Exhibit (C)(1) Confidential – Draft Subject to Change The blacked out information indicates information has been omitted on the basis of a confidential treatment request pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. This information has been filed separately with the Securities and Exchange Commission. Discussion Materials of Perella Weinberg Partners, LP for Tadano Management, dated July 31, 2024. Project Lift Preliminary Valuation Considerations July 31, 2024

Confidential – Draft Subject to Change Elevate Current Public Valuation ($ in millions) PUBLIC MARKET OVERVIEW LTM PRICE PERFORMANCE Share Price as of 07/26/24 $5.08 % of 52-Wk High 56.3% (1) 21.081 Diluted Shares Outstanding 70% Equity Value $107 Plus: Debt 91 Less: Cash (5) Plus: Non-Controlling Interest 10 Enterprise Value $204 45% CY Valuation 2023A 2024E 2025E 2026E EV / EBITDA 6.9x 6.1x 5.8x 5.5x EV / EBITDA Less SBC 7.5x 6.6x 6.3x 5.9x Mfg. P / E 8.3x 8.6x 7.7x 6.5x 21.2% 20% Cash P / E 6.2x 7.6x 6.9x 6.2x RUT 14.1% Leverage (LTM 3/31/24) Rental Total Leverage 2.9x 6.3% Net Leverage 2.7x Elevate 2023A 2024E 2025E 2026E Consensus Estimates (1.0%) (5%) Net Revenue $291 $302 $323 $344 % Growth 6.4% 3.5% 7.1% 6.4% EBITDA $30 $33 $35 $37 % Margin 10.2% 11.0% 10.8% 10.9% (2) EBITDA Less SBC $27 $31 $32 $35 (30%) % Margin 9.4% 10.2% 10.0% 10.1% Jul-23 Oct-23 Jan-24 Apr-24 Jul-24 EPS $0.61 $0.59 $0.66 $0.78 (3) $0.82 $0.67 $0.73 $0.82 Research Price Target as of 07/26/24: $10.00 Cash EPS Source: FactSet as of 07/26/24 Notes: Consensus EBITDA is not burdened with stock-based compensation (1) FDSO consists of 20.285M basic shares outstanding, 294k unvested RSUs, and 502K unvested CEO options/RSUs as of 3/31/24 calculated using the TSM (2) SBC in the forecasted years is held flat at 2023 % of revenue of 0.8% (3) Cash EPS included after-tax amortization per share; tax rate based on consensus estimates 2

Confidential – Draft Subject to Change Summary Financials – Elevate ($ in millions) (1) Historical CAGR Research Estimates 2021A 2022A 2023A 2024E 2025E 2026E 2027E 2028E 21A - '24E 24E - '28E Revenue $212 $274 $291 $302 $323 $344 $363 $381 9.3% 4.8% % Growth 26.3% 29.5% 6.4% 3.5% 7.1% 6.4% 5.6% 4.9% Op. Ex. (32) (38) (44) (45) (47) (48) (50) (52) % of Rev 15.4% 13.9% 15.2% 14.8% 14.4% 14.1% 13.8% 13.7% Adj. EBITDA $8 $21 $30 $33 $35 $37 $40 $42 42.7% 4.7% % Margin 3.8% 7.8% 10.1% 11.0% 10.8% 10.9% 11.0% 11.0% SBC (1) (2) (2) (2) (3) (3) (3) (3) % of Rev 0.5% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% $7 $19 $27 $31 $32 $35 $37 $39 45.0% 4.7% Adj. EBITDA (Less SBC) % Margin 3.3% 7.0% 9.4% 10.2% 10.0% 10.1% 10.2% 10.2% D&A (4) (9) (11) (11) (11) (11) (11) (10) % of Rev 2.1% 3.4% 3.9% 3.7% 3.4% 3.1% 2.9% 2.7% Adj. EBIT $3 $10 $16 $19 $21 $24 $26 $28 65.2% 7.8% % Margin 1.2% 3.5% 5.4% 6.5% 6.6% 7.0% 7.2% 7.5% Capex 1 16 7 10 10 12 11 9 % of Rev 0.4% 5.9% 2.4% 3.3% 3.2% 3.4% 3.1% 2.3% Source: FactSet as of 07/26/24 Notes: Consensus EBITDA is not burdened with stock-based compensation; SBC in the forecasted years is held flat at 2023 % of revenue of 0.8% (1) Estimates based on research estimates 3

Confidential – Draft Subject to Change Illustrative Acquisition of Elevate at Various Prices ($ in millions, except per share data) Lift Elevate Various Offer Prices per Elevate Share Current Current $5.08 $5.25 $6.25 $6.50 $6.75 $7.00 $7.25 $7.50 $7.75 $8.00 $7.45 Premium / (Discount) to 07/26/24 Current Price ($5.08) -- 3% 23% 28% 33% 38% 43% 48% 53% 57% -- 90-Day VWAP ($5.82) (13%) (10%) 7% 12% 16% 20% 25% 29% 33% 38% (4%) 180-Day VWAP ($6.77) (25%) (23%) (8%) (4%) (0%) 3% 7% 11% 14% 18% (5%) 52-Week High ($9.16) (45%) (43%) (32%) (29%) (26%) (24%) (21%) (18%) (15%) (13%) (16%) Diluted Share Count 21.081 21.081 21.081 21.081 21.081 21.081 21.081 21.081 21.081 21.081 126.912 Equity Value @ 9/30/24 $107 $111 $132 $137 $142 $148 $153 $158 $163 $169 $946 (1) Plus: Debt 91 91 91 91 91 91 91 91 91 91 627 (1) Less: Cash (5) (5) (5) (5) (5) (5) (5) (5) (5) (5) (613) (1) Plus: NCI 10 10 10 10 10 10 10 10 10 10 -- (1) $204 $207 $228 $234 $239 $244 $249 $255 $260 $265 $960 Enterprise Value (2) Metric Metric EV / EBITDA : CY 2024E $31 6.6x 6.7x 7.4x 7.6x 7.8x 7.9x 8.1x 8.3x 8.4x 8.6x 5.4x $177 NTM 32 6.4x 6.5x 7.2x 7.4x 7.5x 7.7x 7.9x 8.0x 8.2x 8.4x 5.4x 178 CY 2025E 32 6.3x 6.4x 7.1x 7.2x 7.4x 7.6x 7.7x 7.9x 8.0x 8.2x 5.3x 179 (3) EV / EBITDA (Incl. Synergies) : CY 2024E $35 5.9x 6.0x 6.6x 6.7x 6.9x 7.0x 7.2x 7.3x 7.5x 7.6x 5.4x NTM 36 5.7x 5.8x 6.4x 6.6x 6.7x 6.8x 7.0x 7.1x 7.3x 7.4x 5.4x CY 2025E 36 5.6x 5.7x 6.3x 6.4x 6.6x 6.7x 6.9x 7.0x 7.2x 7.3x 5.3x Source: Filings, Estimates, Project Elevate BOD Process Update (06/24/24), FactSet as of 7/26/2024 Notes: (1) Debt, Cash, and NCI balances as of 3/31/24 (2) Adj. EBITDA less SBC (3) Run-rate synergies of $4M 4

Confidential – Draft Subject to Change Preliminary Valuation Overview § Initial valuation perspective based on research estimates (one broker, Northland Securities, providing current estimates) and balance sheet information as of 3/31/24 § Reviewed three valuation methodologies (Trading Comparables, Precedent Transactions, and Discounted Cash Flows) – Reviewed both manufacturing and rental comparable companies in development of analysis – Computed the NCI of the 30% in Rabern on a book value basis and illustrative market value § Initial synergy assumptions of $4.0 million per year based on illustrative elimination of public company costs of $1.0 million per quarter, grown at 3% per annum starting in 2026 – Management identified $4.5 million of annual public company synergies, yet to be diligenced – Analysis values Elevate on a standalone basis with and without synergies § Further analysis on the internal forecast, management perspectives, and appropriate DD will refine valuation perspectives 5

Confidential – Draft Subject to Change Summary Valuation Analysis – Book Value of NCI ($ in millions, except per share data) (5) Methodology Metric Multiple Enterprise Value Per Share Value Attributable to Elevate Current Lift Low High Low High (3) Price: $4.72 Offer Range $5.65 - $5.75 $6.25 - $6.50 $3.72 $9.16 52-Week Trading Range - For Ilustrative Purposes Only Public Trading Comps (1) Adj. EBITDA $6.37 $7.83 2024E $31 $231 $262 7.5x 8.5x (2) $35 $7.79 $9.44 w/ Run-rate Synergies $261 $296 $6.15 $7.68 2025E $32 $226 $259 7.0x 8.0x (2) $7.48 $9.20 w/ Run-rate Synergies $36 $254 $291 Precedent Transactions (1) $6.80 $8.22 LTM @ 9/30/24 $30 $240 $270 8.0x 9.0x (2) $8.32 $9.93 $34 w/ Run-rate Synergies $272 $306 Discounted Cash Flows Discount (1) Exit Multiple $6.08 $7.64 Research Estimate $225 $258 Rate Illustrative Purposes (4) $7.28 $9.00 w/ Synergies as Realized $250 $286 11.5% - 12.5% 7.5x – 8.5x Management Forecast Further Analysis to be Created w/ Synergies as Realized Sources: Filings, Project Elevate BOD Process Update (06/26/24), FactSet as of 07/26/2024 Notes: Fully Diluted Shares Outstanding of 21.081M as of 3/31/24 (1) Adj. EBITDA includes Consensus Adj. EBITDA burdened for SBC (forecasted years are held flat at 2023 % of revenue of 0.8%) (2) Run-rate synergies estimated at $4.0M (3) net offer range of $5.65 - $5.75; $0.29 estimated transaction expenses per share subtracted from gross offer of $6.00 (4) Incorporating realized synergies estimated at $4.0M and grown at 3% per annum starting 2026, phasing in at 50% in Year 1 (2025) and 100% in Year 2 (2026), with cost to achieve synergies equal to 100% in Year 1 (5) Equity value attributable to Elevate equal to implied enterprise value less consolidated net debt of $86M and $10M of NCI as of 03/31/2024 6

Confidential – Draft Subject to Change Summary Valuation Analysis – Market Value of NCI ($ in millions, except per share data) (5) Methodology Metric Multiple Enterprise Value Per Share Value Attributable to Elevate Current Lift Low High Low High (3) Price: $4.72 Offer Range $5.65 - $5.75 $6.25 - $6.50 $3.72 $9.16 52-Week Trading Range - For Ilustrative Purposes Only Public Trading Comps (1) Adj. EBITDA $5.72 $7.18 2024E $31 $231 $262 7.5x 8.5x (2) $7.14 $8.79 $35 w/ Run-rate Synergies $261 $296 $5.57 $7.10 2025E $32 $226 $259 7.0x 8.0x (2) $6.89 $8.62 $36 w/ Run-rate Synergies $254 $291 Precedent Transactions (1) $6.08 $7.50 LTM @ 9/30/24 $30 $240 $270 8.0x 9.0x (2) $7.59 $9.21 $34 w/ Run-rate Synergies $272 $306 Discounted Cash Flows Discount (1) Exit Multiple $5.43 $6.98 Research Estimate $225 $258 Rate Illustrative Purposes (4) $6.62 $8.35 w/ Synergies as Realized $250 $286 11.5% - 12.5% 7.5x – 8.5x Management Forecast Further Analysis to be Created w/ Synergies as Realized Sources: Filings, Project Elevate BOD Process Update (06/26/24), FactSet as of 07/26/2024 Notes: Fully Diluted Shares Outstanding of 21.081M as of 3/31/24 (1) Adj. EBITDA includes Consensus Adj. EBITDA burdened for SBC (forecasted years are held flat at 2023 % of revenue of 0.8%) (2) Run-rate synergies estimated at $4.0M (3) net offer range of $5.65 - $5.75; $0.29 estimated transaction expenses per share subtracted from gross offer of $6.00 (4) Incorporating realized synergies estimated at $4.0M and grown at 3% per annum starting 2026, phasing in at 50% in Year 1 (2025) and 100% in Year 2 (2026), with cost to achieve synergies equal to 100% in Year 1 (5) Equity value attributable to Elevate equal to implied enterprise value less consolidated net debt of $86M and the estimated market value of the NCI attributable to Steve Berner’s 30% stake in Rabern, calculated by multiplying $3M of estimated EBITDA attributable to Rabern by the mid-point EV / EBITDA multiple for each respective method 7

Confidential – Draft Subject to Change Accretion / Dilution Analysis ($ in millions, except per share data) Assumes transaction close of 09/30/24; Assumes Elevate debt refinance and removal of $4M in public company costs TRANSACTION SUMMARY ACCRETION / (DILUTION) ANALYSIS Year 1 Year 2 Offer Price $6.50 CY2025E CY2026E % Premium to Current 28% Net Income Attr. To Lift $73 $80 FDSO 21.081 Elevate EBIT (Incl. SBC) $21 $24 Equity Value $137 (4) 2 4 Plus: Synergies (4) Net Debt 86 (4) -- Less: Cost to Achieve Synergies (1) (5) (1) (1) $223 Less: Transaction Amortization Transaction Enterprise Value (6) (4) (1) Less: Net Interest Expense TEV / 2025E EBITDA 6.9x Incremental EBT $15 $26 Less: Taxes (4) (7) Tax Rate 25% 25% Sources Uses Incremental Net Income $11 $20 % % Less: Elevate Net Income Attributable to NCI (1) (1) Incremental Net Income Attributable to Elevate $10 $19 (2) Balance Sheet Cash $128 $118 60% Elevate Equity 55% Pro Forma Net Income $83 $99 Refinanced Debt 86 Elevate Debt Refinance 86 40% 40% Plus: After-tax cost to achieve synergies 3 -- PF Adjusted Net Income $86 $99 Transaction Expenses 10 5% Plus: After-Tax Elevate Amortization 2 2 Total Sources $214 Total Uses $214 Plus: After-Tax Transaction Amortization 1 1 PF Adjusted Cash Net Income $89 $102 Lift Standalone EPS $0.57 $0.63 PRO FORMA CAPITALIZATION (5) Pro Forma Adj. EPS $0.68 $0.78 Adj. EPS Accretion / (Dilution) - $ $0.10 $0.15 Adj. EPS Accretion / (Dilution) - % 18.2% 23.5% PF Lift Elevate Lift Standalone Cash EPS $0.57 $0.63 09/30/24E 09/30/24E Adj. 09/30/24E 12/31/25E 12/31/26E Pro Forma Cash EPS $0.70 $0.80 (3) Cash EPS Accretion / (Dilution) - $ $0.13 $0.17 $613 $5 ($128) $490 $490 $544 Cash Cash EPS Accretion / (Dilution) - % 22.0% 27.0% Existing Debt $627 $86 ($86) $627 $627 $627 2025E Adj. EPS Accretion / (Dilution) by Offer Price and Synergies New Debt 86 86 20 -- Total Debt $627 $86 -- $713 $647 $627 Offer Price Net Debt $14 $81 $128 $223 $157 $82 $5.75 $6.00 $6.25 $6.50 $6.75 EBITDA $171 $30 $201 $212 $214 -- 16.5% 16.4% 16.3% 16.2% 16.1% EBITDA (Incl. Run-rate Syn.) $205 $216 $218 $2 17.5% 17.4% 17.3% 17.2% 17.1% Run-rate Debt / EBITDA 3.7x 2.9x 3.6x 3.1x 2.9x $4 18.5% 18.4% 18.3% 18.2% 18.1% Synergies Debt / EBITDA (Incl. Run-rate Syn.) 3.5x 3.0x 2.9x $6 19.5% 19.4% 19.3% 19.2% 19.1% Net Debt / EBITDA 0.1x 2.7x 1.1x 0.7x 0.4x $8 20.5% 20.4% 20.3% 20.2% 20.1% Net Debt / EBITDA (Incl. Run-rate Syn.) 1.1x 0.7x 0.4x Source: Filings, PWP estimates, Project Elevate BOD Process Update (06/24/24), FactSet as of 7/26/2024 Notes: Elevate financials include 100% of Rabern contribution; assumes 25% PF tax rate (1) Excludes $10M of NCI; (2) Calculated using the FDSO of 21.081M shares less 2.951M shares Lift already owns; (3) Assumes 9 mo. ended 09/30/24 FCF + CapEx + Dividends of ($55M) for Lift; (4) Assumes $4M of removal of public costs beginning in 2025 and grown at 3% per annum starting in 2026, phased in at 50% in Year 1 (2025) and 100% in Year 2 (2026) with 100% costs to achieve in Year 1; (5) Assumes $0.8M annual transaction amortization based on $51M excess purchase price, 15% of excess purchase price allocated to identifiable intangibles, and ten-year amortization period; (6) Interest expense assumed to be S + 150 where SOFR is assumed to be at 5.35% 8

Confidential – Draft Subject to Change Peer Benchmarking Detail ($ in millions) CY2024E Total Debt / Net Debt / '18A-'23A '23A-'25E Share Price as of 07/26/24 EV / EBITDA P / E Average EV / NTM EBITDA % 52-Wk Market Enterprise EBITDA LTM LTM Organic Rev. Rev. Growth (1) Company USD Local High Cap. Value CY24E NTM CY25E CY24E NTM CY25E Margin EBITDA EBITDA L10Y L5Y L3Y LTM YTD CAGR CAGR Equipment Manufacturers Konecranes 65.14 €60.00 99% $5,159 $5,474 8.9x 8.6x 8.5x 13.5x 13.0x 12.7x 13.9% 1.5x 0.5x 8.1x 7.2x 6.9x 6.9x 7.6x 4.7% 2.4% Terex 66.76 $66.76 98% 4,533 4,892 7.0x 6.7x 7.3x 9.3x 9.5x 9.7x 14.0% 1.0x 0.5x 8.9x 8.5x 6.6x 5.8x 5.9x 0.1% 0.5% Hyster-Yale 78.14 $78.14 96% 1,375 1,804 6.5x 6.2x 7.3x 9.4x 10.1x 10.6x 7.2% 1.7x 1.4x 9.7x 11.3x 11.3x 5.7x 5.8x 5.3% 2.2% Tadano 7.45 ¥1,144.00 84% $946 $941 5.3x 5.3x 5.2x 15.0x 13.8x 13.0x 9.0% 3.6x (0.0x) 6.6x 7.9x 6.6x 6.1x 5.8x 8.3% 4.3% Palfinger 24.97 €23.00 86% 868 1,703 6.7x 5.8x 5.2x 10.9x 7.8x 6.4x 10.1% 3.0x 2.8x 8.1x 7.0x 6.4x 5.9x 5.9x 8.6% 2.4% Manitowoc 12.98 $12.98 67% 468 898 6.1x 5.6x 6.1x 11.4x 11.0x 10.6x 7.0% 2.8x 2.6x 8.6x 6.6x 6.0x 5.5x 5.4x 3.8% 2.3% Astec 35.24 $35.24 63% 805 876 9.5x 8.4x 8.2x 16.0x 13.6x 12.2x 7.3% 1.3x 0.7x 9.8x 10.5x 9.5x 8.4x 8.3x 1.4% 0.2% Miller Industries 66.19 $66.19 99% 765 794 7.1x 7.3x 7.7x 10.0x 10.4x 10.7x 8.7% 0.5x 0.3x 6.7x 6.8x 6.7x 6.5x 6.0x 10.1% 10.0% Mean 86% 7.1x 6.7x 6.9x 11.9x 11.1x 10.7x 9.7% 1.9x 1.1x 8.3x 8.2x 7.5x 6.3x 6.3x 5.3% 3.0% Median 91% 6.8x 6.5x 7.3x 11.2x 10.7x 10.7x 8.9% 1.6x 0.6x 8.4x 7.6x 6.7x 6.0x 5.9x 5.0% 2.3% Equipment Rental United Rentals 752.21 $752.21 95% $50,181 $63,591 9.0x 8.8x 8.6x 17.0x 16.2x 15.7x 46.6% 2.0x 1.9x 6.1x 6.6x 6.8x 7.4x 8.1x 12.2% 5.5% (2) Ashtead Group 70.10 £54.54 88% 30,810 38,670 9.1x 8.7x 8.4x 18.0x 17.4x 16.4x 37.9% 1.9x 1.9x 7.4x 8.6x 8.8x 8.3x 8.6x 11.6% 5.5% WillScot Mobile Mini 41.00 $41.00 79% 7,916 11,647 10.7x 10.1x 9.7x 21.9x 18.5x 16.5x 43.5% 3.4x 3.4x 10.8x 11.4x 12.4x 10.7x 10.6x 11.1% 6.8% Herc Holdings 154.24 $154.24 90% 4,396 9,138 5.9x 5.8x 5.6x 11.3x 10.8x 10.5x 44.0% 3.2x 3.1x 5.5x 5.4x 5.5x 5.3x 5.5x 7.6% 5.7% H&E Equipment 53.27 $53.27 80% 1,948 3,643 5.2x 5.1x 5.0x 12.5x 11.4x 10.6x 44.4% 2.4x 2.4x 5.3x 5.1x 5.0x 4.8x 5.0x 3.5% 5.4% Services McGrath RentCorp 111.02 $111.02 85% 2,727 3,512 10.6x 10.2x 9.9x 22.4x 19.8x 18.2x 38.2% 2.4x 2.3x 8.3x 9.2x 9.7x 10.3x 10.6x 10.8% 4.8% Custom One Truck (2) 5.17 $5.17 69% 1,243 3,545 8.9x 8.5x 8.2x 34.5x 28.5x 25.2x 20.3% 5.5x 5.5x 8.2x 8.2x 8.5x 8.0x 8.1x NA 5.4% Source Alta Equipment Group 10.85 $10.85 60% 359 1,551 7.9x 7.5x 7.2x 32.9x 27.7x 24.7x 9.9% 6.1x 6.0x 7.5x 7.5x 7.8x 7.5x 7.3x 11.7% 5.2% Mean 81% 8.4x 8.1x 7.8x 21.3x 18.8x 17.2x 35.6% 3.4x 3.3x 7.4x 7.7x 8.1x 7.8x 8.0x 9.8% 5.5% Median 83% 8.9x 8.6x 8.3x 20.0x 17.9x 16.5x 40.8% 2.8x 2.8x 7.5x 7.9x 8.1x 7.7x 8.1x 11.1% 5.5% Elevate 5.08 $5.08 55% 108 204 6.6x 6.4x 6.3x 8.6x 8.1x 7.7x 10.2% 2.9x 2.7x 10.1x 10.3x 9.8x 7.6x 7.6x 1.7% 5.3% Source: Company filings, Equity Research, FactSet as of 7/26/2024 Note: Konecranes, Cargotec, Palfinger, and Ashtead financials adjusted to pre-IFRS 16 where applicable; all comps are post-SBC (1) Represents reported revenue where organic revenue is unavailable (2) Represents ’19A – ’23A Organic Revenue CAGR due to lack of sufficient data 9

Confidential – Draft Subject to Change Selected Precedent Transactions EV / LTM EBITDA Equipment Manufacturing Equipment Rental Mean: 9.8x Mean: 6.4x Median: 9.4x Median: 6.4x 12.2x 10.9x 10.5x 9.5x 9.4x 9.1x 9.0x 9.0x 8.9x 8.9x 6.7x 6.5x 6.5x 6.4x 4.8x 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Acq. Target Ann. Jul-24 May-23 Apr-21 Dec-20 Dec-19 Feb-19 Feb-19 Jun-17 May-16 Mar-24 Nov-22 Apr-21 Nov-19 Jun-19 Sep-18 Date EV ($B) $2.0 $0.8 $1.5 $1.2 $0.1 $0.7 $0.2 $5.2 $1.6 $1.1 $2.0 $1.0 $1.0 $1.0 $2.1 Source: Company filings, press releases, FactSet, Wall Street Research 10

Confidential – Draft Subject to Change Illustrative DCF Analysis – Research Estimates ($ in millions except per share data) PWP Research Estimates Extrapolation 3 Mo Ended Fiscal Year Ending December 31, Dec-24E 2025E 2026E 2027E 2028E 2029E Revenue $81 $323 $344 $363 $381 $392 % Growth 7.1% 6.4% 5.6% 4.9% 3.0% Consensus Adj. EBITDA $9 $35 $37 $40 $42 $43 % Margin 11.1% 10.8% 10.9% 11.0% 11.0% 11.0% Less: SBC (1) (3) (3) (3) (3) (3) Adj. EBITDA $8 $32 $35 $37 $39 $40 Less: D&A (3) (11) (11) (11) (10) (9) Adj. EBIT $6 $21 $24 $26 $28 $31 Less: Taxes (1) (5) (6) (7) (7) (8) Tax Rate 25.0% 25.0% 25.0% 25.0% 25.0% 25.0% Tax-effected EBIT 4 16 18 20 21 23 Plus: D&A 3 11 11 11 10 9 Less: Increase in NWC (7) (1) (4) (3) (3) (2) Less: Capex (2) (10) (12) (11) (9) (9) Unlevered Free Cash Flow ($2) $15 $13 $16 $20 $21 PV of TV @ Various Enterprise Value @ Various Equity Value Net Debt PV of Perp. Growth Rates Perp. Growth Rates @ Various Perp. Growth Rates Implied Value Per Share (2) (3) WACC FCFs 2.5% 3.0% 3.5% 2.5% 3.0% 3.5% & NCI 2.5% 3.0% 3.5% FDSO 2.5% 3.0% 3.5% 11.50% $60 $156 $166 $177 $216 $226 $237 (97) $119 $129 $140 21.081 $5.65 $6.12 $6.65 12.00% 59 144 153 163 204 212 222 (97) 107 116 126 21.081 5.07 5.49 5.95 12.50% 58 134 142 151 193 200 209 (97) 96 104 113 21.081 4.56 4.93 5.34 PV of TV Enterprise Value Equity Value (4) Net Debt PV of @ Various Exit Multiples @ Various Exit Multiples @ Various Exit Multiples Implied Value Per Share (2) (3) WACC FCFs 7.5x 8.0x 8.5x 7.5x 8.0x 8.5x & NCI 7.0x 7.5x 8.0x FDSO 7.5x 8.0x 8.5x 11.50% $60 $174 $186 $198 $234 $246 $258 (97) $138 $149 $161 21.081 $6.53 $7.08 $7.64 12.00% 59 170 182 193 230 241 252 (97) 133 144 156 21.081 6.30 6.84 7.38 12.50% 58 166 178 189 225 236 247 (97) 128 139 150 21.081 6.08 6.61 7.14 Source: Filings, PWP estimates, Project Elevate BOD Process Update (06/24/24), FactSet as of 7/26/2024 Notes: Discounted to 09/30/24 utilizing mid-year convention for projection period cash flows and end-year period for terminal value; financials include 100% contribution of Rabern business (1) Consolidated net debt of $86M and NCI of $10M as of 03/31/2024 (2) FDSO consists of 20.285M shares outstanding, 294k unvested RSUs, and 502K unvested CEO options/RSUs as of 3/31/24 calculated using the TSM (3) Based on EV / NTM EBITDA terminal multiple 11 Perpetuity Exit Multiple Growth

Confidential – Draft Subject to Change Illustrative DCF Analysis – Research Estimates (Incl. Removal of Public Company Costs) ($ in millions except per share data) PWP Research Estimates Extrapolation 3 Mo Ended Fiscal Year Ending December 31, Dec-24E 2025E 2026E 2027E 2028E 2029E Revenue $81 $323 $344 $363 $381 $392 % Growth 7.1% 6.4% 5.6% 4.9% 3.0% Consensus Adj. EBITDA $9 $35 $37 $40 $42 $43 % Margin 11.1% 10.8% 10.9% 11.0% 11.0% 11.0% Less: SBC (1) (3) (3) (3) (3) (3) Adj. EBITDA $8 $32 $35 $37 $39 $40 (1) Plus: Net Cost Synergies -- (2) 4 4 4 4 PF Adj. EBITDA $8 $30 $39 $41 $43 $44 Less: D&A (3) (11) (11) (11) (10) (9) Adj. EBIT $6 $19 $28 $31 $33 $35 Less: Taxes (1) (5) (7) (8) (8) (9) Tax Rate 25.0% 25.0% 25.0% 25.0% 25.0% 25.0% Tax-effected EBIT 4 15 21 23 24 26 Plus: D&A 3 11 11 11 10 9 Less: Increase in NWC (7) (1) (4) (3) (3) (2) Less: Capex (2) (10) (12) (11) (9) (9) Unlevered Free Cash Flow ($2) $14 $16 $19 $23 $24 PV of TV @ Various Enterprise Value @ Various Equity Value Net Debt PV of Perp. Growth Rates Perp. Growth Rates @ Various Perp. Growth Rates Implied Value Per Share (2) (3) WACC FCFs 2.5% 3.0% 3.5% 2.5% 3.0% 3.5% 2.5% 3.0% 3.5% 2.5% 3.0% 3.5% & NCI FDSO 11.50% $60 $178 $189 $202 $245 $256 $269 (97) $148 $160 $173 21.081 $7.04 $7.58 $8.19 12.00% 59 165 175 186 231 241 252 (97) 135 145 156 21.081 6.39 6.86 7.39 12.50% 58 153 162 172 219 228 238 (97) 122 131 141 21.081 5.80 6.22 6.69 PV of TV Enterprise Value Equity Value (4) Net Debt PV of @ Various Exit Multiples @ Various Exit Multiples @ Various Exit Multiples Implied Value Per Share (2) (3) & NCI FDSO WACC FCFs 7.5x 8.0x 8.5x 7.5x 8.0x 8.5x 7.0x 7.5x 8.0x 7.5x 8.0x 8.5x 11.50% $67 $193 $206 $219 $261 $273 $286 (97) $164 $177 $190 21.081 $7.78 $8.39 $9.00 12.00% 67 189 201 214 255 268 280 (97) 159 171 184 21.081 7.52 8.12 8.72 12.50% 66 184 197 209 250 262 275 (97) 153 166 178 21.081 7.28 7.86 8.44 Source: Filings, PWP estimates, Project Elevate BOD Process Update (06/24/24), FactSet as of 7/26/2024 Notes: Discounted to 09/30/24 utilizing mid-year convention for projection period cash flows and end-year period for terminal value; financials include 100% contribution of Rabern business (1) Assumes $4M of removal of public costs beginning in 2025 and grown at 3% per annum starting in 2026, phased in at 50% in Year 1 (2025) and 100% in Year 2 (2026) with 100% costs to achieve in Year 1; (2) Consolidated net debt of $86M and NCI of $10M as of 03/31/2024; (3) FDSO consists of 20.285M shares outstanding, 294k unvested RSUs, and 502K unvested CEO options/RSUs as of 3/31/24 calculated using the TSM; (4) Based on EV / NTM EBITDA terminal multiple 12 Perpetuity Exit Multiple Growth

Confidential – Draft Subject to Change Appendix: Supporting Schedules

Confidential – Draft Subject to Change Summary Forecast – Without Synergies ($ in millions) PWP CAGR Historical Consensus Estimates Extr. 2021A 2022A 2023A Q1'24A Q2-Q4'24E 2024E 2025E 2026E 2027E 2028E 2029E '21-'24E '24E - '29E Revenue $212 $274 $291 $73 $228 $302 $323 $344 $363 $381 $392 12.6% 5.4% % Growth 29.5% 6.4% 3.5% 7.1% 6.4% 5.6% 4.9% 3.0% Less: Cost of Sales (175) (224) (229) (56) (179) (235) (252) (269) (283) (297) (306) Adj. Gross Profit $36 $50 $62 $17 $50 $67 $71 $75 $79 $84 $86 22.6% 5.3% % Margin 17.1% 18.3% 21.4% 23.0% 21.8% 22.1% 21.8% 21.9% 21.9% 21.9% 21.9% Operating Expenses (1) Less: SG&A (30) (37) (43) (11) (32) (44) (45) (47) (49) (50) (50) % of Revenue 14.3% 13.7% 14.8% 15.1% 14.2% 14.4% 14.0% 13.7% 13.4% 13.2% 12.9% Less: R&D (3) (3) (3) (1) (3) (4) (4) (4) (4) (5) (5) % of Revenue 1.6% 1.1% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.3% 1.3% Plus: Synergies -- -- -- -- -- -- -- -- -- -- -- % of Revenue -- -- -- -- -- -- -- -- -- -- -- Total Operating Expenses (34) (40) (46) (12) (35) (47) (49) (51) (53) (55) (55) Adj. EBIT $3 $10 $16 $5 $15 $19 $21 $24 $26 $28 $31 95.4% 9.4% % Margin 1.2% 3.5% 5.4% 6.8% 6.4% 6.5% 6.6% 7.0% 7.2% 7.5% 7.8% Plus: Depreciation 2 7 8 2 7 9 9 10 10 10 9 2 3 3 1 1 2 2 1 1 1 1 Plus: Amortization Adj. EBITDA $7 $19 $27 $8 $23 $31 $32 $35 $37 $39 $40 64.2% 5.4% % Margin 3.3% 7.0% 9.4% 10.6% 10.1% 10.2% 10.0% 10.1% 10.2% 10.2% 10.2% Memo: NWC $40 $55 $69 $55 $66 $76 $77 $81 $85 $88 $90 Capex $1 $16 $7 $3 $7 $10 $10 $12 $11 $9 $9 SBC ($1) ($2) ($2) ($1) ($2) ($2) ($3) ($3) ($3) ($3) ($3) Sources: FactSet as of 07/26/2024 Notes: Financials include 100% of Rabern contribution (1) SG&A is burdened for estimates of stock-based compensation. Consensus estimates for stock-based compensation are not provided. As such, these costs are 14 estimated in the forecast based on 2023 % of revenue

Confidential – Draft Subject to Change Summary Forecast – With Synergies ($ in millions) PWP CAGR Historical Consensus Estimates Extr. 2021A 2022A 2023A Q1'24A Q2-Q4'24E 2024E 2025E 2026E 2027E 2028E 2029E '21-'24E '24E - '29E Revenue $212 $274 $291 $73 $228 $302 $323 $344 $363 $381 $392 12.6% 5.4% % Growth 29.5% 6.4% 3.5% 7.1% 6.4% 5.6% 4.9% 3.0% Less: Cost of Sales (175) (224) (229) (56) (179) (235) (252) (269) (283) (297) (306) Adj. Gross Profit $36 $50 $62 $17 $50 $67 $71 $75 $79 $84 $86 22.6% 5.3% % Margin 17.1% 18.3% 21.4% 23.0% 21.8% 22.1% 21.8% 21.9% 21.9% 21.9% 21.9% Operating Expenses (1) Less: SG&A (30) (37) (43) (11) (32) (44) (45) (47) (49) (50) (50) % of Revenue 14.3% 13.7% 14.8% 15.1% 14.2% 14.4% 14.0% 13.7% 13.4% 13.2% 12.9% Less: R&D (3) (3) (3) (1) (3) (4) (4) (4) (4) (5) (5) % of Revenue 1.6% 1.1% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.3% 1.3% (2) Plus: Synergies -- -- -- -- -- -- (2) 4 4 4 4 % of Revenue -- -- -- -- -- (0.6%) 1.2% 1.2% 1.1% 1.1% -- Total Operating Expenses (34) (40) (46) (12) (35) (47) (51) (47) (49) (51) (51) Adj. EBIT $3 $10 $16 $5 $15 $19 $19 $28 $31 $33 $35 95.4% 12.3% % Margin 1.2% 3.5% 5.4% 6.8% 6.4% 6.5% 6.0% 8.2% 8.4% 8.6% 8.9% 2 7 8 2 7 9 9 10 10 10 9 Plus: Depreciation Plus: Amortization 2 3 3 1 1 2 2 1 1 1 1 $7 $19 $27 $8 $23 $31 $30 $39 $41 $43 $44 64.2% 7.5% Adj. EBITDA % Margin 3.3% 7.0% 9.4% 10.6% 10.1% 10.2% 9.4% 11.3% 11.3% 11.3% 11.3% Memo: NWC $40 $55 $69 $55 $66 $76 $77 $81 $85 $88 $90 Capex $1 $16 $7 $3 $7 $10 $10 $12 $11 $9 $9 (3) SBC ($1) ($2) ($2) ($1) ($2) ($2) ($3) ($3) ($3) ($3) ($3) Sources: FactSet as of 07/26/2024 Notes: Financials include 100% of Rabern contribution (1) SG&A is burdened for estimates of stock-based compensation. Consensus estimates for stock-based compensation are not provided. As such, these costs are estimated in the forecast based on 2023 % of revenue 15 (2) Synergies estimated at $4M and forecasted to grow at 3.0% per annum starting in 2026

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