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condition that at least a majority of the Alpha common stock held by minority stockholders be tendered and not withdrawn in accordance with the framework establish under Kahn v. M&F Worldwide Corp., 88 A.3d 635 (Del. 2014) and its progeny; and thereafter a merger consummated at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

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