Project Virgil March 2025

Share Price Since IPO Virgil Share Price Over Time $5 $10 $15 $20 $25 $30 Oct-21 Jun-22 Feb-23 Nov-23 Jul-24 Mar-25 $8.42 Post-Earnings Price Reaction IPO Price $25.00 First Day Close: $24.94 Share Price Summary High Low Avg Since IPO LTM $26.57 $13.15 $6.14 $6.89 $10.38 $10.11 Nov 2021 3Q21 earnings; Beat revenue by 6% and EBITIDA by 55% May 2022 1Q22 earnings; Raised CY23 revenue guidance from $299mm to $305mm 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 Nov 2024 3Q24 earnings; Strong bottom line growth; raised EBITDA guidance from $74mm to $78.5mm 30% 1-day $12.72 drop $8.94 Feb 2025 4Q24 & FY24 earnings; Weaker CY25 revenue guidance Jan 2023 Named Dan Drees as President CY21 CY22 CY23 CY24 Q3 Q4 CY21 Q1 Q2 Q3 Q4 CY22 Q1 Q2 Q3 Q4 CY23 Q1 Q2 Q3 Q4 CY24 NTM Rev Growth(1) 24% 20% 20% 22% 21% 20% 16% 16% 16% 18% 19% 17% 17% 17% 13% 11% 11% 11% NTM Gross Margin(1) 61% 63% 63% 62% 64% 65% 66% 66% 67% 68% 70% 72% 72% 73% 73% 74% 74% 74% NTM EBITDA Margin(1) (17%) (13%) (13%) (10%) (7%) (3%) 1% 1% 2% 6% 10% 17% 17% 18% 19% 21% 22% 22% NTM Rule of 40 7% 7% 7% 12% 14% 17% 17% 17% 18% 24% 29% 34% 34% 35% 32% 32% 32% 32% Source(s): FactSet. Market data as of 3/19/2025. 1. Displaying Broker consensus NTM revenue growth, NTM Gross Profit margins and NTM EBITDA margins. Unaffected Price $6.89 Unaffected %∆ $6.89 Unaffected Share Price Current $∆ $8.42 $1.53 22.2% Market & Operating Summary (3/19/2025) 2024E 2025E 2026E Market Cap $1,866 EV / Revenue 3.5x 3.4x 3.0x (-) Cash ($402) EV / Gross Profit 4.8x 4.5x 4.0x (+) Debt $72 EV / EBITDA 18.1x 17.3x 13.4x Enterprise Value $1,536 Key Process Dates   REDACTED : 1/28/2025 TPG Bid: 1/31/2025 Leak: 3/13/2025 2 Restricted - External

Virgil Relative Share Price Performance vs. Peers Source(s): FactSet. Market data as of 3/19/2025. 1. Peers include BILL, FLYW, PAY, ADYEN, PAYO, FOUR, WEX, CPAY, and BL. Share Price Performance Since IPO 0% 50% 100% 150% Oct-21 Jun-22 Feb-23 Nov-23 Jul-24 Mar-25 Virgil Peers (1) 3 Restricted - External (66%) (16%) Performance Since Leak (Unaffected as of 3/12/2025) Virgil 22% Peers 3% Since IPO 3-Yr 2-Yr 1-Yr YTD Virgil (66%) (0%) 12% (35%) (18%) Peers (16%) (11%) 12% 7% (15%) Performance

CY2024E Guidance Over Time Revenue Adj. EBITDA Consensus Virgil CY2024E Guidance Over Time $441.0 $442.0 $436.0 $437.0 $444.4 $447.6 $447.5 $436.5 $447.0 $448.0 $439.0 $439.0 ($ in millions) Interest from customer funds $49 $45 $45 (2.2%) (0.6%) (0.1%) ∆ to Midpoint Q1 ’24A May Roadshow Q2 ’24A Q3 ’24A 0.3% $50 $438.9 Q4 ’24A Actuals $50 $67 $71 $73 $52 $73 $77 $78 $74 $71 $75 $75 $79 ($ in millions) (4.0%) 0.0% 33.5% 5.9% Q1 ’24A May Roadshow Q2 ’24A Q3 ’24A $84.7 ($ in millions) Market Reaction (3.3%) 0.8% (29.7%) 13.9% (20.6%) (3.3%) 0.8% (29.7%) 13.9% (20.6%) Source(s): FactSet, Broker Research, Company filings. 4 Restricted - External Q4 ’24A Actuals

CY2025E Virgil Guidance vs Consensus CY2025E Guidance Revenue EBITDA $101 Consensus (Pre-Q4’24 Earnings) $481 Consensus (Pre-Q4’24 Earnings) 10% 4% Growth 21% 19% Margin Guidance Range (As of Q4’24 Earnings) Guidance Range (As of Q4’24 Earnings) $453 $460 $86 $91 Source(s): FactSet, Broker Research, Company filings. 4 Restricted - External

Median EV / NTM Revenue Over Time Multiples Compared to Peers 2.0x 6.0x 10.0x 14.0x Oct-21 Jun-22 Feb-23 Nov-23 Jul-24 Mar-25 Virgil Peers Average EV / NTM Revenue 1 Year 2 Year 3 Year Virgil Peers 3.8x 5.2x 4.0x 5.4x 3.9x 3.9x 5.2x Source(s): FactSet. Market data as of 3/19/2025. 1. Peers include BILL, FLYW, PAY, ADYEN, PAYO, FOUR, WEX, CPAY, and BL. 6 Restricted - External 3.1x (1)

Share Price Targets Buy / Hold / Sell Price Target History Summary of Broker Price Targets and Recommendations $8.42 $9.30 $8.00 $13.00 $7.00 Current Mean Median Max Min $9.30 $8.42 Price Target and Valuation Methodology by Analyst Broker Date of Latest Report Previous Price Target Price Target % Δ in Price Target Recommendation Primary Valuation Methodology Secondary Valuation Methodology Wolfe 3/19/2025 $13.00 NA - Hold 11.0-13.0x CY26 EV/EBITDA - BTIG 3/17/2025 $14.00 $11.00 (21%) Buy 15.0x CY26 EV/EBITDA - KBW 3/13/2025 $11.00 $8.00 (27%) Hold - - Baird 3/13/2025 $14.00 $12.00 (14%) Buy - - Wells Fargo 3/13/2025 $10.00 $8.00 (20%) Hold 4.0x CY26 EV/Gross Profit - Compass Point 3/11/2025 $15.00 $13.00 (13%) Buy 5.0x CY26 Mkt Cap/Revenue - Barclays 3/4/2025 $13.00 $8.00 (38%) Hold 6.0x CY26 EV/Gross Profit DCF BMO 2/26/2025 $11.00 $7.50 (32%) Hold 15.0x CY26 EV/EBITDA-CapEx - Deutsche Bank 2/26/2025 $15.00 $11.00 (27%) Buy 19.0x CY26 EV/EBITDA - Goldman Sachs 2/26/2025 $9.50 $7.00 (26%) Sell 9.0x CY26 EV/EBITDA - J.P. Morgan 2/27/2025 $10.00 $9.00 (10%) Hold 4.0x CY26 EV/Gross Profit - KeyBanc 2/26/2025 $14.00 NA NA Hold 2.6x CY25 EV/Revenue - Morgan Stanley 2/27/2025 $11.00 $8.00 (27%) Hold 13.0x CY26 EV/EBITDA - Piper Sandler 2/28/2025 $10.00 $8.00 (20%) Hold DCF - Susquehanna 2/28/2025 $14.00 $13.00 (7%) Buy 11.0x CY26 EV/EBITDA - UBS 2/26/2025 $10.50 $8.00 (24%) Buy 4.0x CY26 EV/Gross Profit - Bank of America 2/26/2025 $9.00 $8.00 (11%) Sell 3.0x CY26 EV/Revenue 0.4x CY26 EV/Rev/Growth Avg: $12.00 Avg: $9.30 Avg: (21%) Hold 53% Source(s): FactSet, Bloomberg, AlphaSense, Broker Research, Press release. Market data as of 3/19/2025. 7 Restricted - External Buy 35% Sell 12% % vs. Current: 10% (5%) (17%) 54%

Investor 1 Multiple Investors Investor 4 Select Investor Feedback Post-Leak REDACTED REDACTED REDACTED REDACTED REDACTED REDACTED Source: Company. 1. Shareholdings in Virgil as per latest 13F filings. 2. Fully Diluted Shares Outstanding as of 12/31/24 per company model. 8 Restricted - External

Investor Cost Basis Summary – Management View Source: Company. 1. The 4.3mm delta in share count between the Total and Float reflects shares held by retail investors. 9 Restricted - External Investor Type Share Count % Float Basis Min. Price Max Price Index 44,684,691 29% $9.85 $8.05 $12.07 Growth & Hedge 59,048,409 38% $9.97 $7.99 $17.55 GARP 24,001,921 15% $9.98 $8.05 $12.62 Value & Other 24,050,873 15% $9.92 $7.81 $16.86 Total 151,785,894 % of Float 97% Float(1) 156,100,000 Investor Cost Basis Summary The below table sets out the investor cost basis based on the latest available data from the latest 13F filings (which lag by 45 days) Management believes that the estimates below should be reasonable plus/minus $0.50 to $1.00 per share Management believes that the basis will be lower now since Q4’24 results, and believes the current cost basis is more likely in the $7 - $9 range The data in the table below is calculated as a % of float, i.e. the table excludes all insider ownership

Revenue ($ in millions) Non- GAAP EBITDA(1) Financial Projections: Company LRP vs. Current Consensus vs. Extrapolated Consensus December LRP Comparison of Virgil Company LRP and Consensus (Updated) February LRP Current Consensus Extrapolated Consensus(2) $439 $487 $567 $668 $922 $439 $470 $537 $625 $867 $458 $505 $565 $458 $505 $565 $668 CY'24E CY'25E CY'26E CY'27E CY'29E CY'24A CY'25E CY'26E CY'27E CY'29E CY'25E CY'26E CY'27E CY'25E CY'26E CY'27E CY'29E $80 $104 $161 $229 $85 $100 $150 $214 $89 $115 $140 $89 $115 $140 $202 CY'24E CY'25E CY'26E CY'27E CY'29E CY'24A CY'25E CY'26E CY'27E CY'29E CY'25E CY'26E CY'27E CY'25E CY'26E CY'27E CY'29E 17% 41% 19% 34% CAGR (’24E – ’27E): 15% CAGR (’24A – ’27E): 12% CAGR (’24A – ’27E): 9% CAGR (’24A – ’27E): 9% CAGR (’27E – ’29E): 17% CAGR (’27E – ’29E): 18% CAGR (’27E – ’29E): 9% CAGR (’24E – ’27E): 42% CAGR (’24A – ’27E): 36% CAGR (’24A – ’27E): 18% CAGR (’24A – ’27E): 18% CAGR (’27E – ’29E): 30% CAGR (’27E – ’29E): 29% CAGR (’27E – ’29E): 20% $387 $358 23% 16% 18% 30% 25% 19% 23% 17% 14% 16% 7% 9% 10% 12% 4% 10% 12% 4% 11% 25% % Growth: 15% 15% % Margin: 18% 21% 28% 34% 42% 19% 21% 28% FY24 Revenue missed original Management Guidance but beat EBITDA guidance Updated February LRP revised ’25E Revenue and ’25E EBITDA down 3.4% and 3.9%, respectively Based on discussions with management, Q1’25 Revenue and EBITDA expected to miss vs. LRP Source(s): Company Filings, Broker Research and Company December and February LRP. 1. Unburdened by SBC. 2. Highly preliminary and not used in formal valuation. 10 Restricted - External

Risks to Company LRP 9 Restricted - External The Company LRP is a growth plan and does not account for major risk factors that may meaningfully impact company performance over time, including: Macro environment risks Execution risk Monetization timing of new wins The current LRP assumes significant growth acceleration in the near term, which is dependent on a number of KPIs that need to improve in the current year: Increasing retention rates back to 104-105% vs the 99% in 2024 Increasing TSV Yield expansion Over the longer term, growth is also highly dependent on successful and timely launch of three brand new products that need to ramp quickly Payment Accelerator Spend Management Pay Platform Other risks that Management is observing are new technology offerings driven by AI, increased pricing competition from existing and new entrants and Interchange contraction, among others Margin expansion, in particular unit-cost reduction, may become more challenging as the high-impact levers have been addressed Historically, the Company has typically underperformed LRPs by c. 20% in year 3 and 4

0.0% (1.0%) (4.0%) (5.8%) 2024A - 2029E Revenue CAGR Delta vs. LRP (%)(1) (2.0%) (3.0%) 2024A to 2029E Implied Revenue CAGR (%) 0.0% (2.0%) (4.0%) (6.0%) (8.0%) (10.0%) (11.0%) 2026E - 2029E EBITDA Margin Delta vs LRP (%)(2) Implied 2029E EBITDA Margin (%) Preliminary Discounted Cash Flow Analysis Financial Performance Sensitivity Source(s): Historicals per Filings. CY25E to CY29E based on Feb Company LRP. Revenue growth sensitized from 2025E to 2029E. 11 Preliminary, subject to further Key Assumptions 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 13.0x Terminal LTM EV/EBITDA Multiple Assumes 14.5% 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 Preliminary Implied Share Price - 13.0x Terminal Multiple apolated ensus Implied 2029E EBITDA ($mm) polated Consensus LRP 14.6% 13.6% 12.6% 11.6% 10.6% 8.8% 41.3% $13.51 $12.98 $12.46 $11.96 $11.47 $10.63 39.3% $12.87 $12.36 $11.87 $11.39 $10.93 $10.12 37.3% $12.23 $11.74 $11.27 $10.82 $10.38 $9.62 35.3% $11.58 $11.12 $10.67 $10.24 $9.82 $9.10 33.3% $10.93 $10.50 $10.07 $9.66 $9.27 $8.58 31.3% $10.28 $9.86 $9.47 $9.08 $8.70 $8.05 30.3% $9.92 $9.52 $9.13 $8.76 $8.40 $7.97 Extr Cons 2024A - 2029E Revenue CAGR Delta vs. LRP (%)(1) 0.0% (1.0%) (2.0%) (3.0%) (4.0%) (5.8%) 2024A to 2029E Implied Revenue CAGR (%) 0.0% (2.0%) (4.0%) (6.0%) (8.0%) (10.0%) (11.0%) 2026E - 2029E EBITDA Margin Delta vs LRP (%) (2) Implied 2029E EBITDA Margin (%) LRP 14.6% 13.6% 12.6% 11.6% 10.6% 8.8% 41.3% $358 $343 $328 $313 $299 $275 (2.0%) $341 $326 $312 $298 $284 $261 (4.0%) $324 $309 $296 $283 $270 $248 (6.0%) $306 $293 $280 $267 $255 $235 (8.0%) $289 $276 $264 $252 $241 $221 (10.0%) $272 $260 $248 $237 $226 $208 (11.0%) $263 $251 $240 $230 $219 $202 Extra review and diligence EBITDA margin sensitized from 2025E to 2029E. Restricted - External

Preliminary Virgil Valuation Summary $7.85 $7.55 $7.38 $8.92 $11.34 $9.95 $10.69 $6.35 $9.15 $9.59 $6.01 $7.00 $6.89 $8.61 $14.09 $13.50 $9.62 $11.57 $16.16 $15.11 $16.55 $9.71 $14.36 $15.73 $8.78 $13.00 $13.15 $10.34 $5 $10 $15 $20 Comparable Companies EV / CY2025E Revenue EV / CY2026E Revenue EV / CY2025E EBITDA EV / CY2026E EBITDA Precedent Transactions EV / CY2024A Revenue EV / CY2025E Revenue DCF (Terminal Multiple) Company LRP Incl. NOLs Extrapolated Consensus Incl. NOLs LBO Company LRP Company LRP PF Acquisitions Extrapolated Consensus Analyst Price Targets Recent Trading 52-Week Trading Range Premiums 1-Day Unaffected Price Per Share Notes Premiums: 1–Day unaffected premium of 25% – 50% for US-based Technology take-private transactions since 2020(2) Preliminary Comparable Companies(1): 3.0x – 6.0x Company LRP 2025E Revenue of $470mm 2.5x – 5.0x Company LRP 2026E Revenue of $537mm 13.0x – 18.0x Company LRP 2025E EBITDA of $100mm 11.0x – 15.0x Company LRP 2026E EBITDA of $150mm, incl. Public Company Costs Preliminary Precedent Transactions: 5.0x – 7.5x 2024A Company Revenue of $439mm 4.0x – 6.5x 2025E Company LRP Revenue of $470mm Preliminary DCF Analysis: 13.5% - 15.5% WACC 10.0x - 16.0x Terminal EV / LTM EBITDA Multiple Valuation Methodology Reference Only Premiums Recent Trading Precedent Transactions Comparable Companies Analyst Price Targets Preliminary 5-Year LBO Analysis: Company LRP Pro Forma Acquisitions assumes two acquisitions in 2026E and 2028E, each with $20mm EBITDA for $240mm (12.0x EV / EBITDA multiple) Extrapolated Consensus aligns with Broker Consensus Estimates for 2025E - 2027E, then assumes Revenue CAGR of 9% from 2026E – 2029E and annual EBITDA Margin expansion of ~3% for 2026E – 2029E 10.0x - 16.0x EBITDA Exit Multiple 20% - 25% Target IRR 7.5x (LTM EBITDA) leverage representing $640mm - $650mm of debt Preliminary 5-Year DCF Preliminary 5-Year LBO : Individual Analyst Price Targets Preliminary DCF Analysis – Extrapolated Consensus: Extrapolated Consensus aligns with Broker Consensus Estimates for 2024E - 2026E, then assumes Revenue CAGR of 9% from 2026E – 2029E and annual EBITDA Margin expansion of ~3% for 2026E – 2029E 13.5% - 15.5% WACC 10.0x - 16.0x Terminal EV / LTM EBITDA Multiple Current Price (3/19/25): $8.42 Unaffected Price (3/12/25): $6.89 2. Based on US-based Technology targets with Enterprise Value between $1.0-4.0bn taken private in all-cash transactions since 2020. Restricted - External Source(s): Company LRP, Company, Factset, Bloomberg and Broker Research. Market data as of 03/19/2025. Note: Calculation based on shares, options, RSUs as of 03/31/2025 based on management estimates. 1. Based on current trading of comparable companies including Adyen, Bill.com, Blackline, Corpay, Flywire, Paymentus, Payoneer, Shift4 and Wex.

Process Overview Buyer Outreach 14 7 4 2 2 Introductory Conversations Held Parties Engaged with Process Letter Engaged in Due Diligence Sessions IOI Received (1/31) Updated IOI (3/24) REDACTED REDACTED REDACTED REDACTED REDACTEDREDACTED REDACTED 12 Restricted - External

Summary of Indications of Interest $9 $10 $11 $12 $13 $14 Current Price (3/19/25): $8.42 Current Bids $10.75 $2.06bn $11.25 $2.17bn Offer Price Range 13.8x 14.5x Legend Implied Enterprise Value Implied EV / CY2026E EBITD A $12.00 $2.34bn 15.6x $13.00 $2.57bn 17.2x $9.50 $1.79bn 11.9x $10.00 $1.89bn 12.6x $10.00 $1.89bn 12.6x CY25E EBITDA ($100mm) 16.6x CY26E EBITDA ($150mm) 11.1x CY25E Revenue ($470mm) 3.5x CY26E Revenue ($537mm) 3.1x 18.9x 12.6x 4.0x 3.5x 21.1x 14.1x 4.5x 3.9x 23.4x 15.6x 5.0x 4.4x 25.6x 17.2x 5.5x 4.8x 27.9x 18.7x 6.0x 5.2x 1/31 Bids 3/24 Bids REDACTED REDACTED 13 Restricted - External

($ in millions, except for per share data) Share Price ($) % Premium / (Discount) to Current % Premium / (Discount) to Unaffected Fully Diluted Shares (mm) Fully Diluted Equity Value Plus: Gross Debt(1) Less: Cash(1) Net Debt Total Enterprise Value Premiums Analysis: Virgil 30-Day Closing Average (03/19/25) $8.68 90-Day Closing Average (03/19/25) $9.96 52 Week High (03/28/24) $13.15 52 Week Low (03/12/25) $6.89 Analyst Price Target - Median(2) $8.00 Multiples Analysis: LRP Metric: CY2024A Revenue $439 CY2025E Revenue $470 CY2024A EBITDA(3) $85 CY2025E EBITDA(3) $100 Summary of Offers and Implied Multiples at Various Prices Summary Value Premiums Multiples 3/12/25 3/19/25 1/31 Bid 3/24 Bid Virgil Unaffected Virgil Current REDACTED REDACTED TPG TPG (Low) (High) (Low) (High) RED RED (Low) (High) TPG $6.89 $8.42 $10.75 $11.25 $12.00 $13.00 $9.50 $10.00 $10.00 $11.00 $12.00 (18%) - 221.4 - 22% 221.6 28% 34% 43% 54% 56% 63% 74% 89% 222.4 222.5 222.7 223.1 13% 19% 38% 45% 221.9 222.1 19% 45% 222.1 31% 43% 60% 74% 222.4 222.7 $1,526 $72 (402) ($330) $1,866 $72 (402) ($330) $2,390 $2,503 $2,673 $2,901 $72 $72 $72 $72 (402) (402) (402) (402) ($330) ($330) ($330) ($330) $2,108 $2,221 $72 $72 (402) (402) ($330) ($330) $2,221 $72 (402) ($330) $2,447 $2,673 $72 $72 (402) (402) ($330) ($330) $1,196 $1,536 $2,061 $2,174 $2,343 $2,571 $1,779 $1,891 $1,891 $2,117 $2,343 (21%) (31%) (48%) - (14%) 2.7x 2.5x 14.1x 11.9x (3%) (16%) (36%) 22% 5% 3.5x 3.3x 18.1x 15.3x 24% 30% 38% 50% 8% 13% 20% 30% (18%) (14%) (9%) (1%) 56% 63% 74% 89% 34% 41% 50% 63% 4.7x 5.0x 5.3x 5.9x 4.4x 4.6x 5.0x 5.5x 24.3x 25.7x 27.7x 30.3x 20.5x 21.7x 23.4x 25.6x 9% 15% (5%) 0% (28%) (24%) 38% 45% 19% 25% 4.1x 4.3x 3.8x 4.0x 21.0x 22.3x 17.7x 18.9x 15% 0% (24%) 45% 25% 4.3x 4.0x 22.3x 18.9x 27% 38% 10% 20% (16%) (9%) 60% 74% 38% 50% 4.8x 5.3x 4.5x 5.0x 25.0x 27.7x 21.1x 23.4x 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. 14 Restricted - External

Side-by-Side of Indicative Key Terms Offer Price $9.50-10.00 / Share(1) $10.00 / Share(2) Premium % 38-45% premium to Virgil’s unaffected share price of $6.89 as of March 12th 9-15% premium to Virgil’s one-day closing price of $8.68 as of March 24th 54% premium to Virgil’s unaffected Enterprise Value as of March 12th 45% premium to its unaffected share price of $6.89 as of March 12th Valuation Methodology Undisclosed Assumed company will not pay any dividends between sign and close Cash and debt figures reflect 12/31/24 balance sheet Deceleration of revenue growth since 2021 has weighed on view of valuation Sources & Structure of Financing Combination of equity and debt; capital structure to be determined in next phase Equity capital provided by REDACTED Debt financing through previous relationships with lenders 27% debt financing and 57% new equity and 16% existing cash on Balance Sheet Equity to be funded from TPG IX Additional debt from third-party debt financing Valuation includes management incentive plan Assumes 10% fully diluted ownership in stock options including 40% time-vested options and 60% performance-vested options Diligence Requirements Key Diligence Topics Include: Financial and operational trends Go-forward growth drivers Market position and competitive differentiation Go-to-Market Confirmatory Key Diligence Topics Include: Management meetings Top-line commercial & pricing packaging data Operations data Technology and AI diligence Confirmatory Time to Completion Three weeks to execute diligence and negotiation definitive transaction documentation Three-Four weeks to execute diligence and negotiation definitive transaction documentation Advisors To be engaged in Round 2 Would include external market consultants, accounting, tax, legal advisors and other additional specialists Bain (Business / Commercial) Deloitte (Financial / Accounting) Saxe Cap / West Monroe (Technology/Cyber/AI) David Polk (Legal) Alvarez Marsal (Operations) REDACTED Source(s): Bidders’ Proposals 1. RED LOI assumes FDSO of 205,517,689 common shares, 10,098,649 outstanding RSUs, 7,396,102 vested and unvested options with a weighted average strike price of $9.02 and 72,459 ESPP shares. 15 2. TPG IOI assumes FDSO of 228,399,524 as of 2/28/25. Restricted - External

Buyers Engaged in R2 – Diligence Summary Buyer Advisors Hired Expert Sessions Key Discussion Topics REDACTED REDACTED Financial Diligence Corporate Strategy Revenue drivers Pricing Price / volume breakdown of revenue TSV Margins on payment Historical vs. projected performance Go-to-Market by business type REDACTED NA To date only had a 4- hour management meeting on 3/18 Normalized growth Structural profitability Channel positioning, competitive landscape, and unit economics Margin expansion opportunity Retention and bookings rebound Bain (Business / Commercial) Deloitte (Financial / Accounting) Saxe Cap / West Monroe (Technology/Cyber/AI) David Polk (Legal) Alvarez Marsal (Operations) Financial Diligence Corporate Strategy Product and Technology Go-to-Market AI R&D / Technology Growth drivers Understanding the reacceleration in growth Relationships with ERP Sales strategies and marketing techniques TSV / TSV by vertical VCC REDACTED Macroeconomic trends 16 Restricted - External

Diligence Overview – TPG Date Session Advisors Key Diligence Areas 1/22/2025 Financial Due Diligence - New Logo / Retention Software & Payments KPIs 1/24/2025 Corporate Strategy - Top-line Momentum & Growth Levers (Retention, Pricing) Management Plan 1/27/2025 Product & Technology West Monroe Product Roadmap Automation Process AI & Disruption Risks 1/30/2025 Revenue Bridge - Revenue Visibility 2/14/2025 On-Site Alvarez & Marsal, Bain, SaxeCap, Deloitte Retention & New Paymodes ERP Partnerships (Appfolio, REDACTED ) M&A Pipeline 2/18/2025 Financial Due Diligence Deloitte VCC Volume Trends Payment Accelerator & New Paymodes 2/18/2025 Go-to-Market Alvarez & Marsal Customer Journey & Segmentation Sales Organization, Compensation, and Process 2/21/2025 2/27/2025 GenAI Diligence SaxeCap, Bain AI Opportunities, Proprietary Data Assets, AI Roadmap Operational Augmentation Opportunities using AI Volume Trends and Growth Inflection 3/13/2025 Additional Due Diligence - GTM by Vertical Growth Trajectory and Inflection High Visibility Upside Nodes 3/21/2025 Product, R&D & Technology Alvarez & Marsal, West Monroe, Deloitte Product Roadmap & Infrastructure Technology Org Technology Spend REDACTED 17 Restricted - External

Other Inbounds Received R R Party Inbounding Contact(s) Status Notes Inbounds in response to 3/13 Bloomberg article EDACTED 3/19: Scheduling call with REDACTED for later in March 3/14: REDACTED inbounded asking about Virgil, mentioning their investment in REDACTED 3/24: Upcoming call with REDACTED 3/17: REDACTED inquired about Virgil and asked for call to learn more about “initial process considerations” 3/20: Call held with REDACTED 3/13: REDACTED inbounded asking about Virgil, among other topics 3/17: REDACTED inbounded regarding Virgil; mentioned that deal would likely be too large for them but would potentially be interested to co-invest with larger sponsor; REDACTED notes other REDACTED in the REDACTED REDACTED 3/17: REDACTED inbounded asking if it makes sense to re-engage, FT Partners said we are sorting through inbounds from the leak and would revert back on any relevant update, if any Inbounds prior to 3/13 Bloomberg article REDACTED 3/24: Upcoming in-person meeting between Mike and REDACTED to discuss network-of-network initiative and potentially processing REDACTED on AvidPay Network 3/5: REDACTED sent follow-up note saying it was a misunderstanding from his team that Virgil was evaluating strategic options; REDACTED confirmed he would be available to connect with Mike in person over dinner on 3/24 2/27: REDACTED reached out to Mike asking to catch up. REDACTED said he has heard from another investment bank that Virgil was evaluating strategic options EDACTED Corpay Ron Clarke, CEO Non-specific ongoing dialogue 18 Restricted - External

Appendix

Gross Profit Capex % Float Price Chg. Since Equity Enterprise EV/Revenue EV/EBITDA Revenue Growth Margin EBITDA Margin of Rev Rev Mix 3/19/2025 1/22/2025 Value Value CY24E CY25E CY26E CY24E CY25E CY26E '24/'23 '25/'24 '26/'25 CY25E CY25E CY26E CY25E CY25E Virgil (Feb LRP) $8.42 (19%) $1,866 $1,536 3.5x 3.3x 2.9x 18.1x 15.3x 9.9x 15.3% 7.0% 14.3% 74.6% 21.4% 29.0% 4.7% 9.7% Virgil (Feb LRP - Unaffected) $6.89 (34%) $1,526 $1,196 2.7x 2.5x 2.2x 14.1x 11.9x 7.7x 15.3% 7.0% 14.3% 74.6% 21.4% 29.0% 4.7% 9.7% Virgil (Consensus) $8.42 (19%) $1,866 $1,536 3.5x 3.4x 3.0x 18.1x 17.3x 13.4x 15.3% 4.3% 10.3% 74.6% 19.4% 22.7% 4.8% 9.8% Virgil (Consensus Unaffected) $6.89 (34%) $1,526 $1,196 2.7x 2.6x 2.4x 14.1x 13.4x 10.4x 15.3% 4.3% 10.3% 74.6% 19.4% 22.7% 4.8% 9.8% Adyen (1) $1,693.11 8% $53,475 $42,610 19.6x 15.8x 12.6x 39.6x 29.8x 22.5x 22.7% 24.5% 25.3% NA 53.0% 56.0% 4.8% NA Corpay 352.34 (6%) 25,312 31,778 7.7x 7.2x 6.5x 14.6x 13.5x 12.0x 6.2% 6.6% 10.5% 78.6% 53.4% 54.6% 4.6% 1.7% Shift4 88.25 (24%) 8,811 9,993 6.8x 5.9x 4.9x 14.5x 11.8x 9.9x 28.9% 16.5% 18.4% 69.4% 49.7% 50.0% 10.3% NA Bill.com 48.04 (48%) 5,119 4,645 3.4x 3.0x 2.5x 21.4x 17.5x 13.1x 17.4% 14.0% 16.9% 84.2% 16.9% 19.3% 1.8% 8.5% Wex 154.73 (15%) 6,223 10,071 3.8x 3.8x 3.6x 8.7x 9.1x 8.6x 3.1% (0.1%) 5.4% 61.1% 42.3% 42.5% 6.2% NA Payoneer 7.64 (26%) 3,028 2,531 2.6x 2.4x 2.2x 9.4x 9.7x 8.4x 17.6% 6.7% 11.6% 82.5% 25.1% 25.8% 2.1% 20.7% Paymentus 27.82 (11%) 3,603 3,397 10.9x 9.3x 8.0x 36.1x 29.0x 23.2x 29.4% 16.6% 16.4% 86.1% 32.1% 34.6% 8.6% NA Blackline 50.16 (16%) 3,324 3,380 5.2x 4.8x 4.4x 20.6x 18.2x 15.7x 10.7% 7.4% 9.5% 80.0% 26.4% 27.9% 4.3% NA Flywire 10.29 (46%) 1,348 687 1.4x 1.2x 1.1x 8.8x 6.4x 4.8x 24.3% 17.0% 17.6% 64.0% 19.2% 22.0% 1.5% NA Min 1.4x 1.2x 1.1x 8.7x (2) 9.1x (2) 8.4x (2) 3.1% (0.1%) 5.4% 61.1% 16.9% 19.3% 1.5% 1.7% Mean 6.8x 5.9x 5.1x 14.9x (2) (2) 13.3x 11.3x (2) 17.8% 12.1% 14.6% 75.7% 35.4% 37.0% 4.9% 10.3% Median 5.2x 4.8x 4.4x (2) 14.5x (2) 12.6x (2) 10.9x 17.6% 14.0% 16.4% 79.3% 32.1% 34.6% 4.6% 8.5% Max 19.6x 15.8x 12.6x 21.4x (2) 18.2x(2) 15.7x (2) 29.4% 24.5% 25.3% 86.1% 53.4% 56.0% 10.3% 20.7% EBITDA multiples. 19 diligence Restricted - External Preliminary Comparable Public Companies Operating and Valuation Metrics Through CY26 Source(s): FactSet, Broker Research and Company LRP. Market data as of 3/19/2025. 1. Adyen does not report gross profit. 2. Excludes Adyen, Paymentus and Flywire EV/ Preliminary, subject to further review and

Source(s): FactSet, company filings, Broker Research and other public information. Market data as of 3/19/2025. 20 Preliminary Selected Comparable Transactions Date Acquiror Target Value Rev. Growth LTM NTM LTM NTM 1-Day 52-Wk High 01/07/2025 Paychex Paycor $4,108 10% 35% 33% 5.9x 5.3x 21% 5% 09/18/2024 Bridgepoint / General Atlantic Esker $1,748 15% 17% 19% 8.3x 7.2x 30% 28% 05/08/2024 Corpay Paymerang $475 20% NA NA 9.6x 8.0x NA NA 10/23/2023 Vista Equity Partners EngageSmart $3,644 21% 19% 19% 10.0x 8.2x 23% 3% 12/12/2022 Thoma Bravo Coupa $8,122 17% 15% 23% 9.9x 8.5x 77% (60%) 09/28/2022 EQT Billtrust $1,477 27% (12%) (3%) 9.6x 7.5x 65% (13%) 08/08/2022 Vista Equity Partners Avalara $8,401 22% 3% 2% 10.6x 8.7x 27% (51%) 12/17/2021 Thoma Bravo Bottomline $2,632 11% 20% 20% 5.3x 4.8x 42% 5% 07/19/2021 Bill.com Invoice2go $625 25% NA NA 20.6x 16.4x NA NA 11/08/2018 Edenred Corporate Spending Innovations $600 21% 60% 60% 14.0x 11.5x NA NA Virgil (Company Feb LRP) $1,536 7% 19% 21% - - - - Median 20% 18% 20% 9.8x 8.1x 30% 3% Mean 19% 20% 22% 10.4x 8.6x 41% (12%) Median (Growth <20%) 13% 18% 22% 7.1x 6.3x 36% 5% Mean (Growth <20%) 13% 22% 24% 7.3x 6.4x 43% (5%) Enterprise Value Multiple Announced Enterprise NTM EBITDA Margin Revenue Premiums Preliminary, subject to further review and diligence Restricted - External

28% 39% 39% 54% First Quartile Mean Median Third Quartile 24% 39% 41% 51% First Quartile Mean Median Third Quartile Premiums to 30-Day Unaffected VWAP Premiums to 1-Day Unaffected Stock Price 42% 35% 45% 42% 31% 21% 2020 2021 2022 2023 2024 2025 Mean Premiums to 1-Day Unaffected Price Since 2020 Mean: 39% Source(s): FactSet, Company Filings. Transaction parameters include all US-based Technology targets with Enterprise Value between $1.0-4.0bn taken private in all- cash transactions since 2020. Specific technology verticals include Electronic Technology, Technology Services, Information Technology Services and others. Restricted - External 21 Premiums Paid for Precedent Technology Transactions Preliminary, subject to further review and diligence

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