Exhibit 99.(c)(iii)

Confidential Draft – Subject to Revision Valuation Materials Underlying Fairness Opinion Project Annie June 27, 2021 Morgan Stanley

PROJECT ANNIE Confidential Draft – Subject to Revision Current Final Proposal 6/25/2021 6/18/2021 Share Price ($) $72.90 $87.50 (x) Fully Diluted Shares (MM) 22.3 22.4 Fully Diluted Equity Value $1,629 $1,961 (+) Debt 15 15 (-) Cash (153) (153) Fully Diluted Aggregate Value $1,490 $1,822 Revenue Multiple Metric CY2021E Street Case $335 4.4x 5.4x CY2021E Management Case $336 4.4x 5.4x Revenue Multiple CY2022E Street Case $363 4.1x 5.0x CY2022E Management Case $373 4.0x 4.9x Implied Price Premia Premium to Current $72.90 20% Premium to 30-Day Average $72.12 21% Premium to 90-Day Average $70.43 24% Premium to LTM High $79.00 11% Premium to 1-year Average $57.54 52% Notes: 1. Provided herein is a brief summary of complex provisions. Counsel to the Special Committee to provide a full review of Merger Agreement and related documents. This summary is of only certain selected proposed transaction terms as set forth in the draft Merger Agreement, dated as of June 26, 2021 and is not intended to be a complete description of the transaction terms. Terms may change due to ongoing negotiations. 2. Market data as of 6/25/2021 3. Annie’s FY(Jan) treated as CY(Dec) of previous year (e.g. FY22(Jan) = CY21(Dec)) 4. Current Price reflects Class A share price; Equity Value calculation applies one share price to all Class A and Class B shares; current Equity Value applies current Class A share price to all Class A and Class B shares 5. Common shares, RSUs, PSUs, and SARs outstanding as of 6/25/2021 per Company management; Class B basic shares shown net of treasury shares; cash and debt balances as of 4/30/2021 per FQ1’22 10-Q (debt balance includes note payable for FTZ Corp acquisition); cash balance excludes impact from dividend declared on 6/22/2021 and payable on 7/13/2021 6. Management Case received from Company on 4/6/2021; Street Case calculated as mean of broker estimates as of 6/25/2021 2 Overview of Thoma Bravo Proposal Summary of Proposal (1) Transaction Summary $MM, except per share prices and where noted Certain Key Terms Description Price • $87.50 per share Form of Consideration • All cash; equivalent Merger Consideration for Class A Common Stock and Class B Common Stock Announcement Timing • Announce transaction on June 28 Treatment of Equity Compensation Awards • Vested SARs, RSUs, and PSUs are cashed-out • Unvested SARs are cashed-out at transaction price in accordance with existing vesting schedule • With certain exceptions relating to NEO change in control agreements, unvested RSUs and PSUs are cashed-out: (i) 50% are payable on the Closing Date; (ii) 50% are payable in accordance with existing vesting schedule Rollover Shares • Certain company stockholder to transfer and contribute rollover shares, subject to Rollover Agreement Financing • Equity commitment letter, with limited guaranty by Thoma Bravo Fund XIV, L.P. Certain Conditions to Close • Stockholder approval • No injunctions or restraints • Regulatory approval • Accuracy of reps and warranties subject to customary materiality standards • Absence of a Material Adverse Effect, subject to customary exceptions Termination Right • Customary termination rights, including to accept "superior proposal" subject to payment by Company of a termination fee (see below) Termination Fee • Company Termination Fee to be an amount equal to 3.0% of the Company’s equity value; Parent Termination Fee of 6.5% of Company’s equity value (4) (4) Morgan Stanley

PROJECT ANNIE Confidential Draft – Subject to Revision 3/18/2020: FQ4 2020 earnings - Revenue in-line with street - 3% subscription revenue miss vs. guidance - Significant EBT beat vs. street High Average Median Low Last 30 Days $79.00 $72.12 $72.92 $63.86 Last 90 Days $79.00 $70.43 $71.06 $59.98 Last 1 Year $79.00 $57.54 $62.47 $38.98 Last 18 Months $79.00 $53.42 $49.49 $30.31 $53.68 $20 $30 $40 $50 $60 $70 $80 $90 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 $72.90 $48.00 8/26/2020: FQ2 2021 earnings - 1% revenue beat vs. street - Subscription revenue in-line with guidance - Significant EBT beat vs. street 11/24/2020: FQ3 2021 earnings - 3% revenue beat vs. street - 4% subscription revenue beat vs. guidance - Significant EBT beat vs. street Annie Share Price Performance Last 18 Months Source: Capital IQ, Company Filings, Press Releases Notes: 1. Market data as of 6/25/2021 3 Annie Share Price Performance Last 18 Months Start of COVID-19 induced sell-off Annie Class A Share Price Trading Statistics Final Proposal: $87.50 Class A Share Price Class A Volume Class B Share Price 3/24/2021: FQ4 2021 earnings - 6% revenue beat vs. street - 17% EBITDA beat vs. street - 6% subscription revenue growth YoY 5/27/2020: FQ1 2021 earnings - Revenue in-line with street - Subscription revenue slightly below guidance - Significant EBT miss vs. street 4/7/2021: Announcement of FTZ Acquisition 5/26/2021: FQ1 2022 earnings - 5% revenue beat vs. street - 25% EBITDA beat vs. street - 19% subscription revenue growth YoY Morgan Stanley - -

PROJECT ANNIE Confidential Draft – Subject to Revision (60%) (40%) (20%) 0% 20% 40% 60% 80% 100% Dec-19 Feb-20 Apr-20 Jun-20 Jul-20 Sep-20 Nov-20 Jan-21 Mar-21 Apr-21 Jun-21 Indexed Share Price Performance Source: Capital IQ Notes: 1. Market data as of 6/25/2021; Indexed to 12/26/2019 2. Annie price performance represents price of Class A shares 3. ERP Business Model Peers consist of Oracle, SAP, Sage 4. Financial Profile Peers consist of Alarm.com, GoDaddy, Zuora, New Relic, Vonage, Teradata, Yext, Box, 8x8, Vertex 5. Global Supply Chain Peers consist of Manhattan, Descartes, Kinaxis, E2Open, SPS 4 Indexed Share Price Performance Indexed to 12/26/2019 Annie Global Supply Chain Peers Financial Profile Peers ERP Business Model Peers Last 18 Months 42% 59% 5% 37% 64% NASDAQ Composite Morgan Stanley - - - - -

PROJECT ANNIE Confidential Draft – Subject to Revision CompanyAV / NTM Rev Top 10 Software Snowflake 72.6x Zscaler 59.3x Bill.com 56.6x Cloudflare 48.4x CrowdStrike 38.1x Shopify 37.7x Datadog 33.3x Atlassian 29.0x MongoDB 28.6x Okta 27.6x Median 37.9x Average 43.1x 0x 10x 20x 30x 40x 50x 60x 70x All Software Top 5 Software Annie Average of All Software (1998 - 2014) Average of All Software (2014 - ) AV / NTM Revenue Multiple Notes: 1. Market data and Thomson Consensus estimates as of 6/25/2021 2. Annie revenue multiple performance based on Class A shares 3. Annie metrics reflect multiples based on Thomson consensus estimates 4. AV / Revenue multiple represents the average of the highest 5 and all AV / NTM Revenue multiples on a given day. Excludes Symantec for some periods due to distortionary effects 5 Software Multiples Are at All Time Highs, Despite Recent Volatility 55.0x 4.4x(2) 6.8x 3.2x 12.6x Morgan Stanley

PROJECT ANNIE Confidential Draft – Subject to Revision Average Spot 4.4x 30-D 4.4x 90-D 4.4x 180-D 4.3x 1-Yr 3.6x 2-Yr 3.1x 3-Yr 3.0x 2-Yr: 3.1x 1-Yr: 3.6x 90-D: 4.4x 1.0x 1.5x 2.0x 2.5x 3.0x 3.5x 4.0x 4.5x 5.0x 5.5x Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Spot: 4.4x 30-D: 4.4x 180-D: 4.3x 3-Yr: 3.0x Annie Historical AV / NTM Revenue Multiples Last 3-Years 6 Source: Capital IQ, Thomson Consensus Estimates Notes: 1. Market data as of 6/25/2021 2. Annie revenue multiple performance based on Class A shares Morgan Stanley

PROJECT ANNIE Confidential Draft – Subject to Revision Street Case Management Case Premium to AV / Revenue AV / EBITDA AV / Revenue AV / EBITDA Price Current 30-Day Avg. LTM High 1-year Avg. Equity Value Agg. Value CY21E CY22E CY21E CY22E CY21E CY22E CY21E CY22E Annie $72.90 $72.12 $79.00 $57.54 $1,629 $1,490 $335 / 9% $363 / 8% $36 / 11% $45 / 12% $336 / 9% $373 / 11% $37 / 11% $39 / 10% $72.90 0% 1% (8%) 27% $1,629 $1,490 4.4x 4.1x 41.9x 33.4x 4.4x 4.0x 40.8x 38.5x $80.00 10% 11% 1% 39% $1,790 $1,652 4.9x 4.5x 46.4x 37.0x 4.9x 4.4x 45.2x 42.6x $81.00 11% 12% 3% 41% $1,813 $1,674 5.0x 4.6x 47.1x 37.5x 5.0x 4.5x 45.8x 43.2x $82.00 12% 14% 4% 43% $1,836 $1,697 5.1x 4.7x 47.7x 38.0x 5.0x 4.6x 46.4x 43.8x $83.00 14% 15% 5% 44% $1,858 $1,720 5.1x 4.7x 48.3x 38.6x 5.1x 4.6x 47.0x 44.4x $84.00 15% 16% 6% 46% $1,881 $1,743 5.2x 4.8x 49.0x 39.1x 5.2x 4.7x 47.7x 45.0x $85.00 17% 18% 8% 48% $1,904 $1,765 5.3x 4.9x 49.6x 39.6x 5.2x 4.7x 48.3x 45.6x $86.00 18% 19% 9% 49% $1,927 $1,788 5.3x 4.9x 50.3x 40.1x 5.3x 4.8x 48.9x 46.1x $87.00 19% 21% 10% 51% $1,949 $1,811 5.4x 5.0x 50.9x 40.6x 5.4x 4.9x 49.5x 46.7x $87.50 20% 21% 11% 52% $1,961 $1,822 5.4x 5.0x 51.2x 40.8x 5.4x 4.9x 49.8x 47.0x $88.00 21% 22% 11% 53% $1,972 $1,834 5.5x 5.0x 51.5x 41.1x 5.5x 4.9x 50.2x 47.3x $89.00 22% 23% 13% 55% $1,995 $1,856 5.5x 5.1x 52.2x 41.6x 5.5x 5.0x 50.8x 47.9x $90.00 23% 25% 14% 56% $2,018 $1,879 5.6x 5.2x 52.8x 42.1x 5.6x 5.0x 51.4x 48.5x Annie Valuation Matrix Source: Company Filings, Company Projections, Capital IQ Notes: 1. Market data as of 6/25/2021 2. Annie’s FY(Jan) treated as CY(Dec) of previous year (e.g. FY22(Jan) = CY21(Dec)) 3. Current Price reflects Class A share price; Equity Value calculation applies one share price to all Class A and Class B shares; current Equity Value applies current Class A share price to all Class A and Class B shares 4. Basic shares, RSUs, PSUs, and SARs outstanding as of 6/25/2021 per Company management; Class B basic shares shown net of treasury shares; cash and debt balances as of 4/30/2021 per FQ1’22 10-Q (debt balance includes note payable for FTZ Corp acquisition); cash balance excludes impact from dividend declared on 6/22/2021 and payable on 7/13/2021 5. Management Case received from Company on 4/6/2021; Street Case calculated as mean of broker estimates as of 6/25/2021 7 $MM unless noted otherwise Current Final Proposal (3) Morgan Stanley

PROJECT ANNIE Confidential Draft – Subject to Revision Standalone Plan Execution Considerations 8 • Cloud conversion opportunity – 2-4x subscription revenue uplift relative to maintenance revenue • Strong recurring revenue growth – 28%+ 5-yr CAGR – Migration, new logos, and 100%+ net retention driving continued sustainable growth • Product roadmap – Continued improvement of cloud product • Competitive positioning – Leading player in targeted global manufacturing ERP verticals – Improving pipeline and progress against competitors • New logo / customer adoption • Improving / holding net retention rates – Stability of the customer base – Reduction in churn – Increase in expansions • Profitability improvements – Ability to expand gross margin – Continued expense management • Continued competitive developments – Win-rates relative to SAP Key Positives Key Issues Morgan Stanley

PROJECT ANNIE Confidential Draft – Subject to Revision Description of Annie Financial Forecasts 9 Notes: 1. Annie’s FY(Jan) treated as CY(Dec) of previous year (e.g. FY22(Jan) = CY21(Dec)) 2. Management Case received from Company on 4/6/2021; Street Case calculated as mean of broker estimates as of 6/25/2021 Annie Street Case (2) SBC Annie Management Case (2) EBITDA Margin Revenue Overview Gross Margin Operating Expense (as % of Revenue) Operating Margin Tax Expense • EBITDA Margin slightly increases to 10.6% in CY2021E and up to 12.3% in CY2022E • Revenue growth reaccelerates to 8.9% in CY2021E and 8.5% in CY2022E after decrease of 0.9% in CY2020 • CY2021E – CY2022E projections from Wall Street Broker Research, calculated as mean of broker estimates • Gross Margin projected to be 59.8% and 60.3% in CY2021E and CY2022E, respectively • Operating Expense as a percent of revenue remains consistent at 52% in CY2020A and into CY2021E and CY2022E • Operating Margin increases to 8.8% in CY2021E and to 10.4% in CY2022E • Effective tax rate increases to 12.5% in CY2021E and to 26.3% in CY2022E • SBC slightly increases to 4.8% of revenue in CY2021E and to 4.9% in CY2022E • EBITDA Margin increases to 10.9% in CY2021E and decreases slightly to 10.4% in CY2022E, approaching 20% in CY2026E • Revenue growth reaccelerates to 9.2% in CY2021E and continues growth to 21.0% in CY2026E • CY2021E – CY2026E projections provided by Annie management • Gross Margin increases slightly to 60.2% and reaches 62% in CY2026E • Operating Expense decreases to 51.7% of revenue in CY2021E and down to 42.5% in CY2026E • Operating Margin increases to 8.5% in CY2021E and reaches 19.5% in CY2026E • Effective tax rate increases to 45% in CY2021E stabilizes at 25% in later years • SBC slightly increases to 5.0% of revenue and comes down steadily to become 3.6% in CY2026E Morgan Stanley ~===============================: ~==============================: ~===============================: ~==============================: :::===============================: ~==============================: ..__________________ ~==============================: :::===============================: ~==============================: :::===============================: ~==============================:

PROJECT ANNIE Confidential Draft – Subject to Revision Revenue $MM Revenue Growth % $308 $335 $363 $403 $456 $527 $622 $336 $373 $421 $491 $584 $707 $333 $311 CY2018A CY2019A CY2020A CY2021E CY2022E CY2023E CY2024E CY2025E CY2026E 9% 8% 11% 13% 16% 18% 9% 11% 13% 17% 19% 21% 9% (7%) (1%) CY2018A CY2019A CY2020A CY2021E CY2022E CY2023E CY2024E CY2025E CY2026E 10 Comparison of Management Case vs. Street Case CY2018A – CY2026E EBITDA $MM EBITDA Margin % $36 $45 $54 $67 $84 $107 $37 $39 $53 $76 $109 $146 $26 $12 $32 CY2018A CY2019A CY2020A CY2021E CY2022E CY2023E CY2024E CY2025E CY2026E 11% 12% 13% 15% 16% 17% 11% 10% 13% 15% 19% 21% 8% 4% 10% CY2018A CY2019A CY2020A CY2021E CY2022E CY2023E CY2024E CY2025E CY2026E Notes: 1. Annie’s FY(Jan) treated as CY(Dec) of previous year (e.g. FY22(Jan) = CY21(Dec)) 2. Management Case received from Company on 4/6/2021; Street Case calculated as mean of broker estimates as of 6/25/2021 3. Street Case extrapolations prepared by Morgan Stanley beginning in CY2023E and reviewed and approved for use by Morgan Stanley by Company management on 6/24/2021 Management Case Street Case Extrapolated Street Case Morgan Stanley • • --•--

PROJECT ANNIE Confidential Draft – Subject to Revision Valuation Methodology Implied Price per Share Public Trading Comparables Revenue (CY21E) Street: 3.0x - 6.0x CY21E Revenue of $335MM Management: 3.0x - 6.0x CY21E Revenue of $336MM Revenue (CY22E) Street: 3.0x - 5.5x CY22E Revenue of $363MM Management: 3.0x - 5.5x CY22E Revenue of $373MM EBITDA (CY21E) Street: 15.0x - 30.0x CY21E EBITDA of $36MM Management: 15.0x - 30.0x CY21E EBITDA of $37MM EBITDA (CY22E) Street: 15.0x - 25.0x CY22E EBITDA of $45MM Management: 15.0x - 25.0x CY22E EBITDA of $39MM Discounted Equity Value Revenue (CY23E); Discounted 2.0 Years 3.0x - 6.0x Street CY23E Revenue of $403MM 3.0x - 6.0x Management CY23E Revenue of $421MM EBITDA (CY23E); Discounted 2.0 Years 15.0x - 30.0x Street CY23E EBITDA of $54MM 15.0x - 30.0x Management CY23E EBITDA of $53MM Discounted Cash Flow Analysis Street Case: 7.1% - 9.1% WACC; 2.0% - 3.0% PGR Management Case: 7.1% - 9.1% WACC; 2.0% - 3.0% PGR Precedent Transaction Multiples 4.0x - 7.0x NTM Revenue (Street) 12.0x - 30.0x NTM EBITDA (Street) Reference Only Precedent Transaction Premia 20% - 40% Premium to 1-Day Spot 20% - 40% Premium to 30-Day Average -15% - 18% Premium to 52-Week High Historical Trading Range Last 30 Days Last 90 Days Last 365 Days Analyst Price Targets Range of Analyst Price Targets (Undiscounted) Range of Analyst Price Targets (Discounted 1-Year @ 8.1%) $51.56 $51.71 $55.31 $56.50 $30.63 $31.28 $36.64 $32.74 $53.26 $55.11 $38.68 $38.02 $53.41 $66.06 $66.31 $25.85 $87.48 $86.54 $66.80 $63.86 $59.98 $38.98 $75.00 $69.38 $95.79 $96.10 $95.28 $97.47 $54.30 $55.59 $56.40 $49.93 $97.33 $101.21 $68.46 $67.14 $88.61 $109.92 $110.53 $54.30 $102.06 $100.97 $93.10 $79.00 $79.00 $79.00 $82.00 $75.85 $0.00 $20.00 $40.00 $60.00 $80.00 $100.00 $120.00 $140.00 Current Price: $72.90 Final Proposal: $87.50 Source: Company Filings, Company Projections, Capital IQ, Thomson Consensus Estimates Notes: 1. Market data and Thomson Consensus estimates as of 6/25/2021 2. Annie’s FY(Jan) treated as CY(Dec) of previous year (e.g. FY22(Jan) = CY21(Dec)); NTM period defined as CY2021E 3. Please refer to individual analyses for additional detail on specific assumptions used 4. Current Price reflects Class A share price; Current Annie Equity Value applies current Class A share price to all Class A and Class B shares 5. Management Case received from Company on 4/6/2021 6. Annie Street Case calculated as mean of broker estimates, as of 6/25/2021 11 Annie Valuation Summary 1 2 3 4 (4) (4) (4) (4) Morgan Stanley •-- •--­ •--- I I -------------------------------------------------------------------------------!------1---------------------------· I I I

PROJECT ANNIE Confidential Draft – Subject to Revision CY21E Median: 13% CY22E Median: 11% CY21E Median: 10% CY22E Median: 11% CY21E Median: 1% CY22E Median: 4% CY21E Median: 373 CY22E Median: 413 CY21E Median: 690 CY22E Median: 754 CY21E Median: 32,608 CY22E Median: 33,853 9% 9% 5% 1% (3%) 15% 13% 11% 11% 10% 10% 9% 8% 6% 4% 19% 17% 10% 8% N.A. 8% 11% 5% 4% 4% 14% 10% 14% 9% 11% 12% 15% 9% 10% 3% 11% 12% 28% 9% 11% 335 336 2,609 3,742 1,907 1,353 850 695 684 587 412 386 338 634 408 373 361 246 363 373 2,718 4,133 1,970 1,478 940 763 744 672 463 445 386 690 457 413 400 316 Comparable Company Operating Metric Benchmarking CY2021E / CY2022E Operating Metrics Total Revenue $MM Revenue Growth % 12 CY2021E / CY2022E Operating Metrics 32,608 41,334 43,213 Source: Company Filings, Company Projections, Capital IQ, Thomson Consensus Estimates, Wall Street Broker Research Notes: 1. Market data and Thomson Consensus estimates as of 6/25/2021 2. Annie’s FY(Jan) treated as CY(Dec) of previous year (e.g. FY22(Jan) = CY21(Dec)) 3. Management Case received from Company on 4/6/2021 4. Annie Street Case calculated as mean of broker estimates, as of 6/25/2021 Annie Financial Profile Peers ERP Business Model Peers CY21E / CY22E Global Supply Chain Peers 33,853 1 Morgan Stanley - - -

PROJECT ANNIE Confidential Draft – Subject to Revision 11% 11% 49% 33% 23% 27% 21% 21% 19% 17% 14% 3% 2% 0% -2% 41% 33% 28% 23% 13% 12% 10% 47% 33% 24% 27% 22% 21% 20% 17% 14% 5% 4% 4% 3% 42% 30% 29% 23% 21% 60% 60% 93% 81% 72% 77% 74% 71% 70% 65% 65% 64% 61% 60% 53% 76% 68% 67% 66% 54% 60% 59% 93% 80% 72% 77% 74% 74% 71% 65% 67% 65% 63% 60% 53% 75% 69% 67% 69% 54% Comparable Company Operating Metric Benchmarking CY2021E / CY2022E Operating Metrics Gross Margin % EBITDA Margin % 13 CY2021E / CY2022E Operating Metrics Source: Company Filings, Company Projections, Capital IQ, Thomson Consensus Estimates, Wall Street Broker Research Notes: 1. Market data and Thomson Consensus estimates as of 6/25/2021 2. Annie’s FY(Jan) treated as CY(Dec) of previous year (e.g. FY22(Jan) = CY21(Dec)) 3. Management Case received from Company on 4/6/2021 4. Annie Street Case calculated as mean of broker estimates, as of 6/25/2021 Annie Financial Profile Peers ERP Business Model Peers CY21E / CY22E Global Supply Chain Peers 1 CY21E Median: 65% CY22E Median: 66% CY21E Median: 81% CY22E Median: 80% CY21E Median: 33% CY22E Median: 33% CY21E Median: 15% CY22E Median: 16% CY21E Median: 28% CY22E Median: 29% CY21E Median: 67% CY22E Median: 69% Morgan Stanley - - -

PROJECT ANNIE Confidential Draft – Subject to Revision 41.9x 40.8x 17.8x 17.0x 13.2x N.M. N.M. N.M. N.M. 47.3x 34.2x 23.3x 23.2x 19.9x 14.8x N.M. N.M. 34.7x 33.7x 26.9x 33.4x 38.5x 16.5x 16.6x 13.2x N.M. N.M. N.M. N.M. 40.3x 29.6x 21.0x 20.6x 17.8x 14.0x N.M. 49.3x 29.6x 29.8x 26.4x 4.4x 4.4x 6.5x 5.6x 4.1x 7.8x 6.8x 6.4x 6.3x 6.1x 5.3x 4.8x 4.5x 3.3x 3.1x 14.6x 14.0x 13.5x 9.6x 8.9x 4.1x 4.0x 6.3x 5.4x 3.9x 7.0x 5.9x 5.9x 5.8x 5.4x 4.8x 4.4x 3.9x 3.0x 3.0x 13.4x 12.5x 10.5x 8.7x 8.0x 14 Comparable Company Trading Metric Benchmarking CY2021E / CY2022E Trading Multiples AV / Revenue x AV / EBITDA x Source: Company Filings, Company Projections, Capital IQ, Thomson Consensus Estimates, Wall Street Broker Research Notes: 1. Market data and Thomson Consensus estimates as of 6/25/2021 2. Annie’s FY(Jan) treated as CY(Dec) of previous year (e.g. FY22(Jan) = CY21(Dec)) 3. Current Annie Equity Value applies current Class A share price to all Class A and Class B shares 4. Management Case received from Company on 4/6/2021 5. Annie Street Case calculated as mean of broker estimates, as of 6/25/2021 6. EBITDA multiples greater than 50.0x shown as N.M. Annie Financial Profile Peers ERP Business Model Peers CY21E / CY22E Global Supply Chain Peers 1 CY21E Median: 5.6x CY22E Median: 5.4x CY21E Median: 33.7x CY22E Median: 29.7x CY21E Median: 23.3x CY22E Median: 20.8x CY21E Median: 17.0x CY22E Median: 16.5x CY21E Median: 5.7x CY22E Median: 5.1x CY21E Median: 13.5x CY22E Median: 10.5x Morgan Stanley - - -

PROJECT ANNIE Confidential Draft – Subject to Revision Street Case Mgmt Case CY2023E Revenue $403 $421 Fwd Multiple 4.5x 4.5x Future AV (June 2023) $1,813 $1,896 Plus: Net Cash $224 $219 Future EV (June 2023) $2,037 $2,115 Future FDSO (June 2023) 23.1 23.2 Future Share Price $88.00 $91.34 Discounted 2.0 Years at 8.1% Cost of Equity Present Share Price $75.30 $78.16 Implied Future Share Price (June 2023) Discounted Future Share Price Street Case Mgmt Case Street Case Mgmt Case CY2023E Revenue $403 $421 3.0x $62.25 $64.41 $53.26 $55.11 3.5x $70.83 $73.39 $60.61 $62.79 4.0x $79.41 $82.36 $67.95 $70.48 4.5x $88.00 $91.34 $75.30 $78.16 5.0x $96.58 $100.32 $82.64 $85.84 5.5x $105.16 $109.30 $89.99 $93.52 6.0x $113.75 $118.28 $97.33 $101.21 Forward Multiple Discounted 2.0 Years at 8.1% Cost of Equity Market Risk Premium 6.0% Risk Free Rate 1.5% Barra Predicted Beta 1.09 Cost of Equity 8.1% Street Case Management Case CY2023E Revenue $403 $421 % Growth 10.8% 13.1% CY2023E Revenue Discounted to 6/30/2021 Using 8.1% Cost of Equity Discounted Equity Value 15 Cost of Equity Assumptions $MM, except where noted Example Implied Share Price Calculation Notes: 1. Annie’s FY(Jan) treated as CY(Dec) of previous year (e.g. FY22(Jan) = CY21(Dec)) 2. Management Case received from Company on 4/6/2021 3. Annie Street Case calculated as mean of broker estimates, as of 6/25/2021 4. Discounted with 8.1% cost of equity based on 1.09 predicted Barra Beta; 6% market risk premium; 1.5% risk-free rate 5. Projected share count based on annual basic share increase of 1.7%, based on historical share increases, with current options and RSUs/PSUs outstanding and reviewed and approved for use by Morgan Stanley by Company management 6. Assumes current debt outstanding is not paid down in forecast period 7. For Management Case, future net cash assumes CQ2-Q4 of CY21E cash flow plus CY22E cash flow plus CQ1-Q2 of CY23E cash flow are added to current cash balance 8. For Street Case, future net cash assumes CQ2-Q4 of CY21E cash flow plus CY22E cash flow plus CQ1-Q2 of CY23E cash flow are added to current cash balance; cash flow for all periods calculated based on EBITDA to FCF conversion from Management Case 9. Street Case extrapolations prepared by Morgan Stanley beginning in CY2023E and reviewed and approved for use by Morgan Stanley by Company management on 6/24/2021 Discounted Equity Valuation – Revenue Based 2 Morgan Stanley ------~

PROJECT ANNIE Confidential Draft – Subject to Revision Street Case Mgmt Case CY2023E EBITDA $54 $53 Fwd Multiple 25.0x 25.0x Future AV (June 2023) $1,359 $1,329 Plus: Net Cash $224 $219 Future EV (June 2023) $1,582 $1,547 Future FDSO (June 2023) 23.1 23.0 Future Share Price $68.43 $67.15 Discounted 2.0 Years at 8.1% Cost of Equity Present Share Price $58.55 $57.45 Implied Future Share Price (June 2023) Discounted Future Share Price Street Case Mgmt Case Street Case Mgmt Case CY2023E EBITDA $54 $53 15.0x $45.20 $44.43 $38.68 $38.02 20.0x $56.85 $55.82 $48.64 $47.77 25.0x $68.43 $67.15 $58.55 $57.45 30.0x $80.01 $78.47 $68.46 $67.14 Forward Multiple Discounted 2.0 Years at 8.1% Cost of Equity Market Risk Premium 6.0% Risk Free Rate 1.5% Barra Predicted Beta 1.09 Cost of Equity 8.1% Street Case Management Case CY2023E EBITDA $54 $53 % Margin 13.5% 12.6% CY2023E EBITDA Discounted to 6/30/2021 Using 8.1% Cost of Equity Discounted Equity Value 16 Cost of Equity Assumptions $MM, except where noted Example Implied Share Price Calculation Discounted Equity Valuation – EBITDA Based 2 Notes: 1. Annie’s FY(Jan) treated as CY(Dec) of previous year (e.g. FY22(Jan) = CY21(Dec)) 2. Management Case received from Company on 4/6/2021 3. Annie Street Case calculated as mean of broker estimates, as of 6/25/2021 4. Discounted with 8.1% cost of equity based on 1.09 predicted Barra Beta; 6% market risk premium; 1.5% risk-free rate 5. Projected share count based on annual basic share increase of 1.7%, based on historical share increases, with current options and RSUs/PSUs outstanding and reviewed and approved for use by Morgan Stanley by Company management 6. Assumes current debt outstanding is not paid down in forecast period 7. For Management Case, future net cash assumes CQ2-Q4 of CY21E cash flow plus CY22E cash flow plus CQ1-Q2 of CY23E cash flow are added to current cash balance 8. For Street Case, future net cash assumes CQ2-Q4 of CY21E cash flow plus CY22E cash flow plus CQ1-Q2 of CY23E cash flow are added to current cash balance; cash flow for all periods calculated based on EBITDA to FCF conversion from Management Case 9. Street Case extrapolations prepared by Morgan Stanley beginning in CY2023E and reviewed and approved for use by Morgan Stanley by Company management on 6/24/2021 Morgan Stanley ------~

PROJECT ANNIE Confidential Draft – Subject to Revision Revenue Growth and EBITDA Margin Assumptions Source: Management Financials, Wall Street Broker Research Notes: 1. Annie’s FY(Jan) treated as CY(Dec) of previous year (e.g. FY22(Jan) = CY21(Dec)) 2. Management Case received from Company on 4/6/2021 3. Annie Street Case calculated as mean of broker estimates, as of 6/25/2021 4. Extrapolated figures highlighted by dashed lines 17 Revenue Growth EBITDA Margin 10.6% 12.3% 13.5% 14.7% 15.9% 17.1% 18.4% 19.6% 20.8% 22.0% 10.9% 10.4% 12.6% 15.5% 18.7% 20.6% 20.9% 21.3% 21.6% 22.0% CY2021E CY2022E CY2023E CY2024E CY2025E CY2026E CY2027E CY2028E CY2029E CY2030E Management Case Street Case Extrapolated Street Case Extrapolated Management Case 3 8.9% 8.5% 10.8% 13.2% 15.6% 18.0% 14.4% 10.8% 7.1% 3.5% 9.2% 10.8% 13.1% 16.6% 18.9% 21.0% 16.6% 12.2% 7.9% 3.5% CY2021E CY2022E CY2023E CY2024E CY2025E CY2026E CY2027E CY2028E CY2029E CY2030E Extrapolations Approved for Use by Morgan Stanley by Annie Management Street Case Management Case Extrapolations Approved for Use by Morgan Stanley by Annie Management Morgan Stanley 0 I I I I I I I I I I I I I I I I __ I __ _JI 8= :-S= .------9.":------Q--------Q--- _ _______ ,:; ~--------,,----------,,-.---------,r-- ---- , ' ---- ----,. ' ' ---·;:-- : : ' --::::::::-- - ' ' --"''-- ' ' -. .. - ...... __ ' ' --~ -- : : - ,i----- ' ' --- ,. ' ' ·,J I I I I I I I ---------0-----y---------,,---------" ---------,~---------(,-.---------<,.. ________ .:p,=========.:fi=====···•<J I I I I I I I I I I I I I I I --------- --0-- --C>-· --0-- --C>-·

PROJECT ANNIE Confidential Draft – Subject to Revision Discount Rate 7.1% 8.1% 9.1% Perpetual Growth Rate 2.0% 2.5% 3.0% 2.0% 2.5% 3.0% 2.0% 2.5% 3.0% Present Value of: CY2021E - CY2030E Cash Flows $351 $351 $351 $333 $333 $333 $316 $316 $316 Undiscounted Terminal Value 2,183 2,433 2,746 1,826 2,000 2,208 1,569 1,697 1,846 PV of Terminal Value 1,180 1,315 1,484 908 995 1,098 719 778 846 Aggregate Value $1,531 $1,666 $1,835 $1,241 $1,327 $1,431 $1,035 $1,093 $1,162 ( + ) Net Cash $144 $144 $144 $144 $144 $144 $144 $144 $144 ( + ) PV of NOLs $7 $7 $7 $7 $7 $7 $7 $7 $7 Equity Value $1,682 $1,817 $1,986 $1,392 $1,478 $1,582 $1,186 $1,244 $1,313 Diluted Shares 22.35 22.38 22.41 22.28 22.30 22.33 22.20 22.22 22.25 Price / Share $75.23 $81.19 $88.61 $62.48 $66.29 $70.84 $53.41 $55.99 $58.99 Premium / (Discount) to Unaffected 3% 11% 22% (14%) (9%) (3%) (27%) (23%) (19%) % of Aggregate Value CY2021E - CY2030E Cash Flows 22.9% 21.1% 19.1% 26.8% 25.1% 23.3% 30.5% 28.9% 27.2% PV of Terminal Value 77.1% 78.9% 80.9% 73.2% 74.9% 76.7% 69.5% 71.1% 72.8% Implied Terminal Value / NTM Revenue 2.4x 2.7x 3.0x 2.0x 2.2x 2.5x 1.8x 1.9x 2.1x Implied Terminal Value / NTM EBITDA 11.1x 12.3x 13.9x 9.3x 10.1x 11.1x 8.0x 8.6x 9.3x Street Case Extrapolations Approved for Use by Morgan Stanley by Annie Management CY2021E CY2022E CY2023E CY2024E CY2025E CY2026E CY2027E CY2028E CY2029E CY2030E Revenue $335 $363 $403 $456 $527 $622 $712 $788 $844 $874 Revenue Growth % 8.9% 8.5% 10.8% 13.2% 15.6% 18.0% 14.4% 10.8% 7.1% 3.5% EBIT 29 38 47 59 76 98 121 145 166 184 % Margin 8.8% 10.4% 11.7% 13.0% 14.4% 15.7% 17.0% 18.3% 19.7% 21.0% ( + ) D&A 6 7 7 8 8 9 9 10 9 9 % of Revenue 1.8% 1.9% 1.8% 1.7% 1.6% 1.4% 1.3% 1.2% 1.1% 1.0% EBITDA (Unburdened by SBC) $36 $45 $54 $67 $84 $107 $131 $154 $176 $192 % Margin 10.6% 12.3% 13.5% 14.7% 15.9% 17.1% 18.4% 19.6% 20.8% 22.0% ( - ) SBC (Cash-equivalent Cost) (16) (18) (18) (21) (24) (28) (32) (35) (38) (39) % of Revenue 4.8% 4.9% 4.5% 4.5% 4.5% 4.5% 4.5% 4.5% 4.5% 4.5% ( - ) Taxes (2) (5) (7) (10) (13) (17) (22) (27) (32) (36) Implied % Tax Rate 12.5% 26.3% 25.0% 25.0% 25.0% 25.0% 25.0% 25.0% 25.0% 25.0% ( - ) Capital Expenditure (3) (4) (7) (8) (8) (9) (9) (10) (9) (9) % of Revenue 0.9% 1.1% 1.8% 1.7% 1.6% 1.4% 1.3% 1.2% 1.1% 1.0% ( + / - ) Decrease (Increase) in NWC 1 1 1 1 1 1 1 1 1 0 % of Change in Revenue 3.2% 3.4% 2.7% 2.2% 1.8% 1.5% 1.5% 1.5% 1.5% 1.3% uFCF (Burdened by SBC) $16 $19 $23 $30 $40 $54 $68 $83 $97 $109 % of Revenue 4.7% 5.1% 5.7% 6.6% 7.6% 8.6% 9.6% 10.5% 11.5% 12.4% Discounted Cash Flow Analysis – Street Case Free Cash Flow Build Discounted Cash Flow Valuation 18 7.1% - 9.1% WACC, 2.0% - 3.0% PGR 3 Notes: 1. Assumes valuation date of 6/30/2021; DCF reflects cash flows beginning in CQ3 2021; Annie’s FY(Jan) treated as CY(Dec) of previous year (e.g. FY22(Jan) = CY21(Dec)) 2. Annie Street Case calculated as mean of broker estimates, as of 6/25/2021; Street Case extrapolations prepared by Morgan Stanley beginning in CY2023E and reviewed and approved for use by Morgan Stanley by Company management on 6/24/2021 3. Discounted with 8.1% Weighted Average Cost of Capital based on 1.09 predicted Barra Beta; 6% market risk premium; 1.5% risk-free rate 4. Basic share count, SARs, and RSUs/PSUs outstanding as of 6/25/2021 as provided and approved for use by Morgan Stanley by Company management 5. For Street Case, 6/30/2021 net cash assumes CQ2 of CY21E cash flow is added to current cash balance; cash flow for all periods calculated based on EBITDA to FCF conversion from Management Case; Assumes current debt outstanding is not paid down in forecast period 6. Street Case net working capital assumptions based on Management Case extrapolations (2) Morgan Stanley ._ ______________ .,

PROJECT ANNIE Confidential Draft – Subject to Revision Discount Rate 7.1% 8.1% 9.1% Perpetual Growth Rate 2.0% 2.5% 3.0% 2.0% 2.5% 3.0% 2.0% 2.5% 3.0% Present Value of: CY2021E - CY2030E Cash Flows $476 $476 $476 $450 $450 $450 $427 $427 $427 Undiscounted Terminal Value 2,706 3,017 3,404 2,264 2,479 2,737 1,946 2,104 2,289 PV of Terminal Value 1,462 1,630 1,840 1,126 1,233 1,362 891 964 1,049 Aggregate Value $1,938 $2,106 $2,315 $1,576 $1,683 $1,812 $1,318 $1,391 $1,475 ( + ) Net Cash $144 $144 $144 $144 $144 $144 $144 $144 $144 ( + ) PV of NOLs $11 $11 $11 $11 $11 $11 $11 $11 $11 Equity Value $2,093 $2,261 $2,471 $1,731 $1,839 $1,967 $1,473 $1,546 $1,631 Diluted Shares 22.43 22.45 22.48 22.37 22.39 22.41 22.30 22.32 22.34 Price / Share $93.34 $100.72 $109.92 $77.42 $82.13 $87.78 $66.06 $69.26 $72.98 Premium / (Discount) to Unaffected 28% 38% 51% 6% 13% 20% (9%) (5%) 0% % of Aggregate Value CY2021E - CY2030E Cash Flows 24.5% 22.6% 20.5% 28.6% 26.7% 24.9% 32.4% 30.7% 28.9% PV of Terminal Value 75.5% 77.4% 79.5% 71.4% 73.3% 75.1% 67.6% 69.3% 71.1% Implied Terminal Value / NTM Revenue 2.6x 2.9x 3.2x 2.2x 2.3x 2.6x 1.8x 2.0x 2.2x Implied Terminal Value / NTM EBITDA 11.7x 13.0x 14.6x 9.8x 10.7x 11.7x 8.4x 9.0x 9.8x Management Case Extrapolations Approved for Use by Annie Mgmt CY2021E CY2022E CY2023E CY2024E CY2025E CY2026E CY2027E CY2028E CY2029E CY2030E Revenue $336 $373 $421 $491 $584 $707 $824 $924 $997 $1,032 Revenue Growth % 9.2% 10.8% 13.1% 16.6% 18.9% 21.0% 16.6% 12.2% 7.9% 3.5% EBIT 29 31 45 68 101 138 164 188 206 217 % Margin 8.5% 8.3% 10.7% 13.9% 17.3% 19.5% 19.9% 20.3% 20.6% 21.0% ( + ) D&A 8 8 8 8 8 8 8 9 10 10 % of Revenue 2.3% 2.1% 1.9% 1.6% 1.3% 1.1% 1.0% 1.0% 1.0% 1.0% EBITDA (Unburdened by SBC) $37 $39 $53 $76 $109 $146 $173 $197 $216 $227 % Margin 10.9% 10.4% 12.6% 15.5% 18.7% 20.6% 20.9% 21.3% 21.6% 22.0% ( - ) SBC (Cash-equivalent Cost) (17) (17) (19) (21) (23) (25) (30) (33) (36) (37) % of Revenue 5.0% 4.7% 4.6% 4.4% 4.0% 3.6% 3.6% 3.6% 3.6% 3.6% ( - ) Taxes (5) (4) (7) (12) (20) (29) (34) (39) (43) (46) Implied % Tax Rate 45.3% 27.9% 25.0% 25.0% 25.0% 25.0% 25.0% 25.0% 25.0% 25.0% ( - ) Capital Expenditure (3) (3) (3) (3) (3) (3) (8) (9) (10) (10) % of Revenue 0.9% 0.8% 0.7% 0.6% 0.5% 0.4% 1.0% 1.0% 1.0% 1.0% ( + / - ) Decrease (Increase) in NWC 1 1 1 1 1 1 1 1 1 0 % of Change in Revenue 3.0% 2.6% 2.1% 1.6% 1.4% 1.1% 1.1% 1.1% 1.1% 1.1% uFCF (Burdened by SBC) $12 $15 $25 $41 $64 $90 $102 $116 $128 $135 % of Revenue 3.6% 4.1% 5.9% 8.3% 11.0% 12.7% 12.4% 12.6% 12.8% 13.0% Discounted Cash Flow Analysis – Management Case Free Cash Flow Build 19 Notes: 1. Assumes valuation date of 6/30/2021; DCF reflects cash flows beginning in CQ3 2021; Annie’s FY(Jan) treated as CY(Dec) of previous year (e.g. FY22(Jan) = CY21(Dec)) 2. Management Case received from Company on 4/6/2021. Extrapolations prepared by Morgan Stanley beginning in CY2027E and reviewed and approved for use by Morgan Stanley by Company on 6/24/2021 3. Discounted with 8.1% Weighted Average Cost of Capital based on 1.09 predicted Barra Beta; 6% market risk premium; 1.5% risk-free rate 4. Basic share count, SARs, and RSUs/PSUs outstanding as of 6/25/2021 as provided and approved for use by Morgan Stanley by Company management 5. For Management Case, 6/30/2021 net cash assumes CQ2 of CY21E cash flow is added to current cash balance; Assumes current debt outstanding is not paid down in forecast period 3 (2) Discounted Cash Flow Valuation 7.1% - 9.1% WACC, 2.0% - 3.0% PGR Morgan Stanley .- -----------------------. I I L-----------------------1

PROJECT ANNIE Confidential Draft – Subject to Revision 9.4x 9.3x 8.3x 8.2x 8.0x 7.3x 6.8x 5.3x 5.1x 4.9x 4.7x 4.3x 3.9x 3.8x 3.7x 3.6x 3.5x 3.4x 3.3x 3.2x 2.7x 2.7x Red Hat / IBM Proofpoint / Thoma Bravo Callidus / SAP RealPage / Thoma Bravo Carbon Black / VMware Talend / Thoma Bravo Ellie Mae / Thoma Bravo Cloudera / CD&R, KKR Sophos / Thoma Bravo Forescout / Advent, Crosspoint Imperva / Thoma Bravo CA Technologies / Broadcom athenahealth / Veritas & Evergreen Barracuda / Thoma Bravo Gigamon / Elliott Management Infloblox / Vista Equity Partners Cision / Platinum Equity LogMeIn / Francisco Partners; Evergreen (Elliot) AVG Technologies / Avast Software LifeLock / Symantec Endurance International / Clearlake Capital Carbonite, Inc / Open Text Corporation Quartile Multiple Top Quartile 7.2x Median 4.5x Bottom Quartile 3.5x 14% 10% 14% 12% 14% 15% 3% 4% 7% 4% 4% 1% 9% 6% 17% 3% 7% 4% 1% 12% 1% 4% 27% 18% 16% 28% N.M. N.M. 28% 26% 16% N.M. 11% 40% 28% 19% 22% 14% 35% 32% 37% 14% 27% 27% Select Revenue Precedent Transaction Multiples $1Bn+ Aggregate Value Public Software Deals Since 2016; <15% Growth 20 AV / NTM Revenue Precedent Median: 4.5x Rev Growth EBITDA Margin NTM Final Proposal: 5.4x Notes: 1. Market data as of 6/25/2021 2. CY2021E financials represent NTM estimates; Annie’s FY(Jan) treated as CY(Dec) of previous year (e.g. FY22(Jan) = CY21(Dec)) 3. Thoma Bravo implied proposal multiple and premia based on proposal price of $87.50 received 6/18/2021 4. Thoma Bravo proposal multiples and premia based on Street Case estimates Source: Public Disclosure, Deal Point Strategic Sponsor 4 Morgan Stanley 1111 1111

PROJECT ANNIE Confidential Draft – Subject to Revision N.M. N.M. N.M. 52.0x 52.0x 41.1x 35.0x 31.3x 29.2x 26.2x 24.5x 23.9x 20.1x 19.6x 17.1x 14.1x 10.8x 10.6x 9.9x 9.9x 9.9x 9.0x Carbon Black / VMware Talend / Thoma Bravo Forescout / Advent, Crosspoint Callidus / SAP Proofpoint / Thoma Bravo Imperva / Thoma Bravo Red Hat / IBM Sophos / Thoma Bravo RealPage / Thoma Bravo Infloblox / Vista Equity Partners Ellie Mae / Thoma Bravo LifeLock / Symantec Cloudera / CD&R, KKR Barracuda / Thoma Bravo Gigamon / Elliott Management athenahealth / Veritas & Evergreen CA Technologies / Broadcom LogMeIn / Francisco Partners; Evergreen (Elliot) Endurance International / Clearlake Capital Cision / Platinum Equity Carbonite, Inc / Open Text Corporation AVG Technologies / Avast Software Quartile Multiple Top Quartile 30.3x Median 20.1x Bottom Quartile 10.7x 14% 15% 4% 14% 10% 4% 14% 7% 12% 3% 3% 12% 4% 6% 17% 9% 1% 4% 1% 7% 4% 1% N.M. N.M. N.M. 16% 18% 11% 27% 16% 28% 14% 28% 14% 26% 19% 22% 28% 40% 32% 27% 35% 27% 37% Select EBITDA Precedent Transaction Multiples $1Bn+ Aggregate Value Public Software Deals Since 2016; <15% Growth 21 AV / NTM EBITDA Precedent Median: 20.1x Rev Growth EBITDA Margin NTM Final Proposal: 51.2x Notes: 1. Market data as of 6/25/2021 2. CY2021E financials represent NTM estimates; Annie’s FY(Jan) treated as CY(Dec) of previous year (e.g. FY22(Jan) = CY21(Dec)) 3. Thoma Bravo implied proposal multiple and premia based on proposal price of $87.50 received 6/18/2021 4. Thoma Bravo proposal multiples and premia based on Street Case estimates Source: Public Disclosure, Deal Point Strategic Sponsor 4 Morgan Stanley 1111 1111

PROJECT ANNIE Confidential Draft – Subject to Revision 79% 78% 63% 39% 37% 36% 34% 33% 31% 29% 29% 28% 25% 24% 21% 21% 20% 18% 16% 16% 12% 10% Endurance International / Clearlake Capital Carbonite, Inc / Open Text Corporation Red Hat / IBM Carbon Black / VMware Sophos / Thoma Bravo LifeLock / Symantec Proofpoint / Thoma Bravo AVG Technologies / Avast Software RealPage / Thoma Bravo Imperva / Thoma Bravo Talend / Thoma Bravo Forescout / Advent, Crosspoint LogMeIn / Francisco Partners; Evergreen (Elliot) Cloudera / CD&R, KKR Gigamon / Elliott Management Ellie Mae / Thoma Bravo CA Technologies / Broadcom Cision / Platinum Equity Barracuda / Thoma Bravo Infloblox / Vista Equity Partners athenahealth / Veritas & Evergreen Callidus / SAP Quartile Premium Top Quartile 35% Median 29% Bottom Quartile 20% 1% 4% 14% 14% 7% 12% 10% 1% 12% 4% 15% 4% 4% 4% 17% 3% 1% 7% 6% 3% 9% 14% 27% 27% 27% N.M. 16% 14% 18% 37% 28% 11% N.M. N.M. 32% 26% 22% 28% 40% 35% 19% 14% 28% 16% $1Bn+ Aggregate Value Public Software Deals Since 2016; <15% Growth 22 Rev Growth EBITDA Margin NTM Unaffected 1-Day Spot Premia Notes: 1. Market data as of 6/25/2021; Annie premia based on Class A share price 2. Annie’s FY(Jan) treated as CY(Dec) of previous year (e.g. FY22(Jan) = CY21(Dec)) 3. Thoma Bravo implied proposal multiple and premia based on proposal price of $87.50 received 6/18/2021 Precedent Median: 29% Final Proposal: 20% Select Precedent Transaction Unaffected 1-Day Spot Premia Source: Public Disclosure, Deal Point Strategic Sponsor Morgan Stanley 1111 1111

PROJECT ANNIE Confidential Draft – Subject to Revision 65% 51% 48% 45% 43% 41% 37% 35% 35% 30% 30% 30% 29% 28% 27% 25% 22% 22% 21% 20% 10% 9% Endurance International / Clearlake Capital Carbonite, Inc / Open Text Corporation Red Hat / IBM Sophos / Thoma Bravo Carbon Black / VMware LifeLock / Symantec Ellie Mae / Thoma Bravo Proofpoint / Thoma Bravo RealPage / Thoma Bravo Talend / Thoma Bravo AVG Technologies / Avast Software Cloudera / CD&R, KKR Forescout / Advent, Crosspoint Cision / Platinum Equity Infloblox / Vista Equity Partners LogMeIn / Francisco Partners; Evergreen (Elliot) CA Technologies / Broadcom Barracuda / Thoma Bravo Imperva / Thoma Bravo Callidus / SAP Gigamon / Elliott Management athenahealth / Veritas & Evergreen Quartile Premium Top Quartile 40% Median 30% Bottom Quartile 23% 1% 4% 14% 7% 14% 12% 3% 10% 12% 15% 1% 4% 4% 7% 3% 4% 1% 6% 4% 14% 17% 9% 27% 27% 27% 16% N.M. 14% 28% 18% 28% N.M. 37% 26% N.M. 35% 14% 32% 40% 19% 11% 16% 22% 28% $1Bn+ Aggregate Value Public Software Deals Since 2016; <15% Growth 23 Rev Growth EBITDA Margin NTM Unaffected 30-Day Average Premia Precedent Median: 30% Final Proposal: 21% Select Precedent Transaction Unaffected 30-Day Average Premia Source: Public Disclosure, Deal Point Strategic Sponsor Notes: 1. Market data as of 6/25/2021; Annie premia based on Class A share price 2. Annie’s FY(Jan) treated as CY(Dec) of previous year (e.g. FY22(Jan) = CY21(Dec)) 3. Thoma Bravo implied proposal multiple and premia based on proposal price of $87.50 received 6/18/2021 Morgan Stanley 1111 1111

PROJECT ANNIE Confidential Draft – Subject to Revision 45% 35% 28% 26% 19% 19% 16% 15% 10% 8% 6% 3% (2%) (11%) (13%) (15%) (16%) (17%) (27%) (34%) (36%) (46%) Endurance International / Clearlake Capital LifeLock / Symantec RealPage / Thoma Bravo Proofpoint / Thoma Bravo CA Technologies / Broadcom Sophos / Thoma Bravo Talend / Thoma Bravo Infloblox / Vista Equity Partners Callidus / SAP Red Hat / IBM Barracuda / Thoma Bravo Carbon Black / VMware Imperva / Thoma Bravo LogMeIn / Francisco Partners; Evergreen (Elliot) AVG Technologies / Avast Software Ellie Mae / Thoma Bravo Cloudera / CD&R, KKR athenahealth / Veritas & Evergreen Forescout / Advent, Crosspoint Cision / Platinum Equity Gigamon / Elliott Management Carbonite, Inc / Open Text Corporation 1% 12% 12% 10% 1% 7% 15% 3% 14% 14% 6% 14% 4% 4% 1% 3% 4% 9% 4% 7% 17% 4% 27% 14% 28% 18% 40% 16% N.M. 14% 16% 27% 19% N.M. 11% 32% 37% 28% 26% 28% N.M. 35% 22% 27% Quartile Premium Top Quartile 18% Median 4% Bottom Quartile (15%) Select Precedent Transaction Unaffected 52-Week High Premia $1Bn+ Aggregate Value Public Software Deals Since 2016; <15% Growth Source: Public Disclosure, Deal Point 24 Unaffected 52-Week High Premia Rev Growth EBITDA Margin NTM Precedent Median: 4% Final Proposal: 11% Strategic Sponsor Notes: 1. Market data as of 6/25/2021; Annie premia based on Class A share price 2. Annie’s FY(Jan) treated as CY(Dec) of previous year (e.g. FY22(Jan) = CY21(Dec)) 3. Thoma Bravo implied proposal multiple and premia based on proposal price of $87.50 received 6/18/2021 Morgan Stanley 1111 1111

PROJECT ANNIE Confidential Draft – Subject to Revision Price Target Range Min $75.00 Max $82.00 Min (Discounted 1-year @ 8.1% Cost of Equity) $69.38 Max (Discounted 1-year @ 8.1% Cost of Equity) $75.85 FYE: January 31st Date of Target Valuation Total Revenue GAAP Gross Margin Adjusted EBITDA Broker Report Rating Price Methodology CY2021E CY2022E CY2021E CY2022E CY2021E CY2022E William Blair 05/27/21 Buy -- SOTP, 10.9x Peer Subscription Revenue Multiple $333 $362 60.4% 61.5% $35 $52 Stifel 05/26/21 Buy $75.00 ~5.0x FY23E EV/Recurring Revenue $335 $363 -- -- $37 $35 Sidoti 05/27/21 Neutral $82.00 45x FY2025 EPS Forecast $332 $355 59.9% 60.9% $34 $46 K. Liu 05/27/21 -- $77.00 4x FY'23 AV / Sales Multiple $341 $373 59.0% 58.7% $36 $46 Mean $78.00 $335 $363 59.8% 60.3% $36 $45 Median $77.00 $334 $363 59.9% 60.9% $36 $46 Max $82.00 $341 $373 60.4% 61.5% $37 $52 Min $75.00 $332 $355 59.0% 58.7% $34 $35 Street Case $335 $363 59.8% 60.3% $36 $45 Management Case $336 $373 60.2% 58.7% $37 $39 Broker Estimates for Annie Post FQ1 2021 Notes: 1. Latest available broker estimates 2. Annie’s FY(Jan) treated as CY(Dec) of previous year (e.g. FY22(Jan) = CY21(Dec)) 25 Analyst Estimates and Target $MM, except per share data Morgan Stanley

Confidential Draft – Subject to Revision APPENDIX Supplementary Materials 26 Morgan Stanley

PROJECT ANNIE Confidential Draft – Subject to Revision Stock Market Agg. Sales Y/Y Sales Growth Gross Margin EBITDA Margin AV / Revenue AV / EBITDA Name Price Cap Val CY21E CY22E CY21E/20A CY22E/21E CY21E CY22E CY21E CY22E CY21E CY22E CY21E CY22E Annie-Street $72.90 1,629 1,490 335 363 9% 8% 60% 60% 11% 12% 4.4x 4.1x 41.9x 33.4x Annie-Mgmt $72.90 1,629 1,490 336 373 9% 11% 60% 59% 11% 10% 4.4x 4.0x 40.8x 38.5x ERP Business Model Peers Oracle $78.46 231,791 270,196 41,334 43,213 5% 5% 81% 80% 49% 47% 6.5x 6.3x 13.2x 13.2x SAP $140.55 176,134 183,892 32,608 33,853 (3%) 4% 72% 72% 33% 33% 5.6x 5.4x 17.0x 16.6x Sage $9.55 10,615 10,633 2,609 2,718 1% 4% 93% 93% 23% 24% 4.1x 3.9x 17.8x 16.5x Median 176,134 183,892 32,608 33,853 1% 4% 81% 80% 33% 33% 5.6x 5.4x 17.0x 16.5x Financial Profile Peers Vertex $22.14 3,499 3,222 412 463 10% 12% 70% 71% 17% 17% 7.8x 7.0x 47.3x 40.3x Zuora $18.29 2,480 2,287 338 386 11% 14% 65% 67% 2% 4% 6.8x 5.9x N.M. N.M. Alarm.com $86.30 4,521 4,378 684 744 11% 9% 64% 65% 19% 20% 6.4x 5.9x 34.2x 29.6x New Relic $69.54 4,728 4,412 695 763 6% 10% 71% 74% 0% 4% 6.3x 5.8x N.M. N.M. 8x8 $28.00 3,396 3,605 587 672 15% 14% 61% 63% 3% 5% 6.1x 5.4x N.M. N.M. Box $25.21 4,165 4,526 850 940 10% 11% 74% 74% 27% 27% 5.3x 4.8x 19.9x 17.8x GoDaddy $86.89 15,436 18,060 3,742 4,133 13% 10% 65% 65% 21% 21% 4.8x 4.4x 23.2x 20.6x Yext $14.57 2,019 1,747 386 445 9% 15% 77% 77% (2%) 3% 4.5x 3.9x N.M. N.M. Vonage $14.67 3,917 4,421 1,353 1,478 8% 9% 53% 53% 14% 14% 3.3x 3.0x 23.3x 21.0x Teradata $51.22 5,905 5,992 1,907 1,970 4% 3% 60% 60% 21% 22% 3.1x 3.0x 14.8x 14.0x Median 4,041 4,395 690 754 10% 11% 65% 66% 15% 16% 5.7x 5.1x 23.3x 20.8x Global Supply Chain Peers Manhattan $145.61 9,453 9,256 634 690 8% 9% 54% 54% 23% 23% 14.6x 13.4x N.M. N.M. Descartes $67.84 5,830 5,700 408 457 17% 12% 76% 75% 41% 42% 14.0x 12.5x 33.7x 29.8x Kinaxis $126.51 3,531 3,317 246 316 10% 28% 66% 69% 13% 21% 13.5x 10.5x N.M. 49.3x SPS $102.64 3,807 3,598 373 413 19% 11% 68% 69% 28% 29% 9.6x 8.7x 34.7x 29.6x E2open $11.80 2,481 3,216 361 400 N.A. 11% 67% 67% 33% 30% 8.9x 8.0x 26.9x 26.4x Median 3,807 3,598 373 413 13% 11% 67% 69% 28% 29% 13.5x 10.5x 33.7x 29.7x Comparable Company Benchmarking Summary Business and Financial Peers Source: Company Filings, Company Projections, Capital IQ, Thomson Consensus Estimates, Wall Street Broker Research Notes: 1. Market data and Thomson Consensus estimates as of 6/25/2021 2. Annie’s FY(Jan) treated as CY(Dec) of previous year (e.g. FY22(Jan) = CY21(Dec)) 3. Current Annie Equity Value applies current Class A share price to all Class A and Class B shares 4. Management Case received from Company on 4/6/2021 5. Annie Street Case calculated as mean of broker estimates, as of 6/25/2021 6. EBITDA multiples greater than 50.0x shown as N.M. SUPPLEMENTARY MATERIALS 27 Sorted By Morgan Stanley

PROJECT ANNIE Confidential Draft – Subject to Revision Class A Common Stock Outstanding (MM) 17.662 Class B Common Stock Outstanding (MM) 3.345 Basic Total Shares Outstanding (MM) 21.007 Dilution Shares (MM) Weighted Strike Proceeds Additional Shares SAR Class A Tranche 1 0.160 $22.18 3.549 0.111 SAR Class A Tranche 2 0.160 $26.11 4.178 0.103 SAR Class A Tranche 3 0.160 $19.12 3.059 0.118 SAR Class A Tranche 4 0.190 $31.65 6.014 0.108 SAR Class A Tranche 5 0.190 $53.50 10.165 0.051 SAR Class B Tranche 1 0.030 $18.80 0.564 0.022 SAR Class B Tranche 2 0.030 $21.25 0.638 0.021 SAR Class B Tranche 3 0.030 $16.07 0.482 0.023 RSUs + PSUs 0.779 $0.00 0.000 0.779 Annie Current Price $72.90 Fully Diluted Shares Outstanding (MM) 22.343 Fully Diluted Equity Value $1,629 ( - ) Total Cash $153 ( + ) Short-term Debt $1 ( + ) Long-term Debt $14 Fully Diluted Aggregate Value $1,490 Annie Capitalization Summary Source: Company Filings, Capital IQ Notes: 1. Market data as of 6/25/2021 2. Current Equity Value applies current Class A share price to all Class A and Class B shares 3. Basic shares, RSUs, PSUs, and SARs outstanding as of 6/25/2021 per Company management; Class B basic shares shown net of treasury shares; cash and debt balances as of 4/30/2021 per FQ1’22 10-Q (debt balance includes note payable for FTZ Corp acquisition); cash balance excludes impact from dividend declared on 6/22/2021 and payable on 7/13/2021 SUPPLEMENTARY MATERIALS 28 Annie Capitalization $MM, except per share metrics Morgan Stanley

PROJECT ANNIE Confidential Draft – Subject to Revision SAR Class A Tranche Ending Outstanding Price Proceeds Additional Shares (MM) Tranche 1 0.160 $22.18 3.55 0.111 Tranche 2 0.160 $26.11 4.18 0.103 Tranche 3 0.160 $19.12 3.06 0.118 Tranche 4 0.190 $31.65 6.01 0.108 Tranche 5 0.190 $53.50 10.17 0.051 SARs Class A 0.490 SAR Class B Tranche Ending Outstanding Price Proceeds Additional Shares (MM) Tranche 1 0.030 $18.80 0.56 0.022 Tranche 2 0.030 $21.25 0.64 0.021 Tranche 3 0.030 $16.07 0.48 0.023 SARs Class B 0.067 SAR Subtotal 0.557 RSUs + PSUs Tranche Ending Outstanding Price Proceeds Additional Shares (MM) RSUs 0.545 $0.00 0.00 0.545 PSUs 0.234 $0.00 0.00 0.234 RSU + PSU Subtotal 0.779 Total 1.336 Annie Detailed Capitalization Source: Company Filings, Capital IQ Notes: 1. Exercised proceeds based off of market price as of 6/25/2021 2. Equity Value calculation applies one share price to all Class A and Class B shares; current Equity Value applies current Class A share price to all Class A and Class B shares 3. RSUs, PSUs, and SARs outstanding as of 6/25/2021 per Company management SUPPLEMENTARY MATERIALS 29 Morgan Stanley

PROJECT ANNIE Confidential Draft – Subject to Revision CY2020A CY2021E CY2022E CY2023E CY2024E CY2025E CY2026E CY2027E CY2028E CY2029E CY2030E Revenue 308335363403456527622712788844874 % Growth 8.9%8.5% 10.8% 13.2% 15.6% 18.0% 14.4% 10.8%7.1%3.5% EBIT 25293847597698121145166184 % Margin 8.0%8.8% 10.4% 11.7% 13.0% 14.4% 15.7% 17.0% 18.3% 19.7% 21.0% SBC (Cash-equivalent Cost) (14)(16)(18)(18)(21)(24)(28)(32)(35)(38)(39) % of Revenue (4.4%) (4.8%) (4.9%) (4.5%) (4.5%) (4.5%) (4.5%) (4.5%) (4.5%) (4.5%) (4.5%) Interest Income, net (2)0000000000 Pre-tax Income 14202939527089109128144 Pre-TCJA Tax Reform NOLs Beginning NOL Balance 14 000000000 NOLs Used (14)(0)00000000 Ending NOL Balance 14 0000000000 Post-TCJA Tax Reform NOLs Beginning NOL Balance 2424 80000000 NOLs Created 0000000000 NOLs Used 0(16)(8)0000000 Ending NOL Balance 2424 800000000 Tax Rate 12.5% 26.3% 25.0% 25.0% 25.0% 25.0% 25.0% 25.0% 25.0% 25.0% Cash Tax Benefit 02420000000 30 NOL Valuation – Street Case Extrapolations Approved for Use by Morgan Stanley by Annie Management Street Case Notes: 1. Annie’s FY(Jan) treated as CY(Dec) of previous year (e.g. FY22(Jan) = CY21(Dec)) 2. Annie Street Case calculated as mean of broker estimates, as of 6/25/2021; Street Case extrapolations prepared by Morgan Stanley beginning in CY2023E and reviewed and approved for use by Morgan Stanley by Company management on 6/24/2021 (2) SUPPLEMENTARY MATERIALS Morgan Stanley .._ ______________ .,

PROJECT ANNIE Confidential Draft – Subject to Revision CY2020A CY2021E CY2022E CY2023E CY2024E CY2025E CY2026E CY2027E CY2028E CY2029E CY2030E Revenue 3083363734214915847078249249971,032 % Growth 9.2% 10.8% 13.1% 16.6% 18.9% 21.0% 16.6% 12.2%7.9%3.5% EBIT 2529314568101138164188206217 % Margin 8.0%8.5%8.3% 10.7% 13.9% 17.3% 19.5% 19.9% 20.3% 20.6% 21.0% SBC (Cash-equivalent Cost) (14)(17)(17)(19)(21)(23)(25)(30)(33)(36)(37) % of Revenue (4.5%) (5.0%) (4.7%) (4.6%) (4.4%) (4.0%) (3.6%) (3.6%) (3.6%) (3.6%) (3.6%) Interest Income, net (2)0112222222 Pre-tax Income 1214274880115137157172182 Pre-TCJA Tax Reform NOLs Beginning NOL Balance 14 200000000 NOLs Used (12)(2)00000000 Ending NOL Balance 14 2000000000 Post-TCJA Tax Reform NOLs Beginning NOL Balance 242412 0000000 NOLs Created 0000000000 NOLs Used 0(11)(12)0000000 Ending NOL Balance 242412 00000000 Tax Rate 45.3% 27.9% 25.0% 25.0% 25.0% 25.0% 25.0% 25.0% 25.0% 25.0% Cash Tax Benefit 05430000000 31 NOL Valuation – Management Case Management Case Extrapolation Approved for Use by Annie Mgmt Notes: 1. Annie’s FY(Jan) treated as CY(Dec) of previous year (e.g. FY22(Jan) = CY21(Dec)) 2. Management Case received from Company on 4/6/2021. Extrapolations prepared by Morgan Stanley beginning in CY2027E and reviewed and approved for use by Morgan Stanley by Company on 6/24/2021 (2) SUPPLEMENTARY MATERIALS Morgan Stanley .- -----------------------. I I L-----------------------1

PROJECT ANNIE Confidential Draft – Subject to Revision WACC Calculation Low Base High Market Risk Premium 6.0% 6.0% 6.0% Barra Predicted Beta 1.09 1.09 1.09 Risk Free Rate - 10-Year Spot as of 06/25/21 1.5% 1.5% 1.5% Sensitivity Adjustment (1.0%) 0.0% 1.0% Cost of Equity 7.1% 8.1% 9.1% Equity / Total Capitalization 99.1% 99.1% 99.1% Pre-Tax Cost of Debt 4.3% 4.3% 4.3% Tax Rate 25.0% 25.0% 25.0% After-Tax Cost of Debt (2) 3.2% 3.2% 3.2% Total Debt ($MM) (3) 15 15 15 Total Capitalization 1,643 1,643 1,643 Total Debt / Total Capitalization 0.9% 0.9% 0.9% WACC 7.1% 8.1% 9.1% 1.09 0.40 0.50 0.60 0.70 0.80 0.90 1.00 1.10 1.20 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Annie WACC Calculation Notes: 1. Barra Beta per Capital IQ as of 6/25/2021 2. Pre-tax cost of debt based on most the fixed interest rate on Annie’s most recent loan; tax rate based on Annie’s marginal tax rate as provided by Company management 3. Debt balances as of 4/30/2021 per FQ1’22 10-Q (debt balance includes note payable for FTZ Corp acquisition) 32 Predicted Beta LTM SUPPLEMENTARY MATERIALS Morgan Stanley

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