergies Benchmarking Across Selected Technology Transactions  Source: Capital IQ, FactSet, company filings, company press releases and Wall Street research. Micro Focus and CSC / HPE statistics per HPE management. Note: All operating statistics represented on an NTM basis.  Reported £25M of cost synergies. Assumes GBP/USD conversion of 1.303.  Run-rate synergies shown per company filing.  (3) Synergies at announcement assumed to be cost synergies.  Synergies as a % of operating statistics estimates based on CY16E operating expenses per JPM report dated July 27, 2016. Revenue minus EBITDA used as proxy for Citrix GoTo operating expenses.  Synergies as a % of operating statistics estimates for SAP and Business Objects based on NTM operating expenses per Wedbush  (6) Synergies as a % of operating statistics estimated based on announced LTM statistics per FactSet and company filings.  letter cites a squeeze out synergy range of $155 - $215M FCF per year, based on work they did with a leading third-party consultancy, that consists of a combination of 1) cost synergies of 20-25% current cash opex; and 2) significant new revenue synergies at ~70% incremental profitability  Stockholder H 
 
 These materials have been prepared by Qatalyst Partners LP (including any affiliates “Qatalyst”) for the Qatalyst client or potential client to whom such materials are directly addressed and delivered or a special committee of the Board of Directors thereof (the “Company”) in connection with an actual or potential mandate or engagement and may not be used or relied upon for any purpose other than as specifically contemplated by a written agreement with Qatalyst. These materials are based on information provided by or on behalf of the Company and/or other potential transaction participants, from public sources or otherwise reviewed by Qatalyst. Qatalyst assumes no responsibility for independent investigation or verification of such information and has relied on such information being complete and accurate in all respects. To the extent such information includes estimates and forecasts of future financial performance (including estimates of potential cost savings and synergies) prepared by or reviewed with the managements of the Company and/or other potential transaction participants or obtained from public sources, Qatalyst has assumed that such estimates and forecasts have been reasonably prepared on bases reflecting the best currently available estimates and judgments of such managements (or, with respect to estimates and forecasts obtained from public sources, represent reasonable estimates). No representation or warranty, express or implied, is made as to the accuracy or completeness of such information and nothing contained herein is, or shall be relied upon as, a representation, whether as to the past, the present or the future. These materials were designed for use by specific persons familiar with the business and affairs of the Company and are being furnished and should be considered only in connection with other information, oral or written, being provided by Qatalyst in connection herewith. These materials are not intended to provide the sole basis for evaluating, and should not be considered a recommendation with respect to, any transaction or other matter. Prior to entering into any transaction the Company should determine, without reliance on Qatalyst, the economic risks and merits as well as the legal, tax and accounting characterizations and consequences of any such transaction. In this regard, by accepting this presentation, the Company acknowledges that (a) Qatalyst is not in the business of providing (and the Company is not relying on Qatalyst for) legal, tax or accounting advice, (b) there may be legal, tax or accounting risks associated with any transaction, (c) the Company should receive (and rely on) separate and qualified legal, tax and accounting advice and (d) the Company should apprise senior management as to such legal, tax and  accounting advice (and any risks associated with any transaction) and Qatalyst’s disclaimer as to these matters. Qatalyst does not provide tax advice. Accordingly, any statements contained herein as to tax matters were neither written nor intended by Qatalyst to be used and cannot be used by any taxpayer for the purpose of avoiding tax penalties that may be imposed on such taxpayer. Any discussion of tax matters in these materials may have been written in connection with the “promotion” or “marketing” of any transaction contemplated hereby. Accordingly, any taxpayer should seek advice based on such taxpayer’s particular circumstances from an independent tax advisor. These materials do not constitute an offer or solicitation to sell or purchase any securities and are not a commitment by Qatalyst to provide or arrange any financing for any transaction or to purchase any security in connection therewith. Qatalyst is not acting in any other capacity as a fiduciary to the Company. Qatalyst assumes no obligation to update or otherwise revise these materials. These materials have not been prepared with a view toward public disclosure under state or federal securities laws or otherwise, are intended for the benefit and use of the Company, and may not be reproduced, disseminated, quoted, summarized or referred to, in whole or in part, without the prior written consent of Qatalyst. These materials may not reflect information known to other professionals in other business areas of Qatalyst.  Qatalyst is a full service securities firm providing investment banking and other services and products to a wide range of corporations and individuals, domestically and offshore, from which conflicting interests or duties may arise. In the ordinary course of these activities, Qatalyst may at any time hold long or short positions, and may trade or otherwise effect transactions, for their own account or the accounts of customers, in debt or equity securities or loans of the Company, potential counterparties, or any other company that may be involved in a transaction.  Qatalyst is required to obtain, verify and record certain information that identifies each entity that enters into a formal business relationship with it, which information includes the complete name and address and taxpayer ID number. Qatalyst may also request corporate formation documents, or other forms of identification, to verify information provided.  CONFIDENTIAL | DRAFT   Disclaimer  
 
 The preceding pages contain material provided to the Special Committee of the Board of Directors of Alpha (the “Company”) by Citigroup Global Markets Inc. (“Citi”) in connection with the  proposed transaction involving the Company and Echo.  The accompanying material was compiled or prepared on a confidential basis solely for the use of the Special Committee of the Board of Directors of the Company and not with a view toward public disclosure under any securities laws or otherwise. The information contained in the accompanying material was obtained from the Company and other sources. Any estimates and projections contained herein have been prepared or adopted by management of the Company, obtained from public sources, or are based upon such estimates and projections, and involve numerous and significant subjective determinations, and there is no assurance that such estimates and projections will be realized. Citi does not take responsibility for such estimates and projections, or the basis on which they were prepared. No representation or warranty, express or implied, is made as to the accuracy or completeness of such information and nothing contained herein is, or shall be relied upon as, a representation, whether as to the past, the present or the future. In preparing the accompanying material, Citi assumed and relied, without independent verification, upon the accuracy and completeness of all financial and other information and data publicly available or provided to or otherwise reviewed by or discussed with Citi and upon the assurances of the management of the Company, that they are not aware of any relevant information that has been omitted or that remains undisclosed to Citi.  The accompanying material was not prepared for use by readers not as familiar with the Company and Echo as the Special Committee of the Board of Directors of the Company and, accordingly, neither the Company nor Citi nor their respective legal or financial advisors or accountants take any responsibility for the accompanying material if used by persons other than the Special Committee of the Board of Directors of the Company. The accompanying material is necessarily based upon information available to Citi, and financial, stock market and other conditions and circumstances existing and disclosed to Citi, as of the date of the accompanying material. Citi does not have any obligation to update or otherwise revise the accompanying material. Nothing contained herein shall be construed as legal, tax or accounting advice.  CONFIDENTIAL | DRAFT  Disclaimer 
 
Exhibit (c)(7)

 DRAFT | Confidential  Preliminary | Subject to Further Review and Evaluation  January 2025  Project Alpha  Special Committee Materials 
 
 CONFIDENTIAL | DRAFT  2  Agenda  Echo Ability to Pay & Earnings Impact Analysis  Perspectives on Pro Forma Impact to Alpha of Illustrative Target  Echo + Alpha Synergies Analysis 
 
 Echo Ability to Pay & Earnings Impact Analysis 
 
 Valuation Statistics  Statistic  $15,366  $16,007  $16,655  $17,299  $17,943  $18,587  $19,231  $19,876  $20,520  V.-ilue Excludi  Ecl10 Stake  $6,652  $6,932  $7,215  $7,496  $7,777  $8,058  $8,339  $8,620  $8,901  EV / NTM Revenue  11,239  12.3x  12.Sx  13.3x  13.Sx  14.3x  14.9x  15.4x  15.9x  16.4x  Equity Value / NTM LFCF  381  40.4x  42.0x  43.7x  45.4x  47.lx  48.Sx  50.5x  52.2x  53.9x  Assumin No Sale of Safe!l'.& Pcoductivi!l'.  Sources of Funds  Combined Balance Sheet Cash  $1,453  $1,453  $1,453  $1,453  $1,453  $1,453  $1,453  $1,453  $1,453  Drawdown of Revolving Credit Facility  4,500  4,500  4,500  4,500  4,500  4,500  4,500  4,500  4,500  New Debt Raised  841  1,129  1,420  1,710  1,999  2,289  2,579  2,868  3,158  Total Sources  $6,794  $7,082  $7,373  $7,663  $7,953  $8,242  $8,532  $8,821  $9,111  Uses of Funds  Purchase of Alpha Outstanding Shares  $6,652  $6,932  $7,215  $7,496  $7,777  $8,058  $8,339  $8,620  $8,901  Fees and E enses  141  150  158  167  176  184  193  201  210  Total Uses  $6,794  $7,082  $7,373  $7,663  $7,953  $8,242  $8,532  $8,821  $9,111  Pro Forina Levera e  LTM Gross Leverage at Txn. Close (3/31/25)  $4,121  2.8x  2.8x  2.9x  2.9x  3.0x  3.lx  3.lx  3.2x  3.3x  LTM Net Leverage at Txn. Oose (3/31/25)  2.4x  2.5x  2.6x  2.6x  2.7x  2.7x  2.Sx  2.9x  2.9x  FY25E Gross Levera e w/ Pa down  15,043  2.Sx  2.Sx  2.6x  2.6x  2.7x  2.8x  2.8x  2.9x  2.9x  FY25E Net Leverage (w/ Paydown)  2.2x  2.2x  2.3x  2.3x  2.4x  2.5x  2.5x  2.6x  2.6x  FY26E Gross Leverage (w/ Paydown)  15,397  1.8x  1.9x  1.9x  2.0x  2.lx  2.lx  2.2x  2.2x  2.3x  FY26E Net Leverage (w/Paydown)  1.5x  1.6x  1.7x  1.7x  1.Sx  1.Sx  1.9x  1.9x  2.0x  Highly Preliminary - DRAFT  Echo Ability to Pay Analysis  Echo Consolidated B/S Cash (Includes Alpha)  (+) Echo Consolidated FCF to 3/31/25 (Includes Alpha)  (-) Cash Used for Sha.re Repurchases and Dividend Payments (1)  (-) illustrative lfinimum Cash  Illustrative Excess Cash Available foe Transaction  $3,588  1,299  (1,933)  (1,500)  $1,453  Assumes Illustrative Transaction Close of 3 / 31 / 25; No Sale of Safety & Productivity Business  Moody's has indicated that Echo could support leverage up to ~3.0x before risk of a credit downgrade<2l  Echo has an undrawn $3.SBn revolving credit facility, with the option to increase its aggregate commitment by up to $1.0Bn at an interest rate of SOFR + 0.905% based on Echo's current A2 debt rating  ' '  .  Illustrative Share Price:  $240.00  Imp!ted Prrmmm  lo C11m11/:  (4%)   E  p  $260.00  $270.00  $280.00  $290.00  $300.00  $310.00  $320.00  4%  8%  12%  16%  20%  24%  28%  E.dJoFY25E..EBlTD.A.WH OIi a (t»l!o/ith:td Hsis(indlldin1,Alpb4)far tbt ptriodt11dtd S ttr JO, 2025.  C-latalyst  PAiC'rNf!U,  s :A9&1PrtliJ!lti11a,yZ14o tPN11p1mid«l"7A4>lxl. asefDt(tf/1/NT2024. E.dJoft11aMiabptr FllttSttat1dtmpa,,y filii't.14sof]at111a,y2. 2025. (J)  N«t:A.slN.ltffl ilhl1tmiff trrlM«1#11 f.Hl1t llfMarr.bJ1. 2025.As1U1t1115B1111tillilltlim tasb 4.85%(t)/1 efdtk. tltUi SOFR. f'fJfl asmt If wb j,r1p.t.  AslUltl ftMl.biJltmditfad51J iJpaidd4WII •ilbdJ!!t:XJ:ISI fttt tasbjh:P§llffl#td.  Ptr Em, 8-Kfar tbtptriodmdtd Stp1t1111NTJO, 2024. &ltd1»1I0.6& 'f 411Mlillad di1idmdpaymm1farH1'FY.?5.E.l1.0B11II/slwt r,p,ml,o1tsJttJIWlll(td  4  CONFIDENTIAL I DRAFI  farQ,1FY2J.E. a,,d~JJ'/4ofrmtlini11gl1.0BII IfJttJMlillttd filt4lJ'tt1r1&zrtrtpli1rba1t1farQ2FY2JE. Ptr MtJodJ'1A2 fn#{J(' nltOlffli ttpon01efFtffltaty202.J.  c1t1  (2) 
 
 Hig  hly Preliminary-DRAFT I  Echo Earnings Per Share Impact Analysis  .Transaction Assumptions:  . All-cash transaction  Illustrative transaction close of 3/31/25  Financed usingundrawn RCF at SOFR + 0.975% & incremental  . new debt at 4.85% interest rate  Tax rate of 21%  . Forgone cash rate based on quarterly SOFR  M&A fee of 2.0%, financing fee of 1.0%  Assumes Illustrative Transaction Close of 3 / 31 / 25; No Sale of Safety & Productivity Business  Echo publicly announced that they expect the impact of the Alpha squeeze-out to be EPS neutral in FY25 with synergies  )  (1i!M,x, apr pff-shart a111011n11)  Echo Proposal  Current  Illustrath•e Share Price:  $240.00  $260.00  $2i0.00  $280.00  $290.00  $300.00  $310.00  $320.00  Implted Prw111m to C11rrent:  (4%  lllllllllllllrl  4%  8%  12%  16%  20%  24%  28%  Assuming No Sale of Safety & Productivity  Alpha Preliminary Management Plan (2)  FY25E Pro Forrna EPS  $5.96  $5.89  $5.88  $5.87  $586  $5.85  $5.84  $5.83  $5.82  $5.81  FY25B I Acmtion I Dil1ltion  (10.08)  (10.09)  (10.10)  (10.11)  (10.12)  {10.13)  (10.14)  (10.15)  (10.16)  PY25E % Accretion / Dilution  (1.3%)  (1.4%)  (1.6%)  (1.8%)  (1.9%)  (2.1%)  (2.3%)  (2.4%)  (2.6%)1  Prr-Tax Syne!!Jts Netdtd / (Cusbion) lo Bttahl:en  iJJJtjJtk  154  161  168  175  182  190  197  1104  1111  % of Alpba H2'FY25 opBx  1255  21%  24%  27%  30%  32%  35%  38%  41%  43%  Alpha Street (3)  FY25E Pro Forrna EPS  $5.96  $5.93  $5.92  $5.91  $590  $5.89  $5.88  $5.87  $5.86  $5.85  FY25B I Acmtion I Dil1ltion  (10.03)  (10.04)  (10.05)  (10.06)  (IO.o7)  (10.08)  (10.09)  (10.10)  (10.11)  PY25E % Accretion / Dilution  (0.5%)  (0.7%)  (0.8%)  (1.0%)  (1.2%)  (1.3%)  (1.5%)  (1.7%)  (1.8%)1  Prr-Tax Syne!!Jts Netdtd / (Cusbion) lo Bttahl:en  iJJJtjJtk  122  129  136  143  150  157  164  171  178  % of Alpba H2'FY25 opBx  1248  9%  12%  14%  17%  20%  23%  26%  29%  32%  Alpha Preliminary Management Plan (2)  FY26E Pro Forrna EPS  $6.52  $6.49  $6.47  $6.45  $6.43  $6.40  $6.38  $6.36  $6.34  $6.32  FY26B I Acmtion I Dil1ltion  (10.04)  (10.06)  {10.08)  (10.10)  (10.12)  (10.14)  (10.16)  (10.18)  (10.20)  PY26E % Accretion / Dilution  (0.5%)  (0.9%)  (1.2%)  (1.5%)  (1.8%)  (2.1%)  (2.5%)  (2.8%)  (3.1%)  Prr-Tax Syne!!Jts Netdtd / (Cusbion) lo Bttahl:en  Statistic  125  139  154  169  183  198  1112  1127  1142  % of Alpba FY26 opBx  1516  5%  8%  10%  13%  16%  19%  22%  25%  27%  Alpha Street (3)  Stando/om  FY26E Pro Forrna EPS  $6.52  $6.49  $6.47  $6.45  $6.43  $6.41  $6.39  $6.36  $6.34  $6.32   FY26B I Acmtion I Dil1ltion 0.03  '10.05  '10.08  0.10  0.12  0.14  0.16  0.18  '10.20  PY26E % Accretion / Dilution (0.5%)  (0.8%)  (1.2%)  (1.5%)  (1.8%)  (2.1%)  (2.4%)  (2.8%)  (3.1%)  Prr-Tax Syne!!Jts Netdtd / (Cusbion) lo Bttahl:en Statistic 124  138  153  168  182  197  1111  1126  1141  % of Alpba FY26 opBx 1483 5%  8%  11%  14%  17%  20%  23%  26%  29%  5  s : E.d,oft11aMiabptrF«tStttllldfilingsas'(]IWl#fY 2. 2025.  No:t: A.slN.ltffl ilhlstmiff trrlM«1#11 f.Hlst llfMarr.b)1. 2fJ2J.All/Ulttl11.5B1111tilliJltRm tasb  As111111t1 ftMl.bi.ittmditfad51J iJpaidd4W1I •ilbdJ!! t:XJ:ISS fm tasbjh:P td.  (J)  411ap,ef«tio11siasdtm W-411Stntt.Alll!J.'ltfl'J>4r1Smttm t#IIRl#JIIfSfim.tm, J>fffidd  -slfNa.'ttllNT2024.po1tQ1'FY25l#f'llfflt1-  4.85%(t)f1efdtk. tltUi SOFR. f'(Jfl as mt If wl, j,rp.t.  (1) C4tb.,, .. Mt,_ mdNdtJ,jfrd,jl2.O1JJ,f sb.m,,,.,,..,,,.,.11.m. ,j dnwnsdp,y-11pllllmtdfa,FY25£.ptrE,t,,8-Kfar tht"""'"""'  S,p,,,mJO. 2024.  (2) A9b#Pniim;,,,:,. Ptm,pr,,;dtd;_,A4>"'1.'44n-a,,jDt,,,.;,,202•.  CONFIDENTIAL I DRAFI  C-latalyst  PAiC'rNf!U,  c1t1 
 
 Echo Consolidated B/S Cash (Includes Alpha)  $3,588  (+) Echo Consolidated FCF to 3/31/25 (Includes Alpha)  1,299  (-) Cash Used for Share Repurchases and Dividend Payments (1)  (1,933)  (-) Illustrative Minimum Cash  (1,500)  lliustrative Excess Cash Available for Transaction  $1,453  (+) Illust. Cash Generated from Sale of Safety & Productivity (4)  3,819  lliustrative Excess Cash Available for Transaction incl. Sale  $5,273  Full -Diluted E ui  Value  $15,366  $16,007  $16,655  $17,299  $17,943  $18,587  $19,231  $19,876  $20,520  Fully-Diluted Equity Value Excludi11g Ecl10 Stake  $6,652  $6,932  $7,215  $7,496  $7,777  $8,058  $8,339  $8,620  $8,901  EV / N1M Revenue  $1,239  12.3x  12.Sx  13.3x  13.Sx  14.3x  14.9x  15.4x  15.9x  16.4x  Equity Value/ N1M LFCF  381  40.4x  42.0x  43.7x  45.4x  47.lx  48.Sx  50.5x  52.2x  53.9x  Assuming Sale of Safety & Productivity  Sources of Funds  Combined Balance Sheet Cash  $5,273  $5,273  $5,273  $5,273  $5,273  $5,273  $5,273  $5,273  $5,273  Drawdown of Revolving Credit Facility  1,615  1,900  2,189  2,475  2,762  3,049  3,336  3,622  3,909  New Debt Raised  Total Sources  $6,888  $7,173  $7,461  $7,748  $8,035  $8,321  $8,608  $8,895  $9,182  Uses of Funds  Purchase of Alpha Outstanding Shares  $6,652  $6,932  $7,215  $7,496  $7,777  $8,058  $8,339  $8,620  $8,901  Fees and Exeenses  235  241  247  252  258  263  269  275  280  Total Uses  $6,888  $7,173  $7,461  $7,748  $8,035  $8,321  $8,608  $8,895  $9,182  LTM Gross Levera  e at Txn. Oose 3/31/25  14,352  2.lx  2.2x  2.3x  2.3x  2.4x  2.Sx  2.Sx  2.6x  2.7x  L1M Net Leverage at Txn. Oose (3/31/25)  1.8x  1.9x  1.9x  2.0x  2.lx  2.lx  2.2x  2.3x  2.3x  FY25E Gross Levera e w Pa down  4673  1.Sx  1.9x  2.0x  2.0x  2.lx  2.2x  2.2x  2.3x  2.3x  FY25E Net Leverage (w/ Paydonw)  1.5x  1.6x  1.6x  1.7x  1.8x  1.8x  1.9x  2.0x  2.0x  FY26E Gross Levera e w/ Pa down  15,013  1.Sx  1.Sx  1.Sx  1.Sx  1.Sx  1.Sx  1.Sx  1.6x  1.7x  FY26E Net Leverage (w/Paydown)  1.2x  1.2x  1.2x  1.2x  1.2x  1.2x  1.2x  1.3x  1.4x  ---Hi-ghly Preliminary - DRAFT  Echo Ability to Pay Analysis  Assumes IllustrativeTransaction Close of 3 / 31 / 25; Sale of S ajety & Productivity Business  Moody's has indicated that Echo could support leverage up to ~3.0x before risk of a credit downgrade<3)  Echo has an undrawn $3.5Bn revolving credit facility, with the option to increase its aggregate commitment by up to $1.0Bn at an interest rate of SOFR + 0.905% based on Echo's current A2 debt rating  ($MM, txctptper-sbareamounts)  lliustrative  Share Price:  $240.00  $260.00  $270.00  $280.00  $290.00  $300.00  $310.00  $320.00  Imp!ted Premium to Curren/:  (4%)  -  4%  8%  12%  16%  20%  24%  28%  Echo Proposal  Current  Valuation Statistics  Slatimc  s :A9&1PrtliJ!lti11a,yZ14o tPN111pmid«l"7A4>lxl. asefDt(tf/1/NT 2024.E.dJoft11aMiabptrFllttSttat1dtmpa,,y filii't.14sof]at111a,y2.2025. (J)  /4)  E.dJoFY25E..EBlTD.A.WH OIi a (t»l!o/ith:td Hsis(indlldin1,Alpb4)fartbt ptriodt11dtd S ttr JO, 2025.  &std411ilbi.st'lrJlnlt12.0xEV/ .EBITDA11t1illiplt fJM4 15%IIJX f'fJfl. Slljty& Prod1urin stgmm.E.B1ID.A Hstd ,m Fat1Stt IIHl11J amsmoo  efl""""'Y2, 202;.  C-latalyst  PAiC'rNf!U,  N«t: A.s!NJtffs ilhlstmiff trrlM«t#11 f.HlstllfMarr.bJ1. 2fJ2J. AsslUlttl115B1111tillilltRmtasb 4.85%(t)lf efdtk.tltUi SOFR. f'fJfl asmt If wb j,rp.t.  AsslUlttlftMl.biJltmditfad51J iJpaidd4WII •ilbdJ!!t:XJ:ISS fttt tasbjh:Pl,tllffl#td.  (1) PtrEtbf 8-Kfar tbtptriodmdtd Stp1t1111NTJO, 2024. &std1J11I0.6BII'f 411Mlillad di1idmdpaymm1far H1'FY.?5.E.l1.0B11II/slwt r,pldl'bostsJttJMllll(td  41  6  CONFIDENTIAL I DRAFI  farQ,1FY2J.E. a,,d~JJ'/4 ofrmtzini11gl1.0BII IfJttJMJillttd fisailJ'tt1rs&zrtrtpllfrbastsfarQ2FY2JE. PtrMtJodJ's.A2fn#{J(' llllltOlfflittponOS efFtffltaty202.J.  c1t1  (2) 
 
 Highly Preliminary - DRAFT  Echo Earnings Per Share Impact Analysis  Assumes IllustrativeTransaction Close of 3 / 31 / 25; Sale of S ajety & Productivity Business  Transaction Assumptions:  All-cash transaction  Illustrative transaction close of 3/31/25  Financed using widrawn RCF at SOFR + 0.975% & incremental new debt at 4.85% interest rate Tax rate of 21¾  Forgone cash rate based on quarterly SOFR  M&A fee of2.0¾, financing fee of 1.0% for Alpha purchase; M&A fee of 1.5% for S&P sale Illustrative -12x NTM BBITDA street consensus estimates assumed for cash proceeds in sale of S&P Assumes incremental interest on cash generated from S&P sale proceeds at SOFR  "-  , ,  ..  Illustrative  Share Price:  $240.00  $260.00  $270.00 $280.00 $290.00 $300.00 $310.00 $320.00  8% 12% 16% 20% 24% 28%  llllphtd Pretm,1111 to Oment:  (4%)  -  4%  Accretion / dilution analysis compares Echo status quo against pro forma Echo  adjusted for Alpha squeeze-out & S&P divestiture. Echo publicly announced that they  expect the impact of the Alpha squeeze-out to be EPS neutral in FY25 with synergies  -  Assuming Sale of Safety & Productivity  Alpha Preliminary Management Plan (2)  .s.tJmda/JJJJ!_  FY25B Pro Forma BPS  $5.96  $5.77  $5.76  $5.75  $5.74  $5.73  $5.72  $5.71  $5.70  $5.69  FY25B I Acmtion I Dilution  0.19  0.20  0.21  022  0.23  0.24  0.25  0.26  0.27  PY25E % Acccetion / Dilution  (3.2%)  (3.4%)  (3.5%)  (3.7%)  (3.9%)  (4.0%)  (4.2%)  (4.4%)  (4.5%  Pn-Tax S.)'ne,giu Needed I (Oisbion) to Brtahim  S./JJtiJJ.t  $136  $143  $150  $157  $164  1171  1178  1185  $192  % ofAlpba H2'FY25 op&  1255  53%  56%  59%  62%  64%  67%  70%  73%  75%  Alpha Street (3)  Standa/ont  FY25B Pro Forma BPS  $5.96  $5.82  $5.81  $5.80  $5.79  $5.78  $5.77  $5.76  $5.75  $5.74  FY25B I Acmtion I Dilution  (10.15)  (10.16)  (10.17)  (10.18)  (10.18)  (10.19)  (10.20)  (S0.21)  (S0.22)  PY25E % Acccetion / Dilution  (24%)  (2.6%)  (2.8%)  (2.9%)  (3.1%)  (3.3%)  (3.4%)  (3.6%)  (3.8%   Pn-Tax S.)'ne,giu Needed I (Oisbion) to Brtahim  Statistic  $104  $111  $118  $125  $132  1139  1146  1153  $160  % ofAlpba H2'FY25 op&  1248  42%  44%  47%  50%  53%  56%  59%  61%  64%  Alpha Preliminary Management Plan (2)  .s.tJmda/JJJJ!_  FY26B Pro Forma BPS  $6.52  $6.25  $6.23  $6.21  $6.19  $6.18  $6.16  $6.14  $6.12  $6.10  FY26B I Acmtion I Dilution  0.27  0.29  0.31  0.33  0.35  0.37  0.39  0.41  0.43  PY26E % Acccetion / Dilution  (4.2%)  (4.5%)  (4.8%)  (5.0%)  (5.3%)  (5.6%)  (5.9%)  (6.2%)  (6.5%  Pn-Tax S.)'ne,giu Needed I (Oisbion) to Brtahim  S./JJtiJJ.t  $192  $204  $218  $231  $244  1258  1272  1285  $299  % ofAlpba FY26 opBx  1516  37%  4(!'/o  42%  45%  47%  5(!'/o  53%  55%  58%  Alpha Street (3)  Standa/ont  FY26B Pro Forma BPS  $6.52  $6.25  $6.23  $6.21  $6.20  $6.18  $6.16  $6.14  $6.12  $6.10  FY26B I Acmtion I Dilution  (10.27)  (10.29)  (10.31)  (10.33)  (10.35)  (10.37)  (10.39)  (S0.41)  (S0.42)  PY26E % Acccetion / Dilution  (4.2%)  (4.4%)  (4.7%)  (5.0%)  (5.3%)  (5.6%)  (5.9%)  (6.2%)  (6.5%   Pn-Tax S.)'ne,giu Needed I (Oisbion) to Brtahim  Statistic  $191  $204  $217  $230  $243  1257  1271  1285  $298  % ofAlpba FY26 opBx  1483  39%  42%  45%  48%  5(!'/o  53%  56%  59%  62%  7  s..,,,:E<bo ft•wa/JI'"F.aStt_, - ftlhlgs.,,r f""'"Y 2. 2025.  No:t:A.slN.ltffl ilhlstmiff trrlM«1#11 f.Hlst llfMarr.b )1. 2fJ2J. All/Ulttl 11.5B1111tilliJltRmtasb  4.85%(t)f1efdtk. tltUi SOFR. f'(Jfl as mt If wl, j,rp.t.  As111111t1ftMl.bi.ittmdit fad51J iJpaidd4W1I •ilbdJ!!t:XJ:ISS fmtasb jh:P td.AIJl/llltsS&P EPS lllllln#'ll1i{mef0.47 fJM0.49 inFY24 & FY2J. rt1ptt1iJ't .  (1) C4tb.,, .. Mt,_ mdNdtJ'.ffett,fl2.O1JJ,,f sb.m,,,.,,..,,,.,.11.m. ,j dnwnsdp,y-11pllllmtdfa,FY25£.pE,t,,8-KfarthtP""""""'  S,p,,,mJO. 2024.  (2) .Alpb4pnJi61;••'7 - Pim,pr,,;d,d ;_,.Alpba.'44n_.,as,j Dt,,,.;,,2024.  (J)  /4)  411ap,ef«tio11siastdtmW-411Stru:t./1111!).'st fl'J>4rtJmttm t#IIRIISIIS ffim.tm,J>fffidtd -slfNa.'ttllNT2024.po11Q1'FY2.Jl#f'llfflg,.. &Jul411ilbi.st'lrJlnlt12.0x EV I .EBITDA11t1illiplt fJM4 15%14X nfl. Slljty & Prod,urin stgmm.E.B1IDAHstd tmFat1Sttmt111J «mlffllltS 41  a/]""""'72. 2025.  CONFIDENTIAL I DRAFI 
 
 Perspectives on Pro Forma Impact to Alpha of Illustrative Target 
 
 ---Hi-ghly Preliminary - DRAFT  Illustrative Alpha + Illust. Target FCF Per Share Impact Analysis  Assumes IllustrativeTransaction Close of 6/ 30/ 25  ($MM, except per-share amo1111ts)  Alpha Management estimates annual revenue synergies to reach ~$10MM in Year 4, ramping ratably from ~$3MM in Year 2. At an illustrative contribution margin of70% today, every $3MM in revenue synergies would imply an additional ~$0.04 FCF / share and drive -0.6% accretion  Transaction Assumptions:  All-cash transaction  Illusuative 11:ansaction close of FY25 (6/YJ/2'5)  Minimum cash balance of $200MM  Financed usingcash on hand & debt at SOFR +  l SObps; debt piUd down with excess FCF Tax rate of 20%  Fo,:gone cash rate based on SOFR  Transaction fees/expenses of$25MM  Illustrative  Purchase  Price:  Implied CY25E Revenue Transaction Multiple:  -  100%Cash  $1  $1  $1  8.3x  9.4x  10.6x  - - -  Alpha Prelim. Mgmt. Plan+ Illustrative Target (1)(2)  Pro Forma FCF per Share  Alpha FY26  (Ending June 30,  2026)  !¾ Accretion / (Dilution) excl. Synergies  Pre-Tax Syn-e'l}es Needed/ (Cushion) to Breakeven  (11.8)  Alpha Street + Illustrative Target (2)(3)  Pro Forma FCF per Share  !¾ Accretion / (Dilution) excl. Synergies  Pre-Tax Syn-e'l}es Needed/ (Cushion) to Breakeven  $5.0  - - -  $11.1  -  ($1.2)  Alpha Prelim. Mgmt. Plan+ Illustrative Target (1)(2)  Standalone  Alpha FY27  (Ending June 30,  2027)  Pro Forma FCF per Share  $5.0  - - -  $11.1  -   $ Accretion I   ¾Accretion ies  Pre-Tax Syn-e'l}es Needed/ (Cushion) to Breakeven  ($33.9)  - -  ($33.9)  -  ($21.1)  -  Alpha Street + Illustrative Target (2)(3)  Pro Forma FCF per Share  $Accretion I  Pre-Tax Syn-e'l}es Needed/ (Cushion) to Breakeven  ($32.1)  ($21.6)  ($20.6)  9  N,r,:1/hamri,1"'1!1.fo,,mdah .,,.,.,sJ95MM a.J l118MMfor FY26E m,J FY27E, nsp,m,,!:,, at 28-29%UCF 1m1,zm<  {1) 41,a Prrlimwry M,,,,,z,,,,,.,Planp,,,idtd Ma"'Pmra, oj'Dmmt,,,202'.  {2) 1/1,um,r;,,, T"'l''projtmd fo,,md,ls pr,,idtd Ma_,.,asofN..,,.t,,,202'.  (J} 4ha p1tljtttitms lwd 011 WaPStrtttAM!J•st rtpom IJlt411 (f)IIJtJUkS tstimm.spm>ided  Afamrgt,m111 (J_J ofNM't111lttr2024»ptmQ1 'FY25 Mmittgs.  CONFIDENTIAL I DRAFI 
 
 Echo + Alpha Synergies Analysis 
 
 FY25  FY26  FY27  FY28  FY29  FY30  Unactioned 2021 Revenue Synergies (1)  $21  $51  $71  $92  $99  Squeeze Out Revenue Synergies (assumes 50% take-rate on unactioned 2021 synergies)  10  25  35  46  50  Total Revenue Synergies  $31  $76  $106  $138  $149  (x) Ac!J. EBIIDA Contribution Margin  81%  86%  85%  83%  19%  Adj. EBITDA Revenue Synergies  $27  $66  $90  $115  $118  Adj. EBITDA Cost Synergies (1)  $9  $75  $104  $110  $115  $120  Total Adj. EBITDA Synergies (2)  $9  $103  $172  $204  $237  $248  Total Unlevered Free Cash Flow Synergies (3)  $7  $60  $93  $121  $154  $195  Revenue Synergies as % of Alpha Revenue  3%  5%  6%  1%  7%  Cost Syne,gies as% ofNon-GAAP OpEx  13%  11%  11%  11%  16%  Cost Syne,gies as% ofNon-GAAP COGS + OpEx  10%  13%  13%  13%  12%  Highly Preliminary - DRAFT  Overview of Alpha Management Projected Revenue & Cost Synergies  11   So,nu: Afh:a:MtlMJPl!ntf.  Nok: Umutio,,ed 2021 m,1tllldV'11tT/J tkriwd fromGA.CV [JN,Z,assxmptioN "'"ss SSEand HAT »id,.1%tollfrad tscalario11 tJSJIOlltd. Bna11t ulfn/its driw11 Jiwi:i,,gs rih 61% rnog,u d MP.fro .12% nttJfl"':;:tdra14.I,!, om' f(Jllf4f7 rm11and7% rnog,,r;:td rllf4j/J asinmur(e:,,:dNdtd dvM). s ONTulWf/llpf't!itt12J% txptJIISio# of GACV from 2021 plm,. C.,,srV'1U'T/jtS (ITt i#cbaM of md:-iastd((JIIIJH1ffi1#tm.  (1) U11anifJ1,ed 2021 m,1tllktV'11tTfits (kriffdf,o111 GA.CV [1Nrgit.1otr#SJ SSE & HAT .,.;th .1%cqllfrad nt"a.hti#n ass1011td. B.nit#ktVM'lfes  (I.JSIUIH 61% eflwkmgs rtt d1tpfn,,,1> J2% ft((Jgntrdrarai!J IWtT((J1,-1r«z rm11 a,,d7% rtt das.ASC606 mum:.SgN oJ/1!JNrgiu projtcr t.'<P'J#sio11tf GACV from""'1CtioMd 2021 Aa-'" [JNrgiu.VJ1r [JM,tfes asslOllt 100% ramp FY27E a!ld mT UK.INJM of dine pi,t/,lit<O./l'fjJtJclo!Jns,HR & fi,,a,,a, G&A fJfffbtad, R.&D '!l aMI sr«k-itmdcompt,uttlio11.  {2) LK/xtksi#"ftTt.Jt.  (J) UFCF = Prt-14."t(V'11tTfits Its,rashraxrs ,f 20% A9ha f(ZJ(rak app&d ll)Adj. EBI1DA SyNTjjts. PrN(ZJ[(JM'lfes dt1uilas:ttilaU 011 pogt 16.  CONFIDENTIAL I DRAFI  C-t_ataly:st  PARTNERS 
 
 Highly Preliminary - DRAFT  Cost Synergies Benchmarking Across Selected Technology Transactions  :: :;  RIB/Schneider  Ixia / Keysight  IHS.Mailit  Black Knight / ICE  WageWorks / Hea!thEquity  Announced Cost Synergies as a% of Target OpEx  87%  61%  I  49% 46%  Alpha FY30 Synergies:!16%  27% 27% 27% 26% 26% 25% 0 0  ID11111111t111n1iiiii■11 1■1■■:::-::-::  Re't'enue  Synergies  1/oofTar et Sales  Altair / Siemens  $500  71%  l..ivongo / Teladoc  100  24%  Alpha / Echo (2021) (I Z)  131  18%  500  16%  400  16%  44  14%  so  10%  350  125  8%  8%  Median: 22% Alpha/ Echo  149  'J:l  7%  6%  11.fentor Gnphics / Siemens  54  4%  TSYS I Global Pa ents  100  2%  54%  .  4% 4%  --  Announced  Cost Synergies as a% of Target COGS+ OpEx  61%  50%  Median: 14%  Alpha FY30 Synergies: 12%  I  24% 23% 22•1c 21 2"" 2""  •  IIHI11.. 11tt  o % v1/o v3/o 19% 19% 17•/cO 16°/Oc16°/c  O 15% 14% 14% 13% 13% 13% 12% 12% 12% 11% 11% 11% 10% 10% 03/, 0  11111 ■■---■■■ i■■■ii■   ===-=-=!  Sum:G,pit.Jif2,F#dSa ji-g. pa1,r/mo•lrF.JISITtdm.Md. F-MJCSC/HPE.mti.t1fr1pHPE.   Nm::Al n.tisria,gmsO!tltiMo 1TTMNIU.  S,-,ja.u,%ef#/'ffllli•t.1:wistit1,fliM.tmJN1tJ.-CY19.E -zE.>:;-1opufPM!tJ¥-nindFtJ,,w,,;26,2019.  (6)  &p.ml{,2SM1/twt !r'P'= _, GBP/USD_,,_ eftJOJ.  Xnrc--.u.!kssEB11DA.sd111pt,:,;JfarTSYSOpEx.  S,-,ja.u,% ef#/'ffllli•1.1:wisti,tf1liM.tmJN,tJ.-070.EUlt,jCOJ"(1wtis,t mpABC "f'-rt"1tJN-Nr6. 2019.  S,-,ja.u,%ef#/'ffllli•t.smi#it1tfliM.tmJN1tJ.--111'ffiiL.XMn.,,.n,mapF.aStr,.J jii,,z,.  S,-,ja,u,,%ef#/'ffllli•t.s:nimt1tfliM.tmJN,tJ.- 070.EUlt,jCOfm,#llt..E>;-mpu J1'M n;,mltndApn/ 26. 2019.  12  S.JIW'lit1N,,-,11J.UIMM11,kr.111JM1'fic• X.U.-l'/lltt'1.JIW'litssJ»-p,..,.,-,}#111,.  S.JIW'lit1.ut1%4/ •t.#lmf1Wmi,,,.m,JNKJ.-FY22E,T.,.J p]tjfawnp,,nJ.ndJ11M22,2022.  S.JIW'lits,u,,% 4/ •t.lhmsliu mi,,,.m:,jw SAP •I B11#1'a:1 ,.Id.-NTM•t.o.:ptrut1puWtilnsl,  (I)  (2)  (J) (I,)  (.1)  S.JIW'lits,u,,% 4/ •t.lhmsliu mi,,,.m:,HXJ• CY'to.E #f't"'li•t.O?r-10 perJPMlt}¥-nJndf 27,2016.  •;..,E.BITDA•1tJ,,, jwc;,,;x (12) I.,Stll70.IM S.JIW'lits"" li•of11u-« / JJ¾A.Znatmzi•=l1J1MM.  G.T .. pmn;"l°'?'-'  confidentialI drafi 
 
 Illust. (20%) Discount to Mgmt.  FY.JO Cost Syn.: $96MM  Al12ha Management (2)  FY.JO Cost Syn.: $120MM  Illrnu, (2ll0fq) Di12s;;g11u1112Mgmt,  FY.JO Cost Syn.: $96MM  Al12ha Management (2)  FY.JO Cost S .:$120MM  Illust. (20%) Discount to Mgmt.  $35.23  $43.02  $50.81  $33.99  $41.48  $48.98  $32.80  $40.01  $47.24  FY.JO Cost Syn.: $96MM  17%  17%  17%  17%  17%  17%  17%  17%  17%  Al12ha Management (2)  $39.56  $48.28  $57.00  $38.16  $46.55  $54.95  $36.83  $44.90  $53.00  FY.JO Cost Syn.: $120MM  19%  19%  19%  19%  19%  19%  19%  19%  19%   llh11a1. 20°i<al!a::s=winw 112 Mg;wt.   $43.88  $53.54  $63.20  $42.33  $51.62  $60.93  $40.86  $49.80  $58.76  FY30 Cost Syn.: $144MM  21%  21%  21%  21%  21%  21%  21%  21%  21%  $39.31  $48.02  $56.73  $37.92  $46.30  $54.68  $36.59  $44.65  $52.73  19%  19%  19%  19%  19%  19%  19%  19%  19%  $43.63  $53.27  $62.92  $42.09  $51.37  $60.65  $40.62  $49.55  $58.49  21%  21%  21%  21%  21%  21%  21%  21%  21%  Illust. 20% Premium to Mgmt.  $47.96  $58.53  $69.11  $46.26  $56.44  $66.62  $44.65  $54.44  $64.25  FY30 Cost Syn.: $144MM  23%  23%  23%  23%  23%  23%  23%  23%  23%  $43.39  $53.01  $62.64  $41.85  $51.11  $60.38  $40.39  $49.29  $58.22  21%  21%  21%  21%  21%  21%  20%  21%  21%  $47.71  $58.27  $68.83  $46.02  $56.18  $66.35  $44.41  $54.19  $63.98  23%  23%  23%  23%  23%  23%  23%  23%  23%  Illust. 20% Premium to Mgmt.  $52.03  $63.53  $75.02  $50.20  $61.25  $72.32  $48.44  $59.08  $69.74  FY30 Cost Syn.: $144MM  25%  25%  25%  25%  25%  25%  25%  25%  25%  Highly Preliminary - DRAFT  Illustrative Present Value of Synergies per Share Sensitivity Analysis  Legend  $ Value of f}nergies per share  % Premium to Standalone DCF  , , ,,  '$MM h  Illustrative Present Value of Synergies per Share  Discount Rate:  9.5% 10.375%  11.25%  -------------30.0x25.0x20.0x -------------30.0x25.0x20.0x  Ten ni n al NTM  UFCF Multiple:  20.0x  25.0x  30.0x  Cost Synergy Sensitivity {EBITDA)  Nott: Pmt111FtllNt as efStp1t111lttr JO, 2024. AsJJOflft.s111idptriod diKoN11ri,,_cgo/fHllliq11.  C-t_ataly:st  PARTNERS  13  {1)  com11m1sharts ok11rudi•g as oJOmkr O, 2024 ptr 4ha 10-Q,.for rhtptmdtttdtd Stptt1J1'1tOr , 2024. BSUs, PSU1» a!ld ,priot,s tJStf N91,1t111k,22, 2024 ptr Alpha 111anagt111t11t. Fllfh....Jibmd 1ha1tScaladtatd N.Ji•g manny sr«i: IIHfbod. A#>J,a kthJKt shtttsktrisriaptr  10Q.for  ti,,p,md md,d Stpm,J,,r JO, 2024.  {2)  p,, Ma'"'!!"""' Phnp,,,;dtd Alpha ,,,,.,as oj'Dtw11btr 2024.  CONFIDENTIAL I DRAFI 
 
 CONFIDENTIAL | DRAFT  14  Illustrative Discounted Cash Flow Analysis – Synergies (Citi)  Source: Alpha Management, FactSet, Public Filings. Market data as of 01/02/2025.  Note: Valuation date as of 12/31/2024. Assumes mid-year discounting. Share price rounded to nearest dollar. Discount rate reflects discount rate of Echo, Tax rate reflects that of Echo.  1) Alpha diluted shares outstanding as of 09/30/2024, includes: 63mm common, 0.7mm options (weighted average strike price: $142.49), 0.5 RSUs & PSUs outstanding.  Highly Preliminary – DRAFT  6 Months Ended Fiscal Year Ended June 30, Terminal  Unlevered Free Cash Flow Profile  11.3%  $28  $31  $35  11.9  26  29  32  12.4  25  27  30  ($ mm)  6/30/2025  2026E  2027E  2028E  2029E  2030E  Year  Build to Cash Tax:  Revenue Synergies  --  $31  $76  $106  $138  $149  $149  % Growth N/A 145.7%  39.2%  30.0% 8.0%  (-) Cost of Revenue Synergies  --  (4)  (11)  (16)  (24)  (31)  (31)  % Contribution Margin  87.5%  86.2%  85.0%  82.9%  78.9%  78.9%  (+) Net Cost Synergy / (Investment)  9  75  104  110  115  120  120  (+) ASC 606 Interest from Synergies  --  0  2  4  7  10  10  Adj. EBITDA Synergies  $9  $103  $172  $204  $237  $248  $248  Cash Tax  (2)  (23)  (38)  (45)  (52)  (54)  (54)  % Tax Rate  22.0%  22.0%  22.0%  22.0%  22.0%  22.0%  22.0%  Build to UFCF:  Collections from Revenue Synergies  --  $9  $33  $68  $111  $156  $156  % Growth  N/A  271.7%  105.3%  62.9%  41.0%  (-) Cost of Revenue Synergies  --  (4)  (11)  (16)  (24)  (31)  (31)  (+) Net Cost Synergy / (Investment)  9  75  104  110  115  120  120  (-) Cash Tax  (2)  (23)  (38)  (45)  (52)  (54)  (54)  Unlevered Free Cash Flow  $7  $58  $89  $117  $150  $190  $190  Illustrative Sensitivity Analysis  Perpetuity Growth Rate  Perpetuity Growth Rate  Perpetuity Growth Rate  3.0%  4.0%  5.0%  3.0% 4.0%  5.0%  3.0%  4.0%  5.0%  Discount  Rate  Implied Equity Value Per Share  of Synergies(1)  Implied Terminal UFCF Multiple  of Synergies (Pre-SBC)  Implied Equity Value Per Share  of Cost Synergies(1)  13.9x  15.9x  18.6x  $15  $17  $19  13.1  14.9  17.2  14  16  17  12.3  13.9  16.0  13  15  16 
 
 Appendix  Additional Echo + Alpha Synergies Detail 
 
 CONFIDENTIAL | DRAFT  16  Preliminary GACV, Revenue & Cost Synergies  Source: Note:  Alpha Management.  Unactioned 2021 revenue synergy derived from GACV synergy assumptions across SSE and HAT with 3% contract escalation assumed. Revenue synergies driven by bookings with 61% recognized upfront, 32% recognized ratably over contact term and 7% recognized ratably as interest (excluded above). Squeeze out synergies project 25% expansion of GACV from 2021 plan. Cost synergies are inclusive of stock-based compensation.  Highly Preliminary – DRAFT  Growth in ACV  FY25  FY26  FY27  FY28  FY29  FY30  Bigger Loop Optimization for Hydrocarbons  --  $1  $2  $4  $4  $4  Expanding E&P to Non-Experts  --  1  2  1  2  2  T&D Asset Management  --  2  5  7  9  9  Harmonized Digital Transformation Portfolio  --  1  6  8  9  9  KOB1 Megaprojects  --  --  1  1  1  1  Refocused and Expanded Strategic Alliance  --  3  4  4  5  5  GACV (Unactioned 2021 Revenue Synergies)  --  $9  $20  $25  $30  $30  Memo: Bookings  --  32  73  94  114  114  Revenue  Unactioned 2021 Revenue Synergies  --  $21  $51  $71  $92  $99  Squeeze Out Revenue Synergies (at 50% of Unactioned 2021 Synergies)  --  10  25  35  46  50  A Total Revenue Synergies  --  $31  $76  $106  $138  $149  Memo: Collections  --  $9  $33  $68  $111  $156  CoR: Cost to Achieve  --  $2  $5  $8  $12  $16  S&M: Cost to Achieve  --  2  5  8  12  16  B Cost to Achieve Revenue Synergies  --  (4)  (11)  (16)  (24)  (31)  ACV-Based Margin (%)  --  129%  124%  120%  119%  118%  Contribution Margin to Adj. EBITDA (%)  --  113%  114%  115%  117%  121%  Direct Public Company Costs  $1  $5  $7  $7  $7  $8  % Total cost synergies  9%  6%  6%  6%  7%  7%  HR & Finance  3  14  18  19  19  19  % Total cost synergies  30%  18%  17%  17%  16%  16%  Other G&A Overhead  4  17  24  25  25  25  % Total cost synergies  42%  23%  23%  22%  22%  21%  R&D Productivity  (1)  33  47  50  53  56  % Total cost synergies  (6%)  44%  45%  45%  46%  47%  Stock-based Compensation  2  7  9  10  10  11  % Total cost synergies  24%  9%  9%  9%  9%  9%  C Net Cost (Synergy) / Investment  $9  $75  $104  $110  $115  $120  % Total synergies  100%  73%  61%  55%  50%  50%  Memo: Net Cost (Synergy) / Investment incl. Project Oscar  $33  $99  $128  $134  $139  $144  Memo: Cost to Achieve  ($15)  --  --  --  --  --  Adj. EBITDA Synergies (excl. ASC 606 Interest)  $9  $102  $170  $200  $229  $238  Adj. EBITDA Synergies (incl. ASC 606 Interest)  $9  $103  $172  $204  $237  $248  Pre-Tax Synergies (A - B + C)  $9  $80  $127  $162  $202  $245  Less: Cash Taxes (22% Tax Rate on Adj. EBITDA incl. ASC 606 Interest)  ($2)  ($23)  ($38)  ($45)  ($52)  ($54)  Less: Stock-Based Compensation Synergy  ($2)  ($7)  ($9)  ($10)  ($10)  ($11)  LFCF Synergies  $5  $51  $80  $107  $139  $179  Revenue Synergies, % of Alpha Revenue  NA  3%  5%  6%  7%  7%  Cost Synergies, % of Non-GAAP COGS + OpEx  NA  10%  13%  13%  13%  12%  Cost Synergies, % of Non-GAAP COGS + OpEx incl. Project Oscar  NA  13%  16%  16%  16%  14%  Cost Synergies, % of Non-GAAP OpEx  NA  13%  17%  17%  17%  16%  Cost Synergies, % of Non-GAAP OpEx incl. Project Oscar  NA  17%  21%  21%  21%  19%  Cost Synergies, % of Non-GAAP COGS + OpEx (excl. SBC)  NA  10%  13%  13%  13%  12%  Cost Synergies, % of Non-GAAP COGS + OpEx incl. Oscar (excl. SBC)  NA  13%  16%  16%  16%  14% 
 
 These materials have been prepared by Qatalyst Partners LP (including any affiliates “Qatalyst”) for the Qatalyst client or potential client to whom such materials are directly addressed and delivered or a special committee of the Board of Directors thereof (the “Company”) in connection with an actual or potential mandate or engagement and may not be used or relied upon for any purpose other than as specifically contemplated by a written agreement with Qatalyst. These materials are based on information provided by or on behalf of the Company and/or other potential transaction participants, from public sources or otherwise reviewed by Qatalyst. Qatalyst assumes no responsibility for independent investigation or verification of such information and has relied on such information being complete and accurate in all respects. To the extent such information includes estimates and forecasts of future financial performance (including estimates of potential cost savings and synergies) prepared by or reviewed with the managements of the Company and/or other potential transaction participants or obtained from public sources, Qatalyst has assumed that such estimates and forecasts have been reasonably prepared on bases reflecting the best currently available estimates and judgments of such managements (or, with respect to estimates and forecasts obtained from public sources, represent reasonable estimates). No representation or warranty, express or implied, is made as to the accuracy or completeness of such information and nothing contained herein is, or shall be relied upon as, a representation, whether as to the past, the present or the future. These materials were designed for use by specific persons familiar with the business and affairs of the Company and are being furnished and should be considered only in connection with other information, oral or written, being provided by Qatalyst in connection herewith. These materials are not intended to provide the sole basis for evaluating, and should not be considered a recommendation with respect to, any transaction or other matter. Prior to entering into any transaction the Company should determine, without reliance on Qatalyst, the economic risks and merits as well as the legal, tax and accounting characterizations and consequences of any such transaction. In this regard, by accepting this presentation, the Company acknowledges that (a) Qatalyst is not in the business of providing (and the Company is not relying on Qatalyst for) legal, tax or accounting advice, (b) there may be legal, tax or accounting risks associated with any transaction, (c) the Company should receive (and rely on) separate and qualified legal, tax and accounting advice and (d) the Company should apprise senior management as to such legal, tax and  accounting advice (and any risks associated with any transaction) and Qatalyst’s disclaimer as to these matters. Qatalyst does not provide tax advice. Accordingly, any statements contained herein as to tax matters were neither written nor intended by Qatalyst to be used and cannot be used by any taxpayer for the purpose of avoiding tax penalties that may be imposed on such taxpayer. Any discussion of tax matters in these materials may have been written in connection with the “promotion” or “marketing” of any transaction contemplated hereby. Accordingly, any taxpayer should seek advice based on such taxpayer’s particular circumstances from an independent tax advisor. These materials do not constitute an offer or solicitation to sell or purchase any securities and are not a commitment by Qatalyst to provide or arrange any financing for any transaction or to purchase any security in connection therewith. Qatalyst is not acting in any other capacity as a fiduciary to the Company. Qatalyst assumes no obligation to update or otherwise revise these materials. These materials have not been prepared with a view toward public disclosure under state or federal securities laws or otherwise, are intended for the benefit and use of the Company, and may not be reproduced, disseminated, quoted, summarized or referred to, in whole or in part, without the prior written consent of Qatalyst. These materials may not reflect information known to other professionals in other business areas of Qatalyst.  Qatalyst is a full service securities firm providing investment banking and other services and products to a wide range of corporations and individuals, domestically and offshore, from which conflicting interests or duties may arise. In the ordinary course of these activities, Qatalyst may at any time hold long or short positions, and may trade or otherwise effect transactions, for their own account or the accounts of customers, in debt or equity securities or loans of the Company, potential counterparties, or any other company that may be involved in a transaction.  Qatalyst is required to obtain, verify and record certain information that identifies each entity that enters into a formal business relationship with it, which information includes the complete name and address and taxpayer ID number. Qatalyst may also request corporate formation documents, or other forms of identification, to verify information provided.  CONFIDENTIAL | DRAFT  Disclaimer 
 
 The preceding pages contain material provided to the Special Committee of the Board of Directors of Alpha (the “Company”) by Citigroup Global Markets Inc. (“Citi”) in connection with the  proposed transaction involving the Company and Echo.  The accompanying material was compiled or prepared on a confidential basis solely for the use of the Special Committee of the Board of Directors of the Company and not with a view toward public disclosure under any securities laws or otherwise. The information contained in the accompanying material was obtained from the Company and other sources. Any estimates and projections contained herein have been prepared or adopted by management of the Company, obtained from public sources, or are based upon such estimates and projections, and involve numerous and significant subjective determinations, and there is no assurance that such estimates and projections will be realized. Citi does not take responsibility for such estimates and projections, or the basis on which they were prepared. No representation or warranty, express or implied, is made as to the accuracy or completeness of such information and nothing contained herein is, or shall be relied upon as, a representation, whether as to the past, the present or the future. In preparing the accompanying material, Citi assumed and relied, without independent verification, upon the accuracy and completeness of all financial and other information and data publicly available or provided to or otherwise reviewed by or discussed with Citi and upon the assurances of the management of the Company, that they are not aware of any relevant information that has been omitted or that remains undisclosed to Citi.  The accompanying material was not prepared for use by readers not as familiar with the Company and Echo as the Special Committee of the Board of Directors of the Company and, accordingly, neither the Company nor Citi nor their respective legal or financial advisors or accountants take any responsibility for the accompanying material if used by persons other than the Special Committee of the Board of Directors of the Company. The accompanying material is necessarily based upon information available to Citi, and financial, stock market and other conditions and circumstances existing and disclosed to Citi, as of the date of the accompanying material. Citi does not have any obligation to update or otherwise revise the accompanying material. Nothing contained herein shall be construed as legal, tax or accounting advice.  CONFIDENTIAL | DRAFT  Disclaimer 
 
Exhibit (c)(8)
 DRAFT | Confidential  Preliminary | Subject to Further Review and Evaluation  January 2025  Project Alpha  Special Committee Materials 
 
 Highly Preliminary - DRAFT  Illustrative Alpha + Illust. Target FCF Per Share Impact Analysis  Assumes IllustrativeTransaction Close of 6/ 30/ 25  ($MM, except per-share amo1111ts)  Alpha Management estimates annual revenue synergies to reach ~$10MM in Year 4, ramping ratably from ~$3MM in Year 2. At an illustrative contribution margin of70% today, every $3MM in revenue synergies would imply an additional ~$0.04 FCF / share and drive -0.6% accretion  Transaction Assumptions:  All-cash transaction  Illusuative 11:ansaction close of FY25 (6/YJ/2'5)  Minimum cash balance of $200MM  Financed usingcash on hand & debt at SOFR +  l SObps; debt piUd downwith excess FCF Tax rate of 20%  Fo,:gone cash rate based on SOFR  Transaction fees/expenses of$25MM  Illustrative  Purchase  Price:  Implied CY25E Revenue Transaction Multiple:  -  100%Cash  -i  -i  -i  8.3x  9.4x  10.6x  Alpha Management Plan + Illustrative Target (1)(2)  Alpha FY26  (Ending June 30,  2026)  - - -  Pro Forma FCF per Share  I Accretion I  ¾Accretion ies  Pre-Tax Syn-e'l}es Needed/ (Cushion) to Breakeven  (11.8)  $5.0  - - -  111.1  -  Alpha Street + Illustrative Target (2)(3)  Pro Forma FCF per Share  I Accretion I  ¾Accretion ies  Pre-Tax Syn-e'l}es Needed/ (Cushion) to Breakeven  ($1.2)  Alpha Management Plan + Illustrative Target (1)(2)  Standalone  Alpha FY27  (Ending June 30,  2027)  Pro Forma FCF per Share  $5.0  - - -  $11.1  -   I Accretion I   ¾Accretion ies  Pre-Tax Syn-e'l}es Needed/ (Cushion) to Breakeven  ($33.9)  - -  ($33.9)  -  ($21.1)  -  Alpha Street + Illustrative Target (2)(3)  Pro Forma FCF per Share  $Accretion I  Pre-Tax Syn-e'l}es Needed/ (Cushion) to Breakeven  ($32.1)  ($21.6)  ($20.6)  2  Nok: JJ/Ja1rom,,t 1aTfltfo,a,,dals (I.JJIUIHS J95MM oM l118A1M,for FY26E OM FY27E* nsptmH!,, ta 28-29% LFCF IJl(lrginJ..  {1) 41,a l>fmmJ!,mM Pim,pm;,J,d Aj,/,a Ma""!!"''"' a, efDt<tmbtr2024.  {2) IJl,um,,;,,, T"'l''projtmd fo,a,,dals pro,id,d Ma ,asefN.,,,.1,,r2024.  (J) 41,a strm #J btu,d•• "'""',..,,.."",_,,,,,efWalSl mttAMb•sn,p,,1, a, efJ..,,,ry 16, 2025, pro,id,d 41,a #1.  CONFIDENTIAL I DRAFI 
 
 Implied Perpetuity Growth Rate  4.3%  5.3%  6.0%  5.2%  6.3%  7.0%  6.2%  7.3%  8.0%  PV of Unlevered FCFs Adj. for Dilution (H2'FY25E - FY29E) (1)(2)  $2,304  $2,304  $2,304  $2,259  $2,259  $2,259  $2,214  $2,214  $2,214  PV of Terminal Value Adj. for Dilution (FY30E & Beyond) (1)(2)  .15..ill  li2.ll  .11.2il  .li..ill  .11.222  % of EnterpriseValue in Terminal Value  84%  87%  89%  84%  87%  89%  84%  87%  89%  Implied Enterprise Value  $14,765  $17,880  $20,995  $14,219  $17,210  $20,200  $13,700  $16,571  $19,443  Less: Debt (3)  (807)  (807)  (807)  (807)  (807)  (807)  (807)  (807)  (807)  Plus: Cash (3)  172  172  172  172  172  172  172  172  172  Less: PV of D1Ls (FY30E & Beyond) (1)  Implied Equity Value  $13,978  $17,093  $20,208  $13,441  $16,431  $19,421  .o..m  $12,929  .o..m  $15,801  .o..m  $18,672  Implied Price Per Share (4)  $218.45  $266.81  $315.16  $210.11  $256.53  $302.95  $202.16  $246.74  $291.31  $ Premium/ (Discount) to Standalone DCF  $2.88  $6.19  $9.50  $2.31  $5.48  $8.66  $1.76  $4.81  $1.86  % Premium/ (Discount) to Standalone DCF  1%  2%  3%  1%  2%  3%  1%  2%  3%  Highly Preliminary - DRAFT  Illustrative Alpha Discounted Cash Flow Analysis: PF For Illustrative Target (Qatalyst)  Summary of Discounted Cash Flow Assumptions  Unlevered free cash flow projections and terminal value discounted to December31, 2024 using mid-period convention  Excludesthe impact of stock-based compensation, amortization of intangibles, non-recurring expenses, and other non-cash items in unlevered free cash flow Weighted average cost of capital range of 9.5% to 11.5%  Terminal value based on NTM UFCF multiple range of 20.0x to 30.0x and terminalyear (FY30E) UFCF of$956MM  Assumes current shareholders incur ~2% cumulative dilution through issuance of equity mvards overthe projected period, perAlpha Management Assumes $800M purchasepricefinanced with ne111 debt forillustrative target  , , ,  Present Value as of December 31, 2024  Discount Rate:  9.5%  10.5%  11.5%  --------------- ---------------  20.0x 25.0x 30.0x 20.0x 25.0x 30.0x  Tenninal  NTM UFCF Multiple:  20.0x  25.0x  30.0x  Nok: Pmt111 FtllNt.s tJS tf D«t111kr J1, 2024» tlSSJIJlli•g lllid-p,riod ((JJ1W111NJn. UNtfJtnd Frtt C(I.Jb FltJw,OM Tt1111iM1 Vab« odjiattd tht CTU!lk.htM (J)  di/Ja;o11 • amt11r shart.bollkn bl taeh rr.iptCfn'tJtttr,and :Im,diJ<tJNllkdrop1tSt111•·alkt tJS tf Dttmkr J1, 2024. Ammus amtllf shtntM!ders i1miT ~2%  Alpha /,at,,,,,, sbm Sf4Jisriap,rAlpha 10-Qfonii,p,ri<Nlnd,d S,ptrmbtr JO, 2024, C.,I,a,ff,ar,d forJ49M "'l"is#i4• ,f Ott.. CJ;,( ilK/xJi,,g J9M C(I.Jhix)/dll(Xir, t:"<Ptcrtd I# it paid;,, FY26.  Alpha""""'" sham ,,m,..,Jb,l as,fOcmrJO, 2024 pn Alpha 10-Qf•rth, p,ri,J md,d S,pt011kr JO, 2024, RSUs, PSUs, a#d ,pri,,s as  C-t_ataly:st  PARTNERS  3  (4)  ...,,,/ dilli1iln thro"!J,issxaMt '!{,q,,;;,a,,:mls .,,,,th,p,if«ttdp,ri,d, p,rAlphaMa.ago,,n,t.  {1) Alpha Ma""l'"""' Ph• pm;d,d 4ha ,famrJ!,m.r as,fDmm/,,r2024,  {2) 1/barr,ri,,TaTJl'rp'o/Kfrd ftM#dals p,,,idtd Alpha ,.,as ,fN..,,,,bt,2024,  tf N01,1t111/ltr22, 2024 po Af'.ba Jfmmgt111t11t. FNl!J-dilldtd shartscaladakd mi•g manny sr«k111ttbod.  CONFIDENTIAL I DRAFI 
 
 Illustrative Discounted Cash Flow Analysis – PF For Illustrative Target (Citi)  Highly Preliminary – DRAFT  Unlevered Free Cash Flow Profile – Alpha + Illustrative Target ($800mm Purchase Price)  9 Months Ended Fiscal Year Ended June 30, Terminal  ($ mm)  6/30/2025  2026E  2027E  2028E  2029E  2030E   Year   Memo: ACV  $1,091  $1,225  $1,384  $1,572  $1,792  $2,043  $2,043  % Growth  18.3%  13.0%  13.6%  14.0%  14.0%  Revenue  $1,061  $1,313  $1,591  $1,856  $2,145  $2,444  $2,444  % Growth  6.2%  21.2%  16.7%  15.6%  13.9%  Adj. EBITDA  $539  $566  $800  $1,019  $1,258  $1,430  $1,430  % Margin  50.8%  43.1%  50.3%  54.9%  58.6%  58.5%  58.5%  (–) SBC  (40)  (57)  (56)  (57)  (56)  (56)  (56)  Adj. EBITDA (Post-SBC)  $499  $510  $744  $962  $1,202  $1,373  $1,373  % Margin  47.0%  38.8%  46.7%  51.8%  56.0%  56.2%  56.2%  Memo: Income Before Tax  $186  $168  $396  $625  $883  $1,062  $1,066  % Margin  17.5%  12.8%  24.9%  33.7%  41.2%  43.4%  (–) Cash Tax  (97)  (134)  (171)  (201)  (250)  (280)  (225)(1)  % Tax Rate  52.0%  79.5%  43.1%  32.2%  28.3%  26.4%  21.1%  (+) Interest Income from Revenue Rec.  46  53  50  54  64  64  64  (-) Operational Amortization  (0)  (1)  (1)  (1)  (1)  (1)  (1)  (–) Increase in NWC  (93)  45  (119)  (164)  (257)  (287)  (240)(2)  (–) Capital Expenditures  (16)  (22)  (22)  (24)  (25)  (25)  (25)  Unlevered Free Cash Flow (Post-SBC)  $338  $451  $480  $626  $733  $844  $947  Illustrative Sensitivity Analysis   Perpetuity Growth Rate Perpetuity Growth Rate Perpetuity Growth Rate Perpetuity Growth Rate   6.0%  7.0%  8.0%  6.0%  7.0%  8.0%  6.0%  7.0%  8.0%  6.0% 7.0%  8.0%  Discount  Implied Equity Value  Incremental Implied Equity Value  Implied Terminal UFCF  Terminal Value as a  Rate  Per Share(3)  Per Share vs. Standalone(3)  Multiple (Pre-SBC)  % of Enterprise Value  11.6%  $183  $218  $273  12.3  164  191  231  12.9  147  169  200  (2) (0) 2 15.5 18.3 22.3 77.1 79.9  Source: Alpha Management, FactSet, Public Filings. Market data as of 01/17/2025.  Note: Valuation date as of 09/30/2024. Assumes mid-year discounting. Share price rounded to nearest dollar. Discount rate reflects discount rate of Echo, Tax rate reflects that of Echo.  4 2)1) TTermermiinnaall chayearngceasihn tNWax aCssubmsedaes zoneroacvheraanggee iofn chadefenrregedintaNWx liaCbiliatnyd, ani sstureste mesinDomc&Afore equFYal 2to8CFY- ape3x.0,Clessashtermtaxinimla pianctterestof reimcomnainie.ng DTLs in FY31 to FY33 results in reduction in implied Enterprise Value at ($86mm at midpoint WACC).  3) Alpha diluted shares outstanding as of 09/30/2024, includes: 63mm common, 0.7mm options (weighted average strike price: $142.49), 0.5 RSUs & PSUs outstanding. Alpha standalone bridge to enterprise value adjustments include $172mm in cash & equivalents (based on 09/30/2024 balance pro-forma for acquisition of Open Grid Systems), $7mm in net post-tax pension liability. Alpha Pro Forma bridge to enterprise value includes an additional $800mm in debt from illustrative acquisition, but is otherwise the same as standalone. CONFIDENTIAL | DRAFT  $1  $3  $7  18.7x  23.0x  29.5x  80.8%  83.8%  86.9%  (1)  1  4  16.9  20.4  25.4  78.9  81.8  84.9  82.9 
 
 These materials have been prepared by Qatalyst Partners LP (including any affiliates “Qatalyst”) for the Qatalyst client or potential client to whom such materials are directly addressed and delivered or a special committee of the Board of Directors thereof (the “Company”) in connection with an actual or potential mandate or engagement and may not be used or relied upon for any purpose other than as specifically contemplated by a written agreement with Qatalyst. These materials are based on information provided by or on behalf of the Company and/or other potential transaction participants, from public sources or otherwise reviewed by Qatalyst. Qatalyst assumes no responsibility for independent investigation or verification of such information and has relied on such information being complete and accurate in all respects. To the extent such information includes estimates and forecasts of future financial performance (including estimates of potential cost savings and synergies) prepared by or reviewed with the managements of the Company and/or other potential transaction participants or obtained from public sources, Qatalyst has assumed that such estimates and forecasts have been reasonably prepared on bases reflecting the best currently available estimates and judgments of such managements (or, with respect to estimates and forecasts obtained from public sources, represent reasonable estimates). No representation or warranty, express or implied, is made as to the accuracy or completeness of such information and nothing contained herein is, or shall be relied upon as, a representation, whether as to the past, the present or the future. These materials were designed for use by specific persons familiar with the business and affairs of the Company and are being furnished and should be considered only in connection with other information, oral or written, being provided by Qatalyst in connection herewith. These materials are not intended to provide the sole basis for evaluating, and should not be considered a recommendation with respect to, any transaction or other matter. Prior to entering into any transaction the Company should determine, without reliance on Qatalyst, the economic risks and merits as well as the legal, tax and accounting characterizations and consequences of any such transaction. In this regard, by accepting this presentation, the Company acknowledges that (a) Qatalyst is not in the business of providing (and the Company is not relying on Qatalyst for) legal, tax or accounting advice, (b) there may be legal, tax or accounting risks associated with any transaction, (c) the Company should receive (and rely on) separate and qualified legal, tax and accounting advice and (d) the Company should apprise senior management as to such legal, tax and  accounting advice (and any risks associated with any transaction) and Qatalyst’s disclaimer as to these matters. Qatalyst does not provide tax advice. Accordingly, any statements contained herein as to tax matters were neither written nor intended by Qatalyst to be used and cannot be used by any taxpayer for the purpose of avoiding tax penalties that may be imposed on such taxpayer. Any discussion of tax matters in these materials may have been written in connection with the “promotion” or “marketing” of any transaction contemplated hereby. Accordingly, any taxpayer should seek advice based on such taxpayer’s particular circumstances from an independent tax advisor. These materials do not constitute an offer or solicitation to sell or purchase any securities and are not a commitment by Qatalyst to provide or arrange any financing for any transaction or to purchase any security in connection therewith. Qatalyst is not acting in any other capacity as a fiduciary to the Company. Qatalyst assumes no obligation to update or otherwise revise these materials. These materials have not been prepared with a view toward public disclosure under state or federal securities laws or otherwise, are intended for the benefit and use of the Company, and may not be reproduced, disseminated, quoted, summarized or referred to, in whole or in part, without the prior written consent of Qatalyst. These materials may not reflect information known to other professionals in other business areas of Qatalyst.  Qatalyst is a full service securities firm providing investment banking and other services and products to a wide range of corporations and individuals, domestically and offshore, from which conflicting interests or duties may arise. In the ordinary course of these activities, Qatalyst may at any time hold long or short positions, and may trade or otherwise effect transactions, for their own account or the accounts of customers, in debt or equity securities or loans of the Company, potential counterparties, or any other company that may be involved in a transaction.  Qatalyst is required to obtain, verify and record certain information that identifies each entity that enters into a formal business relationship with it, which information includes the complete name and address and taxpayer ID number. Qatalyst may also request corporate formation documents, or other forms of identification, to verify information provided.  Disclaimer  CONFIDENTIAL | DRAFT 
 
 The preceding pages contain material provided to the Special Committee of the Board of Directors of Alpha (the “Company”) by Citigroup Global Markets Inc. (“Citi”) in connection with the  proposed transaction involving the Company and Echo.  The accompanying material was compiled or prepared on a confidential basis solely for the use of the Special Committee of the Board of Directors of the Company and not with a view toward public disclosure under any securities laws or otherwise. The information contained in the accompanying material was obtained from the Company and other sources. Any estimates and projections contained herein have been prepared or adopted by management of the Company, obtained from public sources, or are based upon such estimates and projections, and involve numerous and significant subjective determinations, and there is no assurance that such estimates and projections will be realized. Citi does not take responsibility for such estimates and projections, or the basis on which they were prepared. No representation or warranty, express or implied, is made as to the accuracy or completeness of such information and nothing contained herein is, or shall be relied upon as, a representation, whether as to the past, the present or the future. In preparing the accompanying material, Citi assumed and relied, without independent verification, upon the accuracy and completeness of all financial and other information and data publicly available or provided to or otherwise reviewed by or discussed with Citi and upon the assurances of the management of the Company, that they are not aware of any relevant information that has been omitted or that remains undisclosed to Citi.  The accompanying material was not prepared for use by readers not as familiar with the Company and Echo as the Special Committee of the Board of Directors of the Company and, accordingly, neither the Company nor Citi nor their respective legal or financial advisors or accountants take any responsibility for the accompanying material if used by persons other than the Special Committee of the Board of Directors of the Company. The accompanying material is necessarily based upon information available to Citi, and financial, stock market and other conditions and circumstances existing and disclosed to Citi, as of the date of the accompanying material. Citi does not have any obligation to update or otherwise revise the accompanying material. Nothing contained herein shall be construed as legal, tax or accounting advice.  Disclaimer  CONFIDENTIAL | DRAFT 
 
Exhibit (c)(9)

 DRAFT | Confidential  Preliminary | Subject to Further Review and Evaluation  January 2025  Project Alpha  Discussion Materials 
 
 CONFIDENTIAL | DRAFT  ($MM, except per share amounts)  Share Price:  1-Day Prior to  $240 Echo Public Proposal  (11/4/24)  Echo Proposal (5)  (1/22/25)  $237.59  $265.00  Implied Transaction Premium Statistic  Premium to 1-Day Prior to $240 Echo Public Proposal (11/4/24) $237.59  Premium to 30-Day VWAP (11/4/24) (1) 235.83  Premium to 60-Day VWAP (11/4/24) (1) 229.07  Premium to 90-Day VWAP (11/4/24) (1) 216.77  Premium to LTM VWAP (11/4/24) (1) 204.42  Premium to Alpha Share Price Post FQ4’24 Earnings (8/7/24) 207.00 Premium / (Discount) to All-Time High Share Price (11/4/24) (All-Time High Date: 10/5/22) (1) 256.23 Premium / (Discount) to LTM High Share Price (11/4/24) (LTM High Date: 10/30/24) (1) 240.83 Premium to LTM Low Share Price (11/4/24) (LTM Low Date: 11/9/23) (1) 163.41  -  1%  4%  10%  16%  15%  (7%)  (1%)  45%  12%  12%  16%  22%  30%  28%  3%  10%  62%  Implied Valuation & Multiples  Fully-Diluted Equity Value (2) Fully-Diluted Enterprise Value (2)  $15,222  $15,056  $16,989  $16,822  FD Equity Value Excluding Current Echo Stake of 57% (43%)  $6,595  $7,367  Alpha Street  Revenue Multiples ACV % Gr. % Gr. / Mar. Statistic (3)  NTM (ending 9/30/25) 9% 13% $1,239  CY25E 9% 10% 1,249  EBITDA Multiples  NTM (ending 9/30/25) 46% $574  CY25E 46% 576  LFCF Multiples  NTM (ending 9/30/25) 31% $381  CY25E 33% 418  Alpha Management  Revenue Multiples ACV % Gr. % Gr. / Mar. Statistic (4)  NTM (ending 9/30/25) 11% 13% $1,239  CY25E 12% 8% 1,235  EBITDA Multiples  NTM (ending 9/30/25) 46% $564  CY25E 44% 541  LFCF Multiples  NTM (ending 9/30/25) 30% $376  CY25E 31% 382  12.1x  12.1  26.2x  26.1  40.0x  36.4  13.6x  13.5  29.3x  29.2  44.6x  40.6  12.2x  12.2  26.7x  27.8  40.5x  39.8  13.6x  13.6  29.8x  31.1  45.2x  44.4  Alpha Transaction Statistics  stock method. Alpha balance sheet statistics per Alpha Management for the period ended December 31, 2024. Cash adjusted for $9MM holdback related to  acquisition of Open Grid, expected to be paid in FY26.  Note: Current market prices per FactSet as of January 24, 2025. (3) Alpha street projections based on mean consensus estimates of Wall Street Analyst reports as of January 24, 2025, provided by Alpha Management.  (1) Alpha market statistics based on share prices and volume-weighted average prices as of 1-day prior to the $240 Echo Public Proposal of November 4, 2024. (4) Alpha Management Plan provided by Alpha Management as of December 2024, updated in January 2025 for FQ2’25 actuals.  Volume-weighted average prices based on trading days per FactSet. (5) Reflects Echo Proposal of $265.00 per share received on January 22, 2025.  (2) Alpha common shares outstanding, RSUs, PSUs, and options as of January 17, 2025 per Alpha Management. Fully-diluted shares calculated using treasury  2 
 
 CONFIDENTIAL | DRAFT  Summary of Alpha Valuation Analyses  Valuation Analysis  Discounted  Cash Flow Analysis (1)(2)  WACC Range: 9.5% - 11.5%  Terminal NTM UFCF Mult. Range: 20.0x - 30.0x  Implied Perpetuity Growth Rate: 4.3% - 8.0%  Selected Companies Analysis (2)  Selected Transaction Analysis (2)  Fully-Diluted Equity Value / LFCF Multiples  CY25E Multiple Range: 26.0x - 40.0x  Fully-Diluted Enterprise Value / Revenue Multiples  Fully-Diluted Enterprise Value / EBITDA Multiples  NTM Multiple Range:  24.7x - 33.5x  Fully-Diluted Equity Value / LFCF Multiples  Reference Range  NTM Multiple Range:  7.5x - 14.5x  NTM Multiple Range:  33.4x - 48.8x  Financial Case  Alpha Management Plan (3)  Alpha Street (4)  Alpha Management Plan (3)  Alpha Street (4)  Implied Alpha Price Per Share  $200.02  $170.01  $155.51  $147.93  $224.15  $198.45  $305.22  $260.90  $238.66  $282.13  $302.90  $289.64  Echo Proposal(5):  $265.00  3  Present values as of December 31, 2024, assuming mid-period convention. Assumes current Alpha shareholders incur 2% cumulative dilution through issuance of equity awards over the projected period, per Alpha Management.  Alpha common shares outstanding, RSUs, PSUs, and options as of January 17, 2025 per Alpha Management. Fully-diluted shares calculated using treasury stock method. Alpha balance sheet statistics per Alpha Management for the period ended December 31, 2024. Cash adjusted for $9MM holdback  related to acquisition of Open Grid, expected to be paid in FY26.  Alpha Management Plan provided by Alpha Management as of December 2024, updated in January 2025 for FQ2’25 actuals.  Alpha street projections based on mean consensus estimates of Wall Street Analyst reports as of January 24, 2025, provided by Alpha Management.  Reflects Echo Proposal of $265.00 per share received on January 22, 2025. 
 
 -  500  1,000  1,500  2,000  2,500  80  90  Alpha 8/6 100  110  120  130  140  150  160  8/06  8/08  8/12  8/14  8/16  8/20  8/22  8/26  8/28  8/30  9/04  9/06  9/10  9/12  9/16  9/18  9/20  9/24  9/26  9/30  10/02  10/04  10/08  10/10  10/14  10/16  10/18  10/22  10/24  10/28  10/30  11/01  11/05  11/07  11/11  11/13  11/15  11/19  11/21  11/25  11/27  12/02  12/04  12/06  12/10  12/12  12/16  12/18  12/20  12/24  12/27  12/31  1/03  1/07  1/10  1/14  1/16  1/21  1/23  Source: FactSet as of January 24, 2025.  Technical Software Index includes Cadence, Synopsys, Autodesk, PTC, Bentley Systems, Nemetschek, Dassault and Altair until October 21, 2024, the last unaffected trading date prior to announcement of a transaction with Siemens..  Reflects Echo Proposal of $265.00 per share received on January 22, 2025.  Alpha Trading Since FQ4’24 Earnings  Volume (000’s)  Echo Proposal(2): $265.00  From August 6, 2024 to Current (January 24, 2025)  Indexed Share Price  Alpha  Current: $255.16  +43% Since 8/6/24  +7% Since 11/4/24  11/4: $237.59  +34% Since 8/6/24  Close: $177.84  4  Sep. 17, 2024  2024 Investor Day  +3% 1-Day Price Reaction  Nov. 4, 2024 (Post-Market) - FQ1’25 Earnings  Revenue: -19% miss ACV: 54bps miss  FCF: -$16M miss (-$6M vs $10M)  Reaffirmed FY25 guidance  Alpha share price drops ~-5% to $225.72 after hours  Aug. 7, 2024 (9AM ET Start)  Echo FQ3’24 Earnings  At ~9:42AM ET (12 minutes after market open), Lal responds ‘no comment’ to analyst question about potential Alpha Acquisition in FY25  Nov. 5, 2024  Echo submits proposal to acquire remaining Alpha Stake  Aug. 6, 2024 (Post-Market) - FQ4’24 Earnings  Revenue: +7% beat  ACV growth: 46bps beat (excl. one-off impact of exited Russia ops.)  FCF: -5% miss  Issued FY25 guidance in line with street consensus on revenue but lower on FCF ($340M vs $387M)  Alpha share price opens +17% to $208.47, prior to any commentary from Echo Management about a take-out of Alpha  +16% Alpha 1-Day Price Reaction  Technical Software(1) Current  +15% Since 8/6/24  +6% Since 11/4/24  CONFIDENTIAL | DRAFT  Nov. 5, 2024 (Pre-Market) Echo FQ4’24 Earnings Echo share price rises +7% 
 
 $0  Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 Jul-17 Jan-18 Jul-18 Jan-19 Jul-19 Jan-20 Jul-20 Jan-21 Jul-21 Jan-22 Jul-22 Jan-23 Jul-23 Jan-24 Jul-24 Jan-25  $50  $100  $150  $200  $250  From January 2, 2014 to Current (January 24, 2025)  Share Price  $300  Echo Proposal vs. Alpha Historical Stock Price  5  Source: FactSet as of January 24, 2025.  Reflects Echo Proposal of $265.00 per share received on January 22, 2025.  Reflects the period 11/4/2023 to 11/4/2024, the year prior to the receipt of Echo’s first proposal.  Alpha (Current):  $255.16  +39% Since 5/17/22  Alpha (11/4/24):  $237.59  +29% Since 5/17/22  Echo Proposal(1): $265.00  52-Week High (10/30/24)(2): $240.83  52-Week Low (11/9/23)(2): $163.41  1st Echo Transaction  Announce (October 11, 2021) | Close (May 16, 2022)  CONFIDENTIAL | DRAFT 
 
 77.6x  24.1x 23.9x 23.2x 22.1x 21.9x 20.1x 20.0x 18.4x 17.9x 16.6x 16.2x 15.5x 14.5x 14.0x 13.2x 12.8x  10.6x  5.9x  - -  Altair  Altium  Ansys  Echo Proposal  Inovalon  Mimecast  Coupa  RealPage  Red Hat  AVEVA  Smartsheet  Splunk  Black Knight  PowerSchool  Commerce Hub  Advent Software  Cerner  Squarespace  Informatica  Infoblox  Instructure  DealerTrack  Cornerstone OnDemand  Citrix  VMware  Blackboard  Riverbed  McAfee  LogMeIn  AVG  Quest Software  BMC  Neustar  Medidata  Mentor Graphics  Overall Median: 23.6x  37.8x 33.8x 33.4x(3)31.1x 29.3x 28.2x 28.2x 26.8x  60.6x  48.8x 44.6x(4) 41.5x 40.6x 39.3x  9.7x  9.3x  8.8x 8.8x  8.6x 8.4x  8.2x  7.1x  6.9x  6.4x 6.4x  5.9x  5.6x  5.1x 5.1x  4.8x  4.3x  4.1x  3.7x  3.7x  3.4x  3.2x 3.2x 3.2x 3.1x  2.5x  2.3x  Altium  Altair  Ansys  Echo Proposal  Black Knight  Red Hat  Inovalon  Mimecast  Commerce Hub  Coupa  RealPage  AVEVA  Medidata  McAfee  PowerSchool  Splunk  Instructure  Advent Software  Smartsheet  Cornerstone OnDemand  Squarespace  VMware  Citrix  Cerner  Informatica  DealerTrack  Infoblox  Mentor Graphics  LogMeIn  AVG  Riverbed  Blackboard  BMC  Quest Software  Neustar  Overall Median: 6.4x  64.4x  43.9x 37.5x 35.0x  25.0x 24.7x 22.9x 21.0x 20.5x 19.7x 19.4x 19.4x 18.8x 18.1x 18.0x 17.0x 16.9x 16.0x 15.7x 15.1x  14.1x 12.6x 11.5x 10.9x 10.7x  9.0x  7.9x  5.0x  Altair  Altium  Coupa  Smartsheet  Red Hat  Ansys  Mimecast  Medidata  Splunk  Echo Proposal  RealPage  Inovalon  AVEVA  Squarespace  PowerSchool  Commerce Hub  Black Knight  Infoblox  DealerTrack  Cornerstone OnDemand  Informatica  Advent Software  McAfee  Instructure  Citrix  Mentor Graphics  VMware  Cerner  Blackboard  Riverbed  Quest Software  LogMeIn  AVG  BMC  Neustar  Overall Median: 19.4x  Selected Transaction Statistics  Selected Public Software Transactions Above $1 Billion Since 2011 with Revenue Growth Between ~0% and 20% and LFCF Margin > ~20%(1)  Source: Capital IQ, FactSet, company filings, company press releases and Wall Street research. Note: Multiples greater than 80.0x or negative shown as dashes.  Includes Altair, Altium, Mentor Graphics, and Medidata transactions.  NTM statistics based on mean analyst consensus estimates for the next 12-month period as of transaction announcement.  (4) Reflects Echo Proposal of $265.00 per share received on January 22, 2025. Alpha common shares outstanding, RSUs, PSUs, and options as of January 17, 2025 per Alpha Management. PSUs outstanding reflects PSUs based on target performance. Fully-diluted shares calculated using treasury stock method. Alpha balance sheet statistics per Alpha Management for the period ended December 31, 2024. Cash adjusted for $9MM holdback related to acquisition of Open Grid, expected to be paid in FY26.  NTM Revenue Multiples of Selected Transactions(2)  6  Legend  Recent Technical SW Transactions  NTM LFCF Multiples of Selected Transactions(2)  NTM EBITDA Multiples of Selected Transactions(2)  7.5x (3) 7.5x 7.4x 7.2x  16.2x 14.6x 14.5x (4)  13.6x  (3)  (3) AVEVA statistics reflect 2022 buy-out of its minority shareholders by Schneider Electric.  CONFIDENTIAL | DRAFT  33.8x 33.5x 32.1x 31.0x 30.9x 29.3x(4) 28.9x 
 
  Premium   Min Range:  <10%  10%  20%  30%  40%  50%  60%  70%  80%  Max Range:  10%  20%  30%  40%  50%  60%  70%  80%  >80%  # of Transactions  55  83  101  64  51  35  19  11  19  % of Total  13%  19%  23%  15%  12%  8%  4%  3%  4%  % of Total At Or  Below Range  13%  32%  55%  69%  81%  89%  93%  96%  100%  Source: FactSet as of January 24, 2025.  Note: Based on FactSet premia and unaffected dates for technology M&A transactions greater than $1Bn enterprise value since 2003.  (1) Reflects Echo Proposal of $265.00 per share received on January 22, 2025.  CONFIDENTIAL | DRAFT  55  83  101  64  51  35  19  11  19  Median: 28% Premium  Selected Technology Transaction Premia  Premia in Selected >$1Bn Public Technology Transactions Since 2003  7  1- Day Premia Paid  438 Total Transactions in Data Set  25th Percentile: 18% Premium  75th Percentile: 44% Premium  Mean: 33%  Premium  Echo Proposal(1): 12% 
 
 Alpha Financial Overview 
 
 35%  36%  35%  42%  39%  43%  44%  44%  29%  30%  29%  $360  39%  $480  34%  $501  37%  $638  37%  $735  37%  $834  $306  $336  FY23A  FY24A  FY25E  FY26E  FY27E  FY28E  FY29E  FY30E  LFCF Growth:  10%  7%  33%  4%  27%  15%  13%  $885  $933  $1,035  $1,156  $1,299  $1,469  $1,669  $1,898  11%  12%  12%  13%  14%  14%  12%  FY23A FY24A FY25E FY26E FY27E FY28E FY29E FY30E  Actual  Summary of Alpha Management Plan  Annual Contract Value(1) ($MM) | Growth (%)  9% (2)  Forecast  FY24A-FY30E CAGR: 13%  Revenue ($MM) | Growth (%)  Operating Income ($MM) | Margin (%)  Levered Free Cash Flow ($MM) | Margin (%)  Source: Historical figures per Alpha company filings. Alpha Management Plan provided by Alpha Management as of December 2024, updated in January 2025 for (2) YoY Growth normalized to exclude the effect of a one-time $36M write-off of suspended Russian business.  FQ2’25 actuals. (3) ACV Margin = (ACV – non-GAAP expenses) / ACV.  Note: Alpha fiscal year ends June 30.  % ACV  Margin(3)  % Margin (ACV-Based)  9  Actual Forecast  27%  28%  35%  39%  43%  46%  50%  50%  38%  40%  45%  $562  42%  $510  49%  $726  54%  $926  58%  $1,147  58%  $1,301  $395  $456  FY23A  FY24A  FY25E  FY26E  FY27E  FY28E  FY29E  FY30E  Actual  Forecast  FY24A-FY30E CAGR: 12%  Actual Forecast  $1,044  (1) Alpha defines ACV as the estimate of the annual value of its portfolio of term license and software maintenance and support, or SMS, contracts, the annual value of SMS agreements purchased with perpetual licenses and the annual value of standalone SMS agreements purchased with certain legacy term license  CONFIDENTIAL | DRAFT  agreements, which have become an immaterial part of its business.  $1,127  $1,236  $1,217  $1,472  $1,713  $1,974  $2,241  10%  (1%)  21%  16%  15%  13%  1%  8%  FY23A FY24A FY25E FY26E FY27E FY28E FY29E FY30E 
 
 10%  (1%)  21%  16%  15%  13%  6%  8%  9%  1%  8%  $1,035  $1,156  $1,299  $1,469  $1,669  $1,898  $1,019  $1,109  $1,212  $885  $933  FY23A FY24A FY25E FY26E FY27E FY28E FY29E FY30E  12%  12%  13%  14% 14%  9%  9%  9%  12%  (2) 11%  9%  FY23A FY24A FY25E FY26E FY27E FY28E FY29E FY30E  $1,472  $1,713  $1,974  $1,192 $1,217  $1,236 $1,283  $2,241  $1,394  $1,127  $1,044  FY23A FY24A FY25E FY26E FY27E FY28E FY29E FY30E  $562  $510  $726  $926  $1,147  $1,301  $521  $576  $650  $395  $456  FY23A FY24A FY25E FY26E FY27E FY28E FY29E FY30E  $360  $480  $501  $638  $735  $834  $342  $411  $477  $306  $336  FY23A FY24A FY25E FY26E FY27E FY28E FY29E FY30E  45%  42%  49%  54%  58% 58%  44%  45%  47%  38%  40%  29%  39%  34%  37% 37% 37%  29%  32%  34%  29%  30%  10  Source: Historical figures per Alpha company filings. Alpha Management Plan provided by Alpha Management as of December 2024, updated in January 2025 for (2) YoY Growth normalized to exclude the effect of a one-time $36M write-off of suspended Russian business.  FQ2’25 actuals. Alpha street projections based on mean consensus estimates of Wall Street Analyst reports as of January 24, 2025, provided by Alpha Management. (3) ACV Margin = (ACV – non-GAAP expenses) / ACV. Note: Alpha fiscal year ends June 30. (4) Rule of 40 = Revenue Growth + LFCF Margin.  Non-GAAP Operating Income ($MM)  Levered Free Cash Flow ($MM)  Levered Free Cash Flow Margin (%)  FY24A-FY30E CAGR:  Mgmt. Plan: 13%  Street (FY27E): 9%  -  FY23A FY24A FY25E FY26E FY27E FY28E FY29E FY30E  Ro40(4):  Mgmt: 36% 38% 39% 38% 55% 54% 52% 51%  FY23A FY24A FY25E FY26E FY27E FY28E FY29E FY30E FY23A FY24A FY25E FY26E FY27E FY28E FY29E FY30E Street: 36% 38% 34% 40% 43% - -  # o  Alpha Management Plan vs. Street  ACV ($MM)(1) Revenue ($MM)  Legend  Management Plan Street Case  FY24A-FY30E CAGR:  Mgmt. Plan: 12%  Street (FY27E): 7%  8 8 6  Revenue Growth (%)  f Brokers for Consensus:  5  4  3  #  ACV  Gro  wth (  %)(1)  of Brokers for Consensus:  # of Brokers for Consensus:  8  8  6  #  Non-GA  AP O  pera  ting M  argin (%)  6 6 4  of Brokers for Consensus:  -  27%  28%  35%  39%  43%  46%  50%  50%  27%  28%  34%  36%  39%  -  -  % ACV Margin(3):  Mgmt:  Street:  -  35%  36%  35%  42%  39%  43%  44%  44%  35%  36%  34%  37%  39%  -  -  % Margin (ACV-Based):  Mgmt:  Street:  Revenue and profitability metrics are impacted by timing of bookings  FY24A-FY30E CAGR:  Mgmt. Plan: 19%  Street (FY27E): 13%  FY24A-FY30E CAGR:  Mgmt. Plan: 16%  Street (FY27E): 12%  (1) Alpha defines ACV as the estimate of the annual value of its portfolio of term license and software maintenance and support, or SMS, contracts, the annual value of SMS agreements purchased with perpetual licenses and the annual value of standalone SMS agreements purchased with certain legacy term license  CONFIDENTIAL | DRAFT  agreements, which have become an immaterial part of its business. 
 
 CONFIDENTIAL | DRAFT  Date  Company  Broker Rating   Price Targets   Post Investor Post Echo Prop.  Day (9/17) (11/4) & Q1'25 % Change  Valuation Methodology  12/11/24  Baird  Buy  $250.00  $275.00  10%  42.0x FY26E FCF  11/5/24  BofA Securities  Buy  260.00  260.00  -  25.0x CY26E EBITDA  11/4/24  Loop Capital  Buy  260.00  260.00  -  36.0x FY27E FCF, 12.0x FY27E Revenue  11/6/24  Berenberg  Hold  265.00  250.00  (6%)  36.0x CY25E FCF  11/5/24  Piper Sandler  Hold  217.00  240.00  11%  Echo offer  11/5/24  William Blair  Hold  -  -  39.0x CY25E FCF  11/4/24  Wolfe Research  Hold  -  -  35.0-40.0x CY25E FCF  11/4/24  KeyBanc  Hold  -  -  37.5x FY26E FCF  Median  $260.00  $260.00  9.4% Premium to Alpha share price of $237.59 as of 11/4, 1-day prior to Echo’s $240 public proposal  Average  $250.40  $257.00  Summary of Alpha Broker Valuation Methodologies  Baird BofA Securities  Source: Wall Street research and FactSet as of January 24, 2025. Note: Alpha fiscal year ends June 30.  (1) Reflects Echo Proposal of $265.00 per share received on January 22, 2025.  Buy: 38%  Hold: 63%  Sell: 0%  FCF 75%  Valuation Methodology Summary  Revenue 13%  EBITDA  13%  $275.00  $260.00  $260.00  $250.00  $240.00  Loop Capital  Berenberg  Piper Sandler  11  Echo Proposal(1):  $265.00  Alpha as of 11/4/24:  $237.59 
 
 Alpha Trading Overview 
 
 0.0x  10.0x  20.0x  30.0x  40.0x  70.0x  60.0x  50.0x  80.0x  Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 Jul-17 Jan-18 Jul-18 Jan-19 Jul-19 Jan-20 Jul-20 Jan-21 Jul-21 Jan-22 Jul-22 Jan-23 Jul-23 Jan-24 Jul-24 Jan-25  Alpha NTM LFCF Multiple Over Time vs. Technical Software Peers  From January 2, 2014 to Current (January 24, 2025)  NTM LFCF Mult. (10-Day Moving Average)  13  Source: Factset mean consensus estimates as of January 24, 2025.  Technical Software Index includes Aveva, Cadence, Synopsys, Autodesk, PTC, Bentley Systems, Dassault, and Nemetschek. Includes Aveva until 8/23/2022, the last unaffected trading date prior to announcement of a transaction with Schneider.  Excludes Cadence and Synopsys.  Multiple as of November 4, 2024, 1-day prior to Echo's $240.00 public proposal for the remaining shares of Alpha. CONFIDENTIAL | DRAFT  Alpha (11/4/24): 40.0x(3)  Tech. SW. Index  Current(1): 41.9x Tech. SW. Index (Excl. EDA)(2)  Current: 36.0x  1st Echo Transaction  Announce (October 11, 2021) | Close (May 16, 2022)  Average discount / premium to:  Technical SW. Index: (12%)  Tech. SW. Excl. EDA: (18%)  Avg. discount / premium to: Technical SW. Index: (7%)  Tech. SW. Excl. EDA: 1%  Alpha Selected Companies CY25 LFCF Range: 26.0 – 40.0x  Implied NTM Mult. Range: 28.6 – 43.9x   Average Statistics 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 YTD Current  Technical Software Index  17.8x  20.9x  24.1x  27.5x  33.5x  32.1x  36.6x  42.8x  31.2x  37.1x  41.6x  40.1x  41.9x  Tech. SW. Index (Excl. EDA) Alpha  19.2x  20.5x  22.6x  18.2x  27.2x  20.5x  29.9x  25.5x  37.7x  29.9x  33.2x  30.1x  37.4x  27.0x  44.2x  32.9x  29.8x  36.1x  35.4x  30.8x  36.2x  36.4x  34.6x  -  36.0x  40.0x(3)  Alpha NTM Rev. Growth  11%  7%  2%  2%  7%  3%  10%  1%  11%  9%  8%  13%  13%  Alpha NTM LFCF Margin  45%  42%  40%  36%  41%  46%  45%  41%  36%  35%  32%  31%  31% 
 
 CONFIDENTIAL | DRAFT  33%  31%  34%  30%  28%  27%  24%  24%  40%  38%  33%  26%  26%  22%  Alpha Street  Alpha Mgmt.  PTC  Autodesk  Cadence  Bentley  Synopsys  Nemetschek  Dassault  Adobe  Palo Alto Networks  Salesforce  Workday  Informatica  SAP  Median: 30%  Median: 28%  28%  46%  44%  46%  43%  43%  38%  36%  36%  30%  49%  40%  34%  31%  30%  30%  Alpha Street  Alpha Mgmt.  Cadence  Synopsys  PTC  Autodesk  Bentley  Dassault  Nemetschek  Adobe  Salesforce  Informatica  Workday  SAP  Palo Alto  Networks  Median: 33%  Median: 38%  31%  36%  29%  27%  25%  24%  23%  39%  35%  32%  27%  24%  15%  Alpha Street  Alpha Mgmt.  PTC  Cadence  Autodesk  Nemetschek  Bentley  Synopsys  Dassault  Adobe  Palo Alto  Networks  Salesforce  Informatica  Workday  SAP  Median: 30%  Median: 27%  27%  10%  8%  17%  14%  13%  12%  11%  6%  15%  13%  9%  7%  Alpha Street Alpha Mgmt.  Synopsys  PTC  Cadence  Autodesk  Bentley  Dassault  Palo Alto Networks  Workday  Adobe  Salesforce  SAP  Informatica  Median: 9%  9% 9%  Median: 13%  13%  CY25E Operating Statistics of Selected Companies  Source: Factset mean consensus estimates as of January 24, 2025. Alpha street projections based on mean consensus estimates of Wall Street Analyst reports as of January 17, 2025 provided by Alpha Management. Alpha Management Plan provided by Alpha Management as of  December 2024, updated in January 2025 for FQ2’25 actuals.  Note: Alpha fiscal year ends June 30.  (1) Nemetschek CY25E growth PF for the acquisition of GoCanvas.  (2) Rule of 40 = Revenue Growth + LFCF Margin.  Legend  Selected Engineering Software Selected Profitable Software  CY25E  Rev ($MM)  $1,249  $1,235  $7,098  $2,620  $5,243  $6,906  $1,191  $1,496  $7,015  $9,796  $9,528  $23,505  $41,346  $39,443  $1,783  Revenue Growth  NTM UFCF Margin  LFCF Margin  44%  39%  47%  42%  41%  39%  44%  35%  29%  49%  52%  42%  39%  33%  30%  Nemetschek (1)  14  FY25 ACV Guidance: ~9% Growth  EBITDA Margin  CY25E Rule of 40(2)  Terminal FY2030E:  31%  40%  Terminal FY2030E:  13% 
 
 39.5x  44.2x  60.5x  50.9x  45.1x  42.2x  36.4x  32.7x  27.0x  57.6x  37.6x  31.1x  24.7x  21.0x  18.1x  Cadence  Synopsys  Nemetschek  Bentley  Autodesk  Dassault  PTC  SAP  Palo Alto Networks  Workday  Salesforce  Adobe  Informatica  Median: 27.9x  Median: 42.2x  36.4x  40.6x  60.9x  47.9x  45.5x  33.4x  32.4x  31.7x  26.2x  40.7x  35.2x  29.1x  23.9x  21.0x  17.4x  Cadence  Nemetschek  Synopsys  Bentley  Autodesk  Dassault  PTC  SAP  Palo Alto  Networks  Workday  Salesforce  Adobe  Informatica  Median: 26.5x  Median: 33.4x  26.1x  29.2x  39.8x  37.3x  28.5x  26.7x  25.7x  22.0x  20.5x  42.4x  28.2x  23.2x  19.6x  16.8x  14.1x  Median: 21.4x  Median: 26.7x  12.1x  13.5x  17.2x  11.9x  11.6x  10.3x  9.7x  9.4x  7.4x  12.6x  8.5x  7.2x  4.8x  Median: 8.0x  8.2x 7.8x  Median: 10.3x  CY25E Operating Statistics of Selected Companies  Source: Factset mean consensus estimates as of January 24, 2025. Alpha street projections based on broker mean consensus estimates provided by Alpha Management as of November 2024, post Q1’FY25 earnings.  (1) Reflects Echo Proposal of $265.00 per share received on January 22, 2025.  Legend  Selected Engineering Software Selected Profitable Software  Revenue Multiple  NTM UFCF Multiple  LFCF Multiple  15  EBITDA Multiple  EV ($Bn)  CONFIDENTIAL | DRAFT  $15.1  $16.8  $90.2  $14.2  $82.4  $15.4  $66.8  $24.6  $51.9  $123.5  $334.9  $193.0  $324.1  $68.3  $8.6  Selected Companies LFCF Range: 26.0x-40.0x  DCF UFCF Range: 20.0x-30.0x  1D Prior to Echo Proposal(1)  Cadence  Nemetschek  Synopsys  Bentley  Autodesk  PTC  Dassault  Palo Alto  SAP  Adobe  Salesforce  Workday  Informatica  Echo Prop. @ $265.00  Networks  1D Prior to Echo Proposal(1)  Nemetschek  Cadence  Bentley  Synopsys  Autodesk  PTC  Dassault  Palo Alto  SAP  Workday  Salesforce  Adobe  Informatica  Echo Prop. @ $265.00  Networks  1D Prior to Echo Proposal (1)  Echo Prop. @ $265.00  1D Prior to Echo Proposal (1)  Echo Prop. @ $265.00 
 
 Alpha Valuation Analysis 
 
 Summary of Alpha Unlevered Free Cash Flow Projections  CONFIDENTIAL | DRAFT  17  Alpha Management Plan provided by Alpha Management as of December 2024, updated in January 2025 for FQ2’25 actuals.  ACV Margin = (ACV – non-GAAP expenses) / ACV.  Long-term steady state taxes per Alpha Management assumed in FY2030 (assumes no DTL-related taxes, remaining DTLs of $274MM in FY29E valued separately).  ($MM, except per share amounts)   Alpha Management Plan (1) '25E-  Terminal '30E  H2'FY25E  FY26E  FY27E  FY28E  FY29E  FY30E  CAGR  ACV  $1,035  $1,156  $1,299  $1,469  $1,669  $1,898  13%  % Growth  11%  12%  12%  13%  14%  14%  Revenue  $716  $1,217  $1,472  $1,713  $1,974  $2,241  13%  % Growth  -  (1%)  21%  16%  15%  13%  Non-GAAP Operating Income  $364  $510  $726  $926  $1,147  $1,301  ACV Non-GAAP Operating Margin (2)  -  39%  43%  46%  50%  50%  % Margin (Revenue-Based)  51%  42%  49%  54%  58%  58%  Less: Cash Taxes (3)  (72)  (120)  (153)  (179)  (223)  (192)  Net Operating Profit After Taxes  $293  $390  $573  $747  $924  $1,109  % Margin (ACV-Based)  -  34%  44%  51%  55%  58%  % Margin (Revenue-Based)  41%  32%  39%  44%  47%  50%  Less: Capital Expenditures & Cap. SW Costs  (9)  (16)  (15)  (15)  (15)  (15)  Plus: Depreciation  4  10  13  17  19  19  Less: Change in NWC  14  45  (119)  (164)  (257)  (287)  Plus: Interest Income from LT Rev. Contracts (ASC 606)  29  53  50  54  64  64  Unlevered Free Cash Flow  $330  $481  $502  $639  $736  $891  % Margin (ACV-Based)  -  42%  39%  44%  44%  47%  % Margin (Revenue-Based)  46%  40%  34%  37%  37%  40%  Cumulative Dilution  -  0.5%  1.0%  1.5%  2.0%  - 
 
 Alpha Discounted Cash Flow Analysis  acquisition of Open Grid, expected to be paid in FY26.  CONFIDENTIAL | DRAFT  Note: Present values as of December 31, 2024, assuming mid-period convention.  Alpha Management Plan provided by Alpha Management as of December 2024, updated in January 2025 for FQ2’25 actuals.  Alpha balance sheet statistics per Alpha Management for the period ended December 31, 2024. Cash adjusted for $9MM holdback related to  (3) Alpha common shares outstanding, RSUs, PSUs, and options as of January 17, 2025 per Alpha Management. Fully-diluted shares calculated using treasury stock method.  Summary of Discounted Cash Flow Assumptions  − Unlevered free cash flow projections and terminal value discounted to December 31, 2024 using mid-period convention  − Excludes the impact of stock-based compensation, amortization of intangibles, non-recurring expenses, and other non-cash items in unlevered free cash flow  − Weighted average cost of capital range of 9.5% to 11.5%  − Terminal value based on NTM UFCF multiple range of 20.0x to 30.0x and terminal year (FY30E) UFCF of $891MM  − Assumes current shareholders incur ~2% cumulative dilution through issuance of equity awards over the projected period, per Alpha Management  Implied Perpetuity Growth Rate  4.3%  5.3%  6.0%  5.2%  6.3%  7.0%  6.2%  7.3%  8.0%  PV of Unlevered FCFs Adj. for Dilution (H2'FY25E - FY29E) (1)  $2,156  $2,156  $2,156  $2,113  $2,113  $2,113  $2,072  $2,072  $2,072  PV of Terminal Value Adj. for Dilution (FY30E & Beyond) (1)  11,608  14,509  17,411  11,142  13,928  16,713  10,700  13,374  16,049  % of Enterprise Value in Terminal Value  84%  87%  89%  84%  87%  89%  84%  87%  89%  Implied Enterprise Value  $13,764  $16,665  $19,567  $13,255  $16,041  $18,826  $12,771  $15,446  $18,121  Less: Debt (2)  (7)  (7)  (7)  (7)  (7)  (7)  (7)  (7)  (7)  Plus: Cash (2)  173  173  173  173  173  173  173  173  173  Less: PV of DTLs (FY30E & Beyond) (1)  (153)  (153)  (153)  (144)  (144)  (144)  (137)  (137)  (137)  Implied Equity Value  $13,777  $16,679  $19,581  $13,277  $16,063  $18,848  $12,801  $15,476  $18,151  Implied Price Per Share (3)  $215.18  $260.20  $305.22  $207.42  $250.64  $293.85  $200.02  $241.53  $283.03  ($MM, except per share amounts)  Present Value as of December 31, 2024  Discount Rate:  9.5%  10.5%  11.5%  Terminal NTM UFCF Multiple:  20.0x  25.0x  30.0x  20.0x  25.0x  30.0x  20.0x  25.0x  30.0x  18 
 
 Selected Companies Analysis  Alpha street projections based on mean consensus estimates of Wall Street Analyst reports as of January 24, 2025, provided by Alpha Management.  Alpha Management Plan provided by Alpha Management as of December 2024, updated in January 2025 for FQ2’25 actuals.  Alpha common shares outstanding, RSUs, PSUs, and options as of January 17, 2025 per Alpha Management. Fully-diluted shares calculated using treasury stock method.  19  Selected Companies Analysis  Alpha Street (1)  Alpha Management (2)   Reference Range   Statistic Low High   Reference Range   Statistic Low High  CONFIDENTIAL | DRAFT  Equity Value / CY25E LFCF Multiple  $418  $382  Trading Multiple  26.0x  40.0x  26.0x  40.0x  Implied Alpha Price (3)  $170.01  $260.90  $155.51  $238.66  ($MM, except per share amounts) 
 
 Selected Transaction Statistics  Selected Public Software Transactions Above $1 Billion Since 2011 with Revenue Growth Between ~0% and 20% and LFCF Margin > ~20%(1)  ($MM)  Source: Capital IQ, FactSet, company filings, company press releases and Wall Street research.  (1)  (2)  (3)  Includes Altair, Altium, Mentor Graphics, and Medidata transactions.  NTM statistics based on mean analyst consensus estimates for the next twelve-month period as of transaction announcement.  Unaffected premium indicates premium based on day prior to rumors of a potential transaction, or premium based on day prior to transaction announcement if no substantial  rumors existed.  Note: Selected Transactions sorted by announce date. Multiples greater than 80.0x, Adj. Rev. Mult.s greater than 4.0x, and Adj. LFCF Mults. greater than 7.0x, or negative mults (4) noted as dashes. (5)  (6)  Levered free cash flow based on cash flow from operations less capital expenditures and capitalized software. AVEVA statistics reflect 2022 buy-out of its minority shareholders by Schneider Electric.  Alpha common shares outstanding, RSUs, PSUs, and options as of January 17, 2025 per Alpha Management. Fully-diluted shares calculated using treasury stock method. Alpha balance sheet statistics per Alpha Management for the period ended December 31, 2024. Cash adjusted for $9MM holdback related to acquisition of Open Grid, expected to be paid in FY26.  Legend  *  Transaction Consideration Included Stock  Recent Technical SW Transactions  20  Median:  6.4x  19.4x  23.6x  30%  5%  9%  31%  23%  Mean:  6.7  22.4  27.1  34%  3%  10%  31%  23%  Mean of Recent Technical SW Transactions:  13.2x  41.6x  55.1x  32%  8%  14%  33%  25%  Echo Proposal @ $265.00 (6):  $16,989  $16,822  13.6x  29.3x  44.6x  12%  10%  13%  46%  31%   NTM Transaction Multiples (2) Unaffected Premium (3) NTM Operating Statistics   Annc.  FD Equity  FD Enterprise  LTM  Revenue  EBITDA  LFCF  Date  Target  Acquiror  Value  Value  Revenue  EBITDA  LFCF(5)  1-Day  High  Growth  Margin  Margin (4)  10/31/24  Altair Engineering (1)  Siemens  $10,595  $10,100  14.6x  64.4x  77.6x  19%  13%  8%  23%  20%  09/24/24  Smartsheet  Blackstone & Vista Equity  8,351  7,645  6.4  35.0  31.1  25%  16%  15%  18%  22%  09/09/24  Squarespace  Permira  7,013  7,237  5.6  22.9  23.2  22%  22%  17%  24%  23%  07/25/24  Instructure  KKR  3,631  4,721  6.9  16.9  20.1  16%  (17%)  6%  41%  26%  06/07/24  PowerSchool  Bain Capital  4,894  5,838  7.2  21.0  28.2  37%  (9%)  12%  34%  21%  02/15/24  Altium (1)  Renesas  5,919  5,718  16.2  43.9  60.6  34%  31%  25%  37%  28%  01/16/24  Ansys *  Synopsys  34,634  34,841  14.5  33.5  48.8  29%  12%  12%  43%  29%  09/21/23  Splunk  Cisco  28,133  29,552  7.1  30.9  29.3  31%  26%  9%  23%  23%  12/12/22  Coupa  Thoma Bravo  6,675  8,003  8.4  37.5  39.3  77%  (61%)  16%  23%  18%  09/21/22  AVEVA (5)  Schneider Electric  11,461  11,934  7.5  24.7  33.4  47%  (24%)  10%  30%  22%  05/26/22  VMware *  Broadcom  61,083  70,200  5.1  15.1  16.6  44%  (17%)  6%  34%  27%  05/04/22  Black Knight *  Intercontinental Exchange  13,259  15,873  9.7  19.7  28.2  43%  2%  8%  49%  29%  01/31/22  Citrix  Evergreen Coast & Vista  13,633  16,519  5.1  16.0  17.9  30%  (28%)  3%  32%  23%  12/20/21  Cerner  Oracle  28,305  28,938  4.8  14.1  23.9  20%  14%  6%  34%  20%  12/07/21  Mimecast  Permira  5,822  5,538  8.8  32.1  40.6  16%  13%  14%  27%  23%  11/07/21  McAfee  Investor Group  11,958  14,472  7.4  17.0  14.5  23%  (17%)  12%  44%  42%  08/19/21  Inovalon  Nordic Capital  6,415  7,209  8.8  25.0  41.5  25%  20%  14%  35%  19%  08/05/21  Cornerstone OnDemand  Clearlake  4,127  5,238  5.9  18.8  18.4  31%  4%  7%  31%  25%  12/21/20  RealPage  Thoma Bravo  9,101  10,186  8.2  28.9  37.8  31%  28%  12%  28%  19%  12/17/19  LogMeIn  Francisco Partners  4,337  4,418  3.4  10.7  14.0  25%  (11%)  4%  32%  24%  06/12/19  Medidata (1)  Dassault Systèmes  5,897  5,785  7.5  31.0  –  17%  4%  17%  24%  6%  10/28/18  Red Hat  IBM  34,630  33,622  9.3  33.8  33.8  63%  8%  17%  27%  28%  03/06/18  CommerceHub  GTCR & Sycamore  1,069  1,049  8.6  20.5  26.8  25%  (4%)  10%  42%  33%  12/14/16  Neustar  Golden Gate Capital  1,997  2,882  2.3  5.0  5.9  45%  21%  9%  45%  27%  11/14/16  Mentor Graphics (1)  Siemens  4,529  4,521  3.7  15.7  –  21%  21%  11%  23%  8%  09/19/16  Infoblox  Vista  1,611  1,353  3.7  19.4  21.9  72%  (5%)  3%  19%  20%  07/07/16  AVG  Avast  1,341  1,452  3.2  9.0  13.2  34%  (13%)  3%  36%  23%  06/15/15  DealerTrack  Cox Automotive  3,997  4,617  4.1  19.4  20.0  59%  27%  20%  21%  18%  04/07/15  Informatica  Permira & CPP  5,295  4,874  4.3  18.1  22.1  27%  17%  8%  24%  21%  02/02/15  Advent Software  SS&C Technologies  2,501  2,683  6.4  18.0  24.1  44%  26%  6%  36%  25%  12/15/14  Riverbed Technology  Thoma Bravo  3,543  3,580  3.2  11.5  15.5  39%  (6%)  3%  28%  20%  05/06/13  BMC  Investor Group  7,032  7,136  3.1  7.9  10.6  14%  (18%)  5%  39%  29%  07/02/12  Quest Software  Dell  2,529  2,386  2.5  10.9  12.8  44%  1%  7%  23%  21%  07/01/11  Blackboard  Providence Equity  1,638  1,750  3.2  12.6  16.2  21%  5%  17%  25%  18%  CONFIDENTIAL | DRAFT 
 
 Selected Transactions Analysis  Note: NTM represents the 12-month period ended September 30, 2025.  Alpha street projections based on mean consensus estimates of Wall Street Analyst reports as of January 24, 2025, provided by Alpha Management.  Alpha common shares outstanding, RSUs, PSUs, and options as of January 17, 2025 per Alpha Management. Fully-diluted shares calculated using treasury stock method. Alpha balance sheet statistics per Alpha Management for the period ended December 31, 2024. Cash adjusted for $9MM holdback related to acquisition of Open Grid, expected to be paid in FY26.  21  Reference Range  Statistic  Low  High  Alpha Street (1)  Enterprise Value / NTM Revenue Multiple  Selected Multiple Range  $1,239  7.5x  14.5x  Implied Alpha Share Price (2)  $147.93  $282.13  Enterprise Value / NTM EBITDA Multiple  Selected Multiple Range  $574  24.7x  33.5x  Implied Alpha Share Price (2)  $224.15  $302.90  Equity Value / NTM Levered Free Cash Flow Multiple  Selected Multiple Range  $381  33.4x  48.8x  Implied Alpha Share Price (2)  $198.45  $289.64  ($MM, except per share amounts)  Selected Transactions Analysis  CONFIDENTIAL | DRAFT 
 
 Appendix  Cost of Capital 
 
 Alpha Cost of Capital Calculation (1/2)   Overall   Historical Unlevered  Beta  Betas   Predicted Unlevered  Beta  Alpha (4)  0.70  0.90  Overall Median  1.19  0.93   Unlevered Beta Calculation   Alpha (4)  0.47  0.60  Overall Median  0.39  0.31  Unlevered Beta  0.86  0.91  ($MM, except per share information)   WACC Analysis    Betas   Current FD Historical(1) Predicted(2)  Stock  Equity  Levered Unlevered  Levered Unlevered  Price  Value  Debt Equity / Debt Tax Rate  Beta Beta  Beta Beta  Alpha (1-Day Prior to Prop.) (3)(4) $237.59 $15,222 $7 100% / 0% 20% 0.70 0.70 0.90 0.90  Selected Companies  SAP $276.29 $346,084 $7,755 98% / 2% 21% 1.13 1.11 0.65 0.64  Salesforce 333.88 329,809 9,297 97% / 3% 21% 1.22 1.19 1.05 1.02  Adobe 435.38 195,224 7,650 96% / 4% 18% 1.15 1.11 1.09 1.06  Palo Alto Networks 187.70 130,392 541 100% / 0% 22% 1.30 1.30 0.97 0.97  Cadence 320.48 90,193 2,850 97% / 3% 17% 1.16 1.13 0.88 0.85  Synopsys 546.19 86,362 16 100% / 0% 21% 1.20 1.20 0.94 0.93  Workday 258.28 72,412 3,000 96% / 4% 19% 1.27 1.23 1.09 1.05  Autodesk 300.83 66,450 2,303 97% / 3% 18% 1.27 1.23 0.90 0.88  Dassault 38.73 52,902 2,841 95% / 5% 15% 0.84 0.81 1.09 1.04  PTC 188.96 23,090 1,753 93% / 7% 24% 1.25 1.18 0.85 0.80  Bentley 46.10 14,084 1,431 91% / 9% 20% 1.27 1.17 0.97 0.89  Nemetschek 119.27 13,776 667 95% / 5% 20% 1.51 1.45 1.10 1.06  Informatica 24.76 8,059 1,828 82% / 18% 24% 1.44 1.23 1.06 0.90  Median Mean  96% / 4%  95% / 5%  1.25  1.23  1.19  1.18  0.97  0.97  0.93  0.93  Sources: FactSet, Bloomberg, Barra.  Note: Prices as of January 24, 2025. Debt includes currently outstanding face value of 'in-the-money' convertible debt and excludes minority interests.  Based on Bloomberg, 5-year weekly betas as of December 31, 2024.  Based on Barra betas as of December 31, 2024.   Alpha balance sheet statistics per Alpha Management for the period ended December 31, 2024. Cash adjusted for $9MM holdback related to acquisition of Open Grid, expected to be paid in FY26.   Alpha historical beta represents 2-year weekly, capturing trading history post close of initial Echo transaction in October 2022. Alpha historical and predicted betas as of October 31, 2024, prior to Echo's Proposal of $240.00 per share received on November 5, 2024.  23  CONFIDENTIAL | DRAFT 
 
 Alpha Cost of Capital Calculation (2/2)  Market Assumptions  Risk Free Rate  (1)  4.9%  6.2% - 7.2%  Market Risk Premium(2) Size Premium(3)  Historical Predicted  0.5%  0.0%  Cost of Capital Calculation - Equity Market Risk Premium / Unlevered Predicted Beta Sensitivity  WACC(4)  Unlevered  Levered  Equity Market Risk Prem.:  6.2%  6.7%  7.2%  Beta (5)  Beta  Debt as % of Cap.:  0%  0%  0%  23  CONFIDENTIAL | DRAFT  Cost of Capital Calculation - Equity Market Risk Premium / Unlevered Historical Beta Sensitivity  WACC(4)  Unlevered  Levered  Equity Market Risk Prem.:  6.2%  6.7%  7.2%  Beta (6)  Beta  Debt as % of Cap.:  0%  0%  0%  0.91  0.91  <--- Overall Blended  10.6%  11.0%  11.4%  0.90  0.90  <--- Standalone  10.5%  10.9%  11.4%  0.86  0.86  <--- Overall Blended  10.7%  11.1%  11.5%  0.70  0.70  <--- Standalone  9.7%  10.0%  10.4%  Note: Unlevered Betas based on median of peer group.  Based on 20-Year U.S. Interpolated Treasury Yield as of January 24, 2025. Source: FactSet.   Long-horizon expected equity risk premium (historical) and Long-horizon expected equity risk premium (supply-side) based on Duff & Phelps Cost of Capital Navigator (2024).  Size premium based on Duff & Phelps Cost of Capital Navigator (2024).  WACC equals (Rd*(1 - t)*D / Net Capital) + Re*E / Net Capital. Net Capital equals D + E  Re equals Rf + βlevered*(Rm - Rf) + Sp.  Based on Barra betas as of December 31, 2024. Alpha predicted beta as of October 31, 2024.  Based on Bloomberg, 5-year weekly betas as of December 31, 2024. Alpha 2-year weekly beta as of October 31, 2024. 
 
 Appendix  Supplementary Information 
 
 CONFIDENTIAL | DRAFT  Statistics of Selected Companies  Source: FactSet mean consensus estimates as of January 24, 2025. Alpha common shares outstanding, RSUs, PSUs, and options as of January 17, 2025 per Alpha Management. Fully-diluted shares calculated using treasury stock method. Alpha balance sheet statistics per Alpha Management for the period ended December 31, 2024. Cash adjusted for $9MM holdback related to acquisition of Open Grid, expected to be paid in FY26.  Note: Multiples greater than 75x or negative noted as dashes.  (1) Rule of 40 = Revenue Growth + LFCF Margin.  26  1-Day Prior to Echo Prop.  $237.59  $15,222  $15,056  12.1x  11.5x  26.1x  25.1x  36.4x  35.7x  $1,249  $1,308  10%  5%  46%  46%  33%  33%  44%  37%  Echo Proposal  $265.00  $16,989  $16,822  13.5x  12.9x  29.2x  28.1x  40.6x  39.9x  $1,249  $1,308  10%  5%  46%  46%  33%  33%  44%  37%  Selected Engineering Software  Cadence (Dec.)  $320.48  $90,193  $90,152  17.2x  15.6x  37.3x  33.3x  60.9x  47.6x  $5,243  $5,796  13%  11%  46%  47%  28%  33%  41%  43%  Synopsys (Oct.)  546.19  86,362  82,359  11.6  10.5  26.7  23.9  45.5  38.7  7,098  7,829  17%  10%  43%  44%  27%  28%  44%  39%  Autodesk (Jan.)  300.83  66,450  66,776  9.7  8.6  25.7  22.5  32.4  28.3  6,906  7,722  13%  12%  38%  38%  30%  30%  42%  42%  Dassault (Dec.)  38.73  52,902  51,910  7.4  6.9  20.5  19.0  31.7  28.9  7,015  7,546  6%  8%  36%  36%  24%  24%  29%  32%  PTC (Sep.)  188.96  23,090  24,576  9.4  8.4  22.0  19.5  26.2  22.7  2,620  2,917  14%  11%  43%  43%  34%  35%  47%  46%  Bentley (Dec.)  46.10  14,084  15,418  10.3  9.3  28.5  25.6  33.4  31.6  1,496  1,656  11%  11%  36%  36%  28%  27%  39%  38%  Nemetschek (Dec.)  119.27  13,776  14,206  11.9  10.4  39.8  32.5  47.9  40.3  1,191  1,367  12%  15%  30%  32%  24%  25%  36%  40%  Median  10.3x  9.3x  26.7x  23.9x  33.4x  31.6x  13%  11%  38%  38%  28%  28%  41%  40%  Mean  11.1x  10.0x  28.7x  25.2x  39.7x  34.0x  12%  11%  39%  40%  28%  29%  40%  40%  Selected Profitable Software  SAP (Dec.)  $276.29  $346,084  $334,933  8.5x  7.6x  28.2x  24.5x  40.7x  31.3x  $39,443  $44,146  9%  12%  30%  31%  22%  25%  30%  37%  Salesforce (Jan.)  333.88  329,809  324,131  7.8  7.2  19.6  17.9  23.9  21.6  41,346  44,987  9%  9%  40%  40%  33%  34%  42%  43%  Adobe (Nov.)  435.38  195,224  192,988  8.2  7.5  16.8  15.4  21.0  19.0  23,505  25,774  9%  10%  49%  49%  40%  40%  49%  50%  Palo Alto Networks (Jul.)  187.70  130,392  123,528  12.6  11.0  42.4  37.0  35.2  29.1  9,796  11,190  15%  14%  30%  30%  38%  40%  52%  54%  Workday (Jan.)  258.28  72,412  68,255  7.2  6.3  23.2  18.7  29.1  23.1  9,528  10,806  13%  13%  31%  34%  26%  29%  39%  42%  Informatica (Dec.)  24.76  8,059  8,647  4.8  4.5  14.1  12.9  17.4  15.4  1,783  1,926  7%  8%  34%  35%  26%  27%  33%  35%  Median  8.0x  7.3x  21.4x  18.3x  26.5x  22.4x  9%  11%  33%  34%  30%  31%  41%  43%  Mean  8.2x  7.4x  24.0x  21.1x  27.9x  23.2x  10%  11%  36%  36%  31%  33%  41%  44%  ($MM, except per share information)   FD Capitalization Trading Multiples Operating Statistics    Ent. Value / Equity Value / Revenue EBITDA LFCF Rule  Stock Price Equity Ent. Revenue EBITDA LFCF $ % Growth Margins Margins of 40 (1)   Company (FYE) 1/24/2025 Value Value CY25E CY26E CY25E CY26E CY25E CY26E CY25E CY26E '24-25E '25-26E CY25E CY26E CY25E CY26E CY25E CY26E 
 
 Alpha Deferred Tax Liability Schedule  Source: DTL runoff as provided by Alpha Management.  (1) Alpha Management Plan provided by Alpha Management as of December 2024, updated in January 2025 for FQ2’25 actuals.  27  ($MM) Alpha DTL Schedule (1)   FY30E  FY31E  FY32E  FY33E  Beginning DTL Balance  $274  $191  $108  $25  Plus: Additional / (Usage) of DTLs  (83)  (83)  (83)  (25)  DTLs, Ending Balance  $191  $108  $25  -  Incremental Cash Taxes Due to DTLs  ($83)  ($83)  ($83)  ($25)  Discount Rate  9.5%  10.5%  11.5%  PV of Incremental Tax Due to DTLs (FY30E & Beyond)  ($153)  ($144)  ($137)  CONFIDENTIAL | DRAFT 
 
 These materials have been prepared by Qatalyst Partners LP (including any affiliates “Qatalyst”) for the Qatalyst client or potential client to whom such materials are directly addressed and delivered or a special committee of the Board of Directors thereof (the “Company”) in connection with an actual or potential mandate or engagement and may not be used or relied upon for any purpose other than as specifically contemplated by a written agreement with Qatalyst. These materials are based on information provided by or on behalf of the Company and/or other potential transaction participants, from public sources or otherwise reviewed by Qatalyst. Qatalyst assumes no responsibility for independent investigation or verification of such information and has relied on such information being complete and accurate in all respects. To the extent such information includes estimates and forecasts of future financial performance (including estimates of potential cost savings and synergies) prepared by or reviewed with the managements of the Company and/or other potential transaction participants or obtained from public sources, Qatalyst has assumed that such estimates and forecasts have been reasonably prepared on bases reflecting the best currently available estimates and judgments of such managements (or, with respect to estimates and forecasts obtained from public sources, represent reasonable estimates). No representation or warranty, express or implied, is made as to the accuracy or completeness of such information and nothing contained herein is, or shall be relied upon as, a representation, whether as to the past, the present or the future. 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These materials have not been prepared with a view toward public disclosure under state or federal securities laws or otherwise, are intended for the benefit and use of the Company, and may not be reproduced, disseminated, quoted, summarized or referred to, in whole or in part, without the prior written consent of Qatalyst. These materials may not reflect information known to other professionals in other business areas of Qatalyst.  Qatalyst is a full service securities firm providing investment banking and other services and products to a wide range of corporations and individuals, domestically and offshore, from which conflicting interests or duties may arise. In the ordinary course of these activities, Qatalyst may at any time hold long or short positions, and may trade or otherwise effect transactions, for their own account or the accounts of customers, in debt or equity securities or loans of the Company, potential counterparties, or any other company that may be involved in a transaction.  Qatalyst is required to obtain, verify and record certain information that identifies each entity that enters into a formal business relationship with it, which information includes the complete name and address and taxpayer ID number. Qatalyst may also request corporate formation documents, or other forms of identification, to verify information provided.  Disclaimer  CONFIDENTIAL | DRAFT 
 

Exhibit (c)(10)

 Discussion Materials for the Special Committee  Project Alpha  Technology Investment Banking  January 26, 2025 | Strictly Private and Confidential 
 
 2  Disclaimer  The following pages contain material provided to the Special Committee of the Board of Directors of Alpha (the “Company”)  by Citigroup Global Markets Inc. (“Citi”) in connection with the proposed transaction involving the Company and Echo.  The accompanying material was compiled or prepared on a confidential basis solely for the use of the Special Committee of the Board of Directors of the Company and not with a view toward public disclosure under any securities laws or otherwise. The information contained in the accompanying material was obtained from the Company and other sources. Any estimates and projections contained herein have been prepared or adopted by management of the Company, obtained from public sources, or are based upon such estimates and projections, and involve numerous and significant subjective determinations, and there is no assurance that such estimates and projections will be realized. Citi does not take responsibility for such estimates and projections, or the basis on which they were prepared. No representation or warranty, express or implied, is made as to the accuracy or completeness of such information and nothing contained herein is, or shall be relied upon as, a representation, whether as to the past, the present or the future. In preparing the accompanying material, Citi assumed and relied, without independent verification, upon the accuracy and completeness of all financial and other information and data publicly available or provided to or otherwise reviewed by or discussed with Citi and upon the assurances of the management of the Company, that they are not aware of any relevant information that has been omitted or that remains undisclosed to Citi.  The accompanying material was not prepared for use by readers not as familiar with the Company and Echo as the Special Committee of the Board of Directors of the Company and, accordingly, neither the Company nor Citi nor their respective legal or financial advisors or accountants take any responsibility for the accompanying material if used by persons other than the Special Committee of the Board of Directors of the Company. The accompanying material is necessarily based upon information available to Citi, and financial, stock market and other conditions and circumstances existing and disclosed to Citi, as of the date of the accompanying material. Citi does not have any obligation to update or otherwise revise the accompanying material. Nothing contained herein shall be construed as legal, tax or accounting advice. 
 
 3  Share Price  $237.59  $255.16  $265.00  Premium / (Discount) to:  Current (01/24/25)  $255.16  (7%)  --  4%  "Unaffected" (11/04/24)  237.59  --  7  12  VWAP Since First Trading (05/17/22 - 11/04/24)  202.33  17  26  31  "Unaffected" 52-Week High (10/30/24)  240.83  (1)  6  10  "Unaffected" 52-Week Low (11/09/23)  163.41  45  56  62  For Reference : "Undisturbed", per Echo (08/06/24)(1)  177.84  34  43  49  Implied Equity Value  $15,222  $16,354  $16,989  Memo: Implied Equity Value of Remaining Stake  $6,595  $7,090  $7,367  Implied Enterprise Value (2)  $15,056  $16,188  $16,822  ($ in Millions, Except per Share Data)  "Unaffected" (11/04/24)  Current (01/24/25)  Merger Consideration  Enterprise Value / Revenue  FY2025E  NTM (as of 12/31/24) / CY2025E  Metric  $1,236 1,235  12.2x  12.2  13.1x  13.1  13.6x  13.6  Equity Value / LFCF  FY2025E  NTM (as of 12/31/24) / CY2025E  $360  382  42.3x  39.8  45.4x  42.8  47.2x  44.4  $1,192  1,249  12.6x  12.1  13.6x  13.0  14.1x  13.5  Enterprise Value / Revenue  FY2025E  NTM (as of 12/31/24) / CY2025E  Equity Value / LFCF FY2025E  NTM (as of 12/31/24) / CY2025E  $342  418  44.5x  36.4  47.8x  39.1  49.7x  40.6  Source: Alpha Management, Public Filings, FactSet, Wall Street Research. Market data as of 01/24/2025.  Note:  Fiscal year ending June 30. 52-week high and low based on closing prices. Alpha diluted shares outstanding as of 01/17/2025, includes: 63mm common, 0.6mm options (weighted average strike price:  $142.53), 0.5 RSUs & PSUs outstanding.  “Undisturbed” as quoted by Echo in tender offer press release published on 11/05/2024 and represents  (1)  Alpha’s closing share price on 08/06/2024.  Alpha bridge to enterprise value adjustments include $173mm in cash & equivalents (based on 12/31/2024 balance pro-forma for acquisition of Open Grid Systems), $7mm in net post-tax pension liability.  (2)  Implied Transaction Metrics  Alpha Management Case  Consensus Case 
 
 4  $150  $170  $190  $210  $230  $250  $270  $290  $310  May-22 Aug-22 Nov-22 Feb-23 May-23  Jul-23  Jul-24 Oct-24 Jan-25  Alpha Share Price Performance Since Consummation of 2021 Echo Transaction  Source: Bloomberg, FactSet. Market data as of 01/24/2025.  Initial Echo majority acquisition of Alpha closed on 05/16/2022.  “Unaffected date” is 11/04/2024, the last trading day prior to Echo offer.  Alpha Peers include Autodesk, Bentley Systems, Dassault Systèmes, Nemetschek and PTC.  Alpha beat median of Wall Street analyst consensus on ACV, when excluding Russia-based ACV, and  on Revenue and EPS without adjustment.  “Undisturbed” as quoted by Echo in tender offer press release published on 11/05/2024 and represents Alpha’s closing share price on 08/06/2024.  (5)  Alpha Peers(3): 48%  Oct 26, 2022  Q1 2023  Cons. LFCF miss  Alpha: 39% ($255.16)  +7% Since Echo Offer  1-Month to “Unaffected” VWAP ($237)  Alpha’s Relative Share Price Performance Since Close(1) of Echo Transaction  Earnings Date   VWAP(2)   Alpha  % Return to Nov 4, 2024   “Unaffected Date”(2)   Alpha Alpha Peers(3)  1-Month to "Unaffected"  $237  -  4%  08/06/2024(5) to "Unaffected"  $227  5%  9%  01/01/2024 to "Unaffected"  $208  14%  6%  Alpha Close to "Unaffected"  $202   Share Price(2)   17%  56%  All-Time High  $258  (8%)  All-Time Low  $162  47%  "Unaffected" 52-Wk High  $241  (1%)  "Unaffected" 52-Wk Low  $163  45%  $184  Pre-market | Aug 7, 2024  Echo Q3 FY24 Earnings  01/01/2024 to “Unaffected” VWAP ($208) Alpha Close to “Unaffected” VWAP ($202)  08/06/2024 to “Unaffected” VWAP ($227)  Pre-market | Nov 5, 2024  Echo Announces Offer  $240.00 / Share  Share Price: $237.59  August 6, 2024 Q4 FY24 Earnings Consensus Beat(4) / “Undisturbed Date”(5) Share Price: $177.84  Apr 26, 2023  Q3 2023 Earnings  Cons. ACV, Revenue, FCF Miss  May 7, 2024  Q3 2024 Earnings Cons. ACV In-line, Revenue Beat  Oct-23 Jan-24 Apr-24  Sep 17, 2024  Investor Day 2024  Share Price: $233.54  May 16, 2024  End of “Lock Up Period”  Share Price: $213.88 
 
 5  Certain Updates Since December 7, 2024 Special Committee  Discussion Materials  Valuation Inputs  Market prices updated as of January 24, 2025 market close  Alpha share counts reflect latest diluted shares outstanding as of January 17, 2025 (vs. September 30, 2024)  Alpha balance sheet reflects December 31, 2024 actuals (vs. September 30, 2024)  Alpha financial forecast per Alpha management as of December 2024, updated for FY Q2’25 actuals in January 2025  Financial Analyses  Discounted Cash Flow Analysis  Illustrative value range of $153 – $271 per share (vs. $161 – $302 per share)  WACC inputs updated as of January 24, 2025 resulting in range of 11.7% – 12.9% (vs. 11.2% – 12.4%)  Risk free rate of 4.9% (vs. 4.4%)  Present value date of December 31, 2024 (vs. September 30, 2024)  Selected Precedent Transactions Analysis  Illustrative value range of $223 – $298 per share (vs. $220 – $293 per share) – no change to assumed multiple range  Updated Alpha NTM LFCF of $382mm as of December 31, 2024 (vs. $376mm as of September 30, 2024) per estimates of Alpha management  Selected Public Companies Analysis  Illustrative value range of $179 – $239 per share (vs. $187 – $249 per share) – no change to assumed multiple range  Updated Alpha CY2025 LFCF of $382mm (vs. $398mm prior to management plan update for FY Q2’25 actuals) per estimates of Alpha management  Selected Public Companies Equity Value / CY2025 LFCF median multiple of 32.4x (vs. 32.9x) 
 
 6  Illustrative Financial Forecast Overview  Management Case vs. Wall Street Consensus  ACV  $ in millions  Revenue  $ in millions  Management Case Consensus (Mean)  $885  $933  $1,019  $1,109  $1,212  $1,035  $1,156  $1,299  $1,469  $1,669  $1,898  FY23A FY24A  FY25E  FY26E  FY27E  FY28E  FY29E  FY30E  $1,044  $1,127  $1,192  $1,283  $1,394  $1,236  $1,217  $1,472  $1,713  $1,974  $2,241  FY25E  FY26E  FY27E  FY28E  FY29E  FY30E  $401  $463  $583  $658  $569  $520  $741  $945  $1,167  $1,322  FY26E  FY27E  FY28E  FY29E  FY30E  $306  $336  $411  $477  $360  $480  $501  $638  $735  $834  FY26E  FY27E  FY28E  FY29E  FY30E  11%  12%  12%  13%  14%  14%  9%  9%  9%  NA  NA  NA  3%  3%  NA  NA  NA  Consensus Growth %  NA NA  Growth Variance  NA NA 2%  Adj. EBITDA (Pre-SBC)  $ in millions  Mgmt. Growth %  12% 5%  10%  (1%)  21%  16%  15%  13%  6%  8%  9%  NA  NA  NA  4%  (9%)  12%  NA  NA  NA  1% 8%  Consensus Growth %  NA NA  Growth Variance  NA NA  Levered Free Cash Flow (Pre-SBC)  $ in millions  FY23A FY24A  Mgmt. Growth %  45% 50% 55%  45%  57%  64%  70%  70%  NA 52% 53% 54% NA NA NA  NA 3% (8%) 3% NA NA NA  Consensus Margin (ACV-based) %  NA  Margin Variance  NA  $528  FY23A FY24A FY25E  Mgmt. Margin (ACV-based) %  35% 36% 35%  42%  39%  43%  44%  44%  34%  37%  39%  NA  NA  NA  1%  5%  (1%)  NA  NA  NA  Consensus Margin (ACV-based) %  NA NA  Margin Variance  NA NA  $342  FY23A FY24A FY25E  Mgmt. Margin (ACV-based) %  Source: Wall Street Research. Alpha management plan as of December 2024, updated for FY Q2’25 actuals in January 2025.  Note: Fiscal year ending June 30. Preliminary Management Case includes acquisition of Open Grid Systems announced 11/04/2024.  Long-term guidance based on September 2024 Investor Day presentation.  Management FY25E guidance inclusive of $10mm in estimated Russia exit costs and $8mm in estimated Restructuring costs.  FY25 Guidance:  ~$1,017mm / 9% Growth  FY25 Guidance:  ~$1,190mm  LT Guidance(1): High Single – Low Double Digit Growth  LT Guidance(1): 40-43% LFCF Margin  / Mid-Teens Growth  FY25 Guidance:  ~$340mm(2) / 33% LFCF Margin 
 
 7  Discounted Cash Flow Analysis  5.5 year DCF; present value date as of 12/31/2024  Discount rate range of 11.7% to 12.9%  Perpetuity growth rate range of 6.0% to 8.0%  Selected Precedent Transactions Analysis  - Equity Value / NTM LFCF multiple range of 37.4x to 50.0x  - NTM LFCF (12/31/2024) of $382mm  Selected Public Companies Analysis  Equity Value / CY25 LFCF multiple range of 30.0x to 40.0x  CY2025 LFCF of $382mm  52-Week Trading Range  (For Reference Only)  - As of 11/04/2024 (unaffected date)  - 52-week low of $163.41 (11/09/2023)  - 52-week high of $240.83 (10/30/2024)  1  Analysts' Stock Price Targets  (For Reference Only)  As of 11/04/2024 (unaffected date)  High and low undiscounted broker price targets  Dotted box: high and low discounted broker price targets,  1discounted by 12 months at 12.7% cost of equity  Selected Precedent Squeeze Out Total Bump %  (For Reference Only)  1st and 3rd quartile selected squeeze out total bump from initial offer (8.3% and 18.7%)  Applied to initial Echo offer price of $240.00  7.8x -  13.9x  25.6x  -  45.5x  11.4x -  15.3x  37.4x  -  50.0x  9.2x -  12.2x  30.0x  -  40.0x  8.3x -  12.4x  27.3x  -  40.4x  11.1x -  13.6x  36.3x  -  44.4x  13.4x -  14.7x  43.6x  -  47.8x  Implied Multiples  Enterprise Value / NTM Revenue  Equity Value / NTM LFCF  Methodology Assumptions  Implied Equity Value Per Share ($)(1)  $153  $223  $179  $163  $217  $260  $271  $298  $239  $241  $265  $285  $193  $235  Source: Alpha Management, FactSet, Public Filings. Market data as of 01/24/2025.  Note: Valuation date as of 12/31/2024. Share price rounded to nearest dollar. 52-week high and low based on closing prices.  (1) Alpha diluted shares outstanding as of 01/17/2025, includes: 63mm common, 0.6mm options (weighted average strike price: $142.53), 0.5 RSUs & PSUs outstanding. Alpha bridge to enterprise value adjustments include  $173mm in cash & equivalents (based on 12/31/2024 balance pro-forma for acquisition of Open Grid Systems), $7mm in net post-tax pension liability.  Alpha Valuation Summary  Merger Consideration: $265.00 
 
 8  Source: Alpha Management, FactSet, Public Filings. Market data as of 01/24/2025.  Note: Valuation date as of 12/31/2024. Assumes mid-year discounting. Share price rounded to nearest dollar.  Terminal year cash tax assumes zero change in deferred tax liability, assumes D&A equal to Capex. Cash tax impact of remaining DTLs in FY31 to FY33 results in reduction in implied Enterprise Value at ($88mm at midpoint WACC).  Terminal change in NWC based on average of change in NWC and interest income for FY28-FY30, less terminal interest income.  (3)  Alpha diluted shares outstanding as of 01/17/2025, includes: 63mm common, 0.6mm options (weighted average strike price: $142.53), 0.5 RSUs & PSUs outstanding. Alpha bridge to enterprise value adjustments include $173mm in cash & equivalents (based on 12/31/2024 balance pro-forma for acquisition of Open Grid Systems), $7mm in net post-tax pension liability.  At midpoint discount rate and perpetuity growth rate. Variables sensitized in years 2026E through to terminal year.  (4)  Unlevered Free Cash Flow Profile  Illustrative Sensitivity Analysis  Illustrative Discounted Cash Flow Analysis – Alpha Mgmt. LRP  6 Months Ended  Fiscal Year Ended June 30,  Terminal  ($ mm)  6/30/2025  2026E  2027E  2028E  2029E  2030E   Year   Memo: ACV  $1,035  $1,156  $1,299  $1,469  $1,669  $1,898  $1,898  % Growth  11.6%  12.4%  13.1%  13.7%  13.7%  Revenue  $716  $1,217  $1,472  $1,713  $1,974  $2,241  $2,241  % Growth  (1.5%)  20.9%  16.3%  15.3%  13.5%  Adj. EBITDA  $368  $520  $741  $945  $1,167  $1,322  $1,322  % Margin  51.4%  42.7%  50.3%  55.2%  59.1%  59.0%  59.0%  (–) SBC  (26)  (57)  (56)  (57)  (56)  (56)  (56)  Adj. EBITDA (Post-SBC)  $343  $463  $684  $888  $1,111  $1,265  $1,265  % Margin  47.8%  38.1%  46.5%  51.9%  56.3%  56.5%  56.5%  Memo: Income Before Tax  $146  $122  $336  $551  $793  $954  $958  % Margin  20.4%  10.0%  22.8%  32.2%  40.2%  42.6%  (–) Cash Tax  (72)  (120)  (153)  (179)  (223)  (248)  (193)(1)  % Tax Rate  48.8%  98.4%  45.4%  32.5%  28.1%  26.0%  20.1%  (+) Interest Income from Revenue Rec.  29  53  50  54  64  64  64  (-) Operational Amortization  (0)  (1)  (1)  (1)  (1)  (1)  (1)  (–) Increase in NWC  14  45  (119)  (164)  (257)  (287)  (240)(2)  (–) Capital Expenditures (9)  (16)  (15)  (15)  (15)  (15)  (15)  Unlevered Free Cash Flow (Post-SBC) $305  $425  $446  $582  $679  $778  $882  % Growth  37.0%  5.0%  30.6%  16.7%  14.6%  % of ACV  29.4%  36.7%  34.3%  39.6%  40.7%  41.0%  46.5%  ACV Growth (+/- 100 bps)  UFCF % of ACV  (+/- 100 bps)  ($4.15)  ($7.65) $7.90  $4.15  Variable Equity Value per Share Sensitivity(4)   Perpetuity Growth Rate   6.0% 7.0% 8.0%   Perpetuity Growth Rate Perpetuity Growth Rate 6.0% 7.0% 8.0% 6.0% 7.0% 8.0%  Discount  Implied Equity Value  Implied Terminal UFCF  Terminal Value as a  Rate  Per Share(3)  Multiple (Pre-SBC)  % of Enterprise Value  11.7%  $186  $220  $271  12.3  168  194  233  12.9  153  174  204  18.6x  22.8x  29.3x  80.9%  83.8%  86.9%  16.9  20.2  25.2  79.1  81.9  85.0  15.4  18.2  22.2  77.3  80.1  83.0 
 
 9  1.5  1.6  4.8  21.7  49.1  26  NM  22  10  Mean  11.1x  34.3x  49.9x  11%  21%  33%  23%  Median  14.0  30.2  49.1  9  20  29  22  Implied Share Price  (US$ in billio ns)  Enterprise Value  Equity Value  NTM  NTM  NTM  Growth  Margin  Enterprise Value  Equity Value  Revenue  EBITDA  LFCF  Revenue  LFCF  EBITDA  LFCF  $16.8  $17.0  13.5x  29.2x  40.6x  10%  35%  46%  33%  10/30/24 Altair Engineering Siemens $10.1 $10.6 14.4x 62.2x 69.7x 9% 20% 23% 22%  02/15/24 Altium Renesas 5.7 5.9 15.9 42.8 61.2 20 30 37 27  01/16/24 Ansys Synopsys 34.8 34.6 14.0 31.1 45.5 10 14 45 31  06/28/23 ESI Keysight 1.0 1.0 6.7 30.2 53.1 4 NM 22 12  (2)  09/21/22 Aveva Schneider Electric 11.9 11.5 7.2 24.9 33.4 7 37 29 21  10/11/21 Alpha Echo 10.8 10.9 14.8 27.3 37.4 2 4 54 40  02/13/20 RIB Schneider Electric  Source:  Note:  Alpha Management, FactSet, Public Filings, Wall Street Research.  Alpha diluted shares outstanding as of 01/17/2025, includes: 63mm common, 0.6mm options (weighted average strike price: $142.53), 0.5 RSUs & PSUs outstanding. Alpha bridge to enterprise value adjustments include $173mm in cash & equivalents (based on Q2 FY25 preliminary balance pro-forma for acquisition of Open Grid Systems), $7mm in net post-tax pension liability. Consensus estimates based on time-weighted annual average of brokers available to Citi  (1)  Implied multiples based on a merger consideration of $265 / share. Consensus estimates for Alpha implied multiples are for the NTM period ended 12/31/2025. Metrics related to offer are not included in mean or median. Schneider acquired the ~40% of AVEVA it did not already own.  Schneider launched voluntary takeover offer on 02/13/2020 and completed on 10/07/2020 . Share price rounded to the nearest $1.00.  (2)  (3)  (4)  Selected Precedent Transaction Analysis  (1)  (1)  (1)  Date Target Acquiror  Merger Consideration of $265.00 / Share  Alpha Echo   Selected Range    Implied Equity Value   Implied Share Price(4)  Metric  Low High  Low High  Low High  Alpha Mgmt. NTM LFCF (12 / 3 1/ 2 0 2 4 )  $382  37.4x - 50.0x  $14.5bn - $19.3bn  $223 - $298   (3) 
 
 10  Merger  Consideration  13.5x  11.9x  10.3x  9.7x  7.4x  9.4x  11.6x  10.7x  Median: 9.7x   Selected Range    Implied Equity Value   Metric  Low  High  Low  High  Low  High  Alpha Mgmt. CY 2 0 2 5 LFCF  $382  30.0x  - 40.0x  $11.5bn  - $15.3bn  $ 17 9  -  $239   36.4x  39.8x  47.9x  33.4x  32.4x  31.7x  26.2x  56.6x  37.0x  Median: 32.4x  (2)  Engineering Software Peers  EQUITY VALUE / CY2025E LFCF  ENTERPRISE  VALUE ($bn)  EQUITY VALUE ($bn)  CY25E  REV ($mm)  CY25E REV GROWTH %  CY25E LFCF MARGIN %  CY25E LFCF GROWTH %  CY25E RULE OF X(4)  Alpha  Consensus @$237.59  (1)  Selected Public Companies Analysis  “For Reference”  ENTERPRISE VALUE / CY2025E REVENUE  Alpha  Management @$237.59  Implied Share Price  Implied Share Price (5)  Alpha  Consensus @$265.00  Merger Consideration  40.6x  “For Reference”  “Unaffected Price”  (11/04/24)  “Unaffected Price”  (11/04/24)  12.1x 12.2x  (2)  Alpha  Consensus  @$237.59  (1)  Alpha  Management  @$237.59  Alpha  Consensus  @$265.00  Median  $16.8  $15.1  $15.1  $14.2  $15.4  $66.8  $51.9  $24.6  $24.6  $8.3  $29.2  $17.0  $15.2  $15.2  $13.8  $14.1  $66.4  $52.9  $23.1  $23.1  $8.8  $29.1  $1,249  $1,249  $1,235  $1,191  $1,496  $6,906  $7,015  $2,620  $2,620  $713  $2,720  10%  10%  8%  12%(3)  11%  13%  6%  14%  12%  9%  9%  33%  33%  31%  24%  28%  30%  24%  34%  28%  22%  29%  35%  35%  26%  21%  9%  37%  6%  12%  12%  23%  7%  44%  44%  39%  36%  39%  42%  29%  47%  39%  31%  38%  Source: Note:  FactSet, Alpha Management and Public Filings, Wall Street Research. Market data as of 01/24/2025.  Alpha diluted shares outstanding as of 01/17/2025, includes: 63mm common, 0.6mm options (weighted average strike price: $142.53), 0.5 RSUs & PSUs outstanding. Alpha bridge to enterprise value adjustments include  $173mm in cash & equivalents (based on 12/31/2024 balance pro-forma for acquisition of Open Grid Systems), $7mm in net post-tax pension liability. Consensus estimates based on four-quarter sum averages of brokers available to Citi. Calendarized metrics are used in absence of quarterly data.  Altair metrics represent unaffected metrics prior to rumors on 10/21/2024.  Ansys metrics represent unaffected metrics prior to rumors on 12/21/2023.  Organic 2025E growth based on 2024A revenue normalized to include estimated full year impact of Nemetschek's acquisition of GoCanvas completed on July 1, 2024.  Rule of X represents Revenue Growth + LFCF Margin.  Share price rounded to the nearest $1.00. 
 
 11  EBITDA Multiple:  11/5/24  Buy  $235  $225  $260  $260  1.9% • 25.0x EV / CY26  EBITDA  11/4/24  Buy  $217  $204  $260  $260  1.9% LFCF Multiple:  36.0x EV / FY27 LFCF  (2)  11/4/24  Hold  NA  NA  NA  NA  NA LFCF Multiple:  37.5x EV / FY26 LFCF  11/5/24  Hold  NA  NA  NA  NA  (3)  NA LFCF Multiple:  37.5x EV / CY25 LFCF  11/5/24  Hold  NA  NA  NA  NA  LFCF Multiple(:4)  NA • 39.0x EV / CY25  LFCF  Mean:  $223  $226  $250  $257  Pre  Pre  Post  Current  Broker  Date  Rating  4Q  Earnings  Investor  Day  Investor  Day  Price  Target  Premium /  (Discount)  Methodology  12/11/24 Buy  $230  $250 $250  Post Echo Offer  $275  7.8%  LFCF Multiple:  42.0x P / FY26 LFCF  88%  Source: FactSet, Wall Street Research. Market data as of 01/24/2025.  Note: (1)  52-week high / low as of daily market closing price.  “Unaffected” broker targets are as of 11/05/2024, using research published prior to announcement  of Echo offer.  Valuation methodology used for “fair value”.  Midpoint of “fair value” range.  Approximate trading range based on William Blair LFCF estimate.  Selected Analyst Research Summary  Broker Valuation Summary Broker Recommendations  LFCF  Multiple  EBITDA  Multiple  13%  N=8  38%  N=8  Buy  63%  Hold  Broker Max  $275.00  52-Week Low  $172.90  52-Week High  $258.00  Current Broker  Broker Min  $240.00  11/6/24 Hold  $255  Post Echo Offer  $250 $265 $250  Includes Takeover Premium in Valuation  (2.0%)  LFCF Multiple:  36.0x EV / CY25  LFCF  11/5/24 Hold  $180  $200  $217  Post Echo Offer  $240  (5.9%)  LFCF Multiple:  34.0x EV / CY25  LFCF  Investor Day:  9/17/2024  “Unaffected”  1)  Price  $255.16  Average Broker Max(  $257.00 $265.00  Broke  r Range  “Unaffected”  Broker Min(1)  $217.00  Includes Takeover Premium in Valuation 
 
 12  Source: Citi Deal Intelligence (Thompson SDC), Deal Point Data, FactSet, Public Filings.  Note: Selected announced US transactions since January 1, 2010, with Acquiror existing ownership >50%. Includes 100% cash deals only.  Excludes transactions where acquiror is a financial sponsor.  (1) Represents share price in GBP.  Selected All-Cash US Minority Squeeze-Outs  Ann. Date  Acquiror  Target  Structure % Stake  Acquired  Equity Value ($mm)  # Days Initial Offer to Ann.  Offer Price  Per Share  Initial Final  Initial Final  Offer Offer Prem to Prem to Unaffect. Unaffect.  Offer Price Per Share  Progression (% Change)  Bump Summary  Initial  1 to 2 2 to 3 3 to 4  4 to 5  #  Total Avg. (%)  to 1  (%)  Aug-23  Light & Wonder Inc  SciPlay Corp  Vote  17%  $436  82  $20.00  $22.95  29%  47%  8%  3%  2%  1%  --  4  15%  4%  Oct-22  Sumitomo Pharma Co., Ltd.  Myovant Sciences Ltd.  Vote  48  1,700  23  22.75  27.00  27  50  11  4  2  1  --  4  19  4  Nov-21  Geneve Holdings Inc  Independence Holding Co  Tender  38  294  72  50.00  57.00  19  36  12  2  --  --  --  2  14  7  Aug-21  Banco Santander, S.A.  Santander Consumer USA Holdings Inc.  Tender  20  2,358  53  39.00  41.50  7  14  2  4  --  --  --  2  6  3  Aug-20  Ionis Pharmaceuticals  Akcea Therapeutics Inc  Tender  24  442  12  16.00  18.15  41  59  6  4  2  --  --  3  13  4  Feb-20  KYOCERA Corp  AVX Corp  Tender  28  923  86  19.50  21.75  30  45  5  2  4  --  --  3  12  4  Jul-19  Sonic Financial Corp  Speedway Motorsports Inc  Tender  28  205  92  18.00  19.75  29  42  7  3  --  --  --  2  10  5  May-19  NASCAR Media Group LLC  International Speedway Corp  Tender  16  475  194  42.00  45.00  8  15  1  2  1  1  1  5  7  1  May-19  Employers Mutual Casualty Co  EMC Insurance Group Inc  Tender  46  295  174  30.00  36.00  25  50  10  9  --  --  --  2  20  10  Jun-18  Roche Holding AG  Foundation Medicine Inc  Tender  43  2,132  4  133.00  137.00  30  34  2  1  1  --  --  3  3  1  Jul-16  American Financial Group Inc  National Interstate Corp  Vote  49  291  141  30.00  32.50  33  44  2  4  2  --  --  3  8  3  Mar-13  Danfoss A/S  Sauer-Danfoss Inc  Tender  24  579  93  49.00  58.50  (7)  11  10  5  2  --  --  3  19  6  Apr-11  CNA Financial Corporation  CNA Surety Corporation  Tender  39  371  171  22.00  26.55  14  38  15  4  1  0  --  4  21  5  Mean  32%  $808  92  $37.79  $41.82  22%  37%  7%  4%  2%  1%  1%  3  13%  4%  Median  28  442  86  30.00  32.50  27  42  7  4  2  1  1  3  13  4  Nov-22 Schneider Electric SE AVEVA Group plc Vote 41 11,461 65 31.00 (1) 32.25 (1) 41 47 4 -- -- -- -- 1 4 4  For Reference Only (non-US): 
 
 13  Source: Bloomberg, FactSet, Public Filings. Market data as of 01/24/2025. Alpha market data as of 11/04/2024.  Note: Alpha beta is as of the last 5 years, but excludes period between the announcement of Echo’s acquisition of Heritage Alpha and one-day before New Alpha’s first trading date.  Illustrative Alpha WACC Analysis   WACC Calculation Inputs   Target Capital Structure (Net Debt / Total Capital):  0.0  –  10.0  %  Median Capital Structure of Selected Companies:  2.8 %  After-Tax Cost of Debt:  4.2  %  Expected Long-Term Yield:  – Current Statutory Marginal Tax Rate:  5.3 %  20.0  %  Cost of Equity:  6.3% Equity Market Risk Premium 7.2% Equity Market Risk Premium  11.9  –  –  12.5  %  %  12.9  13.6  Risk Free Rate (20-Year CMT Bond):  4.9 %  Assumed Equity Market Risk Premium - low: Assumed Equity Market Risk Premium - high:  6.3 %  7.2 %  Relevered Equity Beta:  Unlevered Asset Beta:  Selected “Standard” Beta Measurement Period (Years):  Implied Net Debt / Equity Ratio:  0.0 –  1.11 – 1.20  1.11  5  11.1 %  Small Cap Risk Premium: High Yield Issuer? (Y / N)  0.0 % N  Weighted Average Cost of Capital:  11.7 –  12.9 %  6.3% Equity Market Risk Premium  11.9 –  11.7 %  7.2% Equity Market Risk Premium  12.9 –  12.6 %  * Beta estimation period differs from standard period of 5 years used in the analysis  The low end of the WACC is based upon the low end of the equity market risk premium (6.3%) and the high end of the net debt / total capital ratio. The high end is based on the high end of the equity market risk premium (7.2%) and the low end of the capital structure.  Bentley Systems, Inc.  1,334  14,085  8.6  25.0  N/A  Dassault Systèmes SE  (1,006)  52,916  (1.9)  25.0  N/A  Nemetschek SE  391  13,814  2.8  30.0  N/A  PTC, Inc.  1,487  23,090  6.0  25.0  5.4  Median  $391  $23,090  2.8%  5.3%  Alpha  (166)  15,222  (1.1)  20.0  N/A  Cost of Net Debt-Related Metrics  Capital Structure  Value of Net Debt  Market Value of Equity  Net Debt / Total Capital Ratio  Current Statutory Marginal Tax Rate  Long Term Yield  Autodesk, Inc.  $326  $66,450  0.5%  25.0%  5.1%  Cost of Equity-Related Metrics  Adjusted Beta Equity Beta Estimation (Bloomberg) Period (Yrs)  High Debt Yield Issuer Beta  Unlevering Tax Rate  Unlevered Asset Beta  Autodesk, Inc.  1.214  5.0  0.0  25.0%  1.210  Bentley Systems, Inc.  1.253  4.3  *  0.0  25.0  1.170  Dassault Systèmes SE  1.038  5.0  0.0  25.0  1.053  Nemetschek SE  1.485  5.0  0.0  30.0  1.456  PTC, Inc.  1.256  5.0  Y  0.3  25.0  1.212  Median  1.253  1.210  Alpha  1.095  4.4  *  0.0  20.0  1.105 
 
Exhibit 107

Calculation of Filing Fee Tables

Schedule 13E-3
(Form Type)

ASPEN TECHNOLOGY, INC.
(Name of Subject Company (Issuer))

ASPEN TECHNOLOGY, INC.
(Name of Filing Person)

Table 1-Transaction Valuation

 
Transaction
Valuation*
Fee
Rate
 Amount of
Filing Fee**
Fees to Be Paid
$7,366,118,275.54
0.0001531
$1,127,752.71
Fees Previously Paid
$0

 $0
Total Transaction Valuation
$7,366,118,275.54
    
Total Fees Due for Filing
    
$1,127,752.71
Total Fees Previously Paid
    
$0
Total Fee Offsets
    
$1,127,752.71
Net Fee Due
    
$0

*
Estimated for purposes of calculating the filing fee only. The transaction valuation was calculated as the sum of (i) 27,000,846 outstanding shares of common stock, par value $0.0001 per share (the “Shares”), of Aspen Technology, Inc., which is the difference between 63,308,360, the number of outstanding Shares, and 36,307,514, the number of Shares beneficially owned by Emerson Electric Co. and its subsidiaries, multiplied by $265.00, (ii) 648,951 Shares issuable pursuant to outstanding “in-the-money” stock options, multiplied by $122.54 (which is the offer price of $265.00 minus the weighted average exercise price for such options of $142.46 per Share), (iii) 340,434 Shares issuable pursuant to restricted stock units with respect to Shares that are converted into cash or Emerson Electric Co. equity awards in the transaction multiplied by $265.00, and (iv) 155,308 Shares issuable pursuant to performance stock units with respect to Shares that are converted into cash or Emerson Electric Co. equity awards in the transaction multiplied by $265.00. The calculation of the filing fee is based on information provided by Aspen Technology, Inc. as of February 3, 2025.

**
The filing fee was calculated in accordance with Rule 0-11 under the Securities Exchange Act of 1934, as amended, and Fee Rate Advisory No. 1 for Fiscal Year 2025, issued August 20, 2024, by multiplying the transaction valuation by 0.0001531.

Table 2-Fee Offset Claims and Sources

 
Registrant or
Filer Name
Form or
Filing Type
File
Number
Initial
Filing Date
Filing Date
Fee Offset
Claimed
Fee Paid with Fee
 Offset Source
Fee Offset Claims
  
Schedule TO
005-93677
February 10, 2025
  
$1,127,752.71
  
Fee Offset Sources
Emerson Electric Co.
Schedule TO
005-93677
  
February 10, 2025
  
$1,127,752.71***

***
Emerson Electric Co. previously paid U.S. $1,127,752.71 upon the filing of its combined Tender Offer Statement and Rule 13e-3 Transaction Statement filed under cover of Schedule TO on February 10, 2025, in connection with the transaction reported hereby.

SC 13E3 SC TO SC TO 0001897982 EX-FILING FEES SC 13E-3 0001897982 2025-02-10 2025-02-10 0001897982 1 2025-02-10 2025-02-10 0001897982 1 2025-02-10 2025-02-10 0001897982 2 2025-02-10 2025-02-10 iso4217:USD xbrli:pure
v3.25.0.1
Submission
Feb. 10, 2025
Submission [Line Items]  
Central Index Key 0001897982
Registrant Name ASPEN TECHNOLOGY, INC.
Form Type SC 13E-3
Submission Type SC 13E3
Fee Exhibit Type EX-FILING FEES
v3.25.0.1
Offerings - Offering: 1
Feb. 10, 2025
USD ($)
Offering:  
Fee Previously Paid false
Transaction Valuation $ 7,366,118,275.54
Fee Rate 0.01531%
Amount of Registration Fee $ 1,127,752.71
Offering Note
*
Estimated for purposes of calculating the filing fee only. The transaction valuation was calculated as the sum of (i) 27,000,846 outstanding shares of common stock, par value $0.0001 per share (the “Shares”), of Aspen Technology, Inc., which is the difference between 63,308,360, the number of outstanding Shares, and 36,307,514, the number of Shares beneficially owned by Emerson Electric Co. and its subsidiaries, multiplied by $265.00, (ii) 648,951 Shares issuable pursuant to outstanding “in-the-money” stock options, multiplied by $122.54 (which is the offer price of $265.00 minus the weighted average exercise price for such options of $142.46 per Share), (iii) 340,434 Shares issuable pursuant to restricted stock units with respect to Shares that are converted into cash or Emerson Electric Co. equity awards in the transaction multiplied by $265.00, and (iv) 155,308 Shares issuable pursuant to performance stock units with respect to Shares that are converted into cash or Emerson Electric Co. equity awards in the transaction multiplied by $265.00. The calculation of the filing fee is based on information provided by Aspen Technology, Inc. as of February 3, 2025.

**
The filing fee was calculated in accordance with Rule 0-11 under the Securities Exchange Act of 1934, as amended, and Fee Rate Advisory No. 1 for Fiscal Year 2025, issued August 20, 2024, by multiplying the transaction valuation by 0.0001531.
v3.25.0.1
Offsets
Feb. 10, 2025
USD ($)
Offset: 1  
Offset Payment:  
Offset Claimed true
Rule 0-11(a)(2) Offset true
Form or Filing Type SC TO
File Number 005-93677
Initial Filing Date Feb. 10, 2025
Fee Offset Claimed $ 1,127,752.71
Explanation for Claimed Amount
***
Emerson Electric Co. previously paid U.S. $1,127,752.71 upon the filing of its combined Tender Offer Statement and Rule 13e-3 Transaction Statement filed under cover of Schedule TO on February 10, 2025, in connection with the transaction reported hereby.
Offset: 2  
Offset Payment:  
Offset Claimed false
Rule 0-11(a)(2) Offset true
Registrant or Filer Name Emerson Electric Co.
Form or Filing Type SC TO
File Number 005-93677
Filing Date Feb. 10, 2025
Fee Paid with Fee Offset Source $ 1,127,752.71
v3.25.0.1
Fees Summary
Feb. 10, 2025
USD ($)
Fees Summary [Line Items]  
Previously Paid Amount $ 0
Total Fee Amount 1,127,752.71
Total Transaction Valuation 7,366,118,275.54
Total Offset Amount 1,127,752.71
Net Fee $ 0
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