Project Virgil February 2025

Situation Update

Overview of process & dialogue Preliminary conversations addressing inbound interest in H2’24 led to formal process held in January 2025 12 7 4 2 Inbound Interest and Introductory Dialogue (Q3/Q4’24) Highly Active in Post- NDA Diligence (Mid/Late January 2025) Signed NDAs and Invited to Formal Process (Mid-January 2025) In the preceding months through Q4’24, the Company engaged with inbound interest from various potential acquirers by holding introductory conversations both in person and via videocall The Company signed NDAs with seven parties that had communicated credible preliminary interest in a potential transaction These seven received invites to a virtual data room on or around 1/18, and they were sent process letters asking for IOIs to be submitted by 1/28 Four parties engaged in notably active post-NDA activity that included submitting diligence requests and holding calls and meetings covering financial and business strategy diligence including with the Company’s CEO and CFO REDACTEDsubmitted a non-binding IOI on 1/28 TPG submitted a non-binding IOI on 1/31 Submitted IOI REDACTED 4 Restricted - External

Pass rationale summary Selected pass rationale among post-NDA parties who elected not to submit IOIs 4 Restricted - External Five Parties Passed Post-NDA(1) Did not engage in process post invitation REDACTED Passed after diligence REDACTED Slowing growth in recent years and in near-term outlook Multi-year trend of slowing topline growth across revenue, volume, and customer counts mutes interest from parties seeking to invest into businesses with stronger current growth profile Inability to offer compelling purchase price premium to public market value Initial conversations with some parties took place in 2024 when the share price was trading at ~$8 By January when the Company’s share price had appreciated to $10-11, some parties indicated they could not offer a compelling premium to current public market value Lack of visibility in various cited growth opportunities underlying the Company’s LRP model Desire to see material traction in identified growth vectors such as Payments Accelerator, new pay modes, and Spend Management in order to more fully underwrite the growth projected in the LRP Revenue mix Some parties cited desire to see mix and growth opportunities more heavily weighted to software revenue versus the majority of the Company’s existing revenue coming from payment monetization Seeking transformational component of investment thesis One party noted desire for notionally “transformational” opportunity, such as major imminent M&A, to form the core of their investment thesis, versus just underwriting incremental product roadmap and go-to-market growth drivers Complexities and timing associated with regulatory approvals required to close Necessity of securing MTL license transfers add transaction complexity and significant time between signing and closing, impacting potential buyer interest 1. Among the twelve parties with which the Company engaged in preliminary dialogue, five did not proceed to NDA signing. These five were REDACTED

Offer Price $10.75 - $11.25 / Share(1) $12.00 - $13.00 / Share(2) Premium % 16% - 21% premium to Virgil’s 180-day VWAP of $9.26 / share 19% - 29% premium to Virgil’s 30-day VWAP Enterprise Value Valuation Methodology 31-33x implied multiple of FY2024 Adjusted EBITDA less Capitalized Software Expenses of $62mm 28.5x implied EV / Adjusted 2024 EBITDA Multiple Sources & Structure of Financing All-cash transaction funded by 66% of Equity and 34% of Debt REDACTEDto form a new acquisition vehicle All-cash transaction funded by 72% equity and 28% debt Diligence Requirements Key Diligence Topics Include: Growth strategy and competitive landscape Recent performance and 2025 budget Suppliers, buyers-suppliers and partners Top clients and partnerships Go-to-market and costs Technologies and product roadmap Accounting & legal Key Diligence Topics Include: Ability to maintain 10%+ Revenue growth in the near-term 2024 quarterly performance and predicted momentum Assessment of software & payments whitespace Technology diligence Historical ERP integration timeline Review of key partnership contracts Detailed product roadmap Opportunities for operating efficiency M&A deep-dive and go-forward strategy Accounting, legal and tax diligence Time to Completion Four to six weeks to execute confirmatory diligence and negotiate definitive transaction documentation Does not expect to complete diligence by the company's next quarterly earnings. Six weeks to execute confirmatory diligence and negotiate definitive transaction documentation Advisors REDACTED Commercial Diligence: TBD Accounting Diligence: TBD Legal Diligence: Davis Polk Technology Diligence: West Monroe Commercial Diligence: Bain Accounting & Tax diligence: Deloitte AI Diligence: Saxecap Side-by-Side of Indicative Key Terms REDACTED Source(s): Bidders’ Proposals 1. REDACTED LOI assumes FDSO of 216.7mm and net debt as of 9/30/2024 of 385.2mm, representing enterprise value between $1.9bn - $2.1bn. 2. TPG’s LOI assumes that 205,517,689 common shares outstanding, 7,396,102 options outstanding with a weighted average strike price of $9.02, and 10,171,108 RSUs and ESPP shares outstanding. Per IOI, TPG’s offer is based on Company LRP shared in January 2025. The midpoint of Purchase Consideration represents enterprise value of ~2.4bn. Debt and Cash balances reflect Company LRP as of 12/31/2024. Restricted - External 5

Preliminary Perspectives on Valuation

(1) 0.0% (4.8%) 0.0% (2.0%) (4.0%) (6.0%) (8.0%) (9.0%) (2) Implied 2029E EBITDA Margin (%) Barclays’ Preliminary Discounted Cash Flow Analysis Financial Performance Sensitivity Source(s): Historicals per Filings, CY25E to CY29E based on Company LRP. 1. Revenue growth sensitized from 2025E to 2029E. 2. EBITDA margin sensitized from 2025E to 2029E. Preliminary Share Price - 15.0x Terminal Multiple Key Assumptions Implied 2029E EBITDA ($mm) Assumes valuation date of 03/31/2025 Preliminary figures based on Company LRP through 2029E Cash and equivalents, debt and fully diluted share count as of 3/31/2025 estimated by management Assumes 15.0x Terminal LTM EV/EBITDA Multiple Assumes 14% WACC Assumes mid-year discounting except for terminal value which is discounted using end-of-period discounting methodology Company LRP sensitized with annual revenue growth and EBITDA margin Assumes other key financial metrics such as CapEx, Stock-based Compensation, Depreciation and Amortization, as well as others, to be consistent with Company LRP LRP 16.0% 15.0% 14.0% 13.0% 12.0% 11.2% 42.0% $387 $371 $355 $340 $325 $313 40.0% $369 $353 $338 $323 $309 $298 38.0% $350 $335 $321 $307 $294 $283 36.0% $332 $318 $304 $291 $278 $268 34.0% $313 $300 $287 $275 $263 $254 33.0% $305 $292 $279 $267 $255 $246 (1) LRP 16.0% 15.0% 14.0% 13.0% 12.0% 11.2% 42.0% $16.72 $16.05 $15.40 $14.78 $14.18 $13.70 40.0% $15.90 $15.27 $14.66 $14.06 $13.49 $13.04 38.0% $15.09 $14.49 $13.91 $13.34 $12.80 $12.37 36.0% $14.28 $13.71 $13.16 $12.63 $12.11 $11.70 34.0% $13.47 $12.93 $12.41 $11.91 $11.42 $11.03 33.0% $13.06 $12.54 $12.04 $11.54 $11.07 $10.84 0.0% (4.8%) 0.0% (2.0%) (4.0%) (6.0%) (8.0%) (9.0%) Implied 2029E EBITDA Margin (%) (2) Extrapolated Consensus Extrapolated Consensus (1) 2024E - 2029E Revenue CAGR Delta vs. LRP (%) (1) (1.0%) (2.0%) (3.0%) (4.0%) 2024E to 2029E Implied Revenue CAGR (%) 2024E - 2029E Revenue CAGR Delta vs. LRP (%) (1) (1.0%) (2.0%) (3.0%) (4.0%) 2024E to 2029E Implied Revenue CAGR (%) 2026E - 2029E EBITDA Margin Delta vs LRP (%) (2) 2026E - 2029E EBITDA Margin Delta vs LRP (%)(2) 7 Restricted - External

Appendix

Process Overview Buyer Outreach 14 7 4 2 Introductory Conversations Held Parties Engaged with Process Letter Engaged in Due Diligence Sessions IOI Received REDACTED REDACTED REDACTED 11 Restricted - External REDACTED REDACTED REDACTED

Summary of Indications of Interest $10.75 $10 $11 $12 $13 $14 CY25E EBITDA ($104mm) 18.3x 20.5x 22.7x 24.9x 27.1x CY26E EBITDA ($161mm) 11.9x 13.3x 14.7x 16.2x 17.6x CY25E Revenue ($487mm) 3.9x 4.4x 4.9x 5.3x 5.8x CY26E Revenue ($567mm) 3.4x 3.8x 4.2x 4.6x 5.0x Current Price (01/31/25): $10.60 Current Bids Offer Price Range $2.08bn 11 Restricted - External 13.0x $11.25 $2.20bn 13.7x Legend Implied Enterprise Value Implied EV / CY2026E EBITDA $12.00 $2.37bn 14.7x $13.00 $2.60bn 16.2x REDACTED

($ in millions, except for per share data) Share Price ($) % Premium to Current Fully Diluted Shares (mm) Fully Diluted Equity Value Plus: Gross Debt(1) Less: Cash(1) Net Debt Virgil Current REDACTED (Low) REDACTED (Midpoint) REDACTED (High) TPG (Low) TPG (Midpoint) TPG (High) $10.60 $10.75 $11.00 $11.25 $11.50 $12.00 $12.50 $13.00 $14.00 $15.00 $16.00 - 1% 4% 6% 8% 13% 18% 23% 32% 42% 51% 222.9 223.0 223.0 223.1 223.2 223.3 223.5 223.7 224.1 224.4 224.7 $2,363 $2,397 $2,454 $2,510 $2,567 $2,680 $2,794 $2,909 $3,137 $3,366 $3,595 $72 (386) $72 (386) $72 (386) $72 (386) $72 (386) $72 (386) $72 (386) $72 (386) $72 (386) $72 (386) $72 (386) ($314) ($314) ($314) ($314) ($314) ($314) ($314) ($314) ($314) ($314) ($314) $2,049 $2,083 $2,140 $2,197 $2,253 $2,367 $2,481 $2,595 $2,824 $3,053 $3,281 - 1% 4% 6% 8% 13% 18% 23% 32% 42% 51% 2% 3% 6% 8% 10% 15% 20% 25% 34% 44% 54% 9% 10% 13% 15% 18% 23% 28% 33% 43% 54% 64% (20%) (19%) (17%) (15%) (13%) (10%) (6%) (2%) 5% 13% 20% 42% 44% 48% 51% 55% 61% 68% 75% 88% 102% 115% (4%) (2%) 0% 2% 5% 9% 14% 18% 27% 36% 45% 4.7x 4.7x 4.9x 5.0x 5.1x 5.4x 5.6x 5.9x 6.4x 6.9x 7.5x 4.2x 4.3x 4.4x 4.5x 4.6x 4.9x 5.1x 5.3x 5.8x 6.3x 6.7x 3.6x 3.7x 3.8x 3.9x 4.0x 4.2x 4.4x 4.6x 5.0x 5.4x 5.8x 25.7x 26.1x 26.9x 27.6x 28.3x 29.7x 31.1x 32.6x 35.4x 38.3x 41.2x 19.6x 20.0x 20.5x 21.1x 21.6x 22.7x 23.8x 24.9x 27.1x 29.3x 31.4x 12.8x 13.0x 13.3x 13.7x 14.0x 14.7x 15.4x 16.2x 17.6x 19.0x 20.4x 33.2x 33.7x 34.6x 35.6x 36.5x 38.3x 40.2x 42.0x 45.7x 49.4x 53.1x 25.4x 25.8x 26.5x 27.2x 27.9x 29.3x 30.7x 32.1x 35.0x 37.8x 40.6x 18.1x 18.4x 18.9x 19.4x 19.9x 20.9x 21.9x 23.0x 25.0x 27.0x 29.0x Total Enterprise Value Premiums Analysis: Virgil Current Price (01/31/25) $10.60 30-Day Closing Average (01/31/25) $10.42 90-Day Closing Average (01/31/25) $9.76 52 Week High (02/29/24) $13.29 52 Week Low (09/17/24) $7.44 Analyst Price Target - Median(2) $11.00 Multiples Analysis: LRP Metric: CY2024E Revenue $439 CY2025E Revenue $487 CY2026E Revenue $567 CY2024E EBITDA(3) $80 CY2025E EBITDA(3) $104 CY2026E EBITDA(3) $161 CY2024E EBITDA - Capex (Software & Technology) $62 CY2025E EBITDA - Capex (Software & Technology) $81 CY2026E EBITDA - Capex (Software & Technology) $113 Summary of Offers and Implied Multiples at Various Prices Summary Value Premiums Multiples 11 Restricted - External Source(s): Based on Company LRP. 1. Debt and cash balance as of Q1 CY25 Company LRP. 2. FactSet consensus median. 3. Unburdened with Stock-based Compensation.

$5 $10 $15 $20 $30 Oct-21 Apr-22 Nov-22 May-23 Dec-23 Jun-24 Jan-25 Virgil Share Price Over Time Share Price Since IPO IPO Price $25 $25.00 First Day Close: $24.94 $10.60 Post-Earnings Price Reaction Nov 2024 3Q24 earnings; Strong bottom line growth; raised EBITDA guidance from $74mm to $78.5mm Nov 2021 3Q21 earnings; Beat revenue by 6% and EBITIDA by 55%; May 2022 1Q22 earnings; Raised CY23 revenue guidance from $299mm to $305mm Jan 2023 Named Dan Drees as President Jun 2023 Virgil Investor Day Jul 2024 2Q24 earnings; Lowered CY24 revenue guidance from $445mm to $437.5mm Aug 2024 Announced first ever Share Repurchase Plan of up to $100mm 30% 1-day drop $12.72 $8.94 Source(s): FactSet. Market data as of 1/31/2025. 1. Displaying Broker consensus NTM revenue growth, NTM Gross Profit margins and NTM EBITDA margins. CY21 CY22 CY23 CY24 Q3 Q4 CY21 Q1 Q2 Q3 Q4 CY22 Q1 Q2 Q3 Q4 CY23 Q1 Q2 Q3 NTM Rev Growth(1) 24% 20% 20% 22% 21% 20% 16% 16% 16% 18% 19% 17% 17% 17% 13% 11% NTM Gross Margin(1) 61% 63% 63% 62% 64% 65% 66% 66% 67% 68% 70% 72% 72% 73% 73% 74% NTM EBITDA Margin(1) (17%) (13%) (13%) (10%) (7%) (3%) 1% 1% 2% 6% 10% 17% 17% 18% 19% 21% NTM Rule of 40 7% 7% 7% 12% 14% 17% 17% 17% 18% 24% 29% 34% 34% 35% 32% 32% Enterprise Value $2,049 Since IPO Share Price Sum High $26.57 mary Low $6.14 Avg $10.45 Market & Operating Summary (1/31/2025) 2024E 2025E 2026E Market Cap $2,363 EV / Revenue 4.7x 4.3x 3.8x LTM $13.29 $7.44 $10.58 (-) Cash ($386) EV / Gross Profit 6.4x 5.7x 4.9x (+) Debt $72 EV / EBITDA 25.7x 20.6x 15.7x 11 Restricted - External

Virgil Relative Share Price Performance vs. Peers Share Price Performance Since IPO 0% 50% 100% 150% Oct-21 Apr-22 Nov-22 Virgil May-23 Dec-23 Jun-24 Jan-25 Peers(1) 13 Restricted - External (58%) 0% Source(s): FactSet. Market data as of 1/31/2025. 1. Peers include BILL, FLYW, PAY, ADYEN, PAYO, FOUR, WEX, CPAY, and BL. Performance Since IPO 3-Yr 2-Yr 1-Yr YTD Virgil (58%) 2% (5%) (3%) 3% Peers 0% 14% 14% 31% 6%

Virgil Q2 2024 Earnings Release on CY2024E Guidance Source(s): FactSet, Broker Research, Company filings. Revenue Adj. EBITDA $441.0 $442.0 $436.0 $444.4 $447.6 $447.5 $447.0 $448.0 $439.0 Q1 ’24A May Roadshow Q2 ’24A Interest from customer funds $49 $45 $45 $67 $71 $73 $52 $73 $77 $71 $75 $75 Q1 ’24A May Roadshow Q2 ’24A ($ in millions) ($ in millions) Consensus 14 Restricted - External CY24E Guidance Over Time (2.2%) (0.5%) 0% ∆ to Midpoint (3.8%) 0% 32%

Virgil Q4 2024 and CY2025E Consensus vs. Guidance Q4 2024A CY2025E Source(s): Company Filings, Virgil Management Estimates, Broker Research as of 1/31/2025. 1. Calculated by taking latest FY guidance from 3Q24 disclosure and subtracting reported nine month results for 2024 (Q1 – Q3 2024). 2. Based on discussions with management. 14 Restricted - External Consensus (Midpoint) Illustrative Guidance(2) $ Delta % Delta Revenue (Low) $480.0 $453.0 ($27.0) (5.6%) Growth 9.4% 3.2% 620bps Revenue (Midpoint) $480.0 $456.5 ($23.5) (4.9%) Growth 9.4% 4.0% (540bps) Revenue (High) $480.0 $460.0 ($20.0) (4.2%) Growth 9.4% 4.8% (460bps) EBITDA (Low) $99.5 $87.0 ($12.5) (12.6%) Margin 20.7% 19.2% (150bps) EBITDA (Midpoint) $99.5 $89.5 ($10.0) (10.1%) Margin 20.7% 19.6% (110bps) EBITDA (High) $99.5 $92.0 ($7.5) (7.5%) Margin 20.7% 20.0% (70bps) Implied Q4(1) Consensus Actuals Δ to Implied Δ to Consensus Revenue $114.5 $114.9 $115.4 0.8% 0.4% Growth 10.0% 10.3% 10.9% 90bps 60bps EBITDA $20.1 $21.2 $26.3 30.8% 24.1% Margin 17.6% 18.5% 22.8% 520bps 430bps

(9.6%) (11.2%) (14.7%) (19.3%) (7.6%) (8.2%) (14.1%) (15.5%) 0.0%-(1.5%) (1.5%)-(3.0%) (3.0%)-(4.5%) (4.5%)-(6.0%) 128 123 193 223 85 88 168 192 Median 0.0%-(1.5%) (1.5%)-(3.0%) (3.0%)-(4.5%) (4.5%)-(6.0%) (7.6%) (13.9%) (15.9%) (5.0%) (10.2%) (17.2%) 0.0%-(1.5%) (1.5%)-(3.0%) (3.0%)-(4.5%) 65 143 213 50 105 162 0.0%-(1.5%) (1.5%)-(3.0%) (3.0%)-(4.5%) Technology Universe Guidance Analysis Over The Last 3 Years(1) Sales Guidance Revision Source(s): Company Filings, FactSet. Market data as of 1/31/2025. 1. Analysis includes Technology stocks traded on a major exchange with market caps over $500mm and who have reported full year guidance on a quarterly cadence over the past 3 years. 2. Values shown for companies that have revised sales or EBITDA guidance lower for the full year and experienced a negative stock price reaction the following day. Excludes 27 instances when firms have not recovered after 650 days or below 10 days. EBITDA Guidance Revision Average 1-Day Share Price Reaction(2) Days to Recover(2) Average 16 Restricted - External % Guidance Revision % Guidance Revision

Average EV / NTM EBITDA 1 Year 2 Year 3 Year Peers 13.4x 12.3x 12.5x - 10.0x 20.0x 30.0x Oct-21 Apr-22 Nov-22 Virgil May-23 Jun-24 Jan-25 Dec-23 (1) Peers Multiples Compared to Peers Median EV / NTM Revenue Over Time Median EV / NTM EBITDA Over Time(2) Source(s): FactSet. Market data as of 1/31/2025. 1. Peers include BILL, FLYW, PAY, ADYEN, PAYO, FOUR, WEX, CPAY, and BL. 2. Excludes multiples below 7x and above 28x over period. 0.0x 6.0x 10.0x 14.0x 6.4x 4.3x 2.0x Oct-21 Apr-22 Nov-22 May-23 Dec-23 Jun-24 Jan-25 15.4x Average EV / NTM Revenue 1 Year 2 Year 3 Year Virgil Peers 4.0x 5.1x 4.0x 5.5x 4.0x 4.0x 16 Restricted - External

Payments Companies Regression Analysis EV/CY25E EBITDA vs CY25E Revenue Growth 0.0x 10.0x 20.6x 20.0x 18.1x 30.0x 40.0x 0% 5% 10% 15% 20% 25% 30% 35% CY25E Revenue Growth EV/CY25E EBITDA 10% (Implied) Multiples Current Consensus Guidance (Low) Guidance (Mid) Guidance (High) 12.5x 11.5x 10.6x 3% 4% 5% Source(s): FactSet. Market data as of 1/31/2025. Includes 63 companies in Payments space. Values above <0.0x and >85.0x are denoted as “NM” and excluded from the regression. 18 Restricted - External

2025 Revenue Preliminary Budget(1) Illustrative Guidance(1) LRP Consensus High Mid Low (4.9%) (5.6%) $457 $453 +1.4% - (3.0%) (4.2%) (10.0%) $487 $480 $465 $460 $432 EV / 2025 Revenue Multiple 2025 EBITDA Preliminary Budget(1) Illustrative Guidance(1) LRP Consensus High Mid Low (10.0%) (12.5%) $90 $87 +4.9% - (3.7%) (7.5%) (19.6%) $104 $99 $96 $92 $80 20.6x $11.04 $10.60 $10.26 $9.92 $9.69 $9.46 $8.82 18.6x $10.12 $9.72 $9.42 $9.10 $8.90 $8.69 $8.11 16.6x $9.20 $8.84 $8.57 $8.29 $8.10 $7.92 $7.39 14.6x $8.27 $7.95 $7.71 $7.46 $7.30 $7.13 $6.67 12.6x $7.33 $7.06 $6.85 $6.63 $6.49 $6.35 $5.95 10.6x $6.40 $6.16 $5.99 $5.81 $5.69 $5.57 $5.24 EV / 2025 EBITDA Multiple Illustrative Virgil Share Price Sensitivity Preliminary Share Price Sensitivity EV / 2025 EBITDA Multiple EV / 2025 Revenue Multiple Implied by Consensus % Delta vs. Consensus: Current Multiple Source(s): Company Filings, Management Estimates, Broker Research as of 1/31/2025. 1. Based on discussions with management. 19 4.8x $11.80 $11.66 $11.35 $11.24 $11.16 $11.09 $10.65 4.3x $10.72 $10.60 $10.32 $10.22 $10.16 $10.09 $9.69 1/31 close 3.8x $9.65 $9.54 $9.29 $9.20 $9.15 $9.09 $8.74 3.3x $8.57 $8.47 $8.26 $8.18 $8.13 $8.08 $7.77 2.8x $7.48 $7.40 $7.22 $7.15 $7.11 $7.06 $6.80 2.3x $6.39 $6.32 $6.17 $6.12 $6.08 $6.04 $5.83 Current Multiple Implied by Consensus 1/31 close Restricted - External

Summary of Broker Price Targets and Recommendations Source(s): FactSet, AlphaSense, Broker Research, Press release. Market data as of 1/31/2025. 20 Share Price Targets Price % vs. Current: 13% 4% $10.60 $12.00 $11.00 $15.00 $9.00 Current Mean Median Max Min (15%) Buy 47% Hold 41% Sell 12% Buy / Hold / Sell Price Target and Valuation Methodology by Analyst Price Target History 42% $12.00 $10.60 Broker Date of Latest Report Price Target Recommendation Primary Valuation Methodology Secondary Valuation Methodology Wolfe 1/29/2025 $13.00 Buy 14.0x CY26 EV/EBITDA 4.5x CY26 EV/Gross Profit Baird 1/16/2025 $14.00 Buy 4.5x CY26 EV/Revenue - Wells Fargo 1/16/2025 $10.00 Hold 14.0x CY26 EV/EBITDA 4.0x CY26 EV/Gross Profit BMO 1/15/2025 $11.00 Hold 20.0x CY26 EV/EBITDA - Goldman Sachs 1/9/2025 $9.50 Sell 12.0x CY26 EV/EBITDA - Keefe Bruyette 1/5/2025 $11.00 Hold - - KeyBanc 12/18/2024 $14.00 Buy 4.4x CY25 EV/Revenue - BTIG 12/11/2024 $14.00 Buy 20.0x CY26 EV/EBITDA - UBS 12/7/2024 $10.50 Hold 5.0x CY26 EV/Gross Profit - Barclays 11/15/2024 $13.00 Buy 7.0x CY25 EV/Gross Profit DCF Morgan Stanley 11/7/2024 $11.00 Hold 15.0x CY26 EV/EBITDA - JP Morgan 11/7/2024 $10.00 Hold 4.0x EV/Gross Profit - Piper Sandler 11/7/2024 $10.00 Hold DCF - Compass Point 11/7/2024 $15.00 Buy 2.9x CY25 EV/Revenue - Deutsche Bank 11/7/2024 $15.00 Buy - - Susquehanna 11/7/2024 $14.00 Buy 0.48x CY26 P/S/G - BofA 11/6/2024 $9.00 Sell 3.0x CY26 EV/Revenue - $14.36 3-Yr Max avg. price target Restricted - External

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Barclays has not made or obtained any evaluations or appraisals of the assets or liabilities of the Company or any other party to any corporate transaction or any of their respective affiliates and has no obligation to evaluate the solvency of the Company or any other party to any transaction under any state or federal laws relating to bankruptcy, insolvency or similar matters. The analyses contained herein do not purport to be appraisals nor do they necessarily reflect the prices at which businesses or securities actually may be sold or purchased. Barclays’ role in any due diligence review is limited solely to performing such a review as it shall deem necessary to support its own advice and analysis and shall not be on behalf of the Company, the Board or any individual officer, director, shareholder or any other person. Barclays, its subsidiaries and affiliates engage in a wide range of businesses from investment and commercial banking, lending, asset management and other financial and non-financial services. In the ordinary course of its business, Barclays and its affiliates may actively trade and effect transactions in the equity, debt and/or other securities (and any derivatives thereof) and financial instruments (including loans and other obligations) of the Company [and [the counterparty]] for its own account and for the accounts of its customers and, accordingly, may at any time hold long or short positions and investments in such securities and financial instruments or in other financial products and instruments. Unless otherwise expressly agreed or provided for in other applicable Barclays disclosures governing such corporate transactions or required by law or regulation, Barclays conducts these activities as principal and executes its principal transactions as an arm’s length counterparty. Barclays does not act as a fiduciary in relation to these corporate transactions. These materials do not constitute investment advice nor do they form part of an offer to sell or purchase, or the solicitation of an offer to sell or purchase, any securities or any of the businesses or assets described herein or an offer of financing or an offer or recommendation to enter into any corporate transaction described herein. Barclays Capital Inc. is the United States investment bank of Barclays Bank PLC. Barclays Bank PLC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (Financial Services Register No. 122702). Registered in England. Registered No. 1026167. Registered office: 1 Churchill Place, London E14 5HP. Neither Barclays Bank PLC, New York Branch nor Barclays Bank Delaware is responsible for the obligations of its affiliates. Copyright Barclays Bank PLC, 2025 (all rights reserved).