Exhibit (c)(xix)

DRAFT – Presentation Materials are Preliminary, Con f id e n tia l and Su b jec t t o F u r t h e r Re v ision s C O N F I D E N T I A L D I S C U S S I O N M A T E R I A L S Proje c t Temp est A U G U S T 2 0 2 4

C O N F I D E N T I A L DRAFT – Presentation Materials are Preliminary, Confidential and Subject to Further Revisions Disclai m er P R O J E C T T E M P E S T The information herein has been prepared by Lazard based upon information supplied by Thoughtworks Holding, Inc . (the “Company”) or publicly available information, and portions of the information herein may be based upon certain statements, estimates and forecasts provided by the Company with respect to the anticipated future performance of the Company . We have relied upon the accuracy and completeness of the foregoing information, and have not assumed any responsibility for any independent verification of such information or any independent valuation or appraisal of any of the assets or liabilities of the Company, or any other entity, or concerning solvency or fair value of the Company or any other entity . With respect to financial forecasts, we have assumed that they have been reasonably prepared on bases reflecting the best currently available estimates and judgments of management of the Company as to the future financial performance of the Company . We assume no responsibility for and express no view as to such forecasts or the assumptions on which they are based . The information set forth herein is based upon economic, monetary, market and other conditions as in effect on, and the information made available to us as of, the date hereof, unless indicated otherwise . These materials and the information contained herein are confidential and may not be disclosed publicly or made available to third parties without the prior written consent of Lazard ; provided, however, that you may disclose to any and all persons the U . S . federal income tax treatment and tax structure of the transaction described herein and the portions of these materials that relate to such tax treatment or structure . Lazard is acting as investment banker to the Special Committee of the Board of Directors of the Company, and will not be responsible for and will not provide any tax, accounting, actuarial, legal or other specialist advice .

DRAFT – Presentation Materials are Preliminary, Confidential and Subject to Further Revisions 3 Ǫ 4’2 3 (F e b ruar y 27, 202 4) Tempest missed Ǫ4’23 consensus Revenue by 6% and Ǫ4’23 c on se ns u s A dj u st e d EBITD A by 55% Temp e st S t ock Price Update ($ p er s h a r e) P R O J E C T T E M P E S T Source: Co m pa n y f ili ng s a n d F a c t S e t a s of 8 / 2 /2024. Tempest Share Price Performance Since June 2023 1 . 50 2 . 50 3 . 50 4 . 50 5 . 50 6 . 50 7 . 50 $8.50 1 2 % % D e n o t e s s har e p ric e re ac t io n t o e arni n g s re l e as e (29%) (26%) +14% 3 1 Ǫ 2’2 3 (A u g u s t 8, 202 3) Tempest missed Ǫ2’23 consensus Revenue by 5% and c o n s e n s u s Adjus t e d E B ITDA b y 36% , a n d revi s e d C Y ’23 Rev e n u e a n d Adjus t e d E B ITDA g u id a n c e d ownwar d s b y 10 % a n d 41%, respectively 2 Ǫ 3’2 3 (No v e m b e r 7, 202 3) Tempest beat Ǫ3’23 consensus Revenue by 1% and consensus Adjus t e d E B ITDA b y 20 % a n d n a r r o w e d t h e FY’2 3 Rev e n u e guidance range, while revising FY’23 Adjusted EBITDA guidance d ownwar d s 3% Commentary 4 Ǫ 1’2 4 (M a y 7, 202 4) Tempest beat Ǫ1’24 consensus Revenue by 2% and missed Ǫ 1’2 4 c o n s e n s u s Adjus t e d E B ITDA b y 22% , a n d ra is e d t h e FY’24 Revenue guidance range, while maintaining the FY’24 Adjusted EBITDA Margin guidance range. Finally, it was announced that CEO Xiao Guo will step down and be replaced by Mike Sutcliff 4 +20% 3

I n put I m p l ied S h are P ri c e ($) I m p l ied EV C o m m e nt ary Public C o m para bl e s E V / CY 2024E Adj. EB I T D A  Based on EV/CY20 th 24E Adjusted EBITDA multiples of global peers  Low: 10.0x (25 percentile of global peers: 10.0x)  th High: 14.5x (75 percentile of global peers: 14.3x) E V / CY 2025E Ad j. E B I T D A $119m $1. 1 – $1. 6  Based on EV/CY2025E Adjusted EBITDA multiples of global peers  Low: 9.5x (25 th percentile of global peers: 9.4x)  High: 13.5x (75 th percentile of global peers: 13.4x) Precedent Tran s ac t io n s E V / L TM Ad j. E B I T D A $60m 1 $0. 6 – $1. 0  Based on EV/LTM Adjusted EBITDA multiples of precedent comparable IT services transactions   L o w: 9 . 5 x ( Site l Gr o up/ S y k e s : 9 . 4x) Hi gh : 17. 0 x (Ca p g e mini / iGat e : 17. 0x) D CF July M g mt. P l an 5 - y e ar Plan  B as e d o n Ju l y M anag e me nt P l an  WACC of 11.0% – 16.0%, Terminal Value multiple of 9.5x – 14.5 x NTM Ad ju s t e d E B I T D A For R e f e ren c e Only Ju n e M g mt. P l a n D CF 5 - y e ar Plan  B as e d o n Ju n e M anag e me nt P l an  WACC of 11.0% – 16.0%, Terminal Value multiple of 9.5x – 14.5 x NTM Ad ju s t e d E B I T D A 5 - y e ar Plan $2. 3 – $4. 0 I n i t ial M g m t . P l a n D CF E V / CY 2024E $84m $0. 8 – $1. 2   B as e d o n I n itial M anag e me nt P l an  WACC of 11.0% – 16.0%, Terminal Value multiple of 9.5x – 14.5 x NTM Ad ju s t e d E B I T D A Based on EV/CY2024E Adjusted EBITDA multiples of global peers (10 . 0 x t o 14. 5 x as abo v e ) Ad j. E B I T D A (Consensus) E V / CY 2025E Ad j. E B I T D A (Consensus) $131m $1. 2 – $1. 8  Based on EV/CY2025E Adjusted EBITDA multiples of global peers (9. 5 x t o 13 . 5 x a s ab o v e ) 52 - W ee k Trading Range $2.2 5 t o $7.19 $1. 0 – $2. 8  52 - W ee k Hi g h c l o s e o f $7.1 9 o n 8/3/ 23  52 - W ee k L o w c l o s e o f $2.2 5 o n 5/3/ 24 A n al yst Price Ta rg e t s $2.5 0 t o $6.00 $1. 1 – $2. 4  Wedbush Securities (5/7/24): Price target of $6.00  G o l dm a n S ac h s (6/ 24 / 24 ): P ri c e t ar g e t o f $2 . 50 Minority S quee z e - Outs Premia 27 % t o 69% $1. 8 – $2. 3  Based on premia paid in selected precedent minority transactions b y Co n t r o ll i n g S h t a h r e h o l de r  Low: 27% (25 percentile); High: 69% (75 percentile) th 2 , 3 T e c h an d I T Services Premia 24 % to 54% $1 . 7 – $2 . 1  Based on premia paid by Financial Sponsor acquirors in all - cash t e c h an d I T s e rvi c t h e s maj o rit y t ran s ac t io n s  Low: 24% (25 percentile); High: 54% (75 percentile) th 2 ($ in billions except per share values unless otherwise stated) DRAFT – Presentation Materials are Preliminary, Confidential and Subject to Further Revisions P R O J E C T T E M P E S T Preliminary Valuation Summary: July Management Plan So u r c e : Note: 1 I m pli e d s h a r e p r i c e s ba s e d on T em p e s t ’ s F D SO a s of 7 / 10 / 202 4 a n d ba lanc e s h ee t a s of 2 6 / 30 / 2024 , pro forma for option exercises between 7 / 1 / 2024 and 7 / 10 / 2024 and the granting of 3 RSUs and PSUs to Mike Sutcliff required to have occurred by the end of July . $3.39 – C u rr e n t ( 8 / 2 / 24 ) $4.40 – A t l a s Of f er ( 8 / 3 / 24 ) Tempest Management, Company filings, Wall Street research and FactSet as of 8/2/2024. A s of 6 / 30 / 2024. Applied to Tempest current/unaffected price (8/2/2024). Represents controlling shareholder final bid premia to unaffected share price prior to offer announcement or market rumors for minority stakes in public companies. $5.90 $1.74 $2.88 $2.25 $2.50 $4.31 $4.20 $10.59 $2.83 $4.34 $7.19 $6.00 $5.73 $5.22 $2.57 $0.94 $66m $1.2 0 $2.0 6 $0. 7 – $1. 0 $3.90 $2.25 $1 . 7 – $3 . 0 $7.85 $4.28 $1 . 7 – $3 . 0 $7.82 $4.27 4

DRAFT – Presentation Materials are Preliminary, Confidential and Subject to Further Revisions P R O J E C T T E M P E S T A n alysis at Various Pric e s ($ in billions except per share values or as otherwise stated) T e mpe s t Counter 5/14 T e mpe s t Counter 6/5 T e mpe s t Counter 7/1 Atlas Co u nt er 5/23 Atlas Co u nt er 8/3 Current Atlas Atlas S har e Pric e O f fer Co u nt er 8/2 3/22 7/1 $8.00 $7.50 $7.25 $7.00 $6.50 $6.00 $5.50 $5.00 $4.50 $4.40 $4.25 $4.00 $3.39 Pric e P er S hare 136% 121% 114% 106% 92% 77% 62% 47% 33% 30% 25% 18% 0% % vs. Current as of 8/2/24 ($3.39) 157% 141% 133% 125% 109% 93% 77% 61% 45% 42% 37% 29% 9% % v s . 1 - Mon t h V W A P as o f 8 / 2 / 2 4 ($3 . 11) 172% 155% 147% 138% 121% 104% 87% 70% 53% 50% 45% 36% 15% % v s . 2 - M on th VWA P as o f 8 / 2 / 2 4 ($ 2 . 94 ) 171% 154% 146% 137% 120% 103% 86% 69% 53% 49% 44% 36% 15% % v s . 3 - M on th VWA P as o f 8 / 2 / 2 4 ($ 2 . 95 ) 11% 4% 1% (3%) (10%) (17%) (24%) (30%) (37%) (39%) (41%) (44%) (53%) % vs. 52 - Week High 1 as of 8/2/24 ($7.19) 354.6 354.2 354.0 353.8 353.3 352.7 352.1 351.3 350.6 350.4 350.2 349.7 348.3 FDSO $2.8 $2.7 $2.6 $2.5 $2.3 $2.1 $1.9 $1.8 $1.6 $1.5 $1.5 $1.4 $1.2 I mpli e d Equity V a l ue 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 P l u s : D ebt (0.0) (0.0) (0.0) (0.0) (0.0) (0.0) (0.0) (0.0) (0.0) (0.0) (0.0) (0.0) (0.0) L e ss : C a s h $3.1 $2.9 $2.8 $2.7 $2.5 $2.4 $2.2 $2.0 $1.8 $1.8 $1.7 $1.6 $1.4 I mpli e d E nt e rpri s e Va l ue Metric 2.7x 2.6x 2.5x 2.4x 2.3x 2.1x 1.9x 1.8x 1.6x 1.6x 1.5x 1.5x 1.3x $1,127m CY’23A I mp l i ed EV / Revenue 3.0x 2.8x 2.7x 2.6x 2.5x 2.3x 2.1x 1.9x 1.8x 1.7x 1.7x 1.6x 1.4x $1,033m LT M 2 3.1x 2.9x 2.8x 2.7x 2.5x 2.4x 2.2x 2.0x 1.8x 1.8x 1.7x 1.6x 1.4x $998m CY’24E 3.0x 2.9x 2.8x 2.7x 2.5x 2.3x 2.2x 2.0x 1.8x 1.8x 1.7x 1.6x 1.4x $1,015m CY’25E 27.6x 26.0x 25.2x 24.4x 22.8x 21.2x 19.6x 18.0x 16.4x 16.0x 15.6x 14.7x 12.8x $112m CY’23A I mp l i ed EV / Adjusted EBITDA 51.4x 48.4x 46.9x 45.4x 42.4x 39.4x 36.4x 33.4x 30.4x 29.8x 28.9x 27.4x 23.8x $60m LT M 2 46.9x 44.1x 42.8x 41.4x 38.7x 35.9x 33.2x 30.5x 27.7x 27.2x 26.4x 25.0x 21.7x $66m CY’24E 25.9x 24.4x 23.6x 22.8x 21.3x 19.8x 18.3x 16.8x 15.3x 15.0x 14.6x 13.8x 12.0x $119m CY’25E So u r c e : T em p e s t M a n a g e me n t , Co m pa n y f ili ng s a n d F a c t S e t a s of 8 / 2 /2024. Note: On 7/2, Tempest proposed $4.25 base consideration plus a $1.50 CVR; the offer was subsequently rejected by Atlas. 1 T em p e s t 5 2 - W ee k High of $7 . 1 9 o c c u rr e d on 8 / 3 / 2023. 2 A s of 6 / 30 / 2024. 5

C O N F I D E N T I A L P R O J E C T T E M P E S T DRAFT – Presentation Materials are Preliminary, Confidential and Subject to Further Revisions Appendix I

DRAFT – Presentation Materials are Preliminary, Confidential and Subject to Further Revisions P R O J E C T T E M P E S T Source: Wall Street research and FactSet as of 8/2/2024. Note: Tempest completed its IPO on September 15, 2021. 1 J.P. Morgan has withdrawn its price target in recent research. 2 Wolfe Research has not provided a price target to accompany recent “Peer Perform” rating. 3 William Blair has stated “Market Perform” rating in recent research without naming a specific price target. 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% $0 $5 $10 $15 $20 $25 $30 $35 $40 11/2021 01/2022 03/2022 05/2022 07/2022 09/2022 11/2022 01/2023 03/2023 05/2023 07/2023 09/2023 11/2023 01/2024 03/2024 05/2024 07/2024 B uy H o l d S e l l Sh ar e P ric e Ta rg e t P r i c e P ric e P e r S hare P e rc e n t ag e o f B r o k e r R e c o mm e n dati o n s A s o f 8 / 2 / 24 Ta rg et P ric e Rating Firm Date $6.00 Buy Restricted 07/17/2024 6.00 Buy 05/07/2024 5.00 Hold 07/16/2024 3.50 Hold 05/07/2024 3.40 Hold 05/24/2024 3.00 Hold 07/16/2024 2.50 Sell 06/24/2024 – 1 Buy 05/20/2024 – 2 Hold 05/08/2024 – 3 Hold 07/01/2024 $6.00 High $2.50 Low $4.20 Mean $3.50 Median $3.39 Curr e n t S har e Pric e 3.2% % M edian Abov e ( B e l o w) Curr e n t Broker Target Prices and Recommendations ($ p er s h a r e) S u mm a r y of B r o k e r Tar g e t Price s a n d Re c om m e n d a t io n s B r o k e r Re c om m e n d a t io n s M o n t h ly Ev o lu t ion Since IPO I A P P E N D I X 7

DRAFT – Presentation Materials are Preliminary, Confidential and Subject to Further Revisions Comparable Compan i es A n alysis ($ i n b i ll i o n s ) En t e r p r i s e V a l ue / P R O J E C T T E M P E S T Source: Company filings, Wall Street research and FactSet as of 8/2/2024. Not e : Y e a r s r e f e r t o c al e n da r y e a r s . 1 All EBITDA figures shown are Adjusted EBITDA presented on a like - for - like basis excluding stock - based compensation. 2 Organic revenue growth figures are shown where available. 3 Several Endava metrics (including Equity Value, Enterprise Value, and CY2024E Revenue and EBITDA on a pro forma basis) cannot be calculated at present due to insufficient disclosures related to the 4/10/24 acquisition of GalaxE (principally cash vs. stock consideration mix and its pro forma contribution to Revenue and EBITDA). '24 – '25 '23 – '24 '22 – '23 25E 24E 23A/E 25E 24E 23A/E 25E NTM 24E 23A/E 25E 24E 23A/E Value Value High Low Company D ig i t a l I T S e r v i ce s 8% (1%) (3%) 17% 17% 18% 31% 31% 31% 12.2x 13.2x 13.4x 12.6x 2.11x 2.26x 2.23x $10.5 $12.5 (34%) 23% E P A M S y s t e m s 16% 16% 11% 20% 20% 21% 38% 38% 38% 15.0 16.9 17.6 19.8 3.04 3.53 4.08 8.6 8.5 (24%) 24% Globant NM NM NM NM NM NM NM NM NM NM NM NM NM NM NM NM NM NM (63%) 20% Endava 3 10% 3% 1% 18% 18% 18% 33% 33% 32% 12.9x 14.1x 14.5x 14.4x 2.34x 2.58x 2.70x 25 t h P e r ce n t i l e 12% 7% 4% 19% 18% 19% 35% 34% 34% 13.6 15.1 15.5 16.2 2.57 2.90 3.16 Mean 12% 7% 4% 19% 18% 19% 35% 34% 34% 13.6 15.1 15.5 16.2 2.57 2.90 3.16 Median 14% 11% 8% 20% 19% 20% 36% 36% 36% 14.3 16.0 16.6 18.0 2.80 3.21 3.62 75 t h P e r ce n t i l e D i v e r s ifi e d I T S e r v i ce s 5% 2% 3% 22% 22% 22% 33% 33% 32% 13.4x 14.3x 14.3x 14.7x 2.98x 3.14x 3.21x $206.7 $207.6 (16%) 15% Accenture 4% (1%) 4% 16% 16% 16% 27% 27% 27% 9.4 9.7 10.0 9.9 1.52 1.59 1.57 38.7 34.8 (21%) 13% Capgemini 4% 0% (1%) 19% 19% 19% 34% 34% 35% 9.1 9.4 9.6 9.8 1.76 1.82 1.83 35.4 37.0 (7%) 17% C o g ni z a n t T ec h 4% (0%) 1% 18% 17% 17% 30% 30% 30% 9.3x 9.5x 9.8x 9.9x 1.64x 1.71x 1.70x 25 t h P e r ce n t i l e 4% 1% 2% 19% 19% 19% 31% 31% 31% 10.6 11.1 11.3 11.5 2.09 2.18 2.21 Mean 4% 0% 3% 19% 19% 19% 33% 33% 32% 9.4 9.7 10.0 9.9 1.76 1.82 1.83 Median 5% 1% 3% 21% 20% 20% 33% 33% 33% 11.4 12.0 12.1 12.3 2.37 2.48 2.52 75 t h P e r ce n t i l e 4% (1%) (1%) 17% 17% 18% 31% 31% 31% 9.4x 9.7x 10.0x 9.9x 1.76x 1.82x 1.83x G l o b a l 25 t h P e r c . 7% 3% 3% 19% 19% 19% 33% 33% 33% 11.8 12.7 13.0 13.4 2.28 2.47 2.59 G l o b a l M e a n 5% 0% 3% 19% 19% 19% 33% 33% 32% 12.2 13.2 13.4 12.6 2.11 2.26 2.23 G l o b a l M e d i a n 8% 2% 4% 20% 20% 21% 34% 34% 35% 13.4 14.3 14.3 14.7 2.98 3.14 3.21 G l o b a l 75 t h P e r c . % C h . 5 2 W k . E qu i t y En t e r p r i s e R e v e nue A d j . E B I T D A 1 G r o s s Ma r g i n A d j . E B I T DA Ma r g in 1 R e v e nue G r o w t h 2 I A P P E N D I X 8

DRAFT – Presentation Materials are Preliminary, Confidential and Subject to Further Revisions Comparable Precedent Transactions ($ i n mi ll i o n s un l e ss o t h e r w i s e s tated) P R O J E C T T E M P E S T So u r c e : Co m pa n y f ili ng s a n d W a l l St r ee t r e s e a r c h. Note: All EBITDA figures calculated on a pre - SBC basis where available. 1 Through an affiliate of BPEA Private Equity Fund VIII. 2 DXC (State & Local HHS Business) and Aricent EBITDA multiples are shown as disclosed by the respective companies and may be burdened for SBC due to lack of available information. EV / L T M Ad j. E BI T DA E nterpr i s e Value Target Acquiror Anno u n c emen t Da t e 16.8x $2,966 Perficient EǪT 1 May - 24 9.4 $2,160 Sykes Sitel Gr o u p Jun - 21 16.4 $1,993 Virtusa B a ring Pri v a te Equity Sep - 20 12.5 2 $5,000 DX C ( H H S Busine s s ) V e ri t a s Ca p ital Mar - 20 11.2 €5,078 Altran Capgemini Jun - 19 15.3 $1,989 Luxoft DXC Jan - 19 13.3 $3,586 Syntel Atos Jul - 18 10.6 2 $2,000 Aricent Altran Nov - 17 17.0 $4,603 iGate Capgemini Apr - 15 16.1 $3,402 Sapient Publicis Nov - 14 11.5x 25t h P er c e n tile 13.9x Mean 14.3x Median 16.4x 75t h P er c e n tile I A P P E N D I X 9

DRAFT – Presentation Materials are Preliminary, Confidential and Subject to Further Revisions ($ i n mi ll i o n s exc ept p er s h a r e v a l u es ) P R O J E C T T E M P E S T Tempest Discounted Cash Flow Analysis – July Management Plan So u r c e : Note: Tempest Management, Company filings, Wall Street research and FactSet as of 8/2/2024. DCF assumes mid - year convention and valuation date as of 6/30/2024. Effective Tax rate excludes impact of Net Operating Loss (NOL) utilization. Enterprise Value, Equity Value and Implied Share Price figures are adjusted to include the Present Value of Net Operating Losses (NOLs) ranging from $14m - $16m. Adj. EBITDA is burdened for restructuring charges in Ǫ3’23 - Ǫ4’24. D&A and Adjusted EBIT are unburdened by amortization of acquisition - related intangible assets. Tempest Management is required to burden the income statement for a level of bad debt expense that exceeds the forecasted uncollectable amount. Implied perpetual growth rate calculated based on Terminal Value and terminal year FCF excluding impact of NOLs and NOL utilization. 1 2 3 4 T e m p e s t M a n a g e m e n t P l a n Ǫ3 CY'24E Ǫ4 CY'24E CY2025E CY2026E Ǫ 2 C Y ' 24 A Actuals C Y 2023 A Ǫ 1 C Y ' 24 A $176 $119 $17 $5 ($2) $5 $93 A d j . E B I T DA L e s s R e s t r u c t u r in g 1 15% 12% 7% 2% (1%) 2% 8% % M a r g i n (24) (21) (5) (5) (4) (3) (22) D e p r e c i a t io n & A m o r t i z a t io n 2 (41) (41) (13) (11) (10) (11) (65) S t o c k - B a s e d C o m p e n s a t io n $111 $57 ($1) ($12) ($15) ($9) $6 A d j u s t e d E B I T 2 9% 6% (0%) (5%) (6%) (4%) 1% % M a r g i n (40) (31) (5) (6) Taxes 36% 53% (553%) (56%) % E ff ec t i v e T a x R a te $71 $27 ($5) ($18) NOPAT 6% 3% (2%) (7%) % M a r g i n 24 21 5 5 P l u s : D e p r e c i a t io n & A m o r t i z a t io n 2 2 0 2 P l u s : B a d D e bt E x p e n s e 3 (21) 8 7 2 L e ss : I n c r e a s e i n NW C (28) (24) (5) (5) L e ss : C a p i t a l E x p e n d i t u r e s $49 $34 $2 ($14) U n l e v e r e d F r e e C a s h F l o w E n t e r p r i s e V a l ue a t C Y 2028 E ( N T M ) A d j us t e d E B I T DA M u l t i p l e o f I m p l i e d Sh a r e P r i c e ( $ ) a t C Y 2028 E ( N T M ) A d j us t e d E B I T DA M u l t i p l e o f P V o f F C F s Ǫ 3 ' 24 E – ' 27 E W A C C 14.50x 13.25x 12.00x 10.75x 9.50x $2,601 $2,387 $2,172 $1,958 $1,744 2,700 2,478 2,255 2,032 1,810 2,804 2,573 2,342 2,110 1,879 2,914 2,673 2,433 2,193 1,952 3,029 2,779 2,529 2,279 2,029 14.50x 13.25x 12.00x 10.75x 9.50x $6.66 $6.07 $5.47 $4.88 $4.28 6.94 6.32 5.70 5.08 4.46 7.23 6.59 5.94 5.30 4.66 7.53 6.86 6.20 5.53 4.86 7.85 7.16 6.46 5.77 5.07 16.00% 14.75% 13.50% 12.25% 11.00% $100 103 106 109 112 E qu i t y V a l ue a t C Y 2028 E ( N T M ) A d j us t e d E B I T DA M u l t i p l e o f I m p l i e d P G R 4 a t C Y 2028 E ( N T M ) A d j us t e d E B I T DA M u l t i p l e o f W A C C 14.50x 13.25x 12.00x 10.75x 9.50x $2,355 $2,140 $1,926 $1,712 $1,497 2,454 2,231 2,009 1,786 1,564 2,558 2,327 2,096 1,864 1,633 2,668 2,427 2,187 1,946 1,706 2,783 2,533 2,283 2,033 1,783 14.50x 13.25x 12.00x 10.75x 9.50x 13.4% 13.2% 12.9% 12.5% 12.1% 12.2% 11.9% 11.7% 11.3% 10.8% 11.0% 10.7% 10.4% 10.1% 9.6% 9.7% 9.5% 9.2% 8.8% 8.4% 8.5% 8.2% 8.0% 7.6% 7.2% 16.00% 14.75% 13.50% 12.25% 11.00% I A P P E N D I X 10

DRAFT – Presentation Materials are Preliminary, Confidential and Subject to Further Revisions ($ i n mi ll i o n s exc ept p er s h a r e v a l u es ) P R O J E C T T E M P E S T Tempest Discounted Cash Flow Analysis – June Management Plan T e m p e s t M a n a g e m e n t P l a n Ǫ3 CY'24E Ǫ4 CY'24E CY2025E CY2026E Ǫ 2 C Y ' 24 A Actuals C Y 2023 A Ǫ 1 C Y ' 24 A $175 $117 $23 $26 ($2) $5 $93 A d j . E B I T DA L e s s R e s t r u c t u r in g 1 15% 11% 9% 10% (1%) 2% 8% % M a r g i n (27) (23) (5) (5) (4) (3) (22) D e p r e c i a t io n & A m o r t i z a t io n 2 (42) (42) (13) (11) (10) (11) (65) S t o c k - B a s e d C o m p e n s a t io n $106 $52 $5 $10 ($15) ($9) $6 A d j u s t e d E B I T 2 9% 5% 2% 4% (6%) (4%) 1% % M a r g i n (43) (33) (5) (6) Taxes 40% 63% 85% 64% % E ff ec t i v e T a x R a te $64 $19 $1 $4 NOPAT 5% 2% 0% 1% % M a r g i n 27 23 5 5 P l u s : D e p r e c i a t io n & A m o r t i z a t io n 2 2 0 0 P l u s : B a d D e bt E x p e n s e 3 (20) (10) 7 10 L e ss : I n c r e a s e i n NW C (29) (25) (5) (5) L e ss : C a p i t a l E x p e n d i t u r e s $44 $8 $9 $13 U n l e v e r e d F r e e C a s h F l o w E n t e r p r i s e V a l ue a t C Y 2028 E ( N T M ) A d j us t e d E B I T DA M u l t i p l e o f I m p l i e d Sh a r e P r i c e ( $ ) a t C Y 2028 E ( N T M ) A d j us t e d E B I T DA M u l t i p l e o f P V o f F C F s Ǫ 3 ' 24 E – ' 27 E W A C C 14.50x 13.25x 12.00x 10.75x 9.50x $2,593 $2,380 $2,167 $1,953 $1,740 2,692 2,470 2,249 2,027 1,805 2,795 2,565 2,335 2,104 1,874 2,904 2,665 2,425 2,186 1,946 3,018 2,769 2,520 2,271 2,022 14.50x 13.25x 12.00x 10.75x 9.50x $6.64 $6.05 $5.46 $4.86 $4.27 6.91 6.30 5.68 5.07 4.45 7.20 6.56 5.92 5.28 4.64 7.50 6.84 6.17 5.51 4.84 7.82 7.13 6.44 5.75 5.06 16.00% 14.75% 13.50% 12.25% 11.00% $103 106 109 111 114 E qu i t y V a l ue a t C Y 2028 E ( N T M ) A d j us t e d E B I T DA M u l t i p l e o f I m p l i e d P G R 4 a t C Y 2028 E ( N T M ) A d j us t e d E B I T DA M u l t i p l e o f W A C C 14.50x 13.25x 12.00x 10.75x 9.50x $2,347 $2,134 $1,920 $1,707 $1,494 2,446 2,224 2,002 1,781 1,559 2,549 2,319 2,089 1,858 1,628 2,658 2,418 2,179 1,940 1,700 2,772 2,523 2,274 2,025 1,776 14.50x 13.25x 12.00x 10.75x 9.50x 13.5% 13.3% 13.0% 12.6% 12.2% 12.3% 12.0% 11.7% 11.4% 10.9% 11.0% 10.8% 10.5% 10.2% 9.7% 9.8% 9.5% 9.3% 8.9% 8.5% 8.5% 8.3% 8.0% 7.7% 7.3% 16.00% 14.75% 13.50% 12.25% 11.00% So u r c e : Note: Tempest Management, Company filings, Wall Street research and FactSet as of 8/2/2024. DCF assumes mid - year convention and valuation date as of 6/30/2024. Effective Tax rate excludes impact of Net Operating Loss (NOL) utilization. Enterprise Value, Equity Value and Implied Share Price figures are adjusted to include the Present Value of Net Operating Losses (NOLs) ranging from $14m - $16m. Adj. EBITDA is burdened for restructuring charges in Ǫ3’23 - Ǫ4’24. D&A and Adjusted EBIT are unburdened by amortization of acquisition - related intangible assets. Tempest Management is required to burden the income statement for a level of bad debt expense that exceeds the forecasted uncollectable amount. Implied perpetual growth rate calculated based on Terminal Value and terminal year FCF excluding impact of NOLs and NOL utilization. 1 2 3 4 I A P P E N D I X 11

DRAFT – Presentation Materials are Preliminary, Confidential and Subject to Further Revisions ($ i n mi ll i o n s exc ept p er s h a r e v a l u es ) P R O J E C T T E M P E S T Tempest Discounted Cash Flow Analysis – Initial Management Plan $380 $307 $235 $155 $31 $32 ($2) $5 $93 A d j . E B I T DA L e s s R e s t r u c t u r in g 1 19% 18% 17% 13% 12% 12% (1%) 2% 8% % M a r g i n (43) (36) (30) (25) (5) (5) (4) (3) (22) D e p r e c i a t io n & A m o r t i z a t io n 2 (70) (59) (49) (46) (13) (11) (10) (11) (65) S t o c k - B a s e d C o m p e n s a t io n $267 $213 $157 $84 $13 $16 ($15) ($9) $6 A d j u s t e d E B I T 2 13% 13% 11% 7% 5% 6% (6%) (4%) 1% % M a r g i n (86) (69) (55) (41) (9) (11) Taxes 32% 33% 35% 49% 66% 66% % E ff ec t i v e T a x R a te $180 $143 $101 $43 $5 $5 NOPAT 9% 9% 7% 4% 2% 2% % M a r g i n 43 36 30 25 5 5 P l u s : D e p r e c i a t io n & A m o r t i z a t io n 5 4 3 3 1 1 P l u s : B a d D e bt E x p e n s e 3 (41) (35) (30) (17) 5 7 L e ss : I n c r e a s e i n NW C (48) (40) (34) (28) (5) (5) L e ss : C a p i t a l E x p e n d i t u r e s $139 $108 $71 $25 $10 $13 U n l e v e r e d F r e e C a s h F l o w A c t u a l s T e m p e s t M a n a g e m e n t P l a n C Y 2023 A Ǫ 1 C Y ' 24 A Ǫ 2 C Y ' 24 A Ǫ 3 C Y ' 24 E Ǫ 4 C Y ' 24 E C Y 2025 E C Y 2026 E C Y 2027 E C Y ' 28 E / T V E n t e r p r i s e V a l ue a t C Y 2028 E ( N T M ) A d j us t e d E B I T DA M u l t i p l e o f I m p l i e d Sh a r e P r i c e ( $ ) a t C Y 2028 E ( N T M ) A d j us t e d E B I T DA M u l t i p l e o f P V o f F C F s Ǫ 3 ' 24 E – ' 27 E W A C C 14.50x 13.25x 12.00x 10.75x 9.50x $3,453 $3,171 $2,889 $2,607 $2,325 3,584 3,291 2,998 2,705 2,412 3,721 3,417 3,112 2,808 2,503 3,865 3,549 3,232 2,916 2,599 4,017 3,688 3,359 3,029 2,700 14.50x 13.25x 12.00x 10.75x 9.50x $9.03 $8.24 $7.46 $6.68 $5.90 9.39 8.58 7.76 6.95 6.14 9.77 8.93 8.08 7.24 6.39 10.17 9.29 8.42 7.54 6.66 10.59 9.68 8.77 7.85 6.94 16.00% 14.75% 13.50% 12.25% 11.00% $165 170 174 178 182 E qu i t y V a l ue a t C Y 2028 E ( N T M ) A d j us t e d E B I T DA M u l t i p l e o f I m p l i e d P G R 4 a t C Y 2028 E ( N T M ) A d j us t e d E B I T DA M u l t i p l e o f W A C C 14.50x 13.25x 12.00x 10.75x 9.50x $3,207 $2,925 $2,643 $2,360 $2,078 3,338 3,045 2,752 2,458 2,165 3,475 3,170 2,866 2,561 2,257 3,619 3,303 2,986 2,670 2,353 3,771 3,442 3,112 2,783 2,454 14.50x 13.25x 12.00x 10.75x 9.50x 13.3% 13.0% 12.7% 12.3% 11.9% 12.0% 11.8% 11.5% 11.1% 10.6% 10.8% 10.6% 10.3% 9.9% 9.4% 9.6% 9.3% 9.0% 8.6% 8.2% 8.3% 8.1% 7.8% 7.4% 6.9% 16.00% 14.75% 13.50% 12.25% 11.00% So u r c e : Note: Tempest Management, Company filings, Wall Street research and FactSet as of 8/2/2024. DCF assumes mid - year convention and valuation date as of 6/30/2024. Effective Tax rate excludes impact of Net Operating Loss (NOL) utilization. Enterprise Value, Equity Value and Implied Share Price figures are adjusted to include the Present Value of Net Operating Losses (NOLs) ranging from $14m - $16m. Adj. EBITDA is burdened for restructuring charges through 2024. D&A and Adjusted EBIT are unburdened by amortization of acquisition - related intangible assets. Tempest Management is required to burden the income statement for a level of bad debt expense that exceeds the forecasted uncollectable amount. Implied perpetual growth rate calculated based on Terminal Value and terminal year FCF excluding impact of NOLs and NOL utilization. 1 2 3 4 I A P P E N D I X 12

DRAFT – Presentation Materials are Preliminary, Confidential and Subject to Further Revisions Tempest NOLs Discounted Cash Flow Analysis ($ i n mi ll i o n s ) P R O J E C T T E M P E S T So u r c e : 1 T em p e s t M a n a g e me n t . Discounted at a Cost of Equity of 13.50%, representing the midpoint of the WACC analysis Cost of Equity. T e m p e s t M a n a g e m e n t P l a n Ǫ3 2024E Ǫ4 2024E CY2025E CY2026E CY2027E CY2028E CY2029E+ Actuals Ǫ 2 2024 A Gr o s s T a x E ff e c t e d N O L B a l a n c e N O L B a l a n c e D e p l e t io n B y T a x R a t e C o r p o r a t e E n t i t y U . S . N O Ls $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.1 31 - Dec - 44 8.8% TWUSA $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.4 31 - Dec - 39 4.3% TWUSA $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.1 31 - Dec - 39 7.0% TWUSA 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.4 31 - Dec - 29 6.0% TWUSA 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 31 - Dec - 34 9.8% TWUSA 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.2 31 - Dec - 39 7.9% TWUSA 0.3 0.2 0.2 0.2 0.2 0.0 0.0 1.1 5.2 31 - Dec - 30 21.0% TRACǪ 1.4 0.7 0.7 0.7 0.7 0.2 0.2 4.5 21.2 31 - Dec - 30 21.0% TRHLD $1.7 $0.9 $0.9 $0.9 $0.9 $0.2 $0.2 $5.6 $27.6 T o t a l US N on - U . S . N O Ls - - $0.3 $0.3 $0.3 $0.1 $0.1 $1.0 $3.2 31 - Dec - 27 30.0% TWAUI 6.2 0.6 0.6 0.6 0.6 0.2 0.2 9.0 26.4 31 - Dec - 38 34.0% TWBRA 0.3 0.0 0.0 0.0 0.0 0.0 0.0 0.4 1.2 31 - Dec - 38 34.0% TWBRZ - 0.5 0.5 0.5 0.5 0.1 0.1 2.4 9.2 31 - Dec - 28 26.5% TWCAD 0.5 0.2 0.2 0.2 0.2 0.0 0.0 1.2 5.9 31 - Dec - 31 20.0% TWFIN - 0.4 0.4 0.4 0.4 0.1 0.1 1.9 10.7 31 - Dec - 28 17.5% TWDEU 0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.4 2.3 31 - Dec - 34 16.5% TWHKG - 0.1 0.1 0.1 0.1 0.0 0.0 0.4 1.5 31 - Dec - 28 27.9% TWITA 1.0 0.2 0.2 0.2 0.2 0.0 0.0 1.7 6.6 31 - Dec - 34 25.8% TWNET - 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.2 31 - Dec - 28 28.0% TWNZL - 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 31 - Dec - 28 19.7% TWSWI - 0.2 0.2 0.2 0.2 0.0 0.0 0.8 3.1 31 - Dec - 28 25.0% UKHLD - 0.0 0.0 0.0 0.0 0.0 0.0 0.2 0.9 31 - Dec - 28 20.0% TWVNM $8.1 $2.3 $2.6 $2.6 $2.6 $0.6 $0.6 $19.4 $71.2 T o t a l N on - US $9.9 $3.1 $3.4 $3.4 $3.4 $0.9 $0.9 $25.0 $98.8 Total D i s c o un t f a c t o r 1 D i s c o un t e d C a s h F l o w B e n e f i t 1 . 0 0 . 8 1 . 0 0 . 8 0 . 9 3 . 0 0 . 8 2 . 6 0 . 7 2 . 3 0 . 6 1 . 9 3 . 6 PV of NOLs as of June 30, 2024 1 $15.2 W A C C Implied C o s t o f E qu i t y Implied P V o f N O Ls $14.1 16.0% 16.00% 14.6 14.8% 14.75% 15.2 13.5% 13.50% 15.8 12.3% 12.25% 16.4 11.0% 11.00% I A P P E N D I X 13

DRAFT – Presentation Materials are Preliminary, Confidential and Subject to Further Revisions Temp e st W A CC A nalysis ($ i n b i ll i o n s ) P R O J E C T T E M P E S T 4 5 6 7 8 Source: Kroll, company filings, Wall Street research and FactSet as of 8/2/2024. Note: Bloomberg Global Raw Beta and Barra Predicted World Beta are both shown as of 6/28/2024. 1 Based on Tempest’s current price of $3.39 (as of 8/2/2024). 2 Levered Beta = Unlevered Beta x [1 + (1 - Tax Rate)(Net Debt/Equity)]. 3 Several Endava metrics (including Equity Value and Enterprise Value) cannot be calculated at present due to insufficient disclosures related to the 4/10/24 acquisition of GalaxE (principally cash vs. stock consideration mix). Represents 10 - Year Government Bond Yields weighted by Country revenue exposure as of 8/2/2024. Historical long - term equity risk premium (7.17%): large company stock total returns minus long - term government bond income returns. (Source: Kroll December 2023). Low end of range: Kroll recommended equity risk premium (5.50%) as of February 2024; high end of range: historical long - term equity risk premium (7.17%) as of December 2023. (Source: Kroll). Cost of Equity = (Risk Free Rate of Return) + (Levered Beta)(Equity Risk Premium). Weighted Average Cost of Capital = (Post - Tax Cost of Debt)(Net Debt/Cap) + (Cost of Equity)(Equity/Cap). B a rr a P r e d i c t e d B e t a B l oo m b e r g H i s t o r i c a l B e t a C a p i t a l S t r u c t u r e Levered Unleve U n l e v e r e d Levered N e t D e b t / N e t D e b t / Market Beta 2 Beta Beta 2 Equity Cap. Value Company 1.64 1.03 0.90 (16%) (19%) $12.5 E P A M S y s t e m s 1.60 0.77 0.78 1% 1% 8.5 Globant N NM NM NM NM NM E n d a v a 3 1.11 1.10 (0%) (0%) 207.6 Accenture 0.75 0.81 11% 10% 34.8 Capgemini 0.99 0.95 (4%) (5%) 37.0 C o g ni z a n t T ec h 0.81 (4%) (5%) P ee r 25 t h P e r ce n t i l e 0.90 0 .9 (0%) 1% (0%) 1% P ee r M e d i a n P ee r 75 t h P e r ce n t i l e (8%) (9%) D i g i t a l I T S e r v i ce s M e d i a n (0% (0%) D i v e r s i f i e d I T S e r v i ce s M e d i a n T e m p e s t W A C C S e n s i t Assumptions L ow 1.52 0.0% 0 U n l e v e r e d B et a T a r g e t N e t D e b t / C a p i t a li z a t i o n T a r g e t N e t D e b t / E qu i t y L e v e r i n g F a c t o r L e v e r e d B et a 2 T a x R a t e R i s k - F r e e R a t e o f R et u r n 4 E qu i t y R i s k P r e m i u m 5 C o s t o f E qu i t y 7 P r e - T a x C o s Post - Tax W $1.2 1 17% 1 1 6 6 I A P P E N D I X 14

DRAFT – Presentation Materials are Preliminary, Confidential and Subject to Further Revisions Country - W eight e d Risk - Free Ra t e A n alysis P R O J E C T T E M P E S T Source: Tempest Management, Trading Economics and FactSet as of 8/2/2024. 1 Yields are for 10 - year local currency government bonds as of 8/2/2024. All yields retrieved from FactSet unless otherwise noted. 2 Chile’s 10 - year government bond yield is retrieved from Trading Economics and is as of 8/2/2024. 3 Ecuador does not have an active local currency bond market – analysis applied U.S. treasury yield as a proxy as Ecuador’s economy is fully dollarized. 4 Y i e l d w e ight e d b y C Y 2024 E r e v e n u e s h a r e . Yi e l d (%) 1 CY 2024 E Rev e n u e Sha r e (%) Country 3.80% 32.4% US 2.16% 13.3% Germany 4.05% 12.3% Australia 6.90% 9.7% India 3.81% 8.7% UK 2.78% 6.4% Singapore 2.13% 5.8% China 3.01% 2.9% Canada 11.91% 2.9% Brazil 3.02% 1.4% Spain 5.91% 2 1.4% Chile 3.59% 1.1% Italy 2.57% 0.7% Thailand 3.80% 3 0.1% Ecuador 2.46% 0.2% Netherlands 2.75% 0.3% Finland 6.61% 0.1% Romania 3.00% 0.3% Hong Kong 4.24% 0.1% N e w Ze al and 0.39% 0.0% Switzerland 3.96% Country - Weighted Risk - Free Rate 4 I A P P E N D I X 15

DRAFT – Presentation Materials are Preliminary, Confidential and Subject to Further Revisions Premia in Selected Precedent Minority Transactions 1 by Controlling Shareholder ($ i n b i ll i o n s ) P R O J E C T T E M P E S T So u r c e : 1. financial institutions and oil and gas industries. Based on issued and outstanding common stock, on a non - diluted basis. Atlas Bid Proposals (as of 8 / 3 / 2024 and 3 / 22 / 2024 ), Tempest Management and company filings . 3 . All cash, minority transactions with U . S . targets and over $ 100 m in equity consideration over the 4 . last 8 years with offers from only single acquiror . Excludes transactions in real - estate, energy, 5 . 2. Implied Equity Value calculated as final bid price multiplied by FDSO. Re f l e c t s un a ff e c t e d d a t e of f i r s t bi d . Re f l e c t s 1 c al e n da r mont h. Reflects unaffected date prior to bid announcement, transaction agreement or market rumors. Tempest Final Bid premia calculated as of 8/2/2024 (trading day prior to latest Atlas bid). 6. 7. F i n a l Bid Premiu m to Ini t ial Bid Premiu m to 1 - M onth VWAP (Unaffected) 5,6 Unaffected Sh ar e P r i c e 6 Clo s i n g Sh ar e P r i c e Be f o r e Ini t ial Bid 4 Ini t ial to F i n a l Bid In cr e as e 1 - M onth VWAP (at Ini t ial Bid ) 5 Clo s i n g Sh ar e P r i c e Be f o r e Ini t ial Bid 4 I mp li e d Equity Value 3 % of Equity Ow n e d 2 Acquiror Target Date 13% 11% 43% 13% 33% 27% $1.0 75% G ene r a l Atl a n tic / Stone Poi n t C ap i t al HireRight Feb - 24 35% 47% 47% 15% 18% 29% $2.9 83% L ight & W on d er SciPlay Aug - 23 18% 24% 60% 29% (4%) 24% 2.4 72% B D T C ap i t al Weber Dec - 22 105% 143% 93% 17% 48% 66% 0.8 75% T P G C ap i t al Convey Jun - 22 100% 96% 101% 30% 50% 55% 0.6 72% Su m i t ov a n t Biopharma Urovant Nov - 20 59% 59% 61% 13% 37% 42% 1.9 76% Ionis Ph armac euti ca ls Akcea Aug - 20 61% 50% 52% 23% 9% 24% 0.7 57% D ufr y AG Hudson Aug - 20 42% 45% 45% 12% 28% 30% 3.7 72% K Y O C ER A Co r p AVX Nov - 19 41% 29% 34% 3% 41% 30% 5.1 57% Roche F oun da t i o n Medicine Jun - 18 31% 58% 67% 2% 28% 63% 0.3 64% Inve s tor Gr oup Synutra Nov - 16 133% 101% 101% 43% 63% 41% 1.7 82% Icahn F e d e r a l - Mogul Sep - 16 13% 2% 2% Nil 13% 2% 1.8 90% Hallmark C r own M e d ia Mar - 16 28% 27% 44% 9% 17% 26% $0.8 70% 25 th Pe rc enti l e 54% 56% 59% 17% 30% 36% $1.9 73% Mean 42% 49% 56% 14% 30% 30% $1.8 74% Median 71% 69% 74% 25% 43% 45% $2.5 78% 75 th Pe rc enti l e 42% 7 30% 7 83% 10% 34% 66% $1.5 61% Tempest I A P P E N D I X 16

DRAFT – Presentation Materials are Preliminary, Confidential and Subject to Further Revisions Fina n c ial Sp o n s or A c q uiror s Al l A c q uiror s Historical Premia Paid Analysis – All - Cash Transactions (Last 5 Years) P R O J E C T T E M P E S T So u r c e : Note: F a c t S e t a s of 8 / 2 /2024. Analysis includes all technology and IT services M&A majority transactions since Aug - 19 with public targets and deal values greater than $500 million. Premia represent purchase price premia relative to unaffected share prices. 54% 33% 24% 7 5 t h P e rc e n t ile M ed ian 2 5 t h P e rc e n t ile 52% 32% 24% 7 5 t h P e rc e n t ile M ed ian 2 5 t h P e rc e n t ile N = 82 N = 52 I A P P E N D I X 17

DRAFT – Presentation Materials are Preliminary, Confidential and Subject to Further Revisions $153 $224 $257 $112 $66 $119 $176 $233 $288 $84 $131 $172 Lo n g Term F o re c ast – J u ly Mana ge m ent Plan ($ i n mi ll i o n s ) P R O J E C T T E M P E S T So u r c e : T em p e s t M a n a g e me n t a n d F a c t S e t a s of 8 / 2 /2024. 1 Represents organic revenue growth, adjusted for contributions from acquisitions, unadjusted for foreign exchange effects. 2 3 Excludes stock - based compensation, associated payroll taxes and D&A. Tempest Adjusted Gross Profit consensus for CY2026E not shown due to insufficient forecasts (one broker). Excludes stock - based compensation, associated payroll taxes and non - recurring items. CY’28E CY’27E CY’26E CY’25E CY’24E CY’23A CY’22A CY’21A CY’20A Revenue Adju s ted Gross Profit 2 Adju s ted EBITDA 3 r el a te d dis r up t ion s , in c r ea s ing to ~ 20 % g r o w t h b y 202 7 a s a s s umed m ar k et r ec o v e r y b r in g s dema n d ba c k t o hi s t o r i c a l le v els  G r oss Ma r g ins t o r emain l o w in C Y’2 4 E due t o r ecent de c lin e s in AB R and s l o w e r - t h an - ho p ed c o s t c ut t in g , r i s ing f r o m C Y’ 2 6 E o n w a r ds t o 40 % + as utiliz ati on hit s hi s t o r i c a l hi g hs and AB R g r o w t h e x c e e ds wa g e g r o w t h  E B IT D A m a r g ins m o r e t h a n double by 202 6 due t o G r oss Ma r g in g ain s ab o v e , S & M efficien cie s an d o th e r ( non - S &M ) ope r atin g m a r g in im p r o v ements  Adju s te d E B IT D A e x c e e ds c onse ns us ( no t y et awa r e of Ǫ 2 ’ 2 4 m i s s ) b y 202 6 Ob s e r v a ti o ns & A ss ump t ions Actuals Plan Or g a n i c g r o w t h 1 (%) $803 $1,07 0 $1,29 6 $1,12 7 $998 $1,01 5 $1,16 9 $1,40 3 $1,67 7 $1,00 9 $1,076 $1,25 1 A d j . E BI TD A Ma r g i n ( % ) 19% 21% 20% 10% 17% 17% $337 $473 $540 $407 $338 $388 $470 $570 $676 $351 $382 A d j . G r o s s P r o f i t Ma r g i n ( % ) 42% 44% 42% 36% 40% 41% 40%  11 % o r g ani c de clin e in C Y’ 24 E d ue to +20% +20% +15% +2% (11%) (15%) +19% +31% +4% on g oing ma c r o w ea k ne s s an d r eo r g - +16% +7% (10%) 38% 35% 34% 35% 12% 12% 15% 14% 7% 8% T e m p e s t Bro k e r C on s e n s u s I A P P E N D I X 18