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"text": "\n\nApril 2025\nConfidential Information Presentation\nDRAFT\nAs of 4/24/2025 11:49 AM\n\n2\nSTRICTLY CONFIDENTIAL\nImportant Information and Transaction Team\nThis Confidential Information Presentation (the “Presentation”) is intended solely for the use of prospective investors in determining whether or not to pursue the proposed transaction with Stax Holding Company, LLC (“Stax” or the “Company”). The Presentation is of a \nproprietary and confidential nature and is only being furnished to those parties who have agreed to be bound by the terms and conditions of the previously executed confidentiality agreement (the “Confidentiality Agreement”). William Blair & Company, L.L.C. (“William \nBlair”) has been retained by the Company as its financial advisor.\nBy accepting this Presentation, the recipient agrees that it will, and it will cause its directors, officers, employees, and representatives to, use this Presentation and all of the information contained herein only to evaluate a specific negotiated transaction with the Company \nand for no other purpose and shall return this Presentation together with any copies to William Blair upon request. This Presentation contains confidential, non-public information concerning the Company. Receipt of this Presentation constitutes your acknowledgment \nthat you will maintain the information contained herein in strict confidence. \nThis Presentation does not constitute (i) any offer to sell or the solicitation of an offer to buy any securities or assets of the Company or (ii) any offer or recommendation to enter into any transaction referenced herein.\nAll information contained herein has been provided by the Company or other sources that William Blair deems reliable. However, William Blair has not independently verified any of the information contained herein, including financial estimates and projections. This \nPresentation includes certain statements, estimates, and projections provided by the Company with respect to its anticipated future performance. Such statements, estimates, and projections reflect various assumptions concerning anticipated results, which assumptions \nmay or may not prove to be correct. The information contained in the Presentation, including financial statements, projections and estimates, (a) is not necessarily indicative of current value or future performance, which may be significantly more or less favorable than as \nreflected herein; (b) has not been independently verified and cannot be regarded as forecasts; and (c) and is based on assumptions and analysis available at the time this Presentation was prepared. Unless expressly stated otherwise, this Presentation presents information \nwith respect to the Company as of the date of the Presentation and should not be construed to indicate that the business of the Company remains unchanged since the date of this Presentation.\nThe products, product names, logos, brands, and their trademarks featured or displayed within the Presentation are the property of their respective trademark owners, who are not affiliated with, nor do they sponsor or endorse, the Company nor the Company’s services.\nThis Presentation does not purport to contain all of the information that may be necessary or appropriate to evaluate the proposed transaction, and any recipient hereof should conduct its own independent analysis of the Company and the data contained or referred to \nherein. Neither the Company nor William Blair is acting as financial advisor, intermediary or distributor of securities, or in any fiduciary capacity of any kind to the recipient or any other prospective purchaser. The recipient should also seek advice from its own specialized \nadvisors (including financial, legal, accounting and tax) in conducting such analysis.\nIn furnishing this Presentation, neither the Company nor William Blair undertakes any obligation to provide additional information or to correct or update any of the information set forth in this Presentation. The Company and William Blair reserve the right to amend or \nreplace this Presentation at any time. The Company reserves the right in its sole discretion, with or without notice, to interrupt, modify or terminate, at any time, solicitations of interest for the proposed transaction or any future participation in the investigation, discussion \nand proposal process for a proposed transaction with any party.\nNeither the Company nor William Blair makes any representation or warranty, expressed or implied, as to the accuracy or completeness of the information contained in this Presentation, or made available, orally or in writing, in connection with any further investigation of \nthe Company, and nothing contained herein is, or shall be relied upon as, a promise or representation, whether as to the past or the future. The Company and William Blair expressly disclaim any liability relating to or resulting from the use, distribution or analysis of this \nPresentation. The recipient should rely solely on the representations and warranties made to it by the Company in any executed definitive agreement. \nNothing herein is intended to in any way modify, amend or supersede any of the terms and conditions set forth in the Confidentiality Agreement, which remains in full force and effect in accordance with its terms. This Presentation is intended to be delivered solely to \nparties bound by the terms of the Confidentiality Agreement and possession and use of the Presentation is subject to the terms thereof. This Presentation may not be photocopied or otherwise reproduced or distributed except in strict accordance with the terms of the \nConfidentiality Agreement.\nInquiries should be directed only to the below named persons. Under no circumstances should the Company or any of its associates, clients or vendors be contacted directly. If you have any questions or need additional information, please contact:\nTim McHugh\nManaging Director\n+1 (312) 364-8229\ntmchugh@williamblair.com \nJustine Chiou\nManaging Director\n+1 (312) 364-5086\njchiou@williamblair.com \nMiles Gornto \nDirector\n+1 (470) 351-6950\nmgornto@williamblair.com \nOscar Mendez\nVice President\n+1 (312) 364-5460\nomendez@williamblair.com\nWilliam Hyatt \nAssociate\n+1 (312) 601-9764\nwhyatt@williamblair.com\nAnna Lee Melton\nAnalyst\n+1 (312) 364-8155\namelton@williamblair.com \nAlvaro Flores\nAnalyst\n+1 (212) 237-2794\naflores@williamblair.com \nTransaction Team Contacts\n\n3\nSTRICTLY CONFIDENTIAL\nSection I\nExecutive Summary\nSection II\nIndustry Overview\nSection III\nService Lines\nSection IV\nClient Relationships\nSection V\nGo-to-Market Strategy\nSection VI\nCulture and Talent Management\nSection VII\nOperations and Platform\nSection VIII\nGrowth Strategy\nSection IX\nFinancial Overview\nContents\n\nExecutive Summary\n\n5\nSTRICTLY CONFIDENTIAL\n5\nSTRICTLY CONFIDENTIAL\nStax at a Glance\nGlobal strategy consultancy platform providing actionable, data-driven answers to clients’ critical \nstrategic questions\n▪Leading global advisory firm that provides a complementary suite of commercial due diligence (CDD), value creation, and exit \nplanning services\n▪Purpose-built to serve the private equity community and their portfolio companies across the investment lifecycle, creating deep, \nlong-lasting, and recurring client relationships\n▪Large and growing addressable market creates long runway for growth\n▪Differentiated competitive positioning created by highly specialized talent, vast intellectual property, library of referenceable work \ncreated through prior engagements, comprehensive data analytics capabilities, and a nimble operating model\n▪Proven ability to attract, develop, and retain highly specialized talent\n▪Long-term track record of strong growth and profitability amplified by momentum in recent performance\n▪Multiple growth avenues that are highly attractive and actionable\n▪Well-invested infrastructure, systems, processes, and experienced management team poised to support significant scale\n(1)Data prior to 2022 excludes pro forma adjustments.\n(2)Includes non-CDD or value creation services such as asset \nand sector work for hedge funds/credit funds or data \nanalytics retainers.\n(3)As of year-end 2024 unless otherwise stated.\n(4)Revenue from clients utilizing 2+ services.\n(5)Excludes Intern/Co-Op and Involuntary Turnover.\n(6)As of March 2025.\nStrong Long-Term Net Revenue Profile\n(1)\n$3M\n$6M\n$10M\n$20M\n$36M\n$76M\n20012005201020152020LTM Mar-25\nFirm OverviewBy the Numbers\n(1)(3)\n$91M\n2025E \nNet Revenue\n73%\nRevenue from \nRepeat Clients\n$31M\n2025E \nPF Adj. EBITDA\n24\nManaging \nDirectors and \nDirectors\n(6)\n \n~40%\nCross-Sell \nRate\n(4)\n130 \nClient Service \nNetwork \nProfessionals\n(6)\n~33%\n2020-2025E\nEBITDA CAGR\n~80%\nClient Service\nNetwork\nRetention\n(5)\n160+\nClients Served \nAnnually\n~40%\nEmployee and\nFounder Owned\n$320K+\nAverage \nProject Size\n22%\n2020-2025E\nRevenue CAGR\n44%\n37%\n15%\n4%\nBuy-Side\nSell-Side\nValue Creation\nOther\nLTM Mar-25\nNet Revenue \nby Service\n(2)\n2010 – LTM Mar-25 CAGR: ~15%\n\n6\nSTRICTLY CONFIDENTIAL\n6\nSTRICTLY CONFIDENTIAL\nConsistent history of growth and delivering critical strategic solutions with continued strong momentum and excitement for the future\nStax has Taken a Disciplined Approach to Building a Platform of Scale\nRecent History (2021 – Present)Early History (1994 – 2020)\n1994-1996\nFounded in Somerville, MA by Rafi Musher\nLaunched private equity practice and began \nexpanding corporate client base\n2010-2015\nRelocated headquarters to \nBoston\nShifted to exclusively focus on \nprivate equity due to demand \nand internal expertise\n2019-2020\nBegan proactively \nmarketing sell-side \nengagements and \nbuilding an investment \nbanking referral \nchannel\nProductized for the \nfast-growing LMM \nprivate equity deal \nmarket\nExpanded hedge fund \nand credit fund \nproducts and coverage\n2021\nHeadcount reaches \n175+ as the Company \nexperiences record \ngrowth driven by \nexpansion of core \nbusiness and \nincreased demand \nfor data analytics \ncapabilities\nJune 2023 \nJayson Traxler assumes role \nof Chief Executive Officer\nOctober \n2022\nJayson Traxler \nbecomes \nPresident of Stax, \nwith Rafi Musher \nshifting to \nChairman of the \nBoard\nMarch 2023\nPaul Edwards \nbecomes Global \nPractice Leader\nIntroduced \nverticalized \napproach to client \ncoverage initially \nexpanding on \nexisting strengths in \nservices, \ntechnology, and \nindustrials\nDecember 2023\nProductized sell-side \noffering with targeted \ncoverage effort under Will \nBarden and Roy Lockhart\nJanuary 2024\nHired Phil Dunne to \nlead London office and \nindustrials vertical\nNovember 2021\nJayson Traxler joins \nStax as Chief Operating \nOfficer\n1998-2003\nExpanded footprint to \nChicago to meet \ngrowing needs of \ncorporate and private \nequity clients \n2005\nPaul Edwards joins Stax\nApril 2023\nFormal New York \nmarket entry – \nexpanded offices \nto have capacity for \nconsultants and \nincreased presence \nin local market\nJune 2024\nRelocated London \noffice to Mayfair to \nexpand presence \nand demonstrate \nstature in the \nmarket\nNovember 2024\nHired Robert Lytle to \nbolster private equity \nrelationships and add \nexpertise to ongoing \nverticalization\nOctober 2021\nReceived strategic \ninvestment from Blue \nPoint\nNovember 2022\nHired Vince Zosa to build \nintegrated Value Creation \nIntegrated Product (VCIP) \noffering\nAcquired AMR to establish a \npresence in the London market, \nwith plans to hire additional \ntalent for further expansion\ninternational.\nAMR\nJuly 2023 \nExpanded into \nESG/Sustainability as \npart of VCIP\nOctober 2023\nExpanded into \nPricing Excellence \nas part of VCIP\nJanuary 2025\nHired Brad Kuntz to \nfurther build out \nNew York office and \nlarge cap private \nequity account \ncoverage\n\n7\nSTRICTLY CONFIDENTIAL\n7\nSTRICTLY CONFIDENTIAL\nSignificant opportunity to capture additional whitespace\nLarge Addressable Market Creates Long Runway for Growth\nMarket \nSegments \nand Size\n2025E Stax \nRevenue\nCurrent North America + U.K. \nPrivate Equity-Backed M&A \nMarket (Ideal Fund Sizes)\nCurrent spend on buy-side \ncommercial due diligence, sell-side \ncommercial due diligence, and value \ncreation for North America and U.K. \nPrivate Equity-Backed M&A for \nsubset of funds with sizes most highly \naligned to current Stax services\nCurrent North America + \nU.K. Private Equity-Backed \nM&A Market (Ideal \nClients)\nCurrent spend on buy-side \ncommercial due diligence, sell-\nside commercial due diligence, \nand value creation for North \nAmerica and U.K. Private Equity-\nBacked M&A for clients most \nhighly aligned to current Stax \nservices\nTotal Addressable North \nAmerica + U.K. Private \nEquity-Backed M&A \nMarket\nFull adoption of buy-side \ncommercial due diligence, sell-\nside commercial due diligence, \nand value creation for North \nAmerica and U.K. Private Equity-\nBacked M&A\nTotal Addressable Private \nEquity-Backed M&A \nMarket\nFull adoption of buy-side \ncommercial due diligence, sell-\nside commercial due diligence, \nand value creation for Private \nEquity-Backed M&A globally\nTotal Addressable Market\nFull adoption of buy-side \ncommercial due diligence, sell-\nside commercial due diligence, \nand value creation for global \nM&A\n<\n+\n=\n$91M\n$3.9B\n$5.2B\n$19.5B\n$32.6B\n$67.5B\nExisting Offerings\n\n8\nSTRICTLY CONFIDENTIAL\n91%\n83%\n86%\n81%\n80%\n80%\n74%\n77%\n77%\n76%\n9%\n17%\n14%\n19%\n20%\n20%\n26%\n23%\n23%\n24%\n26.4K\n22.3K\n24.9K\n23.3K\n20.6K\n28.2K\n28.7K\n26.4K\n26.0K\n28.6K\n2000200520102015202020212022202320242025P\nPE Involvement\nNo PE Involvement\nMomentum Is Building \nfor a Resurgence in \nM&A Markets\nPrivate Equity Backed \nCompany Inventory \nContinues to Rise \nAlongside Record-\nBreaking Dry Powder \nStores\nService Providers Are \nIncreasingly Becoming a \nCritical Resource Rather \nthan a “Nice to Have”\nPowerful Market Tailwinds Lay the Foundation for Outsized Growth\nStax is positioned to benefit from favorable market conditions, amplified by the Company’s alignment with the private equity universe\nSources: Dealogic, EY, Partners Group, PitchBook, S&P Capital IQ Pro.\n(1)Includes balanced, co-investment, co-investment multi-manager, growth, turnaround, and buyout strategies primarily focused on investments in North America.\n▪Expansionary monetary policy and declining inflation point towards \nincreased M&A activity in 2025 as valuations recover\n▪Less onerous regulatory hurdles will provide a more predictable, \ntruncated approval process\n▪Creative deal structures and a broader shift towards simplification— \noptimizing undervalued assets, separating divergent businesses, \nnarrowing geographic focus—will further contribute to volume\nU.S. Private Equity Backed Companies by Time in Portfolio\n▪Rising private equity inventory drives pent up demand for market \ninsight services over multiple investment cycles\n▪High proportion of long-held assets in sponsor portfolios are slated to \nseek monetization as the pressure to return distributions to paid in-\ncapital (DPI) increases\n▪Undeployed capital continues to accumulate, creating further \nincentive for general partners to transact\n▪Sponsors are tapping into a range of strategic levers to unlock \nliquidity, including co-control and minority stake sales\n▪Need for commercial due diligence and value creation services have \nstrengthened over time as private equity returns become more \nreliant on driving operational improvements and top-line growth\n▪Competitive deal environment is forcing private equity firms to \nrapidly identify and assess critical diligence topics in M&A\n▪Adoption of third-party, non-financial diligence reports (commercial, \ntech, ESG) is increasing\n▪Sponsors are progressively tasking third-party advisors with more \ncomplex challenges\n$71B\n$141B\n$246B\n$330B\n$742B\n$965B\n200020052010201520202024\nU.S. Private Equity Dry Powder\n(1)\nNorth American and European M&A Transaction Volume\nEvolution of Private Equity Return Contributors\n18%\n22%\n36%\n55%\n70%\n31%\n46%\n39%\n30%\n15%\n51%\n32%\n25%\n15%15%\n1980s1990s2000s2010s2020s (Outlook)\nDeleveraging\nMultiple Expansion\nOperational Value Creation\n45%\n44%\n45%\n46%\n48%\n18%\n16%\n20%\n21%\n20%\n38%\n40%\n35%\n33%\n32%\n9.8K\n10.5K\n11.0K\n11.3K\n11.8K\n20202021202220232024\n>5 Years\n4-5 Years\n0-3 Years\n\n9\nSTRICTLY CONFIDENTIAL\nComplementary Suite of Services that Scale with the Client\nStax’s services are designed to provide an integrated solution to its clients across the private equity lifecycle\nBuy-Side Commercial Due Diligence\n2025E Net Revenue by Service Line\n(1)\nAssess market dynamics and target alignment, \ncompetitive positioning, and value creation levers\nWorkstreams\n▪Market and asset screening\n‒Sector prioritization\n‒Acquisition screening\n‒Thesis build and development\n▪Early diligence\n‒Red flag assessment\n‒Client checks\n▪Commercial due diligence\n‒Scaled to focus on next phase of growth\n‒Pre-LOI phasing of deliverables to meet process timelines\nValue Creation\nPrimary Goals\n▪Ensure top initiatives can be successfully underwritten and executed \nupon immediately post-deal\nEmbedded Offerings\n▪Commercial excellence\n▪Pricing optimization\n▪Sales productivity\n▪Churn reduction\n▪Cost optimization\n▪Growth expansion and strategy\n▪Post-merger and acquisition strategy integration\n▪ESG and impact advisory\nSell-Side Commercial Due Diligence\nExternal Deliverables\n▪Market studies including market size assessment, client dynamics, \ncompetitive landscape, and growth opportunities\n▪Transaction support via advisory, preparation for conversations with \npotential investors, and other ad hoc analyses\nInternal Value Add\n▪Anticipated areas of potential investor pushback\n▪Insight and recommendations to inform go-forward strategy for \nmanagement and next investor\nEmbedded Offerings\n▪Exit planning and vendor due diligence\n‒Pre-empt process concerns, inform growth strategy, and \nsupport stakeholders through exit\nTypical Transaction Profile\n▪$100 million to $1 billion in enterprise value across technology, \nindustrials, healthcare, consumer, and services\nDrive rapid EBITDA improvement throughout the \ninvestment hold period\nArticulate the exit story and provide actionable \ngrowth blueprint backed by market research\n% of Net Revenue42%% of Net Revenue40%\nBuy-Side Commercial Due Diligence Value CreationSell-Side Commercial Due Diligence \n% of Net Revenue16%\n(1)Excludes 2.5% of Other revenue. \n\n10\nSTRICTLY CONFIDENTIALSTRICTLY CONFIDENTIAL\n10\nWhy Stax Wins\nServices have a high barrier to entry and high cost of failure – gaining the trust of private equity firms is \nextremely difficult and requires consistent high-quality work\nSelect Client Testimonies\n“\n“\nStax offers the Goldilocks solution—strong \nexpertise, high quality work, senior-level \nattention, and great value. Stax solves for \na huge market gap by providing superior \nadvisory work and sell-side market studies \nat a reasonable price\n– Managing Director, Investment Bank\nStax is a firm that can connect all the dots, \nwhich is what we don’t get from the point \nsolutions, while being much more flexible \nvalue-additive than MBB firms\n– Sr. Operating Partner, Private Equity Firm\nThe value of your work was multi-fold – it \ngave us materials to share with investors \nand banks, as well as a roadmap for \nwhere our brand has room to expand\n– CEO, Sell-Side Client\nThe work from Stax gave us a clear 5% lift \non valuation. Their framing of the business \nstarted everyone at a higher base\n– Managing Director, Private Equity Firm\nTalented bench of professionals \nwith specialized expertise\nStrong reputation and trust among \ninvestment banks, private equity firms, \nand other investment managers\nTransparent, collaborative \napproach to projects\nOperating model built \nspecifically to serve the \nneeds of private equity\nDeep vertical expertise\nExtensive intellectual property \ncreated by historical engagements\nStrong data analytics capabilities \nsupported by global delivery\nValue creation is ingrained in \napproach to diligence\nUniquely Positioned Through Breadth of High-Quality Services Offered at a Competitive Price Point\nBreadth and Depth of \nDiligence Offering\n“High-Level”\nBespoke Content; \nGrounded in Data; \nGlobal Presence\nInterview / Survey \nBased; Limited \nGeographic Presence\nQuality / Value \nCaptured \n$250K\nUpper / Middle Market & Growth Funds\n$800K-$1M\n$100K\n(Europe)\n$500K\n\n11\nSTRICTLY CONFIDENTIAL\nCompelling Employee Value Proposition to Cultivate Top Talent\nUnique culture and attractive career growth opportunities make Stax a preferred employment destination for consultants\nVision and Values Serve as a Foundation for Exceptional Client Service...Meaningful Opportunities for Employees Ensure Company Success\n...Which The Industry Recognizes as Best-in-ClassBy the Numbers\n(1)\n95%\nDirector and\nManaging Director \nRetention\n(2)(3)\n$7.7M\nRevenue per \nManaging \nDirector\n(2)\n~$700K\nRevenue per \nClient Service \nProfessional\n232\nFull-Time \nEmployees as of \nMar-25\n36%\nAnnual CSN \nD/MD \nGrowth\n(4)\n11:1\nCSN / Managing \nDirector Ratio\n~80%\nCSN \nProfessional \nRetention\n(3)\n90%\nLTM Mar-25 Client \nService Network \nUtilization\nALM Best Small Firm to \nWork For 2024\nALM Rising \nStars 2025\nALM Top Consultants \n2024\nALM Women Leaders \nin Consulting 2024\nAmerica’s Fastest - \nGrowing Companies\nManagement \nConsulted Top \nConsulting Firm 2025\nRealDeals PE CDD \nProvider of the Year \nFinalist 2025\nConsulting Report Top \n25 Consulting Firm \nCEOs 2024\nConsulting Report Top \n50 Consulting Firms \n2024\nConsulting Report Top \n25 Operations & Supply \nChain Consultants 2025\nVault Top Ranked \nEMEA Consulting\n2025\nVault Top Ranked \nNorth America \nConsulting 2025\nWe will provide exceptional opportunities for good \npeople\nVISION\nWe will create value for our clients and \npartners\nWe will grow a successful, durable organization of \nlong-term value\nWe act with the highest integrity, respect for others, \nand personal accountability\nVALUES\nWe demonstrate commitment to the \ncommunity\nWe foster a sense of shared responsibility \namongst our team\nCompetitively \ndifferentiated \nplatform that \ncreates a platform \nfor professionals \nto be successful\nAmple \nwhitespace for \ncareer growth \nrelative to some \ncompetitors\nGrowing platform \ncreates exciting new \ncareer opportunities \nwhere professionals \ncan have a significant \nimpact \nIncentive model \nthat drives \ncollaboration, \nwith opportunity \nto participate in \nequity value \ncreation\nUnique focus \non serving and \ngrowing with \nprivate equity \nclients\n~40%\nEmployee and \nFounder \nOwned\n86\nEmployee \nOwners\n(1)As of year-end 2024 unless otherwise stated.\n(2)Reflects Client Service Network only.\n(3)Excludes Intern/Co-Op and Involuntary turnover.\n(4)Reflects CAGR of Client Service Network Director \nand Managing Director headcount from year-end \n2022 to Mar-25.\n\n12\nSTRICTLY CONFIDENTIAL\n▪x\n$1.1\n$13.3\n$18.0\n$20.6\n202020222024LTM Mar-25\n23%\n21%\n14%\n41%\nTop 10\nTop 11-30\nTop 31-60\nAll Others\n27%\n7%\n21%\n45%\n<1 Yr\n1-2 Yrs\n2-6 Yrs\n6+ Yrs\n73%\n27%\nRepeat\nNon-Repeat\n62%\n27%\n11%\n1 Service\n2 Services\n3 Services\nDeep-Rooted Client Relationships Supported by Sophisticated Go-to-Market Strategy\nExceptional service and industry expertise lay the foundation for Stax’s long-standing client relationships\nRevenue Concentration by ClientClient Tenure Mix\nClients Using Multiple ServicesRevenue from Repeat Clients\nGrowing Volume of Sell-Side Referrals from Investment Banks\nLarge Cap Private \nEquity\nMiddle Market and \nGrowth Private Equity\nHedge Funds and\nCredit Funds\nInvestment Banks\nSelect Client and Referral Channel Relationships\n(Net Revenue; $ in millions)\n$72M\n2024 Net \nRevenue\n$72M\n2024 Net \nRevenue\n$72M\n2024 Net \nRevenue\n$72M\n2024 Net \nRevenue\n\n13\nSTRICTLY CONFIDENTIAL\nStax is a Service Provider of Choice Across the Private Equity Investment Lifecycle\nProven long-term partner to sponsors and their portfolio companies during key milestones and inflection points\nPre-InvestmentHold PeriodExit\nValue CreationBuy-Side Due DiligenceSell-Side Due Diligence\nMarket and Asset \nAssessment\nEarly Due\nDiligence\nCommercial Due \nDiligence\nProfit\nX-Ray\nGrowth Acceleration \nDiagnostics\nICP\nAnalytics\nExit\nPlanning\nVendor Due \nDiligence\nOngoing Support \nThrough Exit Into \nNext Phase of \nGrowth\nNew Partner\nSelect Portfolio Company Case Studies\nEntry Point and Highlights\n▪Provider of finance, operations, and accounting software to the energy industry\n▪Acquired by Thoma Bravo in 2018 from Silver Lake\n▪Completed three buy-side engagements for private equity firms that later invested in the company, \nleading to repeat growth strategy and value creation work for Stax\n▪Seventeen projects completed to date across three private equity ownership cycles\nInitiatives Under CarlyleInitiatives Under Silver Lake\n15+ Year\nRelationship\nInitiatives Under Thoma BravoCumulative Net Revenue\nEntry Point and Highlights\n▪Provider of solutions to automate and simplify the insurance process\n▪Acquired by Roper Technologies in 2020 from Bain Capital and Vista Equity Partners\n▪Initial introduction in 2010 through a buy-side engagement for a large private equity firm\n▪Eight projects completed to date across three private equity ownership cycles\nInitiatives Under TPGInitiatives Under Bain Capital & Vista\n15+ Year\nRelationship\nInitiatives Under Roper Technologies Cumulative Net Revenue\n▪Conducted buy-side due diligence on behalf of \nCarlyle, which ultimately acquired a majority interest \nin Quorum\n▪Evaluated multiple successful add-on acquisitions\n▪Provided exit planning and sell-side support\n▪Evaluated multiple successful add-on acquisitions\n▪Provided strategy support after three-way merger\n▪Continued evaluation of expansion opportunities\n~$3.5 million~$1.8 million\n▪Assessed add-on potential and risks of an insurance \nand securities technology provider\n▪Conducted a pricing strategy and commercial \ndiagnostic to benchmark recent growth\n▪Completed a sell-side study\n▪Assessed the MGA market to inform growth strategy\n▪Completed commercial performance diagnostic\n▪Supported 3-year strategic planning\n\n14\nSTRICTLY CONFIDENTIAL\nStrong Opportunity to Accelerate Growth Through Multi-Pronged Strategy\nClear, attainable initiatives to build upon leading market position\nAttractive \nMarket Tailwinds\nPrivate equity firms are increasingly utilizing commercial due diligence \nand value optimization services for transactions and portfolio companies\nPrivate equity has shown resilient \ngrowth supporting an expanding TAM\nRising private equity inventory is driving demand for multiple \nmarket insight services over each investment’s lifecycle\n▪Scale coverage and \ncontent intersection \nacross private equity and \ninvestment banks\n▪Further scale dedicated \nbusiness development \nteam to broaden \ncoverage universe\n▪Centralize, scale, and \nmanage external \nindividual, account, and \nsubsector \ncommunications\n▪Focus on accelerating \nthe execution of M&A \nplaybook\n▪Expand into new \ngeographies, new \nservice lines, and build \nscale in existing markets\n▪Opportunistically \nevaluate larger-scale \ntransformative M&A \ntargets\nIdentify and Execute \non Acquisitions\n▪Capitalize on advisory, \nbespoke nature of work, \nand pricing umbrella \nrelative to MBB+ to \nrealize due diligence \nprice increases \nnationally and abroad\n▪Raise prices in value \ncreation to be more in-\nline with client impact, \nresults, and ROI\n▪Expand number of \naccounts with average \nproject size of $400K+ \nwith ample cross-sell \nopportunities and need \nfor multiple projects per \nyear\nExert\nPricing Power\n▪Further optimize cross-\nsell strategy to deepen \ndensity across core \naccounts through scaled \ninside sales strategy\n▪Target key private equity \nclients where \nreferenceable work \nprovides opportunity for \nfurther penetration in \nprojects that command \nmore premium bill rates\nScale Client Coverage\n▪Leverage reputation and \ndifferentiated \nexperience in key \nverticals with high win \nrates across market \nsegments\n▪Introduce new verticals \nsuch as government or \naerospace and defense \nthrough de novo efforts \nor experienced senior \nhires \nDeepen Vertical \nExpertise\n▪Capitalize on hedge \nfunds’ growing inbound \ndemand for market \nresearch \n▪Introduce new purpose-\nbuilt products such as \ntechnology due \ndiligence, financial due \ndiligence, policy and \nregulatory consulting, \noperational due \ndiligence, and ESG and \nsustainability diligence \nthrough integrated go-\nto-market approach\nExpand Capabilities \nand Client Profiles\n▪Continue building \nmomentum in the U.K. \nto expand market \npresence\n▪Strategically grow \nheadcount and client \nleadership in New York \noffice\n▪Establish local presence \nin new geographic \nmarkets through organic \ngreenfield locations in \nthe United States and \nEurope\n▪Continue to protect \nunique culture via \nplanful expansion\nBroaden Geographic \nPresence\n▪Strategically hire senior \nprofessionals to build \ndensity in core verticals \nand expand capabilities\n▪Build density across \ncurrent locations, \nexpanding \napprenticeship model to \nfurther attract and \ndevelop mid/junior \ntalent\nAttract, Develop, and \nRetain Talent\nMaximize Wallet \nShare and Cross-Sell\nGrowExpandTransform\n\n15\nSTRICTLY CONFIDENTIAL\n▪Founder-led with minimal \ninfrastructure\n▪Centralized global management \nteam\n▪Office-centric P&L▪Single global P&L\n▪Inconsistent performance \nmanagement\n▪Inconsistent pricing\n▪Inconsistent delivery \n▪Global standards and value \nproposition\n▪Product-led, content-driven\n▪Concentrated sales with little \ncollaboration\n▪Collaborative account structure\n▪Industry verticalized senior \nconsultants\n▪Research-focused▪Advisory-focused\n▪Tiered product and brand issue\n▪Decentralized, under-invested \nplatform\n▪Well-invested, integrated \ninfrastructure\n▪Purpose-built platform for pace \nof private equity\n▪Proven M&A capability\nProfessionalized Platform Poised to Support Significant Growth\nCurated strategic transition has established infrastructure to scale alongside the business as the Company enters the next phase of growth\n2022 OnwardsPre-2021\nOld FrameworkNew Foundation\n▪Established global competencies, leveling, and \ncompensation\n▪Adopted global staffing and development\n▪Upgraded teams\n▪Unified positioning and value proposition\n▪Benchmarked pricing and products\n▪Upgraded ERP and created Stax INTEL\n▪Adopted senior oversight of content generation \nand access (vertical groups, thought leadership, \nPOVs)\n▪Established brand and ramped up recruitment in \nLondon and NYC\n▪Onboarded culture in NYC\n▪Restructured Chicago\n▪Established senior apprenticeship\n▪Established consistent hybrid model\n▪Established “Regional Success” teams to partner \nU.S. seniors with EMEA client leads\n▪Structured collaborative global pipeline with \naccount collaboration groups and oversight\n▪Removed generalist Directors and Managing \nDirectors\n▪Established vertical structures\n▪Added verticalized talent\n▪Created vertical content agenda\n▪Recruited sector and product specialists\n▪Verticalized competency model for Associate \nDirector and above\n▪Created integrated workstream approach with \nClient Delivery Network\n▪Built vendor due diligence and value creation \nintegrated product (VCIP) product matrix\n▪Elevated CDD product\n▪Established product-level P&L and metrics\n▪Began tracking product cross-selling\n▪Established dedicated resourcing and coverage\n▪Established product-specific competencies\n▪Integrated and connected products, building to a \nfund/asset-life offering\n▪Constructed ARM and account tiering\n▪Further trained and developed junior sellers\n▪Established collaboration metrics\n▪Transitioned founder to Board and created \ncentralized management structure\n▪New CEO, Global Practice Leader, Chief People \nOfficer, and General Counsel\n▪Screened seniors for collaboration; retained \nhigh-quality mid-level consultants\n▪Better defined path from Associate Dir. to MD\n▪Created strategy and go-to-market framework to \nscale OpGen\n▪Created marketing and business development \nsupport framework\n▪Developed knowledge management tool\n▪Created collaboration incentives\n▪Established engagement metrics for tracking\n▪Elevated client engagement agenda\n▪Developed BI function and created Stax INTEL \nplatform\nStandardize\nVerticalize\nDiversify\nGlobalization of staffing, utilization, reporting, talent development, and pricing \nallows for consistent client experience with different coverage points\nCommercialize\nGlobalize\nProductize\n\n16\nSTRICTLY CONFIDENTIAL\nDiversified Business with Proven Growth Across All Environments\nStax’s diversified business model has proven its ability to grow across economic environments\n(1)Reflects cumulative percent change over time since 2005.\n(2)2005-2021 reflects reported financials.\n(3)Source: Dealogic. Reflects announced North American and European transactions with private equity involvement between 1/1/2005 and 12/31/2024. 2025 projection per EY.\nGreat Recession\nCOVID-19\nGreat \nResignation\nInflation\nRate \nHikes\nNet Revenue Performance Relative to the M&A Environment\n(1)\nWinners in Market Growth\nWinners in Market Contraction\n(500%)\n–\n500%\n1,000%\n1,500%\n2,000%\n20052006200720082009201020112012201320142015201620172018201920202021202220232024LTM\nMar-25\n2025E\nStax Net RevenueN.A. and U.K. PE Transaction Volume\n▪Buy-Side Commercial Due Diligence: Increasing demand of \nbuy-side services as private equity firms explore a wide range \nof investment opportunities\n▪Value Creation: Growing demand for value creation services \nas firms strive to outperform competitors by enhancing \nportfolio company performance to unlock growth and value\n▪Sell-Side Commercial Due Diligence: Increased market activity \nand favorable valuations drive companies to prepare for sale \nboosting demand for sell-side services\n▪Buy-Side Commercial Due Diligence: Steady demand as firms \nseek expert analysis to identify undervalued assets with \nrecovery potential\n▪Value Creation: Consistent value creation demand as portfolio \ncompanies face pressure to optimize operations and cut costs\n▪Sell-Side Commercial Due Diligence: Stable demand for sell-\nside services as sellers must present their businesses in the \nbest possible light\n▪Diverse Client Profiles: Ability to tap hedge fund and credit \nfund clients when topline deal-market activity slows\n(2)(3)\n\n17\nSTRICTLY CONFIDENTIAL\nCompelling Long-Term Outlook Underpinned by Track Record of Consistent Growth\nHighly attractive financial profile defined by consistent growth and impressive margins\nPro Forma Adjusted Net Revenue\nOrganic Gross Profit and Margin\nPro Forma Adjusted EBITDA and Margin\n($ in millions)\n($ in millions)\n($ in millions)\n$39\n$44\n$48\n$54\n$70\n$88\n$109\n$136\n$168\n61.0%\n62.0%\n63.1%\n59.5%\n60.5%\n61.0%61.0%61.0%61.0%\n20232024LTM Mar-252025E2026P2027P2028P2029P2030P\n$42\n$54\n$69\n$89\n$112\n$4\n$10\n$19\n$30\n$45\n$19\n$24\n$27\n$31\n$46\n$65\n$88\n$119\n$157\n29.3%\n33.5%\n35.6%\n33.3%\n36.2%\n38.0%\n39.0%\n39.9%\n40.9%\n20232024LTM Mar-252025E2026P2027P2028P2029P2030P\nOrganicAcquired\n$115\n$143\n$179\n$223\n$275\n$12\n$27\n$48\n$75\n$110\n$64\n$71\n$76\n$91\n$127\n$170\n$226\n$298\n$385\n20232024LTM Mar-252025E2026P2027P2028P2029P2030P\nOrganicAcquired\n\n18\nSTRICTLY CONFIDENTIAL\nProven Leadership Team Poised for the Next Era of Growth\nCommitted leadership team with a clear vision for the future of Stax\n(1)Client Service Network.\n(2)Operations.\nPaul Edwards\nGlobal Practice Leader\nJoined in 2005\n25+ Years of Experience\nJayson Traxler\nChief Executive Officer\nJoined in 2021\n25+ Years of Experience\nSTS Research Group\n18\nSTRICTLY CONFIDENTIAL\nMeg Macumber\nGlobal Head of \nFinance\nLeslie Regenbaum\nGeneral \nCounsel\nAmy Schoeman\nGlobal Head of \nHuman Resources\nJoe Brownell\nGlobal Head of \nMarketing\nConnor Novy\nChief of Staff, \nHead of Sales Ops\nMihaela Dumea\nDirector, Data & \nBus. Intelligence\nHazir Shafeek\nGlobal Head of \nData Insights & IT\nBrad Kuntz\nAmericas \nRegional Lead\nPhil Dunne\nEMEA \nRegional Lead\nRobert Lytle\nTransaction \nAdvisory Co-Lead\nWill Barden\nTransaction \nAdvisory Co-Lead\nVince Zosa\nValue Creation \nProduct Lead\nRoy Lockhart\nExit Planning \nProduct Lead\n2020202320242018201820222021202520242024202220222011\n20+ Years20+ Years20+ Years25+ Years10+ Years20+ Years15+ Years20+ Years35+ Years30+ Years15+ Years30+ Years15+ Years\nDEVON\nV A L U E A D V I S E R S\nYear Joined\nIndustry Tenure\nPrior Experience\n\n19\nSTRICTLY CONFIDENTIALSTRICTLY CONFIDENTIAL\n19\nStax is a Highly Differentiated and Attractive Platform\nLarge addressable market with favorable secular trends\nDifferentiated value proposition for clients magnified by expertise developed through \nhistorical project volume\nDeep relationships with diversified set of clients that have reoccurring demand\nCompelling employee value proposition to attract, develop, and retain talent\nProven management team set to sustain growth\nProfessional operating platform set to scale\nClearly-defined multi-pronged growth strategy\nProven history of long-term growth, robust margins, and strong capital efficiency\n\nIndustry Overview\n\n21\nSTRICTLY CONFIDENTIAL\n$20B\n$33B\n$68B\n$91M\nStax Services the Private Equity Sector, a Foundational and Stable End Market\nBroad end market tailwinds provide ideal environment for long-term revenue growth\nLarge and Growing Addressable Market \nIndustry Landscape\nAdvisory Firms \n2025E Stax \nNet Revenue\n2024 Global M&A\n2024 Global Private \nEquity-Backed M&A\nNorth American and U.K. \nPrivate Equity-Backed M&A\nAccounting Networks\nMBB \n\n22\nSTRICTLY CONFIDENTIAL\nStax Services the Private Equity Sector, a Foundational and Stable End Market\nBroad end market tailwinds provide ideal environment for long-term revenue growth\nGlobal Private Equity Deal VolumeU.S. Private Equity Dry Powder by Fund Size\nGlobal Private Equity Exit VolumeU.S. Private Equity-Backed Company Inventory by Age\nSource: PitchBook.\n3.2K\n5.8K\n2.8K\n6.7K\n6.9K\n7.3K\n7.6K\n7.9K\n8.3K\n8.8K\n9.3K\n9.8K\n10.5K\n11.0K\n11.3K\n11.8K\n2012201320142015201620172018201920202021202220232024\nLess than 2 Years\n2 - 5 Years\nOver 5 Years\n$0.4\n$0.6\n$0.5\n$0.6\n$0.8\n$0.8\n$0.7\n$0.8\n$0.8\n$0.6\n$0.9\n$1.7\n$0.8\n$0.8\n$0.9\n1.8K\n2.1K\n2.2K\n2.4K\n2.9K\n3.3K\n3.1K\n3.4K\n3.4K\n3.2K\n2.8K\n4.4K\n3.7K\n3.5K\n3.8K\n201020112012201320142015201620172018201920202021202220232024\nExit Value\nExit Count\n$0.6 \n$0.7 \n$0.7 \n$0.7 \n$0.9 \n$1.1 \n$1.0 \n$1.2 \n$1.3 \n$1.3 \n$1.2 \n$2.3 \n$1.8 \n$1.4 \n$1.8 \n6.5K\n7.5K\n7.9K\n7.9K\n9.6K\n10.9K\n11.0K\n12.0K\n13.4K\n14.0K\n13.7K\n20.9K\n19.6K\n17.1K\n19.1K\n201020112012201320142015201620172018201920202021202220232024\nDeal Value\nDeal Count\n $0\n $200\n $400\n $600\n $800\n $1,000\n2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024\nMiddle Market PE\nPE Megafunds\nPE Under $100M\n($ in trillions)\n($ in trillions)($ in billions)\n2010 – 2024 CAGR: 8.4%2006 – 2024 CAGR: 5.6%\n2010 – 2024 Exit Value CAGR: 5.1%2012 – 2024 CAGR: 4.9%\n\n23\nSTRICTLY CONFIDENTIAL\nMore Than $32B in TAM Opportunity for Stax’s Core Products\nBountiful growth prospects in a broad addressable market \nTotal Addressable Market Opportunity by Product\nSource: Stax Market Sizing Analysis.\nSpendVolume\nSell-Side Diligence\n$2.9B\nValue Creation\n$4.1B\nBuy-Side Diligence\n$25.6B\n$32.6B\n2024\nBuy-Side \nDiligence\n19,123 \nPrivate Equity Transactions Annually\n$1.3M \nCDD Spend Per Closed Transaction\nSources and Approach:\n▪PitchBook 2024 Global Private Equity Report\nSources and Approach:\n▪Reflects 100% attach rate to pre-LOI lean-in & LOI deals\n▪Spend per deal per Stax PE decisionmaker survey (n=50)\nSell-Side \nDiligence\n6,389 \nAnnual Exits Across PE/Founder Businesses\n$453K \nSpend Per Successful Exit\nSources and Approach:\n▪PitchBook 2024 Global Private Equity Report\n▪Stax estimate of founder-backed exits >$100M in deal \nvalue\nSources and Approach:\n▪Reflects 100% attach rate of successful exits (founder- \nand PE-owned) and 40% assumed deal failure rate\n▪Spend per deal per Stax PE decisionmaker survey (n=50)\nValue \nCreation\n56,177 \nActive Private Equity-Backed Companies\n$72K\nSpend Per Portfolio Company Per Year\nSources and Approach:\n▪PitchBook Filter for Currently Privately-held, Private \nEquity-Backed Companies (i.e., non-addon/subsidiary)\nSources and Approach:\n▪Reflects each portfolio company conducting $361K of \nVCIP spend spread annually over a five-year hold period\n▪Spend per deal per Stax PE decisionmaker survey (n=50)\n\n24\nSTRICTLY CONFIDENTIAL\nHighly Attractive and Growing Market for Stax’s Private Equity Services\nStax is well-positioned to benefit from increases in private equity activity and standardization of third-party diligence in deal-making\nTrends Appreciating the Value of TAM and Current Spend on Stax’s Services\n▪Deal volumes, exit volumes, and the total pool of private equity-backed companies continue to grow and are resilient, and \ninvestor sentiment remains positive going forward\n▪Number of new private equity deals in U.S. and Europe has grown at a 7.6% CAGR over the last ten years\nGrowing Deal Sizes and \nVolume\n▪Value and depth of consulting engagements is increasing, and consulting services are readily able to pass through increasing \nlabor costs, growing the overall spend per deal\n▪Based on a survey scale from 1 (Nice to Have/Less Important) to 7 (Need to Have/More Important), average CDD value to private \nequity funds will increase from ~4 to ~5 from five years ago to the next five years, and value creation will increase from ~5 to ~6 \nfor the same period\nHigher Average Spend \nand Scope per Deal\n▪Competitiveness for high-quality deals is increasing, and more suitors are leaning into processes overall, and earlier driven by the \ndesire to filter for good deals and the growing need for private equity to “sell management” on the value of their partnership\n▪Middle market and growth equity deal funnels (deals seen, leaned in on, and under LOI) have increased at 8.4-9.0% CAGRs, \npushing CDD opportunities beyond the currently estimated ~3 due diligence engagements per closed deal\nMore CDD Opportunities \nper Deal\n▪Third-party support for diligence and value creation efforts are increasingly becoming an industry standard, with a steadily \nincreasing portion of deals and portfolio companies hiring third-party support\n▪Pre-LOI CDD attachment rates to deals have grown from 10% in the last five years to 23% today, and 30% of portfolio companies \nutilize value creation today compared to 20% over the last five years\n(1)\nAttachment Rates Are \nGrowing Across \nProducts\nSource: Stax Market Sizing Analysis, including Stax web survey (Winter 2025, n=50).\n(1)Based on subset of middle market funds, excluding new funds, per Stax web survey (Winter 2025, n=36).\n\nService Lines\n\n26\nSTRICTLY CONFIDENTIAL\nOverview\nAdvisory Services\nContract Structure\nAverage Engagement Length\nStage of Investment Lifecycle\nTypical Referral Source\nNet Revenue\nProjects Invoiced\nAverage Revenue per Project\nClients Served\nComplementary Solutions to Address a Wide Array of Client Needs\nSuite of critical services provide a strong basis for recurring revenue and natural cross-sell opportunities across the private equity lifecycle\nBuy-Side Commercial Due Diligence\nKey Attributes\nLTM Mar\n-\n25 Highlights\n▪Evaluate potential targets, focus areas, or \ninvestment themes for sponsors\n▪Assess market dynamics and target \nalignment, competitive positioning, and \nvalue creation levers\nMarket and Asset Screening, Thesis Build, \nEarly Diligence, Commercial Due Diligence\nFixed Fee\n3-6 Weeks\nPre-Investment\nExisting Relationship\n107\n$318K\n83\nSell-Side Commercial Due Diligence\nMarket Study, Exit Planning, Vendor Due \nDiligence\n▪Ensure process readiness and enhance \ntransaction outcomes for sponsors and \nmanagement teams\n▪Articulate the exit story and provide \nactionable growth blueprint backed by \nmarket research\nFixed Fee\n4-6 Weeks\nExit\nReferral from Investment Bank or \nExisting Sponsor Relationship\n76\n$378K\n81\nValue Creation\nCommercial Excellence, Pricing & Cost Optimization, \nSales Productivity, Churn Reduction, ESG & Impact\nFixed Fee\nVaries\nHold Period\nExisting Relationship or Ongoing \nSupport Following Exit Planning\n34\n$331K\n32\n▪Drive rapid EBITDA improvement \nthroughout the investment hold period\n▪Designed for multi-year, multi-project \nrelationships to drive incumbency with \nmanagement teams and ultimately lead \nto sell-side support\n$34M$29M$11M\n\n27\nSTRICTLY CONFIDENTIAL\nBuy-Side Commercial Due Diligence\n▪Provide data-driven insights across key investment considerations (market, target company, competition, etc.)\n▪Enables private equity firms to make informed decisions by identifying potential opportunities and risks for a \nprospective investment\n▪The Company provides services during the acquisition screening and theme development phase, as well as early \ndiligence and scaled commercial due diligence in an active process\n‒Early workstreams include sector prioritization, acquisition screening, thesis build and development, red \nflag assessments, and client checks\n‒Pre-LOI workstreams include assessment of the target’s market, client dynamics and competitive \npositioning, competitive landscape, and growth opportunities\n▪Post-LOI work integrates blueprint development and growth strategy planning\n▪High level of repeat demand from long-term relationships with private equity clients\nExtension of the investment team evaluating potential platform and add-on opportunities\nLTM Mar-25 Key Stats\nIllustrative Project Timeline\nRepresentative Clients\nOverview and Typical Scope\nIllustrative Project Timeline\nKICK-OFFAlign on Final Scope and Objectives, Data Discovery\nANALYSES\nPhone-Based Interviews, Analysis of Target Data, \nOnline Review Analysis, Synthesize Research \nStreams, Develop Fact-Base\n80/20 Report, Final Read-Out\nPOST-PROJECT COLLABORATION\nWeeks ~1-4Ongoing As-Needed\nSupport First 100 Days of Hold Period, Ongoing \nValue Creation Work \nDELIVERABLES\n11%\n2018 – LTM Mar-25 \nRevenue CAGR \n107\nProjects \nInvoiced\n$318K\nAverage Revenue \nper Project\n83\nClients \nServed\n% of Net \nRevenue\n44%\n37%\n15%\n4%\nBuy-Side\nSell-Side\nValue Creation\nOther\n\n28\nSTRICTLY CONFIDENTIAL\nValue Creation\n▪Multi-phase model partnering with clients to define and execute on value creation initiatives while building \noperating discipline and sustainable improvements year-over-year\n▪Drives development of strategic growth options for expansion with an actionable roadmap for implementation\n▪Leverages the Company’s depth of sector expertise, proprietary research, and advanced analytics capabilities to \ndeliver a data-driven, evidence-based assessment of recent performance and growth potential\n▪Offering encompasses proven methodologies to define growth strategies and improve commercial excellence \nand capital efficiency\n‒Client segmentation and value proposition, channel expansion, churn reduction, pricing optimization, \nESG/Sustainability and risk, marketing, client experience\n‒AI strategic assessment and diagnostics with execution support to define, test, and scale AI initiatives\n▪Value creation services deepen and extend engagement with private equity clients around critical decisions for \ntheir portfolio companies outside of a new investment or exit period\nTargeted diagnostics and actionable growth plans to achieve desired business outcomes at various stages of maturity\nOverview and Typical ScopeLTM Mar-25 Key Stats\nIllustrative Project Timeline\nRepresentative Clients\nKICK-OFFWorking Session with Relevant Stakeholders\nPotential Growth Thesis, Client/Market/ICP Offering \nAssessment, Strategic Option Development, Risk \nAssessment and Roadmap\nPOST-PROJECT COLLABORATION\nWeeks ~1-4Ongoing As-Needed\nEnter Phase II to Build on Project Work or Support \nImplementation, Prepare for Sale Process\nInterim Update, \nWorkshop, Final Read Out\nDELIVERABLES\nANALYSES\n% of Net \nRevenue\n8%\n2018 – LTM Mar-25 \nRevenue CAGR \n34\nProjects \nInvoiced\n$331K\nAverage Revenue \nper Project\n32\nClients \nServed\n44%\n37%\n15%\n4%\nBuy-Side\nSell-Side\nValue Creation\nOther\n\n29\nSTRICTLY CONFIDENTIAL\nSell-Side Commercial Due Diligence\n▪Demonstrate strength of positioning and growth potential of the asset in preparation of exit \n▪Communicates the growth story to potential investors by providing research and analysis to define the target’s \nmarket, strength of its positioning and performance, and opportunities for expansion\n▪Stax leverages its experience working on the buy-side to address critical questions about the target that \ninvestors will focus on, including TAM, growth outlook for core market, competitive differentiation, future \nopportunities, and voice of the client\n▪Modular approach allows Stax to adjust its process and output depending on sponsor/founder involvement, \nrelevant buyer universe, and priority needs\n▪New business development for this service is focused on referrals from investment banks, as well as leveraging \nprivate equity client relationships\n‒The Company worked with 20+ investment banks in the last 24 months\n▪Natural cross-sell opportunity from momentum of sale process and intelligence gathered during engagement\n▪Reputation among private equity investors is a significant point of attraction for banks and management teams\nCollaborative thought partner throughout a sale process to articulate the asset’s positioning and growth story\nOverview and Typical ScopeLTM Mar-25 Key Stats\nIllustrative Project Timeline\nRepresentative Clients\nKICK-OFFWorking Session with Relevant Stakeholders\nTAM and Client Analysis, Risk Assessment, VDR \nPreparedness, Growth Strategy Vetting\nDELIVERABLESFinal Read-Out\nPOST-PROJECT COLLABORATION\nWeeks ~1-5Ongoing As-Needed\nDevelop Buyer-Specific Materials, Discuss with Potential \nSuitors, Onboard Findings and Recommendations at Target\nANALYSES\n% of Net \nRevenue\n62%\n2018 – LTM Mar-25 \nRevenue CAGR \n76\nProjects \nInvoiced\n$378K\nAverage Revenue \nper Project\n81\nClients \nServed\n44%\n37%\n15%\n4%\nBuy-Side\nSell-Side\nValue Creation\nOther\n\n30\nSTRICTLY CONFIDENTIAL\nStrong Institutional Knowledge Across Industries\nStax outperforms competitors by offering the highest quality and expertise across multiple end markets, while ensuring stability through diversification \nacross various industries\nNote: Data reflects LTM Mar-25 engagements and revenue mix.\n132\nEngagements\n% of Net Revenue45%\nVertical SaaS\nIndustry-Specific Apps\nEnterprise Applications\nNetwork Infrastructure\nAI & Machine-Learning\nMedia and B2C Tech\nTechnology\n25\nEngagements\n% of Net Revenue9%\nPhysician Practices\nLong-Term Care\nManaged Healthcare\nMedical Devices\nHospitals & Facilities\nPayors\nHealthcare\n15\nEngagements\n% of Net Revenue5%\nApparel\nFood & Beverage\nHospitality and Leisure\nHousehold Goods\nResidential Services\nHealth & Wellness\nConsumer\n37\nEngagements\n% of Net Revenue15%\nManufacturing\nDistribution\nTransportation\nConstruction & Engineering\nAerospace and Defense\nAutomotive\nIndustrialsServices\n64\nEngagements\n% of Net Revenue25%\nProfessional Services\nFinancial Services\nMarketing and Advertising Services\nData and Information Services\nIT Services\nEvents and Tradeshow Services\n\n31\nSTRICTLY CONFIDENTIAL\nIn-Depth Expertise in Technology and Services \nStax has effectively established a strong replicable presence in technology and service verticals, driving above-market growth and creating a playbook \nfor additional vertical expansion\nIT \nInfrastructure\nCybersecurityVertical SaaS\nHorizontal \nEnterprise \nApplications\nPayments and \nFintech \nConsumer \nTechnology and \nMedia\nTechnology \nCommercial and \nResidential \nServices \nIT Services\nEvents, \nMarketing, and \nInfo Services\nProfessional and \nAdvisory Services\nEducation and \nCrediting Services\nFinancial and \nInsurance Services\nSub-Vertical Expansion Opportunities Sub-Vertical Expansion Opportunities \n$5\n$10\n$11\n$27\n$31\n$30\n$33\n$36\n2018201920202021202220232024LTM\nMar-25\n$6\n$6\n$6\n$11\n$17\n$16\n$18\n$20\n2018201920202021202220232024LTM\nMar-25\nStrengthEvolving Focus\nServices \n72%\n6%\n7%\n(11%)\n2018-20212021-2024\nStaxMarket\n26%\n17%\n6%\n(2%)\n2018-20212021-2024\nStaxMarket\n($ in millions)($ in millions)\nStrengthEvolving Focus\nTechnology Net RevenueAbove-Market Revenue GrowthServices Net RevenueAbove-Market Revenue Growth\nStrong reputation within \nhighly penetrated market\nSub sector account targeting and \nplanning with room to build density \nGrowing average \nproject sizes \nResilient performance across \ndiverse economic conditions\nGrowing number of \nverticalized professionals \n\nClient Relationships\n\n33\nSTRICTLY CONFIDENTIAL\n44%\n37%\n15%\n4%\nBuy-Side\nSell-Side\nValue Creation\nOther\nStax Serves a Large, Diversified Client Base\n79%\n15%\n6%\nPrivate Equity\nPortCo / Corporate\nHedge Fund\nLong-tenured client base with exceptional retention, largely comprised of blue-chip private equity investors\n42%\n41%\n17%\nMiddle Market\nUMM / Large Cap\nLower Middle Market\n46%\n26%\n13%\n10%\n5%\nTechnology\nServices\nIndustrials\nHealthcare\nConsumer\nPrivate Equity Focus......Across Service Lines...\n...Split Among Market Segments......and End Markets\n(1)Reflects Private Equity and Hedge Fund clients only. Lower Middle Market defined as less than $1.5 billion AUM, Middle Market defined as $1.5 to $10.0 billion AUM, and UMM / Large Cap \ndefined as greater than $10.0 billion AUM.\nLTM Mar-25 \nby Client Type\nLTM Mar-25 \nby Service Line\nLTM Mar-25 \nby Client Size\n(1)\nLTM Mar-25 \nby Industry\n(% of Net Revenue)\n(% of Net Revenue)\n(% of Net Revenue)\n(% of Net Revenue)\n\n34\nSTRICTLY CONFIDENTIAL\nDiversified Relationships Across Service Lines\nBroad spectrum and high-quality clients across growth stages and end markets\n(1)Reflects Private Equity and Hedge Fund clients only. Lower Middle Market defined as less than $1.5 billion AUM, Middle Market defined as $1.5 to $10.0 billion AUM, and UMM / Large Cap \ndefined as greater than $10.0 billion AUM.\nRevenue Concentration by ClientNew vs. Existing ClientsRevenue Concentration by Client Size\n(1)\nBuy-Side Commercial \nDue Diligence\nSell-Side Commercial \nDue Diligence\nValue \nCreation\n(% of LTM Mar-25 net revenue)\n43%\n40%\n17%\nUMM / Large Cap\nMiddle Market\nLower Middle Market\n20%\n54%\n27%\nUMM / Large Cap\nMiddle Market\nLower Middle Market\n63%\n35%\n2%\nUMM / Large Cap\nMiddle Market\nLower Middle Market\n(% of LTM Mar-25 net revenue)\n32%\n29%\n29%\n10%\nTop 10\nTop 11 - 30\nTop 31 - 60\nAll Other Clients\n20%\n32%\n37%\n11%\nTop 10\nTop 11 - 30\nTop 31 - 60\nAll Other Clients\n57%\n43%\nTop 10\nAll Other Clients\n79%\n88%\n82%\n21%\n12%\n18%\n202220232024\nNew\nExisting\n40%\n59%\n54%\n60%\n41%\n46%\n202220232024\nNew\nExisting\n95%\n81%\n88%\n5%\n19%\n12%\n202220232024\nNew\nExisting\n\n35\nSTRICTLY CONFIDENTIAL\n73%\n27%\nRepeatNon-Repeat\nDeep Relationships with Top Clients\n▪Deep Relationships: 45% of net revenue coming from clients \nwith a tenure of 6+ years \n▪Satisfied Clients: 73% of revenue from repeat clients\n(3)\n▪No Client Concentration: No one client represents more than \n4% of net revenue\n▪Broad Relationships: 38% of clients use more than one \nservice\n(3)\n▪Strong Referral Network: 72% of sell-side engagements \nreferred from investment banks\n▪Value in Density: Clients utilizing multiple service lines incur \nover 25% higher fees per project due to complexity of scope\nDemand for strategic solutions across growth stages drives client engagement\nTop 15 ClientsLTM Mar-25 Highlights\n(1)UMM / LC = Upper Middle Market / Large Cap; MM = Middle Market; LMM = Lower Middle Market.\n(2)Reflects average tenure of top 15 clients.\n(3)Reflects 2024 data.\nSticky Relationships Drive Repeat Business\n27%\n7%\n21%\n45%\n< 1 Year1-2 Years\n2-6 Years6+ Years\nRepeat\nClients\nClient \nTenure \nMix\n(% of 2024 net revenue)\n($ in thousands)\n2023 – Mar-25 Net Revenue\nClientSize\n(1)\nBuy-SideSell-SideValue CreationOther\nTotal \nRevenue\n% of Total \nRevenue\n2023 – Mar-25\nProjects\nClient \nTenure\nClient 1UMM / LC$4,415––$642$5,0573.2%811+\nClient 2MM3,195$867$854–4,9153.1%1610+\nClient 3UMM / LC484––3,5694,0532.6%1211+\nClient 4MM1,512–1,556373,1052.0%123+\nClient 5UMM / LC1,582440911–2,9341.8%911+\nClient 6UMM / LC1,506–1,309–2,8151.8%711+\nClient 7MM6641,495559–2,7171.7%811+\nClient 8MM1,2411,172––2,4141.5%46+\nClient 9MM1,471812––2,2831.4%74+\nClient 10UMM / LC868537692–2,0971.3%511+\nClient 11MM1,415622––2,0361.3%62+\nClient 12MM804968229–2,0011.3%64+\nClient 13LMM1,336–640–1,9761.2%711+\nClient 14UMM / LC1,435–532–1,9671.2%511+\nClient 15MM1,080829––1,9091.2%63+\nTop 15$23,009$7,741$7,281$4,248$42,28026.6%1188+\nAll Others52,59344,52818,752532116,40573.4%369\nTotal$75,602$52,269$26,034$4,781$158,685100.0%487\nElliott Management\nPSG Equity\nTiger Global Management LLC\nBlue Point Capital Partners\nThoma Bravo\nCharlesbank Capital Partners LLC\nBregal Sagemount\nGridiron Capital\nRubicon Technology Partners\nHellman & Friedman\nGemspring Capital\nGreater Sum Ventures\nVarsity Healthcare Partners\nVista Equity Partners\nPeak Rock Capital\n(2)\n•To remove client names\n\nGo-to-Market Strategy\n\n37\nSTRICTLY CONFIDENTIAL\nMulti-Pronged Go-to-Market Strategy\nPurpose-built global delivery model enables new business wins without sacrificing existing client service\nVerticalized \nSenior \nProfessionals\nStrategic \nAccount \nCoverage\nCentralized \nLocation-Based \nModel\nProgrammatic \nCommunications\n15 Key Accounts with Multi-\nNational, Multi-Vertical Presence\nLarge Cap Private Equity \nand Public Investors\n22 Key Accounts with Dedicated \nTouchpoints in U.S. and U.K.\nMiddle Market \nCollaboration\n91 Key Accounts with Individual \nDefined Coverage and Tracking\nAccount Relationship \nManagement (ARM)\n98 Key Accounts with Content-\nBased Scaled Communication \nContact Accounts\nManaging Directors and \nDirectors\nIndustry Groups Define \nCoverage and Sales Effort\nCDD and Value Creation Services \nProvided by All Levels\nProduct Generalists\nNuanced Insights From \nSpecialization\nGuaranteed Production of \nHigh-Quality Content\nDedicated Client \nDelivery Network\nAdvisory-\nFocused\nProduct Led; \nContent Driven\nRepeat Value Creation Work \nfrom CDD Engagements\nClient Delivery \nNetwork\nColombo\nArticles, Tombstones, \nNewsletters, Industry Primers\nEmail and Social Media\nMarket Intelligence, Rolling \nThunder\nIn-Person Meetings\nMonthly Flywheel, Asset-Centric \nAccount “Grouping” Outreach\nIntelligence Outreach\nClient Offsites, Co-Branded \nRoundtables, Conferences\nEvents\nGlobal \nStaffing\nBostonChicagoNew YorkLondon\nGlobal Collaborative Coverage and Delivery with In-Market Business Development Capabilities\n\n38\nSTRICTLY CONFIDENTIAL\nCollaborative Approach to Client Coverage and Delivery\nCrediting system designed to maximize collective value and reward firm-building behaviors while de-risking new hires\nSales CreditDelivery Credit\nManaging Directors, Directors, and Associate DirectorsAssociate Directors, Senior Managers, and Managers\nAccount Ownership:\nAssigned owner that fosters \nrelationships throughout the \naccount\nContent Leadership:\nProvides substantive \nexpertise to help close and \ndeliver a project\nTotal Sales Credit:\nReflects the sum of an \nindividual’s contribution \nacross each role\nOriginators\nAccount \nOwnership\nContent \nLeaders\nReporting\nSplitDetail\n60%\n▪Credit shared equally between originators\n▪Tracking allows for up to three originators\n10%\n▪Limited to one person\n▪May be one of the originators\n▪Credit shared equally between content leads\n▪Ideally have multiple leads on every project\n25%\nBoundaries\n40% Cap\nNo Double \nDipping\nProject \nMinimum\n▪No individual can accrue more than 40% of the total project value\n▪Lone originators lose 20% of credit, which is returned to the firm\n▪Originators can be account owners, but they cannot accrue credit \nfor content leadership on the same proposal\n▪If project fee is less than $250K, no credit for content leadership\n▪If project fee is less than $150K, no credit for any role\nOrigination:\nSourcing of potential projects \nthrough outbound efforts or \ninbound leads\nStructure\nDelivery \nLeads\nFramework\nCredit Split\n▪Assigned by resource management based on project staffing\n▪Responsible for leading the day-to-day of a project and ensuring \nthe team is utilized efficiently\nTargets\nAssociate \nDirector\nSenior \nManager\nManager\n▪Delivery credit is a \nmeasure of success for \nmid-level consultants\n▪Delivery credit is defined \nas the total value of \nprojects a mid-level \nconsultant has delivered\n▪Total available credit for \na project is equal to the \nproject’s fee\n▪Delivery leads should be \ndifferent levels, with the \nmore senior employee \nspread across multiple \nprojects\n▪Splitting delivery \nbetween Associate \nDirectors and Senior \nManagers / Managers \nallows the Associate \nDirector to manage \nmultiple projects, \nultimately accruing a \ngreater delivery credit \nvalue\nMinimumGoal\n$3.0M\n$2.5M\n$2.0M\n$4.0M\n$3.5M\n$3.0M\n▪Delivery credit is split evenly between delivery leads regardless \nof seniority\n▪Up to two delivery leads can be associated with a project\n▪Delivery leads must spend at least 15 hours a week on projects \nto receive credit\n\n39\nSTRICTLY CONFIDENTIAL\nProject Delivery Model\nHigh-touch client service executed by efficient project teams purpose-built for the pace of private equity\nBalanced and Flexible Staffing ModelDisciplined Tracking Leads to Better Management and Consistently Strong Realization\nCrediting System Designed to Maximize Collaborative Value\nSales CreditDelivery Credit\n▪Originators (60% of project value)\n‒Credit is shared equally between originators; \ntracking allows for up to three originators\n▪Content Leaders (25% of project value)\n‒Credit is split evenly between all content \nleads; ideally have multiple content leads on \nevery project\n▪Account Owners (10% of project value)\n‒Limited to a single person; may be an \noriginator\n▪Measured in dollars and defined as the total value \nof projects a mid-level has delivered\n▪Accrue to the delivery leads; may have up to two \ndelivery leads associated with a project\n▪Delivery leads are typically different levels, but \ncredit is evenly split between both leads\n▪Associate Directors, Senior Managers, and \nManagers are the core roles responsible for \ndelivery\nDelivery (Client Service Network)\nTraditional consulting team staffed to dedicated projects on a billable model\nManaging \nDirector\nDirector\nSpend 50% of time \non billable work\nAssociate \nDirector\nSenior \nManager\nSpend 75% of time \non billable work\nManagerSenior \nConsultant\nConsultantAssociate \nConsultant\nSpend 100% of time \non billable work\nPlug-and-play project support in Colombo segmented by defined workstreams to enhance speed of delivery\nIntegrated Workflow Support (Client Delivery Network)\nIntegrated Project Leads\nLead \nto Win\nSecondary \nInsights\nData \nScience\nWeb Survey \nInsights\nExpert \nInsights\nData \nVisualization\nHighly repeatable, scalable execution process across services allows for powerful insights to be \ndelivered quickly and efficiently at an attractive price relative to competitors\nPromotes collaboration and de-risks new hires\n218226224\nProjects \nInvoiced:\n87.8%\n94.9%\n96.4%\n20232024LTM Mar-25\nRealization\n\n40\nSTRICTLY CONFIDENTIAL\nClient Delivery Network Expands Capacity to Execute\n▪50-person dedicated team in Colombo serves as plug-and-play \nproject support to enhance speed of delivery for client \nworkstreams\n▪Commercial platform built to work at the speed of private \nequity\n▪Supports U.S. and U.K. advisory in an agile and targeted way\n▪Segmented by defined workstreams with clear responsibilities \nand competency model\n▪Handles tasks of varying levels of complexity during the \nproposal and live project phases\n▪Creates additional bandwidth for the client service network to \nfocus on high-value client-facing workstreams\n▪Optimizes resource utilization through on-demand staffing \nbased on skill, capacity, and expertise\n▪Expands delivery capabilities in-line with demand while \noffering flexibility, convenience, and controllability in project \ndelivery\n▪Defined career path with strong average tenure of 9+ years \nacross integrated project leads, delivery leads, and managing \ndirectors\n▪Key members participate in management incentive plan\nPurpose-built integrated workflow support delivers sustainable growth \nTeam OverviewCommentary\nRuwindhu Peiris\nManaging Director\n(Headcount as of March 2025)\nDelivery Lead\nSr. Delivery Manager\nTeam Lead\nDelivery Manager\nSr. Delivery Manager\nDelivery Manager (3)\nTeam Lead\nDelivery Manager\nTeam Lead\nSr. Delivery Manager\nTeam Lead\nDelivery Manager\nTeam Lead\nDelivery Manager\nTeam Lead\nDelivery Manager\nIntegrated Project \nLeads\nTeam Lead\nSr. Delivery Manager\nLead (3)\nSr. Analyst\nLead (5)\nSr. Analyst\nDelivery Manager\nLead (3)\nSr. Analyst (3)\nLead to WinSecondary InsightsData ScienceWeb Survey InsightsExpert InsightsData Visualization\nLead\nSr. Analyst (4)\nAnalyst (2)\nLead (3)\nSr. Analyst (4)\nLead (2)\nSr. Analyst \nAnalyst (3)\n5\nEmployees\n5\nEmployees\n7\nEmployees\n8\nEmployees\n8\nEmployees\n7\nEmployees\n8\nEmployees\nAgile project \nmanagement and \ncentral point of \ncontact for the CSN \nSales enablement \ncapabilities from \ninitial outreach to \nproposal submission\nExtracts and \nsynthesizes \ninformation from \npublicly available \nsources\nBusiness insights and \ncapability \ndevelopment for \ninvestors and \nmanagement teams\nGather insights from \nweb surveys on client \npurchasing and \nspend dynamics, \nvendor performance\nEngages with \nexperts, competitors, \nand clients to collect \nrich insights\nVisualization \nspecialists that own \ndeliverables and \nother visualization \nelements\n\nCulture and Talent Management\n\n42\nSTRICTLY CONFIDENTIAL\nCompelling Employee Value Proposition to Attract and Nurture Top Talent\nStax has developed an attractive employee value proposition to recruit, develop, and retain top tier professionals\nDifferentiated Employee Value PropositionWinning the War for Talent\n(1)Retention of CSN professionals by skill level from 2023 year-end to 2024 year-end; reflects voluntary only.\nClient Service Network Retention by Skill Level\n(1)\nDirector HeadcountManaging Director Headcount\nUnique focus on serving and scaling with private equity clients\nIncentive model designed to reward collaboration and shared success\nHigh growth platform offering career opportunities and the chance to make a \nsignificant impact, supported by structured onboarding and fast ramp for new hires\nExpertise-focused model without exclusivity over client ownership\nAmple whitespace for career growth relative to some competitors with clear \nprogression paths and regular performance feedback\nEquity participation for Managers and above through Management Incentive Plan\nCentralized global staffing expands utilization and reduces time on bench\nSpecialization model supports long-term career development, bolstered by formal \nmentorship and learning opportunities\nCompetitive compensation model and benefits package aligned with market leaders, \nplus a strong commitment to work-life balance and well-being\nScalable infrastructure designed to foster growth and collaboration with direct access \nto senior leadership\n73%\n76%\n80%\n95%\nAssociate\nConsultant /\nConsultant\nSenior\nConsultant /\nManager\nSenior Manager /\nAssociate\nDirector\nDirector /\nManaging\nDirector\n4x \nGrowth\n5x \nGrowth\n2\n8\n2021Mar-25\n3\n16\n2021Mar-25\n\n43\nSTRICTLY CONFIDENTIAL\nTop Ranked by Industry Publications, Validated by Industry Professionals\nStellar Rankings Across Vault North America Categories\n(2)\nContinued recognition and awards reflect nature of culture initiatives the Company has meticulously implemented and managed over time\n(1)As of April 8, 2025.\n(2)Source: Vault 2024 North America Consulting Survey. Rankings and awards are based on insights from over 12,000 verified consulting professionals.\n7.3\n8.4\nIndustryStax\nInternal Mobility\n+1.1\n#10\nOverall \nDiversity\n#8\nEmployee \nSatisfaction\n#8\nLevel of \nChallenge\n#7\nPromotion \nPolicies\n#7\nInternal \nMobility\n#6\nIntl. \nOpportunity\n#5\nHealth and \nWellness\n#4\nBusiness \nOutlook\n#6\nBoutique \nConsulting\n#12\nBenefits\n#11\nInformal \nMentorship\n#10\nFormal \nTraining\n8.5\n9.2\nIndustryStax\nFirm Culture\n+0.7\nEmployee Satisfaction\n+0.8\n8.3\n9.1\nIndustryStax\n8.0\n8.8\nIndustryStax\nWork-Life Balance\n+0.8\nPromotion Policies\n+0.9\n8.1\n9.0\nIndustryStax\nTop Consulting\nFirm 2025\nFormal Training\n+1.2\n7.7\n8.9\nIndustryStax\nBest Management \nConsulting Firms 2025\nBest Firms to Work For\n2022, 2023, and 2024\nGlassdoor Overall Rankings\n(1)\nStax Big 5 Competitor\n4.4\n4.34.3\n4.2\n4.14.1\n4.0\n3.9\n3.83.8\n3.73.7\n3.53.5\n\n44\nSTRICTLY CONFIDENTIAL\nCompetitive Pay-for-Performance Compensation Model\n▪Structured to fall within the 75th percentile of the market, with top performers reaching the \n90th percentile\n‒Similar compensation strategy and banding in place for the Client Delivery Network\n‒Study underway to implement same model for Operations in 2025\n▪Salary bands ensure internal promotions are rewarded equitably without overvaluing \nexternal hires, demonstrating investment in maximizing tenure\n▪Merit-based salary increases determined by 4-point rating scale\n▪Robust benefits package and opportunity for equity ownership through Management \nIncentive Plan further enriches employees\n‒Management Incentive Plan available to Managers and above\nIncentive structure and attractive operating model strike a key balance between sustainable productivity and exciting projects\nPhilosophy and ApproachIndustry Benchmarking\n(1)\n2024 Average Cash Compensation by Skill Level\n(2)\n(1)Source: Aon 2024 Consultant Benchmarking Study. Reflects 50th percentile of compensation category by skill level for each group. MBB+ equivalent to Managing Director not available. MBB+ includes \nBain, Deloitte, EY, McKinsey, Oliver Wyman (Europe), and PwC. Tier 2 includes AlixPartners, Ankura, Chartis, Council Advisors, CRA Intl., FTI, Guidehouse, Keystone, Oliver Wyman, and Slalom.\n(2)Excludes Management Incentive Plan. \nMBB+Tier 2Stax\nACCSCMSMADDMD\n2023 Total Cash Compensation\nACCSCMSMADDMD\n2024 Cash Salary\nStax paid above market bonuses as a \npercentage of salary at all levels in 2023\nStax outpaced the market for salary \nincreases at all levels in 2024\nACCSCMSMADDMD\nACCSCMSMADDMD\n(Client Service Network; U.S. only)\n2023 Cash Bonus as % of Total Compensation2024 Cash Salary Increases\n$85\n$114\n$151\n$184\n$220\n$264\n$330\n$469\n$9\n$17\n$28\n$39\n$62\n$60\n$114\n$387\n$94\n$131\n$179\n$223\n$282\n$324\n$444\n$856\nAssociate\nConsultant\nConsultantSenior\nConsultant\nManagerSenior\nManager\nAssociate\nDirector\nDirectorManaging\nDirector\nCash BaseCash Bonus\n\n45\nSTRICTLY CONFIDENTIAL\n5\n33\n4\n3\n7\n10\n27\nManaging\nDirector\nDirectorAssociate\nDirector\nSenior\nManager\nManagerSenior\nConsultant\nConsultantAssociate\nConsultant\nStructured Recruiting Effort Provides Continuous Source of Talent\nDiversified talent pipeline ensures a steady stream of quality candidates\nOrganic Talent AcquisitionStrong Full-Time CSN Hires Across Skill LevelsSourcing Mix\nRecruiting Overview\nEarly CareersExperienced Hires\nStax targets hiring 10 Summer Associates/Co-Ops and 15 full-time Associate Consultants each year via campus targeting\nPriority Universities\nRelationships with on campus organizations \nand multiple events held per year\nOther Global Universities of Focus\nSources of recent successful hires\nCampus Targeting\nExpanded recruiting funnel to HBCUs, \nwomen’s colleges, etc.\n▪Strong track record of attracting lateral senior hires from \ncompetitors to build on existing offerings or expand into new \nareas of coverage\n▪Nearly 20% of experienced hires are sourced through employee \nreferrals\n▪Average offer acceptance rate of 73%\n▪Continued focus on driving branding efforts to improve candidate \npool\n26,000+ Applicants\n308 Interviews\n94 Offers Extended\n69 Offers Accepted\n(2024 firmwide recruiting statistics)(2024 – YTD Mar-25 new hires)(% of 2024 – YTD Mar-25 new hires)\n58%\n20%\n17%\n5%\nDirect Hire\nCampus\nReferral\nAgency\n\n46\nSTRICTLY CONFIDENTIAL\nWell-Defined Competency Model with Multiple Channels for Feedback\nCompetency and task relevant maturity models serve as the foundation to standardize feedback and expectations for each skill level across locations\nTask Relevant Maturity Model Provides Granular View of Task-Specific Proficiency\nImpact\nEnables global \nstaffing\nUnifies quality of \ndelivery\nProvides clarity and \nconfidence around \npromotion criteria\nEmphasizes merit-\nbased success \nmodel\nCore Consulting SkillsCommercial LeadershipSelf LeadershipPeople and Culture Leadership\nFeedback Facilities Development of Core Skills\nUse Case\n▪Used during project evaluations to assess \nconsultants’ technical effectiveness in \nspecific tasks and evaluate technical \ndevelopmental areas\nComponents\n▪Task category (e.g., survey \nmanagement)\n▪Specific tasks (e.g., survey design)\n▪Maturity levels\nGoal and Purpose\n▪Shift focus to skill level when completing a \ntask\n▪Standardized, efficient project feedback\n▪Differentiates expectations for same task \nacross levels\n▪Focuses on both qualitative and quantitative measures\n▪PowerBI performance dashboard\n▪Project feedback, debriefs, mid-year and year-end reviews\n▪Feedback on non-project Initiatives\n▪360 Feedback: upward, recognitions, special projects and \ninitiatives\n\n47\nSTRICTLY CONFIDENTIAL\nSignificant Opportunity for Upward Mobility\nStandardized career trajectory enables strong performers to progress through the organization\nClient Service Network Career Path\n(1)\n(1)CDN professionals have a similarly defined career path and competency model.\n(2)Reflects internal promotions from 2022 through Mar-25. Associate Consultant promotions reflect interns and co-ops that rejoined the Company as full-time employees.\n(3)Reflects the number of 2024 – YTD Mar-25 internal promotes as a percentage of employees that joined as or assumed a given skill level in 2024 – YTD Mar-25.\nAssociate ConsultantConsultantSenior Consultant\nManagerSenior ManagerAssociate Director\nDirector\nManaging Director\nProject FundamentalsWorkstream ExecutionDelivery ExcellenceProject ManagementProject ManagementClient Management\nBusiness Planning and \nExecution\nBusiness Planning and \nExecution\n▪Independently owns \nprimary workstream\n▪Capable of owning \nmultiple workstreams\n▪Drives full execution of \nworkstreams\n▪Takes ownership of \nnarrative\n▪Begins to gain \nverticalized expertise\n▪Provides strategic \ninsights and content \nexpertise\n▪Drives engagement \nsuccess and manages \nclient expectations\n▪Accountable for quality \nand efficiency of \ndelivery\n~12-Year Average Progression from Associate Consultant to Managing Director\nManaging Director7\nDirector8\nAssociate Director 14\nSenior Manager 8\nManager 14\nSenior Consultant 28\nConsultant 38\nAssociate Consultant 13\nCumulative Internal Promotions\n(2)\nHome-Grown Employees\n(3)\nManaging Director50%\nDirector40%\nAssociate Director20%\nSenior Manager 50%\nManager 57%\nSenior Consultant 59%\nConsultant47%\nAssociate Consultant 23%\n\n48\nSTRICTLY CONFIDENTIAL\nIn-House Training Amplifies Long-Term Career Satisfaction and Employee Potential\nTraining and development is a core tenet of Stax\nNote: Stax also hosts Stax Academy–a learning platform offering training modules to local youth and potential CDN talent–in Colombo, Sri Lanka.\n▪Skill-based training to support consultants during ramp period\n▪Formal sessions via classroom and in-project training for 1-4 \nweeks depending on seniority; subsequent project shadowing \nfor an additional 2-4 weeks\n▪Company and Operations Sessions covering internal resources \nand capabilities\n▪People Team Sessions covering benefits, resource \nmanagement, and professional development\n▪Delivery Excellence Sessions\n‒Getting Smart, Primary Research, Intro to Surveys, \nSecondary Research and Major Data Sources, Effective \nGuides Writing, Intro to Market Modeling, Business Writing, \nCreating Deliverables and Slides\nOnboarding\n▪Five to eight classroom hours per quarter, with additional on-\nthe-job and individual development plan (IDP) training\n▪Stax 2.0 Upskill Series\n‒Industry and Market Knowledge Sharing\n‒Productivity Tools\n‒Best Practice Alignment\n▪Half-Day Trainings by Level\n‒Senior Consultant: Effective Workstream Management, \nStoryboarding 101, Effective Communication, Delegation \nand In-Project Training\n‒Manager: Stax Project Management Playbook, Verticals and \nPractice Overview, Stax Mentor Model, Running Effective \n1:1s\n‒Senior Manager and Associate Director: Intro to Client \nManagement, Leveraging Coaching in People Development\n‒Director: Building your Book of Business, Building Effective \nTeams\n▪Personal Development and Culture Fundamental Series\n‒Self Accountability, Building a Feedback Culture, Resilience\nTraining Academy\n▪Development Programs\n‒Apprenticeship-based learning where employees develop \nthrough hands-on experiences, mentorship, and a \nfeedback-driven learning environment\n‒International exposure to facilitate global collaboration, \nstandardization of best practices and culture integration\n‒Employees receive performance feedback every few weeks \nthrough forms, debriefs, and more\n‒Internal training programs tailored to develop deep \ntechnical and management skills\n▪Communication and Transparency\n‒Regular town halls and leadership meetings, including firm-\nwide updates, senior meetings, and role-specific discussions\n‒Structured feedback mechanisms with performance \ndashboards to consolidate feedback, career progression \nmetrics, and training outcomes\n▪Flat Hierarchy and Leadership Access\n‒Employees at all levels have direct access to leadership\n‒Weekly leadership lunches, open-mics, and social initiatives \nacross offices\n▪Mentorship and Career Development\n‒Internal mentorship program and global staffing model \nfacilitates rapid employee development and connection\n‒Peer coaching initiatives to support career growth\n‒Mentors are accountable for supporting mentees, providing \nadvice and guidance based on development needs\nProfessional Development and Mentorship\nStructured \ntraining for all \nemployees, \nnew or old...\n...with \nnumerous \navenues for \ncontinuing \neducation\nAND\nAND\n\nOperations and Platform\n\n50\nSTRICTLY CONFIDENTIAL\nData-Driven, Purpose-Built Financial and Business Operations\n▪Data and reporting created to optimize every level of the professional services \neconomic value chain from opportunity generation to cash collection\n▪Real-time access to key business and operational KPIs enhances data-driven \ndecisions, including informed forecasting and opportunity tracking, improved capacity \nplanning, financial management, and prioritization\n▪Democratizes data through custom-built PowerBI visualizations, a user-friendly \ndesign, and robust training initiatives to empower users\nReal-time data enables agile management of the business against key indicators\nOverview of Stax INTEL\nInitiatives Focused on Driving Growth and Operational SustainabilityDashboards and Reports\nResource \nManagement\nProject \nManagement\nExpense \nManagement\nInvoice \nOversight\nRealization\nRevenue and \nDelivery Credit\nBillability and \nUtilization\nRevenue \nTracker\nA/R Analysis\nPerformance \nDevelopment\nClient Contract \nStatus\nRates and \nPricing\nLiberation of Data\n“Giving smart people the \nright data enables them to \nmake smart decisions”\nRobust, Transparent Reporting Improves Business Outcomes\nData Warehouse\n\n51\nSTRICTLY CONFIDENTIAL\nEarly AI Adoption Enhances Delivery Quality and Efficiency\n▪Improves speed and quality of analysis while creating high \ncaliber “architected” data for future use\n▪Cleans primary data for use with generative AI, searches for \nrelevant quotes, and interrogates transcripts to structure \nproject analyses \n▪Extends the utility of architected data for use cases beyond \ninitial project work\n▪Generative AI embedded into everyday use and broader \nworkflows to drive quality and speed enhancements\n▪Accelerates and strengthens thought-oriented processes at \nscale (slide review, eminence feedback, etc.)\n▪Integrations and connectivity with existing systems\nStreamlined access to proprietary data is paramount to sustained competitive advantage \nOverview of AthenaWorkflow Tools\nKnowledge management tool developed in-house dramatically lowers search barriers and accelerates access to depth of \ninstitutional knowledge; platform draws from over five years of Stax intellectual property to produce the relevant projects, \nslides, and Stax experts\nUsers can explore results at project and \nslide levels\nAthena transforms the ROI of searching \nfor Stax knowledge, unlocking previously \nunfeasible use cases\nIncorporates Athena Chat, an AI model \ntrained on Stax’s repository of knowledge\nProject \nInsights\nJunior\nEmbedded \nGen AI\nGPTs\nUser Prompt\nPrior Insights\nRelevant Slides\nPreviously \nUsed Experts\nResearch \nApproach\nProject Teams\nExpert Interview \nTranscripts\n1,100+\nDeliverables\n700+\nProposals\n75,000+\nSlides\n50,000+\nInterviews\n\n52\nSTRICTLY CONFIDENTIAL\nWorld-Class Leadership Team Operates an Efficient Client-Centric Organization Structure\nStax is led by a highly experienced, motivated, dynamic, and diverse senior team\nNote: Headcount as of March 2025. Client Service Network excludes two Research Associates paid hourly.\n(1)Includes 44 Operations employees in the United States, United Kingdom, and Sri Lanka.\nClient Service NetworkIntegrated Global Operations Team\n(1)\nClient Delivery Network\nAmy Schoeman\nGlobal Head of HR\nMeg Macumber\nGlobal Head of Finance\nLeslie Regenbaum\nGeneral Counsel\nJoe Brownell\nGlobal Head of Marketing\nConnor Novy\nChief of Staff and Head of Sales \nOperations\nHazir Shafeek\nGlobal Head of Data Insights & IT\nRuwindhu Peiris\nManaging Director\nPaul Edwards\nGlobal Practice Leader\nRegional Lead\n2\nManaging \nDirector\n9\nProduct Lead\n4\nDirector\n8\nSenior Manager\n8\nAssociate \nDirector\n9\nManager\n9\nConsultant\n21\nSenior \nConsultant\n18\nAssociate \nConsultant\n39\nDelivery Manager\n8\nSenior Delivery \nManager\n4\nLead\n17\nAnalyst\n6\nSenior Analyst\n14\nExecutive Leadership Team\nJayson Traxler\nChief Executive Officer\nMihaela Dumea\nDirector, Data and Business \nIntelligence\n\n53\nSTRICTLY CONFIDENTIAL\nWell-Invested Operational Platform Built to Serve Private Equity\nDeep bench of integrated global support functions designed to drive growth and operational efficiency\nNote: Headcount as of March 2025.\nMeg Macumber\nGlobal Head of Finance\nAmy Schoeman\nGlobal Head of Human Resources\nJoe Brownell\nGlobal Head of Marketing\nLeslie Regenbaum\nGeneral Counsel\nConnor Novy\nChief of Staff / Head of Sales Operations\nPeople Operations (5)Marketing Strategist (4)\nFinance, IT, and Business OperationsHuman ResourcesMarketingLegalData and Business IntelligenceSales Operations\nHazir Shafeek\nGlobal Head of Data Insights and IT\nCompliance and GovernanceSales Operations\n11\nEmployees\n6\nEmployees\n6\nEmployees\n3\nEmployees\nJayson Traxler\nChief Executive Officer\nMihaela Dumea\nDirector, Data and Business Intelligence\nController\nHead of Business Operations\nProfessional Development (2)\nTalent Acquisition (2)\nHR Business Partner\nProduction ManagerLegal CounselFinancial Insights and BI\nDigital Engineering (3)\nCommercial Strategy and Enablement (2)\nIT and Help Desk Support (4)\nFinance and Accounting (6)\nPayroll and Benefits\nFinancial Sponsors Coverage\n3\nEmployees\nStax can scale revenue without adding significant operations headcount\n23\nEmployees\nAdministrative (8)\n\nGrowth Strategy\n\n55\nSTRICTLY CONFIDENTIAL\nMulti-Pronged Growth Strategy Drives Confidence in the Next Chapter of the Company\nTangible and achievable organic growth in the near term with substantial opportunity to drive additional value creation via M&A\n▪Strategically hire senior \nprofessionals to build \ndensity in core verticals \nand expand capabilities\n▪Build density across \ncurrent locations, \nexpanding \napprenticeship model to \nfurther attract and \ndevelop mid/junior \ntalent\nAttract, Develop, \nand Retain Talent\n▪Continue building \nmomentum in the U.K. \nto expand market \npresence\n▪Strategically grow \nheadcount and client \nleadership in New York \noffice\n▪Establish local presence \nin new geographic \nmarkets through organic \ngreenfield locations in \nthe United States and \nEurope\n▪Continue to protect \nunique culture via \nplanful expansion\nBroaden Geographic \nPresence\n▪Capitalize on advisory, \nbespoke nature of work, \nand pricing umbrella \nrelative to MBB+ to \nrealize due diligence \nprice increases \nnationally and abroad\n▪Raise prices in value \ncreation to be more in-\nline with client impact, \nresults, and ROI\n▪Expand number of \naccounts with average \nproject size of $400K+ \nwith ample cross-sell \nopportunities and need \nfor multiple projects per \nyear\nExert \nPricing Power\n▪Focus on accelerating the \nexecution of M&A \nplaybook\n▪Expand into new \ngeographies, new \nservice lines, and build \nscale in existing markets\n▪Opportunistically \nevaluate larger-scale \ntransformative M&A \ntargets\nIdentify and Execute \non Acquisitions\n▪Further optimize cross-\nsell strategy to deepen \ndensity across core \naccounts through scaled \ninside sales strategy\n▪Target key private equity \nclients where \nreferenceable work \nprovides opportunity for \nfurther penetration in \nprojects that command \nmore premium bill rates\nMaximize Wallet \nShare and Cross-Sell\n▪Scale coverage and \ncontent intersection \nacross private equity and \ninvestment banks\n▪Further scale dedicated \nbusiness development \nteam to broaden coverage \nuniverse\n▪Centralize, scale, and \nmanage external \nindividual, account, and \nsubsector communications\nScale Client \nCoverage\n▪Leverage reputation and \ndifferentiated \nexperience in key \nverticals with high win \nrates across market \nsegments\n▪Introduce new verticals \nsuch as government or \naerospace and defense \nthrough de novo efforts \nor experienced senior \nhires \nDeepen Vertical \nExpertise\n▪Capitalize on hedge \nfunds’ growing inbound \ndemand for market \nresearch \n▪Introduce new purpose-\nbuilt products such as \ntechnology due \ndiligence, financial due \ndiligence, operational \ndue diligence, and ESG \nand sustainability \ndiligence through \nintegrated go-to-market \napproach\nExpand Capabilities \nand Client Profiles\nGrowExpandTransform\n\n56\nSTRICTLY CONFIDENTIAL\nWiden Referral Channel to Optimize Business Development Efforts\nCultivate and expand business development relationships with large cap private equity firms \nBroaden and Deepen Large Cap Private Equity Relationships \n$8.3M\n$11.0M\n2018 - 20212022 - LTM Mar-25\nGrowth Plan Current Strengths \n▪Proactively enhance and revitalize partnerships with large \ncap clients\n▪Reposition value proposition as a trusted advisory partner\n▪Schedule regular in-person meetings to strengthen \nconnections\n▪Prioritize targeted outreach and proposals aimed \nspecifically at large cap opportunities\n▪Fosters collaborative partnerships, ensuring alignment with \nthe long-term objectives of large cap clients\n▪Strong brand recognition among large cap funds facilitates \nmarket entry for new large cap clients\n▪Strategic account coverage plan across large cap funds \nenhances relationships and drives customer stickiness \nLargest Private Equity Firms\n(1)\n(1)Source: Private Equity International. Dollars in billions. Ranking based on private equity capital raised between 1/1/2019 to 12/31/2023. Excludes credit, secondaries, and real asset focused \nmanagers. Shading reflects Stax project counts between 2018 and Mar-25.\n(2)Reflects average annual revenue from Large Cap Private Equity and Public Investor key accounts designated as of Q1-25.\n1-5 Projects6-10 Projects11+ Projects\nNo.SponsorRaised\n1\nBlackstone$124\n2\nKKR$103\n3\nEQT$99\n4\nCVC Capital Partners$78\n5\nTPG$62\n6\nThe Carlyle Group$60\n7\nThoma Bravo$59\n8\nAdvent International$53\n9\nWarburg Pincus$52\n10\nHg$51\n11\nCD&R$50\n12\nSilver Lake$49\n13\nHellman & Friedman$47\n14\nVista Equity Partners$45\n15\nGeneral Atlantic$43\nNo.SponsorRaised\n16\nClearlake Capital$43\n17\nGoldman Sachs$42\n18\nLeonard Green$41\n19\nTA Associates$40\n20\nPermira$37\n21\nBain Capital$37\n22\nInsight Partners$35\n23\nCinven$35\n24\nGenstar Capital$32\n25\nFrancisco Partners$30\n26\nAres Management$30\n27\nApollo Global$29\n28\nPartners Group$28\n29\nBridgepoint$23\n30\nGTCR$23\nDirect experience on \nprior transactions\nVertical and product \nsector expertise\nBalanced approach between \ncomplex situations and \ntailored need \nBetter value for add-ons that \ndo not need breadth/depth\nStax Large Cap Value Proposition\nNet Revenue from Key Large Cap Accounts\n(2)\n\n57\nSTRICTLY CONFIDENTIAL\nWiden Referral Channel to Optimize Business Development Efforts\nCultivate and expand business development relationships with investment banks\nU.S. M&A League Tables\n(1)\nGrow Investment Banking Referral Channel\n(1)Source: Dealogic. Reflects transactions announced between 12/31/2014 and 12/31/2024 with private equity involvement. Shading reflects Stax project counts between 2018 and Mar-25.\nStrengthen Existing Investment Bank RelationshipsFoster Relationships with New Investment Banks\n▪Investment banks provide a pipeline of sell-side \nopportunities through client referrals\n▪Ongoing dialogue and recurring touchpoints provides \nintelligence on in-market buy-sides and potential value \ncreation opportunities\n▪Growing breadth and depth of content provides \nreferenceable work to expand scope of service\n▪Demonstrate capabilities to preeminent investment banks \nthat have historically been an unlikely referral source to \npenetrate additional pockets of the market\n▪Leverage network of lateral hires, geographic expansion, \nand expanded verticals of coverage to develop \nrelationships with specialized regional and industry \nboutiques\nRoom for Additional Wallet Share with Key Recent \nInvestment Banking Partners\nSignificant Opportunity for Business Development in \nthe Broader M&A Market\n1-5 Projects6-10 Projects11+ Projects\nNo.AdvisorDeals\n1Houlihan Lokey904\n2Goldman Sachs762\n3Jefferies631\n4William Blair552\n5JPMorgan547\n6Morgan Stanley514\n7Baird505\n8Lincoln Intl.456\n9Piper Sandler453\n10UBS434\n11Raymond James383\n12PNC Bank363\n13Moelis355\n14Bank of America351\n15Evercore346\nNo.AdvisorDeals\n16Lazard315\n17Barclays307\n18Citi295\n19Stifel257\n20RBC248\n21Rothschild236\n22Canaccord215\n23KeyBanc180\n24Guggenheim160\n25BMO142\n26Deutsche Bank139\n27Centerview133\n28Truist130\n29Macquarie119\n30KPMG108\nNet Revenue from Sell-Sides Referred by Investment Banks\n$1.0M\n$1.1M\n$13.3M\n$18.0M\n$20.6M\n2018202020222024 LTM Mar-25\n\n58\nSTRICTLY CONFIDENTIAL\nMaximize Wallet Share and Cross-Sell Opportunities with Existing Clients\nUpsell core offerings to capture larger share of deal volume within established private equity relationships\nExpansion of OfferingsSignificant Whitespace Available Within Current Client Base\nValue Creation\nEmbedded Data \nAnalytics and \nSustainability\nAI Diagnostic, Piloting, \nand Scaled Adoption\nInitiative Deployment, \nMarket Piloting, and \nGrowth Office \nGovernance\nSell-Side \nCommercial \nDue Diligence\nScale Dedicated \nResources to Optimize \nPitch and Delivery \nProcess\nExpand Sales Team to \nDeepen Content \nCoverage to Facilitate \nBank Penetration\nFurther Integrate \nBusiness Units to \nMaximize Value of \nMarket Intelligence \nAcross Offerings\nBuy-Side \nCommercial \nDue Diligence\nIncrease Coverage \nVerticals to Better Serve \nFunds with Broad \nInvestment Theses\nFill Content and \nExpertise Gaps to Elevate \nDelivery to Higher-\nVolume Upper MM and \nLarge Cap Sponsors\nTarget Additional Public \nEquity Investors to \nFurther Diversify Profile \nof Transactions \nEvaluated\nPrivate Equity Client Count\nEstimated Current Serviceable Available Market (SAM) Penetration\n~2% \nPenetration of \nICP Estimated \nSpend\n~5% \nPenetration of \nCurrent Client \nEstimated \nSpend\nStrong right to grow through wallet share \nand new logo expansion with ~$1.3 billion in \nattainable whitespace across core products\nCurrent vs. Target Service Line Mix\nTBU?\n75\n100\n129\n20192021TTM Mar-25\n44%\n37%\n15%\n4%\nBuy-Side\nSell-Side\nValue Creation\nOther\nLTM \nMar-25\n37%\n37%\n24%\n2%\n2030P \nOrganic\n~$0.1M\n~$1.3M\n~$3.2M\n~$5.2M\nCurrent Stax Revenue\nwithin SAM\nEstimated SAM within\nCurrent Clients\nMiddle Market Ideal Client\nProfile (ICP) SAM\nNorth America and U.K.\nTotal SAM\n\n59\nSTRICTLY CONFIDENTIAL\nAttract, Develop, and Retain Talent to Capitalize on Growth\n▪Dedicated and growing talent acquisition team manages the hiring funnel to identify \nand pursue candidates with experience to strengthen core offerings or expand areas \nof coverage\n▪Continued branding initiatives and increased visibility online will yield additional hires \nfrom a broader pool of candidates\n▪Proven ability to attract senior- and mid-level hires with experience at top-tier firms\nContinue winning talent through targeted recruitment efforts and growth-oriented culture\nStrategic Approach to Fostering Junior Growth Lateral Experienced Hire Recruiting\nOrganic Client Service Network ExpansionProjected Growth in Productivity\nNet Revenue per Director and Managing Director\nProjects Invoiced per Director and Managing Director\nDirector and Managing Director HeadcountAll Other CSN Headcount\nConsulting \nSkills\nDevelopment \nPrograms\nProject Delivery Excellence Series: Primary, secondary, survey, and modeling \ntraining\nAssociate \nConsultants and \nConsultants\nSenior \nConsultants and \nManagers\nProject Management Excellence Series: Project management and economics, \nstoryboarding, running effective team meetings, and presentation training\n▪Proven track record of developing young talent within Stax, leading to a strong team \nof tenured senior employees contributing the sustained success\n▪Recruiting junior talent has enabled employees to acquire foundational skills \neffectively and efficiently\n▪Onboarding young talent has fostered adaptability to Stax practices and strengthened \nemployee loyalty\n24\n25\n36\n49\nMar-252025E2028P2030P\n106\n122\n180\n246\nMar-252025E2028P2030P\n10.8\n11.4\n12.0\n12.5\nLTM Mar-252025E2028P2030P\n$3.9M\n$3.7M\n$4.7M\n$5.4M\nLTM Mar-252025E2028P2030P\n\n60\nSTRICTLY CONFIDENTIAL\nProven Vertical Expertise and Journey\nRoom to build subsector density in core verticals, as we as deepen expertise in other targeted industry verticals\nCurrent Vertical MaturityVertical Growth Opportunities\nStrong Growth within Key Verticals Expansion Opportunities within Core Verticals \n$5\n$10\n$11\n$27\n$31\n$30\n$33\n$36\n$6\n$6\n$6\n$11\n$17\n$16\n$18\n$20\n$11\n$16\n$18\n$39\n$48\n$46\n$51\n$56\n2018201920202021202220232024LTM\nMar-25\nTechnologyServices\n(Net Revenue; $ in millions)\n▪Organized depth and breadth of referenceable work\n▪Subsector expertise\n▪Sector-specific senior recruitment \n▪Scaled sector-specific maturity and communication\n▪Subsector account targeting and planning\n▪Vertical planning\n▪Increase in opportunity volume \n▪Increase in win rate \n▪Increase in average project size\n▪Expansion in private equity and investment banking \naccounts leveraging Stax within a vertical \n▪Above market performance \n▪Outsized opportunities through investment banks and large \ncap private equity \nVertical EnablersImpact\nPlan to leverage existing verticals to deepen market presence \nand strategically expand into new sectors, will drive \nsustained growth\nIndustrials \nTechnology \nServices \nHealthcare \nAerospace & \nDefense \nConsumer\nGovernment \n& Public \nImpact\nEnablers\nFully EvolvedDevelopingExpansion Verticals \n2018 – LTM Mar-25 CAGR: 30%\n\n61\nSTRICTLY CONFIDENTIAL\nExpand Capabilities and Client Profiles\nStax’s focus on relationships cultivates a deep understanding of clients' needs and the specific areas where they require assistance\nDeal-Related ServicesNon-Deal Related ServicesClient Type Expansion\n▪Presence and \ndemonstrated \nsuccess in \nsupporting software \nand technology \nengagements \ncreates natural \navenue for \nexpansion\n▪Ingrained cross-sell \nfrom standard \ncommercial \ndiligence and value \ncreation projects\nTechnology Due \nDiligence\n▪Well-defined and \nsynergistic offering, \nnatural extension of \nexisting value \ncreation \nengagements\n▪Accelerated entry \nfeasible via hiring or \nM&A, healthy \npipeline of potential \ntargets\nProcurement \nOptimization\n▪Natural extension of \nvalue creation to \nimplement best \npractices observed \nin premium assets \nacross industries\nOperations \nPlanning and \nOptimization\n▪Rising need for \nassessment of risks, \ninefficiencies, and \noperational gaps as \ncompanies face \nincreasing scrutiny \nfrom potential \ninvestors during \ndiligence\nOperational Due \nDiligence\n▪Enable Stax to \ncapitalize on the \ngrowing market for \ndebt investments \nand drive demand \nduring economic \ndownturns by \nleveraging credit \nfunds' insulation \nfrom M&A market \nfluctuations\nCredit Funds \n▪Foster long-term \nrelationships that \nendure through \neconomic \ndownturns, \ngenerating a steady \npipeline of new \nclients across family \noffice portfolios\nFamily Offices\n▪Demonstrated \nsuccess \ntransitioning from \nM&A to hedge fund \nclients during \neconomic \ndownturns, \nleveraging large \nclients to generate \nrecurring demand \nfor market research \nacross economic \ncycles\nHedge Funds \n▪In-demand offering \nof critical focus for \nprivate equity \ncompanies as AI \nstrategy becomes \n“need-to-have” and \neffective AI \nintegration \nbecomes a key \nsource of private \nequity value \ncreation\n▪Potential to serve \nprivate equity funds \n(broad fund-level AI \nstrategy) and each \nportfolio company\nAI Enablement \nand Deployment\n\n62\nSTRICTLY CONFIDENTIAL\nStrategically Expand Geographic Footprint\nOpportunity to strategically expand into new geographies and expand within current markets\nOpportunistic Regional ExpansionCapitalize on Momentum in Additional Geographies\nDemonstrated organic expansion \nin Chicago and New York\nSuccessful inorganic growth in London\nSignificant opportunity to grow \nwallet share in existing markets\nIntegrate planful culture and process \nexpansion into new markets \nReplicating the Stax Engine overseas – \nRaise the Profile, Build the Team\nBuy-Side, Sell-Side, Value Creation\n5+ Verticals\nMiddle Market and Large Cap Focus\n30+ Consultants\nAcquired in October 2022 to \nfacilitate U.K. expansion\nCDD Focus\nPrimarily Events\nLower Price Point\n10 Consultants\nComplete MBB+ transition to autonomous, \nself-sustaining, integrated machine\nBuy-Side, Sell-Side, Value Creation\n10 Verticals\nMiddle Market and Large Cap Focus\n40+ Consultants\n2025-2030Today\n2025-2030Today\nKey Selection Factors for New Markets\n✓Proximity and expertise \n✓Ability to have cultural alignment \n✓Sizable private equity market \n✓Available talent\n✓Existing client density \n✓Competitive differentiation\nGrowth Framework\nTexas and \nCalifornia\nNordics and \nDACH\nBoston\nNew York and \nChicago\nLondon\nInorganic Expansion\nKey Accomplishments to Date\nU.K. Private Equity and Transactional Net Revenue\nDirector and Managing Director Headcount\nChicagoNew YorkLondonBoston\n$0.9M\n$2.9M\n20222024\n2\n7\n2022 25-Mar\n44\n2022 25-Mar\n6\n12\n2022 25-Mar\n0\n1\n2022 25-Mar\n\n63\nSTRICTLY CONFIDENTIAL\nOpportunity to Further Capture Pricing Through Advisory Journey\nStax’s compelling value to its clients, along with higher pricing by competitors, creates favorable environment for price increases\nShift to Content Advisory Unlocks Further Pricing OpportunitiesTrack Record of Successful Increases in Client Value \nAverage Client Service Network Bill Rate\nAverage Director and Managing Director Headcount\nDirector and Managing Director Billable Hours\nTypical Engagement Price\n$100K$250K$500K$800K-$1M\nBreadth and Depth of Offering\nStax is positioned to capture \npricing consistent with client \nimpact, results, and ROI delivered \nwithout risking relationships\nUpper / Middle Market & Growth Funds\n(Europe)\nPurposeful Shift to “Strategic Advisory” Drives Increased Pricing\nDeliver DataDeliver ResearchDeliver Strategy Deliver Advisory\n$353\n$420\n$429\n$449\n$493\n$542\n202220242025E2026P2028P2030P\n10\n18\n23\n27\n36\n49\n202220242025E2026P2028P2030P\n7,105\n8,854\n11,044\n13,052\n18,210\n25,374\n202220242025E2026P2028P2030P\n\n64\nSTRICTLY CONFIDENTIAL\nTargetRegion\nCapabilitiesAcquisition Type Revenue\nCompany ASoutheastTechnology due diligence and value creationTransformational~$80M\nCompany BSouthwestGo-to-market performance improvementTransformational~$75M\nCompany CUnited KingdomCommercial due diligenceTransformational~$50M\nCompany DMidwestPricing strategy and performance improvementTransformational~$75M\nCompany EMidwestOffice of the CFO and financial due diligenceTransformational~$75M\nCompany FUnited KingdomHealthcare commercial due diligence Tuck-In~$10M\nCompany GNortheastCommercial due diligenceTuck-In~$7M\nCompany HSouth CentralDefense commercial due diligenceTuck-In~$15M \nCompany INortheastPrivate equity performance improvement Transformational~$50M\nCompany JWestSoftware and tech based due diligence Tuck-In~$10M\nCompany KSouth CentralTech due diligence and value creation Tuck-In~$10M\nCompany LSouthwestTech due diligence and office of the CTOTuck-In~$8M\nUnited Kingdom Commercial due diligence Tuck-In~$5M\nMid-Atlantic Defense commercial due diligenceTuck-In ~$15M\nTotal~$485M\nSignificant Value Accretive M&A Opportunity and In-House Expertise \n▪Leverages CEO's experience in professional services strategy and corporate development\n▪M&A is evaluated on a risk adjusted continuum and compares opportunities such as greenfield expansion, \nacqui-hires, and acquisitions\n▪Stax maintains a strict acquisition investment criteria that must satisfy proven \"Deal Equation\" across \nmultiple dimensions\n‒Strategic Fit: Enhance defined product offering, industry expertise, or geography\n‒Cultural Fit: Similar margin and KPI profile and positive purchase price multiple\n‒Economic Fit: Ability to thrive within Stax business model\n▪Established and repeatable integration playbook with emphasis on a “day-one” plan\nStax has invested in the transition from founder-owned business to a world-class operating platform of scale and is positioned to grow via acquisitions\nStax is an Acquirer of ChoiceRobust and Selective M&A Criteria and Integration Process\nAreas of Focus When Evaluating M&A\nIllustrative Acquisition Target List\nCapitalize on cross-selling and repeat client demand\nHighly specialized expertise to provide actionable, data-driven answers for clients\nDifferentiated culture and operating model generates wins in the “war for talent”\nAdditional resources that come from a larger company\nEquity value creation opportunity through incentive plan\n1\n2\n3\n4\n5\nConsulting is a highly fragmented market with opportunity for M&A\nA- Crosslake\nB –SBI\nC- CIL\nD - Insight2Profit\nE - E78\nF - Candesic \nG - Arnovia \nH - Next F&D\nI - Beck Way \nJ – PASG\nK - ThinkTiv \nL - Waypoint\nM - Fairgrove\nN - Nextfed\n▪Continental Europe\n▪Middle East and Asia Pacific\nGain Geographic \nDiversification\n▪Tech due diligence\n▪Financial due diligence\n▪Operational improvement\nBuild Complementary \nService Offerings\n▪Aerospace and Defense\n▪Healthcare\nExpand Industries of \nCoverage\n•To remove target names\n\nFinancial Overview\n\n66\nSTRICTLY CONFIDENTIAL\n$2.7M\n$4.5M\n$0.5M\n$1.4M\n$0.2M\n$0.6M\n$3.5M\n$6.5M\nQ1-24Q1-25\nServicesHealthcareConsumer\nStrong Performance in Q1 with Favorable Momentum Heading Into Remainder of 2025\nContinued significant performance in Q1 couples with strong tailwinds from recent headcount additions\nStrong Performance in Early 2025Growing Contribution from New Hires\nIncreasing Momentum in Targeted VerticalsRamping Net Revenue Contribution from Value Creation and United Kingdom\n(1)All Managing Directors hired in the second half of their respective cohort year. 2022 cohort includes 2 hire, 2023 cohort includes 2 hires, and 2024 cohort includes 1 hires.\n(Net Revenue)\n(Net Revenue)\n$15.5M\n$20.5M\nQ1-24Q1-25\n$2.6M\n$2.3M\n$3.8M\n$0.7M\n$0.8M\n$1.5M\nQ4-24Q1-25Avg. Q2-Q4 2025E\nValue CreationUnited Kingdom\n64%\nYoY Growth\n19\n24\nNov-24Mar-25\nRecent senior hires will drive meaningful revenue \ngrowth as they continue to ramp\n930\n1,240\n71\n667\n69\nLTM Mar-24LTM Mar-25\n2022 Hires2023 Hires2024 Hires\nAn improving M&A market will provide additional upside\nYoY Growth\n839%\n33%\nDirector and Managing Director HeadcountBillable Hours by Managing Director Cohort\n(1)\nYoY Growth\n33%\n202%\n154%\n\n67\nSTRICTLY CONFIDENTIAL\nCompelling Long-Term Outlook Underpinned by Track Record of Consistent Growth\nHighly attractive financial profile driven by demonstrated ability to expand already impressive margins\nPro Forma Adjusted Net Revenue\nOrganic Gross Profit and Margin\nPro Forma Adjusted EBITDA and Margin\n($ in millions)\n($ in millions)\n($ in millions)\n$39\n$44\n$48\n$54\n$70\n$88\n$109\n$136\n$168\n61.0%\n62.0%\n63.1%\n59.5%\n60.5%\n61.0%61.0%61.0%61.0%\n20232024LTM Mar-252025E2026P2027P2028P2029P2030P\n$42\n$54\n$69\n$89\n$112\n$4\n$10\n$19\n$30\n$45\n$19\n$24\n$27\n$31\n$46\n$65\n$88\n$119\n$157\n29.3%\n33.5%\n35.6%\n33.3%\n36.2%\n38.0%\n39.0%\n39.9%\n40.9%\n20232024LTM Mar-252025E2026P2027P2028P2029P2030P\nOrganicAcquired\n$115\n$143\n$179\n$223\n$275\n$12\n$27\n$48\n$75\n$110\n$64\n$71\n$76\n$91\n$127\n$170\n$226\n$298\n$385\n20232024LTM Mar-252025E2026P2027P2028P2029P2030P\nOrganicAcquired\n\n68\nSTRICTLY CONFIDENTIAL\nBridge to 2030P Revenue\nPathway to ~$385 million of net revenue by 2030\nNote: 2020 reflects reported Net Revenue. Other includes growth in Reimbursables and Tech & Admin.\nFoundation Established to Support the Next Stage of Growth\n($ in millions)\n2020 Net \nRevenue\nHeadcountUtilizationBill RatesRealizationOther2025E Net \nRevenue\nHeadcountUtilizationBill RatesRealizationOther2030P Organic \nNet Revenue\nAcquisitions2030P Net \nRevenue Incl. \nM&A\n\n69\nSTRICTLY CONFIDENTIAL\nMultiple Levers to Boost Productivity and Expand Margins\nAssumptions embedded into the forecast for strong organic growth and profitability\nRealization RateOperating Leverage\nUtilization Rate\n(1)\nProjects Invoiced per Director/Managing Director\n(1)Based on 2,080 available hours less 290 firm holiday and PTO hours, net of billable adjustments by skill level (50% for Directors and Managing Directors; 75% for Senior Managers and Associate \nDirectors) per management’s view.\n(Operating Expenses as a % of Net Revenue)\n(Client Service Network)\n87.2%\n88.2%\n89.1%\n90.0%\n90.9%\n91.8%\n2025E2026P2027P2028P2029P2030P\n95.8%\n96.8%\n97.8%\n98.8%\n99.8%\n100.0%\n2025E2026P2027P2028P2029P2030P\n25.6%\n24.3%\n23.2%\n22.2%\n21.2%\n20.3%\n2025E2026P2027P2028P2029P2030P\n11.9\n12.2\n12.5\n12.7\n12.9\n13.2\n2025E2026P2027P2028P2029P2030P\n\n70\nSTRICTLY CONFIDENTIAL\nAttractive Financial Profile Anchored by Exceptional Margins and Strong Cash Flow\nOngoing margin expansion driven by operating leverage and continued optimization of delivery model and pricing\nStrong Cash Flow GenerationBest-in-Class Margin Profile\n(2)\nProven Ability to Scale EBITDA Margins\n(2)\n(1)Reflects 2023 and 2024 reported capital expenditures.\n(2)Reflects 2025E.\nEfficiently operates with limited cash tied up in working capitalGross margins driven by efficient service delivery and compelling value for clients\nOngoing margin expansion driven by operating leverage and continued optimization of delivery model and pricing\n29.3%\n33.5%\n35.6%\n33.9%\n36.2%\n38.0%\n39.0%\n39.9%\n40.9%\n20232024LTM Mar-252025E2026P2027P2028P2029P2030P\n(Pro Forma Adjusted)\n~97%\nFCF Conversion\nLimited\nWorking Capital \nRequirements\n~$0.5M\nHistorical Annual\n Capex\n(1)\n34%\nStrong and Increasing \nEBITDA Margins\nEfficient and \nScalable SG&A\n60%\nGross Margin\n\n71\nSTRICTLY CONFIDENTIAL\nSummary of Diligence Adjustments\n1.Removes the impact of expenses incurred \nrelated to the current Owners which will not \ncontinue post-close\n2.Normalizes (i) the impact of large signing \nbonuses & recruiting costs for high-level \npersonnel, and (ii) back-office personnel costs\n3.Includes various adjustments for \nnormalizations, removal of the now-\ndiscontinued Colombo direct operations, and \nremoval of non-recurring items\n4.Quantifies the pro forma impact of capacity-\nrelated lost revenue due to the secondment \nprogram\n5.Quantifies the impact of MD compensation \nprior to revenue generation or significant \nbillable hours\nSummary of Quality of EarningsCommentary\n▪Text\n($ in millions)20232024LTM Mar-25 \nReported EBITDA\n$13.7$18.4$21.3\nAcquisition Adjustments–––\nAcquisition Adjusted EBITDA\n$13.7$18.4$21.3\nNon-Operating Owner Expense Removal2.61.9 1.9\nCompensation Adjustments1.4 1.51.3 \nOther Diligence Adjustments0.90.60.6\nDiligence Adjusted EBITDA\n$18.6$22.4$25.1\nSecondment Revenue Impact–1.21.2\nMD Ramp-Up Compensation0.30.40.9\nPro Forma Adjusted EBITDA $18.9$23.9$27.2\n1\n2\n3\n4\n5\n1\n2\n3\n4\n5\nClean EBITDA with high cash flow generation"
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"text": "\n\nApril 2025\nConfidential Information Presentation\nDRAFT\nAs of 4/24/2025 11:49 AM\n\n2\nSTRICTLY CONFIDENTIAL\nImportant Information and Transaction Team\nThis Confidential Information Presentation (the “Presentation”) is intended solely for the use of prospective investors in determining whether or not to pursue the proposed transaction with Stax Holding Company, LLC (“Stax” or the “Company”). The Presentation is of a \nproprietary and confidential nature and is only being furnished to those parties who have agreed to be bound by the terms and conditions of the previously executed confidentiality agreement (the “Confidentiality Agreement”). William Blair & Company, L.L.C. (“William \nBlair”) has been retained by the Company as its financial advisor.\nBy accepting this Presentation, the recipient agrees that it will, and it will cause its directors, officers, employees, and representatives to, use this Presentation and all of the information contained herein only to evaluate a specific negotiated transaction with the Company \nand for no other purpose and shall return this Presentation together with any copies to William Blair upon request. This Presentation contains confidential, non-public information concerning the Company. Receipt of this Presentation constitutes your acknowledgment \nthat you will maintain the information contained herein in strict confidence. \nThis Presentation does not constitute (i) any offer to sell or the solicitation of an offer to buy any securities or assets of the Company or (ii) any offer or recommendation to enter into any transaction referenced herein.\nAll information contained herein has been provided by the Company or other sources that William Blair deems reliable. However, William Blair has not independently verified any of the information contained herein, including financial estimates and projections. This \nPresentation includes certain statements, estimates, and projections provided by the Company with respect to its anticipated future performance. Such statements, estimates, and projections reflect various assumptions concerning anticipated results, which assumptions \nmay or may not prove to be correct. The information contained in the Presentation, including financial statements, projections and estimates, (a) is not necessarily indicative of current value or future performance, which may be significantly more or less favorable than as \nreflected herein; (b) has not been independently verified and cannot be regarded as forecasts; and (c) and is based on assumptions and analysis available at the time this Presentation was prepared. Unless expressly stated otherwise, this Presentation presents information \nwith respect to the Company as of the date of the Presentation and should not be construed to indicate that the business of the Company remains unchanged since the date of this Presentation.\nThe products, product names, logos, brands, and their trademarks featured or displayed within the Presentation are the property of their respective trademark owners, who are not affiliated with, nor do they sponsor or endorse, the Company nor the Company’s services.\nThis Presentation does not purport to contain all of the information that may be necessary or appropriate to evaluate the proposed transaction, and any recipient hereof should conduct its own independent analysis of the Company and the data contained or referred to \nherein. Neither the Company nor William Blair is acting as financial advisor, intermediary or distributor of securities, or in any fiduciary capacity of any kind to the recipient or any other prospective purchaser. The recipient should also seek advice from its own specialized \nadvisors (including financial, legal, accounting and tax) in conducting such analysis.\nIn furnishing this Presentation, neither the Company nor William Blair undertakes any obligation to provide additional information or to correct or update any of the information set forth in this Presentation. The Company and William Blair reserve the right to amend or \nreplace this Presentation at any time. The Company reserves the right in its sole discretion, with or without notice, to interrupt, modify or terminate, at any time, solicitations of interest for the proposed transaction or any future participation in the investigation, discussion \nand proposal process for a proposed transaction with any party.\nNeither the Company nor William Blair makes any representation or warranty, expressed or implied, as to the accuracy or completeness of the information contained in this Presentation, or made available, orally or in writing, in connection with any further investigation of \nthe Company, and nothing contained herein is, or shall be relied upon as, a promise or representation, whether as to the past or the future. The Company and William Blair expressly disclaim any liability relating to or resulting from the use, distribution or analysis of this \nPresentation. The recipient should rely solely on the representations and warranties made to it by the Company in any executed definitive agreement. \nNothing herein is intended to in any way modify, amend or supersede any of the terms and conditions set forth in the Confidentiality Agreement, which remains in full force and effect in accordance with its terms. This Presentation is intended to be delivered solely to \nparties bound by the terms of the Confidentiality Agreement and possession and use of the Presentation is subject to the terms thereof. This Presentation may not be photocopied or otherwise reproduced or distributed except in strict accordance with the terms of the \nConfidentiality Agreement.\nInquiries should be directed only to the below named persons. Under no circumstances should the Company or any of its associates, clients or vendors be contacted directly. If you have any questions or need additional information, please contact:\nTim McHugh\nManaging Director\n+1 (312) 364-8229\ntmchugh@williamblair.com \nJustine Chiou\nManaging Director\n+1 (312) 364-5086\njchiou@williamblair.com \nMiles Gornto \nDirector\n+1 (470) 351-6950\nmgornto@williamblair.com \nOscar Mendez\nVice President\n+1 (312) 364-5460\nomendez@williamblair.com\nWilliam Hyatt \nAssociate\n+1 (312) 601-9764\nwhyatt@williamblair.com\nAnna Lee Melton\nAnalyst\n+1 (312) 364-8155\namelton@williamblair.com \nAlvaro Flores\nAnalyst\n+1 (212) 237-2794\naflores@williamblair.com \nTransaction Team Contacts\n\n3\nSTRICTLY CONFIDENTIAL\nSection I\nExecutive Summary\nSection II\nIndustry Overview\nSection III\nService Lines\nSection IV\nClient Relationships\nSection V\nGo-to-Market Strategy\nSection VI\nCulture and Talent Management\nSection VII\nOperations and Platform\nSection VIII\nGrowth Strategy\nSection IX\nFinancial Overview\nContents\n\nExecutive Summary\n\n5\nSTRICTLY CONFIDENTIAL\n5\nSTRICTLY CONFIDENTIAL\nStax at a Glance\nGlobal strategy consultancy platform providing actionable, data-driven answers to clients’ critical \nstrategic questions\n▪Leading global advisory firm that provides a complementary suite of commercial due diligence (CDD), value creation, and exit \nplanning services\n▪Purpose-built to serve the private equity community and their portfolio companies across the investment lifecycle, creating deep, \nlong-lasting, and recurring client relationships\n▪Large and growing addressable market creates long runway for growth\n▪Differentiated competitive positioning created by highly specialized talent, vast intellectual property, library of referenceable work \ncreated through prior engagements, comprehensive data analytics capabilities, and a nimble operating model\n▪Proven ability to attract, develop, and retain highly specialized talent\n▪Long-term track record of strong growth and profitability amplified by momentum in recent performance\n▪Multiple growth avenues that are highly attractive and actionable\n▪Well-invested infrastructure, systems, processes, and experienced management team poised to support significant scale\n(1)Data prior to 2022 excludes pro forma adjustments.\n(2)Includes non-CDD or value creation services such as asset \nand sector work for hedge funds/credit funds or data \nanalytics retainers.\n(3)As of year-end 2024 unless otherwise stated.\n(4)Revenue from clients utilizing 2+ services.\n(5)Excludes Intern/Co-Op and Involuntary Turnover.\n(6)As of March 2025.\nStrong Long-Term Net Revenue Profile\n(1)\n$3M\n$6M\n$10M\n$20M\n$36M\n$76M\n20012005201020152020LTM Mar-25\nFirm OverviewBy the Numbers\n(1)(3)\n$91M\n2025E \nNet Revenue\n73%\nRevenue from \nRepeat Clients\n$31M\n2025E \nPF Adj. EBITDA\n24\nManaging \nDirectors and \nDirectors\n(6)\n \n~40%\nCross-Sell \nRate\n(4)\n130 \nClient Service \nNetwork \nProfessionals\n(6)\n~33%\n2020-2025E\nEBITDA CAGR\n~80%\nClient Service\nNetwork\nRetention\n(5)\n160+\nClients Served \nAnnually\n~40%\nEmployee and\nFounder Owned\n$320K+\nAverage \nProject Size\n22%\n2020-2025E\nRevenue CAGR\n44%\n37%\n15%\n4%\nBuy-Side\nSell-Side\nValue Creation\nOther\nLTM Mar-25\nNet Revenue \nby Service\n(2)\n2010 – LTM Mar-25 CAGR: ~15%\n\n6\nSTRICTLY CONFIDENTIAL\n6\nSTRICTLY CONFIDENTIAL\nConsistent history of growth and delivering critical strategic solutions with continued strong momentum and excitement for the future\nStax has Taken a Disciplined Approach to Building a Platform of Scale\nRecent History (2021 – Present)Early History (1994 – 2020)\n1994-1996\nFounded in Somerville, MA by Rafi Musher\nLaunched private equity practice and began \nexpanding corporate client base\n2010-2015\nRelocated headquarters to \nBoston\nShifted to exclusively focus on \nprivate equity due to demand \nand internal expertise\n2019-2020\nBegan proactively \nmarketing sell-side \nengagements and \nbuilding an investment \nbanking referral \nchannel\nProductized for the \nfast-growing LMM \nprivate equity deal \nmarket\nExpanded hedge fund \nand credit fund \nproducts and coverage\n2021\nHeadcount reaches \n175+ as the Company \nexperiences record \ngrowth driven by \nexpansion of core \nbusiness and \nincreased demand \nfor data analytics \ncapabilities\nJune 2023 \nJayson Traxler assumes role \nof Chief Executive Officer\nOctober \n2022\nJayson Traxler \nbecomes \nPresident of Stax, \nwith Rafi Musher \nshifting to \nChairman of the \nBoard\nMarch 2023\nPaul Edwards \nbecomes Global \nPractice Leader\nIntroduced \nverticalized \napproach to client \ncoverage initially \nexpanding on \nexisting strengths in \nservices, \ntechnology, and \nindustrials\nDecember 2023\nProductized sell-side \noffering with targeted \ncoverage effort under Will \nBarden and Roy Lockhart\nJanuary 2024\nHired Phil Dunne to \nlead London office and \nindustrials vertical\nNovember 2021\nJayson Traxler joins \nStax as Chief Operating \nOfficer\n1998-2003\nExpanded footprint to \nChicago to meet \ngrowing needs of \ncorporate and private \nequity clients \n2005\nPaul Edwards joins Stax\nApril 2023\nFormal New York \nmarket entry – \nexpanded offices \nto have capacity for \nconsultants and \nincreased presence \nin local market\nJune 2024\nRelocated London \noffice to Mayfair to \nexpand presence \nand demonstrate \nstature in the \nmarket\nNovember 2024\nHired Robert Lytle to \nbolster private equity \nrelationships and add \nexpertise to ongoing \nverticalization\nOctober 2021\nReceived strategic \ninvestment from Blue \nPoint\nNovember 2022\nHired Vince Zosa to build \nintegrated Value Creation \nIntegrated Product (VCIP) \noffering\nAcquired AMR to establish a \npresence in the London market, \nwith plans to hire additional \ntalent for further expansion\ninternational.\nAMR\nJuly 2023 \nExpanded into \nESG/Sustainability as \npart of VCIP\nOctober 2023\nExpanded into \nPricing Excellence \nas part of VCIP\nJanuary 2025\nHired Brad Kuntz to \nfurther build out \nNew York office and \nlarge cap private \nequity account \ncoverage\n\n7\nSTRICTLY CONFIDENTIAL\n7\nSTRICTLY CONFIDENTIAL\nSignificant opportunity to capture additional whitespace\nLarge Addressable Market Creates Long Runway for Growth\nMarket \nSegments \nand Size\n2025E Stax \nRevenue\nCurrent North America + U.K. \nPrivate Equity-Backed M&A \nMarket (Ideal Fund Sizes)\nCurrent spend on buy-side \ncommercial due diligence, sell-side \ncommercial due diligence, and value \ncreation for North America and U.K. \nPrivate Equity-Backed M&A for \nsubset of funds with sizes most highly \naligned to current Stax services\nCurrent North America + \nU.K. Private Equity-Backed \nM&A Market (Ideal \nClients)\nCurrent spend on buy-side \ncommercial due diligence, sell-\nside commercial due diligence, \nand value creation for North \nAmerica and U.K. Private Equity-\nBacked M&A for clients most \nhighly aligned to current Stax \nservices\nTotal Addressable North \nAmerica + U.K. Private \nEquity-Backed M&A \nMarket\nFull adoption of buy-side \ncommercial due diligence, sell-\nside commercial due diligence, \nand value creation for North \nAmerica and U.K. Private Equity-\nBacked M&A\nTotal Addressable Private \nEquity-Backed M&A \nMarket\nFull adoption of buy-side \ncommercial due diligence, sell-\nside commercial due diligence, \nand value creation for Private \nEquity-Backed M&A globally\nTotal Addressable Market\nFull adoption of buy-side \ncommercial due diligence, sell-\nside commercial due diligence, \nand value creation for global \nM&A\n<\n+\n=\n$91M\n$3.9B\n$5.2B\n$19.5B\n$32.6B\n$67.5B\nExisting Offerings\n\n8\nSTRICTLY CONFIDENTIAL\n91%\n83%\n86%\n81%\n80%\n80%\n74%\n77%\n77%\n76%\n9%\n17%\n14%\n19%\n20%\n20%\n26%\n23%\n23%\n24%\n26.4K\n22.3K\n24.9K\n23.3K\n20.6K\n28.2K\n28.7K\n26.4K\n26.0K\n28.6K\n2000200520102015202020212022202320242025P\nPE Involvement\nNo PE Involvement\nMomentum Is Building \nfor a Resurgence in \nM&A Markets\nPrivate Equity Backed \nCompany Inventory \nContinues to Rise \nAlongside Record-\nBreaking Dry Powder \nStores\nService Providers Are \nIncreasingly Becoming a \nCritical Resource Rather \nthan a “Nice to Have”\nPowerful Market Tailwinds Lay the Foundation for Outsized Growth\nStax is positioned to benefit from favorable market conditions, amplified by the Company’s alignment with the private equity universe\nSources: Dealogic, EY, Partners Group, PitchBook, S&P Capital IQ Pro.\n(1)Includes balanced, co-investment, co-investment multi-manager, growth, turnaround, and buyout strategies primarily focused on investments in North America.\n▪Expansionary monetary policy and declining inflation point towards \nincreased M&A activity in 2025 as valuations recover\n▪Less onerous regulatory hurdles will provide a more predictable, \ntruncated approval process\n▪Creative deal structures and a broader shift towards simplification— \noptimizing undervalued assets, separating divergent businesses, \nnarrowing geographic focus—will further contribute to volume\nU.S. Private Equity Backed Companies by Time in Portfolio\n▪Rising private equity inventory drives pent up demand for market \ninsight services over multiple investment cycles\n▪High proportion of long-held assets in sponsor portfolios are slated to \nseek monetization as the pressure to return distributions to paid in-\ncapital (DPI) increases\n▪Undeployed capital continues to accumulate, creating further \nincentive for general partners to transact\n▪Sponsors are tapping into a range of strategic levers to unlock \nliquidity, including co-control and minority stake sales\n▪Need for commercial due diligence and value creation services have \nstrengthened over time as private equity returns become more \nreliant on driving operational improvements and top-line growth\n▪Competitive deal environment is forcing private equity firms to \nrapidly identify and assess critical diligence topics in M&A\n▪Adoption of third-party, non-financial diligence reports (commercial, \ntech, ESG) is increasing\n▪Sponsors are progressively tasking third-party advisors with more \ncomplex challenges\n$71B\n$141B\n$246B\n$330B\n$742B\n$965B\n200020052010201520202024\nU.S. Private Equity Dry Powder\n(1)\nNorth American and European M&A Transaction Volume\nEvolution of Private Equity Return Contributors\n18%\n22%\n36%\n55%\n70%\n31%\n46%\n39%\n30%\n15%\n51%\n32%\n25%\n15%15%\n1980s1990s2000s2010s2020s (Outlook)\nDeleveraging\nMultiple Expansion\nOperational Value Creation\n45%\n44%\n45%\n46%\n48%\n18%\n16%\n20%\n21%\n20%\n38%\n40%\n35%\n33%\n32%\n9.8K\n10.5K\n11.0K\n11.3K\n11.8K\n20202021202220232024\n>5 Years\n4-5 Years\n0-3 Years\n\n9\nSTRICTLY CONFIDENTIAL\nComplementary Suite of Services that Scale with the Client\nStax’s services are designed to provide an integrated solution to its clients across the private equity lifecycle\nBuy-Side Commercial Due Diligence\n2025E Net Revenue by Service Line\n(1)\nAssess market dynamics and target alignment, \ncompetitive positioning, and value creation levers\nWorkstreams\n▪Market and asset screening\n‒Sector prioritization\n‒Acquisition screening\n‒Thesis build and development\n▪Early diligence\n‒Red flag assessment\n‒Client checks\n▪Commercial due diligence\n‒Scaled to focus on next phase of growth\n‒Pre-LOI phasing of deliverables to meet process timelines\nValue Creation\nPrimary Goals\n▪Ensure top initiatives can be successfully underwritten and executed \nupon immediately post-deal\nEmbedded Offerings\n▪Commercial excellence\n▪Pricing optimization\n▪Sales productivity\n▪Churn reduction\n▪Cost optimization\n▪Growth expansion and strategy\n▪Post-merger and acquisition strategy integration\n▪ESG and impact advisory\nSell-Side Commercial Due Diligence\nExternal Deliverables\n▪Market studies including market size assessment, client dynamics, \ncompetitive landscape, and growth opportunities\n▪Transaction support via advisory, preparation for conversations with \npotential investors, and other ad hoc analyses\nInternal Value Add\n▪Anticipated areas of potential investor pushback\n▪Insight and recommendations to inform go-forward strategy for \nmanagement and next investor\nEmbedded Offerings\n▪Exit planning and vendor due diligence\n‒Pre-empt process concerns, inform growth strategy, and \nsupport stakeholders through exit\nTypical Transaction Profile\n▪$100 million to $1 billion in enterprise value across technology, \nindustrials, healthcare, consumer, and services\nDrive rapid EBITDA improvement throughout the \ninvestment hold period\nArticulate the exit story and provide actionable \ngrowth blueprint backed by market research\n% of Net Revenue42%% of Net Revenue40%\nBuy-Side Commercial Due Diligence Value CreationSell-Side Commercial Due Diligence \n% of Net Revenue16%\n(1)Excludes 2.5% of Other revenue. \n\n10\nSTRICTLY CONFIDENTIALSTRICTLY CONFIDENTIAL\n10\nWhy Stax Wins\nServices have a high barrier to entry and high cost of failure – gaining the trust of private equity firms is \nextremely difficult and requires consistent high-quality work\nSelect Client Testimonies\n“\n“\nStax offers the Goldilocks solution—strong \nexpertise, high quality work, senior-level \nattention, and great value. Stax solves for \na huge market gap by providing superior \nadvisory work and sell-side market studies \nat a reasonable price\n– Managing Director, Investment Bank\nStax is a firm that can connect all the dots, \nwhich is what we don’t get from the point \nsolutions, while being much more flexible \nvalue-additive than MBB firms\n– Sr. Operating Partner, Private Equity Firm\nThe value of your work was multi-fold – it \ngave us materials to share with investors \nand banks, as well as a roadmap for \nwhere our brand has room to expand\n– CEO, Sell-Side Client\nThe work from Stax gave us a clear 5% lift \non valuation. Their framing of the business \nstarted everyone at a higher base\n– Managing Director, Private Equity Firm\nTalented bench of professionals \nwith specialized expertise\nStrong reputation and trust among \ninvestment banks, private equity firms, \nand other investment managers\nTransparent, collaborative \napproach to projects\nOperating model built \nspecifically to serve the \nneeds of private equity\nDeep vertical expertise\nExtensive intellectual property \ncreated by historical engagements\nStrong data analytics capabilities \nsupported by global delivery\nValue creation is ingrained in \napproach to diligence\nUniquely Positioned Through Breadth of High-Quality Services Offered at a Competitive Price Point\nBreadth and Depth of \nDiligence Offering\n“High-Level”\nBespoke Content; \nGrounded in Data; \nGlobal Presence\nInterview / Survey \nBased; Limited \nGeographic Presence\nQuality / Value \nCaptured \n$250K\nUpper / Middle Market & Growth Funds\n$800K-$1M\n$100K\n(Europe)\n$500K\n\n11\nSTRICTLY CONFIDENTIAL\nCompelling Employee Value Proposition to Cultivate Top Talent\nUnique culture and attractive career growth opportunities make Stax a preferred employment destination for consultants\nVision and Values Serve as a Foundation for Exceptional Client Service...Meaningful Opportunities for Employees Ensure Company Success\n...Which The Industry Recognizes as Best-in-ClassBy the Numbers\n(1)\n95%\nDirector and\nManaging Director \nRetention\n(2)(3)\n$7.7M\nRevenue per \nManaging \nDirector\n(2)\n~$700K\nRevenue per \nClient Service \nProfessional\n232\nFull-Time \nEmployees as of \nMar-25\n36%\nAnnual CSN \nD/MD \nGrowth\n(4)\n11:1\nCSN / Managing \nDirector Ratio\n~80%\nCSN \nProfessional \nRetention\n(3)\n90%\nLTM Mar-25 Client \nService Network \nUtilization\nALM Best Small Firm to \nWork For 2024\nALM Rising \nStars 2025\nALM Top Consultants \n2024\nALM Women Leaders \nin Consulting 2024\nAmerica’s Fastest - \nGrowing Companies\nManagement \nConsulted Top \nConsulting Firm 2025\nRealDeals PE CDD \nProvider of the Year \nFinalist 2025\nConsulting Report Top \n25 Consulting Firm \nCEOs 2024\nConsulting Report Top \n50 Consulting Firms \n2024\nConsulting Report Top \n25 Operations & Supply \nChain Consultants 2025\nVault Top Ranked \nEMEA Consulting\n2025\nVault Top Ranked \nNorth America \nConsulting 2025\nWe will provide exceptional opportunities for good \npeople\nVISION\nWe will create value for our clients and \npartners\nWe will grow a successful, durable organization of \nlong-term value\nWe act with the highest integrity, respect for others, \nand personal accountability\nVALUES\nWe demonstrate commitment to the \ncommunity\nWe foster a sense of shared responsibility \namongst our team\nCompetitively \ndifferentiated \nplatform that \ncreates a platform \nfor professionals \nto be successful\nAmple \nwhitespace for \ncareer growth \nrelative to some \ncompetitors\nGrowing platform \ncreates exciting new \ncareer opportunities \nwhere professionals \ncan have a significant \nimpact \nIncentive model \nthat drives \ncollaboration, \nwith opportunity \nto participate in \nequity value \ncreation\nUnique focus \non serving and \ngrowing with \nprivate equity \nclients\n~40%\nEmployee and \nFounder \nOwned\n86\nEmployee \nOwners\n(1)As of year-end 2024 unless otherwise stated.\n(2)Reflects Client Service Network only.\n(3)Excludes Intern/Co-Op and Involuntary turnover.\n(4)Reflects CAGR of Client Service Network Director \nand Managing Director headcount from year-end \n2022 to Mar-25.\n\n12\nSTRICTLY CONFIDENTIAL\n▪x\n$1.1\n$13.3\n$18.0\n$20.6\n202020222024LTM Mar-25\n23%\n21%\n14%\n41%\nTop 10\nTop 11-30\nTop 31-60\nAll Others\n27%\n7%\n21%\n45%\n<1 Yr\n1-2 Yrs\n2-6 Yrs\n6+ Yrs\n73%\n27%\nRepeat\nNon-Repeat\n62%\n27%\n11%\n1 Service\n2 Services\n3 Services\nDeep-Rooted Client Relationships Supported by Sophisticated Go-to-Market Strategy\nExceptional service and industry expertise lay the foundation for Stax’s long-standing client relationships\nRevenue Concentration by ClientClient Tenure Mix\nClients Using Multiple ServicesRevenue from Repeat Clients\nGrowing Volume of Sell-Side Referrals from Investment Banks\nLarge Cap Private \nEquity\nMiddle Market and \nGrowth Private Equity\nHedge Funds and\nCredit Funds\nInvestment Banks\nSelect Client and Referral Channel Relationships\n(Net Revenue; $ in millions)\n$72M\n2024 Net \nRevenue\n$72M\n2024 Net \nRevenue\n$72M\n2024 Net \nRevenue\n$72M\n2024 Net \nRevenue\n\n13\nSTRICTLY CONFIDENTIAL\nStax is a Service Provider of Choice Across the Private Equity Investment Lifecycle\nProven long-term partner to sponsors and their portfolio companies during key milestones and inflection points\nPre-InvestmentHold PeriodExit\nValue CreationBuy-Side Due DiligenceSell-Side Due Diligence\nMarket and Asset \nAssessment\nEarly Due\nDiligence\nCommercial Due \nDiligence\nProfit\nX-Ray\nGrowth Acceleration \nDiagnostics\nICP\nAnalytics\nExit\nPlanning\nVendor Due \nDiligence\nOngoing Support \nThrough Exit Into \nNext Phase of \nGrowth\nNew Partner\nSelect Portfolio Company Case Studies\nEntry Point and Highlights\n▪Provider of finance, operations, and accounting software to the energy industry\n▪Acquired by Thoma Bravo in 2018 from Silver Lake\n▪Completed three buy-side engagements for private equity firms that later invested in the company, \nleading to repeat growth strategy and value creation work for Stax\n▪Seventeen projects completed to date across three private equity ownership cycles\nInitiatives Under CarlyleInitiatives Under Silver Lake\n15+ Year\nRelationship\nInitiatives Under Thoma BravoCumulative Net Revenue\nEntry Point and Highlights\n▪Provider of solutions to automate and simplify the insurance process\n▪Acquired by Roper Technologies in 2020 from Bain Capital and Vista Equity Partners\n▪Initial introduction in 2010 through a buy-side engagement for a large private equity firm\n▪Eight projects completed to date across three private equity ownership cycles\nInitiatives Under TPGInitiatives Under Bain Capital & Vista\n15+ Year\nRelationship\nInitiatives Under Roper Technologies Cumulative Net Revenue\n▪Conducted buy-side due diligence on behalf of \nCarlyle, which ultimately acquired a majority interest \nin Quorum\n▪Evaluated multiple successful add-on acquisitions\n▪Provided exit planning and sell-side support\n▪Evaluated multiple successful add-on acquisitions\n▪Provided strategy support after three-way merger\n▪Continued evaluation of expansion opportunities\n~$3.5 million~$1.8 million\n▪Assessed add-on potential and risks of an insurance \nand securities technology provider\n▪Conducted a pricing strategy and commercial \ndiagnostic to benchmark recent growth\n▪Completed a sell-side study\n▪Assessed the MGA market to inform growth strategy\n▪Completed commercial performance diagnostic\n▪Supported 3-year strategic planning\n\n14\nSTRICTLY CONFIDENTIAL\nStrong Opportunity to Accelerate Growth Through Multi-Pronged Strategy\nClear, attainable initiatives to build upon leading market position\nAttractive \nMarket Tailwinds\nPrivate equity firms are increasingly utilizing commercial due diligence \nand value optimization services for transactions and portfolio companies\nPrivate equity has shown resilient \ngrowth supporting an expanding TAM\nRising private equity inventory is driving demand for multiple \nmarket insight services over each investment’s lifecycle\n▪Scale coverage and \ncontent intersection \nacross private equity and \ninvestment banks\n▪Further scale dedicated \nbusiness development \nteam to broaden \ncoverage universe\n▪Centralize, scale, and \nmanage external \nindividual, account, and \nsubsector \ncommunications\n▪Focus on accelerating \nthe execution of M&A \nplaybook\n▪Expand into new \ngeographies, new \nservice lines, and build \nscale in existing markets\n▪Opportunistically \nevaluate larger-scale \ntransformative M&A \ntargets\nIdentify and Execute \non Acquisitions\n▪Capitalize on advisory, \nbespoke nature of work, \nand pricing umbrella \nrelative to MBB+ to \nrealize due diligence \nprice increases \nnationally and abroad\n▪Raise prices in value \ncreation to be more in-\nline with client impact, \nresults, and ROI\n▪Expand number of \naccounts with average \nproject size of $400K+ \nwith ample cross-sell \nopportunities and need \nfor multiple projects per \nyear\nExert\nPricing Power\n▪Further optimize cross-\nsell strategy to deepen \ndensity across core \naccounts through scaled \ninside sales strategy\n▪Target key private equity \nclients where \nreferenceable work \nprovides opportunity for \nfurther penetration in \nprojects that command \nmore premium bill rates\nScale Client Coverage\n▪Leverage reputation and \ndifferentiated \nexperience in key \nverticals with high win \nrates across market \nsegments\n▪Introduce new verticals \nsuch as government or \naerospace and defense \nthrough de novo efforts \nor experienced senior \nhires \nDeepen Vertical \nExpertise\n▪Capitalize on hedge \nfunds’ growing inbound \ndemand for market \nresearch \n▪Introduce new purpose-\nbuilt products such as \ntechnology due \ndiligence, financial due \ndiligence, policy and \nregulatory consulting, \noperational due \ndiligence, and ESG and \nsustainability diligence \nthrough integrated go-\nto-market approach\nExpand Capabilities \nand Client Profiles\n▪Continue building \nmomentum in the U.K. \nto expand market \npresence\n▪Strategically grow \nheadcount and client \nleadership in New York \noffice\n▪Establish local presence \nin new geographic \nmarkets through organic \ngreenfield locations in \nthe United States and \nEurope\n▪Continue to protect \nunique culture via \nplanful expansion\nBroaden Geographic \nPresence\n▪Strategically hire senior \nprofessionals to build \ndensity in core verticals \nand expand capabilities\n▪Build density across \ncurrent locations, \nexpanding \napprenticeship model to \nfurther attract and \ndevelop mid/junior \ntalent\nAttract, Develop, and \nRetain Talent\nMaximize Wallet \nShare and Cross-Sell\nGrowExpandTransform\n\n15\nSTRICTLY CONFIDENTIAL\n▪Founder-led with minimal \ninfrastructure\n▪Centralized global management \nteam\n▪Office-centric P&L▪Single global P&L\n▪Inconsistent performance \nmanagement\n▪Inconsistent pricing\n▪Inconsistent delivery \n▪Global standards and value \nproposition\n▪Product-led, content-driven\n▪Concentrated sales with little \ncollaboration\n▪Collaborative account structure\n▪Industry verticalized senior \nconsultants\n▪Research-focused▪Advisory-focused\n▪Tiered product and brand issue\n▪Decentralized, under-invested \nplatform\n▪Well-invested, integrated \ninfrastructure\n▪Purpose-built platform for pace \nof private equity\n▪Proven M&A capability\nProfessionalized Platform Poised to Support Significant Growth\nCurated strategic transition has established infrastructure to scale alongside the business as the Company enters the next phase of growth\n2022 OnwardsPre-2021\nOld FrameworkNew Foundation\n▪Established global competencies, leveling, and \ncompensation\n▪Adopted global staffing and development\n▪Upgraded teams\n▪Unified positioning and value proposition\n▪Benchmarked pricing and products\n▪Upgraded ERP and created Stax INTEL\n▪Adopted senior oversight of content generation \nand access (vertical groups, thought leadership, \nPOVs)\n▪Established brand and ramped up recruitment in \nLondon and NYC\n▪Onboarded culture in NYC\n▪Restructured Chicago\n▪Established senior apprenticeship\n▪Established consistent hybrid model\n▪Established “Regional Success” teams to partner \nU.S. seniors with EMEA client leads\n▪Structured collaborative global pipeline with \naccount collaboration groups and oversight\n▪Removed generalist Directors and Managing \nDirectors\n▪Established vertical structures\n▪Added verticalized talent\n▪Created vertical content agenda\n▪Recruited sector and product specialists\n▪Verticalized competency model for Associate \nDirector and above\n▪Created integrated workstream approach with \nClient Delivery Network\n▪Built vendor due diligence and value creation \nintegrated product (VCIP) product matrix\n▪Elevated CDD product\n▪Established product-level P&L and metrics\n▪Began tracking product cross-selling\n▪Established dedicated resourcing and coverage\n▪Established product-specific competencies\n▪Integrated and connected products, building to a \nfund/asset-life offering\n▪Constructed ARM and account tiering\n▪Further trained and developed junior sellers\n▪Established collaboration metrics\n▪Transitioned founder to Board and created \ncentralized management structure\n▪New CEO, Global Practice Leader, Chief People \nOfficer, and General Counsel\n▪Screened seniors for collaboration; retained \nhigh-quality mid-level consultants\n▪Better defined path from Associate Dir. to MD\n▪Created strategy and go-to-market framework to \nscale OpGen\n▪Created marketing and business development \nsupport framework\n▪Developed knowledge management tool\n▪Created collaboration incentives\n▪Established engagement metrics for tracking\n▪Elevated client engagement agenda\n▪Developed BI function and created Stax INTEL \nplatform\nStandardize\nVerticalize\nDiversify\nGlobalization of staffing, utilization, reporting, talent development, and pricing \nallows for consistent client experience with different coverage points\nCommercialize\nGlobalize\nProductize\n\n16\nSTRICTLY CONFIDENTIAL\nDiversified Business with Proven Growth Across All Environments\nStax’s diversified business model has proven its ability to grow across economic environments\n(1)Reflects cumulative percent change over time since 2005.\n(2)2005-2021 reflects reported financials.\n(3)Source: Dealogic. Reflects announced North American and European transactions with private equity involvement between 1/1/2005 and 12/31/2024. 2025 projection per EY.\nGreat Recession\nCOVID-19\nGreat \nResignation\nInflation\nRate \nHikes\nNet Revenue Performance Relative to the M&A Environment\n(1)\nWinners in Market Growth\nWinners in Market Contraction\n(500%)\n–\n500%\n1,000%\n1,500%\n2,000%\n20052006200720082009201020112012201320142015201620172018201920202021202220232024LTM\nMar-25\n2025E\nStax Net RevenueN.A. and U.K. PE Transaction Volume\n▪Buy-Side Commercial Due Diligence: Increasing demand of \nbuy-side services as private equity firms explore a wide range \nof investment opportunities\n▪Value Creation: Growing demand for value creation services \nas firms strive to outperform competitors by enhancing \nportfolio company performance to unlock growth and value\n▪Sell-Side Commercial Due Diligence: Increased market activity \nand favorable valuations drive companies to prepare for sale \nboosting demand for sell-side services\n▪Buy-Side Commercial Due Diligence: Steady demand as firms \nseek expert analysis to identify undervalued assets with \nrecovery potential\n▪Value Creation: Consistent value creation demand as portfolio \ncompanies face pressure to optimize operations and cut costs\n▪Sell-Side Commercial Due Diligence: Stable demand for sell-\nside services as sellers must present their businesses in the \nbest possible light\n▪Diverse Client Profiles: Ability to tap hedge fund and credit \nfund clients when topline deal-market activity slows\n(2)(3)\n\n17\nSTRICTLY CONFIDENTIAL\nCompelling Long-Term Outlook Underpinned by Track Record of Consistent Growth\nHighly attractive financial profile defined by consistent growth and impressive margins\nPro Forma Adjusted Net Revenue\nOrganic Gross Profit and Margin\nPro Forma Adjusted EBITDA and Margin\n($ in millions)\n($ in millions)\n($ in millions)\n$39\n$44\n$48\n$54\n$70\n$88\n$109\n$136\n$168\n61.0%\n62.0%\n63.1%\n59.5%\n60.5%\n61.0%61.0%61.0%61.0%\n20232024LTM Mar-252025E2026P2027P2028P2029P2030P\n$42\n$54\n$69\n$89\n$112\n$4\n$10\n$19\n$30\n$45\n$19\n$24\n$27\n$31\n$46\n$65\n$88\n$119\n$157\n29.3%\n33.5%\n35.6%\n33.3%\n36.2%\n38.0%\n39.0%\n39.9%\n40.9%\n20232024LTM Mar-252025E2026P2027P2028P2029P2030P\nOrganicAcquired\n$115\n$143\n$179\n$223\n$275\n$12\n$27\n$48\n$75\n$110\n$64\n$71\n$76\n$91\n$127\n$170\n$226\n$298\n$385\n20232024LTM Mar-252025E2026P2027P2028P2029P2030P\nOrganicAcquired\n\n18\nSTRICTLY CONFIDENTIAL\nProven Leadership Team Poised for the Next Era of Growth\nCommitted leadership team with a clear vision for the future of Stax\n(1)Client Service Network.\n(2)Operations.\nPaul Edwards\nGlobal Practice Leader\nJoined in 2005\n25+ Years of Experience\nJayson Traxler\nChief Executive Officer\nJoined in 2021\n25+ Years of Experience\nSTS Research Group\n18\nSTRICTLY CONFIDENTIAL\nMeg Macumber\nGlobal Head of \nFinance\nLeslie Regenbaum\nGeneral \nCounsel\nAmy Schoeman\nGlobal Head of \nHuman Resources\nJoe Brownell\nGlobal Head of \nMarketing\nConnor Novy\nChief of Staff, \nHead of Sales Ops\nMihaela Dumea\nDirector, Data & \nBus. Intelligence\nHazir Shafeek\nGlobal Head of \nData Insights & IT\nBrad Kuntz\nAmericas \nRegional Lead\nPhil Dunne\nEMEA \nRegional Lead\nRobert Lytle\nTransaction \nAdvisory Co-Lead\nWill Barden\nTransaction \nAdvisory Co-Lead\nVince Zosa\nValue Creation \nProduct Lead\nRoy Lockhart\nExit Planning \nProduct Lead\n2020202320242018201820222021202520242024202220222011\n20+ Years20+ Years20+ Years25+ Years10+ Years20+ Years15+ Years20+ Years35+ Years30+ Years15+ Years30+ Years15+ Years\nDEVON\nV A L U E A D V I S E R S\nYear Joined\nIndustry Tenure\nPrior Experience\n\n19\nSTRICTLY CONFIDENTIALSTRICTLY CONFIDENTIAL\n19\nStax is a Highly Differentiated and Attractive Platform\nLarge addressable market with favorable secular trends\nDifferentiated value proposition for clients magnified by expertise developed through \nhistorical project volume\nDeep relationships with diversified set of clients that have reoccurring demand\nCompelling employee value proposition to attract, develop, and retain talent\nProven management team set to sustain growth\nProfessional operating platform set to scale\nClearly-defined multi-pronged growth strategy\nProven history of long-term growth, robust margins, and strong capital efficiency\n\nIndustry Overview\n\n21\nSTRICTLY CONFIDENTIAL\n$20B\n$33B\n$68B\n$91M\nStax Services the Private Equity Sector, a Foundational and Stable End Market\nBroad end market tailwinds provide ideal environment for long-term revenue growth\nLarge and Growing Addressable Market \nIndustry Landscape\nAdvisory Firms \n2025E Stax \nNet Revenue\n2024 Global M&A\n2024 Global Private \nEquity-Backed M&A\nNorth American and U.K. \nPrivate Equity-Backed M&A\nAccounting Networks\nMBB \n\n22\nSTRICTLY CONFIDENTIAL\nStax Services the Private Equity Sector, a Foundational and Stable End Market\nBroad end market tailwinds provide ideal environment for long-term revenue growth\nGlobal Private Equity Deal VolumeU.S. Private Equity Dry Powder by Fund Size\nGlobal Private Equity Exit VolumeU.S. Private Equity-Backed Company Inventory by Age\nSource: PitchBook.\n3.2K\n5.8K\n2.8K\n6.7K\n6.9K\n7.3K\n7.6K\n7.9K\n8.3K\n8.8K\n9.3K\n9.8K\n10.5K\n11.0K\n11.3K\n11.8K\n2012201320142015201620172018201920202021202220232024\nLess than 2 Years\n2 - 5 Years\nOver 5 Years\n$0.4\n$0.6\n$0.5\n$0.6\n$0.8\n$0.8\n$0.7\n$0.8\n$0.8\n$0.6\n$0.9\n$1.7\n$0.8\n$0.8\n$0.9\n1.8K\n2.1K\n2.2K\n2.4K\n2.9K\n3.3K\n3.1K\n3.4K\n3.4K\n3.2K\n2.8K\n4.4K\n3.7K\n3.5K\n3.8K\n201020112012201320142015201620172018201920202021202220232024\nExit Value\nExit Count\n$0.6 \n$0.7 \n$0.7 \n$0.7 \n$0.9 \n$1.1 \n$1.0 \n$1.2 \n$1.3 \n$1.3 \n$1.2 \n$2.3 \n$1.8 \n$1.4 \n$1.8 \n6.5K\n7.5K\n7.9K\n7.9K\n9.6K\n10.9K\n11.0K\n12.0K\n13.4K\n14.0K\n13.7K\n20.9K\n19.6K\n17.1K\n19.1K\n201020112012201320142015201620172018201920202021202220232024\nDeal Value\nDeal Count\n $0\n $200\n $400\n $600\n $800\n $1,000\n2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024\nMiddle Market PE\nPE Megafunds\nPE Under $100M\n($ in trillions)\n($ in trillions)($ in billions)\n2010 – 2024 CAGR: 8.4%2006 – 2024 CAGR: 5.6%\n2010 – 2024 Exit Value CAGR: 5.1%2012 – 2024 CAGR: 4.9%\n\n23\nSTRICTLY CONFIDENTIAL\nMore Than $32B in TAM Opportunity for Stax’s Core Products\nBountiful growth prospects in a broad addressable market \nTotal Addressable Market Opportunity by Product\nSource: Stax Market Sizing Analysis.\nSpendVolume\nSell-Side Diligence\n$2.9B\nValue Creation\n$4.1B\nBuy-Side Diligence\n$25.6B\n$32.6B\n2024\nBuy-Side \nDiligence\n19,123 \nPrivate Equity Transactions Annually\n$1.3M \nCDD Spend Per Closed Transaction\nSources and Approach:\n▪PitchBook 2024 Global Private Equity Report\nSources and Approach:\n▪Reflects 100% attach rate to pre-LOI lean-in & LOI deals\n▪Spend per deal per Stax PE decisionmaker survey (n=50)\nSell-Side \nDiligence\n6,389 \nAnnual Exits Across PE/Founder Businesses\n$453K \nSpend Per Successful Exit\nSources and Approach:\n▪PitchBook 2024 Global Private Equity Report\n▪Stax estimate of founder-backed exits >$100M in deal \nvalue\nSources and Approach:\n▪Reflects 100% attach rate of successful exits (founder- \nand PE-owned) and 40% assumed deal failure rate\n▪Spend per deal per Stax PE decisionmaker survey (n=50)\nValue \nCreation\n56,177 \nActive Private Equity-Backed Companies\n$72K\nSpend Per Portfolio Company Per Year\nSources and Approach:\n▪PitchBook Filter for Currently Privately-held, Private \nEquity-Backed Companies (i.e., non-addon/subsidiary)\nSources and Approach:\n▪Reflects each portfolio company conducting $361K of \nVCIP spend spread annually over a five-year hold period\n▪Spend per deal per Stax PE decisionmaker survey (n=50)\n\n24\nSTRICTLY CONFIDENTIAL\nHighly Attractive and Growing Market for Stax’s Private Equity Services\nStax is well-positioned to benefit from increases in private equity activity and standardization of third-party diligence in deal-making\nTrends Appreciating the Value of TAM and Current Spend on Stax’s Services\n▪Deal volumes, exit volumes, and the total pool of private equity-backed companies continue to grow and are resilient, and \ninvestor sentiment remains positive going forward\n▪Number of new private equity deals in U.S. and Europe has grown at a 7.6% CAGR over the last ten years\nGrowing Deal Sizes and \nVolume\n▪Value and depth of consulting engagements is increasing, and consulting services are readily able to pass through increasing \nlabor costs, growing the overall spend per deal\n▪Based on a survey scale from 1 (Nice to Have/Less Important) to 7 (Need to Have/More Important), average CDD value to private \nequity funds will increase from ~4 to ~5 from five years ago to the next five years, and value creation will increase from ~5 to ~6 \nfor the same period\nHigher Average Spend \nand Scope per Deal\n▪Competitiveness for high-quality deals is increasing, and more suitors are leaning into processes overall, and earlier driven by the \ndesire to filter for good deals and the growing need for private equity to “sell management” on the value of their partnership\n▪Middle market and growth equity deal funnels (deals seen, leaned in on, and under LOI) have increased at 8.4-9.0% CAGRs, \npushing CDD opportunities beyond the currently estimated ~3 due diligence engagements per closed deal\nMore CDD Opportunities \nper Deal\n▪Third-party support for diligence and value creation efforts are increasingly becoming an industry standard, with a steadily \nincreasing portion of deals and portfolio companies hiring third-party support\n▪Pre-LOI CDD attachment rates to deals have grown from 10% in the last five years to 23% today, and 30% of portfolio companies \nutilize value creation today compared to 20% over the last five years\n(1)\nAttachment Rates Are \nGrowing Across \nProducts\nSource: Stax Market Sizing Analysis, including Stax web survey (Winter 2025, n=50).\n(1)Based on subset of middle market funds, excluding new funds, per Stax web survey (Winter 2025, n=36).\n\nService Lines\n\n26\nSTRICTLY CONFIDENTIAL\nOverview\nAdvisory Services\nContract Structure\nAverage Engagement Length\nStage of Investment Lifecycle\nTypical Referral Source\nNet Revenue\nProjects Invoiced\nAverage Revenue per Project\nClients Served\nComplementary Solutions to Address a Wide Array of Client Needs\nSuite of critical services provide a strong basis for recurring revenue and natural cross-sell opportunities across the private equity lifecycle\nBuy-Side Commercial Due Diligence\nKey Attributes\nLTM Mar\n-\n25 Highlights\n▪Evaluate potential targets, focus areas, or \ninvestment themes for sponsors\n▪Assess market dynamics and target \nalignment, competitive positioning, and \nvalue creation levers\nMarket and Asset Screening, Thesis Build, \nEarly Diligence, Commercial Due Diligence\nFixed Fee\n3-6 Weeks\nPre-Investment\nExisting Relationship\n107\n$318K\n83\nSell-Side Commercial Due Diligence\nMarket Study, Exit Planning, Vendor Due \nDiligence\n▪Ensure process readiness and enhance \ntransaction outcomes for sponsors and \nmanagement teams\n▪Articulate the exit story and provide \nactionable growth blueprint backed by \nmarket research\nFixed Fee\n4-6 Weeks\nExit\nReferral from Investment Bank or \nExisting Sponsor Relationship\n76\n$378K\n81\nValue Creation\nCommercial Excellence, Pricing & Cost Optimization, \nSales Productivity, Churn Reduction, ESG & Impact\nFixed Fee\nVaries\nHold Period\nExisting Relationship or Ongoing \nSupport Following Exit Planning\n34\n$331K\n32\n▪Drive rapid EBITDA improvement \nthroughout the investment hold period\n▪Designed for multi-year, multi-project \nrelationships to drive incumbency with \nmanagement teams and ultimately lead \nto sell-side support\n$34M$29M$11M\n\n27\nSTRICTLY CONFIDENTIAL\nBuy-Side Commercial Due Diligence\n▪Provide data-driven insights across key investment considerations (market, target company, competition, etc.)\n▪Enables private equity firms to make informed decisions by identifying potential opportunities and risks for a \nprospective investment\n▪The Company provides services during the acquisition screening and theme development phase, as well as early \ndiligence and scaled commercial due diligence in an active process\n‒Early workstreams include sector prioritization, acquisition screening, thesis build and development, red \nflag assessments, and client checks\n‒Pre-LOI workstreams include assessment of the target’s market, client dynamics and competitive \npositioning, competitive landscape, and growth opportunities\n▪Post-LOI work integrates blueprint development and growth strategy planning\n▪High level of repeat demand from long-term relationships with private equity clients\nExtension of the investment team evaluating potential platform and add-on opportunities\nLTM Mar-25 Key Stats\nIllustrative Project Timeline\nRepresentative Clients\nOverview and Typical Scope\nIllustrative Project Timeline\nKICK-OFFAlign on Final Scope and Objectives, Data Discovery\nANALYSES\nPhone-Based Interviews, Analysis of Target Data, \nOnline Review Analysis, Synthesize Research \nStreams, Develop Fact-Base\n80/20 Report, Final Read-Out\nPOST-PROJECT COLLABORATION\nWeeks ~1-4Ongoing As-Needed\nSupport First 100 Days of Hold Period, Ongoing \nValue Creation Work \nDELIVERABLES\n11%\n2018 – LTM Mar-25 \nRevenue CAGR \n107\nProjects \nInvoiced\n$318K\nAverage Revenue \nper Project\n83\nClients \nServed\n% of Net \nRevenue\n44%\n37%\n15%\n4%\nBuy-Side\nSell-Side\nValue Creation\nOther\n\n28\nSTRICTLY CONFIDENTIAL\nValue Creation\n▪Multi-phase model partnering with clients to define and execute on value creation initiatives while building \noperating discipline and sustainable improvements year-over-year\n▪Drives development of strategic growth options for expansion with an actionable roadmap for implementation\n▪Leverages the Company’s depth of sector expertise, proprietary research, and advanced analytics capabilities to \ndeliver a data-driven, evidence-based assessment of recent performance and growth potential\n▪Offering encompasses proven methodologies to define growth strategies and improve commercial excellence \nand capital efficiency\n‒Client segmentation and value proposition, channel expansion, churn reduction, pricing optimization, \nESG/Sustainability and risk, marketing, client experience\n‒AI strategic assessment and diagnostics with execution support to define, test, and scale AI initiatives\n▪Value creation services deepen and extend engagement with private equity clients around critical decisions for \ntheir portfolio companies outside of a new investment or exit period\nTargeted diagnostics and actionable growth plans to achieve desired business outcomes at various stages of maturity\nOverview and Typical ScopeLTM Mar-25 Key Stats\nIllustrative Project Timeline\nRepresentative Clients\nKICK-OFFWorking Session with Relevant Stakeholders\nPotential Growth Thesis, Client/Market/ICP Offering \nAssessment, Strategic Option Development, Risk \nAssessment and Roadmap\nPOST-PROJECT COLLABORATION\nWeeks ~1-4Ongoing As-Needed\nEnter Phase II to Build on Project Work or Support \nImplementation, Prepare for Sale Process\nInterim Update, \nWorkshop, Final Read Out\nDELIVERABLES\nANALYSES\n% of Net \nRevenue\n8%\n2018 – LTM Mar-25 \nRevenue CAGR \n34\nProjects \nInvoiced\n$331K\nAverage Revenue \nper Project\n32\nClients \nServed\n44%\n37%\n15%\n4%\nBuy-Side\nSell-Side\nValue Creation\nOther\n\n29\nSTRICTLY CONFIDENTIAL\nSell-Side Commercial Due Diligence\n▪Demonstrate strength of positioning and growth potential of the asset in preparation of exit \n▪Communicates the growth story to potential investors by providing research and analysis to define the target’s \nmarket, strength of its positioning and performance, and opportunities for expansion\n▪Stax leverages its experience working on the buy-side to address critical questions about the target that \ninvestors will focus on, including TAM, growth outlook for core market, competitive differentiation, future \nopportunities, and voice of the client\n▪Modular approach allows Stax to adjust its process and output depending on sponsor/founder involvement, \nrelevant buyer universe, and priority needs\n▪New business development for this service is focused on referrals from investment banks, as well as leveraging \nprivate equity client relationships\n‒The Company worked with 20+ investment banks in the last 24 months\n▪Natural cross-sell opportunity from momentum of sale process and intelligence gathered during engagement\n▪Reputation among private equity investors is a significant point of attraction for banks and management teams\nCollaborative thought partner throughout a sale process to articulate the asset’s positioning and growth story\nOverview and Typical ScopeLTM Mar-25 Key Stats\nIllustrative Project Timeline\nRepresentative Clients\nKICK-OFFWorking Session with Relevant Stakeholders\nTAM and Client Analysis, Risk Assessment, VDR \nPreparedness, Growth Strategy Vetting\nDELIVERABLESFinal Read-Out\nPOST-PROJECT COLLABORATION\nWeeks ~1-5Ongoing As-Needed\nDevelop Buyer-Specific Materials, Discuss with Potential \nSuitors, Onboard Findings and Recommendations at Target\nANALYSES\n% of Net \nRevenue\n62%\n2018 – LTM Mar-25 \nRevenue CAGR \n76\nProjects \nInvoiced\n$378K\nAverage Revenue \nper Project\n81\nClients \nServed\n44%\n37%\n15%\n4%\nBuy-Side\nSell-Side\nValue Creation\nOther\n\n30\nSTRICTLY CONFIDENTIAL\nStrong Institutional Knowledge Across Industries\nStax outperforms competitors by offering the highest quality and expertise across multiple end markets, while ensuring stability through diversification \nacross various industries\nNote: Data reflects LTM Mar-25 engagements and revenue mix.\n132\nEngagements\n% of Net Revenue45%\nVertical SaaS\nIndustry-Specific Apps\nEnterprise Applications\nNetwork Infrastructure\nAI & Machine-Learning\nMedia and B2C Tech\nTechnology\n25\nEngagements\n% of Net Revenue9%\nPhysician Practices\nLong-Term Care\nManaged Healthcare\nMedical Devices\nHospitals & Facilities\nPayors\nHealthcare\n15\nEngagements\n% of Net Revenue5%\nApparel\nFood & Beverage\nHospitality and Leisure\nHousehold Goods\nResidential Services\nHealth & Wellness\nConsumer\n37\nEngagements\n% of Net Revenue15%\nManufacturing\nDistribution\nTransportation\nConstruction & Engineering\nAerospace and Defense\nAutomotive\nIndustrialsServices\n64\nEngagements\n% of Net Revenue25%\nProfessional Services\nFinancial Services\nMarketing and Advertising Services\nData and Information Services\nIT Services\nEvents and Tradeshow Services\n\n31\nSTRICTLY CONFIDENTIAL\nIn-Depth Expertise in Technology and Services \nStax has effectively established a strong replicable presence in technology and service verticals, driving above-market growth and creating a playbook \nfor additional vertical expansion\nIT \nInfrastructure\nCybersecurityVertical SaaS\nHorizontal \nEnterprise \nApplications\nPayments and \nFintech \nConsumer \nTechnology and \nMedia\nTechnology \nCommercial and \nResidential \nServices \nIT Services\nEvents, \nMarketing, and \nInfo Services\nProfessional and \nAdvisory Services\nEducation and \nCrediting Services\nFinancial and \nInsurance Services\nSub-Vertical Expansion Opportunities Sub-Vertical Expansion Opportunities \n$5\n$10\n$11\n$27\n$31\n$30\n$33\n$36\n2018201920202021202220232024LTM\nMar-25\n$6\n$6\n$6\n$11\n$17\n$16\n$18\n$20\n2018201920202021202220232024LTM\nMar-25\nStrengthEvolving Focus\nServices \n72%\n6%\n7%\n(11%)\n2018-20212021-2024\nStaxMarket\n26%\n17%\n6%\n(2%)\n2018-20212021-2024\nStaxMarket\n($ in millions)($ in millions)\nStrengthEvolving Focus\nTechnology Net RevenueAbove-Market Revenue GrowthServices Net RevenueAbove-Market Revenue Growth\nStrong reputation within \nhighly penetrated market\nSub sector account targeting and \nplanning with room to build density \nGrowing average \nproject sizes \nResilient performance across \ndiverse economic conditions\nGrowing number of \nverticalized professionals \n\nClient Relationships\n\n33\nSTRICTLY CONFIDENTIAL\n44%\n37%\n15%\n4%\nBuy-Side\nSell-Side\nValue Creation\nOther\nStax Serves a Large, Diversified Client Base\n79%\n15%\n6%\nPrivate Equity\nPortCo / Corporate\nHedge Fund\nLong-tenured client base with exceptional retention, largely comprised of blue-chip private equity investors\n42%\n41%\n17%\nMiddle Market\nUMM / Large Cap\nLower Middle Market\n46%\n26%\n13%\n10%\n5%\nTechnology\nServices\nIndustrials\nHealthcare\nConsumer\nPrivate Equity Focus......Across Service Lines...\n...Split Among Market Segments......and End Markets\n(1)Reflects Private Equity and Hedge Fund clients only. Lower Middle Market defined as less than $1.5 billion AUM, Middle Market defined as $1.5 to $10.0 billion AUM, and UMM / Large Cap \ndefined as greater than $10.0 billion AUM.\nLTM Mar-25 \nby Client Type\nLTM Mar-25 \nby Service Line\nLTM Mar-25 \nby Client Size\n(1)\nLTM Mar-25 \nby Industry\n(% of Net Revenue)\n(% of Net Revenue)\n(% of Net Revenue)\n(% of Net Revenue)\n\n34\nSTRICTLY CONFIDENTIAL\nDiversified Relationships Across Service Lines\nBroad spectrum and high-quality clients across growth stages and end markets\n(1)Reflects Private Equity and Hedge Fund clients only. Lower Middle Market defined as less than $1.5 billion AUM, Middle Market defined as $1.5 to $10.0 billion AUM, and UMM / Large Cap \ndefined as greater than $10.0 billion AUM.\nRevenue Concentration by ClientNew vs. Existing ClientsRevenue Concentration by Client Size\n(1)\nBuy-Side Commercial \nDue Diligence\nSell-Side Commercial \nDue Diligence\nValue \nCreation\n(% of LTM Mar-25 net revenue)\n43%\n40%\n17%\nUMM / Large Cap\nMiddle Market\nLower Middle Market\n20%\n54%\n27%\nUMM / Large Cap\nMiddle Market\nLower Middle Market\n63%\n35%\n2%\nUMM / Large Cap\nMiddle Market\nLower Middle Market\n(% of LTM Mar-25 net revenue)\n32%\n29%\n29%\n10%\nTop 10\nTop 11 - 30\nTop 31 - 60\nAll Other Clients\n20%\n32%\n37%\n11%\nTop 10\nTop 11 - 30\nTop 31 - 60\nAll Other Clients\n57%\n43%\nTop 10\nAll Other Clients\n79%\n88%\n82%\n21%\n12%\n18%\n202220232024\nNew\nExisting\n40%\n59%\n54%\n60%\n41%\n46%\n202220232024\nNew\nExisting\n95%\n81%\n88%\n5%\n19%\n12%\n202220232024\nNew\nExisting\n\n35\nSTRICTLY CONFIDENTIAL\n73%\n27%\nRepeatNon-Repeat\nDeep Relationships with Top Clients\n▪Deep Relationships: 45% of net revenue coming from clients \nwith a tenure of 6+ years \n▪Satisfied Clients: 73% of revenue from repeat clients\n(3)\n▪No Client Concentration: No one client represents more than \n4% of net revenue\n▪Broad Relationships: 38% of clients use more than one \nservice\n(3)\n▪Strong Referral Network: 72% of sell-side engagements \nreferred from investment banks\n▪Value in Density: Clients utilizing multiple service lines incur \nover 25% higher fees per project due to complexity of scope\nDemand for strategic solutions across growth stages drives client engagement\nTop 15 ClientsLTM Mar-25 Highlights\n(1)UMM / LC = Upper Middle Market / Large Cap; MM = Middle Market; LMM = Lower Middle Market.\n(2)Reflects average tenure of top 15 clients.\n(3)Reflects 2024 data.\nSticky Relationships Drive Repeat Business\n27%\n7%\n21%\n45%\n< 1 Year1-2 Years\n2-6 Years6+ Years\nRepeat\nClients\nClient \nTenure \nMix\n(% of 2024 net revenue)\n($ in thousands)\n2023 – Mar-25 Net Revenue\nClientSize\n(1)\nBuy-SideSell-SideValue CreationOther\nTotal \nRevenue\n% of Total \nRevenue\n2023 – Mar-25\nProjects\nClient \nTenure\nClient 1UMM / LC$4,415––$642$5,0573.2%811+\nClient 2MM3,195$867$854–4,9153.1%1610+\nClient 3UMM / LC484––3,5694,0532.6%1211+\nClient 4MM1,512–1,556373,1052.0%123+\nClient 5UMM / LC1,582440911–2,9341.8%911+\nClient 6UMM / LC1,506–1,309–2,8151.8%711+\nClient 7MM6641,495559–2,7171.7%811+\nClient 8MM1,2411,172––2,4141.5%46+\nClient 9MM1,471812––2,2831.4%74+\nClient 10UMM / LC868537692–2,0971.3%511+\nClient 11MM1,415622––2,0361.3%62+\nClient 12MM804968229–2,0011.3%64+\nClient 13LMM1,336–640–1,9761.2%711+\nClient 14UMM / LC1,435–532–1,9671.2%511+\nClient 15MM1,080829––1,9091.2%63+\nTop 15$23,009$7,741$7,281$4,248$42,28026.6%1188+\nAll Others52,59344,52818,752532116,40573.4%369\nTotal$75,602$52,269$26,034$4,781$158,685100.0%487\nElliott Management\nPSG Equity\nTiger Global Management LLC\nBlue Point Capital Partners\nThoma Bravo\nCharlesbank Capital Partners LLC\nBregal Sagemount\nGridiron Capital\nRubicon Technology Partners\nHellman & Friedman\nGemspring Capital\nGreater Sum Ventures\nVarsity Healthcare Partners\nVista Equity Partners\nPeak Rock Capital\n(2)\n•To remove client names\n\nGo-to-Market Strategy\n\n37\nSTRICTLY CONFIDENTIAL\nMulti-Pronged Go-to-Market Strategy\nPurpose-built global delivery model enables new business wins without sacrificing existing client service\nVerticalized \nSenior \nProfessionals\nStrategic \nAccount \nCoverage\nCentralized \nLocation-Based \nModel\nProgrammatic \nCommunications\n15 Key Accounts with Multi-\nNational, Multi-Vertical Presence\nLarge Cap Private Equity \nand Public Investors\n22 Key Accounts with Dedicated \nTouchpoints in U.S. and U.K.\nMiddle Market \nCollaboration\n91 Key Accounts with Individual \nDefined Coverage and Tracking\nAccount Relationship \nManagement (ARM)\n98 Key Accounts with Content-\nBased Scaled Communication \nContact Accounts\nManaging Directors and \nDirectors\nIndustry Groups Define \nCoverage and Sales Effort\nCDD and Value Creation Services \nProvided by All Levels\nProduct Generalists\nNuanced Insights From \nSpecialization\nGuaranteed Production of \nHigh-Quality Content\nDedicated Client \nDelivery Network\nAdvisory-\nFocused\nProduct Led; \nContent Driven\nRepeat Value Creation Work \nfrom CDD Engagements\nClient Delivery \nNetwork\nColombo\nArticles, Tombstones, \nNewsletters, Industry Primers\nEmail and Social Media\nMarket Intelligence, Rolling \nThunder\nIn-Person Meetings\nMonthly Flywheel, Asset-Centric \nAccount “Grouping” Outreach\nIntelligence Outreach\nClient Offsites, Co-Branded \nRoundtables, Conferences\nEvents\nGlobal \nStaffing\nBostonChicagoNew YorkLondon\nGlobal Collaborative Coverage and Delivery with In-Market Business Development Capabilities\n\n38\nSTRICTLY CONFIDENTIAL\nCollaborative Approach to Client Coverage and Delivery\nCrediting system designed to maximize collective value and reward firm-building behaviors while de-risking new hires\nSales CreditDelivery Credit\nManaging Directors, Directors, and Associate DirectorsAssociate Directors, Senior Managers, and Managers\nAccount Ownership:\nAssigned owner that fosters \nrelationships throughout the \naccount\nContent Leadership:\nProvides substantive \nexpertise to help close and \ndeliver a project\nTotal Sales Credit:\nReflects the sum of an \nindividual’s contribution \nacross each role\nOriginators\nAccount \nOwnership\nContent \nLeaders\nReporting\nSplitDetail\n60%\n▪Credit shared equally between originators\n▪Tracking allows for up to three originators\n10%\n▪Limited to one person\n▪May be one of the originators\n▪Credit shared equally between content leads\n▪Ideally have multiple leads on every project\n25%\nBoundaries\n40% Cap\nNo Double \nDipping\nProject \nMinimum\n▪No individual can accrue more than 40% of the total project value\n▪Lone originators lose 20% of credit, which is returned to the firm\n▪Originators can be account owners, but they cannot accrue credit \nfor content leadership on the same proposal\n▪If project fee is less than $250K, no credit for content leadership\n▪If project fee is less than $150K, no credit for any role\nOrigination:\nSourcing of potential projects \nthrough outbound efforts or \ninbound leads\nStructure\nDelivery \nLeads\nFramework\nCredit Split\n▪Assigned by resource management based on project staffing\n▪Responsible for leading the day-to-day of a project and ensuring \nthe team is utilized efficiently\nTargets\nAssociate \nDirector\nSenior \nManager\nManager\n▪Delivery credit is a \nmeasure of success for \nmid-level consultants\n▪Delivery credit is defined \nas the total value of \nprojects a mid-level \nconsultant has delivered\n▪Total available credit for \na project is equal to the \nproject’s fee\n▪Delivery leads should be \ndifferent levels, with the \nmore senior employee \nspread across multiple \nprojects\n▪Splitting delivery \nbetween Associate \nDirectors and Senior \nManagers / Managers \nallows the Associate \nDirector to manage \nmultiple projects, \nultimately accruing a \ngreater delivery credit \nvalue\nMinimumGoal\n$3.0M\n$2.5M\n$2.0M\n$4.0M\n$3.5M\n$3.0M\n▪Delivery credit is split evenly between delivery leads regardless \nof seniority\n▪Up to two delivery leads can be associated with a project\n▪Delivery leads must spend at least 15 hours a week on projects \nto receive credit\n\n39\nSTRICTLY CONFIDENTIAL\nProject Delivery Model\nHigh-touch client service executed by efficient project teams purpose-built for the pace of private equity\nBalanced and Flexible Staffing ModelDisciplined Tracking Leads to Better Management and Consistently Strong Realization\nCrediting System Designed to Maximize Collaborative Value\nSales CreditDelivery Credit\n▪Originators (60% of project value)\n‒Credit is shared equally between originators; \ntracking allows for up to three originators\n▪Content Leaders (25% of project value)\n‒Credit is split evenly between all content \nleads; ideally have multiple content leads on \nevery project\n▪Account Owners (10% of project value)\n‒Limited to a single person; may be an \noriginator\n▪Measured in dollars and defined as the total value \nof projects a mid-level has delivered\n▪Accrue to the delivery leads; may have up to two \ndelivery leads associated with a project\n▪Delivery leads are typically different levels, but \ncredit is evenly split between both leads\n▪Associate Directors, Senior Managers, and \nManagers are the core roles responsible for \ndelivery\nDelivery (Client Service Network)\nTraditional consulting team staffed to dedicated projects on a billable model\nManaging \nDirector\nDirector\nSpend 50% of time \non billable work\nAssociate \nDirector\nSenior \nManager\nSpend 75% of time \non billable work\nManagerSenior \nConsultant\nConsultantAssociate \nConsultant\nSpend 100% of time \non billable work\nPlug-and-play project support in Colombo segmented by defined workstreams to enhance speed of delivery\nIntegrated Workflow Support (Client Delivery Network)\nIntegrated Project Leads\nLead \nto Win\nSecondary \nInsights\nData \nScience\nWeb Survey \nInsights\nExpert \nInsights\nData \nVisualization\nHighly repeatable, scalable execution process across services allows for powerful insights to be \ndelivered quickly and efficiently at an attractive price relative to competitors\nPromotes collaboration and de-risks new hires\n218226224\nProjects \nInvoiced:\n87.8%\n94.9%\n96.4%\n20232024LTM Mar-25\nRealization\n\n40\nSTRICTLY CONFIDENTIAL\nClient Delivery Network Expands Capacity to Execute\n▪50-person dedicated team in Colombo serves as plug-and-play \nproject support to enhance speed of delivery for client \nworkstreams\n▪Commercial platform built to work at the speed of private \nequity\n▪Supports U.S. and U.K. advisory in an agile and targeted way\n▪Segmented by defined workstreams with clear responsibilities \nand competency model\n▪Handles tasks of varying levels of complexity during the \nproposal and live project phases\n▪Creates additional bandwidth for the client service network to \nfocus on high-value client-facing workstreams\n▪Optimizes resource utilization through on-demand staffing \nbased on skill, capacity, and expertise\n▪Expands delivery capabilities in-line with demand while \noffering flexibility, convenience, and controllability in project \ndelivery\n▪Defined career path with strong average tenure of 9+ years \nacross integrated project leads, delivery leads, and managing \ndirectors\n▪Key members participate in management incentive plan\nPurpose-built integrated workflow support delivers sustainable growth \nTeam OverviewCommentary\nRuwindhu Peiris\nManaging Director\n(Headcount as of March 2025)\nDelivery Lead\nSr. Delivery Manager\nTeam Lead\nDelivery Manager\nSr. Delivery Manager\nDelivery Manager (3)\nTeam Lead\nDelivery Manager\nTeam Lead\nSr. Delivery Manager\nTeam Lead\nDelivery Manager\nTeam Lead\nDelivery Manager\nTeam Lead\nDelivery Manager\nIntegrated Project \nLeads\nTeam Lead\nSr. Delivery Manager\nLead (3)\nSr. Analyst\nLead (5)\nSr. Analyst\nDelivery Manager\nLead (3)\nSr. Analyst (3)\nLead to WinSecondary InsightsData ScienceWeb Survey InsightsExpert InsightsData Visualization\nLead\nSr. Analyst (4)\nAnalyst (2)\nLead (3)\nSr. Analyst (4)\nLead (2)\nSr. Analyst \nAnalyst (3)\n5\nEmployees\n5\nEmployees\n7\nEmployees\n8\nEmployees\n8\nEmployees\n7\nEmployees\n8\nEmployees\nAgile project \nmanagement and \ncentral point of \ncontact for the CSN \nSales enablement \ncapabilities from \ninitial outreach to \nproposal submission\nExtracts and \nsynthesizes \ninformation from \npublicly available \nsources\nBusiness insights and \ncapability \ndevelopment for \ninvestors and \nmanagement teams\nGather insights from \nweb surveys on client \npurchasing and \nspend dynamics, \nvendor performance\nEngages with \nexperts, competitors, \nand clients to collect \nrich insights\nVisualization \nspecialists that own \ndeliverables and \nother visualization \nelements\n\nCulture and Talent Management\n\n42\nSTRICTLY CONFIDENTIAL\nCompelling Employee Value Proposition to Attract and Nurture Top Talent\nStax has developed an attractive employee value proposition to recruit, develop, and retain top tier professionals\nDifferentiated Employee Value PropositionWinning the War for Talent\n(1)Retention of CSN professionals by skill level from 2023 year-end to 2024 year-end; reflects voluntary only.\nClient Service Network Retention by Skill Level\n(1)\nDirector HeadcountManaging Director Headcount\nUnique focus on serving and scaling with private equity clients\nIncentive model designed to reward collaboration and shared success\nHigh growth platform offering career opportunities and the chance to make a \nsignificant impact, supported by structured onboarding and fast ramp for new hires\nExpertise-focused model without exclusivity over client ownership\nAmple whitespace for career growth relative to some competitors with clear \nprogression paths and regular performance feedback\nEquity participation for Managers and above through Management Incentive Plan\nCentralized global staffing expands utilization and reduces time on bench\nSpecialization model supports long-term career development, bolstered by formal \nmentorship and learning opportunities\nCompetitive compensation model and benefits package aligned with market leaders, \nplus a strong commitment to work-life balance and well-being\nScalable infrastructure designed to foster growth and collaboration with direct access \nto senior leadership\n73%\n76%\n80%\n95%\nAssociate\nConsultant /\nConsultant\nSenior\nConsultant /\nManager\nSenior Manager /\nAssociate\nDirector\nDirector /\nManaging\nDirector\n4x \nGrowth\n5x \nGrowth\n2\n8\n2021Mar-25\n3\n16\n2021Mar-25\n\n43\nSTRICTLY CONFIDENTIAL\nTop Ranked by Industry Publications, Validated by Industry Professionals\nStellar Rankings Across Vault North America Categories\n(2)\nContinued recognition and awards reflect nature of culture initiatives the Company has meticulously implemented and managed over time\n(1)As of April 8, 2025.\n(2)Source: Vault 2024 North America Consulting Survey. Rankings and awards are based on insights from over 12,000 verified consulting professionals.\n7.3\n8.4\nIndustryStax\nInternal Mobility\n+1.1\n#10\nOverall \nDiversity\n#8\nEmployee \nSatisfaction\n#8\nLevel of \nChallenge\n#7\nPromotion \nPolicies\n#7\nInternal \nMobility\n#6\nIntl. \nOpportunity\n#5\nHealth and \nWellness\n#4\nBusiness \nOutlook\n#6\nBoutique \nConsulting\n#12\nBenefits\n#11\nInformal \nMentorship\n#10\nFormal \nTraining\n8.5\n9.2\nIndustryStax\nFirm Culture\n+0.7\nEmployee Satisfaction\n+0.8\n8.3\n9.1\nIndustryStax\n8.0\n8.8\nIndustryStax\nWork-Life Balance\n+0.8\nPromotion Policies\n+0.9\n8.1\n9.0\nIndustryStax\nTop Consulting\nFirm 2025\nFormal Training\n+1.2\n7.7\n8.9\nIndustryStax\nBest Management \nConsulting Firms 2025\nBest Firms to Work For\n2022, 2023, and 2024\nGlassdoor Overall Rankings\n(1)\nStax Big 5 Competitor\n4.4\n4.34.3\n4.2\n4.14.1\n4.0\n3.9\n3.83.8\n3.73.7\n3.53.5\n\n44\nSTRICTLY CONFIDENTIAL\nCompetitive Pay-for-Performance Compensation Model\n▪Structured to fall within the 75th percentile of the market, with top performers reaching the \n90th percentile\n‒Similar compensation strategy and banding in place for the Client Delivery Network\n‒Study underway to implement same model for Operations in 2025\n▪Salary bands ensure internal promotions are rewarded equitably without overvaluing \nexternal hires, demonstrating investment in maximizing tenure\n▪Merit-based salary increases determined by 4-point rating scale\n▪Robust benefits package and opportunity for equity ownership through Management \nIncentive Plan further enriches employees\n‒Management Incentive Plan available to Managers and above\nIncentive structure and attractive operating model strike a key balance between sustainable productivity and exciting projects\nPhilosophy and ApproachIndustry Benchmarking\n(1)\n2024 Average Cash Compensation by Skill Level\n(2)\n(1)Source: Aon 2024 Consultant Benchmarking Study. Reflects 50th percentile of compensation category by skill level for each group. MBB+ equivalent to Managing Director not available. MBB+ includes \nBain, Deloitte, EY, McKinsey, Oliver Wyman (Europe), and PwC. Tier 2 includes AlixPartners, Ankura, Chartis, Council Advisors, CRA Intl., FTI, Guidehouse, Keystone, Oliver Wyman, and Slalom.\n(2)Excludes Management Incentive Plan. \nMBB+Tier 2Stax\nACCSCMSMADDMD\n2023 Total Cash Compensation\nACCSCMSMADDMD\n2024 Cash Salary\nStax paid above market bonuses as a \npercentage of salary at all levels in 2023\nStax outpaced the market for salary \nincreases at all levels in 2024\nACCSCMSMADDMD\nACCSCMSMADDMD\n(Client Service Network; U.S. only)\n2023 Cash Bonus as % of Total Compensation2024 Cash Salary Increases\n$85\n$114\n$151\n$184\n$220\n$264\n$330\n$469\n$9\n$17\n$28\n$39\n$62\n$60\n$114\n$387\n$94\n$131\n$179\n$223\n$282\n$324\n$444\n$856\nAssociate\nConsultant\nConsultantSenior\nConsultant\nManagerSenior\nManager\nAssociate\nDirector\nDirectorManaging\nDirector\nCash BaseCash Bonus\n\n45\nSTRICTLY CONFIDENTIAL\n5\n33\n4\n3\n7\n10\n27\nManaging\nDirector\nDirectorAssociate\nDirector\nSenior\nManager\nManagerSenior\nConsultant\nConsultantAssociate\nConsultant\nStructured Recruiting Effort Provides Continuous Source of Talent\nDiversified talent pipeline ensures a steady stream of quality candidates\nOrganic Talent AcquisitionStrong Full-Time CSN Hires Across Skill LevelsSourcing Mix\nRecruiting Overview\nEarly CareersExperienced Hires\nStax targets hiring 10 Summer Associates/Co-Ops and 15 full-time Associate Consultants each year via campus targeting\nPriority Universities\nRelationships with on campus organizations \nand multiple events held per year\nOther Global Universities of Focus\nSources of recent successful hires\nCampus Targeting\nExpanded recruiting funnel to HBCUs, \nwomen’s colleges, etc.\n▪Strong track record of attracting lateral senior hires from \ncompetitors to build on existing offerings or expand into new \nareas of coverage\n▪Nearly 20% of experienced hires are sourced through employee \nreferrals\n▪Average offer acceptance rate of 73%\n▪Continued focus on driving branding efforts to improve candidate \npool\n26,000+ Applicants\n308 Interviews\n94 Offers Extended\n69 Offers Accepted\n(2024 firmwide recruiting statistics)(2024 – YTD Mar-25 new hires)(% of 2024 – YTD Mar-25 new hires)\n58%\n20%\n17%\n5%\nDirect Hire\nCampus\nReferral\nAgency\n\n46\nSTRICTLY CONFIDENTIAL\nWell-Defined Competency Model with Multiple Channels for Feedback\nCompetency and task relevant maturity models serve as the foundation to standardize feedback and expectations for each skill level across locations\nTask Relevant Maturity Model Provides Granular View of Task-Specific Proficiency\nImpact\nEnables global \nstaffing\nUnifies quality of \ndelivery\nProvides clarity and \nconfidence around \npromotion criteria\nEmphasizes merit-\nbased success \nmodel\nCore Consulting SkillsCommercial LeadershipSelf LeadershipPeople and Culture Leadership\nFeedback Facilities Development of Core Skills\nUse Case\n▪Used during project evaluations to assess \nconsultants’ technical effectiveness in \nspecific tasks and evaluate technical \ndevelopmental areas\nComponents\n▪Task category (e.g., survey \nmanagement)\n▪Specific tasks (e.g., survey design)\n▪Maturity levels\nGoal and Purpose\n▪Shift focus to skill level when completing a \ntask\n▪Standardized, efficient project feedback\n▪Differentiates expectations for same task \nacross levels\n▪Focuses on both qualitative and quantitative measures\n▪PowerBI performance dashboard\n▪Project feedback, debriefs, mid-year and year-end reviews\n▪Feedback on non-project Initiatives\n▪360 Feedback: upward, recognitions, special projects and \ninitiatives\n\n47\nSTRICTLY CONFIDENTIAL\nSignificant Opportunity for Upward Mobility\nStandardized career trajectory enables strong performers to progress through the organization\nClient Service Network Career Path\n(1)\n(1)CDN professionals have a similarly defined career path and competency model.\n(2)Reflects internal promotions from 2022 through Mar-25. Associate Consultant promotions reflect interns and co-ops that rejoined the Company as full-time employees.\n(3)Reflects the number of 2024 – YTD Mar-25 internal promotes as a percentage of employees that joined as or assumed a given skill level in 2024 – YTD Mar-25.\nAssociate ConsultantConsultantSenior Consultant\nManagerSenior ManagerAssociate Director\nDirector\nManaging Director\nProject FundamentalsWorkstream ExecutionDelivery ExcellenceProject ManagementProject ManagementClient Management\nBusiness Planning and \nExecution\nBusiness Planning and \nExecution\n▪Independently owns \nprimary workstream\n▪Capable of owning \nmultiple workstreams\n▪Drives full execution of \nworkstreams\n▪Takes ownership of \nnarrative\n▪Begins to gain \nverticalized expertise\n▪Provides strategic \ninsights and content \nexpertise\n▪Drives engagement \nsuccess and manages \nclient expectations\n▪Accountable for quality \nand efficiency of \ndelivery\n~12-Year Average Progression from Associate Consultant to Managing Director\nManaging Director7\nDirector8\nAssociate Director 14\nSenior Manager 8\nManager 14\nSenior Consultant 28\nConsultant 38\nAssociate Consultant 13\nCumulative Internal Promotions\n(2)\nHome-Grown Employees\n(3)\nManaging Director50%\nDirector40%\nAssociate Director20%\nSenior Manager 50%\nManager 57%\nSenior Consultant 59%\nConsultant47%\nAssociate Consultant 23%\n\n48\nSTRICTLY CONFIDENTIAL\nIn-House Training Amplifies Long-Term Career Satisfaction and Employee Potential\nTraining and development is a core tenet of Stax\nNote: Stax also hosts Stax Academy–a learning platform offering training modules to local youth and potential CDN talent–in Colombo, Sri Lanka.\n▪Skill-based training to support consultants during ramp period\n▪Formal sessions via classroom and in-project training for 1-4 \nweeks depending on seniority; subsequent project shadowing \nfor an additional 2-4 weeks\n▪Company and Operations Sessions covering internal resources \nand capabilities\n▪People Team Sessions covering benefits, resource \nmanagement, and professional development\n▪Delivery Excellence Sessions\n‒Getting Smart, Primary Research, Intro to Surveys, \nSecondary Research and Major Data Sources, Effective \nGuides Writing, Intro to Market Modeling, Business Writing, \nCreating Deliverables and Slides\nOnboarding\n▪Five to eight classroom hours per quarter, with additional on-\nthe-job and individual development plan (IDP) training\n▪Stax 2.0 Upskill Series\n‒Industry and Market Knowledge Sharing\n‒Productivity Tools\n‒Best Practice Alignment\n▪Half-Day Trainings by Level\n‒Senior Consultant: Effective Workstream Management, \nStoryboarding 101, Effective Communication, Delegation \nand In-Project Training\n‒Manager: Stax Project Management Playbook, Verticals and \nPractice Overview, Stax Mentor Model, Running Effective \n1:1s\n‒Senior Manager and Associate Director: Intro to Client \nManagement, Leveraging Coaching in People Development\n‒Director: Building your Book of Business, Building Effective \nTeams\n▪Personal Development and Culture Fundamental Series\n‒Self Accountability, Building a Feedback Culture, Resilience\nTraining Academy\n▪Development Programs\n‒Apprenticeship-based learning where employees develop \nthrough hands-on experiences, mentorship, and a \nfeedback-driven learning environment\n‒International exposure to facilitate global collaboration, \nstandardization of best practices and culture integration\n‒Employees receive performance feedback every few weeks \nthrough forms, debriefs, and more\n‒Internal training programs tailored to develop deep \ntechnical and management skills\n▪Communication and Transparency\n‒Regular town halls and leadership meetings, including firm-\nwide updates, senior meetings, and role-specific discussions\n‒Structured feedback mechanisms with performance \ndashboards to consolidate feedback, career progression \nmetrics, and training outcomes\n▪Flat Hierarchy and Leadership Access\n‒Employees at all levels have direct access to leadership\n‒Weekly leadership lunches, open-mics, and social initiatives \nacross offices\n▪Mentorship and Career Development\n‒Internal mentorship program and global staffing model \nfacilitates rapid employee development and connection\n‒Peer coaching initiatives to support career growth\n‒Mentors are accountable for supporting mentees, providing \nadvice and guidance based on development needs\nProfessional Development and Mentorship\nStructured \ntraining for all \nemployees, \nnew or old...\n...with \nnumerous \navenues for \ncontinuing \neducation\nAND\nAND\n\nOperations and Platform\n\n50\nSTRICTLY CONFIDENTIAL\nData-Driven, Purpose-Built Financial and Business Operations\n▪Data and reporting created to optimize every level of the professional services \neconomic value chain from opportunity generation to cash collection\n▪Real-time access to key business and operational KPIs enhances data-driven \ndecisions, including informed forecasting and opportunity tracking, improved capacity \nplanning, financial management, and prioritization\n▪Democratizes data through custom-built PowerBI visualizations, a user-friendly \ndesign, and robust training initiatives to empower users\nReal-time data enables agile management of the business against key indicators\nOverview of Stax INTEL\nInitiatives Focused on Driving Growth and Operational SustainabilityDashboards and Reports\nResource \nManagement\nProject \nManagement\nExpense \nManagement\nInvoice \nOversight\nRealization\nRevenue and \nDelivery Credit\nBillability and \nUtilization\nRevenue \nTracker\nA/R Analysis\nPerformance \nDevelopment\nClient Contract \nStatus\nRates and \nPricing\nLiberation of Data\n“Giving smart people the \nright data enables them to \nmake smart decisions”\nRobust, Transparent Reporting Improves Business Outcomes\nData Warehouse\n\n51\nSTRICTLY CONFIDENTIAL\nEarly AI Adoption Enhances Delivery Quality and Efficiency\n▪Improves speed and quality of analysis while creating high \ncaliber “architected” data for future use\n▪Cleans primary data for use with generative AI, searches for \nrelevant quotes, and interrogates transcripts to structure \nproject analyses \n▪Extends the utility of architected data for use cases beyond \ninitial project work\n▪Generative AI embedded into everyday use and broader \nworkflows to drive quality and speed enhancements\n▪Accelerates and strengthens thought-oriented processes at \nscale (slide review, eminence feedback, etc.)\n▪Integrations and connectivity with existing systems\nStreamlined access to proprietary data is paramount to sustained competitive advantage \nOverview of AthenaWorkflow Tools\nKnowledge management tool developed in-house dramatically lowers search barriers and accelerates access to depth of \ninstitutional knowledge; platform draws from over five years of Stax intellectual property to produce the relevant projects, \nslides, and Stax experts\nUsers can explore results at project and \nslide levels\nAthena transforms the ROI of searching \nfor Stax knowledge, unlocking previously \nunfeasible use cases\nIncorporates Athena Chat, an AI model \ntrained on Stax’s repository of knowledge\nProject \nInsights\nJunior\nEmbedded \nGen AI\nGPTs\nUser Prompt\nPrior Insights\nRelevant Slides\nPreviously \nUsed Experts\nResearch \nApproach\nProject Teams\nExpert Interview \nTranscripts\n1,100+\nDeliverables\n700+\nProposals\n75,000+\nSlides\n50,000+\nInterviews\n\n52\nSTRICTLY CONFIDENTIAL\nWorld-Class Leadership Team Operates an Efficient Client-Centric Organization Structure\nStax is led by a highly experienced, motivated, dynamic, and diverse senior team\nNote: Headcount as of March 2025. Client Service Network excludes two Research Associates paid hourly.\n(1)Includes 44 Operations employees in the United States, United Kingdom, and Sri Lanka.\nClient Service NetworkIntegrated Global Operations Team\n(1)\nClient Delivery Network\nAmy Schoeman\nGlobal Head of HR\nMeg Macumber\nGlobal Head of Finance\nLeslie Regenbaum\nGeneral Counsel\nJoe Brownell\nGlobal Head of Marketing\nConnor Novy\nChief of Staff and Head of Sales \nOperations\nHazir Shafeek\nGlobal Head of Data Insights & IT\nRuwindhu Peiris\nManaging Director\nPaul Edwards\nGlobal Practice Leader\nRegional Lead\n2\nManaging \nDirector\n9\nProduct Lead\n4\nDirector\n8\nSenior Manager\n8\nAssociate \nDirector\n9\nManager\n9\nConsultant\n21\nSenior \nConsultant\n18\nAssociate \nConsultant\n39\nDelivery Manager\n8\nSenior Delivery \nManager\n4\nLead\n17\nAnalyst\n6\nSenior Analyst\n14\nExecutive Leadership Team\nJayson Traxler\nChief Executive Officer\nMihaela Dumea\nDirector, Data and Business \nIntelligence\n\n53\nSTRICTLY CONFIDENTIAL\nWell-Invested Operational Platform Built to Serve Private Equity\nDeep bench of integrated global support functions designed to drive growth and operational efficiency\nNote: Headcount as of March 2025.\nMeg Macumber\nGlobal Head of Finance\nAmy Schoeman\nGlobal Head of Human Resources\nJoe Brownell\nGlobal Head of Marketing\nLeslie Regenbaum\nGeneral Counsel\nConnor Novy\nChief of Staff / Head of Sales Operations\nPeople Operations (5)Marketing Strategist (4)\nFinance, IT, and Business OperationsHuman ResourcesMarketingLegalData and Business IntelligenceSales Operations\nHazir Shafeek\nGlobal Head of Data Insights and IT\nCompliance and GovernanceSales Operations\n11\nEmployees\n6\nEmployees\n6\nEmployees\n3\nEmployees\nJayson Traxler\nChief Executive Officer\nMihaela Dumea\nDirector, Data and Business Intelligence\nController\nHead of Business Operations\nProfessional Development (2)\nTalent Acquisition (2)\nHR Business Partner\nProduction ManagerLegal CounselFinancial Insights and BI\nDigital Engineering (3)\nCommercial Strategy and Enablement (2)\nIT and Help Desk Support (4)\nFinance and Accounting (6)\nPayroll and Benefits\nFinancial Sponsors Coverage\n3\nEmployees\nStax can scale revenue without adding significant operations headcount\n23\nEmployees\nAdministrative (8)\n\nGrowth Strategy\n\n55\nSTRICTLY CONFIDENTIAL\nMulti-Pronged Growth Strategy Drives Confidence in the Next Chapter of the Company\nTangible and achievable organic growth in the near term with substantial opportunity to drive additional value creation via M&A\n▪Strategically hire senior \nprofessionals to build \ndensity in core verticals \nand expand capabilities\n▪Build density across \ncurrent locations, \nexpanding \napprenticeship model to \nfurther attract and \ndevelop mid/junior \ntalent\nAttract, Develop, \nand Retain Talent\n▪Continue building \nmomentum in the U.K. \nto expand market \npresence\n▪Strategically grow \nheadcount and client \nleadership in New York \noffice\n▪Establish local presence \nin new geographic \nmarkets through organic \ngreenfield locations in \nthe United States and \nEurope\n▪Continue to protect \nunique culture via \nplanful expansion\nBroaden Geographic \nPresence\n▪Capitalize on advisory, \nbespoke nature of work, \nand pricing umbrella \nrelative to MBB+ to \nrealize due diligence \nprice increases \nnationally and abroad\n▪Raise prices in value \ncreation to be more in-\nline with client impact, \nresults, and ROI\n▪Expand number of \naccounts with average \nproject size of $400K+ \nwith ample cross-sell \nopportunities and need \nfor multiple projects per \nyear\nExert \nPricing Power\n▪Focus on accelerating the \nexecution of M&A \nplaybook\n▪Expand into new \ngeographies, new \nservice lines, and build \nscale in existing markets\n▪Opportunistically \nevaluate larger-scale \ntransformative M&A \ntargets\nIdentify and Execute \non Acquisitions\n▪Further optimize cross-\nsell strategy to deepen \ndensity across core \naccounts through scaled \ninside sales strategy\n▪Target key private equity \nclients where \nreferenceable work \nprovides opportunity for \nfurther penetration in \nprojects that command \nmore premium bill rates\nMaximize Wallet \nShare and Cross-Sell\n▪Scale coverage and \ncontent intersection \nacross private equity and \ninvestment banks\n▪Further scale dedicated \nbusiness development \nteam to broaden coverage \nuniverse\n▪Centralize, scale, and \nmanage external \nindividual, account, and \nsubsector communications\nScale Client \nCoverage\n▪Leverage reputation and \ndifferentiated \nexperience in key \nverticals with high win \nrates across market \nsegments\n▪Introduce new verticals \nsuch as government or \naerospace and defense \nthrough de novo efforts \nor experienced senior \nhires \nDeepen Vertical \nExpertise\n▪Capitalize on hedge \nfunds’ growing inbound \ndemand for market \nresearch \n▪Introduce new purpose-\nbuilt products such as \ntechnology due \ndiligence, financial due \ndiligence, operational \ndue diligence, and ESG \nand sustainability \ndiligence through \nintegrated go-to-market \napproach\nExpand Capabilities \nand Client Profiles\nGrowExpandTransform\n\n56\nSTRICTLY CONFIDENTIAL\nWiden Referral Channel to Optimize Business Development Efforts\nCultivate and expand business development relationships with large cap private equity firms \nBroaden and Deepen Large Cap Private Equity Relationships \n$8.3M\n$11.0M\n2018 - 20212022 - LTM Mar-25\nGrowth Plan Current Strengths \n▪Proactively enhance and revitalize partnerships with large \ncap clients\n▪Reposition value proposition as a trusted advisory partner\n▪Schedule regular in-person meetings to strengthen \nconnections\n▪Prioritize targeted outreach and proposals aimed \nspecifically at large cap opportunities\n▪Fosters collaborative partnerships, ensuring alignment with \nthe long-term objectives of large cap clients\n▪Strong brand recognition among large cap funds facilitates \nmarket entry for new large cap clients\n▪Strategic account coverage plan across large cap funds \nenhances relationships and drives customer stickiness \nLargest Private Equity Firms\n(1)\n(1)Source: Private Equity International. Dollars in billions. Ranking based on private equity capital raised between 1/1/2019 to 12/31/2023. Excludes credit, secondaries, and real asset focused \nmanagers. Shading reflects Stax project counts between 2018 and Mar-25.\n(2)Reflects average annual revenue from Large Cap Private Equity and Public Investor key accounts designated as of Q1-25.\n1-5 Projects6-10 Projects11+ Projects\nNo.SponsorRaised\n1\nBlackstone$124\n2\nKKR$103\n3\nEQT$99\n4\nCVC Capital Partners$78\n5\nTPG$62\n6\nThe Carlyle Group$60\n7\nThoma Bravo$59\n8\nAdvent International$53\n9\nWarburg Pincus$52\n10\nHg$51\n11\nCD&R$50\n12\nSilver Lake$49\n13\nHellman & Friedman$47\n14\nVista Equity Partners$45\n15\nGeneral Atlantic$43\nNo.SponsorRaised\n16\nClearlake Capital$43\n17\nGoldman Sachs$42\n18\nLeonard Green$41\n19\nTA Associates$40\n20\nPermira$37\n21\nBain Capital$37\n22\nInsight Partners$35\n23\nCinven$35\n24\nGenstar Capital$32\n25\nFrancisco Partners$30\n26\nAres Management$30\n27\nApollo Global$29\n28\nPartners Group$28\n29\nBridgepoint$23\n30\nGTCR$23\nDirect experience on \nprior transactions\nVertical and product \nsector expertise\nBalanced approach between \ncomplex situations and \ntailored need \nBetter value for add-ons that \ndo not need breadth/depth\nStax Large Cap Value Proposition\nNet Revenue from Key Large Cap Accounts\n(2)\n\n57\nSTRICTLY CONFIDENTIAL\nWiden Referral Channel to Optimize Business Development Efforts\nCultivate and expand business development relationships with investment banks\nU.S. M&A League Tables\n(1)\nGrow Investment Banking Referral Channel\n(1)Source: Dealogic. Reflects transactions announced between 12/31/2014 and 12/31/2024 with private equity involvement. Shading reflects Stax project counts between 2018 and Mar-25.\nStrengthen Existing Investment Bank RelationshipsFoster Relationships with New Investment Banks\n▪Investment banks provide a pipeline of sell-side \nopportunities through client referrals\n▪Ongoing dialogue and recurring touchpoints provides \nintelligence on in-market buy-sides and potential value \ncreation opportunities\n▪Growing breadth and depth of content provides \nreferenceable work to expand scope of service\n▪Demonstrate capabilities to preeminent investment banks \nthat have historically been an unlikely referral source to \npenetrate additional pockets of the market\n▪Leverage network of lateral hires, geographic expansion, \nand expanded verticals of coverage to develop \nrelationships with specialized regional and industry \nboutiques\nRoom for Additional Wallet Share with Key Recent \nInvestment Banking Partners\nSignificant Opportunity for Business Development in \nthe Broader M&A Market\n1-5 Projects6-10 Projects11+ Projects\nNo.AdvisorDeals\n1Houlihan Lokey904\n2Goldman Sachs762\n3Jefferies631\n4William Blair552\n5JPMorgan547\n6Morgan Stanley514\n7Baird505\n8Lincoln Intl.456\n9Piper Sandler453\n10UBS434\n11Raymond James383\n12PNC Bank363\n13Moelis355\n14Bank of America351\n15Evercore346\nNo.AdvisorDeals\n16Lazard315\n17Barclays307\n18Citi295\n19Stifel257\n20RBC248\n21Rothschild236\n22Canaccord215\n23KeyBanc180\n24Guggenheim160\n25BMO142\n26Deutsche Bank139\n27Centerview133\n28Truist130\n29Macquarie119\n30KPMG108\nNet Revenue from Sell-Sides Referred by Investment Banks\n$1.0M\n$1.1M\n$13.3M\n$18.0M\n$20.6M\n2018202020222024 LTM Mar-25\n\n58\nSTRICTLY CONFIDENTIAL\nMaximize Wallet Share and Cross-Sell Opportunities with Existing Clients\nUpsell core offerings to capture larger share of deal volume within established private equity relationships\nExpansion of OfferingsSignificant Whitespace Available Within Current Client Base\nValue Creation\nEmbedded Data \nAnalytics and \nSustainability\nAI Diagnostic, Piloting, \nand Scaled Adoption\nInitiative Deployment, \nMarket Piloting, and \nGrowth Office \nGovernance\nSell-Side \nCommercial \nDue Diligence\nScale Dedicated \nResources to Optimize \nPitch and Delivery \nProcess\nExpand Sales Team to \nDeepen Content \nCoverage to Facilitate \nBank Penetration\nFurther Integrate \nBusiness Units to \nMaximize Value of \nMarket Intelligence \nAcross Offerings\nBuy-Side \nCommercial \nDue Diligence\nIncrease Coverage \nVerticals to Better Serve \nFunds with Broad \nInvestment Theses\nFill Content and \nExpertise Gaps to Elevate \nDelivery to Higher-\nVolume Upper MM and \nLarge Cap Sponsors\nTarget Additional Public \nEquity Investors to \nFurther Diversify Profile \nof Transactions \nEvaluated\nPrivate Equity Client Count\nEstimated Current Serviceable Available Market (SAM) Penetration\n~2% \nPenetration of \nICP Estimated \nSpend\n~5% \nPenetration of \nCurrent Client \nEstimated \nSpend\nStrong right to grow through wallet share \nand new logo expansion with ~$1.3 billion in \nattainable whitespace across core products\nCurrent vs. Target Service Line Mix\nTBU?\n75\n100\n129\n20192021TTM Mar-25\n44%\n37%\n15%\n4%\nBuy-Side\nSell-Side\nValue Creation\nOther\nLTM \nMar-25\n37%\n37%\n24%\n2%\n2030P \nOrganic\n~$0.1M\n~$1.3M\n~$3.2M\n~$5.2M\nCurrent Stax Revenue\nwithin SAM\nEstimated SAM within\nCurrent Clients\nMiddle Market Ideal Client\nProfile (ICP) SAM\nNorth America and U.K.\nTotal SAM\n\n59\nSTRICTLY CONFIDENTIAL\nAttract, Develop, and Retain Talent to Capitalize on Growth\n▪Dedicated and growing talent acquisition team manages the hiring funnel to identify \nand pursue candidates with experience to strengthen core offerings or expand areas \nof coverage\n▪Continued branding initiatives and increased visibility online will yield additional hires \nfrom a broader pool of candidates\n▪Proven ability to attract senior- and mid-level hires with experience at top-tier firms\nContinue winning talent through targeted recruitment efforts and growth-oriented culture\nStrategic Approach to Fostering Junior Growth Lateral Experienced Hire Recruiting\nOrganic Client Service Network ExpansionProjected Growth in Productivity\nNet Revenue per Director and Managing Director\nProjects Invoiced per Director and Managing Director\nDirector and Managing Director HeadcountAll Other CSN Headcount\nConsulting \nSkills\nDevelopment \nPrograms\nProject Delivery Excellence Series: Primary, secondary, survey, and modeling \ntraining\nAssociate \nConsultants and \nConsultants\nSenior \nConsultants and \nManagers\nProject Management Excellence Series: Project management and economics, \nstoryboarding, running effective team meetings, and presentation training\n▪Proven track record of developing young talent within Stax, leading to a strong team \nof tenured senior employees contributing the sustained success\n▪Recruiting junior talent has enabled employees to acquire foundational skills \neffectively and efficiently\n▪Onboarding young talent has fostered adaptability to Stax practices and strengthened \nemployee loyalty\n24\n25\n36\n49\nMar-252025E2028P2030P\n106\n122\n180\n246\nMar-252025E2028P2030P\n10.8\n11.4\n12.0\n12.5\nLTM Mar-252025E2028P2030P\n$3.9M\n$3.7M\n$4.7M\n$5.4M\nLTM Mar-252025E2028P2030P\n\n60\nSTRICTLY CONFIDENTIAL\nProven Vertical Expertise and Journey\nRoom to build subsector density in core verticals, as we as deepen expertise in other targeted industry verticals\nCurrent Vertical MaturityVertical Growth Opportunities\nStrong Growth within Key Verticals Expansion Opportunities within Core Verticals \n$5\n$10\n$11\n$27\n$31\n$30\n$33\n$36\n$6\n$6\n$6\n$11\n$17\n$16\n$18\n$20\n$11\n$16\n$18\n$39\n$48\n$46\n$51\n$56\n2018201920202021202220232024LTM\nMar-25\nTechnologyServices\n(Net Revenue; $ in millions)\n▪Organized depth and breadth of referenceable work\n▪Subsector expertise\n▪Sector-specific senior recruitment \n▪Scaled sector-specific maturity and communication\n▪Subsector account targeting and planning\n▪Vertical planning\n▪Increase in opportunity volume \n▪Increase in win rate \n▪Increase in average project size\n▪Expansion in private equity and investment banking \naccounts leveraging Stax within a vertical \n▪Above market performance \n▪Outsized opportunities through investment banks and large \ncap private equity \nVertical EnablersImpact\nPlan to leverage existing verticals to deepen market presence \nand strategically expand into new sectors, will drive \nsustained growth\nIndustrials \nTechnology \nServices \nHealthcare \nAerospace & \nDefense \nConsumer\nGovernment \n& Public \nImpact\nEnablers\nFully EvolvedDevelopingExpansion Verticals \n2018 – LTM Mar-25 CAGR: 30%\n\n61\nSTRICTLY CONFIDENTIAL\nExpand Capabilities and Client Profiles\nStax’s focus on relationships cultivates a deep understanding of clients' needs and the specific areas where they require assistance\nDeal-Related ServicesNon-Deal Related ServicesClient Type Expansion\n▪Presence and \ndemonstrated \nsuccess in \nsupporting software \nand technology \nengagements \ncreates natural \navenue for \nexpansion\n▪Ingrained cross-sell \nfrom standard \ncommercial \ndiligence and value \ncreation projects\nTechnology Due \nDiligence\n▪Well-defined and \nsynergistic offering, \nnatural extension of \nexisting value \ncreation \nengagements\n▪Accelerated entry \nfeasible via hiring or \nM&A, healthy \npipeline of potential \ntargets\nProcurement \nOptimization\n▪Natural extension of \nvalue creation to \nimplement best \npractices observed \nin premium assets \nacross industries\nOperations \nPlanning and \nOptimization\n▪Rising need for \nassessment of risks, \ninefficiencies, and \noperational gaps as \ncompanies face \nincreasing scrutiny \nfrom potential \ninvestors during \ndiligence\nOperational Due \nDiligence\n▪Enable Stax to \ncapitalize on the \ngrowing market for \ndebt investments \nand drive demand \nduring economic \ndownturns by \nleveraging credit \nfunds' insulation \nfrom M&A market \nfluctuations\nCredit Funds \n▪Foster long-term \nrelationships that \nendure through \neconomic \ndownturns, \ngenerating a steady \npipeline of new \nclients across family \noffice portfolios\nFamily Offices\n▪Demonstrated \nsuccess \ntransitioning from \nM&A to hedge fund \nclients during \neconomic \ndownturns, \nleveraging large \nclients to generate \nrecurring demand \nfor market research \nacross economic \ncycles\nHedge Funds \n▪In-demand offering \nof critical focus for \nprivate equity \ncompanies as AI \nstrategy becomes \n“need-to-have” and \neffective AI \nintegration \nbecomes a key \nsource of private \nequity value \ncreation\n▪Potential to serve \nprivate equity funds \n(broad fund-level AI \nstrategy) and each \nportfolio company\nAI Enablement \nand Deployment\n\n62\nSTRICTLY CONFIDENTIAL\nStrategically Expand Geographic Footprint\nOpportunity to strategically expand into new geographies and expand within current markets\nOpportunistic Regional ExpansionCapitalize on Momentum in Additional Geographies\nDemonstrated organic expansion \nin Chicago and New York\nSuccessful inorganic growth in London\nSignificant opportunity to grow \nwallet share in existing markets\nIntegrate planful culture and process \nexpansion into new markets \nReplicating the Stax Engine overseas – \nRaise the Profile, Build the Team\nBuy-Side, Sell-Side, Value Creation\n5+ Verticals\nMiddle Market and Large Cap Focus\n30+ Consultants\nAcquired in October 2022 to \nfacilitate U.K. expansion\nCDD Focus\nPrimarily Events\nLower Price Point\n10 Consultants\nComplete MBB+ transition to autonomous, \nself-sustaining, integrated machine\nBuy-Side, Sell-Side, Value Creation\n10 Verticals\nMiddle Market and Large Cap Focus\n40+ Consultants\n2025-2030Today\n2025-2030Today\nKey Selection Factors for New Markets\n✓Proximity and expertise \n✓Ability to have cultural alignment \n✓Sizable private equity market \n✓Available talent\n✓Existing client density \n✓Competitive differentiation\nGrowth Framework\nTexas and \nCalifornia\nNordics and \nDACH\nBoston\nNew York and \nChicago\nLondon\nInorganic Expansion\nKey Accomplishments to Date\nU.K. Private Equity and Transactional Net Revenue\nDirector and Managing Director Headcount\nChicagoNew YorkLondonBoston\n$0.9M\n$2.9M\n20222024\n2\n7\n2022 25-Mar\n44\n2022 25-Mar\n6\n12\n2022 25-Mar\n0\n1\n2022 25-Mar\n\n63\nSTRICTLY CONFIDENTIAL\nOpportunity to Further Capture Pricing Through Advisory Journey\nStax’s compelling value to its clients, along with higher pricing by competitors, creates favorable environment for price increases\nShift to Content Advisory Unlocks Further Pricing OpportunitiesTrack Record of Successful Increases in Client Value \nAverage Client Service Network Bill Rate\nAverage Director and Managing Director Headcount\nDirector and Managing Director Billable Hours\nTypical Engagement Price\n$100K$250K$500K$800K-$1M\nBreadth and Depth of Offering\nStax is positioned to capture \npricing consistent with client \nimpact, results, and ROI delivered \nwithout risking relationships\nUpper / Middle Market & Growth Funds\n(Europe)\nPurposeful Shift to “Strategic Advisory” Drives Increased Pricing\nDeliver DataDeliver ResearchDeliver Strategy Deliver Advisory\n$353\n$420\n$429\n$449\n$493\n$542\n202220242025E2026P2028P2030P\n10\n18\n23\n27\n36\n49\n202220242025E2026P2028P2030P\n7,105\n8,854\n11,044\n13,052\n18,210\n25,374\n202220242025E2026P2028P2030P\n\n64\nSTRICTLY CONFIDENTIAL\nTargetRegion\nCapabilitiesAcquisition Type Revenue\nCompany ASoutheastTechnology due diligence and value creationTransformational~$80M\nCompany BSouthwestGo-to-market performance improvementTransformational~$75M\nCompany CUnited KingdomCommercial due diligenceTransformational~$50M\nCompany DMidwestPricing strategy and performance improvementTransformational~$75M\nCompany EMidwestOffice of the CFO and financial due diligenceTransformational~$75M\nCompany FUnited KingdomHealthcare commercial due diligence Tuck-In~$10M\nCompany GNortheastCommercial due diligenceTuck-In~$7M\nCompany HSouth CentralDefense commercial due diligenceTuck-In~$15M \nCompany INortheastPrivate equity performance improvement Transformational~$50M\nCompany JWestSoftware and tech based due diligence Tuck-In~$10M\nCompany KSouth CentralTech due diligence and value creation Tuck-In~$10M\nCompany LSouthwestTech due diligence and office of the CTOTuck-In~$8M\nUnited Kingdom Commercial due diligence Tuck-In~$5M\nMid-Atlantic Defense commercial due diligenceTuck-In ~$15M\nTotal~$485M\nSignificant Value Accretive M&A Opportunity and In-House Expertise \n▪Leverages CEO's experience in professional services strategy and corporate development\n▪M&A is evaluated on a risk adjusted continuum and compares opportunities such as greenfield expansion, \nacqui-hires, and acquisitions\n▪Stax maintains a strict acquisition investment criteria that must satisfy proven \"Deal Equation\" across \nmultiple dimensions\n‒Strategic Fit: Enhance defined product offering, industry expertise, or geography\n‒Cultural Fit: Similar margin and KPI profile and positive purchase price multiple\n‒Economic Fit: Ability to thrive within Stax business model\n▪Established and repeatable integration playbook with emphasis on a “day-one” plan\nStax has invested in the transition from founder-owned business to a world-class operating platform of scale and is positioned to grow via acquisitions\nStax is an Acquirer of ChoiceRobust and Selective M&A Criteria and Integration Process\nAreas of Focus When Evaluating M&A\nIllustrative Acquisition Target List\nCapitalize on cross-selling and repeat client demand\nHighly specialized expertise to provide actionable, data-driven answers for clients\nDifferentiated culture and operating model generates wins in the “war for talent”\nAdditional resources that come from a larger company\nEquity value creation opportunity through incentive plan\n1\n2\n3\n4\n5\nConsulting is a highly fragmented market with opportunity for M&A\nA- Crosslake\nB –SBI\nC- CIL\nD - Insight2Profit\nE - E78\nF - Candesic \nG - Arnovia \nH - Next F&D\nI - Beck Way \nJ – PASG\nK - ThinkTiv \nL - Waypoint\nM - Fairgrove\nN - Nextfed\n▪Continental Europe\n▪Middle East and Asia Pacific\nGain Geographic \nDiversification\n▪Tech due diligence\n▪Financial due diligence\n▪Operational improvement\nBuild Complementary \nService Offerings\n▪Aerospace and Defense\n▪Healthcare\nExpand Industries of \nCoverage\n•To remove target names\n\nFinancial Overview\n\n66\nSTRICTLY CONFIDENTIAL\n$2.7M\n$4.5M\n$0.5M\n$1.4M\n$0.2M\n$0.6M\n$3.5M\n$6.5M\nQ1-24Q1-25\nServicesHealthcareConsumer\nStrong Performance in Q1 with Favorable Momentum Heading Into Remainder of 2025\nContinued significant performance in Q1 couples with strong tailwinds from recent headcount additions\nStrong Performance in Early 2025Growing Contribution from New Hires\nIncreasing Momentum in Targeted VerticalsRamping Net Revenue Contribution from Value Creation and United Kingdom\n(1)All Managing Directors hired in the second half of their respective cohort year. 2022 cohort includes 2 hire, 2023 cohort includes 2 hires, and 2024 cohort includes 1 hires.\n(Net Revenue)\n(Net Revenue)\n$15.5M\n$20.5M\nQ1-24Q1-25\n$2.6M\n$2.3M\n$3.8M\n$0.7M\n$0.8M\n$1.5M\nQ4-24Q1-25Avg. Q2-Q4 2025E\nValue CreationUnited Kingdom\n64%\nYoY Growth\n19\n24\nNov-24Mar-25\nRecent senior hires will drive meaningful revenue \ngrowth as they continue to ramp\n930\n1,240\n71\n667\n69\nLTM Mar-24LTM Mar-25\n2022 Hires2023 Hires2024 Hires\nAn improving M&A market will provide additional upside\nYoY Growth\n839%\n33%\nDirector and Managing Director HeadcountBillable Hours by Managing Director Cohort\n(1)\nYoY Growth\n33%\n202%\n154%\n\n67\nSTRICTLY CONFIDENTIAL\nCompelling Long-Term Outlook Underpinned by Track Record of Consistent Growth\nHighly attractive financial profile driven by demonstrated ability to expand already impressive margins\nPro Forma Adjusted Net Revenue\nOrganic Gross Profit and Margin\nPro Forma Adjusted EBITDA and Margin\n($ in millions)\n($ in millions)\n($ in millions)\n$39\n$44\n$48\n$54\n$70\n$88\n$109\n$136\n$168\n61.0%\n62.0%\n63.1%\n59.5%\n60.5%\n61.0%61.0%61.0%61.0%\n20232024LTM Mar-252025E2026P2027P2028P2029P2030P\n$42\n$54\n$69\n$89\n$112\n$4\n$10\n$19\n$30\n$45\n$19\n$24\n$27\n$31\n$46\n$65\n$88\n$119\n$157\n29.3%\n33.5%\n35.6%\n33.3%\n36.2%\n38.0%\n39.0%\n39.9%\n40.9%\n20232024LTM Mar-252025E2026P2027P2028P2029P2030P\nOrganicAcquired\n$115\n$143\n$179\n$223\n$275\n$12\n$27\n$48\n$75\n$110\n$64\n$71\n$76\n$91\n$127\n$170\n$226\n$298\n$385\n20232024LTM Mar-252025E2026P2027P2028P2029P2030P\nOrganicAcquired\n\n68\nSTRICTLY CONFIDENTIAL\nBridge to 2030P Revenue\nPathway to ~$385 million of net revenue by 2030\nNote: 2020 reflects reported Net Revenue. Other includes growth in Reimbursables and Tech & Admin.\nFoundation Established to Support the Next Stage of Growth\n($ in millions)\n2020 Net \nRevenue\nHeadcountUtilizationBill RatesRealizationOther2025E Net \nRevenue\nHeadcountUtilizationBill RatesRealizationOther2030P Organic \nNet Revenue\nAcquisitions2030P Net \nRevenue Incl. \nM&A\n\n69\nSTRICTLY CONFIDENTIAL\nMultiple Levers to Boost Productivity and Expand Margins\nAssumptions embedded into the forecast for strong organic growth and profitability\nRealization RateOperating Leverage\nUtilization Rate\n(1)\nProjects Invoiced per Director/Managing Director\n(1)Based on 2,080 available hours less 290 firm holiday and PTO hours, net of billable adjustments by skill level (50% for Directors and Managing Directors; 75% for Senior Managers and Associate \nDirectors) per management’s view.\n(Operating Expenses as a % of Net Revenue)\n(Client Service Network)\n87.2%\n88.2%\n89.1%\n90.0%\n90.9%\n91.8%\n2025E2026P2027P2028P2029P2030P\n95.8%\n96.8%\n97.8%\n98.8%\n99.8%\n100.0%\n2025E2026P2027P2028P2029P2030P\n25.6%\n24.3%\n23.2%\n22.2%\n21.2%\n20.3%\n2025E2026P2027P2028P2029P2030P\n11.9\n12.2\n12.5\n12.7\n12.9\n13.2\n2025E2026P2027P2028P2029P2030P\n\n70\nSTRICTLY CONFIDENTIAL\nAttractive Financial Profile Anchored by Exceptional Margins and Strong Cash Flow\nOngoing margin expansion driven by operating leverage and continued optimization of delivery model and pricing\nStrong Cash Flow GenerationBest-in-Class Margin Profile\n(2)\nProven Ability to Scale EBITDA Margins\n(2)\n(1)Reflects 2023 and 2024 reported capital expenditures.\n(2)Reflects 2025E.\nEfficiently operates with limited cash tied up in working capitalGross margins driven by efficient service delivery and compelling value for clients\nOngoing margin expansion driven by operating leverage and continued optimization of delivery model and pricing\n29.3%\n33.5%\n35.6%\n33.9%\n36.2%\n38.0%\n39.0%\n39.9%\n40.9%\n20232024LTM Mar-252025E2026P2027P2028P2029P2030P\n(Pro Forma Adjusted)\n~97%\nFCF Conversion\nLimited\nWorking Capital \nRequirements\n~$0.5M\nHistorical Annual\n Capex\n(1)\n34%\nStrong and Increasing \nEBITDA Margins\nEfficient and \nScalable SG&A\n60%\nGross Margin\n\n71\nSTRICTLY CONFIDENTIAL\nSummary of Diligence Adjustments\n1.Removes the impact of expenses incurred \nrelated to the current Owners which will not \ncontinue post-close\n2.Normalizes (i) the impact of large signing \nbonuses & recruiting costs for high-level \npersonnel, and (ii) back-office personnel costs\n3.Includes various adjustments for \nnormalizations, removal of the now-\ndiscontinued Colombo direct operations, and \nremoval of non-recurring items\n4.Quantifies the pro forma impact of capacity-\nrelated lost revenue due to the secondment \nprogram\n5.Quantifies the impact of MD compensation \nprior to revenue generation or significant \nbillable hours\nSummary of Quality of EarningsCommentary\n▪Text\n($ in millions)20232024LTM Mar-25 \nReported EBITDA\n$13.7$18.4$21.3\nAcquisition Adjustments–––\nAcquisition Adjusted EBITDA\n$13.7$18.4$21.3\nNon-Operating Owner Expense Removal2.61.9 1.9\nCompensation Adjustments1.4 1.51.3 \nOther Diligence Adjustments0.90.60.6\nDiligence Adjusted EBITDA\n$18.6$22.4$25.1\nSecondment Revenue Impact–1.21.2\nMD Ramp-Up Compensation0.30.40.9\nPro Forma Adjusted EBITDA $18.9$23.9$27.2\n1\n2\n3\n4\n5\n1\n2\n3\n4\n5\nClean EBITDA with high cash flow generation"
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"text": "\n\nApril 2025\nConfidential Information Presentation\nDRAFT\nAs of 4/24/2025 11:49 AM\n\n2\nSTRICTLY CONFIDENTIAL\nImportant Information and Transaction Team\nThis Confidential Information Presentation (the “Presentation”) is intended solely for the use of prospective investors in determining whether or not to pursue the proposed transaction with Stax Holding Company, LLC (“Stax” or the “Company”). The Presentation is of a \nproprietary and confidential nature and is only being furnished to those parties who have agreed to be bound by the terms and conditions of the previously executed confidentiality agreement (the “Confidentiality Agreement”). William Blair & Company, L.L.C. (“William \nBlair”) has been retained by the Company as its financial advisor.\nBy accepting this Presentation, the recipient agrees that it will, and it will cause its directors, officers, employees, and representatives to, use this Presentation and all of the information contained herein only to evaluate a specific negotiated transaction with the Company \nand for no other purpose and shall return this Presentation together with any copies to William Blair upon request. This Presentation contains confidential, non-public information concerning the Company. Receipt of this Presentation constitutes your acknowledgment \nthat you will maintain the information contained herein in strict confidence. \nThis Presentation does not constitute (i) any offer to sell or the solicitation of an offer to buy any securities or assets of the Company or (ii) any offer or recommendation to enter into any transaction referenced herein.\nAll information contained herein has been provided by the Company or other sources that William Blair deems reliable. However, William Blair has not independently verified any of the information contained herein, including financial estimates and projections. This \nPresentation includes certain statements, estimates, and projections provided by the Company with respect to its anticipated future performance. Such statements, estimates, and projections reflect various assumptions concerning anticipated results, which assumptions \nmay or may not prove to be correct. The information contained in the Presentation, including financial statements, projections and estimates, (a) is not necessarily indicative of current value or future performance, which may be significantly more or less favorable than as \nreflected herein; (b) has not been independently verified and cannot be regarded as forecasts; and (c) and is based on assumptions and analysis available at the time this Presentation was prepared. Unless expressly stated otherwise, this Presentation presents information \nwith respect to the Company as of the date of the Presentation and should not be construed to indicate that the business of the Company remains unchanged since the date of this Presentation.\nThe products, product names, logos, brands, and their trademarks featured or displayed within the Presentation are the property of their respective trademark owners, who are not affiliated with, nor do they sponsor or endorse, the Company nor the Company’s services.\nThis Presentation does not purport to contain all of the information that may be necessary or appropriate to evaluate the proposed transaction, and any recipient hereof should conduct its own independent analysis of the Company and the data contained or referred to \nherein. Neither the Company nor William Blair is acting as financial advisor, intermediary or distributor of securities, or in any fiduciary capacity of any kind to the recipient or any other prospective purchaser. The recipient should also seek advice from its own specialized \nadvisors (including financial, legal, accounting and tax) in conducting such analysis.\nIn furnishing this Presentation, neither the Company nor William Blair undertakes any obligation to provide additional information or to correct or update any of the information set forth in this Presentation. The Company and William Blair reserve the right to amend or \nreplace this Presentation at any time. The Company reserves the right in its sole discretion, with or without notice, to interrupt, modify or terminate, at any time, solicitations of interest for the proposed transaction or any future participation in the investigation, discussion \nand proposal process for a proposed transaction with any party.\nNeither the Company nor William Blair makes any representation or warranty, expressed or implied, as to the accuracy or completeness of the information contained in this Presentation, or made available, orally or in writing, in connection with any further investigation of \nthe Company, and nothing contained herein is, or shall be relied upon as, a promise or representation, whether as to the past or the future. The Company and William Blair expressly disclaim any liability relating to or resulting from the use, distribution or analysis of this \nPresentation. The recipient should rely solely on the representations and warranties made to it by the Company in any executed definitive agreement. \nNothing herein is intended to in any way modify, amend or supersede any of the terms and conditions set forth in the Confidentiality Agreement, which remains in full force and effect in accordance with its terms. This Presentation is intended to be delivered solely to \nparties bound by the terms of the Confidentiality Agreement and possession and use of the Presentation is subject to the terms thereof. This Presentation may not be photocopied or otherwise reproduced or distributed except in strict accordance with the terms of the \nConfidentiality Agreement.\nInquiries should be directed only to the below named persons. Under no circumstances should the Company or any of its associates, clients or vendors be contacted directly. If you have any questions or need additional information, please contact:\nTim McHugh\nManaging Director\n+1 (312) 364-8229\ntmchugh@williamblair.com \nJustine Chiou\nManaging Director\n+1 (312) 364-5086\njchiou@williamblair.com \nMiles Gornto \nDirector\n+1 (470) 351-6950\nmgornto@williamblair.com \nOscar Mendez\nVice President\n+1 (312) 364-5460\nomendez@williamblair.com\nWilliam Hyatt \nAssociate\n+1 (312) 601-9764\nwhyatt@williamblair.com\nAnna Lee Melton\nAnalyst\n+1 (312) 364-8155\namelton@williamblair.com \nAlvaro Flores\nAnalyst\n+1 (212) 237-2794\naflores@williamblair.com \nTransaction Team Contacts\n\n3\nSTRICTLY CONFIDENTIAL\nSection I\nExecutive Summary\nSection II\nIndustry Overview\nSection III\nService Lines\nSection IV\nClient Relationships\nSection V\nGo-to-Market Strategy\nSection VI\nCulture and Talent Management\nSection VII\nOperations and Platform\nSection VIII\nGrowth Strategy\nSection IX\nFinancial Overview\nContents\n\nExecutive Summary\n\n5\nSTRICTLY CONFIDENTIAL\n5\nSTRICTLY CONFIDENTIAL\nStax at a Glance\nGlobal strategy consultancy platform providing actionable, data-driven answers to clients’ critical \nstrategic questions\n▪Leading global advisory firm that provides a complementary suite of commercial due diligence (CDD), value creation, and exit \nplanning services\n▪Purpose-built to serve the private equity community and their portfolio companies across the investment lifecycle, creating deep, \nlong-lasting, and recurring client relationships\n▪Large and growing addressable market creates long runway for growth\n▪Differentiated competitive positioning created by highly specialized talent, vast intellectual property, library of referenceable work \ncreated through prior engagements, comprehensive data analytics capabilities, and a nimble operating model\n▪Proven ability to attract, develop, and retain highly specialized talent\n▪Long-term track record of strong growth and profitability amplified by momentum in recent performance\n▪Multiple growth avenues that are highly attractive and actionable\n▪Well-invested infrastructure, systems, processes, and experienced management team poised to support significant scale\n(1)Data prior to 2022 excludes pro forma adjustments.\n(2)Includes non-CDD or value creation services such as asset \nand sector work for hedge funds/credit funds or data \nanalytics retainers.\n(3)As of year-end 2024 unless otherwise stated.\n(4)Revenue from clients utilizing 2+ services.\n(5)Excludes Intern/Co-Op and Involuntary Turnover.\n(6)As of March 2025.\nStrong Long-Term Net Revenue Profile\n(1)\n$3M\n$6M\n$10M\n$20M\n$36M\n$76M\n20012005201020152020LTM Mar-25\nFirm OverviewBy the Numbers\n(1)(3)\n$91M\n2025E \nNet Revenue\n73%\nRevenue from \nRepeat Clients\n$31M\n2025E \nPF Adj. EBITDA\n24\nManaging \nDirectors and \nDirectors\n(6)\n \n~40%\nCross-Sell \nRate\n(4)\n130 \nClient Service \nNetwork \nProfessionals\n(6)\n~33%\n2020-2025E\nEBITDA CAGR\n~80%\nClient Service\nNetwork\nRetention\n(5)\n160+\nClients Served \nAnnually\n~40%\nEmployee and\nFounder Owned\n$320K+\nAverage \nProject Size\n22%\n2020-2025E\nRevenue CAGR\n44%\n37%\n15%\n4%\nBuy-Side\nSell-Side\nValue Creation\nOther\nLTM Mar-25\nNet Revenue \nby Service\n(2)\n2010 – LTM Mar-25 CAGR: ~15%\n\n6\nSTRICTLY CONFIDENTIAL\n6\nSTRICTLY CONFIDENTIAL\nConsistent history of growth and delivering critical strategic solutions with continued strong momentum and excitement for the future\nStax has Taken a Disciplined Approach to Building a Platform of Scale\nRecent History (2021 – Present)Early History (1994 – 2020)\n1994-1996\nFounded in Somerville, MA by Rafi Musher\nLaunched private equity practice and began \nexpanding corporate client base\n2010-2015\nRelocated headquarters to \nBoston\nShifted to exclusively focus on \nprivate equity due to demand \nand internal expertise\n2019-2020\nBegan proactively \nmarketing sell-side \nengagements and \nbuilding an investment \nbanking referral \nchannel\nProductized for the \nfast-growing LMM \nprivate equity deal \nmarket\nExpanded hedge fund \nand credit fund \nproducts and coverage\n2021\nHeadcount reaches \n175+ as the Company \nexperiences record \ngrowth driven by \nexpansion of core \nbusiness and \nincreased demand \nfor data analytics \ncapabilities\nJune 2023 \nJayson Traxler assumes role \nof Chief Executive Officer\nOctober \n2022\nJayson Traxler \nbecomes \nPresident of Stax, \nwith Rafi Musher \nshifting to \nChairman of the \nBoard\nMarch 2023\nPaul Edwards \nbecomes Global \nPractice Leader\nIntroduced \nverticalized \napproach to client \ncoverage initially \nexpanding on \nexisting strengths in \nservices, \ntechnology, and \nindustrials\nDecember 2023\nProductized sell-side \noffering with targeted \ncoverage effort under Will \nBarden and Roy Lockhart\nJanuary 2024\nHired Phil Dunne to \nlead London office and \nindustrials vertical\nNovember 2021\nJayson Traxler joins \nStax as Chief Operating \nOfficer\n1998-2003\nExpanded footprint to \nChicago to meet \ngrowing needs of \ncorporate and private \nequity clients \n2005\nPaul Edwards joins Stax\nApril 2023\nFormal New York \nmarket entry – \nexpanded offices \nto have capacity for \nconsultants and \nincreased presence \nin local market\nJune 2024\nRelocated London \noffice to Mayfair to \nexpand presence \nand demonstrate \nstature in the \nmarket\nNovember 2024\nHired Robert Lytle to \nbolster private equity \nrelationships and add \nexpertise to ongoing \nverticalization\nOctober 2021\nReceived strategic \ninvestment from Blue \nPoint\nNovember 2022\nHired Vince Zosa to build \nintegrated Value Creation \nIntegrated Product (VCIP) \noffering\nAcquired AMR to establish a \npresence in the London market, \nwith plans to hire additional \ntalent for further expansion\ninternational.\nAMR\nJuly 2023 \nExpanded into \nESG/Sustainability as \npart of VCIP\nOctober 2023\nExpanded into \nPricing Excellence \nas part of VCIP\nJanuary 2025\nHired Brad Kuntz to \nfurther build out \nNew York office and \nlarge cap private \nequity account \ncoverage\n\n7\nSTRICTLY CONFIDENTIAL\n7\nSTRICTLY CONFIDENTIAL\nSignificant opportunity to capture additional whitespace\nLarge Addressable Market Creates Long Runway for Growth\nMarket \nSegments \nand Size\n2025E Stax \nRevenue\nCurrent North America + U.K. \nPrivate Equity-Backed M&A \nMarket (Ideal Fund Sizes)\nCurrent spend on buy-side \ncommercial due diligence, sell-side \ncommercial due diligence, and value \ncreation for North America and U.K. \nPrivate Equity-Backed M&A for \nsubset of funds with sizes most highly \naligned to current Stax services\nCurrent North America + \nU.K. Private Equity-Backed \nM&A Market (Ideal \nClients)\nCurrent spend on buy-side \ncommercial due diligence, sell-\nside commercial due diligence, \nand value creation for North \nAmerica and U.K. Private Equity-\nBacked M&A for clients most \nhighly aligned to current Stax \nservices\nTotal Addressable North \nAmerica + U.K. Private \nEquity-Backed M&A \nMarket\nFull adoption of buy-side \ncommercial due diligence, sell-\nside commercial due diligence, \nand value creation for North \nAmerica and U.K. Private Equity-\nBacked M&A\nTotal Addressable Private \nEquity-Backed M&A \nMarket\nFull adoption of buy-side \ncommercial due diligence, sell-\nside commercial due diligence, \nand value creation for Private \nEquity-Backed M&A globally\nTotal Addressable Market\nFull adoption of buy-side \ncommercial due diligence, sell-\nside commercial due diligence, \nand value creation for global \nM&A\n<\n+\n=\n$91M\n$3.9B\n$5.2B\n$19.5B\n$32.6B\n$67.5B\nExisting Offerings\n\n8\nSTRICTLY CONFIDENTIAL\n91%\n83%\n86%\n81%\n80%\n80%\n74%\n77%\n77%\n76%\n9%\n17%\n14%\n19%\n20%\n20%\n26%\n23%\n23%\n24%\n26.4K\n22.3K\n24.9K\n23.3K\n20.6K\n28.2K\n28.7K\n26.4K\n26.0K\n28.6K\n2000200520102015202020212022202320242025P\nPE Involvement\nNo PE Involvement\nMomentum Is Building \nfor a Resurgence in \nM&A Markets\nPrivate Equity Backed \nCompany Inventory \nContinues to Rise \nAlongside Record-\nBreaking Dry Powder \nStores\nService Providers Are \nIncreasingly Becoming a \nCritical Resource Rather \nthan a “Nice to Have”\nPowerful Market Tailwinds Lay the Foundation for Outsized Growth\nStax is positioned to benefit from favorable market conditions, amplified by the Company’s alignment with the private equity universe\nSources: Dealogic, EY, Partners Group, PitchBook, S&P Capital IQ Pro.\n(1)Includes balanced, co-investment, co-investment multi-manager, growth, turnaround, and buyout strategies primarily focused on investments in North America.\n▪Expansionary monetary policy and declining inflation point towards \nincreased M&A activity in 2025 as valuations recover\n▪Less onerous regulatory hurdles will provide a more predictable, \ntruncated approval process\n▪Creative deal structures and a broader shift towards simplification— \noptimizing undervalued assets, separating divergent businesses, \nnarrowing geographic focus—will further contribute to volume\nU.S. Private Equity Backed Companies by Time in Portfolio\n▪Rising private equity inventory drives pent up demand for market \ninsight services over multiple investment cycles\n▪High proportion of long-held assets in sponsor portfolios are slated to \nseek monetization as the pressure to return distributions to paid in-\ncapital (DPI) increases\n▪Undeployed capital continues to accumulate, creating further \nincentive for general partners to transact\n▪Sponsors are tapping into a range of strategic levers to unlock \nliquidity, including co-control and minority stake sales\n▪Need for commercial due diligence and value creation services have \nstrengthened over time as private equity returns become more \nreliant on driving operational improvements and top-line growth\n▪Competitive deal environment is forcing private equity firms to \nrapidly identify and assess critical diligence topics in M&A\n▪Adoption of third-party, non-financial diligence reports (commercial, \ntech, ESG) is increasing\n▪Sponsors are progressively tasking third-party advisors with more \ncomplex challenges\n$71B\n$141B\n$246B\n$330B\n$742B\n$965B\n200020052010201520202024\nU.S. Private Equity Dry Powder\n(1)\nNorth American and European M&A Transaction Volume\nEvolution of Private Equity Return Contributors\n18%\n22%\n36%\n55%\n70%\n31%\n46%\n39%\n30%\n15%\n51%\n32%\n25%\n15%15%\n1980s1990s2000s2010s2020s (Outlook)\nDeleveraging\nMultiple Expansion\nOperational Value Creation\n45%\n44%\n45%\n46%\n48%\n18%\n16%\n20%\n21%\n20%\n38%\n40%\n35%\n33%\n32%\n9.8K\n10.5K\n11.0K\n11.3K\n11.8K\n20202021202220232024\n>5 Years\n4-5 Years\n0-3 Years\n\n9\nSTRICTLY CONFIDENTIAL\nComplementary Suite of Services that Scale with the Client\nStax’s services are designed to provide an integrated solution to its clients across the private equity lifecycle\nBuy-Side Commercial Due Diligence\n2025E Net Revenue by Service Line\n(1)\nAssess market dynamics and target alignment, \ncompetitive positioning, and value creation levers\nWorkstreams\n▪Market and asset screening\n‒Sector prioritization\n‒Acquisition screening\n‒Thesis build and development\n▪Early diligence\n‒Red flag assessment\n‒Client checks\n▪Commercial due diligence\n‒Scaled to focus on next phase of growth\n‒Pre-LOI phasing of deliverables to meet process timelines\nValue Creation\nPrimary Goals\n▪Ensure top initiatives can be successfully underwritten and executed \nupon immediately post-deal\nEmbedded Offerings\n▪Commercial excellence\n▪Pricing optimization\n▪Sales productivity\n▪Churn reduction\n▪Cost optimization\n▪Growth expansion and strategy\n▪Post-merger and acquisition strategy integration\n▪ESG and impact advisory\nSell-Side Commercial Due Diligence\nExternal Deliverables\n▪Market studies including market size assessment, client dynamics, \ncompetitive landscape, and growth opportunities\n▪Transaction support via advisory, preparation for conversations with \npotential investors, and other ad hoc analyses\nInternal Value Add\n▪Anticipated areas of potential investor pushback\n▪Insight and recommendations to inform go-forward strategy for \nmanagement and next investor\nEmbedded Offerings\n▪Exit planning and vendor due diligence\n‒Pre-empt process concerns, inform growth strategy, and \nsupport stakeholders through exit\nTypical Transaction Profile\n▪$100 million to $1 billion in enterprise value across technology, \nindustrials, healthcare, consumer, and services\nDrive rapid EBITDA improvement throughout the \ninvestment hold period\nArticulate the exit story and provide actionable \ngrowth blueprint backed by market research\n% of Net Revenue42%% of Net Revenue40%\nBuy-Side Commercial Due Diligence Value CreationSell-Side Commercial Due Diligence \n% of Net Revenue16%\n(1)Excludes 2.5% of Other revenue. \n\n10\nSTRICTLY CONFIDENTIALSTRICTLY CONFIDENTIAL\n10\nWhy Stax Wins\nServices have a high barrier to entry and high cost of failure – gaining the trust of private equity firms is \nextremely difficult and requires consistent high-quality work\nSelect Client Testimonies\n“\n“\nStax offers the Goldilocks solution—strong \nexpertise, high quality work, senior-level \nattention, and great value. Stax solves for \na huge market gap by providing superior \nadvisory work and sell-side market studies \nat a reasonable price\n– Managing Director, Investment Bank\nStax is a firm that can connect all the dots, \nwhich is what we don’t get from the point \nsolutions, while being much more flexible \nvalue-additive than MBB firms\n– Sr. Operating Partner, Private Equity Firm\nThe value of your work was multi-fold – it \ngave us materials to share with investors \nand banks, as well as a roadmap for \nwhere our brand has room to expand\n– CEO, Sell-Side Client\nThe work from Stax gave us a clear 5% lift \non valuation. Their framing of the business \nstarted everyone at a higher base\n– Managing Director, Private Equity Firm\nTalented bench of professionals \nwith specialized expertise\nStrong reputation and trust among \ninvestment banks, private equity firms, \nand other investment managers\nTransparent, collaborative \napproach to projects\nOperating model built \nspecifically to serve the \nneeds of private equity\nDeep vertical expertise\nExtensive intellectual property \ncreated by historical engagements\nStrong data analytics capabilities \nsupported by global delivery\nValue creation is ingrained in \napproach to diligence\nUniquely Positioned Through Breadth of High-Quality Services Offered at a Competitive Price Point\nBreadth and Depth of \nDiligence Offering\n“High-Level”\nBespoke Content; \nGrounded in Data; \nGlobal Presence\nInterview / Survey \nBased; Limited \nGeographic Presence\nQuality / Value \nCaptured \n$250K\nUpper / Middle Market & Growth Funds\n$800K-$1M\n$100K\n(Europe)\n$500K\n\n11\nSTRICTLY CONFIDENTIAL\nCompelling Employee Value Proposition to Cultivate Top Talent\nUnique culture and attractive career growth opportunities make Stax a preferred employment destination for consultants\nVision and Values Serve as a Foundation for Exceptional Client Service...Meaningful Opportunities for Employees Ensure Company Success\n...Which The Industry Recognizes as Best-in-ClassBy the Numbers\n(1)\n95%\nDirector and\nManaging Director \nRetention\n(2)(3)\n$7.7M\nRevenue per \nManaging \nDirector\n(2)\n~$700K\nRevenue per \nClient Service \nProfessional\n232\nFull-Time \nEmployees as of \nMar-25\n36%\nAnnual CSN \nD/MD \nGrowth\n(4)\n11:1\nCSN / Managing \nDirector Ratio\n~80%\nCSN \nProfessional \nRetention\n(3)\n90%\nLTM Mar-25 Client \nService Network \nUtilization\nALM Best Small Firm to \nWork For 2024\nALM Rising \nStars 2025\nALM Top Consultants \n2024\nALM Women Leaders \nin Consulting 2024\nAmerica’s Fastest - \nGrowing Companies\nManagement \nConsulted Top \nConsulting Firm 2025\nRealDeals PE CDD \nProvider of the Year \nFinalist 2025\nConsulting Report Top \n25 Consulting Firm \nCEOs 2024\nConsulting Report Top \n50 Consulting Firms \n2024\nConsulting Report Top \n25 Operations & Supply \nChain Consultants 2025\nVault Top Ranked \nEMEA Consulting\n2025\nVault Top Ranked \nNorth America \nConsulting 2025\nWe will provide exceptional opportunities for good \npeople\nVISION\nWe will create value for our clients and \npartners\nWe will grow a successful, durable organization of \nlong-term value\nWe act with the highest integrity, respect for others, \nand personal accountability\nVALUES\nWe demonstrate commitment to the \ncommunity\nWe foster a sense of shared responsibility \namongst our team\nCompetitively \ndifferentiated \nplatform that \ncreates a platform \nfor professionals \nto be successful\nAmple \nwhitespace for \ncareer growth \nrelative to some \ncompetitors\nGrowing platform \ncreates exciting new \ncareer opportunities \nwhere professionals \ncan have a significant \nimpact \nIncentive model \nthat drives \ncollaboration, \nwith opportunity \nto participate in \nequity value \ncreation\nUnique focus \non serving and \ngrowing with \nprivate equity \nclients\n~40%\nEmployee and \nFounder \nOwned\n86\nEmployee \nOwners\n(1)As of year-end 2024 unless otherwise stated.\n(2)Reflects Client Service Network only.\n(3)Excludes Intern/Co-Op and Involuntary turnover.\n(4)Reflects CAGR of Client Service Network Director \nand Managing Director headcount from year-end \n2022 to Mar-25.\n\n12\nSTRICTLY CONFIDENTIAL\n▪x\n$1.1\n$13.3\n$18.0\n$20.6\n202020222024LTM Mar-25\n23%\n21%\n14%\n41%\nTop 10\nTop 11-30\nTop 31-60\nAll Others\n27%\n7%\n21%\n45%\n<1 Yr\n1-2 Yrs\n2-6 Yrs\n6+ Yrs\n73%\n27%\nRepeat\nNon-Repeat\n62%\n27%\n11%\n1 Service\n2 Services\n3 Services\nDeep-Rooted Client Relationships Supported by Sophisticated Go-to-Market Strategy\nExceptional service and industry expertise lay the foundation for Stax’s long-standing client relationships\nRevenue Concentration by ClientClient Tenure Mix\nClients Using Multiple ServicesRevenue from Repeat Clients\nGrowing Volume of Sell-Side Referrals from Investment Banks\nLarge Cap Private \nEquity\nMiddle Market and \nGrowth Private Equity\nHedge Funds and\nCredit Funds\nInvestment Banks\nSelect Client and Referral Channel Relationships\n(Net Revenue; $ in millions)\n$72M\n2024 Net \nRevenue\n$72M\n2024 Net \nRevenue\n$72M\n2024 Net \nRevenue\n$72M\n2024 Net \nRevenue\n\n13\nSTRICTLY CONFIDENTIAL\nStax is a Service Provider of Choice Across the Private Equity Investment Lifecycle\nProven long-term partner to sponsors and their portfolio companies during key milestones and inflection points\nPre-InvestmentHold PeriodExit\nValue CreationBuy-Side Due DiligenceSell-Side Due Diligence\nMarket and Asset \nAssessment\nEarly Due\nDiligence\nCommercial Due \nDiligence\nProfit\nX-Ray\nGrowth Acceleration \nDiagnostics\nICP\nAnalytics\nExit\nPlanning\nVendor Due \nDiligence\nOngoing Support \nThrough Exit Into \nNext Phase of \nGrowth\nNew Partner\nSelect Portfolio Company Case Studies\nEntry Point and Highlights\n▪Provider of finance, operations, and accounting software to the energy industry\n▪Acquired by Thoma Bravo in 2018 from Silver Lake\n▪Completed three buy-side engagements for private equity firms that later invested in the company, \nleading to repeat growth strategy and value creation work for Stax\n▪Seventeen projects completed to date across three private equity ownership cycles\nInitiatives Under CarlyleInitiatives Under Silver Lake\n15+ Year\nRelationship\nInitiatives Under Thoma BravoCumulative Net Revenue\nEntry Point and Highlights\n▪Provider of solutions to automate and simplify the insurance process\n▪Acquired by Roper Technologies in 2020 from Bain Capital and Vista Equity Partners\n▪Initial introduction in 2010 through a buy-side engagement for a large private equity firm\n▪Eight projects completed to date across three private equity ownership cycles\nInitiatives Under TPGInitiatives Under Bain Capital & Vista\n15+ Year\nRelationship\nInitiatives Under Roper Technologies Cumulative Net Revenue\n▪Conducted buy-side due diligence on behalf of \nCarlyle, which ultimately acquired a majority interest \nin Quorum\n▪Evaluated multiple successful add-on acquisitions\n▪Provided exit planning and sell-side support\n▪Evaluated multiple successful add-on acquisitions\n▪Provided strategy support after three-way merger\n▪Continued evaluation of expansion opportunities\n~$3.5 million~$1.8 million\n▪Assessed add-on potential and risks of an insurance \nand securities technology provider\n▪Conducted a pricing strategy and commercial \ndiagnostic to benchmark recent growth\n▪Completed a sell-side study\n▪Assessed the MGA market to inform growth strategy\n▪Completed commercial performance diagnostic\n▪Supported 3-year strategic planning\n\n14\nSTRICTLY CONFIDENTIAL\nStrong Opportunity to Accelerate Growth Through Multi-Pronged Strategy\nClear, attainable initiatives to build upon leading market position\nAttractive \nMarket Tailwinds\nPrivate equity firms are increasingly utilizing commercial due diligence \nand value optimization services for transactions and portfolio companies\nPrivate equity has shown resilient \ngrowth supporting an expanding TAM\nRising private equity inventory is driving demand for multiple \nmarket insight services over each investment’s lifecycle\n▪Scale coverage and \ncontent intersection \nacross private equity and \ninvestment banks\n▪Further scale dedicated \nbusiness development \nteam to broaden \ncoverage universe\n▪Centralize, scale, and \nmanage external \nindividual, account, and \nsubsector \ncommunications\n▪Focus on accelerating \nthe execution of M&A \nplaybook\n▪Expand into new \ngeographies, new \nservice lines, and build \nscale in existing markets\n▪Opportunistically \nevaluate larger-scale \ntransformative M&A \ntargets\nIdentify and Execute \non Acquisitions\n▪Capitalize on advisory, \nbespoke nature of work, \nand pricing umbrella \nrelative to MBB+ to \nrealize due diligence \nprice increases \nnationally and abroad\n▪Raise prices in value \ncreation to be more in-\nline with client impact, \nresults, and ROI\n▪Expand number of \naccounts with average \nproject size of $400K+ \nwith ample cross-sell \nopportunities and need \nfor multiple projects per \nyear\nExert\nPricing Power\n▪Further optimize cross-\nsell strategy to deepen \ndensity across core \naccounts through scaled \ninside sales strategy\n▪Target key private equity \nclients where \nreferenceable work \nprovides opportunity for \nfurther penetration in \nprojects that command \nmore premium bill rates\nScale Client Coverage\n▪Leverage reputation and \ndifferentiated \nexperience in key \nverticals with high win \nrates across market \nsegments\n▪Introduce new verticals \nsuch as government or \naerospace and defense \nthrough de novo efforts \nor experienced senior \nhires \nDeepen Vertical \nExpertise\n▪Capitalize on hedge \nfunds’ growing inbound \ndemand for market \nresearch \n▪Introduce new purpose-\nbuilt products such as \ntechnology due \ndiligence, financial due \ndiligence, policy and \nregulatory consulting, \noperational due \ndiligence, and ESG and \nsustainability diligence \nthrough integrated go-\nto-market approach\nExpand Capabilities \nand Client Profiles\n▪Continue building \nmomentum in the U.K. \nto expand market \npresence\n▪Strategically grow \nheadcount and client \nleadership in New York \noffice\n▪Establish local presence \nin new geographic \nmarkets through organic \ngreenfield locations in \nthe United States and \nEurope\n▪Continue to protect \nunique culture via \nplanful expansion\nBroaden Geographic \nPresence\n▪Strategically hire senior \nprofessionals to build \ndensity in core verticals \nand expand capabilities\n▪Build density across \ncurrent locations, \nexpanding \napprenticeship model to \nfurther attract and \ndevelop mid/junior \ntalent\nAttract, Develop, and \nRetain Talent\nMaximize Wallet \nShare and Cross-Sell\nGrowExpandTransform\n\n15\nSTRICTLY CONFIDENTIAL\n▪Founder-led with minimal \ninfrastructure\n▪Centralized global management \nteam\n▪Office-centric P&L▪Single global P&L\n▪Inconsistent performance \nmanagement\n▪Inconsistent pricing\n▪Inconsistent delivery \n▪Global standards and value \nproposition\n▪Product-led, content-driven\n▪Concentrated sales with little \ncollaboration\n▪Collaborative account structure\n▪Industry verticalized senior \nconsultants\n▪Research-focused▪Advisory-focused\n▪Tiered product and brand issue\n▪Decentralized, under-invested \nplatform\n▪Well-invested, integrated \ninfrastructure\n▪Purpose-built platform for pace \nof private equity\n▪Proven M&A capability\nProfessionalized Platform Poised to Support Significant Growth\nCurated strategic transition has established infrastructure to scale alongside the business as the Company enters the next phase of growth\n2022 OnwardsPre-2021\nOld FrameworkNew Foundation\n▪Established global competencies, leveling, and \ncompensation\n▪Adopted global staffing and development\n▪Upgraded teams\n▪Unified positioning and value proposition\n▪Benchmarked pricing and products\n▪Upgraded ERP and created Stax INTEL\n▪Adopted senior oversight of content generation \nand access (vertical groups, thought leadership, \nPOVs)\n▪Established brand and ramped up recruitment in \nLondon and NYC\n▪Onboarded culture in NYC\n▪Restructured Chicago\n▪Established senior apprenticeship\n▪Established consistent hybrid model\n▪Established “Regional Success” teams to partner \nU.S. seniors with EMEA client leads\n▪Structured collaborative global pipeline with \naccount collaboration groups and oversight\n▪Removed generalist Directors and Managing \nDirectors\n▪Established vertical structures\n▪Added verticalized talent\n▪Created vertical content agenda\n▪Recruited sector and product specialists\n▪Verticalized competency model for Associate \nDirector and above\n▪Created integrated workstream approach with \nClient Delivery Network\n▪Built vendor due diligence and value creation \nintegrated product (VCIP) product matrix\n▪Elevated CDD product\n▪Established product-level P&L and metrics\n▪Began tracking product cross-selling\n▪Established dedicated resourcing and coverage\n▪Established product-specific competencies\n▪Integrated and connected products, building to a \nfund/asset-life offering\n▪Constructed ARM and account tiering\n▪Further trained and developed junior sellers\n▪Established collaboration metrics\n▪Transitioned founder to Board and created \ncentralized management structure\n▪New CEO, Global Practice Leader, Chief People \nOfficer, and General Counsel\n▪Screened seniors for collaboration; retained \nhigh-quality mid-level consultants\n▪Better defined path from Associate Dir. to MD\n▪Created strategy and go-to-market framework to \nscale OpGen\n▪Created marketing and business development \nsupport framework\n▪Developed knowledge management tool\n▪Created collaboration incentives\n▪Established engagement metrics for tracking\n▪Elevated client engagement agenda\n▪Developed BI function and created Stax INTEL \nplatform\nStandardize\nVerticalize\nDiversify\nGlobalization of staffing, utilization, reporting, talent development, and pricing \nallows for consistent client experience with different coverage points\nCommercialize\nGlobalize\nProductize\n\n16\nSTRICTLY CONFIDENTIAL\nDiversified Business with Proven Growth Across All Environments\nStax’s diversified business model has proven its ability to grow across economic environments\n(1)Reflects cumulative percent change over time since 2005.\n(2)2005-2021 reflects reported financials.\n(3)Source: Dealogic. Reflects announced North American and European transactions with private equity involvement between 1/1/2005 and 12/31/2024. 2025 projection per EY.\nGreat Recession\nCOVID-19\nGreat \nResignation\nInflation\nRate \nHikes\nNet Revenue Performance Relative to the M&A Environment\n(1)\nWinners in Market Growth\nWinners in Market Contraction\n(500%)\n–\n500%\n1,000%\n1,500%\n2,000%\n20052006200720082009201020112012201320142015201620172018201920202021202220232024LTM\nMar-25\n2025E\nStax Net RevenueN.A. and U.K. PE Transaction Volume\n▪Buy-Side Commercial Due Diligence: Increasing demand of \nbuy-side services as private equity firms explore a wide range \nof investment opportunities\n▪Value Creation: Growing demand for value creation services \nas firms strive to outperform competitors by enhancing \nportfolio company performance to unlock growth and value\n▪Sell-Side Commercial Due Diligence: Increased market activity \nand favorable valuations drive companies to prepare for sale \nboosting demand for sell-side services\n▪Buy-Side Commercial Due Diligence: Steady demand as firms \nseek expert analysis to identify undervalued assets with \nrecovery potential\n▪Value Creation: Consistent value creation demand as portfolio \ncompanies face pressure to optimize operations and cut costs\n▪Sell-Side Commercial Due Diligence: Stable demand for sell-\nside services as sellers must present their businesses in the \nbest possible light\n▪Diverse Client Profiles: Ability to tap hedge fund and credit \nfund clients when topline deal-market activity slows\n(2)(3)\n\n17\nSTRICTLY CONFIDENTIAL\nCompelling Long-Term Outlook Underpinned by Track Record of Consistent Growth\nHighly attractive financial profile defined by consistent growth and impressive margins\nPro Forma Adjusted Net Revenue\nOrganic Gross Profit and Margin\nPro Forma Adjusted EBITDA and Margin\n($ in millions)\n($ in millions)\n($ in millions)\n$39\n$44\n$48\n$54\n$70\n$88\n$109\n$136\n$168\n61.0%\n62.0%\n63.1%\n59.5%\n60.5%\n61.0%61.0%61.0%61.0%\n20232024LTM Mar-252025E2026P2027P2028P2029P2030P\n$42\n$54\n$69\n$89\n$112\n$4\n$10\n$19\n$30\n$45\n$19\n$24\n$27\n$31\n$46\n$65\n$88\n$119\n$157\n29.3%\n33.5%\n35.6%\n33.3%\n36.2%\n38.0%\n39.0%\n39.9%\n40.9%\n20232024LTM Mar-252025E2026P2027P2028P2029P2030P\nOrganicAcquired\n$115\n$143\n$179\n$223\n$275\n$12\n$27\n$48\n$75\n$110\n$64\n$71\n$76\n$91\n$127\n$170\n$226\n$298\n$385\n20232024LTM Mar-252025E2026P2027P2028P2029P2030P\nOrganicAcquired\n\n18\nSTRICTLY CONFIDENTIAL\nProven Leadership Team Poised for the Next Era of Growth\nCommitted leadership team with a clear vision for the future of Stax\n(1)Client Service Network.\n(2)Operations.\nPaul Edwards\nGlobal Practice Leader\nJoined in 2005\n25+ Years of Experience\nJayson Traxler\nChief Executive Officer\nJoined in 2021\n25+ Years of Experience\nSTS Research Group\n18\nSTRICTLY CONFIDENTIAL\nMeg Macumber\nGlobal Head of \nFinance\nLeslie Regenbaum\nGeneral \nCounsel\nAmy Schoeman\nGlobal Head of \nHuman Resources\nJoe Brownell\nGlobal Head of \nMarketing\nConnor Novy\nChief of Staff, \nHead of Sales Ops\nMihaela Dumea\nDirector, Data & \nBus. Intelligence\nHazir Shafeek\nGlobal Head of \nData Insights & IT\nBrad Kuntz\nAmericas \nRegional Lead\nPhil Dunne\nEMEA \nRegional Lead\nRobert Lytle\nTransaction \nAdvisory Co-Lead\nWill Barden\nTransaction \nAdvisory Co-Lead\nVince Zosa\nValue Creation \nProduct Lead\nRoy Lockhart\nExit Planning \nProduct Lead\n2020202320242018201820222021202520242024202220222011\n20+ Years20+ Years20+ Years25+ Years10+ Years20+ Years15+ Years20+ Years35+ Years30+ Years15+ Years30+ Years15+ Years\nDEVON\nV A L U E A D V I S E R S\nYear Joined\nIndustry Tenure\nPrior Experience\n\n19\nSTRICTLY CONFIDENTIALSTRICTLY CONFIDENTIAL\n19\nStax is a Highly Differentiated and Attractive Platform\nLarge addressable market with favorable secular trends\nDifferentiated value proposition for clients magnified by expertise developed through \nhistorical project volume\nDeep relationships with diversified set of clients that have reoccurring demand\nCompelling employee value proposition to attract, develop, and retain talent\nProven management team set to sustain growth\nProfessional operating platform set to scale\nClearly-defined multi-pronged growth strategy\nProven history of long-term growth, robust margins, and strong capital efficiency\n\nIndustry Overview\n\n21\nSTRICTLY CONFIDENTIAL\n$20B\n$33B\n$68B\n$91M\nStax Services the Private Equity Sector, a Foundational and Stable End Market\nBroad end market tailwinds provide ideal environment for long-term revenue growth\nLarge and Growing Addressable Market \nIndustry Landscape\nAdvisory Firms \n2025E Stax \nNet Revenue\n2024 Global M&A\n2024 Global Private \nEquity-Backed M&A\nNorth American and U.K. \nPrivate Equity-Backed M&A\nAccounting Networks\nMBB \n\n22\nSTRICTLY CONFIDENTIAL\nStax Services the Private Equity Sector, a Foundational and Stable End Market\nBroad end market tailwinds provide ideal environment for long-term revenue growth\nGlobal Private Equity Deal VolumeU.S. Private Equity Dry Powder by Fund Size\nGlobal Private Equity Exit VolumeU.S. Private Equity-Backed Company Inventory by Age\nSource: PitchBook.\n3.2K\n5.8K\n2.8K\n6.7K\n6.9K\n7.3K\n7.6K\n7.9K\n8.3K\n8.8K\n9.3K\n9.8K\n10.5K\n11.0K\n11.3K\n11.8K\n2012201320142015201620172018201920202021202220232024\nLess than 2 Years\n2 - 5 Years\nOver 5 Years\n$0.4\n$0.6\n$0.5\n$0.6\n$0.8\n$0.8\n$0.7\n$0.8\n$0.8\n$0.6\n$0.9\n$1.7\n$0.8\n$0.8\n$0.9\n1.8K\n2.1K\n2.2K\n2.4K\n2.9K\n3.3K\n3.1K\n3.4K\n3.4K\n3.2K\n2.8K\n4.4K\n3.7K\n3.5K\n3.8K\n201020112012201320142015201620172018201920202021202220232024\nExit Value\nExit Count\n$0.6 \n$0.7 \n$0.7 \n$0.7 \n$0.9 \n$1.1 \n$1.0 \n$1.2 \n$1.3 \n$1.3 \n$1.2 \n$2.3 \n$1.8 \n$1.4 \n$1.8 \n6.5K\n7.5K\n7.9K\n7.9K\n9.6K\n10.9K\n11.0K\n12.0K\n13.4K\n14.0K\n13.7K\n20.9K\n19.6K\n17.1K\n19.1K\n201020112012201320142015201620172018201920202021202220232024\nDeal Value\nDeal Count\n $0\n $200\n $400\n $600\n $800\n $1,000\n2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024\nMiddle Market PE\nPE Megafunds\nPE Under $100M\n($ in trillions)\n($ in trillions)($ in billions)\n2010 – 2024 CAGR: 8.4%2006 – 2024 CAGR: 5.6%\n2010 – 2024 Exit Value CAGR: 5.1%2012 – 2024 CAGR: 4.9%\n\n23\nSTRICTLY CONFIDENTIAL\nMore Than $32B in TAM Opportunity for Stax’s Core Products\nBountiful growth prospects in a broad addressable market \nTotal Addressable Market Opportunity by Product\nSource: Stax Market Sizing Analysis.\nSpendVolume\nSell-Side Diligence\n$2.9B\nValue Creation\n$4.1B\nBuy-Side Diligence\n$25.6B\n$32.6B\n2024\nBuy-Side \nDiligence\n19,123 \nPrivate Equity Transactions Annually\n$1.3M \nCDD Spend Per Closed Transaction\nSources and Approach:\n▪PitchBook 2024 Global Private Equity Report\nSources and Approach:\n▪Reflects 100% attach rate to pre-LOI lean-in & LOI deals\n▪Spend per deal per Stax PE decisionmaker survey (n=50)\nSell-Side \nDiligence\n6,389 \nAnnual Exits Across PE/Founder Businesses\n$453K \nSpend Per Successful Exit\nSources and Approach:\n▪PitchBook 2024 Global Private Equity Report\n▪Stax estimate of founder-backed exits >$100M in deal \nvalue\nSources and Approach:\n▪Reflects 100% attach rate of successful exits (founder- \nand PE-owned) and 40% assumed deal failure rate\n▪Spend per deal per Stax PE decisionmaker survey (n=50)\nValue \nCreation\n56,177 \nActive Private Equity-Backed Companies\n$72K\nSpend Per Portfolio Company Per Year\nSources and Approach:\n▪PitchBook Filter for Currently Privately-held, Private \nEquity-Backed Companies (i.e., non-addon/subsidiary)\nSources and Approach:\n▪Reflects each portfolio company conducting $361K of \nVCIP spend spread annually over a five-year hold period\n▪Spend per deal per Stax PE decisionmaker survey (n=50)\n\n24\nSTRICTLY CONFIDENTIAL\nHighly Attractive and Growing Market for Stax’s Private Equity Services\nStax is well-positioned to benefit from increases in private equity activity and standardization of third-party diligence in deal-making\nTrends Appreciating the Value of TAM and Current Spend on Stax’s Services\n▪Deal volumes, exit volumes, and the total pool of private equity-backed companies continue to grow and are resilient, and \ninvestor sentiment remains positive going forward\n▪Number of new private equity deals in U.S. and Europe has grown at a 7.6% CAGR over the last ten years\nGrowing Deal Sizes and \nVolume\n▪Value and depth of consulting engagements is increasing, and consulting services are readily able to pass through increasing \nlabor costs, growing the overall spend per deal\n▪Based on a survey scale from 1 (Nice to Have/Less Important) to 7 (Need to Have/More Important), average CDD value to private \nequity funds will increase from ~4 to ~5 from five years ago to the next five years, and value creation will increase from ~5 to ~6 \nfor the same period\nHigher Average Spend \nand Scope per Deal\n▪Competitiveness for high-quality deals is increasing, and more suitors are leaning into processes overall, and earlier driven by the \ndesire to filter for good deals and the growing need for private equity to “sell management” on the value of their partnership\n▪Middle market and growth equity deal funnels (deals seen, leaned in on, and under LOI) have increased at 8.4-9.0% CAGRs, \npushing CDD opportunities beyond the currently estimated ~3 due diligence engagements per closed deal\nMore CDD Opportunities \nper Deal\n▪Third-party support for diligence and value creation efforts are increasingly becoming an industry standard, with a steadily \nincreasing portion of deals and portfolio companies hiring third-party support\n▪Pre-LOI CDD attachment rates to deals have grown from 10% in the last five years to 23% today, and 30% of portfolio companies \nutilize value creation today compared to 20% over the last five years\n(1)\nAttachment Rates Are \nGrowing Across \nProducts\nSource: Stax Market Sizing Analysis, including Stax web survey (Winter 2025, n=50).\n(1)Based on subset of middle market funds, excluding new funds, per Stax web survey (Winter 2025, n=36).\n\nService Lines\n\n26\nSTRICTLY CONFIDENTIAL\nOverview\nAdvisory Services\nContract Structure\nAverage Engagement Length\nStage of Investment Lifecycle\nTypical Referral Source\nNet Revenue\nProjects Invoiced\nAverage Revenue per Project\nClients Served\nComplementary Solutions to Address a Wide Array of Client Needs\nSuite of critical services provide a strong basis for recurring revenue and natural cross-sell opportunities across the private equity lifecycle\nBuy-Side Commercial Due Diligence\nKey Attributes\nLTM Mar\n-\n25 Highlights\n▪Evaluate potential targets, focus areas, or \ninvestment themes for sponsors\n▪Assess market dynamics and target \nalignment, competitive positioning, and \nvalue creation levers\nMarket and Asset Screening, Thesis Build, \nEarly Diligence, Commercial Due Diligence\nFixed Fee\n3-6 Weeks\nPre-Investment\nExisting Relationship\n107\n$318K\n83\nSell-Side Commercial Due Diligence\nMarket Study, Exit Planning, Vendor Due \nDiligence\n▪Ensure process readiness and enhance \ntransaction outcomes for sponsors and \nmanagement teams\n▪Articulate the exit story and provide \nactionable growth blueprint backed by \nmarket research\nFixed Fee\n4-6 Weeks\nExit\nReferral from Investment Bank or \nExisting Sponsor Relationship\n76\n$378K\n81\nValue Creation\nCommercial Excellence, Pricing & Cost Optimization, \nSales Productivity, Churn Reduction, ESG & Impact\nFixed Fee\nVaries\nHold Period\nExisting Relationship or Ongoing \nSupport Following Exit Planning\n34\n$331K\n32\n▪Drive rapid EBITDA improvement \nthroughout the investment hold period\n▪Designed for multi-year, multi-project \nrelationships to drive incumbency with \nmanagement teams and ultimately lead \nto sell-side support\n$34M$29M$11M\n\n27\nSTRICTLY CONFIDENTIAL\nBuy-Side Commercial Due Diligence\n▪Provide data-driven insights across key investment considerations (market, target company, competition, etc.)\n▪Enables private equity firms to make informed decisions by identifying potential opportunities and risks for a \nprospective investment\n▪The Company provides services during the acquisition screening and theme development phase, as well as early \ndiligence and scaled commercial due diligence in an active process\n‒Early workstreams include sector prioritization, acquisition screening, thesis build and development, red \nflag assessments, and client checks\n‒Pre-LOI workstreams include assessment of the target’s market, client dynamics and competitive \npositioning, competitive landscape, and growth opportunities\n▪Post-LOI work integrates blueprint development and growth strategy planning\n▪High level of repeat demand from long-term relationships with private equity clients\nExtension of the investment team evaluating potential platform and add-on opportunities\nLTM Mar-25 Key Stats\nIllustrative Project Timeline\nRepresentative Clients\nOverview and Typical Scope\nIllustrative Project Timeline\nKICK-OFFAlign on Final Scope and Objectives, Data Discovery\nANALYSES\nPhone-Based Interviews, Analysis of Target Data, \nOnline Review Analysis, Synthesize Research \nStreams, Develop Fact-Base\n80/20 Report, Final Read-Out\nPOST-PROJECT COLLABORATION\nWeeks ~1-4Ongoing As-Needed\nSupport First 100 Days of Hold Period, Ongoing \nValue Creation Work \nDELIVERABLES\n11%\n2018 – LTM Mar-25 \nRevenue CAGR \n107\nProjects \nInvoiced\n$318K\nAverage Revenue \nper Project\n83\nClients \nServed\n% of Net \nRevenue\n44%\n37%\n15%\n4%\nBuy-Side\nSell-Side\nValue Creation\nOther\n\n28\nSTRICTLY CONFIDENTIAL\nValue Creation\n▪Multi-phase model partnering with clients to define and execute on value creation initiatives while building \noperating discipline and sustainable improvements year-over-year\n▪Drives development of strategic growth options for expansion with an actionable roadmap for implementation\n▪Leverages the Company’s depth of sector expertise, proprietary research, and advanced analytics capabilities to \ndeliver a data-driven, evidence-based assessment of recent performance and growth potential\n▪Offering encompasses proven methodologies to define growth strategies and improve commercial excellence \nand capital efficiency\n‒Client segmentation and value proposition, channel expansion, churn reduction, pricing optimization, \nESG/Sustainability and risk, marketing, client experience\n‒AI strategic assessment and diagnostics with execution support to define, test, and scale AI initiatives\n▪Value creation services deepen and extend engagement with private equity clients around critical decisions for \ntheir portfolio companies outside of a new investment or exit period\nTargeted diagnostics and actionable growth plans to achieve desired business outcomes at various stages of maturity\nOverview and Typical ScopeLTM Mar-25 Key Stats\nIllustrative Project Timeline\nRepresentative Clients\nKICK-OFFWorking Session with Relevant Stakeholders\nPotential Growth Thesis, Client/Market/ICP Offering \nAssessment, Strategic Option Development, Risk \nAssessment and Roadmap\nPOST-PROJECT COLLABORATION\nWeeks ~1-4Ongoing As-Needed\nEnter Phase II to Build on Project Work or Support \nImplementation, Prepare for Sale Process\nInterim Update, \nWorkshop, Final Read Out\nDELIVERABLES\nANALYSES\n% of Net \nRevenue\n8%\n2018 – LTM Mar-25 \nRevenue CAGR \n34\nProjects \nInvoiced\n$331K\nAverage Revenue \nper Project\n32\nClients \nServed\n44%\n37%\n15%\n4%\nBuy-Side\nSell-Side\nValue Creation\nOther\n\n29\nSTRICTLY CONFIDENTIAL\nSell-Side Commercial Due Diligence\n▪Demonstrate strength of positioning and growth potential of the asset in preparation of exit \n▪Communicates the growth story to potential investors by providing research and analysis to define the target’s \nmarket, strength of its positioning and performance, and opportunities for expansion\n▪Stax leverages its experience working on the buy-side to address critical questions about the target that \ninvestors will focus on, including TAM, growth outlook for core market, competitive differentiation, future \nopportunities, and voice of the client\n▪Modular approach allows Stax to adjust its process and output depending on sponsor/founder involvement, \nrelevant buyer universe, and priority needs\n▪New business development for this service is focused on referrals from investment banks, as well as leveraging \nprivate equity client relationships\n‒The Company worked with 20+ investment banks in the last 24 months\n▪Natural cross-sell opportunity from momentum of sale process and intelligence gathered during engagement\n▪Reputation among private equity investors is a significant point of attraction for banks and management teams\nCollaborative thought partner throughout a sale process to articulate the asset’s positioning and growth story\nOverview and Typical ScopeLTM Mar-25 Key Stats\nIllustrative Project Timeline\nRepresentative Clients\nKICK-OFFWorking Session with Relevant Stakeholders\nTAM and Client Analysis, Risk Assessment, VDR \nPreparedness, Growth Strategy Vetting\nDELIVERABLESFinal Read-Out\nPOST-PROJECT COLLABORATION\nWeeks ~1-5Ongoing As-Needed\nDevelop Buyer-Specific Materials, Discuss with Potential \nSuitors, Onboard Findings and Recommendations at Target\nANALYSES\n% of Net \nRevenue\n62%\n2018 – LTM Mar-25 \nRevenue CAGR \n76\nProjects \nInvoiced\n$378K\nAverage Revenue \nper Project\n81\nClients \nServed\n44%\n37%\n15%\n4%\nBuy-Side\nSell-Side\nValue Creation\nOther\n\n30\nSTRICTLY CONFIDENTIAL\nStrong Institutional Knowledge Across Industries\nStax outperforms competitors by offering the highest quality and expertise across multiple end markets, while ensuring stability through diversification \nacross various industries\nNote: Data reflects LTM Mar-25 engagements and revenue mix.\n132\nEngagements\n% of Net Revenue45%\nVertical SaaS\nIndustry-Specific Apps\nEnterprise Applications\nNetwork Infrastructure\nAI & Machine-Learning\nMedia and B2C Tech\nTechnology\n25\nEngagements\n% of Net Revenue9%\nPhysician Practices\nLong-Term Care\nManaged Healthcare\nMedical Devices\nHospitals & Facilities\nPayors\nHealthcare\n15\nEngagements\n% of Net Revenue5%\nApparel\nFood & Beverage\nHospitality and Leisure\nHousehold Goods\nResidential Services\nHealth & Wellness\nConsumer\n37\nEngagements\n% of Net Revenue15%\nManufacturing\nDistribution\nTransportation\nConstruction & Engineering\nAerospace and Defense\nAutomotive\nIndustrialsServices\n64\nEngagements\n% of Net Revenue25%\nProfessional Services\nFinancial Services\nMarketing and Advertising Services\nData and Information Services\nIT Services\nEvents and Tradeshow Services\n\n31\nSTRICTLY CONFIDENTIAL\nIn-Depth Expertise in Technology and Services \nStax has effectively established a strong replicable presence in technology and service verticals, driving above-market growth and creating a playbook \nfor additional vertical expansion\nIT \nInfrastructure\nCybersecurityVertical SaaS\nHorizontal \nEnterprise \nApplications\nPayments and \nFintech \nConsumer \nTechnology and \nMedia\nTechnology \nCommercial and \nResidential \nServices \nIT Services\nEvents, \nMarketing, and \nInfo Services\nProfessional and \nAdvisory Services\nEducation and \nCrediting Services\nFinancial and \nInsurance Services\nSub-Vertical Expansion Opportunities Sub-Vertical Expansion Opportunities \n$5\n$10\n$11\n$27\n$31\n$30\n$33\n$36\n2018201920202021202220232024LTM\nMar-25\n$6\n$6\n$6\n$11\n$17\n$16\n$18\n$20\n2018201920202021202220232024LTM\nMar-25\nStrengthEvolving Focus\nServices \n72%\n6%\n7%\n(11%)\n2018-20212021-2024\nStaxMarket\n26%\n17%\n6%\n(2%)\n2018-20212021-2024\nStaxMarket\n($ in millions)($ in millions)\nStrengthEvolving Focus\nTechnology Net RevenueAbove-Market Revenue GrowthServices Net RevenueAbove-Market Revenue Growth\nStrong reputation within \nhighly penetrated market\nSub sector account targeting and \nplanning with room to build density \nGrowing average \nproject sizes \nResilient performance across \ndiverse economic conditions\nGrowing number of \nverticalized professionals \n\nClient Relationships\n\n33\nSTRICTLY CONFIDENTIAL\n44%\n37%\n15%\n4%\nBuy-Side\nSell-Side\nValue Creation\nOther\nStax Serves a Large, Diversified Client Base\n79%\n15%\n6%\nPrivate Equity\nPortCo / Corporate\nHedge Fund\nLong-tenured client base with exceptional retention, largely comprised of blue-chip private equity investors\n42%\n41%\n17%\nMiddle Market\nUMM / Large Cap\nLower Middle Market\n46%\n26%\n13%\n10%\n5%\nTechnology\nServices\nIndustrials\nHealthcare\nConsumer\nPrivate Equity Focus......Across Service Lines...\n...Split Among Market Segments......and End Markets\n(1)Reflects Private Equity and Hedge Fund clients only. Lower Middle Market defined as less than $1.5 billion AUM, Middle Market defined as $1.5 to $10.0 billion AUM, and UMM / Large Cap \ndefined as greater than $10.0 billion AUM.\nLTM Mar-25 \nby Client Type\nLTM Mar-25 \nby Service Line\nLTM Mar-25 \nby Client Size\n(1)\nLTM Mar-25 \nby Industry\n(% of Net Revenue)\n(% of Net Revenue)\n(% of Net Revenue)\n(% of Net Revenue)\n\n34\nSTRICTLY CONFIDENTIAL\nDiversified Relationships Across Service Lines\nBroad spectrum and high-quality clients across growth stages and end markets\n(1)Reflects Private Equity and Hedge Fund clients only. Lower Middle Market defined as less than $1.5 billion AUM, Middle Market defined as $1.5 to $10.0 billion AUM, and UMM / Large Cap \ndefined as greater than $10.0 billion AUM.\nRevenue Concentration by ClientNew vs. Existing ClientsRevenue Concentration by Client Size\n(1)\nBuy-Side Commercial \nDue Diligence\nSell-Side Commercial \nDue Diligence\nValue \nCreation\n(% of LTM Mar-25 net revenue)\n43%\n40%\n17%\nUMM / Large Cap\nMiddle Market\nLower Middle Market\n20%\n54%\n27%\nUMM / Large Cap\nMiddle Market\nLower Middle Market\n63%\n35%\n2%\nUMM / Large Cap\nMiddle Market\nLower Middle Market\n(% of LTM Mar-25 net revenue)\n32%\n29%\n29%\n10%\nTop 10\nTop 11 - 30\nTop 31 - 60\nAll Other Clients\n20%\n32%\n37%\n11%\nTop 10\nTop 11 - 30\nTop 31 - 60\nAll Other Clients\n57%\n43%\nTop 10\nAll Other Clients\n79%\n88%\n82%\n21%\n12%\n18%\n202220232024\nNew\nExisting\n40%\n59%\n54%\n60%\n41%\n46%\n202220232024\nNew\nExisting\n95%\n81%\n88%\n5%\n19%\n12%\n202220232024\nNew\nExisting\n\n35\nSTRICTLY CONFIDENTIAL\n73%\n27%\nRepeatNon-Repeat\nDeep Relationships with Top Clients\n▪Deep Relationships: 45% of net revenue coming from clients \nwith a tenure of 6+ years \n▪Satisfied Clients: 73% of revenue from repeat clients\n(3)\n▪No Client Concentration: No one client represents more than \n4% of net revenue\n▪Broad Relationships: 38% of clients use more than one \nservice\n(3)\n▪Strong Referral Network: 72% of sell-side engagements \nreferred from investment banks\n▪Value in Density: Clients utilizing multiple service lines incur \nover 25% higher fees per project due to complexity of scope\nDemand for strategic solutions across growth stages drives client engagement\nTop 15 ClientsLTM Mar-25 Highlights\n(1)UMM / LC = Upper Middle Market / Large Cap; MM = Middle Market; LMM = Lower Middle Market.\n(2)Reflects average tenure of top 15 clients.\n(3)Reflects 2024 data.\nSticky Relationships Drive Repeat Business\n27%\n7%\n21%\n45%\n< 1 Year1-2 Years\n2-6 Years6+ Years\nRepeat\nClients\nClient \nTenure \nMix\n(% of 2024 net revenue)\n($ in thousands)\n2023 – Mar-25 Net Revenue\nClientSize\n(1)\nBuy-SideSell-SideValue CreationOther\nTotal \nRevenue\n% of Total \nRevenue\n2023 – Mar-25\nProjects\nClient \nTenure\nClient 1UMM / LC$4,415––$642$5,0573.2%811+\nClient 2MM3,195$867$854–4,9153.1%1610+\nClient 3UMM / LC484––3,5694,0532.6%1211+\nClient 4MM1,512–1,556373,1052.0%123+\nClient 5UMM / LC1,582440911–2,9341.8%911+\nClient 6UMM / LC1,506–1,309–2,8151.8%711+\nClient 7MM6641,495559–2,7171.7%811+\nClient 8MM1,2411,172––2,4141.5%46+\nClient 9MM1,471812––2,2831.4%74+\nClient 10UMM / LC868537692–2,0971.3%511+\nClient 11MM1,415622––2,0361.3%62+\nClient 12MM804968229–2,0011.3%64+\nClient 13LMM1,336–640–1,9761.2%711+\nClient 14UMM / LC1,435–532–1,9671.2%511+\nClient 15MM1,080829––1,9091.2%63+\nTop 15$23,009$7,741$7,281$4,248$42,28026.6%1188+\nAll Others52,59344,52818,752532116,40573.4%369\nTotal$75,602$52,269$26,034$4,781$158,685100.0%487\nElliott Management\nPSG Equity\nTiger Global Management LLC\nBlue Point Capital Partners\nThoma Bravo\nCharlesbank Capital Partners LLC\nBregal Sagemount\nGridiron Capital\nRubicon Technology Partners\nHellman & Friedman\nGemspring Capital\nGreater Sum Ventures\nVarsity Healthcare Partners\nVista Equity Partners\nPeak Rock Capital\n(2)\n•To remove client names\n\nGo-to-Market Strategy\n\n37\nSTRICTLY CONFIDENTIAL\nMulti-Pronged Go-to-Market Strategy\nPurpose-built global delivery model enables new business wins without sacrificing existing client service\nVerticalized \nSenior \nProfessionals\nStrategic \nAccount \nCoverage\nCentralized \nLocation-Based \nModel\nProgrammatic \nCommunications\n15 Key Accounts with Multi-\nNational, Multi-Vertical Presence\nLarge Cap Private Equity \nand Public Investors\n22 Key Accounts with Dedicated \nTouchpoints in U.S. and U.K.\nMiddle Market \nCollaboration\n91 Key Accounts with Individual \nDefined Coverage and Tracking\nAccount Relationship \nManagement (ARM)\n98 Key Accounts with Content-\nBased Scaled Communication \nContact Accounts\nManaging Directors and \nDirectors\nIndustry Groups Define \nCoverage and Sales Effort\nCDD and Value Creation Services \nProvided by All Levels\nProduct Generalists\nNuanced Insights From \nSpecialization\nGuaranteed Production of \nHigh-Quality Content\nDedicated Client \nDelivery Network\nAdvisory-\nFocused\nProduct Led; \nContent Driven\nRepeat Value Creation Work \nfrom CDD Engagements\nClient Delivery \nNetwork\nColombo\nArticles, Tombstones, \nNewsletters, Industry Primers\nEmail and Social Media\nMarket Intelligence, Rolling \nThunder\nIn-Person Meetings\nMonthly Flywheel, Asset-Centric \nAccount “Grouping” Outreach\nIntelligence Outreach\nClient Offsites, Co-Branded \nRoundtables, Conferences\nEvents\nGlobal \nStaffing\nBostonChicagoNew YorkLondon\nGlobal Collaborative Coverage and Delivery with In-Market Business Development Capabilities\n\n38\nSTRICTLY CONFIDENTIAL\nCollaborative Approach to Client Coverage and Delivery\nCrediting system designed to maximize collective value and reward firm-building behaviors while de-risking new hires\nSales CreditDelivery Credit\nManaging Directors, Directors, and Associate DirectorsAssociate Directors, Senior Managers, and Managers\nAccount Ownership:\nAssigned owner that fosters \nrelationships throughout the \naccount\nContent Leadership:\nProvides substantive \nexpertise to help close and \ndeliver a project\nTotal Sales Credit:\nReflects the sum of an \nindividual’s contribution \nacross each role\nOriginators\nAccount \nOwnership\nContent \nLeaders\nReporting\nSplitDetail\n60%\n▪Credit shared equally between originators\n▪Tracking allows for up to three originators\n10%\n▪Limited to one person\n▪May be one of the originators\n▪Credit shared equally between content leads\n▪Ideally have multiple leads on every project\n25%\nBoundaries\n40% Cap\nNo Double \nDipping\nProject \nMinimum\n▪No individual can accrue more than 40% of the total project value\n▪Lone originators lose 20% of credit, which is returned to the firm\n▪Originators can be account owners, but they cannot accrue credit \nfor content leadership on the same proposal\n▪If project fee is less than $250K, no credit for content leadership\n▪If project fee is less than $150K, no credit for any role\nOrigination:\nSourcing of potential projects \nthrough outbound efforts or \ninbound leads\nStructure\nDelivery \nLeads\nFramework\nCredit Split\n▪Assigned by resource management based on project staffing\n▪Responsible for leading the day-to-day of a project and ensuring \nthe team is utilized efficiently\nTargets\nAssociate \nDirector\nSenior \nManager\nManager\n▪Delivery credit is a \nmeasure of success for \nmid-level consultants\n▪Delivery credit is defined \nas the total value of \nprojects a mid-level \nconsultant has delivered\n▪Total available credit for \na project is equal to the \nproject’s fee\n▪Delivery leads should be \ndifferent levels, with the \nmore senior employee \nspread across multiple \nprojects\n▪Splitting delivery \nbetween Associate \nDirectors and Senior \nManagers / Managers \nallows the Associate \nDirector to manage \nmultiple projects, \nultimately accruing a \ngreater delivery credit \nvalue\nMinimumGoal\n$3.0M\n$2.5M\n$2.0M\n$4.0M\n$3.5M\n$3.0M\n▪Delivery credit is split evenly between delivery leads regardless \nof seniority\n▪Up to two delivery leads can be associated with a project\n▪Delivery leads must spend at least 15 hours a week on projects \nto receive credit\n\n39\nSTRICTLY CONFIDENTIAL\nProject Delivery Model\nHigh-touch client service executed by efficient project teams purpose-built for the pace of private equity\nBalanced and Flexible Staffing ModelDisciplined Tracking Leads to Better Management and Consistently Strong Realization\nCrediting System Designed to Maximize Collaborative Value\nSales CreditDelivery Credit\n▪Originators (60% of project value)\n‒Credit is shared equally between originators; \ntracking allows for up to three originators\n▪Content Leaders (25% of project value)\n‒Credit is split evenly between all content \nleads; ideally have multiple content leads on \nevery project\n▪Account Owners (10% of project value)\n‒Limited to a single person; may be an \noriginator\n▪Measured in dollars and defined as the total value \nof projects a mid-level has delivered\n▪Accrue to the delivery leads; may have up to two \ndelivery leads associated with a project\n▪Delivery leads are typically different levels, but \ncredit is evenly split between both leads\n▪Associate Directors, Senior Managers, and \nManagers are the core roles responsible for \ndelivery\nDelivery (Client Service Network)\nTraditional consulting team staffed to dedicated projects on a billable model\nManaging \nDirector\nDirector\nSpend 50% of time \non billable work\nAssociate \nDirector\nSenior \nManager\nSpend 75% of time \non billable work\nManagerSenior \nConsultant\nConsultantAssociate \nConsultant\nSpend 100% of time \non billable work\nPlug-and-play project support in Colombo segmented by defined workstreams to enhance speed of delivery\nIntegrated Workflow Support (Client Delivery Network)\nIntegrated Project Leads\nLead \nto Win\nSecondary \nInsights\nData \nScience\nWeb Survey \nInsights\nExpert \nInsights\nData \nVisualization\nHighly repeatable, scalable execution process across services allows for powerful insights to be \ndelivered quickly and efficiently at an attractive price relative to competitors\nPromotes collaboration and de-risks new hires\n218226224\nProjects \nInvoiced:\n87.8%\n94.9%\n96.4%\n20232024LTM Mar-25\nRealization\n\n40\nSTRICTLY CONFIDENTIAL\nClient Delivery Network Expands Capacity to Execute\n▪50-person dedicated team in Colombo serves as plug-and-play \nproject support to enhance speed of delivery for client \nworkstreams\n▪Commercial platform built to work at the speed of private \nequity\n▪Supports U.S. and U.K. advisory in an agile and targeted way\n▪Segmented by defined workstreams with clear responsibilities \nand competency model\n▪Handles tasks of varying levels of complexity during the \nproposal and live project phases\n▪Creates additional bandwidth for the client service network to \nfocus on high-value client-facing workstreams\n▪Optimizes resource utilization through on-demand staffing \nbased on skill, capacity, and expertise\n▪Expands delivery capabilities in-line with demand while \noffering flexibility, convenience, and controllability in project \ndelivery\n▪Defined career path with strong average tenure of 9+ years \nacross integrated project leads, delivery leads, and managing \ndirectors\n▪Key members participate in management incentive plan\nPurpose-built integrated workflow support delivers sustainable growth \nTeam OverviewCommentary\nRuwindhu Peiris\nManaging Director\n(Headcount as of March 2025)\nDelivery Lead\nSr. Delivery Manager\nTeam Lead\nDelivery Manager\nSr. Delivery Manager\nDelivery Manager (3)\nTeam Lead\nDelivery Manager\nTeam Lead\nSr. Delivery Manager\nTeam Lead\nDelivery Manager\nTeam Lead\nDelivery Manager\nTeam Lead\nDelivery Manager\nIntegrated Project \nLeads\nTeam Lead\nSr. Delivery Manager\nLead (3)\nSr. Analyst\nLead (5)\nSr. Analyst\nDelivery Manager\nLead (3)\nSr. Analyst (3)\nLead to WinSecondary InsightsData ScienceWeb Survey InsightsExpert InsightsData Visualization\nLead\nSr. Analyst (4)\nAnalyst (2)\nLead (3)\nSr. Analyst (4)\nLead (2)\nSr. Analyst \nAnalyst (3)\n5\nEmployees\n5\nEmployees\n7\nEmployees\n8\nEmployees\n8\nEmployees\n7\nEmployees\n8\nEmployees\nAgile project \nmanagement and \ncentral point of \ncontact for the CSN \nSales enablement \ncapabilities from \ninitial outreach to \nproposal submission\nExtracts and \nsynthesizes \ninformation from \npublicly available \nsources\nBusiness insights and \ncapability \ndevelopment for \ninvestors and \nmanagement teams\nGather insights from \nweb surveys on client \npurchasing and \nspend dynamics, \nvendor performance\nEngages with \nexperts, competitors, \nand clients to collect \nrich insights\nVisualization \nspecialists that own \ndeliverables and \nother visualization \nelements\n\nCulture and Talent Management\n\n42\nSTRICTLY CONFIDENTIAL\nCompelling Employee Value Proposition to Attract and Nurture Top Talent\nStax has developed an attractive employee value proposition to recruit, develop, and retain top tier professionals\nDifferentiated Employee Value PropositionWinning the War for Talent\n(1)Retention of CSN professionals by skill level from 2023 year-end to 2024 year-end; reflects voluntary only.\nClient Service Network Retention by Skill Level\n(1)\nDirector HeadcountManaging Director Headcount\nUnique focus on serving and scaling with private equity clients\nIncentive model designed to reward collaboration and shared success\nHigh growth platform offering career opportunities and the chance to make a \nsignificant impact, supported by structured onboarding and fast ramp for new hires\nExpertise-focused model without exclusivity over client ownership\nAmple whitespace for career growth relative to some competitors with clear \nprogression paths and regular performance feedback\nEquity participation for Managers and above through Management Incentive Plan\nCentralized global staffing expands utilization and reduces time on bench\nSpecialization model supports long-term career development, bolstered by formal \nmentorship and learning opportunities\nCompetitive compensation model and benefits package aligned with market leaders, \nplus a strong commitment to work-life balance and well-being\nScalable infrastructure designed to foster growth and collaboration with direct access \nto senior leadership\n73%\n76%\n80%\n95%\nAssociate\nConsultant /\nConsultant\nSenior\nConsultant /\nManager\nSenior Manager /\nAssociate\nDirector\nDirector /\nManaging\nDirector\n4x \nGrowth\n5x \nGrowth\n2\n8\n2021Mar-25\n3\n16\n2021Mar-25\n\n43\nSTRICTLY CONFIDENTIAL\nTop Ranked by Industry Publications, Validated by Industry Professionals\nStellar Rankings Across Vault North America Categories\n(2)\nContinued recognition and awards reflect nature of culture initiatives the Company has meticulously implemented and managed over time\n(1)As of April 8, 2025.\n(2)Source: Vault 2024 North America Consulting Survey. Rankings and awards are based on insights from over 12,000 verified consulting professionals.\n7.3\n8.4\nIndustryStax\nInternal Mobility\n+1.1\n#10\nOverall \nDiversity\n#8\nEmployee \nSatisfaction\n#8\nLevel of \nChallenge\n#7\nPromotion \nPolicies\n#7\nInternal \nMobility\n#6\nIntl. \nOpportunity\n#5\nHealth and \nWellness\n#4\nBusiness \nOutlook\n#6\nBoutique \nConsulting\n#12\nBenefits\n#11\nInformal \nMentorship\n#10\nFormal \nTraining\n8.5\n9.2\nIndustryStax\nFirm Culture\n+0.7\nEmployee Satisfaction\n+0.8\n8.3\n9.1\nIndustryStax\n8.0\n8.8\nIndustryStax\nWork-Life Balance\n+0.8\nPromotion Policies\n+0.9\n8.1\n9.0\nIndustryStax\nTop Consulting\nFirm 2025\nFormal Training\n+1.2\n7.7\n8.9\nIndustryStax\nBest Management \nConsulting Firms 2025\nBest Firms to Work For\n2022, 2023, and 2024\nGlassdoor Overall Rankings\n(1)\nStax Big 5 Competitor\n4.4\n4.34.3\n4.2\n4.14.1\n4.0\n3.9\n3.83.8\n3.73.7\n3.53.5\n\n44\nSTRICTLY CONFIDENTIAL\nCompetitive Pay-for-Performance Compensation Model\n▪Structured to fall within the 75th percentile of the market, with top performers reaching the \n90th percentile\n‒Similar compensation strategy and banding in place for the Client Delivery Network\n‒Study underway to implement same model for Operations in 2025\n▪Salary bands ensure internal promotions are rewarded equitably without overvaluing \nexternal hires, demonstrating investment in maximizing tenure\n▪Merit-based salary increases determined by 4-point rating scale\n▪Robust benefits package and opportunity for equity ownership through Management \nIncentive Plan further enriches employees\n‒Management Incentive Plan available to Managers and above\nIncentive structure and attractive operating model strike a key balance between sustainable productivity and exciting projects\nPhilosophy and ApproachIndustry Benchmarking\n(1)\n2024 Average Cash Compensation by Skill Level\n(2)\n(1)Source: Aon 2024 Consultant Benchmarking Study. Reflects 50th percentile of compensation category by skill level for each group. MBB+ equivalent to Managing Director not available. MBB+ includes \nBain, Deloitte, EY, McKinsey, Oliver Wyman (Europe), and PwC. Tier 2 includes AlixPartners, Ankura, Chartis, Council Advisors, CRA Intl., FTI, Guidehouse, Keystone, Oliver Wyman, and Slalom.\n(2)Excludes Management Incentive Plan. \nMBB+Tier 2Stax\nACCSCMSMADDMD\n2023 Total Cash Compensation\nACCSCMSMADDMD\n2024 Cash Salary\nStax paid above market bonuses as a \npercentage of salary at all levels in 2023\nStax outpaced the market for salary \nincreases at all levels in 2024\nACCSCMSMADDMD\nACCSCMSMADDMD\n(Client Service Network; U.S. only)\n2023 Cash Bonus as % of Total Compensation2024 Cash Salary Increases\n$85\n$114\n$151\n$184\n$220\n$264\n$330\n$469\n$9\n$17\n$28\n$39\n$62\n$60\n$114\n$387\n$94\n$131\n$179\n$223\n$282\n$324\n$444\n$856\nAssociate\nConsultant\nConsultantSenior\nConsultant\nManagerSenior\nManager\nAssociate\nDirector\nDirectorManaging\nDirector\nCash BaseCash Bonus\n\n45\nSTRICTLY CONFIDENTIAL\n5\n33\n4\n3\n7\n10\n27\nManaging\nDirector\nDirectorAssociate\nDirector\nSenior\nManager\nManagerSenior\nConsultant\nConsultantAssociate\nConsultant\nStructured Recruiting Effort Provides Continuous Source of Talent\nDiversified talent pipeline ensures a steady stream of quality candidates\nOrganic Talent AcquisitionStrong Full-Time CSN Hires Across Skill LevelsSourcing Mix\nRecruiting Overview\nEarly CareersExperienced Hires\nStax targets hiring 10 Summer Associates/Co-Ops and 15 full-time Associate Consultants each year via campus targeting\nPriority Universities\nRelationships with on campus organizations \nand multiple events held per year\nOther Global Universities of Focus\nSources of recent successful hires\nCampus Targeting\nExpanded recruiting funnel to HBCUs, \nwomen’s colleges, etc.\n▪Strong track record of attracting lateral senior hires from \ncompetitors to build on existing offerings or expand into new \nareas of coverage\n▪Nearly 20% of experienced hires are sourced through employee \nreferrals\n▪Average offer acceptance rate of 73%\n▪Continued focus on driving branding efforts to improve candidate \npool\n26,000+ Applicants\n308 Interviews\n94 Offers Extended\n69 Offers Accepted\n(2024 firmwide recruiting statistics)(2024 – YTD Mar-25 new hires)(% of 2024 – YTD Mar-25 new hires)\n58%\n20%\n17%\n5%\nDirect Hire\nCampus\nReferral\nAgency\n\n46\nSTRICTLY CONFIDENTIAL\nWell-Defined Competency Model with Multiple Channels for Feedback\nCompetency and task relevant maturity models serve as the foundation to standardize feedback and expectations for each skill level across locations\nTask Relevant Maturity Model Provides Granular View of Task-Specific Proficiency\nImpact\nEnables global \nstaffing\nUnifies quality of \ndelivery\nProvides clarity and \nconfidence around \npromotion criteria\nEmphasizes merit-\nbased success \nmodel\nCore Consulting SkillsCommercial LeadershipSelf LeadershipPeople and Culture Leadership\nFeedback Facilities Development of Core Skills\nUse Case\n▪Used during project evaluations to assess \nconsultants’ technical effectiveness in \nspecific tasks and evaluate technical \ndevelopmental areas\nComponents\n▪Task category (e.g., survey \nmanagement)\n▪Specific tasks (e.g., survey design)\n▪Maturity levels\nGoal and Purpose\n▪Shift focus to skill level when completing a \ntask\n▪Standardized, efficient project feedback\n▪Differentiates expectations for same task \nacross levels\n▪Focuses on both qualitative and quantitative measures\n▪PowerBI performance dashboard\n▪Project feedback, debriefs, mid-year and year-end reviews\n▪Feedback on non-project Initiatives\n▪360 Feedback: upward, recognitions, special projects and \ninitiatives\n\n47\nSTRICTLY CONFIDENTIAL\nSignificant Opportunity for Upward Mobility\nStandardized career trajectory enables strong performers to progress through the organization\nClient Service Network Career Path\n(1)\n(1)CDN professionals have a similarly defined career path and competency model.\n(2)Reflects internal promotions from 2022 through Mar-25. Associate Consultant promotions reflect interns and co-ops that rejoined the Company as full-time employees.\n(3)Reflects the number of 2024 – YTD Mar-25 internal promotes as a percentage of employees that joined as or assumed a given skill level in 2024 – YTD Mar-25.\nAssociate ConsultantConsultantSenior Consultant\nManagerSenior ManagerAssociate Director\nDirector\nManaging Director\nProject FundamentalsWorkstream ExecutionDelivery ExcellenceProject ManagementProject ManagementClient Management\nBusiness Planning and \nExecution\nBusiness Planning and \nExecution\n▪Independently owns \nprimary workstream\n▪Capable of owning \nmultiple workstreams\n▪Drives full execution of \nworkstreams\n▪Takes ownership of \nnarrative\n▪Begins to gain \nverticalized expertise\n▪Provides strategic \ninsights and content \nexpertise\n▪Drives engagement \nsuccess and manages \nclient expectations\n▪Accountable for quality \nand efficiency of \ndelivery\n~12-Year Average Progression from Associate Consultant to Managing Director\nManaging Director7\nDirector8\nAssociate Director 14\nSenior Manager 8\nManager 14\nSenior Consultant 28\nConsultant 38\nAssociate Consultant 13\nCumulative Internal Promotions\n(2)\nHome-Grown Employees\n(3)\nManaging Director50%\nDirector40%\nAssociate Director20%\nSenior Manager 50%\nManager 57%\nSenior Consultant 59%\nConsultant47%\nAssociate Consultant 23%\n\n48\nSTRICTLY CONFIDENTIAL\nIn-House Training Amplifies Long-Term Career Satisfaction and Employee Potential\nTraining and development is a core tenet of Stax\nNote: Stax also hosts Stax Academy–a learning platform offering training modules to local youth and potential CDN talent–in Colombo, Sri Lanka.\n▪Skill-based training to support consultants during ramp period\n▪Formal sessions via classroom and in-project training for 1-4 \nweeks depending on seniority; subsequent project shadowing \nfor an additional 2-4 weeks\n▪Company and Operations Sessions covering internal resources \nand capabilities\n▪People Team Sessions covering benefits, resource \nmanagement, and professional development\n▪Delivery Excellence Sessions\n‒Getting Smart, Primary Research, Intro to Surveys, \nSecondary Research and Major Data Sources, Effective \nGuides Writing, Intro to Market Modeling, Business Writing, \nCreating Deliverables and Slides\nOnboarding\n▪Five to eight classroom hours per quarter, with additional on-\nthe-job and individual development plan (IDP) training\n▪Stax 2.0 Upskill Series\n‒Industry and Market Knowledge Sharing\n‒Productivity Tools\n‒Best Practice Alignment\n▪Half-Day Trainings by Level\n‒Senior Consultant: Effective Workstream Management, \nStoryboarding 101, Effective Communication, Delegation \nand In-Project Training\n‒Manager: Stax Project Management Playbook, Verticals and \nPractice Overview, Stax Mentor Model, Running Effective \n1:1s\n‒Senior Manager and Associate Director: Intro to Client \nManagement, Leveraging Coaching in People Development\n‒Director: Building your Book of Business, Building Effective \nTeams\n▪Personal Development and Culture Fundamental Series\n‒Self Accountability, Building a Feedback Culture, Resilience\nTraining Academy\n▪Development Programs\n‒Apprenticeship-based learning where employees develop \nthrough hands-on experiences, mentorship, and a \nfeedback-driven learning environment\n‒International exposure to facilitate global collaboration, \nstandardization of best practices and culture integration\n‒Employees receive performance feedback every few weeks \nthrough forms, debriefs, and more\n‒Internal training programs tailored to develop deep \ntechnical and management skills\n▪Communication and Transparency\n‒Regular town halls and leadership meetings, including firm-\nwide updates, senior meetings, and role-specific discussions\n‒Structured feedback mechanisms with performance \ndashboards to consolidate feedback, career progression \nmetrics, and training outcomes\n▪Flat Hierarchy and Leadership Access\n‒Employees at all levels have direct access to leadership\n‒Weekly leadership lunches, open-mics, and social initiatives \nacross offices\n▪Mentorship and Career Development\n‒Internal mentorship program and global staffing model \nfacilitates rapid employee development and connection\n‒Peer coaching initiatives to support career growth\n‒Mentors are accountable for supporting mentees, providing \nadvice and guidance based on development needs\nProfessional Development and Mentorship\nStructured \ntraining for all \nemployees, \nnew or old...\n...with \nnumerous \navenues for \ncontinuing \neducation\nAND\nAND\n\nOperations and Platform\n\n50\nSTRICTLY CONFIDENTIAL\nData-Driven, Purpose-Built Financial and Business Operations\n▪Data and reporting created to optimize every level of the professional services \neconomic value chain from opportunity generation to cash collection\n▪Real-time access to key business and operational KPIs enhances data-driven \ndecisions, including informed forecasting and opportunity tracking, improved capacity \nplanning, financial management, and prioritization\n▪Democratizes data through custom-built PowerBI visualizations, a user-friendly \ndesign, and robust training initiatives to empower users\nReal-time data enables agile management of the business against key indicators\nOverview of Stax INTEL\nInitiatives Focused on Driving Growth and Operational SustainabilityDashboards and Reports\nResource \nManagement\nProject \nManagement\nExpense \nManagement\nInvoice \nOversight\nRealization\nRevenue and \nDelivery Credit\nBillability and \nUtilization\nRevenue \nTracker\nA/R Analysis\nPerformance \nDevelopment\nClient Contract \nStatus\nRates and \nPricing\nLiberation of Data\n“Giving smart people the \nright data enables them to \nmake smart decisions”\nRobust, Transparent Reporting Improves Business Outcomes\nData Warehouse\n\n51\nSTRICTLY CONFIDENTIAL\nEarly AI Adoption Enhances Delivery Quality and Efficiency\n▪Improves speed and quality of analysis while creating high \ncaliber “architected” data for future use\n▪Cleans primary data for use with generative AI, searches for \nrelevant quotes, and interrogates transcripts to structure \nproject analyses \n▪Extends the utility of architected data for use cases beyond \ninitial project work\n▪Generative AI embedded into everyday use and broader \nworkflows to drive quality and speed enhancements\n▪Accelerates and strengthens thought-oriented processes at \nscale (slide review, eminence feedback, etc.)\n▪Integrations and connectivity with existing systems\nStreamlined access to proprietary data is paramount to sustained competitive advantage \nOverview of AthenaWorkflow Tools\nKnowledge management tool developed in-house dramatically lowers search barriers and accelerates access to depth of \ninstitutional knowledge; platform draws from over five years of Stax intellectual property to produce the relevant projects, \nslides, and Stax experts\nUsers can explore results at project and \nslide levels\nAthena transforms the ROI of searching \nfor Stax knowledge, unlocking previously \nunfeasible use cases\nIncorporates Athena Chat, an AI model \ntrained on Stax’s repository of knowledge\nProject \nInsights\nJunior\nEmbedded \nGen AI\nGPTs\nUser Prompt\nPrior Insights\nRelevant Slides\nPreviously \nUsed Experts\nResearch \nApproach\nProject Teams\nExpert Interview \nTranscripts\n1,100+\nDeliverables\n700+\nProposals\n75,000+\nSlides\n50,000+\nInterviews\n\n52\nSTRICTLY CONFIDENTIAL\nWorld-Class Leadership Team Operates an Efficient Client-Centric Organization Structure\nStax is led by a highly experienced, motivated, dynamic, and diverse senior team\nNote: Headcount as of March 2025. Client Service Network excludes two Research Associates paid hourly.\n(1)Includes 44 Operations employees in the United States, United Kingdom, and Sri Lanka.\nClient Service NetworkIntegrated Global Operations Team\n(1)\nClient Delivery Network\nAmy Schoeman\nGlobal Head of HR\nMeg Macumber\nGlobal Head of Finance\nLeslie Regenbaum\nGeneral Counsel\nJoe Brownell\nGlobal Head of Marketing\nConnor Novy\nChief of Staff and Head of Sales \nOperations\nHazir Shafeek\nGlobal Head of Data Insights & IT\nRuwindhu Peiris\nManaging Director\nPaul Edwards\nGlobal Practice Leader\nRegional Lead\n2\nManaging \nDirector\n9\nProduct Lead\n4\nDirector\n8\nSenior Manager\n8\nAssociate \nDirector\n9\nManager\n9\nConsultant\n21\nSenior \nConsultant\n18\nAssociate \nConsultant\n39\nDelivery Manager\n8\nSenior Delivery \nManager\n4\nLead\n17\nAnalyst\n6\nSenior Analyst\n14\nExecutive Leadership Team\nJayson Traxler\nChief Executive Officer\nMihaela Dumea\nDirector, Data and Business \nIntelligence\n\n53\nSTRICTLY CONFIDENTIAL\nWell-Invested Operational Platform Built to Serve Private Equity\nDeep bench of integrated global support functions designed to drive growth and operational efficiency\nNote: Headcount as of March 2025.\nMeg Macumber\nGlobal Head of Finance\nAmy Schoeman\nGlobal Head of Human Resources\nJoe Brownell\nGlobal Head of Marketing\nLeslie Regenbaum\nGeneral Counsel\nConnor Novy\nChief of Staff / Head of Sales Operations\nPeople Operations (5)Marketing Strategist (4)\nFinance, IT, and Business OperationsHuman ResourcesMarketingLegalData and Business IntelligenceSales Operations\nHazir Shafeek\nGlobal Head of Data Insights and IT\nCompliance and GovernanceSales Operations\n11\nEmployees\n6\nEmployees\n6\nEmployees\n3\nEmployees\nJayson Traxler\nChief Executive Officer\nMihaela Dumea\nDirector, Data and Business Intelligence\nController\nHead of Business Operations\nProfessional Development (2)\nTalent Acquisition (2)\nHR Business Partner\nProduction ManagerLegal CounselFinancial Insights and BI\nDigital Engineering (3)\nCommercial Strategy and Enablement (2)\nIT and Help Desk Support (4)\nFinance and Accounting (6)\nPayroll and Benefits\nFinancial Sponsors Coverage\n3\nEmployees\nStax can scale revenue without adding significant operations headcount\n23\nEmployees\nAdministrative (8)\n\nGrowth Strategy\n\n55\nSTRICTLY CONFIDENTIAL\nMulti-Pronged Growth Strategy Drives Confidence in the Next Chapter of the Company\nTangible and achievable organic growth in the near term with substantial opportunity to drive additional value creation via M&A\n▪Strategically hire senior \nprofessionals to build \ndensity in core verticals \nand expand capabilities\n▪Build density across \ncurrent locations, \nexpanding \napprenticeship model to \nfurther attract and \ndevelop mid/junior \ntalent\nAttract, Develop, \nand Retain Talent\n▪Continue building \nmomentum in the U.K. \nto expand market \npresence\n▪Strategically grow \nheadcount and client \nleadership in New York \noffice\n▪Establish local presence \nin new geographic \nmarkets through organic \ngreenfield locations in \nthe United States and \nEurope\n▪Continue to protect \nunique culture via \nplanful expansion\nBroaden Geographic \nPresence\n▪Capitalize on advisory, \nbespoke nature of work, \nand pricing umbrella \nrelative to MBB+ to \nrealize due diligence \nprice increases \nnationally and abroad\n▪Raise prices in value \ncreation to be more in-\nline with client impact, \nresults, and ROI\n▪Expand number of \naccounts with average \nproject size of $400K+ \nwith ample cross-sell \nopportunities and need \nfor multiple projects per \nyear\nExert \nPricing Power\n▪Focus on accelerating the \nexecution of M&A \nplaybook\n▪Expand into new \ngeographies, new \nservice lines, and build \nscale in existing markets\n▪Opportunistically \nevaluate larger-scale \ntransformative M&A \ntargets\nIdentify and Execute \non Acquisitions\n▪Further optimize cross-\nsell strategy to deepen \ndensity across core \naccounts through scaled \ninside sales strategy\n▪Target key private equity \nclients where \nreferenceable work \nprovides opportunity for \nfurther penetration in \nprojects that command \nmore premium bill rates\nMaximize Wallet \nShare and Cross-Sell\n▪Scale coverage and \ncontent intersection \nacross private equity and \ninvestment banks\n▪Further scale dedicated \nbusiness development \nteam to broaden coverage \nuniverse\n▪Centralize, scale, and \nmanage external \nindividual, account, and \nsubsector communications\nScale Client \nCoverage\n▪Leverage reputation and \ndifferentiated \nexperience in key \nverticals with high win \nrates across market \nsegments\n▪Introduce new verticals \nsuch as government or \naerospace and defense \nthrough de novo efforts \nor experienced senior \nhires \nDeepen Vertical \nExpertise\n▪Capitalize on hedge \nfunds’ growing inbound \ndemand for market \nresearch \n▪Introduce new purpose-\nbuilt products such as \ntechnology due \ndiligence, financial due \ndiligence, operational \ndue diligence, and ESG \nand sustainability \ndiligence through \nintegrated go-to-market \napproach\nExpand Capabilities \nand Client Profiles\nGrowExpandTransform\n\n56\nSTRICTLY CONFIDENTIAL\nWiden Referral Channel to Optimize Business Development Efforts\nCultivate and expand business development relationships with large cap private equity firms \nBroaden and Deepen Large Cap Private Equity Relationships \n$8.3M\n$11.0M\n2018 - 20212022 - LTM Mar-25\nGrowth Plan Current Strengths \n▪Proactively enhance and revitalize partnerships with large \ncap clients\n▪Reposition value proposition as a trusted advisory partner\n▪Schedule regular in-person meetings to strengthen \nconnections\n▪Prioritize targeted outreach and proposals aimed \nspecifically at large cap opportunities\n▪Fosters collaborative partnerships, ensuring alignment with \nthe long-term objectives of large cap clients\n▪Strong brand recognition among large cap funds facilitates \nmarket entry for new large cap clients\n▪Strategic account coverage plan across large cap funds \nenhances relationships and drives customer stickiness \nLargest Private Equity Firms\n(1)\n(1)Source: Private Equity International. Dollars in billions. Ranking based on private equity capital raised between 1/1/2019 to 12/31/2023. Excludes credit, secondaries, and real asset focused \nmanagers. Shading reflects Stax project counts between 2018 and Mar-25.\n(2)Reflects average annual revenue from Large Cap Private Equity and Public Investor key accounts designated as of Q1-25.\n1-5 Projects6-10 Projects11+ Projects\nNo.SponsorRaised\n1\nBlackstone$124\n2\nKKR$103\n3\nEQT$99\n4\nCVC Capital Partners$78\n5\nTPG$62\n6\nThe Carlyle Group$60\n7\nThoma Bravo$59\n8\nAdvent International$53\n9\nWarburg Pincus$52\n10\nHg$51\n11\nCD&R$50\n12\nSilver Lake$49\n13\nHellman & Friedman$47\n14\nVista Equity Partners$45\n15\nGeneral Atlantic$43\nNo.SponsorRaised\n16\nClearlake Capital$43\n17\nGoldman Sachs$42\n18\nLeonard Green$41\n19\nTA Associates$40\n20\nPermira$37\n21\nBain Capital$37\n22\nInsight Partners$35\n23\nCinven$35\n24\nGenstar Capital$32\n25\nFrancisco Partners$30\n26\nAres Management$30\n27\nApollo Global$29\n28\nPartners Group$28\n29\nBridgepoint$23\n30\nGTCR$23\nDirect experience on \nprior transactions\nVertical and product \nsector expertise\nBalanced approach between \ncomplex situations and \ntailored need \nBetter value for add-ons that \ndo not need breadth/depth\nStax Large Cap Value Proposition\nNet Revenue from Key Large Cap Accounts\n(2)\n\n57\nSTRICTLY CONFIDENTIAL\nWiden Referral Channel to Optimize Business Development Efforts\nCultivate and expand business development relationships with investment banks\nU.S. M&A League Tables\n(1)\nGrow Investment Banking Referral Channel\n(1)Source: Dealogic. Reflects transactions announced between 12/31/2014 and 12/31/2024 with private equity involvement. Shading reflects Stax project counts between 2018 and Mar-25.\nStrengthen Existing Investment Bank RelationshipsFoster Relationships with New Investment Banks\n▪Investment banks provide a pipeline of sell-side \nopportunities through client referrals\n▪Ongoing dialogue and recurring touchpoints provides \nintelligence on in-market buy-sides and potential value \ncreation opportunities\n▪Growing breadth and depth of content provides \nreferenceable work to expand scope of service\n▪Demonstrate capabilities to preeminent investment banks \nthat have historically been an unlikely referral source to \npenetrate additional pockets of the market\n▪Leverage network of lateral hires, geographic expansion, \nand expanded verticals of coverage to develop \nrelationships with specialized regional and industry \nboutiques\nRoom for Additional Wallet Share with Key Recent \nInvestment Banking Partners\nSignificant Opportunity for Business Development in \nthe Broader M&A Market\n1-5 Projects6-10 Projects11+ Projects\nNo.AdvisorDeals\n1Houlihan Lokey904\n2Goldman Sachs762\n3Jefferies631\n4William Blair552\n5JPMorgan547\n6Morgan Stanley514\n7Baird505\n8Lincoln Intl.456\n9Piper Sandler453\n10UBS434\n11Raymond James383\n12PNC Bank363\n13Moelis355\n14Bank of America351\n15Evercore346\nNo.AdvisorDeals\n16Lazard315\n17Barclays307\n18Citi295\n19Stifel257\n20RBC248\n21Rothschild236\n22Canaccord215\n23KeyBanc180\n24Guggenheim160\n25BMO142\n26Deutsche Bank139\n27Centerview133\n28Truist130\n29Macquarie119\n30KPMG108\nNet Revenue from Sell-Sides Referred by Investment Banks\n$1.0M\n$1.1M\n$13.3M\n$18.0M\n$20.6M\n2018202020222024 LTM Mar-25\n\n58\nSTRICTLY CONFIDENTIAL\nMaximize Wallet Share and Cross-Sell Opportunities with Existing Clients\nUpsell core offerings to capture larger share of deal volume within established private equity relationships\nExpansion of OfferingsSignificant Whitespace Available Within Current Client Base\nValue Creation\nEmbedded Data \nAnalytics and \nSustainability\nAI Diagnostic, Piloting, \nand Scaled Adoption\nInitiative Deployment, \nMarket Piloting, and \nGrowth Office \nGovernance\nSell-Side \nCommercial \nDue Diligence\nScale Dedicated \nResources to Optimize \nPitch and Delivery \nProcess\nExpand Sales Team to \nDeepen Content \nCoverage to Facilitate \nBank Penetration\nFurther Integrate \nBusiness Units to \nMaximize Value of \nMarket Intelligence \nAcross Offerings\nBuy-Side \nCommercial \nDue Diligence\nIncrease Coverage \nVerticals to Better Serve \nFunds with Broad \nInvestment Theses\nFill Content and \nExpertise Gaps to Elevate \nDelivery to Higher-\nVolume Upper MM and \nLarge Cap Sponsors\nTarget Additional Public \nEquity Investors to \nFurther Diversify Profile \nof Transactions \nEvaluated\nPrivate Equity Client Count\nEstimated Current Serviceable Available Market (SAM) Penetration\n~2% \nPenetration of \nICP Estimated \nSpend\n~5% \nPenetration of \nCurrent Client \nEstimated \nSpend\nStrong right to grow through wallet share \nand new logo expansion with ~$1.3 billion in \nattainable whitespace across core products\nCurrent vs. Target Service Line Mix\nTBU?\n75\n100\n129\n20192021TTM Mar-25\n44%\n37%\n15%\n4%\nBuy-Side\nSell-Side\nValue Creation\nOther\nLTM \nMar-25\n37%\n37%\n24%\n2%\n2030P \nOrganic\n~$0.1M\n~$1.3M\n~$3.2M\n~$5.2M\nCurrent Stax Revenue\nwithin SAM\nEstimated SAM within\nCurrent Clients\nMiddle Market Ideal Client\nProfile (ICP) SAM\nNorth America and U.K.\nTotal SAM\n\n59\nSTRICTLY CONFIDENTIAL\nAttract, Develop, and Retain Talent to Capitalize on Growth\n▪Dedicated and growing talent acquisition team manages the hiring funnel to identify \nand pursue candidates with experience to strengthen core offerings or expand areas \nof coverage\n▪Continued branding initiatives and increased visibility online will yield additional hires \nfrom a broader pool of candidates\n▪Proven ability to attract senior- and mid-level hires with experience at top-tier firms\nContinue winning talent through targeted recruitment efforts and growth-oriented culture\nStrategic Approach to Fostering Junior Growth Lateral Experienced Hire Recruiting\nOrganic Client Service Network ExpansionProjected Growth in Productivity\nNet Revenue per Director and Managing Director\nProjects Invoiced per Director and Managing Director\nDirector and Managing Director HeadcountAll Other CSN Headcount\nConsulting \nSkills\nDevelopment \nPrograms\nProject Delivery Excellence Series: Primary, secondary, survey, and modeling \ntraining\nAssociate \nConsultants and \nConsultants\nSenior \nConsultants and \nManagers\nProject Management Excellence Series: Project management and economics, \nstoryboarding, running effective team meetings, and presentation training\n▪Proven track record of developing young talent within Stax, leading to a strong team \nof tenured senior employees contributing the sustained success\n▪Recruiting junior talent has enabled employees to acquire foundational skills \neffectively and efficiently\n▪Onboarding young talent has fostered adaptability to Stax practices and strengthened \nemployee loyalty\n24\n25\n36\n49\nMar-252025E2028P2030P\n106\n122\n180\n246\nMar-252025E2028P2030P\n10.8\n11.4\n12.0\n12.5\nLTM Mar-252025E2028P2030P\n$3.9M\n$3.7M\n$4.7M\n$5.4M\nLTM Mar-252025E2028P2030P\n\n60\nSTRICTLY CONFIDENTIAL\nProven Vertical Expertise and Journey\nRoom to build subsector density in core verticals, as we as deepen expertise in other targeted industry verticals\nCurrent Vertical MaturityVertical Growth Opportunities\nStrong Growth within Key Verticals Expansion Opportunities within Core Verticals \n$5\n$10\n$11\n$27\n$31\n$30\n$33\n$36\n$6\n$6\n$6\n$11\n$17\n$16\n$18\n$20\n$11\n$16\n$18\n$39\n$48\n$46\n$51\n$56\n2018201920202021202220232024LTM\nMar-25\nTechnologyServices\n(Net Revenue; $ in millions)\n▪Organized depth and breadth of referenceable work\n▪Subsector expertise\n▪Sector-specific senior recruitment \n▪Scaled sector-specific maturity and communication\n▪Subsector account targeting and planning\n▪Vertical planning\n▪Increase in opportunity volume \n▪Increase in win rate \n▪Increase in average project size\n▪Expansion in private equity and investment banking \naccounts leveraging Stax within a vertical \n▪Above market performance \n▪Outsized opportunities through investment banks and large \ncap private equity \nVertical EnablersImpact\nPlan to leverage existing verticals to deepen market presence \nand strategically expand into new sectors, will drive \nsustained growth\nIndustrials \nTechnology \nServices \nHealthcare \nAerospace & \nDefense \nConsumer\nGovernment \n& Public \nImpact\nEnablers\nFully EvolvedDevelopingExpansion Verticals \n2018 – LTM Mar-25 CAGR: 30%\n\n61\nSTRICTLY CONFIDENTIAL\nExpand Capabilities and Client Profiles\nStax’s focus on relationships cultivates a deep understanding of clients' needs and the specific areas where they require assistance\nDeal-Related ServicesNon-Deal Related ServicesClient Type Expansion\n▪Presence and \ndemonstrated \nsuccess in \nsupporting software \nand technology \nengagements \ncreates natural \navenue for \nexpansion\n▪Ingrained cross-sell \nfrom standard \ncommercial \ndiligence and value \ncreation projects\nTechnology Due \nDiligence\n▪Well-defined and \nsynergistic offering, \nnatural extension of \nexisting value \ncreation \nengagements\n▪Accelerated entry \nfeasible via hiring or \nM&A, healthy \npipeline of potential \ntargets\nProcurement \nOptimization\n▪Natural extension of \nvalue creation to \nimplement best \npractices observed \nin premium assets \nacross industries\nOperations \nPlanning and \nOptimization\n▪Rising need for \nassessment of risks, \ninefficiencies, and \noperational gaps as \ncompanies face \nincreasing scrutiny \nfrom potential \ninvestors during \ndiligence\nOperational Due \nDiligence\n▪Enable Stax to \ncapitalize on the \ngrowing market for \ndebt investments \nand drive demand \nduring economic \ndownturns by \nleveraging credit \nfunds' insulation \nfrom M&A market \nfluctuations\nCredit Funds \n▪Foster long-term \nrelationships that \nendure through \neconomic \ndownturns, \ngenerating a steady \npipeline of new \nclients across family \noffice portfolios\nFamily Offices\n▪Demonstrated \nsuccess \ntransitioning from \nM&A to hedge fund \nclients during \neconomic \ndownturns, \nleveraging large \nclients to generate \nrecurring demand \nfor market research \nacross economic \ncycles\nHedge Funds \n▪In-demand offering \nof critical focus for \nprivate equity \ncompanies as AI \nstrategy becomes \n“need-to-have” and \neffective AI \nintegration \nbecomes a key \nsource of private \nequity value \ncreation\n▪Potential to serve \nprivate equity funds \n(broad fund-level AI \nstrategy) and each \nportfolio company\nAI Enablement \nand Deployment\n\n62\nSTRICTLY CONFIDENTIAL\nStrategically Expand Geographic Footprint\nOpportunity to strategically expand into new geographies and expand within current markets\nOpportunistic Regional ExpansionCapitalize on Momentum in Additional Geographies\nDemonstrated organic expansion \nin Chicago and New York\nSuccessful inorganic growth in London\nSignificant opportunity to grow \nwallet share in existing markets\nIntegrate planful culture and process \nexpansion into new markets \nReplicating the Stax Engine overseas – \nRaise the Profile, Build the Team\nBuy-Side, Sell-Side, Value Creation\n5+ Verticals\nMiddle Market and Large Cap Focus\n30+ Consultants\nAcquired in October 2022 to \nfacilitate U.K. expansion\nCDD Focus\nPrimarily Events\nLower Price Point\n10 Consultants\nComplete MBB+ transition to autonomous, \nself-sustaining, integrated machine\nBuy-Side, Sell-Side, Value Creation\n10 Verticals\nMiddle Market and Large Cap Focus\n40+ Consultants\n2025-2030Today\n2025-2030Today\nKey Selection Factors for New Markets\n✓Proximity and expertise \n✓Ability to have cultural alignment \n✓Sizable private equity market \n✓Available talent\n✓Existing client density \n✓Competitive differentiation\nGrowth Framework\nTexas and \nCalifornia\nNordics and \nDACH\nBoston\nNew York and \nChicago\nLondon\nInorganic Expansion\nKey Accomplishments to Date\nU.K. Private Equity and Transactional Net Revenue\nDirector and Managing Director Headcount\nChicagoNew YorkLondonBoston\n$0.9M\n$2.9M\n20222024\n2\n7\n2022 25-Mar\n44\n2022 25-Mar\n6\n12\n2022 25-Mar\n0\n1\n2022 25-Mar\n\n63\nSTRICTLY CONFIDENTIAL\nOpportunity to Further Capture Pricing Through Advisory Journey\nStax’s compelling value to its clients, along with higher pricing by competitors, creates favorable environment for price increases\nShift to Content Advisory Unlocks Further Pricing OpportunitiesTrack Record of Successful Increases in Client Value \nAverage Client Service Network Bill Rate\nAverage Director and Managing Director Headcount\nDirector and Managing Director Billable Hours\nTypical Engagement Price\n$100K$250K$500K$800K-$1M\nBreadth and Depth of Offering\nStax is positioned to capture \npricing consistent with client \nimpact, results, and ROI delivered \nwithout risking relationships\nUpper / Middle Market & Growth Funds\n(Europe)\nPurposeful Shift to “Strategic Advisory” Drives Increased Pricing\nDeliver DataDeliver ResearchDeliver Strategy Deliver Advisory\n$353\n$420\n$429\n$449\n$493\n$542\n202220242025E2026P2028P2030P\n10\n18\n23\n27\n36\n49\n202220242025E2026P2028P2030P\n7,105\n8,854\n11,044\n13,052\n18,210\n25,374\n202220242025E2026P2028P2030P\n\n64\nSTRICTLY CONFIDENTIAL\nTargetRegion\nCapabilitiesAcquisition Type Revenue\nCompany ASoutheastTechnology due diligence and value creationTransformational~$80M\nCompany BSouthwestGo-to-market performance improvementTransformational~$75M\nCompany CUnited KingdomCommercial due diligenceTransformational~$50M\nCompany DMidwestPricing strategy and performance improvementTransformational~$75M\nCompany EMidwestOffice of the CFO and financial due diligenceTransformational~$75M\nCompany FUnited KingdomHealthcare commercial due diligence Tuck-In~$10M\nCompany GNortheastCommercial due diligenceTuck-In~$7M\nCompany HSouth CentralDefense commercial due diligenceTuck-In~$15M \nCompany INortheastPrivate equity performance improvement Transformational~$50M\nCompany JWestSoftware and tech based due diligence Tuck-In~$10M\nCompany KSouth CentralTech due diligence and value creation Tuck-In~$10M\nCompany LSouthwestTech due diligence and office of the CTOTuck-In~$8M\nUnited Kingdom Commercial due diligence Tuck-In~$5M\nMid-Atlantic Defense commercial due diligenceTuck-In ~$15M\nTotal~$485M\nSignificant Value Accretive M&A Opportunity and In-House Expertise \n▪Leverages CEO's experience in professional services strategy and corporate development\n▪M&A is evaluated on a risk adjusted continuum and compares opportunities such as greenfield expansion, \nacqui-hires, and acquisitions\n▪Stax maintains a strict acquisition investment criteria that must satisfy proven \"Deal Equation\" across \nmultiple dimensions\n‒Strategic Fit: Enhance defined product offering, industry expertise, or geography\n‒Cultural Fit: Similar margin and KPI profile and positive purchase price multiple\n‒Economic Fit: Ability to thrive within Stax business model\n▪Established and repeatable integration playbook with emphasis on a “day-one” plan\nStax has invested in the transition from founder-owned business to a world-class operating platform of scale and is positioned to grow via acquisitions\nStax is an Acquirer of ChoiceRobust and Selective M&A Criteria and Integration Process\nAreas of Focus When Evaluating M&A\nIllustrative Acquisition Target List\nCapitalize on cross-selling and repeat client demand\nHighly specialized expertise to provide actionable, data-driven answers for clients\nDifferentiated culture and operating model generates wins in the “war for talent”\nAdditional resources that come from a larger company\nEquity value creation opportunity through incentive plan\n1\n2\n3\n4\n5\nConsulting is a highly fragmented market with opportunity for M&A\nA- Crosslake\nB –SBI\nC- CIL\nD - Insight2Profit\nE - E78\nF - Candesic \nG - Arnovia \nH - Next F&D\nI - Beck Way \nJ – PASG\nK - ThinkTiv \nL - Waypoint\nM - Fairgrove\nN - Nextfed\n▪Continental Europe\n▪Middle East and Asia Pacific\nGain Geographic \nDiversification\n▪Tech due diligence\n▪Financial due diligence\n▪Operational improvement\nBuild Complementary \nService Offerings\n▪Aerospace and Defense\n▪Healthcare\nExpand Industries of \nCoverage\n•To remove target names\n\nFinancial Overview\n\n66\nSTRICTLY CONFIDENTIAL\n$2.7M\n$4.5M\n$0.5M\n$1.4M\n$0.2M\n$0.6M\n$3.5M\n$6.5M\nQ1-24Q1-25\nServicesHealthcareConsumer\nStrong Performance in Q1 with Favorable Momentum Heading Into Remainder of 2025\nContinued significant performance in Q1 couples with strong tailwinds from recent headcount additions\nStrong Performance in Early 2025Growing Contribution from New Hires\nIncreasing Momentum in Targeted VerticalsRamping Net Revenue Contribution from Value Creation and United Kingdom\n(1)All Managing Directors hired in the second half of their respective cohort year. 2022 cohort includes 2 hire, 2023 cohort includes 2 hires, and 2024 cohort includes 1 hires.\n(Net Revenue)\n(Net Revenue)\n$15.5M\n$20.5M\nQ1-24Q1-25\n$2.6M\n$2.3M\n$3.8M\n$0.7M\n$0.8M\n$1.5M\nQ4-24Q1-25Avg. Q2-Q4 2025E\nValue CreationUnited Kingdom\n64%\nYoY Growth\n19\n24\nNov-24Mar-25\nRecent senior hires will drive meaningful revenue \ngrowth as they continue to ramp\n930\n1,240\n71\n667\n69\nLTM Mar-24LTM Mar-25\n2022 Hires2023 Hires2024 Hires\nAn improving M&A market will provide additional upside\nYoY Growth\n839%\n33%\nDirector and Managing Director HeadcountBillable Hours by Managing Director Cohort\n(1)\nYoY Growth\n33%\n202%\n154%\n\n67\nSTRICTLY CONFIDENTIAL\nCompelling Long-Term Outlook Underpinned by Track Record of Consistent Growth\nHighly attractive financial profile driven by demonstrated ability to expand already impressive margins\nPro Forma Adjusted Net Revenue\nOrganic Gross Profit and Margin\nPro Forma Adjusted EBITDA and Margin\n($ in millions)\n($ in millions)\n($ in millions)\n$39\n$44\n$48\n$54\n$70\n$88\n$109\n$136\n$168\n61.0%\n62.0%\n63.1%\n59.5%\n60.5%\n61.0%61.0%61.0%61.0%\n20232024LTM Mar-252025E2026P2027P2028P2029P2030P\n$42\n$54\n$69\n$89\n$112\n$4\n$10\n$19\n$30\n$45\n$19\n$24\n$27\n$31\n$46\n$65\n$88\n$119\n$157\n29.3%\n33.5%\n35.6%\n33.3%\n36.2%\n38.0%\n39.0%\n39.9%\n40.9%\n20232024LTM Mar-252025E2026P2027P2028P2029P2030P\nOrganicAcquired\n$115\n$143\n$179\n$223\n$275\n$12\n$27\n$48\n$75\n$110\n$64\n$71\n$76\n$91\n$127\n$170\n$226\n$298\n$385\n20232024LTM Mar-252025E2026P2027P2028P2029P2030P\nOrganicAcquired\n\n68\nSTRICTLY CONFIDENTIAL\nBridge to 2030P Revenue\nPathway to ~$385 million of net revenue by 2030\nNote: 2020 reflects reported Net Revenue. Other includes growth in Reimbursables and Tech & Admin.\nFoundation Established to Support the Next Stage of Growth\n($ in millions)\n2020 Net \nRevenue\nHeadcountUtilizationBill RatesRealizationOther2025E Net \nRevenue\nHeadcountUtilizationBill RatesRealizationOther2030P Organic \nNet Revenue\nAcquisitions2030P Net \nRevenue Incl. \nM&A\n\n69\nSTRICTLY CONFIDENTIAL\nMultiple Levers to Boost Productivity and Expand Margins\nAssumptions embedded into the forecast for strong organic growth and profitability\nRealization RateOperating Leverage\nUtilization Rate\n(1)\nProjects Invoiced per Director/Managing Director\n(1)Based on 2,080 available hours less 290 firm holiday and PTO hours, net of billable adjustments by skill level (50% for Directors and Managing Directors; 75% for Senior Managers and Associate \nDirectors) per management’s view.\n(Operating Expenses as a % of Net Revenue)\n(Client Service Network)\n87.2%\n88.2%\n89.1%\n90.0%\n90.9%\n91.8%\n2025E2026P2027P2028P2029P2030P\n95.8%\n96.8%\n97.8%\n98.8%\n99.8%\n100.0%\n2025E2026P2027P2028P2029P2030P\n25.6%\n24.3%\n23.2%\n22.2%\n21.2%\n20.3%\n2025E2026P2027P2028P2029P2030P\n11.9\n12.2\n12.5\n12.7\n12.9\n13.2\n2025E2026P2027P2028P2029P2030P\n\n70\nSTRICTLY CONFIDENTIAL\nAttractive Financial Profile Anchored by Exceptional Margins and Strong Cash Flow\nOngoing margin expansion driven by operating leverage and continued optimization of delivery model and pricing\nStrong Cash Flow GenerationBest-in-Class Margin Profile\n(2)\nProven Ability to Scale EBITDA Margins\n(2)\n(1)Reflects 2023 and 2024 reported capital expenditures.\n(2)Reflects 2025E.\nEfficiently operates with limited cash tied up in working capitalGross margins driven by efficient service delivery and compelling value for clients\nOngoing margin expansion driven by operating leverage and continued optimization of delivery model and pricing\n29.3%\n33.5%\n35.6%\n33.9%\n36.2%\n38.0%\n39.0%\n39.9%\n40.9%\n20232024LTM Mar-252025E2026P2027P2028P2029P2030P\n(Pro Forma Adjusted)\n~97%\nFCF Conversion\nLimited\nWorking Capital \nRequirements\n~$0.5M\nHistorical Annual\n Capex\n(1)\n34%\nStrong and Increasing \nEBITDA Margins\nEfficient and \nScalable SG&A\n60%\nGross Margin\n\n71\nSTRICTLY CONFIDENTIAL\nSummary of Diligence Adjustments\n1.Removes the impact of expenses incurred \nrelated to the current Owners which will not \ncontinue post-close\n2.Normalizes (i) the impact of large signing \nbonuses & recruiting costs for high-level \npersonnel, and (ii) back-office personnel costs\n3.Includes various adjustments for \nnormalizations, removal of the now-\ndiscontinued Colombo direct operations, and \nremoval of non-recurring items\n4.Quantifies the pro forma impact of capacity-\nrelated lost revenue due to the secondment \nprogram\n5.Quantifies the impact of MD compensation \nprior to revenue generation or significant \nbillable hours\nSummary of Quality of EarningsCommentary\n▪Text\n($ in millions)20232024LTM Mar-25 \nReported EBITDA\n$13.7$18.4$21.3\nAcquisition Adjustments–––\nAcquisition Adjusted EBITDA\n$13.7$18.4$21.3\nNon-Operating Owner Expense Removal2.61.9 1.9\nCompensation Adjustments1.4 1.51.3 \nOther Diligence Adjustments0.90.60.6\nDiligence Adjusted EBITDA\n$18.6$22.4$25.1\nSecondment Revenue Impact–1.21.2\nMD Ramp-Up Compensation0.30.40.9\nPro Forma Adjusted EBITDA $18.9$23.9$27.2\n1\n2\n3\n4\n5\n1\n2\n3\n4\n5\nClean EBITDA with high cash flow generation"
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"text": "\n\nApril 2025\nConfidential Information Presentation\nDRAFT\nAs of 4/24/2025 11:49 AM\n\n2\nSTRICTLY CONFIDENTIAL\nImportant Information and Transaction Team\nThis Confidential Information Presentation (the “Presentation”) is intended solely for the use of prospective investors in determining whether or not to pursue the proposed transaction with Stax Holding Company, LLC (“Stax” or the “Company”). The Presentation is of a \nproprietary and confidential nature and is only being furnished to those parties who have agreed to be bound by the terms and conditions of the previously executed confidentiality agreement (the “Confidentiality Agreement”). William Blair & Company, L.L.C. (“William \nBlair”) has been retained by the Company as its financial advisor.\nBy accepting this Presentation, the recipient agrees that it will, and it will cause its directors, officers, employees, and representatives to, use this Presentation and all of the information contained herein only to evaluate a specific negotiated transaction with the Company \nand for no other purpose and shall return this Presentation together with any copies to William Blair upon request. This Presentation contains confidential, non-public information concerning the Company. Receipt of this Presentation constitutes your acknowledgment \nthat you will maintain the information contained herein in strict confidence. \nThis Presentation does not constitute (i) any offer to sell or the solicitation of an offer to buy any securities or assets of the Company or (ii) any offer or recommendation to enter into any transaction referenced herein.\nAll information contained herein has been provided by the Company or other sources that William Blair deems reliable. However, William Blair has not independently verified any of the information contained herein, including financial estimates and projections. This \nPresentation includes certain statements, estimates, and projections provided by the Company with respect to its anticipated future performance. Such statements, estimates, and projections reflect various assumptions concerning anticipated results, which assumptions \nmay or may not prove to be correct. The information contained in the Presentation, including financial statements, projections and estimates, (a) is not necessarily indicative of current value or future performance, which may be significantly more or less favorable than as \nreflected herein; (b) has not been independently verified and cannot be regarded as forecasts; and (c) and is based on assumptions and analysis available at the time this Presentation was prepared. Unless expressly stated otherwise, this Presentation presents information \nwith respect to the Company as of the date of the Presentation and should not be construed to indicate that the business of the Company remains unchanged since the date of this Presentation.\nThe products, product names, logos, brands, and their trademarks featured or displayed within the Presentation are the property of their respective trademark owners, who are not affiliated with, nor do they sponsor or endorse, the Company nor the Company’s services.\nThis Presentation does not purport to contain all of the information that may be necessary or appropriate to evaluate the proposed transaction, and any recipient hereof should conduct its own independent analysis of the Company and the data contained or referred to \nherein. Neither the Company nor William Blair is acting as financial advisor, intermediary or distributor of securities, or in any fiduciary capacity of any kind to the recipient or any other prospective purchaser. The recipient should also seek advice from its own specialized \nadvisors (including financial, legal, accounting and tax) in conducting such analysis.\nIn furnishing this Presentation, neither the Company nor William Blair undertakes any obligation to provide additional information or to correct or update any of the information set forth in this Presentation. The Company and William Blair reserve the right to amend or \nreplace this Presentation at any time. The Company reserves the right in its sole discretion, with or without notice, to interrupt, modify or terminate, at any time, solicitations of interest for the proposed transaction or any future participation in the investigation, discussion \nand proposal process for a proposed transaction with any party.\nNeither the Company nor William Blair makes any representation or warranty, expressed or implied, as to the accuracy or completeness of the information contained in this Presentation, or made available, orally or in writing, in connection with any further investigation of \nthe Company, and nothing contained herein is, or shall be relied upon as, a promise or representation, whether as to the past or the future. The Company and William Blair expressly disclaim any liability relating to or resulting from the use, distribution or analysis of this \nPresentation. The recipient should rely solely on the representations and warranties made to it by the Company in any executed definitive agreement. \nNothing herein is intended to in any way modify, amend or supersede any of the terms and conditions set forth in the Confidentiality Agreement, which remains in full force and effect in accordance with its terms. This Presentation is intended to be delivered solely to \nparties bound by the terms of the Confidentiality Agreement and possession and use of the Presentation is subject to the terms thereof. This Presentation may not be photocopied or otherwise reproduced or distributed except in strict accordance with the terms of the \nConfidentiality Agreement.\nInquiries should be directed only to the below named persons. Under no circumstances should the Company or any of its associates, clients or vendors be contacted directly. If you have any questions or need additional information, please contact:\nTim McHugh\nManaging Director\n+1 (312) 364-8229\ntmchugh@williamblair.com \nJustine Chiou\nManaging Director\n+1 (312) 364-5086\njchiou@williamblair.com \nMiles Gornto \nDirector\n+1 (470) 351-6950\nmgornto@williamblair.com \nOscar Mendez\nVice President\n+1 (312) 364-5460\nomendez@williamblair.com\nWilliam Hyatt \nAssociate\n+1 (312) 601-9764\nwhyatt@williamblair.com\nAnna Lee Melton\nAnalyst\n+1 (312) 364-8155\namelton@williamblair.com \nAlvaro Flores\nAnalyst\n+1 (212) 237-2794\naflores@williamblair.com \nTransaction Team Contacts\n\n3\nSTRICTLY CONFIDENTIAL\nSection I\nExecutive Summary\nSection II\nIndustry Overview\nSection III\nService Lines\nSection IV\nClient Relationships\nSection V\nGo-to-Market Strategy\nSection VI\nCulture and Talent Management\nSection VII\nOperations and Platform\nSection VIII\nGrowth Strategy\nSection IX\nFinancial Overview\nContents\n\nExecutive Summary\n\n5\nSTRICTLY CONFIDENTIAL\n5\nSTRICTLY CONFIDENTIAL\nStax at a Glance\nGlobal strategy consultancy platform providing actionable, data-driven answers to clients’ critical \nstrategic questions\n▪Leading global advisory firm that provides a complementary suite of commercial due diligence (CDD), value creation, and exit \nplanning services\n▪Purpose-built to serve the private equity community and their portfolio companies across the investment lifecycle, creating deep, \nlong-lasting, and recurring client relationships\n▪Large and growing addressable market creates long runway for growth\n▪Differentiated competitive positioning created by highly specialized talent, vast intellectual property, library of referenceable work \ncreated through prior engagements, comprehensive data analytics capabilities, and a nimble operating model\n▪Proven ability to attract, develop, and retain highly specialized talent\n▪Long-term track record of strong growth and profitability amplified by momentum in recent performance\n▪Multiple growth avenues that are highly attractive and actionable\n▪Well-invested infrastructure, systems, processes, and experienced management team poised to support significant scale\n(1)Data prior to 2022 excludes pro forma adjustments.\n(2)Includes non-CDD or value creation services such as asset \nand sector work for hedge funds/credit funds or data \nanalytics retainers.\n(3)As of year-end 2024 unless otherwise stated.\n(4)Revenue from clients utilizing 2+ services.\n(5)Excludes Intern/Co-Op and Involuntary Turnover.\n(6)As of March 2025.\nStrong Long-Term Net Revenue Profile\n(1)\n$3M\n$6M\n$10M\n$20M\n$36M\n$76M\n20012005201020152020LTM Mar-25\nFirm OverviewBy the Numbers\n(1)(3)\n$91M\n2025E \nNet Revenue\n73%\nRevenue from \nRepeat Clients\n$31M\n2025E \nPF Adj. EBITDA\n24\nManaging \nDirectors and \nDirectors\n(6)\n \n~40%\nCross-Sell \nRate\n(4)\n130 \nClient Service \nNetwork \nProfessionals\n(6)\n~33%\n2020-2025E\nEBITDA CAGR\n~80%\nClient Service\nNetwork\nRetention\n(5)\n160+\nClients Served \nAnnually\n~40%\nEmployee and\nFounder Owned\n$320K+\nAverage \nProject Size\n22%\n2020-2025E\nRevenue CAGR\n44%\n37%\n15%\n4%\nBuy-Side\nSell-Side\nValue Creation\nOther\nLTM Mar-25\nNet Revenue \nby Service\n(2)\n2010 – LTM Mar-25 CAGR: ~15%\n\n6\nSTRICTLY CONFIDENTIAL\n6\nSTRICTLY CONFIDENTIAL\nConsistent history of growth and delivering critical strategic solutions with continued strong momentum and excitement for the future\nStax has Taken a Disciplined Approach to Building a Platform of Scale\nRecent History (2021 – Present)Early History (1994 – 2020)\n1994-1996\nFounded in Somerville, MA by Rafi Musher\nLaunched private equity practice and began \nexpanding corporate client base\n2010-2015\nRelocated headquarters to \nBoston\nShifted to exclusively focus on \nprivate equity due to demand \nand internal expertise\n2019-2020\nBegan proactively \nmarketing sell-side \nengagements and \nbuilding an investment \nbanking referral \nchannel\nProductized for the \nfast-growing LMM \nprivate equity deal \nmarket\nExpanded hedge fund \nand credit fund \nproducts and coverage\n2021\nHeadcount reaches \n175+ as the Company \nexperiences record \ngrowth driven by \nexpansion of core \nbusiness and \nincreased demand \nfor data analytics \ncapabilities\nJune 2023 \nJayson Traxler assumes role \nof Chief Executive Officer\nOctober \n2022\nJayson Traxler \nbecomes \nPresident of Stax, \nwith Rafi Musher \nshifting to \nChairman of the \nBoard\nMarch 2023\nPaul Edwards \nbecomes Global \nPractice Leader\nIntroduced \nverticalized \napproach to client \ncoverage initially \nexpanding on \nexisting strengths in \nservices, \ntechnology, and \nindustrials\nDecember 2023\nProductized sell-side \noffering with targeted \ncoverage effort under Will \nBarden and Roy Lockhart\nJanuary 2024\nHired Phil Dunne to \nlead London office and \nindustrials vertical\nNovember 2021\nJayson Traxler joins \nStax as Chief Operating \nOfficer\n1998-2003\nExpanded footprint to \nChicago to meet \ngrowing needs of \ncorporate and private \nequity clients \n2005\nPaul Edwards joins Stax\nApril 2023\nFormal New York \nmarket entry – \nexpanded offices \nto have capacity for \nconsultants and \nincreased presence \nin local market\nJune 2024\nRelocated London \noffice to Mayfair to \nexpand presence \nand demonstrate \nstature in the \nmarket\nNovember 2024\nHired Robert Lytle to \nbolster private equity \nrelationships and add \nexpertise to ongoing \nverticalization\nOctober 2021\nReceived strategic \ninvestment from Blue \nPoint\nNovember 2022\nHired Vince Zosa to build \nintegrated Value Creation \nIntegrated Product (VCIP) \noffering\nAcquired AMR to establish a \npresence in the London market, \nwith plans to hire additional \ntalent for further expansion\ninternational.\nAMR\nJuly 2023 \nExpanded into \nESG/Sustainability as \npart of VCIP\nOctober 2023\nExpanded into \nPricing Excellence \nas part of VCIP\nJanuary 2025\nHired Brad Kuntz to \nfurther build out \nNew York office and \nlarge cap private \nequity account \ncoverage\n\n7\nSTRICTLY CONFIDENTIAL\n7\nSTRICTLY CONFIDENTIAL\nSignificant opportunity to capture additional whitespace\nLarge Addressable Market Creates Long Runway for Growth\nMarket \nSegments \nand Size\n2025E Stax \nRevenue\nCurrent North America + U.K. \nPrivate Equity-Backed M&A \nMarket (Ideal Fund Sizes)\nCurrent spend on buy-side \ncommercial due diligence, sell-side \ncommercial due diligence, and value \ncreation for North America and U.K. \nPrivate Equity-Backed M&A for \nsubset of funds with sizes most highly \naligned to current Stax services\nCurrent North America + \nU.K. Private Equity-Backed \nM&A Market (Ideal \nClients)\nCurrent spend on buy-side \ncommercial due diligence, sell-\nside commercial due diligence, \nand value creation for North \nAmerica and U.K. Private Equity-\nBacked M&A for clients most \nhighly aligned to current Stax \nservices\nTotal Addressable North \nAmerica + U.K. Private \nEquity-Backed M&A \nMarket\nFull adoption of buy-side \ncommercial due diligence, sell-\nside commercial due diligence, \nand value creation for North \nAmerica and U.K. Private Equity-\nBacked M&A\nTotal Addressable Private \nEquity-Backed M&A \nMarket\nFull adoption of buy-side \ncommercial due diligence, sell-\nside commercial due diligence, \nand value creation for Private \nEquity-Backed M&A globally\nTotal Addressable Market\nFull adoption of buy-side \ncommercial due diligence, sell-\nside commercial due diligence, \nand value creation for global \nM&A\n<\n+\n=\n$91M\n$3.9B\n$5.2B\n$19.5B\n$32.6B\n$67.5B\nExisting Offerings\n\n8\nSTRICTLY CONFIDENTIAL\n91%\n83%\n86%\n81%\n80%\n80%\n74%\n77%\n77%\n76%\n9%\n17%\n14%\n19%\n20%\n20%\n26%\n23%\n23%\n24%\n26.4K\n22.3K\n24.9K\n23.3K\n20.6K\n28.2K\n28.7K\n26.4K\n26.0K\n28.6K\n2000200520102015202020212022202320242025P\nPE Involvement\nNo PE Involvement\nMomentum Is Building \nfor a Resurgence in \nM&A Markets\nPrivate Equity Backed \nCompany Inventory \nContinues to Rise \nAlongside Record-\nBreaking Dry Powder \nStores\nService Providers Are \nIncreasingly Becoming a \nCritical Resource Rather \nthan a “Nice to Have”\nPowerful Market Tailwinds Lay the Foundation for Outsized Growth\nStax is positioned to benefit from favorable market conditions, amplified by the Company’s alignment with the private equity universe\nSources: Dealogic, EY, Partners Group, PitchBook, S&P Capital IQ Pro.\n(1)Includes balanced, co-investment, co-investment multi-manager, growth, turnaround, and buyout strategies primarily focused on investments in North America.\n▪Expansionary monetary policy and declining inflation point towards \nincreased M&A activity in 2025 as valuations recover\n▪Less onerous regulatory hurdles will provide a more predictable, \ntruncated approval process\n▪Creative deal structures and a broader shift towards simplification— \noptimizing undervalued assets, separating divergent businesses, \nnarrowing geographic focus—will further contribute to volume\nU.S. Private Equity Backed Companies by Time in Portfolio\n▪Rising private equity inventory drives pent up demand for market \ninsight services over multiple investment cycles\n▪High proportion of long-held assets in sponsor portfolios are slated to \nseek monetization as the pressure to return distributions to paid in-\ncapital (DPI) increases\n▪Undeployed capital continues to accumulate, creating further \nincentive for general partners to transact\n▪Sponsors are tapping into a range of strategic levers to unlock \nliquidity, including co-control and minority stake sales\n▪Need for commercial due diligence and value creation services have \nstrengthened over time as private equity returns become more \nreliant on driving operational improvements and top-line growth\n▪Competitive deal environment is forcing private equity firms to \nrapidly identify and assess critical diligence topics in M&A\n▪Adoption of third-party, non-financial diligence reports (commercial, \ntech, ESG) is increasing\n▪Sponsors are progressively tasking third-party advisors with more \ncomplex challenges\n$71B\n$141B\n$246B\n$330B\n$742B\n$965B\n200020052010201520202024\nU.S. Private Equity Dry Powder\n(1)\nNorth American and European M&A Transaction Volume\nEvolution of Private Equity Return Contributors\n18%\n22%\n36%\n55%\n70%\n31%\n46%\n39%\n30%\n15%\n51%\n32%\n25%\n15%15%\n1980s1990s2000s2010s2020s (Outlook)\nDeleveraging\nMultiple Expansion\nOperational Value Creation\n45%\n44%\n45%\n46%\n48%\n18%\n16%\n20%\n21%\n20%\n38%\n40%\n35%\n33%\n32%\n9.8K\n10.5K\n11.0K\n11.3K\n11.8K\n20202021202220232024\n>5 Years\n4-5 Years\n0-3 Years\n\n9\nSTRICTLY CONFIDENTIAL\nComplementary Suite of Services that Scale with the Client\nStax’s services are designed to provide an integrated solution to its clients across the private equity lifecycle\nBuy-Side Commercial Due Diligence\n2025E Net Revenue by Service Line\n(1)\nAssess market dynamics and target alignment, \ncompetitive positioning, and value creation levers\nWorkstreams\n▪Market and asset screening\n‒Sector prioritization\n‒Acquisition screening\n‒Thesis build and development\n▪Early diligence\n‒Red flag assessment\n‒Client checks\n▪Commercial due diligence\n‒Scaled to focus on next phase of growth\n‒Pre-LOI phasing of deliverables to meet process timelines\nValue Creation\nPrimary Goals\n▪Ensure top initiatives can be successfully underwritten and executed \nupon immediately post-deal\nEmbedded Offerings\n▪Commercial excellence\n▪Pricing optimization\n▪Sales productivity\n▪Churn reduction\n▪Cost optimization\n▪Growth expansion and strategy\n▪Post-merger and acquisition strategy integration\n▪ESG and impact advisory\nSell-Side Commercial Due Diligence\nExternal Deliverables\n▪Market studies including market size assessment, client dynamics, \ncompetitive landscape, and growth opportunities\n▪Transaction support via advisory, preparation for conversations with \npotential investors, and other ad hoc analyses\nInternal Value Add\n▪Anticipated areas of potential investor pushback\n▪Insight and recommendations to inform go-forward strategy for \nmanagement and next investor\nEmbedded Offerings\n▪Exit planning and vendor due diligence\n‒Pre-empt process concerns, inform growth strategy, and \nsupport stakeholders through exit\nTypical Transaction Profile\n▪$100 million to $1 billion in enterprise value across technology, \nindustrials, healthcare, consumer, and services\nDrive rapid EBITDA improvement throughout the \ninvestment hold period\nArticulate the exit story and provide actionable \ngrowth blueprint backed by market research\n% of Net Revenue42%% of Net Revenue40%\nBuy-Side Commercial Due Diligence Value CreationSell-Side Commercial Due Diligence \n% of Net Revenue16%\n(1)Excludes 2.5% of Other revenue. \n\n10\nSTRICTLY CONFIDENTIALSTRICTLY CONFIDENTIAL\n10\nWhy Stax Wins\nServices have a high barrier to entry and high cost of failure – gaining the trust of private equity firms is \nextremely difficult and requires consistent high-quality work\nSelect Client Testimonies\n“\n“\nStax offers the Goldilocks solution—strong \nexpertise, high quality work, senior-level \nattention, and great value. Stax solves for \na huge market gap by providing superior \nadvisory work and sell-side market studies \nat a reasonable price\n– Managing Director, Investment Bank\nStax is a firm that can connect all the dots, \nwhich is what we don’t get from the point \nsolutions, while being much more flexible \nvalue-additive than MBB firms\n– Sr. Operating Partner, Private Equity Firm\nThe value of your work was multi-fold – it \ngave us materials to share with investors \nand banks, as well as a roadmap for \nwhere our brand has room to expand\n– CEO, Sell-Side Client\nThe work from Stax gave us a clear 5% lift \non valuation. Their framing of the business \nstarted everyone at a higher base\n– Managing Director, Private Equity Firm\nTalented bench of professionals \nwith specialized expertise\nStrong reputation and trust among \ninvestment banks, private equity firms, \nand other investment managers\nTransparent, collaborative \napproach to projects\nOperating model built \nspecifically to serve the \nneeds of private equity\nDeep vertical expertise\nExtensive intellectual property \ncreated by historical engagements\nStrong data analytics capabilities \nsupported by global delivery\nValue creation is ingrained in \napproach to diligence\nUniquely Positioned Through Breadth of High-Quality Services Offered at a Competitive Price Point\nBreadth and Depth of \nDiligence Offering\n“High-Level”\nBespoke Content; \nGrounded in Data; \nGlobal Presence\nInterview / Survey \nBased; Limited \nGeographic Presence\nQuality / Value \nCaptured \n$250K\nUpper / Middle Market & Growth Funds\n$800K-$1M\n$100K\n(Europe)\n$500K\n\n11\nSTRICTLY CONFIDENTIAL\nCompelling Employee Value Proposition to Cultivate Top Talent\nUnique culture and attractive career growth opportunities make Stax a preferred employment destination for consultants\nVision and Values Serve as a Foundation for Exceptional Client Service...Meaningful Opportunities for Employees Ensure Company Success\n...Which The Industry Recognizes as Best-in-ClassBy the Numbers\n(1)\n95%\nDirector and\nManaging Director \nRetention\n(2)(3)\n$7.7M\nRevenue per \nManaging \nDirector\n(2)\n~$700K\nRevenue per \nClient Service \nProfessional\n232\nFull-Time \nEmployees as of \nMar-25\n36%\nAnnual CSN \nD/MD \nGrowth\n(4)\n11:1\nCSN / Managing \nDirector Ratio\n~80%\nCSN \nProfessional \nRetention\n(3)\n90%\nLTM Mar-25 Client \nService Network \nUtilization\nALM Best Small Firm to \nWork For 2024\nALM Rising \nStars 2025\nALM Top Consultants \n2024\nALM Women Leaders \nin Consulting 2024\nAmerica’s Fastest - \nGrowing Companies\nManagement \nConsulted Top \nConsulting Firm 2025\nRealDeals PE CDD \nProvider of the Year \nFinalist 2025\nConsulting Report Top \n25 Consulting Firm \nCEOs 2024\nConsulting Report Top \n50 Consulting Firms \n2024\nConsulting Report Top \n25 Operations & Supply \nChain Consultants 2025\nVault Top Ranked \nEMEA Consulting\n2025\nVault Top Ranked \nNorth America \nConsulting 2025\nWe will provide exceptional opportunities for good \npeople\nVISION\nWe will create value for our clients and \npartners\nWe will grow a successful, durable organization of \nlong-term value\nWe act with the highest integrity, respect for others, \nand personal accountability\nVALUES\nWe demonstrate commitment to the \ncommunity\nWe foster a sense of shared responsibility \namongst our team\nCompetitively \ndifferentiated \nplatform that \ncreates a platform \nfor professionals \nto be successful\nAmple \nwhitespace for \ncareer growth \nrelative to some \ncompetitors\nGrowing platform \ncreates exciting new \ncareer opportunities \nwhere professionals \ncan have a significant \nimpact \nIncentive model \nthat drives \ncollaboration, \nwith opportunity \nto participate in \nequity value \ncreation\nUnique focus \non serving and \ngrowing with \nprivate equity \nclients\n~40%\nEmployee and \nFounder \nOwned\n86\nEmployee \nOwners\n(1)As of year-end 2024 unless otherwise stated.\n(2)Reflects Client Service Network only.\n(3)Excludes Intern/Co-Op and Involuntary turnover.\n(4)Reflects CAGR of Client Service Network Director \nand Managing Director headcount from year-end \n2022 to Mar-25.\n\n12\nSTRICTLY CONFIDENTIAL\n▪x\n$1.1\n$13.3\n$18.0\n$20.6\n202020222024LTM Mar-25\n23%\n21%\n14%\n41%\nTop 10\nTop 11-30\nTop 31-60\nAll Others\n27%\n7%\n21%\n45%\n<1 Yr\n1-2 Yrs\n2-6 Yrs\n6+ Yrs\n73%\n27%\nRepeat\nNon-Repeat\n62%\n27%\n11%\n1 Service\n2 Services\n3 Services\nDeep-Rooted Client Relationships Supported by Sophisticated Go-to-Market Strategy\nExceptional service and industry expertise lay the foundation for Stax’s long-standing client relationships\nRevenue Concentration by ClientClient Tenure Mix\nClients Using Multiple ServicesRevenue from Repeat Clients\nGrowing Volume of Sell-Side Referrals from Investment Banks\nLarge Cap Private \nEquity\nMiddle Market and \nGrowth Private Equity\nHedge Funds and\nCredit Funds\nInvestment Banks\nSelect Client and Referral Channel Relationships\n(Net Revenue; $ in millions)\n$72M\n2024 Net \nRevenue\n$72M\n2024 Net \nRevenue\n$72M\n2024 Net \nRevenue\n$72M\n2024 Net \nRevenue\n\n13\nSTRICTLY CONFIDENTIAL\nStax is a Service Provider of Choice Across the Private Equity Investment Lifecycle\nProven long-term partner to sponsors and their portfolio companies during key milestones and inflection points\nPre-InvestmentHold PeriodExit\nValue CreationBuy-Side Due DiligenceSell-Side Due Diligence\nMarket and Asset \nAssessment\nEarly Due\nDiligence\nCommercial Due \nDiligence\nProfit\nX-Ray\nGrowth Acceleration \nDiagnostics\nICP\nAnalytics\nExit\nPlanning\nVendor Due \nDiligence\nOngoing Support \nThrough Exit Into \nNext Phase of \nGrowth\nNew Partner\nSelect Portfolio Company Case Studies\nEntry Point and Highlights\n▪Provider of finance, operations, and accounting software to the energy industry\n▪Acquired by Thoma Bravo in 2018 from Silver Lake\n▪Completed three buy-side engagements for private equity firms that later invested in the company, \nleading to repeat growth strategy and value creation work for Stax\n▪Seventeen projects completed to date across three private equity ownership cycles\nInitiatives Under CarlyleInitiatives Under Silver Lake\n15+ Year\nRelationship\nInitiatives Under Thoma BravoCumulative Net Revenue\nEntry Point and Highlights\n▪Provider of solutions to automate and simplify the insurance process\n▪Acquired by Roper Technologies in 2020 from Bain Capital and Vista Equity Partners\n▪Initial introduction in 2010 through a buy-side engagement for a large private equity firm\n▪Eight projects completed to date across three private equity ownership cycles\nInitiatives Under TPGInitiatives Under Bain Capital & Vista\n15+ Year\nRelationship\nInitiatives Under Roper Technologies Cumulative Net Revenue\n▪Conducted buy-side due diligence on behalf of \nCarlyle, which ultimately acquired a majority interest \nin Quorum\n▪Evaluated multiple successful add-on acquisitions\n▪Provided exit planning and sell-side support\n▪Evaluated multiple successful add-on acquisitions\n▪Provided strategy support after three-way merger\n▪Continued evaluation of expansion opportunities\n~$3.5 million~$1.8 million\n▪Assessed add-on potential and risks of an insurance \nand securities technology provider\n▪Conducted a pricing strategy and commercial \ndiagnostic to benchmark recent growth\n▪Completed a sell-side study\n▪Assessed the MGA market to inform growth strategy\n▪Completed commercial performance diagnostic\n▪Supported 3-year strategic planning\n\n14\nSTRICTLY CONFIDENTIAL\nStrong Opportunity to Accelerate Growth Through Multi-Pronged Strategy\nClear, attainable initiatives to build upon leading market position\nAttractive \nMarket Tailwinds\nPrivate equity firms are increasingly utilizing commercial due diligence \nand value optimization services for transactions and portfolio companies\nPrivate equity has shown resilient \ngrowth supporting an expanding TAM\nRising private equity inventory is driving demand for multiple \nmarket insight services over each investment’s lifecycle\n▪Scale coverage and \ncontent intersection \nacross private equity and \ninvestment banks\n▪Further scale dedicated \nbusiness development \nteam to broaden \ncoverage universe\n▪Centralize, scale, and \nmanage external \nindividual, account, and \nsubsector \ncommunications\n▪Focus on accelerating \nthe execution of M&A \nplaybook\n▪Expand into new \ngeographies, new \nservice lines, and build \nscale in existing markets\n▪Opportunistically \nevaluate larger-scale \ntransformative M&A \ntargets\nIdentify and Execute \non Acquisitions\n▪Capitalize on advisory, \nbespoke nature of work, \nand pricing umbrella \nrelative to MBB+ to \nrealize due diligence \nprice increases \nnationally and abroad\n▪Raise prices in value \ncreation to be more in-\nline with client impact, \nresults, and ROI\n▪Expand number of \naccounts with average \nproject size of $400K+ \nwith ample cross-sell \nopportunities and need \nfor multiple projects per \nyear\nExert\nPricing Power\n▪Further optimize cross-\nsell strategy to deepen \ndensity across core \naccounts through scaled \ninside sales strategy\n▪Target key private equity \nclients where \nreferenceable work \nprovides opportunity for \nfurther penetration in \nprojects that command \nmore premium bill rates\nScale Client Coverage\n▪Leverage reputation and \ndifferentiated \nexperience in key \nverticals with high win \nrates across market \nsegments\n▪Introduce new verticals \nsuch as government or \naerospace and defense \nthrough de novo efforts \nor experienced senior \nhires \nDeepen Vertical \nExpertise\n▪Capitalize on hedge \nfunds’ growing inbound \ndemand for market \nresearch \n▪Introduce new purpose-\nbuilt products such as \ntechnology due \ndiligence, financial due \ndiligence, policy and \nregulatory consulting, \noperational due \ndiligence, and ESG and \nsustainability diligence \nthrough integrated go-\nto-market approach\nExpand Capabilities \nand Client Profiles\n▪Continue building \nmomentum in the U.K. \nto expand market \npresence\n▪Strategically grow \nheadcount and client \nleadership in New York \noffice\n▪Establish local presence \nin new geographic \nmarkets through organic \ngreenfield locations in \nthe United States and \nEurope\n▪Continue to protect \nunique culture via \nplanful expansion\nBroaden Geographic \nPresence\n▪Strategically hire senior \nprofessionals to build \ndensity in core verticals \nand expand capabilities\n▪Build density across \ncurrent locations, \nexpanding \napprenticeship model to \nfurther attract and \ndevelop mid/junior \ntalent\nAttract, Develop, and \nRetain Talent\nMaximize Wallet \nShare and Cross-Sell\nGrowExpandTransform\n\n15\nSTRICTLY CONFIDENTIAL\n▪Founder-led with minimal \ninfrastructure\n▪Centralized global management \nteam\n▪Office-centric P&L▪Single global P&L\n▪Inconsistent performance \nmanagement\n▪Inconsistent pricing\n▪Inconsistent delivery \n▪Global standards and value \nproposition\n▪Product-led, content-driven\n▪Concentrated sales with little \ncollaboration\n▪Collaborative account structure\n▪Industry verticalized senior \nconsultants\n▪Research-focused▪Advisory-focused\n▪Tiered product and brand issue\n▪Decentralized, under-invested \nplatform\n▪Well-invested, integrated \ninfrastructure\n▪Purpose-built platform for pace \nof private equity\n▪Proven M&A capability\nProfessionalized Platform Poised to Support Significant Growth\nCurated strategic transition has established infrastructure to scale alongside the business as the Company enters the next phase of growth\n2022 OnwardsPre-2021\nOld FrameworkNew Foundation\n▪Established global competencies, leveling, and \ncompensation\n▪Adopted global staffing and development\n▪Upgraded teams\n▪Unified positioning and value proposition\n▪Benchmarked pricing and products\n▪Upgraded ERP and created Stax INTEL\n▪Adopted senior oversight of content generation \nand access (vertical groups, thought leadership, \nPOVs)\n▪Established brand and ramped up recruitment in \nLondon and NYC\n▪Onboarded culture in NYC\n▪Restructured Chicago\n▪Established senior apprenticeship\n▪Established consistent hybrid model\n▪Established “Regional Success” teams to partner \nU.S. seniors with EMEA client leads\n▪Structured collaborative global pipeline with \naccount collaboration groups and oversight\n▪Removed generalist Directors and Managing \nDirectors\n▪Established vertical structures\n▪Added verticalized talent\n▪Created vertical content agenda\n▪Recruited sector and product specialists\n▪Verticalized competency model for Associate \nDirector and above\n▪Created integrated workstream approach with \nClient Delivery Network\n▪Built vendor due diligence and value creation \nintegrated product (VCIP) product matrix\n▪Elevated CDD product\n▪Established product-level P&L and metrics\n▪Began tracking product cross-selling\n▪Established dedicated resourcing and coverage\n▪Established product-specific competencies\n▪Integrated and connected products, building to a \nfund/asset-life offering\n▪Constructed ARM and account tiering\n▪Further trained and developed junior sellers\n▪Established collaboration metrics\n▪Transitioned founder to Board and created \ncentralized management structure\n▪New CEO, Global Practice Leader, Chief People \nOfficer, and General Counsel\n▪Screened seniors for collaboration; retained \nhigh-quality mid-level consultants\n▪Better defined path from Associate Dir. to MD\n▪Created strategy and go-to-market framework to \nscale OpGen\n▪Created marketing and business development \nsupport framework\n▪Developed knowledge management tool\n▪Created collaboration incentives\n▪Established engagement metrics for tracking\n▪Elevated client engagement agenda\n▪Developed BI function and created Stax INTEL \nplatform\nStandardize\nVerticalize\nDiversify\nGlobalization of staffing, utilization, reporting, talent development, and pricing \nallows for consistent client experience with different coverage points\nCommercialize\nGlobalize\nProductize\n\n16\nSTRICTLY CONFIDENTIAL\nDiversified Business with Proven Growth Across All Environments\nStax’s diversified business model has proven its ability to grow across economic environments\n(1)Reflects cumulative percent change over time since 2005.\n(2)2005-2021 reflects reported financials.\n(3)Source: Dealogic. Reflects announced North American and European transactions with private equity involvement between 1/1/2005 and 12/31/2024. 2025 projection per EY.\nGreat Recession\nCOVID-19\nGreat \nResignation\nInflation\nRate \nHikes\nNet Revenue Performance Relative to the M&A Environment\n(1)\nWinners in Market Growth\nWinners in Market Contraction\n(500%)\n–\n500%\n1,000%\n1,500%\n2,000%\n20052006200720082009201020112012201320142015201620172018201920202021202220232024LTM\nMar-25\n2025E\nStax Net RevenueN.A. and U.K. PE Transaction Volume\n▪Buy-Side Commercial Due Diligence: Increasing demand of \nbuy-side services as private equity firms explore a wide range \nof investment opportunities\n▪Value Creation: Growing demand for value creation services \nas firms strive to outperform competitors by enhancing \nportfolio company performance to unlock growth and value\n▪Sell-Side Commercial Due Diligence: Increased market activity \nand favorable valuations drive companies to prepare for sale \nboosting demand for sell-side services\n▪Buy-Side Commercial Due Diligence: Steady demand as firms \nseek expert analysis to identify undervalued assets with \nrecovery potential\n▪Value Creation: Consistent value creation demand as portfolio \ncompanies face pressure to optimize operations and cut costs\n▪Sell-Side Commercial Due Diligence: Stable demand for sell-\nside services as sellers must present their businesses in the \nbest possible light\n▪Diverse Client Profiles: Ability to tap hedge fund and credit \nfund clients when topline deal-market activity slows\n(2)(3)\n\n17\nSTRICTLY CONFIDENTIAL\nCompelling Long-Term Outlook Underpinned by Track Record of Consistent Growth\nHighly attractive financial profile defined by consistent growth and impressive margins\nPro Forma Adjusted Net Revenue\nOrganic Gross Profit and Margin\nPro Forma Adjusted EBITDA and Margin\n($ in millions)\n($ in millions)\n($ in millions)\n$39\n$44\n$48\n$54\n$70\n$88\n$109\n$136\n$168\n61.0%\n62.0%\n63.1%\n59.5%\n60.5%\n61.0%61.0%61.0%61.0%\n20232024LTM Mar-252025E2026P2027P2028P2029P2030P\n$42\n$54\n$69\n$89\n$112\n$4\n$10\n$19\n$30\n$45\n$19\n$24\n$27\n$31\n$46\n$65\n$88\n$119\n$157\n29.3%\n33.5%\n35.6%\n33.3%\n36.2%\n38.0%\n39.0%\n39.9%\n40.9%\n20232024LTM Mar-252025E2026P2027P2028P2029P2030P\nOrganicAcquired\n$115\n$143\n$179\n$223\n$275\n$12\n$27\n$48\n$75\n$110\n$64\n$71\n$76\n$91\n$127\n$170\n$226\n$298\n$385\n20232024LTM Mar-252025E2026P2027P2028P2029P2030P\nOrganicAcquired\n\n18\nSTRICTLY CONFIDENTIAL\nProven Leadership Team Poised for the Next Era of Growth\nCommitted leadership team with a clear vision for the future of Stax\n(1)Client Service Network.\n(2)Operations.\nPaul Edwards\nGlobal Practice Leader\nJoined in 2005\n25+ Years of Experience\nJayson Traxler\nChief Executive Officer\nJoined in 2021\n25+ Years of Experience\nSTS Research Group\n18\nSTRICTLY CONFIDENTIAL\nMeg Macumber\nGlobal Head of \nFinance\nLeslie Regenbaum\nGeneral \nCounsel\nAmy Schoeman\nGlobal Head of \nHuman Resources\nJoe Brownell\nGlobal Head of \nMarketing\nConnor Novy\nChief of Staff, \nHead of Sales Ops\nMihaela Dumea\nDirector, Data & \nBus. Intelligence\nHazir Shafeek\nGlobal Head of \nData Insights & IT\nBrad Kuntz\nAmericas \nRegional Lead\nPhil Dunne\nEMEA \nRegional Lead\nRobert Lytle\nTransaction \nAdvisory Co-Lead\nWill Barden\nTransaction \nAdvisory Co-Lead\nVince Zosa\nValue Creation \nProduct Lead\nRoy Lockhart\nExit Planning \nProduct Lead\n2020202320242018201820222021202520242024202220222011\n20+ Years20+ Years20+ Years25+ Years10+ Years20+ Years15+ Years20+ Years35+ Years30+ Years15+ Years30+ Years15+ Years\nDEVON\nV A L U E A D V I S E R S\nYear Joined\nIndustry Tenure\nPrior Experience\n\n19\nSTRICTLY CONFIDENTIALSTRICTLY CONFIDENTIAL\n19\nStax is a Highly Differentiated and Attractive Platform\nLarge addressable market with favorable secular trends\nDifferentiated value proposition for clients magnified by expertise developed through \nhistorical project volume\nDeep relationships with diversified set of clients that have reoccurring demand\nCompelling employee value proposition to attract, develop, and retain talent\nProven management team set to sustain growth\nProfessional operating platform set to scale\nClearly-defined multi-pronged growth strategy\nProven history of long-term growth, robust margins, and strong capital efficiency\n\nIndustry Overview\n\n21\nSTRICTLY CONFIDENTIAL\n$20B\n$33B\n$68B\n$91M\nStax Services the Private Equity Sector, a Foundational and Stable End Market\nBroad end market tailwinds provide ideal environment for long-term revenue growth\nLarge and Growing Addressable Market \nIndustry Landscape\nAdvisory Firms \n2025E Stax \nNet Revenue\n2024 Global M&A\n2024 Global Private \nEquity-Backed M&A\nNorth American and U.K. \nPrivate Equity-Backed M&A\nAccounting Networks\nMBB \n\n22\nSTRICTLY CONFIDENTIAL\nStax Services the Private Equity Sector, a Foundational and Stable End Market\nBroad end market tailwinds provide ideal environment for long-term revenue growth\nGlobal Private Equity Deal VolumeU.S. Private Equity Dry Powder by Fund Size\nGlobal Private Equity Exit VolumeU.S. Private Equity-Backed Company Inventory by Age\nSource: PitchBook.\n3.2K\n5.8K\n2.8K\n6.7K\n6.9K\n7.3K\n7.6K\n7.9K\n8.3K\n8.8K\n9.3K\n9.8K\n10.5K\n11.0K\n11.3K\n11.8K\n2012201320142015201620172018201920202021202220232024\nLess than 2 Years\n2 - 5 Years\nOver 5 Years\n$0.4\n$0.6\n$0.5\n$0.6\n$0.8\n$0.8\n$0.7\n$0.8\n$0.8\n$0.6\n$0.9\n$1.7\n$0.8\n$0.8\n$0.9\n1.8K\n2.1K\n2.2K\n2.4K\n2.9K\n3.3K\n3.1K\n3.4K\n3.4K\n3.2K\n2.8K\n4.4K\n3.7K\n3.5K\n3.8K\n201020112012201320142015201620172018201920202021202220232024\nExit Value\nExit Count\n$0.6 \n$0.7 \n$0.7 \n$0.7 \n$0.9 \n$1.1 \n$1.0 \n$1.2 \n$1.3 \n$1.3 \n$1.2 \n$2.3 \n$1.8 \n$1.4 \n$1.8 \n6.5K\n7.5K\n7.9K\n7.9K\n9.6K\n10.9K\n11.0K\n12.0K\n13.4K\n14.0K\n13.7K\n20.9K\n19.6K\n17.1K\n19.1K\n201020112012201320142015201620172018201920202021202220232024\nDeal Value\nDeal Count\n $0\n $200\n $400\n $600\n $800\n $1,000\n2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024\nMiddle Market PE\nPE Megafunds\nPE Under $100M\n($ in trillions)\n($ in trillions)($ in billions)\n2010 – 2024 CAGR: 8.4%2006 – 2024 CAGR: 5.6%\n2010 – 2024 Exit Value CAGR: 5.1%2012 – 2024 CAGR: 4.9%\n\n23\nSTRICTLY CONFIDENTIAL\nMore Than $32B in TAM Opportunity for Stax’s Core Products\nBountiful growth prospects in a broad addressable market \nTotal Addressable Market Opportunity by Product\nSource: Stax Market Sizing Analysis.\nSpendVolume\nSell-Side Diligence\n$2.9B\nValue Creation\n$4.1B\nBuy-Side Diligence\n$25.6B\n$32.6B\n2024\nBuy-Side \nDiligence\n19,123 \nPrivate Equity Transactions Annually\n$1.3M \nCDD Spend Per Closed Transaction\nSources and Approach:\n▪PitchBook 2024 Global Private Equity Report\nSources and Approach:\n▪Reflects 100% attach rate to pre-LOI lean-in & LOI deals\n▪Spend per deal per Stax PE decisionmaker survey (n=50)\nSell-Side \nDiligence\n6,389 \nAnnual Exits Across PE/Founder Businesses\n$453K \nSpend Per Successful Exit\nSources and Approach:\n▪PitchBook 2024 Global Private Equity Report\n▪Stax estimate of founder-backed exits >$100M in deal \nvalue\nSources and Approach:\n▪Reflects 100% attach rate of successful exits (founder- \nand PE-owned) and 40% assumed deal failure rate\n▪Spend per deal per Stax PE decisionmaker survey (n=50)\nValue \nCreation\n56,177 \nActive Private Equity-Backed Companies\n$72K\nSpend Per Portfolio Company Per Year\nSources and Approach:\n▪PitchBook Filter for Currently Privately-held, Private \nEquity-Backed Companies (i.e., non-addon/subsidiary)\nSources and Approach:\n▪Reflects each portfolio company conducting $361K of \nVCIP spend spread annually over a five-year hold period\n▪Spend per deal per Stax PE decisionmaker survey (n=50)\n\n24\nSTRICTLY CONFIDENTIAL\nHighly Attractive and Growing Market for Stax’s Private Equity Services\nStax is well-positioned to benefit from increases in private equity activity and standardization of third-party diligence in deal-making\nTrends Appreciating the Value of TAM and Current Spend on Stax’s Services\n▪Deal volumes, exit volumes, and the total pool of private equity-backed companies continue to grow and are resilient, and \ninvestor sentiment remains positive going forward\n▪Number of new private equity deals in U.S. and Europe has grown at a 7.6% CAGR over the last ten years\nGrowing Deal Sizes and \nVolume\n▪Value and depth of consulting engagements is increasing, and consulting services are readily able to pass through increasing \nlabor costs, growing the overall spend per deal\n▪Based on a survey scale from 1 (Nice to Have/Less Important) to 7 (Need to Have/More Important), average CDD value to private \nequity funds will increase from ~4 to ~5 from five years ago to the next five years, and value creation will increase from ~5 to ~6 \nfor the same period\nHigher Average Spend \nand Scope per Deal\n▪Competitiveness for high-quality deals is increasing, and more suitors are leaning into processes overall, and earlier driven by the \ndesire to filter for good deals and the growing need for private equity to “sell management” on the value of their partnership\n▪Middle market and growth equity deal funnels (deals seen, leaned in on, and under LOI) have increased at 8.4-9.0% CAGRs, \npushing CDD opportunities beyond the currently estimated ~3 due diligence engagements per closed deal\nMore CDD Opportunities \nper Deal\n▪Third-party support for diligence and value creation efforts are increasingly becoming an industry standard, with a steadily \nincreasing portion of deals and portfolio companies hiring third-party support\n▪Pre-LOI CDD attachment rates to deals have grown from 10% in the last five years to 23% today, and 30% of portfolio companies \nutilize value creation today compared to 20% over the last five years\n(1)\nAttachment Rates Are \nGrowing Across \nProducts\nSource: Stax Market Sizing Analysis, including Stax web survey (Winter 2025, n=50).\n(1)Based on subset of middle market funds, excluding new funds, per Stax web survey (Winter 2025, n=36).\n\nService Lines\n\n26\nSTRICTLY CONFIDENTIAL\nOverview\nAdvisory Services\nContract Structure\nAverage Engagement Length\nStage of Investment Lifecycle\nTypical Referral Source\nNet Revenue\nProjects Invoiced\nAverage Revenue per Project\nClients Served\nComplementary Solutions to Address a Wide Array of Client Needs\nSuite of critical services provide a strong basis for recurring revenue and natural cross-sell opportunities across the private equity lifecycle\nBuy-Side Commercial Due Diligence\nKey Attributes\nLTM Mar\n-\n25 Highlights\n▪Evaluate potential targets, focus areas, or \ninvestment themes for sponsors\n▪Assess market dynamics and target \nalignment, competitive positioning, and \nvalue creation levers\nMarket and Asset Screening, Thesis Build, \nEarly Diligence, Commercial Due Diligence\nFixed Fee\n3-6 Weeks\nPre-Investment\nExisting Relationship\n107\n$318K\n83\nSell-Side Commercial Due Diligence\nMarket Study, Exit Planning, Vendor Due \nDiligence\n▪Ensure process readiness and enhance \ntransaction outcomes for sponsors and \nmanagement teams\n▪Articulate the exit story and provide \nactionable growth blueprint backed by \nmarket research\nFixed Fee\n4-6 Weeks\nExit\nReferral from Investment Bank or \nExisting Sponsor Relationship\n76\n$378K\n81\nValue Creation\nCommercial Excellence, Pricing & Cost Optimization, \nSales Productivity, Churn Reduction, ESG & Impact\nFixed Fee\nVaries\nHold Period\nExisting Relationship or Ongoing \nSupport Following Exit Planning\n34\n$331K\n32\n▪Drive rapid EBITDA improvement \nthroughout the investment hold period\n▪Designed for multi-year, multi-project \nrelationships to drive incumbency with \nmanagement teams and ultimately lead \nto sell-side support\n$34M$29M$11M\n\n27\nSTRICTLY CONFIDENTIAL\nBuy-Side Commercial Due Diligence\n▪Provide data-driven insights across key investment considerations (market, target company, competition, etc.)\n▪Enables private equity firms to make informed decisions by identifying potential opportunities and risks for a \nprospective investment\n▪The Company provides services during the acquisition screening and theme development phase, as well as early \ndiligence and scaled commercial due diligence in an active process\n‒Early workstreams include sector prioritization, acquisition screening, thesis build and development, red \nflag assessments, and client checks\n‒Pre-LOI workstreams include assessment of the target’s market, client dynamics and competitive \npositioning, competitive landscape, and growth opportunities\n▪Post-LOI work integrates blueprint development and growth strategy planning\n▪High level of repeat demand from long-term relationships with private equity clients\nExtension of the investment team evaluating potential platform and add-on opportunities\nLTM Mar-25 Key Stats\nIllustrative Project Timeline\nRepresentative Clients\nOverview and Typical Scope\nIllustrative Project Timeline\nKICK-OFFAlign on Final Scope and Objectives, Data Discovery\nANALYSES\nPhone-Based Interviews, Analysis of Target Data, \nOnline Review Analysis, Synthesize Research \nStreams, Develop Fact-Base\n80/20 Report, Final Read-Out\nPOST-PROJECT COLLABORATION\nWeeks ~1-4Ongoing As-Needed\nSupport First 100 Days of Hold Period, Ongoing \nValue Creation Work \nDELIVERABLES\n11%\n2018 – LTM Mar-25 \nRevenue CAGR \n107\nProjects \nInvoiced\n$318K\nAverage Revenue \nper Project\n83\nClients \nServed\n% of Net \nRevenue\n44%\n37%\n15%\n4%\nBuy-Side\nSell-Side\nValue Creation\nOther\n\n28\nSTRICTLY CONFIDENTIAL\nValue Creation\n▪Multi-phase model partnering with clients to define and execute on value creation initiatives while building \noperating discipline and sustainable improvements year-over-year\n▪Drives development of strategic growth options for expansion with an actionable roadmap for implementation\n▪Leverages the Company’s depth of sector expertise, proprietary research, and advanced analytics capabilities to \ndeliver a data-driven, evidence-based assessment of recent performance and growth potential\n▪Offering encompasses proven methodologies to define growth strategies and improve commercial excellence \nand capital efficiency\n‒Client segmentation and value proposition, channel expansion, churn reduction, pricing optimization, \nESG/Sustainability and risk, marketing, client experience\n‒AI strategic assessment and diagnostics with execution support to define, test, and scale AI initiatives\n▪Value creation services deepen and extend engagement with private equity clients around critical decisions for \ntheir portfolio companies outside of a new investment or exit period\nTargeted diagnostics and actionable growth plans to achieve desired business outcomes at various stages of maturity\nOverview and Typical ScopeLTM Mar-25 Key Stats\nIllustrative Project Timeline\nRepresentative Clients\nKICK-OFFWorking Session with Relevant Stakeholders\nPotential Growth Thesis, Client/Market/ICP Offering \nAssessment, Strategic Option Development, Risk \nAssessment and Roadmap\nPOST-PROJECT COLLABORATION\nWeeks ~1-4Ongoing As-Needed\nEnter Phase II to Build on Project Work or Support \nImplementation, Prepare for Sale Process\nInterim Update, \nWorkshop, Final Read Out\nDELIVERABLES\nANALYSES\n% of Net \nRevenue\n8%\n2018 – LTM Mar-25 \nRevenue CAGR \n34\nProjects \nInvoiced\n$331K\nAverage Revenue \nper Project\n32\nClients \nServed\n44%\n37%\n15%\n4%\nBuy-Side\nSell-Side\nValue Creation\nOther\n\n29\nSTRICTLY CONFIDENTIAL\nSell-Side Commercial Due Diligence\n▪Demonstrate strength of positioning and growth potential of the asset in preparation of exit \n▪Communicates the growth story to potential investors by providing research and analysis to define the target’s \nmarket, strength of its positioning and performance, and opportunities for expansion\n▪Stax leverages its experience working on the buy-side to address critical questions about the target that \ninvestors will focus on, including TAM, growth outlook for core market, competitive differentiation, future \nopportunities, and voice of the client\n▪Modular approach allows Stax to adjust its process and output depending on sponsor/founder involvement, \nrelevant buyer universe, and priority needs\n▪New business development for this service is focused on referrals from investment banks, as well as leveraging \nprivate equity client relationships\n‒The Company worked with 20+ investment banks in the last 24 months\n▪Natural cross-sell opportunity from momentum of sale process and intelligence gathered during engagement\n▪Reputation among private equity investors is a significant point of attraction for banks and management teams\nCollaborative thought partner throughout a sale process to articulate the asset’s positioning and growth story\nOverview and Typical ScopeLTM Mar-25 Key Stats\nIllustrative Project Timeline\nRepresentative Clients\nKICK-OFFWorking Session with Relevant Stakeholders\nTAM and Client Analysis, Risk Assessment, VDR \nPreparedness, Growth Strategy Vetting\nDELIVERABLESFinal Read-Out\nPOST-PROJECT COLLABORATION\nWeeks ~1-5Ongoing As-Needed\nDevelop Buyer-Specific Materials, Discuss with Potential \nSuitors, Onboard Findings and Recommendations at Target\nANALYSES\n% of Net \nRevenue\n62%\n2018 – LTM Mar-25 \nRevenue CAGR \n76\nProjects \nInvoiced\n$378K\nAverage Revenue \nper Project\n81\nClients \nServed\n44%\n37%\n15%\n4%\nBuy-Side\nSell-Side\nValue Creation\nOther\n\n30\nSTRICTLY CONFIDENTIAL\nStrong Institutional Knowledge Across Industries\nStax outperforms competitors by offering the highest quality and expertise across multiple end markets, while ensuring stability through diversification \nacross various industries\nNote: Data reflects LTM Mar-25 engagements and revenue mix.\n132\nEngagements\n% of Net Revenue45%\nVertical SaaS\nIndustry-Specific Apps\nEnterprise Applications\nNetwork Infrastructure\nAI & Machine-Learning\nMedia and B2C Tech\nTechnology\n25\nEngagements\n% of Net Revenue9%\nPhysician Practices\nLong-Term Care\nManaged Healthcare\nMedical Devices\nHospitals & Facilities\nPayors\nHealthcare\n15\nEngagements\n% of Net Revenue5%\nApparel\nFood & Beverage\nHospitality and Leisure\nHousehold Goods\nResidential Services\nHealth & Wellness\nConsumer\n37\nEngagements\n% of Net Revenue15%\nManufacturing\nDistribution\nTransportation\nConstruction & Engineering\nAerospace and Defense\nAutomotive\nIndustrialsServices\n64\nEngagements\n% of Net Revenue25%\nProfessional Services\nFinancial Services\nMarketing and Advertising Services\nData and Information Services\nIT Services\nEvents and Tradeshow Services\n\n31\nSTRICTLY CONFIDENTIAL\nIn-Depth Expertise in Technology and Services \nStax has effectively established a strong replicable presence in technology and service verticals, driving above-market growth and creating a playbook \nfor additional vertical expansion\nIT \nInfrastructure\nCybersecurityVertical SaaS\nHorizontal \nEnterprise \nApplications\nPayments and \nFintech \nConsumer \nTechnology and \nMedia\nTechnology \nCommercial and \nResidential \nServices \nIT Services\nEvents, \nMarketing, and \nInfo Services\nProfessional and \nAdvisory Services\nEducation and \nCrediting Services\nFinancial and \nInsurance Services\nSub-Vertical Expansion Opportunities Sub-Vertical Expansion Opportunities \n$5\n$10\n$11\n$27\n$31\n$30\n$33\n$36\n2018201920202021202220232024LTM\nMar-25\n$6\n$6\n$6\n$11\n$17\n$16\n$18\n$20\n2018201920202021202220232024LTM\nMar-25\nStrengthEvolving Focus\nServices \n72%\n6%\n7%\n(11%)\n2018-20212021-2024\nStaxMarket\n26%\n17%\n6%\n(2%)\n2018-20212021-2024\nStaxMarket\n($ in millions)($ in millions)\nStrengthEvolving Focus\nTechnology Net RevenueAbove-Market Revenue GrowthServices Net RevenueAbove-Market Revenue Growth\nStrong reputation within \nhighly penetrated market\nSub sector account targeting and \nplanning with room to build density \nGrowing average \nproject sizes \nResilient performance across \ndiverse economic conditions\nGrowing number of \nverticalized professionals \n\nClient Relationships\n\n33\nSTRICTLY CONFIDENTIAL\n44%\n37%\n15%\n4%\nBuy-Side\nSell-Side\nValue Creation\nOther\nStax Serves a Large, Diversified Client Base\n79%\n15%\n6%\nPrivate Equity\nPortCo / Corporate\nHedge Fund\nLong-tenured client base with exceptional retention, largely comprised of blue-chip private equity investors\n42%\n41%\n17%\nMiddle Market\nUMM / Large Cap\nLower Middle Market\n46%\n26%\n13%\n10%\n5%\nTechnology\nServices\nIndustrials\nHealthcare\nConsumer\nPrivate Equity Focus......Across Service Lines...\n...Split Among Market Segments......and End Markets\n(1)Reflects Private Equity and Hedge Fund clients only. Lower Middle Market defined as less than $1.5 billion AUM, Middle Market defined as $1.5 to $10.0 billion AUM, and UMM / Large Cap \ndefined as greater than $10.0 billion AUM.\nLTM Mar-25 \nby Client Type\nLTM Mar-25 \nby Service Line\nLTM Mar-25 \nby Client Size\n(1)\nLTM Mar-25 \nby Industry\n(% of Net Revenue)\n(% of Net Revenue)\n(% of Net Revenue)\n(% of Net Revenue)\n\n34\nSTRICTLY CONFIDENTIAL\nDiversified Relationships Across Service Lines\nBroad spectrum and high-quality clients across growth stages and end markets\n(1)Reflects Private Equity and Hedge Fund clients only. Lower Middle Market defined as less than $1.5 billion AUM, Middle Market defined as $1.5 to $10.0 billion AUM, and UMM / Large Cap \ndefined as greater than $10.0 billion AUM.\nRevenue Concentration by ClientNew vs. Existing ClientsRevenue Concentration by Client Size\n(1)\nBuy-Side Commercial \nDue Diligence\nSell-Side Commercial \nDue Diligence\nValue \nCreation\n(% of LTM Mar-25 net revenue)\n43%\n40%\n17%\nUMM / Large Cap\nMiddle Market\nLower Middle Market\n20%\n54%\n27%\nUMM / Large Cap\nMiddle Market\nLower Middle Market\n63%\n35%\n2%\nUMM / Large Cap\nMiddle Market\nLower Middle Market\n(% of LTM Mar-25 net revenue)\n32%\n29%\n29%\n10%\nTop 10\nTop 11 - 30\nTop 31 - 60\nAll Other Clients\n20%\n32%\n37%\n11%\nTop 10\nTop 11 - 30\nTop 31 - 60\nAll Other Clients\n57%\n43%\nTop 10\nAll Other Clients\n79%\n88%\n82%\n21%\n12%\n18%\n202220232024\nNew\nExisting\n40%\n59%\n54%\n60%\n41%\n46%\n202220232024\nNew\nExisting\n95%\n81%\n88%\n5%\n19%\n12%\n202220232024\nNew\nExisting\n\n35\nSTRICTLY CONFIDENTIAL\n73%\n27%\nRepeatNon-Repeat\nDeep Relationships with Top Clients\n▪Deep Relationships: 45% of net revenue coming from clients \nwith a tenure of 6+ years \n▪Satisfied Clients: 73% of revenue from repeat clients\n(3)\n▪No Client Concentration: No one client represents more than \n4% of net revenue\n▪Broad Relationships: 38% of clients use more than one \nservice\n(3)\n▪Strong Referral Network: 72% of sell-side engagements \nreferred from investment banks\n▪Value in Density: Clients utilizing multiple service lines incur \nover 25% higher fees per project due to complexity of scope\nDemand for strategic solutions across growth stages drives client engagement\nTop 15 ClientsLTM Mar-25 Highlights\n(1)UMM / LC = Upper Middle Market / Large Cap; MM = Middle Market; LMM = Lower Middle Market.\n(2)Reflects average tenure of top 15 clients.\n(3)Reflects 2024 data.\nSticky Relationships Drive Repeat Business\n27%\n7%\n21%\n45%\n< 1 Year1-2 Years\n2-6 Years6+ Years\nRepeat\nClients\nClient \nTenure \nMix\n(% of 2024 net revenue)\n($ in thousands)\n2023 – Mar-25 Net Revenue\nClientSize\n(1)\nBuy-SideSell-SideValue CreationOther\nTotal \nRevenue\n% of Total \nRevenue\n2023 – Mar-25\nProjects\nClient \nTenure\nClient 1UMM / LC$4,415––$642$5,0573.2%811+\nClient 2MM3,195$867$854–4,9153.1%1610+\nClient 3UMM / LC484––3,5694,0532.6%1211+\nClient 4MM1,512–1,556373,1052.0%123+\nClient 5UMM / LC1,582440911–2,9341.8%911+\nClient 6UMM / LC1,506–1,309–2,8151.8%711+\nClient 7MM6641,495559–2,7171.7%811+\nClient 8MM1,2411,172––2,4141.5%46+\nClient 9MM1,471812––2,2831.4%74+\nClient 10UMM / LC868537692–2,0971.3%511+\nClient 11MM1,415622––2,0361.3%62+\nClient 12MM804968229–2,0011.3%64+\nClient 13LMM1,336–640–1,9761.2%711+\nClient 14UMM / LC1,435–532–1,9671.2%511+\nClient 15MM1,080829––1,9091.2%63+\nTop 15$23,009$7,741$7,281$4,248$42,28026.6%1188+\nAll Others52,59344,52818,752532116,40573.4%369\nTotal$75,602$52,269$26,034$4,781$158,685100.0%487\nElliott Management\nPSG Equity\nTiger Global Management LLC\nBlue Point Capital Partners\nThoma Bravo\nCharlesbank Capital Partners LLC\nBregal Sagemount\nGridiron Capital\nRubicon Technology Partners\nHellman & Friedman\nGemspring Capital\nGreater Sum Ventures\nVarsity Healthcare Partners\nVista Equity Partners\nPeak Rock Capital\n(2)\n•To remove client names\n\nGo-to-Market Strategy\n\n37\nSTRICTLY CONFIDENTIAL\nMulti-Pronged Go-to-Market Strategy\nPurpose-built global delivery model enables new business wins without sacrificing existing client service\nVerticalized \nSenior \nProfessionals\nStrategic \nAccount \nCoverage\nCentralized \nLocation-Based \nModel\nProgrammatic \nCommunications\n15 Key Accounts with Multi-\nNational, Multi-Vertical Presence\nLarge Cap Private Equity \nand Public Investors\n22 Key Accounts with Dedicated \nTouchpoints in U.S. and U.K.\nMiddle Market \nCollaboration\n91 Key Accounts with Individual \nDefined Coverage and Tracking\nAccount Relationship \nManagement (ARM)\n98 Key Accounts with Content-\nBased Scaled Communication \nContact Accounts\nManaging Directors and \nDirectors\nIndustry Groups Define \nCoverage and Sales Effort\nCDD and Value Creation Services \nProvided by All Levels\nProduct Generalists\nNuanced Insights From \nSpecialization\nGuaranteed Production of \nHigh-Quality Content\nDedicated Client \nDelivery Network\nAdvisory-\nFocused\nProduct Led; \nContent Driven\nRepeat Value Creation Work \nfrom CDD Engagements\nClient Delivery \nNetwork\nColombo\nArticles, Tombstones, \nNewsletters, Industry Primers\nEmail and Social Media\nMarket Intelligence, Rolling \nThunder\nIn-Person Meetings\nMonthly Flywheel, Asset-Centric \nAccount “Grouping” Outreach\nIntelligence Outreach\nClient Offsites, Co-Branded \nRoundtables, Conferences\nEvents\nGlobal \nStaffing\nBostonChicagoNew YorkLondon\nGlobal Collaborative Coverage and Delivery with In-Market Business Development Capabilities\n\n38\nSTRICTLY CONFIDENTIAL\nCollaborative Approach to Client Coverage and Delivery\nCrediting system designed to maximize collective value and reward firm-building behaviors while de-risking new hires\nSales CreditDelivery Credit\nManaging Directors, Directors, and Associate DirectorsAssociate Directors, Senior Managers, and Managers\nAccount Ownership:\nAssigned owner that fosters \nrelationships throughout the \naccount\nContent Leadership:\nProvides substantive \nexpertise to help close and \ndeliver a project\nTotal Sales Credit:\nReflects the sum of an \nindividual’s contribution \nacross each role\nOriginators\nAccount \nOwnership\nContent \nLeaders\nReporting\nSplitDetail\n60%\n▪Credit shared equally between originators\n▪Tracking allows for up to three originators\n10%\n▪Limited to one person\n▪May be one of the originators\n▪Credit shared equally between content leads\n▪Ideally have multiple leads on every project\n25%\nBoundaries\n40% Cap\nNo Double \nDipping\nProject \nMinimum\n▪No individual can accrue more than 40% of the total project value\n▪Lone originators lose 20% of credit, which is returned to the firm\n▪Originators can be account owners, but they cannot accrue credit \nfor content leadership on the same proposal\n▪If project fee is less than $250K, no credit for content leadership\n▪If project fee is less than $150K, no credit for any role\nOrigination:\nSourcing of potential projects \nthrough outbound efforts or \ninbound leads\nStructure\nDelivery \nLeads\nFramework\nCredit Split\n▪Assigned by resource management based on project staffing\n▪Responsible for leading the day-to-day of a project and ensuring \nthe team is utilized efficiently\nTargets\nAssociate \nDirector\nSenior \nManager\nManager\n▪Delivery credit is a \nmeasure of success for \nmid-level consultants\n▪Delivery credit is defined \nas the total value of \nprojects a mid-level \nconsultant has delivered\n▪Total available credit for \na project is equal to the \nproject’s fee\n▪Delivery leads should be \ndifferent levels, with the \nmore senior employee \nspread across multiple \nprojects\n▪Splitting delivery \nbetween Associate \nDirectors and Senior \nManagers / Managers \nallows the Associate \nDirector to manage \nmultiple projects, \nultimately accruing a \ngreater delivery credit \nvalue\nMinimumGoal\n$3.0M\n$2.5M\n$2.0M\n$4.0M\n$3.5M\n$3.0M\n▪Delivery credit is split evenly between delivery leads regardless \nof seniority\n▪Up to two delivery leads can be associated with a project\n▪Delivery leads must spend at least 15 hours a week on projects \nto receive credit\n\n39\nSTRICTLY CONFIDENTIAL\nProject Delivery Model\nHigh-touch client service executed by efficient project teams purpose-built for the pace of private equity\nBalanced and Flexible Staffing ModelDisciplined Tracking Leads to Better Management and Consistently Strong Realization\nCrediting System Designed to Maximize Collaborative Value\nSales CreditDelivery Credit\n▪Originators (60% of project value)\n‒Credit is shared equally between originators; \ntracking allows for up to three originators\n▪Content Leaders (25% of project value)\n‒Credit is split evenly between all content \nleads; ideally have multiple content leads on \nevery project\n▪Account Owners (10% of project value)\n‒Limited to a single person; may be an \noriginator\n▪Measured in dollars and defined as the total value \nof projects a mid-level has delivered\n▪Accrue to the delivery leads; may have up to two \ndelivery leads associated with a project\n▪Delivery leads are typically different levels, but \ncredit is evenly split between both leads\n▪Associate Directors, Senior Managers, and \nManagers are the core roles responsible for \ndelivery\nDelivery (Client Service Network)\nTraditional consulting team staffed to dedicated projects on a billable model\nManaging \nDirector\nDirector\nSpend 50% of time \non billable work\nAssociate \nDirector\nSenior \nManager\nSpend 75% of time \non billable work\nManagerSenior \nConsultant\nConsultantAssociate \nConsultant\nSpend 100% of time \non billable work\nPlug-and-play project support in Colombo segmented by defined workstreams to enhance speed of delivery\nIntegrated Workflow Support (Client Delivery Network)\nIntegrated Project Leads\nLead \nto Win\nSecondary \nInsights\nData \nScience\nWeb Survey \nInsights\nExpert \nInsights\nData \nVisualization\nHighly repeatable, scalable execution process across services allows for powerful insights to be \ndelivered quickly and efficiently at an attractive price relative to competitors\nPromotes collaboration and de-risks new hires\n218226224\nProjects \nInvoiced:\n87.8%\n94.9%\n96.4%\n20232024LTM Mar-25\nRealization\n\n40\nSTRICTLY CONFIDENTIAL\nClient Delivery Network Expands Capacity to Execute\n▪50-person dedicated team in Colombo serves as plug-and-play \nproject support to enhance speed of delivery for client \nworkstreams\n▪Commercial platform built to work at the speed of private \nequity\n▪Supports U.S. and U.K. advisory in an agile and targeted way\n▪Segmented by defined workstreams with clear responsibilities \nand competency model\n▪Handles tasks of varying levels of complexity during the \nproposal and live project phases\n▪Creates additional bandwidth for the client service network to \nfocus on high-value client-facing workstreams\n▪Optimizes resource utilization through on-demand staffing \nbased on skill, capacity, and expertise\n▪Expands delivery capabilities in-line with demand while \noffering flexibility, convenience, and controllability in project \ndelivery\n▪Defined career path with strong average tenure of 9+ years \nacross integrated project leads, delivery leads, and managing \ndirectors\n▪Key members participate in management incentive plan\nPurpose-built integrated workflow support delivers sustainable growth \nTeam OverviewCommentary\nRuwindhu Peiris\nManaging Director\n(Headcount as of March 2025)\nDelivery Lead\nSr. Delivery Manager\nTeam Lead\nDelivery Manager\nSr. Delivery Manager\nDelivery Manager (3)\nTeam Lead\nDelivery Manager\nTeam Lead\nSr. Delivery Manager\nTeam Lead\nDelivery Manager\nTeam Lead\nDelivery Manager\nTeam Lead\nDelivery Manager\nIntegrated Project \nLeads\nTeam Lead\nSr. Delivery Manager\nLead (3)\nSr. Analyst\nLead (5)\nSr. Analyst\nDelivery Manager\nLead (3)\nSr. Analyst (3)\nLead to WinSecondary InsightsData ScienceWeb Survey InsightsExpert InsightsData Visualization\nLead\nSr. Analyst (4)\nAnalyst (2)\nLead (3)\nSr. Analyst (4)\nLead (2)\nSr. Analyst \nAnalyst (3)\n5\nEmployees\n5\nEmployees\n7\nEmployees\n8\nEmployees\n8\nEmployees\n7\nEmployees\n8\nEmployees\nAgile project \nmanagement and \ncentral point of \ncontact for the CSN \nSales enablement \ncapabilities from \ninitial outreach to \nproposal submission\nExtracts and \nsynthesizes \ninformation from \npublicly available \nsources\nBusiness insights and \ncapability \ndevelopment for \ninvestors and \nmanagement teams\nGather insights from \nweb surveys on client \npurchasing and \nspend dynamics, \nvendor performance\nEngages with \nexperts, competitors, \nand clients to collect \nrich insights\nVisualization \nspecialists that own \ndeliverables and \nother visualization \nelements\n\nCulture and Talent Management\n\n42\nSTRICTLY CONFIDENTIAL\nCompelling Employee Value Proposition to Attract and Nurture Top Talent\nStax has developed an attractive employee value proposition to recruit, develop, and retain top tier professionals\nDifferentiated Employee Value PropositionWinning the War for Talent\n(1)Retention of CSN professionals by skill level from 2023 year-end to 2024 year-end; reflects voluntary only.\nClient Service Network Retention by Skill Level\n(1)\nDirector HeadcountManaging Director Headcount\nUnique focus on serving and scaling with private equity clients\nIncentive model designed to reward collaboration and shared success\nHigh growth platform offering career opportunities and the chance to make a \nsignificant impact, supported by structured onboarding and fast ramp for new hires\nExpertise-focused model without exclusivity over client ownership\nAmple whitespace for career growth relative to some competitors with clear \nprogression paths and regular performance feedback\nEquity participation for Managers and above through Management Incentive Plan\nCentralized global staffing expands utilization and reduces time on bench\nSpecialization model supports long-term career development, bolstered by formal \nmentorship and learning opportunities\nCompetitive compensation model and benefits package aligned with market leaders, \nplus a strong commitment to work-life balance and well-being\nScalable infrastructure designed to foster growth and collaboration with direct access \nto senior leadership\n73%\n76%\n80%\n95%\nAssociate\nConsultant /\nConsultant\nSenior\nConsultant /\nManager\nSenior Manager /\nAssociate\nDirector\nDirector /\nManaging\nDirector\n4x \nGrowth\n5x \nGrowth\n2\n8\n2021Mar-25\n3\n16\n2021Mar-25\n\n43\nSTRICTLY CONFIDENTIAL\nTop Ranked by Industry Publications, Validated by Industry Professionals\nStellar Rankings Across Vault North America Categories\n(2)\nContinued recognition and awards reflect nature of culture initiatives the Company has meticulously implemented and managed over time\n(1)As of April 8, 2025.\n(2)Source: Vault 2024 North America Consulting Survey. Rankings and awards are based on insights from over 12,000 verified consulting professionals.\n7.3\n8.4\nIndustryStax\nInternal Mobility\n+1.1\n#10\nOverall \nDiversity\n#8\nEmployee \nSatisfaction\n#8\nLevel of \nChallenge\n#7\nPromotion \nPolicies\n#7\nInternal \nMobility\n#6\nIntl. \nOpportunity\n#5\nHealth and \nWellness\n#4\nBusiness \nOutlook\n#6\nBoutique \nConsulting\n#12\nBenefits\n#11\nInformal \nMentorship\n#10\nFormal \nTraining\n8.5\n9.2\nIndustryStax\nFirm Culture\n+0.7\nEmployee Satisfaction\n+0.8\n8.3\n9.1\nIndustryStax\n8.0\n8.8\nIndustryStax\nWork-Life Balance\n+0.8\nPromotion Policies\n+0.9\n8.1\n9.0\nIndustryStax\nTop Consulting\nFirm 2025\nFormal Training\n+1.2\n7.7\n8.9\nIndustryStax\nBest Management \nConsulting Firms 2025\nBest Firms to Work For\n2022, 2023, and 2024\nGlassdoor Overall Rankings\n(1)\nStax Big 5 Competitor\n4.4\n4.34.3\n4.2\n4.14.1\n4.0\n3.9\n3.83.8\n3.73.7\n3.53.5\n\n44\nSTRICTLY CONFIDENTIAL\nCompetitive Pay-for-Performance Compensation Model\n▪Structured to fall within the 75th percentile of the market, with top performers reaching the \n90th percentile\n‒Similar compensation strategy and banding in place for the Client Delivery Network\n‒Study underway to implement same model for Operations in 2025\n▪Salary bands ensure internal promotions are rewarded equitably without overvaluing \nexternal hires, demonstrating investment in maximizing tenure\n▪Merit-based salary increases determined by 4-point rating scale\n▪Robust benefits package and opportunity for equity ownership through Management \nIncentive Plan further enriches employees\n‒Management Incentive Plan available to Managers and above\nIncentive structure and attractive operating model strike a key balance between sustainable productivity and exciting projects\nPhilosophy and ApproachIndustry Benchmarking\n(1)\n2024 Average Cash Compensation by Skill Level\n(2)\n(1)Source: Aon 2024 Consultant Benchmarking Study. Reflects 50th percentile of compensation category by skill level for each group. MBB+ equivalent to Managing Director not available. MBB+ includes \nBain, Deloitte, EY, McKinsey, Oliver Wyman (Europe), and PwC. Tier 2 includes AlixPartners, Ankura, Chartis, Council Advisors, CRA Intl., FTI, Guidehouse, Keystone, Oliver Wyman, and Slalom.\n(2)Excludes Management Incentive Plan. \nMBB+Tier 2Stax\nACCSCMSMADDMD\n2023 Total Cash Compensation\nACCSCMSMADDMD\n2024 Cash Salary\nStax paid above market bonuses as a \npercentage of salary at all levels in 2023\nStax outpaced the market for salary \nincreases at all levels in 2024\nACCSCMSMADDMD\nACCSCMSMADDMD\n(Client Service Network; U.S. only)\n2023 Cash Bonus as % of Total Compensation2024 Cash Salary Increases\n$85\n$114\n$151\n$184\n$220\n$264\n$330\n$469\n$9\n$17\n$28\n$39\n$62\n$60\n$114\n$387\n$94\n$131\n$179\n$223\n$282\n$324\n$444\n$856\nAssociate\nConsultant\nConsultantSenior\nConsultant\nManagerSenior\nManager\nAssociate\nDirector\nDirectorManaging\nDirector\nCash BaseCash Bonus\n\n45\nSTRICTLY CONFIDENTIAL\n5\n33\n4\n3\n7\n10\n27\nManaging\nDirector\nDirectorAssociate\nDirector\nSenior\nManager\nManagerSenior\nConsultant\nConsultantAssociate\nConsultant\nStructured Recruiting Effort Provides Continuous Source of Talent\nDiversified talent pipeline ensures a steady stream of quality candidates\nOrganic Talent AcquisitionStrong Full-Time CSN Hires Across Skill LevelsSourcing Mix\nRecruiting Overview\nEarly CareersExperienced Hires\nStax targets hiring 10 Summer Associates/Co-Ops and 15 full-time Associate Consultants each year via campus targeting\nPriority Universities\nRelationships with on campus organizations \nand multiple events held per year\nOther Global Universities of Focus\nSources of recent successful hires\nCampus Targeting\nExpanded recruiting funnel to HBCUs, \nwomen’s colleges, etc.\n▪Strong track record of attracting lateral senior hires from \ncompetitors to build on existing offerings or expand into new \nareas of coverage\n▪Nearly 20% of experienced hires are sourced through employee \nreferrals\n▪Average offer acceptance rate of 73%\n▪Continued focus on driving branding efforts to improve candidate \npool\n26,000+ Applicants\n308 Interviews\n94 Offers Extended\n69 Offers Accepted\n(2024 firmwide recruiting statistics)(2024 – YTD Mar-25 new hires)(% of 2024 – YTD Mar-25 new hires)\n58%\n20%\n17%\n5%\nDirect Hire\nCampus\nReferral\nAgency\n\n46\nSTRICTLY CONFIDENTIAL\nWell-Defined Competency Model with Multiple Channels for Feedback\nCompetency and task relevant maturity models serve as the foundation to standardize feedback and expectations for each skill level across locations\nTask Relevant Maturity Model Provides Granular View of Task-Specific Proficiency\nImpact\nEnables global \nstaffing\nUnifies quality of \ndelivery\nProvides clarity and \nconfidence around \npromotion criteria\nEmphasizes merit-\nbased success \nmodel\nCore Consulting SkillsCommercial LeadershipSelf LeadershipPeople and Culture Leadership\nFeedback Facilities Development of Core Skills\nUse Case\n▪Used during project evaluations to assess \nconsultants’ technical effectiveness in \nspecific tasks and evaluate technical \ndevelopmental areas\nComponents\n▪Task category (e.g., survey \nmanagement)\n▪Specific tasks (e.g., survey design)\n▪Maturity levels\nGoal and Purpose\n▪Shift focus to skill level when completing a \ntask\n▪Standardized, efficient project feedback\n▪Differentiates expectations for same task \nacross levels\n▪Focuses on both qualitative and quantitative measures\n▪PowerBI performance dashboard\n▪Project feedback, debriefs, mid-year and year-end reviews\n▪Feedback on non-project Initiatives\n▪360 Feedback: upward, recognitions, special projects and \ninitiatives\n\n47\nSTRICTLY CONFIDENTIAL\nSignificant Opportunity for Upward Mobility\nStandardized career trajectory enables strong performers to progress through the organization\nClient Service Network Career Path\n(1)\n(1)CDN professionals have a similarly defined career path and competency model.\n(2)Reflects internal promotions from 2022 through Mar-25. Associate Consultant promotions reflect interns and co-ops that rejoined the Company as full-time employees.\n(3)Reflects the number of 2024 – YTD Mar-25 internal promotes as a percentage of employees that joined as or assumed a given skill level in 2024 – YTD Mar-25.\nAssociate ConsultantConsultantSenior Consultant\nManagerSenior ManagerAssociate Director\nDirector\nManaging Director\nProject FundamentalsWorkstream ExecutionDelivery ExcellenceProject ManagementProject ManagementClient Management\nBusiness Planning and \nExecution\nBusiness Planning and \nExecution\n▪Independently owns \nprimary workstream\n▪Capable of owning \nmultiple workstreams\n▪Drives full execution of \nworkstreams\n▪Takes ownership of \nnarrative\n▪Begins to gain \nverticalized expertise\n▪Provides strategic \ninsights and content \nexpertise\n▪Drives engagement \nsuccess and manages \nclient expectations\n▪Accountable for quality \nand efficiency of \ndelivery\n~12-Year Average Progression from Associate Consultant to Managing Director\nManaging Director7\nDirector8\nAssociate Director 14\nSenior Manager 8\nManager 14\nSenior Consultant 28\nConsultant 38\nAssociate Consultant 13\nCumulative Internal Promotions\n(2)\nHome-Grown Employees\n(3)\nManaging Director50%\nDirector40%\nAssociate Director20%\nSenior Manager 50%\nManager 57%\nSenior Consultant 59%\nConsultant47%\nAssociate Consultant 23%\n\n48\nSTRICTLY CONFIDENTIAL\nIn-House Training Amplifies Long-Term Career Satisfaction and Employee Potential\nTraining and development is a core tenet of Stax\nNote: Stax also hosts Stax Academy–a learning platform offering training modules to local youth and potential CDN talent–in Colombo, Sri Lanka.\n▪Skill-based training to support consultants during ramp period\n▪Formal sessions via classroom and in-project training for 1-4 \nweeks depending on seniority; subsequent project shadowing \nfor an additional 2-4 weeks\n▪Company and Operations Sessions covering internal resources \nand capabilities\n▪People Team Sessions covering benefits, resource \nmanagement, and professional development\n▪Delivery Excellence Sessions\n‒Getting Smart, Primary Research, Intro to Surveys, \nSecondary Research and Major Data Sources, Effective \nGuides Writing, Intro to Market Modeling, Business Writing, \nCreating Deliverables and Slides\nOnboarding\n▪Five to eight classroom hours per quarter, with additional on-\nthe-job and individual development plan (IDP) training\n▪Stax 2.0 Upskill Series\n‒Industry and Market Knowledge Sharing\n‒Productivity Tools\n‒Best Practice Alignment\n▪Half-Day Trainings by Level\n‒Senior Consultant: Effective Workstream Management, \nStoryboarding 101, Effective Communication, Delegation \nand In-Project Training\n‒Manager: Stax Project Management Playbook, Verticals and \nPractice Overview, Stax Mentor Model, Running Effective \n1:1s\n‒Senior Manager and Associate Director: Intro to Client \nManagement, Leveraging Coaching in People Development\n‒Director: Building your Book of Business, Building Effective \nTeams\n▪Personal Development and Culture Fundamental Series\n‒Self Accountability, Building a Feedback Culture, Resilience\nTraining Academy\n▪Development Programs\n‒Apprenticeship-based learning where employees develop \nthrough hands-on experiences, mentorship, and a \nfeedback-driven learning environment\n‒International exposure to facilitate global collaboration, \nstandardization of best practices and culture integration\n‒Employees receive performance feedback every few weeks \nthrough forms, debriefs, and more\n‒Internal training programs tailored to develop deep \ntechnical and management skills\n▪Communication and Transparency\n‒Regular town halls and leadership meetings, including firm-\nwide updates, senior meetings, and role-specific discussions\n‒Structured feedback mechanisms with performance \ndashboards to consolidate feedback, career progression \nmetrics, and training outcomes\n▪Flat Hierarchy and Leadership Access\n‒Employees at all levels have direct access to leadership\n‒Weekly leadership lunches, open-mics, and social initiatives \nacross offices\n▪Mentorship and Career Development\n‒Internal mentorship program and global staffing model \nfacilitates rapid employee development and connection\n‒Peer coaching initiatives to support career growth\n‒Mentors are accountable for supporting mentees, providing \nadvice and guidance based on development needs\nProfessional Development and Mentorship\nStructured \ntraining for all \nemployees, \nnew or old...\n...with \nnumerous \navenues for \ncontinuing \neducation\nAND\nAND\n\nOperations and Platform\n\n50\nSTRICTLY CONFIDENTIAL\nData-Driven, Purpose-Built Financial and Business Operations\n▪Data and reporting created to optimize every level of the professional services \neconomic value chain from opportunity generation to cash collection\n▪Real-time access to key business and operational KPIs enhances data-driven \ndecisions, including informed forecasting and opportunity tracking, improved capacity \nplanning, financial management, and prioritization\n▪Democratizes data through custom-built PowerBI visualizations, a user-friendly \ndesign, and robust training initiatives to empower users\nReal-time data enables agile management of the business against key indicators\nOverview of Stax INTEL\nInitiatives Focused on Driving Growth and Operational SustainabilityDashboards and Reports\nResource \nManagement\nProject \nManagement\nExpense \nManagement\nInvoice \nOversight\nRealization\nRevenue and \nDelivery Credit\nBillability and \nUtilization\nRevenue \nTracker\nA/R Analysis\nPerformance \nDevelopment\nClient Contract \nStatus\nRates and \nPricing\nLiberation of Data\n“Giving smart people the \nright data enables them to \nmake smart decisions”\nRobust, Transparent Reporting Improves Business Outcomes\nData Warehouse\n\n51\nSTRICTLY CONFIDENTIAL\nEarly AI Adoption Enhances Delivery Quality and Efficiency\n▪Improves speed and quality of analysis while creating high \ncaliber “architected” data for future use\n▪Cleans primary data for use with generative AI, searches for \nrelevant quotes, and interrogates transcripts to structure \nproject analyses \n▪Extends the utility of architected data for use cases beyond \ninitial project work\n▪Generative AI embedded into everyday use and broader \nworkflows to drive quality and speed enhancements\n▪Accelerates and strengthens thought-oriented processes at \nscale (slide review, eminence feedback, etc.)\n▪Integrations and connectivity with existing systems\nStreamlined access to proprietary data is paramount to sustained competitive advantage \nOverview of AthenaWorkflow Tools\nKnowledge management tool developed in-house dramatically lowers search barriers and accelerates access to depth of \ninstitutional knowledge; platform draws from over five years of Stax intellectual property to produce the relevant projects, \nslides, and Stax experts\nUsers can explore results at project and \nslide levels\nAthena transforms the ROI of searching \nfor Stax knowledge, unlocking previously \nunfeasible use cases\nIncorporates Athena Chat, an AI model \ntrained on Stax’s repository of knowledge\nProject \nInsights\nJunior\nEmbedded \nGen AI\nGPTs\nUser Prompt\nPrior Insights\nRelevant Slides\nPreviously \nUsed Experts\nResearch \nApproach\nProject Teams\nExpert Interview \nTranscripts\n1,100+\nDeliverables\n700+\nProposals\n75,000+\nSlides\n50,000+\nInterviews\n\n52\nSTRICTLY CONFIDENTIAL\nWorld-Class Leadership Team Operates an Efficient Client-Centric Organization Structure\nStax is led by a highly experienced, motivated, dynamic, and diverse senior team\nNote: Headcount as of March 2025. Client Service Network excludes two Research Associates paid hourly.\n(1)Includes 44 Operations employees in the United States, United Kingdom, and Sri Lanka.\nClient Service NetworkIntegrated Global Operations Team\n(1)\nClient Delivery Network\nAmy Schoeman\nGlobal Head of HR\nMeg Macumber\nGlobal Head of Finance\nLeslie Regenbaum\nGeneral Counsel\nJoe Brownell\nGlobal Head of Marketing\nConnor Novy\nChief of Staff and Head of Sales \nOperations\nHazir Shafeek\nGlobal Head of Data Insights & IT\nRuwindhu Peiris\nManaging Director\nPaul Edwards\nGlobal Practice Leader\nRegional Lead\n2\nManaging \nDirector\n9\nProduct Lead\n4\nDirector\n8\nSenior Manager\n8\nAssociate \nDirector\n9\nManager\n9\nConsultant\n21\nSenior \nConsultant\n18\nAssociate \nConsultant\n39\nDelivery Manager\n8\nSenior Delivery \nManager\n4\nLead\n17\nAnalyst\n6\nSenior Analyst\n14\nExecutive Leadership Team\nJayson Traxler\nChief Executive Officer\nMihaela Dumea\nDirector, Data and Business \nIntelligence\n\n53\nSTRICTLY CONFIDENTIAL\nWell-Invested Operational Platform Built to Serve Private Equity\nDeep bench of integrated global support functions designed to drive growth and operational efficiency\nNote: Headcount as of March 2025.\nMeg Macumber\nGlobal Head of Finance\nAmy Schoeman\nGlobal Head of Human Resources\nJoe Brownell\nGlobal Head of Marketing\nLeslie Regenbaum\nGeneral Counsel\nConnor Novy\nChief of Staff / Head of Sales Operations\nPeople Operations (5)Marketing Strategist (4)\nFinance, IT, and Business OperationsHuman ResourcesMarketingLegalData and Business IntelligenceSales Operations\nHazir Shafeek\nGlobal Head of Data Insights and IT\nCompliance and GovernanceSales Operations\n11\nEmployees\n6\nEmployees\n6\nEmployees\n3\nEmployees\nJayson Traxler\nChief Executive Officer\nMihaela Dumea\nDirector, Data and Business Intelligence\nController\nHead of Business Operations\nProfessional Development (2)\nTalent Acquisition (2)\nHR Business Partner\nProduction ManagerLegal CounselFinancial Insights and BI\nDigital Engineering (3)\nCommercial Strategy and Enablement (2)\nIT and Help Desk Support (4)\nFinance and Accounting (6)\nPayroll and Benefits\nFinancial Sponsors Coverage\n3\nEmployees\nStax can scale revenue without adding significant operations headcount\n23\nEmployees\nAdministrative (8)\n\nGrowth Strategy\n\n55\nSTRICTLY CONFIDENTIAL\nMulti-Pronged Growth Strategy Drives Confidence in the Next Chapter of the Company\nTangible and achievable organic growth in the near term with substantial opportunity to drive additional value creation via M&A\n▪Strategically hire senior \nprofessionals to build \ndensity in core verticals \nand expand capabilities\n▪Build density across \ncurrent locations, \nexpanding \napprenticeship model to \nfurther attract and \ndevelop mid/junior \ntalent\nAttract, Develop, \nand Retain Talent\n▪Continue building \nmomentum in the U.K. \nto expand market \npresence\n▪Strategically grow \nheadcount and client \nleadership in New York \noffice\n▪Establish local presence \nin new geographic \nmarkets through organic \ngreenfield locations in \nthe United States and \nEurope\n▪Continue to protect \nunique culture via \nplanful expansion\nBroaden Geographic \nPresence\n▪Capitalize on advisory, \nbespoke nature of work, \nand pricing umbrella \nrelative to MBB+ to \nrealize due diligence \nprice increases \nnationally and abroad\n▪Raise prices in value \ncreation to be more in-\nline with client impact, \nresults, and ROI\n▪Expand number of \naccounts with average \nproject size of $400K+ \nwith ample cross-sell \nopportunities and need \nfor multiple projects per \nyear\nExert \nPricing Power\n▪Focus on accelerating the \nexecution of M&A \nplaybook\n▪Expand into new \ngeographies, new \nservice lines, and build \nscale in existing markets\n▪Opportunistically \nevaluate larger-scale \ntransformative M&A \ntargets\nIdentify and Execute \non Acquisitions\n▪Further optimize cross-\nsell strategy to deepen \ndensity across core \naccounts through scaled \ninside sales strategy\n▪Target key private equity \nclients where \nreferenceable work \nprovides opportunity for \nfurther penetration in \nprojects that command \nmore premium bill rates\nMaximize Wallet \nShare and Cross-Sell\n▪Scale coverage and \ncontent intersection \nacross private equity and \ninvestment banks\n▪Further scale dedicated \nbusiness development \nteam to broaden coverage \nuniverse\n▪Centralize, scale, and \nmanage external \nindividual, account, and \nsubsector communications\nScale Client \nCoverage\n▪Leverage reputation and \ndifferentiated \nexperience in key \nverticals with high win \nrates across market \nsegments\n▪Introduce new verticals \nsuch as government or \naerospace and defense \nthrough de novo efforts \nor experienced senior \nhires \nDeepen Vertical \nExpertise\n▪Capitalize on hedge \nfunds’ growing inbound \ndemand for market \nresearch \n▪Introduce new purpose-\nbuilt products such as \ntechnology due \ndiligence, financial due \ndiligence, operational \ndue diligence, and ESG \nand sustainability \ndiligence through \nintegrated go-to-market \napproach\nExpand Capabilities \nand Client Profiles\nGrowExpandTransform\n\n56\nSTRICTLY CONFIDENTIAL\nWiden Referral Channel to Optimize Business Development Efforts\nCultivate and expand business development relationships with large cap private equity firms \nBroaden and Deepen Large Cap Private Equity Relationships \n$8.3M\n$11.0M\n2018 - 20212022 - LTM Mar-25\nGrowth Plan Current Strengths \n▪Proactively enhance and revitalize partnerships with large \ncap clients\n▪Reposition value proposition as a trusted advisory partner\n▪Schedule regular in-person meetings to strengthen \nconnections\n▪Prioritize targeted outreach and proposals aimed \nspecifically at large cap opportunities\n▪Fosters collaborative partnerships, ensuring alignment with \nthe long-term objectives of large cap clients\n▪Strong brand recognition among large cap funds facilitates \nmarket entry for new large cap clients\n▪Strategic account coverage plan across large cap funds \nenhances relationships and drives customer stickiness \nLargest Private Equity Firms\n(1)\n(1)Source: Private Equity International. Dollars in billions. Ranking based on private equity capital raised between 1/1/2019 to 12/31/2023. Excludes credit, secondaries, and real asset focused \nmanagers. Shading reflects Stax project counts between 2018 and Mar-25.\n(2)Reflects average annual revenue from Large Cap Private Equity and Public Investor key accounts designated as of Q1-25.\n1-5 Projects6-10 Projects11+ Projects\nNo.SponsorRaised\n1\nBlackstone$124\n2\nKKR$103\n3\nEQT$99\n4\nCVC Capital Partners$78\n5\nTPG$62\n6\nThe Carlyle Group$60\n7\nThoma Bravo$59\n8\nAdvent International$53\n9\nWarburg Pincus$52\n10\nHg$51\n11\nCD&R$50\n12\nSilver Lake$49\n13\nHellman & Friedman$47\n14\nVista Equity Partners$45\n15\nGeneral Atlantic$43\nNo.SponsorRaised\n16\nClearlake Capital$43\n17\nGoldman Sachs$42\n18\nLeonard Green$41\n19\nTA Associates$40\n20\nPermira$37\n21\nBain Capital$37\n22\nInsight Partners$35\n23\nCinven$35\n24\nGenstar Capital$32\n25\nFrancisco Partners$30\n26\nAres Management$30\n27\nApollo Global$29\n28\nPartners Group$28\n29\nBridgepoint$23\n30\nGTCR$23\nDirect experience on \nprior transactions\nVertical and product \nsector expertise\nBalanced approach between \ncomplex situations and \ntailored need \nBetter value for add-ons that \ndo not need breadth/depth\nStax Large Cap Value Proposition\nNet Revenue from Key Large Cap Accounts\n(2)\n\n57\nSTRICTLY CONFIDENTIAL\nWiden Referral Channel to Optimize Business Development Efforts\nCultivate and expand business development relationships with investment banks\nU.S. M&A League Tables\n(1)\nGrow Investment Banking Referral Channel\n(1)Source: Dealogic. Reflects transactions announced between 12/31/2014 and 12/31/2024 with private equity involvement. Shading reflects Stax project counts between 2018 and Mar-25.\nStrengthen Existing Investment Bank RelationshipsFoster Relationships with New Investment Banks\n▪Investment banks provide a pipeline of sell-side \nopportunities through client referrals\n▪Ongoing dialogue and recurring touchpoints provides \nintelligence on in-market buy-sides and potential value \ncreation opportunities\n▪Growing breadth and depth of content provides \nreferenceable work to expand scope of service\n▪Demonstrate capabilities to preeminent investment banks \nthat have historically been an unlikely referral source to \npenetrate additional pockets of the market\n▪Leverage network of lateral hires, geographic expansion, \nand expanded verticals of coverage to develop \nrelationships with specialized regional and industry \nboutiques\nRoom for Additional Wallet Share with Key Recent \nInvestment Banking Partners\nSignificant Opportunity for Business Development in \nthe Broader M&A Market\n1-5 Projects6-10 Projects11+ Projects\nNo.AdvisorDeals\n1Houlihan Lokey904\n2Goldman Sachs762\n3Jefferies631\n4William Blair552\n5JPMorgan547\n6Morgan Stanley514\n7Baird505\n8Lincoln Intl.456\n9Piper Sandler453\n10UBS434\n11Raymond James383\n12PNC Bank363\n13Moelis355\n14Bank of America351\n15Evercore346\nNo.AdvisorDeals\n16Lazard315\n17Barclays307\n18Citi295\n19Stifel257\n20RBC248\n21Rothschild236\n22Canaccord215\n23KeyBanc180\n24Guggenheim160\n25BMO142\n26Deutsche Bank139\n27Centerview133\n28Truist130\n29Macquarie119\n30KPMG108\nNet Revenue from Sell-Sides Referred by Investment Banks\n$1.0M\n$1.1M\n$13.3M\n$18.0M\n$20.6M\n2018202020222024 LTM Mar-25\n\n58\nSTRICTLY CONFIDENTIAL\nMaximize Wallet Share and Cross-Sell Opportunities with Existing Clients\nUpsell core offerings to capture larger share of deal volume within established private equity relationships\nExpansion of OfferingsSignificant Whitespace Available Within Current Client Base\nValue Creation\nEmbedded Data \nAnalytics and \nSustainability\nAI Diagnostic, Piloting, \nand Scaled Adoption\nInitiative Deployment, \nMarket Piloting, and \nGrowth Office \nGovernance\nSell-Side \nCommercial \nDue Diligence\nScale Dedicated \nResources to Optimize \nPitch and Delivery \nProcess\nExpand Sales Team to \nDeepen Content \nCoverage to Facilitate \nBank Penetration\nFurther Integrate \nBusiness Units to \nMaximize Value of \nMarket Intelligence \nAcross Offerings\nBuy-Side \nCommercial \nDue Diligence\nIncrease Coverage \nVerticals to Better Serve \nFunds with Broad \nInvestment Theses\nFill Content and \nExpertise Gaps to Elevate \nDelivery to Higher-\nVolume Upper MM and \nLarge Cap Sponsors\nTarget Additional Public \nEquity Investors to \nFurther Diversify Profile \nof Transactions \nEvaluated\nPrivate Equity Client Count\nEstimated Current Serviceable Available Market (SAM) Penetration\n~2% \nPenetration of \nICP Estimated \nSpend\n~5% \nPenetration of \nCurrent Client \nEstimated \nSpend\nStrong right to grow through wallet share \nand new logo expansion with ~$1.3 billion in \nattainable whitespace across core products\nCurrent vs. Target Service Line Mix\nTBU?\n75\n100\n129\n20192021TTM Mar-25\n44%\n37%\n15%\n4%\nBuy-Side\nSell-Side\nValue Creation\nOther\nLTM \nMar-25\n37%\n37%\n24%\n2%\n2030P \nOrganic\n~$0.1M\n~$1.3M\n~$3.2M\n~$5.2M\nCurrent Stax Revenue\nwithin SAM\nEstimated SAM within\nCurrent Clients\nMiddle Market Ideal Client\nProfile (ICP) SAM\nNorth America and U.K.\nTotal SAM\n\n59\nSTRICTLY CONFIDENTIAL\nAttract, Develop, and Retain Talent to Capitalize on Growth\n▪Dedicated and growing talent acquisition team manages the hiring funnel to identify \nand pursue candidates with experience to strengthen core offerings or expand areas \nof coverage\n▪Continued branding initiatives and increased visibility online will yield additional hires \nfrom a broader pool of candidates\n▪Proven ability to attract senior- and mid-level hires with experience at top-tier firms\nContinue winning talent through targeted recruitment efforts and growth-oriented culture\nStrategic Approach to Fostering Junior Growth Lateral Experienced Hire Recruiting\nOrganic Client Service Network ExpansionProjected Growth in Productivity\nNet Revenue per Director and Managing Director\nProjects Invoiced per Director and Managing Director\nDirector and Managing Director HeadcountAll Other CSN Headcount\nConsulting \nSkills\nDevelopment \nPrograms\nProject Delivery Excellence Series: Primary, secondary, survey, and modeling \ntraining\nAssociate \nConsultants and \nConsultants\nSenior \nConsultants and \nManagers\nProject Management Excellence Series: Project management and economics, \nstoryboarding, running effective team meetings, and presentation training\n▪Proven track record of developing young talent within Stax, leading to a strong team \nof tenured senior employees contributing the sustained success\n▪Recruiting junior talent has enabled employees to acquire foundational skills \neffectively and efficiently\n▪Onboarding young talent has fostered adaptability to Stax practices and strengthened \nemployee loyalty\n24\n25\n36\n49\nMar-252025E2028P2030P\n106\n122\n180\n246\nMar-252025E2028P2030P\n10.8\n11.4\n12.0\n12.5\nLTM Mar-252025E2028P2030P\n$3.9M\n$3.7M\n$4.7M\n$5.4M\nLTM Mar-252025E2028P2030P\n\n60\nSTRICTLY CONFIDENTIAL\nProven Vertical Expertise and Journey\nRoom to build subsector density in core verticals, as we as deepen expertise in other targeted industry verticals\nCurrent Vertical MaturityVertical Growth Opportunities\nStrong Growth within Key Verticals Expansion Opportunities within Core Verticals \n$5\n$10\n$11\n$27\n$31\n$30\n$33\n$36\n$6\n$6\n$6\n$11\n$17\n$16\n$18\n$20\n$11\n$16\n$18\n$39\n$48\n$46\n$51\n$56\n2018201920202021202220232024LTM\nMar-25\nTechnologyServices\n(Net Revenue; $ in millions)\n▪Organized depth and breadth of referenceable work\n▪Subsector expertise\n▪Sector-specific senior recruitment \n▪Scaled sector-specific maturity and communication\n▪Subsector account targeting and planning\n▪Vertical planning\n▪Increase in opportunity volume \n▪Increase in win rate \n▪Increase in average project size\n▪Expansion in private equity and investment banking \naccounts leveraging Stax within a vertical \n▪Above market performance \n▪Outsized opportunities through investment banks and large \ncap private equity \nVertical EnablersImpact\nPlan to leverage existing verticals to deepen market presence \nand strategically expand into new sectors, will drive \nsustained growth\nIndustrials \nTechnology \nServices \nHealthcare \nAerospace & \nDefense \nConsumer\nGovernment \n& Public \nImpact\nEnablers\nFully EvolvedDevelopingExpansion Verticals \n2018 – LTM Mar-25 CAGR: 30%\n\n61\nSTRICTLY CONFIDENTIAL\nExpand Capabilities and Client Profiles\nStax’s focus on relationships cultivates a deep understanding of clients' needs and the specific areas where they require assistance\nDeal-Related ServicesNon-Deal Related ServicesClient Type Expansion\n▪Presence and \ndemonstrated \nsuccess in \nsupporting software \nand technology \nengagements \ncreates natural \navenue for \nexpansion\n▪Ingrained cross-sell \nfrom standard \ncommercial \ndiligence and value \ncreation projects\nTechnology Due \nDiligence\n▪Well-defined and \nsynergistic offering, \nnatural extension of \nexisting value \ncreation \nengagements\n▪Accelerated entry \nfeasible via hiring or \nM&A, healthy \npipeline of potential \ntargets\nProcurement \nOptimization\n▪Natural extension of \nvalue creation to \nimplement best \npractices observed \nin premium assets \nacross industries\nOperations \nPlanning and \nOptimization\n▪Rising need for \nassessment of risks, \ninefficiencies, and \noperational gaps as \ncompanies face \nincreasing scrutiny \nfrom potential \ninvestors during \ndiligence\nOperational Due \nDiligence\n▪Enable Stax to \ncapitalize on the \ngrowing market for \ndebt investments \nand drive demand \nduring economic \ndownturns by \nleveraging credit \nfunds' insulation \nfrom M&A market \nfluctuations\nCredit Funds \n▪Foster long-term \nrelationships that \nendure through \neconomic \ndownturns, \ngenerating a steady \npipeline of new \nclients across family \noffice portfolios\nFamily Offices\n▪Demonstrated \nsuccess \ntransitioning from \nM&A to hedge fund \nclients during \neconomic \ndownturns, \nleveraging large \nclients to generate \nrecurring demand \nfor market research \nacross economic \ncycles\nHedge Funds \n▪In-demand offering \nof critical focus for \nprivate equity \ncompanies as AI \nstrategy becomes \n“need-to-have” and \neffective AI \nintegration \nbecomes a key \nsource of private \nequity value \ncreation\n▪Potential to serve \nprivate equity funds \n(broad fund-level AI \nstrategy) and each \nportfolio company\nAI Enablement \nand Deployment\n\n62\nSTRICTLY CONFIDENTIAL\nStrategically Expand Geographic Footprint\nOpportunity to strategically expand into new geographies and expand within current markets\nOpportunistic Regional ExpansionCapitalize on Momentum in Additional Geographies\nDemonstrated organic expansion \nin Chicago and New York\nSuccessful inorganic growth in London\nSignificant opportunity to grow \nwallet share in existing markets\nIntegrate planful culture and process \nexpansion into new markets \nReplicating the Stax Engine overseas – \nRaise the Profile, Build the Team\nBuy-Side, Sell-Side, Value Creation\n5+ Verticals\nMiddle Market and Large Cap Focus\n30+ Consultants\nAcquired in October 2022 to \nfacilitate U.K. expansion\nCDD Focus\nPrimarily Events\nLower Price Point\n10 Consultants\nComplete MBB+ transition to autonomous, \nself-sustaining, integrated machine\nBuy-Side, Sell-Side, Value Creation\n10 Verticals\nMiddle Market and Large Cap Focus\n40+ Consultants\n2025-2030Today\n2025-2030Today\nKey Selection Factors for New Markets\n✓Proximity and expertise \n✓Ability to have cultural alignment \n✓Sizable private equity market \n✓Available talent\n✓Existing client density \n✓Competitive differentiation\nGrowth Framework\nTexas and \nCalifornia\nNordics and \nDACH\nBoston\nNew York and \nChicago\nLondon\nInorganic Expansion\nKey Accomplishments to Date\nU.K. Private Equity and Transactional Net Revenue\nDirector and Managing Director Headcount\nChicagoNew YorkLondonBoston\n$0.9M\n$2.9M\n20222024\n2\n7\n2022 25-Mar\n44\n2022 25-Mar\n6\n12\n2022 25-Mar\n0\n1\n2022 25-Mar\n\n63\nSTRICTLY CONFIDENTIAL\nOpportunity to Further Capture Pricing Through Advisory Journey\nStax’s compelling value to its clients, along with higher pricing by competitors, creates favorable environment for price increases\nShift to Content Advisory Unlocks Further Pricing OpportunitiesTrack Record of Successful Increases in Client Value \nAverage Client Service Network Bill Rate\nAverage Director and Managing Director Headcount\nDirector and Managing Director Billable Hours\nTypical Engagement Price\n$100K$250K$500K$800K-$1M\nBreadth and Depth of Offering\nStax is positioned to capture \npricing consistent with client \nimpact, results, and ROI delivered \nwithout risking relationships\nUpper / Middle Market & Growth Funds\n(Europe)\nPurposeful Shift to “Strategic Advisory” Drives Increased Pricing\nDeliver DataDeliver ResearchDeliver Strategy Deliver Advisory\n$353\n$420\n$429\n$449\n$493\n$542\n202220242025E2026P2028P2030P\n10\n18\n23\n27\n36\n49\n202220242025E2026P2028P2030P\n7,105\n8,854\n11,044\n13,052\n18,210\n25,374\n202220242025E2026P2028P2030P\n\n64\nSTRICTLY CONFIDENTIAL\nTargetRegion\nCapabilitiesAcquisition Type Revenue\nCompany ASoutheastTechnology due diligence and value creationTransformational~$80M\nCompany BSouthwestGo-to-market performance improvementTransformational~$75M\nCompany CUnited KingdomCommercial due diligenceTransformational~$50M\nCompany DMidwestPricing strategy and performance improvementTransformational~$75M\nCompany EMidwestOffice of the CFO and financial due diligenceTransformational~$75M\nCompany FUnited KingdomHealthcare commercial due diligence Tuck-In~$10M\nCompany GNortheastCommercial due diligenceTuck-In~$7M\nCompany HSouth CentralDefense commercial due diligenceTuck-In~$15M \nCompany INortheastPrivate equity performance improvement Transformational~$50M\nCompany JWestSoftware and tech based due diligence Tuck-In~$10M\nCompany KSouth CentralTech due diligence and value creation Tuck-In~$10M\nCompany LSouthwestTech due diligence and office of the CTOTuck-In~$8M\nUnited Kingdom Commercial due diligence Tuck-In~$5M\nMid-Atlantic Defense commercial due diligenceTuck-In ~$15M\nTotal~$485M\nSignificant Value Accretive M&A Opportunity and In-House Expertise \n▪Leverages CEO's experience in professional services strategy and corporate development\n▪M&A is evaluated on a risk adjusted continuum and compares opportunities such as greenfield expansion, \nacqui-hires, and acquisitions\n▪Stax maintains a strict acquisition investment criteria that must satisfy proven \"Deal Equation\" across \nmultiple dimensions\n‒Strategic Fit: Enhance defined product offering, industry expertise, or geography\n‒Cultural Fit: Similar margin and KPI profile and positive purchase price multiple\n‒Economic Fit: Ability to thrive within Stax business model\n▪Established and repeatable integration playbook with emphasis on a “day-one” plan\nStax has invested in the transition from founder-owned business to a world-class operating platform of scale and is positioned to grow via acquisitions\nStax is an Acquirer of ChoiceRobust and Selective M&A Criteria and Integration Process\nAreas of Focus When Evaluating M&A\nIllustrative Acquisition Target List\nCapitalize on cross-selling and repeat client demand\nHighly specialized expertise to provide actionable, data-driven answers for clients\nDifferentiated culture and operating model generates wins in the “war for talent”\nAdditional resources that come from a larger company\nEquity value creation opportunity through incentive plan\n1\n2\n3\n4\n5\nConsulting is a highly fragmented market with opportunity for M&A\nA- Crosslake\nB –SBI\nC- CIL\nD - Insight2Profit\nE - E78\nF - Candesic \nG - Arnovia \nH - Next F&D\nI - Beck Way \nJ – PASG\nK - ThinkTiv \nL - Waypoint\nM - Fairgrove\nN - Nextfed\n▪Continental Europe\n▪Middle East and Asia Pacific\nGain Geographic \nDiversification\n▪Tech due diligence\n▪Financial due diligence\n▪Operational improvement\nBuild Complementary \nService Offerings\n▪Aerospace and Defense\n▪Healthcare\nExpand Industries of \nCoverage\n•To remove target names\n\nFinancial Overview\n\n66\nSTRICTLY CONFIDENTIAL\n$2.7M\n$4.5M\n$0.5M\n$1.4M\n$0.2M\n$0.6M\n$3.5M\n$6.5M\nQ1-24Q1-25\nServicesHealthcareConsumer\nStrong Performance in Q1 with Favorable Momentum Heading Into Remainder of 2025\nContinued significant performance in Q1 couples with strong tailwinds from recent headcount additions\nStrong Performance in Early 2025Growing Contribution from New Hires\nIncreasing Momentum in Targeted VerticalsRamping Net Revenue Contribution from Value Creation and United Kingdom\n(1)All Managing Directors hired in the second half of their respective cohort year. 2022 cohort includes 2 hire, 2023 cohort includes 2 hires, and 2024 cohort includes 1 hires.\n(Net Revenue)\n(Net Revenue)\n$15.5M\n$20.5M\nQ1-24Q1-25\n$2.6M\n$2.3M\n$3.8M\n$0.7M\n$0.8M\n$1.5M\nQ4-24Q1-25Avg. Q2-Q4 2025E\nValue CreationUnited Kingdom\n64%\nYoY Growth\n19\n24\nNov-24Mar-25\nRecent senior hires will drive meaningful revenue \ngrowth as they continue to ramp\n930\n1,240\n71\n667\n69\nLTM Mar-24LTM Mar-25\n2022 Hires2023 Hires2024 Hires\nAn improving M&A market will provide additional upside\nYoY Growth\n839%\n33%\nDirector and Managing Director HeadcountBillable Hours by Managing Director Cohort\n(1)\nYoY Growth\n33%\n202%\n154%\n\n67\nSTRICTLY CONFIDENTIAL\nCompelling Long-Term Outlook Underpinned by Track Record of Consistent Growth\nHighly attractive financial profile driven by demonstrated ability to expand already impressive margins\nPro Forma Adjusted Net Revenue\nOrganic Gross Profit and Margin\nPro Forma Adjusted EBITDA and Margin\n($ in millions)\n($ in millions)\n($ in millions)\n$39\n$44\n$48\n$54\n$70\n$88\n$109\n$136\n$168\n61.0%\n62.0%\n63.1%\n59.5%\n60.5%\n61.0%61.0%61.0%61.0%\n20232024LTM Mar-252025E2026P2027P2028P2029P2030P\n$42\n$54\n$69\n$89\n$112\n$4\n$10\n$19\n$30\n$45\n$19\n$24\n$27\n$31\n$46\n$65\n$88\n$119\n$157\n29.3%\n33.5%\n35.6%\n33.3%\n36.2%\n38.0%\n39.0%\n39.9%\n40.9%\n20232024LTM Mar-252025E2026P2027P2028P2029P2030P\nOrganicAcquired\n$115\n$143\n$179\n$223\n$275\n$12\n$27\n$48\n$75\n$110\n$64\n$71\n$76\n$91\n$127\n$170\n$226\n$298\n$385\n20232024LTM Mar-252025E2026P2027P2028P2029P2030P\nOrganicAcquired\n\n68\nSTRICTLY CONFIDENTIAL\nBridge to 2030P Revenue\nPathway to ~$385 million of net revenue by 2030\nNote: 2020 reflects reported Net Revenue. Other includes growth in Reimbursables and Tech & Admin.\nFoundation Established to Support the Next Stage of Growth\n($ in millions)\n2020 Net \nRevenue\nHeadcountUtilizationBill RatesRealizationOther2025E Net \nRevenue\nHeadcountUtilizationBill RatesRealizationOther2030P Organic \nNet Revenue\nAcquisitions2030P Net \nRevenue Incl. \nM&A\n\n69\nSTRICTLY CONFIDENTIAL\nMultiple Levers to Boost Productivity and Expand Margins\nAssumptions embedded into the forecast for strong organic growth and profitability\nRealization RateOperating Leverage\nUtilization Rate\n(1)\nProjects Invoiced per Director/Managing Director\n(1)Based on 2,080 available hours less 290 firm holiday and PTO hours, net of billable adjustments by skill level (50% for Directors and Managing Directors; 75% for Senior Managers and Associate \nDirectors) per management’s view.\n(Operating Expenses as a % of Net Revenue)\n(Client Service Network)\n87.2%\n88.2%\n89.1%\n90.0%\n90.9%\n91.8%\n2025E2026P2027P2028P2029P2030P\n95.8%\n96.8%\n97.8%\n98.8%\n99.8%\n100.0%\n2025E2026P2027P2028P2029P2030P\n25.6%\n24.3%\n23.2%\n22.2%\n21.2%\n20.3%\n2025E2026P2027P2028P2029P2030P\n11.9\n12.2\n12.5\n12.7\n12.9\n13.2\n2025E2026P2027P2028P2029P2030P\n\n70\nSTRICTLY CONFIDENTIAL\nAttractive Financial Profile Anchored by Exceptional Margins and Strong Cash Flow\nOngoing margin expansion driven by operating leverage and continued optimization of delivery model and pricing\nStrong Cash Flow GenerationBest-in-Class Margin Profile\n(2)\nProven Ability to Scale EBITDA Margins\n(2)\n(1)Reflects 2023 and 2024 reported capital expenditures.\n(2)Reflects 2025E.\nEfficiently operates with limited cash tied up in working capitalGross margins driven by efficient service delivery and compelling value for clients\nOngoing margin expansion driven by operating leverage and continued optimization of delivery model and pricing\n29.3%\n33.5%\n35.6%\n33.9%\n36.2%\n38.0%\n39.0%\n39.9%\n40.9%\n20232024LTM Mar-252025E2026P2027P2028P2029P2030P\n(Pro Forma Adjusted)\n~97%\nFCF Conversion\nLimited\nWorking Capital \nRequirements\n~$0.5M\nHistorical Annual\n Capex\n(1)\n34%\nStrong and Increasing \nEBITDA Margins\nEfficient and \nScalable SG&A\n60%\nGross Margin\n\n71\nSTRICTLY CONFIDENTIAL\nSummary of Diligence Adjustments\n1.Removes the impact of expenses incurred \nrelated to the current Owners which will not \ncontinue post-close\n2.Normalizes (i) the impact of large signing \nbonuses & recruiting costs for high-level \npersonnel, and (ii) back-office personnel costs\n3.Includes various adjustments for \nnormalizations, removal of the now-\ndiscontinued Colombo direct operations, and \nremoval of non-recurring items\n4.Quantifies the pro forma impact of capacity-\nrelated lost revenue due to the secondment \nprogram\n5.Quantifies the impact of MD compensation \nprior to revenue generation or significant \nbillable hours\nSummary of Quality of EarningsCommentary\n▪Text\n($ in millions)20232024LTM Mar-25 \nReported EBITDA\n$13.7$18.4$21.3\nAcquisition Adjustments–––\nAcquisition Adjusted EBITDA\n$13.7$18.4$21.3\nNon-Operating Owner Expense Removal2.61.9 1.9\nCompensation Adjustments1.4 1.51.3 \nOther Diligence Adjustments0.90.60.6\nDiligence Adjusted EBITDA\n$18.6$22.4$25.1\nSecondment Revenue Impact–1.21.2\nMD Ramp-Up Compensation0.30.40.9\nPro Forma Adjusted EBITDA $18.9$23.9$27.2\n1\n2\n3\n4\n5\n1\n2\n3\n4\n5\nClean EBITDA with high cash flow generation"
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"text": "\n\nApril 2025\nConfidential Information Presentation\nDRAFT\nAs of 4/24/2025 11:49 AM\n\n2\nSTRICTLY CONFIDENTIAL\nImportant Information and Transaction Team\nThis Confidential Information Presentation (the “Presentation”) is intended solely for the use of prospective investors in determining whether or not to pursue the proposed transaction with Stax Holding Company, LLC (“Stax” or the “Company”). The Presentation is of a \nproprietary and confidential nature and is only being furnished to those parties who have agreed to be bound by the terms and conditions of the previously executed confidentiality agreement (the “Confidentiality Agreement”). William Blair & Company, L.L.C. (“William \nBlair”) has been retained by the Company as its financial advisor.\nBy accepting this Presentation, the recipient agrees that it will, and it will cause its directors, officers, employees, and representatives to, use this Presentation and all of the information contained herein only to evaluate a specific negotiated transaction with the Company \nand for no other purpose and shall return this Presentation together with any copies to William Blair upon request. This Presentation contains confidential, non-public information concerning the Company. Receipt of this Presentation constitutes your acknowledgment \nthat you will maintain the information contained herein in strict confidence. \nThis Presentation does not constitute (i) any offer to sell or the solicitation of an offer to buy any securities or assets of the Company or (ii) any offer or recommendation to enter into any transaction referenced herein.\nAll information contained herein has been provided by the Company or other sources that William Blair deems reliable. However, William Blair has not independently verified any of the information contained herein, including financial estimates and projections. This \nPresentation includes certain statements, estimates, and projections provided by the Company with respect to its anticipated future performance. Such statements, estimates, and projections reflect various assumptions concerning anticipated results, which assumptions \nmay or may not prove to be correct. The information contained in the Presentation, including financial statements, projections and estimates, (a) is not necessarily indicative of current value or future performance, which may be significantly more or less favorable than as \nreflected herein; (b) has not been independently verified and cannot be regarded as forecasts; and (c) and is based on assumptions and analysis available at the time this Presentation was prepared. Unless expressly stated otherwise, this Presentation presents information \nwith respect to the Company as of the date of the Presentation and should not be construed to indicate that the business of the Company remains unchanged since the date of this Presentation.\nThe products, product names, logos, brands, and their trademarks featured or displayed within the Presentation are the property of their respective trademark owners, who are not affiliated with, nor do they sponsor or endorse, the Company nor the Company’s services.\nThis Presentation does not purport to contain all of the information that may be necessary or appropriate to evaluate the proposed transaction, and any recipient hereof should conduct its own independent analysis of the Company and the data contained or referred to \nherein. Neither the Company nor William Blair is acting as financial advisor, intermediary or distributor of securities, or in any fiduciary capacity of any kind to the recipient or any other prospective purchaser. The recipient should also seek advice from its own specialized \nadvisors (including financial, legal, accounting and tax) in conducting such analysis.\nIn furnishing this Presentation, neither the Company nor William Blair undertakes any obligation to provide additional information or to correct or update any of the information set forth in this Presentation. The Company and William Blair reserve the right to amend or \nreplace this Presentation at any time. The Company reserves the right in its sole discretion, with or without notice, to interrupt, modify or terminate, at any time, solicitations of interest for the proposed transaction or any future participation in the investigation, discussion \nand proposal process for a proposed transaction with any party.\nNeither the Company nor William Blair makes any representation or warranty, expressed or implied, as to the accuracy or completeness of the information contained in this Presentation, or made available, orally or in writing, in connection with any further investigation of \nthe Company, and nothing contained herein is, or shall be relied upon as, a promise or representation, whether as to the past or the future. The Company and William Blair expressly disclaim any liability relating to or resulting from the use, distribution or analysis of this \nPresentation. The recipient should rely solely on the representations and warranties made to it by the Company in any executed definitive agreement. \nNothing herein is intended to in any way modify, amend or supersede any of the terms and conditions set forth in the Confidentiality Agreement, which remains in full force and effect in accordance with its terms. This Presentation is intended to be delivered solely to \nparties bound by the terms of the Confidentiality Agreement and possession and use of the Presentation is subject to the terms thereof. This Presentation may not be photocopied or otherwise reproduced or distributed except in strict accordance with the terms of the \nConfidentiality Agreement.\nInquiries should be directed only to the below named persons. Under no circumstances should the Company or any of its associates, clients or vendors be contacted directly. If you have any questions or need additional information, please contact:\nTim McHugh\nManaging Director\n+1 (312) 364-8229\ntmchugh@williamblair.com \nJustine Chiou\nManaging Director\n+1 (312) 364-5086\njchiou@williamblair.com \nMiles Gornto \nDirector\n+1 (470) 351-6950\nmgornto@williamblair.com \nOscar Mendez\nVice President\n+1 (312) 364-5460\nomendez@williamblair.com\nWilliam Hyatt \nAssociate\n+1 (312) 601-9764\nwhyatt@williamblair.com\nAnna Lee Melton\nAnalyst\n+1 (312) 364-8155\namelton@williamblair.com \nAlvaro Flores\nAnalyst\n+1 (212) 237-2794\naflores@williamblair.com \nTransaction Team Contacts\n\n3\nSTRICTLY CONFIDENTIAL\nSection I\nExecutive Summary\nSection II\nIndustry Overview\nSection III\nService Lines\nSection IV\nClient Relationships\nSection V\nGo-to-Market Strategy\nSection VI\nCulture and Talent Management\nSection VII\nOperations and Platform\nSection VIII\nGrowth Strategy\nSection IX\nFinancial Overview\nContents\n\nExecutive Summary\n\n5\nSTRICTLY CONFIDENTIAL\n5\nSTRICTLY CONFIDENTIAL\nStax at a Glance\nGlobal strategy consultancy platform providing actionable, data-driven answers to clients’ critical \nstrategic questions\n▪Leading global advisory firm that provides a complementary suite of commercial due diligence (CDD), value creation, and exit \nplanning services\n▪Purpose-built to serve the private equity community and their portfolio companies across the investment lifecycle, creating deep, \nlong-lasting, and recurring client relationships\n▪Large and growing addressable market creates long runway for growth\n▪Differentiated competitive positioning created by highly specialized talent, vast intellectual property, library of referenceable work \ncreated through prior engagements, comprehensive data analytics capabilities, and a nimble operating model\n▪Proven ability to attract, develop, and retain highly specialized talent\n▪Long-term track record of strong growth and profitability amplified by momentum in recent performance\n▪Multiple growth avenues that are highly attractive and actionable\n▪Well-invested infrastructure, systems, processes, and experienced management team poised to support significant scale\n(1)Data prior to 2022 excludes pro forma adjustments.\n(2)Includes non-CDD or value creation services such as asset \nand sector work for hedge funds/credit funds or data \nanalytics retainers.\n(3)As of year-end 2024 unless otherwise stated.\n(4)Revenue from clients utilizing 2+ services.\n(5)Excludes Intern/Co-Op and Involuntary Turnover.\n(6)As of March 2025.\nStrong Long-Term Net Revenue Profile\n(1)\n$3M\n$6M\n$10M\n$20M\n$36M\n$76M\n20012005201020152020LTM Mar-25\nFirm OverviewBy the Numbers\n(1)(3)\n$91M\n2025E \nNet Revenue\n73%\nRevenue from \nRepeat Clients\n$31M\n2025E \nPF Adj. EBITDA\n24\nManaging \nDirectors and \nDirectors\n(6)\n \n~40%\nCross-Sell \nRate\n(4)\n130 \nClient Service \nNetwork \nProfessionals\n(6)\n~33%\n2020-2025E\nEBITDA CAGR\n~80%\nClient Service\nNetwork\nRetention\n(5)\n160+\nClients Served \nAnnually\n~40%\nEmployee and\nFounder Owned\n$320K+\nAverage \nProject Size\n22%\n2020-2025E\nRevenue CAGR\n44%\n37%\n15%\n4%\nBuy-Side\nSell-Side\nValue Creation\nOther\nLTM Mar-25\nNet Revenue \nby Service\n(2)\n2010 – LTM Mar-25 CAGR: ~15%\n\n6\nSTRICTLY CONFIDENTIAL\n6\nSTRICTLY CONFIDENTIAL\nConsistent history of growth and delivering critical strategic solutions with continued strong momentum and excitement for the future\nStax has Taken a Disciplined Approach to Building a Platform of Scale\nRecent History (2021 – Present)Early History (1994 – 2020)\n1994-1996\nFounded in Somerville, MA by Rafi Musher\nLaunched private equity practice and began \nexpanding corporate client base\n2010-2015\nRelocated headquarters to \nBoston\nShifted to exclusively focus on \nprivate equity due to demand \nand internal expertise\n2019-2020\nBegan proactively \nmarketing sell-side \nengagements and \nbuilding an investment \nbanking referral \nchannel\nProductized for the \nfast-growing LMM \nprivate equity deal \nmarket\nExpanded hedge fund \nand credit fund \nproducts and coverage\n2021\nHeadcount reaches \n175+ as the Company \nexperiences record \ngrowth driven by \nexpansion of core \nbusiness and \nincreased demand \nfor data analytics \ncapabilities\nJune 2023 \nJayson Traxler assumes role \nof Chief Executive Officer\nOctober \n2022\nJayson Traxler \nbecomes \nPresident of Stax, \nwith Rafi Musher \nshifting to \nChairman of the \nBoard\nMarch 2023\nPaul Edwards \nbecomes Global \nPractice Leader\nIntroduced \nverticalized \napproach to client \ncoverage initially \nexpanding on \nexisting strengths in \nservices, \ntechnology, and \nindustrials\nDecember 2023\nProductized sell-side \noffering with targeted \ncoverage effort under Will \nBarden and Roy Lockhart\nJanuary 2024\nHired Phil Dunne to \nlead London office and \nindustrials vertical\nNovember 2021\nJayson Traxler joins \nStax as Chief Operating \nOfficer\n1998-2003\nExpanded footprint to \nChicago to meet \ngrowing needs of \ncorporate and private \nequity clients \n2005\nPaul Edwards joins Stax\nApril 2023\nFormal New York \nmarket entry – \nexpanded offices \nto have capacity for \nconsultants and \nincreased presence \nin local market\nJune 2024\nRelocated London \noffice to Mayfair to \nexpand presence \nand demonstrate \nstature in the \nmarket\nNovember 2024\nHired Robert Lytle to \nbolster private equity \nrelationships and add \nexpertise to ongoing \nverticalization\nOctober 2021\nReceived strategic \ninvestment from Blue \nPoint\nNovember 2022\nHired Vince Zosa to build \nintegrated Value Creation \nIntegrated Product (VCIP) \noffering\nAcquired AMR to establish a \npresence in the London market, \nwith plans to hire additional \ntalent for further expansion\ninternational.\nAMR\nJuly 2023 \nExpanded into \nESG/Sustainability as \npart of VCIP\nOctober 2023\nExpanded into \nPricing Excellence \nas part of VCIP\nJanuary 2025\nHired Brad Kuntz to \nfurther build out \nNew York office and \nlarge cap private \nequity account \ncoverage\n\n7\nSTRICTLY CONFIDENTIAL\n7\nSTRICTLY CONFIDENTIAL\nSignificant opportunity to capture additional whitespace\nLarge Addressable Market Creates Long Runway for Growth\nMarket \nSegments \nand Size\n2025E Stax \nRevenue\nCurrent North America + U.K. \nPrivate Equity-Backed M&A \nMarket (Ideal Fund Sizes)\nCurrent spend on buy-side \ncommercial due diligence, sell-side \ncommercial due diligence, and value \ncreation for North America and U.K. \nPrivate Equity-Backed M&A for \nsubset of funds with sizes most highly \naligned to current Stax services\nCurrent North America + \nU.K. Private Equity-Backed \nM&A Market (Ideal \nClients)\nCurrent spend on buy-side \ncommercial due diligence, sell-\nside commercial due diligence, \nand value creation for North \nAmerica and U.K. Private Equity-\nBacked M&A for clients most \nhighly aligned to current Stax \nservices\nTotal Addressable North \nAmerica + U.K. Private \nEquity-Backed M&A \nMarket\nFull adoption of buy-side \ncommercial due diligence, sell-\nside commercial due diligence, \nand value creation for North \nAmerica and U.K. Private Equity-\nBacked M&A\nTotal Addressable Private \nEquity-Backed M&A \nMarket\nFull adoption of buy-side \ncommercial due diligence, sell-\nside commercial due diligence, \nand value creation for Private \nEquity-Backed M&A globally\nTotal Addressable Market\nFull adoption of buy-side \ncommercial due diligence, sell-\nside commercial due diligence, \nand value creation for global \nM&A\n<\n+\n=\n$91M\n$3.9B\n$5.2B\n$19.5B\n$32.6B\n$67.5B\nExisting Offerings\n\n8\nSTRICTLY CONFIDENTIAL\n91%\n83%\n86%\n81%\n80%\n80%\n74%\n77%\n77%\n76%\n9%\n17%\n14%\n19%\n20%\n20%\n26%\n23%\n23%\n24%\n26.4K\n22.3K\n24.9K\n23.3K\n20.6K\n28.2K\n28.7K\n26.4K\n26.0K\n28.6K\n2000200520102015202020212022202320242025P\nPE Involvement\nNo PE Involvement\nMomentum Is Building \nfor a Resurgence in \nM&A Markets\nPrivate Equity Backed \nCompany Inventory \nContinues to Rise \nAlongside Record-\nBreaking Dry Powder \nStores\nService Providers Are \nIncreasingly Becoming a \nCritical Resource Rather \nthan a “Nice to Have”\nPowerful Market Tailwinds Lay the Foundation for Outsized Growth\nStax is positioned to benefit from favorable market conditions, amplified by the Company’s alignment with the private equity universe\nSources: Dealogic, EY, Partners Group, PitchBook, S&P Capital IQ Pro.\n(1)Includes balanced, co-investment, co-investment multi-manager, growth, turnaround, and buyout strategies primarily focused on investments in North America.\n▪Expansionary monetary policy and declining inflation point towards \nincreased M&A activity in 2025 as valuations recover\n▪Less onerous regulatory hurdles will provide a more predictable, \ntruncated approval process\n▪Creative deal structures and a broader shift towards simplification— \noptimizing undervalued assets, separating divergent businesses, \nnarrowing geographic focus—will further contribute to volume\nU.S. Private Equity Backed Companies by Time in Portfolio\n▪Rising private equity inventory drives pent up demand for market \ninsight services over multiple investment cycles\n▪High proportion of long-held assets in sponsor portfolios are slated to \nseek monetization as the pressure to return distributions to paid in-\ncapital (DPI) increases\n▪Undeployed capital continues to accumulate, creating further \nincentive for general partners to transact\n▪Sponsors are tapping into a range of strategic levers to unlock \nliquidity, including co-control and minority stake sales\n▪Need for commercial due diligence and value creation services have \nstrengthened over time as private equity returns become more \nreliant on driving operational improvements and top-line growth\n▪Competitive deal environment is forcing private equity firms to \nrapidly identify and assess critical diligence topics in M&A\n▪Adoption of third-party, non-financial diligence reports (commercial, \ntech, ESG) is increasing\n▪Sponsors are progressively tasking third-party advisors with more \ncomplex challenges\n$71B\n$141B\n$246B\n$330B\n$742B\n$965B\n200020052010201520202024\nU.S. Private Equity Dry Powder\n(1)\nNorth American and European M&A Transaction Volume\nEvolution of Private Equity Return Contributors\n18%\n22%\n36%\n55%\n70%\n31%\n46%\n39%\n30%\n15%\n51%\n32%\n25%\n15%15%\n1980s1990s2000s2010s2020s (Outlook)\nDeleveraging\nMultiple Expansion\nOperational Value Creation\n45%\n44%\n45%\n46%\n48%\n18%\n16%\n20%\n21%\n20%\n38%\n40%\n35%\n33%\n32%\n9.8K\n10.5K\n11.0K\n11.3K\n11.8K\n20202021202220232024\n>5 Years\n4-5 Years\n0-3 Years\n\n9\nSTRICTLY CONFIDENTIAL\nComplementary Suite of Services that Scale with the Client\nStax’s services are designed to provide an integrated solution to its clients across the private equity lifecycle\nBuy-Side Commercial Due Diligence\n2025E Net Revenue by Service Line\n(1)\nAssess market dynamics and target alignment, \ncompetitive positioning, and value creation levers\nWorkstreams\n▪Market and asset screening\n‒Sector prioritization\n‒Acquisition screening\n‒Thesis build and development\n▪Early diligence\n‒Red flag assessment\n‒Client checks\n▪Commercial due diligence\n‒Scaled to focus on next phase of growth\n‒Pre-LOI phasing of deliverables to meet process timelines\nValue Creation\nPrimary Goals\n▪Ensure top initiatives can be successfully underwritten and executed \nupon immediately post-deal\nEmbedded Offerings\n▪Commercial excellence\n▪Pricing optimization\n▪Sales productivity\n▪Churn reduction\n▪Cost optimization\n▪Growth expansion and strategy\n▪Post-merger and acquisition strategy integration\n▪ESG and impact advisory\nSell-Side Commercial Due Diligence\nExternal Deliverables\n▪Market studies including market size assessment, client dynamics, \ncompetitive landscape, and growth opportunities\n▪Transaction support via advisory, preparation for conversations with \npotential investors, and other ad hoc analyses\nInternal Value Add\n▪Anticipated areas of potential investor pushback\n▪Insight and recommendations to inform go-forward strategy for \nmanagement and next investor\nEmbedded Offerings\n▪Exit planning and vendor due diligence\n‒Pre-empt process concerns, inform growth strategy, and \nsupport stakeholders through exit\nTypical Transaction Profile\n▪$100 million to $1 billion in enterprise value across technology, \nindustrials, healthcare, consumer, and services\nDrive rapid EBITDA improvement throughout the \ninvestment hold period\nArticulate the exit story and provide actionable \ngrowth blueprint backed by market research\n% of Net Revenue42%% of Net Revenue40%\nBuy-Side Commercial Due Diligence Value CreationSell-Side Commercial Due Diligence \n% of Net Revenue16%\n(1)Excludes 2.5% of Other revenue. \n\n10\nSTRICTLY CONFIDENTIALSTRICTLY CONFIDENTIAL\n10\nWhy Stax Wins\nServices have a high barrier to entry and high cost of failure – gaining the trust of private equity firms is \nextremely difficult and requires consistent high-quality work\nSelect Client Testimonies\n“\n“\nStax offers the Goldilocks solution—strong \nexpertise, high quality work, senior-level \nattention, and great value. Stax solves for \na huge market gap by providing superior \nadvisory work and sell-side market studies \nat a reasonable price\n– Managing Director, Investment Bank\nStax is a firm that can connect all the dots, \nwhich is what we don’t get from the point \nsolutions, while being much more flexible \nvalue-additive than MBB firms\n– Sr. Operating Partner, Private Equity Firm\nThe value of your work was multi-fold – it \ngave us materials to share with investors \nand banks, as well as a roadmap for \nwhere our brand has room to expand\n– CEO, Sell-Side Client\nThe work from Stax gave us a clear 5% lift \non valuation. Their framing of the business \nstarted everyone at a higher base\n– Managing Director, Private Equity Firm\nTalented bench of professionals \nwith specialized expertise\nStrong reputation and trust among \ninvestment banks, private equity firms, \nand other investment managers\nTransparent, collaborative \napproach to projects\nOperating model built \nspecifically to serve the \nneeds of private equity\nDeep vertical expertise\nExtensive intellectual property \ncreated by historical engagements\nStrong data analytics capabilities \nsupported by global delivery\nValue creation is ingrained in \napproach to diligence\nUniquely Positioned Through Breadth of High-Quality Services Offered at a Competitive Price Point\nBreadth and Depth of \nDiligence Offering\n“High-Level”\nBespoke Content; \nGrounded in Data; \nGlobal Presence\nInterview / Survey \nBased; Limited \nGeographic Presence\nQuality / Value \nCaptured \n$250K\nUpper / Middle Market & Growth Funds\n$800K-$1M\n$100K\n(Europe)\n$500K\n\n11\nSTRICTLY CONFIDENTIAL\nCompelling Employee Value Proposition to Cultivate Top Talent\nUnique culture and attractive career growth opportunities make Stax a preferred employment destination for consultants\nVision and Values Serve as a Foundation for Exceptional Client Service...Meaningful Opportunities for Employees Ensure Company Success\n...Which The Industry Recognizes as Best-in-ClassBy the Numbers\n(1)\n95%\nDirector and\nManaging Director \nRetention\n(2)(3)\n$7.7M\nRevenue per \nManaging \nDirector\n(2)\n~$700K\nRevenue per \nClient Service \nProfessional\n232\nFull-Time \nEmployees as of \nMar-25\n36%\nAnnual CSN \nD/MD \nGrowth\n(4)\n11:1\nCSN / Managing \nDirector Ratio\n~80%\nCSN \nProfessional \nRetention\n(3)\n90%\nLTM Mar-25 Client \nService Network \nUtilization\nALM Best Small Firm to \nWork For 2024\nALM Rising \nStars 2025\nALM Top Consultants \n2024\nALM Women Leaders \nin Consulting 2024\nAmerica’s Fastest - \nGrowing Companies\nManagement \nConsulted Top \nConsulting Firm 2025\nRealDeals PE CDD \nProvider of the Year \nFinalist 2025\nConsulting Report Top \n25 Consulting Firm \nCEOs 2024\nConsulting Report Top \n50 Consulting Firms \n2024\nConsulting Report Top \n25 Operations & Supply \nChain Consultants 2025\nVault Top Ranked \nEMEA Consulting\n2025\nVault Top Ranked \nNorth America \nConsulting 2025\nWe will provide exceptional opportunities for good \npeople\nVISION\nWe will create value for our clients and \npartners\nWe will grow a successful, durable organization of \nlong-term value\nWe act with the highest integrity, respect for others, \nand personal accountability\nVALUES\nWe demonstrate commitment to the \ncommunity\nWe foster a sense of shared responsibility \namongst our team\nCompetitively \ndifferentiated \nplatform that \ncreates a platform \nfor professionals \nto be successful\nAmple \nwhitespace for \ncareer growth \nrelative to some \ncompetitors\nGrowing platform \ncreates exciting new \ncareer opportunities \nwhere professionals \ncan have a significant \nimpact \nIncentive model \nthat drives \ncollaboration, \nwith opportunity \nto participate in \nequity value \ncreation\nUnique focus \non serving and \ngrowing with \nprivate equity \nclients\n~40%\nEmployee and \nFounder \nOwned\n86\nEmployee \nOwners\n(1)As of year-end 2024 unless otherwise stated.\n(2)Reflects Client Service Network only.\n(3)Excludes Intern/Co-Op and Involuntary turnover.\n(4)Reflects CAGR of Client Service Network Director \nand Managing Director headcount from year-end \n2022 to Mar-25.\n\n12\nSTRICTLY CONFIDENTIAL\n▪x\n$1.1\n$13.3\n$18.0\n$20.6\n202020222024LTM Mar-25\n23%\n21%\n14%\n41%\nTop 10\nTop 11-30\nTop 31-60\nAll Others\n27%\n7%\n21%\n45%\n<1 Yr\n1-2 Yrs\n2-6 Yrs\n6+ Yrs\n73%\n27%\nRepeat\nNon-Repeat\n62%\n27%\n11%\n1 Service\n2 Services\n3 Services\nDeep-Rooted Client Relationships Supported by Sophisticated Go-to-Market Strategy\nExceptional service and industry expertise lay the foundation for Stax’s long-standing client relationships\nRevenue Concentration by ClientClient Tenure Mix\nClients Using Multiple ServicesRevenue from Repeat Clients\nGrowing Volume of Sell-Side Referrals from Investment Banks\nLarge Cap Private \nEquity\nMiddle Market and \nGrowth Private Equity\nHedge Funds and\nCredit Funds\nInvestment Banks\nSelect Client and Referral Channel Relationships\n(Net Revenue; $ in millions)\n$72M\n2024 Net \nRevenue\n$72M\n2024 Net \nRevenue\n$72M\n2024 Net \nRevenue\n$72M\n2024 Net \nRevenue\n\n13\nSTRICTLY CONFIDENTIAL\nStax is a Service Provider of Choice Across the Private Equity Investment Lifecycle\nProven long-term partner to sponsors and their portfolio companies during key milestones and inflection points\nPre-InvestmentHold PeriodExit\nValue CreationBuy-Side Due DiligenceSell-Side Due Diligence\nMarket and Asset \nAssessment\nEarly Due\nDiligence\nCommercial Due \nDiligence\nProfit\nX-Ray\nGrowth Acceleration \nDiagnostics\nICP\nAnalytics\nExit\nPlanning\nVendor Due \nDiligence\nOngoing Support \nThrough Exit Into \nNext Phase of \nGrowth\nNew Partner\nSelect Portfolio Company Case Studies\nEntry Point and Highlights\n▪Provider of finance, operations, and accounting software to the energy industry\n▪Acquired by Thoma Bravo in 2018 from Silver Lake\n▪Completed three buy-side engagements for private equity firms that later invested in the company, \nleading to repeat growth strategy and value creation work for Stax\n▪Seventeen projects completed to date across three private equity ownership cycles\nInitiatives Under CarlyleInitiatives Under Silver Lake\n15+ Year\nRelationship\nInitiatives Under Thoma BravoCumulative Net Revenue\nEntry Point and Highlights\n▪Provider of solutions to automate and simplify the insurance process\n▪Acquired by Roper Technologies in 2020 from Bain Capital and Vista Equity Partners\n▪Initial introduction in 2010 through a buy-side engagement for a large private equity firm\n▪Eight projects completed to date across three private equity ownership cycles\nInitiatives Under TPGInitiatives Under Bain Capital & Vista\n15+ Year\nRelationship\nInitiatives Under Roper Technologies Cumulative Net Revenue\n▪Conducted buy-side due diligence on behalf of \nCarlyle, which ultimately acquired a majority interest \nin Quorum\n▪Evaluated multiple successful add-on acquisitions\n▪Provided exit planning and sell-side support\n▪Evaluated multiple successful add-on acquisitions\n▪Provided strategy support after three-way merger\n▪Continued evaluation of expansion opportunities\n~$3.5 million~$1.8 million\n▪Assessed add-on potential and risks of an insurance \nand securities technology provider\n▪Conducted a pricing strategy and commercial \ndiagnostic to benchmark recent growth\n▪Completed a sell-side study\n▪Assessed the MGA market to inform growth strategy\n▪Completed commercial performance diagnostic\n▪Supported 3-year strategic planning\n\n14\nSTRICTLY CONFIDENTIAL\nStrong Opportunity to Accelerate Growth Through Multi-Pronged Strategy\nClear, attainable initiatives to build upon leading market position\nAttractive \nMarket Tailwinds\nPrivate equity firms are increasingly utilizing commercial due diligence \nand value optimization services for transactions and portfolio companies\nPrivate equity has shown resilient \ngrowth supporting an expanding TAM\nRising private equity inventory is driving demand for multiple \nmarket insight services over each investment’s lifecycle\n▪Scale coverage and \ncontent intersection \nacross private equity and \ninvestment banks\n▪Further scale dedicated \nbusiness development \nteam to broaden \ncoverage universe\n▪Centralize, scale, and \nmanage external \nindividual, account, and \nsubsector \ncommunications\n▪Focus on accelerating \nthe execution of M&A \nplaybook\n▪Expand into new \ngeographies, new \nservice lines, and build \nscale in existing markets\n▪Opportunistically \nevaluate larger-scale \ntransformative M&A \ntargets\nIdentify and Execute \non Acquisitions\n▪Capitalize on advisory, \nbespoke nature of work, \nand pricing umbrella \nrelative to MBB+ to \nrealize due diligence \nprice increases \nnationally and abroad\n▪Raise prices in value \ncreation to be more in-\nline with client impact, \nresults, and ROI\n▪Expand number of \naccounts with average \nproject size of $400K+ \nwith ample cross-sell \nopportunities and need \nfor multiple projects per \nyear\nExert\nPricing Power\n▪Further optimize cross-\nsell strategy to deepen \ndensity across core \naccounts through scaled \ninside sales strategy\n▪Target key private equity \nclients where \nreferenceable work \nprovides opportunity for \nfurther penetration in \nprojects that command \nmore premium bill rates\nScale Client Coverage\n▪Leverage reputation and \ndifferentiated \nexperience in key \nverticals with high win \nrates across market \nsegments\n▪Introduce new verticals \nsuch as government or \naerospace and defense \nthrough de novo efforts \nor experienced senior \nhires \nDeepen Vertical \nExpertise\n▪Capitalize on hedge \nfunds’ growing inbound \ndemand for market \nresearch \n▪Introduce new purpose-\nbuilt products such as \ntechnology due \ndiligence, financial due \ndiligence, policy and \nregulatory consulting, \noperational due \ndiligence, and ESG and \nsustainability diligence \nthrough integrated go-\nto-market approach\nExpand Capabilities \nand Client Profiles\n▪Continue building \nmomentum in the U.K. \nto expand market \npresence\n▪Strategically grow \nheadcount and client \nleadership in New York \noffice\n▪Establish local presence \nin new geographic \nmarkets through organic \ngreenfield locations in \nthe United States and \nEurope\n▪Continue to protect \nunique culture via \nplanful expansion\nBroaden Geographic \nPresence\n▪Strategically hire senior \nprofessionals to build \ndensity in core verticals \nand expand capabilities\n▪Build density across \ncurrent locations, \nexpanding \napprenticeship model to \nfurther attract and \ndevelop mid/junior \ntalent\nAttract, Develop, and \nRetain Talent\nMaximize Wallet \nShare and Cross-Sell\nGrowExpandTransform\n\n15\nSTRICTLY CONFIDENTIAL\n▪Founder-led with minimal \ninfrastructure\n▪Centralized global management \nteam\n▪Office-centric P&L▪Single global P&L\n▪Inconsistent performance \nmanagement\n▪Inconsistent pricing\n▪Inconsistent delivery \n▪Global standards and value \nproposition\n▪Product-led, content-driven\n▪Concentrated sales with little \ncollaboration\n▪Collaborative account structure\n▪Industry verticalized senior \nconsultants\n▪Research-focused▪Advisory-focused\n▪Tiered product and brand issue\n▪Decentralized, under-invested \nplatform\n▪Well-invested, integrated \ninfrastructure\n▪Purpose-built platform for pace \nof private equity\n▪Proven M&A capability\nProfessionalized Platform Poised to Support Significant Growth\nCurated strategic transition has established infrastructure to scale alongside the business as the Company enters the next phase of growth\n2022 OnwardsPre-2021\nOld FrameworkNew Foundation\n▪Established global competencies, leveling, and \ncompensation\n▪Adopted global staffing and development\n▪Upgraded teams\n▪Unified positioning and value proposition\n▪Benchmarked pricing and products\n▪Upgraded ERP and created Stax INTEL\n▪Adopted senior oversight of content generation \nand access (vertical groups, thought leadership, \nPOVs)\n▪Established brand and ramped up recruitment in \nLondon and NYC\n▪Onboarded culture in NYC\n▪Restructured Chicago\n▪Established senior apprenticeship\n▪Established consistent hybrid model\n▪Established “Regional Success” teams to partner \nU.S. seniors with EMEA client leads\n▪Structured collaborative global pipeline with \naccount collaboration groups and oversight\n▪Removed generalist Directors and Managing \nDirectors\n▪Established vertical structures\n▪Added verticalized talent\n▪Created vertical content agenda\n▪Recruited sector and product specialists\n▪Verticalized competency model for Associate \nDirector and above\n▪Created integrated workstream approach with \nClient Delivery Network\n▪Built vendor due diligence and value creation \nintegrated product (VCIP) product matrix\n▪Elevated CDD product\n▪Established product-level P&L and metrics\n▪Began tracking product cross-selling\n▪Established dedicated resourcing and coverage\n▪Established product-specific competencies\n▪Integrated and connected products, building to a \nfund/asset-life offering\n▪Constructed ARM and account tiering\n▪Further trained and developed junior sellers\n▪Established collaboration metrics\n▪Transitioned founder to Board and created \ncentralized management structure\n▪New CEO, Global Practice Leader, Chief People \nOfficer, and General Counsel\n▪Screened seniors for collaboration; retained \nhigh-quality mid-level consultants\n▪Better defined path from Associate Dir. to MD\n▪Created strategy and go-to-market framework to \nscale OpGen\n▪Created marketing and business development \nsupport framework\n▪Developed knowledge management tool\n▪Created collaboration incentives\n▪Established engagement metrics for tracking\n▪Elevated client engagement agenda\n▪Developed BI function and created Stax INTEL \nplatform\nStandardize\nVerticalize\nDiversify\nGlobalization of staffing, utilization, reporting, talent development, and pricing \nallows for consistent client experience with different coverage points\nCommercialize\nGlobalize\nProductize\n\n16\nSTRICTLY CONFIDENTIAL\nDiversified Business with Proven Growth Across All Environments\nStax’s diversified business model has proven its ability to grow across economic environments\n(1)Reflects cumulative percent change over time since 2005.\n(2)2005-2021 reflects reported financials.\n(3)Source: Dealogic. Reflects announced North American and European transactions with private equity involvement between 1/1/2005 and 12/31/2024. 2025 projection per EY.\nGreat Recession\nCOVID-19\nGreat \nResignation\nInflation\nRate \nHikes\nNet Revenue Performance Relative to the M&A Environment\n(1)\nWinners in Market Growth\nWinners in Market Contraction\n(500%)\n–\n500%\n1,000%\n1,500%\n2,000%\n20052006200720082009201020112012201320142015201620172018201920202021202220232024LTM\nMar-25\n2025E\nStax Net RevenueN.A. and U.K. PE Transaction Volume\n▪Buy-Side Commercial Due Diligence: Increasing demand of \nbuy-side services as private equity firms explore a wide range \nof investment opportunities\n▪Value Creation: Growing demand for value creation services \nas firms strive to outperform competitors by enhancing \nportfolio company performance to unlock growth and value\n▪Sell-Side Commercial Due Diligence: Increased market activity \nand favorable valuations drive companies to prepare for sale \nboosting demand for sell-side services\n▪Buy-Side Commercial Due Diligence: Steady demand as firms \nseek expert analysis to identify undervalued assets with \nrecovery potential\n▪Value Creation: Consistent value creation demand as portfolio \ncompanies face pressure to optimize operations and cut costs\n▪Sell-Side Commercial Due Diligence: Stable demand for sell-\nside services as sellers must present their businesses in the \nbest possible light\n▪Diverse Client Profiles: Ability to tap hedge fund and credit \nfund clients when topline deal-market activity slows\n(2)(3)\n\n17\nSTRICTLY CONFIDENTIAL\nCompelling Long-Term Outlook Underpinned by Track Record of Consistent Growth\nHighly attractive financial profile defined by consistent growth and impressive margins\nPro Forma Adjusted Net Revenue\nOrganic Gross Profit and Margin\nPro Forma Adjusted EBITDA and Margin\n($ in millions)\n($ in millions)\n($ in millions)\n$39\n$44\n$48\n$54\n$70\n$88\n$109\n$136\n$168\n61.0%\n62.0%\n63.1%\n59.5%\n60.5%\n61.0%61.0%61.0%61.0%\n20232024LTM Mar-252025E2026P2027P2028P2029P2030P\n$42\n$54\n$69\n$89\n$112\n$4\n$10\n$19\n$30\n$45\n$19\n$24\n$27\n$31\n$46\n$65\n$88\n$119\n$157\n29.3%\n33.5%\n35.6%\n33.3%\n36.2%\n38.0%\n39.0%\n39.9%\n40.9%\n20232024LTM Mar-252025E2026P2027P2028P2029P2030P\nOrganicAcquired\n$115\n$143\n$179\n$223\n$275\n$12\n$27\n$48\n$75\n$110\n$64\n$71\n$76\n$91\n$127\n$170\n$226\n$298\n$385\n20232024LTM Mar-252025E2026P2027P2028P2029P2030P\nOrganicAcquired\n\n18\nSTRICTLY CONFIDENTIAL\nProven Leadership Team Poised for the Next Era of Growth\nCommitted leadership team with a clear vision for the future of Stax\n(1)Client Service Network.\n(2)Operations.\nPaul Edwards\nGlobal Practice Leader\nJoined in 2005\n25+ Years of Experience\nJayson Traxler\nChief Executive Officer\nJoined in 2021\n25+ Years of Experience\nSTS Research Group\n18\nSTRICTLY CONFIDENTIAL\nMeg Macumber\nGlobal Head of \nFinance\nLeslie Regenbaum\nGeneral \nCounsel\nAmy Schoeman\nGlobal Head of \nHuman Resources\nJoe Brownell\nGlobal Head of \nMarketing\nConnor Novy\nChief of Staff, \nHead of Sales Ops\nMihaela Dumea\nDirector, Data & \nBus. Intelligence\nHazir Shafeek\nGlobal Head of \nData Insights & IT\nBrad Kuntz\nAmericas \nRegional Lead\nPhil Dunne\nEMEA \nRegional Lead\nRobert Lytle\nTransaction \nAdvisory Co-Lead\nWill Barden\nTransaction \nAdvisory Co-Lead\nVince Zosa\nValue Creation \nProduct Lead\nRoy Lockhart\nExit Planning \nProduct Lead\n2020202320242018201820222021202520242024202220222011\n20+ Years20+ Years20+ Years25+ Years10+ Years20+ Years15+ Years20+ Years35+ Years30+ Years15+ Years30+ Years15+ Years\nDEVON\nV A L U E A D V I S E R S\nYear Joined\nIndustry Tenure\nPrior Experience\n\n19\nSTRICTLY CONFIDENTIALSTRICTLY CONFIDENTIAL\n19\nStax is a Highly Differentiated and Attractive Platform\nLarge addressable market with favorable secular trends\nDifferentiated value proposition for clients magnified by expertise developed through \nhistorical project volume\nDeep relationships with diversified set of clients that have reoccurring demand\nCompelling employee value proposition to attract, develop, and retain talent\nProven management team set to sustain growth\nProfessional operating platform set to scale\nClearly-defined multi-pronged growth strategy\nProven history of long-term growth, robust margins, and strong capital efficiency\n\nIndustry Overview\n\n21\nSTRICTLY CONFIDENTIAL\n$20B\n$33B\n$68B\n$91M\nStax Services the Private Equity Sector, a Foundational and Stable End Market\nBroad end market tailwinds provide ideal environment for long-term revenue growth\nLarge and Growing Addressable Market \nIndustry Landscape\nAdvisory Firms \n2025E Stax \nNet Revenue\n2024 Global M&A\n2024 Global Private \nEquity-Backed M&A\nNorth American and U.K. \nPrivate Equity-Backed M&A\nAccounting Networks\nMBB \n\n22\nSTRICTLY CONFIDENTIAL\nStax Services the Private Equity Sector, a Foundational and Stable End Market\nBroad end market tailwinds provide ideal environment for long-term revenue growth\nGlobal Private Equity Deal VolumeU.S. Private Equity Dry Powder by Fund Size\nGlobal Private Equity Exit VolumeU.S. Private Equity-Backed Company Inventory by Age\nSource: PitchBook.\n3.2K\n5.8K\n2.8K\n6.7K\n6.9K\n7.3K\n7.6K\n7.9K\n8.3K\n8.8K\n9.3K\n9.8K\n10.5K\n11.0K\n11.3K\n11.8K\n2012201320142015201620172018201920202021202220232024\nLess than 2 Years\n2 - 5 Years\nOver 5 Years\n$0.4\n$0.6\n$0.5\n$0.6\n$0.8\n$0.8\n$0.7\n$0.8\n$0.8\n$0.6\n$0.9\n$1.7\n$0.8\n$0.8\n$0.9\n1.8K\n2.1K\n2.2K\n2.4K\n2.9K\n3.3K\n3.1K\n3.4K\n3.4K\n3.2K\n2.8K\n4.4K\n3.7K\n3.5K\n3.8K\n201020112012201320142015201620172018201920202021202220232024\nExit Value\nExit Count\n$0.6 \n$0.7 \n$0.7 \n$0.7 \n$0.9 \n$1.1 \n$1.0 \n$1.2 \n$1.3 \n$1.3 \n$1.2 \n$2.3 \n$1.8 \n$1.4 \n$1.8 \n6.5K\n7.5K\n7.9K\n7.9K\n9.6K\n10.9K\n11.0K\n12.0K\n13.4K\n14.0K\n13.7K\n20.9K\n19.6K\n17.1K\n19.1K\n201020112012201320142015201620172018201920202021202220232024\nDeal Value\nDeal Count\n $0\n $200\n $400\n $600\n $800\n $1,000\n2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024\nMiddle Market PE\nPE Megafunds\nPE Under $100M\n($ in trillions)\n($ in trillions)($ in billions)\n2010 – 2024 CAGR: 8.4%2006 – 2024 CAGR: 5.6%\n2010 – 2024 Exit Value CAGR: 5.1%2012 – 2024 CAGR: 4.9%\n\n23\nSTRICTLY CONFIDENTIAL\nMore Than $32B in TAM Opportunity for Stax’s Core Products\nBountiful growth prospects in a broad addressable market \nTotal Addressable Market Opportunity by Product\nSource: Stax Market Sizing Analysis.\nSpendVolume\nSell-Side Diligence\n$2.9B\nValue Creation\n$4.1B\nBuy-Side Diligence\n$25.6B\n$32.6B\n2024\nBuy-Side \nDiligence\n19,123 \nPrivate Equity Transactions Annually\n$1.3M \nCDD Spend Per Closed Transaction\nSources and Approach:\n▪PitchBook 2024 Global Private Equity Report\nSources and Approach:\n▪Reflects 100% attach rate to pre-LOI lean-in & LOI deals\n▪Spend per deal per Stax PE decisionmaker survey (n=50)\nSell-Side \nDiligence\n6,389 \nAnnual Exits Across PE/Founder Businesses\n$453K \nSpend Per Successful Exit\nSources and Approach:\n▪PitchBook 2024 Global Private Equity Report\n▪Stax estimate of founder-backed exits >$100M in deal \nvalue\nSources and Approach:\n▪Reflects 100% attach rate of successful exits (founder- \nand PE-owned) and 40% assumed deal failure rate\n▪Spend per deal per Stax PE decisionmaker survey (n=50)\nValue \nCreation\n56,177 \nActive Private Equity-Backed Companies\n$72K\nSpend Per Portfolio Company Per Year\nSources and Approach:\n▪PitchBook Filter for Currently Privately-held, Private \nEquity-Backed Companies (i.e., non-addon/subsidiary)\nSources and Approach:\n▪Reflects each portfolio company conducting $361K of \nVCIP spend spread annually over a five-year hold period\n▪Spend per deal per Stax PE decisionmaker survey (n=50)\n\n24\nSTRICTLY CONFIDENTIAL\nHighly Attractive and Growing Market for Stax’s Private Equity Services\nStax is well-positioned to benefit from increases in private equity activity and standardization of third-party diligence in deal-making\nTrends Appreciating the Value of TAM and Current Spend on Stax’s Services\n▪Deal volumes, exit volumes, and the total pool of private equity-backed companies continue to grow and are resilient, and \ninvestor sentiment remains positive going forward\n▪Number of new private equity deals in U.S. and Europe has grown at a 7.6% CAGR over the last ten years\nGrowing Deal Sizes and \nVolume\n▪Value and depth of consulting engagements is increasing, and consulting services are readily able to pass through increasing \nlabor costs, growing the overall spend per deal\n▪Based on a survey scale from 1 (Nice to Have/Less Important) to 7 (Need to Have/More Important), average CDD value to private \nequity funds will increase from ~4 to ~5 from five years ago to the next five years, and value creation will increase from ~5 to ~6 \nfor the same period\nHigher Average Spend \nand Scope per Deal\n▪Competitiveness for high-quality deals is increasing, and more suitors are leaning into processes overall, and earlier driven by the \ndesire to filter for good deals and the growing need for private equity to “sell management” on the value of their partnership\n▪Middle market and growth equity deal funnels (deals seen, leaned in on, and under LOI) have increased at 8.4-9.0% CAGRs, \npushing CDD opportunities beyond the currently estimated ~3 due diligence engagements per closed deal\nMore CDD Opportunities \nper Deal\n▪Third-party support for diligence and value creation efforts are increasingly becoming an industry standard, with a steadily \nincreasing portion of deals and portfolio companies hiring third-party support\n▪Pre-LOI CDD attachment rates to deals have grown from 10% in the last five years to 23% today, and 30% of portfolio companies \nutilize value creation today compared to 20% over the last five years\n(1)\nAttachment Rates Are \nGrowing Across \nProducts\nSource: Stax Market Sizing Analysis, including Stax web survey (Winter 2025, n=50).\n(1)Based on subset of middle market funds, excluding new funds, per Stax web survey (Winter 2025, n=36).\n\nService Lines\n\n26\nSTRICTLY CONFIDENTIAL\nOverview\nAdvisory Services\nContract Structure\nAverage Engagement Length\nStage of Investment Lifecycle\nTypical Referral Source\nNet Revenue\nProjects Invoiced\nAverage Revenue per Project\nClients Served\nComplementary Solutions to Address a Wide Array of Client Needs\nSuite of critical services provide a strong basis for recurring revenue and natural cross-sell opportunities across the private equity lifecycle\nBuy-Side Commercial Due Diligence\nKey Attributes\nLTM Mar\n-\n25 Highlights\n▪Evaluate potential targets, focus areas, or \ninvestment themes for sponsors\n▪Assess market dynamics and target \nalignment, competitive positioning, and \nvalue creation levers\nMarket and Asset Screening, Thesis Build, \nEarly Diligence, Commercial Due Diligence\nFixed Fee\n3-6 Weeks\nPre-Investment\nExisting Relationship\n107\n$318K\n83\nSell-Side Commercial Due Diligence\nMarket Study, Exit Planning, Vendor Due \nDiligence\n▪Ensure process readiness and enhance \ntransaction outcomes for sponsors and \nmanagement teams\n▪Articulate the exit story and provide \nactionable growth blueprint backed by \nmarket research\nFixed Fee\n4-6 Weeks\nExit\nReferral from Investment Bank or \nExisting Sponsor Relationship\n76\n$378K\n81\nValue Creation\nCommercial Excellence, Pricing & Cost Optimization, \nSales Productivity, Churn Reduction, ESG & Impact\nFixed Fee\nVaries\nHold Period\nExisting Relationship or Ongoing \nSupport Following Exit Planning\n34\n$331K\n32\n▪Drive rapid EBITDA improvement \nthroughout the investment hold period\n▪Designed for multi-year, multi-project \nrelationships to drive incumbency with \nmanagement teams and ultimately lead \nto sell-side support\n$34M$29M$11M\n\n27\nSTRICTLY CONFIDENTIAL\nBuy-Side Commercial Due Diligence\n▪Provide data-driven insights across key investment considerations (market, target company, competition, etc.)\n▪Enables private equity firms to make informed decisions by identifying potential opportunities and risks for a \nprospective investment\n▪The Company provides services during the acquisition screening and theme development phase, as well as early \ndiligence and scaled commercial due diligence in an active process\n‒Early workstreams include sector prioritization, acquisition screening, thesis build and development, red \nflag assessments, and client checks\n‒Pre-LOI workstreams include assessment of the target’s market, client dynamics and competitive \npositioning, competitive landscape, and growth opportunities\n▪Post-LOI work integrates blueprint development and growth strategy planning\n▪High level of repeat demand from long-term relationships with private equity clients\nExtension of the investment team evaluating potential platform and add-on opportunities\nLTM Mar-25 Key Stats\nIllustrative Project Timeline\nRepresentative Clients\nOverview and Typical Scope\nIllustrative Project Timeline\nKICK-OFFAlign on Final Scope and Objectives, Data Discovery\nANALYSES\nPhone-Based Interviews, Analysis of Target Data, \nOnline Review Analysis, Synthesize Research \nStreams, Develop Fact-Base\n80/20 Report, Final Read-Out\nPOST-PROJECT COLLABORATION\nWeeks ~1-4Ongoing As-Needed\nSupport First 100 Days of Hold Period, Ongoing \nValue Creation Work \nDELIVERABLES\n11%\n2018 – LTM Mar-25 \nRevenue CAGR \n107\nProjects \nInvoiced\n$318K\nAverage Revenue \nper Project\n83\nClients \nServed\n% of Net \nRevenue\n44%\n37%\n15%\n4%\nBuy-Side\nSell-Side\nValue Creation\nOther\n\n28\nSTRICTLY CONFIDENTIAL\nValue Creation\n▪Multi-phase model partnering with clients to define and execute on value creation initiatives while building \noperating discipline and sustainable improvements year-over-year\n▪Drives development of strategic growth options for expansion with an actionable roadmap for implementation\n▪Leverages the Company’s depth of sector expertise, proprietary research, and advanced analytics capabilities to \ndeliver a data-driven, evidence-based assessment of recent performance and growth potential\n▪Offering encompasses proven methodologies to define growth strategies and improve commercial excellence \nand capital efficiency\n‒Client segmentation and value proposition, channel expansion, churn reduction, pricing optimization, \nESG/Sustainability and risk, marketing, client experience\n‒AI strategic assessment and diagnostics with execution support to define, test, and scale AI initiatives\n▪Value creation services deepen and extend engagement with private equity clients around critical decisions for \ntheir portfolio companies outside of a new investment or exit period\nTargeted diagnostics and actionable growth plans to achieve desired business outcomes at various stages of maturity\nOverview and Typical ScopeLTM Mar-25 Key Stats\nIllustrative Project Timeline\nRepresentative Clients\nKICK-OFFWorking Session with Relevant Stakeholders\nPotential Growth Thesis, Client/Market/ICP Offering \nAssessment, Strategic Option Development, Risk \nAssessment and Roadmap\nPOST-PROJECT COLLABORATION\nWeeks ~1-4Ongoing As-Needed\nEnter Phase II to Build on Project Work or Support \nImplementation, Prepare for Sale Process\nInterim Update, \nWorkshop, Final Read Out\nDELIVERABLES\nANALYSES\n% of Net \nRevenue\n8%\n2018 – LTM Mar-25 \nRevenue CAGR \n34\nProjects \nInvoiced\n$331K\nAverage Revenue \nper Project\n32\nClients \nServed\n44%\n37%\n15%\n4%\nBuy-Side\nSell-Side\nValue Creation\nOther\n\n29\nSTRICTLY CONFIDENTIAL\nSell-Side Commercial Due Diligence\n▪Demonstrate strength of positioning and growth potential of the asset in preparation of exit \n▪Communicates the growth story to potential investors by providing research and analysis to define the target’s \nmarket, strength of its positioning and performance, and opportunities for expansion\n▪Stax leverages its experience working on the buy-side to address critical questions about the target that \ninvestors will focus on, including TAM, growth outlook for core market, competitive differentiation, future \nopportunities, and voice of the client\n▪Modular approach allows Stax to adjust its process and output depending on sponsor/founder involvement, \nrelevant buyer universe, and priority needs\n▪New business development for this service is focused on referrals from investment banks, as well as leveraging \nprivate equity client relationships\n‒The Company worked with 20+ investment banks in the last 24 months\n▪Natural cross-sell opportunity from momentum of sale process and intelligence gathered during engagement\n▪Reputation among private equity investors is a significant point of attraction for banks and management teams\nCollaborative thought partner throughout a sale process to articulate the asset’s positioning and growth story\nOverview and Typical ScopeLTM Mar-25 Key Stats\nIllustrative Project Timeline\nRepresentative Clients\nKICK-OFFWorking Session with Relevant Stakeholders\nTAM and Client Analysis, Risk Assessment, VDR \nPreparedness, Growth Strategy Vetting\nDELIVERABLESFinal Read-Out\nPOST-PROJECT COLLABORATION\nWeeks ~1-5Ongoing As-Needed\nDevelop Buyer-Specific Materials, Discuss with Potential \nSuitors, Onboard Findings and Recommendations at Target\nANALYSES\n% of Net \nRevenue\n62%\n2018 – LTM Mar-25 \nRevenue CAGR \n76\nProjects \nInvoiced\n$378K\nAverage Revenue \nper Project\n81\nClients \nServed\n44%\n37%\n15%\n4%\nBuy-Side\nSell-Side\nValue Creation\nOther\n\n30\nSTRICTLY CONFIDENTIAL\nStrong Institutional Knowledge Across Industries\nStax outperforms competitors by offering the highest quality and expertise across multiple end markets, while ensuring stability through diversification \nacross various industries\nNote: Data reflects LTM Mar-25 engagements and revenue mix.\n132\nEngagements\n% of Net Revenue45%\nVertical SaaS\nIndustry-Specific Apps\nEnterprise Applications\nNetwork Infrastructure\nAI & Machine-Learning\nMedia and B2C Tech\nTechnology\n25\nEngagements\n% of Net Revenue9%\nPhysician Practices\nLong-Term Care\nManaged Healthcare\nMedical Devices\nHospitals & Facilities\nPayors\nHealthcare\n15\nEngagements\n% of Net Revenue5%\nApparel\nFood & Beverage\nHospitality and Leisure\nHousehold Goods\nResidential Services\nHealth & Wellness\nConsumer\n37\nEngagements\n% of Net Revenue15%\nManufacturing\nDistribution\nTransportation\nConstruction & Engineering\nAerospace and Defense\nAutomotive\nIndustrialsServices\n64\nEngagements\n% of Net Revenue25%\nProfessional Services\nFinancial Services\nMarketing and Advertising Services\nData and Information Services\nIT Services\nEvents and Tradeshow Services\n\n31\nSTRICTLY CONFIDENTIAL\nIn-Depth Expertise in Technology and Services \nStax has effectively established a strong replicable presence in technology and service verticals, driving above-market growth and creating a playbook \nfor additional vertical expansion\nIT \nInfrastructure\nCybersecurityVertical SaaS\nHorizontal \nEnterprise \nApplications\nPayments and \nFintech \nConsumer \nTechnology and \nMedia\nTechnology \nCommercial and \nResidential \nServices \nIT Services\nEvents, \nMarketing, and \nInfo Services\nProfessional and \nAdvisory Services\nEducation and \nCrediting Services\nFinancial and \nInsurance Services\nSub-Vertical Expansion Opportunities Sub-Vertical Expansion Opportunities \n$5\n$10\n$11\n$27\n$31\n$30\n$33\n$36\n2018201920202021202220232024LTM\nMar-25\n$6\n$6\n$6\n$11\n$17\n$16\n$18\n$20\n2018201920202021202220232024LTM\nMar-25\nStrengthEvolving Focus\nServices \n72%\n6%\n7%\n(11%)\n2018-20212021-2024\nStaxMarket\n26%\n17%\n6%\n(2%)\n2018-20212021-2024\nStaxMarket\n($ in millions)($ in millions)\nStrengthEvolving Focus\nTechnology Net RevenueAbove-Market Revenue GrowthServices Net RevenueAbove-Market Revenue Growth\nStrong reputation within \nhighly penetrated market\nSub sector account targeting and \nplanning with room to build density \nGrowing average \nproject sizes \nResilient performance across \ndiverse economic conditions\nGrowing number of \nverticalized professionals \n\nClient Relationships\n\n33\nSTRICTLY CONFIDENTIAL\n44%\n37%\n15%\n4%\nBuy-Side\nSell-Side\nValue Creation\nOther\nStax Serves a Large, Diversified Client Base\n79%\n15%\n6%\nPrivate Equity\nPortCo / Corporate\nHedge Fund\nLong-tenured client base with exceptional retention, largely comprised of blue-chip private equity investors\n42%\n41%\n17%\nMiddle Market\nUMM / Large Cap\nLower Middle Market\n46%\n26%\n13%\n10%\n5%\nTechnology\nServices\nIndustrials\nHealthcare\nConsumer\nPrivate Equity Focus......Across Service Lines...\n...Split Among Market Segments......and End Markets\n(1)Reflects Private Equity and Hedge Fund clients only. Lower Middle Market defined as less than $1.5 billion AUM, Middle Market defined as $1.5 to $10.0 billion AUM, and UMM / Large Cap \ndefined as greater than $10.0 billion AUM.\nLTM Mar-25 \nby Client Type\nLTM Mar-25 \nby Service Line\nLTM Mar-25 \nby Client Size\n(1)\nLTM Mar-25 \nby Industry\n(% of Net Revenue)\n(% of Net Revenue)\n(% of Net Revenue)\n(% of Net Revenue)\n\n34\nSTRICTLY CONFIDENTIAL\nDiversified Relationships Across Service Lines\nBroad spectrum and high-quality clients across growth stages and end markets\n(1)Reflects Private Equity and Hedge Fund clients only. Lower Middle Market defined as less than $1.5 billion AUM, Middle Market defined as $1.5 to $10.0 billion AUM, and UMM / Large Cap \ndefined as greater than $10.0 billion AUM.\nRevenue Concentration by ClientNew vs. Existing ClientsRevenue Concentration by Client Size\n(1)\nBuy-Side Commercial \nDue Diligence\nSell-Side Commercial \nDue Diligence\nValue \nCreation\n(% of LTM Mar-25 net revenue)\n43%\n40%\n17%\nUMM / Large Cap\nMiddle Market\nLower Middle Market\n20%\n54%\n27%\nUMM / Large Cap\nMiddle Market\nLower Middle Market\n63%\n35%\n2%\nUMM / Large Cap\nMiddle Market\nLower Middle Market\n(% of LTM Mar-25 net revenue)\n32%\n29%\n29%\n10%\nTop 10\nTop 11 - 30\nTop 31 - 60\nAll Other Clients\n20%\n32%\n37%\n11%\nTop 10\nTop 11 - 30\nTop 31 - 60\nAll Other Clients\n57%\n43%\nTop 10\nAll Other Clients\n79%\n88%\n82%\n21%\n12%\n18%\n202220232024\nNew\nExisting\n40%\n59%\n54%\n60%\n41%\n46%\n202220232024\nNew\nExisting\n95%\n81%\n88%\n5%\n19%\n12%\n202220232024\nNew\nExisting\n\n35\nSTRICTLY CONFIDENTIAL\n73%\n27%\nRepeatNon-Repeat\nDeep Relationships with Top Clients\n▪Deep Relationships: 45% of net revenue coming from clients \nwith a tenure of 6+ years \n▪Satisfied Clients: 73% of revenue from repeat clients\n(3)\n▪No Client Concentration: No one client represents more than \n4% of net revenue\n▪Broad Relationships: 38% of clients use more than one \nservice\n(3)\n▪Strong Referral Network: 72% of sell-side engagements \nreferred from investment banks\n▪Value in Density: Clients utilizing multiple service lines incur \nover 25% higher fees per project due to complexity of scope\nDemand for strategic solutions across growth stages drives client engagement\nTop 15 ClientsLTM Mar-25 Highlights\n(1)UMM / LC = Upper Middle Market / Large Cap; MM = Middle Market; LMM = Lower Middle Market.\n(2)Reflects average tenure of top 15 clients.\n(3)Reflects 2024 data.\nSticky Relationships Drive Repeat Business\n27%\n7%\n21%\n45%\n< 1 Year1-2 Years\n2-6 Years6+ Years\nRepeat\nClients\nClient \nTenure \nMix\n(% of 2024 net revenue)\n($ in thousands)\n2023 – Mar-25 Net Revenue\nClientSize\n(1)\nBuy-SideSell-SideValue CreationOther\nTotal \nRevenue\n% of Total \nRevenue\n2023 – Mar-25\nProjects\nClient \nTenure\nClient 1UMM / LC$4,415––$642$5,0573.2%811+\nClient 2MM3,195$867$854–4,9153.1%1610+\nClient 3UMM / LC484––3,5694,0532.6%1211+\nClient 4MM1,512–1,556373,1052.0%123+\nClient 5UMM / LC1,582440911–2,9341.8%911+\nClient 6UMM / LC1,506–1,309–2,8151.8%711+\nClient 7MM6641,495559–2,7171.7%811+\nClient 8MM1,2411,172––2,4141.5%46+\nClient 9MM1,471812––2,2831.4%74+\nClient 10UMM / LC868537692–2,0971.3%511+\nClient 11MM1,415622––2,0361.3%62+\nClient 12MM804968229–2,0011.3%64+\nClient 13LMM1,336–640–1,9761.2%711+\nClient 14UMM / LC1,435–532–1,9671.2%511+\nClient 15MM1,080829––1,9091.2%63+\nTop 15$23,009$7,741$7,281$4,248$42,28026.6%1188+\nAll Others52,59344,52818,752532116,40573.4%369\nTotal$75,602$52,269$26,034$4,781$158,685100.0%487\nElliott Management\nPSG Equity\nTiger Global Management LLC\nBlue Point Capital Partners\nThoma Bravo\nCharlesbank Capital Partners LLC\nBregal Sagemount\nGridiron Capital\nRubicon Technology Partners\nHellman & Friedman\nGemspring Capital\nGreater Sum Ventures\nVarsity Healthcare Partners\nVista Equity Partners\nPeak Rock Capital\n(2)\n•To remove client names\n\nGo-to-Market Strategy\n\n37\nSTRICTLY CONFIDENTIAL\nMulti-Pronged Go-to-Market Strategy\nPurpose-built global delivery model enables new business wins without sacrificing existing client service\nVerticalized \nSenior \nProfessionals\nStrategic \nAccount \nCoverage\nCentralized \nLocation-Based \nModel\nProgrammatic \nCommunications\n15 Key Accounts with Multi-\nNational, Multi-Vertical Presence\nLarge Cap Private Equity \nand Public Investors\n22 Key Accounts with Dedicated \nTouchpoints in U.S. and U.K.\nMiddle Market \nCollaboration\n91 Key Accounts with Individual \nDefined Coverage and Tracking\nAccount Relationship \nManagement (ARM)\n98 Key Accounts with Content-\nBased Scaled Communication \nContact Accounts\nManaging Directors and \nDirectors\nIndustry Groups Define \nCoverage and Sales Effort\nCDD and Value Creation Services \nProvided by All Levels\nProduct Generalists\nNuanced Insights From \nSpecialization\nGuaranteed Production of \nHigh-Quality Content\nDedicated Client \nDelivery Network\nAdvisory-\nFocused\nProduct Led; \nContent Driven\nRepeat Value Creation Work \nfrom CDD Engagements\nClient Delivery \nNetwork\nColombo\nArticles, Tombstones, \nNewsletters, Industry Primers\nEmail and Social Media\nMarket Intelligence, Rolling \nThunder\nIn-Person Meetings\nMonthly Flywheel, Asset-Centric \nAccount “Grouping” Outreach\nIntelligence Outreach\nClient Offsites, Co-Branded \nRoundtables, Conferences\nEvents\nGlobal \nStaffing\nBostonChicagoNew YorkLondon\nGlobal Collaborative Coverage and Delivery with In-Market Business Development Capabilities\n\n38\nSTRICTLY CONFIDENTIAL\nCollaborative Approach to Client Coverage and Delivery\nCrediting system designed to maximize collective value and reward firm-building behaviors while de-risking new hires\nSales CreditDelivery Credit\nManaging Directors, Directors, and Associate DirectorsAssociate Directors, Senior Managers, and Managers\nAccount Ownership:\nAssigned owner that fosters \nrelationships throughout the \naccount\nContent Leadership:\nProvides substantive \nexpertise to help close and \ndeliver a project\nTotal Sales Credit:\nReflects the sum of an \nindividual’s contribution \nacross each role\nOriginators\nAccount \nOwnership\nContent \nLeaders\nReporting\nSplitDetail\n60%\n▪Credit shared equally between originators\n▪Tracking allows for up to three originators\n10%\n▪Limited to one person\n▪May be one of the originators\n▪Credit shared equally between content leads\n▪Ideally have multiple leads on every project\n25%\nBoundaries\n40% Cap\nNo Double \nDipping\nProject \nMinimum\n▪No individual can accrue more than 40% of the total project value\n▪Lone originators lose 20% of credit, which is returned to the firm\n▪Originators can be account owners, but they cannot accrue credit \nfor content leadership on the same proposal\n▪If project fee is less than $250K, no credit for content leadership\n▪If project fee is less than $150K, no credit for any role\nOrigination:\nSourcing of potential projects \nthrough outbound efforts or \ninbound leads\nStructure\nDelivery \nLeads\nFramework\nCredit Split\n▪Assigned by resource management based on project staffing\n▪Responsible for leading the day-to-day of a project and ensuring \nthe team is utilized efficiently\nTargets\nAssociate \nDirector\nSenior \nManager\nManager\n▪Delivery credit is a \nmeasure of success for \nmid-level consultants\n▪Delivery credit is defined \nas the total value of \nprojects a mid-level \nconsultant has delivered\n▪Total available credit for \na project is equal to the \nproject’s fee\n▪Delivery leads should be \ndifferent levels, with the \nmore senior employee \nspread across multiple \nprojects\n▪Splitting delivery \nbetween Associate \nDirectors and Senior \nManagers / Managers \nallows the Associate \nDirector to manage \nmultiple projects, \nultimately accruing a \ngreater delivery credit \nvalue\nMinimumGoal\n$3.0M\n$2.5M\n$2.0M\n$4.0M\n$3.5M\n$3.0M\n▪Delivery credit is split evenly between delivery leads regardless \nof seniority\n▪Up to two delivery leads can be associated with a project\n▪Delivery leads must spend at least 15 hours a week on projects \nto receive credit\n\n39\nSTRICTLY CONFIDENTIAL\nProject Delivery Model\nHigh-touch client service executed by efficient project teams purpose-built for the pace of private equity\nBalanced and Flexible Staffing ModelDisciplined Tracking Leads to Better Management and Consistently Strong Realization\nCrediting System Designed to Maximize Collaborative Value\nSales CreditDelivery Credit\n▪Originators (60% of project value)\n‒Credit is shared equally between originators; \ntracking allows for up to three originators\n▪Content Leaders (25% of project value)\n‒Credit is split evenly between all content \nleads; ideally have multiple content leads on \nevery project\n▪Account Owners (10% of project value)\n‒Limited to a single person; may be an \noriginator\n▪Measured in dollars and defined as the total value \nof projects a mid-level has delivered\n▪Accrue to the delivery leads; may have up to two \ndelivery leads associated with a project\n▪Delivery leads are typically different levels, but \ncredit is evenly split between both leads\n▪Associate Directors, Senior Managers, and \nManagers are the core roles responsible for \ndelivery\nDelivery (Client Service Network)\nTraditional consulting team staffed to dedicated projects on a billable model\nManaging \nDirector\nDirector\nSpend 50% of time \non billable work\nAssociate \nDirector\nSenior \nManager\nSpend 75% of time \non billable work\nManagerSenior \nConsultant\nConsultantAssociate \nConsultant\nSpend 100% of time \non billable work\nPlug-and-play project support in Colombo segmented by defined workstreams to enhance speed of delivery\nIntegrated Workflow Support (Client Delivery Network)\nIntegrated Project Leads\nLead \nto Win\nSecondary \nInsights\nData \nScience\nWeb Survey \nInsights\nExpert \nInsights\nData \nVisualization\nHighly repeatable, scalable execution process across services allows for powerful insights to be \ndelivered quickly and efficiently at an attractive price relative to competitors\nPromotes collaboration and de-risks new hires\n218226224\nProjects \nInvoiced:\n87.8%\n94.9%\n96.4%\n20232024LTM Mar-25\nRealization\n\n40\nSTRICTLY CONFIDENTIAL\nClient Delivery Network Expands Capacity to Execute\n▪50-person dedicated team in Colombo serves as plug-and-play \nproject support to enhance speed of delivery for client \nworkstreams\n▪Commercial platform built to work at the speed of private \nequity\n▪Supports U.S. and U.K. advisory in an agile and targeted way\n▪Segmented by defined workstreams with clear responsibilities \nand competency model\n▪Handles tasks of varying levels of complexity during the \nproposal and live project phases\n▪Creates additional bandwidth for the client service network to \nfocus on high-value client-facing workstreams\n▪Optimizes resource utilization through on-demand staffing \nbased on skill, capacity, and expertise\n▪Expands delivery capabilities in-line with demand while \noffering flexibility, convenience, and controllability in project \ndelivery\n▪Defined career path with strong average tenure of 9+ years \nacross integrated project leads, delivery leads, and managing \ndirectors\n▪Key members participate in management incentive plan\nPurpose-built integrated workflow support delivers sustainable growth \nTeam OverviewCommentary\nRuwindhu Peiris\nManaging Director\n(Headcount as of March 2025)\nDelivery Lead\nSr. Delivery Manager\nTeam Lead\nDelivery Manager\nSr. Delivery Manager\nDelivery Manager (3)\nTeam Lead\nDelivery Manager\nTeam Lead\nSr. Delivery Manager\nTeam Lead\nDelivery Manager\nTeam Lead\nDelivery Manager\nTeam Lead\nDelivery Manager\nIntegrated Project \nLeads\nTeam Lead\nSr. Delivery Manager\nLead (3)\nSr. Analyst\nLead (5)\nSr. Analyst\nDelivery Manager\nLead (3)\nSr. Analyst (3)\nLead to WinSecondary InsightsData ScienceWeb Survey InsightsExpert InsightsData Visualization\nLead\nSr. Analyst (4)\nAnalyst (2)\nLead (3)\nSr. Analyst (4)\nLead (2)\nSr. Analyst \nAnalyst (3)\n5\nEmployees\n5\nEmployees\n7\nEmployees\n8\nEmployees\n8\nEmployees\n7\nEmployees\n8\nEmployees\nAgile project \nmanagement and \ncentral point of \ncontact for the CSN \nSales enablement \ncapabilities from \ninitial outreach to \nproposal submission\nExtracts and \nsynthesizes \ninformation from \npublicly available \nsources\nBusiness insights and \ncapability \ndevelopment for \ninvestors and \nmanagement teams\nGather insights from \nweb surveys on client \npurchasing and \nspend dynamics, \nvendor performance\nEngages with \nexperts, competitors, \nand clients to collect \nrich insights\nVisualization \nspecialists that own \ndeliverables and \nother visualization \nelements\n\nCulture and Talent Management\n\n42\nSTRICTLY CONFIDENTIAL\nCompelling Employee Value Proposition to Attract and Nurture Top Talent\nStax has developed an attractive employee value proposition to recruit, develop, and retain top tier professionals\nDifferentiated Employee Value PropositionWinning the War for Talent\n(1)Retention of CSN professionals by skill level from 2023 year-end to 2024 year-end; reflects voluntary only.\nClient Service Network Retention by Skill Level\n(1)\nDirector HeadcountManaging Director Headcount\nUnique focus on serving and scaling with private equity clients\nIncentive model designed to reward collaboration and shared success\nHigh growth platform offering career opportunities and the chance to make a \nsignificant impact, supported by structured onboarding and fast ramp for new hires\nExpertise-focused model without exclusivity over client ownership\nAmple whitespace for career growth relative to some competitors with clear \nprogression paths and regular performance feedback\nEquity participation for Managers and above through Management Incentive Plan\nCentralized global staffing expands utilization and reduces time on bench\nSpecialization model supports long-term career development, bolstered by formal \nmentorship and learning opportunities\nCompetitive compensation model and benefits package aligned with market leaders, \nplus a strong commitment to work-life balance and well-being\nScalable infrastructure designed to foster growth and collaboration with direct access \nto senior leadership\n73%\n76%\n80%\n95%\nAssociate\nConsultant /\nConsultant\nSenior\nConsultant /\nManager\nSenior Manager /\nAssociate\nDirector\nDirector /\nManaging\nDirector\n4x \nGrowth\n5x \nGrowth\n2\n8\n2021Mar-25\n3\n16\n2021Mar-25\n\n43\nSTRICTLY CONFIDENTIAL\nTop Ranked by Industry Publications, Validated by Industry Professionals\nStellar Rankings Across Vault North America Categories\n(2)\nContinued recognition and awards reflect nature of culture initiatives the Company has meticulously implemented and managed over time\n(1)As of April 8, 2025.\n(2)Source: Vault 2024 North America Consulting Survey. Rankings and awards are based on insights from over 12,000 verified consulting professionals.\n7.3\n8.4\nIndustryStax\nInternal Mobility\n+1.1\n#10\nOverall \nDiversity\n#8\nEmployee \nSatisfaction\n#8\nLevel of \nChallenge\n#7\nPromotion \nPolicies\n#7\nInternal \nMobility\n#6\nIntl. \nOpportunity\n#5\nHealth and \nWellness\n#4\nBusiness \nOutlook\n#6\nBoutique \nConsulting\n#12\nBenefits\n#11\nInformal \nMentorship\n#10\nFormal \nTraining\n8.5\n9.2\nIndustryStax\nFirm Culture\n+0.7\nEmployee Satisfaction\n+0.8\n8.3\n9.1\nIndustryStax\n8.0\n8.8\nIndustryStax\nWork-Life Balance\n+0.8\nPromotion Policies\n+0.9\n8.1\n9.0\nIndustryStax\nTop Consulting\nFirm 2025\nFormal Training\n+1.2\n7.7\n8.9\nIndustryStax\nBest Management \nConsulting Firms 2025\nBest Firms to Work For\n2022, 2023, and 2024\nGlassdoor Overall Rankings\n(1)\nStax Big 5 Competitor\n4.4\n4.34.3\n4.2\n4.14.1\n4.0\n3.9\n3.83.8\n3.73.7\n3.53.5\n\n44\nSTRICTLY CONFIDENTIAL\nCompetitive Pay-for-Performance Compensation Model\n▪Structured to fall within the 75th percentile of the market, with top performers reaching the \n90th percentile\n‒Similar compensation strategy and banding in place for the Client Delivery Network\n‒Study underway to implement same model for Operations in 2025\n▪Salary bands ensure internal promotions are rewarded equitably without overvaluing \nexternal hires, demonstrating investment in maximizing tenure\n▪Merit-based salary increases determined by 4-point rating scale\n▪Robust benefits package and opportunity for equity ownership through Management \nIncentive Plan further enriches employees\n‒Management Incentive Plan available to Managers and above\nIncentive structure and attractive operating model strike a key balance between sustainable productivity and exciting projects\nPhilosophy and ApproachIndustry Benchmarking\n(1)\n2024 Average Cash Compensation by Skill Level\n(2)\n(1)Source: Aon 2024 Consultant Benchmarking Study. Reflects 50th percentile of compensation category by skill level for each group. MBB+ equivalent to Managing Director not available. MBB+ includes \nBain, Deloitte, EY, McKinsey, Oliver Wyman (Europe), and PwC. Tier 2 includes AlixPartners, Ankura, Chartis, Council Advisors, CRA Intl., FTI, Guidehouse, Keystone, Oliver Wyman, and Slalom.\n(2)Excludes Management Incentive Plan. \nMBB+Tier 2Stax\nACCSCMSMADDMD\n2023 Total Cash Compensation\nACCSCMSMADDMD\n2024 Cash Salary\nStax paid above market bonuses as a \npercentage of salary at all levels in 2023\nStax outpaced the market for salary \nincreases at all levels in 2024\nACCSCMSMADDMD\nACCSCMSMADDMD\n(Client Service Network; U.S. only)\n2023 Cash Bonus as % of Total Compensation2024 Cash Salary Increases\n$85\n$114\n$151\n$184\n$220\n$264\n$330\n$469\n$9\n$17\n$28\n$39\n$62\n$60\n$114\n$387\n$94\n$131\n$179\n$223\n$282\n$324\n$444\n$856\nAssociate\nConsultant\nConsultantSenior\nConsultant\nManagerSenior\nManager\nAssociate\nDirector\nDirectorManaging\nDirector\nCash BaseCash Bonus\n\n45\nSTRICTLY CONFIDENTIAL\n5\n33\n4\n3\n7\n10\n27\nManaging\nDirector\nDirectorAssociate\nDirector\nSenior\nManager\nManagerSenior\nConsultant\nConsultantAssociate\nConsultant\nStructured Recruiting Effort Provides Continuous Source of Talent\nDiversified talent pipeline ensures a steady stream of quality candidates\nOrganic Talent AcquisitionStrong Full-Time CSN Hires Across Skill LevelsSourcing Mix\nRecruiting Overview\nEarly CareersExperienced Hires\nStax targets hiring 10 Summer Associates/Co-Ops and 15 full-time Associate Consultants each year via campus targeting\nPriority Universities\nRelationships with on campus organizations \nand multiple events held per year\nOther Global Universities of Focus\nSources of recent successful hires\nCampus Targeting\nExpanded recruiting funnel to HBCUs, \nwomen’s colleges, etc.\n▪Strong track record of attracting lateral senior hires from \ncompetitors to build on existing offerings or expand into new \nareas of coverage\n▪Nearly 20% of experienced hires are sourced through employee \nreferrals\n▪Average offer acceptance rate of 73%\n▪Continued focus on driving branding efforts to improve candidate \npool\n26,000+ Applicants\n308 Interviews\n94 Offers Extended\n69 Offers Accepted\n(2024 firmwide recruiting statistics)(2024 – YTD Mar-25 new hires)(% of 2024 – YTD Mar-25 new hires)\n58%\n20%\n17%\n5%\nDirect Hire\nCampus\nReferral\nAgency\n\n46\nSTRICTLY CONFIDENTIAL\nWell-Defined Competency Model with Multiple Channels for Feedback\nCompetency and task relevant maturity models serve as the foundation to standardize feedback and expectations for each skill level across locations\nTask Relevant Maturity Model Provides Granular View of Task-Specific Proficiency\nImpact\nEnables global \nstaffing\nUnifies quality of \ndelivery\nProvides clarity and \nconfidence around \npromotion criteria\nEmphasizes merit-\nbased success \nmodel\nCore Consulting SkillsCommercial LeadershipSelf LeadershipPeople and Culture Leadership\nFeedback Facilities Development of Core Skills\nUse Case\n▪Used during project evaluations to assess \nconsultants’ technical effectiveness in \nspecific tasks and evaluate technical \ndevelopmental areas\nComponents\n▪Task category (e.g., survey \nmanagement)\n▪Specific tasks (e.g., survey design)\n▪Maturity levels\nGoal and Purpose\n▪Shift focus to skill level when completing a \ntask\n▪Standardized, efficient project feedback\n▪Differentiates expectations for same task \nacross levels\n▪Focuses on both qualitative and quantitative measures\n▪PowerBI performance dashboard\n▪Project feedback, debriefs, mid-year and year-end reviews\n▪Feedback on non-project Initiatives\n▪360 Feedback: upward, recognitions, special projects and \ninitiatives\n\n47\nSTRICTLY CONFIDENTIAL\nSignificant Opportunity for Upward Mobility\nStandardized career trajectory enables strong performers to progress through the organization\nClient Service Network Career Path\n(1)\n(1)CDN professionals have a similarly defined career path and competency model.\n(2)Reflects internal promotions from 2022 through Mar-25. Associate Consultant promotions reflect interns and co-ops that rejoined the Company as full-time employees.\n(3)Reflects the number of 2024 – YTD Mar-25 internal promotes as a percentage of employees that joined as or assumed a given skill level in 2024 – YTD Mar-25.\nAssociate ConsultantConsultantSenior Consultant\nManagerSenior ManagerAssociate Director\nDirector\nManaging Director\nProject FundamentalsWorkstream ExecutionDelivery ExcellenceProject ManagementProject ManagementClient Management\nBusiness Planning and \nExecution\nBusiness Planning and \nExecution\n▪Independently owns \nprimary workstream\n▪Capable of owning \nmultiple workstreams\n▪Drives full execution of \nworkstreams\n▪Takes ownership of \nnarrative\n▪Begins to gain \nverticalized expertise\n▪Provides strategic \ninsights and content \nexpertise\n▪Drives engagement \nsuccess and manages \nclient expectations\n▪Accountable for quality \nand efficiency of \ndelivery\n~12-Year Average Progression from Associate Consultant to Managing Director\nManaging Director7\nDirector8\nAssociate Director 14\nSenior Manager 8\nManager 14\nSenior Consultant 28\nConsultant 38\nAssociate Consultant 13\nCumulative Internal Promotions\n(2)\nHome-Grown Employees\n(3)\nManaging Director50%\nDirector40%\nAssociate Director20%\nSenior Manager 50%\nManager 57%\nSenior Consultant 59%\nConsultant47%\nAssociate Consultant 23%\n\n48\nSTRICTLY CONFIDENTIAL\nIn-House Training Amplifies Long-Term Career Satisfaction and Employee Potential\nTraining and development is a core tenet of Stax\nNote: Stax also hosts Stax Academy–a learning platform offering training modules to local youth and potential CDN talent–in Colombo, Sri Lanka.\n▪Skill-based training to support consultants during ramp period\n▪Formal sessions via classroom and in-project training for 1-4 \nweeks depending on seniority; subsequent project shadowing \nfor an additional 2-4 weeks\n▪Company and Operations Sessions covering internal resources \nand capabilities\n▪People Team Sessions covering benefits, resource \nmanagement, and professional development\n▪Delivery Excellence Sessions\n‒Getting Smart, Primary Research, Intro to Surveys, \nSecondary Research and Major Data Sources, Effective \nGuides Writing, Intro to Market Modeling, Business Writing, \nCreating Deliverables and Slides\nOnboarding\n▪Five to eight classroom hours per quarter, with additional on-\nthe-job and individual development plan (IDP) training\n▪Stax 2.0 Upskill Series\n‒Industry and Market Knowledge Sharing\n‒Productivity Tools\n‒Best Practice Alignment\n▪Half-Day Trainings by Level\n‒Senior Consultant: Effective Workstream Management, \nStoryboarding 101, Effective Communication, Delegation \nand In-Project Training\n‒Manager: Stax Project Management Playbook, Verticals and \nPractice Overview, Stax Mentor Model, Running Effective \n1:1s\n‒Senior Manager and Associate Director: Intro to Client \nManagement, Leveraging Coaching in People Development\n‒Director: Building your Book of Business, Building Effective \nTeams\n▪Personal Development and Culture Fundamental Series\n‒Self Accountability, Building a Feedback Culture, Resilience\nTraining Academy\n▪Development Programs\n‒Apprenticeship-based learning where employees develop \nthrough hands-on experiences, mentorship, and a \nfeedback-driven learning environment\n‒International exposure to facilitate global collaboration, \nstandardization of best practices and culture integration\n‒Employees receive performance feedback every few weeks \nthrough forms, debriefs, and more\n‒Internal training programs tailored to develop deep \ntechnical and management skills\n▪Communication and Transparency\n‒Regular town halls and leadership meetings, including firm-\nwide updates, senior meetings, and role-specific discussions\n‒Structured feedback mechanisms with performance \ndashboards to consolidate feedback, career progression \nmetrics, and training outcomes\n▪Flat Hierarchy and Leadership Access\n‒Employees at all levels have direct access to leadership\n‒Weekly leadership lunches, open-mics, and social initiatives \nacross offices\n▪Mentorship and Career Development\n‒Internal mentorship program and global staffing model \nfacilitates rapid employee development and connection\n‒Peer coaching initiatives to support career growth\n‒Mentors are accountable for supporting mentees, providing \nadvice and guidance based on development needs\nProfessional Development and Mentorship\nStructured \ntraining for all \nemployees, \nnew or old...\n...with \nnumerous \navenues for \ncontinuing \neducation\nAND\nAND\n\nOperations and Platform\n\n50\nSTRICTLY CONFIDENTIAL\nData-Driven, Purpose-Built Financial and Business Operations\n▪Data and reporting created to optimize every level of the professional services \neconomic value chain from opportunity generation to cash collection\n▪Real-time access to key business and operational KPIs enhances data-driven \ndecisions, including informed forecasting and opportunity tracking, improved capacity \nplanning, financial management, and prioritization\n▪Democratizes data through custom-built PowerBI visualizations, a user-friendly \ndesign, and robust training initiatives to empower users\nReal-time data enables agile management of the business against key indicators\nOverview of Stax INTEL\nInitiatives Focused on Driving Growth and Operational SustainabilityDashboards and Reports\nResource \nManagement\nProject \nManagement\nExpense \nManagement\nInvoice \nOversight\nRealization\nRevenue and \nDelivery Credit\nBillability and \nUtilization\nRevenue \nTracker\nA/R Analysis\nPerformance \nDevelopment\nClient Contract \nStatus\nRates and \nPricing\nLiberation of Data\n“Giving smart people the \nright data enables them to \nmake smart decisions”\nRobust, Transparent Reporting Improves Business Outcomes\nData Warehouse\n\n51\nSTRICTLY CONFIDENTIAL\nEarly AI Adoption Enhances Delivery Quality and Efficiency\n▪Improves speed and quality of analysis while creating high \ncaliber “architected” data for future use\n▪Cleans primary data for use with generative AI, searches for \nrelevant quotes, and interrogates transcripts to structure \nproject analyses \n▪Extends the utility of architected data for use cases beyond \ninitial project work\n▪Generative AI embedded into everyday use and broader \nworkflows to drive quality and speed enhancements\n▪Accelerates and strengthens thought-oriented processes at \nscale (slide review, eminence feedback, etc.)\n▪Integrations and connectivity with existing systems\nStreamlined access to proprietary data is paramount to sustained competitive advantage \nOverview of AthenaWorkflow Tools\nKnowledge management tool developed in-house dramatically lowers search barriers and accelerates access to depth of \ninstitutional knowledge; platform draws from over five years of Stax intellectual property to produce the relevant projects, \nslides, and Stax experts\nUsers can explore results at project and \nslide levels\nAthena transforms the ROI of searching \nfor Stax knowledge, unlocking previously \nunfeasible use cases\nIncorporates Athena Chat, an AI model \ntrained on Stax’s repository of knowledge\nProject \nInsights\nJunior\nEmbedded \nGen AI\nGPTs\nUser Prompt\nPrior Insights\nRelevant Slides\nPreviously \nUsed Experts\nResearch \nApproach\nProject Teams\nExpert Interview \nTranscripts\n1,100+\nDeliverables\n700+\nProposals\n75,000+\nSlides\n50,000+\nInterviews\n\n52\nSTRICTLY CONFIDENTIAL\nWorld-Class Leadership Team Operates an Efficient Client-Centric Organization Structure\nStax is led by a highly experienced, motivated, dynamic, and diverse senior team\nNote: Headcount as of March 2025. Client Service Network excludes two Research Associates paid hourly.\n(1)Includes 44 Operations employees in the United States, United Kingdom, and Sri Lanka.\nClient Service NetworkIntegrated Global Operations Team\n(1)\nClient Delivery Network\nAmy Schoeman\nGlobal Head of HR\nMeg Macumber\nGlobal Head of Finance\nLeslie Regenbaum\nGeneral Counsel\nJoe Brownell\nGlobal Head of Marketing\nConnor Novy\nChief of Staff and Head of Sales \nOperations\nHazir Shafeek\nGlobal Head of Data Insights & IT\nRuwindhu Peiris\nManaging Director\nPaul Edwards\nGlobal Practice Leader\nRegional Lead\n2\nManaging \nDirector\n9\nProduct Lead\n4\nDirector\n8\nSenior Manager\n8\nAssociate \nDirector\n9\nManager\n9\nConsultant\n21\nSenior \nConsultant\n18\nAssociate \nConsultant\n39\nDelivery Manager\n8\nSenior Delivery \nManager\n4\nLead\n17\nAnalyst\n6\nSenior Analyst\n14\nExecutive Leadership Team\nJayson Traxler\nChief Executive Officer\nMihaela Dumea\nDirector, Data and Business \nIntelligence\n\n53\nSTRICTLY CONFIDENTIAL\nWell-Invested Operational Platform Built to Serve Private Equity\nDeep bench of integrated global support functions designed to drive growth and operational efficiency\nNote: Headcount as of March 2025.\nMeg Macumber\nGlobal Head of Finance\nAmy Schoeman\nGlobal Head of Human Resources\nJoe Brownell\nGlobal Head of Marketing\nLeslie Regenbaum\nGeneral Counsel\nConnor Novy\nChief of Staff / Head of Sales Operations\nPeople Operations (5)Marketing Strategist (4)\nFinance, IT, and Business OperationsHuman ResourcesMarketingLegalData and Business IntelligenceSales Operations\nHazir Shafeek\nGlobal Head of Data Insights and IT\nCompliance and GovernanceSales Operations\n11\nEmployees\n6\nEmployees\n6\nEmployees\n3\nEmployees\nJayson Traxler\nChief Executive Officer\nMihaela Dumea\nDirector, Data and Business Intelligence\nController\nHead of Business Operations\nProfessional Development (2)\nTalent Acquisition (2)\nHR Business Partner\nProduction ManagerLegal CounselFinancial Insights and BI\nDigital Engineering (3)\nCommercial Strategy and Enablement (2)\nIT and Help Desk Support (4)\nFinance and Accounting (6)\nPayroll and Benefits\nFinancial Sponsors Coverage\n3\nEmployees\nStax can scale revenue without adding significant operations headcount\n23\nEmployees\nAdministrative (8)\n\nGrowth Strategy\n\n55\nSTRICTLY CONFIDENTIAL\nMulti-Pronged Growth Strategy Drives Confidence in the Next Chapter of the Company\nTangible and achievable organic growth in the near term with substantial opportunity to drive additional value creation via M&A\n▪Strategically hire senior \nprofessionals to build \ndensity in core verticals \nand expand capabilities\n▪Build density across \ncurrent locations, \nexpanding \napprenticeship model to \nfurther attract and \ndevelop mid/junior \ntalent\nAttract, Develop, \nand Retain Talent\n▪Continue building \nmomentum in the U.K. \nto expand market \npresence\n▪Strategically grow \nheadcount and client \nleadership in New York \noffice\n▪Establish local presence \nin new geographic \nmarkets through organic \ngreenfield locations in \nthe United States and \nEurope\n▪Continue to protect \nunique culture via \nplanful expansion\nBroaden Geographic \nPresence\n▪Capitalize on advisory, \nbespoke nature of work, \nand pricing umbrella \nrelative to MBB+ to \nrealize due diligence \nprice increases \nnationally and abroad\n▪Raise prices in value \ncreation to be more in-\nline with client impact, \nresults, and ROI\n▪Expand number of \naccounts with average \nproject size of $400K+ \nwith ample cross-sell \nopportunities and need \nfor multiple projects per \nyear\nExert \nPricing Power\n▪Focus on accelerating the \nexecution of M&A \nplaybook\n▪Expand into new \ngeographies, new \nservice lines, and build \nscale in existing markets\n▪Opportunistically \nevaluate larger-scale \ntransformative M&A \ntargets\nIdentify and Execute \non Acquisitions\n▪Further optimize cross-\nsell strategy to deepen \ndensity across core \naccounts through scaled \ninside sales strategy\n▪Target key private equity \nclients where \nreferenceable work \nprovides opportunity for \nfurther penetration in \nprojects that command \nmore premium bill rates\nMaximize Wallet \nShare and Cross-Sell\n▪Scale coverage and \ncontent intersection \nacross private equity and \ninvestment banks\n▪Further scale dedicated \nbusiness development \nteam to broaden coverage \nuniverse\n▪Centralize, scale, and \nmanage external \nindividual, account, and \nsubsector communications\nScale Client \nCoverage\n▪Leverage reputation and \ndifferentiated \nexperience in key \nverticals with high win \nrates across market \nsegments\n▪Introduce new verticals \nsuch as government or \naerospace and defense \nthrough de novo efforts \nor experienced senior \nhires \nDeepen Vertical \nExpertise\n▪Capitalize on hedge \nfunds’ growing inbound \ndemand for market \nresearch \n▪Introduce new purpose-\nbuilt products such as \ntechnology due \ndiligence, financial due \ndiligence, operational \ndue diligence, and ESG \nand sustainability \ndiligence through \nintegrated go-to-market \napproach\nExpand Capabilities \nand Client Profiles\nGrowExpandTransform\n\n56\nSTRICTLY CONFIDENTIAL\nWiden Referral Channel to Optimize Business Development Efforts\nCultivate and expand business development relationships with large cap private equity firms \nBroaden and Deepen Large Cap Private Equity Relationships \n$8.3M\n$11.0M\n2018 - 20212022 - LTM Mar-25\nGrowth Plan Current Strengths \n▪Proactively enhance and revitalize partnerships with large \ncap clients\n▪Reposition value proposition as a trusted advisory partner\n▪Schedule regular in-person meetings to strengthen \nconnections\n▪Prioritize targeted outreach and proposals aimed \nspecifically at large cap opportunities\n▪Fosters collaborative partnerships, ensuring alignment with \nthe long-term objectives of large cap clients\n▪Strong brand recognition among large cap funds facilitates \nmarket entry for new large cap clients\n▪Strategic account coverage plan across large cap funds \nenhances relationships and drives customer stickiness \nLargest Private Equity Firms\n(1)\n(1)Source: Private Equity International. Dollars in billions. Ranking based on private equity capital raised between 1/1/2019 to 12/31/2023. Excludes credit, secondaries, and real asset focused \nmanagers. Shading reflects Stax project counts between 2018 and Mar-25.\n(2)Reflects average annual revenue from Large Cap Private Equity and Public Investor key accounts designated as of Q1-25.\n1-5 Projects6-10 Projects11+ Projects\nNo.SponsorRaised\n1\nBlackstone$124\n2\nKKR$103\n3\nEQT$99\n4\nCVC Capital Partners$78\n5\nTPG$62\n6\nThe Carlyle Group$60\n7\nThoma Bravo$59\n8\nAdvent International$53\n9\nWarburg Pincus$52\n10\nHg$51\n11\nCD&R$50\n12\nSilver Lake$49\n13\nHellman & Friedman$47\n14\nVista Equity Partners$45\n15\nGeneral Atlantic$43\nNo.SponsorRaised\n16\nClearlake Capital$43\n17\nGoldman Sachs$42\n18\nLeonard Green$41\n19\nTA Associates$40\n20\nPermira$37\n21\nBain Capital$37\n22\nInsight Partners$35\n23\nCinven$35\n24\nGenstar Capital$32\n25\nFrancisco Partners$30\n26\nAres Management$30\n27\nApollo Global$29\n28\nPartners Group$28\n29\nBridgepoint$23\n30\nGTCR$23\nDirect experience on \nprior transactions\nVertical and product \nsector expertise\nBalanced approach between \ncomplex situations and \ntailored need \nBetter value for add-ons that \ndo not need breadth/depth\nStax Large Cap Value Proposition\nNet Revenue from Key Large Cap Accounts\n(2)\n\n57\nSTRICTLY CONFIDENTIAL\nWiden Referral Channel to Optimize Business Development Efforts\nCultivate and expand business development relationships with investment banks\nU.S. M&A League Tables\n(1)\nGrow Investment Banking Referral Channel\n(1)Source: Dealogic. Reflects transactions announced between 12/31/2014 and 12/31/2024 with private equity involvement. Shading reflects Stax project counts between 2018 and Mar-25.\nStrengthen Existing Investment Bank RelationshipsFoster Relationships with New Investment Banks\n▪Investment banks provide a pipeline of sell-side \nopportunities through client referrals\n▪Ongoing dialogue and recurring touchpoints provides \nintelligence on in-market buy-sides and potential value \ncreation opportunities\n▪Growing breadth and depth of content provides \nreferenceable work to expand scope of service\n▪Demonstrate capabilities to preeminent investment banks \nthat have historically been an unlikely referral source to \npenetrate additional pockets of the market\n▪Leverage network of lateral hires, geographic expansion, \nand expanded verticals of coverage to develop \nrelationships with specialized regional and industry \nboutiques\nRoom for Additional Wallet Share with Key Recent \nInvestment Banking Partners\nSignificant Opportunity for Business Development in \nthe Broader M&A Market\n1-5 Projects6-10 Projects11+ Projects\nNo.AdvisorDeals\n1Houlihan Lokey904\n2Goldman Sachs762\n3Jefferies631\n4William Blair552\n5JPMorgan547\n6Morgan Stanley514\n7Baird505\n8Lincoln Intl.456\n9Piper Sandler453\n10UBS434\n11Raymond James383\n12PNC Bank363\n13Moelis355\n14Bank of America351\n15Evercore346\nNo.AdvisorDeals\n16Lazard315\n17Barclays307\n18Citi295\n19Stifel257\n20RBC248\n21Rothschild236\n22Canaccord215\n23KeyBanc180\n24Guggenheim160\n25BMO142\n26Deutsche Bank139\n27Centerview133\n28Truist130\n29Macquarie119\n30KPMG108\nNet Revenue from Sell-Sides Referred by Investment Banks\n$1.0M\n$1.1M\n$13.3M\n$18.0M\n$20.6M\n2018202020222024 LTM Mar-25\n\n58\nSTRICTLY CONFIDENTIAL\nMaximize Wallet Share and Cross-Sell Opportunities with Existing Clients\nUpsell core offerings to capture larger share of deal volume within established private equity relationships\nExpansion of OfferingsSignificant Whitespace Available Within Current Client Base\nValue Creation\nEmbedded Data \nAnalytics and \nSustainability\nAI Diagnostic, Piloting, \nand Scaled Adoption\nInitiative Deployment, \nMarket Piloting, and \nGrowth Office \nGovernance\nSell-Side \nCommercial \nDue Diligence\nScale Dedicated \nResources to Optimize \nPitch and Delivery \nProcess\nExpand Sales Team to \nDeepen Content \nCoverage to Facilitate \nBank Penetration\nFurther Integrate \nBusiness Units to \nMaximize Value of \nMarket Intelligence \nAcross Offerings\nBuy-Side \nCommercial \nDue Diligence\nIncrease Coverage \nVerticals to Better Serve \nFunds with Broad \nInvestment Theses\nFill Content and \nExpertise Gaps to Elevate \nDelivery to Higher-\nVolume Upper MM and \nLarge Cap Sponsors\nTarget Additional Public \nEquity Investors to \nFurther Diversify Profile \nof Transactions \nEvaluated\nPrivate Equity Client Count\nEstimated Current Serviceable Available Market (SAM) Penetration\n~2% \nPenetration of \nICP Estimated \nSpend\n~5% \nPenetration of \nCurrent Client \nEstimated \nSpend\nStrong right to grow through wallet share \nand new logo expansion with ~$1.3 billion in \nattainable whitespace across core products\nCurrent vs. Target Service Line Mix\nTBU?\n75\n100\n129\n20192021TTM Mar-25\n44%\n37%\n15%\n4%\nBuy-Side\nSell-Side\nValue Creation\nOther\nLTM \nMar-25\n37%\n37%\n24%\n2%\n2030P \nOrganic\n~$0.1M\n~$1.3M\n~$3.2M\n~$5.2M\nCurrent Stax Revenue\nwithin SAM\nEstimated SAM within\nCurrent Clients\nMiddle Market Ideal Client\nProfile (ICP) SAM\nNorth America and U.K.\nTotal SAM\n\n59\nSTRICTLY CONFIDENTIAL\nAttract, Develop, and Retain Talent to Capitalize on Growth\n▪Dedicated and growing talent acquisition team manages the hiring funnel to identify \nand pursue candidates with experience to strengthen core offerings or expand areas \nof coverage\n▪Continued branding initiatives and increased visibility online will yield additional hires \nfrom a broader pool of candidates\n▪Proven ability to attract senior- and mid-level hires with experience at top-tier firms\nContinue winning talent through targeted recruitment efforts and growth-oriented culture\nStrategic Approach to Fostering Junior Growth Lateral Experienced Hire Recruiting\nOrganic Client Service Network ExpansionProjected Growth in Productivity\nNet Revenue per Director and Managing Director\nProjects Invoiced per Director and Managing Director\nDirector and Managing Director HeadcountAll Other CSN Headcount\nConsulting \nSkills\nDevelopment \nPrograms\nProject Delivery Excellence Series: Primary, secondary, survey, and modeling \ntraining\nAssociate \nConsultants and \nConsultants\nSenior \nConsultants and \nManagers\nProject Management Excellence Series: Project management and economics, \nstoryboarding, running effective team meetings, and presentation training\n▪Proven track record of developing young talent within Stax, leading to a strong team \nof tenured senior employees contributing the sustained success\n▪Recruiting junior talent has enabled employees to acquire foundational skills \neffectively and efficiently\n▪Onboarding young talent has fostered adaptability to Stax practices and strengthened \nemployee loyalty\n24\n25\n36\n49\nMar-252025E2028P2030P\n106\n122\n180\n246\nMar-252025E2028P2030P\n10.8\n11.4\n12.0\n12.5\nLTM Mar-252025E2028P2030P\n$3.9M\n$3.7M\n$4.7M\n$5.4M\nLTM Mar-252025E2028P2030P\n\n60\nSTRICTLY CONFIDENTIAL\nProven Vertical Expertise and Journey\nRoom to build subsector density in core verticals, as we as deepen expertise in other targeted industry verticals\nCurrent Vertical MaturityVertical Growth Opportunities\nStrong Growth within Key Verticals Expansion Opportunities within Core Verticals \n$5\n$10\n$11\n$27\n$31\n$30\n$33\n$36\n$6\n$6\n$6\n$11\n$17\n$16\n$18\n$20\n$11\n$16\n$18\n$39\n$48\n$46\n$51\n$56\n2018201920202021202220232024LTM\nMar-25\nTechnologyServices\n(Net Revenue; $ in millions)\n▪Organized depth and breadth of referenceable work\n▪Subsector expertise\n▪Sector-specific senior recruitment \n▪Scaled sector-specific maturity and communication\n▪Subsector account targeting and planning\n▪Vertical planning\n▪Increase in opportunity volume \n▪Increase in win rate \n▪Increase in average project size\n▪Expansion in private equity and investment banking \naccounts leveraging Stax within a vertical \n▪Above market performance \n▪Outsized opportunities through investment banks and large \ncap private equity \nVertical EnablersImpact\nPlan to leverage existing verticals to deepen market presence \nand strategically expand into new sectors, will drive \nsustained growth\nIndustrials \nTechnology \nServices \nHealthcare \nAerospace & \nDefense \nConsumer\nGovernment \n& Public \nImpact\nEnablers\nFully EvolvedDevelopingExpansion Verticals \n2018 – LTM Mar-25 CAGR: 30%\n\n61\nSTRICTLY CONFIDENTIAL\nExpand Capabilities and Client Profiles\nStax’s focus on relationships cultivates a deep understanding of clients' needs and the specific areas where they require assistance\nDeal-Related ServicesNon-Deal Related ServicesClient Type Expansion\n▪Presence and \ndemonstrated \nsuccess in \nsupporting software \nand technology \nengagements \ncreates natural \navenue for \nexpansion\n▪Ingrained cross-sell \nfrom standard \ncommercial \ndiligence and value \ncreation projects\nTechnology Due \nDiligence\n▪Well-defined and \nsynergistic offering, \nnatural extension of \nexisting value \ncreation \nengagements\n▪Accelerated entry \nfeasible via hiring or \nM&A, healthy \npipeline of potential \ntargets\nProcurement \nOptimization\n▪Natural extension of \nvalue creation to \nimplement best \npractices observed \nin premium assets \nacross industries\nOperations \nPlanning and \nOptimization\n▪Rising need for \nassessment of risks, \ninefficiencies, and \noperational gaps as \ncompanies face \nincreasing scrutiny \nfrom potential \ninvestors during \ndiligence\nOperational Due \nDiligence\n▪Enable Stax to \ncapitalize on the \ngrowing market for \ndebt investments \nand drive demand \nduring economic \ndownturns by \nleveraging credit \nfunds' insulation \nfrom M&A market \nfluctuations\nCredit Funds \n▪Foster long-term \nrelationships that \nendure through \neconomic \ndownturns, \ngenerating a steady \npipeline of new \nclients across family \noffice portfolios\nFamily Offices\n▪Demonstrated \nsuccess \ntransitioning from \nM&A to hedge fund \nclients during \neconomic \ndownturns, \nleveraging large \nclients to generate \nrecurring demand \nfor market research \nacross economic \ncycles\nHedge Funds \n▪In-demand offering \nof critical focus for \nprivate equity \ncompanies as AI \nstrategy becomes \n“need-to-have” and \neffective AI \nintegration \nbecomes a key \nsource of private \nequity value \ncreation\n▪Potential to serve \nprivate equity funds \n(broad fund-level AI \nstrategy) and each \nportfolio company\nAI Enablement \nand Deployment\n\n62\nSTRICTLY CONFIDENTIAL\nStrategically Expand Geographic Footprint\nOpportunity to strategically expand into new geographies and expand within current markets\nOpportunistic Regional ExpansionCapitalize on Momentum in Additional Geographies\nDemonstrated organic expansion \nin Chicago and New York\nSuccessful inorganic growth in London\nSignificant opportunity to grow \nwallet share in existing markets\nIntegrate planful culture and process \nexpansion into new markets \nReplicating the Stax Engine overseas – \nRaise the Profile, Build the Team\nBuy-Side, Sell-Side, Value Creation\n5+ Verticals\nMiddle Market and Large Cap Focus\n30+ Consultants\nAcquired in October 2022 to \nfacilitate U.K. expansion\nCDD Focus\nPrimarily Events\nLower Price Point\n10 Consultants\nComplete MBB+ transition to autonomous, \nself-sustaining, integrated machine\nBuy-Side, Sell-Side, Value Creation\n10 Verticals\nMiddle Market and Large Cap Focus\n40+ Consultants\n2025-2030Today\n2025-2030Today\nKey Selection Factors for New Markets\n✓Proximity and expertise \n✓Ability to have cultural alignment \n✓Sizable private equity market \n✓Available talent\n✓Existing client density \n✓Competitive differentiation\nGrowth Framework\nTexas and \nCalifornia\nNordics and \nDACH\nBoston\nNew York and \nChicago\nLondon\nInorganic Expansion\nKey Accomplishments to Date\nU.K. Private Equity and Transactional Net Revenue\nDirector and Managing Director Headcount\nChicagoNew YorkLondonBoston\n$0.9M\n$2.9M\n20222024\n2\n7\n2022 25-Mar\n44\n2022 25-Mar\n6\n12\n2022 25-Mar\n0\n1\n2022 25-Mar\n\n63\nSTRICTLY CONFIDENTIAL\nOpportunity to Further Capture Pricing Through Advisory Journey\nStax’s compelling value to its clients, along with higher pricing by competitors, creates favorable environment for price increases\nShift to Content Advisory Unlocks Further Pricing OpportunitiesTrack Record of Successful Increases in Client Value \nAverage Client Service Network Bill Rate\nAverage Director and Managing Director Headcount\nDirector and Managing Director Billable Hours\nTypical Engagement Price\n$100K$250K$500K$800K-$1M\nBreadth and Depth of Offering\nStax is positioned to capture \npricing consistent with client \nimpact, results, and ROI delivered \nwithout risking relationships\nUpper / Middle Market & Growth Funds\n(Europe)\nPurposeful Shift to “Strategic Advisory” Drives Increased Pricing\nDeliver DataDeliver ResearchDeliver Strategy Deliver Advisory\n$353\n$420\n$429\n$449\n$493\n$542\n202220242025E2026P2028P2030P\n10\n18\n23\n27\n36\n49\n202220242025E2026P2028P2030P\n7,105\n8,854\n11,044\n13,052\n18,210\n25,374\n202220242025E2026P2028P2030P\n\n64\nSTRICTLY CONFIDENTIAL\nTargetRegion\nCapabilitiesAcquisition Type Revenue\nCompany ASoutheastTechnology due diligence and value creationTransformational~$80M\nCompany BSouthwestGo-to-market performance improvementTransformational~$75M\nCompany CUnited KingdomCommercial due diligenceTransformational~$50M\nCompany DMidwestPricing strategy and performance improvementTransformational~$75M\nCompany EMidwestOffice of the CFO and financial due diligenceTransformational~$75M\nCompany FUnited KingdomHealthcare commercial due diligence Tuck-In~$10M\nCompany GNortheastCommercial due diligenceTuck-In~$7M\nCompany HSouth CentralDefense commercial due diligenceTuck-In~$15M \nCompany INortheastPrivate equity performance improvement Transformational~$50M\nCompany JWestSoftware and tech based due diligence Tuck-In~$10M\nCompany KSouth CentralTech due diligence and value creation Tuck-In~$10M\nCompany LSouthwestTech due diligence and office of the CTOTuck-In~$8M\nUnited Kingdom Commercial due diligence Tuck-In~$5M\nMid-Atlantic Defense commercial due diligenceTuck-In ~$15M\nTotal~$485M\nSignificant Value Accretive M&A Opportunity and In-House Expertise \n▪Leverages CEO's experience in professional services strategy and corporate development\n▪M&A is evaluated on a risk adjusted continuum and compares opportunities such as greenfield expansion, \nacqui-hires, and acquisitions\n▪Stax maintains a strict acquisition investment criteria that must satisfy proven \"Deal Equation\" across \nmultiple dimensions\n‒Strategic Fit: Enhance defined product offering, industry expertise, or geography\n‒Cultural Fit: Similar margin and KPI profile and positive purchase price multiple\n‒Economic Fit: Ability to thrive within Stax business model\n▪Established and repeatable integration playbook with emphasis on a “day-one” plan\nStax has invested in the transition from founder-owned business to a world-class operating platform of scale and is positioned to grow via acquisitions\nStax is an Acquirer of ChoiceRobust and Selective M&A Criteria and Integration Process\nAreas of Focus When Evaluating M&A\nIllustrative Acquisition Target List\nCapitalize on cross-selling and repeat client demand\nHighly specialized expertise to provide actionable, data-driven answers for clients\nDifferentiated culture and operating model generates wins in the “war for talent”\nAdditional resources that come from a larger company\nEquity value creation opportunity through incentive plan\n1\n2\n3\n4\n5\nConsulting is a highly fragmented market with opportunity for M&A\nA- Crosslake\nB –SBI\nC- CIL\nD - Insight2Profit\nE - E78\nF - Candesic \nG - Arnovia \nH - Next F&D\nI - Beck Way \nJ – PASG\nK - ThinkTiv \nL - Waypoint\nM - Fairgrove\nN - Nextfed\n▪Continental Europe\n▪Middle East and Asia Pacific\nGain Geographic \nDiversification\n▪Tech due diligence\n▪Financial due diligence\n▪Operational improvement\nBuild Complementary \nService Offerings\n▪Aerospace and Defense\n▪Healthcare\nExpand Industries of \nCoverage\n•To remove target names\n\nFinancial Overview\n\n66\nSTRICTLY CONFIDENTIAL\n$2.7M\n$4.5M\n$0.5M\n$1.4M\n$0.2M\n$0.6M\n$3.5M\n$6.5M\nQ1-24Q1-25\nServicesHealthcareConsumer\nStrong Performance in Q1 with Favorable Momentum Heading Into Remainder of 2025\nContinued significant performance in Q1 couples with strong tailwinds from recent headcount additions\nStrong Performance in Early 2025Growing Contribution from New Hires\nIncreasing Momentum in Targeted VerticalsRamping Net Revenue Contribution from Value Creation and United Kingdom\n(1)All Managing Directors hired in the second half of their respective cohort year. 2022 cohort includes 2 hire, 2023 cohort includes 2 hires, and 2024 cohort includes 1 hires.\n(Net Revenue)\n(Net Revenue)\n$15.5M\n$20.5M\nQ1-24Q1-25\n$2.6M\n$2.3M\n$3.8M\n$0.7M\n$0.8M\n$1.5M\nQ4-24Q1-25Avg. Q2-Q4 2025E\nValue CreationUnited Kingdom\n64%\nYoY Growth\n19\n24\nNov-24Mar-25\nRecent senior hires will drive meaningful revenue \ngrowth as they continue to ramp\n930\n1,240\n71\n667\n69\nLTM Mar-24LTM Mar-25\n2022 Hires2023 Hires2024 Hires\nAn improving M&A market will provide additional upside\nYoY Growth\n839%\n33%\nDirector and Managing Director HeadcountBillable Hours by Managing Director Cohort\n(1)\nYoY Growth\n33%\n202%\n154%\n\n67\nSTRICTLY CONFIDENTIAL\nCompelling Long-Term Outlook Underpinned by Track Record of Consistent Growth\nHighly attractive financial profile driven by demonstrated ability to expand already impressive margins\nPro Forma Adjusted Net Revenue\nOrganic Gross Profit and Margin\nPro Forma Adjusted EBITDA and Margin\n($ in millions)\n($ in millions)\n($ in millions)\n$39\n$44\n$48\n$54\n$70\n$88\n$109\n$136\n$168\n61.0%\n62.0%\n63.1%\n59.5%\n60.5%\n61.0%61.0%61.0%61.0%\n20232024LTM Mar-252025E2026P2027P2028P2029P2030P\n$42\n$54\n$69\n$89\n$112\n$4\n$10\n$19\n$30\n$45\n$19\n$24\n$27\n$31\n$46\n$65\n$88\n$119\n$157\n29.3%\n33.5%\n35.6%\n33.3%\n36.2%\n38.0%\n39.0%\n39.9%\n40.9%\n20232024LTM Mar-252025E2026P2027P2028P2029P2030P\nOrganicAcquired\n$115\n$143\n$179\n$223\n$275\n$12\n$27\n$48\n$75\n$110\n$64\n$71\n$76\n$91\n$127\n$170\n$226\n$298\n$385\n20232024LTM Mar-252025E2026P2027P2028P2029P2030P\nOrganicAcquired\n\n68\nSTRICTLY CONFIDENTIAL\nBridge to 2030P Revenue\nPathway to ~$385 million of net revenue by 2030\nNote: 2020 reflects reported Net Revenue. Other includes growth in Reimbursables and Tech & Admin.\nFoundation Established to Support the Next Stage of Growth\n($ in millions)\n2020 Net \nRevenue\nHeadcountUtilizationBill RatesRealizationOther2025E Net \nRevenue\nHeadcountUtilizationBill RatesRealizationOther2030P Organic \nNet Revenue\nAcquisitions2030P Net \nRevenue Incl. \nM&A\n\n69\nSTRICTLY CONFIDENTIAL\nMultiple Levers to Boost Productivity and Expand Margins\nAssumptions embedded into the forecast for strong organic growth and profitability\nRealization RateOperating Leverage\nUtilization Rate\n(1)\nProjects Invoiced per Director/Managing Director\n(1)Based on 2,080 available hours less 290 firm holiday and PTO hours, net of billable adjustments by skill level (50% for Directors and Managing Directors; 75% for Senior Managers and Associate \nDirectors) per management’s view.\n(Operating Expenses as a % of Net Revenue)\n(Client Service Network)\n87.2%\n88.2%\n89.1%\n90.0%\n90.9%\n91.8%\n2025E2026P2027P2028P2029P2030P\n95.8%\n96.8%\n97.8%\n98.8%\n99.8%\n100.0%\n2025E2026P2027P2028P2029P2030P\n25.6%\n24.3%\n23.2%\n22.2%\n21.2%\n20.3%\n2025E2026P2027P2028P2029P2030P\n11.9\n12.2\n12.5\n12.7\n12.9\n13.2\n2025E2026P2027P2028P2029P2030P\n\n70\nSTRICTLY CONFIDENTIAL\nAttractive Financial Profile Anchored by Exceptional Margins and Strong Cash Flow\nOngoing margin expansion driven by operating leverage and continued optimization of delivery model and pricing\nStrong Cash Flow GenerationBest-in-Class Margin Profile\n(2)\nProven Ability to Scale EBITDA Margins\n(2)\n(1)Reflects 2023 and 2024 reported capital expenditures.\n(2)Reflects 2025E.\nEfficiently operates with limited cash tied up in working capitalGross margins driven by efficient service delivery and compelling value for clients\nOngoing margin expansion driven by operating leverage and continued optimization of delivery model and pricing\n29.3%\n33.5%\n35.6%\n33.9%\n36.2%\n38.0%\n39.0%\n39.9%\n40.9%\n20232024LTM Mar-252025E2026P2027P2028P2029P2030P\n(Pro Forma Adjusted)\n~97%\nFCF Conversion\nLimited\nWorking Capital \nRequirements\n~$0.5M\nHistorical Annual\n Capex\n(1)\n34%\nStrong and Increasing \nEBITDA Margins\nEfficient and \nScalable SG&A\n60%\nGross Margin\n\n71\nSTRICTLY CONFIDENTIAL\nSummary of Diligence Adjustments\n1.Removes the impact of expenses incurred \nrelated to the current Owners which will not \ncontinue post-close\n2.Normalizes (i) the impact of large signing \nbonuses & recruiting costs for high-level \npersonnel, and (ii) back-office personnel costs\n3.Includes various adjustments for \nnormalizations, removal of the now-\ndiscontinued Colombo direct operations, and \nremoval of non-recurring items\n4.Quantifies the pro forma impact of capacity-\nrelated lost revenue due to the secondment \nprogram\n5.Quantifies the impact of MD compensation \nprior to revenue generation or significant \nbillable hours\nSummary of Quality of EarningsCommentary\n▪Text\n($ in millions)20232024LTM Mar-25 \nReported EBITDA\n$13.7$18.4$21.3\nAcquisition Adjustments–––\nAcquisition Adjusted EBITDA\n$13.7$18.4$21.3\nNon-Operating Owner Expense Removal2.61.9 1.9\nCompensation Adjustments1.4 1.51.3 \nOther Diligence Adjustments0.90.60.6\nDiligence Adjusted EBITDA\n$18.6$22.4$25.1\nSecondment Revenue Impact–1.21.2\nMD Ramp-Up Compensation0.30.40.9\nPro Forma Adjusted EBITDA $18.9$23.9$27.2\n1\n2\n3\n4\n5\n1\n2\n3\n4\n5\nClean EBITDA with high cash flow generation"
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"text": "\n\nApril 2025\nConfidential Information Presentation\nDRAFT\nAs of 4/24/2025 11:49 AM\n\n2\nSTRICTLY CONFIDENTIAL\nImportant Information and Transaction Team\nThis Confidential Information Presentation (the “Presentation”) is intended solely for the use of prospective investors in determining whether or not to pursue the proposed transaction with Stax Holding Company, LLC (“Stax” or the “Company”). The Presentation is of a \nproprietary and confidential nature and is only being furnished to those parties who have agreed to be bound by the terms and conditions of the previously executed confidentiality agreement (the “Confidentiality Agreement”). William Blair & Company, L.L.C. (“William \nBlair”) has been retained by the Company as its financial advisor.\nBy accepting this Presentation, the recipient agrees that it will, and it will cause its directors, officers, employees, and representatives to, use this Presentation and all of the information contained herein only to evaluate a specific negotiated transaction with the Company \nand for no other purpose and shall return this Presentation together with any copies to William Blair upon request. This Presentation contains confidential, non-public information concerning the Company. Receipt of this Presentation constitutes your acknowledgment \nthat you will maintain the information contained herein in strict confidence. \nThis Presentation does not constitute (i) any offer to sell or the solicitation of an offer to buy any securities or assets of the Company or (ii) any offer or recommendation to enter into any transaction referenced herein.\nAll information contained herein has been provided by the Company or other sources that William Blair deems reliable. However, William Blair has not independently verified any of the information contained herein, including financial estimates and projections. This \nPresentation includes certain statements, estimates, and projections provided by the Company with respect to its anticipated future performance. Such statements, estimates, and projections reflect various assumptions concerning anticipated results, which assumptions \nmay or may not prove to be correct. The information contained in the Presentation, including financial statements, projections and estimates, (a) is not necessarily indicative of current value or future performance, which may be significantly more or less favorable than as \nreflected herein; (b) has not been independently verified and cannot be regarded as forecasts; and (c) and is based on assumptions and analysis available at the time this Presentation was prepared. Unless expressly stated otherwise, this Presentation presents information \nwith respect to the Company as of the date of the Presentation and should not be construed to indicate that the business of the Company remains unchanged since the date of this Presentation.\nThe products, product names, logos, brands, and their trademarks featured or displayed within the Presentation are the property of their respective trademark owners, who are not affiliated with, nor do they sponsor or endorse, the Company nor the Company’s services.\nThis Presentation does not purport to contain all of the information that may be necessary or appropriate to evaluate the proposed transaction, and any recipient hereof should conduct its own independent analysis of the Company and the data contained or referred to \nherein. Neither the Company nor William Blair is acting as financial advisor, intermediary or distributor of securities, or in any fiduciary capacity of any kind to the recipient or any other prospective purchaser. The recipient should also seek advice from its own specialized \nadvisors (including financial, legal, accounting and tax) in conducting such analysis.\nIn furnishing this Presentation, neither the Company nor William Blair undertakes any obligation to provide additional information or to correct or update any of the information set forth in this Presentation. The Company and William Blair reserve the right to amend or \nreplace this Presentation at any time. The Company reserves the right in its sole discretion, with or without notice, to interrupt, modify or terminate, at any time, solicitations of interest for the proposed transaction or any future participation in the investigation, discussion \nand proposal process for a proposed transaction with any party.\nNeither the Company nor William Blair makes any representation or warranty, expressed or implied, as to the accuracy or completeness of the information contained in this Presentation, or made available, orally or in writing, in connection with any further investigation of \nthe Company, and nothing contained herein is, or shall be relied upon as, a promise or representation, whether as to the past or the future. The Company and William Blair expressly disclaim any liability relating to or resulting from the use, distribution or analysis of this \nPresentation. The recipient should rely solely on the representations and warranties made to it by the Company in any executed definitive agreement. \nNothing herein is intended to in any way modify, amend or supersede any of the terms and conditions set forth in the Confidentiality Agreement, which remains in full force and effect in accordance with its terms. This Presentation is intended to be delivered solely to \nparties bound by the terms of the Confidentiality Agreement and possession and use of the Presentation is subject to the terms thereof. This Presentation may not be photocopied or otherwise reproduced or distributed except in strict accordance with the terms of the \nConfidentiality Agreement.\nInquiries should be directed only to the below named persons. Under no circumstances should the Company or any of its associates, clients or vendors be contacted directly. If you have any questions or need additional information, please contact:\nTim McHugh\nManaging Director\n+1 (312) 364-8229\ntmchugh@williamblair.com \nJustine Chiou\nManaging Director\n+1 (312) 364-5086\njchiou@williamblair.com \nMiles Gornto \nDirector\n+1 (470) 351-6950\nmgornto@williamblair.com \nOscar Mendez\nVice President\n+1 (312) 364-5460\nomendez@williamblair.com\nWilliam Hyatt \nAssociate\n+1 (312) 601-9764\nwhyatt@williamblair.com\nAnna Lee Melton\nAnalyst\n+1 (312) 364-8155\namelton@williamblair.com \nAlvaro Flores\nAnalyst\n+1 (212) 237-2794\naflores@williamblair.com \nTransaction Team Contacts\n\n3\nSTRICTLY CONFIDENTIAL\nSection I\nExecutive Summary\nSection II\nIndustry Overview\nSection III\nService Lines\nSection IV\nClient Relationships\nSection V\nGo-to-Market Strategy\nSection VI\nCulture and Talent Management\nSection VII\nOperations and Platform\nSection VIII\nGrowth Strategy\nSection IX\nFinancial Overview\nContents\n\nExecutive Summary\n\n5\nSTRICTLY CONFIDENTIAL\n5\nSTRICTLY CONFIDENTIAL\nStax at a Glance\nGlobal strategy consultancy platform providing actionable, data-driven answers to clients’ critical \nstrategic questions\n▪Leading global advisory firm that provides a complementary suite of commercial due diligence (CDD), value creation, and exit \nplanning services\n▪Purpose-built to serve the private equity community and their portfolio companies across the investment lifecycle, creating deep, \nlong-lasting, and recurring client relationships\n▪Large and growing addressable market creates long runway for growth\n▪Differentiated competitive positioning created by highly specialized talent, vast intellectual property, library of referenceable work \ncreated through prior engagements, comprehensive data analytics capabilities, and a nimble operating model\n▪Proven ability to attract, develop, and retain highly specialized talent\n▪Long-term track record of strong growth and profitability amplified by momentum in recent performance\n▪Multiple growth avenues that are highly attractive and actionable\n▪Well-invested infrastructure, systems, processes, and experienced management team poised to support significant scale\n(1)Data prior to 2022 excludes pro forma adjustments.\n(2)Includes non-CDD or value creation services such as asset \nand sector work for hedge funds/credit funds or data \nanalytics retainers.\n(3)As of year-end 2024 unless otherwise stated.\n(4)Revenue from clients utilizing 2+ services.\n(5)Excludes Intern/Co-Op and Involuntary Turnover.\n(6)As of March 2025.\nStrong Long-Term Net Revenue Profile\n(1)\n$3M\n$6M\n$10M\n$20M\n$36M\n$76M\n20012005201020152020LTM Mar-25\nFirm OverviewBy the Numbers\n(1)(3)\n$91M\n2025E \nNet Revenue\n73%\nRevenue from \nRepeat Clients\n$31M\n2025E \nPF Adj. EBITDA\n24\nManaging \nDirectors and \nDirectors\n(6)\n \n~40%\nCross-Sell \nRate\n(4)\n130 \nClient Service \nNetwork \nProfessionals\n(6)\n~33%\n2020-2025E\nEBITDA CAGR\n~80%\nClient Service\nNetwork\nRetention\n(5)\n160+\nClients Served \nAnnually\n~40%\nEmployee and\nFounder Owned\n$320K+\nAverage \nProject Size\n22%\n2020-2025E\nRevenue CAGR\n44%\n37%\n15%\n4%\nBuy-Side\nSell-Side\nValue Creation\nOther\nLTM Mar-25\nNet Revenue \nby Service\n(2)\n2010 – LTM Mar-25 CAGR: ~15%\n\n6\nSTRICTLY CONFIDENTIAL\n6\nSTRICTLY CONFIDENTIAL\nConsistent history of growth and delivering critical strategic solutions with continued strong momentum and excitement for the future\nStax has Taken a Disciplined Approach to Building a Platform of Scale\nRecent History (2021 – Present)Early History (1994 – 2020)\n1994-1996\nFounded in Somerville, MA by Rafi Musher\nLaunched private equity practice and began \nexpanding corporate client base\n2010-2015\nRelocated headquarters to \nBoston\nShifted to exclusively focus on \nprivate equity due to demand \nand internal expertise\n2019-2020\nBegan proactively \nmarketing sell-side \nengagements and \nbuilding an investment \nbanking referral \nchannel\nProductized for the \nfast-growing LMM \nprivate equity deal \nmarket\nExpanded hedge fund \nand credit fund \nproducts and coverage\n2021\nHeadcount reaches \n175+ as the Company \nexperiences record \ngrowth driven by \nexpansion of core \nbusiness and \nincreased demand \nfor data analytics \ncapabilities\nJune 2023 \nJayson Traxler assumes role \nof Chief Executive Officer\nOctober \n2022\nJayson Traxler \nbecomes \nPresident of Stax, \nwith Rafi Musher \nshifting to \nChairman of the \nBoard\nMarch 2023\nPaul Edwards \nbecomes Global \nPractice Leader\nIntroduced \nverticalized \napproach to client \ncoverage initially \nexpanding on \nexisting strengths in \nservices, \ntechnology, and \nindustrials\nDecember 2023\nProductized sell-side \noffering with targeted \ncoverage effort under Will \nBarden and Roy Lockhart\nJanuary 2024\nHired Phil Dunne to \nlead London office and \nindustrials vertical\nNovember 2021\nJayson Traxler joins \nStax as Chief Operating \nOfficer\n1998-2003\nExpanded footprint to \nChicago to meet \ngrowing needs of \ncorporate and private \nequity clients \n2005\nPaul Edwards joins Stax\nApril 2023\nFormal New York \nmarket entry – \nexpanded offices \nto have capacity for \nconsultants and \nincreased presence \nin local market\nJune 2024\nRelocated London \noffice to Mayfair to \nexpand presence \nand demonstrate \nstature in the \nmarket\nNovember 2024\nHired Robert Lytle to \nbolster private equity \nrelationships and add \nexpertise to ongoing \nverticalization\nOctober 2021\nReceived strategic \ninvestment from Blue \nPoint\nNovember 2022\nHired Vince Zosa to build \nintegrated Value Creation \nIntegrated Product (VCIP) \noffering\nAcquired AMR to establish a \npresence in the London market, \nwith plans to hire additional \ntalent for further expansion\ninternational.\nAMR\nJuly 2023 \nExpanded into \nESG/Sustainability as \npart of VCIP\nOctober 2023\nExpanded into \nPricing Excellence \nas part of VCIP\nJanuary 2025\nHired Brad Kuntz to \nfurther build out \nNew York office and \nlarge cap private \nequity account \ncoverage\n\n7\nSTRICTLY CONFIDENTIAL\n7\nSTRICTLY CONFIDENTIAL\nSignificant opportunity to capture additional whitespace\nLarge Addressable Market Creates Long Runway for Growth\nMarket \nSegments \nand Size\n2025E Stax \nRevenue\nCurrent North America + U.K. \nPrivate Equity-Backed M&A \nMarket (Ideal Fund Sizes)\nCurrent spend on buy-side \ncommercial due diligence, sell-side \ncommercial due diligence, and value \ncreation for North America and U.K. \nPrivate Equity-Backed M&A for \nsubset of funds with sizes most highly \naligned to current Stax services\nCurrent North America + \nU.K. Private Equity-Backed \nM&A Market (Ideal \nClients)\nCurrent spend on buy-side \ncommercial due diligence, sell-\nside commercial due diligence, \nand value creation for North \nAmerica and U.K. Private Equity-\nBacked M&A for clients most \nhighly aligned to current Stax \nservices\nTotal Addressable North \nAmerica + U.K. Private \nEquity-Backed M&A \nMarket\nFull adoption of buy-side \ncommercial due diligence, sell-\nside commercial due diligence, \nand value creation for North \nAmerica and U.K. Private Equity-\nBacked M&A\nTotal Addressable Private \nEquity-Backed M&A \nMarket\nFull adoption of buy-side \ncommercial due diligence, sell-\nside commercial due diligence, \nand value creation for Private \nEquity-Backed M&A globally\nTotal Addressable Market\nFull adoption of buy-side \ncommercial due diligence, sell-\nside commercial due diligence, \nand value creation for global \nM&A\n<\n+\n=\n$91M\n$3.9B\n$5.2B\n$19.5B\n$32.6B\n$67.5B\nExisting Offerings\n\n8\nSTRICTLY CONFIDENTIAL\n91%\n83%\n86%\n81%\n80%\n80%\n74%\n77%\n77%\n76%\n9%\n17%\n14%\n19%\n20%\n20%\n26%\n23%\n23%\n24%\n26.4K\n22.3K\n24.9K\n23.3K\n20.6K\n28.2K\n28.7K\n26.4K\n26.0K\n28.6K\n2000200520102015202020212022202320242025P\nPE Involvement\nNo PE Involvement\nMomentum Is Building \nfor a Resurgence in \nM&A Markets\nPrivate Equity Backed \nCompany Inventory \nContinues to Rise \nAlongside Record-\nBreaking Dry Powder \nStores\nService Providers Are \nIncreasingly Becoming a \nCritical Resource Rather \nthan a “Nice to Have”\nPowerful Market Tailwinds Lay the Foundation for Outsized Growth\nStax is positioned to benefit from favorable market conditions, amplified by the Company’s alignment with the private equity universe\nSources: Dealogic, EY, Partners Group, PitchBook, S&P Capital IQ Pro.\n(1)Includes balanced, co-investment, co-investment multi-manager, growth, turnaround, and buyout strategies primarily focused on investments in North America.\n▪Expansionary monetary policy and declining inflation point towards \nincreased M&A activity in 2025 as valuations recover\n▪Less onerous regulatory hurdles will provide a more predictable, \ntruncated approval process\n▪Creative deal structures and a broader shift towards simplification— \noptimizing undervalued assets, separating divergent businesses, \nnarrowing geographic focus—will further contribute to volume\nU.S. Private Equity Backed Companies by Time in Portfolio\n▪Rising private equity inventory drives pent up demand for market \ninsight services over multiple investment cycles\n▪High proportion of long-held assets in sponsor portfolios are slated to \nseek monetization as the pressure to return distributions to paid in-\ncapital (DPI) increases\n▪Undeployed capital continues to accumulate, creating further \nincentive for general partners to transact\n▪Sponsors are tapping into a range of strategic levers to unlock \nliquidity, including co-control and minority stake sales\n▪Need for commercial due diligence and value creation services have \nstrengthened over time as private equity returns become more \nreliant on driving operational improvements and top-line growth\n▪Competitive deal environment is forcing private equity firms to \nrapidly identify and assess critical diligence topics in M&A\n▪Adoption of third-party, non-financial diligence reports (commercial, \ntech, ESG) is increasing\n▪Sponsors are progressively tasking third-party advisors with more \ncomplex challenges\n$71B\n$141B\n$246B\n$330B\n$742B\n$965B\n200020052010201520202024\nU.S. Private Equity Dry Powder\n(1)\nNorth American and European M&A Transaction Volume\nEvolution of Private Equity Return Contributors\n18%\n22%\n36%\n55%\n70%\n31%\n46%\n39%\n30%\n15%\n51%\n32%\n25%\n15%15%\n1980s1990s2000s2010s2020s (Outlook)\nDeleveraging\nMultiple Expansion\nOperational Value Creation\n45%\n44%\n45%\n46%\n48%\n18%\n16%\n20%\n21%\n20%\n38%\n40%\n35%\n33%\n32%\n9.8K\n10.5K\n11.0K\n11.3K\n11.8K\n20202021202220232024\n>5 Years\n4-5 Years\n0-3 Years\n\n9\nSTRICTLY CONFIDENTIAL\nComplementary Suite of Services that Scale with the Client\nStax’s services are designed to provide an integrated solution to its clients across the private equity lifecycle\nBuy-Side Commercial Due Diligence\n2025E Net Revenue by Service Line\n(1)\nAssess market dynamics and target alignment, \ncompetitive positioning, and value creation levers\nWorkstreams\n▪Market and asset screening\n‒Sector prioritization\n‒Acquisition screening\n‒Thesis build and development\n▪Early diligence\n‒Red flag assessment\n‒Client checks\n▪Commercial due diligence\n‒Scaled to focus on next phase of growth\n‒Pre-LOI phasing of deliverables to meet process timelines\nValue Creation\nPrimary Goals\n▪Ensure top initiatives can be successfully underwritten and executed \nupon immediately post-deal\nEmbedded Offerings\n▪Commercial excellence\n▪Pricing optimization\n▪Sales productivity\n▪Churn reduction\n▪Cost optimization\n▪Growth expansion and strategy\n▪Post-merger and acquisition strategy integration\n▪ESG and impact advisory\nSell-Side Commercial Due Diligence\nExternal Deliverables\n▪Market studies including market size assessment, client dynamics, \ncompetitive landscape, and growth opportunities\n▪Transaction support via advisory, preparation for conversations with \npotential investors, and other ad hoc analyses\nInternal Value Add\n▪Anticipated areas of potential investor pushback\n▪Insight and recommendations to inform go-forward strategy for \nmanagement and next investor\nEmbedded Offerings\n▪Exit planning and vendor due diligence\n‒Pre-empt process concerns, inform growth strategy, and \nsupport stakeholders through exit\nTypical Transaction Profile\n▪$100 million to $1 billion in enterprise value across technology, \nindustrials, healthcare, consumer, and services\nDrive rapid EBITDA improvement throughout the \ninvestment hold period\nArticulate the exit story and provide actionable \ngrowth blueprint backed by market research\n% of Net Revenue42%% of Net Revenue40%\nBuy-Side Commercial Due Diligence Value CreationSell-Side Commercial Due Diligence \n% of Net Revenue16%\n(1)Excludes 2.5% of Other revenue. \n\n10\nSTRICTLY CONFIDENTIALSTRICTLY CONFIDENTIAL\n10\nWhy Stax Wins\nServices have a high barrier to entry and high cost of failure – gaining the trust of private equity firms is \nextremely difficult and requires consistent high-quality work\nSelect Client Testimonies\n“\n“\nStax offers the Goldilocks solution—strong \nexpertise, high quality work, senior-level \nattention, and great value. Stax solves for \na huge market gap by providing superior \nadvisory work and sell-side market studies \nat a reasonable price\n– Managing Director, Investment Bank\nStax is a firm that can connect all the dots, \nwhich is what we don’t get from the point \nsolutions, while being much more flexible \nvalue-additive than MBB firms\n– Sr. Operating Partner, Private Equity Firm\nThe value of your work was multi-fold – it \ngave us materials to share with investors \nand banks, as well as a roadmap for \nwhere our brand has room to expand\n– CEO, Sell-Side Client\nThe work from Stax gave us a clear 5% lift \non valuation. Their framing of the business \nstarted everyone at a higher base\n– Managing Director, Private Equity Firm\nTalented bench of professionals \nwith specialized expertise\nStrong reputation and trust among \ninvestment banks, private equity firms, \nand other investment managers\nTransparent, collaborative \napproach to projects\nOperating model built \nspecifically to serve the \nneeds of private equity\nDeep vertical expertise\nExtensive intellectual property \ncreated by historical engagements\nStrong data analytics capabilities \nsupported by global delivery\nValue creation is ingrained in \napproach to diligence\nUniquely Positioned Through Breadth of High-Quality Services Offered at a Competitive Price Point\nBreadth and Depth of \nDiligence Offering\n“High-Level”\nBespoke Content; \nGrounded in Data; \nGlobal Presence\nInterview / Survey \nBased; Limited \nGeographic Presence\nQuality / Value \nCaptured \n$250K\nUpper / Middle Market & Growth Funds\n$800K-$1M\n$100K\n(Europe)\n$500K\n\n11\nSTRICTLY CONFIDENTIAL\nCompelling Employee Value Proposition to Cultivate Top Talent\nUnique culture and attractive career growth opportunities make Stax a preferred employment destination for consultants\nVision and Values Serve as a Foundation for Exceptional Client Service...Meaningful Opportunities for Employees Ensure Company Success\n...Which The Industry Recognizes as Best-in-ClassBy the Numbers\n(1)\n95%\nDirector and\nManaging Director \nRetention\n(2)(3)\n$7.7M\nRevenue per \nManaging \nDirector\n(2)\n~$700K\nRevenue per \nClient Service \nProfessional\n232\nFull-Time \nEmployees as of \nMar-25\n36%\nAnnual CSN \nD/MD \nGrowth\n(4)\n11:1\nCSN / Managing \nDirector Ratio\n~80%\nCSN \nProfessional \nRetention\n(3)\n90%\nLTM Mar-25 Client \nService Network \nUtilization\nALM Best Small Firm to \nWork For 2024\nALM Rising \nStars 2025\nALM Top Consultants \n2024\nALM Women Leaders \nin Consulting 2024\nAmerica’s Fastest - \nGrowing Companies\nManagement \nConsulted Top \nConsulting Firm 2025\nRealDeals PE CDD \nProvider of the Year \nFinalist 2025\nConsulting Report Top \n25 Consulting Firm \nCEOs 2024\nConsulting Report Top \n50 Consulting Firms \n2024\nConsulting Report Top \n25 Operations & Supply \nChain Consultants 2025\nVault Top Ranked \nEMEA Consulting\n2025\nVault Top Ranked \nNorth America \nConsulting 2025\nWe will provide exceptional opportunities for good \npeople\nVISION\nWe will create value for our clients and \npartners\nWe will grow a successful, durable organization of \nlong-term value\nWe act with the highest integrity, respect for others, \nand personal accountability\nVALUES\nWe demonstrate commitment to the \ncommunity\nWe foster a sense of shared responsibility \namongst our team\nCompetitively \ndifferentiated \nplatform that \ncreates a platform \nfor professionals \nto be successful\nAmple \nwhitespace for \ncareer growth \nrelative to some \ncompetitors\nGrowing platform \ncreates exciting new \ncareer opportunities \nwhere professionals \ncan have a significant \nimpact \nIncentive model \nthat drives \ncollaboration, \nwith opportunity \nto participate in \nequity value \ncreation\nUnique focus \non serving and \ngrowing with \nprivate equity \nclients\n~40%\nEmployee and \nFounder \nOwned\n86\nEmployee \nOwners\n(1)As of year-end 2024 unless otherwise stated.\n(2)Reflects Client Service Network only.\n(3)Excludes Intern/Co-Op and Involuntary turnover.\n(4)Reflects CAGR of Client Service Network Director \nand Managing Director headcount from year-end \n2022 to Mar-25.\n\n12\nSTRICTLY CONFIDENTIAL\n▪x\n$1.1\n$13.3\n$18.0\n$20.6\n202020222024LTM Mar-25\n23%\n21%\n14%\n41%\nTop 10\nTop 11-30\nTop 31-60\nAll Others\n27%\n7%\n21%\n45%\n<1 Yr\n1-2 Yrs\n2-6 Yrs\n6+ Yrs\n73%\n27%\nRepeat\nNon-Repeat\n62%\n27%\n11%\n1 Service\n2 Services\n3 Services\nDeep-Rooted Client Relationships Supported by Sophisticated Go-to-Market Strategy\nExceptional service and industry expertise lay the foundation for Stax’s long-standing client relationships\nRevenue Concentration by ClientClient Tenure Mix\nClients Using Multiple ServicesRevenue from Repeat Clients\nGrowing Volume of Sell-Side Referrals from Investment Banks\nLarge Cap Private \nEquity\nMiddle Market and \nGrowth Private Equity\nHedge Funds and\nCredit Funds\nInvestment Banks\nSelect Client and Referral Channel Relationships\n(Net Revenue; $ in millions)\n$72M\n2024 Net \nRevenue\n$72M\n2024 Net \nRevenue\n$72M\n2024 Net \nRevenue\n$72M\n2024 Net \nRevenue\n\n13\nSTRICTLY CONFIDENTIAL\nStax is a Service Provider of Choice Across the Private Equity Investment Lifecycle\nProven long-term partner to sponsors and their portfolio companies during key milestones and inflection points\nPre-InvestmentHold PeriodExit\nValue CreationBuy-Side Due DiligenceSell-Side Due Diligence\nMarket and Asset \nAssessment\nEarly Due\nDiligence\nCommercial Due \nDiligence\nProfit\nX-Ray\nGrowth Acceleration \nDiagnostics\nICP\nAnalytics\nExit\nPlanning\nVendor Due \nDiligence\nOngoing Support \nThrough Exit Into \nNext Phase of \nGrowth\nNew Partner\nSelect Portfolio Company Case Studies\nEntry Point and Highlights\n▪Provider of finance, operations, and accounting software to the energy industry\n▪Acquired by Thoma Bravo in 2018 from Silver Lake\n▪Completed three buy-side engagements for private equity firms that later invested in the company, \nleading to repeat growth strategy and value creation work for Stax\n▪Seventeen projects completed to date across three private equity ownership cycles\nInitiatives Under CarlyleInitiatives Under Silver Lake\n15+ Year\nRelationship\nInitiatives Under Thoma BravoCumulative Net Revenue\nEntry Point and Highlights\n▪Provider of solutions to automate and simplify the insurance process\n▪Acquired by Roper Technologies in 2020 from Bain Capital and Vista Equity Partners\n▪Initial introduction in 2010 through a buy-side engagement for a large private equity firm\n▪Eight projects completed to date across three private equity ownership cycles\nInitiatives Under TPGInitiatives Under Bain Capital & Vista\n15+ Year\nRelationship\nInitiatives Under Roper Technologies Cumulative Net Revenue\n▪Conducted buy-side due diligence on behalf of \nCarlyle, which ultimately acquired a majority interest \nin Quorum\n▪Evaluated multiple successful add-on acquisitions\n▪Provided exit planning and sell-side support\n▪Evaluated multiple successful add-on acquisitions\n▪Provided strategy support after three-way merger\n▪Continued evaluation of expansion opportunities\n~$3.5 million~$1.8 million\n▪Assessed add-on potential and risks of an insurance \nand securities technology provider\n▪Conducted a pricing strategy and commercial \ndiagnostic to benchmark recent growth\n▪Completed a sell-side study\n▪Assessed the MGA market to inform growth strategy\n▪Completed commercial performance diagnostic\n▪Supported 3-year strategic planning\n\n14\nSTRICTLY CONFIDENTIAL\nStrong Opportunity to Accelerate Growth Through Multi-Pronged Strategy\nClear, attainable initiatives to build upon leading market position\nAttractive \nMarket Tailwinds\nPrivate equity firms are increasingly utilizing commercial due diligence \nand value optimization services for transactions and portfolio companies\nPrivate equity has shown resilient \ngrowth supporting an expanding TAM\nRising private equity inventory is driving demand for multiple \nmarket insight services over each investment’s lifecycle\n▪Scale coverage and \ncontent intersection \nacross private equity and \ninvestment banks\n▪Further scale dedicated \nbusiness development \nteam to broaden \ncoverage universe\n▪Centralize, scale, and \nmanage external \nindividual, account, and \nsubsector \ncommunications\n▪Focus on accelerating \nthe execution of M&A \nplaybook\n▪Expand into new \ngeographies, new \nservice lines, and build \nscale in existing markets\n▪Opportunistically \nevaluate larger-scale \ntransformative M&A \ntargets\nIdentify and Execute \non Acquisitions\n▪Capitalize on advisory, \nbespoke nature of work, \nand pricing umbrella \nrelative to MBB+ to \nrealize due diligence \nprice increases \nnationally and abroad\n▪Raise prices in value \ncreation to be more in-\nline with client impact, \nresults, and ROI\n▪Expand number of \naccounts with average \nproject size of $400K+ \nwith ample cross-sell \nopportunities and need \nfor multiple projects per \nyear\nExert\nPricing Power\n▪Further optimize cross-\nsell strategy to deepen \ndensity across core \naccounts through scaled \ninside sales strategy\n▪Target key private equity \nclients where \nreferenceable work \nprovides opportunity for \nfurther penetration in \nprojects that command \nmore premium bill rates\nScale Client Coverage\n▪Leverage reputation and \ndifferentiated \nexperience in key \nverticals with high win \nrates across market \nsegments\n▪Introduce new verticals \nsuch as government or \naerospace and defense \nthrough de novo efforts \nor experienced senior \nhires \nDeepen Vertical \nExpertise\n▪Capitalize on hedge \nfunds’ growing inbound \ndemand for market \nresearch \n▪Introduce new purpose-\nbuilt products such as \ntechnology due \ndiligence, financial due \ndiligence, policy and \nregulatory consulting, \noperational due \ndiligence, and ESG and \nsustainability diligence \nthrough integrated go-\nto-market approach\nExpand Capabilities \nand Client Profiles\n▪Continue building \nmomentum in the U.K. \nto expand market \npresence\n▪Strategically grow \nheadcount and client \nleadership in New York \noffice\n▪Establish local presence \nin new geographic \nmarkets through organic \ngreenfield locations in \nthe United States and \nEurope\n▪Continue to protect \nunique culture via \nplanful expansion\nBroaden Geographic \nPresence\n▪Strategically hire senior \nprofessionals to build \ndensity in core verticals \nand expand capabilities\n▪Build density across \ncurrent locations, \nexpanding \napprenticeship model to \nfurther attract and \ndevelop mid/junior \ntalent\nAttract, Develop, and \nRetain Talent\nMaximize Wallet \nShare and Cross-Sell\nGrowExpandTransform\n\n15\nSTRICTLY CONFIDENTIAL\n▪Founder-led with minimal \ninfrastructure\n▪Centralized global management \nteam\n▪Office-centric P&L▪Single global P&L\n▪Inconsistent performance \nmanagement\n▪Inconsistent pricing\n▪Inconsistent delivery \n▪Global standards and value \nproposition\n▪Product-led, content-driven\n▪Concentrated sales with little \ncollaboration\n▪Collaborative account structure\n▪Industry verticalized senior \nconsultants\n▪Research-focused▪Advisory-focused\n▪Tiered product and brand issue\n▪Decentralized, under-invested \nplatform\n▪Well-invested, integrated \ninfrastructure\n▪Purpose-built platform for pace \nof private equity\n▪Proven M&A capability\nProfessionalized Platform Poised to Support Significant Growth\nCurated strategic transition has established infrastructure to scale alongside the business as the Company enters the next phase of growth\n2022 OnwardsPre-2021\nOld FrameworkNew Foundation\n▪Established global competencies, leveling, and \ncompensation\n▪Adopted global staffing and development\n▪Upgraded teams\n▪Unified positioning and value proposition\n▪Benchmarked pricing and products\n▪Upgraded ERP and created Stax INTEL\n▪Adopted senior oversight of content generation \nand access (vertical groups, thought leadership, \nPOVs)\n▪Established brand and ramped up recruitment in \nLondon and NYC\n▪Onboarded culture in NYC\n▪Restructured Chicago\n▪Established senior apprenticeship\n▪Established consistent hybrid model\n▪Established “Regional Success” teams to partner \nU.S. seniors with EMEA client leads\n▪Structured collaborative global pipeline with \naccount collaboration groups and oversight\n▪Removed generalist Directors and Managing \nDirectors\n▪Established vertical structures\n▪Added verticalized talent\n▪Created vertical content agenda\n▪Recruited sector and product specialists\n▪Verticalized competency model for Associate \nDirector and above\n▪Created integrated workstream approach with \nClient Delivery Network\n▪Built vendor due diligence and value creation \nintegrated product (VCIP) product matrix\n▪Elevated CDD product\n▪Established product-level P&L and metrics\n▪Began tracking product cross-selling\n▪Established dedicated resourcing and coverage\n▪Established product-specific competencies\n▪Integrated and connected products, building to a \nfund/asset-life offering\n▪Constructed ARM and account tiering\n▪Further trained and developed junior sellers\n▪Established collaboration metrics\n▪Transitioned founder to Board and created \ncentralized management structure\n▪New CEO, Global Practice Leader, Chief People \nOfficer, and General Counsel\n▪Screened seniors for collaboration; retained \nhigh-quality mid-level consultants\n▪Better defined path from Associate Dir. to MD\n▪Created strategy and go-to-market framework to \nscale OpGen\n▪Created marketing and business development \nsupport framework\n▪Developed knowledge management tool\n▪Created collaboration incentives\n▪Established engagement metrics for tracking\n▪Elevated client engagement agenda\n▪Developed BI function and created Stax INTEL \nplatform\nStandardize\nVerticalize\nDiversify\nGlobalization of staffing, utilization, reporting, talent development, and pricing \nallows for consistent client experience with different coverage points\nCommercialize\nGlobalize\nProductize\n\n16\nSTRICTLY CONFIDENTIAL\nDiversified Business with Proven Growth Across All Environments\nStax’s diversified business model has proven its ability to grow across economic environments\n(1)Reflects cumulative percent change over time since 2005.\n(2)2005-2021 reflects reported financials.\n(3)Source: Dealogic. Reflects announced North American and European transactions with private equity involvement between 1/1/2005 and 12/31/2024. 2025 projection per EY.\nGreat Recession\nCOVID-19\nGreat \nResignation\nInflation\nRate \nHikes\nNet Revenue Performance Relative to the M&A Environment\n(1)\nWinners in Market Growth\nWinners in Market Contraction\n(500%)\n–\n500%\n1,000%\n1,500%\n2,000%\n20052006200720082009201020112012201320142015201620172018201920202021202220232024LTM\nMar-25\n2025E\nStax Net RevenueN.A. and U.K. PE Transaction Volume\n▪Buy-Side Commercial Due Diligence: Increasing demand of \nbuy-side services as private equity firms explore a wide range \nof investment opportunities\n▪Value Creation: Growing demand for value creation services \nas firms strive to outperform competitors by enhancing \nportfolio company performance to unlock growth and value\n▪Sell-Side Commercial Due Diligence: Increased market activity \nand favorable valuations drive companies to prepare for sale \nboosting demand for sell-side services\n▪Buy-Side Commercial Due Diligence: Steady demand as firms \nseek expert analysis to identify undervalued assets with \nrecovery potential\n▪Value Creation: Consistent value creation demand as portfolio \ncompanies face pressure to optimize operations and cut costs\n▪Sell-Side Commercial Due Diligence: Stable demand for sell-\nside services as sellers must present their businesses in the \nbest possible light\n▪Diverse Client Profiles: Ability to tap hedge fund and credit \nfund clients when topline deal-market activity slows\n(2)(3)\n\n17\nSTRICTLY CONFIDENTIAL\nCompelling Long-Term Outlook Underpinned by Track Record of Consistent Growth\nHighly attractive financial profile defined by consistent growth and impressive margins\nPro Forma Adjusted Net Revenue\nOrganic Gross Profit and Margin\nPro Forma Adjusted EBITDA and Margin\n($ in millions)\n($ in millions)\n($ in millions)\n$39\n$44\n$48\n$54\n$70\n$88\n$109\n$136\n$168\n61.0%\n62.0%\n63.1%\n59.5%\n60.5%\n61.0%61.0%61.0%61.0%\n20232024LTM Mar-252025E2026P2027P2028P2029P2030P\n$42\n$54\n$69\n$89\n$112\n$4\n$10\n$19\n$30\n$45\n$19\n$24\n$27\n$31\n$46\n$65\n$88\n$119\n$157\n29.3%\n33.5%\n35.6%\n33.3%\n36.2%\n38.0%\n39.0%\n39.9%\n40.9%\n20232024LTM Mar-252025E2026P2027P2028P2029P2030P\nOrganicAcquired\n$115\n$143\n$179\n$223\n$275\n$12\n$27\n$48\n$75\n$110\n$64\n$71\n$76\n$91\n$127\n$170\n$226\n$298\n$385\n20232024LTM Mar-252025E2026P2027P2028P2029P2030P\nOrganicAcquired\n\n18\nSTRICTLY CONFIDENTIAL\nProven Leadership Team Poised for the Next Era of Growth\nCommitted leadership team with a clear vision for the future of Stax\n(1)Client Service Network.\n(2)Operations.\nPaul Edwards\nGlobal Practice Leader\nJoined in 2005\n25+ Years of Experience\nJayson Traxler\nChief Executive Officer\nJoined in 2021\n25+ Years of Experience\nSTS Research Group\n18\nSTRICTLY CONFIDENTIAL\nMeg Macumber\nGlobal Head of \nFinance\nLeslie Regenbaum\nGeneral \nCounsel\nAmy Schoeman\nGlobal Head of \nHuman Resources\nJoe Brownell\nGlobal Head of \nMarketing\nConnor Novy\nChief of Staff, \nHead of Sales Ops\nMihaela Dumea\nDirector, Data & \nBus. Intelligence\nHazir Shafeek\nGlobal Head of \nData Insights & IT\nBrad Kuntz\nAmericas \nRegional Lead\nPhil Dunne\nEMEA \nRegional Lead\nRobert Lytle\nTransaction \nAdvisory Co-Lead\nWill Barden\nTransaction \nAdvisory Co-Lead\nVince Zosa\nValue Creation \nProduct Lead\nRoy Lockhart\nExit Planning \nProduct Lead\n2020202320242018201820222021202520242024202220222011\n20+ Years20+ Years20+ Years25+ Years10+ Years20+ Years15+ Years20+ Years35+ Years30+ Years15+ Years30+ Years15+ Years\nDEVON\nV A L U E A D V I S E R S\nYear Joined\nIndustry Tenure\nPrior Experience\n\n19\nSTRICTLY CONFIDENTIALSTRICTLY CONFIDENTIAL\n19\nStax is a Highly Differentiated and Attractive Platform\nLarge addressable market with favorable secular trends\nDifferentiated value proposition for clients magnified by expertise developed through \nhistorical project volume\nDeep relationships with diversified set of clients that have reoccurring demand\nCompelling employee value proposition to attract, develop, and retain talent\nProven management team set to sustain growth\nProfessional operating platform set to scale\nClearly-defined multi-pronged growth strategy\nProven history of long-term growth, robust margins, and strong capital efficiency\n\nIndustry Overview\n\n21\nSTRICTLY CONFIDENTIAL\n$20B\n$33B\n$68B\n$91M\nStax Services the Private Equity Sector, a Foundational and Stable End Market\nBroad end market tailwinds provide ideal environment for long-term revenue growth\nLarge and Growing Addressable Market \nIndustry Landscape\nAdvisory Firms \n2025E Stax \nNet Revenue\n2024 Global M&A\n2024 Global Private \nEquity-Backed M&A\nNorth American and U.K. \nPrivate Equity-Backed M&A\nAccounting Networks\nMBB \n\n22\nSTRICTLY CONFIDENTIAL\nStax Services the Private Equity Sector, a Foundational and Stable End Market\nBroad end market tailwinds provide ideal environment for long-term revenue growth\nGlobal Private Equity Deal VolumeU.S. Private Equity Dry Powder by Fund Size\nGlobal Private Equity Exit VolumeU.S. Private Equity-Backed Company Inventory by Age\nSource: PitchBook.\n3.2K\n5.8K\n2.8K\n6.7K\n6.9K\n7.3K\n7.6K\n7.9K\n8.3K\n8.8K\n9.3K\n9.8K\n10.5K\n11.0K\n11.3K\n11.8K\n2012201320142015201620172018201920202021202220232024\nLess than 2 Years\n2 - 5 Years\nOver 5 Years\n$0.4\n$0.6\n$0.5\n$0.6\n$0.8\n$0.8\n$0.7\n$0.8\n$0.8\n$0.6\n$0.9\n$1.7\n$0.8\n$0.8\n$0.9\n1.8K\n2.1K\n2.2K\n2.4K\n2.9K\n3.3K\n3.1K\n3.4K\n3.4K\n3.2K\n2.8K\n4.4K\n3.7K\n3.5K\n3.8K\n201020112012201320142015201620172018201920202021202220232024\nExit Value\nExit Count\n$0.6 \n$0.7 \n$0.7 \n$0.7 \n$0.9 \n$1.1 \n$1.0 \n$1.2 \n$1.3 \n$1.3 \n$1.2 \n$2.3 \n$1.8 \n$1.4 \n$1.8 \n6.5K\n7.5K\n7.9K\n7.9K\n9.6K\n10.9K\n11.0K\n12.0K\n13.4K\n14.0K\n13.7K\n20.9K\n19.6K\n17.1K\n19.1K\n201020112012201320142015201620172018201920202021202220232024\nDeal Value\nDeal Count\n $0\n $200\n $400\n $600\n $800\n $1,000\n2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024\nMiddle Market PE\nPE Megafunds\nPE Under $100M\n($ in trillions)\n($ in trillions)($ in billions)\n2010 – 2024 CAGR: 8.4%2006 – 2024 CAGR: 5.6%\n2010 – 2024 Exit Value CAGR: 5.1%2012 – 2024 CAGR: 4.9%\n\n23\nSTRICTLY CONFIDENTIAL\nMore Than $32B in TAM Opportunity for Stax’s Core Products\nBountiful growth prospects in a broad addressable market \nTotal Addressable Market Opportunity by Product\nSource: Stax Market Sizing Analysis.\nSpendVolume\nSell-Side Diligence\n$2.9B\nValue Creation\n$4.1B\nBuy-Side Diligence\n$25.6B\n$32.6B\n2024\nBuy-Side \nDiligence\n19,123 \nPrivate Equity Transactions Annually\n$1.3M \nCDD Spend Per Closed Transaction\nSources and Approach:\n▪PitchBook 2024 Global Private Equity Report\nSources and Approach:\n▪Reflects 100% attach rate to pre-LOI lean-in & LOI deals\n▪Spend per deal per Stax PE decisionmaker survey (n=50)\nSell-Side \nDiligence\n6,389 \nAnnual Exits Across PE/Founder Businesses\n$453K \nSpend Per Successful Exit\nSources and Approach:\n▪PitchBook 2024 Global Private Equity Report\n▪Stax estimate of founder-backed exits >$100M in deal \nvalue\nSources and Approach:\n▪Reflects 100% attach rate of successful exits (founder- \nand PE-owned) and 40% assumed deal failure rate\n▪Spend per deal per Stax PE decisionmaker survey (n=50)\nValue \nCreation\n56,177 \nActive Private Equity-Backed Companies\n$72K\nSpend Per Portfolio Company Per Year\nSources and Approach:\n▪PitchBook Filter for Currently Privately-held, Private \nEquity-Backed Companies (i.e., non-addon/subsidiary)\nSources and Approach:\n▪Reflects each portfolio company conducting $361K of \nVCIP spend spread annually over a five-year hold period\n▪Spend per deal per Stax PE decisionmaker survey (n=50)\n\n24\nSTRICTLY CONFIDENTIAL\nHighly Attractive and Growing Market for Stax’s Private Equity Services\nStax is well-positioned to benefit from increases in private equity activity and standardization of third-party diligence in deal-making\nTrends Appreciating the Value of TAM and Current Spend on Stax’s Services\n▪Deal volumes, exit volumes, and the total pool of private equity-backed companies continue to grow and are resilient, and \ninvestor sentiment remains positive going forward\n▪Number of new private equity deals in U.S. and Europe has grown at a 7.6% CAGR over the last ten years\nGrowing Deal Sizes and \nVolume\n▪Value and depth of consulting engagements is increasing, and consulting services are readily able to pass through increasing \nlabor costs, growing the overall spend per deal\n▪Based on a survey scale from 1 (Nice to Have/Less Important) to 7 (Need to Have/More Important), average CDD value to private \nequity funds will increase from ~4 to ~5 from five years ago to the next five years, and value creation will increase from ~5 to ~6 \nfor the same period\nHigher Average Spend \nand Scope per Deal\n▪Competitiveness for high-quality deals is increasing, and more suitors are leaning into processes overall, and earlier driven by the \ndesire to filter for good deals and the growing need for private equity to “sell management” on the value of their partnership\n▪Middle market and growth equity deal funnels (deals seen, leaned in on, and under LOI) have increased at 8.4-9.0% CAGRs, \npushing CDD opportunities beyond the currently estimated ~3 due diligence engagements per closed deal\nMore CDD Opportunities \nper Deal\n▪Third-party support for diligence and value creation efforts are increasingly becoming an industry standard, with a steadily \nincreasing portion of deals and portfolio companies hiring third-party support\n▪Pre-LOI CDD attachment rates to deals have grown from 10% in the last five years to 23% today, and 30% of portfolio companies \nutilize value creation today compared to 20% over the last five years\n(1)\nAttachment Rates Are \nGrowing Across \nProducts\nSource: Stax Market Sizing Analysis, including Stax web survey (Winter 2025, n=50).\n(1)Based on subset of middle market funds, excluding new funds, per Stax web survey (Winter 2025, n=36).\n\nService Lines\n\n26\nSTRICTLY CONFIDENTIAL\nOverview\nAdvisory Services\nContract Structure\nAverage Engagement Length\nStage of Investment Lifecycle\nTypical Referral Source\nNet Revenue\nProjects Invoiced\nAverage Revenue per Project\nClients Served\nComplementary Solutions to Address a Wide Array of Client Needs\nSuite of critical services provide a strong basis for recurring revenue and natural cross-sell opportunities across the private equity lifecycle\nBuy-Side Commercial Due Diligence\nKey Attributes\nLTM Mar\n-\n25 Highlights\n▪Evaluate potential targets, focus areas, or \ninvestment themes for sponsors\n▪Assess market dynamics and target \nalignment, competitive positioning, and \nvalue creation levers\nMarket and Asset Screening, Thesis Build, \nEarly Diligence, Commercial Due Diligence\nFixed Fee\n3-6 Weeks\nPre-Investment\nExisting Relationship\n107\n$318K\n83\nSell-Side Commercial Due Diligence\nMarket Study, Exit Planning, Vendor Due \nDiligence\n▪Ensure process readiness and enhance \ntransaction outcomes for sponsors and \nmanagement teams\n▪Articulate the exit story and provide \nactionable growth blueprint backed by \nmarket research\nFixed Fee\n4-6 Weeks\nExit\nReferral from Investment Bank or \nExisting Sponsor Relationship\n76\n$378K\n81\nValue Creation\nCommercial Excellence, Pricing & Cost Optimization, \nSales Productivity, Churn Reduction, ESG & Impact\nFixed Fee\nVaries\nHold Period\nExisting Relationship or Ongoing \nSupport Following Exit Planning\n34\n$331K\n32\n▪Drive rapid EBITDA improvement \nthroughout the investment hold period\n▪Designed for multi-year, multi-project \nrelationships to drive incumbency with \nmanagement teams and ultimately lead \nto sell-side support\n$34M$29M$11M\n\n27\nSTRICTLY CONFIDENTIAL\nBuy-Side Commercial Due Diligence\n▪Provide data-driven insights across key investment considerations (market, target company, competition, etc.)\n▪Enables private equity firms to make informed decisions by identifying potential opportunities and risks for a \nprospective investment\n▪The Company provides services during the acquisition screening and theme development phase, as well as early \ndiligence and scaled commercial due diligence in an active process\n‒Early workstreams include sector prioritization, acquisition screening, thesis build and development, red \nflag assessments, and client checks\n‒Pre-LOI workstreams include assessment of the target’s market, client dynamics and competitive \npositioning, competitive landscape, and growth opportunities\n▪Post-LOI work integrates blueprint development and growth strategy planning\n▪High level of repeat demand from long-term relationships with private equity clients\nExtension of the investment team evaluating potential platform and add-on opportunities\nLTM Mar-25 Key Stats\nIllustrative Project Timeline\nRepresentative Clients\nOverview and Typical Scope\nIllustrative Project Timeline\nKICK-OFFAlign on Final Scope and Objectives, Data Discovery\nANALYSES\nPhone-Based Interviews, Analysis of Target Data, \nOnline Review Analysis, Synthesize Research \nStreams, Develop Fact-Base\n80/20 Report, Final Read-Out\nPOST-PROJECT COLLABORATION\nWeeks ~1-4Ongoing As-Needed\nSupport First 100 Days of Hold Period, Ongoing \nValue Creation Work \nDELIVERABLES\n11%\n2018 – LTM Mar-25 \nRevenue CAGR \n107\nProjects \nInvoiced\n$318K\nAverage Revenue \nper Project\n83\nClients \nServed\n% of Net \nRevenue\n44%\n37%\n15%\n4%\nBuy-Side\nSell-Side\nValue Creation\nOther\n\n28\nSTRICTLY CONFIDENTIAL\nValue Creation\n▪Multi-phase model partnering with clients to define and execute on value creation initiatives while building \noperating discipline and sustainable improvements year-over-year\n▪Drives development of strategic growth options for expansion with an actionable roadmap for implementation\n▪Leverages the Company’s depth of sector expertise, proprietary research, and advanced analytics capabilities to \ndeliver a data-driven, evidence-based assessment of recent performance and growth potential\n▪Offering encompasses proven methodologies to define growth strategies and improve commercial excellence \nand capital efficiency\n‒Client segmentation and value proposition, channel expansion, churn reduction, pricing optimization, \nESG/Sustainability and risk, marketing, client experience\n‒AI strategic assessment and diagnostics with execution support to define, test, and scale AI initiatives\n▪Value creation services deepen and extend engagement with private equity clients around critical decisions for \ntheir portfolio companies outside of a new investment or exit period\nTargeted diagnostics and actionable growth plans to achieve desired business outcomes at various stages of maturity\nOverview and Typical ScopeLTM Mar-25 Key Stats\nIllustrative Project Timeline\nRepresentative Clients\nKICK-OFFWorking Session with Relevant Stakeholders\nPotential Growth Thesis, Client/Market/ICP Offering \nAssessment, Strategic Option Development, Risk \nAssessment and Roadmap\nPOST-PROJECT COLLABORATION\nWeeks ~1-4Ongoing As-Needed\nEnter Phase II to Build on Project Work or Support \nImplementation, Prepare for Sale Process\nInterim Update, \nWorkshop, Final Read Out\nDELIVERABLES\nANALYSES\n% of Net \nRevenue\n8%\n2018 – LTM Mar-25 \nRevenue CAGR \n34\nProjects \nInvoiced\n$331K\nAverage Revenue \nper Project\n32\nClients \nServed\n44%\n37%\n15%\n4%\nBuy-Side\nSell-Side\nValue Creation\nOther\n\n29\nSTRICTLY CONFIDENTIAL\nSell-Side Commercial Due Diligence\n▪Demonstrate strength of positioning and growth potential of the asset in preparation of exit \n▪Communicates the growth story to potential investors by providing research and analysis to define the target’s \nmarket, strength of its positioning and performance, and opportunities for expansion\n▪Stax leverages its experience working on the buy-side to address critical questions about the target that \ninvestors will focus on, including TAM, growth outlook for core market, competitive differentiation, future \nopportunities, and voice of the client\n▪Modular approach allows Stax to adjust its process and output depending on sponsor/founder involvement, \nrelevant buyer universe, and priority needs\n▪New business development for this service is focused on referrals from investment banks, as well as leveraging \nprivate equity client relationships\n‒The Company worked with 20+ investment banks in the last 24 months\n▪Natural cross-sell opportunity from momentum of sale process and intelligence gathered during engagement\n▪Reputation among private equity investors is a significant point of attraction for banks and management teams\nCollaborative thought partner throughout a sale process to articulate the asset’s positioning and growth story\nOverview and Typical ScopeLTM Mar-25 Key Stats\nIllustrative Project Timeline\nRepresentative Clients\nKICK-OFFWorking Session with Relevant Stakeholders\nTAM and Client Analysis, Risk Assessment, VDR \nPreparedness, Growth Strategy Vetting\nDELIVERABLESFinal Read-Out\nPOST-PROJECT COLLABORATION\nWeeks ~1-5Ongoing As-Needed\nDevelop Buyer-Specific Materials, Discuss with Potential \nSuitors, Onboard Findings and Recommendations at Target\nANALYSES\n% of Net \nRevenue\n62%\n2018 – LTM Mar-25 \nRevenue CAGR \n76\nProjects \nInvoiced\n$378K\nAverage Revenue \nper Project\n81\nClients \nServed\n44%\n37%\n15%\n4%\nBuy-Side\nSell-Side\nValue Creation\nOther\n\n30\nSTRICTLY CONFIDENTIAL\nStrong Institutional Knowledge Across Industries\nStax outperforms competitors by offering the highest quality and expertise across multiple end markets, while ensuring stability through diversification \nacross various industries\nNote: Data reflects LTM Mar-25 engagements and revenue mix.\n132\nEngagements\n% of Net Revenue45%\nVertical SaaS\nIndustry-Specific Apps\nEnterprise Applications\nNetwork Infrastructure\nAI & Machine-Learning\nMedia and B2C Tech\nTechnology\n25\nEngagements\n% of Net Revenue9%\nPhysician Practices\nLong-Term Care\nManaged Healthcare\nMedical Devices\nHospitals & Facilities\nPayors\nHealthcare\n15\nEngagements\n% of Net Revenue5%\nApparel\nFood & Beverage\nHospitality and Leisure\nHousehold Goods\nResidential Services\nHealth & Wellness\nConsumer\n37\nEngagements\n% of Net Revenue15%\nManufacturing\nDistribution\nTransportation\nConstruction & Engineering\nAerospace and Defense\nAutomotive\nIndustrialsServices\n64\nEngagements\n% of Net Revenue25%\nProfessional Services\nFinancial Services\nMarketing and Advertising Services\nData and Information Services\nIT Services\nEvents and Tradeshow Services\n\n31\nSTRICTLY CONFIDENTIAL\nIn-Depth Expertise in Technology and Services \nStax has effectively established a strong replicable presence in technology and service verticals, driving above-market growth and creating a playbook \nfor additional vertical expansion\nIT \nInfrastructure\nCybersecurityVertical SaaS\nHorizontal \nEnterprise \nApplications\nPayments and \nFintech \nConsumer \nTechnology and \nMedia\nTechnology \nCommercial and \nResidential \nServices \nIT Services\nEvents, \nMarketing, and \nInfo Services\nProfessional and \nAdvisory Services\nEducation and \nCrediting Services\nFinancial and \nInsurance Services\nSub-Vertical Expansion Opportunities Sub-Vertical Expansion Opportunities \n$5\n$10\n$11\n$27\n$31\n$30\n$33\n$36\n2018201920202021202220232024LTM\nMar-25\n$6\n$6\n$6\n$11\n$17\n$16\n$18\n$20\n2018201920202021202220232024LTM\nMar-25\nStrengthEvolving Focus\nServices \n72%\n6%\n7%\n(11%)\n2018-20212021-2024\nStaxMarket\n26%\n17%\n6%\n(2%)\n2018-20212021-2024\nStaxMarket\n($ in millions)($ in millions)\nStrengthEvolving Focus\nTechnology Net RevenueAbove-Market Revenue GrowthServices Net RevenueAbove-Market Revenue Growth\nStrong reputation within \nhighly penetrated market\nSub sector account targeting and \nplanning with room to build density \nGrowing average \nproject sizes \nResilient performance across \ndiverse economic conditions\nGrowing number of \nverticalized professionals \n\nClient Relationships\n\n33\nSTRICTLY CONFIDENTIAL\n44%\n37%\n15%\n4%\nBuy-Side\nSell-Side\nValue Creation\nOther\nStax Serves a Large, Diversified Client Base\n79%\n15%\n6%\nPrivate Equity\nPortCo / Corporate\nHedge Fund\nLong-tenured client base with exceptional retention, largely comprised of blue-chip private equity investors\n42%\n41%\n17%\nMiddle Market\nUMM / Large Cap\nLower Middle Market\n46%\n26%\n13%\n10%\n5%\nTechnology\nServices\nIndustrials\nHealthcare\nConsumer\nPrivate Equity Focus......Across Service Lines...\n...Split Among Market Segments......and End Markets\n(1)Reflects Private Equity and Hedge Fund clients only. Lower Middle Market defined as less than $1.5 billion AUM, Middle Market defined as $1.5 to $10.0 billion AUM, and UMM / Large Cap \ndefined as greater than $10.0 billion AUM.\nLTM Mar-25 \nby Client Type\nLTM Mar-25 \nby Service Line\nLTM Mar-25 \nby Client Size\n(1)\nLTM Mar-25 \nby Industry\n(% of Net Revenue)\n(% of Net Revenue)\n(% of Net Revenue)\n(% of Net Revenue)\n\n34\nSTRICTLY CONFIDENTIAL\nDiversified Relationships Across Service Lines\nBroad spectrum and high-quality clients across growth stages and end markets\n(1)Reflects Private Equity and Hedge Fund clients only. Lower Middle Market defined as less than $1.5 billion AUM, Middle Market defined as $1.5 to $10.0 billion AUM, and UMM / Large Cap \ndefined as greater than $10.0 billion AUM.\nRevenue Concentration by ClientNew vs. Existing ClientsRevenue Concentration by Client Size\n(1)\nBuy-Side Commercial \nDue Diligence\nSell-Side Commercial \nDue Diligence\nValue \nCreation\n(% of LTM Mar-25 net revenue)\n43%\n40%\n17%\nUMM / Large Cap\nMiddle Market\nLower Middle Market\n20%\n54%\n27%\nUMM / Large Cap\nMiddle Market\nLower Middle Market\n63%\n35%\n2%\nUMM / Large Cap\nMiddle Market\nLower Middle Market\n(% of LTM Mar-25 net revenue)\n32%\n29%\n29%\n10%\nTop 10\nTop 11 - 30\nTop 31 - 60\nAll Other Clients\n20%\n32%\n37%\n11%\nTop 10\nTop 11 - 30\nTop 31 - 60\nAll Other Clients\n57%\n43%\nTop 10\nAll Other Clients\n79%\n88%\n82%\n21%\n12%\n18%\n202220232024\nNew\nExisting\n40%\n59%\n54%\n60%\n41%\n46%\n202220232024\nNew\nExisting\n95%\n81%\n88%\n5%\n19%\n12%\n202220232024\nNew\nExisting\n\n35\nSTRICTLY CONFIDENTIAL\n73%\n27%\nRepeatNon-Repeat\nDeep Relationships with Top Clients\n▪Deep Relationships: 45% of net revenue coming from clients \nwith a tenure of 6+ years \n▪Satisfied Clients: 73% of revenue from repeat clients\n(3)\n▪No Client Concentration: No one client represents more than \n4% of net revenue\n▪Broad Relationships: 38% of clients use more than one \nservice\n(3)\n▪Strong Referral Network: 72% of sell-side engagements \nreferred from investment banks\n▪Value in Density: Clients utilizing multiple service lines incur \nover 25% higher fees per project due to complexity of scope\nDemand for strategic solutions across growth stages drives client engagement\nTop 15 ClientsLTM Mar-25 Highlights\n(1)UMM / LC = Upper Middle Market / Large Cap; MM = Middle Market; LMM = Lower Middle Market.\n(2)Reflects average tenure of top 15 clients.\n(3)Reflects 2024 data.\nSticky Relationships Drive Repeat Business\n27%\n7%\n21%\n45%\n< 1 Year1-2 Years\n2-6 Years6+ Years\nRepeat\nClients\nClient \nTenure \nMix\n(% of 2024 net revenue)\n($ in thousands)\n2023 – Mar-25 Net Revenue\nClientSize\n(1)\nBuy-SideSell-SideValue CreationOther\nTotal \nRevenue\n% of Total \nRevenue\n2023 – Mar-25\nProjects\nClient \nTenure\nClient 1UMM / LC$4,415––$642$5,0573.2%811+\nClient 2MM3,195$867$854–4,9153.1%1610+\nClient 3UMM / LC484––3,5694,0532.6%1211+\nClient 4MM1,512–1,556373,1052.0%123+\nClient 5UMM / LC1,582440911–2,9341.8%911+\nClient 6UMM / LC1,506–1,309–2,8151.8%711+\nClient 7MM6641,495559–2,7171.7%811+\nClient 8MM1,2411,172––2,4141.5%46+\nClient 9MM1,471812––2,2831.4%74+\nClient 10UMM / LC868537692–2,0971.3%511+\nClient 11MM1,415622––2,0361.3%62+\nClient 12MM804968229–2,0011.3%64+\nClient 13LMM1,336–640–1,9761.2%711+\nClient 14UMM / LC1,435–532–1,9671.2%511+\nClient 15MM1,080829––1,9091.2%63+\nTop 15$23,009$7,741$7,281$4,248$42,28026.6%1188+\nAll Others52,59344,52818,752532116,40573.4%369\nTotal$75,602$52,269$26,034$4,781$158,685100.0%487\nElliott Management\nPSG Equity\nTiger Global Management LLC\nBlue Point Capital Partners\nThoma Bravo\nCharlesbank Capital Partners LLC\nBregal Sagemount\nGridiron Capital\nRubicon Technology Partners\nHellman & Friedman\nGemspring Capital\nGreater Sum Ventures\nVarsity Healthcare Partners\nVista Equity Partners\nPeak Rock Capital\n(2)\n•To remove client names\n\nGo-to-Market Strategy\n\n37\nSTRICTLY CONFIDENTIAL\nMulti-Pronged Go-to-Market Strategy\nPurpose-built global delivery model enables new business wins without sacrificing existing client service\nVerticalized \nSenior \nProfessionals\nStrategic \nAccount \nCoverage\nCentralized \nLocation-Based \nModel\nProgrammatic \nCommunications\n15 Key Accounts with Multi-\nNational, Multi-Vertical Presence\nLarge Cap Private Equity \nand Public Investors\n22 Key Accounts with Dedicated \nTouchpoints in U.S. and U.K.\nMiddle Market \nCollaboration\n91 Key Accounts with Individual \nDefined Coverage and Tracking\nAccount Relationship \nManagement (ARM)\n98 Key Accounts with Content-\nBased Scaled Communication \nContact Accounts\nManaging Directors and \nDirectors\nIndustry Groups Define \nCoverage and Sales Effort\nCDD and Value Creation Services \nProvided by All Levels\nProduct Generalists\nNuanced Insights From \nSpecialization\nGuaranteed Production of \nHigh-Quality Content\nDedicated Client \nDelivery Network\nAdvisory-\nFocused\nProduct Led; \nContent Driven\nRepeat Value Creation Work \nfrom CDD Engagements\nClient Delivery \nNetwork\nColombo\nArticles, Tombstones, \nNewsletters, Industry Primers\nEmail and Social Media\nMarket Intelligence, Rolling \nThunder\nIn-Person Meetings\nMonthly Flywheel, Asset-Centric \nAccount “Grouping” Outreach\nIntelligence Outreach\nClient Offsites, Co-Branded \nRoundtables, Conferences\nEvents\nGlobal \nStaffing\nBostonChicagoNew YorkLondon\nGlobal Collaborative Coverage and Delivery with In-Market Business Development Capabilities\n\n38\nSTRICTLY CONFIDENTIAL\nCollaborative Approach to Client Coverage and Delivery\nCrediting system designed to maximize collective value and reward firm-building behaviors while de-risking new hires\nSales CreditDelivery Credit\nManaging Directors, Directors, and Associate DirectorsAssociate Directors, Senior Managers, and Managers\nAccount Ownership:\nAssigned owner that fosters \nrelationships throughout the \naccount\nContent Leadership:\nProvides substantive \nexpertise to help close and \ndeliver a project\nTotal Sales Credit:\nReflects the sum of an \nindividual’s contribution \nacross each role\nOriginators\nAccount \nOwnership\nContent \nLeaders\nReporting\nSplitDetail\n60%\n▪Credit shared equally between originators\n▪Tracking allows for up to three originators\n10%\n▪Limited to one person\n▪May be one of the originators\n▪Credit shared equally between content leads\n▪Ideally have multiple leads on every project\n25%\nBoundaries\n40% Cap\nNo Double \nDipping\nProject \nMinimum\n▪No individual can accrue more than 40% of the total project value\n▪Lone originators lose 20% of credit, which is returned to the firm\n▪Originators can be account owners, but they cannot accrue credit \nfor content leadership on the same proposal\n▪If project fee is less than $250K, no credit for content leadership\n▪If project fee is less than $150K, no credit for any role\nOrigination:\nSourcing of potential projects \nthrough outbound efforts or \ninbound leads\nStructure\nDelivery \nLeads\nFramework\nCredit Split\n▪Assigned by resource management based on project staffing\n▪Responsible for leading the day-to-day of a project and ensuring \nthe team is utilized efficiently\nTargets\nAssociate \nDirector\nSenior \nManager\nManager\n▪Delivery credit is a \nmeasure of success for \nmid-level consultants\n▪Delivery credit is defined \nas the total value of \nprojects a mid-level \nconsultant has delivered\n▪Total available credit for \na project is equal to the \nproject’s fee\n▪Delivery leads should be \ndifferent levels, with the \nmore senior employee \nspread across multiple \nprojects\n▪Splitting delivery \nbetween Associate \nDirectors and Senior \nManagers / Managers \nallows the Associate \nDirector to manage \nmultiple projects, \nultimately accruing a \ngreater delivery credit \nvalue\nMinimumGoal\n$3.0M\n$2.5M\n$2.0M\n$4.0M\n$3.5M\n$3.0M\n▪Delivery credit is split evenly between delivery leads regardless \nof seniority\n▪Up to two delivery leads can be associated with a project\n▪Delivery leads must spend at least 15 hours a week on projects \nto receive credit\n\n39\nSTRICTLY CONFIDENTIAL\nProject Delivery Model\nHigh-touch client service executed by efficient project teams purpose-built for the pace of private equity\nBalanced and Flexible Staffing ModelDisciplined Tracking Leads to Better Management and Consistently Strong Realization\nCrediting System Designed to Maximize Collaborative Value\nSales CreditDelivery Credit\n▪Originators (60% of project value)\n‒Credit is shared equally between originators; \ntracking allows for up to three originators\n▪Content Leaders (25% of project value)\n‒Credit is split evenly between all content \nleads; ideally have multiple content leads on \nevery project\n▪Account Owners (10% of project value)\n‒Limited to a single person; may be an \noriginator\n▪Measured in dollars and defined as the total value \nof projects a mid-level has delivered\n▪Accrue to the delivery leads; may have up to two \ndelivery leads associated with a project\n▪Delivery leads are typically different levels, but \ncredit is evenly split between both leads\n▪Associate Directors, Senior Managers, and \nManagers are the core roles responsible for \ndelivery\nDelivery (Client Service Network)\nTraditional consulting team staffed to dedicated projects on a billable model\nManaging \nDirector\nDirector\nSpend 50% of time \non billable work\nAssociate \nDirector\nSenior \nManager\nSpend 75% of time \non billable work\nManagerSenior \nConsultant\nConsultantAssociate \nConsultant\nSpend 100% of time \non billable work\nPlug-and-play project support in Colombo segmented by defined workstreams to enhance speed of delivery\nIntegrated Workflow Support (Client Delivery Network)\nIntegrated Project Leads\nLead \nto Win\nSecondary \nInsights\nData \nScience\nWeb Survey \nInsights\nExpert \nInsights\nData \nVisualization\nHighly repeatable, scalable execution process across services allows for powerful insights to be \ndelivered quickly and efficiently at an attractive price relative to competitors\nPromotes collaboration and de-risks new hires\n218226224\nProjects \nInvoiced:\n87.8%\n94.9%\n96.4%\n20232024LTM Mar-25\nRealization\n\n40\nSTRICTLY CONFIDENTIAL\nClient Delivery Network Expands Capacity to Execute\n▪50-person dedicated team in Colombo serves as plug-and-play \nproject support to enhance speed of delivery for client \nworkstreams\n▪Commercial platform built to work at the speed of private \nequity\n▪Supports U.S. and U.K. advisory in an agile and targeted way\n▪Segmented by defined workstreams with clear responsibilities \nand competency model\n▪Handles tasks of varying levels of complexity during the \nproposal and live project phases\n▪Creates additional bandwidth for the client service network to \nfocus on high-value client-facing workstreams\n▪Optimizes resource utilization through on-demand staffing \nbased on skill, capacity, and expertise\n▪Expands delivery capabilities in-line with demand while \noffering flexibility, convenience, and controllability in project \ndelivery\n▪Defined career path with strong average tenure of 9+ years \nacross integrated project leads, delivery leads, and managing \ndirectors\n▪Key members participate in management incentive plan\nPurpose-built integrated workflow support delivers sustainable growth \nTeam OverviewCommentary\nRuwindhu Peiris\nManaging Director\n(Headcount as of March 2025)\nDelivery Lead\nSr. Delivery Manager\nTeam Lead\nDelivery Manager\nSr. Delivery Manager\nDelivery Manager (3)\nTeam Lead\nDelivery Manager\nTeam Lead\nSr. Delivery Manager\nTeam Lead\nDelivery Manager\nTeam Lead\nDelivery Manager\nTeam Lead\nDelivery Manager\nIntegrated Project \nLeads\nTeam Lead\nSr. Delivery Manager\nLead (3)\nSr. Analyst\nLead (5)\nSr. Analyst\nDelivery Manager\nLead (3)\nSr. Analyst (3)\nLead to WinSecondary InsightsData ScienceWeb Survey InsightsExpert InsightsData Visualization\nLead\nSr. Analyst (4)\nAnalyst (2)\nLead (3)\nSr. Analyst (4)\nLead (2)\nSr. Analyst \nAnalyst (3)\n5\nEmployees\n5\nEmployees\n7\nEmployees\n8\nEmployees\n8\nEmployees\n7\nEmployees\n8\nEmployees\nAgile project \nmanagement and \ncentral point of \ncontact for the CSN \nSales enablement \ncapabilities from \ninitial outreach to \nproposal submission\nExtracts and \nsynthesizes \ninformation from \npublicly available \nsources\nBusiness insights and \ncapability \ndevelopment for \ninvestors and \nmanagement teams\nGather insights from \nweb surveys on client \npurchasing and \nspend dynamics, \nvendor performance\nEngages with \nexperts, competitors, \nand clients to collect \nrich insights\nVisualization \nspecialists that own \ndeliverables and \nother visualization \nelements\n\nCulture and Talent Management\n\n42\nSTRICTLY CONFIDENTIAL\nCompelling Employee Value Proposition to Attract and Nurture Top Talent\nStax has developed an attractive employee value proposition to recruit, develop, and retain top tier professionals\nDifferentiated Employee Value PropositionWinning the War for Talent\n(1)Retention of CSN professionals by skill level from 2023 year-end to 2024 year-end; reflects voluntary only.\nClient Service Network Retention by Skill Level\n(1)\nDirector HeadcountManaging Director Headcount\nUnique focus on serving and scaling with private equity clients\nIncentive model designed to reward collaboration and shared success\nHigh growth platform offering career opportunities and the chance to make a \nsignificant impact, supported by structured onboarding and fast ramp for new hires\nExpertise-focused model without exclusivity over client ownership\nAmple whitespace for career growth relative to some competitors with clear \nprogression paths and regular performance feedback\nEquity participation for Managers and above through Management Incentive Plan\nCentralized global staffing expands utilization and reduces time on bench\nSpecialization model supports long-term career development, bolstered by formal \nmentorship and learning opportunities\nCompetitive compensation model and benefits package aligned with market leaders, \nplus a strong commitment to work-life balance and well-being\nScalable infrastructure designed to foster growth and collaboration with direct access \nto senior leadership\n73%\n76%\n80%\n95%\nAssociate\nConsultant /\nConsultant\nSenior\nConsultant /\nManager\nSenior Manager /\nAssociate\nDirector\nDirector /\nManaging\nDirector\n4x \nGrowth\n5x \nGrowth\n2\n8\n2021Mar-25\n3\n16\n2021Mar-25\n\n43\nSTRICTLY CONFIDENTIAL\nTop Ranked by Industry Publications, Validated by Industry Professionals\nStellar Rankings Across Vault North America Categories\n(2)\nContinued recognition and awards reflect nature of culture initiatives the Company has meticulously implemented and managed over time\n(1)As of April 8, 2025.\n(2)Source: Vault 2024 North America Consulting Survey. Rankings and awards are based on insights from over 12,000 verified consulting professionals.\n7.3\n8.4\nIndustryStax\nInternal Mobility\n+1.1\n#10\nOverall \nDiversity\n#8\nEmployee \nSatisfaction\n#8\nLevel of \nChallenge\n#7\nPromotion \nPolicies\n#7\nInternal \nMobility\n#6\nIntl. \nOpportunity\n#5\nHealth and \nWellness\n#4\nBusiness \nOutlook\n#6\nBoutique \nConsulting\n#12\nBenefits\n#11\nInformal \nMentorship\n#10\nFormal \nTraining\n8.5\n9.2\nIndustryStax\nFirm Culture\n+0.7\nEmployee Satisfaction\n+0.8\n8.3\n9.1\nIndustryStax\n8.0\n8.8\nIndustryStax\nWork-Life Balance\n+0.8\nPromotion Policies\n+0.9\n8.1\n9.0\nIndustryStax\nTop Consulting\nFirm 2025\nFormal Training\n+1.2\n7.7\n8.9\nIndustryStax\nBest Management \nConsulting Firms 2025\nBest Firms to Work For\n2022, 2023, and 2024\nGlassdoor Overall Rankings\n(1)\nStax Big 5 Competitor\n4.4\n4.34.3\n4.2\n4.14.1\n4.0\n3.9\n3.83.8\n3.73.7\n3.53.5\n\n44\nSTRICTLY CONFIDENTIAL\nCompetitive Pay-for-Performance Compensation Model\n▪Structured to fall within the 75th percentile of the market, with top performers reaching the \n90th percentile\n‒Similar compensation strategy and banding in place for the Client Delivery Network\n‒Study underway to implement same model for Operations in 2025\n▪Salary bands ensure internal promotions are rewarded equitably without overvaluing \nexternal hires, demonstrating investment in maximizing tenure\n▪Merit-based salary increases determined by 4-point rating scale\n▪Robust benefits package and opportunity for equity ownership through Management \nIncentive Plan further enriches employees\n‒Management Incentive Plan available to Managers and above\nIncentive structure and attractive operating model strike a key balance between sustainable productivity and exciting projects\nPhilosophy and ApproachIndustry Benchmarking\n(1)\n2024 Average Cash Compensation by Skill Level\n(2)\n(1)Source: Aon 2024 Consultant Benchmarking Study. Reflects 50th percentile of compensation category by skill level for each group. MBB+ equivalent to Managing Director not available. MBB+ includes \nBain, Deloitte, EY, McKinsey, Oliver Wyman (Europe), and PwC. Tier 2 includes AlixPartners, Ankura, Chartis, Council Advisors, CRA Intl., FTI, Guidehouse, Keystone, Oliver Wyman, and Slalom.\n(2)Excludes Management Incentive Plan. \nMBB+Tier 2Stax\nACCSCMSMADDMD\n2023 Total Cash Compensation\nACCSCMSMADDMD\n2024 Cash Salary\nStax paid above market bonuses as a \npercentage of salary at all levels in 2023\nStax outpaced the market for salary \nincreases at all levels in 2024\nACCSCMSMADDMD\nACCSCMSMADDMD\n(Client Service Network; U.S. only)\n2023 Cash Bonus as % of Total Compensation2024 Cash Salary Increases\n$85\n$114\n$151\n$184\n$220\n$264\n$330\n$469\n$9\n$17\n$28\n$39\n$62\n$60\n$114\n$387\n$94\n$131\n$179\n$223\n$282\n$324\n$444\n$856\nAssociate\nConsultant\nConsultantSenior\nConsultant\nManagerSenior\nManager\nAssociate\nDirector\nDirectorManaging\nDirector\nCash BaseCash Bonus\n\n45\nSTRICTLY CONFIDENTIAL\n5\n33\n4\n3\n7\n10\n27\nManaging\nDirector\nDirectorAssociate\nDirector\nSenior\nManager\nManagerSenior\nConsultant\nConsultantAssociate\nConsultant\nStructured Recruiting Effort Provides Continuous Source of Talent\nDiversified talent pipeline ensures a steady stream of quality candidates\nOrganic Talent AcquisitionStrong Full-Time CSN Hires Across Skill LevelsSourcing Mix\nRecruiting Overview\nEarly CareersExperienced Hires\nStax targets hiring 10 Summer Associates/Co-Ops and 15 full-time Associate Consultants each year via campus targeting\nPriority Universities\nRelationships with on campus organizations \nand multiple events held per year\nOther Global Universities of Focus\nSources of recent successful hires\nCampus Targeting\nExpanded recruiting funnel to HBCUs, \nwomen’s colleges, etc.\n▪Strong track record of attracting lateral senior hires from \ncompetitors to build on existing offerings or expand into new \nareas of coverage\n▪Nearly 20% of experienced hires are sourced through employee \nreferrals\n▪Average offer acceptance rate of 73%\n▪Continued focus on driving branding efforts to improve candidate \npool\n26,000+ Applicants\n308 Interviews\n94 Offers Extended\n69 Offers Accepted\n(2024 firmwide recruiting statistics)(2024 – YTD Mar-25 new hires)(% of 2024 – YTD Mar-25 new hires)\n58%\n20%\n17%\n5%\nDirect Hire\nCampus\nReferral\nAgency\n\n46\nSTRICTLY CONFIDENTIAL\nWell-Defined Competency Model with Multiple Channels for Feedback\nCompetency and task relevant maturity models serve as the foundation to standardize feedback and expectations for each skill level across locations\nTask Relevant Maturity Model Provides Granular View of Task-Specific Proficiency\nImpact\nEnables global \nstaffing\nUnifies quality of \ndelivery\nProvides clarity and \nconfidence around \npromotion criteria\nEmphasizes merit-\nbased success \nmodel\nCore Consulting SkillsCommercial LeadershipSelf LeadershipPeople and Culture Leadership\nFeedback Facilities Development of Core Skills\nUse Case\n▪Used during project evaluations to assess \nconsultants’ technical effectiveness in \nspecific tasks and evaluate technical \ndevelopmental areas\nComponents\n▪Task category (e.g., survey \nmanagement)\n▪Specific tasks (e.g., survey design)\n▪Maturity levels\nGoal and Purpose\n▪Shift focus to skill level when completing a \ntask\n▪Standardized, efficient project feedback\n▪Differentiates expectations for same task \nacross levels\n▪Focuses on both qualitative and quantitative measures\n▪PowerBI performance dashboard\n▪Project feedback, debriefs, mid-year and year-end reviews\n▪Feedback on non-project Initiatives\n▪360 Feedback: upward, recognitions, special projects and \ninitiatives\n\n47\nSTRICTLY CONFIDENTIAL\nSignificant Opportunity for Upward Mobility\nStandardized career trajectory enables strong performers to progress through the organization\nClient Service Network Career Path\n(1)\n(1)CDN professionals have a similarly defined career path and competency model.\n(2)Reflects internal promotions from 2022 through Mar-25. Associate Consultant promotions reflect interns and co-ops that rejoined the Company as full-time employees.\n(3)Reflects the number of 2024 – YTD Mar-25 internal promotes as a percentage of employees that joined as or assumed a given skill level in 2024 – YTD Mar-25.\nAssociate ConsultantConsultantSenior Consultant\nManagerSenior ManagerAssociate Director\nDirector\nManaging Director\nProject FundamentalsWorkstream ExecutionDelivery ExcellenceProject ManagementProject ManagementClient Management\nBusiness Planning and \nExecution\nBusiness Planning and \nExecution\n▪Independently owns \nprimary workstream\n▪Capable of owning \nmultiple workstreams\n▪Drives full execution of \nworkstreams\n▪Takes ownership of \nnarrative\n▪Begins to gain \nverticalized expertise\n▪Provides strategic \ninsights and content \nexpertise\n▪Drives engagement \nsuccess and manages \nclient expectations\n▪Accountable for quality \nand efficiency of \ndelivery\n~12-Year Average Progression from Associate Consultant to Managing Director\nManaging Director7\nDirector8\nAssociate Director 14\nSenior Manager 8\nManager 14\nSenior Consultant 28\nConsultant 38\nAssociate Consultant 13\nCumulative Internal Promotions\n(2)\nHome-Grown Employees\n(3)\nManaging Director50%\nDirector40%\nAssociate Director20%\nSenior Manager 50%\nManager 57%\nSenior Consultant 59%\nConsultant47%\nAssociate Consultant 23%\n\n48\nSTRICTLY CONFIDENTIAL\nIn-House Training Amplifies Long-Term Career Satisfaction and Employee Potential\nTraining and development is a core tenet of Stax\nNote: Stax also hosts Stax Academy–a learning platform offering training modules to local youth and potential CDN talent–in Colombo, Sri Lanka.\n▪Skill-based training to support consultants during ramp period\n▪Formal sessions via classroom and in-project training for 1-4 \nweeks depending on seniority; subsequent project shadowing \nfor an additional 2-4 weeks\n▪Company and Operations Sessions covering internal resources \nand capabilities\n▪People Team Sessions covering benefits, resource \nmanagement, and professional development\n▪Delivery Excellence Sessions\n‒Getting Smart, Primary Research, Intro to Surveys, \nSecondary Research and Major Data Sources, Effective \nGuides Writing, Intro to Market Modeling, Business Writing, \nCreating Deliverables and Slides\nOnboarding\n▪Five to eight classroom hours per quarter, with additional on-\nthe-job and individual development plan (IDP) training\n▪Stax 2.0 Upskill Series\n‒Industry and Market Knowledge Sharing\n‒Productivity Tools\n‒Best Practice Alignment\n▪Half-Day Trainings by Level\n‒Senior Consultant: Effective Workstream Management, \nStoryboarding 101, Effective Communication, Delegation \nand In-Project Training\n‒Manager: Stax Project Management Playbook, Verticals and \nPractice Overview, Stax Mentor Model, Running Effective \n1:1s\n‒Senior Manager and Associate Director: Intro to Client \nManagement, Leveraging Coaching in People Development\n‒Director: Building your Book of Business, Building Effective \nTeams\n▪Personal Development and Culture Fundamental Series\n‒Self Accountability, Building a Feedback Culture, Resilience\nTraining Academy\n▪Development Programs\n‒Apprenticeship-based learning where employees develop \nthrough hands-on experiences, mentorship, and a \nfeedback-driven learning environment\n‒International exposure to facilitate global collaboration, \nstandardization of best practices and culture integration\n‒Employees receive performance feedback every few weeks \nthrough forms, debriefs, and more\n‒Internal training programs tailored to develop deep \ntechnical and management skills\n▪Communication and Transparency\n‒Regular town halls and leadership meetings, including firm-\nwide updates, senior meetings, and role-specific discussions\n‒Structured feedback mechanisms with performance \ndashboards to consolidate feedback, career progression \nmetrics, and training outcomes\n▪Flat Hierarchy and Leadership Access\n‒Employees at all levels have direct access to leadership\n‒Weekly leadership lunches, open-mics, and social initiatives \nacross offices\n▪Mentorship and Career Development\n‒Internal mentorship program and global staffing model \nfacilitates rapid employee development and connection\n‒Peer coaching initiatives to support career growth\n‒Mentors are accountable for supporting mentees, providing \nadvice and guidance based on development needs\nProfessional Development and Mentorship\nStructured \ntraining for all \nemployees, \nnew or old...\n...with \nnumerous \navenues for \ncontinuing \neducation\nAND\nAND\n\nOperations and Platform\n\n50\nSTRICTLY CONFIDENTIAL\nData-Driven, Purpose-Built Financial and Business Operations\n▪Data and reporting created to optimize every level of the professional services \neconomic value chain from opportunity generation to cash collection\n▪Real-time access to key business and operational KPIs enhances data-driven \ndecisions, including informed forecasting and opportunity tracking, improved capacity \nplanning, financial management, and prioritization\n▪Democratizes data through custom-built PowerBI visualizations, a user-friendly \ndesign, and robust training initiatives to empower users\nReal-time data enables agile management of the business against key indicators\nOverview of Stax INTEL\nInitiatives Focused on Driving Growth and Operational SustainabilityDashboards and Reports\nResource \nManagement\nProject \nManagement\nExpense \nManagement\nInvoice \nOversight\nRealization\nRevenue and \nDelivery Credit\nBillability and \nUtilization\nRevenue \nTracker\nA/R Analysis\nPerformance \nDevelopment\nClient Contract \nStatus\nRates and \nPricing\nLiberation of Data\n“Giving smart people the \nright data enables them to \nmake smart decisions”\nRobust, Transparent Reporting Improves Business Outcomes\nData Warehouse\n\n51\nSTRICTLY CONFIDENTIAL\nEarly AI Adoption Enhances Delivery Quality and Efficiency\n▪Improves speed and quality of analysis while creating high \ncaliber “architected” data for future use\n▪Cleans primary data for use with generative AI, searches for \nrelevant quotes, and interrogates transcripts to structure \nproject analyses \n▪Extends the utility of architected data for use cases beyond \ninitial project work\n▪Generative AI embedded into everyday use and broader \nworkflows to drive quality and speed enhancements\n▪Accelerates and strengthens thought-oriented processes at \nscale (slide review, eminence feedback, etc.)\n▪Integrations and connectivity with existing systems\nStreamlined access to proprietary data is paramount to sustained competitive advantage \nOverview of AthenaWorkflow Tools\nKnowledge management tool developed in-house dramatically lowers search barriers and accelerates access to depth of \ninstitutional knowledge; platform draws from over five years of Stax intellectual property to produce the relevant projects, \nslides, and Stax experts\nUsers can explore results at project and \nslide levels\nAthena transforms the ROI of searching \nfor Stax knowledge, unlocking previously \nunfeasible use cases\nIncorporates Athena Chat, an AI model \ntrained on Stax’s repository of knowledge\nProject \nInsights\nJunior\nEmbedded \nGen AI\nGPTs\nUser Prompt\nPrior Insights\nRelevant Slides\nPreviously \nUsed Experts\nResearch \nApproach\nProject Teams\nExpert Interview \nTranscripts\n1,100+\nDeliverables\n700+\nProposals\n75,000+\nSlides\n50,000+\nInterviews\n\n52\nSTRICTLY CONFIDENTIAL\nWorld-Class Leadership Team Operates an Efficient Client-Centric Organization Structure\nStax is led by a highly experienced, motivated, dynamic, and diverse senior team\nNote: Headcount as of March 2025. Client Service Network excludes two Research Associates paid hourly.\n(1)Includes 44 Operations employees in the United States, United Kingdom, and Sri Lanka.\nClient Service NetworkIntegrated Global Operations Team\n(1)\nClient Delivery Network\nAmy Schoeman\nGlobal Head of HR\nMeg Macumber\nGlobal Head of Finance\nLeslie Regenbaum\nGeneral Counsel\nJoe Brownell\nGlobal Head of Marketing\nConnor Novy\nChief of Staff and Head of Sales \nOperations\nHazir Shafeek\nGlobal Head of Data Insights & IT\nRuwindhu Peiris\nManaging Director\nPaul Edwards\nGlobal Practice Leader\nRegional Lead\n2\nManaging \nDirector\n9\nProduct Lead\n4\nDirector\n8\nSenior Manager\n8\nAssociate \nDirector\n9\nManager\n9\nConsultant\n21\nSenior \nConsultant\n18\nAssociate \nConsultant\n39\nDelivery Manager\n8\nSenior Delivery \nManager\n4\nLead\n17\nAnalyst\n6\nSenior Analyst\n14\nExecutive Leadership Team\nJayson Traxler\nChief Executive Officer\nMihaela Dumea\nDirector, Data and Business \nIntelligence\n\n53\nSTRICTLY CONFIDENTIAL\nWell-Invested Operational Platform Built to Serve Private Equity\nDeep bench of integrated global support functions designed to drive growth and operational efficiency\nNote: Headcount as of March 2025.\nMeg Macumber\nGlobal Head of Finance\nAmy Schoeman\nGlobal Head of Human Resources\nJoe Brownell\nGlobal Head of Marketing\nLeslie Regenbaum\nGeneral Counsel\nConnor Novy\nChief of Staff / Head of Sales Operations\nPeople Operations (5)Marketing Strategist (4)\nFinance, IT, and Business OperationsHuman ResourcesMarketingLegalData and Business IntelligenceSales Operations\nHazir Shafeek\nGlobal Head of Data Insights and IT\nCompliance and GovernanceSales Operations\n11\nEmployees\n6\nEmployees\n6\nEmployees\n3\nEmployees\nJayson Traxler\nChief Executive Officer\nMihaela Dumea\nDirector, Data and Business Intelligence\nController\nHead of Business Operations\nProfessional Development (2)\nTalent Acquisition (2)\nHR Business Partner\nProduction ManagerLegal CounselFinancial Insights and BI\nDigital Engineering (3)\nCommercial Strategy and Enablement (2)\nIT and Help Desk Support (4)\nFinance and Accounting (6)\nPayroll and Benefits\nFinancial Sponsors Coverage\n3\nEmployees\nStax can scale revenue without adding significant operations headcount\n23\nEmployees\nAdministrative (8)\n\nGrowth Strategy\n\n55\nSTRICTLY CONFIDENTIAL\nMulti-Pronged Growth Strategy Drives Confidence in the Next Chapter of the Company\nTangible and achievable organic growth in the near term with substantial opportunity to drive additional value creation via M&A\n▪Strategically hire senior \nprofessionals to build \ndensity in core verticals \nand expand capabilities\n▪Build density across \ncurrent locations, \nexpanding \napprenticeship model to \nfurther attract and \ndevelop mid/junior \ntalent\nAttract, Develop, \nand Retain Talent\n▪Continue building \nmomentum in the U.K. \nto expand market \npresence\n▪Strategically grow \nheadcount and client \nleadership in New York \noffice\n▪Establish local presence \nin new geographic \nmarkets through organic \ngreenfield locations in \nthe United States and \nEurope\n▪Continue to protect \nunique culture via \nplanful expansion\nBroaden Geographic \nPresence\n▪Capitalize on advisory, \nbespoke nature of work, \nand pricing umbrella \nrelative to MBB+ to \nrealize due diligence \nprice increases \nnationally and abroad\n▪Raise prices in value \ncreation to be more in-\nline with client impact, \nresults, and ROI\n▪Expand number of \naccounts with average \nproject size of $400K+ \nwith ample cross-sell \nopportunities and need \nfor multiple projects per \nyear\nExert \nPricing Power\n▪Focus on accelerating the \nexecution of M&A \nplaybook\n▪Expand into new \ngeographies, new \nservice lines, and build \nscale in existing markets\n▪Opportunistically \nevaluate larger-scale \ntransformative M&A \ntargets\nIdentify and Execute \non Acquisitions\n▪Further optimize cross-\nsell strategy to deepen \ndensity across core \naccounts through scaled \ninside sales strategy\n▪Target key private equity \nclients where \nreferenceable work \nprovides opportunity for \nfurther penetration in \nprojects that command \nmore premium bill rates\nMaximize Wallet \nShare and Cross-Sell\n▪Scale coverage and \ncontent intersection \nacross private equity and \ninvestment banks\n▪Further scale dedicated \nbusiness development \nteam to broaden coverage \nuniverse\n▪Centralize, scale, and \nmanage external \nindividual, account, and \nsubsector communications\nScale Client \nCoverage\n▪Leverage reputation and \ndifferentiated \nexperience in key \nverticals with high win \nrates across market \nsegments\n▪Introduce new verticals \nsuch as government or \naerospace and defense \nthrough de novo efforts \nor experienced senior \nhires \nDeepen Vertical \nExpertise\n▪Capitalize on hedge \nfunds’ growing inbound \ndemand for market \nresearch \n▪Introduce new purpose-\nbuilt products such as \ntechnology due \ndiligence, financial due \ndiligence, operational \ndue diligence, and ESG \nand sustainability \ndiligence through \nintegrated go-to-market \napproach\nExpand Capabilities \nand Client Profiles\nGrowExpandTransform\n\n56\nSTRICTLY CONFIDENTIAL\nWiden Referral Channel to Optimize Business Development Efforts\nCultivate and expand business development relationships with large cap private equity firms \nBroaden and Deepen Large Cap Private Equity Relationships \n$8.3M\n$11.0M\n2018 - 20212022 - LTM Mar-25\nGrowth Plan Current Strengths \n▪Proactively enhance and revitalize partnerships with large \ncap clients\n▪Reposition value proposition as a trusted advisory partner\n▪Schedule regular in-person meetings to strengthen \nconnections\n▪Prioritize targeted outreach and proposals aimed \nspecifically at large cap opportunities\n▪Fosters collaborative partnerships, ensuring alignment with \nthe long-term objectives of large cap clients\n▪Strong brand recognition among large cap funds facilitates \nmarket entry for new large cap clients\n▪Strategic account coverage plan across large cap funds \nenhances relationships and drives customer stickiness \nLargest Private Equity Firms\n(1)\n(1)Source: Private Equity International. Dollars in billions. Ranking based on private equity capital raised between 1/1/2019 to 12/31/2023. Excludes credit, secondaries, and real asset focused \nmanagers. Shading reflects Stax project counts between 2018 and Mar-25.\n(2)Reflects average annual revenue from Large Cap Private Equity and Public Investor key accounts designated as of Q1-25.\n1-5 Projects6-10 Projects11+ Projects\nNo.SponsorRaised\n1\nBlackstone$124\n2\nKKR$103\n3\nEQT$99\n4\nCVC Capital Partners$78\n5\nTPG$62\n6\nThe Carlyle Group$60\n7\nThoma Bravo$59\n8\nAdvent International$53\n9\nWarburg Pincus$52\n10\nHg$51\n11\nCD&R$50\n12\nSilver Lake$49\n13\nHellman & Friedman$47\n14\nVista Equity Partners$45\n15\nGeneral Atlantic$43\nNo.SponsorRaised\n16\nClearlake Capital$43\n17\nGoldman Sachs$42\n18\nLeonard Green$41\n19\nTA Associates$40\n20\nPermira$37\n21\nBain Capital$37\n22\nInsight Partners$35\n23\nCinven$35\n24\nGenstar Capital$32\n25\nFrancisco Partners$30\n26\nAres Management$30\n27\nApollo Global$29\n28\nPartners Group$28\n29\nBridgepoint$23\n30\nGTCR$23\nDirect experience on \nprior transactions\nVertical and product \nsector expertise\nBalanced approach between \ncomplex situations and \ntailored need \nBetter value for add-ons that \ndo not need breadth/depth\nStax Large Cap Value Proposition\nNet Revenue from Key Large Cap Accounts\n(2)\n\n57\nSTRICTLY CONFIDENTIAL\nWiden Referral Channel to Optimize Business Development Efforts\nCultivate and expand business development relationships with investment banks\nU.S. M&A League Tables\n(1)\nGrow Investment Banking Referral Channel\n(1)Source: Dealogic. Reflects transactions announced between 12/31/2014 and 12/31/2024 with private equity involvement. Shading reflects Stax project counts between 2018 and Mar-25.\nStrengthen Existing Investment Bank RelationshipsFoster Relationships with New Investment Banks\n▪Investment banks provide a pipeline of sell-side \nopportunities through client referrals\n▪Ongoing dialogue and recurring touchpoints provides \nintelligence on in-market buy-sides and potential value \ncreation opportunities\n▪Growing breadth and depth of content provides \nreferenceable work to expand scope of service\n▪Demonstrate capabilities to preeminent investment banks \nthat have historically been an unlikely referral source to \npenetrate additional pockets of the market\n▪Leverage network of lateral hires, geographic expansion, \nand expanded verticals of coverage to develop \nrelationships with specialized regional and industry \nboutiques\nRoom for Additional Wallet Share with Key Recent \nInvestment Banking Partners\nSignificant Opportunity for Business Development in \nthe Broader M&A Market\n1-5 Projects6-10 Projects11+ Projects\nNo.AdvisorDeals\n1Houlihan Lokey904\n2Goldman Sachs762\n3Jefferies631\n4William Blair552\n5JPMorgan547\n6Morgan Stanley514\n7Baird505\n8Lincoln Intl.456\n9Piper Sandler453\n10UBS434\n11Raymond James383\n12PNC Bank363\n13Moelis355\n14Bank of America351\n15Evercore346\nNo.AdvisorDeals\n16Lazard315\n17Barclays307\n18Citi295\n19Stifel257\n20RBC248\n21Rothschild236\n22Canaccord215\n23KeyBanc180\n24Guggenheim160\n25BMO142\n26Deutsche Bank139\n27Centerview133\n28Truist130\n29Macquarie119\n30KPMG108\nNet Revenue from Sell-Sides Referred by Investment Banks\n$1.0M\n$1.1M\n$13.3M\n$18.0M\n$20.6M\n2018202020222024 LTM Mar-25\n\n58\nSTRICTLY CONFIDENTIAL\nMaximize Wallet Share and Cross-Sell Opportunities with Existing Clients\nUpsell core offerings to capture larger share of deal volume within established private equity relationships\nExpansion of OfferingsSignificant Whitespace Available Within Current Client Base\nValue Creation\nEmbedded Data \nAnalytics and \nSustainability\nAI Diagnostic, Piloting, \nand Scaled Adoption\nInitiative Deployment, \nMarket Piloting, and \nGrowth Office \nGovernance\nSell-Side \nCommercial \nDue Diligence\nScale Dedicated \nResources to Optimize \nPitch and Delivery \nProcess\nExpand Sales Team to \nDeepen Content \nCoverage to Facilitate \nBank Penetration\nFurther Integrate \nBusiness Units to \nMaximize Value of \nMarket Intelligence \nAcross Offerings\nBuy-Side \nCommercial \nDue Diligence\nIncrease Coverage \nVerticals to Better Serve \nFunds with Broad \nInvestment Theses\nFill Content and \nExpertise Gaps to Elevate \nDelivery to Higher-\nVolume Upper MM and \nLarge Cap Sponsors\nTarget Additional Public \nEquity Investors to \nFurther Diversify Profile \nof Transactions \nEvaluated\nPrivate Equity Client Count\nEstimated Current Serviceable Available Market (SAM) Penetration\n~2% \nPenetration of \nICP Estimated \nSpend\n~5% \nPenetration of \nCurrent Client \nEstimated \nSpend\nStrong right to grow through wallet share \nand new logo expansion with ~$1.3 billion in \nattainable whitespace across core products\nCurrent vs. Target Service Line Mix\nTBU?\n75\n100\n129\n20192021TTM Mar-25\n44%\n37%\n15%\n4%\nBuy-Side\nSell-Side\nValue Creation\nOther\nLTM \nMar-25\n37%\n37%\n24%\n2%\n2030P \nOrganic\n~$0.1M\n~$1.3M\n~$3.2M\n~$5.2M\nCurrent Stax Revenue\nwithin SAM\nEstimated SAM within\nCurrent Clients\nMiddle Market Ideal Client\nProfile (ICP) SAM\nNorth America and U.K.\nTotal SAM\n\n59\nSTRICTLY CONFIDENTIAL\nAttract, Develop, and Retain Talent to Capitalize on Growth\n▪Dedicated and growing talent acquisition team manages the hiring funnel to identify \nand pursue candidates with experience to strengthen core offerings or expand areas \nof coverage\n▪Continued branding initiatives and increased visibility online will yield additional hires \nfrom a broader pool of candidates\n▪Proven ability to attract senior- and mid-level hires with experience at top-tier firms\nContinue winning talent through targeted recruitment efforts and growth-oriented culture\nStrategic Approach to Fostering Junior Growth Lateral Experienced Hire Recruiting\nOrganic Client Service Network ExpansionProjected Growth in Productivity\nNet Revenue per Director and Managing Director\nProjects Invoiced per Director and Managing Director\nDirector and Managing Director HeadcountAll Other CSN Headcount\nConsulting \nSkills\nDevelopment \nPrograms\nProject Delivery Excellence Series: Primary, secondary, survey, and modeling \ntraining\nAssociate \nConsultants and \nConsultants\nSenior \nConsultants and \nManagers\nProject Management Excellence Series: Project management and economics, \nstoryboarding, running effective team meetings, and presentation training\n▪Proven track record of developing young talent within Stax, leading to a strong team \nof tenured senior employees contributing the sustained success\n▪Recruiting junior talent has enabled employees to acquire foundational skills \neffectively and efficiently\n▪Onboarding young talent has fostered adaptability to Stax practices and strengthened \nemployee loyalty\n24\n25\n36\n49\nMar-252025E2028P2030P\n106\n122\n180\n246\nMar-252025E2028P2030P\n10.8\n11.4\n12.0\n12.5\nLTM Mar-252025E2028P2030P\n$3.9M\n$3.7M\n$4.7M\n$5.4M\nLTM Mar-252025E2028P2030P\n\n60\nSTRICTLY CONFIDENTIAL\nProven Vertical Expertise and Journey\nRoom to build subsector density in core verticals, as we as deepen expertise in other targeted industry verticals\nCurrent Vertical MaturityVertical Growth Opportunities\nStrong Growth within Key Verticals Expansion Opportunities within Core Verticals \n$5\n$10\n$11\n$27\n$31\n$30\n$33\n$36\n$6\n$6\n$6\n$11\n$17\n$16\n$18\n$20\n$11\n$16\n$18\n$39\n$48\n$46\n$51\n$56\n2018201920202021202220232024LTM\nMar-25\nTechnologyServices\n(Net Revenue; $ in millions)\n▪Organized depth and breadth of referenceable work\n▪Subsector expertise\n▪Sector-specific senior recruitment \n▪Scaled sector-specific maturity and communication\n▪Subsector account targeting and planning\n▪Vertical planning\n▪Increase in opportunity volume \n▪Increase in win rate \n▪Increase in average project size\n▪Expansion in private equity and investment banking \naccounts leveraging Stax within a vertical \n▪Above market performance \n▪Outsized opportunities through investment banks and large \ncap private equity \nVertical EnablersImpact\nPlan to leverage existing verticals to deepen market presence \nand strategically expand into new sectors, will drive \nsustained growth\nIndustrials \nTechnology \nServices \nHealthcare \nAerospace & \nDefense \nConsumer\nGovernment \n& Public \nImpact\nEnablers\nFully EvolvedDevelopingExpansion Verticals \n2018 – LTM Mar-25 CAGR: 30%\n\n61\nSTRICTLY CONFIDENTIAL\nExpand Capabilities and Client Profiles\nStax’s focus on relationships cultivates a deep understanding of clients' needs and the specific areas where they require assistance\nDeal-Related ServicesNon-Deal Related ServicesClient Type Expansion\n▪Presence and \ndemonstrated \nsuccess in \nsupporting software \nand technology \nengagements \ncreates natural \navenue for \nexpansion\n▪Ingrained cross-sell \nfrom standard \ncommercial \ndiligence and value \ncreation projects\nTechnology Due \nDiligence\n▪Well-defined and \nsynergistic offering, \nnatural extension of \nexisting value \ncreation \nengagements\n▪Accelerated entry \nfeasible via hiring or \nM&A, healthy \npipeline of potential \ntargets\nProcurement \nOptimization\n▪Natural extension of \nvalue creation to \nimplement best \npractices observed \nin premium assets \nacross industries\nOperations \nPlanning and \nOptimization\n▪Rising need for \nassessment of risks, \ninefficiencies, and \noperational gaps as \ncompanies face \nincreasing scrutiny \nfrom potential \ninvestors during \ndiligence\nOperational Due \nDiligence\n▪Enable Stax to \ncapitalize on the \ngrowing market for \ndebt investments \nand drive demand \nduring economic \ndownturns by \nleveraging credit \nfunds' insulation \nfrom M&A market \nfluctuations\nCredit Funds \n▪Foster long-term \nrelationships that \nendure through \neconomic \ndownturns, \ngenerating a steady \npipeline of new \nclients across family \noffice portfolios\nFamily Offices\n▪Demonstrated \nsuccess \ntransitioning from \nM&A to hedge fund \nclients during \neconomic \ndownturns, \nleveraging large \nclients to generate \nrecurring demand \nfor market research \nacross economic \ncycles\nHedge Funds \n▪In-demand offering \nof critical focus for \nprivate equity \ncompanies as AI \nstrategy becomes \n“need-to-have” and \neffective AI \nintegration \nbecomes a key \nsource of private \nequity value \ncreation\n▪Potential to serve \nprivate equity funds \n(broad fund-level AI \nstrategy) and each \nportfolio company\nAI Enablement \nand Deployment\n\n62\nSTRICTLY CONFIDENTIAL\nStrategically Expand Geographic Footprint\nOpportunity to strategically expand into new geographies and expand within current markets\nOpportunistic Regional ExpansionCapitalize on Momentum in Additional Geographies\nDemonstrated organic expansion \nin Chicago and New York\nSuccessful inorganic growth in London\nSignificant opportunity to grow \nwallet share in existing markets\nIntegrate planful culture and process \nexpansion into new markets \nReplicating the Stax Engine overseas – \nRaise the Profile, Build the Team\nBuy-Side, Sell-Side, Value Creation\n5+ Verticals\nMiddle Market and Large Cap Focus\n30+ Consultants\nAcquired in October 2022 to \nfacilitate U.K. expansion\nCDD Focus\nPrimarily Events\nLower Price Point\n10 Consultants\nComplete MBB+ transition to autonomous, \nself-sustaining, integrated machine\nBuy-Side, Sell-Side, Value Creation\n10 Verticals\nMiddle Market and Large Cap Focus\n40+ Consultants\n2025-2030Today\n2025-2030Today\nKey Selection Factors for New Markets\n✓Proximity and expertise \n✓Ability to have cultural alignment \n✓Sizable private equity market \n✓Available talent\n✓Existing client density \n✓Competitive differentiation\nGrowth Framework\nTexas and \nCalifornia\nNordics and \nDACH\nBoston\nNew York and \nChicago\nLondon\nInorganic Expansion\nKey Accomplishments to Date\nU.K. Private Equity and Transactional Net Revenue\nDirector and Managing Director Headcount\nChicagoNew YorkLondonBoston\n$0.9M\n$2.9M\n20222024\n2\n7\n2022 25-Mar\n44\n2022 25-Mar\n6\n12\n2022 25-Mar\n0\n1\n2022 25-Mar\n\n63\nSTRICTLY CONFIDENTIAL\nOpportunity to Further Capture Pricing Through Advisory Journey\nStax’s compelling value to its clients, along with higher pricing by competitors, creates favorable environment for price increases\nShift to Content Advisory Unlocks Further Pricing OpportunitiesTrack Record of Successful Increases in Client Value \nAverage Client Service Network Bill Rate\nAverage Director and Managing Director Headcount\nDirector and Managing Director Billable Hours\nTypical Engagement Price\n$100K$250K$500K$800K-$1M\nBreadth and Depth of Offering\nStax is positioned to capture \npricing consistent with client \nimpact, results, and ROI delivered \nwithout risking relationships\nUpper / Middle Market & Growth Funds\n(Europe)\nPurposeful Shift to “Strategic Advisory” Drives Increased Pricing\nDeliver DataDeliver ResearchDeliver Strategy Deliver Advisory\n$353\n$420\n$429\n$449\n$493\n$542\n202220242025E2026P2028P2030P\n10\n18\n23\n27\n36\n49\n202220242025E2026P2028P2030P\n7,105\n8,854\n11,044\n13,052\n18,210\n25,374\n202220242025E2026P2028P2030P\n\n64\nSTRICTLY CONFIDENTIAL\nTargetRegion\nCapabilitiesAcquisition Type Revenue\nCompany ASoutheastTechnology due diligence and value creationTransformational~$80M\nCompany BSouthwestGo-to-market performance improvementTransformational~$75M\nCompany CUnited KingdomCommercial due diligenceTransformational~$50M\nCompany DMidwestPricing strategy and performance improvementTransformational~$75M\nCompany EMidwestOffice of the CFO and financial due diligenceTransformational~$75M\nCompany FUnited KingdomHealthcare commercial due diligence Tuck-In~$10M\nCompany GNortheastCommercial due diligenceTuck-In~$7M\nCompany HSouth CentralDefense commercial due diligenceTuck-In~$15M \nCompany INortheastPrivate equity performance improvement Transformational~$50M\nCompany JWestSoftware and tech based due diligence Tuck-In~$10M\nCompany KSouth CentralTech due diligence and value creation Tuck-In~$10M\nCompany LSouthwestTech due diligence and office of the CTOTuck-In~$8M\nUnited Kingdom Commercial due diligence Tuck-In~$5M\nMid-Atlantic Defense commercial due diligenceTuck-In ~$15M\nTotal~$485M\nSignificant Value Accretive M&A Opportunity and In-House Expertise \n▪Leverages CEO's experience in professional services strategy and corporate development\n▪M&A is evaluated on a risk adjusted continuum and compares opportunities such as greenfield expansion, \nacqui-hires, and acquisitions\n▪Stax maintains a strict acquisition investment criteria that must satisfy proven \"Deal Equation\" across \nmultiple dimensions\n‒Strategic Fit: Enhance defined product offering, industry expertise, or geography\n‒Cultural Fit: Similar margin and KPI profile and positive purchase price multiple\n‒Economic Fit: Ability to thrive within Stax business model\n▪Established and repeatable integration playbook with emphasis on a “day-one” plan\nStax has invested in the transition from founder-owned business to a world-class operating platform of scale and is positioned to grow via acquisitions\nStax is an Acquirer of ChoiceRobust and Selective M&A Criteria and Integration Process\nAreas of Focus When Evaluating M&A\nIllustrative Acquisition Target List\nCapitalize on cross-selling and repeat client demand\nHighly specialized expertise to provide actionable, data-driven answers for clients\nDifferentiated culture and operating model generates wins in the “war for talent”\nAdditional resources that come from a larger company\nEquity value creation opportunity through incentive plan\n1\n2\n3\n4\n5\nConsulting is a highly fragmented market with opportunity for M&A\nA- Crosslake\nB –SBI\nC- CIL\nD - Insight2Profit\nE - E78\nF - Candesic \nG - Arnovia \nH - Next F&D\nI - Beck Way \nJ – PASG\nK - ThinkTiv \nL - Waypoint\nM - Fairgrove\nN - Nextfed\n▪Continental Europe\n▪Middle East and Asia Pacific\nGain Geographic \nDiversification\n▪Tech due diligence\n▪Financial due diligence\n▪Operational improvement\nBuild Complementary \nService Offerings\n▪Aerospace and Defense\n▪Healthcare\nExpand Industries of \nCoverage\n•To remove target names\n\nFinancial Overview\n\n66\nSTRICTLY CONFIDENTIAL\n$2.7M\n$4.5M\n$0.5M\n$1.4M\n$0.2M\n$0.6M\n$3.5M\n$6.5M\nQ1-24Q1-25\nServicesHealthcareConsumer\nStrong Performance in Q1 with Favorable Momentum Heading Into Remainder of 2025\nContinued significant performance in Q1 couples with strong tailwinds from recent headcount additions\nStrong Performance in Early 2025Growing Contribution from New Hires\nIncreasing Momentum in Targeted VerticalsRamping Net Revenue Contribution from Value Creation and United Kingdom\n(1)All Managing Directors hired in the second half of their respective cohort year. 2022 cohort includes 2 hire, 2023 cohort includes 2 hires, and 2024 cohort includes 1 hires.\n(Net Revenue)\n(Net Revenue)\n$15.5M\n$20.5M\nQ1-24Q1-25\n$2.6M\n$2.3M\n$3.8M\n$0.7M\n$0.8M\n$1.5M\nQ4-24Q1-25Avg. Q2-Q4 2025E\nValue CreationUnited Kingdom\n64%\nYoY Growth\n19\n24\nNov-24Mar-25\nRecent senior hires will drive meaningful revenue \ngrowth as they continue to ramp\n930\n1,240\n71\n667\n69\nLTM Mar-24LTM Mar-25\n2022 Hires2023 Hires2024 Hires\nAn improving M&A market will provide additional upside\nYoY Growth\n839%\n33%\nDirector and Managing Director HeadcountBillable Hours by Managing Director Cohort\n(1)\nYoY Growth\n33%\n202%\n154%\n\n67\nSTRICTLY CONFIDENTIAL\nCompelling Long-Term Outlook Underpinned by Track Record of Consistent Growth\nHighly attractive financial profile driven by demonstrated ability to expand already impressive margins\nPro Forma Adjusted Net Revenue\nOrganic Gross Profit and Margin\nPro Forma Adjusted EBITDA and Margin\n($ in millions)\n($ in millions)\n($ in millions)\n$39\n$44\n$48\n$54\n$70\n$88\n$109\n$136\n$168\n61.0%\n62.0%\n63.1%\n59.5%\n60.5%\n61.0%61.0%61.0%61.0%\n20232024LTM Mar-252025E2026P2027P2028P2029P2030P\n$42\n$54\n$69\n$89\n$112\n$4\n$10\n$19\n$30\n$45\n$19\n$24\n$27\n$31\n$46\n$65\n$88\n$119\n$157\n29.3%\n33.5%\n35.6%\n33.3%\n36.2%\n38.0%\n39.0%\n39.9%\n40.9%\n20232024LTM Mar-252025E2026P2027P2028P2029P2030P\nOrganicAcquired\n$115\n$143\n$179\n$223\n$275\n$12\n$27\n$48\n$75\n$110\n$64\n$71\n$76\n$91\n$127\n$170\n$226\n$298\n$385\n20232024LTM Mar-252025E2026P2027P2028P2029P2030P\nOrganicAcquired\n\n68\nSTRICTLY CONFIDENTIAL\nBridge to 2030P Revenue\nPathway to ~$385 million of net revenue by 2030\nNote: 2020 reflects reported Net Revenue. Other includes growth in Reimbursables and Tech & Admin.\nFoundation Established to Support the Next Stage of Growth\n($ in millions)\n2020 Net \nRevenue\nHeadcountUtilizationBill RatesRealizationOther2025E Net \nRevenue\nHeadcountUtilizationBill RatesRealizationOther2030P Organic \nNet Revenue\nAcquisitions2030P Net \nRevenue Incl. \nM&A\n\n69\nSTRICTLY CONFIDENTIAL\nMultiple Levers to Boost Productivity and Expand Margins\nAssumptions embedded into the forecast for strong organic growth and profitability\nRealization RateOperating Leverage\nUtilization Rate\n(1)\nProjects Invoiced per Director/Managing Director\n(1)Based on 2,080 available hours less 290 firm holiday and PTO hours, net of billable adjustments by skill level (50% for Directors and Managing Directors; 75% for Senior Managers and Associate \nDirectors) per management’s view.\n(Operating Expenses as a % of Net Revenue)\n(Client Service Network)\n87.2%\n88.2%\n89.1%\n90.0%\n90.9%\n91.8%\n2025E2026P2027P2028P2029P2030P\n95.8%\n96.8%\n97.8%\n98.8%\n99.8%\n100.0%\n2025E2026P2027P2028P2029P2030P\n25.6%\n24.3%\n23.2%\n22.2%\n21.2%\n20.3%\n2025E2026P2027P2028P2029P2030P\n11.9\n12.2\n12.5\n12.7\n12.9\n13.2\n2025E2026P2027P2028P2029P2030P\n\n70\nSTRICTLY CONFIDENTIAL\nAttractive Financial Profile Anchored by Exceptional Margins and Strong Cash Flow\nOngoing margin expansion driven by operating leverage and continued optimization of delivery model and pricing\nStrong Cash Flow GenerationBest-in-Class Margin Profile\n(2)\nProven Ability to Scale EBITDA Margins\n(2)\n(1)Reflects 2023 and 2024 reported capital expenditures.\n(2)Reflects 2025E.\nEfficiently operates with limited cash tied up in working capitalGross margins driven by efficient service delivery and compelling value for clients\nOngoing margin expansion driven by operating leverage and continued optimization of delivery model and pricing\n29.3%\n33.5%\n35.6%\n33.9%\n36.2%\n38.0%\n39.0%\n39.9%\n40.9%\n20232024LTM Mar-252025E2026P2027P2028P2029P2030P\n(Pro Forma Adjusted)\n~97%\nFCF Conversion\nLimited\nWorking Capital \nRequirements\n~$0.5M\nHistorical Annual\n Capex\n(1)\n34%\nStrong and Increasing \nEBITDA Margins\nEfficient and \nScalable SG&A\n60%\nGross Margin\n\n71\nSTRICTLY CONFIDENTIAL\nSummary of Diligence Adjustments\n1.Removes the impact of expenses incurred \nrelated to the current Owners which will not \ncontinue post-close\n2.Normalizes (i) the impact of large signing \nbonuses & recruiting costs for high-level \npersonnel, and (ii) back-office personnel costs\n3.Includes various adjustments for \nnormalizations, removal of the now-\ndiscontinued Colombo direct operations, and \nremoval of non-recurring items\n4.Quantifies the pro forma impact of capacity-\nrelated lost revenue due to the secondment \nprogram\n5.Quantifies the impact of MD compensation \nprior to revenue generation or significant \nbillable hours\nSummary of Quality of EarningsCommentary\n▪Text\n($ in millions)20232024LTM Mar-25 \nReported EBITDA\n$13.7$18.4$21.3\nAcquisition Adjustments–––\nAcquisition Adjusted EBITDA\n$13.7$18.4$21.3\nNon-Operating Owner Expense Removal2.61.9 1.9\nCompensation Adjustments1.4 1.51.3 \nOther Diligence Adjustments0.90.60.6\nDiligence Adjusted EBITDA\n$18.6$22.4$25.1\nSecondment Revenue Impact–1.21.2\nMD Ramp-Up Compensation0.30.40.9\nPro Forma Adjusted EBITDA $18.9$23.9$27.2\n1\n2\n3\n4\n5\n1\n2\n3\n4\n5\nClean EBITDA with high cash flow generation"
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"text": "\n\nApril 2025\nConfidential Information Presentation\nDRAFT\nAs of 4/24/2025 11:49 AM\n\n2\nSTRICTLY CONFIDENTIAL\nImportant Information and Transaction Team\nThis Confidential Information Presentation (the “Presentation”) is intended solely for the use of prospective investors in determining whether or not to pursue the proposed transaction with Stax Holding Company, LLC (“Stax” or the “Company”). The Presentation is of a \nproprietary and confidential nature and is only being furnished to those parties who have agreed to be bound by the terms and conditions of the previously executed confidentiality agreement (the “Confidentiality Agreement”). William Blair & Company, L.L.C. (“William \nBlair”) has been retained by the Company as its financial advisor.\nBy accepting this Presentation, the recipient agrees that it will, and it will cause its directors, officers, employees, and representatives to, use this Presentation and all of the information contained herein only to evaluate a specific negotiated transaction with the Company \nand for no other purpose and shall return this Presentation together with any copies to William Blair upon request. This Presentation contains confidential, non-public information concerning the Company. Receipt of this Presentation constitutes your acknowledgment \nthat you will maintain the information contained herein in strict confidence. \nThis Presentation does not constitute (i) any offer to sell or the solicitation of an offer to buy any securities or assets of the Company or (ii) any offer or recommendation to enter into any transaction referenced herein.\nAll information contained herein has been provided by the Company or other sources that William Blair deems reliable. However, William Blair has not independently verified any of the information contained herein, including financial estimates and projections. This \nPresentation includes certain statements, estimates, and projections provided by the Company with respect to its anticipated future performance. Such statements, estimates, and projections reflect various assumptions concerning anticipated results, which assumptions \nmay or may not prove to be correct. The information contained in the Presentation, including financial statements, projections and estimates, (a) is not necessarily indicative of current value or future performance, which may be significantly more or less favorable than as \nreflected herein; (b) has not been independently verified and cannot be regarded as forecasts; and (c) and is based on assumptions and analysis available at the time this Presentation was prepared. Unless expressly stated otherwise, this Presentation presents information \nwith respect to the Company as of the date of the Presentation and should not be construed to indicate that the business of the Company remains unchanged since the date of this Presentation.\nThe products, product names, logos, brands, and their trademarks featured or displayed within the Presentation are the property of their respective trademark owners, who are not affiliated with, nor do they sponsor or endorse, the Company nor the Company’s services.\nThis Presentation does not purport to contain all of the information that may be necessary or appropriate to evaluate the proposed transaction, and any recipient hereof should conduct its own independent analysis of the Company and the data contained or referred to \nherein. Neither the Company nor William Blair is acting as financial advisor, intermediary or distributor of securities, or in any fiduciary capacity of any kind to the recipient or any other prospective purchaser. The recipient should also seek advice from its own specialized \nadvisors (including financial, legal, accounting and tax) in conducting such analysis.\nIn furnishing this Presentation, neither the Company nor William Blair undertakes any obligation to provide additional information or to correct or update any of the information set forth in this Presentation. The Company and William Blair reserve the right to amend or \nreplace this Presentation at any time. The Company reserves the right in its sole discretion, with or without notice, to interrupt, modify or terminate, at any time, solicitations of interest for the proposed transaction or any future participation in the investigation, discussion \nand proposal process for a proposed transaction with any party.\nNeither the Company nor William Blair makes any representation or warranty, expressed or implied, as to the accuracy or completeness of the information contained in this Presentation, or made available, orally or in writing, in connection with any further investigation of \nthe Company, and nothing contained herein is, or shall be relied upon as, a promise or representation, whether as to the past or the future. The Company and William Blair expressly disclaim any liability relating to or resulting from the use, distribution or analysis of this \nPresentation. The recipient should rely solely on the representations and warranties made to it by the Company in any executed definitive agreement. \nNothing herein is intended to in any way modify, amend or supersede any of the terms and conditions set forth in the Confidentiality Agreement, which remains in full force and effect in accordance with its terms. This Presentation is intended to be delivered solely to \nparties bound by the terms of the Confidentiality Agreement and possession and use of the Presentation is subject to the terms thereof. This Presentation may not be photocopied or otherwise reproduced or distributed except in strict accordance with the terms of the \nConfidentiality Agreement.\nInquiries should be directed only to the below named persons. Under no circumstances should the Company or any of its associates, clients or vendors be contacted directly. If you have any questions or need additional information, please contact:\nTim McHugh\nManaging Director\n+1 (312) 364-8229\ntmchugh@williamblair.com \nJustine Chiou\nManaging Director\n+1 (312) 364-5086\njchiou@williamblair.com \nMiles Gornto \nDirector\n+1 (470) 351-6950\nmgornto@williamblair.com \nOscar Mendez\nVice President\n+1 (312) 364-5460\nomendez@williamblair.com\nWilliam Hyatt \nAssociate\n+1 (312) 601-9764\nwhyatt@williamblair.com\nAnna Lee Melton\nAnalyst\n+1 (312) 364-8155\namelton@williamblair.com \nAlvaro Flores\nAnalyst\n+1 (212) 237-2794\naflores@williamblair.com \nTransaction Team Contacts\n\n3\nSTRICTLY CONFIDENTIAL\nSection I\nExecutive Summary\nSection II\nIndustry Overview\nSection III\nService Lines\nSection IV\nClient Relationships\nSection V\nGo-to-Market Strategy\nSection VI\nCulture and Talent Management\nSection VII\nOperations and Platform\nSection VIII\nGrowth Strategy\nSection IX\nFinancial Overview\nContents\n\nExecutive Summary\n\n5\nSTRICTLY CONFIDENTIAL\n5\nSTRICTLY CONFIDENTIAL\nStax at a Glance\nGlobal strategy consultancy platform providing actionable, data-driven answers to clients’ critical \nstrategic questions\n▪Leading global advisory firm that provides a complementary suite of commercial due diligence (CDD), value creation, and exit \nplanning services\n▪Purpose-built to serve the private equity community and their portfolio companies across the investment lifecycle, creating deep, \nlong-lasting, and recurring client relationships\n▪Large and growing addressable market creates long runway for growth\n▪Differentiated competitive positioning created by highly specialized talent, vast intellectual property, library of referenceable work \ncreated through prior engagements, comprehensive data analytics capabilities, and a nimble operating model\n▪Proven ability to attract, develop, and retain highly specialized talent\n▪Long-term track record of strong growth and profitability amplified by momentum in recent performance\n▪Multiple growth avenues that are highly attractive and actionable\n▪Well-invested infrastructure, systems, processes, and experienced management team poised to support significant scale\n(1)Data prior to 2022 excludes pro forma adjustments.\n(2)Includes non-CDD or value creation services such as asset \nand sector work for hedge funds/credit funds or data \nanalytics retainers.\n(3)As of year-end 2024 unless otherwise stated.\n(4)Revenue from clients utilizing 2+ services.\n(5)Excludes Intern/Co-Op and Involuntary Turnover.\n(6)As of March 2025.\nStrong Long-Term Net Revenue Profile\n(1)\n$3M\n$6M\n$10M\n$20M\n$36M\n$76M\n20012005201020152020LTM Mar-25\nFirm OverviewBy the Numbers\n(1)(3)\n$91M\n2025E \nNet Revenue\n73%\nRevenue from \nRepeat Clients\n$31M\n2025E \nPF Adj. EBITDA\n24\nManaging \nDirectors and \nDirectors\n(6)\n \n~40%\nCross-Sell \nRate\n(4)\n130 \nClient Service \nNetwork \nProfessionals\n(6)\n~33%\n2020-2025E\nEBITDA CAGR\n~80%\nClient Service\nNetwork\nRetention\n(5)\n160+\nClients Served \nAnnually\n~40%\nEmployee and\nFounder Owned\n$320K+\nAverage \nProject Size\n22%\n2020-2025E\nRevenue CAGR\n44%\n37%\n15%\n4%\nBuy-Side\nSell-Side\nValue Creation\nOther\nLTM Mar-25\nNet Revenue \nby Service\n(2)\n2010 – LTM Mar-25 CAGR: ~15%\n\n6\nSTRICTLY CONFIDENTIAL\n6\nSTRICTLY CONFIDENTIAL\nConsistent history of growth and delivering critical strategic solutions with continued strong momentum and excitement for the future\nStax has Taken a Disciplined Approach to Building a Platform of Scale\nRecent History (2021 – Present)Early History (1994 – 2020)\n1994-1996\nFounded in Somerville, MA by Rafi Musher\nLaunched private equity practice and began \nexpanding corporate client base\n2010-2015\nRelocated headquarters to \nBoston\nShifted to exclusively focus on \nprivate equity due to demand \nand internal expertise\n2019-2020\nBegan proactively \nmarketing sell-side \nengagements and \nbuilding an investment \nbanking referral \nchannel\nProductized for the \nfast-growing LMM \nprivate equity deal \nmarket\nExpanded hedge fund \nand credit fund \nproducts and coverage\n2021\nHeadcount reaches \n175+ as the Company \nexperiences record \ngrowth driven by \nexpansion of core \nbusiness and \nincreased demand \nfor data analytics \ncapabilities\nJune 2023 \nJayson Traxler assumes role \nof Chief Executive Officer\nOctober \n2022\nJayson Traxler \nbecomes \nPresident of Stax, \nwith Rafi Musher \nshifting to \nChairman of the \nBoard\nMarch 2023\nPaul Edwards \nbecomes Global \nPractice Leader\nIntroduced \nverticalized \napproach to client \ncoverage initially \nexpanding on \nexisting strengths in \nservices, \ntechnology, and \nindustrials\nDecember 2023\nProductized sell-side \noffering with targeted \ncoverage effort under Will \nBarden and Roy Lockhart\nJanuary 2024\nHired Phil Dunne to \nlead London office and \nindustrials vertical\nNovember 2021\nJayson Traxler joins \nStax as Chief Operating \nOfficer\n1998-2003\nExpanded footprint to \nChicago to meet \ngrowing needs of \ncorporate and private \nequity clients \n2005\nPaul Edwards joins Stax\nApril 2023\nFormal New York \nmarket entry – \nexpanded offices \nto have capacity for \nconsultants and \nincreased presence \nin local market\nJune 2024\nRelocated London \noffice to Mayfair to \nexpand presence \nand demonstrate \nstature in the \nmarket\nNovember 2024\nHired Robert Lytle to \nbolster private equity \nrelationships and add \nexpertise to ongoing \nverticalization\nOctober 2021\nReceived strategic \ninvestment from Blue \nPoint\nNovember 2022\nHired Vince Zosa to build \nintegrated Value Creation \nIntegrated Product (VCIP) \noffering\nAcquired AMR to establish a \npresence in the London market, \nwith plans to hire additional \ntalent for further expansion\ninternational.\nAMR\nJuly 2023 \nExpanded into \nESG/Sustainability as \npart of VCIP\nOctober 2023\nExpanded into \nPricing Excellence \nas part of VCIP\nJanuary 2025\nHired Brad Kuntz to \nfurther build out \nNew York office and \nlarge cap private \nequity account \ncoverage\n\n7\nSTRICTLY CONFIDENTIAL\n7\nSTRICTLY CONFIDENTIAL\nSignificant opportunity to capture additional whitespace\nLarge Addressable Market Creates Long Runway for Growth\nMarket \nSegments \nand Size\n2025E Stax \nRevenue\nCurrent North America + U.K. \nPrivate Equity-Backed M&A \nMarket (Ideal Fund Sizes)\nCurrent spend on buy-side \ncommercial due diligence, sell-side \ncommercial due diligence, and value \ncreation for North America and U.K. \nPrivate Equity-Backed M&A for \nsubset of funds with sizes most highly \naligned to current Stax services\nCurrent North America + \nU.K. Private Equity-Backed \nM&A Market (Ideal \nClients)\nCurrent spend on buy-side \ncommercial due diligence, sell-\nside commercial due diligence, \nand value creation for North \nAmerica and U.K. Private Equity-\nBacked M&A for clients most \nhighly aligned to current Stax \nservices\nTotal Addressable North \nAmerica + U.K. Private \nEquity-Backed M&A \nMarket\nFull adoption of buy-side \ncommercial due diligence, sell-\nside commercial due diligence, \nand value creation for North \nAmerica and U.K. Private Equity-\nBacked M&A\nTotal Addressable Private \nEquity-Backed M&A \nMarket\nFull adoption of buy-side \ncommercial due diligence, sell-\nside commercial due diligence, \nand value creation for Private \nEquity-Backed M&A globally\nTotal Addressable Market\nFull adoption of buy-side \ncommercial due diligence, sell-\nside commercial due diligence, \nand value creation for global \nM&A\n<\n+\n=\n$91M\n$3.9B\n$5.2B\n$19.5B\n$32.6B\n$67.5B\nExisting Offerings\n\n8\nSTRICTLY CONFIDENTIAL\n91%\n83%\n86%\n81%\n80%\n80%\n74%\n77%\n77%\n76%\n9%\n17%\n14%\n19%\n20%\n20%\n26%\n23%\n23%\n24%\n26.4K\n22.3K\n24.9K\n23.3K\n20.6K\n28.2K\n28.7K\n26.4K\n26.0K\n28.6K\n2000200520102015202020212022202320242025P\nPE Involvement\nNo PE Involvement\nMomentum Is Building \nfor a Resurgence in \nM&A Markets\nPrivate Equity Backed \nCompany Inventory \nContinues to Rise \nAlongside Record-\nBreaking Dry Powder \nStores\nService Providers Are \nIncreasingly Becoming a \nCritical Resource Rather \nthan a “Nice to Have”\nPowerful Market Tailwinds Lay the Foundation for Outsized Growth\nStax is positioned to benefit from favorable market conditions, amplified by the Company’s alignment with the private equity universe\nSources: Dealogic, EY, Partners Group, PitchBook, S&P Capital IQ Pro.\n(1)Includes balanced, co-investment, co-investment multi-manager, growth, turnaround, and buyout strategies primarily focused on investments in North America.\n▪Expansionary monetary policy and declining inflation point towards \nincreased M&A activity in 2025 as valuations recover\n▪Less onerous regulatory hurdles will provide a more predictable, \ntruncated approval process\n▪Creative deal structures and a broader shift towards simplification— \noptimizing undervalued assets, separating divergent businesses, \nnarrowing geographic focus—will further contribute to volume\nU.S. Private Equity Backed Companies by Time in Portfolio\n▪Rising private equity inventory drives pent up demand for market \ninsight services over multiple investment cycles\n▪High proportion of long-held assets in sponsor portfolios are slated to \nseek monetization as the pressure to return distributions to paid in-\ncapital (DPI) increases\n▪Undeployed capital continues to accumulate, creating further \nincentive for general partners to transact\n▪Sponsors are tapping into a range of strategic levers to unlock \nliquidity, including co-control and minority stake sales\n▪Need for commercial due diligence and value creation services have \nstrengthened over time as private equity returns become more \nreliant on driving operational improvements and top-line growth\n▪Competitive deal environment is forcing private equity firms to \nrapidly identify and assess critical diligence topics in M&A\n▪Adoption of third-party, non-financial diligence reports (commercial, \ntech, ESG) is increasing\n▪Sponsors are progressively tasking third-party advisors with more \ncomplex challenges\n$71B\n$141B\n$246B\n$330B\n$742B\n$965B\n200020052010201520202024\nU.S. Private Equity Dry Powder\n(1)\nNorth American and European M&A Transaction Volume\nEvolution of Private Equity Return Contributors\n18%\n22%\n36%\n55%\n70%\n31%\n46%\n39%\n30%\n15%\n51%\n32%\n25%\n15%15%\n1980s1990s2000s2010s2020s (Outlook)\nDeleveraging\nMultiple Expansion\nOperational Value Creation\n45%\n44%\n45%\n46%\n48%\n18%\n16%\n20%\n21%\n20%\n38%\n40%\n35%\n33%\n32%\n9.8K\n10.5K\n11.0K\n11.3K\n11.8K\n20202021202220232024\n>5 Years\n4-5 Years\n0-3 Years\n\n9\nSTRICTLY CONFIDENTIAL\nComplementary Suite of Services that Scale with the Client\nStax’s services are designed to provide an integrated solution to its clients across the private equity lifecycle\nBuy-Side Commercial Due Diligence\n2025E Net Revenue by Service Line\n(1)\nAssess market dynamics and target alignment, \ncompetitive positioning, and value creation levers\nWorkstreams\n▪Market and asset screening\n‒Sector prioritization\n‒Acquisition screening\n‒Thesis build and development\n▪Early diligence\n‒Red flag assessment\n‒Client checks\n▪Commercial due diligence\n‒Scaled to focus on next phase of growth\n‒Pre-LOI phasing of deliverables to meet process timelines\nValue Creation\nPrimary Goals\n▪Ensure top initiatives can be successfully underwritten and executed \nupon immediately post-deal\nEmbedded Offerings\n▪Commercial excellence\n▪Pricing optimization\n▪Sales productivity\n▪Churn reduction\n▪Cost optimization\n▪Growth expansion and strategy\n▪Post-merger and acquisition strategy integration\n▪ESG and impact advisory\nSell-Side Commercial Due Diligence\nExternal Deliverables\n▪Market studies including market size assessment, client dynamics, \ncompetitive landscape, and growth opportunities\n▪Transaction support via advisory, preparation for conversations with \npotential investors, and other ad hoc analyses\nInternal Value Add\n▪Anticipated areas of potential investor pushback\n▪Insight and recommendations to inform go-forward strategy for \nmanagement and next investor\nEmbedded Offerings\n▪Exit planning and vendor due diligence\n‒Pre-empt process concerns, inform growth strategy, and \nsupport stakeholders through exit\nTypical Transaction Profile\n▪$100 million to $1 billion in enterprise value across technology, \nindustrials, healthcare, consumer, and services\nDrive rapid EBITDA improvement throughout the \ninvestment hold period\nArticulate the exit story and provide actionable \ngrowth blueprint backed by market research\n% of Net Revenue42%% of Net Revenue40%\nBuy-Side Commercial Due Diligence Value CreationSell-Side Commercial Due Diligence \n% of Net Revenue16%\n(1)Excludes 2.5% of Other revenue. \n\n10\nSTRICTLY CONFIDENTIALSTRICTLY CONFIDENTIAL\n10\nWhy Stax Wins\nServices have a high barrier to entry and high cost of failure – gaining the trust of private equity firms is \nextremely difficult and requires consistent high-quality work\nSelect Client Testimonies\n“\n“\nStax offers the Goldilocks solution—strong \nexpertise, high quality work, senior-level \nattention, and great value. Stax solves for \na huge market gap by providing superior \nadvisory work and sell-side market studies \nat a reasonable price\n– Managing Director, Investment Bank\nStax is a firm that can connect all the dots, \nwhich is what we don’t get from the point \nsolutions, while being much more flexible \nvalue-additive than MBB firms\n– Sr. Operating Partner, Private Equity Firm\nThe value of your work was multi-fold – it \ngave us materials to share with investors \nand banks, as well as a roadmap for \nwhere our brand has room to expand\n– CEO, Sell-Side Client\nThe work from Stax gave us a clear 5% lift \non valuation. Their framing of the business \nstarted everyone at a higher base\n– Managing Director, Private Equity Firm\nTalented bench of professionals \nwith specialized expertise\nStrong reputation and trust among \ninvestment banks, private equity firms, \nand other investment managers\nTransparent, collaborative \napproach to projects\nOperating model built \nspecifically to serve the \nneeds of private equity\nDeep vertical expertise\nExtensive intellectual property \ncreated by historical engagements\nStrong data analytics capabilities \nsupported by global delivery\nValue creation is ingrained in \napproach to diligence\nUniquely Positioned Through Breadth of High-Quality Services Offered at a Competitive Price Point\nBreadth and Depth of \nDiligence Offering\n“High-Level”\nBespoke Content; \nGrounded in Data; \nGlobal Presence\nInterview / Survey \nBased; Limited \nGeographic Presence\nQuality / Value \nCaptured \n$250K\nUpper / Middle Market & Growth Funds\n$800K-$1M\n$100K\n(Europe)\n$500K\n\n11\nSTRICTLY CONFIDENTIAL\nCompelling Employee Value Proposition to Cultivate Top Talent\nUnique culture and attractive career growth opportunities make Stax a preferred employment destination for consultants\nVision and Values Serve as a Foundation for Exceptional Client Service...Meaningful Opportunities for Employees Ensure Company Success\n...Which The Industry Recognizes as Best-in-ClassBy the Numbers\n(1)\n95%\nDirector and\nManaging Director \nRetention\n(2)(3)\n$7.7M\nRevenue per \nManaging \nDirector\n(2)\n~$700K\nRevenue per \nClient Service \nProfessional\n232\nFull-Time \nEmployees as of \nMar-25\n36%\nAnnual CSN \nD/MD \nGrowth\n(4)\n11:1\nCSN / Managing \nDirector Ratio\n~80%\nCSN \nProfessional \nRetention\n(3)\n90%\nLTM Mar-25 Client \nService Network \nUtilization\nALM Best Small Firm to \nWork For 2024\nALM Rising \nStars 2025\nALM Top Consultants \n2024\nALM Women Leaders \nin Consulting 2024\nAmerica’s Fastest - \nGrowing Companies\nManagement \nConsulted Top \nConsulting Firm 2025\nRealDeals PE CDD \nProvider of the Year \nFinalist 2025\nConsulting Report Top \n25 Consulting Firm \nCEOs 2024\nConsulting Report Top \n50 Consulting Firms \n2024\nConsulting Report Top \n25 Operations & Supply \nChain Consultants 2025\nVault Top Ranked \nEMEA Consulting\n2025\nVault Top Ranked \nNorth America \nConsulting 2025\nWe will provide exceptional opportunities for good \npeople\nVISION\nWe will create value for our clients and \npartners\nWe will grow a successful, durable organization of \nlong-term value\nWe act with the highest integrity, respect for others, \nand personal accountability\nVALUES\nWe demonstrate commitment to the \ncommunity\nWe foster a sense of shared responsibility \namongst our team\nCompetitively \ndifferentiated \nplatform that \ncreates a platform \nfor professionals \nto be successful\nAmple \nwhitespace for \ncareer growth \nrelative to some \ncompetitors\nGrowing platform \ncreates exciting new \ncareer opportunities \nwhere professionals \ncan have a significant \nimpact \nIncentive model \nthat drives \ncollaboration, \nwith opportunity \nto participate in \nequity value \ncreation\nUnique focus \non serving and \ngrowing with \nprivate equity \nclients\n~40%\nEmployee and \nFounder \nOwned\n86\nEmployee \nOwners\n(1)As of year-end 2024 unless otherwise stated.\n(2)Reflects Client Service Network only.\n(3)Excludes Intern/Co-Op and Involuntary turnover.\n(4)Reflects CAGR of Client Service Network Director \nand Managing Director headcount from year-end \n2022 to Mar-25.\n\n12\nSTRICTLY CONFIDENTIAL\n▪x\n$1.1\n$13.3\n$18.0\n$20.6\n202020222024LTM Mar-25\n23%\n21%\n14%\n41%\nTop 10\nTop 11-30\nTop 31-60\nAll Others\n27%\n7%\n21%\n45%\n<1 Yr\n1-2 Yrs\n2-6 Yrs\n6+ Yrs\n73%\n27%\nRepeat\nNon-Repeat\n62%\n27%\n11%\n1 Service\n2 Services\n3 Services\nDeep-Rooted Client Relationships Supported by Sophisticated Go-to-Market Strategy\nExceptional service and industry expertise lay the foundation for Stax’s long-standing client relationships\nRevenue Concentration by ClientClient Tenure Mix\nClients Using Multiple ServicesRevenue from Repeat Clients\nGrowing Volume of Sell-Side Referrals from Investment Banks\nLarge Cap Private \nEquity\nMiddle Market and \nGrowth Private Equity\nHedge Funds and\nCredit Funds\nInvestment Banks\nSelect Client and Referral Channel Relationships\n(Net Revenue; $ in millions)\n$72M\n2024 Net \nRevenue\n$72M\n2024 Net \nRevenue\n$72M\n2024 Net \nRevenue\n$72M\n2024 Net \nRevenue\n\n13\nSTRICTLY CONFIDENTIAL\nStax is a Service Provider of Choice Across the Private Equity Investment Lifecycle\nProven long-term partner to sponsors and their portfolio companies during key milestones and inflection points\nPre-InvestmentHold PeriodExit\nValue CreationBuy-Side Due DiligenceSell-Side Due Diligence\nMarket and Asset \nAssessment\nEarly Due\nDiligence\nCommercial Due \nDiligence\nProfit\nX-Ray\nGrowth Acceleration \nDiagnostics\nICP\nAnalytics\nExit\nPlanning\nVendor Due \nDiligence\nOngoing Support \nThrough Exit Into \nNext Phase of \nGrowth\nNew Partner\nSelect Portfolio Company Case Studies\nEntry Point and Highlights\n▪Provider of finance, operations, and accounting software to the energy industry\n▪Acquired by Thoma Bravo in 2018 from Silver Lake\n▪Completed three buy-side engagements for private equity firms that later invested in the company, \nleading to repeat growth strategy and value creation work for Stax\n▪Seventeen projects completed to date across three private equity ownership cycles\nInitiatives Under CarlyleInitiatives Under Silver Lake\n15+ Year\nRelationship\nInitiatives Under Thoma BravoCumulative Net Revenue\nEntry Point and Highlights\n▪Provider of solutions to automate and simplify the insurance process\n▪Acquired by Roper Technologies in 2020 from Bain Capital and Vista Equity Partners\n▪Initial introduction in 2010 through a buy-side engagement for a large private equity firm\n▪Eight projects completed to date across three private equity ownership cycles\nInitiatives Under TPGInitiatives Under Bain Capital & Vista\n15+ Year\nRelationship\nInitiatives Under Roper Technologies Cumulative Net Revenue\n▪Conducted buy-side due diligence on behalf of \nCarlyle, which ultimately acquired a majority interest \nin Quorum\n▪Evaluated multiple successful add-on acquisitions\n▪Provided exit planning and sell-side support\n▪Evaluated multiple successful add-on acquisitions\n▪Provided strategy support after three-way merger\n▪Continued evaluation of expansion opportunities\n~$3.5 million~$1.8 million\n▪Assessed add-on potential and risks of an insurance \nand securities technology provider\n▪Conducted a pricing strategy and commercial \ndiagnostic to benchmark recent growth\n▪Completed a sell-side study\n▪Assessed the MGA market to inform growth strategy\n▪Completed commercial performance diagnostic\n▪Supported 3-year strategic planning\n\n14\nSTRICTLY CONFIDENTIAL\nStrong Opportunity to Accelerate Growth Through Multi-Pronged Strategy\nClear, attainable initiatives to build upon leading market position\nAttractive \nMarket Tailwinds\nPrivate equity firms are increasingly utilizing commercial due diligence \nand value optimization services for transactions and portfolio companies\nPrivate equity has shown resilient \ngrowth supporting an expanding TAM\nRising private equity inventory is driving demand for multiple \nmarket insight services over each investment’s lifecycle\n▪Scale coverage and \ncontent intersection \nacross private equity and \ninvestment banks\n▪Further scale dedicated \nbusiness development \nteam to broaden \ncoverage universe\n▪Centralize, scale, and \nmanage external \nindividual, account, and \nsubsector \ncommunications\n▪Focus on accelerating \nthe execution of M&A \nplaybook\n▪Expand into new \ngeographies, new \nservice lines, and build \nscale in existing markets\n▪Opportunistically \nevaluate larger-scale \ntransformative M&A \ntargets\nIdentify and Execute \non Acquisitions\n▪Capitalize on advisory, \nbespoke nature of work, \nand pricing umbrella \nrelative to MBB+ to \nrealize due diligence \nprice increases \nnationally and abroad\n▪Raise prices in value \ncreation to be more in-\nline with client impact, \nresults, and ROI\n▪Expand number of \naccounts with average \nproject size of $400K+ \nwith ample cross-sell \nopportunities and need \nfor multiple projects per \nyear\nExert\nPricing Power\n▪Further optimize cross-\nsell strategy to deepen \ndensity across core \naccounts through scaled \ninside sales strategy\n▪Target key private equity \nclients where \nreferenceable work \nprovides opportunity for \nfurther penetration in \nprojects that command \nmore premium bill rates\nScale Client Coverage\n▪Leverage reputation and \ndifferentiated \nexperience in key \nverticals with high win \nrates across market \nsegments\n▪Introduce new verticals \nsuch as government or \naerospace and defense \nthrough de novo efforts \nor experienced senior \nhires \nDeepen Vertical \nExpertise\n▪Capitalize on hedge \nfunds’ growing inbound \ndemand for market \nresearch \n▪Introduce new purpose-\nbuilt products such as \ntechnology due \ndiligence, financial due \ndiligence, policy and \nregulatory consulting, \noperational due \ndiligence, and ESG and \nsustainability diligence \nthrough integrated go-\nto-market approach\nExpand Capabilities \nand Client Profiles\n▪Continue building \nmomentum in the U.K. \nto expand market \npresence\n▪Strategically grow \nheadcount and client \nleadership in New York \noffice\n▪Establish local presence \nin new geographic \nmarkets through organic \ngreenfield locations in \nthe United States and \nEurope\n▪Continue to protect \nunique culture via \nplanful expansion\nBroaden Geographic \nPresence\n▪Strategically hire senior \nprofessionals to build \ndensity in core verticals \nand expand capabilities\n▪Build density across \ncurrent locations, \nexpanding \napprenticeship model to \nfurther attract and \ndevelop mid/junior \ntalent\nAttract, Develop, and \nRetain Talent\nMaximize Wallet \nShare and Cross-Sell\nGrowExpandTransform\n\n15\nSTRICTLY CONFIDENTIAL\n▪Founder-led with minimal \ninfrastructure\n▪Centralized global management \nteam\n▪Office-centric P&L▪Single global P&L\n▪Inconsistent performance \nmanagement\n▪Inconsistent pricing\n▪Inconsistent delivery \n▪Global standards and value \nproposition\n▪Product-led, content-driven\n▪Concentrated sales with little \ncollaboration\n▪Collaborative account structure\n▪Industry verticalized senior \nconsultants\n▪Research-focused▪Advisory-focused\n▪Tiered product and brand issue\n▪Decentralized, under-invested \nplatform\n▪Well-invested, integrated \ninfrastructure\n▪Purpose-built platform for pace \nof private equity\n▪Proven M&A capability\nProfessionalized Platform Poised to Support Significant Growth\nCurated strategic transition has established infrastructure to scale alongside the business as the Company enters the next phase of growth\n2022 OnwardsPre-2021\nOld FrameworkNew Foundation\n▪Established global competencies, leveling, and \ncompensation\n▪Adopted global staffing and development\n▪Upgraded teams\n▪Unified positioning and value proposition\n▪Benchmarked pricing and products\n▪Upgraded ERP and created Stax INTEL\n▪Adopted senior oversight of content generation \nand access (vertical groups, thought leadership, \nPOVs)\n▪Established brand and ramped up recruitment in \nLondon and NYC\n▪Onboarded culture in NYC\n▪Restructured Chicago\n▪Established senior apprenticeship\n▪Established consistent hybrid model\n▪Established “Regional Success” teams to partner \nU.S. seniors with EMEA client leads\n▪Structured collaborative global pipeline with \naccount collaboration groups and oversight\n▪Removed generalist Directors and Managing \nDirectors\n▪Established vertical structures\n▪Added verticalized talent\n▪Created vertical content agenda\n▪Recruited sector and product specialists\n▪Verticalized competency model for Associate \nDirector and above\n▪Created integrated workstream approach with \nClient Delivery Network\n▪Built vendor due diligence and value creation \nintegrated product (VCIP) product matrix\n▪Elevated CDD product\n▪Established product-level P&L and metrics\n▪Began tracking product cross-selling\n▪Established dedicated resourcing and coverage\n▪Established product-specific competencies\n▪Integrated and connected products, building to a \nfund/asset-life offering\n▪Constructed ARM and account tiering\n▪Further trained and developed junior sellers\n▪Established collaboration metrics\n▪Transitioned founder to Board and created \ncentralized management structure\n▪New CEO, Global Practice Leader, Chief People \nOfficer, and General Counsel\n▪Screened seniors for collaboration; retained \nhigh-quality mid-level consultants\n▪Better defined path from Associate Dir. to MD\n▪Created strategy and go-to-market framework to \nscale OpGen\n▪Created marketing and business development \nsupport framework\n▪Developed knowledge management tool\n▪Created collaboration incentives\n▪Established engagement metrics for tracking\n▪Elevated client engagement agenda\n▪Developed BI function and created Stax INTEL \nplatform\nStandardize\nVerticalize\nDiversify\nGlobalization of staffing, utilization, reporting, talent development, and pricing \nallows for consistent client experience with different coverage points\nCommercialize\nGlobalize\nProductize\n\n16\nSTRICTLY CONFIDENTIAL\nDiversified Business with Proven Growth Across All Environments\nStax’s diversified business model has proven its ability to grow across economic environments\n(1)Reflects cumulative percent change over time since 2005.\n(2)2005-2021 reflects reported financials.\n(3)Source: Dealogic. Reflects announced North American and European transactions with private equity involvement between 1/1/2005 and 12/31/2024. 2025 projection per EY.\nGreat Recession\nCOVID-19\nGreat \nResignation\nInflation\nRate \nHikes\nNet Revenue Performance Relative to the M&A Environment\n(1)\nWinners in Market Growth\nWinners in Market Contraction\n(500%)\n–\n500%\n1,000%\n1,500%\n2,000%\n20052006200720082009201020112012201320142015201620172018201920202021202220232024LTM\nMar-25\n2025E\nStax Net RevenueN.A. and U.K. PE Transaction Volume\n▪Buy-Side Commercial Due Diligence: Increasing demand of \nbuy-side services as private equity firms explore a wide range \nof investment opportunities\n▪Value Creation: Growing demand for value creation services \nas firms strive to outperform competitors by enhancing \nportfolio company performance to unlock growth and value\n▪Sell-Side Commercial Due Diligence: Increased market activity \nand favorable valuations drive companies to prepare for sale \nboosting demand for sell-side services\n▪Buy-Side Commercial Due Diligence: Steady demand as firms \nseek expert analysis to identify undervalued assets with \nrecovery potential\n▪Value Creation: Consistent value creation demand as portfolio \ncompanies face pressure to optimize operations and cut costs\n▪Sell-Side Commercial Due Diligence: Stable demand for sell-\nside services as sellers must present their businesses in the \nbest possible light\n▪Diverse Client Profiles: Ability to tap hedge fund and credit \nfund clients when topline deal-market activity slows\n(2)(3)\n\n17\nSTRICTLY CONFIDENTIAL\nCompelling Long-Term Outlook Underpinned by Track Record of Consistent Growth\nHighly attractive financial profile defined by consistent growth and impressive margins\nPro Forma Adjusted Net Revenue\nOrganic Gross Profit and Margin\nPro Forma Adjusted EBITDA and Margin\n($ in millions)\n($ in millions)\n($ in millions)\n$39\n$44\n$48\n$54\n$70\n$88\n$109\n$136\n$168\n61.0%\n62.0%\n63.1%\n59.5%\n60.5%\n61.0%61.0%61.0%61.0%\n20232024LTM Mar-252025E2026P2027P2028P2029P2030P\n$42\n$54\n$69\n$89\n$112\n$4\n$10\n$19\n$30\n$45\n$19\n$24\n$27\n$31\n$46\n$65\n$88\n$119\n$157\n29.3%\n33.5%\n35.6%\n33.3%\n36.2%\n38.0%\n39.0%\n39.9%\n40.9%\n20232024LTM Mar-252025E2026P2027P2028P2029P2030P\nOrganicAcquired\n$115\n$143\n$179\n$223\n$275\n$12\n$27\n$48\n$75\n$110\n$64\n$71\n$76\n$91\n$127\n$170\n$226\n$298\n$385\n20232024LTM Mar-252025E2026P2027P2028P2029P2030P\nOrganicAcquired\n\n18\nSTRICTLY CONFIDENTIAL\nProven Leadership Team Poised for the Next Era of Growth\nCommitted leadership team with a clear vision for the future of Stax\n(1)Client Service Network.\n(2)Operations.\nPaul Edwards\nGlobal Practice Leader\nJoined in 2005\n25+ Years of Experience\nJayson Traxler\nChief Executive Officer\nJoined in 2021\n25+ Years of Experience\nSTS Research Group\n18\nSTRICTLY CONFIDENTIAL\nMeg Macumber\nGlobal Head of \nFinance\nLeslie Regenbaum\nGeneral \nCounsel\nAmy Schoeman\nGlobal Head of \nHuman Resources\nJoe Brownell\nGlobal Head of \nMarketing\nConnor Novy\nChief of Staff, \nHead of Sales Ops\nMihaela Dumea\nDirector, Data & \nBus. Intelligence\nHazir Shafeek\nGlobal Head of \nData Insights & IT\nBrad Kuntz\nAmericas \nRegional Lead\nPhil Dunne\nEMEA \nRegional Lead\nRobert Lytle\nTransaction \nAdvisory Co-Lead\nWill Barden\nTransaction \nAdvisory Co-Lead\nVince Zosa\nValue Creation \nProduct Lead\nRoy Lockhart\nExit Planning \nProduct Lead\n2020202320242018201820222021202520242024202220222011\n20+ Years20+ Years20+ Years25+ Years10+ Years20+ Years15+ Years20+ Years35+ Years30+ Years15+ Years30+ Years15+ Years\nDEVON\nV A L U E A D V I S E R S\nYear Joined\nIndustry Tenure\nPrior Experience\n\n19\nSTRICTLY CONFIDENTIALSTRICTLY CONFIDENTIAL\n19\nStax is a Highly Differentiated and Attractive Platform\nLarge addressable market with favorable secular trends\nDifferentiated value proposition for clients magnified by expertise developed through \nhistorical project volume\nDeep relationships with diversified set of clients that have reoccurring demand\nCompelling employee value proposition to attract, develop, and retain talent\nProven management team set to sustain growth\nProfessional operating platform set to scale\nClearly-defined multi-pronged growth strategy\nProven history of long-term growth, robust margins, and strong capital efficiency\n\nIndustry Overview\n\n21\nSTRICTLY CONFIDENTIAL\n$20B\n$33B\n$68B\n$91M\nStax Services the Private Equity Sector, a Foundational and Stable End Market\nBroad end market tailwinds provide ideal environment for long-term revenue growth\nLarge and Growing Addressable Market \nIndustry Landscape\nAdvisory Firms \n2025E Stax \nNet Revenue\n2024 Global M&A\n2024 Global Private \nEquity-Backed M&A\nNorth American and U.K. \nPrivate Equity-Backed M&A\nAccounting Networks\nMBB \n\n22\nSTRICTLY CONFIDENTIAL\nStax Services the Private Equity Sector, a Foundational and Stable End Market\nBroad end market tailwinds provide ideal environment for long-term revenue growth\nGlobal Private Equity Deal VolumeU.S. Private Equity Dry Powder by Fund Size\nGlobal Private Equity Exit VolumeU.S. Private Equity-Backed Company Inventory by Age\nSource: PitchBook.\n3.2K\n5.8K\n2.8K\n6.7K\n6.9K\n7.3K\n7.6K\n7.9K\n8.3K\n8.8K\n9.3K\n9.8K\n10.5K\n11.0K\n11.3K\n11.8K\n2012201320142015201620172018201920202021202220232024\nLess than 2 Years\n2 - 5 Years\nOver 5 Years\n$0.4\n$0.6\n$0.5\n$0.6\n$0.8\n$0.8\n$0.7\n$0.8\n$0.8\n$0.6\n$0.9\n$1.7\n$0.8\n$0.8\n$0.9\n1.8K\n2.1K\n2.2K\n2.4K\n2.9K\n3.3K\n3.1K\n3.4K\n3.4K\n3.2K\n2.8K\n4.4K\n3.7K\n3.5K\n3.8K\n201020112012201320142015201620172018201920202021202220232024\nExit Value\nExit Count\n$0.6 \n$0.7 \n$0.7 \n$0.7 \n$0.9 \n$1.1 \n$1.0 \n$1.2 \n$1.3 \n$1.3 \n$1.2 \n$2.3 \n$1.8 \n$1.4 \n$1.8 \n6.5K\n7.5K\n7.9K\n7.9K\n9.6K\n10.9K\n11.0K\n12.0K\n13.4K\n14.0K\n13.7K\n20.9K\n19.6K\n17.1K\n19.1K\n201020112012201320142015201620172018201920202021202220232024\nDeal Value\nDeal Count\n $0\n $200\n $400\n $600\n $800\n $1,000\n2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024\nMiddle Market PE\nPE Megafunds\nPE Under $100M\n($ in trillions)\n($ in trillions)($ in billions)\n2010 – 2024 CAGR: 8.4%2006 – 2024 CAGR: 5.6%\n2010 – 2024 Exit Value CAGR: 5.1%2012 – 2024 CAGR: 4.9%\n\n23\nSTRICTLY CONFIDENTIAL\nMore Than $32B in TAM Opportunity for Stax’s Core Products\nBountiful growth prospects in a broad addressable market \nTotal Addressable Market Opportunity by Product\nSource: Stax Market Sizing Analysis.\nSpendVolume\nSell-Side Diligence\n$2.9B\nValue Creation\n$4.1B\nBuy-Side Diligence\n$25.6B\n$32.6B\n2024\nBuy-Side \nDiligence\n19,123 \nPrivate Equity Transactions Annually\n$1.3M \nCDD Spend Per Closed Transaction\nSources and Approach:\n▪PitchBook 2024 Global Private Equity Report\nSources and Approach:\n▪Reflects 100% attach rate to pre-LOI lean-in & LOI deals\n▪Spend per deal per Stax PE decisionmaker survey (n=50)\nSell-Side \nDiligence\n6,389 \nAnnual Exits Across PE/Founder Businesses\n$453K \nSpend Per Successful Exit\nSources and Approach:\n▪PitchBook 2024 Global Private Equity Report\n▪Stax estimate of founder-backed exits >$100M in deal \nvalue\nSources and Approach:\n▪Reflects 100% attach rate of successful exits (founder- \nand PE-owned) and 40% assumed deal failure rate\n▪Spend per deal per Stax PE decisionmaker survey (n=50)\nValue \nCreation\n56,177 \nActive Private Equity-Backed Companies\n$72K\nSpend Per Portfolio Company Per Year\nSources and Approach:\n▪PitchBook Filter for Currently Privately-held, Private \nEquity-Backed Companies (i.e., non-addon/subsidiary)\nSources and Approach:\n▪Reflects each portfolio company conducting $361K of \nVCIP spend spread annually over a five-year hold period\n▪Spend per deal per Stax PE decisionmaker survey (n=50)\n\n24\nSTRICTLY CONFIDENTIAL\nHighly Attractive and Growing Market for Stax’s Private Equity Services\nStax is well-positioned to benefit from increases in private equity activity and standardization of third-party diligence in deal-making\nTrends Appreciating the Value of TAM and Current Spend on Stax’s Services\n▪Deal volumes, exit volumes, and the total pool of private equity-backed companies continue to grow and are resilient, and \ninvestor sentiment remains positive going forward\n▪Number of new private equity deals in U.S. and Europe has grown at a 7.6% CAGR over the last ten years\nGrowing Deal Sizes and \nVolume\n▪Value and depth of consulting engagements is increasing, and consulting services are readily able to pass through increasing \nlabor costs, growing the overall spend per deal\n▪Based on a survey scale from 1 (Nice to Have/Less Important) to 7 (Need to Have/More Important), average CDD value to private \nequity funds will increase from ~4 to ~5 from five years ago to the next five years, and value creation will increase from ~5 to ~6 \nfor the same period\nHigher Average Spend \nand Scope per Deal\n▪Competitiveness for high-quality deals is increasing, and more suitors are leaning into processes overall, and earlier driven by the \ndesire to filter for good deals and the growing need for private equity to “sell management” on the value of their partnership\n▪Middle market and growth equity deal funnels (deals seen, leaned in on, and under LOI) have increased at 8.4-9.0% CAGRs, \npushing CDD opportunities beyond the currently estimated ~3 due diligence engagements per closed deal\nMore CDD Opportunities \nper Deal\n▪Third-party support for diligence and value creation efforts are increasingly becoming an industry standard, with a steadily \nincreasing portion of deals and portfolio companies hiring third-party support\n▪Pre-LOI CDD attachment rates to deals have grown from 10% in the last five years to 23% today, and 30% of portfolio companies \nutilize value creation today compared to 20% over the last five years\n(1)\nAttachment Rates Are \nGrowing Across \nProducts\nSource: Stax Market Sizing Analysis, including Stax web survey (Winter 2025, n=50).\n(1)Based on subset of middle market funds, excluding new funds, per Stax web survey (Winter 2025, n=36).\n\nService Lines\n\n26\nSTRICTLY CONFIDENTIAL\nOverview\nAdvisory Services\nContract Structure\nAverage Engagement Length\nStage of Investment Lifecycle\nTypical Referral Source\nNet Revenue\nProjects Invoiced\nAverage Revenue per Project\nClients Served\nComplementary Solutions to Address a Wide Array of Client Needs\nSuite of critical services provide a strong basis for recurring revenue and natural cross-sell opportunities across the private equity lifecycle\nBuy-Side Commercial Due Diligence\nKey Attributes\nLTM Mar\n-\n25 Highlights\n▪Evaluate potential targets, focus areas, or \ninvestment themes for sponsors\n▪Assess market dynamics and target \nalignment, competitive positioning, and \nvalue creation levers\nMarket and Asset Screening, Thesis Build, \nEarly Diligence, Commercial Due Diligence\nFixed Fee\n3-6 Weeks\nPre-Investment\nExisting Relationship\n107\n$318K\n83\nSell-Side Commercial Due Diligence\nMarket Study, Exit Planning, Vendor Due \nDiligence\n▪Ensure process readiness and enhance \ntransaction outcomes for sponsors and \nmanagement teams\n▪Articulate the exit story and provide \nactionable growth blueprint backed by \nmarket research\nFixed Fee\n4-6 Weeks\nExit\nReferral from Investment Bank or \nExisting Sponsor Relationship\n76\n$378K\n81\nValue Creation\nCommercial Excellence, Pricing & Cost Optimization, \nSales Productivity, Churn Reduction, ESG & Impact\nFixed Fee\nVaries\nHold Period\nExisting Relationship or Ongoing \nSupport Following Exit Planning\n34\n$331K\n32\n▪Drive rapid EBITDA improvement \nthroughout the investment hold period\n▪Designed for multi-year, multi-project \nrelationships to drive incumbency with \nmanagement teams and ultimately lead \nto sell-side support\n$34M$29M$11M\n\n27\nSTRICTLY CONFIDENTIAL\nBuy-Side Commercial Due Diligence\n▪Provide data-driven insights across key investment considerations (market, target company, competition, etc.)\n▪Enables private equity firms to make informed decisions by identifying potential opportunities and risks for a \nprospective investment\n▪The Company provides services during the acquisition screening and theme development phase, as well as early \ndiligence and scaled commercial due diligence in an active process\n‒Early workstreams include sector prioritization, acquisition screening, thesis build and development, red \nflag assessments, and client checks\n‒Pre-LOI workstreams include assessment of the target’s market, client dynamics and competitive \npositioning, competitive landscape, and growth opportunities\n▪Post-LOI work integrates blueprint development and growth strategy planning\n▪High level of repeat demand from long-term relationships with private equity clients\nExtension of the investment team evaluating potential platform and add-on opportunities\nLTM Mar-25 Key Stats\nIllustrative Project Timeline\nRepresentative Clients\nOverview and Typical Scope\nIllustrative Project Timeline\nKICK-OFFAlign on Final Scope and Objectives, Data Discovery\nANALYSES\nPhone-Based Interviews, Analysis of Target Data, \nOnline Review Analysis, Synthesize Research \nStreams, Develop Fact-Base\n80/20 Report, Final Read-Out\nPOST-PROJECT COLLABORATION\nWeeks ~1-4Ongoing As-Needed\nSupport First 100 Days of Hold Period, Ongoing \nValue Creation Work \nDELIVERABLES\n11%\n2018 – LTM Mar-25 \nRevenue CAGR \n107\nProjects \nInvoiced\n$318K\nAverage Revenue \nper Project\n83\nClients \nServed\n% of Net \nRevenue\n44%\n37%\n15%\n4%\nBuy-Side\nSell-Side\nValue Creation\nOther\n\n28\nSTRICTLY CONFIDENTIAL\nValue Creation\n▪Multi-phase model partnering with clients to define and execute on value creation initiatives while building \noperating discipline and sustainable improvements year-over-year\n▪Drives development of strategic growth options for expansion with an actionable roadmap for implementation\n▪Leverages the Company’s depth of sector expertise, proprietary research, and advanced analytics capabilities to \ndeliver a data-driven, evidence-based assessment of recent performance and growth potential\n▪Offering encompasses proven methodologies to define growth strategies and improve commercial excellence \nand capital efficiency\n‒Client segmentation and value proposition, channel expansion, churn reduction, pricing optimization, \nESG/Sustainability and risk, marketing, client experience\n‒AI strategic assessment and diagnostics with execution support to define, test, and scale AI initiatives\n▪Value creation services deepen and extend engagement with private equity clients around critical decisions for \ntheir portfolio companies outside of a new investment or exit period\nTargeted diagnostics and actionable growth plans to achieve desired business outcomes at various stages of maturity\nOverview and Typical ScopeLTM Mar-25 Key Stats\nIllustrative Project Timeline\nRepresentative Clients\nKICK-OFFWorking Session with Relevant Stakeholders\nPotential Growth Thesis, Client/Market/ICP Offering \nAssessment, Strategic Option Development, Risk \nAssessment and Roadmap\nPOST-PROJECT COLLABORATION\nWeeks ~1-4Ongoing As-Needed\nEnter Phase II to Build on Project Work or Support \nImplementation, Prepare for Sale Process\nInterim Update, \nWorkshop, Final Read Out\nDELIVERABLES\nANALYSES\n% of Net \nRevenue\n8%\n2018 – LTM Mar-25 \nRevenue CAGR \n34\nProjects \nInvoiced\n$331K\nAverage Revenue \nper Project\n32\nClients \nServed\n44%\n37%\n15%\n4%\nBuy-Side\nSell-Side\nValue Creation\nOther\n\n29\nSTRICTLY CONFIDENTIAL\nSell-Side Commercial Due Diligence\n▪Demonstrate strength of positioning and growth potential of the asset in preparation of exit \n▪Communicates the growth story to potential investors by providing research and analysis to define the target’s \nmarket, strength of its positioning and performance, and opportunities for expansion\n▪Stax leverages its experience working on the buy-side to address critical questions about the target that \ninvestors will focus on, including TAM, growth outlook for core market, competitive differentiation, future \nopportunities, and voice of the client\n▪Modular approach allows Stax to adjust its process and output depending on sponsor/founder involvement, \nrelevant buyer universe, and priority needs\n▪New business development for this service is focused on referrals from investment banks, as well as leveraging \nprivate equity client relationships\n‒The Company worked with 20+ investment banks in the last 24 months\n▪Natural cross-sell opportunity from momentum of sale process and intelligence gathered during engagement\n▪Reputation among private equity investors is a significant point of attraction for banks and management teams\nCollaborative thought partner throughout a sale process to articulate the asset’s positioning and growth story\nOverview and Typical ScopeLTM Mar-25 Key Stats\nIllustrative Project Timeline\nRepresentative Clients\nKICK-OFFWorking Session with Relevant Stakeholders\nTAM and Client Analysis, Risk Assessment, VDR \nPreparedness, Growth Strategy Vetting\nDELIVERABLESFinal Read-Out\nPOST-PROJECT COLLABORATION\nWeeks ~1-5Ongoing As-Needed\nDevelop Buyer-Specific Materials, Discuss with Potential \nSuitors, Onboard Findings and Recommendations at Target\nANALYSES\n% of Net \nRevenue\n62%\n2018 – LTM Mar-25 \nRevenue CAGR \n76\nProjects \nInvoiced\n$378K\nAverage Revenue \nper Project\n81\nClients \nServed\n44%\n37%\n15%\n4%\nBuy-Side\nSell-Side\nValue Creation\nOther\n\n30\nSTRICTLY CONFIDENTIAL\nStrong Institutional Knowledge Across Industries\nStax outperforms competitors by offering the highest quality and expertise across multiple end markets, while ensuring stability through diversification \nacross various industries\nNote: Data reflects LTM Mar-25 engagements and revenue mix.\n132\nEngagements\n% of Net Revenue45%\nVertical SaaS\nIndustry-Specific Apps\nEnterprise Applications\nNetwork Infrastructure\nAI & Machine-Learning\nMedia and B2C Tech\nTechnology\n25\nEngagements\n% of Net Revenue9%\nPhysician Practices\nLong-Term Care\nManaged Healthcare\nMedical Devices\nHospitals & Facilities\nPayors\nHealthcare\n15\nEngagements\n% of Net Revenue5%\nApparel\nFood & Beverage\nHospitality and Leisure\nHousehold Goods\nResidential Services\nHealth & Wellness\nConsumer\n37\nEngagements\n% of Net Revenue15%\nManufacturing\nDistribution\nTransportation\nConstruction & Engineering\nAerospace and Defense\nAutomotive\nIndustrialsServices\n64\nEngagements\n% of Net Revenue25%\nProfessional Services\nFinancial Services\nMarketing and Advertising Services\nData and Information Services\nIT Services\nEvents and Tradeshow Services\n\n31\nSTRICTLY CONFIDENTIAL\nIn-Depth Expertise in Technology and Services \nStax has effectively established a strong replicable presence in technology and service verticals, driving above-market growth and creating a playbook \nfor additional vertical expansion\nIT \nInfrastructure\nCybersecurityVertical SaaS\nHorizontal \nEnterprise \nApplications\nPayments and \nFintech \nConsumer \nTechnology and \nMedia\nTechnology \nCommercial and \nResidential \nServices \nIT Services\nEvents, \nMarketing, and \nInfo Services\nProfessional and \nAdvisory Services\nEducation and \nCrediting Services\nFinancial and \nInsurance Services\nSub-Vertical Expansion Opportunities Sub-Vertical Expansion Opportunities \n$5\n$10\n$11\n$27\n$31\n$30\n$33\n$36\n2018201920202021202220232024LTM\nMar-25\n$6\n$6\n$6\n$11\n$17\n$16\n$18\n$20\n2018201920202021202220232024LTM\nMar-25\nStrengthEvolving Focus\nServices \n72%\n6%\n7%\n(11%)\n2018-20212021-2024\nStaxMarket\n26%\n17%\n6%\n(2%)\n2018-20212021-2024\nStaxMarket\n($ in millions)($ in millions)\nStrengthEvolving Focus\nTechnology Net RevenueAbove-Market Revenue GrowthServices Net RevenueAbove-Market Revenue Growth\nStrong reputation within \nhighly penetrated market\nSub sector account targeting and \nplanning with room to build density \nGrowing average \nproject sizes \nResilient performance across \ndiverse economic conditions\nGrowing number of \nverticalized professionals \n\nClient Relationships\n\n33\nSTRICTLY CONFIDENTIAL\n44%\n37%\n15%\n4%\nBuy-Side\nSell-Side\nValue Creation\nOther\nStax Serves a Large, Diversified Client Base\n79%\n15%\n6%\nPrivate Equity\nPortCo / Corporate\nHedge Fund\nLong-tenured client base with exceptional retention, largely comprised of blue-chip private equity investors\n42%\n41%\n17%\nMiddle Market\nUMM / Large Cap\nLower Middle Market\n46%\n26%\n13%\n10%\n5%\nTechnology\nServices\nIndustrials\nHealthcare\nConsumer\nPrivate Equity Focus......Across Service Lines...\n...Split Among Market Segments......and End Markets\n(1)Reflects Private Equity and Hedge Fund clients only. Lower Middle Market defined as less than $1.5 billion AUM, Middle Market defined as $1.5 to $10.0 billion AUM, and UMM / Large Cap \ndefined as greater than $10.0 billion AUM.\nLTM Mar-25 \nby Client Type\nLTM Mar-25 \nby Service Line\nLTM Mar-25 \nby Client Size\n(1)\nLTM Mar-25 \nby Industry\n(% of Net Revenue)\n(% of Net Revenue)\n(% of Net Revenue)\n(% of Net Revenue)\n\n34\nSTRICTLY CONFIDENTIAL\nDiversified Relationships Across Service Lines\nBroad spectrum and high-quality clients across growth stages and end markets\n(1)Reflects Private Equity and Hedge Fund clients only. Lower Middle Market defined as less than $1.5 billion AUM, Middle Market defined as $1.5 to $10.0 billion AUM, and UMM / Large Cap \ndefined as greater than $10.0 billion AUM.\nRevenue Concentration by ClientNew vs. Existing ClientsRevenue Concentration by Client Size\n(1)\nBuy-Side Commercial \nDue Diligence\nSell-Side Commercial \nDue Diligence\nValue \nCreation\n(% of LTM Mar-25 net revenue)\n43%\n40%\n17%\nUMM / Large Cap\nMiddle Market\nLower Middle Market\n20%\n54%\n27%\nUMM / Large Cap\nMiddle Market\nLower Middle Market\n63%\n35%\n2%\nUMM / Large Cap\nMiddle Market\nLower Middle Market\n(% of LTM Mar-25 net revenue)\n32%\n29%\n29%\n10%\nTop 10\nTop 11 - 30\nTop 31 - 60\nAll Other Clients\n20%\n32%\n37%\n11%\nTop 10\nTop 11 - 30\nTop 31 - 60\nAll Other Clients\n57%\n43%\nTop 10\nAll Other Clients\n79%\n88%\n82%\n21%\n12%\n18%\n202220232024\nNew\nExisting\n40%\n59%\n54%\n60%\n41%\n46%\n202220232024\nNew\nExisting\n95%\n81%\n88%\n5%\n19%\n12%\n202220232024\nNew\nExisting\n\n35\nSTRICTLY CONFIDENTIAL\n73%\n27%\nRepeatNon-Repeat\nDeep Relationships with Top Clients\n▪Deep Relationships: 45% of net revenue coming from clients \nwith a tenure of 6+ years \n▪Satisfied Clients: 73% of revenue from repeat clients\n(3)\n▪No Client Concentration: No one client represents more than \n4% of net revenue\n▪Broad Relationships: 38% of clients use more than one \nservice\n(3)\n▪Strong Referral Network: 72% of sell-side engagements \nreferred from investment banks\n▪Value in Density: Clients utilizing multiple service lines incur \nover 25% higher fees per project due to complexity of scope\nDemand for strategic solutions across growth stages drives client engagement\nTop 15 ClientsLTM Mar-25 Highlights\n(1)UMM / LC = Upper Middle Market / Large Cap; MM = Middle Market; LMM = Lower Middle Market.\n(2)Reflects average tenure of top 15 clients.\n(3)Reflects 2024 data.\nSticky Relationships Drive Repeat Business\n27%\n7%\n21%\n45%\n< 1 Year1-2 Years\n2-6 Years6+ Years\nRepeat\nClients\nClient \nTenure \nMix\n(% of 2024 net revenue)\n($ in thousands)\n2023 – Mar-25 Net Revenue\nClientSize\n(1)\nBuy-SideSell-SideValue CreationOther\nTotal \nRevenue\n% of Total \nRevenue\n2023 – Mar-25\nProjects\nClient \nTenure\nClient 1UMM / LC$4,415––$642$5,0573.2%811+\nClient 2MM3,195$867$854–4,9153.1%1610+\nClient 3UMM / LC484––3,5694,0532.6%1211+\nClient 4MM1,512–1,556373,1052.0%123+\nClient 5UMM / LC1,582440911–2,9341.8%911+\nClient 6UMM / LC1,506–1,309–2,8151.8%711+\nClient 7MM6641,495559–2,7171.7%811+\nClient 8MM1,2411,172––2,4141.5%46+\nClient 9MM1,471812––2,2831.4%74+\nClient 10UMM / LC868537692–2,0971.3%511+\nClient 11MM1,415622––2,0361.3%62+\nClient 12MM804968229–2,0011.3%64+\nClient 13LMM1,336–640–1,9761.2%711+\nClient 14UMM / LC1,435–532–1,9671.2%511+\nClient 15MM1,080829––1,9091.2%63+\nTop 15$23,009$7,741$7,281$4,248$42,28026.6%1188+\nAll Others52,59344,52818,752532116,40573.4%369\nTotal$75,602$52,269$26,034$4,781$158,685100.0%487\nElliott Management\nPSG Equity\nTiger Global Management LLC\nBlue Point Capital Partners\nThoma Bravo\nCharlesbank Capital Partners LLC\nBregal Sagemount\nGridiron Capital\nRubicon Technology Partners\nHellman & Friedman\nGemspring Capital\nGreater Sum Ventures\nVarsity Healthcare Partners\nVista Equity Partners\nPeak Rock Capital\n(2)\n•To remove client names\n\nGo-to-Market Strategy\n\n37\nSTRICTLY CONFIDENTIAL\nMulti-Pronged Go-to-Market Strategy\nPurpose-built global delivery model enables new business wins without sacrificing existing client service\nVerticalized \nSenior \nProfessionals\nStrategic \nAccount \nCoverage\nCentralized \nLocation-Based \nModel\nProgrammatic \nCommunications\n15 Key Accounts with Multi-\nNational, Multi-Vertical Presence\nLarge Cap Private Equity \nand Public Investors\n22 Key Accounts with Dedicated \nTouchpoints in U.S. and U.K.\nMiddle Market \nCollaboration\n91 Key Accounts with Individual \nDefined Coverage and Tracking\nAccount Relationship \nManagement (ARM)\n98 Key Accounts with Content-\nBased Scaled Communication \nContact Accounts\nManaging Directors and \nDirectors\nIndustry Groups Define \nCoverage and Sales Effort\nCDD and Value Creation Services \nProvided by All Levels\nProduct Generalists\nNuanced Insights From \nSpecialization\nGuaranteed Production of \nHigh-Quality Content\nDedicated Client \nDelivery Network\nAdvisory-\nFocused\nProduct Led; \nContent Driven\nRepeat Value Creation Work \nfrom CDD Engagements\nClient Delivery \nNetwork\nColombo\nArticles, Tombstones, \nNewsletters, Industry Primers\nEmail and Social Media\nMarket Intelligence, Rolling \nThunder\nIn-Person Meetings\nMonthly Flywheel, Asset-Centric \nAccount “Grouping” Outreach\nIntelligence Outreach\nClient Offsites, Co-Branded \nRoundtables, Conferences\nEvents\nGlobal \nStaffing\nBostonChicagoNew YorkLondon\nGlobal Collaborative Coverage and Delivery with In-Market Business Development Capabilities\n\n38\nSTRICTLY CONFIDENTIAL\nCollaborative Approach to Client Coverage and Delivery\nCrediting system designed to maximize collective value and reward firm-building behaviors while de-risking new hires\nSales CreditDelivery Credit\nManaging Directors, Directors, and Associate DirectorsAssociate Directors, Senior Managers, and Managers\nAccount Ownership:\nAssigned owner that fosters \nrelationships throughout the \naccount\nContent Leadership:\nProvides substantive \nexpertise to help close and \ndeliver a project\nTotal Sales Credit:\nReflects the sum of an \nindividual’s contribution \nacross each role\nOriginators\nAccount \nOwnership\nContent \nLeaders\nReporting\nSplitDetail\n60%\n▪Credit shared equally between originators\n▪Tracking allows for up to three originators\n10%\n▪Limited to one person\n▪May be one of the originators\n▪Credit shared equally between content leads\n▪Ideally have multiple leads on every project\n25%\nBoundaries\n40% Cap\nNo Double \nDipping\nProject \nMinimum\n▪No individual can accrue more than 40% of the total project value\n▪Lone originators lose 20% of credit, which is returned to the firm\n▪Originators can be account owners, but they cannot accrue credit \nfor content leadership on the same proposal\n▪If project fee is less than $250K, no credit for content leadership\n▪If project fee is less than $150K, no credit for any role\nOrigination:\nSourcing of potential projects \nthrough outbound efforts or \ninbound leads\nStructure\nDelivery \nLeads\nFramework\nCredit Split\n▪Assigned by resource management based on project staffing\n▪Responsible for leading the day-to-day of a project and ensuring \nthe team is utilized efficiently\nTargets\nAssociate \nDirector\nSenior \nManager\nManager\n▪Delivery credit is a \nmeasure of success for \nmid-level consultants\n▪Delivery credit is defined \nas the total value of \nprojects a mid-level \nconsultant has delivered\n▪Total available credit for \na project is equal to the \nproject’s fee\n▪Delivery leads should be \ndifferent levels, with the \nmore senior employee \nspread across multiple \nprojects\n▪Splitting delivery \nbetween Associate \nDirectors and Senior \nManagers / Managers \nallows the Associate \nDirector to manage \nmultiple projects, \nultimately accruing a \ngreater delivery credit \nvalue\nMinimumGoal\n$3.0M\n$2.5M\n$2.0M\n$4.0M\n$3.5M\n$3.0M\n▪Delivery credit is split evenly between delivery leads regardless \nof seniority\n▪Up to two delivery leads can be associated with a project\n▪Delivery leads must spend at least 15 hours a week on projects \nto receive credit\n\n39\nSTRICTLY CONFIDENTIAL\nProject Delivery Model\nHigh-touch client service executed by efficient project teams purpose-built for the pace of private equity\nBalanced and Flexible Staffing ModelDisciplined Tracking Leads to Better Management and Consistently Strong Realization\nCrediting System Designed to Maximize Collaborative Value\nSales CreditDelivery Credit\n▪Originators (60% of project value)\n‒Credit is shared equally between originators; \ntracking allows for up to three originators\n▪Content Leaders (25% of project value)\n‒Credit is split evenly between all content \nleads; ideally have multiple content leads on \nevery project\n▪Account Owners (10% of project value)\n‒Limited to a single person; may be an \noriginator\n▪Measured in dollars and defined as the total value \nof projects a mid-level has delivered\n▪Accrue to the delivery leads; may have up to two \ndelivery leads associated with a project\n▪Delivery leads are typically different levels, but \ncredit is evenly split between both leads\n▪Associate Directors, Senior Managers, and \nManagers are the core roles responsible for \ndelivery\nDelivery (Client Service Network)\nTraditional consulting team staffed to dedicated projects on a billable model\nManaging \nDirector\nDirector\nSpend 50% of time \non billable work\nAssociate \nDirector\nSenior \nManager\nSpend 75% of time \non billable work\nManagerSenior \nConsultant\nConsultantAssociate \nConsultant\nSpend 100% of time \non billable work\nPlug-and-play project support in Colombo segmented by defined workstreams to enhance speed of delivery\nIntegrated Workflow Support (Client Delivery Network)\nIntegrated Project Leads\nLead \nto Win\nSecondary \nInsights\nData \nScience\nWeb Survey \nInsights\nExpert \nInsights\nData \nVisualization\nHighly repeatable, scalable execution process across services allows for powerful insights to be \ndelivered quickly and efficiently at an attractive price relative to competitors\nPromotes collaboration and de-risks new hires\n218226224\nProjects \nInvoiced:\n87.8%\n94.9%\n96.4%\n20232024LTM Mar-25\nRealization\n\n40\nSTRICTLY CONFIDENTIAL\nClient Delivery Network Expands Capacity to Execute\n▪50-person dedicated team in Colombo serves as plug-and-play \nproject support to enhance speed of delivery for client \nworkstreams\n▪Commercial platform built to work at the speed of private \nequity\n▪Supports U.S. and U.K. advisory in an agile and targeted way\n▪Segmented by defined workstreams with clear responsibilities \nand competency model\n▪Handles tasks of varying levels of complexity during the \nproposal and live project phases\n▪Creates additional bandwidth for the client service network to \nfocus on high-value client-facing workstreams\n▪Optimizes resource utilization through on-demand staffing \nbased on skill, capacity, and expertise\n▪Expands delivery capabilities in-line with demand while \noffering flexibility, convenience, and controllability in project \ndelivery\n▪Defined career path with strong average tenure of 9+ years \nacross integrated project leads, delivery leads, and managing \ndirectors\n▪Key members participate in management incentive plan\nPurpose-built integrated workflow support delivers sustainable growth \nTeam OverviewCommentary\nRuwindhu Peiris\nManaging Director\n(Headcount as of March 2025)\nDelivery Lead\nSr. Delivery Manager\nTeam Lead\nDelivery Manager\nSr. Delivery Manager\nDelivery Manager (3)\nTeam Lead\nDelivery Manager\nTeam Lead\nSr. Delivery Manager\nTeam Lead\nDelivery Manager\nTeam Lead\nDelivery Manager\nTeam Lead\nDelivery Manager\nIntegrated Project \nLeads\nTeam Lead\nSr. Delivery Manager\nLead (3)\nSr. Analyst\nLead (5)\nSr. Analyst\nDelivery Manager\nLead (3)\nSr. Analyst (3)\nLead to WinSecondary InsightsData ScienceWeb Survey InsightsExpert InsightsData Visualization\nLead\nSr. Analyst (4)\nAnalyst (2)\nLead (3)\nSr. Analyst (4)\nLead (2)\nSr. Analyst \nAnalyst (3)\n5\nEmployees\n5\nEmployees\n7\nEmployees\n8\nEmployees\n8\nEmployees\n7\nEmployees\n8\nEmployees\nAgile project \nmanagement and \ncentral point of \ncontact for the CSN \nSales enablement \ncapabilities from \ninitial outreach to \nproposal submission\nExtracts and \nsynthesizes \ninformation from \npublicly available \nsources\nBusiness insights and \ncapability \ndevelopment for \ninvestors and \nmanagement teams\nGather insights from \nweb surveys on client \npurchasing and \nspend dynamics, \nvendor performance\nEngages with \nexperts, competitors, \nand clients to collect \nrich insights\nVisualization \nspecialists that own \ndeliverables and \nother visualization \nelements\n\nCulture and Talent Management\n\n42\nSTRICTLY CONFIDENTIAL\nCompelling Employee Value Proposition to Attract and Nurture Top Talent\nStax has developed an attractive employee value proposition to recruit, develop, and retain top tier professionals\nDifferentiated Employee Value PropositionWinning the War for Talent\n(1)Retention of CSN professionals by skill level from 2023 year-end to 2024 year-end; reflects voluntary only.\nClient Service Network Retention by Skill Level\n(1)\nDirector HeadcountManaging Director Headcount\nUnique focus on serving and scaling with private equity clients\nIncentive model designed to reward collaboration and shared success\nHigh growth platform offering career opportunities and the chance to make a \nsignificant impact, supported by structured onboarding and fast ramp for new hires\nExpertise-focused model without exclusivity over client ownership\nAmple whitespace for career growth relative to some competitors with clear \nprogression paths and regular performance feedback\nEquity participation for Managers and above through Management Incentive Plan\nCentralized global staffing expands utilization and reduces time on bench\nSpecialization model supports long-term career development, bolstered by formal \nmentorship and learning opportunities\nCompetitive compensation model and benefits package aligned with market leaders, \nplus a strong commitment to work-life balance and well-being\nScalable infrastructure designed to foster growth and collaboration with direct access \nto senior leadership\n73%\n76%\n80%\n95%\nAssociate\nConsultant /\nConsultant\nSenior\nConsultant /\nManager\nSenior Manager /\nAssociate\nDirector\nDirector /\nManaging\nDirector\n4x \nGrowth\n5x \nGrowth\n2\n8\n2021Mar-25\n3\n16\n2021Mar-25\n\n43\nSTRICTLY CONFIDENTIAL\nTop Ranked by Industry Publications, Validated by Industry Professionals\nStellar Rankings Across Vault North America Categories\n(2)\nContinued recognition and awards reflect nature of culture initiatives the Company has meticulously implemented and managed over time\n(1)As of April 8, 2025.\n(2)Source: Vault 2024 North America Consulting Survey. Rankings and awards are based on insights from over 12,000 verified consulting professionals.\n7.3\n8.4\nIndustryStax\nInternal Mobility\n+1.1\n#10\nOverall \nDiversity\n#8\nEmployee \nSatisfaction\n#8\nLevel of \nChallenge\n#7\nPromotion \nPolicies\n#7\nInternal \nMobility\n#6\nIntl. \nOpportunity\n#5\nHealth and \nWellness\n#4\nBusiness \nOutlook\n#6\nBoutique \nConsulting\n#12\nBenefits\n#11\nInformal \nMentorship\n#10\nFormal \nTraining\n8.5\n9.2\nIndustryStax\nFirm Culture\n+0.7\nEmployee Satisfaction\n+0.8\n8.3\n9.1\nIndustryStax\n8.0\n8.8\nIndustryStax\nWork-Life Balance\n+0.8\nPromotion Policies\n+0.9\n8.1\n9.0\nIndustryStax\nTop Consulting\nFirm 2025\nFormal Training\n+1.2\n7.7\n8.9\nIndustryStax\nBest Management \nConsulting Firms 2025\nBest Firms to Work For\n2022, 2023, and 2024\nGlassdoor Overall Rankings\n(1)\nStax Big 5 Competitor\n4.4\n4.34.3\n4.2\n4.14.1\n4.0\n3.9\n3.83.8\n3.73.7\n3.53.5\n\n44\nSTRICTLY CONFIDENTIAL\nCompetitive Pay-for-Performance Compensation Model\n▪Structured to fall within the 75th percentile of the market, with top performers reaching the \n90th percentile\n‒Similar compensation strategy and banding in place for the Client Delivery Network\n‒Study underway to implement same model for Operations in 2025\n▪Salary bands ensure internal promotions are rewarded equitably without overvaluing \nexternal hires, demonstrating investment in maximizing tenure\n▪Merit-based salary increases determined by 4-point rating scale\n▪Robust benefits package and opportunity for equity ownership through Management \nIncentive Plan further enriches employees\n‒Management Incentive Plan available to Managers and above\nIncentive structure and attractive operating model strike a key balance between sustainable productivity and exciting projects\nPhilosophy and ApproachIndustry Benchmarking\n(1)\n2024 Average Cash Compensation by Skill Level\n(2)\n(1)Source: Aon 2024 Consultant Benchmarking Study. Reflects 50th percentile of compensation category by skill level for each group. MBB+ equivalent to Managing Director not available. MBB+ includes \nBain, Deloitte, EY, McKinsey, Oliver Wyman (Europe), and PwC. Tier 2 includes AlixPartners, Ankura, Chartis, Council Advisors, CRA Intl., FTI, Guidehouse, Keystone, Oliver Wyman, and Slalom.\n(2)Excludes Management Incentive Plan. \nMBB+Tier 2Stax\nACCSCMSMADDMD\n2023 Total Cash Compensation\nACCSCMSMADDMD\n2024 Cash Salary\nStax paid above market bonuses as a \npercentage of salary at all levels in 2023\nStax outpaced the market for salary \nincreases at all levels in 2024\nACCSCMSMADDMD\nACCSCMSMADDMD\n(Client Service Network; U.S. only)\n2023 Cash Bonus as % of Total Compensation2024 Cash Salary Increases\n$85\n$114\n$151\n$184\n$220\n$264\n$330\n$469\n$9\n$17\n$28\n$39\n$62\n$60\n$114\n$387\n$94\n$131\n$179\n$223\n$282\n$324\n$444\n$856\nAssociate\nConsultant\nConsultantSenior\nConsultant\nManagerSenior\nManager\nAssociate\nDirector\nDirectorManaging\nDirector\nCash BaseCash Bonus\n\n45\nSTRICTLY CONFIDENTIAL\n5\n33\n4\n3\n7\n10\n27\nManaging\nDirector\nDirectorAssociate\nDirector\nSenior\nManager\nManagerSenior\nConsultant\nConsultantAssociate\nConsultant\nStructured Recruiting Effort Provides Continuous Source of Talent\nDiversified talent pipeline ensures a steady stream of quality candidates\nOrganic Talent AcquisitionStrong Full-Time CSN Hires Across Skill LevelsSourcing Mix\nRecruiting Overview\nEarly CareersExperienced Hires\nStax targets hiring 10 Summer Associates/Co-Ops and 15 full-time Associate Consultants each year via campus targeting\nPriority Universities\nRelationships with on campus organizations \nand multiple events held per year\nOther Global Universities of Focus\nSources of recent successful hires\nCampus Targeting\nExpanded recruiting funnel to HBCUs, \nwomen’s colleges, etc.\n▪Strong track record of attracting lateral senior hires from \ncompetitors to build on existing offerings or expand into new \nareas of coverage\n▪Nearly 20% of experienced hires are sourced through employee \nreferrals\n▪Average offer acceptance rate of 73%\n▪Continued focus on driving branding efforts to improve candidate \npool\n26,000+ Applicants\n308 Interviews\n94 Offers Extended\n69 Offers Accepted\n(2024 firmwide recruiting statistics)(2024 – YTD Mar-25 new hires)(% of 2024 – YTD Mar-25 new hires)\n58%\n20%\n17%\n5%\nDirect Hire\nCampus\nReferral\nAgency\n\n46\nSTRICTLY CONFIDENTIAL\nWell-Defined Competency Model with Multiple Channels for Feedback\nCompetency and task relevant maturity models serve as the foundation to standardize feedback and expectations for each skill level across locations\nTask Relevant Maturity Model Provides Granular View of Task-Specific Proficiency\nImpact\nEnables global \nstaffing\nUnifies quality of \ndelivery\nProvides clarity and \nconfidence around \npromotion criteria\nEmphasizes merit-\nbased success \nmodel\nCore Consulting SkillsCommercial LeadershipSelf LeadershipPeople and Culture Leadership\nFeedback Facilities Development of Core Skills\nUse Case\n▪Used during project evaluations to assess \nconsultants’ technical effectiveness in \nspecific tasks and evaluate technical \ndevelopmental areas\nComponents\n▪Task category (e.g., survey \nmanagement)\n▪Specific tasks (e.g., survey design)\n▪Maturity levels\nGoal and Purpose\n▪Shift focus to skill level when completing a \ntask\n▪Standardized, efficient project feedback\n▪Differentiates expectations for same task \nacross levels\n▪Focuses on both qualitative and quantitative measures\n▪PowerBI performance dashboard\n▪Project feedback, debriefs, mid-year and year-end reviews\n▪Feedback on non-project Initiatives\n▪360 Feedback: upward, recognitions, special projects and \ninitiatives\n\n47\nSTRICTLY CONFIDENTIAL\nSignificant Opportunity for Upward Mobility\nStandardized career trajectory enables strong performers to progress through the organization\nClient Service Network Career Path\n(1)\n(1)CDN professionals have a similarly defined career path and competency model.\n(2)Reflects internal promotions from 2022 through Mar-25. Associate Consultant promotions reflect interns and co-ops that rejoined the Company as full-time employees.\n(3)Reflects the number of 2024 – YTD Mar-25 internal promotes as a percentage of employees that joined as or assumed a given skill level in 2024 – YTD Mar-25.\nAssociate ConsultantConsultantSenior Consultant\nManagerSenior ManagerAssociate Director\nDirector\nManaging Director\nProject FundamentalsWorkstream ExecutionDelivery ExcellenceProject ManagementProject ManagementClient Management\nBusiness Planning and \nExecution\nBusiness Planning and \nExecution\n▪Independently owns \nprimary workstream\n▪Capable of owning \nmultiple workstreams\n▪Drives full execution of \nworkstreams\n▪Takes ownership of \nnarrative\n▪Begins to gain \nverticalized expertise\n▪Provides strategic \ninsights and content \nexpertise\n▪Drives engagement \nsuccess and manages \nclient expectations\n▪Accountable for quality \nand efficiency of \ndelivery\n~12-Year Average Progression from Associate Consultant to Managing Director\nManaging Director7\nDirector8\nAssociate Director 14\nSenior Manager 8\nManager 14\nSenior Consultant 28\nConsultant 38\nAssociate Consultant 13\nCumulative Internal Promotions\n(2)\nHome-Grown Employees\n(3)\nManaging Director50%\nDirector40%\nAssociate Director20%\nSenior Manager 50%\nManager 57%\nSenior Consultant 59%\nConsultant47%\nAssociate Consultant 23%\n\n48\nSTRICTLY CONFIDENTIAL\nIn-House Training Amplifies Long-Term Career Satisfaction and Employee Potential\nTraining and development is a core tenet of Stax\nNote: Stax also hosts Stax Academy–a learning platform offering training modules to local youth and potential CDN talent–in Colombo, Sri Lanka.\n▪Skill-based training to support consultants during ramp period\n▪Formal sessions via classroom and in-project training for 1-4 \nweeks depending on seniority; subsequent project shadowing \nfor an additional 2-4 weeks\n▪Company and Operations Sessions covering internal resources \nand capabilities\n▪People Team Sessions covering benefits, resource \nmanagement, and professional development\n▪Delivery Excellence Sessions\n‒Getting Smart, Primary Research, Intro to Surveys, \nSecondary Research and Major Data Sources, Effective \nGuides Writing, Intro to Market Modeling, Business Writing, \nCreating Deliverables and Slides\nOnboarding\n▪Five to eight classroom hours per quarter, with additional on-\nthe-job and individual development plan (IDP) training\n▪Stax 2.0 Upskill Series\n‒Industry and Market Knowledge Sharing\n‒Productivity Tools\n‒Best Practice Alignment\n▪Half-Day Trainings by Level\n‒Senior Consultant: Effective Workstream Management, \nStoryboarding 101, Effective Communication, Delegation \nand In-Project Training\n‒Manager: Stax Project Management Playbook, Verticals and \nPractice Overview, Stax Mentor Model, Running Effective \n1:1s\n‒Senior Manager and Associate Director: Intro to Client \nManagement, Leveraging Coaching in People Development\n‒Director: Building your Book of Business, Building Effective \nTeams\n▪Personal Development and Culture Fundamental Series\n‒Self Accountability, Building a Feedback Culture, Resilience\nTraining Academy\n▪Development Programs\n‒Apprenticeship-based learning where employees develop \nthrough hands-on experiences, mentorship, and a \nfeedback-driven learning environment\n‒International exposure to facilitate global collaboration, \nstandardization of best practices and culture integration\n‒Employees receive performance feedback every few weeks \nthrough forms, debriefs, and more\n‒Internal training programs tailored to develop deep \ntechnical and management skills\n▪Communication and Transparency\n‒Regular town halls and leadership meetings, including firm-\nwide updates, senior meetings, and role-specific discussions\n‒Structured feedback mechanisms with performance \ndashboards to consolidate feedback, career progression \nmetrics, and training outcomes\n▪Flat Hierarchy and Leadership Access\n‒Employees at all levels have direct access to leadership\n‒Weekly leadership lunches, open-mics, and social initiatives \nacross offices\n▪Mentorship and Career Development\n‒Internal mentorship program and global staffing model \nfacilitates rapid employee development and connection\n‒Peer coaching initiatives to support career growth\n‒Mentors are accountable for supporting mentees, providing \nadvice and guidance based on development needs\nProfessional Development and Mentorship\nStructured \ntraining for all \nemployees, \nnew or old...\n...with \nnumerous \navenues for \ncontinuing \neducation\nAND\nAND\n\nOperations and Platform\n\n50\nSTRICTLY CONFIDENTIAL\nData-Driven, Purpose-Built Financial and Business Operations\n▪Data and reporting created to optimize every level of the professional services \neconomic value chain from opportunity generation to cash collection\n▪Real-time access to key business and operational KPIs enhances data-driven \ndecisions, including informed forecasting and opportunity tracking, improved capacity \nplanning, financial management, and prioritization\n▪Democratizes data through custom-built PowerBI visualizations, a user-friendly \ndesign, and robust training initiatives to empower users\nReal-time data enables agile management of the business against key indicators\nOverview of Stax INTEL\nInitiatives Focused on Driving Growth and Operational SustainabilityDashboards and Reports\nResource \nManagement\nProject \nManagement\nExpense \nManagement\nInvoice \nOversight\nRealization\nRevenue and \nDelivery Credit\nBillability and \nUtilization\nRevenue \nTracker\nA/R Analysis\nPerformance \nDevelopment\nClient Contract \nStatus\nRates and \nPricing\nLiberation of Data\n“Giving smart people the \nright data enables them to \nmake smart decisions”\nRobust, Transparent Reporting Improves Business Outcomes\nData Warehouse\n\n51\nSTRICTLY CONFIDENTIAL\nEarly AI Adoption Enhances Delivery Quality and Efficiency\n▪Improves speed and quality of analysis while creating high \ncaliber “architected” data for future use\n▪Cleans primary data for use with generative AI, searches for \nrelevant quotes, and interrogates transcripts to structure \nproject analyses \n▪Extends the utility of architected data for use cases beyond \ninitial project work\n▪Generative AI embedded into everyday use and broader \nworkflows to drive quality and speed enhancements\n▪Accelerates and strengthens thought-oriented processes at \nscale (slide review, eminence feedback, etc.)\n▪Integrations and connectivity with existing systems\nStreamlined access to proprietary data is paramount to sustained competitive advantage \nOverview of AthenaWorkflow Tools\nKnowledge management tool developed in-house dramatically lowers search barriers and accelerates access to depth of \ninstitutional knowledge; platform draws from over five years of Stax intellectual property to produce the relevant projects, \nslides, and Stax experts\nUsers can explore results at project and \nslide levels\nAthena transforms the ROI of searching \nfor Stax knowledge, unlocking previously \nunfeasible use cases\nIncorporates Athena Chat, an AI model \ntrained on Stax’s repository of knowledge\nProject \nInsights\nJunior\nEmbedded \nGen AI\nGPTs\nUser Prompt\nPrior Insights\nRelevant Slides\nPreviously \nUsed Experts\nResearch \nApproach\nProject Teams\nExpert Interview \nTranscripts\n1,100+\nDeliverables\n700+\nProposals\n75,000+\nSlides\n50,000+\nInterviews\n\n52\nSTRICTLY CONFIDENTIAL\nWorld-Class Leadership Team Operates an Efficient Client-Centric Organization Structure\nStax is led by a highly experienced, motivated, dynamic, and diverse senior team\nNote: Headcount as of March 2025. Client Service Network excludes two Research Associates paid hourly.\n(1)Includes 44 Operations employees in the United States, United Kingdom, and Sri Lanka.\nClient Service NetworkIntegrated Global Operations Team\n(1)\nClient Delivery Network\nAmy Schoeman\nGlobal Head of HR\nMeg Macumber\nGlobal Head of Finance\nLeslie Regenbaum\nGeneral Counsel\nJoe Brownell\nGlobal Head of Marketing\nConnor Novy\nChief of Staff and Head of Sales \nOperations\nHazir Shafeek\nGlobal Head of Data Insights & IT\nRuwindhu Peiris\nManaging Director\nPaul Edwards\nGlobal Practice Leader\nRegional Lead\n2\nManaging \nDirector\n9\nProduct Lead\n4\nDirector\n8\nSenior Manager\n8\nAssociate \nDirector\n9\nManager\n9\nConsultant\n21\nSenior \nConsultant\n18\nAssociate \nConsultant\n39\nDelivery Manager\n8\nSenior Delivery \nManager\n4\nLead\n17\nAnalyst\n6\nSenior Analyst\n14\nExecutive Leadership Team\nJayson Traxler\nChief Executive Officer\nMihaela Dumea\nDirector, Data and Business \nIntelligence\n\n53\nSTRICTLY CONFIDENTIAL\nWell-Invested Operational Platform Built to Serve Private Equity\nDeep bench of integrated global support functions designed to drive growth and operational efficiency\nNote: Headcount as of March 2025.\nMeg Macumber\nGlobal Head of Finance\nAmy Schoeman\nGlobal Head of Human Resources\nJoe Brownell\nGlobal Head of Marketing\nLeslie Regenbaum\nGeneral Counsel\nConnor Novy\nChief of Staff / Head of Sales Operations\nPeople Operations (5)Marketing Strategist (4)\nFinance, IT, and Business OperationsHuman ResourcesMarketingLegalData and Business IntelligenceSales Operations\nHazir Shafeek\nGlobal Head of Data Insights and IT\nCompliance and GovernanceSales Operations\n11\nEmployees\n6\nEmployees\n6\nEmployees\n3\nEmployees\nJayson Traxler\nChief Executive Officer\nMihaela Dumea\nDirector, Data and Business Intelligence\nController\nHead of Business Operations\nProfessional Development (2)\nTalent Acquisition (2)\nHR Business Partner\nProduction ManagerLegal CounselFinancial Insights and BI\nDigital Engineering (3)\nCommercial Strategy and Enablement (2)\nIT and Help Desk Support (4)\nFinance and Accounting (6)\nPayroll and Benefits\nFinancial Sponsors Coverage\n3\nEmployees\nStax can scale revenue without adding significant operations headcount\n23\nEmployees\nAdministrative (8)\n\nGrowth Strategy\n\n55\nSTRICTLY CONFIDENTIAL\nMulti-Pronged Growth Strategy Drives Confidence in the Next Chapter of the Company\nTangible and achievable organic growth in the near term with substantial opportunity to drive additional value creation via M&A\n▪Strategically hire senior \nprofessionals to build \ndensity in core verticals \nand expand capabilities\n▪Build density across \ncurrent locations, \nexpanding \napprenticeship model to \nfurther attract and \ndevelop mid/junior \ntalent\nAttract, Develop, \nand Retain Talent\n▪Continue building \nmomentum in the U.K. \nto expand market \npresence\n▪Strategically grow \nheadcount and client \nleadership in New York \noffice\n▪Establish local presence \nin new geographic \nmarkets through organic \ngreenfield locations in \nthe United States and \nEurope\n▪Continue to protect \nunique culture via \nplanful expansion\nBroaden Geographic \nPresence\n▪Capitalize on advisory, \nbespoke nature of work, \nand pricing umbrella \nrelative to MBB+ to \nrealize due diligence \nprice increases \nnationally and abroad\n▪Raise prices in value \ncreation to be more in-\nline with client impact, \nresults, and ROI\n▪Expand number of \naccounts with average \nproject size of $400K+ \nwith ample cross-sell \nopportunities and need \nfor multiple projects per \nyear\nExert \nPricing Power\n▪Focus on accelerating the \nexecution of M&A \nplaybook\n▪Expand into new \ngeographies, new \nservice lines, and build \nscale in existing markets\n▪Opportunistically \nevaluate larger-scale \ntransformative M&A \ntargets\nIdentify and Execute \non Acquisitions\n▪Further optimize cross-\nsell strategy to deepen \ndensity across core \naccounts through scaled \ninside sales strategy\n▪Target key private equity \nclients where \nreferenceable work \nprovides opportunity for \nfurther penetration in \nprojects that command \nmore premium bill rates\nMaximize Wallet \nShare and Cross-Sell\n▪Scale coverage and \ncontent intersection \nacross private equity and \ninvestment banks\n▪Further scale dedicated \nbusiness development \nteam to broaden coverage \nuniverse\n▪Centralize, scale, and \nmanage external \nindividual, account, and \nsubsector communications\nScale Client \nCoverage\n▪Leverage reputation and \ndifferentiated \nexperience in key \nverticals with high win \nrates across market \nsegments\n▪Introduce new verticals \nsuch as government or \naerospace and defense \nthrough de novo efforts \nor experienced senior \nhires \nDeepen Vertical \nExpertise\n▪Capitalize on hedge \nfunds’ growing inbound \ndemand for market \nresearch \n▪Introduce new purpose-\nbuilt products such as \ntechnology due \ndiligence, financial due \ndiligence, operational \ndue diligence, and ESG \nand sustainability \ndiligence through \nintegrated go-to-market \napproach\nExpand Capabilities \nand Client Profiles\nGrowExpandTransform\n\n56\nSTRICTLY CONFIDENTIAL\nWiden Referral Channel to Optimize Business Development Efforts\nCultivate and expand business development relationships with large cap private equity firms \nBroaden and Deepen Large Cap Private Equity Relationships \n$8.3M\n$11.0M\n2018 - 20212022 - LTM Mar-25\nGrowth Plan Current Strengths \n▪Proactively enhance and revitalize partnerships with large \ncap clients\n▪Reposition value proposition as a trusted advisory partner\n▪Schedule regular in-person meetings to strengthen \nconnections\n▪Prioritize targeted outreach and proposals aimed \nspecifically at large cap opportunities\n▪Fosters collaborative partnerships, ensuring alignment with \nthe long-term objectives of large cap clients\n▪Strong brand recognition among large cap funds facilitates \nmarket entry for new large cap clients\n▪Strategic account coverage plan across large cap funds \nenhances relationships and drives customer stickiness \nLargest Private Equity Firms\n(1)\n(1)Source: Private Equity International. Dollars in billions. Ranking based on private equity capital raised between 1/1/2019 to 12/31/2023. Excludes credit, secondaries, and real asset focused \nmanagers. Shading reflects Stax project counts between 2018 and Mar-25.\n(2)Reflects average annual revenue from Large Cap Private Equity and Public Investor key accounts designated as of Q1-25.\n1-5 Projects6-10 Projects11+ Projects\nNo.SponsorRaised\n1\nBlackstone$124\n2\nKKR$103\n3\nEQT$99\n4\nCVC Capital Partners$78\n5\nTPG$62\n6\nThe Carlyle Group$60\n7\nThoma Bravo$59\n8\nAdvent International$53\n9\nWarburg Pincus$52\n10\nHg$51\n11\nCD&R$50\n12\nSilver Lake$49\n13\nHellman & Friedman$47\n14\nVista Equity Partners$45\n15\nGeneral Atlantic$43\nNo.SponsorRaised\n16\nClearlake Capital$43\n17\nGoldman Sachs$42\n18\nLeonard Green$41\n19\nTA Associates$40\n20\nPermira$37\n21\nBain Capital$37\n22\nInsight Partners$35\n23\nCinven$35\n24\nGenstar Capital$32\n25\nFrancisco Partners$30\n26\nAres Management$30\n27\nApollo Global$29\n28\nPartners Group$28\n29\nBridgepoint$23\n30\nGTCR$23\nDirect experience on \nprior transactions\nVertical and product \nsector expertise\nBalanced approach between \ncomplex situations and \ntailored need \nBetter value for add-ons that \ndo not need breadth/depth\nStax Large Cap Value Proposition\nNet Revenue from Key Large Cap Accounts\n(2)\n\n57\nSTRICTLY CONFIDENTIAL\nWiden Referral Channel to Optimize Business Development Efforts\nCultivate and expand business development relationships with investment banks\nU.S. M&A League Tables\n(1)\nGrow Investment Banking Referral Channel\n(1)Source: Dealogic. Reflects transactions announced between 12/31/2014 and 12/31/2024 with private equity involvement. Shading reflects Stax project counts between 2018 and Mar-25.\nStrengthen Existing Investment Bank RelationshipsFoster Relationships with New Investment Banks\n▪Investment banks provide a pipeline of sell-side \nopportunities through client referrals\n▪Ongoing dialogue and recurring touchpoints provides \nintelligence on in-market buy-sides and potential value \ncreation opportunities\n▪Growing breadth and depth of content provides \nreferenceable work to expand scope of service\n▪Demonstrate capabilities to preeminent investment banks \nthat have historically been an unlikely referral source to \npenetrate additional pockets of the market\n▪Leverage network of lateral hires, geographic expansion, \nand expanded verticals of coverage to develop \nrelationships with specialized regional and industry \nboutiques\nRoom for Additional Wallet Share with Key Recent \nInvestment Banking Partners\nSignificant Opportunity for Business Development in \nthe Broader M&A Market\n1-5 Projects6-10 Projects11+ Projects\nNo.AdvisorDeals\n1Houlihan Lokey904\n2Goldman Sachs762\n3Jefferies631\n4William Blair552\n5JPMorgan547\n6Morgan Stanley514\n7Baird505\n8Lincoln Intl.456\n9Piper Sandler453\n10UBS434\n11Raymond James383\n12PNC Bank363\n13Moelis355\n14Bank of America351\n15Evercore346\nNo.AdvisorDeals\n16Lazard315\n17Barclays307\n18Citi295\n19Stifel257\n20RBC248\n21Rothschild236\n22Canaccord215\n23KeyBanc180\n24Guggenheim160\n25BMO142\n26Deutsche Bank139\n27Centerview133\n28Truist130\n29Macquarie119\n30KPMG108\nNet Revenue from Sell-Sides Referred by Investment Banks\n$1.0M\n$1.1M\n$13.3M\n$18.0M\n$20.6M\n2018202020222024 LTM Mar-25\n\n58\nSTRICTLY CONFIDENTIAL\nMaximize Wallet Share and Cross-Sell Opportunities with Existing Clients\nUpsell core offerings to capture larger share of deal volume within established private equity relationships\nExpansion of OfferingsSignificant Whitespace Available Within Current Client Base\nValue Creation\nEmbedded Data \nAnalytics and \nSustainability\nAI Diagnostic, Piloting, \nand Scaled Adoption\nInitiative Deployment, \nMarket Piloting, and \nGrowth Office \nGovernance\nSell-Side \nCommercial \nDue Diligence\nScale Dedicated \nResources to Optimize \nPitch and Delivery \nProcess\nExpand Sales Team to \nDeepen Content \nCoverage to Facilitate \nBank Penetration\nFurther Integrate \nBusiness Units to \nMaximize Value of \nMarket Intelligence \nAcross Offerings\nBuy-Side \nCommercial \nDue Diligence\nIncrease Coverage \nVerticals to Better Serve \nFunds with Broad \nInvestment Theses\nFill Content and \nExpertise Gaps to Elevate \nDelivery to Higher-\nVolume Upper MM and \nLarge Cap Sponsors\nTarget Additional Public \nEquity Investors to \nFurther Diversify Profile \nof Transactions \nEvaluated\nPrivate Equity Client Count\nEstimated Current Serviceable Available Market (SAM) Penetration\n~2% \nPenetration of \nICP Estimated \nSpend\n~5% \nPenetration of \nCurrent Client \nEstimated \nSpend\nStrong right to grow through wallet share \nand new logo expansion with ~$1.3 billion in \nattainable whitespace across core products\nCurrent vs. Target Service Line Mix\nTBU?\n75\n100\n129\n20192021TTM Mar-25\n44%\n37%\n15%\n4%\nBuy-Side\nSell-Side\nValue Creation\nOther\nLTM \nMar-25\n37%\n37%\n24%\n2%\n2030P \nOrganic\n~$0.1M\n~$1.3M\n~$3.2M\n~$5.2M\nCurrent Stax Revenue\nwithin SAM\nEstimated SAM within\nCurrent Clients\nMiddle Market Ideal Client\nProfile (ICP) SAM\nNorth America and U.K.\nTotal SAM\n\n59\nSTRICTLY CONFIDENTIAL\nAttract, Develop, and Retain Talent to Capitalize on Growth\n▪Dedicated and growing talent acquisition team manages the hiring funnel to identify \nand pursue candidates with experience to strengthen core offerings or expand areas \nof coverage\n▪Continued branding initiatives and increased visibility online will yield additional hires \nfrom a broader pool of candidates\n▪Proven ability to attract senior- and mid-level hires with experience at top-tier firms\nContinue winning talent through targeted recruitment efforts and growth-oriented culture\nStrategic Approach to Fostering Junior Growth Lateral Experienced Hire Recruiting\nOrganic Client Service Network ExpansionProjected Growth in Productivity\nNet Revenue per Director and Managing Director\nProjects Invoiced per Director and Managing Director\nDirector and Managing Director HeadcountAll Other CSN Headcount\nConsulting \nSkills\nDevelopment \nPrograms\nProject Delivery Excellence Series: Primary, secondary, survey, and modeling \ntraining\nAssociate \nConsultants and \nConsultants\nSenior \nConsultants and \nManagers\nProject Management Excellence Series: Project management and economics, \nstoryboarding, running effective team meetings, and presentation training\n▪Proven track record of developing young talent within Stax, leading to a strong team \nof tenured senior employees contributing the sustained success\n▪Recruiting junior talent has enabled employees to acquire foundational skills \neffectively and efficiently\n▪Onboarding young talent has fostered adaptability to Stax practices and strengthened \nemployee loyalty\n24\n25\n36\n49\nMar-252025E2028P2030P\n106\n122\n180\n246\nMar-252025E2028P2030P\n10.8\n11.4\n12.0\n12.5\nLTM Mar-252025E2028P2030P\n$3.9M\n$3.7M\n$4.7M\n$5.4M\nLTM Mar-252025E2028P2030P\n\n60\nSTRICTLY CONFIDENTIAL\nProven Vertical Expertise and Journey\nRoom to build subsector density in core verticals, as we as deepen expertise in other targeted industry verticals\nCurrent Vertical MaturityVertical Growth Opportunities\nStrong Growth within Key Verticals Expansion Opportunities within Core Verticals \n$5\n$10\n$11\n$27\n$31\n$30\n$33\n$36\n$6\n$6\n$6\n$11\n$17\n$16\n$18\n$20\n$11\n$16\n$18\n$39\n$48\n$46\n$51\n$56\n2018201920202021202220232024LTM\nMar-25\nTechnologyServices\n(Net Revenue; $ in millions)\n▪Organized depth and breadth of referenceable work\n▪Subsector expertise\n▪Sector-specific senior recruitment \n▪Scaled sector-specific maturity and communication\n▪Subsector account targeting and planning\n▪Vertical planning\n▪Increase in opportunity volume \n▪Increase in win rate \n▪Increase in average project size\n▪Expansion in private equity and investment banking \naccounts leveraging Stax within a vertical \n▪Above market performance \n▪Outsized opportunities through investment banks and large \ncap private equity \nVertical EnablersImpact\nPlan to leverage existing verticals to deepen market presence \nand strategically expand into new sectors, will drive \nsustained growth\nIndustrials \nTechnology \nServices \nHealthcare \nAerospace & \nDefense \nConsumer\nGovernment \n& Public \nImpact\nEnablers\nFully EvolvedDevelopingExpansion Verticals \n2018 – LTM Mar-25 CAGR: 30%\n\n61\nSTRICTLY CONFIDENTIAL\nExpand Capabilities and Client Profiles\nStax’s focus on relationships cultivates a deep understanding of clients' needs and the specific areas where they require assistance\nDeal-Related ServicesNon-Deal Related ServicesClient Type Expansion\n▪Presence and \ndemonstrated \nsuccess in \nsupporting software \nand technology \nengagements \ncreates natural \navenue for \nexpansion\n▪Ingrained cross-sell \nfrom standard \ncommercial \ndiligence and value \ncreation projects\nTechnology Due \nDiligence\n▪Well-defined and \nsynergistic offering, \nnatural extension of \nexisting value \ncreation \nengagements\n▪Accelerated entry \nfeasible via hiring or \nM&A, healthy \npipeline of potential \ntargets\nProcurement \nOptimization\n▪Natural extension of \nvalue creation to \nimplement best \npractices observed \nin premium assets \nacross industries\nOperations \nPlanning and \nOptimization\n▪Rising need for \nassessment of risks, \ninefficiencies, and \noperational gaps as \ncompanies face \nincreasing scrutiny \nfrom potential \ninvestors during \ndiligence\nOperational Due \nDiligence\n▪Enable Stax to \ncapitalize on the \ngrowing market for \ndebt investments \nand drive demand \nduring economic \ndownturns by \nleveraging credit \nfunds' insulation \nfrom M&A market \nfluctuations\nCredit Funds \n▪Foster long-term \nrelationships that \nendure through \neconomic \ndownturns, \ngenerating a steady \npipeline of new \nclients across family \noffice portfolios\nFamily Offices\n▪Demonstrated \nsuccess \ntransitioning from \nM&A to hedge fund \nclients during \neconomic \ndownturns, \nleveraging large \nclients to generate \nrecurring demand \nfor market research \nacross economic \ncycles\nHedge Funds \n▪In-demand offering \nof critical focus for \nprivate equity \ncompanies as AI \nstrategy becomes \n“need-to-have” and \neffective AI \nintegration \nbecomes a key \nsource of private \nequity value \ncreation\n▪Potential to serve \nprivate equity funds \n(broad fund-level AI \nstrategy) and each \nportfolio company\nAI Enablement \nand Deployment\n\n62\nSTRICTLY CONFIDENTIAL\nStrategically Expand Geographic Footprint\nOpportunity to strategically expand into new geographies and expand within current markets\nOpportunistic Regional ExpansionCapitalize on Momentum in Additional Geographies\nDemonstrated organic expansion \nin Chicago and New York\nSuccessful inorganic growth in London\nSignificant opportunity to grow \nwallet share in existing markets\nIntegrate planful culture and process \nexpansion into new markets \nReplicating the Stax Engine overseas – \nRaise the Profile, Build the Team\nBuy-Side, Sell-Side, Value Creation\n5+ Verticals\nMiddle Market and Large Cap Focus\n30+ Consultants\nAcquired in October 2022 to \nfacilitate U.K. expansion\nCDD Focus\nPrimarily Events\nLower Price Point\n10 Consultants\nComplete MBB+ transition to autonomous, \nself-sustaining, integrated machine\nBuy-Side, Sell-Side, Value Creation\n10 Verticals\nMiddle Market and Large Cap Focus\n40+ Consultants\n2025-2030Today\n2025-2030Today\nKey Selection Factors for New Markets\n✓Proximity and expertise \n✓Ability to have cultural alignment \n✓Sizable private equity market \n✓Available talent\n✓Existing client density \n✓Competitive differentiation\nGrowth Framework\nTexas and \nCalifornia\nNordics and \nDACH\nBoston\nNew York and \nChicago\nLondon\nInorganic Expansion\nKey Accomplishments to Date\nU.K. Private Equity and Transactional Net Revenue\nDirector and Managing Director Headcount\nChicagoNew YorkLondonBoston\n$0.9M\n$2.9M\n20222024\n2\n7\n2022 25-Mar\n44\n2022 25-Mar\n6\n12\n2022 25-Mar\n0\n1\n2022 25-Mar\n\n63\nSTRICTLY CONFIDENTIAL\nOpportunity to Further Capture Pricing Through Advisory Journey\nStax’s compelling value to its clients, along with higher pricing by competitors, creates favorable environment for price increases\nShift to Content Advisory Unlocks Further Pricing OpportunitiesTrack Record of Successful Increases in Client Value \nAverage Client Service Network Bill Rate\nAverage Director and Managing Director Headcount\nDirector and Managing Director Billable Hours\nTypical Engagement Price\n$100K$250K$500K$800K-$1M\nBreadth and Depth of Offering\nStax is positioned to capture \npricing consistent with client \nimpact, results, and ROI delivered \nwithout risking relationships\nUpper / Middle Market & Growth Funds\n(Europe)\nPurposeful Shift to “Strategic Advisory” Drives Increased Pricing\nDeliver DataDeliver ResearchDeliver Strategy Deliver Advisory\n$353\n$420\n$429\n$449\n$493\n$542\n202220242025E2026P2028P2030P\n10\n18\n23\n27\n36\n49\n202220242025E2026P2028P2030P\n7,105\n8,854\n11,044\n13,052\n18,210\n25,374\n202220242025E2026P2028P2030P\n\n64\nSTRICTLY CONFIDENTIAL\nTargetRegion\nCapabilitiesAcquisition Type Revenue\nCompany ASoutheastTechnology due diligence and value creationTransformational~$80M\nCompany BSouthwestGo-to-market performance improvementTransformational~$75M\nCompany CUnited KingdomCommercial due diligenceTransformational~$50M\nCompany DMidwestPricing strategy and performance improvementTransformational~$75M\nCompany EMidwestOffice of the CFO and financial due diligenceTransformational~$75M\nCompany FUnited KingdomHealthcare commercial due diligence Tuck-In~$10M\nCompany GNortheastCommercial due diligenceTuck-In~$7M\nCompany HSouth CentralDefense commercial due diligenceTuck-In~$15M \nCompany INortheastPrivate equity performance improvement Transformational~$50M\nCompany JWestSoftware and tech based due diligence Tuck-In~$10M\nCompany KSouth CentralTech due diligence and value creation Tuck-In~$10M\nCompany LSouthwestTech due diligence and office of the CTOTuck-In~$8M\nUnited Kingdom Commercial due diligence Tuck-In~$5M\nMid-Atlantic Defense commercial due diligenceTuck-In ~$15M\nTotal~$485M\nSignificant Value Accretive M&A Opportunity and In-House Expertise \n▪Leverages CEO's experience in professional services strategy and corporate development\n▪M&A is evaluated on a risk adjusted continuum and compares opportunities such as greenfield expansion, \nacqui-hires, and acquisitions\n▪Stax maintains a strict acquisition investment criteria that must satisfy proven \"Deal Equation\" across \nmultiple dimensions\n‒Strategic Fit: Enhance defined product offering, industry expertise, or geography\n‒Cultural Fit: Similar margin and KPI profile and positive purchase price multiple\n‒Economic Fit: Ability to thrive within Stax business model\n▪Established and repeatable integration playbook with emphasis on a “day-one” plan\nStax has invested in the transition from founder-owned business to a world-class operating platform of scale and is positioned to grow via acquisitions\nStax is an Acquirer of ChoiceRobust and Selective M&A Criteria and Integration Process\nAreas of Focus When Evaluating M&A\nIllustrative Acquisition Target List\nCapitalize on cross-selling and repeat client demand\nHighly specialized expertise to provide actionable, data-driven answers for clients\nDifferentiated culture and operating model generates wins in the “war for talent”\nAdditional resources that come from a larger company\nEquity value creation opportunity through incentive plan\n1\n2\n3\n4\n5\nConsulting is a highly fragmented market with opportunity for M&A\nA- Crosslake\nB –SBI\nC- CIL\nD - Insight2Profit\nE - E78\nF - Candesic \nG - Arnovia \nH - Next F&D\nI - Beck Way \nJ – PASG\nK - ThinkTiv \nL - Waypoint\nM - Fairgrove\nN - Nextfed\n▪Continental Europe\n▪Middle East and Asia Pacific\nGain Geographic \nDiversification\n▪Tech due diligence\n▪Financial due diligence\n▪Operational improvement\nBuild Complementary \nService Offerings\n▪Aerospace and Defense\n▪Healthcare\nExpand Industries of \nCoverage\n•To remove target names\n\nFinancial Overview\n\n66\nSTRICTLY CONFIDENTIAL\n$2.7M\n$4.5M\n$0.5M\n$1.4M\n$0.2M\n$0.6M\n$3.5M\n$6.5M\nQ1-24Q1-25\nServicesHealthcareConsumer\nStrong Performance in Q1 with Favorable Momentum Heading Into Remainder of 2025\nContinued significant performance in Q1 couples with strong tailwinds from recent headcount additions\nStrong Performance in Early 2025Growing Contribution from New Hires\nIncreasing Momentum in Targeted VerticalsRamping Net Revenue Contribution from Value Creation and United Kingdom\n(1)All Managing Directors hired in the second half of their respective cohort year. 2022 cohort includes 2 hire, 2023 cohort includes 2 hires, and 2024 cohort includes 1 hires.\n(Net Revenue)\n(Net Revenue)\n$15.5M\n$20.5M\nQ1-24Q1-25\n$2.6M\n$2.3M\n$3.8M\n$0.7M\n$0.8M\n$1.5M\nQ4-24Q1-25Avg. Q2-Q4 2025E\nValue CreationUnited Kingdom\n64%\nYoY Growth\n19\n24\nNov-24Mar-25\nRecent senior hires will drive meaningful revenue \ngrowth as they continue to ramp\n930\n1,240\n71\n667\n69\nLTM Mar-24LTM Mar-25\n2022 Hires2023 Hires2024 Hires\nAn improving M&A market will provide additional upside\nYoY Growth\n839%\n33%\nDirector and Managing Director HeadcountBillable Hours by Managing Director Cohort\n(1)\nYoY Growth\n33%\n202%\n154%\n\n67\nSTRICTLY CONFIDENTIAL\nCompelling Long-Term Outlook Underpinned by Track Record of Consistent Growth\nHighly attractive financial profile driven by demonstrated ability to expand already impressive margins\nPro Forma Adjusted Net Revenue\nOrganic Gross Profit and Margin\nPro Forma Adjusted EBITDA and Margin\n($ in millions)\n($ in millions)\n($ in millions)\n$39\n$44\n$48\n$54\n$70\n$88\n$109\n$136\n$168\n61.0%\n62.0%\n63.1%\n59.5%\n60.5%\n61.0%61.0%61.0%61.0%\n20232024LTM Mar-252025E2026P2027P2028P2029P2030P\n$42\n$54\n$69\n$89\n$112\n$4\n$10\n$19\n$30\n$45\n$19\n$24\n$27\n$31\n$46\n$65\n$88\n$119\n$157\n29.3%\n33.5%\n35.6%\n33.3%\n36.2%\n38.0%\n39.0%\n39.9%\n40.9%\n20232024LTM Mar-252025E2026P2027P2028P2029P2030P\nOrganicAcquired\n$115\n$143\n$179\n$223\n$275\n$12\n$27\n$48\n$75\n$110\n$64\n$71\n$76\n$91\n$127\n$170\n$226\n$298\n$385\n20232024LTM Mar-252025E2026P2027P2028P2029P2030P\nOrganicAcquired\n\n68\nSTRICTLY CONFIDENTIAL\nBridge to 2030P Revenue\nPathway to ~$385 million of net revenue by 2030\nNote: 2020 reflects reported Net Revenue. Other includes growth in Reimbursables and Tech & Admin.\nFoundation Established to Support the Next Stage of Growth\n($ in millions)\n2020 Net \nRevenue\nHeadcountUtilizationBill RatesRealizationOther2025E Net \nRevenue\nHeadcountUtilizationBill RatesRealizationOther2030P Organic \nNet Revenue\nAcquisitions2030P Net \nRevenue Incl. \nM&A\n\n69\nSTRICTLY CONFIDENTIAL\nMultiple Levers to Boost Productivity and Expand Margins\nAssumptions embedded into the forecast for strong organic growth and profitability\nRealization RateOperating Leverage\nUtilization Rate\n(1)\nProjects Invoiced per Director/Managing Director\n(1)Based on 2,080 available hours less 290 firm holiday and PTO hours, net of billable adjustments by skill level (50% for Directors and Managing Directors; 75% for Senior Managers and Associate \nDirectors) per management’s view.\n(Operating Expenses as a % of Net Revenue)\n(Client Service Network)\n87.2%\n88.2%\n89.1%\n90.0%\n90.9%\n91.8%\n2025E2026P2027P2028P2029P2030P\n95.8%\n96.8%\n97.8%\n98.8%\n99.8%\n100.0%\n2025E2026P2027P2028P2029P2030P\n25.6%\n24.3%\n23.2%\n22.2%\n21.2%\n20.3%\n2025E2026P2027P2028P2029P2030P\n11.9\n12.2\n12.5\n12.7\n12.9\n13.2\n2025E2026P2027P2028P2029P2030P\n\n70\nSTRICTLY CONFIDENTIAL\nAttractive Financial Profile Anchored by Exceptional Margins and Strong Cash Flow\nOngoing margin expansion driven by operating leverage and continued optimization of delivery model and pricing\nStrong Cash Flow GenerationBest-in-Class Margin Profile\n(2)\nProven Ability to Scale EBITDA Margins\n(2)\n(1)Reflects 2023 and 2024 reported capital expenditures.\n(2)Reflects 2025E.\nEfficiently operates with limited cash tied up in working capitalGross margins driven by efficient service delivery and compelling value for clients\nOngoing margin expansion driven by operating leverage and continued optimization of delivery model and pricing\n29.3%\n33.5%\n35.6%\n33.9%\n36.2%\n38.0%\n39.0%\n39.9%\n40.9%\n20232024LTM Mar-252025E2026P2027P2028P2029P2030P\n(Pro Forma Adjusted)\n~97%\nFCF Conversion\nLimited\nWorking Capital \nRequirements\n~$0.5M\nHistorical Annual\n Capex\n(1)\n34%\nStrong and Increasing \nEBITDA Margins\nEfficient and \nScalable SG&A\n60%\nGross Margin\n\n71\nSTRICTLY CONFIDENTIAL\nSummary of Diligence Adjustments\n1.Removes the impact of expenses incurred \nrelated to the current Owners which will not \ncontinue post-close\n2.Normalizes (i) the impact of large signing \nbonuses & recruiting costs for high-level \npersonnel, and (ii) back-office personnel costs\n3.Includes various adjustments for \nnormalizations, removal of the now-\ndiscontinued Colombo direct operations, and \nremoval of non-recurring items\n4.Quantifies the pro forma impact of capacity-\nrelated lost revenue due to the secondment \nprogram\n5.Quantifies the impact of MD compensation \nprior to revenue generation or significant \nbillable hours\nSummary of Quality of EarningsCommentary\n▪Text\n($ in millions)20232024LTM Mar-25 \nReported EBITDA\n$13.7$18.4$21.3\nAcquisition Adjustments–––\nAcquisition Adjusted EBITDA\n$13.7$18.4$21.3\nNon-Operating Owner Expense Removal2.61.9 1.9\nCompensation Adjustments1.4 1.51.3 \nOther Diligence Adjustments0.90.60.6\nDiligence Adjusted EBITDA\n$18.6$22.4$25.1\nSecondment Revenue Impact–1.21.2\nMD Ramp-Up Compensation0.30.40.9\nPro Forma Adjusted EBITDA $18.9$23.9$27.2\n1\n2\n3\n4\n5\n1\n2\n3\n4\n5\nClean EBITDA with high cash flow generation"
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"text": "\n\nProject Craftsman\nJanuary 2025\nConfidential Information Presentation\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n1\nThis Confidential Information Presentation (this “Presentation”) contains confidential information pertaining to Restoration Systems Inc. (“Restoration Systems” or the “Company”). \nThis Presentation is being made available to selected interested parties for the sole purpose of assisting the recipients in deciding whether to proceed with an in-depth investigation \nof the Company or its subsidiaries in connection with a potential acquisition. Northborne Partners LLC (“Northborne” or the “Advisors”) has been retained by Restoration Systems to \nserve as its financial advisor in connection with the proposed sale of the Company.\nThis Presentation is being made available only to parties which have signed and returned to the Company a confidentiality agreement, and recipients of this Presentation are \ntherefore bound by the confidentiality agreement in respect of all information contained herein. If you have not executed and delivered a confidentiality agreement to the \nCompany, you have received this Presentation in error. If so, please notify the Advisors immediately and delete or destroy all copies of this Presentation.\nThe information contained herein has been prepared to assist interested parties in making their own evaluation of the Company and does not purport to contain all of the \ninformation that a prospective party may desire. In all cases, interested parties should conduct their own investigation and analysis of the information and data set forth in this \nPresentation and satisfy themselves as to the accuracy, reliability and completeness of such information and data. This Presentation does not constitute an offer to sell or a \nsolicitation of an offer to buy any securities.\nNone of the Company or the Advisors or any of their respective directors, officers, corporate partners, affiliates, employees or advisors (collectively, “Associates”) makes any \nrepresentation as to the accuracy or completeness of the information in this Presentation or any other information made available to recipients of this Presentation. In particular, no \nrepresentation or warranty is made as to the achievement or reasonableness of any future projections, management estimates, prospects, returns or market data contained herein. \nStatements contained in this Presentation are made in good faith and have been derived from information believed to be reliable as of the date of this Presentation. None of the \nCompany, the Advisors or any of their respective Associates has verified, nor will verify, any part of this Presentation or any other information made available to recipients of this \nPresentation. The Company, the Advisors and their Associates expressly disclaim any reliance hereon for any purpose other than as expressed above and any and all liability for any \nloss or damage (whether foreseeable or not) suffered by any person or entity acting on, or refraining from acting because of, anything contained in or omitted from this Presentation, \nwhether the loss or damage arises in connection with any negligence, default, lack of care or misrepresentation, or otherwise, in contract or in equity, on the part of the Company, the \nAdvisors or their Associates or any other cause. Each recipient of this Presentation agrees that it shall not seek to sue or hold the Company, the Advisors or their Associates so liable in \nany respect for the provision of this Presentation and the information contained herein. Only those representations and warranties which may be made to a party in a definitive \nagreement shall have any legal effect.\nThis Presentation contains certain statements, financial data, projections, forecasts and estimates that are based upon assumptions and subjective judgments that the management \nof the Company believes to be appropriate given current facts and circumstances existing in the markets in which the operating divisions of the Company conduct business. There will \nbe differences between such projections, forecasts and estimates and actual results since events and circumstances frequently do not occur as expected, and such differences may be \nmaterial. The estimated, forecasted and projected financial results contained in this Presentation should not be considered to be a presentation of actual results. There can be no \nassurance that any estimated, forecasted or projected results are obtainable or will be realized.\nNone of the Company, the Advisors or any of their respective Associates accepts any responsibility to inform the recipients of this Presentation of any matter arising or coming to any \nof their notice which may affect any matter referred to in this Presentation (including but not limited to any error or omission which may become apparent after this Presentation has \nbeen issued). This Presentation shall not be deemed an indication of the state of affairs of the Company nor shall it constitute an indication that there has been no change in the \nbusiness or affairs of the Company since the date of this Presentation or since the date at which any information contained herein is expressed to be stated. If further information in \nconnection with the potential transaction is provided by the Company, the Advisors, their Associates or any other person or entity, recipients of this Presentation acknowledge receipt \nof such information as though it formed a part of this Presentation.\nThe Advisors will arrange for appropriate due diligence by selected interested parties. In furnishing this Presentation, the Advisors undertake no obligation to provide the recipient \nwith access to any additional information.\nThe Company reserves the right to negotiate with one or more prospective parties at any time and to enter into a definitive agreement regarding the Company at any time without \nprior notice to any prospective parties. Also, the Company reserves the right to terminate, at any time, further participation in the investigation and proposal process by any party and \nto modify the procedures without assigning any reason thereof.\nUNDER NO CIRCUMSTANCE SHOULD THE COMPANY OR ANY OF ITS AFFILIATES, DIRECTORS, MANAGEMENT, EMPLOYEES, CUSTOMERS, CLIENTS OR SUPPLIERS BE \nCONTACTED DIRECTLY. ALL INQUIRIES REGARDING THE PROPOSED TRANSACTION AND ANY REQUESTS FOR ADDITIONAL INFORMATION SHOULD BE DIRECTED TO THE \nADVISORS LISTED WITHIN.\nConfidentiality & Disclaimer\nBlue Point Capital Partners, LLC\n\nRestoration Systems\nSituation Overview & Transaction Procedures\n2\nSITUATION OVERVIEWTRANSACTION PROCEDURES\nTRANSACTION STRUCTURE\nBen Marks\nManaging Director\nbmarks@northborne.com\nC: 612-710-5020\nChris Klotsche\nDirector\ncklotsche@northborne.com\nC: 414-779-1994\nTaylor Thompson\nAssociate\ntkthompson@northborne.com\nC: 612-212-1212\nMichael Wozniak\nAnalyst\nmwozniak@northborne.com\nC: 763-807-7220\nPaul Jevnick\nManaging Director\npjevnick@northborne.com\nC: 612-850-5781\nNORTHBORNE CONTACTS\n•Headquartered in Chaska, Minnesota, Restoration Systems Inc. (“RSI” or \nthe “Company”) is a leading provider of commercial repair, restoration and \npreservation services for building facades and parking ramps throughout \nthe Midwest\n•RSI is owned 100% by Blake Dronen, who is the President of the Company. \nBlake purchased the business from his father, who founded RSI in 1997\n•RSI is seeking an investor who will partner with Blake and his leadership \nteam to support the Company’s expansion plans into new geographies \nand build upon its strong competitive position in the Midwest\n•RSI has retained Northborne Partners as its exclusive advisor in \nconnection with a potential sale of the Company\n•As advisor to RSI, the Northborne team listed below will be the sole \ncontact for prospective investors who receive this Confidential \nInformation Presentation and participate in the process\n•Northborne will share a separate process letter outlining instructions for \nsubmission of an indication of interest\n•The transaction will be structured as a sale of equity interests in Restoration \nSystems Inc., an S-corporation\n•Blake intends to rollover 20% - 30% of closing proceeds\n•RSI leases two facilities, one in Minnesota and one in Wisconsin, from entities \nwholly-owned by Blake. Current rental rates charged to the Company are \nmarked-based, and the expectation is that long-term leases would be \nexecuted concurrent with a closing of a transaction\n•Blake is willing to consider a structure that supports a step-up in the basis of \nthe assets in the transaction for an investor (such as a 338(h)10, F \nReorganization or similar election) provided the investor reimburses him (the \ncurrent shareholder) for any increased tax burden resulting from the step-up\nBlue Point Capital Partners, LLC\n\nExecutive Summary\n3\n01\n02\n03\n04\n05\n06\nExecutive Summary\nInvestment Highlights\nGo-To-Market Strategy & Competitive Landscape\nGrowth Opportunities\nOperations Overview\nFinancial Summary\n07Appendix A: Sample Customer Engagement Documents\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n$15.5\n$20.5\n$26.4\n$34.8\n$43.2\n$54.6\n$63.4\n$78.2\n2022A 2023A 2024E 2025P 2026P 2027P 2028P 2029P\n$5.9\n$6.2\n$9.2\n$11.7\n$15.6\n$20.5\n$25.2\n$32.7\nCOMPANY OVERVIEW\nRSI at a Glance\n4\n1.Average headcount during April-October 2024 (RSI's busy season). \nHeadcount in the winter offseason averages about 30 employees.\n90+\nEmployees\n(1)\n~$110K\nAverage Job Size\n200+\nAnnual Jobs\n$26.4M\n Revenue (2024E)\n23.1%\nRevenue CAGR \n(2020A – 2024E)\nKEY HIGHLIGHTS\n✓Midwest’s leading provider of commercial building repair, restoration and preservation services\n•25-year track record built on a strong reputation for skilled concrete and masonry craftsmanship\n•Market leader in Minneapolis with demonstrated ability to successfully expand to new MSAs \norganically and supplemented by M&A, notably Milwaukee in 2022\n✓Critical commercial services offering driven by enormous number of buildings aging into repair \ncycle and increasing municipal regulations requiring systematic inspection and repair\n•Increased investment in rapidly aging infrastructure, coupled with prohibitively high replacement \nvalues, supports strong growth in the non-deferrable, multi-billion dollar commercial repair, \nrestoration & preservation services market\n•Services include building and parking ramp repair and restoration, a substantial portion of which is \ndriven by state- and local-level commercial structure inspection and maintenance requirements\n✓Substantial investment in technology to deliver a differentiated customer experience\n•Significant majority of key internal and customer-facing workflows are partially or fully automated, \nincluding detailed bid proposals, weekly job progress updates and annual job summary reports\n•Relentless focus on doing things better and more efficiently results in industry leading job quality \n(<1% rework / warranty work) and on-time / on-budget performance (95%+ of jobs)\n✓Diversification by job across multiple attractive end markets\n•Top job / top 5 jobs accounted for ~10% / ~35% of revenue in the TTM, respectively\n•Key end markets include commercial property management, HOA and healthcare (accounting for \n~75% of business)\n✓Strong leadership, field management and company culture\n•11+ year average tenure of the leadership team\n•6+ year average tenure of the overall workforce (for employees with more than one year of \nexperience)\n✓Multiple attractive growth opportunities focused on creating a national platform in a highly \nfragmented industry (see section 4)\n•Key platform investments (systems, people, processes) have been made that can be leveraged to \nscale the business\n•Proven ability to execute a tuck-in acquisition in Summer 2024 with an actionable pipeline of \nadditional targets to pursue with the support of an investor\nMEANINGFUL FINANCIAL MOMENTUM\n$ in Millions\n26.0% Revenue CAGR \n(2022A-2029P)\nAdjusted Revenue \n#1\nMarket Position in \nMinneapolis\n92.2%\nFCF Conversion (2024E)\n43.2%\nGross Margin (2024E)\n$9.2M\n PF Adj. EBITDA (2024E)\n30.5%\nAdj. EBITDA Margin\n(2024E)\nAdjusted EBITDA\nBlue Point Capital Partners, LLC\n\nRestoration Systems\nRSI at a Glance (Cont.)\n5\n1.Includes revenue earned from ancillary services to Building Facade and Parking Ramp work, \nincluding the installing of roofing anchors, small batch waterproofing mixes and more.\n52.1%\n~10%\nTop 10 Jobs\nAll Other Jobs\nREVENUE BY SERVICE TYPEREVENUE BY JOB\nREVENUE BY PHASED VS. NON-PHASED JOBSREVENUE BY END MARKET\nRegulation driven, non-deferrable service mixHighly diversified job mix\nHigh volume of multi-year phased jobs, providing strong \nfuture revenue visibility\nBroad range of end markets and customers with strong focus on \nmulti-site operators and national accounts\nTTM \nOct-24\n47.9%\nOther\n(1)\nBuilding Facade\nParking Ramp\n52.1%\n45.2%\n2.7%\nTTM \nOct-24\nPhased \n(Multi-Year)\nNon-Phased \n(Single Year)\n57.2%\n42.8%\n‘22A – ‘23A\nAverage\nHomeowners \nAssociation (HOA)\nGovernment\nProperty \nManagement\nHealthcare\n‘22A – ‘24A\nAverage\n35.1%\n29.5%\n18.0%\n9.4%\n7.9%\nEducational\nBlue Point Capital Partners, LLC\n\nRestoration Systems\nLeading Provider of Structural Restoration and \nRepair Services...\n6\nBRICK REPAIR &\nREPLACEMENT\n(VIDEO LINK)\nTUCKPOINTING &\nMORTAR REPAIR\n(VIDEO LINK)\nSTONE REPAIR &\nREPLACEMENT\n(VIDEO LINK)\nPARKING DECK\nRESTORATION\n(VIDEO LINK)\nCONCRETE \nREPAIR\n(VIDEO LINK)\nPOST-TENSION \nCABLE REPAIR & \nREPLACEMENT\n(VIDEO LINK)\nWATERPROOFING\n(VIDEO LINK)\nHOT APPLIED\nWATERPROOFING\nCAULKING & \nSEALANT \nREPLACEMENT\n(VIDEO LINK)\nVEHICULAR \nTRAFFIC\nCOATING \nSYSTEMS\n(VIDEO LINK)\nSURFACE \nPREPARATION\n(VIDEO LINK)\nCOATING \nREMOVALS\nBUILDING FACADE \nRESTORATION\nRepresentative Services \nPARKING DECK \nRESTORATION\nWATERPROOFING & \nSEALANTS\nTRAFFIC COATINGS\nRepresentative Services Representative Services Representative Services \nBUILDING FACADEPARKING RAMP\nSERVICE TYPE\nSERVICE OFFERINGS\n(~53% of 2024E Revenue)(~45% of 2024E Revenue)\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n... Addressing a Critical Need to Restore America’s \nAging Infrastructure...\n7\nSource: SMR Research\nBACKGROUND\nAMERICA’S AGING INFRASTRUCTURE\nTRAGIC INCIDENTS DRIVING INCREASED AWARENESS AND REGULATION\n26.6\n30.4\n33.5\n43.4\n46.2\n53.6\n56.7\n64.3\n72.1\nU.S. AVERAGE BUILDING AGE BY USE (YRS)\nHotels\nSuper-\nmarkets\nHospitals\nAirports\nParking Garages, \nDecks and Lots\nLibraries, Museums and \nHistorical Sites\nChurches and Worship \nCenters\nSchools\nOffice Buildings\nRSI has Experience in all the Above Categories\nU.S. COMMERCIAL BUILDINGS BY YEAR CONSTRUCTED\n< 25% of Commercial Buildings \nBuilt in Last 20 Years in the U.S.\n(# of buildings in thousands)\n709\n517\n685\n831\n794\n921\n924\n537\nBefore\n1946\n1946 to\n1959\n1960 to\n1969\n1970 to\n1979\n1980 to\n1989\n1990 to\n1999\n2000 to\n2009\n2010 to\n2018\n•U.S. commercial buildings continue to age \nwith nearly half of commercial \nfloorspace constructed more than 50 \nyears ago\n•America’s aging infrastructure is in the \nspotlight following several highly-publicized \ntragic structural failures \n•RSI’s core existing geographies, Minneapolis \nand Milwaukee, are entering a critical cycle \nof needed repair and restoration given \nmany of the cities’ buildings were \nconstructed between 1960-1990\nBACKGROUND\nROOT CAUSE\nAFTERMATH\n•The Champlain Towers South \ncondominium collapsed in Surfside, Florida \nkilling 98 people\n•Resulted from structural failures around \nthe facility’s swimming pool – NIST spent \n~$30M investigating the cause\n•Florida legislature passed a bill shortening \nthe required period that buildings need to \nbe reviewed from every 40 to 10 years\nCHAMPLAIN TOWERS SOUTH \nCONDO COLLAPSE\nJUNE 24, 2021\nANN STREET PARKING \nGARAGE COLLAPSE\nAPRIL 18, 2023\nBACKGROUND\nROOT CAUSE\nAFTERMATH\n•A parking garage collapsed in New York’s \nFinancial District, killing one person and \ninjuring five others\n•Experts suggest deferred maintenance \nresulted in structural integrity issues\n•Inspectors conducted inspections of \nparking structures across NYC, resulting in \nfour additional garages in Manhattan and \nBrooklyn being closed\nEntering \nContinuous \nRestoration Cycle\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n... Focused on Markets with Attractive Dynamics and \nDriven by Government Regulation...\n8\nRESTORATION ENVIRONMENT ACROSS THE U.S.MARKET SNAPSHOTS\nCITYKEY REGULATIONS & MARKET ATTRIBUTES\nEXISTING RSI GEOGRAPHIES\nPLANNED RSI EXPANSION GEOGRAPHIES\nMinneapolis, MN\nMilwaukee, WI\nKansas City, MO\nCincinnati / Columbus \n/ Cleveland, OH\nDenver, CO\n•Regulation: Annual parking ramp inspections \nfor structural integrity\nCURRENT MARKET POSITION\nActionable Geographic Expansion Opportunities with Highly Favorable Regulatory Environments Across the U.S. \n•Attributes: Entering heavy restoration era based \non city age / construction cycle; seasonal freeze-\nthaw cycles heavily deteriorate infrastructure\n•Regulation: Building facade inspections \nrequired based on building size \n•Attributes: Recent high-profile parking ramp \ncollapse (2023); seasonal freeze-thaw cycles \nheavily deteriorate infrastructure\n•Regulation: Annual parking ramp inspections \nfor structural integrity\n•Attributes: Longer construction season than \nnorthern Midwest states; history of fatal \ninfrastructure failure\n•Regulation: Annual parking ramp inspections \nfor structural integrity\n•Attributes: Recent building collapse (2024) \nillustrated major infrastructure hazards; freeze-\nthaw cycles heavily deteriorates infrastructure\n•Regulation: N/A\n•Attributes: Significant infrastructure maintenance \nneeds based on population growth; freeze-thaw \ncycles heavily deteriorates infrastructure\nMSA POPULATION\n#1\nMarket Position\n#3\nMarket Position\nTBD\nTBD\nTBD\n3.7M\nTotal Population\n1.6M\nTotal Population\n2.2M\nTotal Population\n6.6M\nTotal Population\n3.0M\nTotal Population\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n... Working Collaboratively with Key Stakeholders to Provide \nExpert Advice and Craftsmanship... \n9\nBUILDING OWNERS & PROPERTY MANAGERSENGINEERS & ARCHITECTS\nRESTORATION SERVICES ECOSYSTEM\n•Relationships between building owners and managers, architects and engineering consultants and restoration service providers demonstrate a collaborative \nnetwork where building owners and managers rely on architects and engineers for expert assessments and referrals, while restoration service providers \nexecute necessary repairs and preservation to maintain the structural integrity and compliance of commercial properties\n•Close partnership with both architects and engineers as well as building owners and property managers is critical to ensure alignment on job objectives and \nleads to strong repeat business\nKEY ROLES IN ECOSYSTEM\n•Architects evaluate and inspect safety \nconcerns in building facades\n•Engineers inspect and review structural \nintegrity of parking ramps and decks\n•Engineers and architects advise clients on non-\ndiscretionary, non-deferrable restoration \nservices\n•Responsible for managing key purchase \ndecisions for restoration and repair of building \ninfrastructure\n✓Building owners / property managers who own \nmultiple facilities provide a steady source of \nrepeat business across their portfolio of assets\nREPRESENTATIVE BUILDING OWNERS\nKEY VALUE TO RESTORATION SYSTEMS\n✓Serve as a key referral source for new jobs\n✓Act as a partner when RSI expands to new \ngeographies where the architecture and \nengineering firms also have a presence\nREPRESENTATIVE ENGINEERING FIRMS\nREPRESENTATIVE ARCHITECTURE FIRMS\n59%\n41%\n% of Revenue \n(‘21-’24 Avg)\nREVENUE BY \nREFERRAL SOURCE\nKEY ROLES IN ECOSYSTEM\nKEY VALUE TO RESTORATION SYSTEMS\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n... Working Collaboratively with Key Stakeholders to Provide \nExpert Advice and Craftsmanship (Cont.)... \n10\nRSI’S REPUTATION FOR EXCELLENCE\n•RSI has developed strong partnerships over 25+ years with leading architecture and engineering firms as well as building owners and property managers \nthrough strategic and repeatable techniques to build long-term, recurring referral relationships\nA level of professionalism and \nattention to detail unique to the \nindustry, from bidding stage to \njob completion\nRSI HAS MASTERED THE NAVIGATION OF THE RESTORATION ECOSYSTEM\nTransparent blueprint for \nconstruction, job progress and \nquality\nStrong relationships with union \nlaborers and bricklayers\nUnmatched quality of \ncraftsmanship\nClean and well-maintained job \nsites and equipment\nProven ability to coordinate and \ncollaborate with cross-functional \nteams\nOwned fleet of equipment \nallows RSI to respond quickly \nand results in higher job-level \nmargins\nEngineers \n(Parking Ramps)\nBuilding Owners & \nProperty Managers\nArchitects\n(Exterior Facade)\n✓Partner with engineers and architects as thought leaders at industry events and association \nmeetings, establishing relationships as joint experts in relevant service types\nHow RSI Manages Relationships with Engineers & Architects\n✓When referred-in following inspections or consultations, RSI enhances engineer and architect \ncredibility by consistently providing on-time, on-budget and outstanding quality services\n✓Detailed and transparent communication from proposal to weekly check-ins to \ncompletion of job, ensuring full client confidence in RSI’s timeline, cost estimates and \nservice capability\nHow RSI Manages Relationships with Building Owners & Property Managers\n✓Clear articulation of phased restoration plans and potential future restoration needs, \nallowing owners and managers to precisely specify RSI’s restoration services into annual \ncapex budgets\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n... With Market Leadership in the Midwest and a Platform to \nExpand into New Markets...\n11\nTHE MIDWEST’S LEADING RESTORATION COMPANY \nMinneapolis, MN\n(Opened 1997)\nMilwaukee, WI\n(Opened 2022)\nTEAM\nPROCESSES\nSYSTEMS\nRSI HAS RESOURCES AND KNOWLEDGE NECESSARY TO ENTER NEW MARKETS\nKansas City, MO\nDenver, CO\nOhio \n(Cincinnati, Columbus, Cleveland)\nOther Geographies\nUniform workflow processes \nacross all service offerings enables \nstreamlined and consistent job \nexecution\nImplemented job management \nsoftware in 2024 to enable the \nCompany to more effectively solicit \nand manage a higher volume of \nbids across geographies\nEstablished workforce that has \nproven it can provide superior \nservices in existing markets, and \ntrain and develop new talent \nquickly\nExisting RSI Facility\nPlanned Expansion Location\nCurrent Geographic Coverage\nEXISTING\n GEOGRAPHIES\nPLANNED EXPANSION GEOGRAPHIES\nREPRESENTATIVE MARKETMARKET CHARACTERISTICS\nRSI is the established leader in the market\nCompetitors are not growth-oriented – strong \nopportunity to further penetrate customer accounts \nLow existing competition levels\nRecent parking ramp collapse garnered significant \nmedia attention and calls for infrastructure maintenance\nSimilar parking ramp regulatory standards to \nMinneapolis, enabling seamless geographic integration\nHistory of fatal infrastructure failures\nAged infrastructure in need of maintenance – recent \nbuilding collapse further highlighting restoration needs\nAbility to serve three MSAs out of one strategically \nlocated office\nNo established restoration players in the market\nGrowing activity in the city will drive future restoration \nneeds – 19%+ population growth (2010 – 2020)\nSTRONGLY DEVELOPED \nOPERATIONAL STRUCTURE\nHIGHLY DEVELOPED \nOPERATIONAL STRUCTURE\nIT SYSTEMS WITH CAPACITY \nTO SERVICE GROWTH\nSeeking a partner to apply the blueprint to ripe \nexpansion markets\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n12\n... Resulting in an Exceptional Financial Profile with \nActionable Opportunities to Grow\n$10.0\n$11.7\n$12.8\n$11.3\n$11.5\n$15.5$15.5\n$20.5\n$26.4\n$34.8\n$43.2\n$54.6\n$63.4\n$78.2\n2016A2017A2018A2019A2020A2021A2022A2023A2024E2025P2026P2027P2028P2029P\nTRACK RECORD OF DELIVERING CONSISTENT REVENUE GROWTH\n(1)\nRSI HAS THE OPPORTUNITY TO ACCELERATE GROWTH UNDER NEW OWNERSHIP\n$ in millions\n1.2016A – 2020A represents reported figures whereas 2022A – 2029P represents adjusted figures.\nFURTHER PENETRATION \nIN MINNESOTA\n✓Grow wallet share with key existing customers \n✓Target new customers and end markets to expand RSI’s reach\n✓Consider adding additional service offerings (e.g., bridge repair)\nCONTINUED RAMP OF \nMILWAUKEE\n✓Continue to build reputation and track record in the market\n✓Grow wallet share with key existing customer relationships\n✓Strategically target work in adjacent cities (e.g., Appleton, Green Bay, Madison, etc.) leveraging Milwaukee as the hub\nTARGET NATIONAL \nACCOUNTS\n✓Leverage local MN and WI relationships with national property management players to accelerate footprint growth\n✓Expand market share in existing and new geographies by transplanting institutional account knowledge\nGEOGRAPHIC EXPANSION\n✓Tactfully expand to identified markets (Kansas City, Ohio, Denver) leveraging the Milwaukee blueprint and years of \nexperience in Minneapolis\n✓Evaluate additional expansion markets with consideration for size of market, growth potential, competitive landscape and \nexisting referral relationships\nMERGERS & \nACQUISITIONS\n✓Develop and implement a strategy to acquire companies that accelerate RSI’s geographic and end market expansion \n✓Leverage platform infrastructure to maximize synergy potential\nM&A Strategy Functions as an Acceleration Tool Underpinning All Growth Opportunities\nBlake Dronen \ntakes \nownership of \nthe business\nCompany \nredefines its \ncustomer \nservice strategy\nCompany \nexpands into \nMilwaukee\nCompany \nimplements job \nmanagement \nsoftware\nAcquires Merit \nConstruction, a \nlocal competitor \nwith \nrelationships \nacross Midwest\nBlue Point Capital Partners, LLC\n\nInvestment Highlights\n13\n01\n02\n03\n04\n05\n06\nExecutive Summary\nInvestment Highlights\nGo-To-Market Strategy & Competitive Landscape\nGrowth Opportunities\nOperations Overview\nFinancial Summary\n07Appendix A: Sample Customer Engagement Documents\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n14\nInvestment Highlights\n1\n7\nLeading Independent Provider of Commercial Repair, \nRestoration and Preservation Services ...\n... With Multiple Levers For Continued Growth \n2\n... With Favorable Industry Tailwinds and Experience to \nNavigate the Regulatory Environment ...\n3\n... Delivering a Tailored Customer Experience ... \n6\n... Led by a Proven Management Team that has a Track \nRecord of Executing Meaningful Strategic Initiatives ...\n5\n... Supported by a Workforce of Highly Skilled Craftsmen \nProven at Executing Jobs On-Time and On-Budget ...\n4\n... Serving a Broad Range of End Markets and Customers \nwith Focus on Multi-site Operators and National Accounts ...\nBlue Point Capital Partners, LLC\n\nRestoration Systems\nTHE MIDWEST'S LEADING RESTORATION COMPANY\nMeticulous professionalism from the \ninitial bidding stage to job completion, \nensuring quality and satisfaction at \nevery step\nCOMPLETE INTEGRITY AND VISIBILITYEND-TO-END PROFESSIONALISMSTRONG EMPLOYEE SATISFACTION\nPROVEN SAFETY EXCELLENCEUNMATCHED QUALITY OF CRAFTSMANSHIPCOLLABORATIVE AND COMMUNICATIVE PARTNER\n15\nLeading Independent Provider of Commercial Repair, \nRestoration and Preservation Services ...\n1\nTransparent plans, progress updates, \nand quality reporting throughout every \njob phase\nStrong relationships with union \nlaborers and bricklayers, ensuring \ndedicated and consistent workforce \nthroughout job life\nHigh quality service provided by skilled \ncraftsman with years of specialized \ntraining and experience\nClean and well-maintained job sites \noperated and overseen by employees \nwith industry-leading safety metrics\nProven ability to coordinate and \ncollaborate with cross-functional teams \nto ensure seamless job completion on-\ntime and on-budget\nCapabilities and track record to service prominent commercial infrastructure across diverse end markets\nWells Fargo Center\nBuilding Facade\nProperty Management\nSt. Mary’s Orthodox \nCathedral\nBuilding Facade\nReligious\nHennepin \nCountry Library\nBuilding Facade\nGovernment\nNorth Memorial \nHospital\nParking Ramp\nHealthcare\nMinneapolis / St. Paul \nInternational Airport\nParking Ramp\nTransportation\nLourdes Hall \nWinona State\nBuilding Facade\nEducation\n#1\nMinneapolis \nMarket Position\n#3\nMilwaukee \nMarket Position\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n16\n1.Source: Chicago.gov\n2.Source: International Code Council\n... With Favorable Industry Tailwinds and Experience to \nNavigate the Regulatory Environment ...\n2\nRSI IS WELL-POSITIONED TO CAPITALIZE ON KEY INDUSTRY DRIVERS\n•The U.S. commercial restoration market is estimated to be worth several billion \ndollars with a significant portion dedicated to concrete and masonry restoration\n•The market is projected to grow at a steady 4% - 5% annually driven by attractive \nfundamental growth drivers:\n•Aging Infrastructure: Recent high-profile building collapses in Iowa, Florida \nand New York have put a spotlight on repairing aging infrastructure\n•Emphasizing Preservation: Large MSAs are investing heavily in preservation, \nincluding Chicago’s $8M grant for historical preservation jobs in 2024\n(1)\n•Evolving Codes and Regulations: The International Building Code (IBC) \ncontinually updates structural integrity standards, including 2024 updates to \nmasonry and concrete standards\n(2)\n•RSI competes in the large and growing $200B+ broader U.S. restoration and \nremediation market – provides opportunity for potential acquirer to partner with \nRSI to build a diversified platform serving multiple market segments\nFAVORABLE MARKET TAILWINDS\nRSI’S ADVANTAGEKEY DRIVERS\nRobust relationships with property managers influences \nrestoration job decisions\nBUILDING \nAND \nFACADE\nPARKING \nREPAIR \nAND \nTRAFFIC \nCOATINGS\nRSI offers industry-leading value supported by cost-\nadvantaged bids and phasing plans\nEngineering firms refer RSI in as the go-to partner for \nannual parking ramp maintenance\nIn the absence of regulatory requirements, parking \nramps suffer severe annual deterioration in seasonal \nupper Midwestern environments (freeze-thaw cycles)\nUnmatched ability to capture opportunity with owned \nequipment and preferable purchasing contracts \nCoatings boomed in 1980s and are now at end of \nlifecycle, requiring removal and reapplication\nIn the absence of local building ordinance requirements, \ndecisions on facade and building maintenance are \ndiscretionary to property owners\nCompetitive bidding is highly relevant to less frequent \nand larger-scale jobs \nADVANTAGEOUS LOCAL REGULATION\nMinneapolis and St. Paul have ordinances that \nrequire parking ramps and decks be inspected \nand reviewed annually for structural integrity\nMilwaukee has city ordinances that require \nbuilding facades to be inspected and reviewed \nfor unsafe conditions – frequency of inspection \noften depends on the size of the building\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n17\n... Delivering a Tailored Customer Experience ... \n3\nEND-TO-END CUSTOMER SERVICE ENSURING MAXIMUM TRANSPARENCY AND CUSTOMER SATISFACTION\nILLUSTRATIVE JOB LIFE CYCLE\nHighly trained and talented \nProject Managers that \nleverage deep industry \nknowledge to develop plans \nand solutions for customers\nHighly standardized customer \nservice processes enable RSI to \nconsistently, efficiently and \neffectively serve customer needs\nFocused attention on \ncustomer needs at all levels of \nthe RSI organization\nCompany-wide dedication \nto develop and maintain \nstrong relationships with \ncustomers\n12\n3\n45\n6\nINITIAL CUSTOMER ENGAGEMENTPRE-JOB PLANNING\nCUSTOMER RETURNS TO RSIJOB SET-UP\nJOB COMPLETIONJOB EXECUTION\n•Project Manager engages with a new or recurring customer \nand attentively listens and understands the client needs\n•Project Manager analyzes the customer situation and \nexecutes analysis to determine a proposed solution\n•RSI delivers a professional and customized 30+ page bid \nproposal that includes a job summary, job phasing plan, highly \ndetailed on-site observations and job cost estimate\n•Detailed bid summary demonstrates RSI’s knowledge and \nfamiliarity of client infrastructure\n•Strong customer relationships and quality of work result in a \nsticky customer base with reoccurring revenue dynamics\n•RSI takes pride in the fact that it has never lost a \ncustomer\n•RSI determines all resources necessary to quickly and \neffectively execute the job - procures equipment and \nestablishes a dedicated job team \n•Company is ready to “hit go” as soon as the customer is ready \nto begin the job\n•Project Manager and Superintendent complete full \nwalk-through with the client at property to ensure all \nneeds have been met\n•RSI delivers highly detailed final invoice, ensuring that the \ncustomer understands all charges\n•Project Manager meets with dedicated Superintendent \nweekly to identify outstanding job needs and ensure progress\n•Project Managers check-in with client on a weekly basis to \ndeliver job updates and ensure customer is aware of every job \nmilestone\nRSI’s Customer Service Process is Highly Teachable and Repeatable, Enabling Consistent High-Quality Results\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n•One-page document that is sent to RSI clients \nonce per week to provide an update on the \nstatus of the ongoing job\n•Informs the client of the below detail:\n•Budget status (e.g., on-budget, overbudget)\n•Completion timeline update\n•Scope of services being provided\n•Previous week progress\n•Key go-forward details\n•Project photos\n•Summary document that is sent to RSI’s existing \nclients once per year to summarize the \nmilestones and progress of ongoing jobs\n•Informs the client of the below detail:\n•Key job highlights and milestones\n•Detailed summary of the scope of the job\n•Review of pre-set job goals\n•Summary of go-forward initiatives and open \nworkstreams\n•Plan for following year\n•Highly detailed and visual 30+ page document \nshared with prospective clients prior to job \nengagement – highly differentiated compared \nto competitors\n•Informs the client of the below detail:\n•Overall job summary\n•Graphical phasing plan summary\n•Graphical summary of on-site observations\n•Itemized job cost estimate by job phase\n•Introduction to job team and RSI\nDESCRIPTION\n18\n... Delivering a Tailored Customer Experience ... (Cont.)\n3\nDETAILED BID PROPOSALSWEEKLY JOB PROGRESS REPORTSANNUAL REPORTS\nDESCRIPTIONDESCRIPTION\nSAMPLE RSI DOCUMENTSAMPLE RSI DOCUMENT\nRSI’S BID PROPOSALS, WEEKLY PROGRESS REPORTS AND SUMMARY ANNUAL REPORTS ENABLE FULL \nTRANSPARENCY AND MAKE CUSTOMERS' LIVES EASIER\nSAMPLE COMPETITOR DOCUMENT\nSAMPLE RSI DOCUMENT\nENHANCED CUSTOMER EXPERIENCE UNDERPINNED BY THE INDUSTRY’S BEST ENGAGEMENT TOOLS\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n19\n... Serving a Broad Range of End Markets and Customers with \nFocus on Multi-site Operators and National Accounts ...\n4\nPROPERTY \nMANAGEMENT\n•Multi-site real estate players that own a high \nvolume of properties requiring consistent \nmaintenance\n•RSI has strong relationships with the largest \nplayers in this concentrated market\nHOA\n•Primarily multi-site property managers that \noperate numerous apartment and housing \ncomplexes\n•High competition for quality living spaces results \nin critical need for maintained housing\nHEALTHCARE\n•Multi-site and single-site hospitals and care \ncenters primarily located in highly populous areas, \ndriving increased maintenance needs\n•Critical need for patient-friendly walking spaces \nresults in frequent maintenance \nGOVERNMENT\n•Multi-site and single-site municipal infrastructure \nwith strong opportunity for repeat customer, \nreoccurring jobs\nEDUCATION\n•Multi-site and single-site universities and K-12 \ninstitutions \n•High importance of maintaining integrity and \nsafety of education infrastructure\nEND MARKETMARKET OVERVIEW\n% OF REVENUE\n(2022 – YTD OCT-24 AVG)\nREPRESENTATIVE CUSTOMERS\n35.1%\n29.5%\n18.0%\n9.4%\n7.9%\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n20\n... Supported by a Workforce of Highly Skilled Craftsmen \nProven at Executing Jobs On-Time and On-Budget ...\n5\nSKILLED AND DEDICATED WORKFORCE\nKEY WORKFORCE HIGHLIGHTS\nVirtually All Jobs Completed On-Time\nEfficient job management and experienced crews have ensured \nthat virtually all of RSI’s historical jobs have been completed on \nschedule\nVirtually No Warranty Claims\nMeticulous attention to detail and rigorous quality control \nmeasures have resulted in no material warranty claims\n•RSI has developed a dedicated workforce that takes pride in their work, \nhas a reputation for skilled craftsmanship and delivers high-quality \nservices\n•RSI’s project management and superintendent staff are highly experienced \nand often have laborer backgrounds, providing extensive knowledge to \nfield staff to ensure jobs are completed on-time and on-budget\n•Many staff members have 20+ years of experience, offering \nconsiderable experience in navigating unexpected job challenges\n•The quality of RSI’s services is supported by its ability to train and certify its \nmany field staff employees (including seasonal laborers and bricklayers) \nfor specialty restoration work\n•RSI emphasizes the importance of highly skilled field staff by \nsupplementing union-led workshops with in-house training sessions, \nspecifically targeting the cross-training of field staff to allow employees to \nflex between various tasks as needed from job to job\n•Existing craftsman employees are open to traveling to worksites, enabling \nthe Company to expand geographically with existing workforce\nVirtually All Jobs Completed On-Budget\nDetailed proposal development rooted in database of 25+ years \nof restoration job data supports highly comprehensive and \naccurate job estimation\nTENURED UNION \nRELATIONSHIP\nHIGH SAFETY \nSTANDARDS\nSTANDARDIZED \nTRAINING\nTENURED \nEMPLOYEES\nSTRONG \nRETENTION RATE\nAverage employee tenure of 5 \nyears, resulting in a highly \ntalented and experienced \nworkforce aligned with \nCompany culture\nAnnual Safety, PTI, Swing \nStage and Scaffolding training \n– Union employees have \naccess to certification and \ntraining courses\nStrong safety programs \nrecognized by numerous awards, \nincluding Minnesota Governors \nWorkplace Safety Award and \nLECET Safety Driven Contractor \nAward\nCraftsman are sourced \nfrom highly tenured union \nrelationships – two of \nwhich are 28+ year \nrelationships\nAverage YoY re-hire rate of \n95%+, significantly \noutperforming the industry\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n21\n... Led by a Proven Management Team that has a Track \nRecord of Executing Meaningful Strategic Initiatives ...\n6\nBlake Dronen\nPresident\nRSI Tenure: \n25+ years\n•Began career at RSI as a Foreman in 1999\n•Responsible for strategic leadership and planning, business development, operational \noversight and risk management\n•Bachelor’s degree in Construction Management from Minnesota State University – \nMankato\nKEY ACCOMPLISHMENTS\nEXPERIENCED AND TENURED MANAGEMENT TEAM DEDICATED TO FUTURE GROWTH ... \nJen Patti\nOperational Strategy \nLeader\nRSI Tenure:\n6+ years\n•Joined RSI in 2019\n•Responsible for strategic planning, process improvement and integration\n•Previous experience as a Project Manager and Strategy Manager at C.H. Robinson\n•Bachelor’s degree in Retail Merchandising from the University of Minnesota – Twin \nCities\nTayton Eggenberger\nSales Leader\nRSI Tenure:\n14+ years\n•Joined RSI in 2005 as a Warehouse Manager\n•Responsible for business development, job estimation and scoping, cost management, \nresource management and client communication\n•Master’s degree in Business Administration from Minnesota State University – Mankato, \nBachelor’s degree in Business Administration from Augsburg University\nSuccessfully expanded into Wisconsin \nmarket with establishment of Milwaukee \noffice and <2 year payback\nEXPANSION \nTO WISCONSIN\nSystem enhancement with Sage Intacct \nplatform increases job cost oversight and \nmanagement capabilities, resulting in improved \nprofitability management and analysis\nENHANCED COST\nMANAGEMENT\nImplemented scalable HR, payroll, and \nexpense management software to simplify \nand streamline internal processes\nOPTIMIZED \nBACK-END SYSTEMS\nNegotiated favorable purchase contract with \nkey supplier for traffic coatings, concrete \nmixes and sealants, offering distinct cost \nadvantage over competitors\nIRREPLICABLE \nSUPPLY RELATIONSHIPS\nHired, trained, and managed employees to \nexemplify highest levels of safety and integrity \nin all work, resulting in numerous individual \nand company-wide safety awards \nESTABLISHED \nCULTURE OF SAFETY\nBrian Stueve, CPA\nFinance Leader\nRSI Tenure: \n2+ years\n•Joined RSI in 2023 as the Company's Fractional Finance Leader; works for BGM, RSI's \naccounting firm\n•Responsible for financial reporting and management, accounting operations and \nmanaging internal controls\n•Bachelor’s degree in accounting from St. Cloud State University\n...SUPPORTED BY HIGHLY QUALIFIED FIELD LEADERSHIP\nBuilding Facade \nLeader\nRSI Tenure: \n19+ years\nParking Ramp\nLeader\nRSI Tenure: \n11+ years\nMilwaukee\nRegion Leader\nRSI Tenure: \n2+ years\nMilwaukee\nField Leader\nRSI Tenure: \n24+ years\nExecuted the acquisition of a local \nMinneapolis competitor in 2024\nDEMONSTRATED ABILITY \nTO EXECUTE M&A\nBlue Point Capital Partners, LLC\n\nRestoration Systems\nGROW WALLET SHARE IN \nEXISTING MARKETS – WISCONSIN\n22\n... With Multiple Levers For Continued Growth \n7\nGROW WALLET SHARE IN \nEXISTING MARKETS – MINNESOTA\nTARGETED EXPANSION END MARKETS\n•RSI has ample opportunity to continue to win new customer \nopportunities within Minnesota by targeting underserved end \nmarkets\n•The industrial sector, school districts, private universities and \ncolleges, and the Department of Transportation (DoT) offer \nsignificant growth potential within RSI’s current service lines and \ngeographic coverage\nILLUSTRATIVE PUBLIC VS. PRIVATE SECTOR JOB MIX IN MILWAUKEE\nPrivate JobsPublic Jobs\n•As a newly established office, RSI’s Wisconsin branch has emphasized \ngrowing brand awareness and developing relationships in cities near \nMilwaukee through bidding and completing public sector jobs\n•Public sector jobs has led to increased opportunity for private sector \nwork, as RSI Milwaukee continues to mature, there is significant \nopportunity to directly target private sector jobs \nINDUSTRIAL \nSECTOR\n✓Industrial sector, especially refineries, has \nconsiderable regulatory burden to upkeep facilities\n✓Includes plants, warehouses, refineries and \nindustrial complexes with maintenance, restoration \nand protective coatings needs\nSCHOOL \nDISTRICTS\n✓To consistently meet regulatory requirements while \nstaying within annual budgets, schools prefer to \nrestore and maintain existing facilities as opposed \nto new construction\n✓RSI currently serves a small number of MN school \ndistricts\nPRIVATE \nUNIVERSITIES\n✓Private colleges and universities allocate higher \nannual spend to maintaining facilities and parking \nramps with greater flexibility in scope\n✓New customer opportunities include Gustavus \nAdolphus College, Bethel University, University of St. \nThomas and more\nDEPARTMENT OF \nTRANSPORTATION\n✓Opportunity to build relationship within the DoT to \nwin public infrastructure jobs\n✓Opportunity to expand into additional service lines, \nincluding bridge deck repair, that utilize same \nequipment as RSI’s established parking deck services\nEnhanced profitability and margins\nIncreasing private job mix in Milwaukee offers...\nIncreased flexibility and lesser bureaucratic hurdles\nHigher likelihood of client recurrence and relationship building\nCurrent Job Mix (FY24)Targeted Job Mix (FY29)\n~40%\n~70%\n~60%\n~30%\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n23\n1.Illustrative ramp based on actual results of Milwaukee office and Management forecast.\n... With Multiple Levers For Continued Growth (Cont.) \n7\nILLUSTRATIVE DE NOVO REVENUE RAMP\n(1)\nTARGET NATIONAL ACCOUNTS\nCapitalize on strong relationships with key influencers (e.g., \nengineers, consultants) who have MN offices and established \npresence in target markets\nJoin local industry group chapters (e.g., ICRI) to drive brand \nawareness, grow relationships and build traction quickly\nOpportunity to provide more year-round work in mild climate \ncities (e.g., Cincinnati)\nRepeatable “playbook” for breaking into new markets derived \nfrom historical experience and success in Milwaukee\nPlanned expansion cities (e.g., Kansas City, Cincinnati, \nCleveland, Columbus, Denver) based on aging infrastructure, \nsimilar inspection regulation to MN and limited competition\n$0M\n$3M+\n$6M+\nYear 0Year 1Year 2Year 3Year 4Year 5\n<2 Year Payback \nPeriod on CapEx\nREPLICABLE STRATEGIC PLAYBOOK TO LAND \nAND EXPAND IN IDENTIFIEDNEW GEOGRAPHIES\n•RSI will follow its “land and expand” model that has proven effective \nin Wisconsin to enter new geographies, combining strategic \nacquisitions along with boots-on-the-ground organic growth through \nsales team and existing referral relationships\nEXISTING NATIONAL ACCOUNTSTARGET NATIONAL ACCOUNTS\nPROPERTY MANGERS\nREITS\nPARKING RAMPS\nHOSPITALITY\n•RSI is well qualified to become a trusted national provider to \ncustomers that manage multiple facilities across diverse geographies\n~25% \nof RSI’s revenue \ncomes from national \naccounts today\n20+ \nIdentified Target \nNational Accounts\nN/A\nBlue Point Capital Partners, LLC\n\nRestoration Systems\nACQUISITION INTEGRATION\nTARGET IDENTIFICATION & ACQUISITION\nEMPOWERING GROWTH\n24\n... With Multiple Levers For Continued Growth (Cont.) \n7\nMERGERS AND ACQUISITIONS\nACQUISITION CRITERIA\nDEFINED M&A PLAYBOOKACTIONABLE M&A PIPELINE\nEngage M&A advisors\nPerform pre-acquisition due diligence\nEngage financing partner\nClose transaction\nIdentify target\n1\n2\n3\n4\n5\nImplement RSI’s standardization\nIntegrate target with RSI’s supplier \nnetwork\nDevelop relationship with target\n1\nEnsure strength of customer \nrelationships\n2\nCapitalize on cost synergies\n3\n4\n5\nEstablish growth plan\n6\nExpand sales staff\nIntroduce target to RSI’s engineer \n& customer relationships\nImplement RSI’s geographic \nexpansion playbook\nCross sell services between \nRSI and the target\nInitiate growth opportunities\n1\n2\n3\n4\n5\nSTRATEGIC \nGEOGRAPHIC \nEXPANSION \nEND MARKET \nEXPANSION\nSERVICE OFFERING \nSYNERGIES\nCAPTURE WALLET SHARE \nWITH KEY CUSTOMERS\nREVENUE & COST \nSYNERGY POTENTIAL\nM&A STRATEGY OVERVIEW\n•RSI competes in a highly fragmented industry with many sub-scale \nplayers where the Company could unlock considerable synergies by \nintegrating them into the RSI platform\n•Recently acquired the assets of a local Minneapolis competitor \n– large volume of similar opportunities\n•The Company provides platform potential to replicate other diversified \ninfrastructure services platforms in the market (i.e., a one-stop-shop for \nall your building’s maintenance and repair needs, both inside and out)\n•Company has existing infrastructure in place (e.g., leadership, \nstandardized processes, geographic expansion playbook, \nreputation) to grow as a platform\nTARGETGEOGRAPHYSERVICE OFFERING\nEST. REV.\n ($M)\n#1\nNE & MOParking Deck, Facade, Bridge\n$25M\n#2\nOHParking Deck, FaÁade\n$22M\n#3\nCOParking Deck, FaÁade\n$15M\n#4\nMOParking Deck, Facade\n$12M\n#5\nOHParking Deck, Facade\n$11M\n#6\nOHParking Deck, Facade\n$10M\n#7\nOHParking Deck, Facade\n$8M\n#8\nMNFaÁade\n$30M\n#9\nMNParking Deck\n$18M\nTotal Revenue\n$151M\nBlue Point Capital Partners, LLC\n\nGo-To-Market Strategy & Competitive Landscape\n25\n01\n02\n03\n04\n05\n06\nExecutive Summary\nInvestment Highlights\nGo-To-Market Strategy & Competitive Landscape\nGrowth Opportunities\nOperations Overview\nFinancial Summary\n07Appendix A: Sample Customer Engagement Documents\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n26\nSales & Marketing Organization & Strategy\nSALES STRATEGY OVERVIEWSALES ORGANIZATIONAL CHART\nKEY MARKETING INITIATIVES\nTAYTON EGGENBERGER\nSales Lead\n•Highly tactical sales team with a well-defined strategy of identifying \nopportunistic regions and customers with substantial market and \nwallet share opportunity\n•Led by Sales Leader Tayton Eggenberger, RSI’s Project Managers \ndevote ~30% of their time pursuing new leads during the busy season, \nand ~70% of their time managing ongoing jobs and client relationships\n•RSI utilizes direct sales channels, referrals through engineer \npartnerships, property / facility management relationships and online \nmarketing to target new customers\n•Strong reputation in existing markets has resulted in majority \nof new jobs being sourced from engineering referrals\n•Active and hands-on customer management strategy consisting of \ndedicated support teams that execute regular follow-ups during a job \nand post-job evaluations\nMinneapolis-Based\nSENIOR PROJECT \nMANAGER\nPROJECT MANAGER\nASSISTANT PROJECT \nMANAGER\nMILWAUKEE\nREGION LEADER\nMilwaukee-Based\nASSISTANT PROJECT \nMANAGER\nSOCIAL MEDIAEMAIL CAMPAIGNS\nSPONSORED INDUSTRY EVENTS\nTRADESHOWS\nYouTube channel with 30+ \ncompany and job overview videos\nFacebook and Instagram accounts \nwith active engagement (140+ \nposts in 2023)\n70+ annual email marketing \ncampaigns sent in 2023\n5,100+ total prospects reached \nthrough the marketing campaigns\nAttends various events and social \ngatherings with industry partners\nAttending events increases \nexposure to and builds \nrelationships with prospective \ncustomers and engineers\nAttend 7 trade shows annually\nTradeshow attendance enables RSI \nto put its service on display to key \nindustry players (e.g., prospects, \nengineers, architects)\n7\nTotal Sales Personnel\n~75%\nSales from Referrals\n~25%\nSales Sourced from \nOutbound Efforts\n38%\nLead Close Rate\n(1)\nKEY METRICS\nBLAKE DRONEN\nPresident\n1.Close rate on projects where a proposal is provided to a customer\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n27\nProject Management Funnel \n1\n2\n3\n4\n5\n6\nPROSPECTING\nDISCOVERY\nPROPOSAL / \nBID\nPRE-JOB SETUP\nPROJECT \nMANAGEMENT\nJOB CLOSE\nJOB STAGEKEY WORKSTREAMS\n•RSI has developed a six-step job workflow that has proven to generate new customers, facilitate effective project management and drive successful \noutcomes\n•The below job workflow is used for all service offerings, ensuring consistent processes and job execution during every customer engagement\n•All employees are cross trained across service lines, enabling flexibility and accuracy in job delivery\n▪Leverage networking connections\n▪Generate internal leads \n▪Attend industry events \n▪Generate proactive external leads\n▪Complete competitive analysis to understand \nopportunities within the market\n▪Qualify existing leads\n▪Organize and complete an intro meeting \nwith the lead\n▪Understand and note the customer needs\n▪Execute analysis and begin planning for \nclient needs\n▪Generate and deliver to the client a proposal \nthat details every aspect of the job\n▪Project Manager populates the bid terms \nfor the prospective client and delivers the \nfinal bid\n▪RSI prepares a product submittal package, \ndetailing all items needed for the job\n▪Company staffs RSI employees on the job\n▪Job equipment and material procurement\n▪Internal job management and \ncommunication\n▪RSI sends job progress updates\n▪Vendor bill review and approval\n▪SOW changes, if necessary\n▪RSI and management do a final job \nwalkthrough, completing a closing checklist\n▪Client receives final job invoice\n▪Client completes a post-closing survey\n▪Customer submits warranty claim, if \nnecessary\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n28\n1.Includes revenue earned from ancillary services to Building Facade and Parking Ramp work, \nincluding the installing of roofing anchors, small batch waterproofing mixes, and more.\nRSI’s Strategic Focus on the “Right” Type of Business\nREVENUE BY END MARKETREVENUE BY SERVICE TYPE\nBroad range of end markets and customers with strong focus on \nmulti-site operators and national accounts\nRegulation driven, non-deferrable service mix\nREVENUE BY CUSTOMER TYPE\nAbility to serve customers of all types, with a strong mix of more \nreoccurring, multi-site operator customers\nCOMPETITIVE VS NEGOTIATED\nAbility to comfortably secure industry-leading profit margins in \nboth competitive and negotiated bid scenarios\n76.3%\n23.7%\n‘22A – 24A\nAverage\nSingle-Site Operator\nMulti-Site Operator\nCompetitiveNegotiated\n42.5%\n57.5%\n‘22A – 24A\nAverage\nOther\n(1)\nBuilding Facade\nParking Ramp\n52.1%\n45.2%\n2.7%\nTTM \nOct-24\nHomeowners \nAssociation (HOA)\nGovernment\nProperty \nManagement\nHealthcare\n‘22A – ‘24A\nAverage\n35.1%\n29.5%\n18.0%\n9.4%\n7.9%\nEducational\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n29\nCustomer Study #1\n1.Management estimate\n2.Includes revenue earned from ancillary services to Building Facade and Parking Ramp work, including the \ninstalling of roofing anchors, small batch waterproofing mixes, and more.\nCUSTOMER CASE STUDY #1\nRELATIONSHIP HISTORY\nRSI’S VALUE ADD TO CUSTOMER\n•Added customer in 2008 through a private bid facilitated by one of the Company’s engineering \npartners\n•Generated continued growth within the customer through trust built on consistently high-\nquality services and a transparent approach to customer service\n•Strong history of servicing customer’s building facade needs\n•Executed $8.0M+ in jobs for Customer #1 since 2021, including various building facade and \nparking ramp jobs\n•RSI’s key jobs with customer include:\n•Building restoration of RiverWest Condominiums\n•Parking ramp restoration of RiverView Tower’s parking infrastructure\n51%\nBuilding \nFacade\n22%\nParking \nRamp\n27%\nOther\n(2)\n4%\n6%\n10%\n12%\n16%\n23%\n25%\n2018A2019A2020A2021A2022A2023A YTD 2024\nCUSTOMER DESCRIPTION:\nProperty management company \nwith infrastructure managed in 20+ \nstates\nLOCATION:\nNational with a strong presence in \nMinnesota\nINDUSTRY:\nHomeowners Association\nTENURE:\n15 Years\nJOBS COMPLETED (#):\n120+\nCUSTOMER TYPE:\nMulti-Site\nSERVICE REVENUE BREAKDOWNANNUAL WALLET SHARE WITH CUSTOMER\n(1)\nGO-FORWARD GROWTH STRATEGY\nExpand RSI’s solutions to support \nCustomer’s network as a whole\nGrow nationally into Customer’s \nproperties\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n30\nCustomer Study #2\nCUSTOMER CASE STUDY #2\nCUSTOMER DESCRIPTION:\nNational property management \nCompany with a portfolio of 170K \ntotal units\nRELATIONSHIP HISTORY\nRSI’S VALUE ADD TO CUSTOMER\n•Added customer in 2000\n•Primarily a direct relationship today between customer and RSI, but RSI has a strong \nrelationship with the customer’s preferred engineering partners\n•Growth in wallet share driven primarily through referrals and targeted marketing efforts at \ntradeshows, industry events and on social media\n•Executed $3.9M+ in jobs for customer since 2021, including various building facade and parking \nramp jobs\n•RSI’s key jobs with customer include:\n•Building restoration of Wells Fargo Home Mortgage\n•Upcoming parking lot restoration of the MetroPoint ramp\nLOCATION:\nNational with a strong presence in \nMinneapolis, MN & Milwaukee, WI\nINDUSTRY:\nProperty Management\nTENURE:\n28 Years\nJOBS COMPLETED (#):\n220+\n5%\n8%\n14%\n23%\n25%\n30%\n35%\n2018A2019A2020A2021A2022A2023A YTD 2024\nCUSTOMER TYPE:\nMulti-Site\nSERVICE REVENUE BREAKDOWNANNUAL WALLET SHARE WITH CUSTOMER\n(1)\nGROWTH OPPORTUNITY\n70%\nBuilding \nFacade\n1%\nParking \nRamp\n29%\nOther\n(2)\nDeepen customer relationship at a \ncross-functional level\nGrow nationally into Customer’s \nproperties\n1.Management estimate\n2.Includes revenue earned from ancillary services to Building Facade and Parking Ramp work, including the \ninstalling of roofing anchors, small batch waterproofing mixes, and more.\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n31\nJob Case Study #1 – Building Facade\nSITE DESCRIPTION:\nCathedral Built in 1887\nLOCATION:\nMinneapolis, MN\nSTART DATE:\nAugust 2020\nLENGTH OF JOB:\nMulti-Year Contract\nSOURCE OF JOB:\nInbound Interest\nJOB REVENUE:\n$64K\nJOB OVERVIEW\nSCOPE OF WORK\nLINK TO VIDEO CASE STUDY...\nHERE\nST. MARY'S ORTHODOX CATHEDRAL EXTERIOR RESTORATION\n•The customer was experiencing water infiltration in their \nwall cavity and required masonry repair quickly\n•RSI was contracted to perform exterior stone and \nmasonry repairs at the Historical St. Mary’s Orthodox \nCathedral\n•The Company delivered a quality result through various \nservices that restored the historic facade to its original \nlikeness\n▪Exterior Facade Tuckpointing\n▪Exterior Sealant Replacement\n▪Stainless Steel Through-Wall Flashing Installation\n▪Custom Fabricated Copper Counter Flashing Installation\n▪Exterior Stone Repairs\n▪Exterior Stone Replacement\n▪Power Washing Facade Elements\nBEFORE\nAFTER\nBEFORE\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n32\nJob Case Study #2 – Parking Ramp\nSITE DESCRIPTION:\nApartment complex located less \nthan 10 miles outside of Minneapolis\nLOCATION:\nBrooklyn Park, MN\nSTART DATE:\nApril 2020\nLENGTH OF JOB:\nTwo Months\nSOURCE OF JOB:\nInbound Interest\nJOB REVENUE:\n$169K\nJOB OVERVIEW\nSCOPE OF WORK\nLINK TO VIDEO CASE STUDY...\nHERE\nLUX APARTMENTS PARKING LOT REPAIR\n•The customer’s parking ramp was worn down and in \nneed of a new coating, parking line striping as well as \nstructural support repair\n•The customer chose RSI due to RSI delivering a fully \ncomprehensive proposal\n•RSI completed the job under budget and on time\n▪Structural Concrete Repair\n▪Traffic Coating Installation\n▪Sealant Installation\n▪Parking Stall Striping\n▪Post Tension Cable Replacement\n▪Post Tension Cable Repairs\nBEFORE\nAFTER\nBEFORE\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n33\nCompetitive Landscape\nHIGH VOLUME, NATIONAL LEADERSMALL, REGIONAL PLAYERS\nKEY STRENGTHSKEY STRENGTHSKEY STRENGTHS\nMarket leader in its core geography, \nMinneapolis, with growing market share in \na recently entered geography, Milwaukee\nStrong relationships with key national \ncustomer accounts\nHighly standardized and professional \noperating processes \nStrategic supply relationship (30%+ Discount)\nBroad service offering across numerous \nkey end-markets\nConsistently delivers high-quality services\nCurrently primarily serving only two major \nMSAs\n\nNational presence serving 18 states\nStrong relationships with key national \naccounts – highly penetrated within the \naccounts across multiple states in the U.S.\nComprehensive service offering with ability \nto serve a diversified end market mix\nLess focused on maximizing client experience \nand more interested in executing a high \nvolume of jobs\n\nWell-defined growth strategy\nMinimal focus on expanding the businesses\n\nKEY WEAKNESSES\nHigh standardization across operating \nprocesses\nOutdated processes and systems with limited \nintegration of technology\n\nKEY WEAKNESSES\nStrong emphasis on delivering quality \nservice on every job\nHighly experienced in one to a few key end-\nmarkets\nTend to have strong company culture and \nsense of pride within business\nKEY WEAKNESSES\nLack relationships with key industry \ncustomers\n\nStrategic supply relationships\nExtensive fleet of owned equipment\nLittle to no standardization of operational \nprocesses\n\nHigher risk of market cyclicality due to lack of \nend market diversification\n\nInability to cross-sell within customers due to \nlimited service offering\n\nLimited geographic presence\n\nOften lease equipment on a job-by-job basis\n\nRSI IS A CUSTOMER FOCUSED LEADER WITHIN ITS MARKETS WITH SIGNIFICANT RUNWAY TO ESTABLISH ITSELF NATIONALLY\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n34\nWhy RSI Wins \nCOMMITMENT TO QUALITYBREADTH OF SERVICES\nWELL INVESTED EQUIPMENT \nAND TECHNOLOGY\nEXPERIENCED WORKFORCE\n12\n3\n4\nEXCEPTIONAL JOB MANAGEMENT AND TRANSPARENCY\n5\n•RSI executes its jobs with meticulous attention to detail and uses \nthe highest-class materials and techniques\n•Renowned service quality results in prolongment of each \ncustomer’s structure life, enhanced aesthetics and \nsafety compliant final products\n•Industry leading quality provides reoccurring \ncustomer base and mitigated risk to RSI\n•Company has broad service offering enabling it to expertly \ndeploy traditional and modern restoration strategies\n•Ability to offer comprehensive services to \ncustomers through RSI’s various facade and \nparking lot repair and replacement capabilities\n•Serves customers in numerous industries, \nincluding health systems, housing, \nmunicipalities, etc.\n•Talented work force from the Company’s \ntechnicians, engineers and project \nmanagers – average tenure of ~5 years\n•Strong union relationships and ability to \ncontinually source craftsmen employees\n•Employee training ensures talent development is \ncontinuous and that veteran skillsets are passed \non to new employees\n•Use of latest restoration technology \nenables RSI to efficiently deliver high \nquality results\n•Technology assets enables RSI to address \neach unique customer challenge\n•Supply contracts and owned Company \nequipment allows RSI to competitively bid on \njobs\n•Very detailed job management, from the 30+ page job plan proposal to rigorous oversight and communication throughout each job \n•Systematic approach consists of detailed planning, proactive problem solving and continuous client updates to minimize client stress\n•Strict organization ensures that all jobs are completed on time and within budget\nC\nO\nM\nM\nI\nT\nM\nE\nN\nT\nT\nO\nQ\nU\nA\nL\nI\nT\nY\nB\nR\nE\nA\nD\nT\nH\nO\nF\nS\nE\nR\nV\nI\nC\nE\nS\nA\nD\nV\nA\nN\nC\nE\nD\nT\nE\nC\nH\nN\nO\nL\nO\nG\nY\n&\nE\nQ\nU\nI\nP\nM\nE\nN\nT\nE\nX\nC\nE\nP\nT\nI\nO\nN\nA\nL\nJ\nO\nB\nM\nA\nN\nA\nGE\nM\nE\nN\nT\nE\nX\nP\nE\nR\nI\nE\nN\nC\nE\nD\nW\nO\nR\nK\nF\nO\nR\nC\nE\nBlue Point Capital Partners, LLC\n\nGrowth Opportunities\n35\n01\n02\n03\n04\n05\n06\nExecutive Summary\nInvestment Highlights\nGo-To-Market Strategy & Competitive Landscape\nGrowth Opportunities\nOperations Overview\nFinancial Summary\n07Appendix A: Sample Customer Engagement Documents\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n36\nGrowth Opportunities Overview \n$20.5 \n$73.2 \n2023A Adjusted\nRevenue\nFurther Penetration in\nMinnesota\nContinued Ramp of\nMilwaukee\nTarget National\nAccounts\nGeographic Expansion2029P Adjusted\nRevenue\nM&A (Unbudgetted)Unbudgeted Upside\nPotential\nHighly Achievable Growth Trajectory (2023A-2029P Adjusted Revenue)\n$ in Millions\nB\nA\nC\nE\nConsiderable unbudgeted upside\nFURTHER \nPENETRATION \nIN MINNESOTA\nCONTINUED \nRAMP OF \nMILWAUKEE\nTARGET NATIONAL\nACCOUNTS\nGEOGRAPHIC \nEXPANSION\nMERGERS & \nACQUISITIONS \nABCDE\nD\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n37\nContinued Penetration in Minnesota\nMINNESOTA REVENUE TRENDSMINNESOTA GROWTH STRATEGY\n•Currently generating ~$23M of annual revenue in Minnesota with \nopportunity to expand market share position by 15%+ to grow 2029P \nrevenue to ~$50M\n•Numerous actionable opportunities in the Minnesota market to achieve \nmarket share growth include:\n•Focus on growing share of wallet within key existing customers \nthrough comprehensive evaluations of their portfolio to \nproactively address maintenance needs\n•Target new key customer accounts of scale to increase market \nshare\n•Expand to new cities within Minnesota that can be served by the \nMinneapolis office (e.g., Duluth, Rochester, etc.)\n•Pursue new end markets, including private colleges and \nuniversities, school districts, the industrial sector and Department \nof Transportation work\n$ in Millions\nA\n2018\nMINNESOTA GROWTH ROADMAP\nTODAY (2024)2029\n$46.3M\nRevenue\n~50%\nMarket Share\n35\nWork Crews\nKEY NECESSARY GROWTH INITIATIVES\n$23.2M\nRevenue\n35%\nMarket Share\n19\nWork Crews\nRSI is the leading player in the \nfragmented Minnesota market \nwith substantial market share \nexpansion opportunity\nAt the time Blake Dronen acquired RSI \nin 2018, the Company had a strong \nreputation in the Minneapolis \nrestoration market, but had not \nestablished itself as the market leader\n$12.8M\nRevenue\n10%\nMarket Share\n12\nWork Crews\nWin new large customer accounts \nthat will provide reoccurring \nrevenue (see page 38)\nExpand wallet share with key \nlarge customer accounts that \nhold substantial wallet share \n(see page 39)\nRSI has the opportunity to expand market share in Minnesota \nby 15% between 2024 and 2029 by executing key growth \nstrategies\n$14.8\n$18.5\n$23.2\n$26.9\n$29.9\n$35.8\n$39.5\n$46.3\n2022A2023A2024E2025P2026P2027P2028P2029P\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n38\nContinued Penetration in Minnesota (Cont.)\nA\nAbove Prospects are Large Customer Accounts that Would Provide RSI with Substantial Reoccurring Annual Opportunities\nPROSPECTPROSPECT DESCRIPTIONINDUSTRYSIZE\nANNUAL REVENUE \nOPPORTUNITYBUILDING FACADEPARKING RAMP\nKEY PROSPECTIVE CUSTOMER ACCOUNTS IN MINNESOTA\nPROSPECT #1\n500+ bed hospital in St. Paul, MN \nthat serves 200k+ patients per year\nMulti-Site\n~$750K\nPROSPECT #2\n$150B+ revenue company that \nprovides food, ingredients and \nagriculture solutions\nMulti-Site\n~$600K\nPROSPECT #3\n1M+ square foot shopping mall in \nthe Twin Cities serving ~14M \nannual visitors\nMulti-Site\n~$600K\nPROSPECT #4\nReal estate lessor with investments \nin office, retail and hospitality \nspaces\nMulti-Site\n~$600K\nPROSPECT #5\nHeadquarters of a multinational \nconglomerate with over 60 \nlocations across the U.S.\nMulti-Site\n~$500K\nPROSPECT #6\n600+ bed hospital in Minneapolis, \nMN that serves 200k+ patients per \nyear\nMulti-Site\n~$450K\nPROSPECT #7\n5M+ square foot shopping mall in \nthe Twin Cities area with ~13K \nparking spaces\nSingle-Site\n~$450K\nALL OTHER\n~$4.8M\nTOTAL OPPORTUNITY\n~$10.2M\nHealthcare\nProperty \nManagement\nProperty \nManagement\nProperty \nManagement\nProperty \nManagement\nHealthcare\nProperty \nManagement\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n39\nContinued Penetration in Minnesota (Cont.)\nA\nWALLET SHARE GROWTH OPPORTUNITY WITHIN KEY EXISTING CUSTOMER ACCOUNTS IN MINNESOTA\nHealthcare\n•Win more jobs due to track-record of delivering quality \nservices to customer\n~35%\n~45%\nProperty Mgmt.\n•Emphasize RSI’s value enhancing solutions to the \nCustomer’s properties\n~22%\n~30%\nProperty Mgmt.\n•Leverage diverse service offering to cross-sell various \njobs\n~35%\n~40%\nHOA\n•Sell RSI’s ability to deliver highly innovative solutions\n~25%\n~25%\nProperty Mgmt.\n•Demonstrate RSI’s ability to deliver tailored solutions for \neach job\n~15%\n~25%\nHealthcare\n•Leverage the Company’s service quality standard to \naddress the client’s need for perfect outcomes\n~10%\n~20%\nProperty Mgmt.\n•Market RSI’s ability to meet stringent industry standards\n~20%\n~25%\nEXISTING CUSTOMERINDUSTRYKEY SELLING POINTS\nCURRENT MN\nWALLET SHARE\n(1)\nSIGNIFICANT UNTAPPED REVENUE OPPORTUNITY – TOTAL IMPLIED REVENUE POTENTIAL\n1.Management estimate\n$15M+\nNATIONAL ACCOUNT \nPOTENTIAL\nFUTURE POTENTIAL \nMN WALLET SHARE\n(1)\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n~$300k invested to open new \nfacility in Milwaukee in 2022\n2022 - 2023\nINVESTMENTAMOUNT\n40\nContinued Ramp of Milwaukee\nWISCONSIN REVENUE TRENDS\n$ in Millions\nMILWAUKEE GROWTH ROADMAP\nWISCONSIN GROWTH STRATEGY\nB\nParking Ramp \nEquipment\n$200K\nExterior FaÁade \nEquipment\n$100K\nInitial Investment$300K\nTODAYFULL RAMP (2029)\nMilwaukee\n~60%\nPublic Job Mix\n~40%\nPrivate Job Mix\n$15.0M+\nRevenue\n30%\nPublic Job Mix\n70%\nPrivate Job Mix\nEMPLOYEE BASEGEOGRAPHIES\nEMPLOYEE BASEGEOGRAPHIES\nBranch Manager\nMilwaukee\nMadison, WI\nGreen Bay, WI\nWausau, WI\nKenosha, WI\nAppleton, WI\n1\nProject Manager\nSuperintendent\nField Staff\n1\n1\n14 - 24\n11 Field Staff\n2 Sales Personnel\n$3.2M\nRevenue (2024E)\n•Currently generating ~$3M of annual revenue in Milwaukee with \nopportunity to expand market share position to grow revenue to ~$15M \nby 2029\n•Numerous actionable opportunities in the Milwaukee market to achieve \nmarket share growth include:\n•Capitalize on large prospective accounts of scale\n•Expand to new cities within Wisconsin that can be served by the \nMilwaukee location (e.g., Madison, Green Bay, Wausau, Kenosha, \nAppleton, etc.)\n•Job margin improvement in the coming years as the Company \nleverages its growing track record and relationships to pursue \nhigher margin negotiated work vs. public bid work\n$0.7\n$2.0\n$3.2\n$5.8\n$7.6\n$10.8\n$12.7\n$16.3\n2022A2023A2024E2025P2026P2027P2028P2029P\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n41\n1.Based on Management estimate.\nContinued Ramp of Milwaukee (Cont.)\nB\nAbove Prospects are Large Customer Accounts that Would Provide RSI with Substantial Reoccurring Annual Opportunities\nKEY PROSPECTIVE CUSTOMER ACCOUNTS IN WISCONSIN\nPROSPECT #1\n1.5M+ sq. ft. sports and \nentertainment facility\nSingle Site\n$100K\nPROSPECT #2\nOne of largest health systems \nin US, a network of 18 hospitals\n with 150+ clinics\nMulti-Site\n$350K\nPROSPECT #3\nLeading advisory services provider \nwith multiple large campuses and \nconference spaces\nMulti-Site\n$35K\nPROSPECT #4\n$4.5B+ global leader in consumer \ngoods with multi-acre campus, \nmuseum and manufacturing plant\nSingle Site\n$125K\nPROSPECT #5\nInternational airport facility \nspanning +2K acres and serving \n+7M passengers annually\nSingle Site\n$850K\nPROSPECT #6\n$9BB+ global leader in industrial \nautomation systems\nSingle Site\n$300K\nPROSPECT #7\n+700 bed hospital in MKE serving \n+35K patients annually\nSingle Site\n$500K\nPROSPECT #8\n$26B+ global leader in building \nproducts and energy solutions\nMulti-Site \n$300K\nPROSPECT #9\nNational provider of insurance \nservices specializing in property \nand casualty insurance\nSingle Site\n$450K\nTOTAL OPPORTUNITY\n~$3.0M\nPROSPECTPROSPECT DESCRIPTIONINDUSTRYSIZE\nANNUAL REVENUE \nOPPORTUNITY\n(1)\nBUILDING FACADEPARKING RAMP\nHealthcare\nEntertainment\nProperty \nManagement\nManufacturing\nTransportation\nHealthcare\nIndustrial\nIndustrial\nCommercial\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n42\nDevelopment of National Accounts\nC\nWHY NATIONAL ACCOUNTS CHOOSE RSI\nReputable, trusted provider that provides consistently high-\nquality work\nProactive, professional account management (detailed bid \nproposals, weekly check-ins, annual reports, portfolio health \nmonitoring, etc.)\nEasy to work with – partnership approach\n•Opportunity to grow with national accounts that manage multiple \nfacilities across diverse geographies\n•National accounts prefer to work with a limited number of trusted \nvendors that serve as a single point of contact and can provide \ncomprehensive advice across their entire portfolio of assets\n•RSI’s existing robust project management processes are \ndifferentiated in the market and are highly attractive to large \nnational accounts that expect a higher level of \nprofessionalism\n•~30% of RSI’s revenue comes from national accounts today, and \nmanagement has identified multiple other national accounts to target, \nincluding property managers, parking ramp platforms, healthcare \nsystems, shopping center owners, REITs, etc.\n•To accelerate its strategy, management anticipates adding a dedicated \nsales manager to target and manage key national accounts\nBENEFITS OF A NATIONAL ACCOUNT STRATEGY\nLarge, stable and predictable revenue streams (i.e., maintain \nregular building restoration cycles built into capital budget)\nOpportunity to pull RSI into new geographies\nHighly sticky relationships typically with multi-year phasing \nprojects\nPOSITIONED TO BECOME A QUALIFIED NATIONAL PROVIDER \nCURRENT NATIONAL ACCOUNT REVENUE CONTRIBUTION\nRSI has established a foothold in key national accounts\nwith significant room to grow wallet share both locally \nand in new geographies\nNational Account Revenue\nAll Other Revenue\n2024E\n~30%\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n43\nDevelopment of National Accounts\nC\nData Centers\nLodging / Resorts\nIndustrial\nHealthcare\nMulti-family\nOffice Space\nSpecialty\nSports Arena\nTelecommunications\nRegional Malls / Shopping Centers\nSelf-Storage\nNational Property Managers, \nREITS, Parking Ramps and \nHospitality provide exposure \nto multiple attractive end \nmarkets \nNATIONAL ACCOUNTEXISTING CLIENTMANAGED PROPERTIES\nPROPERTY MANAGERS\n19,000+\n172,000+ Units\n9,000+\n37,500+\n--46,000+\nREITS\n--1,000+\n--550+\n--45+\n--200+\n--110+\nPARKING RAMPS\n--N/A\n--3,400+\n--3,700+\nN/A\nHOSPITALITY\n--5,900+\n750+\n--3,900+\n--5,800+\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n44\nGeographic Expansion\nIDENTIFIED EXPANSION MARKETS\nNEW GEOGRAPHIES REVENUE TRENDS\n$ in Millions\n$2.0\n$2.8\n$3.9\n$5.5\n$7.7\n$1.7\n$2.3\n$3.2\n$4.5\n$1.3\n$1.8\n$2.5\n$3.4\n$2.0\n$5.7\n$8.0\n$11.2\n$15.6\n2025P2026P2027P2028P2029P\nD\nGEOGRAPHIC EXPANSION STRATEGY\nKEY MARKET EXPANSION CRITERIA\nEngineering and client referral \nnetwork complementary to \nRSI’s existing markets\nLarge and growing addressable \nmarket\nModest competitive landscape\nFavorable business and labor \nenvironment\nKANSAS CITY\n2026\nTargeted Entry\n2.2M\nTotal Population\n30%\nFull-Ramp Market Share Potential \nSELECT OHIO MARKETS\n2025\nTargeted Entry\n6.6M\nTotal Population\n25%\nFull-Ramp Market Share Potential \nDENVER\n2026\nTargeted Entry\n3.0M\nTotal Population\n40%\nFull-Ramp Market Share Potential \n•RSI has built a platform that is prepared to execute an aggressive geographic \nexpansion strategy, replicating its proven blueprint from Milwaukee\n•As RSI scales, it will be able to leverage its corporate infrastructure \n(e.g., people, equipment and technology) to drive synergies and \nmargin expansion\n•RSI’s geographic expansion strategy is teachable and repeatable \n•Management has identified the three most attractive expansion markets as \nKansas City, Ohio and Denver and have developed a detailed strategy to break \ninto each market\n•Target markets were identified for their favorable attributes, \nincluding infrastructure quality, regulatory environment, competitive \nlandscape and complementary referral network\n•Typical new facility requires a $300K investment, with a one-to-two year \nbreakeven\n•Management anticipates creating a position to lead integration efforts to \nensure successful ramping of new locations\n•Opportunity to fast-track geographic expansion through the interplay of M&A\nOhioKansas CityDenver\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n45\nExpansion Market Case Study: Ohio\nRATIONALE FOR MARKET ENTRY\nOHIO MARKETS (CLEVELAND, CINCINNATI AND COLUMBUS)\n•Ability to efficiently serve three markets within Ohio with only one strategically located office\n•Would enable optimized resource allocation, streamlined operations, cultural alignment \nand consistent service quality standards\n•Existing referral and client relationships in the markets would enable quick market share ramp \nREVENUE & ADJ. EBITDA ($M)REQUIRED CAPITAL INVESTMENTS\nCLIENT RELATIONSHIPSREFERRAL RELATIONSHIPS\nINVESTMENTAMOUNT\nParking Ramp \nEquipment\n$200K\nExterior Facade Equipment$100K\nTotal Required Investment$300K\nD\nMARKET SHARE OPPORTUNITY:\n25%\n(1)\nMSA POPULATION:\n6.6M\nLABOR MARKET:\nUnionized\nTARGET MARKET ENTRY DATE:\n2025\nTARGET END MARKETS:\nBuilding Facade, Parking Ramp & \nHistorical Buildings\n1.Management estimate at full ramp in the market\n$2.0\n$2.8\n$3.9\n$5.5\n$7.7\n2025P2026P2027P2028P2029P\n$0.7 \n$1.1 \n$1.6 \n$2.3 \n$3.3 \nAdjusted Revenue Adjusted EBITDA\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n46\nExpansion Market Case Study: Kansas City\nRATIONALE FOR MARKET ENTRY\nKANSAS CITY\n•Company has strong referral relationships in the market, which would enable RSI to collect market \nshare and ramp quickly\n•Parking ramp regulatory review timeline in Kansas City is similar to that of Minneapolis in that it \nrequires annual reviews, which would allow the Company to seamlessly mirror its operational \nprocesses in Minneapolis\nREVENUE & ADJ. EBITDA ($M)REQUIRED CAPITAL INVESTMENTS\nINVESTMENTAMOUNT\nParking Ramp \nEquipment\n$200K\nExterior Facade Equipment$100K\nTotal Required Investment$300K\nCLIENT RELATIONSHIPSREFERRAL RELATIONSHIPS\nD\n1.Management estimate at full ramp in the market\nMARKET SHARE OPPORTUNITY:\n30%\n(1)\nMSA POPULATION:\n2.2M\nTARGET MARKET ENTRY DATE:\n2026\nTARGET END MARKETS:\nBuilding Facade, Parking Ramp & \nHistorical Buildings\nLABOR MARKET:\nNon-Unionized\n$1.7\n$2.3\n$3.2\n$4.5\n2026P2027P2028P2029P\n$0.6 \n$0.9 \n$1.3 \n$1.9 \nAdjusted Revenue Adjusted EBITDA\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n47\nExpansion Market Case Study: Denver\nRATIONALE FOR MARKET ENTRY\nDENVER\n•Recent infrastructure expansion in the market will result in significant near-term restoration work \nopportunity – on the verge of a high volume of job opportunities\n•Existing referral and client relationships would enable quick market share ramp \n•Lack of competition in the region would enable RSI to establish themselves as a leader quickly\nCLIENT RELATIONSHIPSREFERRAL RELATIONSHIPS\nREQUIRED CAPITAL INVESTMENTS\nINVESTMENTAMOUNT\nParking Ramp \nEquipment\n$200K\nExterior Facade Equipment$100K\nTotal Required Investment$300K\nD\nMARKET SHARE OPPORTUNITY:\n40%\n(1)\nMSA POPULATION:\n3.0M\nLABOR MARKET:\nNon-Unionized\nTARGET MARKET ENTRY DATE:\n2026\nTARGET END MARKETS:\nBuilding Facade, Parking Ramp & \nHistorical Buildings\n1.Management estimate at full ramp in the market\nREVENUE & ADJ. EBITDA ($M)\n$1.3\n$1.8\n$2.5\n$3.4\n2026P2027P2028P2029P\n$0.4 \n$0.7 \n$1.0 \n$1.4 \nAdjusted Revenue Adjusted EBITDA\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n✓Acquire a competitor in a particular geography rather than greenfield an operation, particularly if the player is \nentrenched in the market with a sticky customer base\n✓Selectively pursue new capabilities, such as bridge inspections, that are complementary to RSI’s existing core \ncompetencies\n✓Target companies that have relationships with key national accounts\n✓Pursue businesses where RSI could optimize cost structure and pursue cross selling opportunities\n✓Target acquisitions in currently underpenetrated end markets (e.g., private colleges and universities, school \ndistricts, the industrial sector and DoT work) that would unlock new customer relationships\n48\nMergers & Acquisitions \nEnd Market Expansion\nEnhance Service \nOffering\nRevenue and Cost \nSynergy Potential\nMERGERS & ACQUISITION STRATEGY\nE\n•Highly fragmented industry with many sub-scale players where RSI could unlock considerable synergies by integrating them into the RSI platform\n•Planned pipeline of attractive acquisition targets that would unlock new areas for growth including geographic expansion, new end markets and expanded \ncapabilities\n•RSI provides platform potential to replicate other diversified infrastructure services platforms in the market (i.e., a one-stop-shop for all your building’s \nmaintenance and repair needs, both inside and out)\n•Management has cultivated strong relationships across the industry and understands the competitive landscape well\n•Industry network enabled the Company to execute the acquisition of local Minneapolis competitor in 2024 – established playbook to execute M&A\n•Well defined and standardized operational processes are teachable and repeatable in the aftermath of an acquisition – will enable RSI to establish its high \nmargin profile within acquired businesses\nStrategic \nGeographic \nExpansion\nACQUISITION CRITERIA\nCapture Wallet \nShare within Key \nCustomers\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n49\nMergers & Acquisitions (Cont.)\nE\nWELL DEFINED M&A PLAYBOOK\nTARGET IDENTIFICATION & ACQUISITION\nACQUISITION INTEGRATIONEMPOWERING GROWTH\nPhase IPhase IIPhase III\nHighly Actionable and Repeatable M&A Strategy\n1\n2\n3\n4\n5\nIdentify and contact desired \nacquisition target \nEngage M&A advisors to help lead a \nfast yet diligent process\nPerform intense business diligence to \ndetermine potential synergies and \nopportunities within the business\nEngage with a financing partner, if \nnecessary\nClose of deal\n1\n2\n3\n4\nDevelop a relationship with acquired \nCompany management and understand \ntheir goals for the business\nEnsure strength of key customer \nrelationships directly following the \nacquisition\nDetermine human resource needs & \nif there are potential costs synergies \nto capitalize on\nImplement RSI’s standardized \noperational, sales and customer service \nprocesses, enabling the newco to reach \nmargins that mirror RSI’s\n5\nIntegrate direct purchasing relationship \n(30% discount) with RSI’s largest supplier, \nfurther increasing purchasing power\n1\n2\n3\n4\n5\nIdentify and initiate the most \nactionable growth opportunities\nIntroduce the acquired company to \nRSI’s deep network of engineers and \nkey customer accounts\nHelp expand sales staff to develop a \nmore aggressive customer \npenetration and acquisition strategy\nIntroduce RSI’s geographic expansion \nplaybook to enter strategic markets\nCross-sell services between acquired \nCompany and RSI, if the company is \nproviding services RSI does not\n6\nEstablish a go-forward growth plan \nwith the management team\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n50\nMergers & Acquisitions – Acquisition Case Study (Cont.)\nE\nACQUISITION BACKGROUND\nACQUISITION OF MERIT CONSTRUCTION SERVICES\n•RSI completed the acquisition of the assets of a Minnesota-based restoration services company in \nthe Summer of 2024\n•RSI assumed ~$600K worth of equipment, all client relationships and 10 employees in the \nacquisition\n•Blake Dronen called the owner of Merit to determine if there was an interest in selling the business \nto RSI\n•Merit’s previous owner was aiming to retire and safely transition the assets of the business \nto a reputable player in the industry\n•The previous owner will receive 10% of sales from projects from Merit’s previous client base for \n2025 and 2026\n•As of November 2024, RSI has fully integrated Merit into its operations, and the two companies have \nbegun transitioning commercial opportunities\nTOTAL EMPLOYEES:\n~10\nACQUISITION RATIONALE & OPPORTUNITY\n•The acquisition of Merit provides strong opportunity to dedicate additional talented employee \nresources to the Milwaukee region as the RSI scales in the geography\n•RSI also gained access to the Ohio market, which is a growth geography of focus for \nmanagement\n•The acquisition adds additional geographic reach and operational resources that are aligned with \nRSI’s focus on quality\n•RSI completed the acquisition in less than three months, a testament to management’s ability to \nefficiently identify, evaluate and close investment opportunities\n•Management will leverage the M&A playbook used in the acquisition of Merit to continually execute \nnew acquisition opportunities \nCOMPANY NAME:\nMerit Construction Services\nSERVICE GEOGRAPHY COVERAGE:\nWisconsin, Ohio and UP of Michigan\nREVENUE ACQUIRED:\n~$5.0M\nSERVICES:\nConstruction Services\nHEADQUARTERS:\nFarmington, MN\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n51\nMergers & Acquisitions (Cont.)\nTARGETGEOGRAPHYSERVICE OFFERINGOWNERSHIP DYNAMICEST. REV. ($M)\nTARGET #1\nNebraska & Missouri\nParking Deck, Facade, Bridge\nOwned & operated by\nthe son of the founder\n$25M\nTARGET #2\nOhio\nParking Deck, FaÁade\nMultiple owners, including the founders \nand outside industry operators\n$22M\nTARGET #3\nColorado\nParking Deck, FaÁade\nFounder owned\n$15M\nTARGET #4\nMissouri\nParking Deck, Facade\nFounder owned\n$12M\nTARGET #5\nOhio\nParking Deck, Facade\nFounder owned\n$11M\nTARGET #6\nOhio\nParking Deck, Facade\nFounder owned\n$10M\nTARGET #7\nOhio\nParking Deck, Facade\nFounder owned\n$8M\nTARGET #8\nMinnesota\nFaÁade\nFounder owned\n$30M\nTARGET #9\nMinnesota\nParking Deck\nClosely held\n$18M\nTotal Revenue\n$150M+\nREPRESENTATIVE M&A PIPELINE\nE\nBlue Point Capital Partners, LLC\n\nOperations Overview\n52\n01\n02\n03\n04\n05\n06\nExecutive Summary\nInvestment Highlights\nGo-To-Market Strategy & Competitive Landscape\nGrowth Opportunities\nOperations Overview\nFinancial Summary\n07Appendix A: Sample Customer Engagement Documents\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n53\nCompany History \nWHERE QUALITY MEETS \nCRAFTSMANSHIP\nPOSITIONED TO SCALE\nNEW LEADERSHIP, RENEWED \nCOMMITMENT\n1997 - 20182018 - 20242025+\n$5.7 \n$7.3 \n$7.3 \n$8.4 \n$8.2 \n$9.7 \n$10.0 \n$11.7 \n$12.8 \n$11.3 \n$11.5 \n$15.5 $15.5 \n$20.5 \n$26.4 \n$34.8 \n$43.2 \n$54.6 \n$63.4 \n$78.2 \n2010A2011A2012A2013A2014A2015A2016A2017A2018A2019A2020A2021A2022A2023A2024E2025P2026P2027P2028P2029P\nSteve Dronen built the framework for the \nbusiness, establishing RSI as an innovative \nservice provider of restoration services\nRSI grew rapidly through new ownership, \nnew service lines and geographic expansion \nvia greenfielding locations and M&A\nRSI is committed to advancing through \nnew market expansions and strategic \nacquisitions to foster continued growth\nExpand market presence in Minnesota and \nWisconsin by acquiring new customers and \ngrowing market share with existing customers\nMove into new markets such as Kansas \nCity, Ohio and Denver\nTarget potential acquisitions to increase \nmarket share \nExplore potential service line expansion \nopportunities (e.g., bridge restoration)\nCONSISTENT TRACK RECORD OF REVENUE GROWTH\n$ in millions\n1997\nFounded by Steve Dronen in Chaska, \nMinnesota\n1997\nIntroduction of building facade \nrestoration, parking deck restoration, \nwaterproofing and sealants, and traffic \ncoating services\n1999\nBlake Dronen joins the business as a \nForeman\n2017\nTayton Eggenberger rejoins the \nbusiness as a Project Manager \n2018\nBlake Dronen acquires the business from \nhis father\n2019\nJen Patti joins the business as Office \nManager and is subsequently promoted to \nOperational Strategy Leader in 2024\n2019\nRefined and improved customer service \nstrategy, leaping ahead of competition \nwith optimized and replicable processes\n2022\nExpanded operations beyond MN with the \nopening of an office in Milwaukee, WI\n2024\nAcquired the assets, including ~10 \nemployees, of a competing commercial \nrestoration business in the Twin Cities\n1.2010A – 2020A represents reported figures whereas 2022A – 2029P represents adjusted figures.\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n54\nServices Overview\n•Restoration services performed \non a building’s facade, which can \nbe damaged due to weather, \npollution and aging \n•Services address joint failure, \nwater intrusion and eroding or \ndefective stones to preserve the \nappearance, safety and lifespan \nwhile matching the appearance \nof the original surface\nBUILDING FACADE \nRESTORATION\n•Traditional and modern \nrestoration techniques that \nextend the life and structural \nintegrity of parking ramps and \nother concrete structures while \nminimizing unexpected \nmaintenance costs\n•Certified Post-Tension Cable \nRepair & Replacement \npersonnel to assist with post-\ntension failures\nPARKING DECK \nRESTORATION\n•Provide both preventative and \nreactive waterproofing systems \nthat reduce water intrusion and \ndamage\n•Identify and safely replace failed \nor aging sealant systems to \nensure the long–term health \nand watertight integrity of a \nproperty\nWATERPROOFING & \nSEALANTS\n•Certified installation team \nprepares concrete surface to \nensure maximum substrate \nadhesion\n•Critical to ensure complete \ncoating system is done properly \nin order to stand up to heavy \nuse and weather\nTRAFFIC COATINGS\nNote: Other includes revenue earned from ancillary services to Building Facade and Parking Ramp \nwork, including the installing of roofing anchors, small batch waterproofing mixes and more.\nRevenue ContributionRevenue ContributionRevenue ContributionRevenue Contribution\n44.2%\n’22A – ’24E \nAverage\n11.0%\n’22A – ’24E \nAverage\n32.3%\n’22A – ’24E \nAverage\n9.1%\n’22A – ’24E \nAverage\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n55\nManagement & Employee Summary\nORGANIZATION OVERVIEW\n•RSI maintains a highly skilled and stable employee base that is cross-\ntrained and supervised by experienced leadership \n•Attractive benefits provided - health and insurance benefits, 401(k) match \ncontributions, paid time off, parental leave and commuter benefits\n•Employee incentive plans are strategically aligned with Company KPI \ntargets, including an employee safety incentive plan and profit-sharing \nopportunities based on annual performance\n•Comprehensive safety training and workshops, career development \nopportunities and tuition reimbursements reflect a strong commitment to \nemployee satisfaction\nEMPLOYEE SUMMARY - JUNE 2024\nRSI ORGANIZATIONAL CHART\nBY FUNCTION\nRoleMinnesota WisconsinTotal\nField Staff\n591069\nField Leadership\n213\nOperations & Administration\n(1)\n9-9\nSales\n426\nTotal\n741387\nBLAKE DRONEN\nPresident\nTAYTON EGGENBERGER\nSales Leader\nBRIAN STUEVE\nFinance Leader\nPROJECT \nMANAGER\n(3)\nFIELD STAFF \n(59)\nWAREHOUSE \nSTAFF\n(6)\nSUPERINTENDENT\n(2)\nJEN PATTI\nOp. Strategy Leader\nFIELD STAFF & FOREMAN HEADCOUNT \n(AVERAGE 2021A-2024E)\nMKE \nFIELD LEADER\n(1)\nDAN LEPHARDT\nMKE Region Leader\nFIELD STAFF \n(11)\n1.Includes the Company’s President, Blake Dronen, and Finance Leader, Brian Stueve\n12\n8\n15\n47\n62\n73\n76\n77\n81\n79\n71\n32\nJanFeb Mar Apr May JunJulAug Sept Oct Nov Dec\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n56\nUnion Relationships\nUNION RELATIONSHIPS OVERVIEW\n•RSI maintains productive union relationships in markets where union collaboration is \nnecessary\n•Strong union relationships drive low attrition rates relative to the industry, especially \ngiven seasonal staffing fluctuations, and allow a flexible and dependent pipeline of \nskilled labor\n•RSI has a right-sized base of ~70 union and ~10 non-union employees during busy \nseason\n•RSI has maintained robust union relationships for the past 28 years through regular \nparticipation in union functions and training programs \n•RSI President, Blake Dronen, plays a pivotal role in managing contractual \naspects of union relationships with Bricklayers Local 1, Liuna Local 563 and \nLiuna Local 113\n \n•Superintendents oversee day-to-day interactions with unions \nUNION EMPLOYEE SUMMARY\n(1)\nBUSY SEASON (MAY – NOVEMBER)\nField Staff (Union)Minnesota WisconsinTotal\nField Staff\n591069\nField Leadership\n213\nWarehouse (Union)\n1-1\nField Staff Total\n621173\nOffice (Non-Union)Minnesota WisconsinTotal\nOperations & Admin.\n8-8\nSales\n426\nOffice Total\n12214\nTotal Employees\n741387\nRELEVANT UNION CHAPTERS\n1.Represents 2023 average\nOFF SEASON (DECEMBER – APRIL)\nField Staff (Union)Minnesota WisconsinTotal\nField Staff\n9211\nField Leadership\n213\nField Staff Total\n11314\nOffice (Non-Union)Minnesota WisconsinTotal\nSales\n426\nOperations & Admin.\n6-6\nOffice Total\n10212\nTotal Employees\n21526\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n57\nSafety, Quality and Environmental Programs\nSAFETY AND REGULATORY OVERVIEW\n•RSI is committed to the health and safety of both its employees and clients and has a strong record of employee safety and regulatory compliance\n•The Company has earned multiple awards for its robust safety, quality and environmental programs and track record\n•All jobsites are inspected and reviewed daily according to Job Hazard Analysis (JHA) workbooks, with additional safety checklists for jobsites \ninvolving swing stage or scaffolding equipment \n•Project Managers, Superintendents and Foremen collectively ensure adherence to International Concrete Repair Institute (ICRI) and International \nMasonry Institute (IMI) quality standards \n•RSI adheres to EPA standards and regulations, with ability to incorporate advanced environmental considerations if requested\n•Comprehensive daily reports provide frequent check-in opportunities with employees and clients, ensuring highest safety, quality and environmental \nstandards are upheld through full job duration\n•RSI also provides in-house annual safety trainings, specialized safety courses (scaffolding, swing stages, etc.) and independent safety consultant \ncollaborations to continuously develop employee safety knowledge\nREPRESENTATIVE RECOGNITIONINDUSTRY-LEADING SAFETY METRICS\n0.7\n0.81\n0.820.82\n-0.1\n0.1\n0.3\n0.5\n0.7\n0.9\n1.1\n1.3\n1.5\n202120222023YTD-2024\nRSI’s Historical Experience Modification Rate (EMR)\n(1)\nIndustry Average (1.0)\n1.Lower EMR represents lower likelihood to incur a compensable loss.\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n▪Personnel and equipment \ncoordination\n▪Job planning and scheduling\n▪Attend industry events\n▪Communicate with building owners & \nmanagers and referral sources \n(engineers, architects) to source job \nopportunities\n▪Draft proposals and negotiate bids \nwith clients\n▪Meet weekly with superintendents \nregarding job updates to be \ncommunicated to customers\n58\nOperations Team Summary\nPROJECT MANAGERSSUPERINTENDENTS\nTAYTON \nEGGENBERGER\nSALES LEADER\nPROJECT \nMANAGER\n(1)\nASST. PROJECT \nMANAGER\n(1)\nSALES TEAM\nCORE DUTIES\n▪Supervising and managing all on-site \nconstruction activities\n▪Ensure jobs consistently track towards \ncompletion, on-time and on-budget\n▪Resolve issues and implement \nsolutions for day-to-day operations\nKEY PERSONNEL INTERACTIONSKEY PERSONNEL INTERACTIONS\nOTHER KEY DUTIES\nCORE DUTIES\nOTHER KEY DUTIES\n•Operations team works closely to (i) manage the day-to-day activities of all constructions sites across RSI’s current job schedule and (ii) work collaboratively \nwith Project Managers to ensure clients stay informed on all job statuses, updates or concerns\n•Superintendents are trained and experienced in managing on-site personnel and service progress while maintaining frequent communication with the client-\nfacing Project Management team\nOPERATIONS TEAM\nSENIOR PROJECT \nMANAGER\n(1)\nJEN PATTI\nOPERATIONS \nSTRATEGY LEADER\nFIELD STAFF \n(59)\nWAREHOUSE STAFF\n(6)\nSUPERINTENDENT\n(2)\nConstruction \nSuperintendent\nReferral SourcesClients\nProject \nManagers\nField Staff\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n59\nFacilities Overview \nOFFICE FACILITY #1OFFICE FACILITY #2\n1 meeting room\n1 break room\nParking for 10 vehicles\nFully accessible\nVoIP phone systems \nOn-Call IT support\nAMENITIESTECHNOLOGY\n24/7 security\nCCTV\nSecure access controls\nFire safety system\nEnergy-efficient lighting\nRecycling program \nMail handling service\nBi-weekly cleaning\nSECURITYOTHER FEATURES\n1 meeting room\n1 break room\nParking for 20 vehicles\nFully accessible\nVoIP phone systems \nOn-Call IT support\nAMENITIESTECHNOLOGY\n24/7 security\nCCTV\nSecure access controls\nFire safety system\nEnergy-efficient lighting\nRecycling program \nFront desk reception\nMail handling service\nSECURITYOTHER FEATURES\nBi-weekly cleaning\nChaska, MN\nLocation\n14\nEmployees\n(2)\nLeased\n20.5K\nTotal Sq. Feet \n(Office & Warehouse)\n(1)\n•Two leased facilities – both are located just outside the downtown corridor of Minneapolis and Milwaukee\n•Current rental rates changed to the Company are marked-based, and the expectation is that long-term leases would be executed current with a \nclosing of a transaction\n•Proximity to metropolitan areas provides easy access to the Company’s frequent job sites and ability to easily manage human talent\n•Large warehousing spaces to store the Company’s extensive equipment fleet\n1.The leased facility in Chaska has an additional 11.5k sq. ft. that is owned by Blake in a related entity \nthat the Company could consider expanding into if desired.\n2.Includes superintendent employees that report to respective branch.\nWaukesha, WI\nLocation\n3\nEmployees\n(2)\nLeased\n6.0K\nTotal Sq. Feet \n(Office & Warehouse)\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n60\nEquipment Overview\n13\nSkid Steers\n13\nAerial Lifts\n3\nScissor Lifts\n1\nBrokk\nON-SITE EQUIPMENT\n15\nCompressors\n43\nSaws\nSERVICE EQUIPMENT\n10\nGrinders\n45\nJack \nHammers\nMISCELLANEOUS EQUIPMENT\n1.Represents 93 swing stage motors and ancillary equipment sufficient for 45 complete swing stages.\n1\nForklift\n6\nConcrete Buggies\nDELIVERY EQUIPMENT\n29\nGenerators\n45\nSwing Stages\n(1)\n21\nTrailers\n32\nTrucks\nREPRESENTATIVE EQUIPMENT\nKEY EQUIPMENT SUMMARY\n•Strong base of owned equipment provides the Company a competitive advantage to (i) quickly react to job needs, (ii) aggressively bid jobs without the \nburden of equipment lease expenses and (iii) efficiently swap and repair equipment to avoid costly job delays\n•High performance and state of the art equipment with no major replacements anticipated following recent and thorough maintenance inspection \ncompleted in 2024 (performed every five years)\n•Existing equipment base has ability to continue supporting Company through forecasted job volume growth\nCLICK HERE\nClick links below to see \nequipment in action\nCLICK HERE\nCLICK HERE\nBlue Point Capital Partners, LLC\n\nFinancial Summary\n61\n01\n02\n03\n04\n05\n06\nExecutive Summary\nInvestment Highlights\nGo-To-Market Strategy & Competitive Landscape\nGrowth Opportunities\nOperations Overview\nFinancial Summary\n07Appendix A: Sample Customer Engagement Documents\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n62\n1.Acquisition was completed in August 2024\nFinancial Highlights\nBASIS OF INFORMATION\n•The financial overview presented herein summarizes the financials for RSI for (i) the fiscal years ended December 31, 2022 to 2023 and (ii) the projected results for \nfiscal years ending December 31, 2024 to 2029\n•Unless otherwise noted, the financials presented in this section have been presented on a pro forma adjusted basis\nSUMMARY P&L \n30.3% CAGR\nTotal Revenue \n(2022A – 2024E)\n30.5%\nAdjusted EBITDA Margin \n(2024E)\n43.2% \nGross Profit Margin \n(2024E)\n$ in Thousands2022A2023A2024E2025P2026P2027P2028P2029P\nMinneapolis Service Revenue14,823 18,520 23,165 26,938 29,867 35,798 39,500 46,326 \nMilwaukee Service Revenue697 2,025 3,187 5,828 7,614 10,812 12,742 16,280 \nTotal Minneapolis & Milwaukee Revenue$15,520 $20,546 $26,352 $32,766 $37,481 $46,610 $52,243 $62,605 \nTotal De-Novo Location Revenue− − − 2,000 5,700 7,980 11,172 15,641 \nTotal Revenue$15,520 $20,546 $26,352 $34,766 $43,181 $54,590 $63,415 $78,246 \nRevenue Growth %32.4%28.3%31.9%24.2%26.4%16.2%23.4%\nCost of Revenue8,686 12,939 14,963 18,901 22,419 28,149 31,599 37,978 \nGross Profit$6,833 $7,607 $11,389 $15,865 $20,763 $26,441 $31,816 $40,268 \nGross Profit Margin %44.0%37.0%43.2%45.6%48.1%48.4%50.2%51.5%\nOperating Expenses3,006 3,468 3,353 4,179 5,162 5,978 6,582 7,613 \nAdjusted EBITDA$3,827 $4,139 $8,036 $11,686 $15,601 $20,463 $25,234 $32,655 \nAdjusted EBITDA Margin (%)24.7%20.1%30.5%33.6%36.1%37.5%39.8%41.7%\nMerit Construction Acquisition\n(1)\n2,086 2,086 1,212 − − − − − \nPro Forma Adjusted EBITDA$5,913 $6,225 $9,248 $11,686 $15,601 $20,463 $25,234 $32,655 \nBlue Point Capital Partners, LLC\n\nRestoration Systems\n63\nRevenue Detail\nREVENUE DETAILCOMMENTARY\n•Minneapolis:\n•RSI expects to execute strong growth in \nMinneapolis Building FaÁade and Parking Ramp \nservices in 2025+ driven by continued penetration \nwith large existing accounts and the acquisition of \nnew sizeable customer opportunities\n•Milwaukee:\n•RIS expects to continue scaling the Milwaukee \noperation quickly driven by converting the existing \ncustomer pipeline and the onboarding of \ncustomers from the 2024 Merit Construction \nServices acquisition\n•De-Novo Markets:\n•RSI plans to expand into Ohio in 2025 and Kansas \nCity and \nDenver in 2026\n•Revenue projections for each of the de novo \nmarkets were informed by management’s estimate \nof the market size and targeted market share\n$ in Thousands2022A2023A2024E2025P2026P2027P2028P2029P\nMinneapolis\nMinneapolis FaÁade Revenue9,135 10,092 11,924 14,236 15,783 18,884 20,723 24,120 \nMinneapolis Parking Ramp Revenue5,490 7,140 10,893 12,366 13,734 16,547 18,394 21,805 \nMinneapolis Misc Services Revenue197 1,288 348 336 351 367 383 400 \nMinneapolis Total Revenue$14,823 $18,520 $23,165 $26,938 $29,867 $35,798 $39,500 $46,326 \nRevenue Growth %−24.9% 25.1% 16.3% 10.9% 19.9% 10.3% 17.3% \nMilwaukee\nMilwaukee FaÁade Revenue568 777 2,107 3,177 4,085 6,035 7,524 10,591 \nMilwaukee Parking Ramp Revenue129 1,249 1,071 2,642 3,520 4,768 5,208 5,678 \nMilwaukee Misc Services Revenue− − 9 9 10 10 10 11 \nMilwaukee Total Revenue$697 $2,025 $3,187 $5,828 $7,614 $10,812 $12,742 $16,280 \nRevenue Growth %−190.6% 57.3% 82.9% 30.6% 42.0% 17.8% 27.8% \nDe-Novo Revenue\nOhio De-Novo Revenue− − − 2,000 2,800 3,920 5,488 7,683 \nKansas City De-Novo Revenue− − − − 1,650 2,310 3,234 4,528 \nDenver De-Novo Revenue− − − − 1,250 1,750 2,450 3,430 \nDe-Novo Total Revenue$0 $0 $0 $2,000 $5,700 $7,980 $11,172 $15,641 \nRevenue Growth %− − − − 185.0% 40.0% 40.0% 40.0% \nTotal Revenue$15,520 $20,546 $26,352 $34,766 $43,181 $54,590 $63,415 $78,246 \nRevenue Growth %\n−32.4%28.3%31.9%24.2%26.4%16.2%23.4%\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n64\nCost of Revenue Detail\n•Direct Payroll: Consists of salaries, wages, benefits \nand taxes pertaining to field staff across all locations\n•Equipment and Supplies: Consists of all supplies, \nequipment and material inputs for each Company job\n•Other Cost of Revenue: Consists of fees and testing \ncosts, waste and disposal costs, vehicle expenses, \ntravel expenses and more\n•Cost of revenue items were forecasted as a percentage \nof revenue based on the historical mix of job sizes. The \nincrease in gross margins over the forecast period is \nattributable to the forecasted mix of projects / project \nsizes as well as economies of scale in purchasing\nCOST OF REVENUECOMMENTARY\n$ in Thousands2022A2023A2024E2025P2026P2027P2028P2029P\nTotal Revenue$15,520 $20,546 $26,352 $34,766 $43,181 $54,590 $63,415 $78,246 \nDirect Payroll4,788 8,498 9,991 12,239 14,752 18,524 20,801 25,006 \nEquipment and Supplies3,726 3,735 4,307 5,701 6,549 8,221 9,223 11,080 \nOther Cost of Revenue172 706 665 962 1,118 1,404 1,575 1,892 \nTotal Cost of Revenue$8,686 $12,939 $14,963 $18,901 $22,419 $28,149 $31,599 $37,978 \nGross Profit$6,833 $7,607 $11,389 $15,865 $20,763 $26,441 $31,816 $40,268 \nGross Margin (%)44.0%37.0%43.2%45.6%48.1%48.4%50.2%51.5%\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n65\nOperating Expense Detail\nOPERATING EXPENSE DETAIL\n•Salaries & Wages: Salaries and wages of leadership \npersonnel, sales representatives and other \nadministrative employees\n•Bonus: Bonus compensation paid to employees at the \nowner’s discretion\n•Insurance: Expenses for business-related insurance \npolicies including liability and property\n•Professional Fees: Payments made to external legal \nand accounting professionals\n•Rent: Rent for RSI’s Chaska and Waukesha facilities\n•Repairs and Maintenance: Expenses associated with \nmaintaining the Company’s service equipment\n•Auto and Equipment Expense: Costs for vehicle \nmaintenance and operations including fuel expense\n•Employee Benefits: Non-wage compensation \nprovided to employees including retirement and \nhealth insurance\n•Meals and Entertainment: Expenses incurred for \nmeals and entertainment related to marketing efforts\n•Other Operating Expenses: Costs for trade shows, \ntraining costs and other miscellaneous expenses\n•Operating expense accounts were primarily \nforecasted as year-over-year growth rates with step \nchange growth in expenses correlated with forecasted \nrevenue growth (de novo expansions, etc.). Repairs \nand Maintenance and Auto and Equipment Expenses \nwere forecasted as a percentage of revenue as these \nexpenses are variable in nature\nCOMMENTARY\n$ in Thousands2022A2023A2024E2025P2026P2027P2028P2029P\nGross Profit$6,833 $7,607 $11,389 $15,865 $20,763 $26,441 $31,816 $40,268 \nSalaries and Wages852 1,117 1,128 1,566 1,870 2,232 2,470 2,946 \nBonus499 663 553 662 778 831 889 951 \nInsurance266 275 368 433 519 574 636 705 \nProfessional Fees39 70 91 103 119 127 135 144 \nRent320 320 319 349 410 438 468 501 \nRepairs and Maintenance132 159 255 275 370 455 512 611 \nAuto and Equipment Expense320 278 205 227 408 502 564 673 \nEmployee Benefits157 114 87 113 138 164 182 217 \nMeals and Entertainment54 52 49 63 76 90 100 119 \nOther Operating Expenses369 421 297 388 475 565 627 747 \nTotal Opex$3,006 $3,468 $3,353 $4,179 $5,162 $5,978 $6,582 $7,613 \nAdjusted EBITDA$3,827 $4,139 $8,036 $11,686 $15,601 $20,463 $25,234 $32,655 \nEBITDA Margin (%)24.7%20.1%30.5%33.6%36.1%37.5%39.8%41.7%\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n66\nEBITDA Adjustments Detail\nEBITDA ADJUSTMENTS DETAILCOMMENTARY\n1.POC Adjustment: The Company records revenue \nbased on the percentage of completion method. \nRevenues were adjusted based on a lookback analysis \nthat was performed on all jobs during the historical \nperiod.\n2.Professional Fees: Removal of professional fees, \nwhich are non-recurring and personal in nature, \nincluding transaction related expenses, new IT system \nimplementation and non-recurring legal expenses.\n3.Workers Compensation: The Company over accrued \nworkers compensation expense in FY-24. An \nadjustment was made to record the expenses based \non what was actually incurred. Management now \nperforms monthly reviews of the insurance expense \nbased on payroll for reasonableness.\n4.Job 22-416A Margin Normalization: In FY-23, a \nvendor made an estimating error on a large project \nthat resulted in $385k less of revenue being collected \nby RSI. To protect the vendor relationship, this \namount was not pursued but typically would have \nbeen collected. This amount was added into the total \ncontract value for the project to normalize for this \nnon-recurring issue. This project also incurred \nsignificantly above average overtime hours to correct \nfor this mistake and meet project deadlines. 50% of \nthe overtime hours were added back as a conservative \nadjustment to normalize this expense.\n$ in Thousands2022A2023A2024E\n1\nPOC Adjustment($1,192)$1,027 $673 \n2\nProfessional Fees15 43 221 \n3\nWorkers Compensation– – 119 \n4\nJob 22-416A Margin Normalization144 263 27 \n5\nNon-Recurring Expenses54 92 22 \n6\nPersonal Expenses253 61 1 \n7\nBad Debt Expense(300)300 – \n8\nFee Expense– (7)- \n9\nRetainage(191)(147)- \n10\nRent Normalization(148)(78)- \n11\nPrepaid Supplies22 554 (5)\n12\nGain/Loss on Sale of Assets and Other Income\n(22)(38)\n(6)\n13\nOther Expenses Reversal– 162 (162)\n14\nBonus Accrual– (82)(359)\nDue Diligence Adjustments\n($1,365)$2,149 $530 \nAdjusted EBITDA\n$3,827 $4,139 $8,036\n15\nMerit Construction Acquisition 2,086 2,086 1,212\nPro Forma Adjusted EBITDA\n$5,913 $6,225 $9,248\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n67\nEBITDA Adjustments Detail (Cont.)\nEBITDA ADJUSTMENTS DETAILCOMMENTARY\n5.Non-Recurring Expenses: Removal of non-recurring \nexpenses, including office renovations, employee \npersonal expenses and other non-recurring expenses \nthat are non-operational in nature. \n6.Personal Expenses: Removal of personal expenses, \nincluding the owner’s insurance and personal house \nconstruction.\n7.Bad Debt Expense: Job 22-302A had bad debt \nrecognized in Dec-23. This expense was spread \nmonthly based on job costs incurred to the proportion \nof the total job cost across the life of the project.\n8.Fee Expense: An incorrect expense entry was posted \nto the balance sheet. This adjustment has been made \nto accurately record the expense in the appropriate \naccount.\n9.Retainage: Management does not record revenues \nrelated to retainage monthly. Thus, the entries at \nyear-end for the retainage were removed as these \nbalances and revenues are captured through the POC \nlookback adjustment in Adjustment 1.\n10.Rent Normalization: The rent for 2022 and 2023 was \nbelow the prevailing market rate. This adjustment \naligns the historical rent expenses for these years with \nthe current market rate.\n$ in Thousands2022A2023A2024E\n1\nPOC Adjustment($1,192)$1,027 $673 \n2\nProfessional Fees15 43 221 \n3\nWorkers Compensation– – 119 \n4\nJob 22-416A Margin Normalization144 263 27 \n5\nNon-Recurring Expenses54 92 22 \n6\nPersonal Expenses253 61 1 \n7\nBad Debt Expense(300)300 – \n8\nFee Expense– (7)- \n9\nRetainage(191)(147)- \n10\nRent Normalization(148)(78)- \n11\nPrepaid Supplies22 554 (5)\n12\nGain/Loss on Sale of Assets and Other Income\n(22)(38)\n(6)\n13\nOther Expenses Reversal– 162 (162)\n14\nBonus Accrual– (82)(359)\nDue Diligence Adjustments\n($1,365)$2,149 $530 \nAdjusted EBITDA\n$3,827 $4,139 $8,036\n15\nMerit Construction Acquisition 2,086 2,086 1,212\nPro Forma Adjusted EBITDA\n$5,913 $6,225 $9,248\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n68\nEBITDA Adjustments Detail (Cont.)\nEBITDA ADJUSTMENTS DETAILCOMMENTARY\n11.Prepaid Supplies: Historically, management has \nexpensed all supply purchases with the review only \ncapitalizing the amounts at each year-end. It was \ndetermined that the review year end entries were not \naccurate, so an inventory count was performed in \nDec-24, and the monthly prepaid supplies balance was \nbuilt from this ending balance using the P&L activity. \n12.Gain/Loss on Sale of Assets and Other Income: The \ngain or loss on the sale of fixed assets is added back \nto EBITDA, as it is non-recurring in nature. Other \nincome, which includes credit card cashbacks, receipts \nfrom fuel cooperative payouts, and recycling program \nreimbursements, has been adjusted, as these items \nare considered non-operational.\n13.Other Expenses Reversal: Certain expenses that \nwere incurred in previous periods were reversed when \nthey were determined to not be paid to due collection \nissues on the jobs. An adjustment was made to record \nthese reversals in the original month of recognition.\n14.Bonus Accrual: Bonuses were expensed when paid \nduring the historical period. A bonus accrual was \nmade to record the bonus expense evenly each fiscal \nyear. Management has estimated the bonus expense \nfor FY-24.\n15.Merit Construction Acquisition: The Company \nacquired Merit Construction in Q3-24. This Pro-Forma \nadjustment was calculated by applying Merit’s TTM \nrevenue against RSI’s gross margin in the TTM period. \n2022 and 2023 were estimated at a consistent level to \nthe TTM period.\n$ in Thousands2022A2023A2024E\n1\nPOC Adjustment($1,192)$1,027 $673 \n2\nProfessional Fees15 43 221 \n3\nWorkers Compensation– – 119 \n4\nJob 22-416A Margin Normalization144 263 27 \n5\nNon-Recurring Expenses54 92 22 \n6\nPersonal Expenses253 61 1 \n7\nBad Debt Expense(300)300 – \n8\nFee Expense– (7)- \n9\nRetainage(191)(147)- \n10\nRent Normalization(148)(78)- \n11\nPrepaid Supplies22 554 (5)\n12\nGain/Loss on Sale of Assets and Other Income\n(22)(38)\n(6)\n13\nOther Expenses Reversal– 162 (162)\n14\nBonus Accrual– (82)(359)\nDue Diligence Adjustments\n($1,365)$2,149 $530 \nAdjusted EBITDA\n$3,827 $4,139 $8,036\n15\nMerit Construction Acquisition 2,086 2,086 1,212\nPro Forma Adjusted EBITDA\n$5,913 $6,225 $9,248\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n69\n1.FCF Conversion defined as: (Adjusted EBITDA – Total Capital Expenditures) / (Adjusted EBITDA)\nCapital Expenditure Detail\nCAPITAL EXPENDITURE DETAIL\nCOMMENTARY\n▪Minneapolis & Milwaukee Capex:\n−Consists of all historical and forecasted capital investments for the Minneapolis and Milwaukee operations\n−In 2022, the Company invested ~$250K in swing stage equipment and $150K in a demolition robot. In 2023, the Company invested ~$170K in vehicles, \n~$120K in snorkel lifts and ~$50K in a generator. In 2024, the Company invested ~$100K in equipment in the Merit Construction acquisition, ~$110K in \nscaffolding equipment and ~$65K in an electric floor grinder\n−The Company expects to invest ~$1M - $2M annually in capex from 2025P – 2028P on equipment, tools and vehicles to support increased volume of jobs\n▪De-Novo Capex:\n−Consists all forecasted capital investments for the Ohio, Kansas City and Denver operations\n−The Company expects to spend $300K at each the Ohio, Kansas City and Denver locations in their first years of operation. Management expects that \neach location will require ~$100K in annual investment in the years following the initial expansions\n1\n2\n1\n2\n$ in Thousands2022A2023A2024E2025P2026P2027P2028P2029P\nMinneapolis & Milwaukee Capex519 668 718 893 1,022 1,271 1,424 1,707 \nDe-Novo Capex0 0 0 300 700 300 300 300 \nTotal Annual Capex$519 $668 $718 $1,193 $1,722 $1,571 $1,724 $2,007 \n% of Revenue\nMinneapolis & Milwaukee Capex % of Existing Revenue3.3%3.3%2.7%2.7%2.7%2.7%2.7%2.7%\nDe-Novo Capex % of De-Novo Revenue---15.0%12.3%3.8%2.7%1.9%\nTotal Capex % of Total Revenue3.3%3.3%2.7%3.4%4.0%2.9%2.7%2.6%\nFCF Conversion\n(1)\n91.2%89.3%92.2%89.8%89.0%92.3%93.2%93.9%\nBlue Point Capital Partners, LLC\n\nAppendix A: Sample Customer Engagement \nDocuments\n70\n01\n02\n03\n04\n05\n06\nExecutive Summary\nInvestment Highlights\nGo-To-Market Strategy & Competitive Landscape\nGrowth Opportunities\nOperations Overview\nFinancial Summary\n07Appendix A: Sample Customer Engagement Documents\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n71\nSample Customer Engagement Documents\nDETAILED BID PROPOSALS\nCOVER PAGEINTRO LETTER\nON-SITE OBSERVATIONSCOST ESTIMATERSI OVERVIEW\nPROJECT SUMMARYPROJECT SUMMARY (CONT.)\nPHASING PLAN\n1 Page1 Page3+ Pages3+ Pages\n1+ Pages15+ PagesPage for Each Job Phase1 Page\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n72\nSample Customer Engagement Documents (Cont.)\nDETAILED BID PROPOSALS (CONT.)\nJOB TEAM OVERVIEWINTRO LETTERBID SIGNING PAGETERMS AND CONDITIONS\n1 Page1 Page3+ Pages3+ Pages\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n73\nSample Customer Engagement Documents (Cont.)\nANNUAL REPORTSWEEKLY JOB PROGRESS REPORTS\nBlue Point Capital Partners, LLC\n\n© 2025 Northborne Partners\nBlue Point Capital Partners, LLC"
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"text": "\n\nProject Craftsman\nJanuary 2025\nConfidential Information Presentation\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n1\nThis Confidential Information Presentation (this “Presentation”) contains confidential information pertaining to Restoration Systems Inc. (“Restoration Systems” or the “Company”). \nThis Presentation is being made available to selected interested parties for the sole purpose of assisting the recipients in deciding whether to proceed with an in-depth investigation \nof the Company or its subsidiaries in connection with a potential acquisition. Northborne Partners LLC (“Northborne” or the “Advisors”) has been retained by Restoration Systems to \nserve as its financial advisor in connection with the proposed sale of the Company.\nThis Presentation is being made available only to parties which have signed and returned to the Company a confidentiality agreement, and recipients of this Presentation are \ntherefore bound by the confidentiality agreement in respect of all information contained herein. If you have not executed and delivered a confidentiality agreement to the \nCompany, you have received this Presentation in error. If so, please notify the Advisors immediately and delete or destroy all copies of this Presentation.\nThe information contained herein has been prepared to assist interested parties in making their own evaluation of the Company and does not purport to contain all of the \ninformation that a prospective party may desire. In all cases, interested parties should conduct their own investigation and analysis of the information and data set forth in this \nPresentation and satisfy themselves as to the accuracy, reliability and completeness of such information and data. This Presentation does not constitute an offer to sell or a \nsolicitation of an offer to buy any securities.\nNone of the Company or the Advisors or any of their respective directors, officers, corporate partners, affiliates, employees or advisors (collectively, “Associates”) makes any \nrepresentation as to the accuracy or completeness of the information in this Presentation or any other information made available to recipients of this Presentation. In particular, no \nrepresentation or warranty is made as to the achievement or reasonableness of any future projections, management estimates, prospects, returns or market data contained herein. \nStatements contained in this Presentation are made in good faith and have been derived from information believed to be reliable as of the date of this Presentation. None of the \nCompany, the Advisors or any of their respective Associates has verified, nor will verify, any part of this Presentation or any other information made available to recipients of this \nPresentation. The Company, the Advisors and their Associates expressly disclaim any reliance hereon for any purpose other than as expressed above and any and all liability for any \nloss or damage (whether foreseeable or not) suffered by any person or entity acting on, or refraining from acting because of, anything contained in or omitted from this Presentation, \nwhether the loss or damage arises in connection with any negligence, default, lack of care or misrepresentation, or otherwise, in contract or in equity, on the part of the Company, the \nAdvisors or their Associates or any other cause. Each recipient of this Presentation agrees that it shall not seek to sue or hold the Company, the Advisors or their Associates so liable in \nany respect for the provision of this Presentation and the information contained herein. Only those representations and warranties which may be made to a party in a definitive \nagreement shall have any legal effect.\nThis Presentation contains certain statements, financial data, projections, forecasts and estimates that are based upon assumptions and subjective judgments that the management \nof the Company believes to be appropriate given current facts and circumstances existing in the markets in which the operating divisions of the Company conduct business. There will \nbe differences between such projections, forecasts and estimates and actual results since events and circumstances frequently do not occur as expected, and such differences may be \nmaterial. The estimated, forecasted and projected financial results contained in this Presentation should not be considered to be a presentation of actual results. There can be no \nassurance that any estimated, forecasted or projected results are obtainable or will be realized.\nNone of the Company, the Advisors or any of their respective Associates accepts any responsibility to inform the recipients of this Presentation of any matter arising or coming to any \nof their notice which may affect any matter referred to in this Presentation (including but not limited to any error or omission which may become apparent after this Presentation has \nbeen issued). This Presentation shall not be deemed an indication of the state of affairs of the Company nor shall it constitute an indication that there has been no change in the \nbusiness or affairs of the Company since the date of this Presentation or since the date at which any information contained herein is expressed to be stated. If further information in \nconnection with the potential transaction is provided by the Company, the Advisors, their Associates or any other person or entity, recipients of this Presentation acknowledge receipt \nof such information as though it formed a part of this Presentation.\nThe Advisors will arrange for appropriate due diligence by selected interested parties. In furnishing this Presentation, the Advisors undertake no obligation to provide the recipient \nwith access to any additional information.\nThe Company reserves the right to negotiate with one or more prospective parties at any time and to enter into a definitive agreement regarding the Company at any time without \nprior notice to any prospective parties. Also, the Company reserves the right to terminate, at any time, further participation in the investigation and proposal process by any party and \nto modify the procedures without assigning any reason thereof.\nUNDER NO CIRCUMSTANCE SHOULD THE COMPANY OR ANY OF ITS AFFILIATES, DIRECTORS, MANAGEMENT, EMPLOYEES, CUSTOMERS, CLIENTS OR SUPPLIERS BE \nCONTACTED DIRECTLY. ALL INQUIRIES REGARDING THE PROPOSED TRANSACTION AND ANY REQUESTS FOR ADDITIONAL INFORMATION SHOULD BE DIRECTED TO THE \nADVISORS LISTED WITHIN.\nConfidentiality & Disclaimer\nBlue Point Capital Partners, LLC\n\nRestoration Systems\nSituation Overview & Transaction Procedures\n2\nSITUATION OVERVIEWTRANSACTION PROCEDURES\nTRANSACTION STRUCTURE\nBen Marks\nManaging Director\nbmarks@northborne.com\nC: 612-710-5020\nChris Klotsche\nDirector\ncklotsche@northborne.com\nC: 414-779-1994\nTaylor Thompson\nAssociate\ntkthompson@northborne.com\nC: 612-212-1212\nMichael Wozniak\nAnalyst\nmwozniak@northborne.com\nC: 763-807-7220\nPaul Jevnick\nManaging Director\npjevnick@northborne.com\nC: 612-850-5781\nNORTHBORNE CONTACTS\n•Headquartered in Chaska, Minnesota, Restoration Systems Inc. (“RSI” or \nthe “Company”) is a leading provider of commercial repair, restoration and \npreservation services for building facades and parking ramps throughout \nthe Midwest\n•RSI is owned 100% by Blake Dronen, who is the President of the Company. \nBlake purchased the business from his father, who founded RSI in 1997\n•RSI is seeking an investor who will partner with Blake and his leadership \nteam to support the Company’s expansion plans into new geographies \nand build upon its strong competitive position in the Midwest\n•RSI has retained Northborne Partners as its exclusive advisor in \nconnection with a potential sale of the Company\n•As advisor to RSI, the Northborne team listed below will be the sole \ncontact for prospective investors who receive this Confidential \nInformation Presentation and participate in the process\n•Northborne will share a separate process letter outlining instructions for \nsubmission of an indication of interest\n•The transaction will be structured as a sale of equity interests in Restoration \nSystems Inc., an S-corporation\n•Blake intends to rollover 20% - 30% of closing proceeds\n•RSI leases two facilities, one in Minnesota and one in Wisconsin, from entities \nwholly-owned by Blake. Current rental rates charged to the Company are \nmarked-based, and the expectation is that long-term leases would be \nexecuted concurrent with a closing of a transaction\n•Blake is willing to consider a structure that supports a step-up in the basis of \nthe assets in the transaction for an investor (such as a 338(h)10, F \nReorganization or similar election) provided the investor reimburses him (the \ncurrent shareholder) for any increased tax burden resulting from the step-up\nBlue Point Capital Partners, LLC\n\nExecutive Summary\n3\n01\n02\n03\n04\n05\n06\nExecutive Summary\nInvestment Highlights\nGo-To-Market Strategy & Competitive Landscape\nGrowth Opportunities\nOperations Overview\nFinancial Summary\n07Appendix A: Sample Customer Engagement Documents\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n$15.5\n$20.5\n$26.4\n$34.8\n$43.2\n$54.6\n$63.4\n$78.2\n2022A 2023A 2024E 2025P 2026P 2027P 2028P 2029P\n$5.9\n$6.2\n$9.2\n$11.7\n$15.6\n$20.5\n$25.2\n$32.7\nCOMPANY OVERVIEW\nRSI at a Glance\n4\n1.Average headcount during April-October 2024 (RSI's busy season). \nHeadcount in the winter offseason averages about 30 employees.\n90+\nEmployees\n(1)\n~$110K\nAverage Job Size\n200+\nAnnual Jobs\n$26.4M\n Revenue (2024E)\n23.1%\nRevenue CAGR \n(2020A – 2024E)\nKEY HIGHLIGHTS\n✓Midwest’s leading provider of commercial building repair, restoration and preservation services\n•25-year track record built on a strong reputation for skilled concrete and masonry craftsmanship\n•Market leader in Minneapolis with demonstrated ability to successfully expand to new MSAs \norganically and supplemented by M&A, notably Milwaukee in 2022\n✓Critical commercial services offering driven by enormous number of buildings aging into repair \ncycle and increasing municipal regulations requiring systematic inspection and repair\n•Increased investment in rapidly aging infrastructure, coupled with prohibitively high replacement \nvalues, supports strong growth in the non-deferrable, multi-billion dollar commercial repair, \nrestoration & preservation services market\n•Services include building and parking ramp repair and restoration, a substantial portion of which is \ndriven by state- and local-level commercial structure inspection and maintenance requirements\n✓Substantial investment in technology to deliver a differentiated customer experience\n•Significant majority of key internal and customer-facing workflows are partially or fully automated, \nincluding detailed bid proposals, weekly job progress updates and annual job summary reports\n•Relentless focus on doing things better and more efficiently results in industry leading job quality \n(<1% rework / warranty work) and on-time / on-budget performance (95%+ of jobs)\n✓Diversification by job across multiple attractive end markets\n•Top job / top 5 jobs accounted for ~10% / ~35% of revenue in the TTM, respectively\n•Key end markets include commercial property management, HOA and healthcare (accounting for \n~75% of business)\n✓Strong leadership, field management and company culture\n•11+ year average tenure of the leadership team\n•6+ year average tenure of the overall workforce (for employees with more than one year of \nexperience)\n✓Multiple attractive growth opportunities focused on creating a national platform in a highly \nfragmented industry (see section 4)\n•Key platform investments (systems, people, processes) have been made that can be leveraged to \nscale the business\n•Proven ability to execute a tuck-in acquisition in Summer 2024 with an actionable pipeline of \nadditional targets to pursue with the support of an investor\nMEANINGFUL FINANCIAL MOMENTUM\n$ in Millions\n26.0% Revenue CAGR \n(2022A-2029P)\nAdjusted Revenue \n#1\nMarket Position in \nMinneapolis\n92.2%\nFCF Conversion (2024E)\n43.2%\nGross Margin (2024E)\n$9.2M\n PF Adj. EBITDA (2024E)\n30.5%\nAdj. EBITDA Margin\n(2024E)\nAdjusted EBITDA\nBlue Point Capital Partners, LLC\n\nRestoration Systems\nRSI at a Glance (Cont.)\n5\n1.Includes revenue earned from ancillary services to Building Facade and Parking Ramp work, \nincluding the installing of roofing anchors, small batch waterproofing mixes and more.\n52.1%\n~10%\nTop 10 Jobs\nAll Other Jobs\nREVENUE BY SERVICE TYPEREVENUE BY JOB\nREVENUE BY PHASED VS. NON-PHASED JOBSREVENUE BY END MARKET\nRegulation driven, non-deferrable service mixHighly diversified job mix\nHigh volume of multi-year phased jobs, providing strong \nfuture revenue visibility\nBroad range of end markets and customers with strong focus on \nmulti-site operators and national accounts\nTTM \nOct-24\n47.9%\nOther\n(1)\nBuilding Facade\nParking Ramp\n52.1%\n45.2%\n2.7%\nTTM \nOct-24\nPhased \n(Multi-Year)\nNon-Phased \n(Single Year)\n57.2%\n42.8%\n‘22A – ‘23A\nAverage\nHomeowners \nAssociation (HOA)\nGovernment\nProperty \nManagement\nHealthcare\n‘22A – ‘24A\nAverage\n35.1%\n29.5%\n18.0%\n9.4%\n7.9%\nEducational\nBlue Point Capital Partners, LLC\n\nRestoration Systems\nLeading Provider of Structural Restoration and \nRepair Services...\n6\nBRICK REPAIR &\nREPLACEMENT\n(VIDEO LINK)\nTUCKPOINTING &\nMORTAR REPAIR\n(VIDEO LINK)\nSTONE REPAIR &\nREPLACEMENT\n(VIDEO LINK)\nPARKING DECK\nRESTORATION\n(VIDEO LINK)\nCONCRETE \nREPAIR\n(VIDEO LINK)\nPOST-TENSION \nCABLE REPAIR & \nREPLACEMENT\n(VIDEO LINK)\nWATERPROOFING\n(VIDEO LINK)\nHOT APPLIED\nWATERPROOFING\nCAULKING & \nSEALANT \nREPLACEMENT\n(VIDEO LINK)\nVEHICULAR \nTRAFFIC\nCOATING \nSYSTEMS\n(VIDEO LINK)\nSURFACE \nPREPARATION\n(VIDEO LINK)\nCOATING \nREMOVALS\nBUILDING FACADE \nRESTORATION\nRepresentative Services \nPARKING DECK \nRESTORATION\nWATERPROOFING & \nSEALANTS\nTRAFFIC COATINGS\nRepresentative Services Representative Services Representative Services \nBUILDING FACADEPARKING RAMP\nSERVICE TYPE\nSERVICE OFFERINGS\n(~53% of 2024E Revenue)(~45% of 2024E Revenue)\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n... Addressing a Critical Need to Restore America’s \nAging Infrastructure...\n7\nSource: SMR Research\nBACKGROUND\nAMERICA’S AGING INFRASTRUCTURE\nTRAGIC INCIDENTS DRIVING INCREASED AWARENESS AND REGULATION\n26.6\n30.4\n33.5\n43.4\n46.2\n53.6\n56.7\n64.3\n72.1\nU.S. AVERAGE BUILDING AGE BY USE (YRS)\nHotels\nSuper-\nmarkets\nHospitals\nAirports\nParking Garages, \nDecks and Lots\nLibraries, Museums and \nHistorical Sites\nChurches and Worship \nCenters\nSchools\nOffice Buildings\nRSI has Experience in all the Above Categories\nU.S. COMMERCIAL BUILDINGS BY YEAR CONSTRUCTED\n< 25% of Commercial Buildings \nBuilt in Last 20 Years in the U.S.\n(# of buildings in thousands)\n709\n517\n685\n831\n794\n921\n924\n537\nBefore\n1946\n1946 to\n1959\n1960 to\n1969\n1970 to\n1979\n1980 to\n1989\n1990 to\n1999\n2000 to\n2009\n2010 to\n2018\n•U.S. commercial buildings continue to age \nwith nearly half of commercial \nfloorspace constructed more than 50 \nyears ago\n•America’s aging infrastructure is in the \nspotlight following several highly-publicized \ntragic structural failures \n•RSI’s core existing geographies, Minneapolis \nand Milwaukee, are entering a critical cycle \nof needed repair and restoration given \nmany of the cities’ buildings were \nconstructed between 1960-1990\nBACKGROUND\nROOT CAUSE\nAFTERMATH\n•The Champlain Towers South \ncondominium collapsed in Surfside, Florida \nkilling 98 people\n•Resulted from structural failures around \nthe facility’s swimming pool – NIST spent \n~$30M investigating the cause\n•Florida legislature passed a bill shortening \nthe required period that buildings need to \nbe reviewed from every 40 to 10 years\nCHAMPLAIN TOWERS SOUTH \nCONDO COLLAPSE\nJUNE 24, 2021\nANN STREET PARKING \nGARAGE COLLAPSE\nAPRIL 18, 2023\nBACKGROUND\nROOT CAUSE\nAFTERMATH\n•A parking garage collapsed in New York’s \nFinancial District, killing one person and \ninjuring five others\n•Experts suggest deferred maintenance \nresulted in structural integrity issues\n•Inspectors conducted inspections of \nparking structures across NYC, resulting in \nfour additional garages in Manhattan and \nBrooklyn being closed\nEntering \nContinuous \nRestoration Cycle\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n... Focused on Markets with Attractive Dynamics and \nDriven by Government Regulation...\n8\nRESTORATION ENVIRONMENT ACROSS THE U.S.MARKET SNAPSHOTS\nCITYKEY REGULATIONS & MARKET ATTRIBUTES\nEXISTING RSI GEOGRAPHIES\nPLANNED RSI EXPANSION GEOGRAPHIES\nMinneapolis, MN\nMilwaukee, WI\nKansas City, MO\nCincinnati / Columbus \n/ Cleveland, OH\nDenver, CO\n•Regulation: Annual parking ramp inspections \nfor structural integrity\nCURRENT MARKET POSITION\nActionable Geographic Expansion Opportunities with Highly Favorable Regulatory Environments Across the U.S. \n•Attributes: Entering heavy restoration era based \non city age / construction cycle; seasonal freeze-\nthaw cycles heavily deteriorate infrastructure\n•Regulation: Building facade inspections \nrequired based on building size \n•Attributes: Recent high-profile parking ramp \ncollapse (2023); seasonal freeze-thaw cycles \nheavily deteriorate infrastructure\n•Regulation: Annual parking ramp inspections \nfor structural integrity\n•Attributes: Longer construction season than \nnorthern Midwest states; history of fatal \ninfrastructure failure\n•Regulation: Annual parking ramp inspections \nfor structural integrity\n•Attributes: Recent building collapse (2024) \nillustrated major infrastructure hazards; freeze-\nthaw cycles heavily deteriorates infrastructure\n•Regulation: N/A\n•Attributes: Significant infrastructure maintenance \nneeds based on population growth; freeze-thaw \ncycles heavily deteriorates infrastructure\nMSA POPULATION\n#1\nMarket Position\n#3\nMarket Position\nTBD\nTBD\nTBD\n3.7M\nTotal Population\n1.6M\nTotal Population\n2.2M\nTotal Population\n6.6M\nTotal Population\n3.0M\nTotal Population\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n... Working Collaboratively with Key Stakeholders to Provide \nExpert Advice and Craftsmanship... \n9\nBUILDING OWNERS & PROPERTY MANAGERSENGINEERS & ARCHITECTS\nRESTORATION SERVICES ECOSYSTEM\n•Relationships between building owners and managers, architects and engineering consultants and restoration service providers demonstrate a collaborative \nnetwork where building owners and managers rely on architects and engineers for expert assessments and referrals, while restoration service providers \nexecute necessary repairs and preservation to maintain the structural integrity and compliance of commercial properties\n•Close partnership with both architects and engineers as well as building owners and property managers is critical to ensure alignment on job objectives and \nleads to strong repeat business\nKEY ROLES IN ECOSYSTEM\n•Architects evaluate and inspect safety \nconcerns in building facades\n•Engineers inspect and review structural \nintegrity of parking ramps and decks\n•Engineers and architects advise clients on non-\ndiscretionary, non-deferrable restoration \nservices\n•Responsible for managing key purchase \ndecisions for restoration and repair of building \ninfrastructure\n✓Building owners / property managers who own \nmultiple facilities provide a steady source of \nrepeat business across their portfolio of assets\nREPRESENTATIVE BUILDING OWNERS\nKEY VALUE TO RESTORATION SYSTEMS\n✓Serve as a key referral source for new jobs\n✓Act as a partner when RSI expands to new \ngeographies where the architecture and \nengineering firms also have a presence\nREPRESENTATIVE ENGINEERING FIRMS\nREPRESENTATIVE ARCHITECTURE FIRMS\n59%\n41%\n% of Revenue \n(‘21-’24 Avg)\nREVENUE BY \nREFERRAL SOURCE\nKEY ROLES IN ECOSYSTEM\nKEY VALUE TO RESTORATION SYSTEMS\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n... Working Collaboratively with Key Stakeholders to Provide \nExpert Advice and Craftsmanship (Cont.)... \n10\nRSI’S REPUTATION FOR EXCELLENCE\n•RSI has developed strong partnerships over 25+ years with leading architecture and engineering firms as well as building owners and property managers \nthrough strategic and repeatable techniques to build long-term, recurring referral relationships\nA level of professionalism and \nattention to detail unique to the \nindustry, from bidding stage to \njob completion\nRSI HAS MASTERED THE NAVIGATION OF THE RESTORATION ECOSYSTEM\nTransparent blueprint for \nconstruction, job progress and \nquality\nStrong relationships with union \nlaborers and bricklayers\nUnmatched quality of \ncraftsmanship\nClean and well-maintained job \nsites and equipment\nProven ability to coordinate and \ncollaborate with cross-functional \nteams\nOwned fleet of equipment \nallows RSI to respond quickly \nand results in higher job-level \nmargins\nEngineers \n(Parking Ramps)\nBuilding Owners & \nProperty Managers\nArchitects\n(Exterior Facade)\n✓Partner with engineers and architects as thought leaders at industry events and association \nmeetings, establishing relationships as joint experts in relevant service types\nHow RSI Manages Relationships with Engineers & Architects\n✓When referred-in following inspections or consultations, RSI enhances engineer and architect \ncredibility by consistently providing on-time, on-budget and outstanding quality services\n✓Detailed and transparent communication from proposal to weekly check-ins to \ncompletion of job, ensuring full client confidence in RSI’s timeline, cost estimates and \nservice capability\nHow RSI Manages Relationships with Building Owners & Property Managers\n✓Clear articulation of phased restoration plans and potential future restoration needs, \nallowing owners and managers to precisely specify RSI’s restoration services into annual \ncapex budgets\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n... With Market Leadership in the Midwest and a Platform to \nExpand into New Markets...\n11\nTHE MIDWEST’S LEADING RESTORATION COMPANY \nMinneapolis, MN\n(Opened 1997)\nMilwaukee, WI\n(Opened 2022)\nTEAM\nPROCESSES\nSYSTEMS\nRSI HAS RESOURCES AND KNOWLEDGE NECESSARY TO ENTER NEW MARKETS\nKansas City, MO\nDenver, CO\nOhio \n(Cincinnati, Columbus, Cleveland)\nOther Geographies\nUniform workflow processes \nacross all service offerings enables \nstreamlined and consistent job \nexecution\nImplemented job management \nsoftware in 2024 to enable the \nCompany to more effectively solicit \nand manage a higher volume of \nbids across geographies\nEstablished workforce that has \nproven it can provide superior \nservices in existing markets, and \ntrain and develop new talent \nquickly\nExisting RSI Facility\nPlanned Expansion Location\nCurrent Geographic Coverage\nEXISTING\n GEOGRAPHIES\nPLANNED EXPANSION GEOGRAPHIES\nREPRESENTATIVE MARKETMARKET CHARACTERISTICS\nRSI is the established leader in the market\nCompetitors are not growth-oriented – strong \nopportunity to further penetrate customer accounts \nLow existing competition levels\nRecent parking ramp collapse garnered significant \nmedia attention and calls for infrastructure maintenance\nSimilar parking ramp regulatory standards to \nMinneapolis, enabling seamless geographic integration\nHistory of fatal infrastructure failures\nAged infrastructure in need of maintenance – recent \nbuilding collapse further highlighting restoration needs\nAbility to serve three MSAs out of one strategically \nlocated office\nNo established restoration players in the market\nGrowing activity in the city will drive future restoration \nneeds – 19%+ population growth (2010 – 2020)\nSTRONGLY DEVELOPED \nOPERATIONAL STRUCTURE\nHIGHLY DEVELOPED \nOPERATIONAL STRUCTURE\nIT SYSTEMS WITH CAPACITY \nTO SERVICE GROWTH\nSeeking a partner to apply the blueprint to ripe \nexpansion markets\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n12\n... Resulting in an Exceptional Financial Profile with \nActionable Opportunities to Grow\n$10.0\n$11.7\n$12.8\n$11.3\n$11.5\n$15.5$15.5\n$20.5\n$26.4\n$34.8\n$43.2\n$54.6\n$63.4\n$78.2\n2016A2017A2018A2019A2020A2021A2022A2023A2024E2025P2026P2027P2028P2029P\nTRACK RECORD OF DELIVERING CONSISTENT REVENUE GROWTH\n(1)\nRSI HAS THE OPPORTUNITY TO ACCELERATE GROWTH UNDER NEW OWNERSHIP\n$ in millions\n1.2016A – 2020A represents reported figures whereas 2022A – 2029P represents adjusted figures.\nFURTHER PENETRATION \nIN MINNESOTA\n✓Grow wallet share with key existing customers \n✓Target new customers and end markets to expand RSI’s reach\n✓Consider adding additional service offerings (e.g., bridge repair)\nCONTINUED RAMP OF \nMILWAUKEE\n✓Continue to build reputation and track record in the market\n✓Grow wallet share with key existing customer relationships\n✓Strategically target work in adjacent cities (e.g., Appleton, Green Bay, Madison, etc.) leveraging Milwaukee as the hub\nTARGET NATIONAL \nACCOUNTS\n✓Leverage local MN and WI relationships with national property management players to accelerate footprint growth\n✓Expand market share in existing and new geographies by transplanting institutional account knowledge\nGEOGRAPHIC EXPANSION\n✓Tactfully expand to identified markets (Kansas City, Ohio, Denver) leveraging the Milwaukee blueprint and years of \nexperience in Minneapolis\n✓Evaluate additional expansion markets with consideration for size of market, growth potential, competitive landscape and \nexisting referral relationships\nMERGERS & \nACQUISITIONS\n✓Develop and implement a strategy to acquire companies that accelerate RSI’s geographic and end market expansion \n✓Leverage platform infrastructure to maximize synergy potential\nM&A Strategy Functions as an Acceleration Tool Underpinning All Growth Opportunities\nBlake Dronen \ntakes \nownership of \nthe business\nCompany \nredefines its \ncustomer \nservice strategy\nCompany \nexpands into \nMilwaukee\nCompany \nimplements job \nmanagement \nsoftware\nAcquires Merit \nConstruction, a \nlocal competitor \nwith \nrelationships \nacross Midwest\nBlue Point Capital Partners, LLC\n\nInvestment Highlights\n13\n01\n02\n03\n04\n05\n06\nExecutive Summary\nInvestment Highlights\nGo-To-Market Strategy & Competitive Landscape\nGrowth Opportunities\nOperations Overview\nFinancial Summary\n07Appendix A: Sample Customer Engagement Documents\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n14\nInvestment Highlights\n1\n7\nLeading Independent Provider of Commercial Repair, \nRestoration and Preservation Services ...\n... With Multiple Levers For Continued Growth \n2\n... With Favorable Industry Tailwinds and Experience to \nNavigate the Regulatory Environment ...\n3\n... Delivering a Tailored Customer Experience ... \n6\n... Led by a Proven Management Team that has a Track \nRecord of Executing Meaningful Strategic Initiatives ...\n5\n... Supported by a Workforce of Highly Skilled Craftsmen \nProven at Executing Jobs On-Time and On-Budget ...\n4\n... Serving a Broad Range of End Markets and Customers \nwith Focus on Multi-site Operators and National Accounts ...\nBlue Point Capital Partners, LLC\n\nRestoration Systems\nTHE MIDWEST'S LEADING RESTORATION COMPANY\nMeticulous professionalism from the \ninitial bidding stage to job completion, \nensuring quality and satisfaction at \nevery step\nCOMPLETE INTEGRITY AND VISIBILITYEND-TO-END PROFESSIONALISMSTRONG EMPLOYEE SATISFACTION\nPROVEN SAFETY EXCELLENCEUNMATCHED QUALITY OF CRAFTSMANSHIPCOLLABORATIVE AND COMMUNICATIVE PARTNER\n15\nLeading Independent Provider of Commercial Repair, \nRestoration and Preservation Services ...\n1\nTransparent plans, progress updates, \nand quality reporting throughout every \njob phase\nStrong relationships with union \nlaborers and bricklayers, ensuring \ndedicated and consistent workforce \nthroughout job life\nHigh quality service provided by skilled \ncraftsman with years of specialized \ntraining and experience\nClean and well-maintained job sites \noperated and overseen by employees \nwith industry-leading safety metrics\nProven ability to coordinate and \ncollaborate with cross-functional teams \nto ensure seamless job completion on-\ntime and on-budget\nCapabilities and track record to service prominent commercial infrastructure across diverse end markets\nWells Fargo Center\nBuilding Facade\nProperty Management\nSt. Mary’s Orthodox \nCathedral\nBuilding Facade\nReligious\nHennepin \nCountry Library\nBuilding Facade\nGovernment\nNorth Memorial \nHospital\nParking Ramp\nHealthcare\nMinneapolis / St. Paul \nInternational Airport\nParking Ramp\nTransportation\nLourdes Hall \nWinona State\nBuilding Facade\nEducation\n#1\nMinneapolis \nMarket Position\n#3\nMilwaukee \nMarket Position\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n16\n1.Source: Chicago.gov\n2.Source: International Code Council\n... With Favorable Industry Tailwinds and Experience to \nNavigate the Regulatory Environment ...\n2\nRSI IS WELL-POSITIONED TO CAPITALIZE ON KEY INDUSTRY DRIVERS\n•The U.S. commercial restoration market is estimated to be worth several billion \ndollars with a significant portion dedicated to concrete and masonry restoration\n•The market is projected to grow at a steady 4% - 5% annually driven by attractive \nfundamental growth drivers:\n•Aging Infrastructure: Recent high-profile building collapses in Iowa, Florida \nand New York have put a spotlight on repairing aging infrastructure\n•Emphasizing Preservation: Large MSAs are investing heavily in preservation, \nincluding Chicago’s $8M grant for historical preservation jobs in 2024\n(1)\n•Evolving Codes and Regulations: The International Building Code (IBC) \ncontinually updates structural integrity standards, including 2024 updates to \nmasonry and concrete standards\n(2)\n•RSI competes in the large and growing $200B+ broader U.S. restoration and \nremediation market – provides opportunity for potential acquirer to partner with \nRSI to build a diversified platform serving multiple market segments\nFAVORABLE MARKET TAILWINDS\nRSI’S ADVANTAGEKEY DRIVERS\nRobust relationships with property managers influences \nrestoration job decisions\nBUILDING \nAND \nFACADE\nPARKING \nREPAIR \nAND \nTRAFFIC \nCOATINGS\nRSI offers industry-leading value supported by cost-\nadvantaged bids and phasing plans\nEngineering firms refer RSI in as the go-to partner for \nannual parking ramp maintenance\nIn the absence of regulatory requirements, parking \nramps suffer severe annual deterioration in seasonal \nupper Midwestern environments (freeze-thaw cycles)\nUnmatched ability to capture opportunity with owned \nequipment and preferable purchasing contracts \nCoatings boomed in 1980s and are now at end of \nlifecycle, requiring removal and reapplication\nIn the absence of local building ordinance requirements, \ndecisions on facade and building maintenance are \ndiscretionary to property owners\nCompetitive bidding is highly relevant to less frequent \nand larger-scale jobs \nADVANTAGEOUS LOCAL REGULATION\nMinneapolis and St. Paul have ordinances that \nrequire parking ramps and decks be inspected \nand reviewed annually for structural integrity\nMilwaukee has city ordinances that require \nbuilding facades to be inspected and reviewed \nfor unsafe conditions – frequency of inspection \noften depends on the size of the building\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n17\n... Delivering a Tailored Customer Experience ... \n3\nEND-TO-END CUSTOMER SERVICE ENSURING MAXIMUM TRANSPARENCY AND CUSTOMER SATISFACTION\nILLUSTRATIVE JOB LIFE CYCLE\nHighly trained and talented \nProject Managers that \nleverage deep industry \nknowledge to develop plans \nand solutions for customers\nHighly standardized customer \nservice processes enable RSI to \nconsistently, efficiently and \neffectively serve customer needs\nFocused attention on \ncustomer needs at all levels of \nthe RSI organization\nCompany-wide dedication \nto develop and maintain \nstrong relationships with \ncustomers\n12\n3\n45\n6\nINITIAL CUSTOMER ENGAGEMENTPRE-JOB PLANNING\nCUSTOMER RETURNS TO RSIJOB SET-UP\nJOB COMPLETIONJOB EXECUTION\n•Project Manager engages with a new or recurring customer \nand attentively listens and understands the client needs\n•Project Manager analyzes the customer situation and \nexecutes analysis to determine a proposed solution\n•RSI delivers a professional and customized 30+ page bid \nproposal that includes a job summary, job phasing plan, highly \ndetailed on-site observations and job cost estimate\n•Detailed bid summary demonstrates RSI’s knowledge and \nfamiliarity of client infrastructure\n•Strong customer relationships and quality of work result in a \nsticky customer base with reoccurring revenue dynamics\n•RSI takes pride in the fact that it has never lost a \ncustomer\n•RSI determines all resources necessary to quickly and \neffectively execute the job - procures equipment and \nestablishes a dedicated job team \n•Company is ready to “hit go” as soon as the customer is ready \nto begin the job\n•Project Manager and Superintendent complete full \nwalk-through with the client at property to ensure all \nneeds have been met\n•RSI delivers highly detailed final invoice, ensuring that the \ncustomer understands all charges\n•Project Manager meets with dedicated Superintendent \nweekly to identify outstanding job needs and ensure progress\n•Project Managers check-in with client on a weekly basis to \ndeliver job updates and ensure customer is aware of every job \nmilestone\nRSI’s Customer Service Process is Highly Teachable and Repeatable, Enabling Consistent High-Quality Results\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n•One-page document that is sent to RSI clients \nonce per week to provide an update on the \nstatus of the ongoing job\n•Informs the client of the below detail:\n•Budget status (e.g., on-budget, overbudget)\n•Completion timeline update\n•Scope of services being provided\n•Previous week progress\n•Key go-forward details\n•Project photos\n•Summary document that is sent to RSI’s existing \nclients once per year to summarize the \nmilestones and progress of ongoing jobs\n•Informs the client of the below detail:\n•Key job highlights and milestones\n•Detailed summary of the scope of the job\n•Review of pre-set job goals\n•Summary of go-forward initiatives and open \nworkstreams\n•Plan for following year\n•Highly detailed and visual 30+ page document \nshared with prospective clients prior to job \nengagement – highly differentiated compared \nto competitors\n•Informs the client of the below detail:\n•Overall job summary\n•Graphical phasing plan summary\n•Graphical summary of on-site observations\n•Itemized job cost estimate by job phase\n•Introduction to job team and RSI\nDESCRIPTION\n18\n... Delivering a Tailored Customer Experience ... (Cont.)\n3\nDETAILED BID PROPOSALSWEEKLY JOB PROGRESS REPORTSANNUAL REPORTS\nDESCRIPTIONDESCRIPTION\nSAMPLE RSI DOCUMENTSAMPLE RSI DOCUMENT\nRSI’S BID PROPOSALS, WEEKLY PROGRESS REPORTS AND SUMMARY ANNUAL REPORTS ENABLE FULL \nTRANSPARENCY AND MAKE CUSTOMERS' LIVES EASIER\nSAMPLE COMPETITOR DOCUMENT\nSAMPLE RSI DOCUMENT\nENHANCED CUSTOMER EXPERIENCE UNDERPINNED BY THE INDUSTRY’S BEST ENGAGEMENT TOOLS\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n19\n... Serving a Broad Range of End Markets and Customers with \nFocus on Multi-site Operators and National Accounts ...\n4\nPROPERTY \nMANAGEMENT\n•Multi-site real estate players that own a high \nvolume of properties requiring consistent \nmaintenance\n•RSI has strong relationships with the largest \nplayers in this concentrated market\nHOA\n•Primarily multi-site property managers that \noperate numerous apartment and housing \ncomplexes\n•High competition for quality living spaces results \nin critical need for maintained housing\nHEALTHCARE\n•Multi-site and single-site hospitals and care \ncenters primarily located in highly populous areas, \ndriving increased maintenance needs\n•Critical need for patient-friendly walking spaces \nresults in frequent maintenance \nGOVERNMENT\n•Multi-site and single-site municipal infrastructure \nwith strong opportunity for repeat customer, \nreoccurring jobs\nEDUCATION\n•Multi-site and single-site universities and K-12 \ninstitutions \n•High importance of maintaining integrity and \nsafety of education infrastructure\nEND MARKETMARKET OVERVIEW\n% OF REVENUE\n(2022 – YTD OCT-24 AVG)\nREPRESENTATIVE CUSTOMERS\n35.1%\n29.5%\n18.0%\n9.4%\n7.9%\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n20\n... Supported by a Workforce of Highly Skilled Craftsmen \nProven at Executing Jobs On-Time and On-Budget ...\n5\nSKILLED AND DEDICATED WORKFORCE\nKEY WORKFORCE HIGHLIGHTS\nVirtually All Jobs Completed On-Time\nEfficient job management and experienced crews have ensured \nthat virtually all of RSI’s historical jobs have been completed on \nschedule\nVirtually No Warranty Claims\nMeticulous attention to detail and rigorous quality control \nmeasures have resulted in no material warranty claims\n•RSI has developed a dedicated workforce that takes pride in their work, \nhas a reputation for skilled craftsmanship and delivers high-quality \nservices\n•RSI’s project management and superintendent staff are highly experienced \nand often have laborer backgrounds, providing extensive knowledge to \nfield staff to ensure jobs are completed on-time and on-budget\n•Many staff members have 20+ years of experience, offering \nconsiderable experience in navigating unexpected job challenges\n•The quality of RSI’s services is supported by its ability to train and certify its \nmany field staff employees (including seasonal laborers and bricklayers) \nfor specialty restoration work\n•RSI emphasizes the importance of highly skilled field staff by \nsupplementing union-led workshops with in-house training sessions, \nspecifically targeting the cross-training of field staff to allow employees to \nflex between various tasks as needed from job to job\n•Existing craftsman employees are open to traveling to worksites, enabling \nthe Company to expand geographically with existing workforce\nVirtually All Jobs Completed On-Budget\nDetailed proposal development rooted in database of 25+ years \nof restoration job data supports highly comprehensive and \naccurate job estimation\nTENURED UNION \nRELATIONSHIP\nHIGH SAFETY \nSTANDARDS\nSTANDARDIZED \nTRAINING\nTENURED \nEMPLOYEES\nSTRONG \nRETENTION RATE\nAverage employee tenure of 5 \nyears, resulting in a highly \ntalented and experienced \nworkforce aligned with \nCompany culture\nAnnual Safety, PTI, Swing \nStage and Scaffolding training \n– Union employees have \naccess to certification and \ntraining courses\nStrong safety programs \nrecognized by numerous awards, \nincluding Minnesota Governors \nWorkplace Safety Award and \nLECET Safety Driven Contractor \nAward\nCraftsman are sourced \nfrom highly tenured union \nrelationships – two of \nwhich are 28+ year \nrelationships\nAverage YoY re-hire rate of \n95%+, significantly \noutperforming the industry\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n21\n... Led by a Proven Management Team that has a Track \nRecord of Executing Meaningful Strategic Initiatives ...\n6\nBlake Dronen\nPresident\nRSI Tenure: \n25+ years\n•Began career at RSI as a Foreman in 1999\n•Responsible for strategic leadership and planning, business development, operational \noversight and risk management\n•Bachelor’s degree in Construction Management from Minnesota State University – \nMankato\nKEY ACCOMPLISHMENTS\nEXPERIENCED AND TENURED MANAGEMENT TEAM DEDICATED TO FUTURE GROWTH ... \nJen Patti\nOperational Strategy \nLeader\nRSI Tenure:\n6+ years\n•Joined RSI in 2019\n•Responsible for strategic planning, process improvement and integration\n•Previous experience as a Project Manager and Strategy Manager at C.H. Robinson\n•Bachelor’s degree in Retail Merchandising from the University of Minnesota – Twin \nCities\nTayton Eggenberger\nSales Leader\nRSI Tenure:\n14+ years\n•Joined RSI in 2005 as a Warehouse Manager\n•Responsible for business development, job estimation and scoping, cost management, \nresource management and client communication\n•Master’s degree in Business Administration from Minnesota State University – Mankato, \nBachelor’s degree in Business Administration from Augsburg University\nSuccessfully expanded into Wisconsin \nmarket with establishment of Milwaukee \noffice and <2 year payback\nEXPANSION \nTO WISCONSIN\nSystem enhancement with Sage Intacct \nplatform increases job cost oversight and \nmanagement capabilities, resulting in improved \nprofitability management and analysis\nENHANCED COST\nMANAGEMENT\nImplemented scalable HR, payroll, and \nexpense management software to simplify \nand streamline internal processes\nOPTIMIZED \nBACK-END SYSTEMS\nNegotiated favorable purchase contract with \nkey supplier for traffic coatings, concrete \nmixes and sealants, offering distinct cost \nadvantage over competitors\nIRREPLICABLE \nSUPPLY RELATIONSHIPS\nHired, trained, and managed employees to \nexemplify highest levels of safety and integrity \nin all work, resulting in numerous individual \nand company-wide safety awards \nESTABLISHED \nCULTURE OF SAFETY\nBrian Stueve, CPA\nFinance Leader\nRSI Tenure: \n2+ years\n•Joined RSI in 2023 as the Company's Fractional Finance Leader; works for BGM, RSI's \naccounting firm\n•Responsible for financial reporting and management, accounting operations and \nmanaging internal controls\n•Bachelor’s degree in accounting from St. Cloud State University\n...SUPPORTED BY HIGHLY QUALIFIED FIELD LEADERSHIP\nBuilding Facade \nLeader\nRSI Tenure: \n19+ years\nParking Ramp\nLeader\nRSI Tenure: \n11+ years\nMilwaukee\nRegion Leader\nRSI Tenure: \n2+ years\nMilwaukee\nField Leader\nRSI Tenure: \n24+ years\nExecuted the acquisition of a local \nMinneapolis competitor in 2024\nDEMONSTRATED ABILITY \nTO EXECUTE M&A\nBlue Point Capital Partners, LLC\n\nRestoration Systems\nGROW WALLET SHARE IN \nEXISTING MARKETS – WISCONSIN\n22\n... With Multiple Levers For Continued Growth \n7\nGROW WALLET SHARE IN \nEXISTING MARKETS – MINNESOTA\nTARGETED EXPANSION END MARKETS\n•RSI has ample opportunity to continue to win new customer \nopportunities within Minnesota by targeting underserved end \nmarkets\n•The industrial sector, school districts, private universities and \ncolleges, and the Department of Transportation (DoT) offer \nsignificant growth potential within RSI’s current service lines and \ngeographic coverage\nILLUSTRATIVE PUBLIC VS. PRIVATE SECTOR JOB MIX IN MILWAUKEE\nPrivate JobsPublic Jobs\n•As a newly established office, RSI’s Wisconsin branch has emphasized \ngrowing brand awareness and developing relationships in cities near \nMilwaukee through bidding and completing public sector jobs\n•Public sector jobs has led to increased opportunity for private sector \nwork, as RSI Milwaukee continues to mature, there is significant \nopportunity to directly target private sector jobs \nINDUSTRIAL \nSECTOR\n✓Industrial sector, especially refineries, has \nconsiderable regulatory burden to upkeep facilities\n✓Includes plants, warehouses, refineries and \nindustrial complexes with maintenance, restoration \nand protective coatings needs\nSCHOOL \nDISTRICTS\n✓To consistently meet regulatory requirements while \nstaying within annual budgets, schools prefer to \nrestore and maintain existing facilities as opposed \nto new construction\n✓RSI currently serves a small number of MN school \ndistricts\nPRIVATE \nUNIVERSITIES\n✓Private colleges and universities allocate higher \nannual spend to maintaining facilities and parking \nramps with greater flexibility in scope\n✓New customer opportunities include Gustavus \nAdolphus College, Bethel University, University of St. \nThomas and more\nDEPARTMENT OF \nTRANSPORTATION\n✓Opportunity to build relationship within the DoT to \nwin public infrastructure jobs\n✓Opportunity to expand into additional service lines, \nincluding bridge deck repair, that utilize same \nequipment as RSI’s established parking deck services\nEnhanced profitability and margins\nIncreasing private job mix in Milwaukee offers...\nIncreased flexibility and lesser bureaucratic hurdles\nHigher likelihood of client recurrence and relationship building\nCurrent Job Mix (FY24)Targeted Job Mix (FY29)\n~40%\n~70%\n~60%\n~30%\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n23\n1.Illustrative ramp based on actual results of Milwaukee office and Management forecast.\n... With Multiple Levers For Continued Growth (Cont.) \n7\nILLUSTRATIVE DE NOVO REVENUE RAMP\n(1)\nTARGET NATIONAL ACCOUNTS\nCapitalize on strong relationships with key influencers (e.g., \nengineers, consultants) who have MN offices and established \npresence in target markets\nJoin local industry group chapters (e.g., ICRI) to drive brand \nawareness, grow relationships and build traction quickly\nOpportunity to provide more year-round work in mild climate \ncities (e.g., Cincinnati)\nRepeatable “playbook” for breaking into new markets derived \nfrom historical experience and success in Milwaukee\nPlanned expansion cities (e.g., Kansas City, Cincinnati, \nCleveland, Columbus, Denver) based on aging infrastructure, \nsimilar inspection regulation to MN and limited competition\n$0M\n$3M+\n$6M+\nYear 0Year 1Year 2Year 3Year 4Year 5\n<2 Year Payback \nPeriod on CapEx\nREPLICABLE STRATEGIC PLAYBOOK TO LAND \nAND EXPAND IN IDENTIFIEDNEW GEOGRAPHIES\n•RSI will follow its “land and expand” model that has proven effective \nin Wisconsin to enter new geographies, combining strategic \nacquisitions along with boots-on-the-ground organic growth through \nsales team and existing referral relationships\nEXISTING NATIONAL ACCOUNTSTARGET NATIONAL ACCOUNTS\nPROPERTY MANGERS\nREITS\nPARKING RAMPS\nHOSPITALITY\n•RSI is well qualified to become a trusted national provider to \ncustomers that manage multiple facilities across diverse geographies\n~25% \nof RSI’s revenue \ncomes from national \naccounts today\n20+ \nIdentified Target \nNational Accounts\nN/A\nBlue Point Capital Partners, LLC\n\nRestoration Systems\nACQUISITION INTEGRATION\nTARGET IDENTIFICATION & ACQUISITION\nEMPOWERING GROWTH\n24\n... With Multiple Levers For Continued Growth (Cont.) \n7\nMERGERS AND ACQUISITIONS\nACQUISITION CRITERIA\nDEFINED M&A PLAYBOOKACTIONABLE M&A PIPELINE\nEngage M&A advisors\nPerform pre-acquisition due diligence\nEngage financing partner\nClose transaction\nIdentify target\n1\n2\n3\n4\n5\nImplement RSI’s standardization\nIntegrate target with RSI’s supplier \nnetwork\nDevelop relationship with target\n1\nEnsure strength of customer \nrelationships\n2\nCapitalize on cost synergies\n3\n4\n5\nEstablish growth plan\n6\nExpand sales staff\nIntroduce target to RSI’s engineer \n& customer relationships\nImplement RSI’s geographic \nexpansion playbook\nCross sell services between \nRSI and the target\nInitiate growth opportunities\n1\n2\n3\n4\n5\nSTRATEGIC \nGEOGRAPHIC \nEXPANSION \nEND MARKET \nEXPANSION\nSERVICE OFFERING \nSYNERGIES\nCAPTURE WALLET SHARE \nWITH KEY CUSTOMERS\nREVENUE & COST \nSYNERGY POTENTIAL\nM&A STRATEGY OVERVIEW\n•RSI competes in a highly fragmented industry with many sub-scale \nplayers where the Company could unlock considerable synergies by \nintegrating them into the RSI platform\n•Recently acquired the assets of a local Minneapolis competitor \n– large volume of similar opportunities\n•The Company provides platform potential to replicate other diversified \ninfrastructure services platforms in the market (i.e., a one-stop-shop for \nall your building’s maintenance and repair needs, both inside and out)\n•Company has existing infrastructure in place (e.g., leadership, \nstandardized processes, geographic expansion playbook, \nreputation) to grow as a platform\nTARGETGEOGRAPHYSERVICE OFFERING\nEST. REV.\n ($M)\n#1\nNE & MOParking Deck, Facade, Bridge\n$25M\n#2\nOHParking Deck, FaÁade\n$22M\n#3\nCOParking Deck, FaÁade\n$15M\n#4\nMOParking Deck, Facade\n$12M\n#5\nOHParking Deck, Facade\n$11M\n#6\nOHParking Deck, Facade\n$10M\n#7\nOHParking Deck, Facade\n$8M\n#8\nMNFaÁade\n$30M\n#9\nMNParking Deck\n$18M\nTotal Revenue\n$151M\nBlue Point Capital Partners, LLC\n\nGo-To-Market Strategy & Competitive Landscape\n25\n01\n02\n03\n04\n05\n06\nExecutive Summary\nInvestment Highlights\nGo-To-Market Strategy & Competitive Landscape\nGrowth Opportunities\nOperations Overview\nFinancial Summary\n07Appendix A: Sample Customer Engagement Documents\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n26\nSales & Marketing Organization & Strategy\nSALES STRATEGY OVERVIEWSALES ORGANIZATIONAL CHART\nKEY MARKETING INITIATIVES\nTAYTON EGGENBERGER\nSales Lead\n•Highly tactical sales team with a well-defined strategy of identifying \nopportunistic regions and customers with substantial market and \nwallet share opportunity\n•Led by Sales Leader Tayton Eggenberger, RSI’s Project Managers \ndevote ~30% of their time pursuing new leads during the busy season, \nand ~70% of their time managing ongoing jobs and client relationships\n•RSI utilizes direct sales channels, referrals through engineer \npartnerships, property / facility management relationships and online \nmarketing to target new customers\n•Strong reputation in existing markets has resulted in majority \nof new jobs being sourced from engineering referrals\n•Active and hands-on customer management strategy consisting of \ndedicated support teams that execute regular follow-ups during a job \nand post-job evaluations\nMinneapolis-Based\nSENIOR PROJECT \nMANAGER\nPROJECT MANAGER\nASSISTANT PROJECT \nMANAGER\nMILWAUKEE\nREGION LEADER\nMilwaukee-Based\nASSISTANT PROJECT \nMANAGER\nSOCIAL MEDIAEMAIL CAMPAIGNS\nSPONSORED INDUSTRY EVENTS\nTRADESHOWS\nYouTube channel with 30+ \ncompany and job overview videos\nFacebook and Instagram accounts \nwith active engagement (140+ \nposts in 2023)\n70+ annual email marketing \ncampaigns sent in 2023\n5,100+ total prospects reached \nthrough the marketing campaigns\nAttends various events and social \ngatherings with industry partners\nAttending events increases \nexposure to and builds \nrelationships with prospective \ncustomers and engineers\nAttend 7 trade shows annually\nTradeshow attendance enables RSI \nto put its service on display to key \nindustry players (e.g., prospects, \nengineers, architects)\n7\nTotal Sales Personnel\n~75%\nSales from Referrals\n~25%\nSales Sourced from \nOutbound Efforts\n38%\nLead Close Rate\n(1)\nKEY METRICS\nBLAKE DRONEN\nPresident\n1.Close rate on projects where a proposal is provided to a customer\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n27\nProject Management Funnel \n1\n2\n3\n4\n5\n6\nPROSPECTING\nDISCOVERY\nPROPOSAL / \nBID\nPRE-JOB SETUP\nPROJECT \nMANAGEMENT\nJOB CLOSE\nJOB STAGEKEY WORKSTREAMS\n•RSI has developed a six-step job workflow that has proven to generate new customers, facilitate effective project management and drive successful \noutcomes\n•The below job workflow is used for all service offerings, ensuring consistent processes and job execution during every customer engagement\n•All employees are cross trained across service lines, enabling flexibility and accuracy in job delivery\n▪Leverage networking connections\n▪Generate internal leads \n▪Attend industry events \n▪Generate proactive external leads\n▪Complete competitive analysis to understand \nopportunities within the market\n▪Qualify existing leads\n▪Organize and complete an intro meeting \nwith the lead\n▪Understand and note the customer needs\n▪Execute analysis and begin planning for \nclient needs\n▪Generate and deliver to the client a proposal \nthat details every aspect of the job\n▪Project Manager populates the bid terms \nfor the prospective client and delivers the \nfinal bid\n▪RSI prepares a product submittal package, \ndetailing all items needed for the job\n▪Company staffs RSI employees on the job\n▪Job equipment and material procurement\n▪Internal job management and \ncommunication\n▪RSI sends job progress updates\n▪Vendor bill review and approval\n▪SOW changes, if necessary\n▪RSI and management do a final job \nwalkthrough, completing a closing checklist\n▪Client receives final job invoice\n▪Client completes a post-closing survey\n▪Customer submits warranty claim, if \nnecessary\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n28\n1.Includes revenue earned from ancillary services to Building Facade and Parking Ramp work, \nincluding the installing of roofing anchors, small batch waterproofing mixes, and more.\nRSI’s Strategic Focus on the “Right” Type of Business\nREVENUE BY END MARKETREVENUE BY SERVICE TYPE\nBroad range of end markets and customers with strong focus on \nmulti-site operators and national accounts\nRegulation driven, non-deferrable service mix\nREVENUE BY CUSTOMER TYPE\nAbility to serve customers of all types, with a strong mix of more \nreoccurring, multi-site operator customers\nCOMPETITIVE VS NEGOTIATED\nAbility to comfortably secure industry-leading profit margins in \nboth competitive and negotiated bid scenarios\n76.3%\n23.7%\n‘22A – 24A\nAverage\nSingle-Site Operator\nMulti-Site Operator\nCompetitiveNegotiated\n42.5%\n57.5%\n‘22A – 24A\nAverage\nOther\n(1)\nBuilding Facade\nParking Ramp\n52.1%\n45.2%\n2.7%\nTTM \nOct-24\nHomeowners \nAssociation (HOA)\nGovernment\nProperty \nManagement\nHealthcare\n‘22A – ‘24A\nAverage\n35.1%\n29.5%\n18.0%\n9.4%\n7.9%\nEducational\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n29\nCustomer Study #1\n1.Management estimate\n2.Includes revenue earned from ancillary services to Building Facade and Parking Ramp work, including the \ninstalling of roofing anchors, small batch waterproofing mixes, and more.\nCUSTOMER CASE STUDY #1\nRELATIONSHIP HISTORY\nRSI’S VALUE ADD TO CUSTOMER\n•Added customer in 2008 through a private bid facilitated by one of the Company’s engineering \npartners\n•Generated continued growth within the customer through trust built on consistently high-\nquality services and a transparent approach to customer service\n•Strong history of servicing customer’s building facade needs\n•Executed $8.0M+ in jobs for Customer #1 since 2021, including various building facade and \nparking ramp jobs\n•RSI’s key jobs with customer include:\n•Building restoration of RiverWest Condominiums\n•Parking ramp restoration of RiverView Tower’s parking infrastructure\n51%\nBuilding \nFacade\n22%\nParking \nRamp\n27%\nOther\n(2)\n4%\n6%\n10%\n12%\n16%\n23%\n25%\n2018A2019A2020A2021A2022A2023A YTD 2024\nCUSTOMER DESCRIPTION:\nProperty management company \nwith infrastructure managed in 20+ \nstates\nLOCATION:\nNational with a strong presence in \nMinnesota\nINDUSTRY:\nHomeowners Association\nTENURE:\n15 Years\nJOBS COMPLETED (#):\n120+\nCUSTOMER TYPE:\nMulti-Site\nSERVICE REVENUE BREAKDOWNANNUAL WALLET SHARE WITH CUSTOMER\n(1)\nGO-FORWARD GROWTH STRATEGY\nExpand RSI’s solutions to support \nCustomer’s network as a whole\nGrow nationally into Customer’s \nproperties\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n30\nCustomer Study #2\nCUSTOMER CASE STUDY #2\nCUSTOMER DESCRIPTION:\nNational property management \nCompany with a portfolio of 170K \ntotal units\nRELATIONSHIP HISTORY\nRSI’S VALUE ADD TO CUSTOMER\n•Added customer in 2000\n•Primarily a direct relationship today between customer and RSI, but RSI has a strong \nrelationship with the customer’s preferred engineering partners\n•Growth in wallet share driven primarily through referrals and targeted marketing efforts at \ntradeshows, industry events and on social media\n•Executed $3.9M+ in jobs for customer since 2021, including various building facade and parking \nramp jobs\n•RSI’s key jobs with customer include:\n•Building restoration of Wells Fargo Home Mortgage\n•Upcoming parking lot restoration of the MetroPoint ramp\nLOCATION:\nNational with a strong presence in \nMinneapolis, MN & Milwaukee, WI\nINDUSTRY:\nProperty Management\nTENURE:\n28 Years\nJOBS COMPLETED (#):\n220+\n5%\n8%\n14%\n23%\n25%\n30%\n35%\n2018A2019A2020A2021A2022A2023A YTD 2024\nCUSTOMER TYPE:\nMulti-Site\nSERVICE REVENUE BREAKDOWNANNUAL WALLET SHARE WITH CUSTOMER\n(1)\nGROWTH OPPORTUNITY\n70%\nBuilding \nFacade\n1%\nParking \nRamp\n29%\nOther\n(2)\nDeepen customer relationship at a \ncross-functional level\nGrow nationally into Customer’s \nproperties\n1.Management estimate\n2.Includes revenue earned from ancillary services to Building Facade and Parking Ramp work, including the \ninstalling of roofing anchors, small batch waterproofing mixes, and more.\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n31\nJob Case Study #1 – Building Facade\nSITE DESCRIPTION:\nCathedral Built in 1887\nLOCATION:\nMinneapolis, MN\nSTART DATE:\nAugust 2020\nLENGTH OF JOB:\nMulti-Year Contract\nSOURCE OF JOB:\nInbound Interest\nJOB REVENUE:\n$64K\nJOB OVERVIEW\nSCOPE OF WORK\nLINK TO VIDEO CASE STUDY...\nHERE\nST. MARY'S ORTHODOX CATHEDRAL EXTERIOR RESTORATION\n•The customer was experiencing water infiltration in their \nwall cavity and required masonry repair quickly\n•RSI was contracted to perform exterior stone and \nmasonry repairs at the Historical St. Mary’s Orthodox \nCathedral\n•The Company delivered a quality result through various \nservices that restored the historic facade to its original \nlikeness\n▪Exterior Facade Tuckpointing\n▪Exterior Sealant Replacement\n▪Stainless Steel Through-Wall Flashing Installation\n▪Custom Fabricated Copper Counter Flashing Installation\n▪Exterior Stone Repairs\n▪Exterior Stone Replacement\n▪Power Washing Facade Elements\nBEFORE\nAFTER\nBEFORE\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n32\nJob Case Study #2 – Parking Ramp\nSITE DESCRIPTION:\nApartment complex located less \nthan 10 miles outside of Minneapolis\nLOCATION:\nBrooklyn Park, MN\nSTART DATE:\nApril 2020\nLENGTH OF JOB:\nTwo Months\nSOURCE OF JOB:\nInbound Interest\nJOB REVENUE:\n$169K\nJOB OVERVIEW\nSCOPE OF WORK\nLINK TO VIDEO CASE STUDY...\nHERE\nLUX APARTMENTS PARKING LOT REPAIR\n•The customer’s parking ramp was worn down and in \nneed of a new coating, parking line striping as well as \nstructural support repair\n•The customer chose RSI due to RSI delivering a fully \ncomprehensive proposal\n•RSI completed the job under budget and on time\n▪Structural Concrete Repair\n▪Traffic Coating Installation\n▪Sealant Installation\n▪Parking Stall Striping\n▪Post Tension Cable Replacement\n▪Post Tension Cable Repairs\nBEFORE\nAFTER\nBEFORE\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n33\nCompetitive Landscape\nHIGH VOLUME, NATIONAL LEADERSMALL, REGIONAL PLAYERS\nKEY STRENGTHSKEY STRENGTHSKEY STRENGTHS\nMarket leader in its core geography, \nMinneapolis, with growing market share in \na recently entered geography, Milwaukee\nStrong relationships with key national \ncustomer accounts\nHighly standardized and professional \noperating processes \nStrategic supply relationship (30%+ Discount)\nBroad service offering across numerous \nkey end-markets\nConsistently delivers high-quality services\nCurrently primarily serving only two major \nMSAs\n\nNational presence serving 18 states\nStrong relationships with key national \naccounts – highly penetrated within the \naccounts across multiple states in the U.S.\nComprehensive service offering with ability \nto serve a diversified end market mix\nLess focused on maximizing client experience \nand more interested in executing a high \nvolume of jobs\n\nWell-defined growth strategy\nMinimal focus on expanding the businesses\n\nKEY WEAKNESSES\nHigh standardization across operating \nprocesses\nOutdated processes and systems with limited \nintegration of technology\n\nKEY WEAKNESSES\nStrong emphasis on delivering quality \nservice on every job\nHighly experienced in one to a few key end-\nmarkets\nTend to have strong company culture and \nsense of pride within business\nKEY WEAKNESSES\nLack relationships with key industry \ncustomers\n\nStrategic supply relationships\nExtensive fleet of owned equipment\nLittle to no standardization of operational \nprocesses\n\nHigher risk of market cyclicality due to lack of \nend market diversification\n\nInability to cross-sell within customers due to \nlimited service offering\n\nLimited geographic presence\n\nOften lease equipment on a job-by-job basis\n\nRSI IS A CUSTOMER FOCUSED LEADER WITHIN ITS MARKETS WITH SIGNIFICANT RUNWAY TO ESTABLISH ITSELF NATIONALLY\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n34\nWhy RSI Wins \nCOMMITMENT TO QUALITYBREADTH OF SERVICES\nWELL INVESTED EQUIPMENT \nAND TECHNOLOGY\nEXPERIENCED WORKFORCE\n12\n3\n4\nEXCEPTIONAL JOB MANAGEMENT AND TRANSPARENCY\n5\n•RSI executes its jobs with meticulous attention to detail and uses \nthe highest-class materials and techniques\n•Renowned service quality results in prolongment of each \ncustomer’s structure life, enhanced aesthetics and \nsafety compliant final products\n•Industry leading quality provides reoccurring \ncustomer base and mitigated risk to RSI\n•Company has broad service offering enabling it to expertly \ndeploy traditional and modern restoration strategies\n•Ability to offer comprehensive services to \ncustomers through RSI’s various facade and \nparking lot repair and replacement capabilities\n•Serves customers in numerous industries, \nincluding health systems, housing, \nmunicipalities, etc.\n•Talented work force from the Company’s \ntechnicians, engineers and project \nmanagers – average tenure of ~5 years\n•Strong union relationships and ability to \ncontinually source craftsmen employees\n•Employee training ensures talent development is \ncontinuous and that veteran skillsets are passed \non to new employees\n•Use of latest restoration technology \nenables RSI to efficiently deliver high \nquality results\n•Technology assets enables RSI to address \neach unique customer challenge\n•Supply contracts and owned Company \nequipment allows RSI to competitively bid on \njobs\n•Very detailed job management, from the 30+ page job plan proposal to rigorous oversight and communication throughout each job \n•Systematic approach consists of detailed planning, proactive problem solving and continuous client updates to minimize client stress\n•Strict organization ensures that all jobs are completed on time and within budget\nC\nO\nM\nM\nI\nT\nM\nE\nN\nT\nT\nO\nQ\nU\nA\nL\nI\nT\nY\nB\nR\nE\nA\nD\nT\nH\nO\nF\nS\nE\nR\nV\nI\nC\nE\nS\nA\nD\nV\nA\nN\nC\nE\nD\nT\nE\nC\nH\nN\nO\nL\nO\nG\nY\n&\nE\nQ\nU\nI\nP\nM\nE\nN\nT\nE\nX\nC\nE\nP\nT\nI\nO\nN\nA\nL\nJ\nO\nB\nM\nA\nN\nA\nGE\nM\nE\nN\nT\nE\nX\nP\nE\nR\nI\nE\nN\nC\nE\nD\nW\nO\nR\nK\nF\nO\nR\nC\nE\nBlue Point Capital Partners, LLC\n\nGrowth Opportunities\n35\n01\n02\n03\n04\n05\n06\nExecutive Summary\nInvestment Highlights\nGo-To-Market Strategy & Competitive Landscape\nGrowth Opportunities\nOperations Overview\nFinancial Summary\n07Appendix A: Sample Customer Engagement Documents\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n36\nGrowth Opportunities Overview \n$20.5 \n$73.2 \n2023A Adjusted\nRevenue\nFurther Penetration in\nMinnesota\nContinued Ramp of\nMilwaukee\nTarget National\nAccounts\nGeographic Expansion2029P Adjusted\nRevenue\nM&A (Unbudgetted)Unbudgeted Upside\nPotential\nHighly Achievable Growth Trajectory (2023A-2029P Adjusted Revenue)\n$ in Millions\nB\nA\nC\nE\nConsiderable unbudgeted upside\nFURTHER \nPENETRATION \nIN MINNESOTA\nCONTINUED \nRAMP OF \nMILWAUKEE\nTARGET NATIONAL\nACCOUNTS\nGEOGRAPHIC \nEXPANSION\nMERGERS & \nACQUISITIONS \nABCDE\nD\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n37\nContinued Penetration in Minnesota\nMINNESOTA REVENUE TRENDSMINNESOTA GROWTH STRATEGY\n•Currently generating ~$23M of annual revenue in Minnesota with \nopportunity to expand market share position by 15%+ to grow 2029P \nrevenue to ~$50M\n•Numerous actionable opportunities in the Minnesota market to achieve \nmarket share growth include:\n•Focus on growing share of wallet within key existing customers \nthrough comprehensive evaluations of their portfolio to \nproactively address maintenance needs\n•Target new key customer accounts of scale to increase market \nshare\n•Expand to new cities within Minnesota that can be served by the \nMinneapolis office (e.g., Duluth, Rochester, etc.)\n•Pursue new end markets, including private colleges and \nuniversities, school districts, the industrial sector and Department \nof Transportation work\n$ in Millions\nA\n2018\nMINNESOTA GROWTH ROADMAP\nTODAY (2024)2029\n$46.3M\nRevenue\n~50%\nMarket Share\n35\nWork Crews\nKEY NECESSARY GROWTH INITIATIVES\n$23.2M\nRevenue\n35%\nMarket Share\n19\nWork Crews\nRSI is the leading player in the \nfragmented Minnesota market \nwith substantial market share \nexpansion opportunity\nAt the time Blake Dronen acquired RSI \nin 2018, the Company had a strong \nreputation in the Minneapolis \nrestoration market, but had not \nestablished itself as the market leader\n$12.8M\nRevenue\n10%\nMarket Share\n12\nWork Crews\nWin new large customer accounts \nthat will provide reoccurring \nrevenue (see page 38)\nExpand wallet share with key \nlarge customer accounts that \nhold substantial wallet share \n(see page 39)\nRSI has the opportunity to expand market share in Minnesota \nby 15% between 2024 and 2029 by executing key growth \nstrategies\n$14.8\n$18.5\n$23.2\n$26.9\n$29.9\n$35.8\n$39.5\n$46.3\n2022A2023A2024E2025P2026P2027P2028P2029P\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n38\nContinued Penetration in Minnesota (Cont.)\nA\nAbove Prospects are Large Customer Accounts that Would Provide RSI with Substantial Reoccurring Annual Opportunities\nPROSPECTPROSPECT DESCRIPTIONINDUSTRYSIZE\nANNUAL REVENUE \nOPPORTUNITYBUILDING FACADEPARKING RAMP\nKEY PROSPECTIVE CUSTOMER ACCOUNTS IN MINNESOTA\nPROSPECT #1\n500+ bed hospital in St. Paul, MN \nthat serves 200k+ patients per year\nMulti-Site\n~$750K\nPROSPECT #2\n$150B+ revenue company that \nprovides food, ingredients and \nagriculture solutions\nMulti-Site\n~$600K\nPROSPECT #3\n1M+ square foot shopping mall in \nthe Twin Cities serving ~14M \nannual visitors\nMulti-Site\n~$600K\nPROSPECT #4\nReal estate lessor with investments \nin office, retail and hospitality \nspaces\nMulti-Site\n~$600K\nPROSPECT #5\nHeadquarters of a multinational \nconglomerate with over 60 \nlocations across the U.S.\nMulti-Site\n~$500K\nPROSPECT #6\n600+ bed hospital in Minneapolis, \nMN that serves 200k+ patients per \nyear\nMulti-Site\n~$450K\nPROSPECT #7\n5M+ square foot shopping mall in \nthe Twin Cities area with ~13K \nparking spaces\nSingle-Site\n~$450K\nALL OTHER\n~$4.8M\nTOTAL OPPORTUNITY\n~$10.2M\nHealthcare\nProperty \nManagement\nProperty \nManagement\nProperty \nManagement\nProperty \nManagement\nHealthcare\nProperty \nManagement\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n39\nContinued Penetration in Minnesota (Cont.)\nA\nWALLET SHARE GROWTH OPPORTUNITY WITHIN KEY EXISTING CUSTOMER ACCOUNTS IN MINNESOTA\nHealthcare\n•Win more jobs due to track-record of delivering quality \nservices to customer\n~35%\n~45%\nProperty Mgmt.\n•Emphasize RSI’s value enhancing solutions to the \nCustomer’s properties\n~22%\n~30%\nProperty Mgmt.\n•Leverage diverse service offering to cross-sell various \njobs\n~35%\n~40%\nHOA\n•Sell RSI’s ability to deliver highly innovative solutions\n~25%\n~25%\nProperty Mgmt.\n•Demonstrate RSI’s ability to deliver tailored solutions for \neach job\n~15%\n~25%\nHealthcare\n•Leverage the Company’s service quality standard to \naddress the client’s need for perfect outcomes\n~10%\n~20%\nProperty Mgmt.\n•Market RSI’s ability to meet stringent industry standards\n~20%\n~25%\nEXISTING CUSTOMERINDUSTRYKEY SELLING POINTS\nCURRENT MN\nWALLET SHARE\n(1)\nSIGNIFICANT UNTAPPED REVENUE OPPORTUNITY – TOTAL IMPLIED REVENUE POTENTIAL\n1.Management estimate\n$15M+\nNATIONAL ACCOUNT \nPOTENTIAL\nFUTURE POTENTIAL \nMN WALLET SHARE\n(1)\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n~$300k invested to open new \nfacility in Milwaukee in 2022\n2022 - 2023\nINVESTMENTAMOUNT\n40\nContinued Ramp of Milwaukee\nWISCONSIN REVENUE TRENDS\n$ in Millions\nMILWAUKEE GROWTH ROADMAP\nWISCONSIN GROWTH STRATEGY\nB\nParking Ramp \nEquipment\n$200K\nExterior FaÁade \nEquipment\n$100K\nInitial Investment$300K\nTODAYFULL RAMP (2029)\nMilwaukee\n~60%\nPublic Job Mix\n~40%\nPrivate Job Mix\n$15.0M+\nRevenue\n30%\nPublic Job Mix\n70%\nPrivate Job Mix\nEMPLOYEE BASEGEOGRAPHIES\nEMPLOYEE BASEGEOGRAPHIES\nBranch Manager\nMilwaukee\nMadison, WI\nGreen Bay, WI\nWausau, WI\nKenosha, WI\nAppleton, WI\n1\nProject Manager\nSuperintendent\nField Staff\n1\n1\n14 - 24\n11 Field Staff\n2 Sales Personnel\n$3.2M\nRevenue (2024E)\n•Currently generating ~$3M of annual revenue in Milwaukee with \nopportunity to expand market share position to grow revenue to ~$15M \nby 2029\n•Numerous actionable opportunities in the Milwaukee market to achieve \nmarket share growth include:\n•Capitalize on large prospective accounts of scale\n•Expand to new cities within Wisconsin that can be served by the \nMilwaukee location (e.g., Madison, Green Bay, Wausau, Kenosha, \nAppleton, etc.)\n•Job margin improvement in the coming years as the Company \nleverages its growing track record and relationships to pursue \nhigher margin negotiated work vs. public bid work\n$0.7\n$2.0\n$3.2\n$5.8\n$7.6\n$10.8\n$12.7\n$16.3\n2022A2023A2024E2025P2026P2027P2028P2029P\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n41\n1.Based on Management estimate.\nContinued Ramp of Milwaukee (Cont.)\nB\nAbove Prospects are Large Customer Accounts that Would Provide RSI with Substantial Reoccurring Annual Opportunities\nKEY PROSPECTIVE CUSTOMER ACCOUNTS IN WISCONSIN\nPROSPECT #1\n1.5M+ sq. ft. sports and \nentertainment facility\nSingle Site\n$100K\nPROSPECT #2\nOne of largest health systems \nin US, a network of 18 hospitals\n with 150+ clinics\nMulti-Site\n$350K\nPROSPECT #3\nLeading advisory services provider \nwith multiple large campuses and \nconference spaces\nMulti-Site\n$35K\nPROSPECT #4\n$4.5B+ global leader in consumer \ngoods with multi-acre campus, \nmuseum and manufacturing plant\nSingle Site\n$125K\nPROSPECT #5\nInternational airport facility \nspanning +2K acres and serving \n+7M passengers annually\nSingle Site\n$850K\nPROSPECT #6\n$9BB+ global leader in industrial \nautomation systems\nSingle Site\n$300K\nPROSPECT #7\n+700 bed hospital in MKE serving \n+35K patients annually\nSingle Site\n$500K\nPROSPECT #8\n$26B+ global leader in building \nproducts and energy solutions\nMulti-Site \n$300K\nPROSPECT #9\nNational provider of insurance \nservices specializing in property \nand casualty insurance\nSingle Site\n$450K\nTOTAL OPPORTUNITY\n~$3.0M\nPROSPECTPROSPECT DESCRIPTIONINDUSTRYSIZE\nANNUAL REVENUE \nOPPORTUNITY\n(1)\nBUILDING FACADEPARKING RAMP\nHealthcare\nEntertainment\nProperty \nManagement\nManufacturing\nTransportation\nHealthcare\nIndustrial\nIndustrial\nCommercial\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n42\nDevelopment of National Accounts\nC\nWHY NATIONAL ACCOUNTS CHOOSE RSI\nReputable, trusted provider that provides consistently high-\nquality work\nProactive, professional account management (detailed bid \nproposals, weekly check-ins, annual reports, portfolio health \nmonitoring, etc.)\nEasy to work with – partnership approach\n•Opportunity to grow with national accounts that manage multiple \nfacilities across diverse geographies\n•National accounts prefer to work with a limited number of trusted \nvendors that serve as a single point of contact and can provide \ncomprehensive advice across their entire portfolio of assets\n•RSI’s existing robust project management processes are \ndifferentiated in the market and are highly attractive to large \nnational accounts that expect a higher level of \nprofessionalism\n•~30% of RSI’s revenue comes from national accounts today, and \nmanagement has identified multiple other national accounts to target, \nincluding property managers, parking ramp platforms, healthcare \nsystems, shopping center owners, REITs, etc.\n•To accelerate its strategy, management anticipates adding a dedicated \nsales manager to target and manage key national accounts\nBENEFITS OF A NATIONAL ACCOUNT STRATEGY\nLarge, stable and predictable revenue streams (i.e., maintain \nregular building restoration cycles built into capital budget)\nOpportunity to pull RSI into new geographies\nHighly sticky relationships typically with multi-year phasing \nprojects\nPOSITIONED TO BECOME A QUALIFIED NATIONAL PROVIDER \nCURRENT NATIONAL ACCOUNT REVENUE CONTRIBUTION\nRSI has established a foothold in key national accounts\nwith significant room to grow wallet share both locally \nand in new geographies\nNational Account Revenue\nAll Other Revenue\n2024E\n~30%\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n43\nDevelopment of National Accounts\nC\nData Centers\nLodging / Resorts\nIndustrial\nHealthcare\nMulti-family\nOffice Space\nSpecialty\nSports Arena\nTelecommunications\nRegional Malls / Shopping Centers\nSelf-Storage\nNational Property Managers, \nREITS, Parking Ramps and \nHospitality provide exposure \nto multiple attractive end \nmarkets \nNATIONAL ACCOUNTEXISTING CLIENTMANAGED PROPERTIES\nPROPERTY MANAGERS\n19,000+\n172,000+ Units\n9,000+\n37,500+\n--46,000+\nREITS\n--1,000+\n--550+\n--45+\n--200+\n--110+\nPARKING RAMPS\n--N/A\n--3,400+\n--3,700+\nN/A\nHOSPITALITY\n--5,900+\n750+\n--3,900+\n--5,800+\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n44\nGeographic Expansion\nIDENTIFIED EXPANSION MARKETS\nNEW GEOGRAPHIES REVENUE TRENDS\n$ in Millions\n$2.0\n$2.8\n$3.9\n$5.5\n$7.7\n$1.7\n$2.3\n$3.2\n$4.5\n$1.3\n$1.8\n$2.5\n$3.4\n$2.0\n$5.7\n$8.0\n$11.2\n$15.6\n2025P2026P2027P2028P2029P\nD\nGEOGRAPHIC EXPANSION STRATEGY\nKEY MARKET EXPANSION CRITERIA\nEngineering and client referral \nnetwork complementary to \nRSI’s existing markets\nLarge and growing addressable \nmarket\nModest competitive landscape\nFavorable business and labor \nenvironment\nKANSAS CITY\n2026\nTargeted Entry\n2.2M\nTotal Population\n30%\nFull-Ramp Market Share Potential \nSELECT OHIO MARKETS\n2025\nTargeted Entry\n6.6M\nTotal Population\n25%\nFull-Ramp Market Share Potential \nDENVER\n2026\nTargeted Entry\n3.0M\nTotal Population\n40%\nFull-Ramp Market Share Potential \n•RSI has built a platform that is prepared to execute an aggressive geographic \nexpansion strategy, replicating its proven blueprint from Milwaukee\n•As RSI scales, it will be able to leverage its corporate infrastructure \n(e.g., people, equipment and technology) to drive synergies and \nmargin expansion\n•RSI’s geographic expansion strategy is teachable and repeatable \n•Management has identified the three most attractive expansion markets as \nKansas City, Ohio and Denver and have developed a detailed strategy to break \ninto each market\n•Target markets were identified for their favorable attributes, \nincluding infrastructure quality, regulatory environment, competitive \nlandscape and complementary referral network\n•Typical new facility requires a $300K investment, with a one-to-two year \nbreakeven\n•Management anticipates creating a position to lead integration efforts to \nensure successful ramping of new locations\n•Opportunity to fast-track geographic expansion through the interplay of M&A\nOhioKansas CityDenver\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n45\nExpansion Market Case Study: Ohio\nRATIONALE FOR MARKET ENTRY\nOHIO MARKETS (CLEVELAND, CINCINNATI AND COLUMBUS)\n•Ability to efficiently serve three markets within Ohio with only one strategically located office\n•Would enable optimized resource allocation, streamlined operations, cultural alignment \nand consistent service quality standards\n•Existing referral and client relationships in the markets would enable quick market share ramp \nREVENUE & ADJ. EBITDA ($M)REQUIRED CAPITAL INVESTMENTS\nCLIENT RELATIONSHIPSREFERRAL RELATIONSHIPS\nINVESTMENTAMOUNT\nParking Ramp \nEquipment\n$200K\nExterior Facade Equipment$100K\nTotal Required Investment$300K\nD\nMARKET SHARE OPPORTUNITY:\n25%\n(1)\nMSA POPULATION:\n6.6M\nLABOR MARKET:\nUnionized\nTARGET MARKET ENTRY DATE:\n2025\nTARGET END MARKETS:\nBuilding Facade, Parking Ramp & \nHistorical Buildings\n1.Management estimate at full ramp in the market\n$2.0\n$2.8\n$3.9\n$5.5\n$7.7\n2025P2026P2027P2028P2029P\n$0.7 \n$1.1 \n$1.6 \n$2.3 \n$3.3 \nAdjusted Revenue Adjusted EBITDA\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n46\nExpansion Market Case Study: Kansas City\nRATIONALE FOR MARKET ENTRY\nKANSAS CITY\n•Company has strong referral relationships in the market, which would enable RSI to collect market \nshare and ramp quickly\n•Parking ramp regulatory review timeline in Kansas City is similar to that of Minneapolis in that it \nrequires annual reviews, which would allow the Company to seamlessly mirror its operational \nprocesses in Minneapolis\nREVENUE & ADJ. EBITDA ($M)REQUIRED CAPITAL INVESTMENTS\nINVESTMENTAMOUNT\nParking Ramp \nEquipment\n$200K\nExterior Facade Equipment$100K\nTotal Required Investment$300K\nCLIENT RELATIONSHIPSREFERRAL RELATIONSHIPS\nD\n1.Management estimate at full ramp in the market\nMARKET SHARE OPPORTUNITY:\n30%\n(1)\nMSA POPULATION:\n2.2M\nTARGET MARKET ENTRY DATE:\n2026\nTARGET END MARKETS:\nBuilding Facade, Parking Ramp & \nHistorical Buildings\nLABOR MARKET:\nNon-Unionized\n$1.7\n$2.3\n$3.2\n$4.5\n2026P2027P2028P2029P\n$0.6 \n$0.9 \n$1.3 \n$1.9 \nAdjusted Revenue Adjusted EBITDA\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n47\nExpansion Market Case Study: Denver\nRATIONALE FOR MARKET ENTRY\nDENVER\n•Recent infrastructure expansion in the market will result in significant near-term restoration work \nopportunity – on the verge of a high volume of job opportunities\n•Existing referral and client relationships would enable quick market share ramp \n•Lack of competition in the region would enable RSI to establish themselves as a leader quickly\nCLIENT RELATIONSHIPSREFERRAL RELATIONSHIPS\nREQUIRED CAPITAL INVESTMENTS\nINVESTMENTAMOUNT\nParking Ramp \nEquipment\n$200K\nExterior Facade Equipment$100K\nTotal Required Investment$300K\nD\nMARKET SHARE OPPORTUNITY:\n40%\n(1)\nMSA POPULATION:\n3.0M\nLABOR MARKET:\nNon-Unionized\nTARGET MARKET ENTRY DATE:\n2026\nTARGET END MARKETS:\nBuilding Facade, Parking Ramp & \nHistorical Buildings\n1.Management estimate at full ramp in the market\nREVENUE & ADJ. EBITDA ($M)\n$1.3\n$1.8\n$2.5\n$3.4\n2026P2027P2028P2029P\n$0.4 \n$0.7 \n$1.0 \n$1.4 \nAdjusted Revenue Adjusted EBITDA\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n✓Acquire a competitor in a particular geography rather than greenfield an operation, particularly if the player is \nentrenched in the market with a sticky customer base\n✓Selectively pursue new capabilities, such as bridge inspections, that are complementary to RSI’s existing core \ncompetencies\n✓Target companies that have relationships with key national accounts\n✓Pursue businesses where RSI could optimize cost structure and pursue cross selling opportunities\n✓Target acquisitions in currently underpenetrated end markets (e.g., private colleges and universities, school \ndistricts, the industrial sector and DoT work) that would unlock new customer relationships\n48\nMergers & Acquisitions \nEnd Market Expansion\nEnhance Service \nOffering\nRevenue and Cost \nSynergy Potential\nMERGERS & ACQUISITION STRATEGY\nE\n•Highly fragmented industry with many sub-scale players where RSI could unlock considerable synergies by integrating them into the RSI platform\n•Planned pipeline of attractive acquisition targets that would unlock new areas for growth including geographic expansion, new end markets and expanded \ncapabilities\n•RSI provides platform potential to replicate other diversified infrastructure services platforms in the market (i.e., a one-stop-shop for all your building’s \nmaintenance and repair needs, both inside and out)\n•Management has cultivated strong relationships across the industry and understands the competitive landscape well\n•Industry network enabled the Company to execute the acquisition of local Minneapolis competitor in 2024 – established playbook to execute M&A\n•Well defined and standardized operational processes are teachable and repeatable in the aftermath of an acquisition – will enable RSI to establish its high \nmargin profile within acquired businesses\nStrategic \nGeographic \nExpansion\nACQUISITION CRITERIA\nCapture Wallet \nShare within Key \nCustomers\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n49\nMergers & Acquisitions (Cont.)\nE\nWELL DEFINED M&A PLAYBOOK\nTARGET IDENTIFICATION & ACQUISITION\nACQUISITION INTEGRATIONEMPOWERING GROWTH\nPhase IPhase IIPhase III\nHighly Actionable and Repeatable M&A Strategy\n1\n2\n3\n4\n5\nIdentify and contact desired \nacquisition target \nEngage M&A advisors to help lead a \nfast yet diligent process\nPerform intense business diligence to \ndetermine potential synergies and \nopportunities within the business\nEngage with a financing partner, if \nnecessary\nClose of deal\n1\n2\n3\n4\nDevelop a relationship with acquired \nCompany management and understand \ntheir goals for the business\nEnsure strength of key customer \nrelationships directly following the \nacquisition\nDetermine human resource needs & \nif there are potential costs synergies \nto capitalize on\nImplement RSI’s standardized \noperational, sales and customer service \nprocesses, enabling the newco to reach \nmargins that mirror RSI’s\n5\nIntegrate direct purchasing relationship \n(30% discount) with RSI’s largest supplier, \nfurther increasing purchasing power\n1\n2\n3\n4\n5\nIdentify and initiate the most \nactionable growth opportunities\nIntroduce the acquired company to \nRSI’s deep network of engineers and \nkey customer accounts\nHelp expand sales staff to develop a \nmore aggressive customer \npenetration and acquisition strategy\nIntroduce RSI’s geographic expansion \nplaybook to enter strategic markets\nCross-sell services between acquired \nCompany and RSI, if the company is \nproviding services RSI does not\n6\nEstablish a go-forward growth plan \nwith the management team\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n50\nMergers & Acquisitions – Acquisition Case Study (Cont.)\nE\nACQUISITION BACKGROUND\nACQUISITION OF MERIT CONSTRUCTION SERVICES\n•RSI completed the acquisition of the assets of a Minnesota-based restoration services company in \nthe Summer of 2024\n•RSI assumed ~$600K worth of equipment, all client relationships and 10 employees in the \nacquisition\n•Blake Dronen called the owner of Merit to determine if there was an interest in selling the business \nto RSI\n•Merit’s previous owner was aiming to retire and safely transition the assets of the business \nto a reputable player in the industry\n•The previous owner will receive 10% of sales from projects from Merit’s previous client base for \n2025 and 2026\n•As of November 2024, RSI has fully integrated Merit into its operations, and the two companies have \nbegun transitioning commercial opportunities\nTOTAL EMPLOYEES:\n~10\nACQUISITION RATIONALE & OPPORTUNITY\n•The acquisition of Merit provides strong opportunity to dedicate additional talented employee \nresources to the Milwaukee region as the RSI scales in the geography\n•RSI also gained access to the Ohio market, which is a growth geography of focus for \nmanagement\n•The acquisition adds additional geographic reach and operational resources that are aligned with \nRSI’s focus on quality\n•RSI completed the acquisition in less than three months, a testament to management’s ability to \nefficiently identify, evaluate and close investment opportunities\n•Management will leverage the M&A playbook used in the acquisition of Merit to continually execute \nnew acquisition opportunities \nCOMPANY NAME:\nMerit Construction Services\nSERVICE GEOGRAPHY COVERAGE:\nWisconsin, Ohio and UP of Michigan\nREVENUE ACQUIRED:\n~$5.0M\nSERVICES:\nConstruction Services\nHEADQUARTERS:\nFarmington, MN\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n51\nMergers & Acquisitions (Cont.)\nTARGETGEOGRAPHYSERVICE OFFERINGOWNERSHIP DYNAMICEST. REV. ($M)\nTARGET #1\nNebraska & Missouri\nParking Deck, Facade, Bridge\nOwned & operated by\nthe son of the founder\n$25M\nTARGET #2\nOhio\nParking Deck, FaÁade\nMultiple owners, including the founders \nand outside industry operators\n$22M\nTARGET #3\nColorado\nParking Deck, FaÁade\nFounder owned\n$15M\nTARGET #4\nMissouri\nParking Deck, Facade\nFounder owned\n$12M\nTARGET #5\nOhio\nParking Deck, Facade\nFounder owned\n$11M\nTARGET #6\nOhio\nParking Deck, Facade\nFounder owned\n$10M\nTARGET #7\nOhio\nParking Deck, Facade\nFounder owned\n$8M\nTARGET #8\nMinnesota\nFaÁade\nFounder owned\n$30M\nTARGET #9\nMinnesota\nParking Deck\nClosely held\n$18M\nTotal Revenue\n$150M+\nREPRESENTATIVE M&A PIPELINE\nE\nBlue Point Capital Partners, LLC\n\nOperations Overview\n52\n01\n02\n03\n04\n05\n06\nExecutive Summary\nInvestment Highlights\nGo-To-Market Strategy & Competitive Landscape\nGrowth Opportunities\nOperations Overview\nFinancial Summary\n07Appendix A: Sample Customer Engagement Documents\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n53\nCompany History \nWHERE QUALITY MEETS \nCRAFTSMANSHIP\nPOSITIONED TO SCALE\nNEW LEADERSHIP, RENEWED \nCOMMITMENT\n1997 - 20182018 - 20242025+\n$5.7 \n$7.3 \n$7.3 \n$8.4 \n$8.2 \n$9.7 \n$10.0 \n$11.7 \n$12.8 \n$11.3 \n$11.5 \n$15.5 $15.5 \n$20.5 \n$26.4 \n$34.8 \n$43.2 \n$54.6 \n$63.4 \n$78.2 \n2010A2011A2012A2013A2014A2015A2016A2017A2018A2019A2020A2021A2022A2023A2024E2025P2026P2027P2028P2029P\nSteve Dronen built the framework for the \nbusiness, establishing RSI as an innovative \nservice provider of restoration services\nRSI grew rapidly through new ownership, \nnew service lines and geographic expansion \nvia greenfielding locations and M&A\nRSI is committed to advancing through \nnew market expansions and strategic \nacquisitions to foster continued growth\nExpand market presence in Minnesota and \nWisconsin by acquiring new customers and \ngrowing market share with existing customers\nMove into new markets such as Kansas \nCity, Ohio and Denver\nTarget potential acquisitions to increase \nmarket share \nExplore potential service line expansion \nopportunities (e.g., bridge restoration)\nCONSISTENT TRACK RECORD OF REVENUE GROWTH\n$ in millions\n1997\nFounded by Steve Dronen in Chaska, \nMinnesota\n1997\nIntroduction of building facade \nrestoration, parking deck restoration, \nwaterproofing and sealants, and traffic \ncoating services\n1999\nBlake Dronen joins the business as a \nForeman\n2017\nTayton Eggenberger rejoins the \nbusiness as a Project Manager \n2018\nBlake Dronen acquires the business from \nhis father\n2019\nJen Patti joins the business as Office \nManager and is subsequently promoted to \nOperational Strategy Leader in 2024\n2019\nRefined and improved customer service \nstrategy, leaping ahead of competition \nwith optimized and replicable processes\n2022\nExpanded operations beyond MN with the \nopening of an office in Milwaukee, WI\n2024\nAcquired the assets, including ~10 \nemployees, of a competing commercial \nrestoration business in the Twin Cities\n1.2010A – 2020A represents reported figures whereas 2022A – 2029P represents adjusted figures.\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n54\nServices Overview\n•Restoration services performed \non a building’s facade, which can \nbe damaged due to weather, \npollution and aging \n•Services address joint failure, \nwater intrusion and eroding or \ndefective stones to preserve the \nappearance, safety and lifespan \nwhile matching the appearance \nof the original surface\nBUILDING FACADE \nRESTORATION\n•Traditional and modern \nrestoration techniques that \nextend the life and structural \nintegrity of parking ramps and \nother concrete structures while \nminimizing unexpected \nmaintenance costs\n•Certified Post-Tension Cable \nRepair & Replacement \npersonnel to assist with post-\ntension failures\nPARKING DECK \nRESTORATION\n•Provide both preventative and \nreactive waterproofing systems \nthat reduce water intrusion and \ndamage\n•Identify and safely replace failed \nor aging sealant systems to \nensure the long–term health \nand watertight integrity of a \nproperty\nWATERPROOFING & \nSEALANTS\n•Certified installation team \nprepares concrete surface to \nensure maximum substrate \nadhesion\n•Critical to ensure complete \ncoating system is done properly \nin order to stand up to heavy \nuse and weather\nTRAFFIC COATINGS\nNote: Other includes revenue earned from ancillary services to Building Facade and Parking Ramp \nwork, including the installing of roofing anchors, small batch waterproofing mixes and more.\nRevenue ContributionRevenue ContributionRevenue ContributionRevenue Contribution\n44.2%\n’22A – ’24E \nAverage\n11.0%\n’22A – ’24E \nAverage\n32.3%\n’22A – ’24E \nAverage\n9.1%\n’22A – ’24E \nAverage\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n55\nManagement & Employee Summary\nORGANIZATION OVERVIEW\n•RSI maintains a highly skilled and stable employee base that is cross-\ntrained and supervised by experienced leadership \n•Attractive benefits provided - health and insurance benefits, 401(k) match \ncontributions, paid time off, parental leave and commuter benefits\n•Employee incentive plans are strategically aligned with Company KPI \ntargets, including an employee safety incentive plan and profit-sharing \nopportunities based on annual performance\n•Comprehensive safety training and workshops, career development \nopportunities and tuition reimbursements reflect a strong commitment to \nemployee satisfaction\nEMPLOYEE SUMMARY - JUNE 2024\nRSI ORGANIZATIONAL CHART\nBY FUNCTION\nRoleMinnesota WisconsinTotal\nField Staff\n591069\nField Leadership\n213\nOperations & Administration\n(1)\n9-9\nSales\n426\nTotal\n741387\nBLAKE DRONEN\nPresident\nTAYTON EGGENBERGER\nSales Leader\nBRIAN STUEVE\nFinance Leader\nPROJECT \nMANAGER\n(3)\nFIELD STAFF \n(59)\nWAREHOUSE \nSTAFF\n(6)\nSUPERINTENDENT\n(2)\nJEN PATTI\nOp. Strategy Leader\nFIELD STAFF & FOREMAN HEADCOUNT \n(AVERAGE 2021A-2024E)\nMKE \nFIELD LEADER\n(1)\nDAN LEPHARDT\nMKE Region Leader\nFIELD STAFF \n(11)\n1.Includes the Company’s President, Blake Dronen, and Finance Leader, Brian Stueve\n12\n8\n15\n47\n62\n73\n76\n77\n81\n79\n71\n32\nJanFeb Mar Apr May JunJulAug Sept Oct Nov Dec\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n56\nUnion Relationships\nUNION RELATIONSHIPS OVERVIEW\n•RSI maintains productive union relationships in markets where union collaboration is \nnecessary\n•Strong union relationships drive low attrition rates relative to the industry, especially \ngiven seasonal staffing fluctuations, and allow a flexible and dependent pipeline of \nskilled labor\n•RSI has a right-sized base of ~70 union and ~10 non-union employees during busy \nseason\n•RSI has maintained robust union relationships for the past 28 years through regular \nparticipation in union functions and training programs \n•RSI President, Blake Dronen, plays a pivotal role in managing contractual \naspects of union relationships with Bricklayers Local 1, Liuna Local 563 and \nLiuna Local 113\n \n•Superintendents oversee day-to-day interactions with unions \nUNION EMPLOYEE SUMMARY\n(1)\nBUSY SEASON (MAY – NOVEMBER)\nField Staff (Union)Minnesota WisconsinTotal\nField Staff\n591069\nField Leadership\n213\nWarehouse (Union)\n1-1\nField Staff Total\n621173\nOffice (Non-Union)Minnesota WisconsinTotal\nOperations & Admin.\n8-8\nSales\n426\nOffice Total\n12214\nTotal Employees\n741387\nRELEVANT UNION CHAPTERS\n1.Represents 2023 average\nOFF SEASON (DECEMBER – APRIL)\nField Staff (Union)Minnesota WisconsinTotal\nField Staff\n9211\nField Leadership\n213\nField Staff Total\n11314\nOffice (Non-Union)Minnesota WisconsinTotal\nSales\n426\nOperations & Admin.\n6-6\nOffice Total\n10212\nTotal Employees\n21526\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n57\nSafety, Quality and Environmental Programs\nSAFETY AND REGULATORY OVERVIEW\n•RSI is committed to the health and safety of both its employees and clients and has a strong record of employee safety and regulatory compliance\n•The Company has earned multiple awards for its robust safety, quality and environmental programs and track record\n•All jobsites are inspected and reviewed daily according to Job Hazard Analysis (JHA) workbooks, with additional safety checklists for jobsites \ninvolving swing stage or scaffolding equipment \n•Project Managers, Superintendents and Foremen collectively ensure adherence to International Concrete Repair Institute (ICRI) and International \nMasonry Institute (IMI) quality standards \n•RSI adheres to EPA standards and regulations, with ability to incorporate advanced environmental considerations if requested\n•Comprehensive daily reports provide frequent check-in opportunities with employees and clients, ensuring highest safety, quality and environmental \nstandards are upheld through full job duration\n•RSI also provides in-house annual safety trainings, specialized safety courses (scaffolding, swing stages, etc.) and independent safety consultant \ncollaborations to continuously develop employee safety knowledge\nREPRESENTATIVE RECOGNITIONINDUSTRY-LEADING SAFETY METRICS\n0.7\n0.81\n0.820.82\n-0.1\n0.1\n0.3\n0.5\n0.7\n0.9\n1.1\n1.3\n1.5\n202120222023YTD-2024\nRSI’s Historical Experience Modification Rate (EMR)\n(1)\nIndustry Average (1.0)\n1.Lower EMR represents lower likelihood to incur a compensable loss.\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n▪Personnel and equipment \ncoordination\n▪Job planning and scheduling\n▪Attend industry events\n▪Communicate with building owners & \nmanagers and referral sources \n(engineers, architects) to source job \nopportunities\n▪Draft proposals and negotiate bids \nwith clients\n▪Meet weekly with superintendents \nregarding job updates to be \ncommunicated to customers\n58\nOperations Team Summary\nPROJECT MANAGERSSUPERINTENDENTS\nTAYTON \nEGGENBERGER\nSALES LEADER\nPROJECT \nMANAGER\n(1)\nASST. PROJECT \nMANAGER\n(1)\nSALES TEAM\nCORE DUTIES\n▪Supervising and managing all on-site \nconstruction activities\n▪Ensure jobs consistently track towards \ncompletion, on-time and on-budget\n▪Resolve issues and implement \nsolutions for day-to-day operations\nKEY PERSONNEL INTERACTIONSKEY PERSONNEL INTERACTIONS\nOTHER KEY DUTIES\nCORE DUTIES\nOTHER KEY DUTIES\n•Operations team works closely to (i) manage the day-to-day activities of all constructions sites across RSI’s current job schedule and (ii) work collaboratively \nwith Project Managers to ensure clients stay informed on all job statuses, updates or concerns\n•Superintendents are trained and experienced in managing on-site personnel and service progress while maintaining frequent communication with the client-\nfacing Project Management team\nOPERATIONS TEAM\nSENIOR PROJECT \nMANAGER\n(1)\nJEN PATTI\nOPERATIONS \nSTRATEGY LEADER\nFIELD STAFF \n(59)\nWAREHOUSE STAFF\n(6)\nSUPERINTENDENT\n(2)\nConstruction \nSuperintendent\nReferral SourcesClients\nProject \nManagers\nField Staff\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n59\nFacilities Overview \nOFFICE FACILITY #1OFFICE FACILITY #2\n1 meeting room\n1 break room\nParking for 10 vehicles\nFully accessible\nVoIP phone systems \nOn-Call IT support\nAMENITIESTECHNOLOGY\n24/7 security\nCCTV\nSecure access controls\nFire safety system\nEnergy-efficient lighting\nRecycling program \nMail handling service\nBi-weekly cleaning\nSECURITYOTHER FEATURES\n1 meeting room\n1 break room\nParking for 20 vehicles\nFully accessible\nVoIP phone systems \nOn-Call IT support\nAMENITIESTECHNOLOGY\n24/7 security\nCCTV\nSecure access controls\nFire safety system\nEnergy-efficient lighting\nRecycling program \nFront desk reception\nMail handling service\nSECURITYOTHER FEATURES\nBi-weekly cleaning\nChaska, MN\nLocation\n14\nEmployees\n(2)\nLeased\n20.5K\nTotal Sq. Feet \n(Office & Warehouse)\n(1)\n•Two leased facilities – both are located just outside the downtown corridor of Minneapolis and Milwaukee\n•Current rental rates changed to the Company are marked-based, and the expectation is that long-term leases would be executed current with a \nclosing of a transaction\n•Proximity to metropolitan areas provides easy access to the Company’s frequent job sites and ability to easily manage human talent\n•Large warehousing spaces to store the Company’s extensive equipment fleet\n1.The leased facility in Chaska has an additional 11.5k sq. ft. that is owned by Blake in a related entity \nthat the Company could consider expanding into if desired.\n2.Includes superintendent employees that report to respective branch.\nWaukesha, WI\nLocation\n3\nEmployees\n(2)\nLeased\n6.0K\nTotal Sq. Feet \n(Office & Warehouse)\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n60\nEquipment Overview\n13\nSkid Steers\n13\nAerial Lifts\n3\nScissor Lifts\n1\nBrokk\nON-SITE EQUIPMENT\n15\nCompressors\n43\nSaws\nSERVICE EQUIPMENT\n10\nGrinders\n45\nJack \nHammers\nMISCELLANEOUS EQUIPMENT\n1.Represents 93 swing stage motors and ancillary equipment sufficient for 45 complete swing stages.\n1\nForklift\n6\nConcrete Buggies\nDELIVERY EQUIPMENT\n29\nGenerators\n45\nSwing Stages\n(1)\n21\nTrailers\n32\nTrucks\nREPRESENTATIVE EQUIPMENT\nKEY EQUIPMENT SUMMARY\n•Strong base of owned equipment provides the Company a competitive advantage to (i) quickly react to job needs, (ii) aggressively bid jobs without the \nburden of equipment lease expenses and (iii) efficiently swap and repair equipment to avoid costly job delays\n•High performance and state of the art equipment with no major replacements anticipated following recent and thorough maintenance inspection \ncompleted in 2024 (performed every five years)\n•Existing equipment base has ability to continue supporting Company through forecasted job volume growth\nCLICK HERE\nClick links below to see \nequipment in action\nCLICK HERE\nCLICK HERE\nBlue Point Capital Partners, LLC\n\nFinancial Summary\n61\n01\n02\n03\n04\n05\n06\nExecutive Summary\nInvestment Highlights\nGo-To-Market Strategy & Competitive Landscape\nGrowth Opportunities\nOperations Overview\nFinancial Summary\n07Appendix A: Sample Customer Engagement Documents\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n62\n1.Acquisition was completed in August 2024\nFinancial Highlights\nBASIS OF INFORMATION\n•The financial overview presented herein summarizes the financials for RSI for (i) the fiscal years ended December 31, 2022 to 2023 and (ii) the projected results for \nfiscal years ending December 31, 2024 to 2029\n•Unless otherwise noted, the financials presented in this section have been presented on a pro forma adjusted basis\nSUMMARY P&L \n30.3% CAGR\nTotal Revenue \n(2022A – 2024E)\n30.5%\nAdjusted EBITDA Margin \n(2024E)\n43.2% \nGross Profit Margin \n(2024E)\n$ in Thousands2022A2023A2024E2025P2026P2027P2028P2029P\nMinneapolis Service Revenue14,823 18,520 23,165 26,938 29,867 35,798 39,500 46,326 \nMilwaukee Service Revenue697 2,025 3,187 5,828 7,614 10,812 12,742 16,280 \nTotal Minneapolis & Milwaukee Revenue$15,520 $20,546 $26,352 $32,766 $37,481 $46,610 $52,243 $62,605 \nTotal De-Novo Location Revenue− − − 2,000 5,700 7,980 11,172 15,641 \nTotal Revenue$15,520 $20,546 $26,352 $34,766 $43,181 $54,590 $63,415 $78,246 \nRevenue Growth %32.4%28.3%31.9%24.2%26.4%16.2%23.4%\nCost of Revenue8,686 12,939 14,963 18,901 22,419 28,149 31,599 37,978 \nGross Profit$6,833 $7,607 $11,389 $15,865 $20,763 $26,441 $31,816 $40,268 \nGross Profit Margin %44.0%37.0%43.2%45.6%48.1%48.4%50.2%51.5%\nOperating Expenses3,006 3,468 3,353 4,179 5,162 5,978 6,582 7,613 \nAdjusted EBITDA$3,827 $4,139 $8,036 $11,686 $15,601 $20,463 $25,234 $32,655 \nAdjusted EBITDA Margin (%)24.7%20.1%30.5%33.6%36.1%37.5%39.8%41.7%\nMerit Construction Acquisition\n(1)\n2,086 2,086 1,212 − − − − − \nPro Forma Adjusted EBITDA$5,913 $6,225 $9,248 $11,686 $15,601 $20,463 $25,234 $32,655 \nBlue Point Capital Partners, LLC\n\nRestoration Systems\n63\nRevenue Detail\nREVENUE DETAILCOMMENTARY\n•Minneapolis:\n•RSI expects to execute strong growth in \nMinneapolis Building FaÁade and Parking Ramp \nservices in 2025+ driven by continued penetration \nwith large existing accounts and the acquisition of \nnew sizeable customer opportunities\n•Milwaukee:\n•RIS expects to continue scaling the Milwaukee \noperation quickly driven by converting the existing \ncustomer pipeline and the onboarding of \ncustomers from the 2024 Merit Construction \nServices acquisition\n•De-Novo Markets:\n•RSI plans to expand into Ohio in 2025 and Kansas \nCity and \nDenver in 2026\n•Revenue projections for each of the de novo \nmarkets were informed by management’s estimate \nof the market size and targeted market share\n$ in Thousands2022A2023A2024E2025P2026P2027P2028P2029P\nMinneapolis\nMinneapolis FaÁade Revenue9,135 10,092 11,924 14,236 15,783 18,884 20,723 24,120 \nMinneapolis Parking Ramp Revenue5,490 7,140 10,893 12,366 13,734 16,547 18,394 21,805 \nMinneapolis Misc Services Revenue197 1,288 348 336 351 367 383 400 \nMinneapolis Total Revenue$14,823 $18,520 $23,165 $26,938 $29,867 $35,798 $39,500 $46,326 \nRevenue Growth %−24.9% 25.1% 16.3% 10.9% 19.9% 10.3% 17.3% \nMilwaukee\nMilwaukee FaÁade Revenue568 777 2,107 3,177 4,085 6,035 7,524 10,591 \nMilwaukee Parking Ramp Revenue129 1,249 1,071 2,642 3,520 4,768 5,208 5,678 \nMilwaukee Misc Services Revenue− − 9 9 10 10 10 11 \nMilwaukee Total Revenue$697 $2,025 $3,187 $5,828 $7,614 $10,812 $12,742 $16,280 \nRevenue Growth %−190.6% 57.3% 82.9% 30.6% 42.0% 17.8% 27.8% \nDe-Novo Revenue\nOhio De-Novo Revenue− − − 2,000 2,800 3,920 5,488 7,683 \nKansas City De-Novo Revenue− − − − 1,650 2,310 3,234 4,528 \nDenver De-Novo Revenue− − − − 1,250 1,750 2,450 3,430 \nDe-Novo Total Revenue$0 $0 $0 $2,000 $5,700 $7,980 $11,172 $15,641 \nRevenue Growth %− − − − 185.0% 40.0% 40.0% 40.0% \nTotal Revenue$15,520 $20,546 $26,352 $34,766 $43,181 $54,590 $63,415 $78,246 \nRevenue Growth %\n−32.4%28.3%31.9%24.2%26.4%16.2%23.4%\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n64\nCost of Revenue Detail\n•Direct Payroll: Consists of salaries, wages, benefits \nand taxes pertaining to field staff across all locations\n•Equipment and Supplies: Consists of all supplies, \nequipment and material inputs for each Company job\n•Other Cost of Revenue: Consists of fees and testing \ncosts, waste and disposal costs, vehicle expenses, \ntravel expenses and more\n•Cost of revenue items were forecasted as a percentage \nof revenue based on the historical mix of job sizes. The \nincrease in gross margins over the forecast period is \nattributable to the forecasted mix of projects / project \nsizes as well as economies of scale in purchasing\nCOST OF REVENUECOMMENTARY\n$ in Thousands2022A2023A2024E2025P2026P2027P2028P2029P\nTotal Revenue$15,520 $20,546 $26,352 $34,766 $43,181 $54,590 $63,415 $78,246 \nDirect Payroll4,788 8,498 9,991 12,239 14,752 18,524 20,801 25,006 \nEquipment and Supplies3,726 3,735 4,307 5,701 6,549 8,221 9,223 11,080 \nOther Cost of Revenue172 706 665 962 1,118 1,404 1,575 1,892 \nTotal Cost of Revenue$8,686 $12,939 $14,963 $18,901 $22,419 $28,149 $31,599 $37,978 \nGross Profit$6,833 $7,607 $11,389 $15,865 $20,763 $26,441 $31,816 $40,268 \nGross Margin (%)44.0%37.0%43.2%45.6%48.1%48.4%50.2%51.5%\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n65\nOperating Expense Detail\nOPERATING EXPENSE DETAIL\n•Salaries & Wages: Salaries and wages of leadership \npersonnel, sales representatives and other \nadministrative employees\n•Bonus: Bonus compensation paid to employees at the \nowner’s discretion\n•Insurance: Expenses for business-related insurance \npolicies including liability and property\n•Professional Fees: Payments made to external legal \nand accounting professionals\n•Rent: Rent for RSI’s Chaska and Waukesha facilities\n•Repairs and Maintenance: Expenses associated with \nmaintaining the Company’s service equipment\n•Auto and Equipment Expense: Costs for vehicle \nmaintenance and operations including fuel expense\n•Employee Benefits: Non-wage compensation \nprovided to employees including retirement and \nhealth insurance\n•Meals and Entertainment: Expenses incurred for \nmeals and entertainment related to marketing efforts\n•Other Operating Expenses: Costs for trade shows, \ntraining costs and other miscellaneous expenses\n•Operating expense accounts were primarily \nforecasted as year-over-year growth rates with step \nchange growth in expenses correlated with forecasted \nrevenue growth (de novo expansions, etc.). Repairs \nand Maintenance and Auto and Equipment Expenses \nwere forecasted as a percentage of revenue as these \nexpenses are variable in nature\nCOMMENTARY\n$ in Thousands2022A2023A2024E2025P2026P2027P2028P2029P\nGross Profit$6,833 $7,607 $11,389 $15,865 $20,763 $26,441 $31,816 $40,268 \nSalaries and Wages852 1,117 1,128 1,566 1,870 2,232 2,470 2,946 \nBonus499 663 553 662 778 831 889 951 \nInsurance266 275 368 433 519 574 636 705 \nProfessional Fees39 70 91 103 119 127 135 144 \nRent320 320 319 349 410 438 468 501 \nRepairs and Maintenance132 159 255 275 370 455 512 611 \nAuto and Equipment Expense320 278 205 227 408 502 564 673 \nEmployee Benefits157 114 87 113 138 164 182 217 \nMeals and Entertainment54 52 49 63 76 90 100 119 \nOther Operating Expenses369 421 297 388 475 565 627 747 \nTotal Opex$3,006 $3,468 $3,353 $4,179 $5,162 $5,978 $6,582 $7,613 \nAdjusted EBITDA$3,827 $4,139 $8,036 $11,686 $15,601 $20,463 $25,234 $32,655 \nEBITDA Margin (%)24.7%20.1%30.5%33.6%36.1%37.5%39.8%41.7%\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n66\nEBITDA Adjustments Detail\nEBITDA ADJUSTMENTS DETAILCOMMENTARY\n1.POC Adjustment: The Company records revenue \nbased on the percentage of completion method. \nRevenues were adjusted based on a lookback analysis \nthat was performed on all jobs during the historical \nperiod.\n2.Professional Fees: Removal of professional fees, \nwhich are non-recurring and personal in nature, \nincluding transaction related expenses, new IT system \nimplementation and non-recurring legal expenses.\n3.Workers Compensation: The Company over accrued \nworkers compensation expense in FY-24. An \nadjustment was made to record the expenses based \non what was actually incurred. Management now \nperforms monthly reviews of the insurance expense \nbased on payroll for reasonableness.\n4.Job 22-416A Margin Normalization: In FY-23, a \nvendor made an estimating error on a large project \nthat resulted in $385k less of revenue being collected \nby RSI. To protect the vendor relationship, this \namount was not pursued but typically would have \nbeen collected. This amount was added into the total \ncontract value for the project to normalize for this \nnon-recurring issue. This project also incurred \nsignificantly above average overtime hours to correct \nfor this mistake and meet project deadlines. 50% of \nthe overtime hours were added back as a conservative \nadjustment to normalize this expense.\n$ in Thousands2022A2023A2024E\n1\nPOC Adjustment($1,192)$1,027 $673 \n2\nProfessional Fees15 43 221 \n3\nWorkers Compensation– – 119 \n4\nJob 22-416A Margin Normalization144 263 27 \n5\nNon-Recurring Expenses54 92 22 \n6\nPersonal Expenses253 61 1 \n7\nBad Debt Expense(300)300 – \n8\nFee Expense– (7)- \n9\nRetainage(191)(147)- \n10\nRent Normalization(148)(78)- \n11\nPrepaid Supplies22 554 (5)\n12\nGain/Loss on Sale of Assets and Other Income\n(22)(38)\n(6)\n13\nOther Expenses Reversal– 162 (162)\n14\nBonus Accrual– (82)(359)\nDue Diligence Adjustments\n($1,365)$2,149 $530 \nAdjusted EBITDA\n$3,827 $4,139 $8,036\n15\nMerit Construction Acquisition 2,086 2,086 1,212\nPro Forma Adjusted EBITDA\n$5,913 $6,225 $9,248\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n67\nEBITDA Adjustments Detail (Cont.)\nEBITDA ADJUSTMENTS DETAILCOMMENTARY\n5.Non-Recurring Expenses: Removal of non-recurring \nexpenses, including office renovations, employee \npersonal expenses and other non-recurring expenses \nthat are non-operational in nature. \n6.Personal Expenses: Removal of personal expenses, \nincluding the owner’s insurance and personal house \nconstruction.\n7.Bad Debt Expense: Job 22-302A had bad debt \nrecognized in Dec-23. This expense was spread \nmonthly based on job costs incurred to the proportion \nof the total job cost across the life of the project.\n8.Fee Expense: An incorrect expense entry was posted \nto the balance sheet. This adjustment has been made \nto accurately record the expense in the appropriate \naccount.\n9.Retainage: Management does not record revenues \nrelated to retainage monthly. Thus, the entries at \nyear-end for the retainage were removed as these \nbalances and revenues are captured through the POC \nlookback adjustment in Adjustment 1.\n10.Rent Normalization: The rent for 2022 and 2023 was \nbelow the prevailing market rate. This adjustment \naligns the historical rent expenses for these years with \nthe current market rate.\n$ in Thousands2022A2023A2024E\n1\nPOC Adjustment($1,192)$1,027 $673 \n2\nProfessional Fees15 43 221 \n3\nWorkers Compensation– – 119 \n4\nJob 22-416A Margin Normalization144 263 27 \n5\nNon-Recurring Expenses54 92 22 \n6\nPersonal Expenses253 61 1 \n7\nBad Debt Expense(300)300 – \n8\nFee Expense– (7)- \n9\nRetainage(191)(147)- \n10\nRent Normalization(148)(78)- \n11\nPrepaid Supplies22 554 (5)\n12\nGain/Loss on Sale of Assets and Other Income\n(22)(38)\n(6)\n13\nOther Expenses Reversal– 162 (162)\n14\nBonus Accrual– (82)(359)\nDue Diligence Adjustments\n($1,365)$2,149 $530 \nAdjusted EBITDA\n$3,827 $4,139 $8,036\n15\nMerit Construction Acquisition 2,086 2,086 1,212\nPro Forma Adjusted EBITDA\n$5,913 $6,225 $9,248\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n68\nEBITDA Adjustments Detail (Cont.)\nEBITDA ADJUSTMENTS DETAILCOMMENTARY\n11.Prepaid Supplies: Historically, management has \nexpensed all supply purchases with the review only \ncapitalizing the amounts at each year-end. It was \ndetermined that the review year end entries were not \naccurate, so an inventory count was performed in \nDec-24, and the monthly prepaid supplies balance was \nbuilt from this ending balance using the P&L activity. \n12.Gain/Loss on Sale of Assets and Other Income: The \ngain or loss on the sale of fixed assets is added back \nto EBITDA, as it is non-recurring in nature. Other \nincome, which includes credit card cashbacks, receipts \nfrom fuel cooperative payouts, and recycling program \nreimbursements, has been adjusted, as these items \nare considered non-operational.\n13.Other Expenses Reversal: Certain expenses that \nwere incurred in previous periods were reversed when \nthey were determined to not be paid to due collection \nissues on the jobs. An adjustment was made to record \nthese reversals in the original month of recognition.\n14.Bonus Accrual: Bonuses were expensed when paid \nduring the historical period. A bonus accrual was \nmade to record the bonus expense evenly each fiscal \nyear. Management has estimated the bonus expense \nfor FY-24.\n15.Merit Construction Acquisition: The Company \nacquired Merit Construction in Q3-24. This Pro-Forma \nadjustment was calculated by applying Merit’s TTM \nrevenue against RSI’s gross margin in the TTM period. \n2022 and 2023 were estimated at a consistent level to \nthe TTM period.\n$ in Thousands2022A2023A2024E\n1\nPOC Adjustment($1,192)$1,027 $673 \n2\nProfessional Fees15 43 221 \n3\nWorkers Compensation– – 119 \n4\nJob 22-416A Margin Normalization144 263 27 \n5\nNon-Recurring Expenses54 92 22 \n6\nPersonal Expenses253 61 1 \n7\nBad Debt Expense(300)300 – \n8\nFee Expense– (7)- \n9\nRetainage(191)(147)- \n10\nRent Normalization(148)(78)- \n11\nPrepaid Supplies22 554 (5)\n12\nGain/Loss on Sale of Assets and Other Income\n(22)(38)\n(6)\n13\nOther Expenses Reversal– 162 (162)\n14\nBonus Accrual– (82)(359)\nDue Diligence Adjustments\n($1,365)$2,149 $530 \nAdjusted EBITDA\n$3,827 $4,139 $8,036\n15\nMerit Construction Acquisition 2,086 2,086 1,212\nPro Forma Adjusted EBITDA\n$5,913 $6,225 $9,248\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n69\n1.FCF Conversion defined as: (Adjusted EBITDA – Total Capital Expenditures) / (Adjusted EBITDA)\nCapital Expenditure Detail\nCAPITAL EXPENDITURE DETAIL\nCOMMENTARY\n▪Minneapolis & Milwaukee Capex:\n−Consists of all historical and forecasted capital investments for the Minneapolis and Milwaukee operations\n−In 2022, the Company invested ~$250K in swing stage equipment and $150K in a demolition robot. In 2023, the Company invested ~$170K in vehicles, \n~$120K in snorkel lifts and ~$50K in a generator. In 2024, the Company invested ~$100K in equipment in the Merit Construction acquisition, ~$110K in \nscaffolding equipment and ~$65K in an electric floor grinder\n−The Company expects to invest ~$1M - $2M annually in capex from 2025P – 2028P on equipment, tools and vehicles to support increased volume of jobs\n▪De-Novo Capex:\n−Consists all forecasted capital investments for the Ohio, Kansas City and Denver operations\n−The Company expects to spend $300K at each the Ohio, Kansas City and Denver locations in their first years of operation. Management expects that \neach location will require ~$100K in annual investment in the years following the initial expansions\n1\n2\n1\n2\n$ in Thousands2022A2023A2024E2025P2026P2027P2028P2029P\nMinneapolis & Milwaukee Capex519 668 718 893 1,022 1,271 1,424 1,707 \nDe-Novo Capex0 0 0 300 700 300 300 300 \nTotal Annual Capex$519 $668 $718 $1,193 $1,722 $1,571 $1,724 $2,007 \n% of Revenue\nMinneapolis & Milwaukee Capex % of Existing Revenue3.3%3.3%2.7%2.7%2.7%2.7%2.7%2.7%\nDe-Novo Capex % of De-Novo Revenue---15.0%12.3%3.8%2.7%1.9%\nTotal Capex % of Total Revenue3.3%3.3%2.7%3.4%4.0%2.9%2.7%2.6%\nFCF Conversion\n(1)\n91.2%89.3%92.2%89.8%89.0%92.3%93.2%93.9%\nBlue Point Capital Partners, LLC\n\nAppendix A: Sample Customer Engagement \nDocuments\n70\n01\n02\n03\n04\n05\n06\nExecutive Summary\nInvestment Highlights\nGo-To-Market Strategy & Competitive Landscape\nGrowth Opportunities\nOperations Overview\nFinancial Summary\n07Appendix A: Sample Customer Engagement Documents\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n71\nSample Customer Engagement Documents\nDETAILED BID PROPOSALS\nCOVER PAGEINTRO LETTER\nON-SITE OBSERVATIONSCOST ESTIMATERSI OVERVIEW\nPROJECT SUMMARYPROJECT SUMMARY (CONT.)\nPHASING PLAN\n1 Page1 Page3+ Pages3+ Pages\n1+ Pages15+ PagesPage for Each Job Phase1 Page\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n72\nSample Customer Engagement Documents (Cont.)\nDETAILED BID PROPOSALS (CONT.)\nJOB TEAM OVERVIEWINTRO LETTERBID SIGNING PAGETERMS AND CONDITIONS\n1 Page1 Page3+ Pages3+ Pages\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n73\nSample Customer Engagement Documents (Cont.)\nANNUAL REPORTSWEEKLY JOB PROGRESS REPORTS\nBlue Point Capital Partners, LLC\n\n© 2025 Northborne Partners\nBlue Point Capital Partners, LLC"
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"text": "\n\nProject Craftsman\nJanuary 2025\nConfidential Information Presentation\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n1\nThis Confidential Information Presentation (this “Presentation”) contains confidential information pertaining to Restoration Systems Inc. (“Restoration Systems” or the “Company”). \nThis Presentation is being made available to selected interested parties for the sole purpose of assisting the recipients in deciding whether to proceed with an in-depth investigation \nof the Company or its subsidiaries in connection with a potential acquisition. Northborne Partners LLC (“Northborne” or the “Advisors”) has been retained by Restoration Systems to \nserve as its financial advisor in connection with the proposed sale of the Company.\nThis Presentation is being made available only to parties which have signed and returned to the Company a confidentiality agreement, and recipients of this Presentation are \ntherefore bound by the confidentiality agreement in respect of all information contained herein. If you have not executed and delivered a confidentiality agreement to the \nCompany, you have received this Presentation in error. If so, please notify the Advisors immediately and delete or destroy all copies of this Presentation.\nThe information contained herein has been prepared to assist interested parties in making their own evaluation of the Company and does not purport to contain all of the \ninformation that a prospective party may desire. In all cases, interested parties should conduct their own investigation and analysis of the information and data set forth in this \nPresentation and satisfy themselves as to the accuracy, reliability and completeness of such information and data. This Presentation does not constitute an offer to sell or a \nsolicitation of an offer to buy any securities.\nNone of the Company or the Advisors or any of their respective directors, officers, corporate partners, affiliates, employees or advisors (collectively, “Associates”) makes any \nrepresentation as to the accuracy or completeness of the information in this Presentation or any other information made available to recipients of this Presentation. In particular, no \nrepresentation or warranty is made as to the achievement or reasonableness of any future projections, management estimates, prospects, returns or market data contained herein. \nStatements contained in this Presentation are made in good faith and have been derived from information believed to be reliable as of the date of this Presentation. None of the \nCompany, the Advisors or any of their respective Associates has verified, nor will verify, any part of this Presentation or any other information made available to recipients of this \nPresentation. The Company, the Advisors and their Associates expressly disclaim any reliance hereon for any purpose other than as expressed above and any and all liability for any \nloss or damage (whether foreseeable or not) suffered by any person or entity acting on, or refraining from acting because of, anything contained in or omitted from this Presentation, \nwhether the loss or damage arises in connection with any negligence, default, lack of care or misrepresentation, or otherwise, in contract or in equity, on the part of the Company, the \nAdvisors or their Associates or any other cause. Each recipient of this Presentation agrees that it shall not seek to sue or hold the Company, the Advisors or their Associates so liable in \nany respect for the provision of this Presentation and the information contained herein. Only those representations and warranties which may be made to a party in a definitive \nagreement shall have any legal effect.\nThis Presentation contains certain statements, financial data, projections, forecasts and estimates that are based upon assumptions and subjective judgments that the management \nof the Company believes to be appropriate given current facts and circumstances existing in the markets in which the operating divisions of the Company conduct business. There will \nbe differences between such projections, forecasts and estimates and actual results since events and circumstances frequently do not occur as expected, and such differences may be \nmaterial. The estimated, forecasted and projected financial results contained in this Presentation should not be considered to be a presentation of actual results. There can be no \nassurance that any estimated, forecasted or projected results are obtainable or will be realized.\nNone of the Company, the Advisors or any of their respective Associates accepts any responsibility to inform the recipients of this Presentation of any matter arising or coming to any \nof their notice which may affect any matter referred to in this Presentation (including but not limited to any error or omission which may become apparent after this Presentation has \nbeen issued). This Presentation shall not be deemed an indication of the state of affairs of the Company nor shall it constitute an indication that there has been no change in the \nbusiness or affairs of the Company since the date of this Presentation or since the date at which any information contained herein is expressed to be stated. If further information in \nconnection with the potential transaction is provided by the Company, the Advisors, their Associates or any other person or entity, recipients of this Presentation acknowledge receipt \nof such information as though it formed a part of this Presentation.\nThe Advisors will arrange for appropriate due diligence by selected interested parties. In furnishing this Presentation, the Advisors undertake no obligation to provide the recipient \nwith access to any additional information.\nThe Company reserves the right to negotiate with one or more prospective parties at any time and to enter into a definitive agreement regarding the Company at any time without \nprior notice to any prospective parties. Also, the Company reserves the right to terminate, at any time, further participation in the investigation and proposal process by any party and \nto modify the procedures without assigning any reason thereof.\nUNDER NO CIRCUMSTANCE SHOULD THE COMPANY OR ANY OF ITS AFFILIATES, DIRECTORS, MANAGEMENT, EMPLOYEES, CUSTOMERS, CLIENTS OR SUPPLIERS BE \nCONTACTED DIRECTLY. ALL INQUIRIES REGARDING THE PROPOSED TRANSACTION AND ANY REQUESTS FOR ADDITIONAL INFORMATION SHOULD BE DIRECTED TO THE \nADVISORS LISTED WITHIN.\nConfidentiality & Disclaimer\nBlue Point Capital Partners, LLC\n\nRestoration Systems\nSituation Overview & Transaction Procedures\n2\nSITUATION OVERVIEWTRANSACTION PROCEDURES\nTRANSACTION STRUCTURE\nBen Marks\nManaging Director\nbmarks@northborne.com\nC: 612-710-5020\nChris Klotsche\nDirector\ncklotsche@northborne.com\nC: 414-779-1994\nTaylor Thompson\nAssociate\ntkthompson@northborne.com\nC: 612-212-1212\nMichael Wozniak\nAnalyst\nmwozniak@northborne.com\nC: 763-807-7220\nPaul Jevnick\nManaging Director\npjevnick@northborne.com\nC: 612-850-5781\nNORTHBORNE CONTACTS\n•Headquartered in Chaska, Minnesota, Restoration Systems Inc. (“RSI” or \nthe “Company”) is a leading provider of commercial repair, restoration and \npreservation services for building facades and parking ramps throughout \nthe Midwest\n•RSI is owned 100% by Blake Dronen, who is the President of the Company. \nBlake purchased the business from his father, who founded RSI in 1997\n•RSI is seeking an investor who will partner with Blake and his leadership \nteam to support the Company’s expansion plans into new geographies \nand build upon its strong competitive position in the Midwest\n•RSI has retained Northborne Partners as its exclusive advisor in \nconnection with a potential sale of the Company\n•As advisor to RSI, the Northborne team listed below will be the sole \ncontact for prospective investors who receive this Confidential \nInformation Presentation and participate in the process\n•Northborne will share a separate process letter outlining instructions for \nsubmission of an indication of interest\n•The transaction will be structured as a sale of equity interests in Restoration \nSystems Inc., an S-corporation\n•Blake intends to rollover 20% - 30% of closing proceeds\n•RSI leases two facilities, one in Minnesota and one in Wisconsin, from entities \nwholly-owned by Blake. Current rental rates charged to the Company are \nmarked-based, and the expectation is that long-term leases would be \nexecuted concurrent with a closing of a transaction\n•Blake is willing to consider a structure that supports a step-up in the basis of \nthe assets in the transaction for an investor (such as a 338(h)10, F \nReorganization or similar election) provided the investor reimburses him (the \ncurrent shareholder) for any increased tax burden resulting from the step-up\nBlue Point Capital Partners, LLC\n\nExecutive Summary\n3\n01\n02\n03\n04\n05\n06\nExecutive Summary\nInvestment Highlights\nGo-To-Market Strategy & Competitive Landscape\nGrowth Opportunities\nOperations Overview\nFinancial Summary\n07Appendix A: Sample Customer Engagement Documents\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n$15.5\n$20.5\n$26.4\n$34.8\n$43.2\n$54.6\n$63.4\n$78.2\n2022A 2023A 2024E 2025P 2026P 2027P 2028P 2029P\n$5.9\n$6.2\n$9.2\n$11.7\n$15.6\n$20.5\n$25.2\n$32.7\nCOMPANY OVERVIEW\nRSI at a Glance\n4\n1.Average headcount during April-October 2024 (RSI's busy season). \nHeadcount in the winter offseason averages about 30 employees.\n90+\nEmployees\n(1)\n~$110K\nAverage Job Size\n200+\nAnnual Jobs\n$26.4M\n Revenue (2024E)\n23.1%\nRevenue CAGR \n(2020A – 2024E)\nKEY HIGHLIGHTS\n✓Midwest’s leading provider of commercial building repair, restoration and preservation services\n•25-year track record built on a strong reputation for skilled concrete and masonry craftsmanship\n•Market leader in Minneapolis with demonstrated ability to successfully expand to new MSAs \norganically and supplemented by M&A, notably Milwaukee in 2022\n✓Critical commercial services offering driven by enormous number of buildings aging into repair \ncycle and increasing municipal regulations requiring systematic inspection and repair\n•Increased investment in rapidly aging infrastructure, coupled with prohibitively high replacement \nvalues, supports strong growth in the non-deferrable, multi-billion dollar commercial repair, \nrestoration & preservation services market\n•Services include building and parking ramp repair and restoration, a substantial portion of which is \ndriven by state- and local-level commercial structure inspection and maintenance requirements\n✓Substantial investment in technology to deliver a differentiated customer experience\n•Significant majority of key internal and customer-facing workflows are partially or fully automated, \nincluding detailed bid proposals, weekly job progress updates and annual job summary reports\n•Relentless focus on doing things better and more efficiently results in industry leading job quality \n(<1% rework / warranty work) and on-time / on-budget performance (95%+ of jobs)\n✓Diversification by job across multiple attractive end markets\n•Top job / top 5 jobs accounted for ~10% / ~35% of revenue in the TTM, respectively\n•Key end markets include commercial property management, HOA and healthcare (accounting for \n~75% of business)\n✓Strong leadership, field management and company culture\n•11+ year average tenure of the leadership team\n•6+ year average tenure of the overall workforce (for employees with more than one year of \nexperience)\n✓Multiple attractive growth opportunities focused on creating a national platform in a highly \nfragmented industry (see section 4)\n•Key platform investments (systems, people, processes) have been made that can be leveraged to \nscale the business\n•Proven ability to execute a tuck-in acquisition in Summer 2024 with an actionable pipeline of \nadditional targets to pursue with the support of an investor\nMEANINGFUL FINANCIAL MOMENTUM\n$ in Millions\n26.0% Revenue CAGR \n(2022A-2029P)\nAdjusted Revenue \n#1\nMarket Position in \nMinneapolis\n92.2%\nFCF Conversion (2024E)\n43.2%\nGross Margin (2024E)\n$9.2M\n PF Adj. EBITDA (2024E)\n30.5%\nAdj. EBITDA Margin\n(2024E)\nAdjusted EBITDA\nBlue Point Capital Partners, LLC\n\nRestoration Systems\nRSI at a Glance (Cont.)\n5\n1.Includes revenue earned from ancillary services to Building Facade and Parking Ramp work, \nincluding the installing of roofing anchors, small batch waterproofing mixes and more.\n52.1%\n~10%\nTop 10 Jobs\nAll Other Jobs\nREVENUE BY SERVICE TYPEREVENUE BY JOB\nREVENUE BY PHASED VS. NON-PHASED JOBSREVENUE BY END MARKET\nRegulation driven, non-deferrable service mixHighly diversified job mix\nHigh volume of multi-year phased jobs, providing strong \nfuture revenue visibility\nBroad range of end markets and customers with strong focus on \nmulti-site operators and national accounts\nTTM \nOct-24\n47.9%\nOther\n(1)\nBuilding Facade\nParking Ramp\n52.1%\n45.2%\n2.7%\nTTM \nOct-24\nPhased \n(Multi-Year)\nNon-Phased \n(Single Year)\n57.2%\n42.8%\n‘22A – ‘23A\nAverage\nHomeowners \nAssociation (HOA)\nGovernment\nProperty \nManagement\nHealthcare\n‘22A – ‘24A\nAverage\n35.1%\n29.5%\n18.0%\n9.4%\n7.9%\nEducational\nBlue Point Capital Partners, LLC\n\nRestoration Systems\nLeading Provider of Structural Restoration and \nRepair Services...\n6\nBRICK REPAIR &\nREPLACEMENT\n(VIDEO LINK)\nTUCKPOINTING &\nMORTAR REPAIR\n(VIDEO LINK)\nSTONE REPAIR &\nREPLACEMENT\n(VIDEO LINK)\nPARKING DECK\nRESTORATION\n(VIDEO LINK)\nCONCRETE \nREPAIR\n(VIDEO LINK)\nPOST-TENSION \nCABLE REPAIR & \nREPLACEMENT\n(VIDEO LINK)\nWATERPROOFING\n(VIDEO LINK)\nHOT APPLIED\nWATERPROOFING\nCAULKING & \nSEALANT \nREPLACEMENT\n(VIDEO LINK)\nVEHICULAR \nTRAFFIC\nCOATING \nSYSTEMS\n(VIDEO LINK)\nSURFACE \nPREPARATION\n(VIDEO LINK)\nCOATING \nREMOVALS\nBUILDING FACADE \nRESTORATION\nRepresentative Services \nPARKING DECK \nRESTORATION\nWATERPROOFING & \nSEALANTS\nTRAFFIC COATINGS\nRepresentative Services Representative Services Representative Services \nBUILDING FACADEPARKING RAMP\nSERVICE TYPE\nSERVICE OFFERINGS\n(~53% of 2024E Revenue)(~45% of 2024E Revenue)\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n... Addressing a Critical Need to Restore America’s \nAging Infrastructure...\n7\nSource: SMR Research\nBACKGROUND\nAMERICA’S AGING INFRASTRUCTURE\nTRAGIC INCIDENTS DRIVING INCREASED AWARENESS AND REGULATION\n26.6\n30.4\n33.5\n43.4\n46.2\n53.6\n56.7\n64.3\n72.1\nU.S. AVERAGE BUILDING AGE BY USE (YRS)\nHotels\nSuper-\nmarkets\nHospitals\nAirports\nParking Garages, \nDecks and Lots\nLibraries, Museums and \nHistorical Sites\nChurches and Worship \nCenters\nSchools\nOffice Buildings\nRSI has Experience in all the Above Categories\nU.S. COMMERCIAL BUILDINGS BY YEAR CONSTRUCTED\n< 25% of Commercial Buildings \nBuilt in Last 20 Years in the U.S.\n(# of buildings in thousands)\n709\n517\n685\n831\n794\n921\n924\n537\nBefore\n1946\n1946 to\n1959\n1960 to\n1969\n1970 to\n1979\n1980 to\n1989\n1990 to\n1999\n2000 to\n2009\n2010 to\n2018\n•U.S. commercial buildings continue to age \nwith nearly half of commercial \nfloorspace constructed more than 50 \nyears ago\n•America’s aging infrastructure is in the \nspotlight following several highly-publicized \ntragic structural failures \n•RSI’s core existing geographies, Minneapolis \nand Milwaukee, are entering a critical cycle \nof needed repair and restoration given \nmany of the cities’ buildings were \nconstructed between 1960-1990\nBACKGROUND\nROOT CAUSE\nAFTERMATH\n•The Champlain Towers South \ncondominium collapsed in Surfside, Florida \nkilling 98 people\n•Resulted from structural failures around \nthe facility’s swimming pool – NIST spent \n~$30M investigating the cause\n•Florida legislature passed a bill shortening \nthe required period that buildings need to \nbe reviewed from every 40 to 10 years\nCHAMPLAIN TOWERS SOUTH \nCONDO COLLAPSE\nJUNE 24, 2021\nANN STREET PARKING \nGARAGE COLLAPSE\nAPRIL 18, 2023\nBACKGROUND\nROOT CAUSE\nAFTERMATH\n•A parking garage collapsed in New York’s \nFinancial District, killing one person and \ninjuring five others\n•Experts suggest deferred maintenance \nresulted in structural integrity issues\n•Inspectors conducted inspections of \nparking structures across NYC, resulting in \nfour additional garages in Manhattan and \nBrooklyn being closed\nEntering \nContinuous \nRestoration Cycle\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n... Focused on Markets with Attractive Dynamics and \nDriven by Government Regulation...\n8\nRESTORATION ENVIRONMENT ACROSS THE U.S.MARKET SNAPSHOTS\nCITYKEY REGULATIONS & MARKET ATTRIBUTES\nEXISTING RSI GEOGRAPHIES\nPLANNED RSI EXPANSION GEOGRAPHIES\nMinneapolis, MN\nMilwaukee, WI\nKansas City, MO\nCincinnati / Columbus \n/ Cleveland, OH\nDenver, CO\n•Regulation: Annual parking ramp inspections \nfor structural integrity\nCURRENT MARKET POSITION\nActionable Geographic Expansion Opportunities with Highly Favorable Regulatory Environments Across the U.S. \n•Attributes: Entering heavy restoration era based \non city age / construction cycle; seasonal freeze-\nthaw cycles heavily deteriorate infrastructure\n•Regulation: Building facade inspections \nrequired based on building size \n•Attributes: Recent high-profile parking ramp \ncollapse (2023); seasonal freeze-thaw cycles \nheavily deteriorate infrastructure\n•Regulation: Annual parking ramp inspections \nfor structural integrity\n•Attributes: Longer construction season than \nnorthern Midwest states; history of fatal \ninfrastructure failure\n•Regulation: Annual parking ramp inspections \nfor structural integrity\n•Attributes: Recent building collapse (2024) \nillustrated major infrastructure hazards; freeze-\nthaw cycles heavily deteriorates infrastructure\n•Regulation: N/A\n•Attributes: Significant infrastructure maintenance \nneeds based on population growth; freeze-thaw \ncycles heavily deteriorates infrastructure\nMSA POPULATION\n#1\nMarket Position\n#3\nMarket Position\nTBD\nTBD\nTBD\n3.7M\nTotal Population\n1.6M\nTotal Population\n2.2M\nTotal Population\n6.6M\nTotal Population\n3.0M\nTotal Population\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n... Working Collaboratively with Key Stakeholders to Provide \nExpert Advice and Craftsmanship... \n9\nBUILDING OWNERS & PROPERTY MANAGERSENGINEERS & ARCHITECTS\nRESTORATION SERVICES ECOSYSTEM\n•Relationships between building owners and managers, architects and engineering consultants and restoration service providers demonstrate a collaborative \nnetwork where building owners and managers rely on architects and engineers for expert assessments and referrals, while restoration service providers \nexecute necessary repairs and preservation to maintain the structural integrity and compliance of commercial properties\n•Close partnership with both architects and engineers as well as building owners and property managers is critical to ensure alignment on job objectives and \nleads to strong repeat business\nKEY ROLES IN ECOSYSTEM\n•Architects evaluate and inspect safety \nconcerns in building facades\n•Engineers inspect and review structural \nintegrity of parking ramps and decks\n•Engineers and architects advise clients on non-\ndiscretionary, non-deferrable restoration \nservices\n•Responsible for managing key purchase \ndecisions for restoration and repair of building \ninfrastructure\n✓Building owners / property managers who own \nmultiple facilities provide a steady source of \nrepeat business across their portfolio of assets\nREPRESENTATIVE BUILDING OWNERS\nKEY VALUE TO RESTORATION SYSTEMS\n✓Serve as a key referral source for new jobs\n✓Act as a partner when RSI expands to new \ngeographies where the architecture and \nengineering firms also have a presence\nREPRESENTATIVE ENGINEERING FIRMS\nREPRESENTATIVE ARCHITECTURE FIRMS\n59%\n41%\n% of Revenue \n(‘21-’24 Avg)\nREVENUE BY \nREFERRAL SOURCE\nKEY ROLES IN ECOSYSTEM\nKEY VALUE TO RESTORATION SYSTEMS\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n... Working Collaboratively with Key Stakeholders to Provide \nExpert Advice and Craftsmanship (Cont.)... \n10\nRSI’S REPUTATION FOR EXCELLENCE\n•RSI has developed strong partnerships over 25+ years with leading architecture and engineering firms as well as building owners and property managers \nthrough strategic and repeatable techniques to build long-term, recurring referral relationships\nA level of professionalism and \nattention to detail unique to the \nindustry, from bidding stage to \njob completion\nRSI HAS MASTERED THE NAVIGATION OF THE RESTORATION ECOSYSTEM\nTransparent blueprint for \nconstruction, job progress and \nquality\nStrong relationships with union \nlaborers and bricklayers\nUnmatched quality of \ncraftsmanship\nClean and well-maintained job \nsites and equipment\nProven ability to coordinate and \ncollaborate with cross-functional \nteams\nOwned fleet of equipment \nallows RSI to respond quickly \nand results in higher job-level \nmargins\nEngineers \n(Parking Ramps)\nBuilding Owners & \nProperty Managers\nArchitects\n(Exterior Facade)\n✓Partner with engineers and architects as thought leaders at industry events and association \nmeetings, establishing relationships as joint experts in relevant service types\nHow RSI Manages Relationships with Engineers & Architects\n✓When referred-in following inspections or consultations, RSI enhances engineer and architect \ncredibility by consistently providing on-time, on-budget and outstanding quality services\n✓Detailed and transparent communication from proposal to weekly check-ins to \ncompletion of job, ensuring full client confidence in RSI’s timeline, cost estimates and \nservice capability\nHow RSI Manages Relationships with Building Owners & Property Managers\n✓Clear articulation of phased restoration plans and potential future restoration needs, \nallowing owners and managers to precisely specify RSI’s restoration services into annual \ncapex budgets\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n... With Market Leadership in the Midwest and a Platform to \nExpand into New Markets...\n11\nTHE MIDWEST’S LEADING RESTORATION COMPANY \nMinneapolis, MN\n(Opened 1997)\nMilwaukee, WI\n(Opened 2022)\nTEAM\nPROCESSES\nSYSTEMS\nRSI HAS RESOURCES AND KNOWLEDGE NECESSARY TO ENTER NEW MARKETS\nKansas City, MO\nDenver, CO\nOhio \n(Cincinnati, Columbus, Cleveland)\nOther Geographies\nUniform workflow processes \nacross all service offerings enables \nstreamlined and consistent job \nexecution\nImplemented job management \nsoftware in 2024 to enable the \nCompany to more effectively solicit \nand manage a higher volume of \nbids across geographies\nEstablished workforce that has \nproven it can provide superior \nservices in existing markets, and \ntrain and develop new talent \nquickly\nExisting RSI Facility\nPlanned Expansion Location\nCurrent Geographic Coverage\nEXISTING\n GEOGRAPHIES\nPLANNED EXPANSION GEOGRAPHIES\nREPRESENTATIVE MARKETMARKET CHARACTERISTICS\nRSI is the established leader in the market\nCompetitors are not growth-oriented – strong \nopportunity to further penetrate customer accounts \nLow existing competition levels\nRecent parking ramp collapse garnered significant \nmedia attention and calls for infrastructure maintenance\nSimilar parking ramp regulatory standards to \nMinneapolis, enabling seamless geographic integration\nHistory of fatal infrastructure failures\nAged infrastructure in need of maintenance – recent \nbuilding collapse further highlighting restoration needs\nAbility to serve three MSAs out of one strategically \nlocated office\nNo established restoration players in the market\nGrowing activity in the city will drive future restoration \nneeds – 19%+ population growth (2010 – 2020)\nSTRONGLY DEVELOPED \nOPERATIONAL STRUCTURE\nHIGHLY DEVELOPED \nOPERATIONAL STRUCTURE\nIT SYSTEMS WITH CAPACITY \nTO SERVICE GROWTH\nSeeking a partner to apply the blueprint to ripe \nexpansion markets\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n12\n... Resulting in an Exceptional Financial Profile with \nActionable Opportunities to Grow\n$10.0\n$11.7\n$12.8\n$11.3\n$11.5\n$15.5$15.5\n$20.5\n$26.4\n$34.8\n$43.2\n$54.6\n$63.4\n$78.2\n2016A2017A2018A2019A2020A2021A2022A2023A2024E2025P2026P2027P2028P2029P\nTRACK RECORD OF DELIVERING CONSISTENT REVENUE GROWTH\n(1)\nRSI HAS THE OPPORTUNITY TO ACCELERATE GROWTH UNDER NEW OWNERSHIP\n$ in millions\n1.2016A – 2020A represents reported figures whereas 2022A – 2029P represents adjusted figures.\nFURTHER PENETRATION \nIN MINNESOTA\n✓Grow wallet share with key existing customers \n✓Target new customers and end markets to expand RSI’s reach\n✓Consider adding additional service offerings (e.g., bridge repair)\nCONTINUED RAMP OF \nMILWAUKEE\n✓Continue to build reputation and track record in the market\n✓Grow wallet share with key existing customer relationships\n✓Strategically target work in adjacent cities (e.g., Appleton, Green Bay, Madison, etc.) leveraging Milwaukee as the hub\nTARGET NATIONAL \nACCOUNTS\n✓Leverage local MN and WI relationships with national property management players to accelerate footprint growth\n✓Expand market share in existing and new geographies by transplanting institutional account knowledge\nGEOGRAPHIC EXPANSION\n✓Tactfully expand to identified markets (Kansas City, Ohio, Denver) leveraging the Milwaukee blueprint and years of \nexperience in Minneapolis\n✓Evaluate additional expansion markets with consideration for size of market, growth potential, competitive landscape and \nexisting referral relationships\nMERGERS & \nACQUISITIONS\n✓Develop and implement a strategy to acquire companies that accelerate RSI’s geographic and end market expansion \n✓Leverage platform infrastructure to maximize synergy potential\nM&A Strategy Functions as an Acceleration Tool Underpinning All Growth Opportunities\nBlake Dronen \ntakes \nownership of \nthe business\nCompany \nredefines its \ncustomer \nservice strategy\nCompany \nexpands into \nMilwaukee\nCompany \nimplements job \nmanagement \nsoftware\nAcquires Merit \nConstruction, a \nlocal competitor \nwith \nrelationships \nacross Midwest\nBlue Point Capital Partners, LLC\n\nInvestment Highlights\n13\n01\n02\n03\n04\n05\n06\nExecutive Summary\nInvestment Highlights\nGo-To-Market Strategy & Competitive Landscape\nGrowth Opportunities\nOperations Overview\nFinancial Summary\n07Appendix A: Sample Customer Engagement Documents\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n14\nInvestment Highlights\n1\n7\nLeading Independent Provider of Commercial Repair, \nRestoration and Preservation Services ...\n... With Multiple Levers For Continued Growth \n2\n... With Favorable Industry Tailwinds and Experience to \nNavigate the Regulatory Environment ...\n3\n... Delivering a Tailored Customer Experience ... \n6\n... Led by a Proven Management Team that has a Track \nRecord of Executing Meaningful Strategic Initiatives ...\n5\n... Supported by a Workforce of Highly Skilled Craftsmen \nProven at Executing Jobs On-Time and On-Budget ...\n4\n... Serving a Broad Range of End Markets and Customers \nwith Focus on Multi-site Operators and National Accounts ...\nBlue Point Capital Partners, LLC\n\nRestoration Systems\nTHE MIDWEST'S LEADING RESTORATION COMPANY\nMeticulous professionalism from the \ninitial bidding stage to job completion, \nensuring quality and satisfaction at \nevery step\nCOMPLETE INTEGRITY AND VISIBILITYEND-TO-END PROFESSIONALISMSTRONG EMPLOYEE SATISFACTION\nPROVEN SAFETY EXCELLENCEUNMATCHED QUALITY OF CRAFTSMANSHIPCOLLABORATIVE AND COMMUNICATIVE PARTNER\n15\nLeading Independent Provider of Commercial Repair, \nRestoration and Preservation Services ...\n1\nTransparent plans, progress updates, \nand quality reporting throughout every \njob phase\nStrong relationships with union \nlaborers and bricklayers, ensuring \ndedicated and consistent workforce \nthroughout job life\nHigh quality service provided by skilled \ncraftsman with years of specialized \ntraining and experience\nClean and well-maintained job sites \noperated and overseen by employees \nwith industry-leading safety metrics\nProven ability to coordinate and \ncollaborate with cross-functional teams \nto ensure seamless job completion on-\ntime and on-budget\nCapabilities and track record to service prominent commercial infrastructure across diverse end markets\nWells Fargo Center\nBuilding Facade\nProperty Management\nSt. Mary’s Orthodox \nCathedral\nBuilding Facade\nReligious\nHennepin \nCountry Library\nBuilding Facade\nGovernment\nNorth Memorial \nHospital\nParking Ramp\nHealthcare\nMinneapolis / St. Paul \nInternational Airport\nParking Ramp\nTransportation\nLourdes Hall \nWinona State\nBuilding Facade\nEducation\n#1\nMinneapolis \nMarket Position\n#3\nMilwaukee \nMarket Position\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n16\n1.Source: Chicago.gov\n2.Source: International Code Council\n... With Favorable Industry Tailwinds and Experience to \nNavigate the Regulatory Environment ...\n2\nRSI IS WELL-POSITIONED TO CAPITALIZE ON KEY INDUSTRY DRIVERS\n•The U.S. commercial restoration market is estimated to be worth several billion \ndollars with a significant portion dedicated to concrete and masonry restoration\n•The market is projected to grow at a steady 4% - 5% annually driven by attractive \nfundamental growth drivers:\n•Aging Infrastructure: Recent high-profile building collapses in Iowa, Florida \nand New York have put a spotlight on repairing aging infrastructure\n•Emphasizing Preservation: Large MSAs are investing heavily in preservation, \nincluding Chicago’s $8M grant for historical preservation jobs in 2024\n(1)\n•Evolving Codes and Regulations: The International Building Code (IBC) \ncontinually updates structural integrity standards, including 2024 updates to \nmasonry and concrete standards\n(2)\n•RSI competes in the large and growing $200B+ broader U.S. restoration and \nremediation market – provides opportunity for potential acquirer to partner with \nRSI to build a diversified platform serving multiple market segments\nFAVORABLE MARKET TAILWINDS\nRSI’S ADVANTAGEKEY DRIVERS\nRobust relationships with property managers influences \nrestoration job decisions\nBUILDING \nAND \nFACADE\nPARKING \nREPAIR \nAND \nTRAFFIC \nCOATINGS\nRSI offers industry-leading value supported by cost-\nadvantaged bids and phasing plans\nEngineering firms refer RSI in as the go-to partner for \nannual parking ramp maintenance\nIn the absence of regulatory requirements, parking \nramps suffer severe annual deterioration in seasonal \nupper Midwestern environments (freeze-thaw cycles)\nUnmatched ability to capture opportunity with owned \nequipment and preferable purchasing contracts \nCoatings boomed in 1980s and are now at end of \nlifecycle, requiring removal and reapplication\nIn the absence of local building ordinance requirements, \ndecisions on facade and building maintenance are \ndiscretionary to property owners\nCompetitive bidding is highly relevant to less frequent \nand larger-scale jobs \nADVANTAGEOUS LOCAL REGULATION\nMinneapolis and St. Paul have ordinances that \nrequire parking ramps and decks be inspected \nand reviewed annually for structural integrity\nMilwaukee has city ordinances that require \nbuilding facades to be inspected and reviewed \nfor unsafe conditions – frequency of inspection \noften depends on the size of the building\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n17\n... Delivering a Tailored Customer Experience ... \n3\nEND-TO-END CUSTOMER SERVICE ENSURING MAXIMUM TRANSPARENCY AND CUSTOMER SATISFACTION\nILLUSTRATIVE JOB LIFE CYCLE\nHighly trained and talented \nProject Managers that \nleverage deep industry \nknowledge to develop plans \nand solutions for customers\nHighly standardized customer \nservice processes enable RSI to \nconsistently, efficiently and \neffectively serve customer needs\nFocused attention on \ncustomer needs at all levels of \nthe RSI organization\nCompany-wide dedication \nto develop and maintain \nstrong relationships with \ncustomers\n12\n3\n45\n6\nINITIAL CUSTOMER ENGAGEMENTPRE-JOB PLANNING\nCUSTOMER RETURNS TO RSIJOB SET-UP\nJOB COMPLETIONJOB EXECUTION\n•Project Manager engages with a new or recurring customer \nand attentively listens and understands the client needs\n•Project Manager analyzes the customer situation and \nexecutes analysis to determine a proposed solution\n•RSI delivers a professional and customized 30+ page bid \nproposal that includes a job summary, job phasing plan, highly \ndetailed on-site observations and job cost estimate\n•Detailed bid summary demonstrates RSI’s knowledge and \nfamiliarity of client infrastructure\n•Strong customer relationships and quality of work result in a \nsticky customer base with reoccurring revenue dynamics\n•RSI takes pride in the fact that it has never lost a \ncustomer\n•RSI determines all resources necessary to quickly and \neffectively execute the job - procures equipment and \nestablishes a dedicated job team \n•Company is ready to “hit go” as soon as the customer is ready \nto begin the job\n•Project Manager and Superintendent complete full \nwalk-through with the client at property to ensure all \nneeds have been met\n•RSI delivers highly detailed final invoice, ensuring that the \ncustomer understands all charges\n•Project Manager meets with dedicated Superintendent \nweekly to identify outstanding job needs and ensure progress\n•Project Managers check-in with client on a weekly basis to \ndeliver job updates and ensure customer is aware of every job \nmilestone\nRSI’s Customer Service Process is Highly Teachable and Repeatable, Enabling Consistent High-Quality Results\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n•One-page document that is sent to RSI clients \nonce per week to provide an update on the \nstatus of the ongoing job\n•Informs the client of the below detail:\n•Budget status (e.g., on-budget, overbudget)\n•Completion timeline update\n•Scope of services being provided\n•Previous week progress\n•Key go-forward details\n•Project photos\n•Summary document that is sent to RSI’s existing \nclients once per year to summarize the \nmilestones and progress of ongoing jobs\n•Informs the client of the below detail:\n•Key job highlights and milestones\n•Detailed summary of the scope of the job\n•Review of pre-set job goals\n•Summary of go-forward initiatives and open \nworkstreams\n•Plan for following year\n•Highly detailed and visual 30+ page document \nshared with prospective clients prior to job \nengagement – highly differentiated compared \nto competitors\n•Informs the client of the below detail:\n•Overall job summary\n•Graphical phasing plan summary\n•Graphical summary of on-site observations\n•Itemized job cost estimate by job phase\n•Introduction to job team and RSI\nDESCRIPTION\n18\n... Delivering a Tailored Customer Experience ... (Cont.)\n3\nDETAILED BID PROPOSALSWEEKLY JOB PROGRESS REPORTSANNUAL REPORTS\nDESCRIPTIONDESCRIPTION\nSAMPLE RSI DOCUMENTSAMPLE RSI DOCUMENT\nRSI’S BID PROPOSALS, WEEKLY PROGRESS REPORTS AND SUMMARY ANNUAL REPORTS ENABLE FULL \nTRANSPARENCY AND MAKE CUSTOMERS' LIVES EASIER\nSAMPLE COMPETITOR DOCUMENT\nSAMPLE RSI DOCUMENT\nENHANCED CUSTOMER EXPERIENCE UNDERPINNED BY THE INDUSTRY’S BEST ENGAGEMENT TOOLS\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n19\n... Serving a Broad Range of End Markets and Customers with \nFocus on Multi-site Operators and National Accounts ...\n4\nPROPERTY \nMANAGEMENT\n•Multi-site real estate players that own a high \nvolume of properties requiring consistent \nmaintenance\n•RSI has strong relationships with the largest \nplayers in this concentrated market\nHOA\n•Primarily multi-site property managers that \noperate numerous apartment and housing \ncomplexes\n•High competition for quality living spaces results \nin critical need for maintained housing\nHEALTHCARE\n•Multi-site and single-site hospitals and care \ncenters primarily located in highly populous areas, \ndriving increased maintenance needs\n•Critical need for patient-friendly walking spaces \nresults in frequent maintenance \nGOVERNMENT\n•Multi-site and single-site municipal infrastructure \nwith strong opportunity for repeat customer, \nreoccurring jobs\nEDUCATION\n•Multi-site and single-site universities and K-12 \ninstitutions \n•High importance of maintaining integrity and \nsafety of education infrastructure\nEND MARKETMARKET OVERVIEW\n% OF REVENUE\n(2022 – YTD OCT-24 AVG)\nREPRESENTATIVE CUSTOMERS\n35.1%\n29.5%\n18.0%\n9.4%\n7.9%\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n20\n... Supported by a Workforce of Highly Skilled Craftsmen \nProven at Executing Jobs On-Time and On-Budget ...\n5\nSKILLED AND DEDICATED WORKFORCE\nKEY WORKFORCE HIGHLIGHTS\nVirtually All Jobs Completed On-Time\nEfficient job management and experienced crews have ensured \nthat virtually all of RSI’s historical jobs have been completed on \nschedule\nVirtually No Warranty Claims\nMeticulous attention to detail and rigorous quality control \nmeasures have resulted in no material warranty claims\n•RSI has developed a dedicated workforce that takes pride in their work, \nhas a reputation for skilled craftsmanship and delivers high-quality \nservices\n•RSI’s project management and superintendent staff are highly experienced \nand often have laborer backgrounds, providing extensive knowledge to \nfield staff to ensure jobs are completed on-time and on-budget\n•Many staff members have 20+ years of experience, offering \nconsiderable experience in navigating unexpected job challenges\n•The quality of RSI’s services is supported by its ability to train and certify its \nmany field staff employees (including seasonal laborers and bricklayers) \nfor specialty restoration work\n•RSI emphasizes the importance of highly skilled field staff by \nsupplementing union-led workshops with in-house training sessions, \nspecifically targeting the cross-training of field staff to allow employees to \nflex between various tasks as needed from job to job\n•Existing craftsman employees are open to traveling to worksites, enabling \nthe Company to expand geographically with existing workforce\nVirtually All Jobs Completed On-Budget\nDetailed proposal development rooted in database of 25+ years \nof restoration job data supports highly comprehensive and \naccurate job estimation\nTENURED UNION \nRELATIONSHIP\nHIGH SAFETY \nSTANDARDS\nSTANDARDIZED \nTRAINING\nTENURED \nEMPLOYEES\nSTRONG \nRETENTION RATE\nAverage employee tenure of 5 \nyears, resulting in a highly \ntalented and experienced \nworkforce aligned with \nCompany culture\nAnnual Safety, PTI, Swing \nStage and Scaffolding training \n– Union employees have \naccess to certification and \ntraining courses\nStrong safety programs \nrecognized by numerous awards, \nincluding Minnesota Governors \nWorkplace Safety Award and \nLECET Safety Driven Contractor \nAward\nCraftsman are sourced \nfrom highly tenured union \nrelationships – two of \nwhich are 28+ year \nrelationships\nAverage YoY re-hire rate of \n95%+, significantly \noutperforming the industry\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n21\n... Led by a Proven Management Team that has a Track \nRecord of Executing Meaningful Strategic Initiatives ...\n6\nBlake Dronen\nPresident\nRSI Tenure: \n25+ years\n•Began career at RSI as a Foreman in 1999\n•Responsible for strategic leadership and planning, business development, operational \noversight and risk management\n•Bachelor’s degree in Construction Management from Minnesota State University – \nMankato\nKEY ACCOMPLISHMENTS\nEXPERIENCED AND TENURED MANAGEMENT TEAM DEDICATED TO FUTURE GROWTH ... \nJen Patti\nOperational Strategy \nLeader\nRSI Tenure:\n6+ years\n•Joined RSI in 2019\n•Responsible for strategic planning, process improvement and integration\n•Previous experience as a Project Manager and Strategy Manager at C.H. Robinson\n•Bachelor’s degree in Retail Merchandising from the University of Minnesota – Twin \nCities\nTayton Eggenberger\nSales Leader\nRSI Tenure:\n14+ years\n•Joined RSI in 2005 as a Warehouse Manager\n•Responsible for business development, job estimation and scoping, cost management, \nresource management and client communication\n•Master’s degree in Business Administration from Minnesota State University – Mankato, \nBachelor’s degree in Business Administration from Augsburg University\nSuccessfully expanded into Wisconsin \nmarket with establishment of Milwaukee \noffice and <2 year payback\nEXPANSION \nTO WISCONSIN\nSystem enhancement with Sage Intacct \nplatform increases job cost oversight and \nmanagement capabilities, resulting in improved \nprofitability management and analysis\nENHANCED COST\nMANAGEMENT\nImplemented scalable HR, payroll, and \nexpense management software to simplify \nand streamline internal processes\nOPTIMIZED \nBACK-END SYSTEMS\nNegotiated favorable purchase contract with \nkey supplier for traffic coatings, concrete \nmixes and sealants, offering distinct cost \nadvantage over competitors\nIRREPLICABLE \nSUPPLY RELATIONSHIPS\nHired, trained, and managed employees to \nexemplify highest levels of safety and integrity \nin all work, resulting in numerous individual \nand company-wide safety awards \nESTABLISHED \nCULTURE OF SAFETY\nBrian Stueve, CPA\nFinance Leader\nRSI Tenure: \n2+ years\n•Joined RSI in 2023 as the Company's Fractional Finance Leader; works for BGM, RSI's \naccounting firm\n•Responsible for financial reporting and management, accounting operations and \nmanaging internal controls\n•Bachelor’s degree in accounting from St. Cloud State University\n...SUPPORTED BY HIGHLY QUALIFIED FIELD LEADERSHIP\nBuilding Facade \nLeader\nRSI Tenure: \n19+ years\nParking Ramp\nLeader\nRSI Tenure: \n11+ years\nMilwaukee\nRegion Leader\nRSI Tenure: \n2+ years\nMilwaukee\nField Leader\nRSI Tenure: \n24+ years\nExecuted the acquisition of a local \nMinneapolis competitor in 2024\nDEMONSTRATED ABILITY \nTO EXECUTE M&A\nBlue Point Capital Partners, LLC\n\nRestoration Systems\nGROW WALLET SHARE IN \nEXISTING MARKETS – WISCONSIN\n22\n... With Multiple Levers For Continued Growth \n7\nGROW WALLET SHARE IN \nEXISTING MARKETS – MINNESOTA\nTARGETED EXPANSION END MARKETS\n•RSI has ample opportunity to continue to win new customer \nopportunities within Minnesota by targeting underserved end \nmarkets\n•The industrial sector, school districts, private universities and \ncolleges, and the Department of Transportation (DoT) offer \nsignificant growth potential within RSI’s current service lines and \ngeographic coverage\nILLUSTRATIVE PUBLIC VS. PRIVATE SECTOR JOB MIX IN MILWAUKEE\nPrivate JobsPublic Jobs\n•As a newly established office, RSI’s Wisconsin branch has emphasized \ngrowing brand awareness and developing relationships in cities near \nMilwaukee through bidding and completing public sector jobs\n•Public sector jobs has led to increased opportunity for private sector \nwork, as RSI Milwaukee continues to mature, there is significant \nopportunity to directly target private sector jobs \nINDUSTRIAL \nSECTOR\n✓Industrial sector, especially refineries, has \nconsiderable regulatory burden to upkeep facilities\n✓Includes plants, warehouses, refineries and \nindustrial complexes with maintenance, restoration \nand protective coatings needs\nSCHOOL \nDISTRICTS\n✓To consistently meet regulatory requirements while \nstaying within annual budgets, schools prefer to \nrestore and maintain existing facilities as opposed \nto new construction\n✓RSI currently serves a small number of MN school \ndistricts\nPRIVATE \nUNIVERSITIES\n✓Private colleges and universities allocate higher \nannual spend to maintaining facilities and parking \nramps with greater flexibility in scope\n✓New customer opportunities include Gustavus \nAdolphus College, Bethel University, University of St. \nThomas and more\nDEPARTMENT OF \nTRANSPORTATION\n✓Opportunity to build relationship within the DoT to \nwin public infrastructure jobs\n✓Opportunity to expand into additional service lines, \nincluding bridge deck repair, that utilize same \nequipment as RSI’s established parking deck services\nEnhanced profitability and margins\nIncreasing private job mix in Milwaukee offers...\nIncreased flexibility and lesser bureaucratic hurdles\nHigher likelihood of client recurrence and relationship building\nCurrent Job Mix (FY24)Targeted Job Mix (FY29)\n~40%\n~70%\n~60%\n~30%\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n23\n1.Illustrative ramp based on actual results of Milwaukee office and Management forecast.\n... With Multiple Levers For Continued Growth (Cont.) \n7\nILLUSTRATIVE DE NOVO REVENUE RAMP\n(1)\nTARGET NATIONAL ACCOUNTS\nCapitalize on strong relationships with key influencers (e.g., \nengineers, consultants) who have MN offices and established \npresence in target markets\nJoin local industry group chapters (e.g., ICRI) to drive brand \nawareness, grow relationships and build traction quickly\nOpportunity to provide more year-round work in mild climate \ncities (e.g., Cincinnati)\nRepeatable “playbook” for breaking into new markets derived \nfrom historical experience and success in Milwaukee\nPlanned expansion cities (e.g., Kansas City, Cincinnati, \nCleveland, Columbus, Denver) based on aging infrastructure, \nsimilar inspection regulation to MN and limited competition\n$0M\n$3M+\n$6M+\nYear 0Year 1Year 2Year 3Year 4Year 5\n<2 Year Payback \nPeriod on CapEx\nREPLICABLE STRATEGIC PLAYBOOK TO LAND \nAND EXPAND IN IDENTIFIEDNEW GEOGRAPHIES\n•RSI will follow its “land and expand” model that has proven effective \nin Wisconsin to enter new geographies, combining strategic \nacquisitions along with boots-on-the-ground organic growth through \nsales team and existing referral relationships\nEXISTING NATIONAL ACCOUNTSTARGET NATIONAL ACCOUNTS\nPROPERTY MANGERS\nREITS\nPARKING RAMPS\nHOSPITALITY\n•RSI is well qualified to become a trusted national provider to \ncustomers that manage multiple facilities across diverse geographies\n~25% \nof RSI’s revenue \ncomes from national \naccounts today\n20+ \nIdentified Target \nNational Accounts\nN/A\nBlue Point Capital Partners, LLC\n\nRestoration Systems\nACQUISITION INTEGRATION\nTARGET IDENTIFICATION & ACQUISITION\nEMPOWERING GROWTH\n24\n... With Multiple Levers For Continued Growth (Cont.) \n7\nMERGERS AND ACQUISITIONS\nACQUISITION CRITERIA\nDEFINED M&A PLAYBOOKACTIONABLE M&A PIPELINE\nEngage M&A advisors\nPerform pre-acquisition due diligence\nEngage financing partner\nClose transaction\nIdentify target\n1\n2\n3\n4\n5\nImplement RSI’s standardization\nIntegrate target with RSI’s supplier \nnetwork\nDevelop relationship with target\n1\nEnsure strength of customer \nrelationships\n2\nCapitalize on cost synergies\n3\n4\n5\nEstablish growth plan\n6\nExpand sales staff\nIntroduce target to RSI’s engineer \n& customer relationships\nImplement RSI’s geographic \nexpansion playbook\nCross sell services between \nRSI and the target\nInitiate growth opportunities\n1\n2\n3\n4\n5\nSTRATEGIC \nGEOGRAPHIC \nEXPANSION \nEND MARKET \nEXPANSION\nSERVICE OFFERING \nSYNERGIES\nCAPTURE WALLET SHARE \nWITH KEY CUSTOMERS\nREVENUE & COST \nSYNERGY POTENTIAL\nM&A STRATEGY OVERVIEW\n•RSI competes in a highly fragmented industry with many sub-scale \nplayers where the Company could unlock considerable synergies by \nintegrating them into the RSI platform\n•Recently acquired the assets of a local Minneapolis competitor \n– large volume of similar opportunities\n•The Company provides platform potential to replicate other diversified \ninfrastructure services platforms in the market (i.e., a one-stop-shop for \nall your building’s maintenance and repair needs, both inside and out)\n•Company has existing infrastructure in place (e.g., leadership, \nstandardized processes, geographic expansion playbook, \nreputation) to grow as a platform\nTARGETGEOGRAPHYSERVICE OFFERING\nEST. REV.\n ($M)\n#1\nNE & MOParking Deck, Facade, Bridge\n$25M\n#2\nOHParking Deck, FaÁade\n$22M\n#3\nCOParking Deck, FaÁade\n$15M\n#4\nMOParking Deck, Facade\n$12M\n#5\nOHParking Deck, Facade\n$11M\n#6\nOHParking Deck, Facade\n$10M\n#7\nOHParking Deck, Facade\n$8M\n#8\nMNFaÁade\n$30M\n#9\nMNParking Deck\n$18M\nTotal Revenue\n$151M\nBlue Point Capital Partners, LLC\n\nGo-To-Market Strategy & Competitive Landscape\n25\n01\n02\n03\n04\n05\n06\nExecutive Summary\nInvestment Highlights\nGo-To-Market Strategy & Competitive Landscape\nGrowth Opportunities\nOperations Overview\nFinancial Summary\n07Appendix A: Sample Customer Engagement Documents\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n26\nSales & Marketing Organization & Strategy\nSALES STRATEGY OVERVIEWSALES ORGANIZATIONAL CHART\nKEY MARKETING INITIATIVES\nTAYTON EGGENBERGER\nSales Lead\n•Highly tactical sales team with a well-defined strategy of identifying \nopportunistic regions and customers with substantial market and \nwallet share opportunity\n•Led by Sales Leader Tayton Eggenberger, RSI’s Project Managers \ndevote ~30% of their time pursuing new leads during the busy season, \nand ~70% of their time managing ongoing jobs and client relationships\n•RSI utilizes direct sales channels, referrals through engineer \npartnerships, property / facility management relationships and online \nmarketing to target new customers\n•Strong reputation in existing markets has resulted in majority \nof new jobs being sourced from engineering referrals\n•Active and hands-on customer management strategy consisting of \ndedicated support teams that execute regular follow-ups during a job \nand post-job evaluations\nMinneapolis-Based\nSENIOR PROJECT \nMANAGER\nPROJECT MANAGER\nASSISTANT PROJECT \nMANAGER\nMILWAUKEE\nREGION LEADER\nMilwaukee-Based\nASSISTANT PROJECT \nMANAGER\nSOCIAL MEDIAEMAIL CAMPAIGNS\nSPONSORED INDUSTRY EVENTS\nTRADESHOWS\nYouTube channel with 30+ \ncompany and job overview videos\nFacebook and Instagram accounts \nwith active engagement (140+ \nposts in 2023)\n70+ annual email marketing \ncampaigns sent in 2023\n5,100+ total prospects reached \nthrough the marketing campaigns\nAttends various events and social \ngatherings with industry partners\nAttending events increases \nexposure to and builds \nrelationships with prospective \ncustomers and engineers\nAttend 7 trade shows annually\nTradeshow attendance enables RSI \nto put its service on display to key \nindustry players (e.g., prospects, \nengineers, architects)\n7\nTotal Sales Personnel\n~75%\nSales from Referrals\n~25%\nSales Sourced from \nOutbound Efforts\n38%\nLead Close Rate\n(1)\nKEY METRICS\nBLAKE DRONEN\nPresident\n1.Close rate on projects where a proposal is provided to a customer\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n27\nProject Management Funnel \n1\n2\n3\n4\n5\n6\nPROSPECTING\nDISCOVERY\nPROPOSAL / \nBID\nPRE-JOB SETUP\nPROJECT \nMANAGEMENT\nJOB CLOSE\nJOB STAGEKEY WORKSTREAMS\n•RSI has developed a six-step job workflow that has proven to generate new customers, facilitate effective project management and drive successful \noutcomes\n•The below job workflow is used for all service offerings, ensuring consistent processes and job execution during every customer engagement\n•All employees are cross trained across service lines, enabling flexibility and accuracy in job delivery\n▪Leverage networking connections\n▪Generate internal leads \n▪Attend industry events \n▪Generate proactive external leads\n▪Complete competitive analysis to understand \nopportunities within the market\n▪Qualify existing leads\n▪Organize and complete an intro meeting \nwith the lead\n▪Understand and note the customer needs\n▪Execute analysis and begin planning for \nclient needs\n▪Generate and deliver to the client a proposal \nthat details every aspect of the job\n▪Project Manager populates the bid terms \nfor the prospective client and delivers the \nfinal bid\n▪RSI prepares a product submittal package, \ndetailing all items needed for the job\n▪Company staffs RSI employees on the job\n▪Job equipment and material procurement\n▪Internal job management and \ncommunication\n▪RSI sends job progress updates\n▪Vendor bill review and approval\n▪SOW changes, if necessary\n▪RSI and management do a final job \nwalkthrough, completing a closing checklist\n▪Client receives final job invoice\n▪Client completes a post-closing survey\n▪Customer submits warranty claim, if \nnecessary\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n28\n1.Includes revenue earned from ancillary services to Building Facade and Parking Ramp work, \nincluding the installing of roofing anchors, small batch waterproofing mixes, and more.\nRSI’s Strategic Focus on the “Right” Type of Business\nREVENUE BY END MARKETREVENUE BY SERVICE TYPE\nBroad range of end markets and customers with strong focus on \nmulti-site operators and national accounts\nRegulation driven, non-deferrable service mix\nREVENUE BY CUSTOMER TYPE\nAbility to serve customers of all types, with a strong mix of more \nreoccurring, multi-site operator customers\nCOMPETITIVE VS NEGOTIATED\nAbility to comfortably secure industry-leading profit margins in \nboth competitive and negotiated bid scenarios\n76.3%\n23.7%\n‘22A – 24A\nAverage\nSingle-Site Operator\nMulti-Site Operator\nCompetitiveNegotiated\n42.5%\n57.5%\n‘22A – 24A\nAverage\nOther\n(1)\nBuilding Facade\nParking Ramp\n52.1%\n45.2%\n2.7%\nTTM \nOct-24\nHomeowners \nAssociation (HOA)\nGovernment\nProperty \nManagement\nHealthcare\n‘22A – ‘24A\nAverage\n35.1%\n29.5%\n18.0%\n9.4%\n7.9%\nEducational\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n29\nCustomer Study #1\n1.Management estimate\n2.Includes revenue earned from ancillary services to Building Facade and Parking Ramp work, including the \ninstalling of roofing anchors, small batch waterproofing mixes, and more.\nCUSTOMER CASE STUDY #1\nRELATIONSHIP HISTORY\nRSI’S VALUE ADD TO CUSTOMER\n•Added customer in 2008 through a private bid facilitated by one of the Company’s engineering \npartners\n•Generated continued growth within the customer through trust built on consistently high-\nquality services and a transparent approach to customer service\n•Strong history of servicing customer’s building facade needs\n•Executed $8.0M+ in jobs for Customer #1 since 2021, including various building facade and \nparking ramp jobs\n•RSI’s key jobs with customer include:\n•Building restoration of RiverWest Condominiums\n•Parking ramp restoration of RiverView Tower’s parking infrastructure\n51%\nBuilding \nFacade\n22%\nParking \nRamp\n27%\nOther\n(2)\n4%\n6%\n10%\n12%\n16%\n23%\n25%\n2018A2019A2020A2021A2022A2023A YTD 2024\nCUSTOMER DESCRIPTION:\nProperty management company \nwith infrastructure managed in 20+ \nstates\nLOCATION:\nNational with a strong presence in \nMinnesota\nINDUSTRY:\nHomeowners Association\nTENURE:\n15 Years\nJOBS COMPLETED (#):\n120+\nCUSTOMER TYPE:\nMulti-Site\nSERVICE REVENUE BREAKDOWNANNUAL WALLET SHARE WITH CUSTOMER\n(1)\nGO-FORWARD GROWTH STRATEGY\nExpand RSI’s solutions to support \nCustomer’s network as a whole\nGrow nationally into Customer’s \nproperties\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n30\nCustomer Study #2\nCUSTOMER CASE STUDY #2\nCUSTOMER DESCRIPTION:\nNational property management \nCompany with a portfolio of 170K \ntotal units\nRELATIONSHIP HISTORY\nRSI’S VALUE ADD TO CUSTOMER\n•Added customer in 2000\n•Primarily a direct relationship today between customer and RSI, but RSI has a strong \nrelationship with the customer’s preferred engineering partners\n•Growth in wallet share driven primarily through referrals and targeted marketing efforts at \ntradeshows, industry events and on social media\n•Executed $3.9M+ in jobs for customer since 2021, including various building facade and parking \nramp jobs\n•RSI’s key jobs with customer include:\n•Building restoration of Wells Fargo Home Mortgage\n•Upcoming parking lot restoration of the MetroPoint ramp\nLOCATION:\nNational with a strong presence in \nMinneapolis, MN & Milwaukee, WI\nINDUSTRY:\nProperty Management\nTENURE:\n28 Years\nJOBS COMPLETED (#):\n220+\n5%\n8%\n14%\n23%\n25%\n30%\n35%\n2018A2019A2020A2021A2022A2023A YTD 2024\nCUSTOMER TYPE:\nMulti-Site\nSERVICE REVENUE BREAKDOWNANNUAL WALLET SHARE WITH CUSTOMER\n(1)\nGROWTH OPPORTUNITY\n70%\nBuilding \nFacade\n1%\nParking \nRamp\n29%\nOther\n(2)\nDeepen customer relationship at a \ncross-functional level\nGrow nationally into Customer’s \nproperties\n1.Management estimate\n2.Includes revenue earned from ancillary services to Building Facade and Parking Ramp work, including the \ninstalling of roofing anchors, small batch waterproofing mixes, and more.\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n31\nJob Case Study #1 – Building Facade\nSITE DESCRIPTION:\nCathedral Built in 1887\nLOCATION:\nMinneapolis, MN\nSTART DATE:\nAugust 2020\nLENGTH OF JOB:\nMulti-Year Contract\nSOURCE OF JOB:\nInbound Interest\nJOB REVENUE:\n$64K\nJOB OVERVIEW\nSCOPE OF WORK\nLINK TO VIDEO CASE STUDY...\nHERE\nST. MARY'S ORTHODOX CATHEDRAL EXTERIOR RESTORATION\n•The customer was experiencing water infiltration in their \nwall cavity and required masonry repair quickly\n•RSI was contracted to perform exterior stone and \nmasonry repairs at the Historical St. Mary’s Orthodox \nCathedral\n•The Company delivered a quality result through various \nservices that restored the historic facade to its original \nlikeness\n▪Exterior Facade Tuckpointing\n▪Exterior Sealant Replacement\n▪Stainless Steel Through-Wall Flashing Installation\n▪Custom Fabricated Copper Counter Flashing Installation\n▪Exterior Stone Repairs\n▪Exterior Stone Replacement\n▪Power Washing Facade Elements\nBEFORE\nAFTER\nBEFORE\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n32\nJob Case Study #2 – Parking Ramp\nSITE DESCRIPTION:\nApartment complex located less \nthan 10 miles outside of Minneapolis\nLOCATION:\nBrooklyn Park, MN\nSTART DATE:\nApril 2020\nLENGTH OF JOB:\nTwo Months\nSOURCE OF JOB:\nInbound Interest\nJOB REVENUE:\n$169K\nJOB OVERVIEW\nSCOPE OF WORK\nLINK TO VIDEO CASE STUDY...\nHERE\nLUX APARTMENTS PARKING LOT REPAIR\n•The customer’s parking ramp was worn down and in \nneed of a new coating, parking line striping as well as \nstructural support repair\n•The customer chose RSI due to RSI delivering a fully \ncomprehensive proposal\n•RSI completed the job under budget and on time\n▪Structural Concrete Repair\n▪Traffic Coating Installation\n▪Sealant Installation\n▪Parking Stall Striping\n▪Post Tension Cable Replacement\n▪Post Tension Cable Repairs\nBEFORE\nAFTER\nBEFORE\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n33\nCompetitive Landscape\nHIGH VOLUME, NATIONAL LEADERSMALL, REGIONAL PLAYERS\nKEY STRENGTHSKEY STRENGTHSKEY STRENGTHS\nMarket leader in its core geography, \nMinneapolis, with growing market share in \na recently entered geography, Milwaukee\nStrong relationships with key national \ncustomer accounts\nHighly standardized and professional \noperating processes \nStrategic supply relationship (30%+ Discount)\nBroad service offering across numerous \nkey end-markets\nConsistently delivers high-quality services\nCurrently primarily serving only two major \nMSAs\n\nNational presence serving 18 states\nStrong relationships with key national \naccounts – highly penetrated within the \naccounts across multiple states in the U.S.\nComprehensive service offering with ability \nto serve a diversified end market mix\nLess focused on maximizing client experience \nand more interested in executing a high \nvolume of jobs\n\nWell-defined growth strategy\nMinimal focus on expanding the businesses\n\nKEY WEAKNESSES\nHigh standardization across operating \nprocesses\nOutdated processes and systems with limited \nintegration of technology\n\nKEY WEAKNESSES\nStrong emphasis on delivering quality \nservice on every job\nHighly experienced in one to a few key end-\nmarkets\nTend to have strong company culture and \nsense of pride within business\nKEY WEAKNESSES\nLack relationships with key industry \ncustomers\n\nStrategic supply relationships\nExtensive fleet of owned equipment\nLittle to no standardization of operational \nprocesses\n\nHigher risk of market cyclicality due to lack of \nend market diversification\n\nInability to cross-sell within customers due to \nlimited service offering\n\nLimited geographic presence\n\nOften lease equipment on a job-by-job basis\n\nRSI IS A CUSTOMER FOCUSED LEADER WITHIN ITS MARKETS WITH SIGNIFICANT RUNWAY TO ESTABLISH ITSELF NATIONALLY\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n34\nWhy RSI Wins \nCOMMITMENT TO QUALITYBREADTH OF SERVICES\nWELL INVESTED EQUIPMENT \nAND TECHNOLOGY\nEXPERIENCED WORKFORCE\n12\n3\n4\nEXCEPTIONAL JOB MANAGEMENT AND TRANSPARENCY\n5\n•RSI executes its jobs with meticulous attention to detail and uses \nthe highest-class materials and techniques\n•Renowned service quality results in prolongment of each \ncustomer’s structure life, enhanced aesthetics and \nsafety compliant final products\n•Industry leading quality provides reoccurring \ncustomer base and mitigated risk to RSI\n•Company has broad service offering enabling it to expertly \ndeploy traditional and modern restoration strategies\n•Ability to offer comprehensive services to \ncustomers through RSI’s various facade and \nparking lot repair and replacement capabilities\n•Serves customers in numerous industries, \nincluding health systems, housing, \nmunicipalities, etc.\n•Talented work force from the Company’s \ntechnicians, engineers and project \nmanagers – average tenure of ~5 years\n•Strong union relationships and ability to \ncontinually source craftsmen employees\n•Employee training ensures talent development is \ncontinuous and that veteran skillsets are passed \non to new employees\n•Use of latest restoration technology \nenables RSI to efficiently deliver high \nquality results\n•Technology assets enables RSI to address \neach unique customer challenge\n•Supply contracts and owned Company \nequipment allows RSI to competitively bid on \njobs\n•Very detailed job management, from the 30+ page job plan proposal to rigorous oversight and communication throughout each job \n•Systematic approach consists of detailed planning, proactive problem solving and continuous client updates to minimize client stress\n•Strict organization ensures that all jobs are completed on time and within budget\nC\nO\nM\nM\nI\nT\nM\nE\nN\nT\nT\nO\nQ\nU\nA\nL\nI\nT\nY\nB\nR\nE\nA\nD\nT\nH\nO\nF\nS\nE\nR\nV\nI\nC\nE\nS\nA\nD\nV\nA\nN\nC\nE\nD\nT\nE\nC\nH\nN\nO\nL\nO\nG\nY\n&\nE\nQ\nU\nI\nP\nM\nE\nN\nT\nE\nX\nC\nE\nP\nT\nI\nO\nN\nA\nL\nJ\nO\nB\nM\nA\nN\nA\nGE\nM\nE\nN\nT\nE\nX\nP\nE\nR\nI\nE\nN\nC\nE\nD\nW\nO\nR\nK\nF\nO\nR\nC\nE\nBlue Point Capital Partners, LLC\n\nGrowth Opportunities\n35\n01\n02\n03\n04\n05\n06\nExecutive Summary\nInvestment Highlights\nGo-To-Market Strategy & Competitive Landscape\nGrowth Opportunities\nOperations Overview\nFinancial Summary\n07Appendix A: Sample Customer Engagement Documents\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n36\nGrowth Opportunities Overview \n$20.5 \n$73.2 \n2023A Adjusted\nRevenue\nFurther Penetration in\nMinnesota\nContinued Ramp of\nMilwaukee\nTarget National\nAccounts\nGeographic Expansion2029P Adjusted\nRevenue\nM&A (Unbudgetted)Unbudgeted Upside\nPotential\nHighly Achievable Growth Trajectory (2023A-2029P Adjusted Revenue)\n$ in Millions\nB\nA\nC\nE\nConsiderable unbudgeted upside\nFURTHER \nPENETRATION \nIN MINNESOTA\nCONTINUED \nRAMP OF \nMILWAUKEE\nTARGET NATIONAL\nACCOUNTS\nGEOGRAPHIC \nEXPANSION\nMERGERS & \nACQUISITIONS \nABCDE\nD\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n37\nContinued Penetration in Minnesota\nMINNESOTA REVENUE TRENDSMINNESOTA GROWTH STRATEGY\n•Currently generating ~$23M of annual revenue in Minnesota with \nopportunity to expand market share position by 15%+ to grow 2029P \nrevenue to ~$50M\n•Numerous actionable opportunities in the Minnesota market to achieve \nmarket share growth include:\n•Focus on growing share of wallet within key existing customers \nthrough comprehensive evaluations of their portfolio to \nproactively address maintenance needs\n•Target new key customer accounts of scale to increase market \nshare\n•Expand to new cities within Minnesota that can be served by the \nMinneapolis office (e.g., Duluth, Rochester, etc.)\n•Pursue new end markets, including private colleges and \nuniversities, school districts, the industrial sector and Department \nof Transportation work\n$ in Millions\nA\n2018\nMINNESOTA GROWTH ROADMAP\nTODAY (2024)2029\n$46.3M\nRevenue\n~50%\nMarket Share\n35\nWork Crews\nKEY NECESSARY GROWTH INITIATIVES\n$23.2M\nRevenue\n35%\nMarket Share\n19\nWork Crews\nRSI is the leading player in the \nfragmented Minnesota market \nwith substantial market share \nexpansion opportunity\nAt the time Blake Dronen acquired RSI \nin 2018, the Company had a strong \nreputation in the Minneapolis \nrestoration market, but had not \nestablished itself as the market leader\n$12.8M\nRevenue\n10%\nMarket Share\n12\nWork Crews\nWin new large customer accounts \nthat will provide reoccurring \nrevenue (see page 38)\nExpand wallet share with key \nlarge customer accounts that \nhold substantial wallet share \n(see page 39)\nRSI has the opportunity to expand market share in Minnesota \nby 15% between 2024 and 2029 by executing key growth \nstrategies\n$14.8\n$18.5\n$23.2\n$26.9\n$29.9\n$35.8\n$39.5\n$46.3\n2022A2023A2024E2025P2026P2027P2028P2029P\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n38\nContinued Penetration in Minnesota (Cont.)\nA\nAbove Prospects are Large Customer Accounts that Would Provide RSI with Substantial Reoccurring Annual Opportunities\nPROSPECTPROSPECT DESCRIPTIONINDUSTRYSIZE\nANNUAL REVENUE \nOPPORTUNITYBUILDING FACADEPARKING RAMP\nKEY PROSPECTIVE CUSTOMER ACCOUNTS IN MINNESOTA\nPROSPECT #1\n500+ bed hospital in St. Paul, MN \nthat serves 200k+ patients per year\nMulti-Site\n~$750K\nPROSPECT #2\n$150B+ revenue company that \nprovides food, ingredients and \nagriculture solutions\nMulti-Site\n~$600K\nPROSPECT #3\n1M+ square foot shopping mall in \nthe Twin Cities serving ~14M \nannual visitors\nMulti-Site\n~$600K\nPROSPECT #4\nReal estate lessor with investments \nin office, retail and hospitality \nspaces\nMulti-Site\n~$600K\nPROSPECT #5\nHeadquarters of a multinational \nconglomerate with over 60 \nlocations across the U.S.\nMulti-Site\n~$500K\nPROSPECT #6\n600+ bed hospital in Minneapolis, \nMN that serves 200k+ patients per \nyear\nMulti-Site\n~$450K\nPROSPECT #7\n5M+ square foot shopping mall in \nthe Twin Cities area with ~13K \nparking spaces\nSingle-Site\n~$450K\nALL OTHER\n~$4.8M\nTOTAL OPPORTUNITY\n~$10.2M\nHealthcare\nProperty \nManagement\nProperty \nManagement\nProperty \nManagement\nProperty \nManagement\nHealthcare\nProperty \nManagement\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n39\nContinued Penetration in Minnesota (Cont.)\nA\nWALLET SHARE GROWTH OPPORTUNITY WITHIN KEY EXISTING CUSTOMER ACCOUNTS IN MINNESOTA\nHealthcare\n•Win more jobs due to track-record of delivering quality \nservices to customer\n~35%\n~45%\nProperty Mgmt.\n•Emphasize RSI’s value enhancing solutions to the \nCustomer’s properties\n~22%\n~30%\nProperty Mgmt.\n•Leverage diverse service offering to cross-sell various \njobs\n~35%\n~40%\nHOA\n•Sell RSI’s ability to deliver highly innovative solutions\n~25%\n~25%\nProperty Mgmt.\n•Demonstrate RSI’s ability to deliver tailored solutions for \neach job\n~15%\n~25%\nHealthcare\n•Leverage the Company’s service quality standard to \naddress the client’s need for perfect outcomes\n~10%\n~20%\nProperty Mgmt.\n•Market RSI’s ability to meet stringent industry standards\n~20%\n~25%\nEXISTING CUSTOMERINDUSTRYKEY SELLING POINTS\nCURRENT MN\nWALLET SHARE\n(1)\nSIGNIFICANT UNTAPPED REVENUE OPPORTUNITY – TOTAL IMPLIED REVENUE POTENTIAL\n1.Management estimate\n$15M+\nNATIONAL ACCOUNT \nPOTENTIAL\nFUTURE POTENTIAL \nMN WALLET SHARE\n(1)\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n~$300k invested to open new \nfacility in Milwaukee in 2022\n2022 - 2023\nINVESTMENTAMOUNT\n40\nContinued Ramp of Milwaukee\nWISCONSIN REVENUE TRENDS\n$ in Millions\nMILWAUKEE GROWTH ROADMAP\nWISCONSIN GROWTH STRATEGY\nB\nParking Ramp \nEquipment\n$200K\nExterior FaÁade \nEquipment\n$100K\nInitial Investment$300K\nTODAYFULL RAMP (2029)\nMilwaukee\n~60%\nPublic Job Mix\n~40%\nPrivate Job Mix\n$15.0M+\nRevenue\n30%\nPublic Job Mix\n70%\nPrivate Job Mix\nEMPLOYEE BASEGEOGRAPHIES\nEMPLOYEE BASEGEOGRAPHIES\nBranch Manager\nMilwaukee\nMadison, WI\nGreen Bay, WI\nWausau, WI\nKenosha, WI\nAppleton, WI\n1\nProject Manager\nSuperintendent\nField Staff\n1\n1\n14 - 24\n11 Field Staff\n2 Sales Personnel\n$3.2M\nRevenue (2024E)\n•Currently generating ~$3M of annual revenue in Milwaukee with \nopportunity to expand market share position to grow revenue to ~$15M \nby 2029\n•Numerous actionable opportunities in the Milwaukee market to achieve \nmarket share growth include:\n•Capitalize on large prospective accounts of scale\n•Expand to new cities within Wisconsin that can be served by the \nMilwaukee location (e.g., Madison, Green Bay, Wausau, Kenosha, \nAppleton, etc.)\n•Job margin improvement in the coming years as the Company \nleverages its growing track record and relationships to pursue \nhigher margin negotiated work vs. public bid work\n$0.7\n$2.0\n$3.2\n$5.8\n$7.6\n$10.8\n$12.7\n$16.3\n2022A2023A2024E2025P2026P2027P2028P2029P\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n41\n1.Based on Management estimate.\nContinued Ramp of Milwaukee (Cont.)\nB\nAbove Prospects are Large Customer Accounts that Would Provide RSI with Substantial Reoccurring Annual Opportunities\nKEY PROSPECTIVE CUSTOMER ACCOUNTS IN WISCONSIN\nPROSPECT #1\n1.5M+ sq. ft. sports and \nentertainment facility\nSingle Site\n$100K\nPROSPECT #2\nOne of largest health systems \nin US, a network of 18 hospitals\n with 150+ clinics\nMulti-Site\n$350K\nPROSPECT #3\nLeading advisory services provider \nwith multiple large campuses and \nconference spaces\nMulti-Site\n$35K\nPROSPECT #4\n$4.5B+ global leader in consumer \ngoods with multi-acre campus, \nmuseum and manufacturing plant\nSingle Site\n$125K\nPROSPECT #5\nInternational airport facility \nspanning +2K acres and serving \n+7M passengers annually\nSingle Site\n$850K\nPROSPECT #6\n$9BB+ global leader in industrial \nautomation systems\nSingle Site\n$300K\nPROSPECT #7\n+700 bed hospital in MKE serving \n+35K patients annually\nSingle Site\n$500K\nPROSPECT #8\n$26B+ global leader in building \nproducts and energy solutions\nMulti-Site \n$300K\nPROSPECT #9\nNational provider of insurance \nservices specializing in property \nand casualty insurance\nSingle Site\n$450K\nTOTAL OPPORTUNITY\n~$3.0M\nPROSPECTPROSPECT DESCRIPTIONINDUSTRYSIZE\nANNUAL REVENUE \nOPPORTUNITY\n(1)\nBUILDING FACADEPARKING RAMP\nHealthcare\nEntertainment\nProperty \nManagement\nManufacturing\nTransportation\nHealthcare\nIndustrial\nIndustrial\nCommercial\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n42\nDevelopment of National Accounts\nC\nWHY NATIONAL ACCOUNTS CHOOSE RSI\nReputable, trusted provider that provides consistently high-\nquality work\nProactive, professional account management (detailed bid \nproposals, weekly check-ins, annual reports, portfolio health \nmonitoring, etc.)\nEasy to work with – partnership approach\n•Opportunity to grow with national accounts that manage multiple \nfacilities across diverse geographies\n•National accounts prefer to work with a limited number of trusted \nvendors that serve as a single point of contact and can provide \ncomprehensive advice across their entire portfolio of assets\n•RSI’s existing robust project management processes are \ndifferentiated in the market and are highly attractive to large \nnational accounts that expect a higher level of \nprofessionalism\n•~30% of RSI’s revenue comes from national accounts today, and \nmanagement has identified multiple other national accounts to target, \nincluding property managers, parking ramp platforms, healthcare \nsystems, shopping center owners, REITs, etc.\n•To accelerate its strategy, management anticipates adding a dedicated \nsales manager to target and manage key national accounts\nBENEFITS OF A NATIONAL ACCOUNT STRATEGY\nLarge, stable and predictable revenue streams (i.e., maintain \nregular building restoration cycles built into capital budget)\nOpportunity to pull RSI into new geographies\nHighly sticky relationships typically with multi-year phasing \nprojects\nPOSITIONED TO BECOME A QUALIFIED NATIONAL PROVIDER \nCURRENT NATIONAL ACCOUNT REVENUE CONTRIBUTION\nRSI has established a foothold in key national accounts\nwith significant room to grow wallet share both locally \nand in new geographies\nNational Account Revenue\nAll Other Revenue\n2024E\n~30%\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n43\nDevelopment of National Accounts\nC\nData Centers\nLodging / Resorts\nIndustrial\nHealthcare\nMulti-family\nOffice Space\nSpecialty\nSports Arena\nTelecommunications\nRegional Malls / Shopping Centers\nSelf-Storage\nNational Property Managers, \nREITS, Parking Ramps and \nHospitality provide exposure \nto multiple attractive end \nmarkets \nNATIONAL ACCOUNTEXISTING CLIENTMANAGED PROPERTIES\nPROPERTY MANAGERS\n19,000+\n172,000+ Units\n9,000+\n37,500+\n--46,000+\nREITS\n--1,000+\n--550+\n--45+\n--200+\n--110+\nPARKING RAMPS\n--N/A\n--3,400+\n--3,700+\nN/A\nHOSPITALITY\n--5,900+\n750+\n--3,900+\n--5,800+\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n44\nGeographic Expansion\nIDENTIFIED EXPANSION MARKETS\nNEW GEOGRAPHIES REVENUE TRENDS\n$ in Millions\n$2.0\n$2.8\n$3.9\n$5.5\n$7.7\n$1.7\n$2.3\n$3.2\n$4.5\n$1.3\n$1.8\n$2.5\n$3.4\n$2.0\n$5.7\n$8.0\n$11.2\n$15.6\n2025P2026P2027P2028P2029P\nD\nGEOGRAPHIC EXPANSION STRATEGY\nKEY MARKET EXPANSION CRITERIA\nEngineering and client referral \nnetwork complementary to \nRSI’s existing markets\nLarge and growing addressable \nmarket\nModest competitive landscape\nFavorable business and labor \nenvironment\nKANSAS CITY\n2026\nTargeted Entry\n2.2M\nTotal Population\n30%\nFull-Ramp Market Share Potential \nSELECT OHIO MARKETS\n2025\nTargeted Entry\n6.6M\nTotal Population\n25%\nFull-Ramp Market Share Potential \nDENVER\n2026\nTargeted Entry\n3.0M\nTotal Population\n40%\nFull-Ramp Market Share Potential \n•RSI has built a platform that is prepared to execute an aggressive geographic \nexpansion strategy, replicating its proven blueprint from Milwaukee\n•As RSI scales, it will be able to leverage its corporate infrastructure \n(e.g., people, equipment and technology) to drive synergies and \nmargin expansion\n•RSI’s geographic expansion strategy is teachable and repeatable \n•Management has identified the three most attractive expansion markets as \nKansas City, Ohio and Denver and have developed a detailed strategy to break \ninto each market\n•Target markets were identified for their favorable attributes, \nincluding infrastructure quality, regulatory environment, competitive \nlandscape and complementary referral network\n•Typical new facility requires a $300K investment, with a one-to-two year \nbreakeven\n•Management anticipates creating a position to lead integration efforts to \nensure successful ramping of new locations\n•Opportunity to fast-track geographic expansion through the interplay of M&A\nOhioKansas CityDenver\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n45\nExpansion Market Case Study: Ohio\nRATIONALE FOR MARKET ENTRY\nOHIO MARKETS (CLEVELAND, CINCINNATI AND COLUMBUS)\n•Ability to efficiently serve three markets within Ohio with only one strategically located office\n•Would enable optimized resource allocation, streamlined operations, cultural alignment \nand consistent service quality standards\n•Existing referral and client relationships in the markets would enable quick market share ramp \nREVENUE & ADJ. EBITDA ($M)REQUIRED CAPITAL INVESTMENTS\nCLIENT RELATIONSHIPSREFERRAL RELATIONSHIPS\nINVESTMENTAMOUNT\nParking Ramp \nEquipment\n$200K\nExterior Facade Equipment$100K\nTotal Required Investment$300K\nD\nMARKET SHARE OPPORTUNITY:\n25%\n(1)\nMSA POPULATION:\n6.6M\nLABOR MARKET:\nUnionized\nTARGET MARKET ENTRY DATE:\n2025\nTARGET END MARKETS:\nBuilding Facade, Parking Ramp & \nHistorical Buildings\n1.Management estimate at full ramp in the market\n$2.0\n$2.8\n$3.9\n$5.5\n$7.7\n2025P2026P2027P2028P2029P\n$0.7 \n$1.1 \n$1.6 \n$2.3 \n$3.3 \nAdjusted Revenue Adjusted EBITDA\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n46\nExpansion Market Case Study: Kansas City\nRATIONALE FOR MARKET ENTRY\nKANSAS CITY\n•Company has strong referral relationships in the market, which would enable RSI to collect market \nshare and ramp quickly\n•Parking ramp regulatory review timeline in Kansas City is similar to that of Minneapolis in that it \nrequires annual reviews, which would allow the Company to seamlessly mirror its operational \nprocesses in Minneapolis\nREVENUE & ADJ. EBITDA ($M)REQUIRED CAPITAL INVESTMENTS\nINVESTMENTAMOUNT\nParking Ramp \nEquipment\n$200K\nExterior Facade Equipment$100K\nTotal Required Investment$300K\nCLIENT RELATIONSHIPSREFERRAL RELATIONSHIPS\nD\n1.Management estimate at full ramp in the market\nMARKET SHARE OPPORTUNITY:\n30%\n(1)\nMSA POPULATION:\n2.2M\nTARGET MARKET ENTRY DATE:\n2026\nTARGET END MARKETS:\nBuilding Facade, Parking Ramp & \nHistorical Buildings\nLABOR MARKET:\nNon-Unionized\n$1.7\n$2.3\n$3.2\n$4.5\n2026P2027P2028P2029P\n$0.6 \n$0.9 \n$1.3 \n$1.9 \nAdjusted Revenue Adjusted EBITDA\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n47\nExpansion Market Case Study: Denver\nRATIONALE FOR MARKET ENTRY\nDENVER\n•Recent infrastructure expansion in the market will result in significant near-term restoration work \nopportunity – on the verge of a high volume of job opportunities\n•Existing referral and client relationships would enable quick market share ramp \n•Lack of competition in the region would enable RSI to establish themselves as a leader quickly\nCLIENT RELATIONSHIPSREFERRAL RELATIONSHIPS\nREQUIRED CAPITAL INVESTMENTS\nINVESTMENTAMOUNT\nParking Ramp \nEquipment\n$200K\nExterior Facade Equipment$100K\nTotal Required Investment$300K\nD\nMARKET SHARE OPPORTUNITY:\n40%\n(1)\nMSA POPULATION:\n3.0M\nLABOR MARKET:\nNon-Unionized\nTARGET MARKET ENTRY DATE:\n2026\nTARGET END MARKETS:\nBuilding Facade, Parking Ramp & \nHistorical Buildings\n1.Management estimate at full ramp in the market\nREVENUE & ADJ. EBITDA ($M)\n$1.3\n$1.8\n$2.5\n$3.4\n2026P2027P2028P2029P\n$0.4 \n$0.7 \n$1.0 \n$1.4 \nAdjusted Revenue Adjusted EBITDA\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n✓Acquire a competitor in a particular geography rather than greenfield an operation, particularly if the player is \nentrenched in the market with a sticky customer base\n✓Selectively pursue new capabilities, such as bridge inspections, that are complementary to RSI’s existing core \ncompetencies\n✓Target companies that have relationships with key national accounts\n✓Pursue businesses where RSI could optimize cost structure and pursue cross selling opportunities\n✓Target acquisitions in currently underpenetrated end markets (e.g., private colleges and universities, school \ndistricts, the industrial sector and DoT work) that would unlock new customer relationships\n48\nMergers & Acquisitions \nEnd Market Expansion\nEnhance Service \nOffering\nRevenue and Cost \nSynergy Potential\nMERGERS & ACQUISITION STRATEGY\nE\n•Highly fragmented industry with many sub-scale players where RSI could unlock considerable synergies by integrating them into the RSI platform\n•Planned pipeline of attractive acquisition targets that would unlock new areas for growth including geographic expansion, new end markets and expanded \ncapabilities\n•RSI provides platform potential to replicate other diversified infrastructure services platforms in the market (i.e., a one-stop-shop for all your building’s \nmaintenance and repair needs, both inside and out)\n•Management has cultivated strong relationships across the industry and understands the competitive landscape well\n•Industry network enabled the Company to execute the acquisition of local Minneapolis competitor in 2024 – established playbook to execute M&A\n•Well defined and standardized operational processes are teachable and repeatable in the aftermath of an acquisition – will enable RSI to establish its high \nmargin profile within acquired businesses\nStrategic \nGeographic \nExpansion\nACQUISITION CRITERIA\nCapture Wallet \nShare within Key \nCustomers\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n49\nMergers & Acquisitions (Cont.)\nE\nWELL DEFINED M&A PLAYBOOK\nTARGET IDENTIFICATION & ACQUISITION\nACQUISITION INTEGRATIONEMPOWERING GROWTH\nPhase IPhase IIPhase III\nHighly Actionable and Repeatable M&A Strategy\n1\n2\n3\n4\n5\nIdentify and contact desired \nacquisition target \nEngage M&A advisors to help lead a \nfast yet diligent process\nPerform intense business diligence to \ndetermine potential synergies and \nopportunities within the business\nEngage with a financing partner, if \nnecessary\nClose of deal\n1\n2\n3\n4\nDevelop a relationship with acquired \nCompany management and understand \ntheir goals for the business\nEnsure strength of key customer \nrelationships directly following the \nacquisition\nDetermine human resource needs & \nif there are potential costs synergies \nto capitalize on\nImplement RSI’s standardized \noperational, sales and customer service \nprocesses, enabling the newco to reach \nmargins that mirror RSI’s\n5\nIntegrate direct purchasing relationship \n(30% discount) with RSI’s largest supplier, \nfurther increasing purchasing power\n1\n2\n3\n4\n5\nIdentify and initiate the most \nactionable growth opportunities\nIntroduce the acquired company to \nRSI’s deep network of engineers and \nkey customer accounts\nHelp expand sales staff to develop a \nmore aggressive customer \npenetration and acquisition strategy\nIntroduce RSI’s geographic expansion \nplaybook to enter strategic markets\nCross-sell services between acquired \nCompany and RSI, if the company is \nproviding services RSI does not\n6\nEstablish a go-forward growth plan \nwith the management team\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n50\nMergers & Acquisitions – Acquisition Case Study (Cont.)\nE\nACQUISITION BACKGROUND\nACQUISITION OF MERIT CONSTRUCTION SERVICES\n•RSI completed the acquisition of the assets of a Minnesota-based restoration services company in \nthe Summer of 2024\n•RSI assumed ~$600K worth of equipment, all client relationships and 10 employees in the \nacquisition\n•Blake Dronen called the owner of Merit to determine if there was an interest in selling the business \nto RSI\n•Merit’s previous owner was aiming to retire and safely transition the assets of the business \nto a reputable player in the industry\n•The previous owner will receive 10% of sales from projects from Merit’s previous client base for \n2025 and 2026\n•As of November 2024, RSI has fully integrated Merit into its operations, and the two companies have \nbegun transitioning commercial opportunities\nTOTAL EMPLOYEES:\n~10\nACQUISITION RATIONALE & OPPORTUNITY\n•The acquisition of Merit provides strong opportunity to dedicate additional talented employee \nresources to the Milwaukee region as the RSI scales in the geography\n•RSI also gained access to the Ohio market, which is a growth geography of focus for \nmanagement\n•The acquisition adds additional geographic reach and operational resources that are aligned with \nRSI’s focus on quality\n•RSI completed the acquisition in less than three months, a testament to management’s ability to \nefficiently identify, evaluate and close investment opportunities\n•Management will leverage the M&A playbook used in the acquisition of Merit to continually execute \nnew acquisition opportunities \nCOMPANY NAME:\nMerit Construction Services\nSERVICE GEOGRAPHY COVERAGE:\nWisconsin, Ohio and UP of Michigan\nREVENUE ACQUIRED:\n~$5.0M\nSERVICES:\nConstruction Services\nHEADQUARTERS:\nFarmington, MN\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n51\nMergers & Acquisitions (Cont.)\nTARGETGEOGRAPHYSERVICE OFFERINGOWNERSHIP DYNAMICEST. REV. ($M)\nTARGET #1\nNebraska & Missouri\nParking Deck, Facade, Bridge\nOwned & operated by\nthe son of the founder\n$25M\nTARGET #2\nOhio\nParking Deck, FaÁade\nMultiple owners, including the founders \nand outside industry operators\n$22M\nTARGET #3\nColorado\nParking Deck, FaÁade\nFounder owned\n$15M\nTARGET #4\nMissouri\nParking Deck, Facade\nFounder owned\n$12M\nTARGET #5\nOhio\nParking Deck, Facade\nFounder owned\n$11M\nTARGET #6\nOhio\nParking Deck, Facade\nFounder owned\n$10M\nTARGET #7\nOhio\nParking Deck, Facade\nFounder owned\n$8M\nTARGET #8\nMinnesota\nFaÁade\nFounder owned\n$30M\nTARGET #9\nMinnesota\nParking Deck\nClosely held\n$18M\nTotal Revenue\n$150M+\nREPRESENTATIVE M&A PIPELINE\nE\nBlue Point Capital Partners, LLC\n\nOperations Overview\n52\n01\n02\n03\n04\n05\n06\nExecutive Summary\nInvestment Highlights\nGo-To-Market Strategy & Competitive Landscape\nGrowth Opportunities\nOperations Overview\nFinancial Summary\n07Appendix A: Sample Customer Engagement Documents\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n53\nCompany History \nWHERE QUALITY MEETS \nCRAFTSMANSHIP\nPOSITIONED TO SCALE\nNEW LEADERSHIP, RENEWED \nCOMMITMENT\n1997 - 20182018 - 20242025+\n$5.7 \n$7.3 \n$7.3 \n$8.4 \n$8.2 \n$9.7 \n$10.0 \n$11.7 \n$12.8 \n$11.3 \n$11.5 \n$15.5 $15.5 \n$20.5 \n$26.4 \n$34.8 \n$43.2 \n$54.6 \n$63.4 \n$78.2 \n2010A2011A2012A2013A2014A2015A2016A2017A2018A2019A2020A2021A2022A2023A2024E2025P2026P2027P2028P2029P\nSteve Dronen built the framework for the \nbusiness, establishing RSI as an innovative \nservice provider of restoration services\nRSI grew rapidly through new ownership, \nnew service lines and geographic expansion \nvia greenfielding locations and M&A\nRSI is committed to advancing through \nnew market expansions and strategic \nacquisitions to foster continued growth\nExpand market presence in Minnesota and \nWisconsin by acquiring new customers and \ngrowing market share with existing customers\nMove into new markets such as Kansas \nCity, Ohio and Denver\nTarget potential acquisitions to increase \nmarket share \nExplore potential service line expansion \nopportunities (e.g., bridge restoration)\nCONSISTENT TRACK RECORD OF REVENUE GROWTH\n$ in millions\n1997\nFounded by Steve Dronen in Chaska, \nMinnesota\n1997\nIntroduction of building facade \nrestoration, parking deck restoration, \nwaterproofing and sealants, and traffic \ncoating services\n1999\nBlake Dronen joins the business as a \nForeman\n2017\nTayton Eggenberger rejoins the \nbusiness as a Project Manager \n2018\nBlake Dronen acquires the business from \nhis father\n2019\nJen Patti joins the business as Office \nManager and is subsequently promoted to \nOperational Strategy Leader in 2024\n2019\nRefined and improved customer service \nstrategy, leaping ahead of competition \nwith optimized and replicable processes\n2022\nExpanded operations beyond MN with the \nopening of an office in Milwaukee, WI\n2024\nAcquired the assets, including ~10 \nemployees, of a competing commercial \nrestoration business in the Twin Cities\n1.2010A – 2020A represents reported figures whereas 2022A – 2029P represents adjusted figures.\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n54\nServices Overview\n•Restoration services performed \non a building’s facade, which can \nbe damaged due to weather, \npollution and aging \n•Services address joint failure, \nwater intrusion and eroding or \ndefective stones to preserve the \nappearance, safety and lifespan \nwhile matching the appearance \nof the original surface\nBUILDING FACADE \nRESTORATION\n•Traditional and modern \nrestoration techniques that \nextend the life and structural \nintegrity of parking ramps and \nother concrete structures while \nminimizing unexpected \nmaintenance costs\n•Certified Post-Tension Cable \nRepair & Replacement \npersonnel to assist with post-\ntension failures\nPARKING DECK \nRESTORATION\n•Provide both preventative and \nreactive waterproofing systems \nthat reduce water intrusion and \ndamage\n•Identify and safely replace failed \nor aging sealant systems to \nensure the long–term health \nand watertight integrity of a \nproperty\nWATERPROOFING & \nSEALANTS\n•Certified installation team \nprepares concrete surface to \nensure maximum substrate \nadhesion\n•Critical to ensure complete \ncoating system is done properly \nin order to stand up to heavy \nuse and weather\nTRAFFIC COATINGS\nNote: Other includes revenue earned from ancillary services to Building Facade and Parking Ramp \nwork, including the installing of roofing anchors, small batch waterproofing mixes and more.\nRevenue ContributionRevenue ContributionRevenue ContributionRevenue Contribution\n44.2%\n’22A – ’24E \nAverage\n11.0%\n’22A – ’24E \nAverage\n32.3%\n’22A – ’24E \nAverage\n9.1%\n’22A – ’24E \nAverage\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n55\nManagement & Employee Summary\nORGANIZATION OVERVIEW\n•RSI maintains a highly skilled and stable employee base that is cross-\ntrained and supervised by experienced leadership \n•Attractive benefits provided - health and insurance benefits, 401(k) match \ncontributions, paid time off, parental leave and commuter benefits\n•Employee incentive plans are strategically aligned with Company KPI \ntargets, including an employee safety incentive plan and profit-sharing \nopportunities based on annual performance\n•Comprehensive safety training and workshops, career development \nopportunities and tuition reimbursements reflect a strong commitment to \nemployee satisfaction\nEMPLOYEE SUMMARY - JUNE 2024\nRSI ORGANIZATIONAL CHART\nBY FUNCTION\nRoleMinnesota WisconsinTotal\nField Staff\n591069\nField Leadership\n213\nOperations & Administration\n(1)\n9-9\nSales\n426\nTotal\n741387\nBLAKE DRONEN\nPresident\nTAYTON EGGENBERGER\nSales Leader\nBRIAN STUEVE\nFinance Leader\nPROJECT \nMANAGER\n(3)\nFIELD STAFF \n(59)\nWAREHOUSE \nSTAFF\n(6)\nSUPERINTENDENT\n(2)\nJEN PATTI\nOp. Strategy Leader\nFIELD STAFF & FOREMAN HEADCOUNT \n(AVERAGE 2021A-2024E)\nMKE \nFIELD LEADER\n(1)\nDAN LEPHARDT\nMKE Region Leader\nFIELD STAFF \n(11)\n1.Includes the Company’s President, Blake Dronen, and Finance Leader, Brian Stueve\n12\n8\n15\n47\n62\n73\n76\n77\n81\n79\n71\n32\nJanFeb Mar Apr May JunJulAug Sept Oct Nov Dec\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n56\nUnion Relationships\nUNION RELATIONSHIPS OVERVIEW\n•RSI maintains productive union relationships in markets where union collaboration is \nnecessary\n•Strong union relationships drive low attrition rates relative to the industry, especially \ngiven seasonal staffing fluctuations, and allow a flexible and dependent pipeline of \nskilled labor\n•RSI has a right-sized base of ~70 union and ~10 non-union employees during busy \nseason\n•RSI has maintained robust union relationships for the past 28 years through regular \nparticipation in union functions and training programs \n•RSI President, Blake Dronen, plays a pivotal role in managing contractual \naspects of union relationships with Bricklayers Local 1, Liuna Local 563 and \nLiuna Local 113\n \n•Superintendents oversee day-to-day interactions with unions \nUNION EMPLOYEE SUMMARY\n(1)\nBUSY SEASON (MAY – NOVEMBER)\nField Staff (Union)Minnesota WisconsinTotal\nField Staff\n591069\nField Leadership\n213\nWarehouse (Union)\n1-1\nField Staff Total\n621173\nOffice (Non-Union)Minnesota WisconsinTotal\nOperations & Admin.\n8-8\nSales\n426\nOffice Total\n12214\nTotal Employees\n741387\nRELEVANT UNION CHAPTERS\n1.Represents 2023 average\nOFF SEASON (DECEMBER – APRIL)\nField Staff (Union)Minnesota WisconsinTotal\nField Staff\n9211\nField Leadership\n213\nField Staff Total\n11314\nOffice (Non-Union)Minnesota WisconsinTotal\nSales\n426\nOperations & Admin.\n6-6\nOffice Total\n10212\nTotal Employees\n21526\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n57\nSafety, Quality and Environmental Programs\nSAFETY AND REGULATORY OVERVIEW\n•RSI is committed to the health and safety of both its employees and clients and has a strong record of employee safety and regulatory compliance\n•The Company has earned multiple awards for its robust safety, quality and environmental programs and track record\n•All jobsites are inspected and reviewed daily according to Job Hazard Analysis (JHA) workbooks, with additional safety checklists for jobsites \ninvolving swing stage or scaffolding equipment \n•Project Managers, Superintendents and Foremen collectively ensure adherence to International Concrete Repair Institute (ICRI) and International \nMasonry Institute (IMI) quality standards \n•RSI adheres to EPA standards and regulations, with ability to incorporate advanced environmental considerations if requested\n•Comprehensive daily reports provide frequent check-in opportunities with employees and clients, ensuring highest safety, quality and environmental \nstandards are upheld through full job duration\n•RSI also provides in-house annual safety trainings, specialized safety courses (scaffolding, swing stages, etc.) and independent safety consultant \ncollaborations to continuously develop employee safety knowledge\nREPRESENTATIVE RECOGNITIONINDUSTRY-LEADING SAFETY METRICS\n0.7\n0.81\n0.820.82\n-0.1\n0.1\n0.3\n0.5\n0.7\n0.9\n1.1\n1.3\n1.5\n202120222023YTD-2024\nRSI’s Historical Experience Modification Rate (EMR)\n(1)\nIndustry Average (1.0)\n1.Lower EMR represents lower likelihood to incur a compensable loss.\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n▪Personnel and equipment \ncoordination\n▪Job planning and scheduling\n▪Attend industry events\n▪Communicate with building owners & \nmanagers and referral sources \n(engineers, architects) to source job \nopportunities\n▪Draft proposals and negotiate bids \nwith clients\n▪Meet weekly with superintendents \nregarding job updates to be \ncommunicated to customers\n58\nOperations Team Summary\nPROJECT MANAGERSSUPERINTENDENTS\nTAYTON \nEGGENBERGER\nSALES LEADER\nPROJECT \nMANAGER\n(1)\nASST. PROJECT \nMANAGER\n(1)\nSALES TEAM\nCORE DUTIES\n▪Supervising and managing all on-site \nconstruction activities\n▪Ensure jobs consistently track towards \ncompletion, on-time and on-budget\n▪Resolve issues and implement \nsolutions for day-to-day operations\nKEY PERSONNEL INTERACTIONSKEY PERSONNEL INTERACTIONS\nOTHER KEY DUTIES\nCORE DUTIES\nOTHER KEY DUTIES\n•Operations team works closely to (i) manage the day-to-day activities of all constructions sites across RSI’s current job schedule and (ii) work collaboratively \nwith Project Managers to ensure clients stay informed on all job statuses, updates or concerns\n•Superintendents are trained and experienced in managing on-site personnel and service progress while maintaining frequent communication with the client-\nfacing Project Management team\nOPERATIONS TEAM\nSENIOR PROJECT \nMANAGER\n(1)\nJEN PATTI\nOPERATIONS \nSTRATEGY LEADER\nFIELD STAFF \n(59)\nWAREHOUSE STAFF\n(6)\nSUPERINTENDENT\n(2)\nConstruction \nSuperintendent\nReferral SourcesClients\nProject \nManagers\nField Staff\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n59\nFacilities Overview \nOFFICE FACILITY #1OFFICE FACILITY #2\n1 meeting room\n1 break room\nParking for 10 vehicles\nFully accessible\nVoIP phone systems \nOn-Call IT support\nAMENITIESTECHNOLOGY\n24/7 security\nCCTV\nSecure access controls\nFire safety system\nEnergy-efficient lighting\nRecycling program \nMail handling service\nBi-weekly cleaning\nSECURITYOTHER FEATURES\n1 meeting room\n1 break room\nParking for 20 vehicles\nFully accessible\nVoIP phone systems \nOn-Call IT support\nAMENITIESTECHNOLOGY\n24/7 security\nCCTV\nSecure access controls\nFire safety system\nEnergy-efficient lighting\nRecycling program \nFront desk reception\nMail handling service\nSECURITYOTHER FEATURES\nBi-weekly cleaning\nChaska, MN\nLocation\n14\nEmployees\n(2)\nLeased\n20.5K\nTotal Sq. Feet \n(Office & Warehouse)\n(1)\n•Two leased facilities – both are located just outside the downtown corridor of Minneapolis and Milwaukee\n•Current rental rates changed to the Company are marked-based, and the expectation is that long-term leases would be executed current with a \nclosing of a transaction\n•Proximity to metropolitan areas provides easy access to the Company’s frequent job sites and ability to easily manage human talent\n•Large warehousing spaces to store the Company’s extensive equipment fleet\n1.The leased facility in Chaska has an additional 11.5k sq. ft. that is owned by Blake in a related entity \nthat the Company could consider expanding into if desired.\n2.Includes superintendent employees that report to respective branch.\nWaukesha, WI\nLocation\n3\nEmployees\n(2)\nLeased\n6.0K\nTotal Sq. Feet \n(Office & Warehouse)\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n60\nEquipment Overview\n13\nSkid Steers\n13\nAerial Lifts\n3\nScissor Lifts\n1\nBrokk\nON-SITE EQUIPMENT\n15\nCompressors\n43\nSaws\nSERVICE EQUIPMENT\n10\nGrinders\n45\nJack \nHammers\nMISCELLANEOUS EQUIPMENT\n1.Represents 93 swing stage motors and ancillary equipment sufficient for 45 complete swing stages.\n1\nForklift\n6\nConcrete Buggies\nDELIVERY EQUIPMENT\n29\nGenerators\n45\nSwing Stages\n(1)\n21\nTrailers\n32\nTrucks\nREPRESENTATIVE EQUIPMENT\nKEY EQUIPMENT SUMMARY\n•Strong base of owned equipment provides the Company a competitive advantage to (i) quickly react to job needs, (ii) aggressively bid jobs without the \nburden of equipment lease expenses and (iii) efficiently swap and repair equipment to avoid costly job delays\n•High performance and state of the art equipment with no major replacements anticipated following recent and thorough maintenance inspection \ncompleted in 2024 (performed every five years)\n•Existing equipment base has ability to continue supporting Company through forecasted job volume growth\nCLICK HERE\nClick links below to see \nequipment in action\nCLICK HERE\nCLICK HERE\nBlue Point Capital Partners, LLC\n\nFinancial Summary\n61\n01\n02\n03\n04\n05\n06\nExecutive Summary\nInvestment Highlights\nGo-To-Market Strategy & Competitive Landscape\nGrowth Opportunities\nOperations Overview\nFinancial Summary\n07Appendix A: Sample Customer Engagement Documents\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n62\n1.Acquisition was completed in August 2024\nFinancial Highlights\nBASIS OF INFORMATION\n•The financial overview presented herein summarizes the financials for RSI for (i) the fiscal years ended December 31, 2022 to 2023 and (ii) the projected results for \nfiscal years ending December 31, 2024 to 2029\n•Unless otherwise noted, the financials presented in this section have been presented on a pro forma adjusted basis\nSUMMARY P&L \n30.3% CAGR\nTotal Revenue \n(2022A – 2024E)\n30.5%\nAdjusted EBITDA Margin \n(2024E)\n43.2% \nGross Profit Margin \n(2024E)\n$ in Thousands2022A2023A2024E2025P2026P2027P2028P2029P\nMinneapolis Service Revenue14,823 18,520 23,165 26,938 29,867 35,798 39,500 46,326 \nMilwaukee Service Revenue697 2,025 3,187 5,828 7,614 10,812 12,742 16,280 \nTotal Minneapolis & Milwaukee Revenue$15,520 $20,546 $26,352 $32,766 $37,481 $46,610 $52,243 $62,605 \nTotal De-Novo Location Revenue− − − 2,000 5,700 7,980 11,172 15,641 \nTotal Revenue$15,520 $20,546 $26,352 $34,766 $43,181 $54,590 $63,415 $78,246 \nRevenue Growth %32.4%28.3%31.9%24.2%26.4%16.2%23.4%\nCost of Revenue8,686 12,939 14,963 18,901 22,419 28,149 31,599 37,978 \nGross Profit$6,833 $7,607 $11,389 $15,865 $20,763 $26,441 $31,816 $40,268 \nGross Profit Margin %44.0%37.0%43.2%45.6%48.1%48.4%50.2%51.5%\nOperating Expenses3,006 3,468 3,353 4,179 5,162 5,978 6,582 7,613 \nAdjusted EBITDA$3,827 $4,139 $8,036 $11,686 $15,601 $20,463 $25,234 $32,655 \nAdjusted EBITDA Margin (%)24.7%20.1%30.5%33.6%36.1%37.5%39.8%41.7%\nMerit Construction Acquisition\n(1)\n2,086 2,086 1,212 − − − − − \nPro Forma Adjusted EBITDA$5,913 $6,225 $9,248 $11,686 $15,601 $20,463 $25,234 $32,655 \nBlue Point Capital Partners, LLC\n\nRestoration Systems\n63\nRevenue Detail\nREVENUE DETAILCOMMENTARY\n•Minneapolis:\n•RSI expects to execute strong growth in \nMinneapolis Building FaÁade and Parking Ramp \nservices in 2025+ driven by continued penetration \nwith large existing accounts and the acquisition of \nnew sizeable customer opportunities\n•Milwaukee:\n•RIS expects to continue scaling the Milwaukee \noperation quickly driven by converting the existing \ncustomer pipeline and the onboarding of \ncustomers from the 2024 Merit Construction \nServices acquisition\n•De-Novo Markets:\n•RSI plans to expand into Ohio in 2025 and Kansas \nCity and \nDenver in 2026\n•Revenue projections for each of the de novo \nmarkets were informed by management’s estimate \nof the market size and targeted market share\n$ in Thousands2022A2023A2024E2025P2026P2027P2028P2029P\nMinneapolis\nMinneapolis FaÁade Revenue9,135 10,092 11,924 14,236 15,783 18,884 20,723 24,120 \nMinneapolis Parking Ramp Revenue5,490 7,140 10,893 12,366 13,734 16,547 18,394 21,805 \nMinneapolis Misc Services Revenue197 1,288 348 336 351 367 383 400 \nMinneapolis Total Revenue$14,823 $18,520 $23,165 $26,938 $29,867 $35,798 $39,500 $46,326 \nRevenue Growth %−24.9% 25.1% 16.3% 10.9% 19.9% 10.3% 17.3% \nMilwaukee\nMilwaukee FaÁade Revenue568 777 2,107 3,177 4,085 6,035 7,524 10,591 \nMilwaukee Parking Ramp Revenue129 1,249 1,071 2,642 3,520 4,768 5,208 5,678 \nMilwaukee Misc Services Revenue− − 9 9 10 10 10 11 \nMilwaukee Total Revenue$697 $2,025 $3,187 $5,828 $7,614 $10,812 $12,742 $16,280 \nRevenue Growth %−190.6% 57.3% 82.9% 30.6% 42.0% 17.8% 27.8% \nDe-Novo Revenue\nOhio De-Novo Revenue− − − 2,000 2,800 3,920 5,488 7,683 \nKansas City De-Novo Revenue− − − − 1,650 2,310 3,234 4,528 \nDenver De-Novo Revenue− − − − 1,250 1,750 2,450 3,430 \nDe-Novo Total Revenue$0 $0 $0 $2,000 $5,700 $7,980 $11,172 $15,641 \nRevenue Growth %− − − − 185.0% 40.0% 40.0% 40.0% \nTotal Revenue$15,520 $20,546 $26,352 $34,766 $43,181 $54,590 $63,415 $78,246 \nRevenue Growth %\n−32.4%28.3%31.9%24.2%26.4%16.2%23.4%\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n64\nCost of Revenue Detail\n•Direct Payroll: Consists of salaries, wages, benefits \nand taxes pertaining to field staff across all locations\n•Equipment and Supplies: Consists of all supplies, \nequipment and material inputs for each Company job\n•Other Cost of Revenue: Consists of fees and testing \ncosts, waste and disposal costs, vehicle expenses, \ntravel expenses and more\n•Cost of revenue items were forecasted as a percentage \nof revenue based on the historical mix of job sizes. The \nincrease in gross margins over the forecast period is \nattributable to the forecasted mix of projects / project \nsizes as well as economies of scale in purchasing\nCOST OF REVENUECOMMENTARY\n$ in Thousands2022A2023A2024E2025P2026P2027P2028P2029P\nTotal Revenue$15,520 $20,546 $26,352 $34,766 $43,181 $54,590 $63,415 $78,246 \nDirect Payroll4,788 8,498 9,991 12,239 14,752 18,524 20,801 25,006 \nEquipment and Supplies3,726 3,735 4,307 5,701 6,549 8,221 9,223 11,080 \nOther Cost of Revenue172 706 665 962 1,118 1,404 1,575 1,892 \nTotal Cost of Revenue$8,686 $12,939 $14,963 $18,901 $22,419 $28,149 $31,599 $37,978 \nGross Profit$6,833 $7,607 $11,389 $15,865 $20,763 $26,441 $31,816 $40,268 \nGross Margin (%)44.0%37.0%43.2%45.6%48.1%48.4%50.2%51.5%\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n65\nOperating Expense Detail\nOPERATING EXPENSE DETAIL\n•Salaries & Wages: Salaries and wages of leadership \npersonnel, sales representatives and other \nadministrative employees\n•Bonus: Bonus compensation paid to employees at the \nowner’s discretion\n•Insurance: Expenses for business-related insurance \npolicies including liability and property\n•Professional Fees: Payments made to external legal \nand accounting professionals\n•Rent: Rent for RSI’s Chaska and Waukesha facilities\n•Repairs and Maintenance: Expenses associated with \nmaintaining the Company’s service equipment\n•Auto and Equipment Expense: Costs for vehicle \nmaintenance and operations including fuel expense\n•Employee Benefits: Non-wage compensation \nprovided to employees including retirement and \nhealth insurance\n•Meals and Entertainment: Expenses incurred for \nmeals and entertainment related to marketing efforts\n•Other Operating Expenses: Costs for trade shows, \ntraining costs and other miscellaneous expenses\n•Operating expense accounts were primarily \nforecasted as year-over-year growth rates with step \nchange growth in expenses correlated with forecasted \nrevenue growth (de novo expansions, etc.). Repairs \nand Maintenance and Auto and Equipment Expenses \nwere forecasted as a percentage of revenue as these \nexpenses are variable in nature\nCOMMENTARY\n$ in Thousands2022A2023A2024E2025P2026P2027P2028P2029P\nGross Profit$6,833 $7,607 $11,389 $15,865 $20,763 $26,441 $31,816 $40,268 \nSalaries and Wages852 1,117 1,128 1,566 1,870 2,232 2,470 2,946 \nBonus499 663 553 662 778 831 889 951 \nInsurance266 275 368 433 519 574 636 705 \nProfessional Fees39 70 91 103 119 127 135 144 \nRent320 320 319 349 410 438 468 501 \nRepairs and Maintenance132 159 255 275 370 455 512 611 \nAuto and Equipment Expense320 278 205 227 408 502 564 673 \nEmployee Benefits157 114 87 113 138 164 182 217 \nMeals and Entertainment54 52 49 63 76 90 100 119 \nOther Operating Expenses369 421 297 388 475 565 627 747 \nTotal Opex$3,006 $3,468 $3,353 $4,179 $5,162 $5,978 $6,582 $7,613 \nAdjusted EBITDA$3,827 $4,139 $8,036 $11,686 $15,601 $20,463 $25,234 $32,655 \nEBITDA Margin (%)24.7%20.1%30.5%33.6%36.1%37.5%39.8%41.7%\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n66\nEBITDA Adjustments Detail\nEBITDA ADJUSTMENTS DETAILCOMMENTARY\n1.POC Adjustment: The Company records revenue \nbased on the percentage of completion method. \nRevenues were adjusted based on a lookback analysis \nthat was performed on all jobs during the historical \nperiod.\n2.Professional Fees: Removal of professional fees, \nwhich are non-recurring and personal in nature, \nincluding transaction related expenses, new IT system \nimplementation and non-recurring legal expenses.\n3.Workers Compensation: The Company over accrued \nworkers compensation expense in FY-24. An \nadjustment was made to record the expenses based \non what was actually incurred. Management now \nperforms monthly reviews of the insurance expense \nbased on payroll for reasonableness.\n4.Job 22-416A Margin Normalization: In FY-23, a \nvendor made an estimating error on a large project \nthat resulted in $385k less of revenue being collected \nby RSI. To protect the vendor relationship, this \namount was not pursued but typically would have \nbeen collected. This amount was added into the total \ncontract value for the project to normalize for this \nnon-recurring issue. This project also incurred \nsignificantly above average overtime hours to correct \nfor this mistake and meet project deadlines. 50% of \nthe overtime hours were added back as a conservative \nadjustment to normalize this expense.\n$ in Thousands2022A2023A2024E\n1\nPOC Adjustment($1,192)$1,027 $673 \n2\nProfessional Fees15 43 221 \n3\nWorkers Compensation– – 119 \n4\nJob 22-416A Margin Normalization144 263 27 \n5\nNon-Recurring Expenses54 92 22 \n6\nPersonal Expenses253 61 1 \n7\nBad Debt Expense(300)300 – \n8\nFee Expense– (7)- \n9\nRetainage(191)(147)- \n10\nRent Normalization(148)(78)- \n11\nPrepaid Supplies22 554 (5)\n12\nGain/Loss on Sale of Assets and Other Income\n(22)(38)\n(6)\n13\nOther Expenses Reversal– 162 (162)\n14\nBonus Accrual– (82)(359)\nDue Diligence Adjustments\n($1,365)$2,149 $530 \nAdjusted EBITDA\n$3,827 $4,139 $8,036\n15\nMerit Construction Acquisition 2,086 2,086 1,212\nPro Forma Adjusted EBITDA\n$5,913 $6,225 $9,248\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n67\nEBITDA Adjustments Detail (Cont.)\nEBITDA ADJUSTMENTS DETAILCOMMENTARY\n5.Non-Recurring Expenses: Removal of non-recurring \nexpenses, including office renovations, employee \npersonal expenses and other non-recurring expenses \nthat are non-operational in nature. \n6.Personal Expenses: Removal of personal expenses, \nincluding the owner’s insurance and personal house \nconstruction.\n7.Bad Debt Expense: Job 22-302A had bad debt \nrecognized in Dec-23. This expense was spread \nmonthly based on job costs incurred to the proportion \nof the total job cost across the life of the project.\n8.Fee Expense: An incorrect expense entry was posted \nto the balance sheet. This adjustment has been made \nto accurately record the expense in the appropriate \naccount.\n9.Retainage: Management does not record revenues \nrelated to retainage monthly. Thus, the entries at \nyear-end for the retainage were removed as these \nbalances and revenues are captured through the POC \nlookback adjustment in Adjustment 1.\n10.Rent Normalization: The rent for 2022 and 2023 was \nbelow the prevailing market rate. This adjustment \naligns the historical rent expenses for these years with \nthe current market rate.\n$ in Thousands2022A2023A2024E\n1\nPOC Adjustment($1,192)$1,027 $673 \n2\nProfessional Fees15 43 221 \n3\nWorkers Compensation– – 119 \n4\nJob 22-416A Margin Normalization144 263 27 \n5\nNon-Recurring Expenses54 92 22 \n6\nPersonal Expenses253 61 1 \n7\nBad Debt Expense(300)300 – \n8\nFee Expense– (7)- \n9\nRetainage(191)(147)- \n10\nRent Normalization(148)(78)- \n11\nPrepaid Supplies22 554 (5)\n12\nGain/Loss on Sale of Assets and Other Income\n(22)(38)\n(6)\n13\nOther Expenses Reversal– 162 (162)\n14\nBonus Accrual– (82)(359)\nDue Diligence Adjustments\n($1,365)$2,149 $530 \nAdjusted EBITDA\n$3,827 $4,139 $8,036\n15\nMerit Construction Acquisition 2,086 2,086 1,212\nPro Forma Adjusted EBITDA\n$5,913 $6,225 $9,248\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n68\nEBITDA Adjustments Detail (Cont.)\nEBITDA ADJUSTMENTS DETAILCOMMENTARY\n11.Prepaid Supplies: Historically, management has \nexpensed all supply purchases with the review only \ncapitalizing the amounts at each year-end. It was \ndetermined that the review year end entries were not \naccurate, so an inventory count was performed in \nDec-24, and the monthly prepaid supplies balance was \nbuilt from this ending balance using the P&L activity. \n12.Gain/Loss on Sale of Assets and Other Income: The \ngain or loss on the sale of fixed assets is added back \nto EBITDA, as it is non-recurring in nature. Other \nincome, which includes credit card cashbacks, receipts \nfrom fuel cooperative payouts, and recycling program \nreimbursements, has been adjusted, as these items \nare considered non-operational.\n13.Other Expenses Reversal: Certain expenses that \nwere incurred in previous periods were reversed when \nthey were determined to not be paid to due collection \nissues on the jobs. An adjustment was made to record \nthese reversals in the original month of recognition.\n14.Bonus Accrual: Bonuses were expensed when paid \nduring the historical period. A bonus accrual was \nmade to record the bonus expense evenly each fiscal \nyear. Management has estimated the bonus expense \nfor FY-24.\n15.Merit Construction Acquisition: The Company \nacquired Merit Construction in Q3-24. This Pro-Forma \nadjustment was calculated by applying Merit’s TTM \nrevenue against RSI’s gross margin in the TTM period. \n2022 and 2023 were estimated at a consistent level to \nthe TTM period.\n$ in Thousands2022A2023A2024E\n1\nPOC Adjustment($1,192)$1,027 $673 \n2\nProfessional Fees15 43 221 \n3\nWorkers Compensation– – 119 \n4\nJob 22-416A Margin Normalization144 263 27 \n5\nNon-Recurring Expenses54 92 22 \n6\nPersonal Expenses253 61 1 \n7\nBad Debt Expense(300)300 – \n8\nFee Expense– (7)- \n9\nRetainage(191)(147)- \n10\nRent Normalization(148)(78)- \n11\nPrepaid Supplies22 554 (5)\n12\nGain/Loss on Sale of Assets and Other Income\n(22)(38)\n(6)\n13\nOther Expenses Reversal– 162 (162)\n14\nBonus Accrual– (82)(359)\nDue Diligence Adjustments\n($1,365)$2,149 $530 \nAdjusted EBITDA\n$3,827 $4,139 $8,036\n15\nMerit Construction Acquisition 2,086 2,086 1,212\nPro Forma Adjusted EBITDA\n$5,913 $6,225 $9,248\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n69\n1.FCF Conversion defined as: (Adjusted EBITDA – Total Capital Expenditures) / (Adjusted EBITDA)\nCapital Expenditure Detail\nCAPITAL EXPENDITURE DETAIL\nCOMMENTARY\n▪Minneapolis & Milwaukee Capex:\n−Consists of all historical and forecasted capital investments for the Minneapolis and Milwaukee operations\n−In 2022, the Company invested ~$250K in swing stage equipment and $150K in a demolition robot. In 2023, the Company invested ~$170K in vehicles, \n~$120K in snorkel lifts and ~$50K in a generator. In 2024, the Company invested ~$100K in equipment in the Merit Construction acquisition, ~$110K in \nscaffolding equipment and ~$65K in an electric floor grinder\n−The Company expects to invest ~$1M - $2M annually in capex from 2025P – 2028P on equipment, tools and vehicles to support increased volume of jobs\n▪De-Novo Capex:\n−Consists all forecasted capital investments for the Ohio, Kansas City and Denver operations\n−The Company expects to spend $300K at each the Ohio, Kansas City and Denver locations in their first years of operation. Management expects that \neach location will require ~$100K in annual investment in the years following the initial expansions\n1\n2\n1\n2\n$ in Thousands2022A2023A2024E2025P2026P2027P2028P2029P\nMinneapolis & Milwaukee Capex519 668 718 893 1,022 1,271 1,424 1,707 \nDe-Novo Capex0 0 0 300 700 300 300 300 \nTotal Annual Capex$519 $668 $718 $1,193 $1,722 $1,571 $1,724 $2,007 \n% of Revenue\nMinneapolis & Milwaukee Capex % of Existing Revenue3.3%3.3%2.7%2.7%2.7%2.7%2.7%2.7%\nDe-Novo Capex % of De-Novo Revenue---15.0%12.3%3.8%2.7%1.9%\nTotal Capex % of Total Revenue3.3%3.3%2.7%3.4%4.0%2.9%2.7%2.6%\nFCF Conversion\n(1)\n91.2%89.3%92.2%89.8%89.0%92.3%93.2%93.9%\nBlue Point Capital Partners, LLC\n\nAppendix A: Sample Customer Engagement \nDocuments\n70\n01\n02\n03\n04\n05\n06\nExecutive Summary\nInvestment Highlights\nGo-To-Market Strategy & Competitive Landscape\nGrowth Opportunities\nOperations Overview\nFinancial Summary\n07Appendix A: Sample Customer Engagement Documents\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n71\nSample Customer Engagement Documents\nDETAILED BID PROPOSALS\nCOVER PAGEINTRO LETTER\nON-SITE OBSERVATIONSCOST ESTIMATERSI OVERVIEW\nPROJECT SUMMARYPROJECT SUMMARY (CONT.)\nPHASING PLAN\n1 Page1 Page3+ Pages3+ Pages\n1+ Pages15+ PagesPage for Each Job Phase1 Page\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n72\nSample Customer Engagement Documents (Cont.)\nDETAILED BID PROPOSALS (CONT.)\nJOB TEAM OVERVIEWINTRO LETTERBID SIGNING PAGETERMS AND CONDITIONS\n1 Page1 Page3+ Pages3+ Pages\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n73\nSample Customer Engagement Documents (Cont.)\nANNUAL REPORTSWEEKLY JOB PROGRESS REPORTS\nBlue Point Capital Partners, LLC\n\n© 2025 Northborne Partners\nBlue Point Capital Partners, LLC"
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"text": "\n\nProject Craftsman\nJanuary 2025\nConfidential Information Presentation\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n1\nThis Confidential Information Presentation (this “Presentation”) contains confidential information pertaining to Restoration Systems Inc. (“Restoration Systems” or the “Company”). \nThis Presentation is being made available to selected interested parties for the sole purpose of assisting the recipients in deciding whether to proceed with an in-depth investigation \nof the Company or its subsidiaries in connection with a potential acquisition. Northborne Partners LLC (“Northborne” or the “Advisors”) has been retained by Restoration Systems to \nserve as its financial advisor in connection with the proposed sale of the Company.\nThis Presentation is being made available only to parties which have signed and returned to the Company a confidentiality agreement, and recipients of this Presentation are \ntherefore bound by the confidentiality agreement in respect of all information contained herein. If you have not executed and delivered a confidentiality agreement to the \nCompany, you have received this Presentation in error. If so, please notify the Advisors immediately and delete or destroy all copies of this Presentation.\nThe information contained herein has been prepared to assist interested parties in making their own evaluation of the Company and does not purport to contain all of the \ninformation that a prospective party may desire. In all cases, interested parties should conduct their own investigation and analysis of the information and data set forth in this \nPresentation and satisfy themselves as to the accuracy, reliability and completeness of such information and data. This Presentation does not constitute an offer to sell or a \nsolicitation of an offer to buy any securities.\nNone of the Company or the Advisors or any of their respective directors, officers, corporate partners, affiliates, employees or advisors (collectively, “Associates”) makes any \nrepresentation as to the accuracy or completeness of the information in this Presentation or any other information made available to recipients of this Presentation. In particular, no \nrepresentation or warranty is made as to the achievement or reasonableness of any future projections, management estimates, prospects, returns or market data contained herein. \nStatements contained in this Presentation are made in good faith and have been derived from information believed to be reliable as of the date of this Presentation. None of the \nCompany, the Advisors or any of their respective Associates has verified, nor will verify, any part of this Presentation or any other information made available to recipients of this \nPresentation. The Company, the Advisors and their Associates expressly disclaim any reliance hereon for any purpose other than as expressed above and any and all liability for any \nloss or damage (whether foreseeable or not) suffered by any person or entity acting on, or refraining from acting because of, anything contained in or omitted from this Presentation, \nwhether the loss or damage arises in connection with any negligence, default, lack of care or misrepresentation, or otherwise, in contract or in equity, on the part of the Company, the \nAdvisors or their Associates or any other cause. Each recipient of this Presentation agrees that it shall not seek to sue or hold the Company, the Advisors or their Associates so liable in \nany respect for the provision of this Presentation and the information contained herein. Only those representations and warranties which may be made to a party in a definitive \nagreement shall have any legal effect.\nThis Presentation contains certain statements, financial data, projections, forecasts and estimates that are based upon assumptions and subjective judgments that the management \nof the Company believes to be appropriate given current facts and circumstances existing in the markets in which the operating divisions of the Company conduct business. There will \nbe differences between such projections, forecasts and estimates and actual results since events and circumstances frequently do not occur as expected, and such differences may be \nmaterial. The estimated, forecasted and projected financial results contained in this Presentation should not be considered to be a presentation of actual results. There can be no \nassurance that any estimated, forecasted or projected results are obtainable or will be realized.\nNone of the Company, the Advisors or any of their respective Associates accepts any responsibility to inform the recipients of this Presentation of any matter arising or coming to any \nof their notice which may affect any matter referred to in this Presentation (including but not limited to any error or omission which may become apparent after this Presentation has \nbeen issued). This Presentation shall not be deemed an indication of the state of affairs of the Company nor shall it constitute an indication that there has been no change in the \nbusiness or affairs of the Company since the date of this Presentation or since the date at which any information contained herein is expressed to be stated. If further information in \nconnection with the potential transaction is provided by the Company, the Advisors, their Associates or any other person or entity, recipients of this Presentation acknowledge receipt \nof such information as though it formed a part of this Presentation.\nThe Advisors will arrange for appropriate due diligence by selected interested parties. In furnishing this Presentation, the Advisors undertake no obligation to provide the recipient \nwith access to any additional information.\nThe Company reserves the right to negotiate with one or more prospective parties at any time and to enter into a definitive agreement regarding the Company at any time without \nprior notice to any prospective parties. Also, the Company reserves the right to terminate, at any time, further participation in the investigation and proposal process by any party and \nto modify the procedures without assigning any reason thereof.\nUNDER NO CIRCUMSTANCE SHOULD THE COMPANY OR ANY OF ITS AFFILIATES, DIRECTORS, MANAGEMENT, EMPLOYEES, CUSTOMERS, CLIENTS OR SUPPLIERS BE \nCONTACTED DIRECTLY. ALL INQUIRIES REGARDING THE PROPOSED TRANSACTION AND ANY REQUESTS FOR ADDITIONAL INFORMATION SHOULD BE DIRECTED TO THE \nADVISORS LISTED WITHIN.\nConfidentiality & Disclaimer\nBlue Point Capital Partners, LLC\n\nRestoration Systems\nSituation Overview & Transaction Procedures\n2\nSITUATION OVERVIEWTRANSACTION PROCEDURES\nTRANSACTION STRUCTURE\nBen Marks\nManaging Director\nbmarks@northborne.com\nC: 612-710-5020\nChris Klotsche\nDirector\ncklotsche@northborne.com\nC: 414-779-1994\nTaylor Thompson\nAssociate\ntkthompson@northborne.com\nC: 612-212-1212\nMichael Wozniak\nAnalyst\nmwozniak@northborne.com\nC: 763-807-7220\nPaul Jevnick\nManaging Director\npjevnick@northborne.com\nC: 612-850-5781\nNORTHBORNE CONTACTS\n•Headquartered in Chaska, Minnesota, Restoration Systems Inc. (“RSI” or \nthe “Company”) is a leading provider of commercial repair, restoration and \npreservation services for building facades and parking ramps throughout \nthe Midwest\n•RSI is owned 100% by Blake Dronen, who is the President of the Company. \nBlake purchased the business from his father, who founded RSI in 1997\n•RSI is seeking an investor who will partner with Blake and his leadership \nteam to support the Company’s expansion plans into new geographies \nand build upon its strong competitive position in the Midwest\n•RSI has retained Northborne Partners as its exclusive advisor in \nconnection with a potential sale of the Company\n•As advisor to RSI, the Northborne team listed below will be the sole \ncontact for prospective investors who receive this Confidential \nInformation Presentation and participate in the process\n•Northborne will share a separate process letter outlining instructions for \nsubmission of an indication of interest\n•The transaction will be structured as a sale of equity interests in Restoration \nSystems Inc., an S-corporation\n•Blake intends to rollover 20% - 30% of closing proceeds\n•RSI leases two facilities, one in Minnesota and one in Wisconsin, from entities \nwholly-owned by Blake. Current rental rates charged to the Company are \nmarked-based, and the expectation is that long-term leases would be \nexecuted concurrent with a closing of a transaction\n•Blake is willing to consider a structure that supports a step-up in the basis of \nthe assets in the transaction for an investor (such as a 338(h)10, F \nReorganization or similar election) provided the investor reimburses him (the \ncurrent shareholder) for any increased tax burden resulting from the step-up\nBlue Point Capital Partners, LLC\n\nExecutive Summary\n3\n01\n02\n03\n04\n05\n06\nExecutive Summary\nInvestment Highlights\nGo-To-Market Strategy & Competitive Landscape\nGrowth Opportunities\nOperations Overview\nFinancial Summary\n07Appendix A: Sample Customer Engagement Documents\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n$15.5\n$20.5\n$26.4\n$34.8\n$43.2\n$54.6\n$63.4\n$78.2\n2022A 2023A 2024E 2025P 2026P 2027P 2028P 2029P\n$5.9\n$6.2\n$9.2\n$11.7\n$15.6\n$20.5\n$25.2\n$32.7\nCOMPANY OVERVIEW\nRSI at a Glance\n4\n1.Average headcount during April-October 2024 (RSI's busy season). \nHeadcount in the winter offseason averages about 30 employees.\n90+\nEmployees\n(1)\n~$110K\nAverage Job Size\n200+\nAnnual Jobs\n$26.4M\n Revenue (2024E)\n23.1%\nRevenue CAGR \n(2020A – 2024E)\nKEY HIGHLIGHTS\n✓Midwest’s leading provider of commercial building repair, restoration and preservation services\n•25-year track record built on a strong reputation for skilled concrete and masonry craftsmanship\n•Market leader in Minneapolis with demonstrated ability to successfully expand to new MSAs \norganically and supplemented by M&A, notably Milwaukee in 2022\n✓Critical commercial services offering driven by enormous number of buildings aging into repair \ncycle and increasing municipal regulations requiring systematic inspection and repair\n•Increased investment in rapidly aging infrastructure, coupled with prohibitively high replacement \nvalues, supports strong growth in the non-deferrable, multi-billion dollar commercial repair, \nrestoration & preservation services market\n•Services include building and parking ramp repair and restoration, a substantial portion of which is \ndriven by state- and local-level commercial structure inspection and maintenance requirements\n✓Substantial investment in technology to deliver a differentiated customer experience\n•Significant majority of key internal and customer-facing workflows are partially or fully automated, \nincluding detailed bid proposals, weekly job progress updates and annual job summary reports\n•Relentless focus on doing things better and more efficiently results in industry leading job quality \n(<1% rework / warranty work) and on-time / on-budget performance (95%+ of jobs)\n✓Diversification by job across multiple attractive end markets\n•Top job / top 5 jobs accounted for ~10% / ~35% of revenue in the TTM, respectively\n•Key end markets include commercial property management, HOA and healthcare (accounting for \n~75% of business)\n✓Strong leadership, field management and company culture\n•11+ year average tenure of the leadership team\n•6+ year average tenure of the overall workforce (for employees with more than one year of \nexperience)\n✓Multiple attractive growth opportunities focused on creating a national platform in a highly \nfragmented industry (see section 4)\n•Key platform investments (systems, people, processes) have been made that can be leveraged to \nscale the business\n•Proven ability to execute a tuck-in acquisition in Summer 2024 with an actionable pipeline of \nadditional targets to pursue with the support of an investor\nMEANINGFUL FINANCIAL MOMENTUM\n$ in Millions\n26.0% Revenue CAGR \n(2022A-2029P)\nAdjusted Revenue \n#1\nMarket Position in \nMinneapolis\n92.2%\nFCF Conversion (2024E)\n43.2%\nGross Margin (2024E)\n$9.2M\n PF Adj. EBITDA (2024E)\n30.5%\nAdj. EBITDA Margin\n(2024E)\nAdjusted EBITDA\nBlue Point Capital Partners, LLC\n\nRestoration Systems\nRSI at a Glance (Cont.)\n5\n1.Includes revenue earned from ancillary services to Building Facade and Parking Ramp work, \nincluding the installing of roofing anchors, small batch waterproofing mixes and more.\n52.1%\n~10%\nTop 10 Jobs\nAll Other Jobs\nREVENUE BY SERVICE TYPEREVENUE BY JOB\nREVENUE BY PHASED VS. NON-PHASED JOBSREVENUE BY END MARKET\nRegulation driven, non-deferrable service mixHighly diversified job mix\nHigh volume of multi-year phased jobs, providing strong \nfuture revenue visibility\nBroad range of end markets and customers with strong focus on \nmulti-site operators and national accounts\nTTM \nOct-24\n47.9%\nOther\n(1)\nBuilding Facade\nParking Ramp\n52.1%\n45.2%\n2.7%\nTTM \nOct-24\nPhased \n(Multi-Year)\nNon-Phased \n(Single Year)\n57.2%\n42.8%\n‘22A – ‘23A\nAverage\nHomeowners \nAssociation (HOA)\nGovernment\nProperty \nManagement\nHealthcare\n‘22A – ‘24A\nAverage\n35.1%\n29.5%\n18.0%\n9.4%\n7.9%\nEducational\nBlue Point Capital Partners, LLC\n\nRestoration Systems\nLeading Provider of Structural Restoration and \nRepair Services...\n6\nBRICK REPAIR &\nREPLACEMENT\n(VIDEO LINK)\nTUCKPOINTING &\nMORTAR REPAIR\n(VIDEO LINK)\nSTONE REPAIR &\nREPLACEMENT\n(VIDEO LINK)\nPARKING DECK\nRESTORATION\n(VIDEO LINK)\nCONCRETE \nREPAIR\n(VIDEO LINK)\nPOST-TENSION \nCABLE REPAIR & \nREPLACEMENT\n(VIDEO LINK)\nWATERPROOFING\n(VIDEO LINK)\nHOT APPLIED\nWATERPROOFING\nCAULKING & \nSEALANT \nREPLACEMENT\n(VIDEO LINK)\nVEHICULAR \nTRAFFIC\nCOATING \nSYSTEMS\n(VIDEO LINK)\nSURFACE \nPREPARATION\n(VIDEO LINK)\nCOATING \nREMOVALS\nBUILDING FACADE \nRESTORATION\nRepresentative Services \nPARKING DECK \nRESTORATION\nWATERPROOFING & \nSEALANTS\nTRAFFIC COATINGS\nRepresentative Services Representative Services Representative Services \nBUILDING FACADEPARKING RAMP\nSERVICE TYPE\nSERVICE OFFERINGS\n(~53% of 2024E Revenue)(~45% of 2024E Revenue)\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n... Addressing a Critical Need to Restore America’s \nAging Infrastructure...\n7\nSource: SMR Research\nBACKGROUND\nAMERICA’S AGING INFRASTRUCTURE\nTRAGIC INCIDENTS DRIVING INCREASED AWARENESS AND REGULATION\n26.6\n30.4\n33.5\n43.4\n46.2\n53.6\n56.7\n64.3\n72.1\nU.S. AVERAGE BUILDING AGE BY USE (YRS)\nHotels\nSuper-\nmarkets\nHospitals\nAirports\nParking Garages, \nDecks and Lots\nLibraries, Museums and \nHistorical Sites\nChurches and Worship \nCenters\nSchools\nOffice Buildings\nRSI has Experience in all the Above Categories\nU.S. COMMERCIAL BUILDINGS BY YEAR CONSTRUCTED\n< 25% of Commercial Buildings \nBuilt in Last 20 Years in the U.S.\n(# of buildings in thousands)\n709\n517\n685\n831\n794\n921\n924\n537\nBefore\n1946\n1946 to\n1959\n1960 to\n1969\n1970 to\n1979\n1980 to\n1989\n1990 to\n1999\n2000 to\n2009\n2010 to\n2018\n•U.S. commercial buildings continue to age \nwith nearly half of commercial \nfloorspace constructed more than 50 \nyears ago\n•America’s aging infrastructure is in the \nspotlight following several highly-publicized \ntragic structural failures \n•RSI’s core existing geographies, Minneapolis \nand Milwaukee, are entering a critical cycle \nof needed repair and restoration given \nmany of the cities’ buildings were \nconstructed between 1960-1990\nBACKGROUND\nROOT CAUSE\nAFTERMATH\n•The Champlain Towers South \ncondominium collapsed in Surfside, Florida \nkilling 98 people\n•Resulted from structural failures around \nthe facility’s swimming pool – NIST spent \n~$30M investigating the cause\n•Florida legislature passed a bill shortening \nthe required period that buildings need to \nbe reviewed from every 40 to 10 years\nCHAMPLAIN TOWERS SOUTH \nCONDO COLLAPSE\nJUNE 24, 2021\nANN STREET PARKING \nGARAGE COLLAPSE\nAPRIL 18, 2023\nBACKGROUND\nROOT CAUSE\nAFTERMATH\n•A parking garage collapsed in New York’s \nFinancial District, killing one person and \ninjuring five others\n•Experts suggest deferred maintenance \nresulted in structural integrity issues\n•Inspectors conducted inspections of \nparking structures across NYC, resulting in \nfour additional garages in Manhattan and \nBrooklyn being closed\nEntering \nContinuous \nRestoration Cycle\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n... Focused on Markets with Attractive Dynamics and \nDriven by Government Regulation...\n8\nRESTORATION ENVIRONMENT ACROSS THE U.S.MARKET SNAPSHOTS\nCITYKEY REGULATIONS & MARKET ATTRIBUTES\nEXISTING RSI GEOGRAPHIES\nPLANNED RSI EXPANSION GEOGRAPHIES\nMinneapolis, MN\nMilwaukee, WI\nKansas City, MO\nCincinnati / Columbus \n/ Cleveland, OH\nDenver, CO\n•Regulation: Annual parking ramp inspections \nfor structural integrity\nCURRENT MARKET POSITION\nActionable Geographic Expansion Opportunities with Highly Favorable Regulatory Environments Across the U.S. \n•Attributes: Entering heavy restoration era based \non city age / construction cycle; seasonal freeze-\nthaw cycles heavily deteriorate infrastructure\n•Regulation: Building facade inspections \nrequired based on building size \n•Attributes: Recent high-profile parking ramp \ncollapse (2023); seasonal freeze-thaw cycles \nheavily deteriorate infrastructure\n•Regulation: Annual parking ramp inspections \nfor structural integrity\n•Attributes: Longer construction season than \nnorthern Midwest states; history of fatal \ninfrastructure failure\n•Regulation: Annual parking ramp inspections \nfor structural integrity\n•Attributes: Recent building collapse (2024) \nillustrated major infrastructure hazards; freeze-\nthaw cycles heavily deteriorates infrastructure\n•Regulation: N/A\n•Attributes: Significant infrastructure maintenance \nneeds based on population growth; freeze-thaw \ncycles heavily deteriorates infrastructure\nMSA POPULATION\n#1\nMarket Position\n#3\nMarket Position\nTBD\nTBD\nTBD\n3.7M\nTotal Population\n1.6M\nTotal Population\n2.2M\nTotal Population\n6.6M\nTotal Population\n3.0M\nTotal Population\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n... Working Collaboratively with Key Stakeholders to Provide \nExpert Advice and Craftsmanship... \n9\nBUILDING OWNERS & PROPERTY MANAGERSENGINEERS & ARCHITECTS\nRESTORATION SERVICES ECOSYSTEM\n•Relationships between building owners and managers, architects and engineering consultants and restoration service providers demonstrate a collaborative \nnetwork where building owners and managers rely on architects and engineers for expert assessments and referrals, while restoration service providers \nexecute necessary repairs and preservation to maintain the structural integrity and compliance of commercial properties\n•Close partnership with both architects and engineers as well as building owners and property managers is critical to ensure alignment on job objectives and \nleads to strong repeat business\nKEY ROLES IN ECOSYSTEM\n•Architects evaluate and inspect safety \nconcerns in building facades\n•Engineers inspect and review structural \nintegrity of parking ramps and decks\n•Engineers and architects advise clients on non-\ndiscretionary, non-deferrable restoration \nservices\n•Responsible for managing key purchase \ndecisions for restoration and repair of building \ninfrastructure\n✓Building owners / property managers who own \nmultiple facilities provide a steady source of \nrepeat business across their portfolio of assets\nREPRESENTATIVE BUILDING OWNERS\nKEY VALUE TO RESTORATION SYSTEMS\n✓Serve as a key referral source for new jobs\n✓Act as a partner when RSI expands to new \ngeographies where the architecture and \nengineering firms also have a presence\nREPRESENTATIVE ENGINEERING FIRMS\nREPRESENTATIVE ARCHITECTURE FIRMS\n59%\n41%\n% of Revenue \n(‘21-’24 Avg)\nREVENUE BY \nREFERRAL SOURCE\nKEY ROLES IN ECOSYSTEM\nKEY VALUE TO RESTORATION SYSTEMS\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n... Working Collaboratively with Key Stakeholders to Provide \nExpert Advice and Craftsmanship (Cont.)... \n10\nRSI’S REPUTATION FOR EXCELLENCE\n•RSI has developed strong partnerships over 25+ years with leading architecture and engineering firms as well as building owners and property managers \nthrough strategic and repeatable techniques to build long-term, recurring referral relationships\nA level of professionalism and \nattention to detail unique to the \nindustry, from bidding stage to \njob completion\nRSI HAS MASTERED THE NAVIGATION OF THE RESTORATION ECOSYSTEM\nTransparent blueprint for \nconstruction, job progress and \nquality\nStrong relationships with union \nlaborers and bricklayers\nUnmatched quality of \ncraftsmanship\nClean and well-maintained job \nsites and equipment\nProven ability to coordinate and \ncollaborate with cross-functional \nteams\nOwned fleet of equipment \nallows RSI to respond quickly \nand results in higher job-level \nmargins\nEngineers \n(Parking Ramps)\nBuilding Owners & \nProperty Managers\nArchitects\n(Exterior Facade)\n✓Partner with engineers and architects as thought leaders at industry events and association \nmeetings, establishing relationships as joint experts in relevant service types\nHow RSI Manages Relationships with Engineers & Architects\n✓When referred-in following inspections or consultations, RSI enhances engineer and architect \ncredibility by consistently providing on-time, on-budget and outstanding quality services\n✓Detailed and transparent communication from proposal to weekly check-ins to \ncompletion of job, ensuring full client confidence in RSI’s timeline, cost estimates and \nservice capability\nHow RSI Manages Relationships with Building Owners & Property Managers\n✓Clear articulation of phased restoration plans and potential future restoration needs, \nallowing owners and managers to precisely specify RSI’s restoration services into annual \ncapex budgets\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n... With Market Leadership in the Midwest and a Platform to \nExpand into New Markets...\n11\nTHE MIDWEST’S LEADING RESTORATION COMPANY \nMinneapolis, MN\n(Opened 1997)\nMilwaukee, WI\n(Opened 2022)\nTEAM\nPROCESSES\nSYSTEMS\nRSI HAS RESOURCES AND KNOWLEDGE NECESSARY TO ENTER NEW MARKETS\nKansas City, MO\nDenver, CO\nOhio \n(Cincinnati, Columbus, Cleveland)\nOther Geographies\nUniform workflow processes \nacross all service offerings enables \nstreamlined and consistent job \nexecution\nImplemented job management \nsoftware in 2024 to enable the \nCompany to more effectively solicit \nand manage a higher volume of \nbids across geographies\nEstablished workforce that has \nproven it can provide superior \nservices in existing markets, and \ntrain and develop new talent \nquickly\nExisting RSI Facility\nPlanned Expansion Location\nCurrent Geographic Coverage\nEXISTING\n GEOGRAPHIES\nPLANNED EXPANSION GEOGRAPHIES\nREPRESENTATIVE MARKETMARKET CHARACTERISTICS\nRSI is the established leader in the market\nCompetitors are not growth-oriented – strong \nopportunity to further penetrate customer accounts \nLow existing competition levels\nRecent parking ramp collapse garnered significant \nmedia attention and calls for infrastructure maintenance\nSimilar parking ramp regulatory standards to \nMinneapolis, enabling seamless geographic integration\nHistory of fatal infrastructure failures\nAged infrastructure in need of maintenance – recent \nbuilding collapse further highlighting restoration needs\nAbility to serve three MSAs out of one strategically \nlocated office\nNo established restoration players in the market\nGrowing activity in the city will drive future restoration \nneeds – 19%+ population growth (2010 – 2020)\nSTRONGLY DEVELOPED \nOPERATIONAL STRUCTURE\nHIGHLY DEVELOPED \nOPERATIONAL STRUCTURE\nIT SYSTEMS WITH CAPACITY \nTO SERVICE GROWTH\nSeeking a partner to apply the blueprint to ripe \nexpansion markets\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n12\n... Resulting in an Exceptional Financial Profile with \nActionable Opportunities to Grow\n$10.0\n$11.7\n$12.8\n$11.3\n$11.5\n$15.5$15.5\n$20.5\n$26.4\n$34.8\n$43.2\n$54.6\n$63.4\n$78.2\n2016A2017A2018A2019A2020A2021A2022A2023A2024E2025P2026P2027P2028P2029P\nTRACK RECORD OF DELIVERING CONSISTENT REVENUE GROWTH\n(1)\nRSI HAS THE OPPORTUNITY TO ACCELERATE GROWTH UNDER NEW OWNERSHIP\n$ in millions\n1.2016A – 2020A represents reported figures whereas 2022A – 2029P represents adjusted figures.\nFURTHER PENETRATION \nIN MINNESOTA\n✓Grow wallet share with key existing customers \n✓Target new customers and end markets to expand RSI’s reach\n✓Consider adding additional service offerings (e.g., bridge repair)\nCONTINUED RAMP OF \nMILWAUKEE\n✓Continue to build reputation and track record in the market\n✓Grow wallet share with key existing customer relationships\n✓Strategically target work in adjacent cities (e.g., Appleton, Green Bay, Madison, etc.) leveraging Milwaukee as the hub\nTARGET NATIONAL \nACCOUNTS\n✓Leverage local MN and WI relationships with national property management players to accelerate footprint growth\n✓Expand market share in existing and new geographies by transplanting institutional account knowledge\nGEOGRAPHIC EXPANSION\n✓Tactfully expand to identified markets (Kansas City, Ohio, Denver) leveraging the Milwaukee blueprint and years of \nexperience in Minneapolis\n✓Evaluate additional expansion markets with consideration for size of market, growth potential, competitive landscape and \nexisting referral relationships\nMERGERS & \nACQUISITIONS\n✓Develop and implement a strategy to acquire companies that accelerate RSI’s geographic and end market expansion \n✓Leverage platform infrastructure to maximize synergy potential\nM&A Strategy Functions as an Acceleration Tool Underpinning All Growth Opportunities\nBlake Dronen \ntakes \nownership of \nthe business\nCompany \nredefines its \ncustomer \nservice strategy\nCompany \nexpands into \nMilwaukee\nCompany \nimplements job \nmanagement \nsoftware\nAcquires Merit \nConstruction, a \nlocal competitor \nwith \nrelationships \nacross Midwest\nBlue Point Capital Partners, LLC\n\nInvestment Highlights\n13\n01\n02\n03\n04\n05\n06\nExecutive Summary\nInvestment Highlights\nGo-To-Market Strategy & Competitive Landscape\nGrowth Opportunities\nOperations Overview\nFinancial Summary\n07Appendix A: Sample Customer Engagement Documents\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n14\nInvestment Highlights\n1\n7\nLeading Independent Provider of Commercial Repair, \nRestoration and Preservation Services ...\n... With Multiple Levers For Continued Growth \n2\n... With Favorable Industry Tailwinds and Experience to \nNavigate the Regulatory Environment ...\n3\n... Delivering a Tailored Customer Experience ... \n6\n... Led by a Proven Management Team that has a Track \nRecord of Executing Meaningful Strategic Initiatives ...\n5\n... Supported by a Workforce of Highly Skilled Craftsmen \nProven at Executing Jobs On-Time and On-Budget ...\n4\n... Serving a Broad Range of End Markets and Customers \nwith Focus on Multi-site Operators and National Accounts ...\nBlue Point Capital Partners, LLC\n\nRestoration Systems\nTHE MIDWEST'S LEADING RESTORATION COMPANY\nMeticulous professionalism from the \ninitial bidding stage to job completion, \nensuring quality and satisfaction at \nevery step\nCOMPLETE INTEGRITY AND VISIBILITYEND-TO-END PROFESSIONALISMSTRONG EMPLOYEE SATISFACTION\nPROVEN SAFETY EXCELLENCEUNMATCHED QUALITY OF CRAFTSMANSHIPCOLLABORATIVE AND COMMUNICATIVE PARTNER\n15\nLeading Independent Provider of Commercial Repair, \nRestoration and Preservation Services ...\n1\nTransparent plans, progress updates, \nand quality reporting throughout every \njob phase\nStrong relationships with union \nlaborers and bricklayers, ensuring \ndedicated and consistent workforce \nthroughout job life\nHigh quality service provided by skilled \ncraftsman with years of specialized \ntraining and experience\nClean and well-maintained job sites \noperated and overseen by employees \nwith industry-leading safety metrics\nProven ability to coordinate and \ncollaborate with cross-functional teams \nto ensure seamless job completion on-\ntime and on-budget\nCapabilities and track record to service prominent commercial infrastructure across diverse end markets\nWells Fargo Center\nBuilding Facade\nProperty Management\nSt. Mary’s Orthodox \nCathedral\nBuilding Facade\nReligious\nHennepin \nCountry Library\nBuilding Facade\nGovernment\nNorth Memorial \nHospital\nParking Ramp\nHealthcare\nMinneapolis / St. Paul \nInternational Airport\nParking Ramp\nTransportation\nLourdes Hall \nWinona State\nBuilding Facade\nEducation\n#1\nMinneapolis \nMarket Position\n#3\nMilwaukee \nMarket Position\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n16\n1.Source: Chicago.gov\n2.Source: International Code Council\n... With Favorable Industry Tailwinds and Experience to \nNavigate the Regulatory Environment ...\n2\nRSI IS WELL-POSITIONED TO CAPITALIZE ON KEY INDUSTRY DRIVERS\n•The U.S. commercial restoration market is estimated to be worth several billion \ndollars with a significant portion dedicated to concrete and masonry restoration\n•The market is projected to grow at a steady 4% - 5% annually driven by attractive \nfundamental growth drivers:\n•Aging Infrastructure: Recent high-profile building collapses in Iowa, Florida \nand New York have put a spotlight on repairing aging infrastructure\n•Emphasizing Preservation: Large MSAs are investing heavily in preservation, \nincluding Chicago’s $8M grant for historical preservation jobs in 2024\n(1)\n•Evolving Codes and Regulations: The International Building Code (IBC) \ncontinually updates structural integrity standards, including 2024 updates to \nmasonry and concrete standards\n(2)\n•RSI competes in the large and growing $200B+ broader U.S. restoration and \nremediation market – provides opportunity for potential acquirer to partner with \nRSI to build a diversified platform serving multiple market segments\nFAVORABLE MARKET TAILWINDS\nRSI’S ADVANTAGEKEY DRIVERS\nRobust relationships with property managers influences \nrestoration job decisions\nBUILDING \nAND \nFACADE\nPARKING \nREPAIR \nAND \nTRAFFIC \nCOATINGS\nRSI offers industry-leading value supported by cost-\nadvantaged bids and phasing plans\nEngineering firms refer RSI in as the go-to partner for \nannual parking ramp maintenance\nIn the absence of regulatory requirements, parking \nramps suffer severe annual deterioration in seasonal \nupper Midwestern environments (freeze-thaw cycles)\nUnmatched ability to capture opportunity with owned \nequipment and preferable purchasing contracts \nCoatings boomed in 1980s and are now at end of \nlifecycle, requiring removal and reapplication\nIn the absence of local building ordinance requirements, \ndecisions on facade and building maintenance are \ndiscretionary to property owners\nCompetitive bidding is highly relevant to less frequent \nand larger-scale jobs \nADVANTAGEOUS LOCAL REGULATION\nMinneapolis and St. Paul have ordinances that \nrequire parking ramps and decks be inspected \nand reviewed annually for structural integrity\nMilwaukee has city ordinances that require \nbuilding facades to be inspected and reviewed \nfor unsafe conditions – frequency of inspection \noften depends on the size of the building\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n17\n... Delivering a Tailored Customer Experience ... \n3\nEND-TO-END CUSTOMER SERVICE ENSURING MAXIMUM TRANSPARENCY AND CUSTOMER SATISFACTION\nILLUSTRATIVE JOB LIFE CYCLE\nHighly trained and talented \nProject Managers that \nleverage deep industry \nknowledge to develop plans \nand solutions for customers\nHighly standardized customer \nservice processes enable RSI to \nconsistently, efficiently and \neffectively serve customer needs\nFocused attention on \ncustomer needs at all levels of \nthe RSI organization\nCompany-wide dedication \nto develop and maintain \nstrong relationships with \ncustomers\n12\n3\n45\n6\nINITIAL CUSTOMER ENGAGEMENTPRE-JOB PLANNING\nCUSTOMER RETURNS TO RSIJOB SET-UP\nJOB COMPLETIONJOB EXECUTION\n•Project Manager engages with a new or recurring customer \nand attentively listens and understands the client needs\n•Project Manager analyzes the customer situation and \nexecutes analysis to determine a proposed solution\n•RSI delivers a professional and customized 30+ page bid \nproposal that includes a job summary, job phasing plan, highly \ndetailed on-site observations and job cost estimate\n•Detailed bid summary demonstrates RSI’s knowledge and \nfamiliarity of client infrastructure\n•Strong customer relationships and quality of work result in a \nsticky customer base with reoccurring revenue dynamics\n•RSI takes pride in the fact that it has never lost a \ncustomer\n•RSI determines all resources necessary to quickly and \neffectively execute the job - procures equipment and \nestablishes a dedicated job team \n•Company is ready to “hit go” as soon as the customer is ready \nto begin the job\n•Project Manager and Superintendent complete full \nwalk-through with the client at property to ensure all \nneeds have been met\n•RSI delivers highly detailed final invoice, ensuring that the \ncustomer understands all charges\n•Project Manager meets with dedicated Superintendent \nweekly to identify outstanding job needs and ensure progress\n•Project Managers check-in with client on a weekly basis to \ndeliver job updates and ensure customer is aware of every job \nmilestone\nRSI’s Customer Service Process is Highly Teachable and Repeatable, Enabling Consistent High-Quality Results\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n•One-page document that is sent to RSI clients \nonce per week to provide an update on the \nstatus of the ongoing job\n•Informs the client of the below detail:\n•Budget status (e.g., on-budget, overbudget)\n•Completion timeline update\n•Scope of services being provided\n•Previous week progress\n•Key go-forward details\n•Project photos\n•Summary document that is sent to RSI’s existing \nclients once per year to summarize the \nmilestones and progress of ongoing jobs\n•Informs the client of the below detail:\n•Key job highlights and milestones\n•Detailed summary of the scope of the job\n•Review of pre-set job goals\n•Summary of go-forward initiatives and open \nworkstreams\n•Plan for following year\n•Highly detailed and visual 30+ page document \nshared with prospective clients prior to job \nengagement – highly differentiated compared \nto competitors\n•Informs the client of the below detail:\n•Overall job summary\n•Graphical phasing plan summary\n•Graphical summary of on-site observations\n•Itemized job cost estimate by job phase\n•Introduction to job team and RSI\nDESCRIPTION\n18\n... Delivering a Tailored Customer Experience ... (Cont.)\n3\nDETAILED BID PROPOSALSWEEKLY JOB PROGRESS REPORTSANNUAL REPORTS\nDESCRIPTIONDESCRIPTION\nSAMPLE RSI DOCUMENTSAMPLE RSI DOCUMENT\nRSI’S BID PROPOSALS, WEEKLY PROGRESS REPORTS AND SUMMARY ANNUAL REPORTS ENABLE FULL \nTRANSPARENCY AND MAKE CUSTOMERS' LIVES EASIER\nSAMPLE COMPETITOR DOCUMENT\nSAMPLE RSI DOCUMENT\nENHANCED CUSTOMER EXPERIENCE UNDERPINNED BY THE INDUSTRY’S BEST ENGAGEMENT TOOLS\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n19\n... Serving a Broad Range of End Markets and Customers with \nFocus on Multi-site Operators and National Accounts ...\n4\nPROPERTY \nMANAGEMENT\n•Multi-site real estate players that own a high \nvolume of properties requiring consistent \nmaintenance\n•RSI has strong relationships with the largest \nplayers in this concentrated market\nHOA\n•Primarily multi-site property managers that \noperate numerous apartment and housing \ncomplexes\n•High competition for quality living spaces results \nin critical need for maintained housing\nHEALTHCARE\n•Multi-site and single-site hospitals and care \ncenters primarily located in highly populous areas, \ndriving increased maintenance needs\n•Critical need for patient-friendly walking spaces \nresults in frequent maintenance \nGOVERNMENT\n•Multi-site and single-site municipal infrastructure \nwith strong opportunity for repeat customer, \nreoccurring jobs\nEDUCATION\n•Multi-site and single-site universities and K-12 \ninstitutions \n•High importance of maintaining integrity and \nsafety of education infrastructure\nEND MARKETMARKET OVERVIEW\n% OF REVENUE\n(2022 – YTD OCT-24 AVG)\nREPRESENTATIVE CUSTOMERS\n35.1%\n29.5%\n18.0%\n9.4%\n7.9%\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n20\n... Supported by a Workforce of Highly Skilled Craftsmen \nProven at Executing Jobs On-Time and On-Budget ...\n5\nSKILLED AND DEDICATED WORKFORCE\nKEY WORKFORCE HIGHLIGHTS\nVirtually All Jobs Completed On-Time\nEfficient job management and experienced crews have ensured \nthat virtually all of RSI’s historical jobs have been completed on \nschedule\nVirtually No Warranty Claims\nMeticulous attention to detail and rigorous quality control \nmeasures have resulted in no material warranty claims\n•RSI has developed a dedicated workforce that takes pride in their work, \nhas a reputation for skilled craftsmanship and delivers high-quality \nservices\n•RSI’s project management and superintendent staff are highly experienced \nand often have laborer backgrounds, providing extensive knowledge to \nfield staff to ensure jobs are completed on-time and on-budget\n•Many staff members have 20+ years of experience, offering \nconsiderable experience in navigating unexpected job challenges\n•The quality of RSI’s services is supported by its ability to train and certify its \nmany field staff employees (including seasonal laborers and bricklayers) \nfor specialty restoration work\n•RSI emphasizes the importance of highly skilled field staff by \nsupplementing union-led workshops with in-house training sessions, \nspecifically targeting the cross-training of field staff to allow employees to \nflex between various tasks as needed from job to job\n•Existing craftsman employees are open to traveling to worksites, enabling \nthe Company to expand geographically with existing workforce\nVirtually All Jobs Completed On-Budget\nDetailed proposal development rooted in database of 25+ years \nof restoration job data supports highly comprehensive and \naccurate job estimation\nTENURED UNION \nRELATIONSHIP\nHIGH SAFETY \nSTANDARDS\nSTANDARDIZED \nTRAINING\nTENURED \nEMPLOYEES\nSTRONG \nRETENTION RATE\nAverage employee tenure of 5 \nyears, resulting in a highly \ntalented and experienced \nworkforce aligned with \nCompany culture\nAnnual Safety, PTI, Swing \nStage and Scaffolding training \n– Union employees have \naccess to certification and \ntraining courses\nStrong safety programs \nrecognized by numerous awards, \nincluding Minnesota Governors \nWorkplace Safety Award and \nLECET Safety Driven Contractor \nAward\nCraftsman are sourced \nfrom highly tenured union \nrelationships – two of \nwhich are 28+ year \nrelationships\nAverage YoY re-hire rate of \n95%+, significantly \noutperforming the industry\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n21\n... Led by a Proven Management Team that has a Track \nRecord of Executing Meaningful Strategic Initiatives ...\n6\nBlake Dronen\nPresident\nRSI Tenure: \n25+ years\n•Began career at RSI as a Foreman in 1999\n•Responsible for strategic leadership and planning, business development, operational \noversight and risk management\n•Bachelor’s degree in Construction Management from Minnesota State University – \nMankato\nKEY ACCOMPLISHMENTS\nEXPERIENCED AND TENURED MANAGEMENT TEAM DEDICATED TO FUTURE GROWTH ... \nJen Patti\nOperational Strategy \nLeader\nRSI Tenure:\n6+ years\n•Joined RSI in 2019\n•Responsible for strategic planning, process improvement and integration\n•Previous experience as a Project Manager and Strategy Manager at C.H. Robinson\n•Bachelor’s degree in Retail Merchandising from the University of Minnesota – Twin \nCities\nTayton Eggenberger\nSales Leader\nRSI Tenure:\n14+ years\n•Joined RSI in 2005 as a Warehouse Manager\n•Responsible for business development, job estimation and scoping, cost management, \nresource management and client communication\n•Master’s degree in Business Administration from Minnesota State University – Mankato, \nBachelor’s degree in Business Administration from Augsburg University\nSuccessfully expanded into Wisconsin \nmarket with establishment of Milwaukee \noffice and <2 year payback\nEXPANSION \nTO WISCONSIN\nSystem enhancement with Sage Intacct \nplatform increases job cost oversight and \nmanagement capabilities, resulting in improved \nprofitability management and analysis\nENHANCED COST\nMANAGEMENT\nImplemented scalable HR, payroll, and \nexpense management software to simplify \nand streamline internal processes\nOPTIMIZED \nBACK-END SYSTEMS\nNegotiated favorable purchase contract with \nkey supplier for traffic coatings, concrete \nmixes and sealants, offering distinct cost \nadvantage over competitors\nIRREPLICABLE \nSUPPLY RELATIONSHIPS\nHired, trained, and managed employees to \nexemplify highest levels of safety and integrity \nin all work, resulting in numerous individual \nand company-wide safety awards \nESTABLISHED \nCULTURE OF SAFETY\nBrian Stueve, CPA\nFinance Leader\nRSI Tenure: \n2+ years\n•Joined RSI in 2023 as the Company's Fractional Finance Leader; works for BGM, RSI's \naccounting firm\n•Responsible for financial reporting and management, accounting operations and \nmanaging internal controls\n•Bachelor’s degree in accounting from St. Cloud State University\n...SUPPORTED BY HIGHLY QUALIFIED FIELD LEADERSHIP\nBuilding Facade \nLeader\nRSI Tenure: \n19+ years\nParking Ramp\nLeader\nRSI Tenure: \n11+ years\nMilwaukee\nRegion Leader\nRSI Tenure: \n2+ years\nMilwaukee\nField Leader\nRSI Tenure: \n24+ years\nExecuted the acquisition of a local \nMinneapolis competitor in 2024\nDEMONSTRATED ABILITY \nTO EXECUTE M&A\nBlue Point Capital Partners, LLC\n\nRestoration Systems\nGROW WALLET SHARE IN \nEXISTING MARKETS – WISCONSIN\n22\n... With Multiple Levers For Continued Growth \n7\nGROW WALLET SHARE IN \nEXISTING MARKETS – MINNESOTA\nTARGETED EXPANSION END MARKETS\n•RSI has ample opportunity to continue to win new customer \nopportunities within Minnesota by targeting underserved end \nmarkets\n•The industrial sector, school districts, private universities and \ncolleges, and the Department of Transportation (DoT) offer \nsignificant growth potential within RSI’s current service lines and \ngeographic coverage\nILLUSTRATIVE PUBLIC VS. PRIVATE SECTOR JOB MIX IN MILWAUKEE\nPrivate JobsPublic Jobs\n•As a newly established office, RSI’s Wisconsin branch has emphasized \ngrowing brand awareness and developing relationships in cities near \nMilwaukee through bidding and completing public sector jobs\n•Public sector jobs has led to increased opportunity for private sector \nwork, as RSI Milwaukee continues to mature, there is significant \nopportunity to directly target private sector jobs \nINDUSTRIAL \nSECTOR\n✓Industrial sector, especially refineries, has \nconsiderable regulatory burden to upkeep facilities\n✓Includes plants, warehouses, refineries and \nindustrial complexes with maintenance, restoration \nand protective coatings needs\nSCHOOL \nDISTRICTS\n✓To consistently meet regulatory requirements while \nstaying within annual budgets, schools prefer to \nrestore and maintain existing facilities as opposed \nto new construction\n✓RSI currently serves a small number of MN school \ndistricts\nPRIVATE \nUNIVERSITIES\n✓Private colleges and universities allocate higher \nannual spend to maintaining facilities and parking \nramps with greater flexibility in scope\n✓New customer opportunities include Gustavus \nAdolphus College, Bethel University, University of St. \nThomas and more\nDEPARTMENT OF \nTRANSPORTATION\n✓Opportunity to build relationship within the DoT to \nwin public infrastructure jobs\n✓Opportunity to expand into additional service lines, \nincluding bridge deck repair, that utilize same \nequipment as RSI’s established parking deck services\nEnhanced profitability and margins\nIncreasing private job mix in Milwaukee offers...\nIncreased flexibility and lesser bureaucratic hurdles\nHigher likelihood of client recurrence and relationship building\nCurrent Job Mix (FY24)Targeted Job Mix (FY29)\n~40%\n~70%\n~60%\n~30%\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n23\n1.Illustrative ramp based on actual results of Milwaukee office and Management forecast.\n... With Multiple Levers For Continued Growth (Cont.) \n7\nILLUSTRATIVE DE NOVO REVENUE RAMP\n(1)\nTARGET NATIONAL ACCOUNTS\nCapitalize on strong relationships with key influencers (e.g., \nengineers, consultants) who have MN offices and established \npresence in target markets\nJoin local industry group chapters (e.g., ICRI) to drive brand \nawareness, grow relationships and build traction quickly\nOpportunity to provide more year-round work in mild climate \ncities (e.g., Cincinnati)\nRepeatable “playbook” for breaking into new markets derived \nfrom historical experience and success in Milwaukee\nPlanned expansion cities (e.g., Kansas City, Cincinnati, \nCleveland, Columbus, Denver) based on aging infrastructure, \nsimilar inspection regulation to MN and limited competition\n$0M\n$3M+\n$6M+\nYear 0Year 1Year 2Year 3Year 4Year 5\n<2 Year Payback \nPeriod on CapEx\nREPLICABLE STRATEGIC PLAYBOOK TO LAND \nAND EXPAND IN IDENTIFIEDNEW GEOGRAPHIES\n•RSI will follow its “land and expand” model that has proven effective \nin Wisconsin to enter new geographies, combining strategic \nacquisitions along with boots-on-the-ground organic growth through \nsales team and existing referral relationships\nEXISTING NATIONAL ACCOUNTSTARGET NATIONAL ACCOUNTS\nPROPERTY MANGERS\nREITS\nPARKING RAMPS\nHOSPITALITY\n•RSI is well qualified to become a trusted national provider to \ncustomers that manage multiple facilities across diverse geographies\n~25% \nof RSI’s revenue \ncomes from national \naccounts today\n20+ \nIdentified Target \nNational Accounts\nN/A\nBlue Point Capital Partners, LLC\n\nRestoration Systems\nACQUISITION INTEGRATION\nTARGET IDENTIFICATION & ACQUISITION\nEMPOWERING GROWTH\n24\n... With Multiple Levers For Continued Growth (Cont.) \n7\nMERGERS AND ACQUISITIONS\nACQUISITION CRITERIA\nDEFINED M&A PLAYBOOKACTIONABLE M&A PIPELINE\nEngage M&A advisors\nPerform pre-acquisition due diligence\nEngage financing partner\nClose transaction\nIdentify target\n1\n2\n3\n4\n5\nImplement RSI’s standardization\nIntegrate target with RSI’s supplier \nnetwork\nDevelop relationship with target\n1\nEnsure strength of customer \nrelationships\n2\nCapitalize on cost synergies\n3\n4\n5\nEstablish growth plan\n6\nExpand sales staff\nIntroduce target to RSI’s engineer \n& customer relationships\nImplement RSI’s geographic \nexpansion playbook\nCross sell services between \nRSI and the target\nInitiate growth opportunities\n1\n2\n3\n4\n5\nSTRATEGIC \nGEOGRAPHIC \nEXPANSION \nEND MARKET \nEXPANSION\nSERVICE OFFERING \nSYNERGIES\nCAPTURE WALLET SHARE \nWITH KEY CUSTOMERS\nREVENUE & COST \nSYNERGY POTENTIAL\nM&A STRATEGY OVERVIEW\n•RSI competes in a highly fragmented industry with many sub-scale \nplayers where the Company could unlock considerable synergies by \nintegrating them into the RSI platform\n•Recently acquired the assets of a local Minneapolis competitor \n– large volume of similar opportunities\n•The Company provides platform potential to replicate other diversified \ninfrastructure services platforms in the market (i.e., a one-stop-shop for \nall your building’s maintenance and repair needs, both inside and out)\n•Company has existing infrastructure in place (e.g., leadership, \nstandardized processes, geographic expansion playbook, \nreputation) to grow as a platform\nTARGETGEOGRAPHYSERVICE OFFERING\nEST. REV.\n ($M)\n#1\nNE & MOParking Deck, Facade, Bridge\n$25M\n#2\nOHParking Deck, FaÁade\n$22M\n#3\nCOParking Deck, FaÁade\n$15M\n#4\nMOParking Deck, Facade\n$12M\n#5\nOHParking Deck, Facade\n$11M\n#6\nOHParking Deck, Facade\n$10M\n#7\nOHParking Deck, Facade\n$8M\n#8\nMNFaÁade\n$30M\n#9\nMNParking Deck\n$18M\nTotal Revenue\n$151M\nBlue Point Capital Partners, LLC\n\nGo-To-Market Strategy & Competitive Landscape\n25\n01\n02\n03\n04\n05\n06\nExecutive Summary\nInvestment Highlights\nGo-To-Market Strategy & Competitive Landscape\nGrowth Opportunities\nOperations Overview\nFinancial Summary\n07Appendix A: Sample Customer Engagement Documents\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n26\nSales & Marketing Organization & Strategy\nSALES STRATEGY OVERVIEWSALES ORGANIZATIONAL CHART\nKEY MARKETING INITIATIVES\nTAYTON EGGENBERGER\nSales Lead\n•Highly tactical sales team with a well-defined strategy of identifying \nopportunistic regions and customers with substantial market and \nwallet share opportunity\n•Led by Sales Leader Tayton Eggenberger, RSI’s Project Managers \ndevote ~30% of their time pursuing new leads during the busy season, \nand ~70% of their time managing ongoing jobs and client relationships\n•RSI utilizes direct sales channels, referrals through engineer \npartnerships, property / facility management relationships and online \nmarketing to target new customers\n•Strong reputation in existing markets has resulted in majority \nof new jobs being sourced from engineering referrals\n•Active and hands-on customer management strategy consisting of \ndedicated support teams that execute regular follow-ups during a job \nand post-job evaluations\nMinneapolis-Based\nSENIOR PROJECT \nMANAGER\nPROJECT MANAGER\nASSISTANT PROJECT \nMANAGER\nMILWAUKEE\nREGION LEADER\nMilwaukee-Based\nASSISTANT PROJECT \nMANAGER\nSOCIAL MEDIAEMAIL CAMPAIGNS\nSPONSORED INDUSTRY EVENTS\nTRADESHOWS\nYouTube channel with 30+ \ncompany and job overview videos\nFacebook and Instagram accounts \nwith active engagement (140+ \nposts in 2023)\n70+ annual email marketing \ncampaigns sent in 2023\n5,100+ total prospects reached \nthrough the marketing campaigns\nAttends various events and social \ngatherings with industry partners\nAttending events increases \nexposure to and builds \nrelationships with prospective \ncustomers and engineers\nAttend 7 trade shows annually\nTradeshow attendance enables RSI \nto put its service on display to key \nindustry players (e.g., prospects, \nengineers, architects)\n7\nTotal Sales Personnel\n~75%\nSales from Referrals\n~25%\nSales Sourced from \nOutbound Efforts\n38%\nLead Close Rate\n(1)\nKEY METRICS\nBLAKE DRONEN\nPresident\n1.Close rate on projects where a proposal is provided to a customer\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n27\nProject Management Funnel \n1\n2\n3\n4\n5\n6\nPROSPECTING\nDISCOVERY\nPROPOSAL / \nBID\nPRE-JOB SETUP\nPROJECT \nMANAGEMENT\nJOB CLOSE\nJOB STAGEKEY WORKSTREAMS\n•RSI has developed a six-step job workflow that has proven to generate new customers, facilitate effective project management and drive successful \noutcomes\n•The below job workflow is used for all service offerings, ensuring consistent processes and job execution during every customer engagement\n•All employees are cross trained across service lines, enabling flexibility and accuracy in job delivery\n▪Leverage networking connections\n▪Generate internal leads \n▪Attend industry events \n▪Generate proactive external leads\n▪Complete competitive analysis to understand \nopportunities within the market\n▪Qualify existing leads\n▪Organize and complete an intro meeting \nwith the lead\n▪Understand and note the customer needs\n▪Execute analysis and begin planning for \nclient needs\n▪Generate and deliver to the client a proposal \nthat details every aspect of the job\n▪Project Manager populates the bid terms \nfor the prospective client and delivers the \nfinal bid\n▪RSI prepares a product submittal package, \ndetailing all items needed for the job\n▪Company staffs RSI employees on the job\n▪Job equipment and material procurement\n▪Internal job management and \ncommunication\n▪RSI sends job progress updates\n▪Vendor bill review and approval\n▪SOW changes, if necessary\n▪RSI and management do a final job \nwalkthrough, completing a closing checklist\n▪Client receives final job invoice\n▪Client completes a post-closing survey\n▪Customer submits warranty claim, if \nnecessary\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n28\n1.Includes revenue earned from ancillary services to Building Facade and Parking Ramp work, \nincluding the installing of roofing anchors, small batch waterproofing mixes, and more.\nRSI’s Strategic Focus on the “Right” Type of Business\nREVENUE BY END MARKETREVENUE BY SERVICE TYPE\nBroad range of end markets and customers with strong focus on \nmulti-site operators and national accounts\nRegulation driven, non-deferrable service mix\nREVENUE BY CUSTOMER TYPE\nAbility to serve customers of all types, with a strong mix of more \nreoccurring, multi-site operator customers\nCOMPETITIVE VS NEGOTIATED\nAbility to comfortably secure industry-leading profit margins in \nboth competitive and negotiated bid scenarios\n76.3%\n23.7%\n‘22A – 24A\nAverage\nSingle-Site Operator\nMulti-Site Operator\nCompetitiveNegotiated\n42.5%\n57.5%\n‘22A – 24A\nAverage\nOther\n(1)\nBuilding Facade\nParking Ramp\n52.1%\n45.2%\n2.7%\nTTM \nOct-24\nHomeowners \nAssociation (HOA)\nGovernment\nProperty \nManagement\nHealthcare\n‘22A – ‘24A\nAverage\n35.1%\n29.5%\n18.0%\n9.4%\n7.9%\nEducational\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n29\nCustomer Study #1\n1.Management estimate\n2.Includes revenue earned from ancillary services to Building Facade and Parking Ramp work, including the \ninstalling of roofing anchors, small batch waterproofing mixes, and more.\nCUSTOMER CASE STUDY #1\nRELATIONSHIP HISTORY\nRSI’S VALUE ADD TO CUSTOMER\n•Added customer in 2008 through a private bid facilitated by one of the Company’s engineering \npartners\n•Generated continued growth within the customer through trust built on consistently high-\nquality services and a transparent approach to customer service\n•Strong history of servicing customer’s building facade needs\n•Executed $8.0M+ in jobs for Customer #1 since 2021, including various building facade and \nparking ramp jobs\n•RSI’s key jobs with customer include:\n•Building restoration of RiverWest Condominiums\n•Parking ramp restoration of RiverView Tower’s parking infrastructure\n51%\nBuilding \nFacade\n22%\nParking \nRamp\n27%\nOther\n(2)\n4%\n6%\n10%\n12%\n16%\n23%\n25%\n2018A2019A2020A2021A2022A2023A YTD 2024\nCUSTOMER DESCRIPTION:\nProperty management company \nwith infrastructure managed in 20+ \nstates\nLOCATION:\nNational with a strong presence in \nMinnesota\nINDUSTRY:\nHomeowners Association\nTENURE:\n15 Years\nJOBS COMPLETED (#):\n120+\nCUSTOMER TYPE:\nMulti-Site\nSERVICE REVENUE BREAKDOWNANNUAL WALLET SHARE WITH CUSTOMER\n(1)\nGO-FORWARD GROWTH STRATEGY\nExpand RSI’s solutions to support \nCustomer’s network as a whole\nGrow nationally into Customer’s \nproperties\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n30\nCustomer Study #2\nCUSTOMER CASE STUDY #2\nCUSTOMER DESCRIPTION:\nNational property management \nCompany with a portfolio of 170K \ntotal units\nRELATIONSHIP HISTORY\nRSI’S VALUE ADD TO CUSTOMER\n•Added customer in 2000\n•Primarily a direct relationship today between customer and RSI, but RSI has a strong \nrelationship with the customer’s preferred engineering partners\n•Growth in wallet share driven primarily through referrals and targeted marketing efforts at \ntradeshows, industry events and on social media\n•Executed $3.9M+ in jobs for customer since 2021, including various building facade and parking \nramp jobs\n•RSI’s key jobs with customer include:\n•Building restoration of Wells Fargo Home Mortgage\n•Upcoming parking lot restoration of the MetroPoint ramp\nLOCATION:\nNational with a strong presence in \nMinneapolis, MN & Milwaukee, WI\nINDUSTRY:\nProperty Management\nTENURE:\n28 Years\nJOBS COMPLETED (#):\n220+\n5%\n8%\n14%\n23%\n25%\n30%\n35%\n2018A2019A2020A2021A2022A2023A YTD 2024\nCUSTOMER TYPE:\nMulti-Site\nSERVICE REVENUE BREAKDOWNANNUAL WALLET SHARE WITH CUSTOMER\n(1)\nGROWTH OPPORTUNITY\n70%\nBuilding \nFacade\n1%\nParking \nRamp\n29%\nOther\n(2)\nDeepen customer relationship at a \ncross-functional level\nGrow nationally into Customer’s \nproperties\n1.Management estimate\n2.Includes revenue earned from ancillary services to Building Facade and Parking Ramp work, including the \ninstalling of roofing anchors, small batch waterproofing mixes, and more.\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n31\nJob Case Study #1 – Building Facade\nSITE DESCRIPTION:\nCathedral Built in 1887\nLOCATION:\nMinneapolis, MN\nSTART DATE:\nAugust 2020\nLENGTH OF JOB:\nMulti-Year Contract\nSOURCE OF JOB:\nInbound Interest\nJOB REVENUE:\n$64K\nJOB OVERVIEW\nSCOPE OF WORK\nLINK TO VIDEO CASE STUDY...\nHERE\nST. MARY'S ORTHODOX CATHEDRAL EXTERIOR RESTORATION\n•The customer was experiencing water infiltration in their \nwall cavity and required masonry repair quickly\n•RSI was contracted to perform exterior stone and \nmasonry repairs at the Historical St. Mary’s Orthodox \nCathedral\n•The Company delivered a quality result through various \nservices that restored the historic facade to its original \nlikeness\n▪Exterior Facade Tuckpointing\n▪Exterior Sealant Replacement\n▪Stainless Steel Through-Wall Flashing Installation\n▪Custom Fabricated Copper Counter Flashing Installation\n▪Exterior Stone Repairs\n▪Exterior Stone Replacement\n▪Power Washing Facade Elements\nBEFORE\nAFTER\nBEFORE\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n32\nJob Case Study #2 – Parking Ramp\nSITE DESCRIPTION:\nApartment complex located less \nthan 10 miles outside of Minneapolis\nLOCATION:\nBrooklyn Park, MN\nSTART DATE:\nApril 2020\nLENGTH OF JOB:\nTwo Months\nSOURCE OF JOB:\nInbound Interest\nJOB REVENUE:\n$169K\nJOB OVERVIEW\nSCOPE OF WORK\nLINK TO VIDEO CASE STUDY...\nHERE\nLUX APARTMENTS PARKING LOT REPAIR\n•The customer’s parking ramp was worn down and in \nneed of a new coating, parking line striping as well as \nstructural support repair\n•The customer chose RSI due to RSI delivering a fully \ncomprehensive proposal\n•RSI completed the job under budget and on time\n▪Structural Concrete Repair\n▪Traffic Coating Installation\n▪Sealant Installation\n▪Parking Stall Striping\n▪Post Tension Cable Replacement\n▪Post Tension Cable Repairs\nBEFORE\nAFTER\nBEFORE\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n33\nCompetitive Landscape\nHIGH VOLUME, NATIONAL LEADERSMALL, REGIONAL PLAYERS\nKEY STRENGTHSKEY STRENGTHSKEY STRENGTHS\nMarket leader in its core geography, \nMinneapolis, with growing market share in \na recently entered geography, Milwaukee\nStrong relationships with key national \ncustomer accounts\nHighly standardized and professional \noperating processes \nStrategic supply relationship (30%+ Discount)\nBroad service offering across numerous \nkey end-markets\nConsistently delivers high-quality services\nCurrently primarily serving only two major \nMSAs\n\nNational presence serving 18 states\nStrong relationships with key national \naccounts – highly penetrated within the \naccounts across multiple states in the U.S.\nComprehensive service offering with ability \nto serve a diversified end market mix\nLess focused on maximizing client experience \nand more interested in executing a high \nvolume of jobs\n\nWell-defined growth strategy\nMinimal focus on expanding the businesses\n\nKEY WEAKNESSES\nHigh standardization across operating \nprocesses\nOutdated processes and systems with limited \nintegration of technology\n\nKEY WEAKNESSES\nStrong emphasis on delivering quality \nservice on every job\nHighly experienced in one to a few key end-\nmarkets\nTend to have strong company culture and \nsense of pride within business\nKEY WEAKNESSES\nLack relationships with key industry \ncustomers\n\nStrategic supply relationships\nExtensive fleet of owned equipment\nLittle to no standardization of operational \nprocesses\n\nHigher risk of market cyclicality due to lack of \nend market diversification\n\nInability to cross-sell within customers due to \nlimited service offering\n\nLimited geographic presence\n\nOften lease equipment on a job-by-job basis\n\nRSI IS A CUSTOMER FOCUSED LEADER WITHIN ITS MARKETS WITH SIGNIFICANT RUNWAY TO ESTABLISH ITSELF NATIONALLY\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n34\nWhy RSI Wins \nCOMMITMENT TO QUALITYBREADTH OF SERVICES\nWELL INVESTED EQUIPMENT \nAND TECHNOLOGY\nEXPERIENCED WORKFORCE\n12\n3\n4\nEXCEPTIONAL JOB MANAGEMENT AND TRANSPARENCY\n5\n•RSI executes its jobs with meticulous attention to detail and uses \nthe highest-class materials and techniques\n•Renowned service quality results in prolongment of each \ncustomer’s structure life, enhanced aesthetics and \nsafety compliant final products\n•Industry leading quality provides reoccurring \ncustomer base and mitigated risk to RSI\n•Company has broad service offering enabling it to expertly \ndeploy traditional and modern restoration strategies\n•Ability to offer comprehensive services to \ncustomers through RSI’s various facade and \nparking lot repair and replacement capabilities\n•Serves customers in numerous industries, \nincluding health systems, housing, \nmunicipalities, etc.\n•Talented work force from the Company’s \ntechnicians, engineers and project \nmanagers – average tenure of ~5 years\n•Strong union relationships and ability to \ncontinually source craftsmen employees\n•Employee training ensures talent development is \ncontinuous and that veteran skillsets are passed \non to new employees\n•Use of latest restoration technology \nenables RSI to efficiently deliver high \nquality results\n•Technology assets enables RSI to address \neach unique customer challenge\n•Supply contracts and owned Company \nequipment allows RSI to competitively bid on \njobs\n•Very detailed job management, from the 30+ page job plan proposal to rigorous oversight and communication throughout each job \n•Systematic approach consists of detailed planning, proactive problem solving and continuous client updates to minimize client stress\n•Strict organization ensures that all jobs are completed on time and within budget\nC\nO\nM\nM\nI\nT\nM\nE\nN\nT\nT\nO\nQ\nU\nA\nL\nI\nT\nY\nB\nR\nE\nA\nD\nT\nH\nO\nF\nS\nE\nR\nV\nI\nC\nE\nS\nA\nD\nV\nA\nN\nC\nE\nD\nT\nE\nC\nH\nN\nO\nL\nO\nG\nY\n&\nE\nQ\nU\nI\nP\nM\nE\nN\nT\nE\nX\nC\nE\nP\nT\nI\nO\nN\nA\nL\nJ\nO\nB\nM\nA\nN\nA\nGE\nM\nE\nN\nT\nE\nX\nP\nE\nR\nI\nE\nN\nC\nE\nD\nW\nO\nR\nK\nF\nO\nR\nC\nE\nBlue Point Capital Partners, LLC\n\nGrowth Opportunities\n35\n01\n02\n03\n04\n05\n06\nExecutive Summary\nInvestment Highlights\nGo-To-Market Strategy & Competitive Landscape\nGrowth Opportunities\nOperations Overview\nFinancial Summary\n07Appendix A: Sample Customer Engagement Documents\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n36\nGrowth Opportunities Overview \n$20.5 \n$73.2 \n2023A Adjusted\nRevenue\nFurther Penetration in\nMinnesota\nContinued Ramp of\nMilwaukee\nTarget National\nAccounts\nGeographic Expansion2029P Adjusted\nRevenue\nM&A (Unbudgetted)Unbudgeted Upside\nPotential\nHighly Achievable Growth Trajectory (2023A-2029P Adjusted Revenue)\n$ in Millions\nB\nA\nC\nE\nConsiderable unbudgeted upside\nFURTHER \nPENETRATION \nIN MINNESOTA\nCONTINUED \nRAMP OF \nMILWAUKEE\nTARGET NATIONAL\nACCOUNTS\nGEOGRAPHIC \nEXPANSION\nMERGERS & \nACQUISITIONS \nABCDE\nD\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n37\nContinued Penetration in Minnesota\nMINNESOTA REVENUE TRENDSMINNESOTA GROWTH STRATEGY\n•Currently generating ~$23M of annual revenue in Minnesota with \nopportunity to expand market share position by 15%+ to grow 2029P \nrevenue to ~$50M\n•Numerous actionable opportunities in the Minnesota market to achieve \nmarket share growth include:\n•Focus on growing share of wallet within key existing customers \nthrough comprehensive evaluations of their portfolio to \nproactively address maintenance needs\n•Target new key customer accounts of scale to increase market \nshare\n•Expand to new cities within Minnesota that can be served by the \nMinneapolis office (e.g., Duluth, Rochester, etc.)\n•Pursue new end markets, including private colleges and \nuniversities, school districts, the industrial sector and Department \nof Transportation work\n$ in Millions\nA\n2018\nMINNESOTA GROWTH ROADMAP\nTODAY (2024)2029\n$46.3M\nRevenue\n~50%\nMarket Share\n35\nWork Crews\nKEY NECESSARY GROWTH INITIATIVES\n$23.2M\nRevenue\n35%\nMarket Share\n19\nWork Crews\nRSI is the leading player in the \nfragmented Minnesota market \nwith substantial market share \nexpansion opportunity\nAt the time Blake Dronen acquired RSI \nin 2018, the Company had a strong \nreputation in the Minneapolis \nrestoration market, but had not \nestablished itself as the market leader\n$12.8M\nRevenue\n10%\nMarket Share\n12\nWork Crews\nWin new large customer accounts \nthat will provide reoccurring \nrevenue (see page 38)\nExpand wallet share with key \nlarge customer accounts that \nhold substantial wallet share \n(see page 39)\nRSI has the opportunity to expand market share in Minnesota \nby 15% between 2024 and 2029 by executing key growth \nstrategies\n$14.8\n$18.5\n$23.2\n$26.9\n$29.9\n$35.8\n$39.5\n$46.3\n2022A2023A2024E2025P2026P2027P2028P2029P\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n38\nContinued Penetration in Minnesota (Cont.)\nA\nAbove Prospects are Large Customer Accounts that Would Provide RSI with Substantial Reoccurring Annual Opportunities\nPROSPECTPROSPECT DESCRIPTIONINDUSTRYSIZE\nANNUAL REVENUE \nOPPORTUNITYBUILDING FACADEPARKING RAMP\nKEY PROSPECTIVE CUSTOMER ACCOUNTS IN MINNESOTA\nPROSPECT #1\n500+ bed hospital in St. Paul, MN \nthat serves 200k+ patients per year\nMulti-Site\n~$750K\nPROSPECT #2\n$150B+ revenue company that \nprovides food, ingredients and \nagriculture solutions\nMulti-Site\n~$600K\nPROSPECT #3\n1M+ square foot shopping mall in \nthe Twin Cities serving ~14M \nannual visitors\nMulti-Site\n~$600K\nPROSPECT #4\nReal estate lessor with investments \nin office, retail and hospitality \nspaces\nMulti-Site\n~$600K\nPROSPECT #5\nHeadquarters of a multinational \nconglomerate with over 60 \nlocations across the U.S.\nMulti-Site\n~$500K\nPROSPECT #6\n600+ bed hospital in Minneapolis, \nMN that serves 200k+ patients per \nyear\nMulti-Site\n~$450K\nPROSPECT #7\n5M+ square foot shopping mall in \nthe Twin Cities area with ~13K \nparking spaces\nSingle-Site\n~$450K\nALL OTHER\n~$4.8M\nTOTAL OPPORTUNITY\n~$10.2M\nHealthcare\nProperty \nManagement\nProperty \nManagement\nProperty \nManagement\nProperty \nManagement\nHealthcare\nProperty \nManagement\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n39\nContinued Penetration in Minnesota (Cont.)\nA\nWALLET SHARE GROWTH OPPORTUNITY WITHIN KEY EXISTING CUSTOMER ACCOUNTS IN MINNESOTA\nHealthcare\n•Win more jobs due to track-record of delivering quality \nservices to customer\n~35%\n~45%\nProperty Mgmt.\n•Emphasize RSI’s value enhancing solutions to the \nCustomer’s properties\n~22%\n~30%\nProperty Mgmt.\n•Leverage diverse service offering to cross-sell various \njobs\n~35%\n~40%\nHOA\n•Sell RSI’s ability to deliver highly innovative solutions\n~25%\n~25%\nProperty Mgmt.\n•Demonstrate RSI’s ability to deliver tailored solutions for \neach job\n~15%\n~25%\nHealthcare\n•Leverage the Company’s service quality standard to \naddress the client’s need for perfect outcomes\n~10%\n~20%\nProperty Mgmt.\n•Market RSI’s ability to meet stringent industry standards\n~20%\n~25%\nEXISTING CUSTOMERINDUSTRYKEY SELLING POINTS\nCURRENT MN\nWALLET SHARE\n(1)\nSIGNIFICANT UNTAPPED REVENUE OPPORTUNITY – TOTAL IMPLIED REVENUE POTENTIAL\n1.Management estimate\n$15M+\nNATIONAL ACCOUNT \nPOTENTIAL\nFUTURE POTENTIAL \nMN WALLET SHARE\n(1)\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n~$300k invested to open new \nfacility in Milwaukee in 2022\n2022 - 2023\nINVESTMENTAMOUNT\n40\nContinued Ramp of Milwaukee\nWISCONSIN REVENUE TRENDS\n$ in Millions\nMILWAUKEE GROWTH ROADMAP\nWISCONSIN GROWTH STRATEGY\nB\nParking Ramp \nEquipment\n$200K\nExterior FaÁade \nEquipment\n$100K\nInitial Investment$300K\nTODAYFULL RAMP (2029)\nMilwaukee\n~60%\nPublic Job Mix\n~40%\nPrivate Job Mix\n$15.0M+\nRevenue\n30%\nPublic Job Mix\n70%\nPrivate Job Mix\nEMPLOYEE BASEGEOGRAPHIES\nEMPLOYEE BASEGEOGRAPHIES\nBranch Manager\nMilwaukee\nMadison, WI\nGreen Bay, WI\nWausau, WI\nKenosha, WI\nAppleton, WI\n1\nProject Manager\nSuperintendent\nField Staff\n1\n1\n14 - 24\n11 Field Staff\n2 Sales Personnel\n$3.2M\nRevenue (2024E)\n•Currently generating ~$3M of annual revenue in Milwaukee with \nopportunity to expand market share position to grow revenue to ~$15M \nby 2029\n•Numerous actionable opportunities in the Milwaukee market to achieve \nmarket share growth include:\n•Capitalize on large prospective accounts of scale\n•Expand to new cities within Wisconsin that can be served by the \nMilwaukee location (e.g., Madison, Green Bay, Wausau, Kenosha, \nAppleton, etc.)\n•Job margin improvement in the coming years as the Company \nleverages its growing track record and relationships to pursue \nhigher margin negotiated work vs. public bid work\n$0.7\n$2.0\n$3.2\n$5.8\n$7.6\n$10.8\n$12.7\n$16.3\n2022A2023A2024E2025P2026P2027P2028P2029P\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n41\n1.Based on Management estimate.\nContinued Ramp of Milwaukee (Cont.)\nB\nAbove Prospects are Large Customer Accounts that Would Provide RSI with Substantial Reoccurring Annual Opportunities\nKEY PROSPECTIVE CUSTOMER ACCOUNTS IN WISCONSIN\nPROSPECT #1\n1.5M+ sq. ft. sports and \nentertainment facility\nSingle Site\n$100K\nPROSPECT #2\nOne of largest health systems \nin US, a network of 18 hospitals\n with 150+ clinics\nMulti-Site\n$350K\nPROSPECT #3\nLeading advisory services provider \nwith multiple large campuses and \nconference spaces\nMulti-Site\n$35K\nPROSPECT #4\n$4.5B+ global leader in consumer \ngoods with multi-acre campus, \nmuseum and manufacturing plant\nSingle Site\n$125K\nPROSPECT #5\nInternational airport facility \nspanning +2K acres and serving \n+7M passengers annually\nSingle Site\n$850K\nPROSPECT #6\n$9BB+ global leader in industrial \nautomation systems\nSingle Site\n$300K\nPROSPECT #7\n+700 bed hospital in MKE serving \n+35K patients annually\nSingle Site\n$500K\nPROSPECT #8\n$26B+ global leader in building \nproducts and energy solutions\nMulti-Site \n$300K\nPROSPECT #9\nNational provider of insurance \nservices specializing in property \nand casualty insurance\nSingle Site\n$450K\nTOTAL OPPORTUNITY\n~$3.0M\nPROSPECTPROSPECT DESCRIPTIONINDUSTRYSIZE\nANNUAL REVENUE \nOPPORTUNITY\n(1)\nBUILDING FACADEPARKING RAMP\nHealthcare\nEntertainment\nProperty \nManagement\nManufacturing\nTransportation\nHealthcare\nIndustrial\nIndustrial\nCommercial\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n42\nDevelopment of National Accounts\nC\nWHY NATIONAL ACCOUNTS CHOOSE RSI\nReputable, trusted provider that provides consistently high-\nquality work\nProactive, professional account management (detailed bid \nproposals, weekly check-ins, annual reports, portfolio health \nmonitoring, etc.)\nEasy to work with – partnership approach\n•Opportunity to grow with national accounts that manage multiple \nfacilities across diverse geographies\n•National accounts prefer to work with a limited number of trusted \nvendors that serve as a single point of contact and can provide \ncomprehensive advice across their entire portfolio of assets\n•RSI’s existing robust project management processes are \ndifferentiated in the market and are highly attractive to large \nnational accounts that expect a higher level of \nprofessionalism\n•~30% of RSI’s revenue comes from national accounts today, and \nmanagement has identified multiple other national accounts to target, \nincluding property managers, parking ramp platforms, healthcare \nsystems, shopping center owners, REITs, etc.\n•To accelerate its strategy, management anticipates adding a dedicated \nsales manager to target and manage key national accounts\nBENEFITS OF A NATIONAL ACCOUNT STRATEGY\nLarge, stable and predictable revenue streams (i.e., maintain \nregular building restoration cycles built into capital budget)\nOpportunity to pull RSI into new geographies\nHighly sticky relationships typically with multi-year phasing \nprojects\nPOSITIONED TO BECOME A QUALIFIED NATIONAL PROVIDER \nCURRENT NATIONAL ACCOUNT REVENUE CONTRIBUTION\nRSI has established a foothold in key national accounts\nwith significant room to grow wallet share both locally \nand in new geographies\nNational Account Revenue\nAll Other Revenue\n2024E\n~30%\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n43\nDevelopment of National Accounts\nC\nData Centers\nLodging / Resorts\nIndustrial\nHealthcare\nMulti-family\nOffice Space\nSpecialty\nSports Arena\nTelecommunications\nRegional Malls / Shopping Centers\nSelf-Storage\nNational Property Managers, \nREITS, Parking Ramps and \nHospitality provide exposure \nto multiple attractive end \nmarkets \nNATIONAL ACCOUNTEXISTING CLIENTMANAGED PROPERTIES\nPROPERTY MANAGERS\n19,000+\n172,000+ Units\n9,000+\n37,500+\n--46,000+\nREITS\n--1,000+\n--550+\n--45+\n--200+\n--110+\nPARKING RAMPS\n--N/A\n--3,400+\n--3,700+\nN/A\nHOSPITALITY\n--5,900+\n750+\n--3,900+\n--5,800+\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n44\nGeographic Expansion\nIDENTIFIED EXPANSION MARKETS\nNEW GEOGRAPHIES REVENUE TRENDS\n$ in Millions\n$2.0\n$2.8\n$3.9\n$5.5\n$7.7\n$1.7\n$2.3\n$3.2\n$4.5\n$1.3\n$1.8\n$2.5\n$3.4\n$2.0\n$5.7\n$8.0\n$11.2\n$15.6\n2025P2026P2027P2028P2029P\nD\nGEOGRAPHIC EXPANSION STRATEGY\nKEY MARKET EXPANSION CRITERIA\nEngineering and client referral \nnetwork complementary to \nRSI’s existing markets\nLarge and growing addressable \nmarket\nModest competitive landscape\nFavorable business and labor \nenvironment\nKANSAS CITY\n2026\nTargeted Entry\n2.2M\nTotal Population\n30%\nFull-Ramp Market Share Potential \nSELECT OHIO MARKETS\n2025\nTargeted Entry\n6.6M\nTotal Population\n25%\nFull-Ramp Market Share Potential \nDENVER\n2026\nTargeted Entry\n3.0M\nTotal Population\n40%\nFull-Ramp Market Share Potential \n•RSI has built a platform that is prepared to execute an aggressive geographic \nexpansion strategy, replicating its proven blueprint from Milwaukee\n•As RSI scales, it will be able to leverage its corporate infrastructure \n(e.g., people, equipment and technology) to drive synergies and \nmargin expansion\n•RSI’s geographic expansion strategy is teachable and repeatable \n•Management has identified the three most attractive expansion markets as \nKansas City, Ohio and Denver and have developed a detailed strategy to break \ninto each market\n•Target markets were identified for their favorable attributes, \nincluding infrastructure quality, regulatory environment, competitive \nlandscape and complementary referral network\n•Typical new facility requires a $300K investment, with a one-to-two year \nbreakeven\n•Management anticipates creating a position to lead integration efforts to \nensure successful ramping of new locations\n•Opportunity to fast-track geographic expansion through the interplay of M&A\nOhioKansas CityDenver\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n45\nExpansion Market Case Study: Ohio\nRATIONALE FOR MARKET ENTRY\nOHIO MARKETS (CLEVELAND, CINCINNATI AND COLUMBUS)\n•Ability to efficiently serve three markets within Ohio with only one strategically located office\n•Would enable optimized resource allocation, streamlined operations, cultural alignment \nand consistent service quality standards\n•Existing referral and client relationships in the markets would enable quick market share ramp \nREVENUE & ADJ. EBITDA ($M)REQUIRED CAPITAL INVESTMENTS\nCLIENT RELATIONSHIPSREFERRAL RELATIONSHIPS\nINVESTMENTAMOUNT\nParking Ramp \nEquipment\n$200K\nExterior Facade Equipment$100K\nTotal Required Investment$300K\nD\nMARKET SHARE OPPORTUNITY:\n25%\n(1)\nMSA POPULATION:\n6.6M\nLABOR MARKET:\nUnionized\nTARGET MARKET ENTRY DATE:\n2025\nTARGET END MARKETS:\nBuilding Facade, Parking Ramp & \nHistorical Buildings\n1.Management estimate at full ramp in the market\n$2.0\n$2.8\n$3.9\n$5.5\n$7.7\n2025P2026P2027P2028P2029P\n$0.7 \n$1.1 \n$1.6 \n$2.3 \n$3.3 \nAdjusted Revenue Adjusted EBITDA\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n46\nExpansion Market Case Study: Kansas City\nRATIONALE FOR MARKET ENTRY\nKANSAS CITY\n•Company has strong referral relationships in the market, which would enable RSI to collect market \nshare and ramp quickly\n•Parking ramp regulatory review timeline in Kansas City is similar to that of Minneapolis in that it \nrequires annual reviews, which would allow the Company to seamlessly mirror its operational \nprocesses in Minneapolis\nREVENUE & ADJ. EBITDA ($M)REQUIRED CAPITAL INVESTMENTS\nINVESTMENTAMOUNT\nParking Ramp \nEquipment\n$200K\nExterior Facade Equipment$100K\nTotal Required Investment$300K\nCLIENT RELATIONSHIPSREFERRAL RELATIONSHIPS\nD\n1.Management estimate at full ramp in the market\nMARKET SHARE OPPORTUNITY:\n30%\n(1)\nMSA POPULATION:\n2.2M\nTARGET MARKET ENTRY DATE:\n2026\nTARGET END MARKETS:\nBuilding Facade, Parking Ramp & \nHistorical Buildings\nLABOR MARKET:\nNon-Unionized\n$1.7\n$2.3\n$3.2\n$4.5\n2026P2027P2028P2029P\n$0.6 \n$0.9 \n$1.3 \n$1.9 \nAdjusted Revenue Adjusted EBITDA\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n47\nExpansion Market Case Study: Denver\nRATIONALE FOR MARKET ENTRY\nDENVER\n•Recent infrastructure expansion in the market will result in significant near-term restoration work \nopportunity – on the verge of a high volume of job opportunities\n•Existing referral and client relationships would enable quick market share ramp \n•Lack of competition in the region would enable RSI to establish themselves as a leader quickly\nCLIENT RELATIONSHIPSREFERRAL RELATIONSHIPS\nREQUIRED CAPITAL INVESTMENTS\nINVESTMENTAMOUNT\nParking Ramp \nEquipment\n$200K\nExterior Facade Equipment$100K\nTotal Required Investment$300K\nD\nMARKET SHARE OPPORTUNITY:\n40%\n(1)\nMSA POPULATION:\n3.0M\nLABOR MARKET:\nNon-Unionized\nTARGET MARKET ENTRY DATE:\n2026\nTARGET END MARKETS:\nBuilding Facade, Parking Ramp & \nHistorical Buildings\n1.Management estimate at full ramp in the market\nREVENUE & ADJ. EBITDA ($M)\n$1.3\n$1.8\n$2.5\n$3.4\n2026P2027P2028P2029P\n$0.4 \n$0.7 \n$1.0 \n$1.4 \nAdjusted Revenue Adjusted EBITDA\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n✓Acquire a competitor in a particular geography rather than greenfield an operation, particularly if the player is \nentrenched in the market with a sticky customer base\n✓Selectively pursue new capabilities, such as bridge inspections, that are complementary to RSI’s existing core \ncompetencies\n✓Target companies that have relationships with key national accounts\n✓Pursue businesses where RSI could optimize cost structure and pursue cross selling opportunities\n✓Target acquisitions in currently underpenetrated end markets (e.g., private colleges and universities, school \ndistricts, the industrial sector and DoT work) that would unlock new customer relationships\n48\nMergers & Acquisitions \nEnd Market Expansion\nEnhance Service \nOffering\nRevenue and Cost \nSynergy Potential\nMERGERS & ACQUISITION STRATEGY\nE\n•Highly fragmented industry with many sub-scale players where RSI could unlock considerable synergies by integrating them into the RSI platform\n•Planned pipeline of attractive acquisition targets that would unlock new areas for growth including geographic expansion, new end markets and expanded \ncapabilities\n•RSI provides platform potential to replicate other diversified infrastructure services platforms in the market (i.e., a one-stop-shop for all your building’s \nmaintenance and repair needs, both inside and out)\n•Management has cultivated strong relationships across the industry and understands the competitive landscape well\n•Industry network enabled the Company to execute the acquisition of local Minneapolis competitor in 2024 – established playbook to execute M&A\n•Well defined and standardized operational processes are teachable and repeatable in the aftermath of an acquisition – will enable RSI to establish its high \nmargin profile within acquired businesses\nStrategic \nGeographic \nExpansion\nACQUISITION CRITERIA\nCapture Wallet \nShare within Key \nCustomers\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n49\nMergers & Acquisitions (Cont.)\nE\nWELL DEFINED M&A PLAYBOOK\nTARGET IDENTIFICATION & ACQUISITION\nACQUISITION INTEGRATIONEMPOWERING GROWTH\nPhase IPhase IIPhase III\nHighly Actionable and Repeatable M&A Strategy\n1\n2\n3\n4\n5\nIdentify and contact desired \nacquisition target \nEngage M&A advisors to help lead a \nfast yet diligent process\nPerform intense business diligence to \ndetermine potential synergies and \nopportunities within the business\nEngage with a financing partner, if \nnecessary\nClose of deal\n1\n2\n3\n4\nDevelop a relationship with acquired \nCompany management and understand \ntheir goals for the business\nEnsure strength of key customer \nrelationships directly following the \nacquisition\nDetermine human resource needs & \nif there are potential costs synergies \nto capitalize on\nImplement RSI’s standardized \noperational, sales and customer service \nprocesses, enabling the newco to reach \nmargins that mirror RSI’s\n5\nIntegrate direct purchasing relationship \n(30% discount) with RSI’s largest supplier, \nfurther increasing purchasing power\n1\n2\n3\n4\n5\nIdentify and initiate the most \nactionable growth opportunities\nIntroduce the acquired company to \nRSI’s deep network of engineers and \nkey customer accounts\nHelp expand sales staff to develop a \nmore aggressive customer \npenetration and acquisition strategy\nIntroduce RSI’s geographic expansion \nplaybook to enter strategic markets\nCross-sell services between acquired \nCompany and RSI, if the company is \nproviding services RSI does not\n6\nEstablish a go-forward growth plan \nwith the management team\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n50\nMergers & Acquisitions – Acquisition Case Study (Cont.)\nE\nACQUISITION BACKGROUND\nACQUISITION OF MERIT CONSTRUCTION SERVICES\n•RSI completed the acquisition of the assets of a Minnesota-based restoration services company in \nthe Summer of 2024\n•RSI assumed ~$600K worth of equipment, all client relationships and 10 employees in the \nacquisition\n•Blake Dronen called the owner of Merit to determine if there was an interest in selling the business \nto RSI\n•Merit’s previous owner was aiming to retire and safely transition the assets of the business \nto a reputable player in the industry\n•The previous owner will receive 10% of sales from projects from Merit’s previous client base for \n2025 and 2026\n•As of November 2024, RSI has fully integrated Merit into its operations, and the two companies have \nbegun transitioning commercial opportunities\nTOTAL EMPLOYEES:\n~10\nACQUISITION RATIONALE & OPPORTUNITY\n•The acquisition of Merit provides strong opportunity to dedicate additional talented employee \nresources to the Milwaukee region as the RSI scales in the geography\n•RSI also gained access to the Ohio market, which is a growth geography of focus for \nmanagement\n•The acquisition adds additional geographic reach and operational resources that are aligned with \nRSI’s focus on quality\n•RSI completed the acquisition in less than three months, a testament to management’s ability to \nefficiently identify, evaluate and close investment opportunities\n•Management will leverage the M&A playbook used in the acquisition of Merit to continually execute \nnew acquisition opportunities \nCOMPANY NAME:\nMerit Construction Services\nSERVICE GEOGRAPHY COVERAGE:\nWisconsin, Ohio and UP of Michigan\nREVENUE ACQUIRED:\n~$5.0M\nSERVICES:\nConstruction Services\nHEADQUARTERS:\nFarmington, MN\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n51\nMergers & Acquisitions (Cont.)\nTARGETGEOGRAPHYSERVICE OFFERINGOWNERSHIP DYNAMICEST. REV. ($M)\nTARGET #1\nNebraska & Missouri\nParking Deck, Facade, Bridge\nOwned & operated by\nthe son of the founder\n$25M\nTARGET #2\nOhio\nParking Deck, FaÁade\nMultiple owners, including the founders \nand outside industry operators\n$22M\nTARGET #3\nColorado\nParking Deck, FaÁade\nFounder owned\n$15M\nTARGET #4\nMissouri\nParking Deck, Facade\nFounder owned\n$12M\nTARGET #5\nOhio\nParking Deck, Facade\nFounder owned\n$11M\nTARGET #6\nOhio\nParking Deck, Facade\nFounder owned\n$10M\nTARGET #7\nOhio\nParking Deck, Facade\nFounder owned\n$8M\nTARGET #8\nMinnesota\nFaÁade\nFounder owned\n$30M\nTARGET #9\nMinnesota\nParking Deck\nClosely held\n$18M\nTotal Revenue\n$150M+\nREPRESENTATIVE M&A PIPELINE\nE\nBlue Point Capital Partners, LLC\n\nOperations Overview\n52\n01\n02\n03\n04\n05\n06\nExecutive Summary\nInvestment Highlights\nGo-To-Market Strategy & Competitive Landscape\nGrowth Opportunities\nOperations Overview\nFinancial Summary\n07Appendix A: Sample Customer Engagement Documents\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n53\nCompany History \nWHERE QUALITY MEETS \nCRAFTSMANSHIP\nPOSITIONED TO SCALE\nNEW LEADERSHIP, RENEWED \nCOMMITMENT\n1997 - 20182018 - 20242025+\n$5.7 \n$7.3 \n$7.3 \n$8.4 \n$8.2 \n$9.7 \n$10.0 \n$11.7 \n$12.8 \n$11.3 \n$11.5 \n$15.5 $15.5 \n$20.5 \n$26.4 \n$34.8 \n$43.2 \n$54.6 \n$63.4 \n$78.2 \n2010A2011A2012A2013A2014A2015A2016A2017A2018A2019A2020A2021A2022A2023A2024E2025P2026P2027P2028P2029P\nSteve Dronen built the framework for the \nbusiness, establishing RSI as an innovative \nservice provider of restoration services\nRSI grew rapidly through new ownership, \nnew service lines and geographic expansion \nvia greenfielding locations and M&A\nRSI is committed to advancing through \nnew market expansions and strategic \nacquisitions to foster continued growth\nExpand market presence in Minnesota and \nWisconsin by acquiring new customers and \ngrowing market share with existing customers\nMove into new markets such as Kansas \nCity, Ohio and Denver\nTarget potential acquisitions to increase \nmarket share \nExplore potential service line expansion \nopportunities (e.g., bridge restoration)\nCONSISTENT TRACK RECORD OF REVENUE GROWTH\n$ in millions\n1997\nFounded by Steve Dronen in Chaska, \nMinnesota\n1997\nIntroduction of building facade \nrestoration, parking deck restoration, \nwaterproofing and sealants, and traffic \ncoating services\n1999\nBlake Dronen joins the business as a \nForeman\n2017\nTayton Eggenberger rejoins the \nbusiness as a Project Manager \n2018\nBlake Dronen acquires the business from \nhis father\n2019\nJen Patti joins the business as Office \nManager and is subsequently promoted to \nOperational Strategy Leader in 2024\n2019\nRefined and improved customer service \nstrategy, leaping ahead of competition \nwith optimized and replicable processes\n2022\nExpanded operations beyond MN with the \nopening of an office in Milwaukee, WI\n2024\nAcquired the assets, including ~10 \nemployees, of a competing commercial \nrestoration business in the Twin Cities\n1.2010A – 2020A represents reported figures whereas 2022A – 2029P represents adjusted figures.\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n54\nServices Overview\n•Restoration services performed \non a building’s facade, which can \nbe damaged due to weather, \npollution and aging \n•Services address joint failure, \nwater intrusion and eroding or \ndefective stones to preserve the \nappearance, safety and lifespan \nwhile matching the appearance \nof the original surface\nBUILDING FACADE \nRESTORATION\n•Traditional and modern \nrestoration techniques that \nextend the life and structural \nintegrity of parking ramps and \nother concrete structures while \nminimizing unexpected \nmaintenance costs\n•Certified Post-Tension Cable \nRepair & Replacement \npersonnel to assist with post-\ntension failures\nPARKING DECK \nRESTORATION\n•Provide both preventative and \nreactive waterproofing systems \nthat reduce water intrusion and \ndamage\n•Identify and safely replace failed \nor aging sealant systems to \nensure the long–term health \nand watertight integrity of a \nproperty\nWATERPROOFING & \nSEALANTS\n•Certified installation team \nprepares concrete surface to \nensure maximum substrate \nadhesion\n•Critical to ensure complete \ncoating system is done properly \nin order to stand up to heavy \nuse and weather\nTRAFFIC COATINGS\nNote: Other includes revenue earned from ancillary services to Building Facade and Parking Ramp \nwork, including the installing of roofing anchors, small batch waterproofing mixes and more.\nRevenue ContributionRevenue ContributionRevenue ContributionRevenue Contribution\n44.2%\n’22A – ’24E \nAverage\n11.0%\n’22A – ’24E \nAverage\n32.3%\n’22A – ’24E \nAverage\n9.1%\n’22A – ’24E \nAverage\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n55\nManagement & Employee Summary\nORGANIZATION OVERVIEW\n•RSI maintains a highly skilled and stable employee base that is cross-\ntrained and supervised by experienced leadership \n•Attractive benefits provided - health and insurance benefits, 401(k) match \ncontributions, paid time off, parental leave and commuter benefits\n•Employee incentive plans are strategically aligned with Company KPI \ntargets, including an employee safety incentive plan and profit-sharing \nopportunities based on annual performance\n•Comprehensive safety training and workshops, career development \nopportunities and tuition reimbursements reflect a strong commitment to \nemployee satisfaction\nEMPLOYEE SUMMARY - JUNE 2024\nRSI ORGANIZATIONAL CHART\nBY FUNCTION\nRoleMinnesota WisconsinTotal\nField Staff\n591069\nField Leadership\n213\nOperations & Administration\n(1)\n9-9\nSales\n426\nTotal\n741387\nBLAKE DRONEN\nPresident\nTAYTON EGGENBERGER\nSales Leader\nBRIAN STUEVE\nFinance Leader\nPROJECT \nMANAGER\n(3)\nFIELD STAFF \n(59)\nWAREHOUSE \nSTAFF\n(6)\nSUPERINTENDENT\n(2)\nJEN PATTI\nOp. Strategy Leader\nFIELD STAFF & FOREMAN HEADCOUNT \n(AVERAGE 2021A-2024E)\nMKE \nFIELD LEADER\n(1)\nDAN LEPHARDT\nMKE Region Leader\nFIELD STAFF \n(11)\n1.Includes the Company’s President, Blake Dronen, and Finance Leader, Brian Stueve\n12\n8\n15\n47\n62\n73\n76\n77\n81\n79\n71\n32\nJanFeb Mar Apr May JunJulAug Sept Oct Nov Dec\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n56\nUnion Relationships\nUNION RELATIONSHIPS OVERVIEW\n•RSI maintains productive union relationships in markets where union collaboration is \nnecessary\n•Strong union relationships drive low attrition rates relative to the industry, especially \ngiven seasonal staffing fluctuations, and allow a flexible and dependent pipeline of \nskilled labor\n•RSI has a right-sized base of ~70 union and ~10 non-union employees during busy \nseason\n•RSI has maintained robust union relationships for the past 28 years through regular \nparticipation in union functions and training programs \n•RSI President, Blake Dronen, plays a pivotal role in managing contractual \naspects of union relationships with Bricklayers Local 1, Liuna Local 563 and \nLiuna Local 113\n \n•Superintendents oversee day-to-day interactions with unions \nUNION EMPLOYEE SUMMARY\n(1)\nBUSY SEASON (MAY – NOVEMBER)\nField Staff (Union)Minnesota WisconsinTotal\nField Staff\n591069\nField Leadership\n213\nWarehouse (Union)\n1-1\nField Staff Total\n621173\nOffice (Non-Union)Minnesota WisconsinTotal\nOperations & Admin.\n8-8\nSales\n426\nOffice Total\n12214\nTotal Employees\n741387\nRELEVANT UNION CHAPTERS\n1.Represents 2023 average\nOFF SEASON (DECEMBER – APRIL)\nField Staff (Union)Minnesota WisconsinTotal\nField Staff\n9211\nField Leadership\n213\nField Staff Total\n11314\nOffice (Non-Union)Minnesota WisconsinTotal\nSales\n426\nOperations & Admin.\n6-6\nOffice Total\n10212\nTotal Employees\n21526\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n57\nSafety, Quality and Environmental Programs\nSAFETY AND REGULATORY OVERVIEW\n•RSI is committed to the health and safety of both its employees and clients and has a strong record of employee safety and regulatory compliance\n•The Company has earned multiple awards for its robust safety, quality and environmental programs and track record\n•All jobsites are inspected and reviewed daily according to Job Hazard Analysis (JHA) workbooks, with additional safety checklists for jobsites \ninvolving swing stage or scaffolding equipment \n•Project Managers, Superintendents and Foremen collectively ensure adherence to International Concrete Repair Institute (ICRI) and International \nMasonry Institute (IMI) quality standards \n•RSI adheres to EPA standards and regulations, with ability to incorporate advanced environmental considerations if requested\n•Comprehensive daily reports provide frequent check-in opportunities with employees and clients, ensuring highest safety, quality and environmental \nstandards are upheld through full job duration\n•RSI also provides in-house annual safety trainings, specialized safety courses (scaffolding, swing stages, etc.) and independent safety consultant \ncollaborations to continuously develop employee safety knowledge\nREPRESENTATIVE RECOGNITIONINDUSTRY-LEADING SAFETY METRICS\n0.7\n0.81\n0.820.82\n-0.1\n0.1\n0.3\n0.5\n0.7\n0.9\n1.1\n1.3\n1.5\n202120222023YTD-2024\nRSI’s Historical Experience Modification Rate (EMR)\n(1)\nIndustry Average (1.0)\n1.Lower EMR represents lower likelihood to incur a compensable loss.\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n▪Personnel and equipment \ncoordination\n▪Job planning and scheduling\n▪Attend industry events\n▪Communicate with building owners & \nmanagers and referral sources \n(engineers, architects) to source job \nopportunities\n▪Draft proposals and negotiate bids \nwith clients\n▪Meet weekly with superintendents \nregarding job updates to be \ncommunicated to customers\n58\nOperations Team Summary\nPROJECT MANAGERSSUPERINTENDENTS\nTAYTON \nEGGENBERGER\nSALES LEADER\nPROJECT \nMANAGER\n(1)\nASST. PROJECT \nMANAGER\n(1)\nSALES TEAM\nCORE DUTIES\n▪Supervising and managing all on-site \nconstruction activities\n▪Ensure jobs consistently track towards \ncompletion, on-time and on-budget\n▪Resolve issues and implement \nsolutions for day-to-day operations\nKEY PERSONNEL INTERACTIONSKEY PERSONNEL INTERACTIONS\nOTHER KEY DUTIES\nCORE DUTIES\nOTHER KEY DUTIES\n•Operations team works closely to (i) manage the day-to-day activities of all constructions sites across RSI’s current job schedule and (ii) work collaboratively \nwith Project Managers to ensure clients stay informed on all job statuses, updates or concerns\n•Superintendents are trained and experienced in managing on-site personnel and service progress while maintaining frequent communication with the client-\nfacing Project Management team\nOPERATIONS TEAM\nSENIOR PROJECT \nMANAGER\n(1)\nJEN PATTI\nOPERATIONS \nSTRATEGY LEADER\nFIELD STAFF \n(59)\nWAREHOUSE STAFF\n(6)\nSUPERINTENDENT\n(2)\nConstruction \nSuperintendent\nReferral SourcesClients\nProject \nManagers\nField Staff\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n59\nFacilities Overview \nOFFICE FACILITY #1OFFICE FACILITY #2\n1 meeting room\n1 break room\nParking for 10 vehicles\nFully accessible\nVoIP phone systems \nOn-Call IT support\nAMENITIESTECHNOLOGY\n24/7 security\nCCTV\nSecure access controls\nFire safety system\nEnergy-efficient lighting\nRecycling program \nMail handling service\nBi-weekly cleaning\nSECURITYOTHER FEATURES\n1 meeting room\n1 break room\nParking for 20 vehicles\nFully accessible\nVoIP phone systems \nOn-Call IT support\nAMENITIESTECHNOLOGY\n24/7 security\nCCTV\nSecure access controls\nFire safety system\nEnergy-efficient lighting\nRecycling program \nFront desk reception\nMail handling service\nSECURITYOTHER FEATURES\nBi-weekly cleaning\nChaska, MN\nLocation\n14\nEmployees\n(2)\nLeased\n20.5K\nTotal Sq. Feet \n(Office & Warehouse)\n(1)\n•Two leased facilities – both are located just outside the downtown corridor of Minneapolis and Milwaukee\n•Current rental rates changed to the Company are marked-based, and the expectation is that long-term leases would be executed current with a \nclosing of a transaction\n•Proximity to metropolitan areas provides easy access to the Company’s frequent job sites and ability to easily manage human talent\n•Large warehousing spaces to store the Company’s extensive equipment fleet\n1.The leased facility in Chaska has an additional 11.5k sq. ft. that is owned by Blake in a related entity \nthat the Company could consider expanding into if desired.\n2.Includes superintendent employees that report to respective branch.\nWaukesha, WI\nLocation\n3\nEmployees\n(2)\nLeased\n6.0K\nTotal Sq. Feet \n(Office & Warehouse)\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n60\nEquipment Overview\n13\nSkid Steers\n13\nAerial Lifts\n3\nScissor Lifts\n1\nBrokk\nON-SITE EQUIPMENT\n15\nCompressors\n43\nSaws\nSERVICE EQUIPMENT\n10\nGrinders\n45\nJack \nHammers\nMISCELLANEOUS EQUIPMENT\n1.Represents 93 swing stage motors and ancillary equipment sufficient for 45 complete swing stages.\n1\nForklift\n6\nConcrete Buggies\nDELIVERY EQUIPMENT\n29\nGenerators\n45\nSwing Stages\n(1)\n21\nTrailers\n32\nTrucks\nREPRESENTATIVE EQUIPMENT\nKEY EQUIPMENT SUMMARY\n•Strong base of owned equipment provides the Company a competitive advantage to (i) quickly react to job needs, (ii) aggressively bid jobs without the \nburden of equipment lease expenses and (iii) efficiently swap and repair equipment to avoid costly job delays\n•High performance and state of the art equipment with no major replacements anticipated following recent and thorough maintenance inspection \ncompleted in 2024 (performed every five years)\n•Existing equipment base has ability to continue supporting Company through forecasted job volume growth\nCLICK HERE\nClick links below to see \nequipment in action\nCLICK HERE\nCLICK HERE\nBlue Point Capital Partners, LLC\n\nFinancial Summary\n61\n01\n02\n03\n04\n05\n06\nExecutive Summary\nInvestment Highlights\nGo-To-Market Strategy & Competitive Landscape\nGrowth Opportunities\nOperations Overview\nFinancial Summary\n07Appendix A: Sample Customer Engagement Documents\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n62\n1.Acquisition was completed in August 2024\nFinancial Highlights\nBASIS OF INFORMATION\n•The financial overview presented herein summarizes the financials for RSI for (i) the fiscal years ended December 31, 2022 to 2023 and (ii) the projected results for \nfiscal years ending December 31, 2024 to 2029\n•Unless otherwise noted, the financials presented in this section have been presented on a pro forma adjusted basis\nSUMMARY P&L \n30.3% CAGR\nTotal Revenue \n(2022A – 2024E)\n30.5%\nAdjusted EBITDA Margin \n(2024E)\n43.2% \nGross Profit Margin \n(2024E)\n$ in Thousands2022A2023A2024E2025P2026P2027P2028P2029P\nMinneapolis Service Revenue14,823 18,520 23,165 26,938 29,867 35,798 39,500 46,326 \nMilwaukee Service Revenue697 2,025 3,187 5,828 7,614 10,812 12,742 16,280 \nTotal Minneapolis & Milwaukee Revenue$15,520 $20,546 $26,352 $32,766 $37,481 $46,610 $52,243 $62,605 \nTotal De-Novo Location Revenue− − − 2,000 5,700 7,980 11,172 15,641 \nTotal Revenue$15,520 $20,546 $26,352 $34,766 $43,181 $54,590 $63,415 $78,246 \nRevenue Growth %32.4%28.3%31.9%24.2%26.4%16.2%23.4%\nCost of Revenue8,686 12,939 14,963 18,901 22,419 28,149 31,599 37,978 \nGross Profit$6,833 $7,607 $11,389 $15,865 $20,763 $26,441 $31,816 $40,268 \nGross Profit Margin %44.0%37.0%43.2%45.6%48.1%48.4%50.2%51.5%\nOperating Expenses3,006 3,468 3,353 4,179 5,162 5,978 6,582 7,613 \nAdjusted EBITDA$3,827 $4,139 $8,036 $11,686 $15,601 $20,463 $25,234 $32,655 \nAdjusted EBITDA Margin (%)24.7%20.1%30.5%33.6%36.1%37.5%39.8%41.7%\nMerit Construction Acquisition\n(1)\n2,086 2,086 1,212 − − − − − \nPro Forma Adjusted EBITDA$5,913 $6,225 $9,248 $11,686 $15,601 $20,463 $25,234 $32,655 \nBlue Point Capital Partners, LLC\n\nRestoration Systems\n63\nRevenue Detail\nREVENUE DETAILCOMMENTARY\n•Minneapolis:\n•RSI expects to execute strong growth in \nMinneapolis Building FaÁade and Parking Ramp \nservices in 2025+ driven by continued penetration \nwith large existing accounts and the acquisition of \nnew sizeable customer opportunities\n•Milwaukee:\n•RIS expects to continue scaling the Milwaukee \noperation quickly driven by converting the existing \ncustomer pipeline and the onboarding of \ncustomers from the 2024 Merit Construction \nServices acquisition\n•De-Novo Markets:\n•RSI plans to expand into Ohio in 2025 and Kansas \nCity and \nDenver in 2026\n•Revenue projections for each of the de novo \nmarkets were informed by management’s estimate \nof the market size and targeted market share\n$ in Thousands2022A2023A2024E2025P2026P2027P2028P2029P\nMinneapolis\nMinneapolis FaÁade Revenue9,135 10,092 11,924 14,236 15,783 18,884 20,723 24,120 \nMinneapolis Parking Ramp Revenue5,490 7,140 10,893 12,366 13,734 16,547 18,394 21,805 \nMinneapolis Misc Services Revenue197 1,288 348 336 351 367 383 400 \nMinneapolis Total Revenue$14,823 $18,520 $23,165 $26,938 $29,867 $35,798 $39,500 $46,326 \nRevenue Growth %−24.9% 25.1% 16.3% 10.9% 19.9% 10.3% 17.3% \nMilwaukee\nMilwaukee FaÁade Revenue568 777 2,107 3,177 4,085 6,035 7,524 10,591 \nMilwaukee Parking Ramp Revenue129 1,249 1,071 2,642 3,520 4,768 5,208 5,678 \nMilwaukee Misc Services Revenue− − 9 9 10 10 10 11 \nMilwaukee Total Revenue$697 $2,025 $3,187 $5,828 $7,614 $10,812 $12,742 $16,280 \nRevenue Growth %−190.6% 57.3% 82.9% 30.6% 42.0% 17.8% 27.8% \nDe-Novo Revenue\nOhio De-Novo Revenue− − − 2,000 2,800 3,920 5,488 7,683 \nKansas City De-Novo Revenue− − − − 1,650 2,310 3,234 4,528 \nDenver De-Novo Revenue− − − − 1,250 1,750 2,450 3,430 \nDe-Novo Total Revenue$0 $0 $0 $2,000 $5,700 $7,980 $11,172 $15,641 \nRevenue Growth %− − − − 185.0% 40.0% 40.0% 40.0% \nTotal Revenue$15,520 $20,546 $26,352 $34,766 $43,181 $54,590 $63,415 $78,246 \nRevenue Growth %\n−32.4%28.3%31.9%24.2%26.4%16.2%23.4%\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n64\nCost of Revenue Detail\n•Direct Payroll: Consists of salaries, wages, benefits \nand taxes pertaining to field staff across all locations\n•Equipment and Supplies: Consists of all supplies, \nequipment and material inputs for each Company job\n•Other Cost of Revenue: Consists of fees and testing \ncosts, waste and disposal costs, vehicle expenses, \ntravel expenses and more\n•Cost of revenue items were forecasted as a percentage \nof revenue based on the historical mix of job sizes. The \nincrease in gross margins over the forecast period is \nattributable to the forecasted mix of projects / project \nsizes as well as economies of scale in purchasing\nCOST OF REVENUECOMMENTARY\n$ in Thousands2022A2023A2024E2025P2026P2027P2028P2029P\nTotal Revenue$15,520 $20,546 $26,352 $34,766 $43,181 $54,590 $63,415 $78,246 \nDirect Payroll4,788 8,498 9,991 12,239 14,752 18,524 20,801 25,006 \nEquipment and Supplies3,726 3,735 4,307 5,701 6,549 8,221 9,223 11,080 \nOther Cost of Revenue172 706 665 962 1,118 1,404 1,575 1,892 \nTotal Cost of Revenue$8,686 $12,939 $14,963 $18,901 $22,419 $28,149 $31,599 $37,978 \nGross Profit$6,833 $7,607 $11,389 $15,865 $20,763 $26,441 $31,816 $40,268 \nGross Margin (%)44.0%37.0%43.2%45.6%48.1%48.4%50.2%51.5%\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n65\nOperating Expense Detail\nOPERATING EXPENSE DETAIL\n•Salaries & Wages: Salaries and wages of leadership \npersonnel, sales representatives and other \nadministrative employees\n•Bonus: Bonus compensation paid to employees at the \nowner’s discretion\n•Insurance: Expenses for business-related insurance \npolicies including liability and property\n•Professional Fees: Payments made to external legal \nand accounting professionals\n•Rent: Rent for RSI’s Chaska and Waukesha facilities\n•Repairs and Maintenance: Expenses associated with \nmaintaining the Company’s service equipment\n•Auto and Equipment Expense: Costs for vehicle \nmaintenance and operations including fuel expense\n•Employee Benefits: Non-wage compensation \nprovided to employees including retirement and \nhealth insurance\n•Meals and Entertainment: Expenses incurred for \nmeals and entertainment related to marketing efforts\n•Other Operating Expenses: Costs for trade shows, \ntraining costs and other miscellaneous expenses\n•Operating expense accounts were primarily \nforecasted as year-over-year growth rates with step \nchange growth in expenses correlated with forecasted \nrevenue growth (de novo expansions, etc.). Repairs \nand Maintenance and Auto and Equipment Expenses \nwere forecasted as a percentage of revenue as these \nexpenses are variable in nature\nCOMMENTARY\n$ in Thousands2022A2023A2024E2025P2026P2027P2028P2029P\nGross Profit$6,833 $7,607 $11,389 $15,865 $20,763 $26,441 $31,816 $40,268 \nSalaries and Wages852 1,117 1,128 1,566 1,870 2,232 2,470 2,946 \nBonus499 663 553 662 778 831 889 951 \nInsurance266 275 368 433 519 574 636 705 \nProfessional Fees39 70 91 103 119 127 135 144 \nRent320 320 319 349 410 438 468 501 \nRepairs and Maintenance132 159 255 275 370 455 512 611 \nAuto and Equipment Expense320 278 205 227 408 502 564 673 \nEmployee Benefits157 114 87 113 138 164 182 217 \nMeals and Entertainment54 52 49 63 76 90 100 119 \nOther Operating Expenses369 421 297 388 475 565 627 747 \nTotal Opex$3,006 $3,468 $3,353 $4,179 $5,162 $5,978 $6,582 $7,613 \nAdjusted EBITDA$3,827 $4,139 $8,036 $11,686 $15,601 $20,463 $25,234 $32,655 \nEBITDA Margin (%)24.7%20.1%30.5%33.6%36.1%37.5%39.8%41.7%\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n66\nEBITDA Adjustments Detail\nEBITDA ADJUSTMENTS DETAILCOMMENTARY\n1.POC Adjustment: The Company records revenue \nbased on the percentage of completion method. \nRevenues were adjusted based on a lookback analysis \nthat was performed on all jobs during the historical \nperiod.\n2.Professional Fees: Removal of professional fees, \nwhich are non-recurring and personal in nature, \nincluding transaction related expenses, new IT system \nimplementation and non-recurring legal expenses.\n3.Workers Compensation: The Company over accrued \nworkers compensation expense in FY-24. An \nadjustment was made to record the expenses based \non what was actually incurred. Management now \nperforms monthly reviews of the insurance expense \nbased on payroll for reasonableness.\n4.Job 22-416A Margin Normalization: In FY-23, a \nvendor made an estimating error on a large project \nthat resulted in $385k less of revenue being collected \nby RSI. To protect the vendor relationship, this \namount was not pursued but typically would have \nbeen collected. This amount was added into the total \ncontract value for the project to normalize for this \nnon-recurring issue. This project also incurred \nsignificantly above average overtime hours to correct \nfor this mistake and meet project deadlines. 50% of \nthe overtime hours were added back as a conservative \nadjustment to normalize this expense.\n$ in Thousands2022A2023A2024E\n1\nPOC Adjustment($1,192)$1,027 $673 \n2\nProfessional Fees15 43 221 \n3\nWorkers Compensation– – 119 \n4\nJob 22-416A Margin Normalization144 263 27 \n5\nNon-Recurring Expenses54 92 22 \n6\nPersonal Expenses253 61 1 \n7\nBad Debt Expense(300)300 – \n8\nFee Expense– (7)- \n9\nRetainage(191)(147)- \n10\nRent Normalization(148)(78)- \n11\nPrepaid Supplies22 554 (5)\n12\nGain/Loss on Sale of Assets and Other Income\n(22)(38)\n(6)\n13\nOther Expenses Reversal– 162 (162)\n14\nBonus Accrual– (82)(359)\nDue Diligence Adjustments\n($1,365)$2,149 $530 \nAdjusted EBITDA\n$3,827 $4,139 $8,036\n15\nMerit Construction Acquisition 2,086 2,086 1,212\nPro Forma Adjusted EBITDA\n$5,913 $6,225 $9,248\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n67\nEBITDA Adjustments Detail (Cont.)\nEBITDA ADJUSTMENTS DETAILCOMMENTARY\n5.Non-Recurring Expenses: Removal of non-recurring \nexpenses, including office renovations, employee \npersonal expenses and other non-recurring expenses \nthat are non-operational in nature. \n6.Personal Expenses: Removal of personal expenses, \nincluding the owner’s insurance and personal house \nconstruction.\n7.Bad Debt Expense: Job 22-302A had bad debt \nrecognized in Dec-23. This expense was spread \nmonthly based on job costs incurred to the proportion \nof the total job cost across the life of the project.\n8.Fee Expense: An incorrect expense entry was posted \nto the balance sheet. This adjustment has been made \nto accurately record the expense in the appropriate \naccount.\n9.Retainage: Management does not record revenues \nrelated to retainage monthly. Thus, the entries at \nyear-end for the retainage were removed as these \nbalances and revenues are captured through the POC \nlookback adjustment in Adjustment 1.\n10.Rent Normalization: The rent for 2022 and 2023 was \nbelow the prevailing market rate. This adjustment \naligns the historical rent expenses for these years with \nthe current market rate.\n$ in Thousands2022A2023A2024E\n1\nPOC Adjustment($1,192)$1,027 $673 \n2\nProfessional Fees15 43 221 \n3\nWorkers Compensation– – 119 \n4\nJob 22-416A Margin Normalization144 263 27 \n5\nNon-Recurring Expenses54 92 22 \n6\nPersonal Expenses253 61 1 \n7\nBad Debt Expense(300)300 – \n8\nFee Expense– (7)- \n9\nRetainage(191)(147)- \n10\nRent Normalization(148)(78)- \n11\nPrepaid Supplies22 554 (5)\n12\nGain/Loss on Sale of Assets and Other Income\n(22)(38)\n(6)\n13\nOther Expenses Reversal– 162 (162)\n14\nBonus Accrual– (82)(359)\nDue Diligence Adjustments\n($1,365)$2,149 $530 \nAdjusted EBITDA\n$3,827 $4,139 $8,036\n15\nMerit Construction Acquisition 2,086 2,086 1,212\nPro Forma Adjusted EBITDA\n$5,913 $6,225 $9,248\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n68\nEBITDA Adjustments Detail (Cont.)\nEBITDA ADJUSTMENTS DETAILCOMMENTARY\n11.Prepaid Supplies: Historically, management has \nexpensed all supply purchases with the review only \ncapitalizing the amounts at each year-end. It was \ndetermined that the review year end entries were not \naccurate, so an inventory count was performed in \nDec-24, and the monthly prepaid supplies balance was \nbuilt from this ending balance using the P&L activity. \n12.Gain/Loss on Sale of Assets and Other Income: The \ngain or loss on the sale of fixed assets is added back \nto EBITDA, as it is non-recurring in nature. Other \nincome, which includes credit card cashbacks, receipts \nfrom fuel cooperative payouts, and recycling program \nreimbursements, has been adjusted, as these items \nare considered non-operational.\n13.Other Expenses Reversal: Certain expenses that \nwere incurred in previous periods were reversed when \nthey were determined to not be paid to due collection \nissues on the jobs. An adjustment was made to record \nthese reversals in the original month of recognition.\n14.Bonus Accrual: Bonuses were expensed when paid \nduring the historical period. A bonus accrual was \nmade to record the bonus expense evenly each fiscal \nyear. Management has estimated the bonus expense \nfor FY-24.\n15.Merit Construction Acquisition: The Company \nacquired Merit Construction in Q3-24. This Pro-Forma \nadjustment was calculated by applying Merit’s TTM \nrevenue against RSI’s gross margin in the TTM period. \n2022 and 2023 were estimated at a consistent level to \nthe TTM period.\n$ in Thousands2022A2023A2024E\n1\nPOC Adjustment($1,192)$1,027 $673 \n2\nProfessional Fees15 43 221 \n3\nWorkers Compensation– – 119 \n4\nJob 22-416A Margin Normalization144 263 27 \n5\nNon-Recurring Expenses54 92 22 \n6\nPersonal Expenses253 61 1 \n7\nBad Debt Expense(300)300 – \n8\nFee Expense– (7)- \n9\nRetainage(191)(147)- \n10\nRent Normalization(148)(78)- \n11\nPrepaid Supplies22 554 (5)\n12\nGain/Loss on Sale of Assets and Other Income\n(22)(38)\n(6)\n13\nOther Expenses Reversal– 162 (162)\n14\nBonus Accrual– (82)(359)\nDue Diligence Adjustments\n($1,365)$2,149 $530 \nAdjusted EBITDA\n$3,827 $4,139 $8,036\n15\nMerit Construction Acquisition 2,086 2,086 1,212\nPro Forma Adjusted EBITDA\n$5,913 $6,225 $9,248\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n69\n1.FCF Conversion defined as: (Adjusted EBITDA – Total Capital Expenditures) / (Adjusted EBITDA)\nCapital Expenditure Detail\nCAPITAL EXPENDITURE DETAIL\nCOMMENTARY\n▪Minneapolis & Milwaukee Capex:\n−Consists of all historical and forecasted capital investments for the Minneapolis and Milwaukee operations\n−In 2022, the Company invested ~$250K in swing stage equipment and $150K in a demolition robot. In 2023, the Company invested ~$170K in vehicles, \n~$120K in snorkel lifts and ~$50K in a generator. In 2024, the Company invested ~$100K in equipment in the Merit Construction acquisition, ~$110K in \nscaffolding equipment and ~$65K in an electric floor grinder\n−The Company expects to invest ~$1M - $2M annually in capex from 2025P – 2028P on equipment, tools and vehicles to support increased volume of jobs\n▪De-Novo Capex:\n−Consists all forecasted capital investments for the Ohio, Kansas City and Denver operations\n−The Company expects to spend $300K at each the Ohio, Kansas City and Denver locations in their first years of operation. Management expects that \neach location will require ~$100K in annual investment in the years following the initial expansions\n1\n2\n1\n2\n$ in Thousands2022A2023A2024E2025P2026P2027P2028P2029P\nMinneapolis & Milwaukee Capex519 668 718 893 1,022 1,271 1,424 1,707 \nDe-Novo Capex0 0 0 300 700 300 300 300 \nTotal Annual Capex$519 $668 $718 $1,193 $1,722 $1,571 $1,724 $2,007 \n% of Revenue\nMinneapolis & Milwaukee Capex % of Existing Revenue3.3%3.3%2.7%2.7%2.7%2.7%2.7%2.7%\nDe-Novo Capex % of De-Novo Revenue---15.0%12.3%3.8%2.7%1.9%\nTotal Capex % of Total Revenue3.3%3.3%2.7%3.4%4.0%2.9%2.7%2.6%\nFCF Conversion\n(1)\n91.2%89.3%92.2%89.8%89.0%92.3%93.2%93.9%\nBlue Point Capital Partners, LLC\n\nAppendix A: Sample Customer Engagement \nDocuments\n70\n01\n02\n03\n04\n05\n06\nExecutive Summary\nInvestment Highlights\nGo-To-Market Strategy & Competitive Landscape\nGrowth Opportunities\nOperations Overview\nFinancial Summary\n07Appendix A: Sample Customer Engagement Documents\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n71\nSample Customer Engagement Documents\nDETAILED BID PROPOSALS\nCOVER PAGEINTRO LETTER\nON-SITE OBSERVATIONSCOST ESTIMATERSI OVERVIEW\nPROJECT SUMMARYPROJECT SUMMARY (CONT.)\nPHASING PLAN\n1 Page1 Page3+ Pages3+ Pages\n1+ Pages15+ PagesPage for Each Job Phase1 Page\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n72\nSample Customer Engagement Documents (Cont.)\nDETAILED BID PROPOSALS (CONT.)\nJOB TEAM OVERVIEWINTRO LETTERBID SIGNING PAGETERMS AND CONDITIONS\n1 Page1 Page3+ Pages3+ Pages\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n73\nSample Customer Engagement Documents (Cont.)\nANNUAL REPORTSWEEKLY JOB PROGRESS REPORTS\nBlue Point Capital Partners, LLC\n\n© 2025 Northborne Partners\nBlue Point Capital Partners, LLC"
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"text": "\n\nApril 2025\nConfidential Information Presentation\nDRAFT\nAs of 4/24/2025 11:49 AM\n\n2\nSTRICTLY CONFIDENTIAL\nImportant Information and Transaction Team\nThis Confidential Information Presentation (the “Presentation”) is intended solely for the use of prospective investors in determining whether or not to pursue the proposed transaction with Stax Holding Company, LLC (“Stax” or the “Company”). The Presentation is of a \nproprietary and confidential nature and is only being furnished to those parties who have agreed to be bound by the terms and conditions of the previously executed confidentiality agreement (the “Confidentiality Agreement”). William Blair & Company, L.L.C. (“William \nBlair”) has been retained by the Company as its financial advisor.\nBy accepting this Presentation, the recipient agrees that it will, and it will cause its directors, officers, employees, and representatives to, use this Presentation and all of the information contained herein only to evaluate a specific negotiated transaction with the Company \nand for no other purpose and shall return this Presentation together with any copies to William Blair upon request. This Presentation contains confidential, non-public information concerning the Company. Receipt of this Presentation constitutes your acknowledgment \nthat you will maintain the information contained herein in strict confidence. \nThis Presentation does not constitute (i) any offer to sell or the solicitation of an offer to buy any securities or assets of the Company or (ii) any offer or recommendation to enter into any transaction referenced herein.\nAll information contained herein has been provided by the Company or other sources that William Blair deems reliable. However, William Blair has not independently verified any of the information contained herein, including financial estimates and projections. This \nPresentation includes certain statements, estimates, and projections provided by the Company with respect to its anticipated future performance. Such statements, estimates, and projections reflect various assumptions concerning anticipated results, which assumptions \nmay or may not prove to be correct. The information contained in the Presentation, including financial statements, projections and estimates, (a) is not necessarily indicative of current value or future performance, which may be significantly more or less favorable than as \nreflected herein; (b) has not been independently verified and cannot be regarded as forecasts; and (c) and is based on assumptions and analysis available at the time this Presentation was prepared. Unless expressly stated otherwise, this Presentation presents information \nwith respect to the Company as of the date of the Presentation and should not be construed to indicate that the business of the Company remains unchanged since the date of this Presentation.\nThe products, product names, logos, brands, and their trademarks featured or displayed within the Presentation are the property of their respective trademark owners, who are not affiliated with, nor do they sponsor or endorse, the Company nor the Company’s services.\nThis Presentation does not purport to contain all of the information that may be necessary or appropriate to evaluate the proposed transaction, and any recipient hereof should conduct its own independent analysis of the Company and the data contained or referred to \nherein. Neither the Company nor William Blair is acting as financial advisor, intermediary or distributor of securities, or in any fiduciary capacity of any kind to the recipient or any other prospective purchaser. The recipient should also seek advice from its own specialized \nadvisors (including financial, legal, accounting and tax) in conducting such analysis.\nIn furnishing this Presentation, neither the Company nor William Blair undertakes any obligation to provide additional information or to correct or update any of the information set forth in this Presentation. The Company and William Blair reserve the right to amend or \nreplace this Presentation at any time. The Company reserves the right in its sole discretion, with or without notice, to interrupt, modify or terminate, at any time, solicitations of interest for the proposed transaction or any future participation in the investigation, discussion \nand proposal process for a proposed transaction with any party.\nNeither the Company nor William Blair makes any representation or warranty, expressed or implied, as to the accuracy or completeness of the information contained in this Presentation, or made available, orally or in writing, in connection with any further investigation of \nthe Company, and nothing contained herein is, or shall be relied upon as, a promise or representation, whether as to the past or the future. The Company and William Blair expressly disclaim any liability relating to or resulting from the use, distribution or analysis of this \nPresentation. The recipient should rely solely on the representations and warranties made to it by the Company in any executed definitive agreement. \nNothing herein is intended to in any way modify, amend or supersede any of the terms and conditions set forth in the Confidentiality Agreement, which remains in full force and effect in accordance with its terms. This Presentation is intended to be delivered solely to \nparties bound by the terms of the Confidentiality Agreement and possession and use of the Presentation is subject to the terms thereof. This Presentation may not be photocopied or otherwise reproduced or distributed except in strict accordance with the terms of the \nConfidentiality Agreement.\nInquiries should be directed only to the below named persons. Under no circumstances should the Company or any of its associates, clients or vendors be contacted directly. If you have any questions or need additional information, please contact:\nTim McHugh\nManaging Director\n+1 (312) 364-8229\ntmchugh@williamblair.com \nJustine Chiou\nManaging Director\n+1 (312) 364-5086\njchiou@williamblair.com \nMiles Gornto \nDirector\n+1 (470) 351-6950\nmgornto@williamblair.com \nOscar Mendez\nVice President\n+1 (312) 364-5460\nomendez@williamblair.com\nWilliam Hyatt \nAssociate\n+1 (312) 601-9764\nwhyatt@williamblair.com\nAnna Lee Melton\nAnalyst\n+1 (312) 364-8155\namelton@williamblair.com \nAlvaro Flores\nAnalyst\n+1 (212) 237-2794\naflores@williamblair.com \nTransaction Team Contacts\n\n3\nSTRICTLY CONFIDENTIAL\nSection I\nExecutive Summary\nSection II\nIndustry Overview\nSection III\nService Lines\nSection IV\nClient Relationships\nSection V\nGo-to-Market Strategy\nSection VI\nCulture and Talent Management\nSection VII\nOperations and Platform\nSection VIII\nGrowth Strategy\nSection IX\nFinancial Overview\nContents\n\nExecutive Summary\n\n5\nSTRICTLY CONFIDENTIAL\n5\nSTRICTLY CONFIDENTIAL\nStax at a Glance\nGlobal strategy consultancy platform providing actionable, data-driven answers to clients’ critical \nstrategic questions\n▪Leading global advisory firm that provides a complementary suite of commercial due diligence (CDD), value creation, and exit \nplanning services\n▪Purpose-built to serve the private equity community and their portfolio companies across the investment lifecycle, creating deep, \nlong-lasting, and recurring client relationships\n▪Large and growing addressable market creates long runway for growth\n▪Differentiated competitive positioning created by highly specialized talent, vast intellectual property, library of referenceable work \ncreated through prior engagements, comprehensive data analytics capabilities, and a nimble operating model\n▪Proven ability to attract, develop, and retain highly specialized talent\n▪Long-term track record of strong growth and profitability amplified by momentum in recent performance\n▪Multiple growth avenues that are highly attractive and actionable\n▪Well-invested infrastructure, systems, processes, and experienced management team poised to support significant scale\n(1)Data prior to 2022 excludes pro forma adjustments.\n(2)Includes non-CDD or value creation services such as asset \nand sector work for hedge funds/credit funds or data \nanalytics retainers.\n(3)As of year-end 2024 unless otherwise stated.\n(4)Revenue from clients utilizing 2+ services.\n(5)Excludes Intern/Co-Op and Involuntary Turnover.\n(6)As of March 2025.\nStrong Long-Term Net Revenue Profile\n(1)\n$3M\n$6M\n$10M\n$20M\n$36M\n$76M\n20012005201020152020LTM Mar-25\nFirm OverviewBy the Numbers\n(1)(3)\n$91M\n2025E \nNet Revenue\n73%\nRevenue from \nRepeat Clients\n$31M\n2025E \nPF Adj. EBITDA\n24\nManaging \nDirectors and \nDirectors\n(6)\n \n~40%\nCross-Sell \nRate\n(4)\n130 \nClient Service \nNetwork \nProfessionals\n(6)\n~33%\n2020-2025E\nEBITDA CAGR\n~80%\nClient Service\nNetwork\nRetention\n(5)\n160+\nClients Served \nAnnually\n~40%\nEmployee and\nFounder Owned\n$320K+\nAverage \nProject Size\n22%\n2020-2025E\nRevenue CAGR\n44%\n37%\n15%\n4%\nBuy-Side\nSell-Side\nValue Creation\nOther\nLTM Mar-25\nNet Revenue \nby Service\n(2)\n2010 – LTM Mar-25 CAGR: ~15%\n\n6\nSTRICTLY CONFIDENTIAL\n6\nSTRICTLY CONFIDENTIAL\nConsistent history of growth and delivering critical strategic solutions with continued strong momentum and excitement for the future\nStax has Taken a Disciplined Approach to Building a Platform of Scale\nRecent History (2021 – Present)Early History (1994 – 2020)\n1994-1996\nFounded in Somerville, MA by Rafi Musher\nLaunched private equity practice and began \nexpanding corporate client base\n2010-2015\nRelocated headquarters to \nBoston\nShifted to exclusively focus on \nprivate equity due to demand \nand internal expertise\n2019-2020\nBegan proactively \nmarketing sell-side \nengagements and \nbuilding an investment \nbanking referral \nchannel\nProductized for the \nfast-growing LMM \nprivate equity deal \nmarket\nExpanded hedge fund \nand credit fund \nproducts and coverage\n2021\nHeadcount reaches \n175+ as the Company \nexperiences record \ngrowth driven by \nexpansion of core \nbusiness and \nincreased demand \nfor data analytics \ncapabilities\nJune 2023 \nJayson Traxler assumes role \nof Chief Executive Officer\nOctober \n2022\nJayson Traxler \nbecomes \nPresident of Stax, \nwith Rafi Musher \nshifting to \nChairman of the \nBoard\nMarch 2023\nPaul Edwards \nbecomes Global \nPractice Leader\nIntroduced \nverticalized \napproach to client \ncoverage initially \nexpanding on \nexisting strengths in \nservices, \ntechnology, and \nindustrials\nDecember 2023\nProductized sell-side \noffering with targeted \ncoverage effort under Will \nBarden and Roy Lockhart\nJanuary 2024\nHired Phil Dunne to \nlead London office and \nindustrials vertical\nNovember 2021\nJayson Traxler joins \nStax as Chief Operating \nOfficer\n1998-2003\nExpanded footprint to \nChicago to meet \ngrowing needs of \ncorporate and private \nequity clients \n2005\nPaul Edwards joins Stax\nApril 2023\nFormal New York \nmarket entry – \nexpanded offices \nto have capacity for \nconsultants and \nincreased presence \nin local market\nJune 2024\nRelocated London \noffice to Mayfair to \nexpand presence \nand demonstrate \nstature in the \nmarket\nNovember 2024\nHired Robert Lytle to \nbolster private equity \nrelationships and add \nexpertise to ongoing \nverticalization\nOctober 2021\nReceived strategic \ninvestment from Blue \nPoint\nNovember 2022\nHired Vince Zosa to build \nintegrated Value Creation \nIntegrated Product (VCIP) \noffering\nAcquired AMR to establish a \npresence in the London market, \nwith plans to hire additional \ntalent for further expansion\ninternational.\nAMR\nJuly 2023 \nExpanded into \nESG/Sustainability as \npart of VCIP\nOctober 2023\nExpanded into \nPricing Excellence \nas part of VCIP\nJanuary 2025\nHired Brad Kuntz to \nfurther build out \nNew York office and \nlarge cap private \nequity account \ncoverage\n\n7\nSTRICTLY CONFIDENTIAL\n7\nSTRICTLY CONFIDENTIAL\nSignificant opportunity to capture additional whitespace\nLarge Addressable Market Creates Long Runway for Growth\nMarket \nSegments \nand Size\n2025E Stax \nRevenue\nCurrent North America + U.K. \nPrivate Equity-Backed M&A \nMarket (Ideal Fund Sizes)\nCurrent spend on buy-side \ncommercial due diligence, sell-side \ncommercial due diligence, and value \ncreation for North America and U.K. \nPrivate Equity-Backed M&A for \nsubset of funds with sizes most highly \naligned to current Stax services\nCurrent North America + \nU.K. Private Equity-Backed \nM&A Market (Ideal \nClients)\nCurrent spend on buy-side \ncommercial due diligence, sell-\nside commercial due diligence, \nand value creation for North \nAmerica and U.K. Private Equity-\nBacked M&A for clients most \nhighly aligned to current Stax \nservices\nTotal Addressable North \nAmerica + U.K. Private \nEquity-Backed M&A \nMarket\nFull adoption of buy-side \ncommercial due diligence, sell-\nside commercial due diligence, \nand value creation for North \nAmerica and U.K. Private Equity-\nBacked M&A\nTotal Addressable Private \nEquity-Backed M&A \nMarket\nFull adoption of buy-side \ncommercial due diligence, sell-\nside commercial due diligence, \nand value creation for Private \nEquity-Backed M&A globally\nTotal Addressable Market\nFull adoption of buy-side \ncommercial due diligence, sell-\nside commercial due diligence, \nand value creation for global \nM&A\n<\n+\n=\n$91M\n$3.9B\n$5.2B\n$19.5B\n$32.6B\n$67.5B\nExisting Offerings\n\n8\nSTRICTLY CONFIDENTIAL\n91%\n83%\n86%\n81%\n80%\n80%\n74%\n77%\n77%\n76%\n9%\n17%\n14%\n19%\n20%\n20%\n26%\n23%\n23%\n24%\n26.4K\n22.3K\n24.9K\n23.3K\n20.6K\n28.2K\n28.7K\n26.4K\n26.0K\n28.6K\n2000200520102015202020212022202320242025P\nPE Involvement\nNo PE Involvement\nMomentum Is Building \nfor a Resurgence in \nM&A Markets\nPrivate Equity Backed \nCompany Inventory \nContinues to Rise \nAlongside Record-\nBreaking Dry Powder \nStores\nService Providers Are \nIncreasingly Becoming a \nCritical Resource Rather \nthan a “Nice to Have”\nPowerful Market Tailwinds Lay the Foundation for Outsized Growth\nStax is positioned to benefit from favorable market conditions, amplified by the Company’s alignment with the private equity universe\nSources: Dealogic, EY, Partners Group, PitchBook, S&P Capital IQ Pro.\n(1)Includes balanced, co-investment, co-investment multi-manager, growth, turnaround, and buyout strategies primarily focused on investments in North America.\n▪Expansionary monetary policy and declining inflation point towards \nincreased M&A activity in 2025 as valuations recover\n▪Less onerous regulatory hurdles will provide a more predictable, \ntruncated approval process\n▪Creative deal structures and a broader shift towards simplification— \noptimizing undervalued assets, separating divergent businesses, \nnarrowing geographic focus—will further contribute to volume\nU.S. Private Equity Backed Companies by Time in Portfolio\n▪Rising private equity inventory drives pent up demand for market \ninsight services over multiple investment cycles\n▪High proportion of long-held assets in sponsor portfolios are slated to \nseek monetization as the pressure to return distributions to paid in-\ncapital (DPI) increases\n▪Undeployed capital continues to accumulate, creating further \nincentive for general partners to transact\n▪Sponsors are tapping into a range of strategic levers to unlock \nliquidity, including co-control and minority stake sales\n▪Need for commercial due diligence and value creation services have \nstrengthened over time as private equity returns become more \nreliant on driving operational improvements and top-line growth\n▪Competitive deal environment is forcing private equity firms to \nrapidly identify and assess critical diligence topics in M&A\n▪Adoption of third-party, non-financial diligence reports (commercial, \ntech, ESG) is increasing\n▪Sponsors are progressively tasking third-party advisors with more \ncomplex challenges\n$71B\n$141B\n$246B\n$330B\n$742B\n$965B\n200020052010201520202024\nU.S. Private Equity Dry Powder\n(1)\nNorth American and European M&A Transaction Volume\nEvolution of Private Equity Return Contributors\n18%\n22%\n36%\n55%\n70%\n31%\n46%\n39%\n30%\n15%\n51%\n32%\n25%\n15%15%\n1980s1990s2000s2010s2020s (Outlook)\nDeleveraging\nMultiple Expansion\nOperational Value Creation\n45%\n44%\n45%\n46%\n48%\n18%\n16%\n20%\n21%\n20%\n38%\n40%\n35%\n33%\n32%\n9.8K\n10.5K\n11.0K\n11.3K\n11.8K\n20202021202220232024\n>5 Years\n4-5 Years\n0-3 Years\n\n9\nSTRICTLY CONFIDENTIAL\nComplementary Suite of Services that Scale with the Client\nStax’s services are designed to provide an integrated solution to its clients across the private equity lifecycle\nBuy-Side Commercial Due Diligence\n2025E Net Revenue by Service Line\n(1)\nAssess market dynamics and target alignment, \ncompetitive positioning, and value creation levers\nWorkstreams\n▪Market and asset screening\n‒Sector prioritization\n‒Acquisition screening\n‒Thesis build and development\n▪Early diligence\n‒Red flag assessment\n‒Client checks\n▪Commercial due diligence\n‒Scaled to focus on next phase of growth\n‒Pre-LOI phasing of deliverables to meet process timelines\nValue Creation\nPrimary Goals\n▪Ensure top initiatives can be successfully underwritten and executed \nupon immediately post-deal\nEmbedded Offerings\n▪Commercial excellence\n▪Pricing optimization\n▪Sales productivity\n▪Churn reduction\n▪Cost optimization\n▪Growth expansion and strategy\n▪Post-merger and acquisition strategy integration\n▪ESG and impact advisory\nSell-Side Commercial Due Diligence\nExternal Deliverables\n▪Market studies including market size assessment, client dynamics, \ncompetitive landscape, and growth opportunities\n▪Transaction support via advisory, preparation for conversations with \npotential investors, and other ad hoc analyses\nInternal Value Add\n▪Anticipated areas of potential investor pushback\n▪Insight and recommendations to inform go-forward strategy for \nmanagement and next investor\nEmbedded Offerings\n▪Exit planning and vendor due diligence\n‒Pre-empt process concerns, inform growth strategy, and \nsupport stakeholders through exit\nTypical Transaction Profile\n▪$100 million to $1 billion in enterprise value across technology, \nindustrials, healthcare, consumer, and services\nDrive rapid EBITDA improvement throughout the \ninvestment hold period\nArticulate the exit story and provide actionable \ngrowth blueprint backed by market research\n% of Net Revenue42%% of Net Revenue40%\nBuy-Side Commercial Due Diligence Value CreationSell-Side Commercial Due Diligence \n% of Net Revenue16%\n(1)Excludes 2.5% of Other revenue. \n\n10\nSTRICTLY CONFIDENTIALSTRICTLY CONFIDENTIAL\n10\nWhy Stax Wins\nServices have a high barrier to entry and high cost of failure – gaining the trust of private equity firms is \nextremely difficult and requires consistent high-quality work\nSelect Client Testimonies\n“\n“\nStax offers the Goldilocks solution—strong \nexpertise, high quality work, senior-level \nattention, and great value. Stax solves for \na huge market gap by providing superior \nadvisory work and sell-side market studies \nat a reasonable price\n– Managing Director, Investment Bank\nStax is a firm that can connect all the dots, \nwhich is what we don’t get from the point \nsolutions, while being much more flexible \nvalue-additive than MBB firms\n– Sr. Operating Partner, Private Equity Firm\nThe value of your work was multi-fold – it \ngave us materials to share with investors \nand banks, as well as a roadmap for \nwhere our brand has room to expand\n– CEO, Sell-Side Client\nThe work from Stax gave us a clear 5% lift \non valuation. Their framing of the business \nstarted everyone at a higher base\n– Managing Director, Private Equity Firm\nTalented bench of professionals \nwith specialized expertise\nStrong reputation and trust among \ninvestment banks, private equity firms, \nand other investment managers\nTransparent, collaborative \napproach to projects\nOperating model built \nspecifically to serve the \nneeds of private equity\nDeep vertical expertise\nExtensive intellectual property \ncreated by historical engagements\nStrong data analytics capabilities \nsupported by global delivery\nValue creation is ingrained in \napproach to diligence\nUniquely Positioned Through Breadth of High-Quality Services Offered at a Competitive Price Point\nBreadth and Depth of \nDiligence Offering\n“High-Level”\nBespoke Content; \nGrounded in Data; \nGlobal Presence\nInterview / Survey \nBased; Limited \nGeographic Presence\nQuality / Value \nCaptured \n$250K\nUpper / Middle Market & Growth Funds\n$800K-$1M\n$100K\n(Europe)\n$500K\n\n11\nSTRICTLY CONFIDENTIAL\nCompelling Employee Value Proposition to Cultivate Top Talent\nUnique culture and attractive career growth opportunities make Stax a preferred employment destination for consultants\nVision and Values Serve as a Foundation for Exceptional Client Service...Meaningful Opportunities for Employees Ensure Company Success\n...Which The Industry Recognizes as Best-in-ClassBy the Numbers\n(1)\n95%\nDirector and\nManaging Director \nRetention\n(2)(3)\n$7.7M\nRevenue per \nManaging \nDirector\n(2)\n~$700K\nRevenue per \nClient Service \nProfessional\n232\nFull-Time \nEmployees as of \nMar-25\n36%\nAnnual CSN \nD/MD \nGrowth\n(4)\n11:1\nCSN / Managing \nDirector Ratio\n~80%\nCSN \nProfessional \nRetention\n(3)\n90%\nLTM Mar-25 Client \nService Network \nUtilization\nALM Best Small Firm to \nWork For 2024\nALM Rising \nStars 2025\nALM Top Consultants \n2024\nALM Women Leaders \nin Consulting 2024\nAmerica’s Fastest - \nGrowing Companies\nManagement \nConsulted Top \nConsulting Firm 2025\nRealDeals PE CDD \nProvider of the Year \nFinalist 2025\nConsulting Report Top \n25 Consulting Firm \nCEOs 2024\nConsulting Report Top \n50 Consulting Firms \n2024\nConsulting Report Top \n25 Operations & Supply \nChain Consultants 2025\nVault Top Ranked \nEMEA Consulting\n2025\nVault Top Ranked \nNorth America \nConsulting 2025\nWe will provide exceptional opportunities for good \npeople\nVISION\nWe will create value for our clients and \npartners\nWe will grow a successful, durable organization of \nlong-term value\nWe act with the highest integrity, respect for others, \nand personal accountability\nVALUES\nWe demonstrate commitment to the \ncommunity\nWe foster a sense of shared responsibility \namongst our team\nCompetitively \ndifferentiated \nplatform that \ncreates a platform \nfor professionals \nto be successful\nAmple \nwhitespace for \ncareer growth \nrelative to some \ncompetitors\nGrowing platform \ncreates exciting new \ncareer opportunities \nwhere professionals \ncan have a significant \nimpact \nIncentive model \nthat drives \ncollaboration, \nwith opportunity \nto participate in \nequity value \ncreation\nUnique focus \non serving and \ngrowing with \nprivate equity \nclients\n~40%\nEmployee and \nFounder \nOwned\n86\nEmployee \nOwners\n(1)As of year-end 2024 unless otherwise stated.\n(2)Reflects Client Service Network only.\n(3)Excludes Intern/Co-Op and Involuntary turnover.\n(4)Reflects CAGR of Client Service Network Director \nand Managing Director headcount from year-end \n2022 to Mar-25.\n\n12\nSTRICTLY CONFIDENTIAL\n▪x\n$1.1\n$13.3\n$18.0\n$20.6\n202020222024LTM Mar-25\n23%\n21%\n14%\n41%\nTop 10\nTop 11-30\nTop 31-60\nAll Others\n27%\n7%\n21%\n45%\n<1 Yr\n1-2 Yrs\n2-6 Yrs\n6+ Yrs\n73%\n27%\nRepeat\nNon-Repeat\n62%\n27%\n11%\n1 Service\n2 Services\n3 Services\nDeep-Rooted Client Relationships Supported by Sophisticated Go-to-Market Strategy\nExceptional service and industry expertise lay the foundation for Stax’s long-standing client relationships\nRevenue Concentration by ClientClient Tenure Mix\nClients Using Multiple ServicesRevenue from Repeat Clients\nGrowing Volume of Sell-Side Referrals from Investment Banks\nLarge Cap Private \nEquity\nMiddle Market and \nGrowth Private Equity\nHedge Funds and\nCredit Funds\nInvestment Banks\nSelect Client and Referral Channel Relationships\n(Net Revenue; $ in millions)\n$72M\n2024 Net \nRevenue\n$72M\n2024 Net \nRevenue\n$72M\n2024 Net \nRevenue\n$72M\n2024 Net \nRevenue\n\n13\nSTRICTLY CONFIDENTIAL\nStax is a Service Provider of Choice Across the Private Equity Investment Lifecycle\nProven long-term partner to sponsors and their portfolio companies during key milestones and inflection points\nPre-InvestmentHold PeriodExit\nValue CreationBuy-Side Due DiligenceSell-Side Due Diligence\nMarket and Asset \nAssessment\nEarly Due\nDiligence\nCommercial Due \nDiligence\nProfit\nX-Ray\nGrowth Acceleration \nDiagnostics\nICP\nAnalytics\nExit\nPlanning\nVendor Due \nDiligence\nOngoing Support \nThrough Exit Into \nNext Phase of \nGrowth\nNew Partner\nSelect Portfolio Company Case Studies\nEntry Point and Highlights\n▪Provider of finance, operations, and accounting software to the energy industry\n▪Acquired by Thoma Bravo in 2018 from Silver Lake\n▪Completed three buy-side engagements for private equity firms that later invested in the company, \nleading to repeat growth strategy and value creation work for Stax\n▪Seventeen projects completed to date across three private equity ownership cycles\nInitiatives Under CarlyleInitiatives Under Silver Lake\n15+ Year\nRelationship\nInitiatives Under Thoma BravoCumulative Net Revenue\nEntry Point and Highlights\n▪Provider of solutions to automate and simplify the insurance process\n▪Acquired by Roper Technologies in 2020 from Bain Capital and Vista Equity Partners\n▪Initial introduction in 2010 through a buy-side engagement for a large private equity firm\n▪Eight projects completed to date across three private equity ownership cycles\nInitiatives Under TPGInitiatives Under Bain Capital & Vista\n15+ Year\nRelationship\nInitiatives Under Roper Technologies Cumulative Net Revenue\n▪Conducted buy-side due diligence on behalf of \nCarlyle, which ultimately acquired a majority interest \nin Quorum\n▪Evaluated multiple successful add-on acquisitions\n▪Provided exit planning and sell-side support\n▪Evaluated multiple successful add-on acquisitions\n▪Provided strategy support after three-way merger\n▪Continued evaluation of expansion opportunities\n~$3.5 million~$1.8 million\n▪Assessed add-on potential and risks of an insurance \nand securities technology provider\n▪Conducted a pricing strategy and commercial \ndiagnostic to benchmark recent growth\n▪Completed a sell-side study\n▪Assessed the MGA market to inform growth strategy\n▪Completed commercial performance diagnostic\n▪Supported 3-year strategic planning\n\n14\nSTRICTLY CONFIDENTIAL\nStrong Opportunity to Accelerate Growth Through Multi-Pronged Strategy\nClear, attainable initiatives to build upon leading market position\nAttractive \nMarket Tailwinds\nPrivate equity firms are increasingly utilizing commercial due diligence \nand value optimization services for transactions and portfolio companies\nPrivate equity has shown resilient \ngrowth supporting an expanding TAM\nRising private equity inventory is driving demand for multiple \nmarket insight services over each investment’s lifecycle\n▪Scale coverage and \ncontent intersection \nacross private equity and \ninvestment banks\n▪Further scale dedicated \nbusiness development \nteam to broaden \ncoverage universe\n▪Centralize, scale, and \nmanage external \nindividual, account, and \nsubsector \ncommunications\n▪Focus on accelerating \nthe execution of M&A \nplaybook\n▪Expand into new \ngeographies, new \nservice lines, and build \nscale in existing markets\n▪Opportunistically \nevaluate larger-scale \ntransformative M&A \ntargets\nIdentify and Execute \non Acquisitions\n▪Capitalize on advisory, \nbespoke nature of work, \nand pricing umbrella \nrelative to MBB+ to \nrealize due diligence \nprice increases \nnationally and abroad\n▪Raise prices in value \ncreation to be more in-\nline with client impact, \nresults, and ROI\n▪Expand number of \naccounts with average \nproject size of $400K+ \nwith ample cross-sell \nopportunities and need \nfor multiple projects per \nyear\nExert\nPricing Power\n▪Further optimize cross-\nsell strategy to deepen \ndensity across core \naccounts through scaled \ninside sales strategy\n▪Target key private equity \nclients where \nreferenceable work \nprovides opportunity for \nfurther penetration in \nprojects that command \nmore premium bill rates\nScale Client Coverage\n▪Leverage reputation and \ndifferentiated \nexperience in key \nverticals with high win \nrates across market \nsegments\n▪Introduce new verticals \nsuch as government or \naerospace and defense \nthrough de novo efforts \nor experienced senior \nhires \nDeepen Vertical \nExpertise\n▪Capitalize on hedge \nfunds’ growing inbound \ndemand for market \nresearch \n▪Introduce new purpose-\nbuilt products such as \ntechnology due \ndiligence, financial due \ndiligence, policy and \nregulatory consulting, \noperational due \ndiligence, and ESG and \nsustainability diligence \nthrough integrated go-\nto-market approach\nExpand Capabilities \nand Client Profiles\n▪Continue building \nmomentum in the U.K. \nto expand market \npresence\n▪Strategically grow \nheadcount and client \nleadership in New York \noffice\n▪Establish local presence \nin new geographic \nmarkets through organic \ngreenfield locations in \nthe United States and \nEurope\n▪Continue to protect \nunique culture via \nplanful expansion\nBroaden Geographic \nPresence\n▪Strategically hire senior \nprofessionals to build \ndensity in core verticals \nand expand capabilities\n▪Build density across \ncurrent locations, \nexpanding \napprenticeship model to \nfurther attract and \ndevelop mid/junior \ntalent\nAttract, Develop, and \nRetain Talent\nMaximize Wallet \nShare and Cross-Sell\nGrowExpandTransform\n\n15\nSTRICTLY CONFIDENTIAL\n▪Founder-led with minimal \ninfrastructure\n▪Centralized global management \nteam\n▪Office-centric P&L▪Single global P&L\n▪Inconsistent performance \nmanagement\n▪Inconsistent pricing\n▪Inconsistent delivery \n▪Global standards and value \nproposition\n▪Product-led, content-driven\n▪Concentrated sales with little \ncollaboration\n▪Collaborative account structure\n▪Industry verticalized senior \nconsultants\n▪Research-focused▪Advisory-focused\n▪Tiered product and brand issue\n▪Decentralized, under-invested \nplatform\n▪Well-invested, integrated \ninfrastructure\n▪Purpose-built platform for pace \nof private equity\n▪Proven M&A capability\nProfessionalized Platform Poised to Support Significant Growth\nCurated strategic transition has established infrastructure to scale alongside the business as the Company enters the next phase of growth\n2022 OnwardsPre-2021\nOld FrameworkNew Foundation\n▪Established global competencies, leveling, and \ncompensation\n▪Adopted global staffing and development\n▪Upgraded teams\n▪Unified positioning and value proposition\n▪Benchmarked pricing and products\n▪Upgraded ERP and created Stax INTEL\n▪Adopted senior oversight of content generation \nand access (vertical groups, thought leadership, \nPOVs)\n▪Established brand and ramped up recruitment in \nLondon and NYC\n▪Onboarded culture in NYC\n▪Restructured Chicago\n▪Established senior apprenticeship\n▪Established consistent hybrid model\n▪Established “Regional Success” teams to partner \nU.S. seniors with EMEA client leads\n▪Structured collaborative global pipeline with \naccount collaboration groups and oversight\n▪Removed generalist Directors and Managing \nDirectors\n▪Established vertical structures\n▪Added verticalized talent\n▪Created vertical content agenda\n▪Recruited sector and product specialists\n▪Verticalized competency model for Associate \nDirector and above\n▪Created integrated workstream approach with \nClient Delivery Network\n▪Built vendor due diligence and value creation \nintegrated product (VCIP) product matrix\n▪Elevated CDD product\n▪Established product-level P&L and metrics\n▪Began tracking product cross-selling\n▪Established dedicated resourcing and coverage\n▪Established product-specific competencies\n▪Integrated and connected products, building to a \nfund/asset-life offering\n▪Constructed ARM and account tiering\n▪Further trained and developed junior sellers\n▪Established collaboration metrics\n▪Transitioned founder to Board and created \ncentralized management structure\n▪New CEO, Global Practice Leader, Chief People \nOfficer, and General Counsel\n▪Screened seniors for collaboration; retained \nhigh-quality mid-level consultants\n▪Better defined path from Associate Dir. to MD\n▪Created strategy and go-to-market framework to \nscale OpGen\n▪Created marketing and business development \nsupport framework\n▪Developed knowledge management tool\n▪Created collaboration incentives\n▪Established engagement metrics for tracking\n▪Elevated client engagement agenda\n▪Developed BI function and created Stax INTEL \nplatform\nStandardize\nVerticalize\nDiversify\nGlobalization of staffing, utilization, reporting, talent development, and pricing \nallows for consistent client experience with different coverage points\nCommercialize\nGlobalize\nProductize\n\n16\nSTRICTLY CONFIDENTIAL\nDiversified Business with Proven Growth Across All Environments\nStax’s diversified business model has proven its ability to grow across economic environments\n(1)Reflects cumulative percent change over time since 2005.\n(2)2005-2021 reflects reported financials.\n(3)Source: Dealogic. Reflects announced North American and European transactions with private equity involvement between 1/1/2005 and 12/31/2024. 2025 projection per EY.\nGreat Recession\nCOVID-19\nGreat \nResignation\nInflation\nRate \nHikes\nNet Revenue Performance Relative to the M&A Environment\n(1)\nWinners in Market Growth\nWinners in Market Contraction\n(500%)\n–\n500%\n1,000%\n1,500%\n2,000%\n20052006200720082009201020112012201320142015201620172018201920202021202220232024LTM\nMar-25\n2025E\nStax Net RevenueN.A. and U.K. PE Transaction Volume\n▪Buy-Side Commercial Due Diligence: Increasing demand of \nbuy-side services as private equity firms explore a wide range \nof investment opportunities\n▪Value Creation: Growing demand for value creation services \nas firms strive to outperform competitors by enhancing \nportfolio company performance to unlock growth and value\n▪Sell-Side Commercial Due Diligence: Increased market activity \nand favorable valuations drive companies to prepare for sale \nboosting demand for sell-side services\n▪Buy-Side Commercial Due Diligence: Steady demand as firms \nseek expert analysis to identify undervalued assets with \nrecovery potential\n▪Value Creation: Consistent value creation demand as portfolio \ncompanies face pressure to optimize operations and cut costs\n▪Sell-Side Commercial Due Diligence: Stable demand for sell-\nside services as sellers must present their businesses in the \nbest possible light\n▪Diverse Client Profiles: Ability to tap hedge fund and credit \nfund clients when topline deal-market activity slows\n(2)(3)\n\n17\nSTRICTLY CONFIDENTIAL\nCompelling Long-Term Outlook Underpinned by Track Record of Consistent Growth\nHighly attractive financial profile defined by consistent growth and impressive margins\nPro Forma Adjusted Net Revenue\nOrganic Gross Profit and Margin\nPro Forma Adjusted EBITDA and Margin\n($ in millions)\n($ in millions)\n($ in millions)\n$39\n$44\n$48\n$54\n$70\n$88\n$109\n$136\n$168\n61.0%\n62.0%\n63.1%\n59.5%\n60.5%\n61.0%61.0%61.0%61.0%\n20232024LTM Mar-252025E2026P2027P2028P2029P2030P\n$42\n$54\n$69\n$89\n$112\n$4\n$10\n$19\n$30\n$45\n$19\n$24\n$27\n$31\n$46\n$65\n$88\n$119\n$157\n29.3%\n33.5%\n35.6%\n33.3%\n36.2%\n38.0%\n39.0%\n39.9%\n40.9%\n20232024LTM Mar-252025E2026P2027P2028P2029P2030P\nOrganicAcquired\n$115\n$143\n$179\n$223\n$275\n$12\n$27\n$48\n$75\n$110\n$64\n$71\n$76\n$91\n$127\n$170\n$226\n$298\n$385\n20232024LTM Mar-252025E2026P2027P2028P2029P2030P\nOrganicAcquired\n\n18\nSTRICTLY CONFIDENTIAL\nProven Leadership Team Poised for the Next Era of Growth\nCommitted leadership team with a clear vision for the future of Stax\n(1)Client Service Network.\n(2)Operations.\nPaul Edwards\nGlobal Practice Leader\nJoined in 2005\n25+ Years of Experience\nJayson Traxler\nChief Executive Officer\nJoined in 2021\n25+ Years of Experience\nSTS Research Group\n18\nSTRICTLY CONFIDENTIAL\nMeg Macumber\nGlobal Head of \nFinance\nLeslie Regenbaum\nGeneral \nCounsel\nAmy Schoeman\nGlobal Head of \nHuman Resources\nJoe Brownell\nGlobal Head of \nMarketing\nConnor Novy\nChief of Staff, \nHead of Sales Ops\nMihaela Dumea\nDirector, Data & \nBus. Intelligence\nHazir Shafeek\nGlobal Head of \nData Insights & IT\nBrad Kuntz\nAmericas \nRegional Lead\nPhil Dunne\nEMEA \nRegional Lead\nRobert Lytle\nTransaction \nAdvisory Co-Lead\nWill Barden\nTransaction \nAdvisory Co-Lead\nVince Zosa\nValue Creation \nProduct Lead\nRoy Lockhart\nExit Planning \nProduct Lead\n2020202320242018201820222021202520242024202220222011\n20+ Years20+ Years20+ Years25+ Years10+ Years20+ Years15+ Years20+ Years35+ Years30+ Years15+ Years30+ Years15+ Years\nDEVON\nV A L U E A D V I S E R S\nYear Joined\nIndustry Tenure\nPrior Experience\n\n19\nSTRICTLY CONFIDENTIALSTRICTLY CONFIDENTIAL\n19\nStax is a Highly Differentiated and Attractive Platform\nLarge addressable market with favorable secular trends\nDifferentiated value proposition for clients magnified by expertise developed through \nhistorical project volume\nDeep relationships with diversified set of clients that have reoccurring demand\nCompelling employee value proposition to attract, develop, and retain talent\nProven management team set to sustain growth\nProfessional operating platform set to scale\nClearly-defined multi-pronged growth strategy\nProven history of long-term growth, robust margins, and strong capital efficiency\n\nIndustry Overview\n\n21\nSTRICTLY CONFIDENTIAL\n$20B\n$33B\n$68B\n$91M\nStax Services the Private Equity Sector, a Foundational and Stable End Market\nBroad end market tailwinds provide ideal environment for long-term revenue growth\nLarge and Growing Addressable Market \nIndustry Landscape\nAdvisory Firms \n2025E Stax \nNet Revenue\n2024 Global M&A\n2024 Global Private \nEquity-Backed M&A\nNorth American and U.K. \nPrivate Equity-Backed M&A\nAccounting Networks\nMBB \n\n22\nSTRICTLY CONFIDENTIAL\nStax Services the Private Equity Sector, a Foundational and Stable End Market\nBroad end market tailwinds provide ideal environment for long-term revenue growth\nGlobal Private Equity Deal VolumeU.S. Private Equity Dry Powder by Fund Size\nGlobal Private Equity Exit VolumeU.S. Private Equity-Backed Company Inventory by Age\nSource: PitchBook.\n3.2K\n5.8K\n2.8K\n6.7K\n6.9K\n7.3K\n7.6K\n7.9K\n8.3K\n8.8K\n9.3K\n9.8K\n10.5K\n11.0K\n11.3K\n11.8K\n2012201320142015201620172018201920202021202220232024\nLess than 2 Years\n2 - 5 Years\nOver 5 Years\n$0.4\n$0.6\n$0.5\n$0.6\n$0.8\n$0.8\n$0.7\n$0.8\n$0.8\n$0.6\n$0.9\n$1.7\n$0.8\n$0.8\n$0.9\n1.8K\n2.1K\n2.2K\n2.4K\n2.9K\n3.3K\n3.1K\n3.4K\n3.4K\n3.2K\n2.8K\n4.4K\n3.7K\n3.5K\n3.8K\n201020112012201320142015201620172018201920202021202220232024\nExit Value\nExit Count\n$0.6 \n$0.7 \n$0.7 \n$0.7 \n$0.9 \n$1.1 \n$1.0 \n$1.2 \n$1.3 \n$1.3 \n$1.2 \n$2.3 \n$1.8 \n$1.4 \n$1.8 \n6.5K\n7.5K\n7.9K\n7.9K\n9.6K\n10.9K\n11.0K\n12.0K\n13.4K\n14.0K\n13.7K\n20.9K\n19.6K\n17.1K\n19.1K\n201020112012201320142015201620172018201920202021202220232024\nDeal Value\nDeal Count\n $0\n $200\n $400\n $600\n $800\n $1,000\n2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024\nMiddle Market PE\nPE Megafunds\nPE Under $100M\n($ in trillions)\n($ in trillions)($ in billions)\n2010 – 2024 CAGR: 8.4%2006 – 2024 CAGR: 5.6%\n2010 – 2024 Exit Value CAGR: 5.1%2012 – 2024 CAGR: 4.9%\n\n23\nSTRICTLY CONFIDENTIAL\nMore Than $32B in TAM Opportunity for Stax’s Core Products\nBountiful growth prospects in a broad addressable market \nTotal Addressable Market Opportunity by Product\nSource: Stax Market Sizing Analysis.\nSpendVolume\nSell-Side Diligence\n$2.9B\nValue Creation\n$4.1B\nBuy-Side Diligence\n$25.6B\n$32.6B\n2024\nBuy-Side \nDiligence\n19,123 \nPrivate Equity Transactions Annually\n$1.3M \nCDD Spend Per Closed Transaction\nSources and Approach:\n▪PitchBook 2024 Global Private Equity Report\nSources and Approach:\n▪Reflects 100% attach rate to pre-LOI lean-in & LOI deals\n▪Spend per deal per Stax PE decisionmaker survey (n=50)\nSell-Side \nDiligence\n6,389 \nAnnual Exits Across PE/Founder Businesses\n$453K \nSpend Per Successful Exit\nSources and Approach:\n▪PitchBook 2024 Global Private Equity Report\n▪Stax estimate of founder-backed exits >$100M in deal \nvalue\nSources and Approach:\n▪Reflects 100% attach rate of successful exits (founder- \nand PE-owned) and 40% assumed deal failure rate\n▪Spend per deal per Stax PE decisionmaker survey (n=50)\nValue \nCreation\n56,177 \nActive Private Equity-Backed Companies\n$72K\nSpend Per Portfolio Company Per Year\nSources and Approach:\n▪PitchBook Filter for Currently Privately-held, Private \nEquity-Backed Companies (i.e., non-addon/subsidiary)\nSources and Approach:\n▪Reflects each portfolio company conducting $361K of \nVCIP spend spread annually over a five-year hold period\n▪Spend per deal per Stax PE decisionmaker survey (n=50)\n\n24\nSTRICTLY CONFIDENTIAL\nHighly Attractive and Growing Market for Stax’s Private Equity Services\nStax is well-positioned to benefit from increases in private equity activity and standardization of third-party diligence in deal-making\nTrends Appreciating the Value of TAM and Current Spend on Stax’s Services\n▪Deal volumes, exit volumes, and the total pool of private equity-backed companies continue to grow and are resilient, and \ninvestor sentiment remains positive going forward\n▪Number of new private equity deals in U.S. and Europe has grown at a 7.6% CAGR over the last ten years\nGrowing Deal Sizes and \nVolume\n▪Value and depth of consulting engagements is increasing, and consulting services are readily able to pass through increasing \nlabor costs, growing the overall spend per deal\n▪Based on a survey scale from 1 (Nice to Have/Less Important) to 7 (Need to Have/More Important), average CDD value to private \nequity funds will increase from ~4 to ~5 from five years ago to the next five years, and value creation will increase from ~5 to ~6 \nfor the same period\nHigher Average Spend \nand Scope per Deal\n▪Competitiveness for high-quality deals is increasing, and more suitors are leaning into processes overall, and earlier driven by the \ndesire to filter for good deals and the growing need for private equity to “sell management” on the value of their partnership\n▪Middle market and growth equity deal funnels (deals seen, leaned in on, and under LOI) have increased at 8.4-9.0% CAGRs, \npushing CDD opportunities beyond the currently estimated ~3 due diligence engagements per closed deal\nMore CDD Opportunities \nper Deal\n▪Third-party support for diligence and value creation efforts are increasingly becoming an industry standard, with a steadily \nincreasing portion of deals and portfolio companies hiring third-party support\n▪Pre-LOI CDD attachment rates to deals have grown from 10% in the last five years to 23% today, and 30% of portfolio companies \nutilize value creation today compared to 20% over the last five years\n(1)\nAttachment Rates Are \nGrowing Across \nProducts\nSource: Stax Market Sizing Analysis, including Stax web survey (Winter 2025, n=50).\n(1)Based on subset of middle market funds, excluding new funds, per Stax web survey (Winter 2025, n=36).\n\nService Lines\n\n26\nSTRICTLY CONFIDENTIAL\nOverview\nAdvisory Services\nContract Structure\nAverage Engagement Length\nStage of Investment Lifecycle\nTypical Referral Source\nNet Revenue\nProjects Invoiced\nAverage Revenue per Project\nClients Served\nComplementary Solutions to Address a Wide Array of Client Needs\nSuite of critical services provide a strong basis for recurring revenue and natural cross-sell opportunities across the private equity lifecycle\nBuy-Side Commercial Due Diligence\nKey Attributes\nLTM Mar\n-\n25 Highlights\n▪Evaluate potential targets, focus areas, or \ninvestment themes for sponsors\n▪Assess market dynamics and target \nalignment, competitive positioning, and \nvalue creation levers\nMarket and Asset Screening, Thesis Build, \nEarly Diligence, Commercial Due Diligence\nFixed Fee\n3-6 Weeks\nPre-Investment\nExisting Relationship\n107\n$318K\n83\nSell-Side Commercial Due Diligence\nMarket Study, Exit Planning, Vendor Due \nDiligence\n▪Ensure process readiness and enhance \ntransaction outcomes for sponsors and \nmanagement teams\n▪Articulate the exit story and provide \nactionable growth blueprint backed by \nmarket research\nFixed Fee\n4-6 Weeks\nExit\nReferral from Investment Bank or \nExisting Sponsor Relationship\n76\n$378K\n81\nValue Creation\nCommercial Excellence, Pricing & Cost Optimization, \nSales Productivity, Churn Reduction, ESG & Impact\nFixed Fee\nVaries\nHold Period\nExisting Relationship or Ongoing \nSupport Following Exit Planning\n34\n$331K\n32\n▪Drive rapid EBITDA improvement \nthroughout the investment hold period\n▪Designed for multi-year, multi-project \nrelationships to drive incumbency with \nmanagement teams and ultimately lead \nto sell-side support\n$34M$29M$11M\n\n27\nSTRICTLY CONFIDENTIAL\nBuy-Side Commercial Due Diligence\n▪Provide data-driven insights across key investment considerations (market, target company, competition, etc.)\n▪Enables private equity firms to make informed decisions by identifying potential opportunities and risks for a \nprospective investment\n▪The Company provides services during the acquisition screening and theme development phase, as well as early \ndiligence and scaled commercial due diligence in an active process\n‒Early workstreams include sector prioritization, acquisition screening, thesis build and development, red \nflag assessments, and client checks\n‒Pre-LOI workstreams include assessment of the target’s market, client dynamics and competitive \npositioning, competitive landscape, and growth opportunities\n▪Post-LOI work integrates blueprint development and growth strategy planning\n▪High level of repeat demand from long-term relationships with private equity clients\nExtension of the investment team evaluating potential platform and add-on opportunities\nLTM Mar-25 Key Stats\nIllustrative Project Timeline\nRepresentative Clients\nOverview and Typical Scope\nIllustrative Project Timeline\nKICK-OFFAlign on Final Scope and Objectives, Data Discovery\nANALYSES\nPhone-Based Interviews, Analysis of Target Data, \nOnline Review Analysis, Synthesize Research \nStreams, Develop Fact-Base\n80/20 Report, Final Read-Out\nPOST-PROJECT COLLABORATION\nWeeks ~1-4Ongoing As-Needed\nSupport First 100 Days of Hold Period, Ongoing \nValue Creation Work \nDELIVERABLES\n11%\n2018 – LTM Mar-25 \nRevenue CAGR \n107\nProjects \nInvoiced\n$318K\nAverage Revenue \nper Project\n83\nClients \nServed\n% of Net \nRevenue\n44%\n37%\n15%\n4%\nBuy-Side\nSell-Side\nValue Creation\nOther\n\n28\nSTRICTLY CONFIDENTIAL\nValue Creation\n▪Multi-phase model partnering with clients to define and execute on value creation initiatives while building \noperating discipline and sustainable improvements year-over-year\n▪Drives development of strategic growth options for expansion with an actionable roadmap for implementation\n▪Leverages the Company’s depth of sector expertise, proprietary research, and advanced analytics capabilities to \ndeliver a data-driven, evidence-based assessment of recent performance and growth potential\n▪Offering encompasses proven methodologies to define growth strategies and improve commercial excellence \nand capital efficiency\n‒Client segmentation and value proposition, channel expansion, churn reduction, pricing optimization, \nESG/Sustainability and risk, marketing, client experience\n‒AI strategic assessment and diagnostics with execution support to define, test, and scale AI initiatives\n▪Value creation services deepen and extend engagement with private equity clients around critical decisions for \ntheir portfolio companies outside of a new investment or exit period\nTargeted diagnostics and actionable growth plans to achieve desired business outcomes at various stages of maturity\nOverview and Typical ScopeLTM Mar-25 Key Stats\nIllustrative Project Timeline\nRepresentative Clients\nKICK-OFFWorking Session with Relevant Stakeholders\nPotential Growth Thesis, Client/Market/ICP Offering \nAssessment, Strategic Option Development, Risk \nAssessment and Roadmap\nPOST-PROJECT COLLABORATION\nWeeks ~1-4Ongoing As-Needed\nEnter Phase II to Build on Project Work or Support \nImplementation, Prepare for Sale Process\nInterim Update, \nWorkshop, Final Read Out\nDELIVERABLES\nANALYSES\n% of Net \nRevenue\n8%\n2018 – LTM Mar-25 \nRevenue CAGR \n34\nProjects \nInvoiced\n$331K\nAverage Revenue \nper Project\n32\nClients \nServed\n44%\n37%\n15%\n4%\nBuy-Side\nSell-Side\nValue Creation\nOther\n\n29\nSTRICTLY CONFIDENTIAL\nSell-Side Commercial Due Diligence\n▪Demonstrate strength of positioning and growth potential of the asset in preparation of exit \n▪Communicates the growth story to potential investors by providing research and analysis to define the target’s \nmarket, strength of its positioning and performance, and opportunities for expansion\n▪Stax leverages its experience working on the buy-side to address critical questions about the target that \ninvestors will focus on, including TAM, growth outlook for core market, competitive differentiation, future \nopportunities, and voice of the client\n▪Modular approach allows Stax to adjust its process and output depending on sponsor/founder involvement, \nrelevant buyer universe, and priority needs\n▪New business development for this service is focused on referrals from investment banks, as well as leveraging \nprivate equity client relationships\n‒The Company worked with 20+ investment banks in the last 24 months\n▪Natural cross-sell opportunity from momentum of sale process and intelligence gathered during engagement\n▪Reputation among private equity investors is a significant point of attraction for banks and management teams\nCollaborative thought partner throughout a sale process to articulate the asset’s positioning and growth story\nOverview and Typical ScopeLTM Mar-25 Key Stats\nIllustrative Project Timeline\nRepresentative Clients\nKICK-OFFWorking Session with Relevant Stakeholders\nTAM and Client Analysis, Risk Assessment, VDR \nPreparedness, Growth Strategy Vetting\nDELIVERABLESFinal Read-Out\nPOST-PROJECT COLLABORATION\nWeeks ~1-5Ongoing As-Needed\nDevelop Buyer-Specific Materials, Discuss with Potential \nSuitors, Onboard Findings and Recommendations at Target\nANALYSES\n% of Net \nRevenue\n62%\n2018 – LTM Mar-25 \nRevenue CAGR \n76\nProjects \nInvoiced\n$378K\nAverage Revenue \nper Project\n81\nClients \nServed\n44%\n37%\n15%\n4%\nBuy-Side\nSell-Side\nValue Creation\nOther\n\n30\nSTRICTLY CONFIDENTIAL\nStrong Institutional Knowledge Across Industries\nStax outperforms competitors by offering the highest quality and expertise across multiple end markets, while ensuring stability through diversification \nacross various industries\nNote: Data reflects LTM Mar-25 engagements and revenue mix.\n132\nEngagements\n% of Net Revenue45%\nVertical SaaS\nIndustry-Specific Apps\nEnterprise Applications\nNetwork Infrastructure\nAI & Machine-Learning\nMedia and B2C Tech\nTechnology\n25\nEngagements\n% of Net Revenue9%\nPhysician Practices\nLong-Term Care\nManaged Healthcare\nMedical Devices\nHospitals & Facilities\nPayors\nHealthcare\n15\nEngagements\n% of Net Revenue5%\nApparel\nFood & Beverage\nHospitality and Leisure\nHousehold Goods\nResidential Services\nHealth & Wellness\nConsumer\n37\nEngagements\n% of Net Revenue15%\nManufacturing\nDistribution\nTransportation\nConstruction & Engineering\nAerospace and Defense\nAutomotive\nIndustrialsServices\n64\nEngagements\n% of Net Revenue25%\nProfessional Services\nFinancial Services\nMarketing and Advertising Services\nData and Information Services\nIT Services\nEvents and Tradeshow Services\n\n31\nSTRICTLY CONFIDENTIAL\nIn-Depth Expertise in Technology and Services \nStax has effectively established a strong replicable presence in technology and service verticals, driving above-market growth and creating a playbook \nfor additional vertical expansion\nIT \nInfrastructure\nCybersecurityVertical SaaS\nHorizontal \nEnterprise \nApplications\nPayments and \nFintech \nConsumer \nTechnology and \nMedia\nTechnology \nCommercial and \nResidential \nServices \nIT Services\nEvents, \nMarketing, and \nInfo Services\nProfessional and \nAdvisory Services\nEducation and \nCrediting Services\nFinancial and \nInsurance Services\nSub-Vertical Expansion Opportunities Sub-Vertical Expansion Opportunities \n$5\n$10\n$11\n$27\n$31\n$30\n$33\n$36\n2018201920202021202220232024LTM\nMar-25\n$6\n$6\n$6\n$11\n$17\n$16\n$18\n$20\n2018201920202021202220232024LTM\nMar-25\nStrengthEvolving Focus\nServices \n72%\n6%\n7%\n(11%)\n2018-20212021-2024\nStaxMarket\n26%\n17%\n6%\n(2%)\n2018-20212021-2024\nStaxMarket\n($ in millions)($ in millions)\nStrengthEvolving Focus\nTechnology Net RevenueAbove-Market Revenue GrowthServices Net RevenueAbove-Market Revenue Growth\nStrong reputation within \nhighly penetrated market\nSub sector account targeting and \nplanning with room to build density \nGrowing average \nproject sizes \nResilient performance across \ndiverse economic conditions\nGrowing number of \nverticalized professionals \n\nClient Relationships\n\n33\nSTRICTLY CONFIDENTIAL\n44%\n37%\n15%\n4%\nBuy-Side\nSell-Side\nValue Creation\nOther\nStax Serves a Large, Diversified Client Base\n79%\n15%\n6%\nPrivate Equity\nPortCo / Corporate\nHedge Fund\nLong-tenured client base with exceptional retention, largely comprised of blue-chip private equity investors\n42%\n41%\n17%\nMiddle Market\nUMM / Large Cap\nLower Middle Market\n46%\n26%\n13%\n10%\n5%\nTechnology\nServices\nIndustrials\nHealthcare\nConsumer\nPrivate Equity Focus......Across Service Lines...\n...Split Among Market Segments......and End Markets\n(1)Reflects Private Equity and Hedge Fund clients only. Lower Middle Market defined as less than $1.5 billion AUM, Middle Market defined as $1.5 to $10.0 billion AUM, and UMM / Large Cap \ndefined as greater than $10.0 billion AUM.\nLTM Mar-25 \nby Client Type\nLTM Mar-25 \nby Service Line\nLTM Mar-25 \nby Client Size\n(1)\nLTM Mar-25 \nby Industry\n(% of Net Revenue)\n(% of Net Revenue)\n(% of Net Revenue)\n(% of Net Revenue)\n\n34\nSTRICTLY CONFIDENTIAL\nDiversified Relationships Across Service Lines\nBroad spectrum and high-quality clients across growth stages and end markets\n(1)Reflects Private Equity and Hedge Fund clients only. Lower Middle Market defined as less than $1.5 billion AUM, Middle Market defined as $1.5 to $10.0 billion AUM, and UMM / Large Cap \ndefined as greater than $10.0 billion AUM.\nRevenue Concentration by ClientNew vs. Existing ClientsRevenue Concentration by Client Size\n(1)\nBuy-Side Commercial \nDue Diligence\nSell-Side Commercial \nDue Diligence\nValue \nCreation\n(% of LTM Mar-25 net revenue)\n43%\n40%\n17%\nUMM / Large Cap\nMiddle Market\nLower Middle Market\n20%\n54%\n27%\nUMM / Large Cap\nMiddle Market\nLower Middle Market\n63%\n35%\n2%\nUMM / Large Cap\nMiddle Market\nLower Middle Market\n(% of LTM Mar-25 net revenue)\n32%\n29%\n29%\n10%\nTop 10\nTop 11 - 30\nTop 31 - 60\nAll Other Clients\n20%\n32%\n37%\n11%\nTop 10\nTop 11 - 30\nTop 31 - 60\nAll Other Clients\n57%\n43%\nTop 10\nAll Other Clients\n79%\n88%\n82%\n21%\n12%\n18%\n202220232024\nNew\nExisting\n40%\n59%\n54%\n60%\n41%\n46%\n202220232024\nNew\nExisting\n95%\n81%\n88%\n5%\n19%\n12%\n202220232024\nNew\nExisting\n\n35\nSTRICTLY CONFIDENTIAL\n73%\n27%\nRepeatNon-Repeat\nDeep Relationships with Top Clients\n▪Deep Relationships: 45% of net revenue coming from clients \nwith a tenure of 6+ years \n▪Satisfied Clients: 73% of revenue from repeat clients\n(3)\n▪No Client Concentration: No one client represents more than \n4% of net revenue\n▪Broad Relationships: 38% of clients use more than one \nservice\n(3)\n▪Strong Referral Network: 72% of sell-side engagements \nreferred from investment banks\n▪Value in Density: Clients utilizing multiple service lines incur \nover 25% higher fees per project due to complexity of scope\nDemand for strategic solutions across growth stages drives client engagement\nTop 15 ClientsLTM Mar-25 Highlights\n(1)UMM / LC = Upper Middle Market / Large Cap; MM = Middle Market; LMM = Lower Middle Market.\n(2)Reflects average tenure of top 15 clients.\n(3)Reflects 2024 data.\nSticky Relationships Drive Repeat Business\n27%\n7%\n21%\n45%\n< 1 Year1-2 Years\n2-6 Years6+ Years\nRepeat\nClients\nClient \nTenure \nMix\n(% of 2024 net revenue)\n($ in thousands)\n2023 – Mar-25 Net Revenue\nClientSize\n(1)\nBuy-SideSell-SideValue CreationOther\nTotal \nRevenue\n% of Total \nRevenue\n2023 – Mar-25\nProjects\nClient \nTenure\nClient 1UMM / LC$4,415––$642$5,0573.2%811+\nClient 2MM3,195$867$854–4,9153.1%1610+\nClient 3UMM / LC484––3,5694,0532.6%1211+\nClient 4MM1,512–1,556373,1052.0%123+\nClient 5UMM / LC1,582440911–2,9341.8%911+\nClient 6UMM / LC1,506–1,309–2,8151.8%711+\nClient 7MM6641,495559–2,7171.7%811+\nClient 8MM1,2411,172––2,4141.5%46+\nClient 9MM1,471812––2,2831.4%74+\nClient 10UMM / LC868537692–2,0971.3%511+\nClient 11MM1,415622––2,0361.3%62+\nClient 12MM804968229–2,0011.3%64+\nClient 13LMM1,336–640–1,9761.2%711+\nClient 14UMM / LC1,435–532–1,9671.2%511+\nClient 15MM1,080829––1,9091.2%63+\nTop 15$23,009$7,741$7,281$4,248$42,28026.6%1188+\nAll Others52,59344,52818,752532116,40573.4%369\nTotal$75,602$52,269$26,034$4,781$158,685100.0%487\nElliott Management\nPSG Equity\nTiger Global Management LLC\nBlue Point Capital Partners\nThoma Bravo\nCharlesbank Capital Partners LLC\nBregal Sagemount\nGridiron Capital\nRubicon Technology Partners\nHellman & Friedman\nGemspring Capital\nGreater Sum Ventures\nVarsity Healthcare Partners\nVista Equity Partners\nPeak Rock Capital\n(2)\n•To remove client names\n\nGo-to-Market Strategy\n\n37\nSTRICTLY CONFIDENTIAL\nMulti-Pronged Go-to-Market Strategy\nPurpose-built global delivery model enables new business wins without sacrificing existing client service\nVerticalized \nSenior \nProfessionals\nStrategic \nAccount \nCoverage\nCentralized \nLocation-Based \nModel\nProgrammatic \nCommunications\n15 Key Accounts with Multi-\nNational, Multi-Vertical Presence\nLarge Cap Private Equity \nand Public Investors\n22 Key Accounts with Dedicated \nTouchpoints in U.S. and U.K.\nMiddle Market \nCollaboration\n91 Key Accounts with Individual \nDefined Coverage and Tracking\nAccount Relationship \nManagement (ARM)\n98 Key Accounts with Content-\nBased Scaled Communication \nContact Accounts\nManaging Directors and \nDirectors\nIndustry Groups Define \nCoverage and Sales Effort\nCDD and Value Creation Services \nProvided by All Levels\nProduct Generalists\nNuanced Insights From \nSpecialization\nGuaranteed Production of \nHigh-Quality Content\nDedicated Client \nDelivery Network\nAdvisory-\nFocused\nProduct Led; \nContent Driven\nRepeat Value Creation Work \nfrom CDD Engagements\nClient Delivery \nNetwork\nColombo\nArticles, Tombstones, \nNewsletters, Industry Primers\nEmail and Social Media\nMarket Intelligence, Rolling \nThunder\nIn-Person Meetings\nMonthly Flywheel, Asset-Centric \nAccount “Grouping” Outreach\nIntelligence Outreach\nClient Offsites, Co-Branded \nRoundtables, Conferences\nEvents\nGlobal \nStaffing\nBostonChicagoNew YorkLondon\nGlobal Collaborative Coverage and Delivery with In-Market Business Development Capabilities\n\n38\nSTRICTLY CONFIDENTIAL\nCollaborative Approach to Client Coverage and Delivery\nCrediting system designed to maximize collective value and reward firm-building behaviors while de-risking new hires\nSales CreditDelivery Credit\nManaging Directors, Directors, and Associate DirectorsAssociate Directors, Senior Managers, and Managers\nAccount Ownership:\nAssigned owner that fosters \nrelationships throughout the \naccount\nContent Leadership:\nProvides substantive \nexpertise to help close and \ndeliver a project\nTotal Sales Credit:\nReflects the sum of an \nindividual’s contribution \nacross each role\nOriginators\nAccount \nOwnership\nContent \nLeaders\nReporting\nSplitDetail\n60%\n▪Credit shared equally between originators\n▪Tracking allows for up to three originators\n10%\n▪Limited to one person\n▪May be one of the originators\n▪Credit shared equally between content leads\n▪Ideally have multiple leads on every project\n25%\nBoundaries\n40% Cap\nNo Double \nDipping\nProject \nMinimum\n▪No individual can accrue more than 40% of the total project value\n▪Lone originators lose 20% of credit, which is returned to the firm\n▪Originators can be account owners, but they cannot accrue credit \nfor content leadership on the same proposal\n▪If project fee is less than $250K, no credit for content leadership\n▪If project fee is less than $150K, no credit for any role\nOrigination:\nSourcing of potential projects \nthrough outbound efforts or \ninbound leads\nStructure\nDelivery \nLeads\nFramework\nCredit Split\n▪Assigned by resource management based on project staffing\n▪Responsible for leading the day-to-day of a project and ensuring \nthe team is utilized efficiently\nTargets\nAssociate \nDirector\nSenior \nManager\nManager\n▪Delivery credit is a \nmeasure of success for \nmid-level consultants\n▪Delivery credit is defined \nas the total value of \nprojects a mid-level \nconsultant has delivered\n▪Total available credit for \na project is equal to the \nproject’s fee\n▪Delivery leads should be \ndifferent levels, with the \nmore senior employee \nspread across multiple \nprojects\n▪Splitting delivery \nbetween Associate \nDirectors and Senior \nManagers / Managers \nallows the Associate \nDirector to manage \nmultiple projects, \nultimately accruing a \ngreater delivery credit \nvalue\nMinimumGoal\n$3.0M\n$2.5M\n$2.0M\n$4.0M\n$3.5M\n$3.0M\n▪Delivery credit is split evenly between delivery leads regardless \nof seniority\n▪Up to two delivery leads can be associated with a project\n▪Delivery leads must spend at least 15 hours a week on projects \nto receive credit\n\n39\nSTRICTLY CONFIDENTIAL\nProject Delivery Model\nHigh-touch client service executed by efficient project teams purpose-built for the pace of private equity\nBalanced and Flexible Staffing ModelDisciplined Tracking Leads to Better Management and Consistently Strong Realization\nCrediting System Designed to Maximize Collaborative Value\nSales CreditDelivery Credit\n▪Originators (60% of project value)\n‒Credit is shared equally between originators; \ntracking allows for up to three originators\n▪Content Leaders (25% of project value)\n‒Credit is split evenly between all content \nleads; ideally have multiple content leads on \nevery project\n▪Account Owners (10% of project value)\n‒Limited to a single person; may be an \noriginator\n▪Measured in dollars and defined as the total value \nof projects a mid-level has delivered\n▪Accrue to the delivery leads; may have up to two \ndelivery leads associated with a project\n▪Delivery leads are typically different levels, but \ncredit is evenly split between both leads\n▪Associate Directors, Senior Managers, and \nManagers are the core roles responsible for \ndelivery\nDelivery (Client Service Network)\nTraditional consulting team staffed to dedicated projects on a billable model\nManaging \nDirector\nDirector\nSpend 50% of time \non billable work\nAssociate \nDirector\nSenior \nManager\nSpend 75% of time \non billable work\nManagerSenior \nConsultant\nConsultantAssociate \nConsultant\nSpend 100% of time \non billable work\nPlug-and-play project support in Colombo segmented by defined workstreams to enhance speed of delivery\nIntegrated Workflow Support (Client Delivery Network)\nIntegrated Project Leads\nLead \nto Win\nSecondary \nInsights\nData \nScience\nWeb Survey \nInsights\nExpert \nInsights\nData \nVisualization\nHighly repeatable, scalable execution process across services allows for powerful insights to be \ndelivered quickly and efficiently at an attractive price relative to competitors\nPromotes collaboration and de-risks new hires\n218226224\nProjects \nInvoiced:\n87.8%\n94.9%\n96.4%\n20232024LTM Mar-25\nRealization\n\n40\nSTRICTLY CONFIDENTIAL\nClient Delivery Network Expands Capacity to Execute\n▪50-person dedicated team in Colombo serves as plug-and-play \nproject support to enhance speed of delivery for client \nworkstreams\n▪Commercial platform built to work at the speed of private \nequity\n▪Supports U.S. and U.K. advisory in an agile and targeted way\n▪Segmented by defined workstreams with clear responsibilities \nand competency model\n▪Handles tasks of varying levels of complexity during the \nproposal and live project phases\n▪Creates additional bandwidth for the client service network to \nfocus on high-value client-facing workstreams\n▪Optimizes resource utilization through on-demand staffing \nbased on skill, capacity, and expertise\n▪Expands delivery capabilities in-line with demand while \noffering flexibility, convenience, and controllability in project \ndelivery\n▪Defined career path with strong average tenure of 9+ years \nacross integrated project leads, delivery leads, and managing \ndirectors\n▪Key members participate in management incentive plan\nPurpose-built integrated workflow support delivers sustainable growth \nTeam OverviewCommentary\nRuwindhu Peiris\nManaging Director\n(Headcount as of March 2025)\nDelivery Lead\nSr. Delivery Manager\nTeam Lead\nDelivery Manager\nSr. Delivery Manager\nDelivery Manager (3)\nTeam Lead\nDelivery Manager\nTeam Lead\nSr. Delivery Manager\nTeam Lead\nDelivery Manager\nTeam Lead\nDelivery Manager\nTeam Lead\nDelivery Manager\nIntegrated Project \nLeads\nTeam Lead\nSr. Delivery Manager\nLead (3)\nSr. Analyst\nLead (5)\nSr. Analyst\nDelivery Manager\nLead (3)\nSr. Analyst (3)\nLead to WinSecondary InsightsData ScienceWeb Survey InsightsExpert InsightsData Visualization\nLead\nSr. Analyst (4)\nAnalyst (2)\nLead (3)\nSr. Analyst (4)\nLead (2)\nSr. Analyst \nAnalyst (3)\n5\nEmployees\n5\nEmployees\n7\nEmployees\n8\nEmployees\n8\nEmployees\n7\nEmployees\n8\nEmployees\nAgile project \nmanagement and \ncentral point of \ncontact for the CSN \nSales enablement \ncapabilities from \ninitial outreach to \nproposal submission\nExtracts and \nsynthesizes \ninformation from \npublicly available \nsources\nBusiness insights and \ncapability \ndevelopment for \ninvestors and \nmanagement teams\nGather insights from \nweb surveys on client \npurchasing and \nspend dynamics, \nvendor performance\nEngages with \nexperts, competitors, \nand clients to collect \nrich insights\nVisualization \nspecialists that own \ndeliverables and \nother visualization \nelements\n\nCulture and Talent Management\n\n42\nSTRICTLY CONFIDENTIAL\nCompelling Employee Value Proposition to Attract and Nurture Top Talent\nStax has developed an attractive employee value proposition to recruit, develop, and retain top tier professionals\nDifferentiated Employee Value PropositionWinning the War for Talent\n(1)Retention of CSN professionals by skill level from 2023 year-end to 2024 year-end; reflects voluntary only.\nClient Service Network Retention by Skill Level\n(1)\nDirector HeadcountManaging Director Headcount\nUnique focus on serving and scaling with private equity clients\nIncentive model designed to reward collaboration and shared success\nHigh growth platform offering career opportunities and the chance to make a \nsignificant impact, supported by structured onboarding and fast ramp for new hires\nExpertise-focused model without exclusivity over client ownership\nAmple whitespace for career growth relative to some competitors with clear \nprogression paths and regular performance feedback\nEquity participation for Managers and above through Management Incentive Plan\nCentralized global staffing expands utilization and reduces time on bench\nSpecialization model supports long-term career development, bolstered by formal \nmentorship and learning opportunities\nCompetitive compensation model and benefits package aligned with market leaders, \nplus a strong commitment to work-life balance and well-being\nScalable infrastructure designed to foster growth and collaboration with direct access \nto senior leadership\n73%\n76%\n80%\n95%\nAssociate\nConsultant /\nConsultant\nSenior\nConsultant /\nManager\nSenior Manager /\nAssociate\nDirector\nDirector /\nManaging\nDirector\n4x \nGrowth\n5x \nGrowth\n2\n8\n2021Mar-25\n3\n16\n2021Mar-25\n\n43\nSTRICTLY CONFIDENTIAL\nTop Ranked by Industry Publications, Validated by Industry Professionals\nStellar Rankings Across Vault North America Categories\n(2)\nContinued recognition and awards reflect nature of culture initiatives the Company has meticulously implemented and managed over time\n(1)As of April 8, 2025.\n(2)Source: Vault 2024 North America Consulting Survey. Rankings and awards are based on insights from over 12,000 verified consulting professionals.\n7.3\n8.4\nIndustryStax\nInternal Mobility\n+1.1\n#10\nOverall \nDiversity\n#8\nEmployee \nSatisfaction\n#8\nLevel of \nChallenge\n#7\nPromotion \nPolicies\n#7\nInternal \nMobility\n#6\nIntl. \nOpportunity\n#5\nHealth and \nWellness\n#4\nBusiness \nOutlook\n#6\nBoutique \nConsulting\n#12\nBenefits\n#11\nInformal \nMentorship\n#10\nFormal \nTraining\n8.5\n9.2\nIndustryStax\nFirm Culture\n+0.7\nEmployee Satisfaction\n+0.8\n8.3\n9.1\nIndustryStax\n8.0\n8.8\nIndustryStax\nWork-Life Balance\n+0.8\nPromotion Policies\n+0.9\n8.1\n9.0\nIndustryStax\nTop Consulting\nFirm 2025\nFormal Training\n+1.2\n7.7\n8.9\nIndustryStax\nBest Management \nConsulting Firms 2025\nBest Firms to Work For\n2022, 2023, and 2024\nGlassdoor Overall Rankings\n(1)\nStax Big 5 Competitor\n4.4\n4.34.3\n4.2\n4.14.1\n4.0\n3.9\n3.83.8\n3.73.7\n3.53.5\n\n44\nSTRICTLY CONFIDENTIAL\nCompetitive Pay-for-Performance Compensation Model\n▪Structured to fall within the 75th percentile of the market, with top performers reaching the \n90th percentile\n‒Similar compensation strategy and banding in place for the Client Delivery Network\n‒Study underway to implement same model for Operations in 2025\n▪Salary bands ensure internal promotions are rewarded equitably without overvaluing \nexternal hires, demonstrating investment in maximizing tenure\n▪Merit-based salary increases determined by 4-point rating scale\n▪Robust benefits package and opportunity for equity ownership through Management \nIncentive Plan further enriches employees\n‒Management Incentive Plan available to Managers and above\nIncentive structure and attractive operating model strike a key balance between sustainable productivity and exciting projects\nPhilosophy and ApproachIndustry Benchmarking\n(1)\n2024 Average Cash Compensation by Skill Level\n(2)\n(1)Source: Aon 2024 Consultant Benchmarking Study. Reflects 50th percentile of compensation category by skill level for each group. MBB+ equivalent to Managing Director not available. MBB+ includes \nBain, Deloitte, EY, McKinsey, Oliver Wyman (Europe), and PwC. Tier 2 includes AlixPartners, Ankura, Chartis, Council Advisors, CRA Intl., FTI, Guidehouse, Keystone, Oliver Wyman, and Slalom.\n(2)Excludes Management Incentive Plan. \nMBB+Tier 2Stax\nACCSCMSMADDMD\n2023 Total Cash Compensation\nACCSCMSMADDMD\n2024 Cash Salary\nStax paid above market bonuses as a \npercentage of salary at all levels in 2023\nStax outpaced the market for salary \nincreases at all levels in 2024\nACCSCMSMADDMD\nACCSCMSMADDMD\n(Client Service Network; U.S. only)\n2023 Cash Bonus as % of Total Compensation2024 Cash Salary Increases\n$85\n$114\n$151\n$184\n$220\n$264\n$330\n$469\n$9\n$17\n$28\n$39\n$62\n$60\n$114\n$387\n$94\n$131\n$179\n$223\n$282\n$324\n$444\n$856\nAssociate\nConsultant\nConsultantSenior\nConsultant\nManagerSenior\nManager\nAssociate\nDirector\nDirectorManaging\nDirector\nCash BaseCash Bonus\n\n45\nSTRICTLY CONFIDENTIAL\n5\n33\n4\n3\n7\n10\n27\nManaging\nDirector\nDirectorAssociate\nDirector\nSenior\nManager\nManagerSenior\nConsultant\nConsultantAssociate\nConsultant\nStructured Recruiting Effort Provides Continuous Source of Talent\nDiversified talent pipeline ensures a steady stream of quality candidates\nOrganic Talent AcquisitionStrong Full-Time CSN Hires Across Skill LevelsSourcing Mix\nRecruiting Overview\nEarly CareersExperienced Hires\nStax targets hiring 10 Summer Associates/Co-Ops and 15 full-time Associate Consultants each year via campus targeting\nPriority Universities\nRelationships with on campus organizations \nand multiple events held per year\nOther Global Universities of Focus\nSources of recent successful hires\nCampus Targeting\nExpanded recruiting funnel to HBCUs, \nwomen’s colleges, etc.\n▪Strong track record of attracting lateral senior hires from \ncompetitors to build on existing offerings or expand into new \nareas of coverage\n▪Nearly 20% of experienced hires are sourced through employee \nreferrals\n▪Average offer acceptance rate of 73%\n▪Continued focus on driving branding efforts to improve candidate \npool\n26,000+ Applicants\n308 Interviews\n94 Offers Extended\n69 Offers Accepted\n(2024 firmwide recruiting statistics)(2024 – YTD Mar-25 new hires)(% of 2024 – YTD Mar-25 new hires)\n58%\n20%\n17%\n5%\nDirect Hire\nCampus\nReferral\nAgency\n\n46\nSTRICTLY CONFIDENTIAL\nWell-Defined Competency Model with Multiple Channels for Feedback\nCompetency and task relevant maturity models serve as the foundation to standardize feedback and expectations for each skill level across locations\nTask Relevant Maturity Model Provides Granular View of Task-Specific Proficiency\nImpact\nEnables global \nstaffing\nUnifies quality of \ndelivery\nProvides clarity and \nconfidence around \npromotion criteria\nEmphasizes merit-\nbased success \nmodel\nCore Consulting SkillsCommercial LeadershipSelf LeadershipPeople and Culture Leadership\nFeedback Facilities Development of Core Skills\nUse Case\n▪Used during project evaluations to assess \nconsultants’ technical effectiveness in \nspecific tasks and evaluate technical \ndevelopmental areas\nComponents\n▪Task category (e.g., survey \nmanagement)\n▪Specific tasks (e.g., survey design)\n▪Maturity levels\nGoal and Purpose\n▪Shift focus to skill level when completing a \ntask\n▪Standardized, efficient project feedback\n▪Differentiates expectations for same task \nacross levels\n▪Focuses on both qualitative and quantitative measures\n▪PowerBI performance dashboard\n▪Project feedback, debriefs, mid-year and year-end reviews\n▪Feedback on non-project Initiatives\n▪360 Feedback: upward, recognitions, special projects and \ninitiatives\n\n47\nSTRICTLY CONFIDENTIAL\nSignificant Opportunity for Upward Mobility\nStandardized career trajectory enables strong performers to progress through the organization\nClient Service Network Career Path\n(1)\n(1)CDN professionals have a similarly defined career path and competency model.\n(2)Reflects internal promotions from 2022 through Mar-25. Associate Consultant promotions reflect interns and co-ops that rejoined the Company as full-time employees.\n(3)Reflects the number of 2024 – YTD Mar-25 internal promotes as a percentage of employees that joined as or assumed a given skill level in 2024 – YTD Mar-25.\nAssociate ConsultantConsultantSenior Consultant\nManagerSenior ManagerAssociate Director\nDirector\nManaging Director\nProject FundamentalsWorkstream ExecutionDelivery ExcellenceProject ManagementProject ManagementClient Management\nBusiness Planning and \nExecution\nBusiness Planning and \nExecution\n▪Independently owns \nprimary workstream\n▪Capable of owning \nmultiple workstreams\n▪Drives full execution of \nworkstreams\n▪Takes ownership of \nnarrative\n▪Begins to gain \nverticalized expertise\n▪Provides strategic \ninsights and content \nexpertise\n▪Drives engagement \nsuccess and manages \nclient expectations\n▪Accountable for quality \nand efficiency of \ndelivery\n~12-Year Average Progression from Associate Consultant to Managing Director\nManaging Director7\nDirector8\nAssociate Director 14\nSenior Manager 8\nManager 14\nSenior Consultant 28\nConsultant 38\nAssociate Consultant 13\nCumulative Internal Promotions\n(2)\nHome-Grown Employees\n(3)\nManaging Director50%\nDirector40%\nAssociate Director20%\nSenior Manager 50%\nManager 57%\nSenior Consultant 59%\nConsultant47%\nAssociate Consultant 23%\n\n48\nSTRICTLY CONFIDENTIAL\nIn-House Training Amplifies Long-Term Career Satisfaction and Employee Potential\nTraining and development is a core tenet of Stax\nNote: Stax also hosts Stax Academy–a learning platform offering training modules to local youth and potential CDN talent–in Colombo, Sri Lanka.\n▪Skill-based training to support consultants during ramp period\n▪Formal sessions via classroom and in-project training for 1-4 \nweeks depending on seniority; subsequent project shadowing \nfor an additional 2-4 weeks\n▪Company and Operations Sessions covering internal resources \nand capabilities\n▪People Team Sessions covering benefits, resource \nmanagement, and professional development\n▪Delivery Excellence Sessions\n‒Getting Smart, Primary Research, Intro to Surveys, \nSecondary Research and Major Data Sources, Effective \nGuides Writing, Intro to Market Modeling, Business Writing, \nCreating Deliverables and Slides\nOnboarding\n▪Five to eight classroom hours per quarter, with additional on-\nthe-job and individual development plan (IDP) training\n▪Stax 2.0 Upskill Series\n‒Industry and Market Knowledge Sharing\n‒Productivity Tools\n‒Best Practice Alignment\n▪Half-Day Trainings by Level\n‒Senior Consultant: Effective Workstream Management, \nStoryboarding 101, Effective Communication, Delegation \nand In-Project Training\n‒Manager: Stax Project Management Playbook, Verticals and \nPractice Overview, Stax Mentor Model, Running Effective \n1:1s\n‒Senior Manager and Associate Director: Intro to Client \nManagement, Leveraging Coaching in People Development\n‒Director: Building your Book of Business, Building Effective \nTeams\n▪Personal Development and Culture Fundamental Series\n‒Self Accountability, Building a Feedback Culture, Resilience\nTraining Academy\n▪Development Programs\n‒Apprenticeship-based learning where employees develop \nthrough hands-on experiences, mentorship, and a \nfeedback-driven learning environment\n‒International exposure to facilitate global collaboration, \nstandardization of best practices and culture integration\n‒Employees receive performance feedback every few weeks \nthrough forms, debriefs, and more\n‒Internal training programs tailored to develop deep \ntechnical and management skills\n▪Communication and Transparency\n‒Regular town halls and leadership meetings, including firm-\nwide updates, senior meetings, and role-specific discussions\n‒Structured feedback mechanisms with performance \ndashboards to consolidate feedback, career progression \nmetrics, and training outcomes\n▪Flat Hierarchy and Leadership Access\n‒Employees at all levels have direct access to leadership\n‒Weekly leadership lunches, open-mics, and social initiatives \nacross offices\n▪Mentorship and Career Development\n‒Internal mentorship program and global staffing model \nfacilitates rapid employee development and connection\n‒Peer coaching initiatives to support career growth\n‒Mentors are accountable for supporting mentees, providing \nadvice and guidance based on development needs\nProfessional Development and Mentorship\nStructured \ntraining for all \nemployees, \nnew or old...\n...with \nnumerous \navenues for \ncontinuing \neducation\nAND\nAND\n\nOperations and Platform\n\n50\nSTRICTLY CONFIDENTIAL\nData-Driven, Purpose-Built Financial and Business Operations\n▪Data and reporting created to optimize every level of the professional services \neconomic value chain from opportunity generation to cash collection\n▪Real-time access to key business and operational KPIs enhances data-driven \ndecisions, including informed forecasting and opportunity tracking, improved capacity \nplanning, financial management, and prioritization\n▪Democratizes data through custom-built PowerBI visualizations, a user-friendly \ndesign, and robust training initiatives to empower users\nReal-time data enables agile management of the business against key indicators\nOverview of Stax INTEL\nInitiatives Focused on Driving Growth and Operational SustainabilityDashboards and Reports\nResource \nManagement\nProject \nManagement\nExpense \nManagement\nInvoice \nOversight\nRealization\nRevenue and \nDelivery Credit\nBillability and \nUtilization\nRevenue \nTracker\nA/R Analysis\nPerformance \nDevelopment\nClient Contract \nStatus\nRates and \nPricing\nLiberation of Data\n“Giving smart people the \nright data enables them to \nmake smart decisions”\nRobust, Transparent Reporting Improves Business Outcomes\nData Warehouse\n\n51\nSTRICTLY CONFIDENTIAL\nEarly AI Adoption Enhances Delivery Quality and Efficiency\n▪Improves speed and quality of analysis while creating high \ncaliber “architected” data for future use\n▪Cleans primary data for use with generative AI, searches for \nrelevant quotes, and interrogates transcripts to structure \nproject analyses \n▪Extends the utility of architected data for use cases beyond \ninitial project work\n▪Generative AI embedded into everyday use and broader \nworkflows to drive quality and speed enhancements\n▪Accelerates and strengthens thought-oriented processes at \nscale (slide review, eminence feedback, etc.)\n▪Integrations and connectivity with existing systems\nStreamlined access to proprietary data is paramount to sustained competitive advantage \nOverview of AthenaWorkflow Tools\nKnowledge management tool developed in-house dramatically lowers search barriers and accelerates access to depth of \ninstitutional knowledge; platform draws from over five years of Stax intellectual property to produce the relevant projects, \nslides, and Stax experts\nUsers can explore results at project and \nslide levels\nAthena transforms the ROI of searching \nfor Stax knowledge, unlocking previously \nunfeasible use cases\nIncorporates Athena Chat, an AI model \ntrained on Stax’s repository of knowledge\nProject \nInsights\nJunior\nEmbedded \nGen AI\nGPTs\nUser Prompt\nPrior Insights\nRelevant Slides\nPreviously \nUsed Experts\nResearch \nApproach\nProject Teams\nExpert Interview \nTranscripts\n1,100+\nDeliverables\n700+\nProposals\n75,000+\nSlides\n50,000+\nInterviews\n\n52\nSTRICTLY CONFIDENTIAL\nWorld-Class Leadership Team Operates an Efficient Client-Centric Organization Structure\nStax is led by a highly experienced, motivated, dynamic, and diverse senior team\nNote: Headcount as of March 2025. Client Service Network excludes two Research Associates paid hourly.\n(1)Includes 44 Operations employees in the United States, United Kingdom, and Sri Lanka.\nClient Service NetworkIntegrated Global Operations Team\n(1)\nClient Delivery Network\nAmy Schoeman\nGlobal Head of HR\nMeg Macumber\nGlobal Head of Finance\nLeslie Regenbaum\nGeneral Counsel\nJoe Brownell\nGlobal Head of Marketing\nConnor Novy\nChief of Staff and Head of Sales \nOperations\nHazir Shafeek\nGlobal Head of Data Insights & IT\nRuwindhu Peiris\nManaging Director\nPaul Edwards\nGlobal Practice Leader\nRegional Lead\n2\nManaging \nDirector\n9\nProduct Lead\n4\nDirector\n8\nSenior Manager\n8\nAssociate \nDirector\n9\nManager\n9\nConsultant\n21\nSenior \nConsultant\n18\nAssociate \nConsultant\n39\nDelivery Manager\n8\nSenior Delivery \nManager\n4\nLead\n17\nAnalyst\n6\nSenior Analyst\n14\nExecutive Leadership Team\nJayson Traxler\nChief Executive Officer\nMihaela Dumea\nDirector, Data and Business \nIntelligence\n\n53\nSTRICTLY CONFIDENTIAL\nWell-Invested Operational Platform Built to Serve Private Equity\nDeep bench of integrated global support functions designed to drive growth and operational efficiency\nNote: Headcount as of March 2025.\nMeg Macumber\nGlobal Head of Finance\nAmy Schoeman\nGlobal Head of Human Resources\nJoe Brownell\nGlobal Head of Marketing\nLeslie Regenbaum\nGeneral Counsel\nConnor Novy\nChief of Staff / Head of Sales Operations\nPeople Operations (5)Marketing Strategist (4)\nFinance, IT, and Business OperationsHuman ResourcesMarketingLegalData and Business IntelligenceSales Operations\nHazir Shafeek\nGlobal Head of Data Insights and IT\nCompliance and GovernanceSales Operations\n11\nEmployees\n6\nEmployees\n6\nEmployees\n3\nEmployees\nJayson Traxler\nChief Executive Officer\nMihaela Dumea\nDirector, Data and Business Intelligence\nController\nHead of Business Operations\nProfessional Development (2)\nTalent Acquisition (2)\nHR Business Partner\nProduction ManagerLegal CounselFinancial Insights and BI\nDigital Engineering (3)\nCommercial Strategy and Enablement (2)\nIT and Help Desk Support (4)\nFinance and Accounting (6)\nPayroll and Benefits\nFinancial Sponsors Coverage\n3\nEmployees\nStax can scale revenue without adding significant operations headcount\n23\nEmployees\nAdministrative (8)\n\nGrowth Strategy\n\n55\nSTRICTLY CONFIDENTIAL\nMulti-Pronged Growth Strategy Drives Confidence in the Next Chapter of the Company\nTangible and achievable organic growth in the near term with substantial opportunity to drive additional value creation via M&A\n▪Strategically hire senior \nprofessionals to build \ndensity in core verticals \nand expand capabilities\n▪Build density across \ncurrent locations, \nexpanding \napprenticeship model to \nfurther attract and \ndevelop mid/junior \ntalent\nAttract, Develop, \nand Retain Talent\n▪Continue building \nmomentum in the U.K. \nto expand market \npresence\n▪Strategically grow \nheadcount and client \nleadership in New York \noffice\n▪Establish local presence \nin new geographic \nmarkets through organic \ngreenfield locations in \nthe United States and \nEurope\n▪Continue to protect \nunique culture via \nplanful expansion\nBroaden Geographic \nPresence\n▪Capitalize on advisory, \nbespoke nature of work, \nand pricing umbrella \nrelative to MBB+ to \nrealize due diligence \nprice increases \nnationally and abroad\n▪Raise prices in value \ncreation to be more in-\nline with client impact, \nresults, and ROI\n▪Expand number of \naccounts with average \nproject size of $400K+ \nwith ample cross-sell \nopportunities and need \nfor multiple projects per \nyear\nExert \nPricing Power\n▪Focus on accelerating the \nexecution of M&A \nplaybook\n▪Expand into new \ngeographies, new \nservice lines, and build \nscale in existing markets\n▪Opportunistically \nevaluate larger-scale \ntransformative M&A \ntargets\nIdentify and Execute \non Acquisitions\n▪Further optimize cross-\nsell strategy to deepen \ndensity across core \naccounts through scaled \ninside sales strategy\n▪Target key private equity \nclients where \nreferenceable work \nprovides opportunity for \nfurther penetration in \nprojects that command \nmore premium bill rates\nMaximize Wallet \nShare and Cross-Sell\n▪Scale coverage and \ncontent intersection \nacross private equity and \ninvestment banks\n▪Further scale dedicated \nbusiness development \nteam to broaden coverage \nuniverse\n▪Centralize, scale, and \nmanage external \nindividual, account, and \nsubsector communications\nScale Client \nCoverage\n▪Leverage reputation and \ndifferentiated \nexperience in key \nverticals with high win \nrates across market \nsegments\n▪Introduce new verticals \nsuch as government or \naerospace and defense \nthrough de novo efforts \nor experienced senior \nhires \nDeepen Vertical \nExpertise\n▪Capitalize on hedge \nfunds’ growing inbound \ndemand for market \nresearch \n▪Introduce new purpose-\nbuilt products such as \ntechnology due \ndiligence, financial due \ndiligence, operational \ndue diligence, and ESG \nand sustainability \ndiligence through \nintegrated go-to-market \napproach\nExpand Capabilities \nand Client Profiles\nGrowExpandTransform\n\n56\nSTRICTLY CONFIDENTIAL\nWiden Referral Channel to Optimize Business Development Efforts\nCultivate and expand business development relationships with large cap private equity firms \nBroaden and Deepen Large Cap Private Equity Relationships \n$8.3M\n$11.0M\n2018 - 20212022 - LTM Mar-25\nGrowth Plan Current Strengths \n▪Proactively enhance and revitalize partnerships with large \ncap clients\n▪Reposition value proposition as a trusted advisory partner\n▪Schedule regular in-person meetings to strengthen \nconnections\n▪Prioritize targeted outreach and proposals aimed \nspecifically at large cap opportunities\n▪Fosters collaborative partnerships, ensuring alignment with \nthe long-term objectives of large cap clients\n▪Strong brand recognition among large cap funds facilitates \nmarket entry for new large cap clients\n▪Strategic account coverage plan across large cap funds \nenhances relationships and drives customer stickiness \nLargest Private Equity Firms\n(1)\n(1)Source: Private Equity International. Dollars in billions. Ranking based on private equity capital raised between 1/1/2019 to 12/31/2023. Excludes credit, secondaries, and real asset focused \nmanagers. Shading reflects Stax project counts between 2018 and Mar-25.\n(2)Reflects average annual revenue from Large Cap Private Equity and Public Investor key accounts designated as of Q1-25.\n1-5 Projects6-10 Projects11+ Projects\nNo.SponsorRaised\n1\nBlackstone$124\n2\nKKR$103\n3\nEQT$99\n4\nCVC Capital Partners$78\n5\nTPG$62\n6\nThe Carlyle Group$60\n7\nThoma Bravo$59\n8\nAdvent International$53\n9\nWarburg Pincus$52\n10\nHg$51\n11\nCD&R$50\n12\nSilver Lake$49\n13\nHellman & Friedman$47\n14\nVista Equity Partners$45\n15\nGeneral Atlantic$43\nNo.SponsorRaised\n16\nClearlake Capital$43\n17\nGoldman Sachs$42\n18\nLeonard Green$41\n19\nTA Associates$40\n20\nPermira$37\n21\nBain Capital$37\n22\nInsight Partners$35\n23\nCinven$35\n24\nGenstar Capital$32\n25\nFrancisco Partners$30\n26\nAres Management$30\n27\nApollo Global$29\n28\nPartners Group$28\n29\nBridgepoint$23\n30\nGTCR$23\nDirect experience on \nprior transactions\nVertical and product \nsector expertise\nBalanced approach between \ncomplex situations and \ntailored need \nBetter value for add-ons that \ndo not need breadth/depth\nStax Large Cap Value Proposition\nNet Revenue from Key Large Cap Accounts\n(2)\n\n57\nSTRICTLY CONFIDENTIAL\nWiden Referral Channel to Optimize Business Development Efforts\nCultivate and expand business development relationships with investment banks\nU.S. M&A League Tables\n(1)\nGrow Investment Banking Referral Channel\n(1)Source: Dealogic. Reflects transactions announced between 12/31/2014 and 12/31/2024 with private equity involvement. Shading reflects Stax project counts between 2018 and Mar-25.\nStrengthen Existing Investment Bank RelationshipsFoster Relationships with New Investment Banks\n▪Investment banks provide a pipeline of sell-side \nopportunities through client referrals\n▪Ongoing dialogue and recurring touchpoints provides \nintelligence on in-market buy-sides and potential value \ncreation opportunities\n▪Growing breadth and depth of content provides \nreferenceable work to expand scope of service\n▪Demonstrate capabilities to preeminent investment banks \nthat have historically been an unlikely referral source to \npenetrate additional pockets of the market\n▪Leverage network of lateral hires, geographic expansion, \nand expanded verticals of coverage to develop \nrelationships with specialized regional and industry \nboutiques\nRoom for Additional Wallet Share with Key Recent \nInvestment Banking Partners\nSignificant Opportunity for Business Development in \nthe Broader M&A Market\n1-5 Projects6-10 Projects11+ Projects\nNo.AdvisorDeals\n1Houlihan Lokey904\n2Goldman Sachs762\n3Jefferies631\n4William Blair552\n5JPMorgan547\n6Morgan Stanley514\n7Baird505\n8Lincoln Intl.456\n9Piper Sandler453\n10UBS434\n11Raymond James383\n12PNC Bank363\n13Moelis355\n14Bank of America351\n15Evercore346\nNo.AdvisorDeals\n16Lazard315\n17Barclays307\n18Citi295\n19Stifel257\n20RBC248\n21Rothschild236\n22Canaccord215\n23KeyBanc180\n24Guggenheim160\n25BMO142\n26Deutsche Bank139\n27Centerview133\n28Truist130\n29Macquarie119\n30KPMG108\nNet Revenue from Sell-Sides Referred by Investment Banks\n$1.0M\n$1.1M\n$13.3M\n$18.0M\n$20.6M\n2018202020222024 LTM Mar-25\n\n58\nSTRICTLY CONFIDENTIAL\nMaximize Wallet Share and Cross-Sell Opportunities with Existing Clients\nUpsell core offerings to capture larger share of deal volume within established private equity relationships\nExpansion of OfferingsSignificant Whitespace Available Within Current Client Base\nValue Creation\nEmbedded Data \nAnalytics and \nSustainability\nAI Diagnostic, Piloting, \nand Scaled Adoption\nInitiative Deployment, \nMarket Piloting, and \nGrowth Office \nGovernance\nSell-Side \nCommercial \nDue Diligence\nScale Dedicated \nResources to Optimize \nPitch and Delivery \nProcess\nExpand Sales Team to \nDeepen Content \nCoverage to Facilitate \nBank Penetration\nFurther Integrate \nBusiness Units to \nMaximize Value of \nMarket Intelligence \nAcross Offerings\nBuy-Side \nCommercial \nDue Diligence\nIncrease Coverage \nVerticals to Better Serve \nFunds with Broad \nInvestment Theses\nFill Content and \nExpertise Gaps to Elevate \nDelivery to Higher-\nVolume Upper MM and \nLarge Cap Sponsors\nTarget Additional Public \nEquity Investors to \nFurther Diversify Profile \nof Transactions \nEvaluated\nPrivate Equity Client Count\nEstimated Current Serviceable Available Market (SAM) Penetration\n~2% \nPenetration of \nICP Estimated \nSpend\n~5% \nPenetration of \nCurrent Client \nEstimated \nSpend\nStrong right to grow through wallet share \nand new logo expansion with ~$1.3 billion in \nattainable whitespace across core products\nCurrent vs. Target Service Line Mix\nTBU?\n75\n100\n129\n20192021TTM Mar-25\n44%\n37%\n15%\n4%\nBuy-Side\nSell-Side\nValue Creation\nOther\nLTM \nMar-25\n37%\n37%\n24%\n2%\n2030P \nOrganic\n~$0.1M\n~$1.3M\n~$3.2M\n~$5.2M\nCurrent Stax Revenue\nwithin SAM\nEstimated SAM within\nCurrent Clients\nMiddle Market Ideal Client\nProfile (ICP) SAM\nNorth America and U.K.\nTotal SAM\n\n59\nSTRICTLY CONFIDENTIAL\nAttract, Develop, and Retain Talent to Capitalize on Growth\n▪Dedicated and growing talent acquisition team manages the hiring funnel to identify \nand pursue candidates with experience to strengthen core offerings or expand areas \nof coverage\n▪Continued branding initiatives and increased visibility online will yield additional hires \nfrom a broader pool of candidates\n▪Proven ability to attract senior- and mid-level hires with experience at top-tier firms\nContinue winning talent through targeted recruitment efforts and growth-oriented culture\nStrategic Approach to Fostering Junior Growth Lateral Experienced Hire Recruiting\nOrganic Client Service Network ExpansionProjected Growth in Productivity\nNet Revenue per Director and Managing Director\nProjects Invoiced per Director and Managing Director\nDirector and Managing Director HeadcountAll Other CSN Headcount\nConsulting \nSkills\nDevelopment \nPrograms\nProject Delivery Excellence Series: Primary, secondary, survey, and modeling \ntraining\nAssociate \nConsultants and \nConsultants\nSenior \nConsultants and \nManagers\nProject Management Excellence Series: Project management and economics, \nstoryboarding, running effective team meetings, and presentation training\n▪Proven track record of developing young talent within Stax, leading to a strong team \nof tenured senior employees contributing the sustained success\n▪Recruiting junior talent has enabled employees to acquire foundational skills \neffectively and efficiently\n▪Onboarding young talent has fostered adaptability to Stax practices and strengthened \nemployee loyalty\n24\n25\n36\n49\nMar-252025E2028P2030P\n106\n122\n180\n246\nMar-252025E2028P2030P\n10.8\n11.4\n12.0\n12.5\nLTM Mar-252025E2028P2030P\n$3.9M\n$3.7M\n$4.7M\n$5.4M\nLTM Mar-252025E2028P2030P\n\n60\nSTRICTLY CONFIDENTIAL\nProven Vertical Expertise and Journey\nRoom to build subsector density in core verticals, as we as deepen expertise in other targeted industry verticals\nCurrent Vertical MaturityVertical Growth Opportunities\nStrong Growth within Key Verticals Expansion Opportunities within Core Verticals \n$5\n$10\n$11\n$27\n$31\n$30\n$33\n$36\n$6\n$6\n$6\n$11\n$17\n$16\n$18\n$20\n$11\n$16\n$18\n$39\n$48\n$46\n$51\n$56\n2018201920202021202220232024LTM\nMar-25\nTechnologyServices\n(Net Revenue; $ in millions)\n▪Organized depth and breadth of referenceable work\n▪Subsector expertise\n▪Sector-specific senior recruitment \n▪Scaled sector-specific maturity and communication\n▪Subsector account targeting and planning\n▪Vertical planning\n▪Increase in opportunity volume \n▪Increase in win rate \n▪Increase in average project size\n▪Expansion in private equity and investment banking \naccounts leveraging Stax within a vertical \n▪Above market performance \n▪Outsized opportunities through investment banks and large \ncap private equity \nVertical EnablersImpact\nPlan to leverage existing verticals to deepen market presence \nand strategically expand into new sectors, will drive \nsustained growth\nIndustrials \nTechnology \nServices \nHealthcare \nAerospace & \nDefense \nConsumer\nGovernment \n& Public \nImpact\nEnablers\nFully EvolvedDevelopingExpansion Verticals \n2018 – LTM Mar-25 CAGR: 30%\n\n61\nSTRICTLY CONFIDENTIAL\nExpand Capabilities and Client Profiles\nStax’s focus on relationships cultivates a deep understanding of clients' needs and the specific areas where they require assistance\nDeal-Related ServicesNon-Deal Related ServicesClient Type Expansion\n▪Presence and \ndemonstrated \nsuccess in \nsupporting software \nand technology \nengagements \ncreates natural \navenue for \nexpansion\n▪Ingrained cross-sell \nfrom standard \ncommercial \ndiligence and value \ncreation projects\nTechnology Due \nDiligence\n▪Well-defined and \nsynergistic offering, \nnatural extension of \nexisting value \ncreation \nengagements\n▪Accelerated entry \nfeasible via hiring or \nM&A, healthy \npipeline of potential \ntargets\nProcurement \nOptimization\n▪Natural extension of \nvalue creation to \nimplement best \npractices observed \nin premium assets \nacross industries\nOperations \nPlanning and \nOptimization\n▪Rising need for \nassessment of risks, \ninefficiencies, and \noperational gaps as \ncompanies face \nincreasing scrutiny \nfrom potential \ninvestors during \ndiligence\nOperational Due \nDiligence\n▪Enable Stax to \ncapitalize on the \ngrowing market for \ndebt investments \nand drive demand \nduring economic \ndownturns by \nleveraging credit \nfunds' insulation \nfrom M&A market \nfluctuations\nCredit Funds \n▪Foster long-term \nrelationships that \nendure through \neconomic \ndownturns, \ngenerating a steady \npipeline of new \nclients across family \noffice portfolios\nFamily Offices\n▪Demonstrated \nsuccess \ntransitioning from \nM&A to hedge fund \nclients during \neconomic \ndownturns, \nleveraging large \nclients to generate \nrecurring demand \nfor market research \nacross economic \ncycles\nHedge Funds \n▪In-demand offering \nof critical focus for \nprivate equity \ncompanies as AI \nstrategy becomes \n“need-to-have” and \neffective AI \nintegration \nbecomes a key \nsource of private \nequity value \ncreation\n▪Potential to serve \nprivate equity funds \n(broad fund-level AI \nstrategy) and each \nportfolio company\nAI Enablement \nand Deployment\n\n62\nSTRICTLY CONFIDENTIAL\nStrategically Expand Geographic Footprint\nOpportunity to strategically expand into new geographies and expand within current markets\nOpportunistic Regional ExpansionCapitalize on Momentum in Additional Geographies\nDemonstrated organic expansion \nin Chicago and New York\nSuccessful inorganic growth in London\nSignificant opportunity to grow \nwallet share in existing markets\nIntegrate planful culture and process \nexpansion into new markets \nReplicating the Stax Engine overseas – \nRaise the Profile, Build the Team\nBuy-Side, Sell-Side, Value Creation\n5+ Verticals\nMiddle Market and Large Cap Focus\n30+ Consultants\nAcquired in October 2022 to \nfacilitate U.K. expansion\nCDD Focus\nPrimarily Events\nLower Price Point\n10 Consultants\nComplete MBB+ transition to autonomous, \nself-sustaining, integrated machine\nBuy-Side, Sell-Side, Value Creation\n10 Verticals\nMiddle Market and Large Cap Focus\n40+ Consultants\n2025-2030Today\n2025-2030Today\nKey Selection Factors for New Markets\n✓Proximity and expertise \n✓Ability to have cultural alignment \n✓Sizable private equity market \n✓Available talent\n✓Existing client density \n✓Competitive differentiation\nGrowth Framework\nTexas and \nCalifornia\nNordics and \nDACH\nBoston\nNew York and \nChicago\nLondon\nInorganic Expansion\nKey Accomplishments to Date\nU.K. Private Equity and Transactional Net Revenue\nDirector and Managing Director Headcount\nChicagoNew YorkLondonBoston\n$0.9M\n$2.9M\n20222024\n2\n7\n2022 25-Mar\n44\n2022 25-Mar\n6\n12\n2022 25-Mar\n0\n1\n2022 25-Mar\n\n63\nSTRICTLY CONFIDENTIAL\nOpportunity to Further Capture Pricing Through Advisory Journey\nStax’s compelling value to its clients, along with higher pricing by competitors, creates favorable environment for price increases\nShift to Content Advisory Unlocks Further Pricing OpportunitiesTrack Record of Successful Increases in Client Value \nAverage Client Service Network Bill Rate\nAverage Director and Managing Director Headcount\nDirector and Managing Director Billable Hours\nTypical Engagement Price\n$100K$250K$500K$800K-$1M\nBreadth and Depth of Offering\nStax is positioned to capture \npricing consistent with client \nimpact, results, and ROI delivered \nwithout risking relationships\nUpper / Middle Market & Growth Funds\n(Europe)\nPurposeful Shift to “Strategic Advisory” Drives Increased Pricing\nDeliver DataDeliver ResearchDeliver Strategy Deliver Advisory\n$353\n$420\n$429\n$449\n$493\n$542\n202220242025E2026P2028P2030P\n10\n18\n23\n27\n36\n49\n202220242025E2026P2028P2030P\n7,105\n8,854\n11,044\n13,052\n18,210\n25,374\n202220242025E2026P2028P2030P\n\n64\nSTRICTLY CONFIDENTIAL\nTargetRegion\nCapabilitiesAcquisition Type Revenue\nCompany ASoutheastTechnology due diligence and value creationTransformational~$80M\nCompany BSouthwestGo-to-market performance improvementTransformational~$75M\nCompany CUnited KingdomCommercial due diligenceTransformational~$50M\nCompany DMidwestPricing strategy and performance improvementTransformational~$75M\nCompany EMidwestOffice of the CFO and financial due diligenceTransformational~$75M\nCompany FUnited KingdomHealthcare commercial due diligence Tuck-In~$10M\nCompany GNortheastCommercial due diligenceTuck-In~$7M\nCompany HSouth CentralDefense commercial due diligenceTuck-In~$15M \nCompany INortheastPrivate equity performance improvement Transformational~$50M\nCompany JWestSoftware and tech based due diligence Tuck-In~$10M\nCompany KSouth CentralTech due diligence and value creation Tuck-In~$10M\nCompany LSouthwestTech due diligence and office of the CTOTuck-In~$8M\nUnited Kingdom Commercial due diligence Tuck-In~$5M\nMid-Atlantic Defense commercial due diligenceTuck-In ~$15M\nTotal~$485M\nSignificant Value Accretive M&A Opportunity and In-House Expertise \n▪Leverages CEO's experience in professional services strategy and corporate development\n▪M&A is evaluated on a risk adjusted continuum and compares opportunities such as greenfield expansion, \nacqui-hires, and acquisitions\n▪Stax maintains a strict acquisition investment criteria that must satisfy proven \"Deal Equation\" across \nmultiple dimensions\n‒Strategic Fit: Enhance defined product offering, industry expertise, or geography\n‒Cultural Fit: Similar margin and KPI profile and positive purchase price multiple\n‒Economic Fit: Ability to thrive within Stax business model\n▪Established and repeatable integration playbook with emphasis on a “day-one” plan\nStax has invested in the transition from founder-owned business to a world-class operating platform of scale and is positioned to grow via acquisitions\nStax is an Acquirer of ChoiceRobust and Selective M&A Criteria and Integration Process\nAreas of Focus When Evaluating M&A\nIllustrative Acquisition Target List\nCapitalize on cross-selling and repeat client demand\nHighly specialized expertise to provide actionable, data-driven answers for clients\nDifferentiated culture and operating model generates wins in the “war for talent”\nAdditional resources that come from a larger company\nEquity value creation opportunity through incentive plan\n1\n2\n3\n4\n5\nConsulting is a highly fragmented market with opportunity for M&A\nA- Crosslake\nB –SBI\nC- CIL\nD - Insight2Profit\nE - E78\nF - Candesic \nG - Arnovia \nH - Next F&D\nI - Beck Way \nJ – PASG\nK - ThinkTiv \nL - Waypoint\nM - Fairgrove\nN - Nextfed\n▪Continental Europe\n▪Middle East and Asia Pacific\nGain Geographic \nDiversification\n▪Tech due diligence\n▪Financial due diligence\n▪Operational improvement\nBuild Complementary \nService Offerings\n▪Aerospace and Defense\n▪Healthcare\nExpand Industries of \nCoverage\n•To remove target names\n\nFinancial Overview\n\n66\nSTRICTLY CONFIDENTIAL\n$2.7M\n$4.5M\n$0.5M\n$1.4M\n$0.2M\n$0.6M\n$3.5M\n$6.5M\nQ1-24Q1-25\nServicesHealthcareConsumer\nStrong Performance in Q1 with Favorable Momentum Heading Into Remainder of 2025\nContinued significant performance in Q1 couples with strong tailwinds from recent headcount additions\nStrong Performance in Early 2025Growing Contribution from New Hires\nIncreasing Momentum in Targeted VerticalsRamping Net Revenue Contribution from Value Creation and United Kingdom\n(1)All Managing Directors hired in the second half of their respective cohort year. 2022 cohort includes 2 hire, 2023 cohort includes 2 hires, and 2024 cohort includes 1 hires.\n(Net Revenue)\n(Net Revenue)\n$15.5M\n$20.5M\nQ1-24Q1-25\n$2.6M\n$2.3M\n$3.8M\n$0.7M\n$0.8M\n$1.5M\nQ4-24Q1-25Avg. Q2-Q4 2025E\nValue CreationUnited Kingdom\n64%\nYoY Growth\n19\n24\nNov-24Mar-25\nRecent senior hires will drive meaningful revenue \ngrowth as they continue to ramp\n930\n1,240\n71\n667\n69\nLTM Mar-24LTM Mar-25\n2022 Hires2023 Hires2024 Hires\nAn improving M&A market will provide additional upside\nYoY Growth\n839%\n33%\nDirector and Managing Director HeadcountBillable Hours by Managing Director Cohort\n(1)\nYoY Growth\n33%\n202%\n154%\n\n67\nSTRICTLY CONFIDENTIAL\nCompelling Long-Term Outlook Underpinned by Track Record of Consistent Growth\nHighly attractive financial profile driven by demonstrated ability to expand already impressive margins\nPro Forma Adjusted Net Revenue\nOrganic Gross Profit and Margin\nPro Forma Adjusted EBITDA and Margin\n($ in millions)\n($ in millions)\n($ in millions)\n$39\n$44\n$48\n$54\n$70\n$88\n$109\n$136\n$168\n61.0%\n62.0%\n63.1%\n59.5%\n60.5%\n61.0%61.0%61.0%61.0%\n20232024LTM Mar-252025E2026P2027P2028P2029P2030P\n$42\n$54\n$69\n$89\n$112\n$4\n$10\n$19\n$30\n$45\n$19\n$24\n$27\n$31\n$46\n$65\n$88\n$119\n$157\n29.3%\n33.5%\n35.6%\n33.3%\n36.2%\n38.0%\n39.0%\n39.9%\n40.9%\n20232024LTM Mar-252025E2026P2027P2028P2029P2030P\nOrganicAcquired\n$115\n$143\n$179\n$223\n$275\n$12\n$27\n$48\n$75\n$110\n$64\n$71\n$76\n$91\n$127\n$170\n$226\n$298\n$385\n20232024LTM Mar-252025E2026P2027P2028P2029P2030P\nOrganicAcquired\n\n68\nSTRICTLY CONFIDENTIAL\nBridge to 2030P Revenue\nPathway to ~$385 million of net revenue by 2030\nNote: 2020 reflects reported Net Revenue. Other includes growth in Reimbursables and Tech & Admin.\nFoundation Established to Support the Next Stage of Growth\n($ in millions)\n2020 Net \nRevenue\nHeadcountUtilizationBill RatesRealizationOther2025E Net \nRevenue\nHeadcountUtilizationBill RatesRealizationOther2030P Organic \nNet Revenue\nAcquisitions2030P Net \nRevenue Incl. \nM&A\n\n69\nSTRICTLY CONFIDENTIAL\nMultiple Levers to Boost Productivity and Expand Margins\nAssumptions embedded into the forecast for strong organic growth and profitability\nRealization RateOperating Leverage\nUtilization Rate\n(1)\nProjects Invoiced per Director/Managing Director\n(1)Based on 2,080 available hours less 290 firm holiday and PTO hours, net of billable adjustments by skill level (50% for Directors and Managing Directors; 75% for Senior Managers and Associate \nDirectors) per management’s view.\n(Operating Expenses as a % of Net Revenue)\n(Client Service Network)\n87.2%\n88.2%\n89.1%\n90.0%\n90.9%\n91.8%\n2025E2026P2027P2028P2029P2030P\n95.8%\n96.8%\n97.8%\n98.8%\n99.8%\n100.0%\n2025E2026P2027P2028P2029P2030P\n25.6%\n24.3%\n23.2%\n22.2%\n21.2%\n20.3%\n2025E2026P2027P2028P2029P2030P\n11.9\n12.2\n12.5\n12.7\n12.9\n13.2\n2025E2026P2027P2028P2029P2030P\n\n70\nSTRICTLY CONFIDENTIAL\nAttractive Financial Profile Anchored by Exceptional Margins and Strong Cash Flow\nOngoing margin expansion driven by operating leverage and continued optimization of delivery model and pricing\nStrong Cash Flow GenerationBest-in-Class Margin Profile\n(2)\nProven Ability to Scale EBITDA Margins\n(2)\n(1)Reflects 2023 and 2024 reported capital expenditures.\n(2)Reflects 2025E.\nEfficiently operates with limited cash tied up in working capitalGross margins driven by efficient service delivery and compelling value for clients\nOngoing margin expansion driven by operating leverage and continued optimization of delivery model and pricing\n29.3%\n33.5%\n35.6%\n33.9%\n36.2%\n38.0%\n39.0%\n39.9%\n40.9%\n20232024LTM Mar-252025E2026P2027P2028P2029P2030P\n(Pro Forma Adjusted)\n~97%\nFCF Conversion\nLimited\nWorking Capital \nRequirements\n~$0.5M\nHistorical Annual\n Capex\n(1)\n34%\nStrong and Increasing \nEBITDA Margins\nEfficient and \nScalable SG&A\n60%\nGross Margin\n\n71\nSTRICTLY CONFIDENTIAL\nSummary of Diligence Adjustments\n1.Removes the impact of expenses incurred \nrelated to the current Owners which will not \ncontinue post-close\n2.Normalizes (i) the impact of large signing \nbonuses & recruiting costs for high-level \npersonnel, and (ii) back-office personnel costs\n3.Includes various adjustments for \nnormalizations, removal of the now-\ndiscontinued Colombo direct operations, and \nremoval of non-recurring items\n4.Quantifies the pro forma impact of capacity-\nrelated lost revenue due to the secondment \nprogram\n5.Quantifies the impact of MD compensation \nprior to revenue generation or significant \nbillable hours\nSummary of Quality of EarningsCommentary\n▪Text\n($ in millions)20232024LTM Mar-25 \nReported EBITDA\n$13.7$18.4$21.3\nAcquisition Adjustments–––\nAcquisition Adjusted EBITDA\n$13.7$18.4$21.3\nNon-Operating Owner Expense Removal2.61.9 1.9\nCompensation Adjustments1.4 1.51.3 \nOther Diligence Adjustments0.90.60.6\nDiligence Adjusted EBITDA\n$18.6$22.4$25.1\nSecondment Revenue Impact–1.21.2\nMD Ramp-Up Compensation0.30.40.9\nPro Forma Adjusted EBITDA $18.9$23.9$27.2\n1\n2\n3\n4\n5\n1\n2\n3\n4\n5\nClean EBITDA with high cash flow generation"
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"text": "\n\nApril 2025\nConfidential Information Presentation\nDRAFT\nAs of 4/24/2025 11:49 AM\n\n2\nSTRICTLY CONFIDENTIAL\nImportant Information and Transaction Team\nThis Confidential Information Presentation (the “Presentation”) is intended solely for the use of prospective investors in determining whether or not to pursue the proposed transaction with Stax Holding Company, LLC (“Stax” or the “Company”). The Presentation is of a \nproprietary and confidential nature and is only being furnished to those parties who have agreed to be bound by the terms and conditions of the previously executed confidentiality agreement (the “Confidentiality Agreement”). William Blair & Company, L.L.C. (“William \nBlair”) has been retained by the Company as its financial advisor.\nBy accepting this Presentation, the recipient agrees that it will, and it will cause its directors, officers, employees, and representatives to, use this Presentation and all of the information contained herein only to evaluate a specific negotiated transaction with the Company \nand for no other purpose and shall return this Presentation together with any copies to William Blair upon request. This Presentation contains confidential, non-public information concerning the Company. Receipt of this Presentation constitutes your acknowledgment \nthat you will maintain the information contained herein in strict confidence. \nThis Presentation does not constitute (i) any offer to sell or the solicitation of an offer to buy any securities or assets of the Company or (ii) any offer or recommendation to enter into any transaction referenced herein.\nAll information contained herein has been provided by the Company or other sources that William Blair deems reliable. However, William Blair has not independently verified any of the information contained herein, including financial estimates and projections. This \nPresentation includes certain statements, estimates, and projections provided by the Company with respect to its anticipated future performance. Such statements, estimates, and projections reflect various assumptions concerning anticipated results, which assumptions \nmay or may not prove to be correct. The information contained in the Presentation, including financial statements, projections and estimates, (a) is not necessarily indicative of current value or future performance, which may be significantly more or less favorable than as \nreflected herein; (b) has not been independently verified and cannot be regarded as forecasts; and (c) and is based on assumptions and analysis available at the time this Presentation was prepared. Unless expressly stated otherwise, this Presentation presents information \nwith respect to the Company as of the date of the Presentation and should not be construed to indicate that the business of the Company remains unchanged since the date of this Presentation.\nThe products, product names, logos, brands, and their trademarks featured or displayed within the Presentation are the property of their respective trademark owners, who are not affiliated with, nor do they sponsor or endorse, the Company nor the Company’s services.\nThis Presentation does not purport to contain all of the information that may be necessary or appropriate to evaluate the proposed transaction, and any recipient hereof should conduct its own independent analysis of the Company and the data contained or referred to \nherein. Neither the Company nor William Blair is acting as financial advisor, intermediary or distributor of securities, or in any fiduciary capacity of any kind to the recipient or any other prospective purchaser. The recipient should also seek advice from its own specialized \nadvisors (including financial, legal, accounting and tax) in conducting such analysis.\nIn furnishing this Presentation, neither the Company nor William Blair undertakes any obligation to provide additional information or to correct or update any of the information set forth in this Presentation. The Company and William Blair reserve the right to amend or \nreplace this Presentation at any time. The Company reserves the right in its sole discretion, with or without notice, to interrupt, modify or terminate, at any time, solicitations of interest for the proposed transaction or any future participation in the investigation, discussion \nand proposal process for a proposed transaction with any party.\nNeither the Company nor William Blair makes any representation or warranty, expressed or implied, as to the accuracy or completeness of the information contained in this Presentation, or made available, orally or in writing, in connection with any further investigation of \nthe Company, and nothing contained herein is, or shall be relied upon as, a promise or representation, whether as to the past or the future. The Company and William Blair expressly disclaim any liability relating to or resulting from the use, distribution or analysis of this \nPresentation. The recipient should rely solely on the representations and warranties made to it by the Company in any executed definitive agreement. \nNothing herein is intended to in any way modify, amend or supersede any of the terms and conditions set forth in the Confidentiality Agreement, which remains in full force and effect in accordance with its terms. This Presentation is intended to be delivered solely to \nparties bound by the terms of the Confidentiality Agreement and possession and use of the Presentation is subject to the terms thereof. This Presentation may not be photocopied or otherwise reproduced or distributed except in strict accordance with the terms of the \nConfidentiality Agreement.\nInquiries should be directed only to the below named persons. Under no circumstances should the Company or any of its associates, clients or vendors be contacted directly. If you have any questions or need additional information, please contact:\nTim McHugh\nManaging Director\n+1 (312) 364-8229\ntmchugh@williamblair.com \nJustine Chiou\nManaging Director\n+1 (312) 364-5086\njchiou@williamblair.com \nMiles Gornto \nDirector\n+1 (470) 351-6950\nmgornto@williamblair.com \nOscar Mendez\nVice President\n+1 (312) 364-5460\nomendez@williamblair.com\nWilliam Hyatt \nAssociate\n+1 (312) 601-9764\nwhyatt@williamblair.com\nAnna Lee Melton\nAnalyst\n+1 (312) 364-8155\namelton@williamblair.com \nAlvaro Flores\nAnalyst\n+1 (212) 237-2794\naflores@williamblair.com \nTransaction Team Contacts\n\n3\nSTRICTLY CONFIDENTIAL\nSection I\nExecutive Summary\nSection II\nIndustry Overview\nSection III\nService Lines\nSection IV\nClient Relationships\nSection V\nGo-to-Market Strategy\nSection VI\nCulture and Talent Management\nSection VII\nOperations and Platform\nSection VIII\nGrowth Strategy\nSection IX\nFinancial Overview\nContents\n\nExecutive Summary\n\n5\nSTRICTLY CONFIDENTIAL\n5\nSTRICTLY CONFIDENTIAL\nStax at a Glance\nGlobal strategy consultancy platform providing actionable, data-driven answers to clients’ critical \nstrategic questions\n▪Leading global advisory firm that provides a complementary suite of commercial due diligence (CDD), value creation, and exit \nplanning services\n▪Purpose-built to serve the private equity community and their portfolio companies across the investment lifecycle, creating deep, \nlong-lasting, and recurring client relationships\n▪Large and growing addressable market creates long runway for growth\n▪Differentiated competitive positioning created by highly specialized talent, vast intellectual property, library of referenceable work \ncreated through prior engagements, comprehensive data analytics capabilities, and a nimble operating model\n▪Proven ability to attract, develop, and retain highly specialized talent\n▪Long-term track record of strong growth and profitability amplified by momentum in recent performance\n▪Multiple growth avenues that are highly attractive and actionable\n▪Well-invested infrastructure, systems, processes, and experienced management team poised to support significant scale\n(1)Data prior to 2022 excludes pro forma adjustments.\n(2)Includes non-CDD or value creation services such as asset \nand sector work for hedge funds/credit funds or data \nanalytics retainers.\n(3)As of year-end 2024 unless otherwise stated.\n(4)Revenue from clients utilizing 2+ services.\n(5)Excludes Intern/Co-Op and Involuntary Turnover.\n(6)As of March 2025.\nStrong Long-Term Net Revenue Profile\n(1)\n$3M\n$6M\n$10M\n$20M\n$36M\n$76M\n20012005201020152020LTM Mar-25\nFirm OverviewBy the Numbers\n(1)(3)\n$91M\n2025E \nNet Revenue\n73%\nRevenue from \nRepeat Clients\n$31M\n2025E \nPF Adj. EBITDA\n24\nManaging \nDirectors and \nDirectors\n(6)\n \n~40%\nCross-Sell \nRate\n(4)\n130 \nClient Service \nNetwork \nProfessionals\n(6)\n~33%\n2020-2025E\nEBITDA CAGR\n~80%\nClient Service\nNetwork\nRetention\n(5)\n160+\nClients Served \nAnnually\n~40%\nEmployee and\nFounder Owned\n$320K+\nAverage \nProject Size\n22%\n2020-2025E\nRevenue CAGR\n44%\n37%\n15%\n4%\nBuy-Side\nSell-Side\nValue Creation\nOther\nLTM Mar-25\nNet Revenue \nby Service\n(2)\n2010 – LTM Mar-25 CAGR: ~15%\n\n6\nSTRICTLY CONFIDENTIAL\n6\nSTRICTLY CONFIDENTIAL\nConsistent history of growth and delivering critical strategic solutions with continued strong momentum and excitement for the future\nStax has Taken a Disciplined Approach to Building a Platform of Scale\nRecent History (2021 – Present)Early History (1994 – 2020)\n1994-1996\nFounded in Somerville, MA by Rafi Musher\nLaunched private equity practice and began \nexpanding corporate client base\n2010-2015\nRelocated headquarters to \nBoston\nShifted to exclusively focus on \nprivate equity due to demand \nand internal expertise\n2019-2020\nBegan proactively \nmarketing sell-side \nengagements and \nbuilding an investment \nbanking referral \nchannel\nProductized for the \nfast-growing LMM \nprivate equity deal \nmarket\nExpanded hedge fund \nand credit fund \nproducts and coverage\n2021\nHeadcount reaches \n175+ as the Company \nexperiences record \ngrowth driven by \nexpansion of core \nbusiness and \nincreased demand \nfor data analytics \ncapabilities\nJune 2023 \nJayson Traxler assumes role \nof Chief Executive Officer\nOctober \n2022\nJayson Traxler \nbecomes \nPresident of Stax, \nwith Rafi Musher \nshifting to \nChairman of the \nBoard\nMarch 2023\nPaul Edwards \nbecomes Global \nPractice Leader\nIntroduced \nverticalized \napproach to client \ncoverage initially \nexpanding on \nexisting strengths in \nservices, \ntechnology, and \nindustrials\nDecember 2023\nProductized sell-side \noffering with targeted \ncoverage effort under Will \nBarden and Roy Lockhart\nJanuary 2024\nHired Phil Dunne to \nlead London office and \nindustrials vertical\nNovember 2021\nJayson Traxler joins \nStax as Chief Operating \nOfficer\n1998-2003\nExpanded footprint to \nChicago to meet \ngrowing needs of \ncorporate and private \nequity clients \n2005\nPaul Edwards joins Stax\nApril 2023\nFormal New York \nmarket entry – \nexpanded offices \nto have capacity for \nconsultants and \nincreased presence \nin local market\nJune 2024\nRelocated London \noffice to Mayfair to \nexpand presence \nand demonstrate \nstature in the \nmarket\nNovember 2024\nHired Robert Lytle to \nbolster private equity \nrelationships and add \nexpertise to ongoing \nverticalization\nOctober 2021\nReceived strategic \ninvestment from Blue \nPoint\nNovember 2022\nHired Vince Zosa to build \nintegrated Value Creation \nIntegrated Product (VCIP) \noffering\nAcquired AMR to establish a \npresence in the London market, \nwith plans to hire additional \ntalent for further expansion\ninternational.\nAMR\nJuly 2023 \nExpanded into \nESG/Sustainability as \npart of VCIP\nOctober 2023\nExpanded into \nPricing Excellence \nas part of VCIP\nJanuary 2025\nHired Brad Kuntz to \nfurther build out \nNew York office and \nlarge cap private \nequity account \ncoverage\n\n7\nSTRICTLY CONFIDENTIAL\n7\nSTRICTLY CONFIDENTIAL\nSignificant opportunity to capture additional whitespace\nLarge Addressable Market Creates Long Runway for Growth\nMarket \nSegments \nand Size\n2025E Stax \nRevenue\nCurrent North America + U.K. \nPrivate Equity-Backed M&A \nMarket (Ideal Fund Sizes)\nCurrent spend on buy-side \ncommercial due diligence, sell-side \ncommercial due diligence, and value \ncreation for North America and U.K. \nPrivate Equity-Backed M&A for \nsubset of funds with sizes most highly \naligned to current Stax services\nCurrent North America + \nU.K. Private Equity-Backed \nM&A Market (Ideal \nClients)\nCurrent spend on buy-side \ncommercial due diligence, sell-\nside commercial due diligence, \nand value creation for North \nAmerica and U.K. Private Equity-\nBacked M&A for clients most \nhighly aligned to current Stax \nservices\nTotal Addressable North \nAmerica + U.K. Private \nEquity-Backed M&A \nMarket\nFull adoption of buy-side \ncommercial due diligence, sell-\nside commercial due diligence, \nand value creation for North \nAmerica and U.K. Private Equity-\nBacked M&A\nTotal Addressable Private \nEquity-Backed M&A \nMarket\nFull adoption of buy-side \ncommercial due diligence, sell-\nside commercial due diligence, \nand value creation for Private \nEquity-Backed M&A globally\nTotal Addressable Market\nFull adoption of buy-side \ncommercial due diligence, sell-\nside commercial due diligence, \nand value creation for global \nM&A\n<\n+\n=\n$91M\n$3.9B\n$5.2B\n$19.5B\n$32.6B\n$67.5B\nExisting Offerings\n\n8\nSTRICTLY CONFIDENTIAL\n91%\n83%\n86%\n81%\n80%\n80%\n74%\n77%\n77%\n76%\n9%\n17%\n14%\n19%\n20%\n20%\n26%\n23%\n23%\n24%\n26.4K\n22.3K\n24.9K\n23.3K\n20.6K\n28.2K\n28.7K\n26.4K\n26.0K\n28.6K\n2000200520102015202020212022202320242025P\nPE Involvement\nNo PE Involvement\nMomentum Is Building \nfor a Resurgence in \nM&A Markets\nPrivate Equity Backed \nCompany Inventory \nContinues to Rise \nAlongside Record-\nBreaking Dry Powder \nStores\nService Providers Are \nIncreasingly Becoming a \nCritical Resource Rather \nthan a “Nice to Have”\nPowerful Market Tailwinds Lay the Foundation for Outsized Growth\nStax is positioned to benefit from favorable market conditions, amplified by the Company’s alignment with the private equity universe\nSources: Dealogic, EY, Partners Group, PitchBook, S&P Capital IQ Pro.\n(1)Includes balanced, co-investment, co-investment multi-manager, growth, turnaround, and buyout strategies primarily focused on investments in North America.\n▪Expansionary monetary policy and declining inflation point towards \nincreased M&A activity in 2025 as valuations recover\n▪Less onerous regulatory hurdles will provide a more predictable, \ntruncated approval process\n▪Creative deal structures and a broader shift towards simplification— \noptimizing undervalued assets, separating divergent businesses, \nnarrowing geographic focus—will further contribute to volume\nU.S. Private Equity Backed Companies by Time in Portfolio\n▪Rising private equity inventory drives pent up demand for market \ninsight services over multiple investment cycles\n▪High proportion of long-held assets in sponsor portfolios are slated to \nseek monetization as the pressure to return distributions to paid in-\ncapital (DPI) increases\n▪Undeployed capital continues to accumulate, creating further \nincentive for general partners to transact\n▪Sponsors are tapping into a range of strategic levers to unlock \nliquidity, including co-control and minority stake sales\n▪Need for commercial due diligence and value creation services have \nstrengthened over time as private equity returns become more \nreliant on driving operational improvements and top-line growth\n▪Competitive deal environment is forcing private equity firms to \nrapidly identify and assess critical diligence topics in M&A\n▪Adoption of third-party, non-financial diligence reports (commercial, \ntech, ESG) is increasing\n▪Sponsors are progressively tasking third-party advisors with more \ncomplex challenges\n$71B\n$141B\n$246B\n$330B\n$742B\n$965B\n200020052010201520202024\nU.S. Private Equity Dry Powder\n(1)\nNorth American and European M&A Transaction Volume\nEvolution of Private Equity Return Contributors\n18%\n22%\n36%\n55%\n70%\n31%\n46%\n39%\n30%\n15%\n51%\n32%\n25%\n15%15%\n1980s1990s2000s2010s2020s (Outlook)\nDeleveraging\nMultiple Expansion\nOperational Value Creation\n45%\n44%\n45%\n46%\n48%\n18%\n16%\n20%\n21%\n20%\n38%\n40%\n35%\n33%\n32%\n9.8K\n10.5K\n11.0K\n11.3K\n11.8K\n20202021202220232024\n>5 Years\n4-5 Years\n0-3 Years\n\n9\nSTRICTLY CONFIDENTIAL\nComplementary Suite of Services that Scale with the Client\nStax’s services are designed to provide an integrated solution to its clients across the private equity lifecycle\nBuy-Side Commercial Due Diligence\n2025E Net Revenue by Service Line\n(1)\nAssess market dynamics and target alignment, \ncompetitive positioning, and value creation levers\nWorkstreams\n▪Market and asset screening\n‒Sector prioritization\n‒Acquisition screening\n‒Thesis build and development\n▪Early diligence\n‒Red flag assessment\n‒Client checks\n▪Commercial due diligence\n‒Scaled to focus on next phase of growth\n‒Pre-LOI phasing of deliverables to meet process timelines\nValue Creation\nPrimary Goals\n▪Ensure top initiatives can be successfully underwritten and executed \nupon immediately post-deal\nEmbedded Offerings\n▪Commercial excellence\n▪Pricing optimization\n▪Sales productivity\n▪Churn reduction\n▪Cost optimization\n▪Growth expansion and strategy\n▪Post-merger and acquisition strategy integration\n▪ESG and impact advisory\nSell-Side Commercial Due Diligence\nExternal Deliverables\n▪Market studies including market size assessment, client dynamics, \ncompetitive landscape, and growth opportunities\n▪Transaction support via advisory, preparation for conversations with \npotential investors, and other ad hoc analyses\nInternal Value Add\n▪Anticipated areas of potential investor pushback\n▪Insight and recommendations to inform go-forward strategy for \nmanagement and next investor\nEmbedded Offerings\n▪Exit planning and vendor due diligence\n‒Pre-empt process concerns, inform growth strategy, and \nsupport stakeholders through exit\nTypical Transaction Profile\n▪$100 million to $1 billion in enterprise value across technology, \nindustrials, healthcare, consumer, and services\nDrive rapid EBITDA improvement throughout the \ninvestment hold period\nArticulate the exit story and provide actionable \ngrowth blueprint backed by market research\n% of Net Revenue42%% of Net Revenue40%\nBuy-Side Commercial Due Diligence Value CreationSell-Side Commercial Due Diligence \n% of Net Revenue16%\n(1)Excludes 2.5% of Other revenue. \n\n10\nSTRICTLY CONFIDENTIALSTRICTLY CONFIDENTIAL\n10\nWhy Stax Wins\nServices have a high barrier to entry and high cost of failure – gaining the trust of private equity firms is \nextremely difficult and requires consistent high-quality work\nSelect Client Testimonies\n“\n“\nStax offers the Goldilocks solution—strong \nexpertise, high quality work, senior-level \nattention, and great value. Stax solves for \na huge market gap by providing superior \nadvisory work and sell-side market studies \nat a reasonable price\n– Managing Director, Investment Bank\nStax is a firm that can connect all the dots, \nwhich is what we don’t get from the point \nsolutions, while being much more flexible \nvalue-additive than MBB firms\n– Sr. Operating Partner, Private Equity Firm\nThe value of your work was multi-fold – it \ngave us materials to share with investors \nand banks, as well as a roadmap for \nwhere our brand has room to expand\n– CEO, Sell-Side Client\nThe work from Stax gave us a clear 5% lift \non valuation. Their framing of the business \nstarted everyone at a higher base\n– Managing Director, Private Equity Firm\nTalented bench of professionals \nwith specialized expertise\nStrong reputation and trust among \ninvestment banks, private equity firms, \nand other investment managers\nTransparent, collaborative \napproach to projects\nOperating model built \nspecifically to serve the \nneeds of private equity\nDeep vertical expertise\nExtensive intellectual property \ncreated by historical engagements\nStrong data analytics capabilities \nsupported by global delivery\nValue creation is ingrained in \napproach to diligence\nUniquely Positioned Through Breadth of High-Quality Services Offered at a Competitive Price Point\nBreadth and Depth of \nDiligence Offering\n“High-Level”\nBespoke Content; \nGrounded in Data; \nGlobal Presence\nInterview / Survey \nBased; Limited \nGeographic Presence\nQuality / Value \nCaptured \n$250K\nUpper / Middle Market & Growth Funds\n$800K-$1M\n$100K\n(Europe)\n$500K\n\n11\nSTRICTLY CONFIDENTIAL\nCompelling Employee Value Proposition to Cultivate Top Talent\nUnique culture and attractive career growth opportunities make Stax a preferred employment destination for consultants\nVision and Values Serve as a Foundation for Exceptional Client Service...Meaningful Opportunities for Employees Ensure Company Success\n...Which The Industry Recognizes as Best-in-ClassBy the Numbers\n(1)\n95%\nDirector and\nManaging Director \nRetention\n(2)(3)\n$7.7M\nRevenue per \nManaging \nDirector\n(2)\n~$700K\nRevenue per \nClient Service \nProfessional\n232\nFull-Time \nEmployees as of \nMar-25\n36%\nAnnual CSN \nD/MD \nGrowth\n(4)\n11:1\nCSN / Managing \nDirector Ratio\n~80%\nCSN \nProfessional \nRetention\n(3)\n90%\nLTM Mar-25 Client \nService Network \nUtilization\nALM Best Small Firm to \nWork For 2024\nALM Rising \nStars 2025\nALM Top Consultants \n2024\nALM Women Leaders \nin Consulting 2024\nAmerica’s Fastest - \nGrowing Companies\nManagement \nConsulted Top \nConsulting Firm 2025\nRealDeals PE CDD \nProvider of the Year \nFinalist 2025\nConsulting Report Top \n25 Consulting Firm \nCEOs 2024\nConsulting Report Top \n50 Consulting Firms \n2024\nConsulting Report Top \n25 Operations & Supply \nChain Consultants 2025\nVault Top Ranked \nEMEA Consulting\n2025\nVault Top Ranked \nNorth America \nConsulting 2025\nWe will provide exceptional opportunities for good \npeople\nVISION\nWe will create value for our clients and \npartners\nWe will grow a successful, durable organization of \nlong-term value\nWe act with the highest integrity, respect for others, \nand personal accountability\nVALUES\nWe demonstrate commitment to the \ncommunity\nWe foster a sense of shared responsibility \namongst our team\nCompetitively \ndifferentiated \nplatform that \ncreates a platform \nfor professionals \nto be successful\nAmple \nwhitespace for \ncareer growth \nrelative to some \ncompetitors\nGrowing platform \ncreates exciting new \ncareer opportunities \nwhere professionals \ncan have a significant \nimpact \nIncentive model \nthat drives \ncollaboration, \nwith opportunity \nto participate in \nequity value \ncreation\nUnique focus \non serving and \ngrowing with \nprivate equity \nclients\n~40%\nEmployee and \nFounder \nOwned\n86\nEmployee \nOwners\n(1)As of year-end 2024 unless otherwise stated.\n(2)Reflects Client Service Network only.\n(3)Excludes Intern/Co-Op and Involuntary turnover.\n(4)Reflects CAGR of Client Service Network Director \nand Managing Director headcount from year-end \n2022 to Mar-25.\n\n12\nSTRICTLY CONFIDENTIAL\n▪x\n$1.1\n$13.3\n$18.0\n$20.6\n202020222024LTM Mar-25\n23%\n21%\n14%\n41%\nTop 10\nTop 11-30\nTop 31-60\nAll Others\n27%\n7%\n21%\n45%\n<1 Yr\n1-2 Yrs\n2-6 Yrs\n6+ Yrs\n73%\n27%\nRepeat\nNon-Repeat\n62%\n27%\n11%\n1 Service\n2 Services\n3 Services\nDeep-Rooted Client Relationships Supported by Sophisticated Go-to-Market Strategy\nExceptional service and industry expertise lay the foundation for Stax’s long-standing client relationships\nRevenue Concentration by ClientClient Tenure Mix\nClients Using Multiple ServicesRevenue from Repeat Clients\nGrowing Volume of Sell-Side Referrals from Investment Banks\nLarge Cap Private \nEquity\nMiddle Market and \nGrowth Private Equity\nHedge Funds and\nCredit Funds\nInvestment Banks\nSelect Client and Referral Channel Relationships\n(Net Revenue; $ in millions)\n$72M\n2024 Net \nRevenue\n$72M\n2024 Net \nRevenue\n$72M\n2024 Net \nRevenue\n$72M\n2024 Net \nRevenue\n\n13\nSTRICTLY CONFIDENTIAL\nStax is a Service Provider of Choice Across the Private Equity Investment Lifecycle\nProven long-term partner to sponsors and their portfolio companies during key milestones and inflection points\nPre-InvestmentHold PeriodExit\nValue CreationBuy-Side Due DiligenceSell-Side Due Diligence\nMarket and Asset \nAssessment\nEarly Due\nDiligence\nCommercial Due \nDiligence\nProfit\nX-Ray\nGrowth Acceleration \nDiagnostics\nICP\nAnalytics\nExit\nPlanning\nVendor Due \nDiligence\nOngoing Support \nThrough Exit Into \nNext Phase of \nGrowth\nNew Partner\nSelect Portfolio Company Case Studies\nEntry Point and Highlights\n▪Provider of finance, operations, and accounting software to the energy industry\n▪Acquired by Thoma Bravo in 2018 from Silver Lake\n▪Completed three buy-side engagements for private equity firms that later invested in the company, \nleading to repeat growth strategy and value creation work for Stax\n▪Seventeen projects completed to date across three private equity ownership cycles\nInitiatives Under CarlyleInitiatives Under Silver Lake\n15+ Year\nRelationship\nInitiatives Under Thoma BravoCumulative Net Revenue\nEntry Point and Highlights\n▪Provider of solutions to automate and simplify the insurance process\n▪Acquired by Roper Technologies in 2020 from Bain Capital and Vista Equity Partners\n▪Initial introduction in 2010 through a buy-side engagement for a large private equity firm\n▪Eight projects completed to date across three private equity ownership cycles\nInitiatives Under TPGInitiatives Under Bain Capital & Vista\n15+ Year\nRelationship\nInitiatives Under Roper Technologies Cumulative Net Revenue\n▪Conducted buy-side due diligence on behalf of \nCarlyle, which ultimately acquired a majority interest \nin Quorum\n▪Evaluated multiple successful add-on acquisitions\n▪Provided exit planning and sell-side support\n▪Evaluated multiple successful add-on acquisitions\n▪Provided strategy support after three-way merger\n▪Continued evaluation of expansion opportunities\n~$3.5 million~$1.8 million\n▪Assessed add-on potential and risks of an insurance \nand securities technology provider\n▪Conducted a pricing strategy and commercial \ndiagnostic to benchmark recent growth\n▪Completed a sell-side study\n▪Assessed the MGA market to inform growth strategy\n▪Completed commercial performance diagnostic\n▪Supported 3-year strategic planning\n\n14\nSTRICTLY CONFIDENTIAL\nStrong Opportunity to Accelerate Growth Through Multi-Pronged Strategy\nClear, attainable initiatives to build upon leading market position\nAttractive \nMarket Tailwinds\nPrivate equity firms are increasingly utilizing commercial due diligence \nand value optimization services for transactions and portfolio companies\nPrivate equity has shown resilient \ngrowth supporting an expanding TAM\nRising private equity inventory is driving demand for multiple \nmarket insight services over each investment’s lifecycle\n▪Scale coverage and \ncontent intersection \nacross private equity and \ninvestment banks\n▪Further scale dedicated \nbusiness development \nteam to broaden \ncoverage universe\n▪Centralize, scale, and \nmanage external \nindividual, account, and \nsubsector \ncommunications\n▪Focus on accelerating \nthe execution of M&A \nplaybook\n▪Expand into new \ngeographies, new \nservice lines, and build \nscale in existing markets\n▪Opportunistically \nevaluate larger-scale \ntransformative M&A \ntargets\nIdentify and Execute \non Acquisitions\n▪Capitalize on advisory, \nbespoke nature of work, \nand pricing umbrella \nrelative to MBB+ to \nrealize due diligence \nprice increases \nnationally and abroad\n▪Raise prices in value \ncreation to be more in-\nline with client impact, \nresults, and ROI\n▪Expand number of \naccounts with average \nproject size of $400K+ \nwith ample cross-sell \nopportunities and need \nfor multiple projects per \nyear\nExert\nPricing Power\n▪Further optimize cross-\nsell strategy to deepen \ndensity across core \naccounts through scaled \ninside sales strategy\n▪Target key private equity \nclients where \nreferenceable work \nprovides opportunity for \nfurther penetration in \nprojects that command \nmore premium bill rates\nScale Client Coverage\n▪Leverage reputation and \ndifferentiated \nexperience in key \nverticals with high win \nrates across market \nsegments\n▪Introduce new verticals \nsuch as government or \naerospace and defense \nthrough de novo efforts \nor experienced senior \nhires \nDeepen Vertical \nExpertise\n▪Capitalize on hedge \nfunds’ growing inbound \ndemand for market \nresearch \n▪Introduce new purpose-\nbuilt products such as \ntechnology due \ndiligence, financial due \ndiligence, policy and \nregulatory consulting, \noperational due \ndiligence, and ESG and \nsustainability diligence \nthrough integrated go-\nto-market approach\nExpand Capabilities \nand Client Profiles\n▪Continue building \nmomentum in the U.K. \nto expand market \npresence\n▪Strategically grow \nheadcount and client \nleadership in New York \noffice\n▪Establish local presence \nin new geographic \nmarkets through organic \ngreenfield locations in \nthe United States and \nEurope\n▪Continue to protect \nunique culture via \nplanful expansion\nBroaden Geographic \nPresence\n▪Strategically hire senior \nprofessionals to build \ndensity in core verticals \nand expand capabilities\n▪Build density across \ncurrent locations, \nexpanding \napprenticeship model to \nfurther attract and \ndevelop mid/junior \ntalent\nAttract, Develop, and \nRetain Talent\nMaximize Wallet \nShare and Cross-Sell\nGrowExpandTransform\n\n15\nSTRICTLY CONFIDENTIAL\n▪Founder-led with minimal \ninfrastructure\n▪Centralized global management \nteam\n▪Office-centric P&L▪Single global P&L\n▪Inconsistent performance \nmanagement\n▪Inconsistent pricing\n▪Inconsistent delivery \n▪Global standards and value \nproposition\n▪Product-led, content-driven\n▪Concentrated sales with little \ncollaboration\n▪Collaborative account structure\n▪Industry verticalized senior \nconsultants\n▪Research-focused▪Advisory-focused\n▪Tiered product and brand issue\n▪Decentralized, under-invested \nplatform\n▪Well-invested, integrated \ninfrastructure\n▪Purpose-built platform for pace \nof private equity\n▪Proven M&A capability\nProfessionalized Platform Poised to Support Significant Growth\nCurated strategic transition has established infrastructure to scale alongside the business as the Company enters the next phase of growth\n2022 OnwardsPre-2021\nOld FrameworkNew Foundation\n▪Established global competencies, leveling, and \ncompensation\n▪Adopted global staffing and development\n▪Upgraded teams\n▪Unified positioning and value proposition\n▪Benchmarked pricing and products\n▪Upgraded ERP and created Stax INTEL\n▪Adopted senior oversight of content generation \nand access (vertical groups, thought leadership, \nPOVs)\n▪Established brand and ramped up recruitment in \nLondon and NYC\n▪Onboarded culture in NYC\n▪Restructured Chicago\n▪Established senior apprenticeship\n▪Established consistent hybrid model\n▪Established “Regional Success” teams to partner \nU.S. seniors with EMEA client leads\n▪Structured collaborative global pipeline with \naccount collaboration groups and oversight\n▪Removed generalist Directors and Managing \nDirectors\n▪Established vertical structures\n▪Added verticalized talent\n▪Created vertical content agenda\n▪Recruited sector and product specialists\n▪Verticalized competency model for Associate \nDirector and above\n▪Created integrated workstream approach with \nClient Delivery Network\n▪Built vendor due diligence and value creation \nintegrated product (VCIP) product matrix\n▪Elevated CDD product\n▪Established product-level P&L and metrics\n▪Began tracking product cross-selling\n▪Established dedicated resourcing and coverage\n▪Established product-specific competencies\n▪Integrated and connected products, building to a \nfund/asset-life offering\n▪Constructed ARM and account tiering\n▪Further trained and developed junior sellers\n▪Established collaboration metrics\n▪Transitioned founder to Board and created \ncentralized management structure\n▪New CEO, Global Practice Leader, Chief People \nOfficer, and General Counsel\n▪Screened seniors for collaboration; retained \nhigh-quality mid-level consultants\n▪Better defined path from Associate Dir. to MD\n▪Created strategy and go-to-market framework to \nscale OpGen\n▪Created marketing and business development \nsupport framework\n▪Developed knowledge management tool\n▪Created collaboration incentives\n▪Established engagement metrics for tracking\n▪Elevated client engagement agenda\n▪Developed BI function and created Stax INTEL \nplatform\nStandardize\nVerticalize\nDiversify\nGlobalization of staffing, utilization, reporting, talent development, and pricing \nallows for consistent client experience with different coverage points\nCommercialize\nGlobalize\nProductize\n\n16\nSTRICTLY CONFIDENTIAL\nDiversified Business with Proven Growth Across All Environments\nStax’s diversified business model has proven its ability to grow across economic environments\n(1)Reflects cumulative percent change over time since 2005.\n(2)2005-2021 reflects reported financials.\n(3)Source: Dealogic. Reflects announced North American and European transactions with private equity involvement between 1/1/2005 and 12/31/2024. 2025 projection per EY.\nGreat Recession\nCOVID-19\nGreat \nResignation\nInflation\nRate \nHikes\nNet Revenue Performance Relative to the M&A Environment\n(1)\nWinners in Market Growth\nWinners in Market Contraction\n(500%)\n–\n500%\n1,000%\n1,500%\n2,000%\n20052006200720082009201020112012201320142015201620172018201920202021202220232024LTM\nMar-25\n2025E\nStax Net RevenueN.A. and U.K. PE Transaction Volume\n▪Buy-Side Commercial Due Diligence: Increasing demand of \nbuy-side services as private equity firms explore a wide range \nof investment opportunities\n▪Value Creation: Growing demand for value creation services \nas firms strive to outperform competitors by enhancing \nportfolio company performance to unlock growth and value\n▪Sell-Side Commercial Due Diligence: Increased market activity \nand favorable valuations drive companies to prepare for sale \nboosting demand for sell-side services\n▪Buy-Side Commercial Due Diligence: Steady demand as firms \nseek expert analysis to identify undervalued assets with \nrecovery potential\n▪Value Creation: Consistent value creation demand as portfolio \ncompanies face pressure to optimize operations and cut costs\n▪Sell-Side Commercial Due Diligence: Stable demand for sell-\nside services as sellers must present their businesses in the \nbest possible light\n▪Diverse Client Profiles: Ability to tap hedge fund and credit \nfund clients when topline deal-market activity slows\n(2)(3)\n\n17\nSTRICTLY CONFIDENTIAL\nCompelling Long-Term Outlook Underpinned by Track Record of Consistent Growth\nHighly attractive financial profile defined by consistent growth and impressive margins\nPro Forma Adjusted Net Revenue\nOrganic Gross Profit and Margin\nPro Forma Adjusted EBITDA and Margin\n($ in millions)\n($ in millions)\n($ in millions)\n$39\n$44\n$48\n$54\n$70\n$88\n$109\n$136\n$168\n61.0%\n62.0%\n63.1%\n59.5%\n60.5%\n61.0%61.0%61.0%61.0%\n20232024LTM Mar-252025E2026P2027P2028P2029P2030P\n$42\n$54\n$69\n$89\n$112\n$4\n$10\n$19\n$30\n$45\n$19\n$24\n$27\n$31\n$46\n$65\n$88\n$119\n$157\n29.3%\n33.5%\n35.6%\n33.3%\n36.2%\n38.0%\n39.0%\n39.9%\n40.9%\n20232024LTM Mar-252025E2026P2027P2028P2029P2030P\nOrganicAcquired\n$115\n$143\n$179\n$223\n$275\n$12\n$27\n$48\n$75\n$110\n$64\n$71\n$76\n$91\n$127\n$170\n$226\n$298\n$385\n20232024LTM Mar-252025E2026P2027P2028P2029P2030P\nOrganicAcquired\n\n18\nSTRICTLY CONFIDENTIAL\nProven Leadership Team Poised for the Next Era of Growth\nCommitted leadership team with a clear vision for the future of Stax\n(1)Client Service Network.\n(2)Operations.\nPaul Edwards\nGlobal Practice Leader\nJoined in 2005\n25+ Years of Experience\nJayson Traxler\nChief Executive Officer\nJoined in 2021\n25+ Years of Experience\nSTS Research Group\n18\nSTRICTLY CONFIDENTIAL\nMeg Macumber\nGlobal Head of \nFinance\nLeslie Regenbaum\nGeneral \nCounsel\nAmy Schoeman\nGlobal Head of \nHuman Resources\nJoe Brownell\nGlobal Head of \nMarketing\nConnor Novy\nChief of Staff, \nHead of Sales Ops\nMihaela Dumea\nDirector, Data & \nBus. Intelligence\nHazir Shafeek\nGlobal Head of \nData Insights & IT\nBrad Kuntz\nAmericas \nRegional Lead\nPhil Dunne\nEMEA \nRegional Lead\nRobert Lytle\nTransaction \nAdvisory Co-Lead\nWill Barden\nTransaction \nAdvisory Co-Lead\nVince Zosa\nValue Creation \nProduct Lead\nRoy Lockhart\nExit Planning \nProduct Lead\n2020202320242018201820222021202520242024202220222011\n20+ Years20+ Years20+ Years25+ Years10+ Years20+ Years15+ Years20+ Years35+ Years30+ Years15+ Years30+ Years15+ Years\nDEVON\nV A L U E A D V I S E R S\nYear Joined\nIndustry Tenure\nPrior Experience\n\n19\nSTRICTLY CONFIDENTIALSTRICTLY CONFIDENTIAL\n19\nStax is a Highly Differentiated and Attractive Platform\nLarge addressable market with favorable secular trends\nDifferentiated value proposition for clients magnified by expertise developed through \nhistorical project volume\nDeep relationships with diversified set of clients that have reoccurring demand\nCompelling employee value proposition to attract, develop, and retain talent\nProven management team set to sustain growth\nProfessional operating platform set to scale\nClearly-defined multi-pronged growth strategy\nProven history of long-term growth, robust margins, and strong capital efficiency\n\nIndustry Overview\n\n21\nSTRICTLY CONFIDENTIAL\n$20B\n$33B\n$68B\n$91M\nStax Services the Private Equity Sector, a Foundational and Stable End Market\nBroad end market tailwinds provide ideal environment for long-term revenue growth\nLarge and Growing Addressable Market \nIndustry Landscape\nAdvisory Firms \n2025E Stax \nNet Revenue\n2024 Global M&A\n2024 Global Private \nEquity-Backed M&A\nNorth American and U.K. \nPrivate Equity-Backed M&A\nAccounting Networks\nMBB \n\n22\nSTRICTLY CONFIDENTIAL\nStax Services the Private Equity Sector, a Foundational and Stable End Market\nBroad end market tailwinds provide ideal environment for long-term revenue growth\nGlobal Private Equity Deal VolumeU.S. Private Equity Dry Powder by Fund Size\nGlobal Private Equity Exit VolumeU.S. Private Equity-Backed Company Inventory by Age\nSource: PitchBook.\n3.2K\n5.8K\n2.8K\n6.7K\n6.9K\n7.3K\n7.6K\n7.9K\n8.3K\n8.8K\n9.3K\n9.8K\n10.5K\n11.0K\n11.3K\n11.8K\n2012201320142015201620172018201920202021202220232024\nLess than 2 Years\n2 - 5 Years\nOver 5 Years\n$0.4\n$0.6\n$0.5\n$0.6\n$0.8\n$0.8\n$0.7\n$0.8\n$0.8\n$0.6\n$0.9\n$1.7\n$0.8\n$0.8\n$0.9\n1.8K\n2.1K\n2.2K\n2.4K\n2.9K\n3.3K\n3.1K\n3.4K\n3.4K\n3.2K\n2.8K\n4.4K\n3.7K\n3.5K\n3.8K\n201020112012201320142015201620172018201920202021202220232024\nExit Value\nExit Count\n$0.6 \n$0.7 \n$0.7 \n$0.7 \n$0.9 \n$1.1 \n$1.0 \n$1.2 \n$1.3 \n$1.3 \n$1.2 \n$2.3 \n$1.8 \n$1.4 \n$1.8 \n6.5K\n7.5K\n7.9K\n7.9K\n9.6K\n10.9K\n11.0K\n12.0K\n13.4K\n14.0K\n13.7K\n20.9K\n19.6K\n17.1K\n19.1K\n201020112012201320142015201620172018201920202021202220232024\nDeal Value\nDeal Count\n $0\n $200\n $400\n $600\n $800\n $1,000\n2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024\nMiddle Market PE\nPE Megafunds\nPE Under $100M\n($ in trillions)\n($ in trillions)($ in billions)\n2010 – 2024 CAGR: 8.4%2006 – 2024 CAGR: 5.6%\n2010 – 2024 Exit Value CAGR: 5.1%2012 – 2024 CAGR: 4.9%\n\n23\nSTRICTLY CONFIDENTIAL\nMore Than $32B in TAM Opportunity for Stax’s Core Products\nBountiful growth prospects in a broad addressable market \nTotal Addressable Market Opportunity by Product\nSource: Stax Market Sizing Analysis.\nSpendVolume\nSell-Side Diligence\n$2.9B\nValue Creation\n$4.1B\nBuy-Side Diligence\n$25.6B\n$32.6B\n2024\nBuy-Side \nDiligence\n19,123 \nPrivate Equity Transactions Annually\n$1.3M \nCDD Spend Per Closed Transaction\nSources and Approach:\n▪PitchBook 2024 Global Private Equity Report\nSources and Approach:\n▪Reflects 100% attach rate to pre-LOI lean-in & LOI deals\n▪Spend per deal per Stax PE decisionmaker survey (n=50)\nSell-Side \nDiligence\n6,389 \nAnnual Exits Across PE/Founder Businesses\n$453K \nSpend Per Successful Exit\nSources and Approach:\n▪PitchBook 2024 Global Private Equity Report\n▪Stax estimate of founder-backed exits >$100M in deal \nvalue\nSources and Approach:\n▪Reflects 100% attach rate of successful exits (founder- \nand PE-owned) and 40% assumed deal failure rate\n▪Spend per deal per Stax PE decisionmaker survey (n=50)\nValue \nCreation\n56,177 \nActive Private Equity-Backed Companies\n$72K\nSpend Per Portfolio Company Per Year\nSources and Approach:\n▪PitchBook Filter for Currently Privately-held, Private \nEquity-Backed Companies (i.e., non-addon/subsidiary)\nSources and Approach:\n▪Reflects each portfolio company conducting $361K of \nVCIP spend spread annually over a five-year hold period\n▪Spend per deal per Stax PE decisionmaker survey (n=50)\n\n24\nSTRICTLY CONFIDENTIAL\nHighly Attractive and Growing Market for Stax’s Private Equity Services\nStax is well-positioned to benefit from increases in private equity activity and standardization of third-party diligence in deal-making\nTrends Appreciating the Value of TAM and Current Spend on Stax’s Services\n▪Deal volumes, exit volumes, and the total pool of private equity-backed companies continue to grow and are resilient, and \ninvestor sentiment remains positive going forward\n▪Number of new private equity deals in U.S. and Europe has grown at a 7.6% CAGR over the last ten years\nGrowing Deal Sizes and \nVolume\n▪Value and depth of consulting engagements is increasing, and consulting services are readily able to pass through increasing \nlabor costs, growing the overall spend per deal\n▪Based on a survey scale from 1 (Nice to Have/Less Important) to 7 (Need to Have/More Important), average CDD value to private \nequity funds will increase from ~4 to ~5 from five years ago to the next five years, and value creation will increase from ~5 to ~6 \nfor the same period\nHigher Average Spend \nand Scope per Deal\n▪Competitiveness for high-quality deals is increasing, and more suitors are leaning into processes overall, and earlier driven by the \ndesire to filter for good deals and the growing need for private equity to “sell management” on the value of their partnership\n▪Middle market and growth equity deal funnels (deals seen, leaned in on, and under LOI) have increased at 8.4-9.0% CAGRs, \npushing CDD opportunities beyond the currently estimated ~3 due diligence engagements per closed deal\nMore CDD Opportunities \nper Deal\n▪Third-party support for diligence and value creation efforts are increasingly becoming an industry standard, with a steadily \nincreasing portion of deals and portfolio companies hiring third-party support\n▪Pre-LOI CDD attachment rates to deals have grown from 10% in the last five years to 23% today, and 30% of portfolio companies \nutilize value creation today compared to 20% over the last five years\n(1)\nAttachment Rates Are \nGrowing Across \nProducts\nSource: Stax Market Sizing Analysis, including Stax web survey (Winter 2025, n=50).\n(1)Based on subset of middle market funds, excluding new funds, per Stax web survey (Winter 2025, n=36).\n\nService Lines\n\n26\nSTRICTLY CONFIDENTIAL\nOverview\nAdvisory Services\nContract Structure\nAverage Engagement Length\nStage of Investment Lifecycle\nTypical Referral Source\nNet Revenue\nProjects Invoiced\nAverage Revenue per Project\nClients Served\nComplementary Solutions to Address a Wide Array of Client Needs\nSuite of critical services provide a strong basis for recurring revenue and natural cross-sell opportunities across the private equity lifecycle\nBuy-Side Commercial Due Diligence\nKey Attributes\nLTM Mar\n-\n25 Highlights\n▪Evaluate potential targets, focus areas, or \ninvestment themes for sponsors\n▪Assess market dynamics and target \nalignment, competitive positioning, and \nvalue creation levers\nMarket and Asset Screening, Thesis Build, \nEarly Diligence, Commercial Due Diligence\nFixed Fee\n3-6 Weeks\nPre-Investment\nExisting Relationship\n107\n$318K\n83\nSell-Side Commercial Due Diligence\nMarket Study, Exit Planning, Vendor Due \nDiligence\n▪Ensure process readiness and enhance \ntransaction outcomes for sponsors and \nmanagement teams\n▪Articulate the exit story and provide \nactionable growth blueprint backed by \nmarket research\nFixed Fee\n4-6 Weeks\nExit\nReferral from Investment Bank or \nExisting Sponsor Relationship\n76\n$378K\n81\nValue Creation\nCommercial Excellence, Pricing & Cost Optimization, \nSales Productivity, Churn Reduction, ESG & Impact\nFixed Fee\nVaries\nHold Period\nExisting Relationship or Ongoing \nSupport Following Exit Planning\n34\n$331K\n32\n▪Drive rapid EBITDA improvement \nthroughout the investment hold period\n▪Designed for multi-year, multi-project \nrelationships to drive incumbency with \nmanagement teams and ultimately lead \nto sell-side support\n$34M$29M$11M\n\n27\nSTRICTLY CONFIDENTIAL\nBuy-Side Commercial Due Diligence\n▪Provide data-driven insights across key investment considerations (market, target company, competition, etc.)\n▪Enables private equity firms to make informed decisions by identifying potential opportunities and risks for a \nprospective investment\n▪The Company provides services during the acquisition screening and theme development phase, as well as early \ndiligence and scaled commercial due diligence in an active process\n‒Early workstreams include sector prioritization, acquisition screening, thesis build and development, red \nflag assessments, and client checks\n‒Pre-LOI workstreams include assessment of the target’s market, client dynamics and competitive \npositioning, competitive landscape, and growth opportunities\n▪Post-LOI work integrates blueprint development and growth strategy planning\n▪High level of repeat demand from long-term relationships with private equity clients\nExtension of the investment team evaluating potential platform and add-on opportunities\nLTM Mar-25 Key Stats\nIllustrative Project Timeline\nRepresentative Clients\nOverview and Typical Scope\nIllustrative Project Timeline\nKICK-OFFAlign on Final Scope and Objectives, Data Discovery\nANALYSES\nPhone-Based Interviews, Analysis of Target Data, \nOnline Review Analysis, Synthesize Research \nStreams, Develop Fact-Base\n80/20 Report, Final Read-Out\nPOST-PROJECT COLLABORATION\nWeeks ~1-4Ongoing As-Needed\nSupport First 100 Days of Hold Period, Ongoing \nValue Creation Work \nDELIVERABLES\n11%\n2018 – LTM Mar-25 \nRevenue CAGR \n107\nProjects \nInvoiced\n$318K\nAverage Revenue \nper Project\n83\nClients \nServed\n% of Net \nRevenue\n44%\n37%\n15%\n4%\nBuy-Side\nSell-Side\nValue Creation\nOther\n\n28\nSTRICTLY CONFIDENTIAL\nValue Creation\n▪Multi-phase model partnering with clients to define and execute on value creation initiatives while building \noperating discipline and sustainable improvements year-over-year\n▪Drives development of strategic growth options for expansion with an actionable roadmap for implementation\n▪Leverages the Company’s depth of sector expertise, proprietary research, and advanced analytics capabilities to \ndeliver a data-driven, evidence-based assessment of recent performance and growth potential\n▪Offering encompasses proven methodologies to define growth strategies and improve commercial excellence \nand capital efficiency\n‒Client segmentation and value proposition, channel expansion, churn reduction, pricing optimization, \nESG/Sustainability and risk, marketing, client experience\n‒AI strategic assessment and diagnostics with execution support to define, test, and scale AI initiatives\n▪Value creation services deepen and extend engagement with private equity clients around critical decisions for \ntheir portfolio companies outside of a new investment or exit period\nTargeted diagnostics and actionable growth plans to achieve desired business outcomes at various stages of maturity\nOverview and Typical ScopeLTM Mar-25 Key Stats\nIllustrative Project Timeline\nRepresentative Clients\nKICK-OFFWorking Session with Relevant Stakeholders\nPotential Growth Thesis, Client/Market/ICP Offering \nAssessment, Strategic Option Development, Risk \nAssessment and Roadmap\nPOST-PROJECT COLLABORATION\nWeeks ~1-4Ongoing As-Needed\nEnter Phase II to Build on Project Work or Support \nImplementation, Prepare for Sale Process\nInterim Update, \nWorkshop, Final Read Out\nDELIVERABLES\nANALYSES\n% of Net \nRevenue\n8%\n2018 – LTM Mar-25 \nRevenue CAGR \n34\nProjects \nInvoiced\n$331K\nAverage Revenue \nper Project\n32\nClients \nServed\n44%\n37%\n15%\n4%\nBuy-Side\nSell-Side\nValue Creation\nOther\n\n29\nSTRICTLY CONFIDENTIAL\nSell-Side Commercial Due Diligence\n▪Demonstrate strength of positioning and growth potential of the asset in preparation of exit \n▪Communicates the growth story to potential investors by providing research and analysis to define the target’s \nmarket, strength of its positioning and performance, and opportunities for expansion\n▪Stax leverages its experience working on the buy-side to address critical questions about the target that \ninvestors will focus on, including TAM, growth outlook for core market, competitive differentiation, future \nopportunities, and voice of the client\n▪Modular approach allows Stax to adjust its process and output depending on sponsor/founder involvement, \nrelevant buyer universe, and priority needs\n▪New business development for this service is focused on referrals from investment banks, as well as leveraging \nprivate equity client relationships\n‒The Company worked with 20+ investment banks in the last 24 months\n▪Natural cross-sell opportunity from momentum of sale process and intelligence gathered during engagement\n▪Reputation among private equity investors is a significant point of attraction for banks and management teams\nCollaborative thought partner throughout a sale process to articulate the asset’s positioning and growth story\nOverview and Typical ScopeLTM Mar-25 Key Stats\nIllustrative Project Timeline\nRepresentative Clients\nKICK-OFFWorking Session with Relevant Stakeholders\nTAM and Client Analysis, Risk Assessment, VDR \nPreparedness, Growth Strategy Vetting\nDELIVERABLESFinal Read-Out\nPOST-PROJECT COLLABORATION\nWeeks ~1-5Ongoing As-Needed\nDevelop Buyer-Specific Materials, Discuss with Potential \nSuitors, Onboard Findings and Recommendations at Target\nANALYSES\n% of Net \nRevenue\n62%\n2018 – LTM Mar-25 \nRevenue CAGR \n76\nProjects \nInvoiced\n$378K\nAverage Revenue \nper Project\n81\nClients \nServed\n44%\n37%\n15%\n4%\nBuy-Side\nSell-Side\nValue Creation\nOther\n\n30\nSTRICTLY CONFIDENTIAL\nStrong Institutional Knowledge Across Industries\nStax outperforms competitors by offering the highest quality and expertise across multiple end markets, while ensuring stability through diversification \nacross various industries\nNote: Data reflects LTM Mar-25 engagements and revenue mix.\n132\nEngagements\n% of Net Revenue45%\nVertical SaaS\nIndustry-Specific Apps\nEnterprise Applications\nNetwork Infrastructure\nAI & Machine-Learning\nMedia and B2C Tech\nTechnology\n25\nEngagements\n% of Net Revenue9%\nPhysician Practices\nLong-Term Care\nManaged Healthcare\nMedical Devices\nHospitals & Facilities\nPayors\nHealthcare\n15\nEngagements\n% of Net Revenue5%\nApparel\nFood & Beverage\nHospitality and Leisure\nHousehold Goods\nResidential Services\nHealth & Wellness\nConsumer\n37\nEngagements\n% of Net Revenue15%\nManufacturing\nDistribution\nTransportation\nConstruction & Engineering\nAerospace and Defense\nAutomotive\nIndustrialsServices\n64\nEngagements\n% of Net Revenue25%\nProfessional Services\nFinancial Services\nMarketing and Advertising Services\nData and Information Services\nIT Services\nEvents and Tradeshow Services\n\n31\nSTRICTLY CONFIDENTIAL\nIn-Depth Expertise in Technology and Services \nStax has effectively established a strong replicable presence in technology and service verticals, driving above-market growth and creating a playbook \nfor additional vertical expansion\nIT \nInfrastructure\nCybersecurityVertical SaaS\nHorizontal \nEnterprise \nApplications\nPayments and \nFintech \nConsumer \nTechnology and \nMedia\nTechnology \nCommercial and \nResidential \nServices \nIT Services\nEvents, \nMarketing, and \nInfo Services\nProfessional and \nAdvisory Services\nEducation and \nCrediting Services\nFinancial and \nInsurance Services\nSub-Vertical Expansion Opportunities Sub-Vertical Expansion Opportunities \n$5\n$10\n$11\n$27\n$31\n$30\n$33\n$36\n2018201920202021202220232024LTM\nMar-25\n$6\n$6\n$6\n$11\n$17\n$16\n$18\n$20\n2018201920202021202220232024LTM\nMar-25\nStrengthEvolving Focus\nServices \n72%\n6%\n7%\n(11%)\n2018-20212021-2024\nStaxMarket\n26%\n17%\n6%\n(2%)\n2018-20212021-2024\nStaxMarket\n($ in millions)($ in millions)\nStrengthEvolving Focus\nTechnology Net RevenueAbove-Market Revenue GrowthServices Net RevenueAbove-Market Revenue Growth\nStrong reputation within \nhighly penetrated market\nSub sector account targeting and \nplanning with room to build density \nGrowing average \nproject sizes \nResilient performance across \ndiverse economic conditions\nGrowing number of \nverticalized professionals \n\nClient Relationships\n\n33\nSTRICTLY CONFIDENTIAL\n44%\n37%\n15%\n4%\nBuy-Side\nSell-Side\nValue Creation\nOther\nStax Serves a Large, Diversified Client Base\n79%\n15%\n6%\nPrivate Equity\nPortCo / Corporate\nHedge Fund\nLong-tenured client base with exceptional retention, largely comprised of blue-chip private equity investors\n42%\n41%\n17%\nMiddle Market\nUMM / Large Cap\nLower Middle Market\n46%\n26%\n13%\n10%\n5%\nTechnology\nServices\nIndustrials\nHealthcare\nConsumer\nPrivate Equity Focus......Across Service Lines...\n...Split Among Market Segments......and End Markets\n(1)Reflects Private Equity and Hedge Fund clients only. Lower Middle Market defined as less than $1.5 billion AUM, Middle Market defined as $1.5 to $10.0 billion AUM, and UMM / Large Cap \ndefined as greater than $10.0 billion AUM.\nLTM Mar-25 \nby Client Type\nLTM Mar-25 \nby Service Line\nLTM Mar-25 \nby Client Size\n(1)\nLTM Mar-25 \nby Industry\n(% of Net Revenue)\n(% of Net Revenue)\n(% of Net Revenue)\n(% of Net Revenue)\n\n34\nSTRICTLY CONFIDENTIAL\nDiversified Relationships Across Service Lines\nBroad spectrum and high-quality clients across growth stages and end markets\n(1)Reflects Private Equity and Hedge Fund clients only. Lower Middle Market defined as less than $1.5 billion AUM, Middle Market defined as $1.5 to $10.0 billion AUM, and UMM / Large Cap \ndefined as greater than $10.0 billion AUM.\nRevenue Concentration by ClientNew vs. Existing ClientsRevenue Concentration by Client Size\n(1)\nBuy-Side Commercial \nDue Diligence\nSell-Side Commercial \nDue Diligence\nValue \nCreation\n(% of LTM Mar-25 net revenue)\n43%\n40%\n17%\nUMM / Large Cap\nMiddle Market\nLower Middle Market\n20%\n54%\n27%\nUMM / Large Cap\nMiddle Market\nLower Middle Market\n63%\n35%\n2%\nUMM / Large Cap\nMiddle Market\nLower Middle Market\n(% of LTM Mar-25 net revenue)\n32%\n29%\n29%\n10%\nTop 10\nTop 11 - 30\nTop 31 - 60\nAll Other Clients\n20%\n32%\n37%\n11%\nTop 10\nTop 11 - 30\nTop 31 - 60\nAll Other Clients\n57%\n43%\nTop 10\nAll Other Clients\n79%\n88%\n82%\n21%\n12%\n18%\n202220232024\nNew\nExisting\n40%\n59%\n54%\n60%\n41%\n46%\n202220232024\nNew\nExisting\n95%\n81%\n88%\n5%\n19%\n12%\n202220232024\nNew\nExisting\n\n35\nSTRICTLY CONFIDENTIAL\n73%\n27%\nRepeatNon-Repeat\nDeep Relationships with Top Clients\n▪Deep Relationships: 45% of net revenue coming from clients \nwith a tenure of 6+ years \n▪Satisfied Clients: 73% of revenue from repeat clients\n(3)\n▪No Client Concentration: No one client represents more than \n4% of net revenue\n▪Broad Relationships: 38% of clients use more than one \nservice\n(3)\n▪Strong Referral Network: 72% of sell-side engagements \nreferred from investment banks\n▪Value in Density: Clients utilizing multiple service lines incur \nover 25% higher fees per project due to complexity of scope\nDemand for strategic solutions across growth stages drives client engagement\nTop 15 ClientsLTM Mar-25 Highlights\n(1)UMM / LC = Upper Middle Market / Large Cap; MM = Middle Market; LMM = Lower Middle Market.\n(2)Reflects average tenure of top 15 clients.\n(3)Reflects 2024 data.\nSticky Relationships Drive Repeat Business\n27%\n7%\n21%\n45%\n< 1 Year1-2 Years\n2-6 Years6+ Years\nRepeat\nClients\nClient \nTenure \nMix\n(% of 2024 net revenue)\n($ in thousands)\n2023 – Mar-25 Net Revenue\nClientSize\n(1)\nBuy-SideSell-SideValue CreationOther\nTotal \nRevenue\n% of Total \nRevenue\n2023 – Mar-25\nProjects\nClient \nTenure\nClient 1UMM / LC$4,415––$642$5,0573.2%811+\nClient 2MM3,195$867$854–4,9153.1%1610+\nClient 3UMM / LC484––3,5694,0532.6%1211+\nClient 4MM1,512–1,556373,1052.0%123+\nClient 5UMM / LC1,582440911–2,9341.8%911+\nClient 6UMM / LC1,506–1,309–2,8151.8%711+\nClient 7MM6641,495559–2,7171.7%811+\nClient 8MM1,2411,172––2,4141.5%46+\nClient 9MM1,471812––2,2831.4%74+\nClient 10UMM / LC868537692–2,0971.3%511+\nClient 11MM1,415622––2,0361.3%62+\nClient 12MM804968229–2,0011.3%64+\nClient 13LMM1,336–640–1,9761.2%711+\nClient 14UMM / LC1,435–532–1,9671.2%511+\nClient 15MM1,080829––1,9091.2%63+\nTop 15$23,009$7,741$7,281$4,248$42,28026.6%1188+\nAll Others52,59344,52818,752532116,40573.4%369\nTotal$75,602$52,269$26,034$4,781$158,685100.0%487\nElliott Management\nPSG Equity\nTiger Global Management LLC\nBlue Point Capital Partners\nThoma Bravo\nCharlesbank Capital Partners LLC\nBregal Sagemount\nGridiron Capital\nRubicon Technology Partners\nHellman & Friedman\nGemspring Capital\nGreater Sum Ventures\nVarsity Healthcare Partners\nVista Equity Partners\nPeak Rock Capital\n(2)\n•To remove client names\n\nGo-to-Market Strategy\n\n37\nSTRICTLY CONFIDENTIAL\nMulti-Pronged Go-to-Market Strategy\nPurpose-built global delivery model enables new business wins without sacrificing existing client service\nVerticalized \nSenior \nProfessionals\nStrategic \nAccount \nCoverage\nCentralized \nLocation-Based \nModel\nProgrammatic \nCommunications\n15 Key Accounts with Multi-\nNational, Multi-Vertical Presence\nLarge Cap Private Equity \nand Public Investors\n22 Key Accounts with Dedicated \nTouchpoints in U.S. and U.K.\nMiddle Market \nCollaboration\n91 Key Accounts with Individual \nDefined Coverage and Tracking\nAccount Relationship \nManagement (ARM)\n98 Key Accounts with Content-\nBased Scaled Communication \nContact Accounts\nManaging Directors and \nDirectors\nIndustry Groups Define \nCoverage and Sales Effort\nCDD and Value Creation Services \nProvided by All Levels\nProduct Generalists\nNuanced Insights From \nSpecialization\nGuaranteed Production of \nHigh-Quality Content\nDedicated Client \nDelivery Network\nAdvisory-\nFocused\nProduct Led; \nContent Driven\nRepeat Value Creation Work \nfrom CDD Engagements\nClient Delivery \nNetwork\nColombo\nArticles, Tombstones, \nNewsletters, Industry Primers\nEmail and Social Media\nMarket Intelligence, Rolling \nThunder\nIn-Person Meetings\nMonthly Flywheel, Asset-Centric \nAccount “Grouping” Outreach\nIntelligence Outreach\nClient Offsites, Co-Branded \nRoundtables, Conferences\nEvents\nGlobal \nStaffing\nBostonChicagoNew YorkLondon\nGlobal Collaborative Coverage and Delivery with In-Market Business Development Capabilities\n\n38\nSTRICTLY CONFIDENTIAL\nCollaborative Approach to Client Coverage and Delivery\nCrediting system designed to maximize collective value and reward firm-building behaviors while de-risking new hires\nSales CreditDelivery Credit\nManaging Directors, Directors, and Associate DirectorsAssociate Directors, Senior Managers, and Managers\nAccount Ownership:\nAssigned owner that fosters \nrelationships throughout the \naccount\nContent Leadership:\nProvides substantive \nexpertise to help close and \ndeliver a project\nTotal Sales Credit:\nReflects the sum of an \nindividual’s contribution \nacross each role\nOriginators\nAccount \nOwnership\nContent \nLeaders\nReporting\nSplitDetail\n60%\n▪Credit shared equally between originators\n▪Tracking allows for up to three originators\n10%\n▪Limited to one person\n▪May be one of the originators\n▪Credit shared equally between content leads\n▪Ideally have multiple leads on every project\n25%\nBoundaries\n40% Cap\nNo Double \nDipping\nProject \nMinimum\n▪No individual can accrue more than 40% of the total project value\n▪Lone originators lose 20% of credit, which is returned to the firm\n▪Originators can be account owners, but they cannot accrue credit \nfor content leadership on the same proposal\n▪If project fee is less than $250K, no credit for content leadership\n▪If project fee is less than $150K, no credit for any role\nOrigination:\nSourcing of potential projects \nthrough outbound efforts or \ninbound leads\nStructure\nDelivery \nLeads\nFramework\nCredit Split\n▪Assigned by resource management based on project staffing\n▪Responsible for leading the day-to-day of a project and ensuring \nthe team is utilized efficiently\nTargets\nAssociate \nDirector\nSenior \nManager\nManager\n▪Delivery credit is a \nmeasure of success for \nmid-level consultants\n▪Delivery credit is defined \nas the total value of \nprojects a mid-level \nconsultant has delivered\n▪Total available credit for \na project is equal to the \nproject’s fee\n▪Delivery leads should be \ndifferent levels, with the \nmore senior employee \nspread across multiple \nprojects\n▪Splitting delivery \nbetween Associate \nDirectors and Senior \nManagers / Managers \nallows the Associate \nDirector to manage \nmultiple projects, \nultimately accruing a \ngreater delivery credit \nvalue\nMinimumGoal\n$3.0M\n$2.5M\n$2.0M\n$4.0M\n$3.5M\n$3.0M\n▪Delivery credit is split evenly between delivery leads regardless \nof seniority\n▪Up to two delivery leads can be associated with a project\n▪Delivery leads must spend at least 15 hours a week on projects \nto receive credit\n\n39\nSTRICTLY CONFIDENTIAL\nProject Delivery Model\nHigh-touch client service executed by efficient project teams purpose-built for the pace of private equity\nBalanced and Flexible Staffing ModelDisciplined Tracking Leads to Better Management and Consistently Strong Realization\nCrediting System Designed to Maximize Collaborative Value\nSales CreditDelivery Credit\n▪Originators (60% of project value)\n‒Credit is shared equally between originators; \ntracking allows for up to three originators\n▪Content Leaders (25% of project value)\n‒Credit is split evenly between all content \nleads; ideally have multiple content leads on \nevery project\n▪Account Owners (10% of project value)\n‒Limited to a single person; may be an \noriginator\n▪Measured in dollars and defined as the total value \nof projects a mid-level has delivered\n▪Accrue to the delivery leads; may have up to two \ndelivery leads associated with a project\n▪Delivery leads are typically different levels, but \ncredit is evenly split between both leads\n▪Associate Directors, Senior Managers, and \nManagers are the core roles responsible for \ndelivery\nDelivery (Client Service Network)\nTraditional consulting team staffed to dedicated projects on a billable model\nManaging \nDirector\nDirector\nSpend 50% of time \non billable work\nAssociate \nDirector\nSenior \nManager\nSpend 75% of time \non billable work\nManagerSenior \nConsultant\nConsultantAssociate \nConsultant\nSpend 100% of time \non billable work\nPlug-and-play project support in Colombo segmented by defined workstreams to enhance speed of delivery\nIntegrated Workflow Support (Client Delivery Network)\nIntegrated Project Leads\nLead \nto Win\nSecondary \nInsights\nData \nScience\nWeb Survey \nInsights\nExpert \nInsights\nData \nVisualization\nHighly repeatable, scalable execution process across services allows for powerful insights to be \ndelivered quickly and efficiently at an attractive price relative to competitors\nPromotes collaboration and de-risks new hires\n218226224\nProjects \nInvoiced:\n87.8%\n94.9%\n96.4%\n20232024LTM Mar-25\nRealization\n\n40\nSTRICTLY CONFIDENTIAL\nClient Delivery Network Expands Capacity to Execute\n▪50-person dedicated team in Colombo serves as plug-and-play \nproject support to enhance speed of delivery for client \nworkstreams\n▪Commercial platform built to work at the speed of private \nequity\n▪Supports U.S. and U.K. advisory in an agile and targeted way\n▪Segmented by defined workstreams with clear responsibilities \nand competency model\n▪Handles tasks of varying levels of complexity during the \nproposal and live project phases\n▪Creates additional bandwidth for the client service network to \nfocus on high-value client-facing workstreams\n▪Optimizes resource utilization through on-demand staffing \nbased on skill, capacity, and expertise\n▪Expands delivery capabilities in-line with demand while \noffering flexibility, convenience, and controllability in project \ndelivery\n▪Defined career path with strong average tenure of 9+ years \nacross integrated project leads, delivery leads, and managing \ndirectors\n▪Key members participate in management incentive plan\nPurpose-built integrated workflow support delivers sustainable growth \nTeam OverviewCommentary\nRuwindhu Peiris\nManaging Director\n(Headcount as of March 2025)\nDelivery Lead\nSr. Delivery Manager\nTeam Lead\nDelivery Manager\nSr. Delivery Manager\nDelivery Manager (3)\nTeam Lead\nDelivery Manager\nTeam Lead\nSr. Delivery Manager\nTeam Lead\nDelivery Manager\nTeam Lead\nDelivery Manager\nTeam Lead\nDelivery Manager\nIntegrated Project \nLeads\nTeam Lead\nSr. Delivery Manager\nLead (3)\nSr. Analyst\nLead (5)\nSr. Analyst\nDelivery Manager\nLead (3)\nSr. Analyst (3)\nLead to WinSecondary InsightsData ScienceWeb Survey InsightsExpert InsightsData Visualization\nLead\nSr. Analyst (4)\nAnalyst (2)\nLead (3)\nSr. Analyst (4)\nLead (2)\nSr. Analyst \nAnalyst (3)\n5\nEmployees\n5\nEmployees\n7\nEmployees\n8\nEmployees\n8\nEmployees\n7\nEmployees\n8\nEmployees\nAgile project \nmanagement and \ncentral point of \ncontact for the CSN \nSales enablement \ncapabilities from \ninitial outreach to \nproposal submission\nExtracts and \nsynthesizes \ninformation from \npublicly available \nsources\nBusiness insights and \ncapability \ndevelopment for \ninvestors and \nmanagement teams\nGather insights from \nweb surveys on client \npurchasing and \nspend dynamics, \nvendor performance\nEngages with \nexperts, competitors, \nand clients to collect \nrich insights\nVisualization \nspecialists that own \ndeliverables and \nother visualization \nelements\n\nCulture and Talent Management\n\n42\nSTRICTLY CONFIDENTIAL\nCompelling Employee Value Proposition to Attract and Nurture Top Talent\nStax has developed an attractive employee value proposition to recruit, develop, and retain top tier professionals\nDifferentiated Employee Value PropositionWinning the War for Talent\n(1)Retention of CSN professionals by skill level from 2023 year-end to 2024 year-end; reflects voluntary only.\nClient Service Network Retention by Skill Level\n(1)\nDirector HeadcountManaging Director Headcount\nUnique focus on serving and scaling with private equity clients\nIncentive model designed to reward collaboration and shared success\nHigh growth platform offering career opportunities and the chance to make a \nsignificant impact, supported by structured onboarding and fast ramp for new hires\nExpertise-focused model without exclusivity over client ownership\nAmple whitespace for career growth relative to some competitors with clear \nprogression paths and regular performance feedback\nEquity participation for Managers and above through Management Incentive Plan\nCentralized global staffing expands utilization and reduces time on bench\nSpecialization model supports long-term career development, bolstered by formal \nmentorship and learning opportunities\nCompetitive compensation model and benefits package aligned with market leaders, \nplus a strong commitment to work-life balance and well-being\nScalable infrastructure designed to foster growth and collaboration with direct access \nto senior leadership\n73%\n76%\n80%\n95%\nAssociate\nConsultant /\nConsultant\nSenior\nConsultant /\nManager\nSenior Manager /\nAssociate\nDirector\nDirector /\nManaging\nDirector\n4x \nGrowth\n5x \nGrowth\n2\n8\n2021Mar-25\n3\n16\n2021Mar-25\n\n43\nSTRICTLY CONFIDENTIAL\nTop Ranked by Industry Publications, Validated by Industry Professionals\nStellar Rankings Across Vault North America Categories\n(2)\nContinued recognition and awards reflect nature of culture initiatives the Company has meticulously implemented and managed over time\n(1)As of April 8, 2025.\n(2)Source: Vault 2024 North America Consulting Survey. Rankings and awards are based on insights from over 12,000 verified consulting professionals.\n7.3\n8.4\nIndustryStax\nInternal Mobility\n+1.1\n#10\nOverall \nDiversity\n#8\nEmployee \nSatisfaction\n#8\nLevel of \nChallenge\n#7\nPromotion \nPolicies\n#7\nInternal \nMobility\n#6\nIntl. \nOpportunity\n#5\nHealth and \nWellness\n#4\nBusiness \nOutlook\n#6\nBoutique \nConsulting\n#12\nBenefits\n#11\nInformal \nMentorship\n#10\nFormal \nTraining\n8.5\n9.2\nIndustryStax\nFirm Culture\n+0.7\nEmployee Satisfaction\n+0.8\n8.3\n9.1\nIndustryStax\n8.0\n8.8\nIndustryStax\nWork-Life Balance\n+0.8\nPromotion Policies\n+0.9\n8.1\n9.0\nIndustryStax\nTop Consulting\nFirm 2025\nFormal Training\n+1.2\n7.7\n8.9\nIndustryStax\nBest Management \nConsulting Firms 2025\nBest Firms to Work For\n2022, 2023, and 2024\nGlassdoor Overall Rankings\n(1)\nStax Big 5 Competitor\n4.4\n4.34.3\n4.2\n4.14.1\n4.0\n3.9\n3.83.8\n3.73.7\n3.53.5\n\n44\nSTRICTLY CONFIDENTIAL\nCompetitive Pay-for-Performance Compensation Model\n▪Structured to fall within the 75th percentile of the market, with top performers reaching the \n90th percentile\n‒Similar compensation strategy and banding in place for the Client Delivery Network\n‒Study underway to implement same model for Operations in 2025\n▪Salary bands ensure internal promotions are rewarded equitably without overvaluing \nexternal hires, demonstrating investment in maximizing tenure\n▪Merit-based salary increases determined by 4-point rating scale\n▪Robust benefits package and opportunity for equity ownership through Management \nIncentive Plan further enriches employees\n‒Management Incentive Plan available to Managers and above\nIncentive structure and attractive operating model strike a key balance between sustainable productivity and exciting projects\nPhilosophy and ApproachIndustry Benchmarking\n(1)\n2024 Average Cash Compensation by Skill Level\n(2)\n(1)Source: Aon 2024 Consultant Benchmarking Study. Reflects 50th percentile of compensation category by skill level for each group. MBB+ equivalent to Managing Director not available. MBB+ includes \nBain, Deloitte, EY, McKinsey, Oliver Wyman (Europe), and PwC. Tier 2 includes AlixPartners, Ankura, Chartis, Council Advisors, CRA Intl., FTI, Guidehouse, Keystone, Oliver Wyman, and Slalom.\n(2)Excludes Management Incentive Plan. \nMBB+Tier 2Stax\nACCSCMSMADDMD\n2023 Total Cash Compensation\nACCSCMSMADDMD\n2024 Cash Salary\nStax paid above market bonuses as a \npercentage of salary at all levels in 2023\nStax outpaced the market for salary \nincreases at all levels in 2024\nACCSCMSMADDMD\nACCSCMSMADDMD\n(Client Service Network; U.S. only)\n2023 Cash Bonus as % of Total Compensation2024 Cash Salary Increases\n$85\n$114\n$151\n$184\n$220\n$264\n$330\n$469\n$9\n$17\n$28\n$39\n$62\n$60\n$114\n$387\n$94\n$131\n$179\n$223\n$282\n$324\n$444\n$856\nAssociate\nConsultant\nConsultantSenior\nConsultant\nManagerSenior\nManager\nAssociate\nDirector\nDirectorManaging\nDirector\nCash BaseCash Bonus\n\n45\nSTRICTLY CONFIDENTIAL\n5\n33\n4\n3\n7\n10\n27\nManaging\nDirector\nDirectorAssociate\nDirector\nSenior\nManager\nManagerSenior\nConsultant\nConsultantAssociate\nConsultant\nStructured Recruiting Effort Provides Continuous Source of Talent\nDiversified talent pipeline ensures a steady stream of quality candidates\nOrganic Talent AcquisitionStrong Full-Time CSN Hires Across Skill LevelsSourcing Mix\nRecruiting Overview\nEarly CareersExperienced Hires\nStax targets hiring 10 Summer Associates/Co-Ops and 15 full-time Associate Consultants each year via campus targeting\nPriority Universities\nRelationships with on campus organizations \nand multiple events held per year\nOther Global Universities of Focus\nSources of recent successful hires\nCampus Targeting\nExpanded recruiting funnel to HBCUs, \nwomen’s colleges, etc.\n▪Strong track record of attracting lateral senior hires from \ncompetitors to build on existing offerings or expand into new \nareas of coverage\n▪Nearly 20% of experienced hires are sourced through employee \nreferrals\n▪Average offer acceptance rate of 73%\n▪Continued focus on driving branding efforts to improve candidate \npool\n26,000+ Applicants\n308 Interviews\n94 Offers Extended\n69 Offers Accepted\n(2024 firmwide recruiting statistics)(2024 – YTD Mar-25 new hires)(% of 2024 – YTD Mar-25 new hires)\n58%\n20%\n17%\n5%\nDirect Hire\nCampus\nReferral\nAgency\n\n46\nSTRICTLY CONFIDENTIAL\nWell-Defined Competency Model with Multiple Channels for Feedback\nCompetency and task relevant maturity models serve as the foundation to standardize feedback and expectations for each skill level across locations\nTask Relevant Maturity Model Provides Granular View of Task-Specific Proficiency\nImpact\nEnables global \nstaffing\nUnifies quality of \ndelivery\nProvides clarity and \nconfidence around \npromotion criteria\nEmphasizes merit-\nbased success \nmodel\nCore Consulting SkillsCommercial LeadershipSelf LeadershipPeople and Culture Leadership\nFeedback Facilities Development of Core Skills\nUse Case\n▪Used during project evaluations to assess \nconsultants’ technical effectiveness in \nspecific tasks and evaluate technical \ndevelopmental areas\nComponents\n▪Task category (e.g., survey \nmanagement)\n▪Specific tasks (e.g., survey design)\n▪Maturity levels\nGoal and Purpose\n▪Shift focus to skill level when completing a \ntask\n▪Standardized, efficient project feedback\n▪Differentiates expectations for same task \nacross levels\n▪Focuses on both qualitative and quantitative measures\n▪PowerBI performance dashboard\n▪Project feedback, debriefs, mid-year and year-end reviews\n▪Feedback on non-project Initiatives\n▪360 Feedback: upward, recognitions, special projects and \ninitiatives\n\n47\nSTRICTLY CONFIDENTIAL\nSignificant Opportunity for Upward Mobility\nStandardized career trajectory enables strong performers to progress through the organization\nClient Service Network Career Path\n(1)\n(1)CDN professionals have a similarly defined career path and competency model.\n(2)Reflects internal promotions from 2022 through Mar-25. Associate Consultant promotions reflect interns and co-ops that rejoined the Company as full-time employees.\n(3)Reflects the number of 2024 – YTD Mar-25 internal promotes as a percentage of employees that joined as or assumed a given skill level in 2024 – YTD Mar-25.\nAssociate ConsultantConsultantSenior Consultant\nManagerSenior ManagerAssociate Director\nDirector\nManaging Director\nProject FundamentalsWorkstream ExecutionDelivery ExcellenceProject ManagementProject ManagementClient Management\nBusiness Planning and \nExecution\nBusiness Planning and \nExecution\n▪Independently owns \nprimary workstream\n▪Capable of owning \nmultiple workstreams\n▪Drives full execution of \nworkstreams\n▪Takes ownership of \nnarrative\n▪Begins to gain \nverticalized expertise\n▪Provides strategic \ninsights and content \nexpertise\n▪Drives engagement \nsuccess and manages \nclient expectations\n▪Accountable for quality \nand efficiency of \ndelivery\n~12-Year Average Progression from Associate Consultant to Managing Director\nManaging Director7\nDirector8\nAssociate Director 14\nSenior Manager 8\nManager 14\nSenior Consultant 28\nConsultant 38\nAssociate Consultant 13\nCumulative Internal Promotions\n(2)\nHome-Grown Employees\n(3)\nManaging Director50%\nDirector40%\nAssociate Director20%\nSenior Manager 50%\nManager 57%\nSenior Consultant 59%\nConsultant47%\nAssociate Consultant 23%\n\n48\nSTRICTLY CONFIDENTIAL\nIn-House Training Amplifies Long-Term Career Satisfaction and Employee Potential\nTraining and development is a core tenet of Stax\nNote: Stax also hosts Stax Academy–a learning platform offering training modules to local youth and potential CDN talent–in Colombo, Sri Lanka.\n▪Skill-based training to support consultants during ramp period\n▪Formal sessions via classroom and in-project training for 1-4 \nweeks depending on seniority; subsequent project shadowing \nfor an additional 2-4 weeks\n▪Company and Operations Sessions covering internal resources \nand capabilities\n▪People Team Sessions covering benefits, resource \nmanagement, and professional development\n▪Delivery Excellence Sessions\n‒Getting Smart, Primary Research, Intro to Surveys, \nSecondary Research and Major Data Sources, Effective \nGuides Writing, Intro to Market Modeling, Business Writing, \nCreating Deliverables and Slides\nOnboarding\n▪Five to eight classroom hours per quarter, with additional on-\nthe-job and individual development plan (IDP) training\n▪Stax 2.0 Upskill Series\n‒Industry and Market Knowledge Sharing\n‒Productivity Tools\n‒Best Practice Alignment\n▪Half-Day Trainings by Level\n‒Senior Consultant: Effective Workstream Management, \nStoryboarding 101, Effective Communication, Delegation \nand In-Project Training\n‒Manager: Stax Project Management Playbook, Verticals and \nPractice Overview, Stax Mentor Model, Running Effective \n1:1s\n‒Senior Manager and Associate Director: Intro to Client \nManagement, Leveraging Coaching in People Development\n‒Director: Building your Book of Business, Building Effective \nTeams\n▪Personal Development and Culture Fundamental Series\n‒Self Accountability, Building a Feedback Culture, Resilience\nTraining Academy\n▪Development Programs\n‒Apprenticeship-based learning where employees develop \nthrough hands-on experiences, mentorship, and a \nfeedback-driven learning environment\n‒International exposure to facilitate global collaboration, \nstandardization of best practices and culture integration\n‒Employees receive performance feedback every few weeks \nthrough forms, debriefs, and more\n‒Internal training programs tailored to develop deep \ntechnical and management skills\n▪Communication and Transparency\n‒Regular town halls and leadership meetings, including firm-\nwide updates, senior meetings, and role-specific discussions\n‒Structured feedback mechanisms with performance \ndashboards to consolidate feedback, career progression \nmetrics, and training outcomes\n▪Flat Hierarchy and Leadership Access\n‒Employees at all levels have direct access to leadership\n‒Weekly leadership lunches, open-mics, and social initiatives \nacross offices\n▪Mentorship and Career Development\n‒Internal mentorship program and global staffing model \nfacilitates rapid employee development and connection\n‒Peer coaching initiatives to support career growth\n‒Mentors are accountable for supporting mentees, providing \nadvice and guidance based on development needs\nProfessional Development and Mentorship\nStructured \ntraining for all \nemployees, \nnew or old...\n...with \nnumerous \navenues for \ncontinuing \neducation\nAND\nAND\n\nOperations and Platform\n\n50\nSTRICTLY CONFIDENTIAL\nData-Driven, Purpose-Built Financial and Business Operations\n▪Data and reporting created to optimize every level of the professional services \neconomic value chain from opportunity generation to cash collection\n▪Real-time access to key business and operational KPIs enhances data-driven \ndecisions, including informed forecasting and opportunity tracking, improved capacity \nplanning, financial management, and prioritization\n▪Democratizes data through custom-built PowerBI visualizations, a user-friendly \ndesign, and robust training initiatives to empower users\nReal-time data enables agile management of the business against key indicators\nOverview of Stax INTEL\nInitiatives Focused on Driving Growth and Operational SustainabilityDashboards and Reports\nResource \nManagement\nProject \nManagement\nExpense \nManagement\nInvoice \nOversight\nRealization\nRevenue and \nDelivery Credit\nBillability and \nUtilization\nRevenue \nTracker\nA/R Analysis\nPerformance \nDevelopment\nClient Contract \nStatus\nRates and \nPricing\nLiberation of Data\n“Giving smart people the \nright data enables them to \nmake smart decisions”\nRobust, Transparent Reporting Improves Business Outcomes\nData Warehouse\n\n51\nSTRICTLY CONFIDENTIAL\nEarly AI Adoption Enhances Delivery Quality and Efficiency\n▪Improves speed and quality of analysis while creating high \ncaliber “architected” data for future use\n▪Cleans primary data for use with generative AI, searches for \nrelevant quotes, and interrogates transcripts to structure \nproject analyses \n▪Extends the utility of architected data for use cases beyond \ninitial project work\n▪Generative AI embedded into everyday use and broader \nworkflows to drive quality and speed enhancements\n▪Accelerates and strengthens thought-oriented processes at \nscale (slide review, eminence feedback, etc.)\n▪Integrations and connectivity with existing systems\nStreamlined access to proprietary data is paramount to sustained competitive advantage \nOverview of AthenaWorkflow Tools\nKnowledge management tool developed in-house dramatically lowers search barriers and accelerates access to depth of \ninstitutional knowledge; platform draws from over five years of Stax intellectual property to produce the relevant projects, \nslides, and Stax experts\nUsers can explore results at project and \nslide levels\nAthena transforms the ROI of searching \nfor Stax knowledge, unlocking previously \nunfeasible use cases\nIncorporates Athena Chat, an AI model \ntrained on Stax’s repository of knowledge\nProject \nInsights\nJunior\nEmbedded \nGen AI\nGPTs\nUser Prompt\nPrior Insights\nRelevant Slides\nPreviously \nUsed Experts\nResearch \nApproach\nProject Teams\nExpert Interview \nTranscripts\n1,100+\nDeliverables\n700+\nProposals\n75,000+\nSlides\n50,000+\nInterviews\n\n52\nSTRICTLY CONFIDENTIAL\nWorld-Class Leadership Team Operates an Efficient Client-Centric Organization Structure\nStax is led by a highly experienced, motivated, dynamic, and diverse senior team\nNote: Headcount as of March 2025. Client Service Network excludes two Research Associates paid hourly.\n(1)Includes 44 Operations employees in the United States, United Kingdom, and Sri Lanka.\nClient Service NetworkIntegrated Global Operations Team\n(1)\nClient Delivery Network\nAmy Schoeman\nGlobal Head of HR\nMeg Macumber\nGlobal Head of Finance\nLeslie Regenbaum\nGeneral Counsel\nJoe Brownell\nGlobal Head of Marketing\nConnor Novy\nChief of Staff and Head of Sales \nOperations\nHazir Shafeek\nGlobal Head of Data Insights & IT\nRuwindhu Peiris\nManaging Director\nPaul Edwards\nGlobal Practice Leader\nRegional Lead\n2\nManaging \nDirector\n9\nProduct Lead\n4\nDirector\n8\nSenior Manager\n8\nAssociate \nDirector\n9\nManager\n9\nConsultant\n21\nSenior \nConsultant\n18\nAssociate \nConsultant\n39\nDelivery Manager\n8\nSenior Delivery \nManager\n4\nLead\n17\nAnalyst\n6\nSenior Analyst\n14\nExecutive Leadership Team\nJayson Traxler\nChief Executive Officer\nMihaela Dumea\nDirector, Data and Business \nIntelligence\n\n53\nSTRICTLY CONFIDENTIAL\nWell-Invested Operational Platform Built to Serve Private Equity\nDeep bench of integrated global support functions designed to drive growth and operational efficiency\nNote: Headcount as of March 2025.\nMeg Macumber\nGlobal Head of Finance\nAmy Schoeman\nGlobal Head of Human Resources\nJoe Brownell\nGlobal Head of Marketing\nLeslie Regenbaum\nGeneral Counsel\nConnor Novy\nChief of Staff / Head of Sales Operations\nPeople Operations (5)Marketing Strategist (4)\nFinance, IT, and Business OperationsHuman ResourcesMarketingLegalData and Business IntelligenceSales Operations\nHazir Shafeek\nGlobal Head of Data Insights and IT\nCompliance and GovernanceSales Operations\n11\nEmployees\n6\nEmployees\n6\nEmployees\n3\nEmployees\nJayson Traxler\nChief Executive Officer\nMihaela Dumea\nDirector, Data and Business Intelligence\nController\nHead of Business Operations\nProfessional Development (2)\nTalent Acquisition (2)\nHR Business Partner\nProduction ManagerLegal CounselFinancial Insights and BI\nDigital Engineering (3)\nCommercial Strategy and Enablement (2)\nIT and Help Desk Support (4)\nFinance and Accounting (6)\nPayroll and Benefits\nFinancial Sponsors Coverage\n3\nEmployees\nStax can scale revenue without adding significant operations headcount\n23\nEmployees\nAdministrative (8)\n\nGrowth Strategy\n\n55\nSTRICTLY CONFIDENTIAL\nMulti-Pronged Growth Strategy Drives Confidence in the Next Chapter of the Company\nTangible and achievable organic growth in the near term with substantial opportunity to drive additional value creation via M&A\n▪Strategically hire senior \nprofessionals to build \ndensity in core verticals \nand expand capabilities\n▪Build density across \ncurrent locations, \nexpanding \napprenticeship model to \nfurther attract and \ndevelop mid/junior \ntalent\nAttract, Develop, \nand Retain Talent\n▪Continue building \nmomentum in the U.K. \nto expand market \npresence\n▪Strategically grow \nheadcount and client \nleadership in New York \noffice\n▪Establish local presence \nin new geographic \nmarkets through organic \ngreenfield locations in \nthe United States and \nEurope\n▪Continue to protect \nunique culture via \nplanful expansion\nBroaden Geographic \nPresence\n▪Capitalize on advisory, \nbespoke nature of work, \nand pricing umbrella \nrelative to MBB+ to \nrealize due diligence \nprice increases \nnationally and abroad\n▪Raise prices in value \ncreation to be more in-\nline with client impact, \nresults, and ROI\n▪Expand number of \naccounts with average \nproject size of $400K+ \nwith ample cross-sell \nopportunities and need \nfor multiple projects per \nyear\nExert \nPricing Power\n▪Focus on accelerating the \nexecution of M&A \nplaybook\n▪Expand into new \ngeographies, new \nservice lines, and build \nscale in existing markets\n▪Opportunistically \nevaluate larger-scale \ntransformative M&A \ntargets\nIdentify and Execute \non Acquisitions\n▪Further optimize cross-\nsell strategy to deepen \ndensity across core \naccounts through scaled \ninside sales strategy\n▪Target key private equity \nclients where \nreferenceable work \nprovides opportunity for \nfurther penetration in \nprojects that command \nmore premium bill rates\nMaximize Wallet \nShare and Cross-Sell\n▪Scale coverage and \ncontent intersection \nacross private equity and \ninvestment banks\n▪Further scale dedicated \nbusiness development \nteam to broaden coverage \nuniverse\n▪Centralize, scale, and \nmanage external \nindividual, account, and \nsubsector communications\nScale Client \nCoverage\n▪Leverage reputation and \ndifferentiated \nexperience in key \nverticals with high win \nrates across market \nsegments\n▪Introduce new verticals \nsuch as government or \naerospace and defense \nthrough de novo efforts \nor experienced senior \nhires \nDeepen Vertical \nExpertise\n▪Capitalize on hedge \nfunds’ growing inbound \ndemand for market \nresearch \n▪Introduce new purpose-\nbuilt products such as \ntechnology due \ndiligence, financial due \ndiligence, operational \ndue diligence, and ESG \nand sustainability \ndiligence through \nintegrated go-to-market \napproach\nExpand Capabilities \nand Client Profiles\nGrowExpandTransform\n\n56\nSTRICTLY CONFIDENTIAL\nWiden Referral Channel to Optimize Business Development Efforts\nCultivate and expand business development relationships with large cap private equity firms \nBroaden and Deepen Large Cap Private Equity Relationships \n$8.3M\n$11.0M\n2018 - 20212022 - LTM Mar-25\nGrowth Plan Current Strengths \n▪Proactively enhance and revitalize partnerships with large \ncap clients\n▪Reposition value proposition as a trusted advisory partner\n▪Schedule regular in-person meetings to strengthen \nconnections\n▪Prioritize targeted outreach and proposals aimed \nspecifically at large cap opportunities\n▪Fosters collaborative partnerships, ensuring alignment with \nthe long-term objectives of large cap clients\n▪Strong brand recognition among large cap funds facilitates \nmarket entry for new large cap clients\n▪Strategic account coverage plan across large cap funds \nenhances relationships and drives customer stickiness \nLargest Private Equity Firms\n(1)\n(1)Source: Private Equity International. Dollars in billions. Ranking based on private equity capital raised between 1/1/2019 to 12/31/2023. Excludes credit, secondaries, and real asset focused \nmanagers. Shading reflects Stax project counts between 2018 and Mar-25.\n(2)Reflects average annual revenue from Large Cap Private Equity and Public Investor key accounts designated as of Q1-25.\n1-5 Projects6-10 Projects11+ Projects\nNo.SponsorRaised\n1\nBlackstone$124\n2\nKKR$103\n3\nEQT$99\n4\nCVC Capital Partners$78\n5\nTPG$62\n6\nThe Carlyle Group$60\n7\nThoma Bravo$59\n8\nAdvent International$53\n9\nWarburg Pincus$52\n10\nHg$51\n11\nCD&R$50\n12\nSilver Lake$49\n13\nHellman & Friedman$47\n14\nVista Equity Partners$45\n15\nGeneral Atlantic$43\nNo.SponsorRaised\n16\nClearlake Capital$43\n17\nGoldman Sachs$42\n18\nLeonard Green$41\n19\nTA Associates$40\n20\nPermira$37\n21\nBain Capital$37\n22\nInsight Partners$35\n23\nCinven$35\n24\nGenstar Capital$32\n25\nFrancisco Partners$30\n26\nAres Management$30\n27\nApollo Global$29\n28\nPartners Group$28\n29\nBridgepoint$23\n30\nGTCR$23\nDirect experience on \nprior transactions\nVertical and product \nsector expertise\nBalanced approach between \ncomplex situations and \ntailored need \nBetter value for add-ons that \ndo not need breadth/depth\nStax Large Cap Value Proposition\nNet Revenue from Key Large Cap Accounts\n(2)\n\n57\nSTRICTLY CONFIDENTIAL\nWiden Referral Channel to Optimize Business Development Efforts\nCultivate and expand business development relationships with investment banks\nU.S. M&A League Tables\n(1)\nGrow Investment Banking Referral Channel\n(1)Source: Dealogic. Reflects transactions announced between 12/31/2014 and 12/31/2024 with private equity involvement. Shading reflects Stax project counts between 2018 and Mar-25.\nStrengthen Existing Investment Bank RelationshipsFoster Relationships with New Investment Banks\n▪Investment banks provide a pipeline of sell-side \nopportunities through client referrals\n▪Ongoing dialogue and recurring touchpoints provides \nintelligence on in-market buy-sides and potential value \ncreation opportunities\n▪Growing breadth and depth of content provides \nreferenceable work to expand scope of service\n▪Demonstrate capabilities to preeminent investment banks \nthat have historically been an unlikely referral source to \npenetrate additional pockets of the market\n▪Leverage network of lateral hires, geographic expansion, \nand expanded verticals of coverage to develop \nrelationships with specialized regional and industry \nboutiques\nRoom for Additional Wallet Share with Key Recent \nInvestment Banking Partners\nSignificant Opportunity for Business Development in \nthe Broader M&A Market\n1-5 Projects6-10 Projects11+ Projects\nNo.AdvisorDeals\n1Houlihan Lokey904\n2Goldman Sachs762\n3Jefferies631\n4William Blair552\n5JPMorgan547\n6Morgan Stanley514\n7Baird505\n8Lincoln Intl.456\n9Piper Sandler453\n10UBS434\n11Raymond James383\n12PNC Bank363\n13Moelis355\n14Bank of America351\n15Evercore346\nNo.AdvisorDeals\n16Lazard315\n17Barclays307\n18Citi295\n19Stifel257\n20RBC248\n21Rothschild236\n22Canaccord215\n23KeyBanc180\n24Guggenheim160\n25BMO142\n26Deutsche Bank139\n27Centerview133\n28Truist130\n29Macquarie119\n30KPMG108\nNet Revenue from Sell-Sides Referred by Investment Banks\n$1.0M\n$1.1M\n$13.3M\n$18.0M\n$20.6M\n2018202020222024 LTM Mar-25\n\n58\nSTRICTLY CONFIDENTIAL\nMaximize Wallet Share and Cross-Sell Opportunities with Existing Clients\nUpsell core offerings to capture larger share of deal volume within established private equity relationships\nExpansion of OfferingsSignificant Whitespace Available Within Current Client Base\nValue Creation\nEmbedded Data \nAnalytics and \nSustainability\nAI Diagnostic, Piloting, \nand Scaled Adoption\nInitiative Deployment, \nMarket Piloting, and \nGrowth Office \nGovernance\nSell-Side \nCommercial \nDue Diligence\nScale Dedicated \nResources to Optimize \nPitch and Delivery \nProcess\nExpand Sales Team to \nDeepen Content \nCoverage to Facilitate \nBank Penetration\nFurther Integrate \nBusiness Units to \nMaximize Value of \nMarket Intelligence \nAcross Offerings\nBuy-Side \nCommercial \nDue Diligence\nIncrease Coverage \nVerticals to Better Serve \nFunds with Broad \nInvestment Theses\nFill Content and \nExpertise Gaps to Elevate \nDelivery to Higher-\nVolume Upper MM and \nLarge Cap Sponsors\nTarget Additional Public \nEquity Investors to \nFurther Diversify Profile \nof Transactions \nEvaluated\nPrivate Equity Client Count\nEstimated Current Serviceable Available Market (SAM) Penetration\n~2% \nPenetration of \nICP Estimated \nSpend\n~5% \nPenetration of \nCurrent Client \nEstimated \nSpend\nStrong right to grow through wallet share \nand new logo expansion with ~$1.3 billion in \nattainable whitespace across core products\nCurrent vs. Target Service Line Mix\nTBU?\n75\n100\n129\n20192021TTM Mar-25\n44%\n37%\n15%\n4%\nBuy-Side\nSell-Side\nValue Creation\nOther\nLTM \nMar-25\n37%\n37%\n24%\n2%\n2030P \nOrganic\n~$0.1M\n~$1.3M\n~$3.2M\n~$5.2M\nCurrent Stax Revenue\nwithin SAM\nEstimated SAM within\nCurrent Clients\nMiddle Market Ideal Client\nProfile (ICP) SAM\nNorth America and U.K.\nTotal SAM\n\n59\nSTRICTLY CONFIDENTIAL\nAttract, Develop, and Retain Talent to Capitalize on Growth\n▪Dedicated and growing talent acquisition team manages the hiring funnel to identify \nand pursue candidates with experience to strengthen core offerings or expand areas \nof coverage\n▪Continued branding initiatives and increased visibility online will yield additional hires \nfrom a broader pool of candidates\n▪Proven ability to attract senior- and mid-level hires with experience at top-tier firms\nContinue winning talent through targeted recruitment efforts and growth-oriented culture\nStrategic Approach to Fostering Junior Growth Lateral Experienced Hire Recruiting\nOrganic Client Service Network ExpansionProjected Growth in Productivity\nNet Revenue per Director and Managing Director\nProjects Invoiced per Director and Managing Director\nDirector and Managing Director HeadcountAll Other CSN Headcount\nConsulting \nSkills\nDevelopment \nPrograms\nProject Delivery Excellence Series: Primary, secondary, survey, and modeling \ntraining\nAssociate \nConsultants and \nConsultants\nSenior \nConsultants and \nManagers\nProject Management Excellence Series: Project management and economics, \nstoryboarding, running effective team meetings, and presentation training\n▪Proven track record of developing young talent within Stax, leading to a strong team \nof tenured senior employees contributing the sustained success\n▪Recruiting junior talent has enabled employees to acquire foundational skills \neffectively and efficiently\n▪Onboarding young talent has fostered adaptability to Stax practices and strengthened \nemployee loyalty\n24\n25\n36\n49\nMar-252025E2028P2030P\n106\n122\n180\n246\nMar-252025E2028P2030P\n10.8\n11.4\n12.0\n12.5\nLTM Mar-252025E2028P2030P\n$3.9M\n$3.7M\n$4.7M\n$5.4M\nLTM Mar-252025E2028P2030P\n\n60\nSTRICTLY CONFIDENTIAL\nProven Vertical Expertise and Journey\nRoom to build subsector density in core verticals, as we as deepen expertise in other targeted industry verticals\nCurrent Vertical MaturityVertical Growth Opportunities\nStrong Growth within Key Verticals Expansion Opportunities within Core Verticals \n$5\n$10\n$11\n$27\n$31\n$30\n$33\n$36\n$6\n$6\n$6\n$11\n$17\n$16\n$18\n$20\n$11\n$16\n$18\n$39\n$48\n$46\n$51\n$56\n2018201920202021202220232024LTM\nMar-25\nTechnologyServices\n(Net Revenue; $ in millions)\n▪Organized depth and breadth of referenceable work\n▪Subsector expertise\n▪Sector-specific senior recruitment \n▪Scaled sector-specific maturity and communication\n▪Subsector account targeting and planning\n▪Vertical planning\n▪Increase in opportunity volume \n▪Increase in win rate \n▪Increase in average project size\n▪Expansion in private equity and investment banking \naccounts leveraging Stax within a vertical \n▪Above market performance \n▪Outsized opportunities through investment banks and large \ncap private equity \nVertical EnablersImpact\nPlan to leverage existing verticals to deepen market presence \nand strategically expand into new sectors, will drive \nsustained growth\nIndustrials \nTechnology \nServices \nHealthcare \nAerospace & \nDefense \nConsumer\nGovernment \n& Public \nImpact\nEnablers\nFully EvolvedDevelopingExpansion Verticals \n2018 – LTM Mar-25 CAGR: 30%\n\n61\nSTRICTLY CONFIDENTIAL\nExpand Capabilities and Client Profiles\nStax’s focus on relationships cultivates a deep understanding of clients' needs and the specific areas where they require assistance\nDeal-Related ServicesNon-Deal Related ServicesClient Type Expansion\n▪Presence and \ndemonstrated \nsuccess in \nsupporting software \nand technology \nengagements \ncreates natural \navenue for \nexpansion\n▪Ingrained cross-sell \nfrom standard \ncommercial \ndiligence and value \ncreation projects\nTechnology Due \nDiligence\n▪Well-defined and \nsynergistic offering, \nnatural extension of \nexisting value \ncreation \nengagements\n▪Accelerated entry \nfeasible via hiring or \nM&A, healthy \npipeline of potential \ntargets\nProcurement \nOptimization\n▪Natural extension of \nvalue creation to \nimplement best \npractices observed \nin premium assets \nacross industries\nOperations \nPlanning and \nOptimization\n▪Rising need for \nassessment of risks, \ninefficiencies, and \noperational gaps as \ncompanies face \nincreasing scrutiny \nfrom potential \ninvestors during \ndiligence\nOperational Due \nDiligence\n▪Enable Stax to \ncapitalize on the \ngrowing market for \ndebt investments \nand drive demand \nduring economic \ndownturns by \nleveraging credit \nfunds' insulation \nfrom M&A market \nfluctuations\nCredit Funds \n▪Foster long-term \nrelationships that \nendure through \neconomic \ndownturns, \ngenerating a steady \npipeline of new \nclients across family \noffice portfolios\nFamily Offices\n▪Demonstrated \nsuccess \ntransitioning from \nM&A to hedge fund \nclients during \neconomic \ndownturns, \nleveraging large \nclients to generate \nrecurring demand \nfor market research \nacross economic \ncycles\nHedge Funds \n▪In-demand offering \nof critical focus for \nprivate equity \ncompanies as AI \nstrategy becomes \n“need-to-have” and \neffective AI \nintegration \nbecomes a key \nsource of private \nequity value \ncreation\n▪Potential to serve \nprivate equity funds \n(broad fund-level AI \nstrategy) and each \nportfolio company\nAI Enablement \nand Deployment\n\n62\nSTRICTLY CONFIDENTIAL\nStrategically Expand Geographic Footprint\nOpportunity to strategically expand into new geographies and expand within current markets\nOpportunistic Regional ExpansionCapitalize on Momentum in Additional Geographies\nDemonstrated organic expansion \nin Chicago and New York\nSuccessful inorganic growth in London\nSignificant opportunity to grow \nwallet share in existing markets\nIntegrate planful culture and process \nexpansion into new markets \nReplicating the Stax Engine overseas – \nRaise the Profile, Build the Team\nBuy-Side, Sell-Side, Value Creation\n5+ Verticals\nMiddle Market and Large Cap Focus\n30+ Consultants\nAcquired in October 2022 to \nfacilitate U.K. expansion\nCDD Focus\nPrimarily Events\nLower Price Point\n10 Consultants\nComplete MBB+ transition to autonomous, \nself-sustaining, integrated machine\nBuy-Side, Sell-Side, Value Creation\n10 Verticals\nMiddle Market and Large Cap Focus\n40+ Consultants\n2025-2030Today\n2025-2030Today\nKey Selection Factors for New Markets\n✓Proximity and expertise \n✓Ability to have cultural alignment \n✓Sizable private equity market \n✓Available talent\n✓Existing client density \n✓Competitive differentiation\nGrowth Framework\nTexas and \nCalifornia\nNordics and \nDACH\nBoston\nNew York and \nChicago\nLondon\nInorganic Expansion\nKey Accomplishments to Date\nU.K. Private Equity and Transactional Net Revenue\nDirector and Managing Director Headcount\nChicagoNew YorkLondonBoston\n$0.9M\n$2.9M\n20222024\n2\n7\n2022 25-Mar\n44\n2022 25-Mar\n6\n12\n2022 25-Mar\n0\n1\n2022 25-Mar\n\n63\nSTRICTLY CONFIDENTIAL\nOpportunity to Further Capture Pricing Through Advisory Journey\nStax’s compelling value to its clients, along with higher pricing by competitors, creates favorable environment for price increases\nShift to Content Advisory Unlocks Further Pricing OpportunitiesTrack Record of Successful Increases in Client Value \nAverage Client Service Network Bill Rate\nAverage Director and Managing Director Headcount\nDirector and Managing Director Billable Hours\nTypical Engagement Price\n$100K$250K$500K$800K-$1M\nBreadth and Depth of Offering\nStax is positioned to capture \npricing consistent with client \nimpact, results, and ROI delivered \nwithout risking relationships\nUpper / Middle Market & Growth Funds\n(Europe)\nPurposeful Shift to “Strategic Advisory” Drives Increased Pricing\nDeliver DataDeliver ResearchDeliver Strategy Deliver Advisory\n$353\n$420\n$429\n$449\n$493\n$542\n202220242025E2026P2028P2030P\n10\n18\n23\n27\n36\n49\n202220242025E2026P2028P2030P\n7,105\n8,854\n11,044\n13,052\n18,210\n25,374\n202220242025E2026P2028P2030P\n\n64\nSTRICTLY CONFIDENTIAL\nTargetRegion\nCapabilitiesAcquisition Type Revenue\nCompany ASoutheastTechnology due diligence and value creationTransformational~$80M\nCompany BSouthwestGo-to-market performance improvementTransformational~$75M\nCompany CUnited KingdomCommercial due diligenceTransformational~$50M\nCompany DMidwestPricing strategy and performance improvementTransformational~$75M\nCompany EMidwestOffice of the CFO and financial due diligenceTransformational~$75M\nCompany FUnited KingdomHealthcare commercial due diligence Tuck-In~$10M\nCompany GNortheastCommercial due diligenceTuck-In~$7M\nCompany HSouth CentralDefense commercial due diligenceTuck-In~$15M \nCompany INortheastPrivate equity performance improvement Transformational~$50M\nCompany JWestSoftware and tech based due diligence Tuck-In~$10M\nCompany KSouth CentralTech due diligence and value creation Tuck-In~$10M\nCompany LSouthwestTech due diligence and office of the CTOTuck-In~$8M\nUnited Kingdom Commercial due diligence Tuck-In~$5M\nMid-Atlantic Defense commercial due diligenceTuck-In ~$15M\nTotal~$485M\nSignificant Value Accretive M&A Opportunity and In-House Expertise \n▪Leverages CEO's experience in professional services strategy and corporate development\n▪M&A is evaluated on a risk adjusted continuum and compares opportunities such as greenfield expansion, \nacqui-hires, and acquisitions\n▪Stax maintains a strict acquisition investment criteria that must satisfy proven \"Deal Equation\" across \nmultiple dimensions\n‒Strategic Fit: Enhance defined product offering, industry expertise, or geography\n‒Cultural Fit: Similar margin and KPI profile and positive purchase price multiple\n‒Economic Fit: Ability to thrive within Stax business model\n▪Established and repeatable integration playbook with emphasis on a “day-one” plan\nStax has invested in the transition from founder-owned business to a world-class operating platform of scale and is positioned to grow via acquisitions\nStax is an Acquirer of ChoiceRobust and Selective M&A Criteria and Integration Process\nAreas of Focus When Evaluating M&A\nIllustrative Acquisition Target List\nCapitalize on cross-selling and repeat client demand\nHighly specialized expertise to provide actionable, data-driven answers for clients\nDifferentiated culture and operating model generates wins in the “war for talent”\nAdditional resources that come from a larger company\nEquity value creation opportunity through incentive plan\n1\n2\n3\n4\n5\nConsulting is a highly fragmented market with opportunity for M&A\nA- Crosslake\nB –SBI\nC- CIL\nD - Insight2Profit\nE - E78\nF - Candesic \nG - Arnovia \nH - Next F&D\nI - Beck Way \nJ – PASG\nK - ThinkTiv \nL - Waypoint\nM - Fairgrove\nN - Nextfed\n▪Continental Europe\n▪Middle East and Asia Pacific\nGain Geographic \nDiversification\n▪Tech due diligence\n▪Financial due diligence\n▪Operational improvement\nBuild Complementary \nService Offerings\n▪Aerospace and Defense\n▪Healthcare\nExpand Industries of \nCoverage\n•To remove target names\n\nFinancial Overview\n\n66\nSTRICTLY CONFIDENTIAL\n$2.7M\n$4.5M\n$0.5M\n$1.4M\n$0.2M\n$0.6M\n$3.5M\n$6.5M\nQ1-24Q1-25\nServicesHealthcareConsumer\nStrong Performance in Q1 with Favorable Momentum Heading Into Remainder of 2025\nContinued significant performance in Q1 couples with strong tailwinds from recent headcount additions\nStrong Performance in Early 2025Growing Contribution from New Hires\nIncreasing Momentum in Targeted VerticalsRamping Net Revenue Contribution from Value Creation and United Kingdom\n(1)All Managing Directors hired in the second half of their respective cohort year. 2022 cohort includes 2 hire, 2023 cohort includes 2 hires, and 2024 cohort includes 1 hires.\n(Net Revenue)\n(Net Revenue)\n$15.5M\n$20.5M\nQ1-24Q1-25\n$2.6M\n$2.3M\n$3.8M\n$0.7M\n$0.8M\n$1.5M\nQ4-24Q1-25Avg. Q2-Q4 2025E\nValue CreationUnited Kingdom\n64%\nYoY Growth\n19\n24\nNov-24Mar-25\nRecent senior hires will drive meaningful revenue \ngrowth as they continue to ramp\n930\n1,240\n71\n667\n69\nLTM Mar-24LTM Mar-25\n2022 Hires2023 Hires2024 Hires\nAn improving M&A market will provide additional upside\nYoY Growth\n839%\n33%\nDirector and Managing Director HeadcountBillable Hours by Managing Director Cohort\n(1)\nYoY Growth\n33%\n202%\n154%\n\n67\nSTRICTLY CONFIDENTIAL\nCompelling Long-Term Outlook Underpinned by Track Record of Consistent Growth\nHighly attractive financial profile driven by demonstrated ability to expand already impressive margins\nPro Forma Adjusted Net Revenue\nOrganic Gross Profit and Margin\nPro Forma Adjusted EBITDA and Margin\n($ in millions)\n($ in millions)\n($ in millions)\n$39\n$44\n$48\n$54\n$70\n$88\n$109\n$136\n$168\n61.0%\n62.0%\n63.1%\n59.5%\n60.5%\n61.0%61.0%61.0%61.0%\n20232024LTM Mar-252025E2026P2027P2028P2029P2030P\n$42\n$54\n$69\n$89\n$112\n$4\n$10\n$19\n$30\n$45\n$19\n$24\n$27\n$31\n$46\n$65\n$88\n$119\n$157\n29.3%\n33.5%\n35.6%\n33.3%\n36.2%\n38.0%\n39.0%\n39.9%\n40.9%\n20232024LTM Mar-252025E2026P2027P2028P2029P2030P\nOrganicAcquired\n$115\n$143\n$179\n$223\n$275\n$12\n$27\n$48\n$75\n$110\n$64\n$71\n$76\n$91\n$127\n$170\n$226\n$298\n$385\n20232024LTM Mar-252025E2026P2027P2028P2029P2030P\nOrganicAcquired\n\n68\nSTRICTLY CONFIDENTIAL\nBridge to 2030P Revenue\nPathway to ~$385 million of net revenue by 2030\nNote: 2020 reflects reported Net Revenue. Other includes growth in Reimbursables and Tech & Admin.\nFoundation Established to Support the Next Stage of Growth\n($ in millions)\n2020 Net \nRevenue\nHeadcountUtilizationBill RatesRealizationOther2025E Net \nRevenue\nHeadcountUtilizationBill RatesRealizationOther2030P Organic \nNet Revenue\nAcquisitions2030P Net \nRevenue Incl. \nM&A\n\n69\nSTRICTLY CONFIDENTIAL\nMultiple Levers to Boost Productivity and Expand Margins\nAssumptions embedded into the forecast for strong organic growth and profitability\nRealization RateOperating Leverage\nUtilization Rate\n(1)\nProjects Invoiced per Director/Managing Director\n(1)Based on 2,080 available hours less 290 firm holiday and PTO hours, net of billable adjustments by skill level (50% for Directors and Managing Directors; 75% for Senior Managers and Associate \nDirectors) per management’s view.\n(Operating Expenses as a % of Net Revenue)\n(Client Service Network)\n87.2%\n88.2%\n89.1%\n90.0%\n90.9%\n91.8%\n2025E2026P2027P2028P2029P2030P\n95.8%\n96.8%\n97.8%\n98.8%\n99.8%\n100.0%\n2025E2026P2027P2028P2029P2030P\n25.6%\n24.3%\n23.2%\n22.2%\n21.2%\n20.3%\n2025E2026P2027P2028P2029P2030P\n11.9\n12.2\n12.5\n12.7\n12.9\n13.2\n2025E2026P2027P2028P2029P2030P\n\n70\nSTRICTLY CONFIDENTIAL\nAttractive Financial Profile Anchored by Exceptional Margins and Strong Cash Flow\nOngoing margin expansion driven by operating leverage and continued optimization of delivery model and pricing\nStrong Cash Flow GenerationBest-in-Class Margin Profile\n(2)\nProven Ability to Scale EBITDA Margins\n(2)\n(1)Reflects 2023 and 2024 reported capital expenditures.\n(2)Reflects 2025E.\nEfficiently operates with limited cash tied up in working capitalGross margins driven by efficient service delivery and compelling value for clients\nOngoing margin expansion driven by operating leverage and continued optimization of delivery model and pricing\n29.3%\n33.5%\n35.6%\n33.9%\n36.2%\n38.0%\n39.0%\n39.9%\n40.9%\n20232024LTM Mar-252025E2026P2027P2028P2029P2030P\n(Pro Forma Adjusted)\n~97%\nFCF Conversion\nLimited\nWorking Capital \nRequirements\n~$0.5M\nHistorical Annual\n Capex\n(1)\n34%\nStrong and Increasing \nEBITDA Margins\nEfficient and \nScalable SG&A\n60%\nGross Margin\n\n71\nSTRICTLY CONFIDENTIAL\nSummary of Diligence Adjustments\n1.Removes the impact of expenses incurred \nrelated to the current Owners which will not \ncontinue post-close\n2.Normalizes (i) the impact of large signing \nbonuses & recruiting costs for high-level \npersonnel, and (ii) back-office personnel costs\n3.Includes various adjustments for \nnormalizations, removal of the now-\ndiscontinued Colombo direct operations, and \nremoval of non-recurring items\n4.Quantifies the pro forma impact of capacity-\nrelated lost revenue due to the secondment \nprogram\n5.Quantifies the impact of MD compensation \nprior to revenue generation or significant \nbillable hours\nSummary of Quality of EarningsCommentary\n▪Text\n($ in millions)20232024LTM Mar-25 \nReported EBITDA\n$13.7$18.4$21.3\nAcquisition Adjustments–––\nAcquisition Adjusted EBITDA\n$13.7$18.4$21.3\nNon-Operating Owner Expense Removal2.61.9 1.9\nCompensation Adjustments1.4 1.51.3 \nOther Diligence Adjustments0.90.60.6\nDiligence Adjusted EBITDA\n$18.6$22.4$25.1\nSecondment Revenue Impact–1.21.2\nMD Ramp-Up Compensation0.30.40.9\nPro Forma Adjusted EBITDA $18.9$23.9$27.2\n1\n2\n3\n4\n5\n1\n2\n3\n4\n5\nClean EBITDA with high cash flow generation"
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"text": "\n\nApril 2025\nConfidential Information Presentation\nDRAFT\nAs of 4/24/2025 11:49 AM\n\n2\nSTRICTLY CONFIDENTIAL\nImportant Information and Transaction Team\nThis Confidential Information Presentation (the “Presentation”) is intended solely for the use of prospective investors in determining whether or not to pursue the proposed transaction with Stax Holding Company, LLC (“Stax” or the “Company”). The Presentation is of a \nproprietary and confidential nature and is only being furnished to those parties who have agreed to be bound by the terms and conditions of the previously executed confidentiality agreement (the “Confidentiality Agreement”). William Blair & Company, L.L.C. (“William \nBlair”) has been retained by the Company as its financial advisor.\nBy accepting this Presentation, the recipient agrees that it will, and it will cause its directors, officers, employees, and representatives to, use this Presentation and all of the information contained herein only to evaluate a specific negotiated transaction with the Company \nand for no other purpose and shall return this Presentation together with any copies to William Blair upon request. This Presentation contains confidential, non-public information concerning the Company. Receipt of this Presentation constitutes your acknowledgment \nthat you will maintain the information contained herein in strict confidence. \nThis Presentation does not constitute (i) any offer to sell or the solicitation of an offer to buy any securities or assets of the Company or (ii) any offer or recommendation to enter into any transaction referenced herein.\nAll information contained herein has been provided by the Company or other sources that William Blair deems reliable. However, William Blair has not independently verified any of the information contained herein, including financial estimates and projections. This \nPresentation includes certain statements, estimates, and projections provided by the Company with respect to its anticipated future performance. Such statements, estimates, and projections reflect various assumptions concerning anticipated results, which assumptions \nmay or may not prove to be correct. The information contained in the Presentation, including financial statements, projections and estimates, (a) is not necessarily indicative of current value or future performance, which may be significantly more or less favorable than as \nreflected herein; (b) has not been independently verified and cannot be regarded as forecasts; and (c) and is based on assumptions and analysis available at the time this Presentation was prepared. Unless expressly stated otherwise, this Presentation presents information \nwith respect to the Company as of the date of the Presentation and should not be construed to indicate that the business of the Company remains unchanged since the date of this Presentation.\nThe products, product names, logos, brands, and their trademarks featured or displayed within the Presentation are the property of their respective trademark owners, who are not affiliated with, nor do they sponsor or endorse, the Company nor the Company’s services.\nThis Presentation does not purport to contain all of the information that may be necessary or appropriate to evaluate the proposed transaction, and any recipient hereof should conduct its own independent analysis of the Company and the data contained or referred to \nherein. Neither the Company nor William Blair is acting as financial advisor, intermediary or distributor of securities, or in any fiduciary capacity of any kind to the recipient or any other prospective purchaser. The recipient should also seek advice from its own specialized \nadvisors (including financial, legal, accounting and tax) in conducting such analysis.\nIn furnishing this Presentation, neither the Company nor William Blair undertakes any obligation to provide additional information or to correct or update any of the information set forth in this Presentation. The Company and William Blair reserve the right to amend or \nreplace this Presentation at any time. The Company reserves the right in its sole discretion, with or without notice, to interrupt, modify or terminate, at any time, solicitations of interest for the proposed transaction or any future participation in the investigation, discussion \nand proposal process for a proposed transaction with any party.\nNeither the Company nor William Blair makes any representation or warranty, expressed or implied, as to the accuracy or completeness of the information contained in this Presentation, or made available, orally or in writing, in connection with any further investigation of \nthe Company, and nothing contained herein is, or shall be relied upon as, a promise or representation, whether as to the past or the future. The Company and William Blair expressly disclaim any liability relating to or resulting from the use, distribution or analysis of this \nPresentation. The recipient should rely solely on the representations and warranties made to it by the Company in any executed definitive agreement. \nNothing herein is intended to in any way modify, amend or supersede any of the terms and conditions set forth in the Confidentiality Agreement, which remains in full force and effect in accordance with its terms. This Presentation is intended to be delivered solely to \nparties bound by the terms of the Confidentiality Agreement and possession and use of the Presentation is subject to the terms thereof. This Presentation may not be photocopied or otherwise reproduced or distributed except in strict accordance with the terms of the \nConfidentiality Agreement.\nInquiries should be directed only to the below named persons. Under no circumstances should the Company or any of its associates, clients or vendors be contacted directly. If you have any questions or need additional information, please contact:\nTim McHugh\nManaging Director\n+1 (312) 364-8229\ntmchugh@williamblair.com \nJustine Chiou\nManaging Director\n+1 (312) 364-5086\njchiou@williamblair.com \nMiles Gornto \nDirector\n+1 (470) 351-6950\nmgornto@williamblair.com \nOscar Mendez\nVice President\n+1 (312) 364-5460\nomendez@williamblair.com\nWilliam Hyatt \nAssociate\n+1 (312) 601-9764\nwhyatt@williamblair.com\nAnna Lee Melton\nAnalyst\n+1 (312) 364-8155\namelton@williamblair.com \nAlvaro Flores\nAnalyst\n+1 (212) 237-2794\naflores@williamblair.com \nTransaction Team Contacts\n\n3\nSTRICTLY CONFIDENTIAL\nSection I\nExecutive Summary\nSection II\nIndustry Overview\nSection III\nService Lines\nSection IV\nClient Relationships\nSection V\nGo-to-Market Strategy\nSection VI\nCulture and Talent Management\nSection VII\nOperations and Platform\nSection VIII\nGrowth Strategy\nSection IX\nFinancial Overview\nContents\n\nExecutive Summary\n\n5\nSTRICTLY CONFIDENTIAL\n5\nSTRICTLY CONFIDENTIAL\nStax at a Glance\nGlobal strategy consultancy platform providing actionable, data-driven answers to clients’ critical \nstrategic questions\n▪Leading global advisory firm that provides a complementary suite of commercial due diligence (CDD), value creation, and exit \nplanning services\n▪Purpose-built to serve the private equity community and their portfolio companies across the investment lifecycle, creating deep, \nlong-lasting, and recurring client relationships\n▪Large and growing addressable market creates long runway for growth\n▪Differentiated competitive positioning created by highly specialized talent, vast intellectual property, library of referenceable work \ncreated through prior engagements, comprehensive data analytics capabilities, and a nimble operating model\n▪Proven ability to attract, develop, and retain highly specialized talent\n▪Long-term track record of strong growth and profitability amplified by momentum in recent performance\n▪Multiple growth avenues that are highly attractive and actionable\n▪Well-invested infrastructure, systems, processes, and experienced management team poised to support significant scale\n(1)Data prior to 2022 excludes pro forma adjustments.\n(2)Includes non-CDD or value creation services such as asset \nand sector work for hedge funds/credit funds or data \nanalytics retainers.\n(3)As of year-end 2024 unless otherwise stated.\n(4)Revenue from clients utilizing 2+ services.\n(5)Excludes Intern/Co-Op and Involuntary Turnover.\n(6)As of March 2025.\nStrong Long-Term Net Revenue Profile\n(1)\n$3M\n$6M\n$10M\n$20M\n$36M\n$76M\n20012005201020152020LTM Mar-25\nFirm OverviewBy the Numbers\n(1)(3)\n$91M\n2025E \nNet Revenue\n73%\nRevenue from \nRepeat Clients\n$31M\n2025E \nPF Adj. EBITDA\n24\nManaging \nDirectors and \nDirectors\n(6)\n \n~40%\nCross-Sell \nRate\n(4)\n130 \nClient Service \nNetwork \nProfessionals\n(6)\n~33%\n2020-2025E\nEBITDA CAGR\n~80%\nClient Service\nNetwork\nRetention\n(5)\n160+\nClients Served \nAnnually\n~40%\nEmployee and\nFounder Owned\n$320K+\nAverage \nProject Size\n22%\n2020-2025E\nRevenue CAGR\n44%\n37%\n15%\n4%\nBuy-Side\nSell-Side\nValue Creation\nOther\nLTM Mar-25\nNet Revenue \nby Service\n(2)\n2010 – LTM Mar-25 CAGR: ~15%\n\n6\nSTRICTLY CONFIDENTIAL\n6\nSTRICTLY CONFIDENTIAL\nConsistent history of growth and delivering critical strategic solutions with continued strong momentum and excitement for the future\nStax has Taken a Disciplined Approach to Building a Platform of Scale\nRecent History (2021 – Present)Early History (1994 – 2020)\n1994-1996\nFounded in Somerville, MA by Rafi Musher\nLaunched private equity practice and began \nexpanding corporate client base\n2010-2015\nRelocated headquarters to \nBoston\nShifted to exclusively focus on \nprivate equity due to demand \nand internal expertise\n2019-2020\nBegan proactively \nmarketing sell-side \nengagements and \nbuilding an investment \nbanking referral \nchannel\nProductized for the \nfast-growing LMM \nprivate equity deal \nmarket\nExpanded hedge fund \nand credit fund \nproducts and coverage\n2021\nHeadcount reaches \n175+ as the Company \nexperiences record \ngrowth driven by \nexpansion of core \nbusiness and \nincreased demand \nfor data analytics \ncapabilities\nJune 2023 \nJayson Traxler assumes role \nof Chief Executive Officer\nOctober \n2022\nJayson Traxler \nbecomes \nPresident of Stax, \nwith Rafi Musher \nshifting to \nChairman of the \nBoard\nMarch 2023\nPaul Edwards \nbecomes Global \nPractice Leader\nIntroduced \nverticalized \napproach to client \ncoverage initially \nexpanding on \nexisting strengths in \nservices, \ntechnology, and \nindustrials\nDecember 2023\nProductized sell-side \noffering with targeted \ncoverage effort under Will \nBarden and Roy Lockhart\nJanuary 2024\nHired Phil Dunne to \nlead London office and \nindustrials vertical\nNovember 2021\nJayson Traxler joins \nStax as Chief Operating \nOfficer\n1998-2003\nExpanded footprint to \nChicago to meet \ngrowing needs of \ncorporate and private \nequity clients \n2005\nPaul Edwards joins Stax\nApril 2023\nFormal New York \nmarket entry – \nexpanded offices \nto have capacity for \nconsultants and \nincreased presence \nin local market\nJune 2024\nRelocated London \noffice to Mayfair to \nexpand presence \nand demonstrate \nstature in the \nmarket\nNovember 2024\nHired Robert Lytle to \nbolster private equity \nrelationships and add \nexpertise to ongoing \nverticalization\nOctober 2021\nReceived strategic \ninvestment from Blue \nPoint\nNovember 2022\nHired Vince Zosa to build \nintegrated Value Creation \nIntegrated Product (VCIP) \noffering\nAcquired AMR to establish a \npresence in the London market, \nwith plans to hire additional \ntalent for further expansion\ninternational.\nAMR\nJuly 2023 \nExpanded into \nESG/Sustainability as \npart of VCIP\nOctober 2023\nExpanded into \nPricing Excellence \nas part of VCIP\nJanuary 2025\nHired Brad Kuntz to \nfurther build out \nNew York office and \nlarge cap private \nequity account \ncoverage\n\n7\nSTRICTLY CONFIDENTIAL\n7\nSTRICTLY CONFIDENTIAL\nSignificant opportunity to capture additional whitespace\nLarge Addressable Market Creates Long Runway for Growth\nMarket \nSegments \nand Size\n2025E Stax \nRevenue\nCurrent North America + U.K. \nPrivate Equity-Backed M&A \nMarket (Ideal Fund Sizes)\nCurrent spend on buy-side \ncommercial due diligence, sell-side \ncommercial due diligence, and value \ncreation for North America and U.K. \nPrivate Equity-Backed M&A for \nsubset of funds with sizes most highly \naligned to current Stax services\nCurrent North America + \nU.K. Private Equity-Backed \nM&A Market (Ideal \nClients)\nCurrent spend on buy-side \ncommercial due diligence, sell-\nside commercial due diligence, \nand value creation for North \nAmerica and U.K. Private Equity-\nBacked M&A for clients most \nhighly aligned to current Stax \nservices\nTotal Addressable North \nAmerica + U.K. Private \nEquity-Backed M&A \nMarket\nFull adoption of buy-side \ncommercial due diligence, sell-\nside commercial due diligence, \nand value creation for North \nAmerica and U.K. Private Equity-\nBacked M&A\nTotal Addressable Private \nEquity-Backed M&A \nMarket\nFull adoption of buy-side \ncommercial due diligence, sell-\nside commercial due diligence, \nand value creation for Private \nEquity-Backed M&A globally\nTotal Addressable Market\nFull adoption of buy-side \ncommercial due diligence, sell-\nside commercial due diligence, \nand value creation for global \nM&A\n<\n+\n=\n$91M\n$3.9B\n$5.2B\n$19.5B\n$32.6B\n$67.5B\nExisting Offerings\n\n8\nSTRICTLY CONFIDENTIAL\n91%\n83%\n86%\n81%\n80%\n80%\n74%\n77%\n77%\n76%\n9%\n17%\n14%\n19%\n20%\n20%\n26%\n23%\n23%\n24%\n26.4K\n22.3K\n24.9K\n23.3K\n20.6K\n28.2K\n28.7K\n26.4K\n26.0K\n28.6K\n2000200520102015202020212022202320242025P\nPE Involvement\nNo PE Involvement\nMomentum Is Building \nfor a Resurgence in \nM&A Markets\nPrivate Equity Backed \nCompany Inventory \nContinues to Rise \nAlongside Record-\nBreaking Dry Powder \nStores\nService Providers Are \nIncreasingly Becoming a \nCritical Resource Rather \nthan a “Nice to Have”\nPowerful Market Tailwinds Lay the Foundation for Outsized Growth\nStax is positioned to benefit from favorable market conditions, amplified by the Company’s alignment with the private equity universe\nSources: Dealogic, EY, Partners Group, PitchBook, S&P Capital IQ Pro.\n(1)Includes balanced, co-investment, co-investment multi-manager, growth, turnaround, and buyout strategies primarily focused on investments in North America.\n▪Expansionary monetary policy and declining inflation point towards \nincreased M&A activity in 2025 as valuations recover\n▪Less onerous regulatory hurdles will provide a more predictable, \ntruncated approval process\n▪Creative deal structures and a broader shift towards simplification— \noptimizing undervalued assets, separating divergent businesses, \nnarrowing geographic focus—will further contribute to volume\nU.S. Private Equity Backed Companies by Time in Portfolio\n▪Rising private equity inventory drives pent up demand for market \ninsight services over multiple investment cycles\n▪High proportion of long-held assets in sponsor portfolios are slated to \nseek monetization as the pressure to return distributions to paid in-\ncapital (DPI) increases\n▪Undeployed capital continues to accumulate, creating further \nincentive for general partners to transact\n▪Sponsors are tapping into a range of strategic levers to unlock \nliquidity, including co-control and minority stake sales\n▪Need for commercial due diligence and value creation services have \nstrengthened over time as private equity returns become more \nreliant on driving operational improvements and top-line growth\n▪Competitive deal environment is forcing private equity firms to \nrapidly identify and assess critical diligence topics in M&A\n▪Adoption of third-party, non-financial diligence reports (commercial, \ntech, ESG) is increasing\n▪Sponsors are progressively tasking third-party advisors with more \ncomplex challenges\n$71B\n$141B\n$246B\n$330B\n$742B\n$965B\n200020052010201520202024\nU.S. Private Equity Dry Powder\n(1)\nNorth American and European M&A Transaction Volume\nEvolution of Private Equity Return Contributors\n18%\n22%\n36%\n55%\n70%\n31%\n46%\n39%\n30%\n15%\n51%\n32%\n25%\n15%15%\n1980s1990s2000s2010s2020s (Outlook)\nDeleveraging\nMultiple Expansion\nOperational Value Creation\n45%\n44%\n45%\n46%\n48%\n18%\n16%\n20%\n21%\n20%\n38%\n40%\n35%\n33%\n32%\n9.8K\n10.5K\n11.0K\n11.3K\n11.8K\n20202021202220232024\n>5 Years\n4-5 Years\n0-3 Years\n\n9\nSTRICTLY CONFIDENTIAL\nComplementary Suite of Services that Scale with the Client\nStax’s services are designed to provide an integrated solution to its clients across the private equity lifecycle\nBuy-Side Commercial Due Diligence\n2025E Net Revenue by Service Line\n(1)\nAssess market dynamics and target alignment, \ncompetitive positioning, and value creation levers\nWorkstreams\n▪Market and asset screening\n‒Sector prioritization\n‒Acquisition screening\n‒Thesis build and development\n▪Early diligence\n‒Red flag assessment\n‒Client checks\n▪Commercial due diligence\n‒Scaled to focus on next phase of growth\n‒Pre-LOI phasing of deliverables to meet process timelines\nValue Creation\nPrimary Goals\n▪Ensure top initiatives can be successfully underwritten and executed \nupon immediately post-deal\nEmbedded Offerings\n▪Commercial excellence\n▪Pricing optimization\n▪Sales productivity\n▪Churn reduction\n▪Cost optimization\n▪Growth expansion and strategy\n▪Post-merger and acquisition strategy integration\n▪ESG and impact advisory\nSell-Side Commercial Due Diligence\nExternal Deliverables\n▪Market studies including market size assessment, client dynamics, \ncompetitive landscape, and growth opportunities\n▪Transaction support via advisory, preparation for conversations with \npotential investors, and other ad hoc analyses\nInternal Value Add\n▪Anticipated areas of potential investor pushback\n▪Insight and recommendations to inform go-forward strategy for \nmanagement and next investor\nEmbedded Offerings\n▪Exit planning and vendor due diligence\n‒Pre-empt process concerns, inform growth strategy, and \nsupport stakeholders through exit\nTypical Transaction Profile\n▪$100 million to $1 billion in enterprise value across technology, \nindustrials, healthcare, consumer, and services\nDrive rapid EBITDA improvement throughout the \ninvestment hold period\nArticulate the exit story and provide actionable \ngrowth blueprint backed by market research\n% of Net Revenue42%% of Net Revenue40%\nBuy-Side Commercial Due Diligence Value CreationSell-Side Commercial Due Diligence \n% of Net Revenue16%\n(1)Excludes 2.5% of Other revenue. \n\n10\nSTRICTLY CONFIDENTIALSTRICTLY CONFIDENTIAL\n10\nWhy Stax Wins\nServices have a high barrier to entry and high cost of failure – gaining the trust of private equity firms is \nextremely difficult and requires consistent high-quality work\nSelect Client Testimonies\n“\n“\nStax offers the Goldilocks solution—strong \nexpertise, high quality work, senior-level \nattention, and great value. Stax solves for \na huge market gap by providing superior \nadvisory work and sell-side market studies \nat a reasonable price\n– Managing Director, Investment Bank\nStax is a firm that can connect all the dots, \nwhich is what we don’t get from the point \nsolutions, while being much more flexible \nvalue-additive than MBB firms\n– Sr. Operating Partner, Private Equity Firm\nThe value of your work was multi-fold – it \ngave us materials to share with investors \nand banks, as well as a roadmap for \nwhere our brand has room to expand\n– CEO, Sell-Side Client\nThe work from Stax gave us a clear 5% lift \non valuation. Their framing of the business \nstarted everyone at a higher base\n– Managing Director, Private Equity Firm\nTalented bench of professionals \nwith specialized expertise\nStrong reputation and trust among \ninvestment banks, private equity firms, \nand other investment managers\nTransparent, collaborative \napproach to projects\nOperating model built \nspecifically to serve the \nneeds of private equity\nDeep vertical expertise\nExtensive intellectual property \ncreated by historical engagements\nStrong data analytics capabilities \nsupported by global delivery\nValue creation is ingrained in \napproach to diligence\nUniquely Positioned Through Breadth of High-Quality Services Offered at a Competitive Price Point\nBreadth and Depth of \nDiligence Offering\n“High-Level”\nBespoke Content; \nGrounded in Data; \nGlobal Presence\nInterview / Survey \nBased; Limited \nGeographic Presence\nQuality / Value \nCaptured \n$250K\nUpper / Middle Market & Growth Funds\n$800K-$1M\n$100K\n(Europe)\n$500K\n\n11\nSTRICTLY CONFIDENTIAL\nCompelling Employee Value Proposition to Cultivate Top Talent\nUnique culture and attractive career growth opportunities make Stax a preferred employment destination for consultants\nVision and Values Serve as a Foundation for Exceptional Client Service...Meaningful Opportunities for Employees Ensure Company Success\n...Which The Industry Recognizes as Best-in-ClassBy the Numbers\n(1)\n95%\nDirector and\nManaging Director \nRetention\n(2)(3)\n$7.7M\nRevenue per \nManaging \nDirector\n(2)\n~$700K\nRevenue per \nClient Service \nProfessional\n232\nFull-Time \nEmployees as of \nMar-25\n36%\nAnnual CSN \nD/MD \nGrowth\n(4)\n11:1\nCSN / Managing \nDirector Ratio\n~80%\nCSN \nProfessional \nRetention\n(3)\n90%\nLTM Mar-25 Client \nService Network \nUtilization\nALM Best Small Firm to \nWork For 2024\nALM Rising \nStars 2025\nALM Top Consultants \n2024\nALM Women Leaders \nin Consulting 2024\nAmerica’s Fastest - \nGrowing Companies\nManagement \nConsulted Top \nConsulting Firm 2025\nRealDeals PE CDD \nProvider of the Year \nFinalist 2025\nConsulting Report Top \n25 Consulting Firm \nCEOs 2024\nConsulting Report Top \n50 Consulting Firms \n2024\nConsulting Report Top \n25 Operations & Supply \nChain Consultants 2025\nVault Top Ranked \nEMEA Consulting\n2025\nVault Top Ranked \nNorth America \nConsulting 2025\nWe will provide exceptional opportunities for good \npeople\nVISION\nWe will create value for our clients and \npartners\nWe will grow a successful, durable organization of \nlong-term value\nWe act with the highest integrity, respect for others, \nand personal accountability\nVALUES\nWe demonstrate commitment to the \ncommunity\nWe foster a sense of shared responsibility \namongst our team\nCompetitively \ndifferentiated \nplatform that \ncreates a platform \nfor professionals \nto be successful\nAmple \nwhitespace for \ncareer growth \nrelative to some \ncompetitors\nGrowing platform \ncreates exciting new \ncareer opportunities \nwhere professionals \ncan have a significant \nimpact \nIncentive model \nthat drives \ncollaboration, \nwith opportunity \nto participate in \nequity value \ncreation\nUnique focus \non serving and \ngrowing with \nprivate equity \nclients\n~40%\nEmployee and \nFounder \nOwned\n86\nEmployee \nOwners\n(1)As of year-end 2024 unless otherwise stated.\n(2)Reflects Client Service Network only.\n(3)Excludes Intern/Co-Op and Involuntary turnover.\n(4)Reflects CAGR of Client Service Network Director \nand Managing Director headcount from year-end \n2022 to Mar-25.\n\n12\nSTRICTLY CONFIDENTIAL\n▪x\n$1.1\n$13.3\n$18.0\n$20.6\n202020222024LTM Mar-25\n23%\n21%\n14%\n41%\nTop 10\nTop 11-30\nTop 31-60\nAll Others\n27%\n7%\n21%\n45%\n<1 Yr\n1-2 Yrs\n2-6 Yrs\n6+ Yrs\n73%\n27%\nRepeat\nNon-Repeat\n62%\n27%\n11%\n1 Service\n2 Services\n3 Services\nDeep-Rooted Client Relationships Supported by Sophisticated Go-to-Market Strategy\nExceptional service and industry expertise lay the foundation for Stax’s long-standing client relationships\nRevenue Concentration by ClientClient Tenure Mix\nClients Using Multiple ServicesRevenue from Repeat Clients\nGrowing Volume of Sell-Side Referrals from Investment Banks\nLarge Cap Private \nEquity\nMiddle Market and \nGrowth Private Equity\nHedge Funds and\nCredit Funds\nInvestment Banks\nSelect Client and Referral Channel Relationships\n(Net Revenue; $ in millions)\n$72M\n2024 Net \nRevenue\n$72M\n2024 Net \nRevenue\n$72M\n2024 Net \nRevenue\n$72M\n2024 Net \nRevenue\n\n13\nSTRICTLY CONFIDENTIAL\nStax is a Service Provider of Choice Across the Private Equity Investment Lifecycle\nProven long-term partner to sponsors and their portfolio companies during key milestones and inflection points\nPre-InvestmentHold PeriodExit\nValue CreationBuy-Side Due DiligenceSell-Side Due Diligence\nMarket and Asset \nAssessment\nEarly Due\nDiligence\nCommercial Due \nDiligence\nProfit\nX-Ray\nGrowth Acceleration \nDiagnostics\nICP\nAnalytics\nExit\nPlanning\nVendor Due \nDiligence\nOngoing Support \nThrough Exit Into \nNext Phase of \nGrowth\nNew Partner\nSelect Portfolio Company Case Studies\nEntry Point and Highlights\n▪Provider of finance, operations, and accounting software to the energy industry\n▪Acquired by Thoma Bravo in 2018 from Silver Lake\n▪Completed three buy-side engagements for private equity firms that later invested in the company, \nleading to repeat growth strategy and value creation work for Stax\n▪Seventeen projects completed to date across three private equity ownership cycles\nInitiatives Under CarlyleInitiatives Under Silver Lake\n15+ Year\nRelationship\nInitiatives Under Thoma BravoCumulative Net Revenue\nEntry Point and Highlights\n▪Provider of solutions to automate and simplify the insurance process\n▪Acquired by Roper Technologies in 2020 from Bain Capital and Vista Equity Partners\n▪Initial introduction in 2010 through a buy-side engagement for a large private equity firm\n▪Eight projects completed to date across three private equity ownership cycles\nInitiatives Under TPGInitiatives Under Bain Capital & Vista\n15+ Year\nRelationship\nInitiatives Under Roper Technologies Cumulative Net Revenue\n▪Conducted buy-side due diligence on behalf of \nCarlyle, which ultimately acquired a majority interest \nin Quorum\n▪Evaluated multiple successful add-on acquisitions\n▪Provided exit planning and sell-side support\n▪Evaluated multiple successful add-on acquisitions\n▪Provided strategy support after three-way merger\n▪Continued evaluation of expansion opportunities\n~$3.5 million~$1.8 million\n▪Assessed add-on potential and risks of an insurance \nand securities technology provider\n▪Conducted a pricing strategy and commercial \ndiagnostic to benchmark recent growth\n▪Completed a sell-side study\n▪Assessed the MGA market to inform growth strategy\n▪Completed commercial performance diagnostic\n▪Supported 3-year strategic planning\n\n14\nSTRICTLY CONFIDENTIAL\nStrong Opportunity to Accelerate Growth Through Multi-Pronged Strategy\nClear, attainable initiatives to build upon leading market position\nAttractive \nMarket Tailwinds\nPrivate equity firms are increasingly utilizing commercial due diligence \nand value optimization services for transactions and portfolio companies\nPrivate equity has shown resilient \ngrowth supporting an expanding TAM\nRising private equity inventory is driving demand for multiple \nmarket insight services over each investment’s lifecycle\n▪Scale coverage and \ncontent intersection \nacross private equity and \ninvestment banks\n▪Further scale dedicated \nbusiness development \nteam to broaden \ncoverage universe\n▪Centralize, scale, and \nmanage external \nindividual, account, and \nsubsector \ncommunications\n▪Focus on accelerating \nthe execution of M&A \nplaybook\n▪Expand into new \ngeographies, new \nservice lines, and build \nscale in existing markets\n▪Opportunistically \nevaluate larger-scale \ntransformative M&A \ntargets\nIdentify and Execute \non Acquisitions\n▪Capitalize on advisory, \nbespoke nature of work, \nand pricing umbrella \nrelative to MBB+ to \nrealize due diligence \nprice increases \nnationally and abroad\n▪Raise prices in value \ncreation to be more in-\nline with client impact, \nresults, and ROI\n▪Expand number of \naccounts with average \nproject size of $400K+ \nwith ample cross-sell \nopportunities and need \nfor multiple projects per \nyear\nExert\nPricing Power\n▪Further optimize cross-\nsell strategy to deepen \ndensity across core \naccounts through scaled \ninside sales strategy\n▪Target key private equity \nclients where \nreferenceable work \nprovides opportunity for \nfurther penetration in \nprojects that command \nmore premium bill rates\nScale Client Coverage\n▪Leverage reputation and \ndifferentiated \nexperience in key \nverticals with high win \nrates across market \nsegments\n▪Introduce new verticals \nsuch as government or \naerospace and defense \nthrough de novo efforts \nor experienced senior \nhires \nDeepen Vertical \nExpertise\n▪Capitalize on hedge \nfunds’ growing inbound \ndemand for market \nresearch \n▪Introduce new purpose-\nbuilt products such as \ntechnology due \ndiligence, financial due \ndiligence, policy and \nregulatory consulting, \noperational due \ndiligence, and ESG and \nsustainability diligence \nthrough integrated go-\nto-market approach\nExpand Capabilities \nand Client Profiles\n▪Continue building \nmomentum in the U.K. \nto expand market \npresence\n▪Strategically grow \nheadcount and client \nleadership in New York \noffice\n▪Establish local presence \nin new geographic \nmarkets through organic \ngreenfield locations in \nthe United States and \nEurope\n▪Continue to protect \nunique culture via \nplanful expansion\nBroaden Geographic \nPresence\n▪Strategically hire senior \nprofessionals to build \ndensity in core verticals \nand expand capabilities\n▪Build density across \ncurrent locations, \nexpanding \napprenticeship model to \nfurther attract and \ndevelop mid/junior \ntalent\nAttract, Develop, and \nRetain Talent\nMaximize Wallet \nShare and Cross-Sell\nGrowExpandTransform\n\n15\nSTRICTLY CONFIDENTIAL\n▪Founder-led with minimal \ninfrastructure\n▪Centralized global management \nteam\n▪Office-centric P&L▪Single global P&L\n▪Inconsistent performance \nmanagement\n▪Inconsistent pricing\n▪Inconsistent delivery \n▪Global standards and value \nproposition\n▪Product-led, content-driven\n▪Concentrated sales with little \ncollaboration\n▪Collaborative account structure\n▪Industry verticalized senior \nconsultants\n▪Research-focused▪Advisory-focused\n▪Tiered product and brand issue\n▪Decentralized, under-invested \nplatform\n▪Well-invested, integrated \ninfrastructure\n▪Purpose-built platform for pace \nof private equity\n▪Proven M&A capability\nProfessionalized Platform Poised to Support Significant Growth\nCurated strategic transition has established infrastructure to scale alongside the business as the Company enters the next phase of growth\n2022 OnwardsPre-2021\nOld FrameworkNew Foundation\n▪Established global competencies, leveling, and \ncompensation\n▪Adopted global staffing and development\n▪Upgraded teams\n▪Unified positioning and value proposition\n▪Benchmarked pricing and products\n▪Upgraded ERP and created Stax INTEL\n▪Adopted senior oversight of content generation \nand access (vertical groups, thought leadership, \nPOVs)\n▪Established brand and ramped up recruitment in \nLondon and NYC\n▪Onboarded culture in NYC\n▪Restructured Chicago\n▪Established senior apprenticeship\n▪Established consistent hybrid model\n▪Established “Regional Success” teams to partner \nU.S. seniors with EMEA client leads\n▪Structured collaborative global pipeline with \naccount collaboration groups and oversight\n▪Removed generalist Directors and Managing \nDirectors\n▪Established vertical structures\n▪Added verticalized talent\n▪Created vertical content agenda\n▪Recruited sector and product specialists\n▪Verticalized competency model for Associate \nDirector and above\n▪Created integrated workstream approach with \nClient Delivery Network\n▪Built vendor due diligence and value creation \nintegrated product (VCIP) product matrix\n▪Elevated CDD product\n▪Established product-level P&L and metrics\n▪Began tracking product cross-selling\n▪Established dedicated resourcing and coverage\n▪Established product-specific competencies\n▪Integrated and connected products, building to a \nfund/asset-life offering\n▪Constructed ARM and account tiering\n▪Further trained and developed junior sellers\n▪Established collaboration metrics\n▪Transitioned founder to Board and created \ncentralized management structure\n▪New CEO, Global Practice Leader, Chief People \nOfficer, and General Counsel\n▪Screened seniors for collaboration; retained \nhigh-quality mid-level consultants\n▪Better defined path from Associate Dir. to MD\n▪Created strategy and go-to-market framework to \nscale OpGen\n▪Created marketing and business development \nsupport framework\n▪Developed knowledge management tool\n▪Created collaboration incentives\n▪Established engagement metrics for tracking\n▪Elevated client engagement agenda\n▪Developed BI function and created Stax INTEL \nplatform\nStandardize\nVerticalize\nDiversify\nGlobalization of staffing, utilization, reporting, talent development, and pricing \nallows for consistent client experience with different coverage points\nCommercialize\nGlobalize\nProductize\n\n16\nSTRICTLY CONFIDENTIAL\nDiversified Business with Proven Growth Across All Environments\nStax’s diversified business model has proven its ability to grow across economic environments\n(1)Reflects cumulative percent change over time since 2005.\n(2)2005-2021 reflects reported financials.\n(3)Source: Dealogic. Reflects announced North American and European transactions with private equity involvement between 1/1/2005 and 12/31/2024. 2025 projection per EY.\nGreat Recession\nCOVID-19\nGreat \nResignation\nInflation\nRate \nHikes\nNet Revenue Performance Relative to the M&A Environment\n(1)\nWinners in Market Growth\nWinners in Market Contraction\n(500%)\n–\n500%\n1,000%\n1,500%\n2,000%\n20052006200720082009201020112012201320142015201620172018201920202021202220232024LTM\nMar-25\n2025E\nStax Net RevenueN.A. and U.K. PE Transaction Volume\n▪Buy-Side Commercial Due Diligence: Increasing demand of \nbuy-side services as private equity firms explore a wide range \nof investment opportunities\n▪Value Creation: Growing demand for value creation services \nas firms strive to outperform competitors by enhancing \nportfolio company performance to unlock growth and value\n▪Sell-Side Commercial Due Diligence: Increased market activity \nand favorable valuations drive companies to prepare for sale \nboosting demand for sell-side services\n▪Buy-Side Commercial Due Diligence: Steady demand as firms \nseek expert analysis to identify undervalued assets with \nrecovery potential\n▪Value Creation: Consistent value creation demand as portfolio \ncompanies face pressure to optimize operations and cut costs\n▪Sell-Side Commercial Due Diligence: Stable demand for sell-\nside services as sellers must present their businesses in the \nbest possible light\n▪Diverse Client Profiles: Ability to tap hedge fund and credit \nfund clients when topline deal-market activity slows\n(2)(3)\n\n17\nSTRICTLY CONFIDENTIAL\nCompelling Long-Term Outlook Underpinned by Track Record of Consistent Growth\nHighly attractive financial profile defined by consistent growth and impressive margins\nPro Forma Adjusted Net Revenue\nOrganic Gross Profit and Margin\nPro Forma Adjusted EBITDA and Margin\n($ in millions)\n($ in millions)\n($ in millions)\n$39\n$44\n$48\n$54\n$70\n$88\n$109\n$136\n$168\n61.0%\n62.0%\n63.1%\n59.5%\n60.5%\n61.0%61.0%61.0%61.0%\n20232024LTM Mar-252025E2026P2027P2028P2029P2030P\n$42\n$54\n$69\n$89\n$112\n$4\n$10\n$19\n$30\n$45\n$19\n$24\n$27\n$31\n$46\n$65\n$88\n$119\n$157\n29.3%\n33.5%\n35.6%\n33.3%\n36.2%\n38.0%\n39.0%\n39.9%\n40.9%\n20232024LTM Mar-252025E2026P2027P2028P2029P2030P\nOrganicAcquired\n$115\n$143\n$179\n$223\n$275\n$12\n$27\n$48\n$75\n$110\n$64\n$71\n$76\n$91\n$127\n$170\n$226\n$298\n$385\n20232024LTM Mar-252025E2026P2027P2028P2029P2030P\nOrganicAcquired\n\n18\nSTRICTLY CONFIDENTIAL\nProven Leadership Team Poised for the Next Era of Growth\nCommitted leadership team with a clear vision for the future of Stax\n(1)Client Service Network.\n(2)Operations.\nPaul Edwards\nGlobal Practice Leader\nJoined in 2005\n25+ Years of Experience\nJayson Traxler\nChief Executive Officer\nJoined in 2021\n25+ Years of Experience\nSTS Research Group\n18\nSTRICTLY CONFIDENTIAL\nMeg Macumber\nGlobal Head of \nFinance\nLeslie Regenbaum\nGeneral \nCounsel\nAmy Schoeman\nGlobal Head of \nHuman Resources\nJoe Brownell\nGlobal Head of \nMarketing\nConnor Novy\nChief of Staff, \nHead of Sales Ops\nMihaela Dumea\nDirector, Data & \nBus. Intelligence\nHazir Shafeek\nGlobal Head of \nData Insights & IT\nBrad Kuntz\nAmericas \nRegional Lead\nPhil Dunne\nEMEA \nRegional Lead\nRobert Lytle\nTransaction \nAdvisory Co-Lead\nWill Barden\nTransaction \nAdvisory Co-Lead\nVince Zosa\nValue Creation \nProduct Lead\nRoy Lockhart\nExit Planning \nProduct Lead\n2020202320242018201820222021202520242024202220222011\n20+ Years20+ Years20+ Years25+ Years10+ Years20+ Years15+ Years20+ Years35+ Years30+ Years15+ Years30+ Years15+ Years\nDEVON\nV A L U E A D V I S E R S\nYear Joined\nIndustry Tenure\nPrior Experience\n\n19\nSTRICTLY CONFIDENTIALSTRICTLY CONFIDENTIAL\n19\nStax is a Highly Differentiated and Attractive Platform\nLarge addressable market with favorable secular trends\nDifferentiated value proposition for clients magnified by expertise developed through \nhistorical project volume\nDeep relationships with diversified set of clients that have reoccurring demand\nCompelling employee value proposition to attract, develop, and retain talent\nProven management team set to sustain growth\nProfessional operating platform set to scale\nClearly-defined multi-pronged growth strategy\nProven history of long-term growth, robust margins, and strong capital efficiency\n\nIndustry Overview\n\n21\nSTRICTLY CONFIDENTIAL\n$20B\n$33B\n$68B\n$91M\nStax Services the Private Equity Sector, a Foundational and Stable End Market\nBroad end market tailwinds provide ideal environment for long-term revenue growth\nLarge and Growing Addressable Market \nIndustry Landscape\nAdvisory Firms \n2025E Stax \nNet Revenue\n2024 Global M&A\n2024 Global Private \nEquity-Backed M&A\nNorth American and U.K. \nPrivate Equity-Backed M&A\nAccounting Networks\nMBB \n\n22\nSTRICTLY CONFIDENTIAL\nStax Services the Private Equity Sector, a Foundational and Stable End Market\nBroad end market tailwinds provide ideal environment for long-term revenue growth\nGlobal Private Equity Deal VolumeU.S. Private Equity Dry Powder by Fund Size\nGlobal Private Equity Exit VolumeU.S. Private Equity-Backed Company Inventory by Age\nSource: PitchBook.\n3.2K\n5.8K\n2.8K\n6.7K\n6.9K\n7.3K\n7.6K\n7.9K\n8.3K\n8.8K\n9.3K\n9.8K\n10.5K\n11.0K\n11.3K\n11.8K\n2012201320142015201620172018201920202021202220232024\nLess than 2 Years\n2 - 5 Years\nOver 5 Years\n$0.4\n$0.6\n$0.5\n$0.6\n$0.8\n$0.8\n$0.7\n$0.8\n$0.8\n$0.6\n$0.9\n$1.7\n$0.8\n$0.8\n$0.9\n1.8K\n2.1K\n2.2K\n2.4K\n2.9K\n3.3K\n3.1K\n3.4K\n3.4K\n3.2K\n2.8K\n4.4K\n3.7K\n3.5K\n3.8K\n201020112012201320142015201620172018201920202021202220232024\nExit Value\nExit Count\n$0.6 \n$0.7 \n$0.7 \n$0.7 \n$0.9 \n$1.1 \n$1.0 \n$1.2 \n$1.3 \n$1.3 \n$1.2 \n$2.3 \n$1.8 \n$1.4 \n$1.8 \n6.5K\n7.5K\n7.9K\n7.9K\n9.6K\n10.9K\n11.0K\n12.0K\n13.4K\n14.0K\n13.7K\n20.9K\n19.6K\n17.1K\n19.1K\n201020112012201320142015201620172018201920202021202220232024\nDeal Value\nDeal Count\n $0\n $200\n $400\n $600\n $800\n $1,000\n2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024\nMiddle Market PE\nPE Megafunds\nPE Under $100M\n($ in trillions)\n($ in trillions)($ in billions)\n2010 – 2024 CAGR: 8.4%2006 – 2024 CAGR: 5.6%\n2010 – 2024 Exit Value CAGR: 5.1%2012 – 2024 CAGR: 4.9%\n\n23\nSTRICTLY CONFIDENTIAL\nMore Than $32B in TAM Opportunity for Stax’s Core Products\nBountiful growth prospects in a broad addressable market \nTotal Addressable Market Opportunity by Product\nSource: Stax Market Sizing Analysis.\nSpendVolume\nSell-Side Diligence\n$2.9B\nValue Creation\n$4.1B\nBuy-Side Diligence\n$25.6B\n$32.6B\n2024\nBuy-Side \nDiligence\n19,123 \nPrivate Equity Transactions Annually\n$1.3M \nCDD Spend Per Closed Transaction\nSources and Approach:\n▪PitchBook 2024 Global Private Equity Report\nSources and Approach:\n▪Reflects 100% attach rate to pre-LOI lean-in & LOI deals\n▪Spend per deal per Stax PE decisionmaker survey (n=50)\nSell-Side \nDiligence\n6,389 \nAnnual Exits Across PE/Founder Businesses\n$453K \nSpend Per Successful Exit\nSources and Approach:\n▪PitchBook 2024 Global Private Equity Report\n▪Stax estimate of founder-backed exits >$100M in deal \nvalue\nSources and Approach:\n▪Reflects 100% attach rate of successful exits (founder- \nand PE-owned) and 40% assumed deal failure rate\n▪Spend per deal per Stax PE decisionmaker survey (n=50)\nValue \nCreation\n56,177 \nActive Private Equity-Backed Companies\n$72K\nSpend Per Portfolio Company Per Year\nSources and Approach:\n▪PitchBook Filter for Currently Privately-held, Private \nEquity-Backed Companies (i.e., non-addon/subsidiary)\nSources and Approach:\n▪Reflects each portfolio company conducting $361K of \nVCIP spend spread annually over a five-year hold period\n▪Spend per deal per Stax PE decisionmaker survey (n=50)\n\n24\nSTRICTLY CONFIDENTIAL\nHighly Attractive and Growing Market for Stax’s Private Equity Services\nStax is well-positioned to benefit from increases in private equity activity and standardization of third-party diligence in deal-making\nTrends Appreciating the Value of TAM and Current Spend on Stax’s Services\n▪Deal volumes, exit volumes, and the total pool of private equity-backed companies continue to grow and are resilient, and \ninvestor sentiment remains positive going forward\n▪Number of new private equity deals in U.S. and Europe has grown at a 7.6% CAGR over the last ten years\nGrowing Deal Sizes and \nVolume\n▪Value and depth of consulting engagements is increasing, and consulting services are readily able to pass through increasing \nlabor costs, growing the overall spend per deal\n▪Based on a survey scale from 1 (Nice to Have/Less Important) to 7 (Need to Have/More Important), average CDD value to private \nequity funds will increase from ~4 to ~5 from five years ago to the next five years, and value creation will increase from ~5 to ~6 \nfor the same period\nHigher Average Spend \nand Scope per Deal\n▪Competitiveness for high-quality deals is increasing, and more suitors are leaning into processes overall, and earlier driven by the \ndesire to filter for good deals and the growing need for private equity to “sell management” on the value of their partnership\n▪Middle market and growth equity deal funnels (deals seen, leaned in on, and under LOI) have increased at 8.4-9.0% CAGRs, \npushing CDD opportunities beyond the currently estimated ~3 due diligence engagements per closed deal\nMore CDD Opportunities \nper Deal\n▪Third-party support for diligence and value creation efforts are increasingly becoming an industry standard, with a steadily \nincreasing portion of deals and portfolio companies hiring third-party support\n▪Pre-LOI CDD attachment rates to deals have grown from 10% in the last five years to 23% today, and 30% of portfolio companies \nutilize value creation today compared to 20% over the last five years\n(1)\nAttachment Rates Are \nGrowing Across \nProducts\nSource: Stax Market Sizing Analysis, including Stax web survey (Winter 2025, n=50).\n(1)Based on subset of middle market funds, excluding new funds, per Stax web survey (Winter 2025, n=36).\n\nService Lines\n\n26\nSTRICTLY CONFIDENTIAL\nOverview\nAdvisory Services\nContract Structure\nAverage Engagement Length\nStage of Investment Lifecycle\nTypical Referral Source\nNet Revenue\nProjects Invoiced\nAverage Revenue per Project\nClients Served\nComplementary Solutions to Address a Wide Array of Client Needs\nSuite of critical services provide a strong basis for recurring revenue and natural cross-sell opportunities across the private equity lifecycle\nBuy-Side Commercial Due Diligence\nKey Attributes\nLTM Mar\n-\n25 Highlights\n▪Evaluate potential targets, focus areas, or \ninvestment themes for sponsors\n▪Assess market dynamics and target \nalignment, competitive positioning, and \nvalue creation levers\nMarket and Asset Screening, Thesis Build, \nEarly Diligence, Commercial Due Diligence\nFixed Fee\n3-6 Weeks\nPre-Investment\nExisting Relationship\n107\n$318K\n83\nSell-Side Commercial Due Diligence\nMarket Study, Exit Planning, Vendor Due \nDiligence\n▪Ensure process readiness and enhance \ntransaction outcomes for sponsors and \nmanagement teams\n▪Articulate the exit story and provide \nactionable growth blueprint backed by \nmarket research\nFixed Fee\n4-6 Weeks\nExit\nReferral from Investment Bank or \nExisting Sponsor Relationship\n76\n$378K\n81\nValue Creation\nCommercial Excellence, Pricing & Cost Optimization, \nSales Productivity, Churn Reduction, ESG & Impact\nFixed Fee\nVaries\nHold Period\nExisting Relationship or Ongoing \nSupport Following Exit Planning\n34\n$331K\n32\n▪Drive rapid EBITDA improvement \nthroughout the investment hold period\n▪Designed for multi-year, multi-project \nrelationships to drive incumbency with \nmanagement teams and ultimately lead \nto sell-side support\n$34M$29M$11M\n\n27\nSTRICTLY CONFIDENTIAL\nBuy-Side Commercial Due Diligence\n▪Provide data-driven insights across key investment considerations (market, target company, competition, etc.)\n▪Enables private equity firms to make informed decisions by identifying potential opportunities and risks for a \nprospective investment\n▪The Company provides services during the acquisition screening and theme development phase, as well as early \ndiligence and scaled commercial due diligence in an active process\n‒Early workstreams include sector prioritization, acquisition screening, thesis build and development, red \nflag assessments, and client checks\n‒Pre-LOI workstreams include assessment of the target’s market, client dynamics and competitive \npositioning, competitive landscape, and growth opportunities\n▪Post-LOI work integrates blueprint development and growth strategy planning\n▪High level of repeat demand from long-term relationships with private equity clients\nExtension of the investment team evaluating potential platform and add-on opportunities\nLTM Mar-25 Key Stats\nIllustrative Project Timeline\nRepresentative Clients\nOverview and Typical Scope\nIllustrative Project Timeline\nKICK-OFFAlign on Final Scope and Objectives, Data Discovery\nANALYSES\nPhone-Based Interviews, Analysis of Target Data, \nOnline Review Analysis, Synthesize Research \nStreams, Develop Fact-Base\n80/20 Report, Final Read-Out\nPOST-PROJECT COLLABORATION\nWeeks ~1-4Ongoing As-Needed\nSupport First 100 Days of Hold Period, Ongoing \nValue Creation Work \nDELIVERABLES\n11%\n2018 – LTM Mar-25 \nRevenue CAGR \n107\nProjects \nInvoiced\n$318K\nAverage Revenue \nper Project\n83\nClients \nServed\n% of Net \nRevenue\n44%\n37%\n15%\n4%\nBuy-Side\nSell-Side\nValue Creation\nOther\n\n28\nSTRICTLY CONFIDENTIAL\nValue Creation\n▪Multi-phase model partnering with clients to define and execute on value creation initiatives while building \noperating discipline and sustainable improvements year-over-year\n▪Drives development of strategic growth options for expansion with an actionable roadmap for implementation\n▪Leverages the Company’s depth of sector expertise, proprietary research, and advanced analytics capabilities to \ndeliver a data-driven, evidence-based assessment of recent performance and growth potential\n▪Offering encompasses proven methodologies to define growth strategies and improve commercial excellence \nand capital efficiency\n‒Client segmentation and value proposition, channel expansion, churn reduction, pricing optimization, \nESG/Sustainability and risk, marketing, client experience\n‒AI strategic assessment and diagnostics with execution support to define, test, and scale AI initiatives\n▪Value creation services deepen and extend engagement with private equity clients around critical decisions for \ntheir portfolio companies outside of a new investment or exit period\nTargeted diagnostics and actionable growth plans to achieve desired business outcomes at various stages of maturity\nOverview and Typical ScopeLTM Mar-25 Key Stats\nIllustrative Project Timeline\nRepresentative Clients\nKICK-OFFWorking Session with Relevant Stakeholders\nPotential Growth Thesis, Client/Market/ICP Offering \nAssessment, Strategic Option Development, Risk \nAssessment and Roadmap\nPOST-PROJECT COLLABORATION\nWeeks ~1-4Ongoing As-Needed\nEnter Phase II to Build on Project Work or Support \nImplementation, Prepare for Sale Process\nInterim Update, \nWorkshop, Final Read Out\nDELIVERABLES\nANALYSES\n% of Net \nRevenue\n8%\n2018 – LTM Mar-25 \nRevenue CAGR \n34\nProjects \nInvoiced\n$331K\nAverage Revenue \nper Project\n32\nClients \nServed\n44%\n37%\n15%\n4%\nBuy-Side\nSell-Side\nValue Creation\nOther\n\n29\nSTRICTLY CONFIDENTIAL\nSell-Side Commercial Due Diligence\n▪Demonstrate strength of positioning and growth potential of the asset in preparation of exit \n▪Communicates the growth story to potential investors by providing research and analysis to define the target’s \nmarket, strength of its positioning and performance, and opportunities for expansion\n▪Stax leverages its experience working on the buy-side to address critical questions about the target that \ninvestors will focus on, including TAM, growth outlook for core market, competitive differentiation, future \nopportunities, and voice of the client\n▪Modular approach allows Stax to adjust its process and output depending on sponsor/founder involvement, \nrelevant buyer universe, and priority needs\n▪New business development for this service is focused on referrals from investment banks, as well as leveraging \nprivate equity client relationships\n‒The Company worked with 20+ investment banks in the last 24 months\n▪Natural cross-sell opportunity from momentum of sale process and intelligence gathered during engagement\n▪Reputation among private equity investors is a significant point of attraction for banks and management teams\nCollaborative thought partner throughout a sale process to articulate the asset’s positioning and growth story\nOverview and Typical ScopeLTM Mar-25 Key Stats\nIllustrative Project Timeline\nRepresentative Clients\nKICK-OFFWorking Session with Relevant Stakeholders\nTAM and Client Analysis, Risk Assessment, VDR \nPreparedness, Growth Strategy Vetting\nDELIVERABLESFinal Read-Out\nPOST-PROJECT COLLABORATION\nWeeks ~1-5Ongoing As-Needed\nDevelop Buyer-Specific Materials, Discuss with Potential \nSuitors, Onboard Findings and Recommendations at Target\nANALYSES\n% of Net \nRevenue\n62%\n2018 – LTM Mar-25 \nRevenue CAGR \n76\nProjects \nInvoiced\n$378K\nAverage Revenue \nper Project\n81\nClients \nServed\n44%\n37%\n15%\n4%\nBuy-Side\nSell-Side\nValue Creation\nOther\n\n30\nSTRICTLY CONFIDENTIAL\nStrong Institutional Knowledge Across Industries\nStax outperforms competitors by offering the highest quality and expertise across multiple end markets, while ensuring stability through diversification \nacross various industries\nNote: Data reflects LTM Mar-25 engagements and revenue mix.\n132\nEngagements\n% of Net Revenue45%\nVertical SaaS\nIndustry-Specific Apps\nEnterprise Applications\nNetwork Infrastructure\nAI & Machine-Learning\nMedia and B2C Tech\nTechnology\n25\nEngagements\n% of Net Revenue9%\nPhysician Practices\nLong-Term Care\nManaged Healthcare\nMedical Devices\nHospitals & Facilities\nPayors\nHealthcare\n15\nEngagements\n% of Net Revenue5%\nApparel\nFood & Beverage\nHospitality and Leisure\nHousehold Goods\nResidential Services\nHealth & Wellness\nConsumer\n37\nEngagements\n% of Net Revenue15%\nManufacturing\nDistribution\nTransportation\nConstruction & Engineering\nAerospace and Defense\nAutomotive\nIndustrialsServices\n64\nEngagements\n% of Net Revenue25%\nProfessional Services\nFinancial Services\nMarketing and Advertising Services\nData and Information Services\nIT Services\nEvents and Tradeshow Services\n\n31\nSTRICTLY CONFIDENTIAL\nIn-Depth Expertise in Technology and Services \nStax has effectively established a strong replicable presence in technology and service verticals, driving above-market growth and creating a playbook \nfor additional vertical expansion\nIT \nInfrastructure\nCybersecurityVertical SaaS\nHorizontal \nEnterprise \nApplications\nPayments and \nFintech \nConsumer \nTechnology and \nMedia\nTechnology \nCommercial and \nResidential \nServices \nIT Services\nEvents, \nMarketing, and \nInfo Services\nProfessional and \nAdvisory Services\nEducation and \nCrediting Services\nFinancial and \nInsurance Services\nSub-Vertical Expansion Opportunities Sub-Vertical Expansion Opportunities \n$5\n$10\n$11\n$27\n$31\n$30\n$33\n$36\n2018201920202021202220232024LTM\nMar-25\n$6\n$6\n$6\n$11\n$17\n$16\n$18\n$20\n2018201920202021202220232024LTM\nMar-25\nStrengthEvolving Focus\nServices \n72%\n6%\n7%\n(11%)\n2018-20212021-2024\nStaxMarket\n26%\n17%\n6%\n(2%)\n2018-20212021-2024\nStaxMarket\n($ in millions)($ in millions)\nStrengthEvolving Focus\nTechnology Net RevenueAbove-Market Revenue GrowthServices Net RevenueAbove-Market Revenue Growth\nStrong reputation within \nhighly penetrated market\nSub sector account targeting and \nplanning with room to build density \nGrowing average \nproject sizes \nResilient performance across \ndiverse economic conditions\nGrowing number of \nverticalized professionals \n\nClient Relationships\n\n33\nSTRICTLY CONFIDENTIAL\n44%\n37%\n15%\n4%\nBuy-Side\nSell-Side\nValue Creation\nOther\nStax Serves a Large, Diversified Client Base\n79%\n15%\n6%\nPrivate Equity\nPortCo / Corporate\nHedge Fund\nLong-tenured client base with exceptional retention, largely comprised of blue-chip private equity investors\n42%\n41%\n17%\nMiddle Market\nUMM / Large Cap\nLower Middle Market\n46%\n26%\n13%\n10%\n5%\nTechnology\nServices\nIndustrials\nHealthcare\nConsumer\nPrivate Equity Focus......Across Service Lines...\n...Split Among Market Segments......and End Markets\n(1)Reflects Private Equity and Hedge Fund clients only. Lower Middle Market defined as less than $1.5 billion AUM, Middle Market defined as $1.5 to $10.0 billion AUM, and UMM / Large Cap \ndefined as greater than $10.0 billion AUM.\nLTM Mar-25 \nby Client Type\nLTM Mar-25 \nby Service Line\nLTM Mar-25 \nby Client Size\n(1)\nLTM Mar-25 \nby Industry\n(% of Net Revenue)\n(% of Net Revenue)\n(% of Net Revenue)\n(% of Net Revenue)\n\n34\nSTRICTLY CONFIDENTIAL\nDiversified Relationships Across Service Lines\nBroad spectrum and high-quality clients across growth stages and end markets\n(1)Reflects Private Equity and Hedge Fund clients only. Lower Middle Market defined as less than $1.5 billion AUM, Middle Market defined as $1.5 to $10.0 billion AUM, and UMM / Large Cap \ndefined as greater than $10.0 billion AUM.\nRevenue Concentration by ClientNew vs. Existing ClientsRevenue Concentration by Client Size\n(1)\nBuy-Side Commercial \nDue Diligence\nSell-Side Commercial \nDue Diligence\nValue \nCreation\n(% of LTM Mar-25 net revenue)\n43%\n40%\n17%\nUMM / Large Cap\nMiddle Market\nLower Middle Market\n20%\n54%\n27%\nUMM / Large Cap\nMiddle Market\nLower Middle Market\n63%\n35%\n2%\nUMM / Large Cap\nMiddle Market\nLower Middle Market\n(% of LTM Mar-25 net revenue)\n32%\n29%\n29%\n10%\nTop 10\nTop 11 - 30\nTop 31 - 60\nAll Other Clients\n20%\n32%\n37%\n11%\nTop 10\nTop 11 - 30\nTop 31 - 60\nAll Other Clients\n57%\n43%\nTop 10\nAll Other Clients\n79%\n88%\n82%\n21%\n12%\n18%\n202220232024\nNew\nExisting\n40%\n59%\n54%\n60%\n41%\n46%\n202220232024\nNew\nExisting\n95%\n81%\n88%\n5%\n19%\n12%\n202220232024\nNew\nExisting\n\n35\nSTRICTLY CONFIDENTIAL\n73%\n27%\nRepeatNon-Repeat\nDeep Relationships with Top Clients\n▪Deep Relationships: 45% of net revenue coming from clients \nwith a tenure of 6+ years \n▪Satisfied Clients: 73% of revenue from repeat clients\n(3)\n▪No Client Concentration: No one client represents more than \n4% of net revenue\n▪Broad Relationships: 38% of clients use more than one \nservice\n(3)\n▪Strong Referral Network: 72% of sell-side engagements \nreferred from investment banks\n▪Value in Density: Clients utilizing multiple service lines incur \nover 25% higher fees per project due to complexity of scope\nDemand for strategic solutions across growth stages drives client engagement\nTop 15 ClientsLTM Mar-25 Highlights\n(1)UMM / LC = Upper Middle Market / Large Cap; MM = Middle Market; LMM = Lower Middle Market.\n(2)Reflects average tenure of top 15 clients.\n(3)Reflects 2024 data.\nSticky Relationships Drive Repeat Business\n27%\n7%\n21%\n45%\n< 1 Year1-2 Years\n2-6 Years6+ Years\nRepeat\nClients\nClient \nTenure \nMix\n(% of 2024 net revenue)\n($ in thousands)\n2023 – Mar-25 Net Revenue\nClientSize\n(1)\nBuy-SideSell-SideValue CreationOther\nTotal \nRevenue\n% of Total \nRevenue\n2023 – Mar-25\nProjects\nClient \nTenure\nClient 1UMM / LC$4,415––$642$5,0573.2%811+\nClient 2MM3,195$867$854–4,9153.1%1610+\nClient 3UMM / LC484––3,5694,0532.6%1211+\nClient 4MM1,512–1,556373,1052.0%123+\nClient 5UMM / LC1,582440911–2,9341.8%911+\nClient 6UMM / LC1,506–1,309–2,8151.8%711+\nClient 7MM6641,495559–2,7171.7%811+\nClient 8MM1,2411,172––2,4141.5%46+\nClient 9MM1,471812––2,2831.4%74+\nClient 10UMM / LC868537692–2,0971.3%511+\nClient 11MM1,415622––2,0361.3%62+\nClient 12MM804968229–2,0011.3%64+\nClient 13LMM1,336–640–1,9761.2%711+\nClient 14UMM / LC1,435–532–1,9671.2%511+\nClient 15MM1,080829––1,9091.2%63+\nTop 15$23,009$7,741$7,281$4,248$42,28026.6%1188+\nAll Others52,59344,52818,752532116,40573.4%369\nTotal$75,602$52,269$26,034$4,781$158,685100.0%487\nElliott Management\nPSG Equity\nTiger Global Management LLC\nBlue Point Capital Partners\nThoma Bravo\nCharlesbank Capital Partners LLC\nBregal Sagemount\nGridiron Capital\nRubicon Technology Partners\nHellman & Friedman\nGemspring Capital\nGreater Sum Ventures\nVarsity Healthcare Partners\nVista Equity Partners\nPeak Rock Capital\n(2)\n•To remove client names\n\nGo-to-Market Strategy\n\n37\nSTRICTLY CONFIDENTIAL\nMulti-Pronged Go-to-Market Strategy\nPurpose-built global delivery model enables new business wins without sacrificing existing client service\nVerticalized \nSenior \nProfessionals\nStrategic \nAccount \nCoverage\nCentralized \nLocation-Based \nModel\nProgrammatic \nCommunications\n15 Key Accounts with Multi-\nNational, Multi-Vertical Presence\nLarge Cap Private Equity \nand Public Investors\n22 Key Accounts with Dedicated \nTouchpoints in U.S. and U.K.\nMiddle Market \nCollaboration\n91 Key Accounts with Individual \nDefined Coverage and Tracking\nAccount Relationship \nManagement (ARM)\n98 Key Accounts with Content-\nBased Scaled Communication \nContact Accounts\nManaging Directors and \nDirectors\nIndustry Groups Define \nCoverage and Sales Effort\nCDD and Value Creation Services \nProvided by All Levels\nProduct Generalists\nNuanced Insights From \nSpecialization\nGuaranteed Production of \nHigh-Quality Content\nDedicated Client \nDelivery Network\nAdvisory-\nFocused\nProduct Led; \nContent Driven\nRepeat Value Creation Work \nfrom CDD Engagements\nClient Delivery \nNetwork\nColombo\nArticles, Tombstones, \nNewsletters, Industry Primers\nEmail and Social Media\nMarket Intelligence, Rolling \nThunder\nIn-Person Meetings\nMonthly Flywheel, Asset-Centric \nAccount “Grouping” Outreach\nIntelligence Outreach\nClient Offsites, Co-Branded \nRoundtables, Conferences\nEvents\nGlobal \nStaffing\nBostonChicagoNew YorkLondon\nGlobal Collaborative Coverage and Delivery with In-Market Business Development Capabilities\n\n38\nSTRICTLY CONFIDENTIAL\nCollaborative Approach to Client Coverage and Delivery\nCrediting system designed to maximize collective value and reward firm-building behaviors while de-risking new hires\nSales CreditDelivery Credit\nManaging Directors, Directors, and Associate DirectorsAssociate Directors, Senior Managers, and Managers\nAccount Ownership:\nAssigned owner that fosters \nrelationships throughout the \naccount\nContent Leadership:\nProvides substantive \nexpertise to help close and \ndeliver a project\nTotal Sales Credit:\nReflects the sum of an \nindividual’s contribution \nacross each role\nOriginators\nAccount \nOwnership\nContent \nLeaders\nReporting\nSplitDetail\n60%\n▪Credit shared equally between originators\n▪Tracking allows for up to three originators\n10%\n▪Limited to one person\n▪May be one of the originators\n▪Credit shared equally between content leads\n▪Ideally have multiple leads on every project\n25%\nBoundaries\n40% Cap\nNo Double \nDipping\nProject \nMinimum\n▪No individual can accrue more than 40% of the total project value\n▪Lone originators lose 20% of credit, which is returned to the firm\n▪Originators can be account owners, but they cannot accrue credit \nfor content leadership on the same proposal\n▪If project fee is less than $250K, no credit for content leadership\n▪If project fee is less than $150K, no credit for any role\nOrigination:\nSourcing of potential projects \nthrough outbound efforts or \ninbound leads\nStructure\nDelivery \nLeads\nFramework\nCredit Split\n▪Assigned by resource management based on project staffing\n▪Responsible for leading the day-to-day of a project and ensuring \nthe team is utilized efficiently\nTargets\nAssociate \nDirector\nSenior \nManager\nManager\n▪Delivery credit is a \nmeasure of success for \nmid-level consultants\n▪Delivery credit is defined \nas the total value of \nprojects a mid-level \nconsultant has delivered\n▪Total available credit for \na project is equal to the \nproject’s fee\n▪Delivery leads should be \ndifferent levels, with the \nmore senior employee \nspread across multiple \nprojects\n▪Splitting delivery \nbetween Associate \nDirectors and Senior \nManagers / Managers \nallows the Associate \nDirector to manage \nmultiple projects, \nultimately accruing a \ngreater delivery credit \nvalue\nMinimumGoal\n$3.0M\n$2.5M\n$2.0M\n$4.0M\n$3.5M\n$3.0M\n▪Delivery credit is split evenly between delivery leads regardless \nof seniority\n▪Up to two delivery leads can be associated with a project\n▪Delivery leads must spend at least 15 hours a week on projects \nto receive credit\n\n39\nSTRICTLY CONFIDENTIAL\nProject Delivery Model\nHigh-touch client service executed by efficient project teams purpose-built for the pace of private equity\nBalanced and Flexible Staffing ModelDisciplined Tracking Leads to Better Management and Consistently Strong Realization\nCrediting System Designed to Maximize Collaborative Value\nSales CreditDelivery Credit\n▪Originators (60% of project value)\n‒Credit is shared equally between originators; \ntracking allows for up to three originators\n▪Content Leaders (25% of project value)\n‒Credit is split evenly between all content \nleads; ideally have multiple content leads on \nevery project\n▪Account Owners (10% of project value)\n‒Limited to a single person; may be an \noriginator\n▪Measured in dollars and defined as the total value \nof projects a mid-level has delivered\n▪Accrue to the delivery leads; may have up to two \ndelivery leads associated with a project\n▪Delivery leads are typically different levels, but \ncredit is evenly split between both leads\n▪Associate Directors, Senior Managers, and \nManagers are the core roles responsible for \ndelivery\nDelivery (Client Service Network)\nTraditional consulting team staffed to dedicated projects on a billable model\nManaging \nDirector\nDirector\nSpend 50% of time \non billable work\nAssociate \nDirector\nSenior \nManager\nSpend 75% of time \non billable work\nManagerSenior \nConsultant\nConsultantAssociate \nConsultant\nSpend 100% of time \non billable work\nPlug-and-play project support in Colombo segmented by defined workstreams to enhance speed of delivery\nIntegrated Workflow Support (Client Delivery Network)\nIntegrated Project Leads\nLead \nto Win\nSecondary \nInsights\nData \nScience\nWeb Survey \nInsights\nExpert \nInsights\nData \nVisualization\nHighly repeatable, scalable execution process across services allows for powerful insights to be \ndelivered quickly and efficiently at an attractive price relative to competitors\nPromotes collaboration and de-risks new hires\n218226224\nProjects \nInvoiced:\n87.8%\n94.9%\n96.4%\n20232024LTM Mar-25\nRealization\n\n40\nSTRICTLY CONFIDENTIAL\nClient Delivery Network Expands Capacity to Execute\n▪50-person dedicated team in Colombo serves as plug-and-play \nproject support to enhance speed of delivery for client \nworkstreams\n▪Commercial platform built to work at the speed of private \nequity\n▪Supports U.S. and U.K. advisory in an agile and targeted way\n▪Segmented by defined workstreams with clear responsibilities \nand competency model\n▪Handles tasks of varying levels of complexity during the \nproposal and live project phases\n▪Creates additional bandwidth for the client service network to \nfocus on high-value client-facing workstreams\n▪Optimizes resource utilization through on-demand staffing \nbased on skill, capacity, and expertise\n▪Expands delivery capabilities in-line with demand while \noffering flexibility, convenience, and controllability in project \ndelivery\n▪Defined career path with strong average tenure of 9+ years \nacross integrated project leads, delivery leads, and managing \ndirectors\n▪Key members participate in management incentive plan\nPurpose-built integrated workflow support delivers sustainable growth \nTeam OverviewCommentary\nRuwindhu Peiris\nManaging Director\n(Headcount as of March 2025)\nDelivery Lead\nSr. Delivery Manager\nTeam Lead\nDelivery Manager\nSr. Delivery Manager\nDelivery Manager (3)\nTeam Lead\nDelivery Manager\nTeam Lead\nSr. Delivery Manager\nTeam Lead\nDelivery Manager\nTeam Lead\nDelivery Manager\nTeam Lead\nDelivery Manager\nIntegrated Project \nLeads\nTeam Lead\nSr. Delivery Manager\nLead (3)\nSr. Analyst\nLead (5)\nSr. Analyst\nDelivery Manager\nLead (3)\nSr. Analyst (3)\nLead to WinSecondary InsightsData ScienceWeb Survey InsightsExpert InsightsData Visualization\nLead\nSr. Analyst (4)\nAnalyst (2)\nLead (3)\nSr. Analyst (4)\nLead (2)\nSr. Analyst \nAnalyst (3)\n5\nEmployees\n5\nEmployees\n7\nEmployees\n8\nEmployees\n8\nEmployees\n7\nEmployees\n8\nEmployees\nAgile project \nmanagement and \ncentral point of \ncontact for the CSN \nSales enablement \ncapabilities from \ninitial outreach to \nproposal submission\nExtracts and \nsynthesizes \ninformation from \npublicly available \nsources\nBusiness insights and \ncapability \ndevelopment for \ninvestors and \nmanagement teams\nGather insights from \nweb surveys on client \npurchasing and \nspend dynamics, \nvendor performance\nEngages with \nexperts, competitors, \nand clients to collect \nrich insights\nVisualization \nspecialists that own \ndeliverables and \nother visualization \nelements\n\nCulture and Talent Management\n\n42\nSTRICTLY CONFIDENTIAL\nCompelling Employee Value Proposition to Attract and Nurture Top Talent\nStax has developed an attractive employee value proposition to recruit, develop, and retain top tier professionals\nDifferentiated Employee Value PropositionWinning the War for Talent\n(1)Retention of CSN professionals by skill level from 2023 year-end to 2024 year-end; reflects voluntary only.\nClient Service Network Retention by Skill Level\n(1)\nDirector HeadcountManaging Director Headcount\nUnique focus on serving and scaling with private equity clients\nIncentive model designed to reward collaboration and shared success\nHigh growth platform offering career opportunities and the chance to make a \nsignificant impact, supported by structured onboarding and fast ramp for new hires\nExpertise-focused model without exclusivity over client ownership\nAmple whitespace for career growth relative to some competitors with clear \nprogression paths and regular performance feedback\nEquity participation for Managers and above through Management Incentive Plan\nCentralized global staffing expands utilization and reduces time on bench\nSpecialization model supports long-term career development, bolstered by formal \nmentorship and learning opportunities\nCompetitive compensation model and benefits package aligned with market leaders, \nplus a strong commitment to work-life balance and well-being\nScalable infrastructure designed to foster growth and collaboration with direct access \nto senior leadership\n73%\n76%\n80%\n95%\nAssociate\nConsultant /\nConsultant\nSenior\nConsultant /\nManager\nSenior Manager /\nAssociate\nDirector\nDirector /\nManaging\nDirector\n4x \nGrowth\n5x \nGrowth\n2\n8\n2021Mar-25\n3\n16\n2021Mar-25\n\n43\nSTRICTLY CONFIDENTIAL\nTop Ranked by Industry Publications, Validated by Industry Professionals\nStellar Rankings Across Vault North America Categories\n(2)\nContinued recognition and awards reflect nature of culture initiatives the Company has meticulously implemented and managed over time\n(1)As of April 8, 2025.\n(2)Source: Vault 2024 North America Consulting Survey. Rankings and awards are based on insights from over 12,000 verified consulting professionals.\n7.3\n8.4\nIndustryStax\nInternal Mobility\n+1.1\n#10\nOverall \nDiversity\n#8\nEmployee \nSatisfaction\n#8\nLevel of \nChallenge\n#7\nPromotion \nPolicies\n#7\nInternal \nMobility\n#6\nIntl. \nOpportunity\n#5\nHealth and \nWellness\n#4\nBusiness \nOutlook\n#6\nBoutique \nConsulting\n#12\nBenefits\n#11\nInformal \nMentorship\n#10\nFormal \nTraining\n8.5\n9.2\nIndustryStax\nFirm Culture\n+0.7\nEmployee Satisfaction\n+0.8\n8.3\n9.1\nIndustryStax\n8.0\n8.8\nIndustryStax\nWork-Life Balance\n+0.8\nPromotion Policies\n+0.9\n8.1\n9.0\nIndustryStax\nTop Consulting\nFirm 2025\nFormal Training\n+1.2\n7.7\n8.9\nIndustryStax\nBest Management \nConsulting Firms 2025\nBest Firms to Work For\n2022, 2023, and 2024\nGlassdoor Overall Rankings\n(1)\nStax Big 5 Competitor\n4.4\n4.34.3\n4.2\n4.14.1\n4.0\n3.9\n3.83.8\n3.73.7\n3.53.5\n\n44\nSTRICTLY CONFIDENTIAL\nCompetitive Pay-for-Performance Compensation Model\n▪Structured to fall within the 75th percentile of the market, with top performers reaching the \n90th percentile\n‒Similar compensation strategy and banding in place for the Client Delivery Network\n‒Study underway to implement same model for Operations in 2025\n▪Salary bands ensure internal promotions are rewarded equitably without overvaluing \nexternal hires, demonstrating investment in maximizing tenure\n▪Merit-based salary increases determined by 4-point rating scale\n▪Robust benefits package and opportunity for equity ownership through Management \nIncentive Plan further enriches employees\n‒Management Incentive Plan available to Managers and above\nIncentive structure and attractive operating model strike a key balance between sustainable productivity and exciting projects\nPhilosophy and ApproachIndustry Benchmarking\n(1)\n2024 Average Cash Compensation by Skill Level\n(2)\n(1)Source: Aon 2024 Consultant Benchmarking Study. Reflects 50th percentile of compensation category by skill level for each group. MBB+ equivalent to Managing Director not available. MBB+ includes \nBain, Deloitte, EY, McKinsey, Oliver Wyman (Europe), and PwC. Tier 2 includes AlixPartners, Ankura, Chartis, Council Advisors, CRA Intl., FTI, Guidehouse, Keystone, Oliver Wyman, and Slalom.\n(2)Excludes Management Incentive Plan. \nMBB+Tier 2Stax\nACCSCMSMADDMD\n2023 Total Cash Compensation\nACCSCMSMADDMD\n2024 Cash Salary\nStax paid above market bonuses as a \npercentage of salary at all levels in 2023\nStax outpaced the market for salary \nincreases at all levels in 2024\nACCSCMSMADDMD\nACCSCMSMADDMD\n(Client Service Network; U.S. only)\n2023 Cash Bonus as % of Total Compensation2024 Cash Salary Increases\n$85\n$114\n$151\n$184\n$220\n$264\n$330\n$469\n$9\n$17\n$28\n$39\n$62\n$60\n$114\n$387\n$94\n$131\n$179\n$223\n$282\n$324\n$444\n$856\nAssociate\nConsultant\nConsultantSenior\nConsultant\nManagerSenior\nManager\nAssociate\nDirector\nDirectorManaging\nDirector\nCash BaseCash Bonus\n\n45\nSTRICTLY CONFIDENTIAL\n5\n33\n4\n3\n7\n10\n27\nManaging\nDirector\nDirectorAssociate\nDirector\nSenior\nManager\nManagerSenior\nConsultant\nConsultantAssociate\nConsultant\nStructured Recruiting Effort Provides Continuous Source of Talent\nDiversified talent pipeline ensures a steady stream of quality candidates\nOrganic Talent AcquisitionStrong Full-Time CSN Hires Across Skill LevelsSourcing Mix\nRecruiting Overview\nEarly CareersExperienced Hires\nStax targets hiring 10 Summer Associates/Co-Ops and 15 full-time Associate Consultants each year via campus targeting\nPriority Universities\nRelationships with on campus organizations \nand multiple events held per year\nOther Global Universities of Focus\nSources of recent successful hires\nCampus Targeting\nExpanded recruiting funnel to HBCUs, \nwomen’s colleges, etc.\n▪Strong track record of attracting lateral senior hires from \ncompetitors to build on existing offerings or expand into new \nareas of coverage\n▪Nearly 20% of experienced hires are sourced through employee \nreferrals\n▪Average offer acceptance rate of 73%\n▪Continued focus on driving branding efforts to improve candidate \npool\n26,000+ Applicants\n308 Interviews\n94 Offers Extended\n69 Offers Accepted\n(2024 firmwide recruiting statistics)(2024 – YTD Mar-25 new hires)(% of 2024 – YTD Mar-25 new hires)\n58%\n20%\n17%\n5%\nDirect Hire\nCampus\nReferral\nAgency\n\n46\nSTRICTLY CONFIDENTIAL\nWell-Defined Competency Model with Multiple Channels for Feedback\nCompetency and task relevant maturity models serve as the foundation to standardize feedback and expectations for each skill level across locations\nTask Relevant Maturity Model Provides Granular View of Task-Specific Proficiency\nImpact\nEnables global \nstaffing\nUnifies quality of \ndelivery\nProvides clarity and \nconfidence around \npromotion criteria\nEmphasizes merit-\nbased success \nmodel\nCore Consulting SkillsCommercial LeadershipSelf LeadershipPeople and Culture Leadership\nFeedback Facilities Development of Core Skills\nUse Case\n▪Used during project evaluations to assess \nconsultants’ technical effectiveness in \nspecific tasks and evaluate technical \ndevelopmental areas\nComponents\n▪Task category (e.g., survey \nmanagement)\n▪Specific tasks (e.g., survey design)\n▪Maturity levels\nGoal and Purpose\n▪Shift focus to skill level when completing a \ntask\n▪Standardized, efficient project feedback\n▪Differentiates expectations for same task \nacross levels\n▪Focuses on both qualitative and quantitative measures\n▪PowerBI performance dashboard\n▪Project feedback, debriefs, mid-year and year-end reviews\n▪Feedback on non-project Initiatives\n▪360 Feedback: upward, recognitions, special projects and \ninitiatives\n\n47\nSTRICTLY CONFIDENTIAL\nSignificant Opportunity for Upward Mobility\nStandardized career trajectory enables strong performers to progress through the organization\nClient Service Network Career Path\n(1)\n(1)CDN professionals have a similarly defined career path and competency model.\n(2)Reflects internal promotions from 2022 through Mar-25. Associate Consultant promotions reflect interns and co-ops that rejoined the Company as full-time employees.\n(3)Reflects the number of 2024 – YTD Mar-25 internal promotes as a percentage of employees that joined as or assumed a given skill level in 2024 – YTD Mar-25.\nAssociate ConsultantConsultantSenior Consultant\nManagerSenior ManagerAssociate Director\nDirector\nManaging Director\nProject FundamentalsWorkstream ExecutionDelivery ExcellenceProject ManagementProject ManagementClient Management\nBusiness Planning and \nExecution\nBusiness Planning and \nExecution\n▪Independently owns \nprimary workstream\n▪Capable of owning \nmultiple workstreams\n▪Drives full execution of \nworkstreams\n▪Takes ownership of \nnarrative\n▪Begins to gain \nverticalized expertise\n▪Provides strategic \ninsights and content \nexpertise\n▪Drives engagement \nsuccess and manages \nclient expectations\n▪Accountable for quality \nand efficiency of \ndelivery\n~12-Year Average Progression from Associate Consultant to Managing Director\nManaging Director7\nDirector8\nAssociate Director 14\nSenior Manager 8\nManager 14\nSenior Consultant 28\nConsultant 38\nAssociate Consultant 13\nCumulative Internal Promotions\n(2)\nHome-Grown Employees\n(3)\nManaging Director50%\nDirector40%\nAssociate Director20%\nSenior Manager 50%\nManager 57%\nSenior Consultant 59%\nConsultant47%\nAssociate Consultant 23%\n\n48\nSTRICTLY CONFIDENTIAL\nIn-House Training Amplifies Long-Term Career Satisfaction and Employee Potential\nTraining and development is a core tenet of Stax\nNote: Stax also hosts Stax Academy–a learning platform offering training modules to local youth and potential CDN talent–in Colombo, Sri Lanka.\n▪Skill-based training to support consultants during ramp period\n▪Formal sessions via classroom and in-project training for 1-4 \nweeks depending on seniority; subsequent project shadowing \nfor an additional 2-4 weeks\n▪Company and Operations Sessions covering internal resources \nand capabilities\n▪People Team Sessions covering benefits, resource \nmanagement, and professional development\n▪Delivery Excellence Sessions\n‒Getting Smart, Primary Research, Intro to Surveys, \nSecondary Research and Major Data Sources, Effective \nGuides Writing, Intro to Market Modeling, Business Writing, \nCreating Deliverables and Slides\nOnboarding\n▪Five to eight classroom hours per quarter, with additional on-\nthe-job and individual development plan (IDP) training\n▪Stax 2.0 Upskill Series\n‒Industry and Market Knowledge Sharing\n‒Productivity Tools\n‒Best Practice Alignment\n▪Half-Day Trainings by Level\n‒Senior Consultant: Effective Workstream Management, \nStoryboarding 101, Effective Communication, Delegation \nand In-Project Training\n‒Manager: Stax Project Management Playbook, Verticals and \nPractice Overview, Stax Mentor Model, Running Effective \n1:1s\n‒Senior Manager and Associate Director: Intro to Client \nManagement, Leveraging Coaching in People Development\n‒Director: Building your Book of Business, Building Effective \nTeams\n▪Personal Development and Culture Fundamental Series\n‒Self Accountability, Building a Feedback Culture, Resilience\nTraining Academy\n▪Development Programs\n‒Apprenticeship-based learning where employees develop \nthrough hands-on experiences, mentorship, and a \nfeedback-driven learning environment\n‒International exposure to facilitate global collaboration, \nstandardization of best practices and culture integration\n‒Employees receive performance feedback every few weeks \nthrough forms, debriefs, and more\n‒Internal training programs tailored to develop deep \ntechnical and management skills\n▪Communication and Transparency\n‒Regular town halls and leadership meetings, including firm-\nwide updates, senior meetings, and role-specific discussions\n‒Structured feedback mechanisms with performance \ndashboards to consolidate feedback, career progression \nmetrics, and training outcomes\n▪Flat Hierarchy and Leadership Access\n‒Employees at all levels have direct access to leadership\n‒Weekly leadership lunches, open-mics, and social initiatives \nacross offices\n▪Mentorship and Career Development\n‒Internal mentorship program and global staffing model \nfacilitates rapid employee development and connection\n‒Peer coaching initiatives to support career growth\n‒Mentors are accountable for supporting mentees, providing \nadvice and guidance based on development needs\nProfessional Development and Mentorship\nStructured \ntraining for all \nemployees, \nnew or old...\n...with \nnumerous \navenues for \ncontinuing \neducation\nAND\nAND\n\nOperations and Platform\n\n50\nSTRICTLY CONFIDENTIAL\nData-Driven, Purpose-Built Financial and Business Operations\n▪Data and reporting created to optimize every level of the professional services \neconomic value chain from opportunity generation to cash collection\n▪Real-time access to key business and operational KPIs enhances data-driven \ndecisions, including informed forecasting and opportunity tracking, improved capacity \nplanning, financial management, and prioritization\n▪Democratizes data through custom-built PowerBI visualizations, a user-friendly \ndesign, and robust training initiatives to empower users\nReal-time data enables agile management of the business against key indicators\nOverview of Stax INTEL\nInitiatives Focused on Driving Growth and Operational SustainabilityDashboards and Reports\nResource \nManagement\nProject \nManagement\nExpense \nManagement\nInvoice \nOversight\nRealization\nRevenue and \nDelivery Credit\nBillability and \nUtilization\nRevenue \nTracker\nA/R Analysis\nPerformance \nDevelopment\nClient Contract \nStatus\nRates and \nPricing\nLiberation of Data\n“Giving smart people the \nright data enables them to \nmake smart decisions”\nRobust, Transparent Reporting Improves Business Outcomes\nData Warehouse\n\n51\nSTRICTLY CONFIDENTIAL\nEarly AI Adoption Enhances Delivery Quality and Efficiency\n▪Improves speed and quality of analysis while creating high \ncaliber “architected” data for future use\n▪Cleans primary data for use with generative AI, searches for \nrelevant quotes, and interrogates transcripts to structure \nproject analyses \n▪Extends the utility of architected data for use cases beyond \ninitial project work\n▪Generative AI embedded into everyday use and broader \nworkflows to drive quality and speed enhancements\n▪Accelerates and strengthens thought-oriented processes at \nscale (slide review, eminence feedback, etc.)\n▪Integrations and connectivity with existing systems\nStreamlined access to proprietary data is paramount to sustained competitive advantage \nOverview of AthenaWorkflow Tools\nKnowledge management tool developed in-house dramatically lowers search barriers and accelerates access to depth of \ninstitutional knowledge; platform draws from over five years of Stax intellectual property to produce the relevant projects, \nslides, and Stax experts\nUsers can explore results at project and \nslide levels\nAthena transforms the ROI of searching \nfor Stax knowledge, unlocking previously \nunfeasible use cases\nIncorporates Athena Chat, an AI model \ntrained on Stax’s repository of knowledge\nProject \nInsights\nJunior\nEmbedded \nGen AI\nGPTs\nUser Prompt\nPrior Insights\nRelevant Slides\nPreviously \nUsed Experts\nResearch \nApproach\nProject Teams\nExpert Interview \nTranscripts\n1,100+\nDeliverables\n700+\nProposals\n75,000+\nSlides\n50,000+\nInterviews\n\n52\nSTRICTLY CONFIDENTIAL\nWorld-Class Leadership Team Operates an Efficient Client-Centric Organization Structure\nStax is led by a highly experienced, motivated, dynamic, and diverse senior team\nNote: Headcount as of March 2025. Client Service Network excludes two Research Associates paid hourly.\n(1)Includes 44 Operations employees in the United States, United Kingdom, and Sri Lanka.\nClient Service NetworkIntegrated Global Operations Team\n(1)\nClient Delivery Network\nAmy Schoeman\nGlobal Head of HR\nMeg Macumber\nGlobal Head of Finance\nLeslie Regenbaum\nGeneral Counsel\nJoe Brownell\nGlobal Head of Marketing\nConnor Novy\nChief of Staff and Head of Sales \nOperations\nHazir Shafeek\nGlobal Head of Data Insights & IT\nRuwindhu Peiris\nManaging Director\nPaul Edwards\nGlobal Practice Leader\nRegional Lead\n2\nManaging \nDirector\n9\nProduct Lead\n4\nDirector\n8\nSenior Manager\n8\nAssociate \nDirector\n9\nManager\n9\nConsultant\n21\nSenior \nConsultant\n18\nAssociate \nConsultant\n39\nDelivery Manager\n8\nSenior Delivery \nManager\n4\nLead\n17\nAnalyst\n6\nSenior Analyst\n14\nExecutive Leadership Team\nJayson Traxler\nChief Executive Officer\nMihaela Dumea\nDirector, Data and Business \nIntelligence\n\n53\nSTRICTLY CONFIDENTIAL\nWell-Invested Operational Platform Built to Serve Private Equity\nDeep bench of integrated global support functions designed to drive growth and operational efficiency\nNote: Headcount as of March 2025.\nMeg Macumber\nGlobal Head of Finance\nAmy Schoeman\nGlobal Head of Human Resources\nJoe Brownell\nGlobal Head of Marketing\nLeslie Regenbaum\nGeneral Counsel\nConnor Novy\nChief of Staff / Head of Sales Operations\nPeople Operations (5)Marketing Strategist (4)\nFinance, IT, and Business OperationsHuman ResourcesMarketingLegalData and Business IntelligenceSales Operations\nHazir Shafeek\nGlobal Head of Data Insights and IT\nCompliance and GovernanceSales Operations\n11\nEmployees\n6\nEmployees\n6\nEmployees\n3\nEmployees\nJayson Traxler\nChief Executive Officer\nMihaela Dumea\nDirector, Data and Business Intelligence\nController\nHead of Business Operations\nProfessional Development (2)\nTalent Acquisition (2)\nHR Business Partner\nProduction ManagerLegal CounselFinancial Insights and BI\nDigital Engineering (3)\nCommercial Strategy and Enablement (2)\nIT and Help Desk Support (4)\nFinance and Accounting (6)\nPayroll and Benefits\nFinancial Sponsors Coverage\n3\nEmployees\nStax can scale revenue without adding significant operations headcount\n23\nEmployees\nAdministrative (8)\n\nGrowth Strategy\n\n55\nSTRICTLY CONFIDENTIAL\nMulti-Pronged Growth Strategy Drives Confidence in the Next Chapter of the Company\nTangible and achievable organic growth in the near term with substantial opportunity to drive additional value creation via M&A\n▪Strategically hire senior \nprofessionals to build \ndensity in core verticals \nand expand capabilities\n▪Build density across \ncurrent locations, \nexpanding \napprenticeship model to \nfurther attract and \ndevelop mid/junior \ntalent\nAttract, Develop, \nand Retain Talent\n▪Continue building \nmomentum in the U.K. \nto expand market \npresence\n▪Strategically grow \nheadcount and client \nleadership in New York \noffice\n▪Establish local presence \nin new geographic \nmarkets through organic \ngreenfield locations in \nthe United States and \nEurope\n▪Continue to protect \nunique culture via \nplanful expansion\nBroaden Geographic \nPresence\n▪Capitalize on advisory, \nbespoke nature of work, \nand pricing umbrella \nrelative to MBB+ to \nrealize due diligence \nprice increases \nnationally and abroad\n▪Raise prices in value \ncreation to be more in-\nline with client impact, \nresults, and ROI\n▪Expand number of \naccounts with average \nproject size of $400K+ \nwith ample cross-sell \nopportunities and need \nfor multiple projects per \nyear\nExert \nPricing Power\n▪Focus on accelerating the \nexecution of M&A \nplaybook\n▪Expand into new \ngeographies, new \nservice lines, and build \nscale in existing markets\n▪Opportunistically \nevaluate larger-scale \ntransformative M&A \ntargets\nIdentify and Execute \non Acquisitions\n▪Further optimize cross-\nsell strategy to deepen \ndensity across core \naccounts through scaled \ninside sales strategy\n▪Target key private equity \nclients where \nreferenceable work \nprovides opportunity for \nfurther penetration in \nprojects that command \nmore premium bill rates\nMaximize Wallet \nShare and Cross-Sell\n▪Scale coverage and \ncontent intersection \nacross private equity and \ninvestment banks\n▪Further scale dedicated \nbusiness development \nteam to broaden coverage \nuniverse\n▪Centralize, scale, and \nmanage external \nindividual, account, and \nsubsector communications\nScale Client \nCoverage\n▪Leverage reputation and \ndifferentiated \nexperience in key \nverticals with high win \nrates across market \nsegments\n▪Introduce new verticals \nsuch as government or \naerospace and defense \nthrough de novo efforts \nor experienced senior \nhires \nDeepen Vertical \nExpertise\n▪Capitalize on hedge \nfunds’ growing inbound \ndemand for market \nresearch \n▪Introduce new purpose-\nbuilt products such as \ntechnology due \ndiligence, financial due \ndiligence, operational \ndue diligence, and ESG \nand sustainability \ndiligence through \nintegrated go-to-market \napproach\nExpand Capabilities \nand Client Profiles\nGrowExpandTransform\n\n56\nSTRICTLY CONFIDENTIAL\nWiden Referral Channel to Optimize Business Development Efforts\nCultivate and expand business development relationships with large cap private equity firms \nBroaden and Deepen Large Cap Private Equity Relationships \n$8.3M\n$11.0M\n2018 - 20212022 - LTM Mar-25\nGrowth Plan Current Strengths \n▪Proactively enhance and revitalize partnerships with large \ncap clients\n▪Reposition value proposition as a trusted advisory partner\n▪Schedule regular in-person meetings to strengthen \nconnections\n▪Prioritize targeted outreach and proposals aimed \nspecifically at large cap opportunities\n▪Fosters collaborative partnerships, ensuring alignment with \nthe long-term objectives of large cap clients\n▪Strong brand recognition among large cap funds facilitates \nmarket entry for new large cap clients\n▪Strategic account coverage plan across large cap funds \nenhances relationships and drives customer stickiness \nLargest Private Equity Firms\n(1)\n(1)Source: Private Equity International. Dollars in billions. Ranking based on private equity capital raised between 1/1/2019 to 12/31/2023. Excludes credit, secondaries, and real asset focused \nmanagers. Shading reflects Stax project counts between 2018 and Mar-25.\n(2)Reflects average annual revenue from Large Cap Private Equity and Public Investor key accounts designated as of Q1-25.\n1-5 Projects6-10 Projects11+ Projects\nNo.SponsorRaised\n1\nBlackstone$124\n2\nKKR$103\n3\nEQT$99\n4\nCVC Capital Partners$78\n5\nTPG$62\n6\nThe Carlyle Group$60\n7\nThoma Bravo$59\n8\nAdvent International$53\n9\nWarburg Pincus$52\n10\nHg$51\n11\nCD&R$50\n12\nSilver Lake$49\n13\nHellman & Friedman$47\n14\nVista Equity Partners$45\n15\nGeneral Atlantic$43\nNo.SponsorRaised\n16\nClearlake Capital$43\n17\nGoldman Sachs$42\n18\nLeonard Green$41\n19\nTA Associates$40\n20\nPermira$37\n21\nBain Capital$37\n22\nInsight Partners$35\n23\nCinven$35\n24\nGenstar Capital$32\n25\nFrancisco Partners$30\n26\nAres Management$30\n27\nApollo Global$29\n28\nPartners Group$28\n29\nBridgepoint$23\n30\nGTCR$23\nDirect experience on \nprior transactions\nVertical and product \nsector expertise\nBalanced approach between \ncomplex situations and \ntailored need \nBetter value for add-ons that \ndo not need breadth/depth\nStax Large Cap Value Proposition\nNet Revenue from Key Large Cap Accounts\n(2)\n\n57\nSTRICTLY CONFIDENTIAL\nWiden Referral Channel to Optimize Business Development Efforts\nCultivate and expand business development relationships with investment banks\nU.S. M&A League Tables\n(1)\nGrow Investment Banking Referral Channel\n(1)Source: Dealogic. Reflects transactions announced between 12/31/2014 and 12/31/2024 with private equity involvement. Shading reflects Stax project counts between 2018 and Mar-25.\nStrengthen Existing Investment Bank RelationshipsFoster Relationships with New Investment Banks\n▪Investment banks provide a pipeline of sell-side \nopportunities through client referrals\n▪Ongoing dialogue and recurring touchpoints provides \nintelligence on in-market buy-sides and potential value \ncreation opportunities\n▪Growing breadth and depth of content provides \nreferenceable work to expand scope of service\n▪Demonstrate capabilities to preeminent investment banks \nthat have historically been an unlikely referral source to \npenetrate additional pockets of the market\n▪Leverage network of lateral hires, geographic expansion, \nand expanded verticals of coverage to develop \nrelationships with specialized regional and industry \nboutiques\nRoom for Additional Wallet Share with Key Recent \nInvestment Banking Partners\nSignificant Opportunity for Business Development in \nthe Broader M&A Market\n1-5 Projects6-10 Projects11+ Projects\nNo.AdvisorDeals\n1Houlihan Lokey904\n2Goldman Sachs762\n3Jefferies631\n4William Blair552\n5JPMorgan547\n6Morgan Stanley514\n7Baird505\n8Lincoln Intl.456\n9Piper Sandler453\n10UBS434\n11Raymond James383\n12PNC Bank363\n13Moelis355\n14Bank of America351\n15Evercore346\nNo.AdvisorDeals\n16Lazard315\n17Barclays307\n18Citi295\n19Stifel257\n20RBC248\n21Rothschild236\n22Canaccord215\n23KeyBanc180\n24Guggenheim160\n25BMO142\n26Deutsche Bank139\n27Centerview133\n28Truist130\n29Macquarie119\n30KPMG108\nNet Revenue from Sell-Sides Referred by Investment Banks\n$1.0M\n$1.1M\n$13.3M\n$18.0M\n$20.6M\n2018202020222024 LTM Mar-25\n\n58\nSTRICTLY CONFIDENTIAL\nMaximize Wallet Share and Cross-Sell Opportunities with Existing Clients\nUpsell core offerings to capture larger share of deal volume within established private equity relationships\nExpansion of OfferingsSignificant Whitespace Available Within Current Client Base\nValue Creation\nEmbedded Data \nAnalytics and \nSustainability\nAI Diagnostic, Piloting, \nand Scaled Adoption\nInitiative Deployment, \nMarket Piloting, and \nGrowth Office \nGovernance\nSell-Side \nCommercial \nDue Diligence\nScale Dedicated \nResources to Optimize \nPitch and Delivery \nProcess\nExpand Sales Team to \nDeepen Content \nCoverage to Facilitate \nBank Penetration\nFurther Integrate \nBusiness Units to \nMaximize Value of \nMarket Intelligence \nAcross Offerings\nBuy-Side \nCommercial \nDue Diligence\nIncrease Coverage \nVerticals to Better Serve \nFunds with Broad \nInvestment Theses\nFill Content and \nExpertise Gaps to Elevate \nDelivery to Higher-\nVolume Upper MM and \nLarge Cap Sponsors\nTarget Additional Public \nEquity Investors to \nFurther Diversify Profile \nof Transactions \nEvaluated\nPrivate Equity Client Count\nEstimated Current Serviceable Available Market (SAM) Penetration\n~2% \nPenetration of \nICP Estimated \nSpend\n~5% \nPenetration of \nCurrent Client \nEstimated \nSpend\nStrong right to grow through wallet share \nand new logo expansion with ~$1.3 billion in \nattainable whitespace across core products\nCurrent vs. Target Service Line Mix\nTBU?\n75\n100\n129\n20192021TTM Mar-25\n44%\n37%\n15%\n4%\nBuy-Side\nSell-Side\nValue Creation\nOther\nLTM \nMar-25\n37%\n37%\n24%\n2%\n2030P \nOrganic\n~$0.1M\n~$1.3M\n~$3.2M\n~$5.2M\nCurrent Stax Revenue\nwithin SAM\nEstimated SAM within\nCurrent Clients\nMiddle Market Ideal Client\nProfile (ICP) SAM\nNorth America and U.K.\nTotal SAM\n\n59\nSTRICTLY CONFIDENTIAL\nAttract, Develop, and Retain Talent to Capitalize on Growth\n▪Dedicated and growing talent acquisition team manages the hiring funnel to identify \nand pursue candidates with experience to strengthen core offerings or expand areas \nof coverage\n▪Continued branding initiatives and increased visibility online will yield additional hires \nfrom a broader pool of candidates\n▪Proven ability to attract senior- and mid-level hires with experience at top-tier firms\nContinue winning talent through targeted recruitment efforts and growth-oriented culture\nStrategic Approach to Fostering Junior Growth Lateral Experienced Hire Recruiting\nOrganic Client Service Network ExpansionProjected Growth in Productivity\nNet Revenue per Director and Managing Director\nProjects Invoiced per Director and Managing Director\nDirector and Managing Director HeadcountAll Other CSN Headcount\nConsulting \nSkills\nDevelopment \nPrograms\nProject Delivery Excellence Series: Primary, secondary, survey, and modeling \ntraining\nAssociate \nConsultants and \nConsultants\nSenior \nConsultants and \nManagers\nProject Management Excellence Series: Project management and economics, \nstoryboarding, running effective team meetings, and presentation training\n▪Proven track record of developing young talent within Stax, leading to a strong team \nof tenured senior employees contributing the sustained success\n▪Recruiting junior talent has enabled employees to acquire foundational skills \neffectively and efficiently\n▪Onboarding young talent has fostered adaptability to Stax practices and strengthened \nemployee loyalty\n24\n25\n36\n49\nMar-252025E2028P2030P\n106\n122\n180\n246\nMar-252025E2028P2030P\n10.8\n11.4\n12.0\n12.5\nLTM Mar-252025E2028P2030P\n$3.9M\n$3.7M\n$4.7M\n$5.4M\nLTM Mar-252025E2028P2030P\n\n60\nSTRICTLY CONFIDENTIAL\nProven Vertical Expertise and Journey\nRoom to build subsector density in core verticals, as we as deepen expertise in other targeted industry verticals\nCurrent Vertical MaturityVertical Growth Opportunities\nStrong Growth within Key Verticals Expansion Opportunities within Core Verticals \n$5\n$10\n$11\n$27\n$31\n$30\n$33\n$36\n$6\n$6\n$6\n$11\n$17\n$16\n$18\n$20\n$11\n$16\n$18\n$39\n$48\n$46\n$51\n$56\n2018201920202021202220232024LTM\nMar-25\nTechnologyServices\n(Net Revenue; $ in millions)\n▪Organized depth and breadth of referenceable work\n▪Subsector expertise\n▪Sector-specific senior recruitment \n▪Scaled sector-specific maturity and communication\n▪Subsector account targeting and planning\n▪Vertical planning\n▪Increase in opportunity volume \n▪Increase in win rate \n▪Increase in average project size\n▪Expansion in private equity and investment banking \naccounts leveraging Stax within a vertical \n▪Above market performance \n▪Outsized opportunities through investment banks and large \ncap private equity \nVertical EnablersImpact\nPlan to leverage existing verticals to deepen market presence \nand strategically expand into new sectors, will drive \nsustained growth\nIndustrials \nTechnology \nServices \nHealthcare \nAerospace & \nDefense \nConsumer\nGovernment \n& Public \nImpact\nEnablers\nFully EvolvedDevelopingExpansion Verticals \n2018 – LTM Mar-25 CAGR: 30%\n\n61\nSTRICTLY CONFIDENTIAL\nExpand Capabilities and Client Profiles\nStax’s focus on relationships cultivates a deep understanding of clients' needs and the specific areas where they require assistance\nDeal-Related ServicesNon-Deal Related ServicesClient Type Expansion\n▪Presence and \ndemonstrated \nsuccess in \nsupporting software \nand technology \nengagements \ncreates natural \navenue for \nexpansion\n▪Ingrained cross-sell \nfrom standard \ncommercial \ndiligence and value \ncreation projects\nTechnology Due \nDiligence\n▪Well-defined and \nsynergistic offering, \nnatural extension of \nexisting value \ncreation \nengagements\n▪Accelerated entry \nfeasible via hiring or \nM&A, healthy \npipeline of potential \ntargets\nProcurement \nOptimization\n▪Natural extension of \nvalue creation to \nimplement best \npractices observed \nin premium assets \nacross industries\nOperations \nPlanning and \nOptimization\n▪Rising need for \nassessment of risks, \ninefficiencies, and \noperational gaps as \ncompanies face \nincreasing scrutiny \nfrom potential \ninvestors during \ndiligence\nOperational Due \nDiligence\n▪Enable Stax to \ncapitalize on the \ngrowing market for \ndebt investments \nand drive demand \nduring economic \ndownturns by \nleveraging credit \nfunds' insulation \nfrom M&A market \nfluctuations\nCredit Funds \n▪Foster long-term \nrelationships that \nendure through \neconomic \ndownturns, \ngenerating a steady \npipeline of new \nclients across family \noffice portfolios\nFamily Offices\n▪Demonstrated \nsuccess \ntransitioning from \nM&A to hedge fund \nclients during \neconomic \ndownturns, \nleveraging large \nclients to generate \nrecurring demand \nfor market research \nacross economic \ncycles\nHedge Funds \n▪In-demand offering \nof critical focus for \nprivate equity \ncompanies as AI \nstrategy becomes \n“need-to-have” and \neffective AI \nintegration \nbecomes a key \nsource of private \nequity value \ncreation\n▪Potential to serve \nprivate equity funds \n(broad fund-level AI \nstrategy) and each \nportfolio company\nAI Enablement \nand Deployment\n\n62\nSTRICTLY CONFIDENTIAL\nStrategically Expand Geographic Footprint\nOpportunity to strategically expand into new geographies and expand within current markets\nOpportunistic Regional ExpansionCapitalize on Momentum in Additional Geographies\nDemonstrated organic expansion \nin Chicago and New York\nSuccessful inorganic growth in London\nSignificant opportunity to grow \nwallet share in existing markets\nIntegrate planful culture and process \nexpansion into new markets \nReplicating the Stax Engine overseas – \nRaise the Profile, Build the Team\nBuy-Side, Sell-Side, Value Creation\n5+ Verticals\nMiddle Market and Large Cap Focus\n30+ Consultants\nAcquired in October 2022 to \nfacilitate U.K. expansion\nCDD Focus\nPrimarily Events\nLower Price Point\n10 Consultants\nComplete MBB+ transition to autonomous, \nself-sustaining, integrated machine\nBuy-Side, Sell-Side, Value Creation\n10 Verticals\nMiddle Market and Large Cap Focus\n40+ Consultants\n2025-2030Today\n2025-2030Today\nKey Selection Factors for New Markets\n✓Proximity and expertise \n✓Ability to have cultural alignment \n✓Sizable private equity market \n✓Available talent\n✓Existing client density \n✓Competitive differentiation\nGrowth Framework\nTexas and \nCalifornia\nNordics and \nDACH\nBoston\nNew York and \nChicago\nLondon\nInorganic Expansion\nKey Accomplishments to Date\nU.K. Private Equity and Transactional Net Revenue\nDirector and Managing Director Headcount\nChicagoNew YorkLondonBoston\n$0.9M\n$2.9M\n20222024\n2\n7\n2022 25-Mar\n44\n2022 25-Mar\n6\n12\n2022 25-Mar\n0\n1\n2022 25-Mar\n\n63\nSTRICTLY CONFIDENTIAL\nOpportunity to Further Capture Pricing Through Advisory Journey\nStax’s compelling value to its clients, along with higher pricing by competitors, creates favorable environment for price increases\nShift to Content Advisory Unlocks Further Pricing OpportunitiesTrack Record of Successful Increases in Client Value \nAverage Client Service Network Bill Rate\nAverage Director and Managing Director Headcount\nDirector and Managing Director Billable Hours\nTypical Engagement Price\n$100K$250K$500K$800K-$1M\nBreadth and Depth of Offering\nStax is positioned to capture \npricing consistent with client \nimpact, results, and ROI delivered \nwithout risking relationships\nUpper / Middle Market & Growth Funds\n(Europe)\nPurposeful Shift to “Strategic Advisory” Drives Increased Pricing\nDeliver DataDeliver ResearchDeliver Strategy Deliver Advisory\n$353\n$420\n$429\n$449\n$493\n$542\n202220242025E2026P2028P2030P\n10\n18\n23\n27\n36\n49\n202220242025E2026P2028P2030P\n7,105\n8,854\n11,044\n13,052\n18,210\n25,374\n202220242025E2026P2028P2030P\n\n64\nSTRICTLY CONFIDENTIAL\nTargetRegion\nCapabilitiesAcquisition Type Revenue\nCompany ASoutheastTechnology due diligence and value creationTransformational~$80M\nCompany BSouthwestGo-to-market performance improvementTransformational~$75M\nCompany CUnited KingdomCommercial due diligenceTransformational~$50M\nCompany DMidwestPricing strategy and performance improvementTransformational~$75M\nCompany EMidwestOffice of the CFO and financial due diligenceTransformational~$75M\nCompany FUnited KingdomHealthcare commercial due diligence Tuck-In~$10M\nCompany GNortheastCommercial due diligenceTuck-In~$7M\nCompany HSouth CentralDefense commercial due diligenceTuck-In~$15M \nCompany INortheastPrivate equity performance improvement Transformational~$50M\nCompany JWestSoftware and tech based due diligence Tuck-In~$10M\nCompany KSouth CentralTech due diligence and value creation Tuck-In~$10M\nCompany LSouthwestTech due diligence and office of the CTOTuck-In~$8M\nUnited Kingdom Commercial due diligence Tuck-In~$5M\nMid-Atlantic Defense commercial due diligenceTuck-In ~$15M\nTotal~$485M\nSignificant Value Accretive M&A Opportunity and In-House Expertise \n▪Leverages CEO's experience in professional services strategy and corporate development\n▪M&A is evaluated on a risk adjusted continuum and compares opportunities such as greenfield expansion, \nacqui-hires, and acquisitions\n▪Stax maintains a strict acquisition investment criteria that must satisfy proven \"Deal Equation\" across \nmultiple dimensions\n‒Strategic Fit: Enhance defined product offering, industry expertise, or geography\n‒Cultural Fit: Similar margin and KPI profile and positive purchase price multiple\n‒Economic Fit: Ability to thrive within Stax business model\n▪Established and repeatable integration playbook with emphasis on a “day-one” plan\nStax has invested in the transition from founder-owned business to a world-class operating platform of scale and is positioned to grow via acquisitions\nStax is an Acquirer of ChoiceRobust and Selective M&A Criteria and Integration Process\nAreas of Focus When Evaluating M&A\nIllustrative Acquisition Target List\nCapitalize on cross-selling and repeat client demand\nHighly specialized expertise to provide actionable, data-driven answers for clients\nDifferentiated culture and operating model generates wins in the “war for talent”\nAdditional resources that come from a larger company\nEquity value creation opportunity through incentive plan\n1\n2\n3\n4\n5\nConsulting is a highly fragmented market with opportunity for M&A\nA- Crosslake\nB –SBI\nC- CIL\nD - Insight2Profit\nE - E78\nF - Candesic \nG - Arnovia \nH - Next F&D\nI - Beck Way \nJ – PASG\nK - ThinkTiv \nL - Waypoint\nM - Fairgrove\nN - Nextfed\n▪Continental Europe\n▪Middle East and Asia Pacific\nGain Geographic \nDiversification\n▪Tech due diligence\n▪Financial due diligence\n▪Operational improvement\nBuild Complementary \nService Offerings\n▪Aerospace and Defense\n▪Healthcare\nExpand Industries of \nCoverage\n•To remove target names\n\nFinancial Overview\n\n66\nSTRICTLY CONFIDENTIAL\n$2.7M\n$4.5M\n$0.5M\n$1.4M\n$0.2M\n$0.6M\n$3.5M\n$6.5M\nQ1-24Q1-25\nServicesHealthcareConsumer\nStrong Performance in Q1 with Favorable Momentum Heading Into Remainder of 2025\nContinued significant performance in Q1 couples with strong tailwinds from recent headcount additions\nStrong Performance in Early 2025Growing Contribution from New Hires\nIncreasing Momentum in Targeted VerticalsRamping Net Revenue Contribution from Value Creation and United Kingdom\n(1)All Managing Directors hired in the second half of their respective cohort year. 2022 cohort includes 2 hire, 2023 cohort includes 2 hires, and 2024 cohort includes 1 hires.\n(Net Revenue)\n(Net Revenue)\n$15.5M\n$20.5M\nQ1-24Q1-25\n$2.6M\n$2.3M\n$3.8M\n$0.7M\n$0.8M\n$1.5M\nQ4-24Q1-25Avg. Q2-Q4 2025E\nValue CreationUnited Kingdom\n64%\nYoY Growth\n19\n24\nNov-24Mar-25\nRecent senior hires will drive meaningful revenue \ngrowth as they continue to ramp\n930\n1,240\n71\n667\n69\nLTM Mar-24LTM Mar-25\n2022 Hires2023 Hires2024 Hires\nAn improving M&A market will provide additional upside\nYoY Growth\n839%\n33%\nDirector and Managing Director HeadcountBillable Hours by Managing Director Cohort\n(1)\nYoY Growth\n33%\n202%\n154%\n\n67\nSTRICTLY CONFIDENTIAL\nCompelling Long-Term Outlook Underpinned by Track Record of Consistent Growth\nHighly attractive financial profile driven by demonstrated ability to expand already impressive margins\nPro Forma Adjusted Net Revenue\nOrganic Gross Profit and Margin\nPro Forma Adjusted EBITDA and Margin\n($ in millions)\n($ in millions)\n($ in millions)\n$39\n$44\n$48\n$54\n$70\n$88\n$109\n$136\n$168\n61.0%\n62.0%\n63.1%\n59.5%\n60.5%\n61.0%61.0%61.0%61.0%\n20232024LTM Mar-252025E2026P2027P2028P2029P2030P\n$42\n$54\n$69\n$89\n$112\n$4\n$10\n$19\n$30\n$45\n$19\n$24\n$27\n$31\n$46\n$65\n$88\n$119\n$157\n29.3%\n33.5%\n35.6%\n33.3%\n36.2%\n38.0%\n39.0%\n39.9%\n40.9%\n20232024LTM Mar-252025E2026P2027P2028P2029P2030P\nOrganicAcquired\n$115\n$143\n$179\n$223\n$275\n$12\n$27\n$48\n$75\n$110\n$64\n$71\n$76\n$91\n$127\n$170\n$226\n$298\n$385\n20232024LTM Mar-252025E2026P2027P2028P2029P2030P\nOrganicAcquired\n\n68\nSTRICTLY CONFIDENTIAL\nBridge to 2030P Revenue\nPathway to ~$385 million of net revenue by 2030\nNote: 2020 reflects reported Net Revenue. Other includes growth in Reimbursables and Tech & Admin.\nFoundation Established to Support the Next Stage of Growth\n($ in millions)\n2020 Net \nRevenue\nHeadcountUtilizationBill RatesRealizationOther2025E Net \nRevenue\nHeadcountUtilizationBill RatesRealizationOther2030P Organic \nNet Revenue\nAcquisitions2030P Net \nRevenue Incl. \nM&A\n\n69\nSTRICTLY CONFIDENTIAL\nMultiple Levers to Boost Productivity and Expand Margins\nAssumptions embedded into the forecast for strong organic growth and profitability\nRealization RateOperating Leverage\nUtilization Rate\n(1)\nProjects Invoiced per Director/Managing Director\n(1)Based on 2,080 available hours less 290 firm holiday and PTO hours, net of billable adjustments by skill level (50% for Directors and Managing Directors; 75% for Senior Managers and Associate \nDirectors) per management’s view.\n(Operating Expenses as a % of Net Revenue)\n(Client Service Network)\n87.2%\n88.2%\n89.1%\n90.0%\n90.9%\n91.8%\n2025E2026P2027P2028P2029P2030P\n95.8%\n96.8%\n97.8%\n98.8%\n99.8%\n100.0%\n2025E2026P2027P2028P2029P2030P\n25.6%\n24.3%\n23.2%\n22.2%\n21.2%\n20.3%\n2025E2026P2027P2028P2029P2030P\n11.9\n12.2\n12.5\n12.7\n12.9\n13.2\n2025E2026P2027P2028P2029P2030P\n\n70\nSTRICTLY CONFIDENTIAL\nAttractive Financial Profile Anchored by Exceptional Margins and Strong Cash Flow\nOngoing margin expansion driven by operating leverage and continued optimization of delivery model and pricing\nStrong Cash Flow GenerationBest-in-Class Margin Profile\n(2)\nProven Ability to Scale EBITDA Margins\n(2)\n(1)Reflects 2023 and 2024 reported capital expenditures.\n(2)Reflects 2025E.\nEfficiently operates with limited cash tied up in working capitalGross margins driven by efficient service delivery and compelling value for clients\nOngoing margin expansion driven by operating leverage and continued optimization of delivery model and pricing\n29.3%\n33.5%\n35.6%\n33.9%\n36.2%\n38.0%\n39.0%\n39.9%\n40.9%\n20232024LTM Mar-252025E2026P2027P2028P2029P2030P\n(Pro Forma Adjusted)\n~97%\nFCF Conversion\nLimited\nWorking Capital \nRequirements\n~$0.5M\nHistorical Annual\n Capex\n(1)\n34%\nStrong and Increasing \nEBITDA Margins\nEfficient and \nScalable SG&A\n60%\nGross Margin\n\n71\nSTRICTLY CONFIDENTIAL\nSummary of Diligence Adjustments\n1.Removes the impact of expenses incurred \nrelated to the current Owners which will not \ncontinue post-close\n2.Normalizes (i) the impact of large signing \nbonuses & recruiting costs for high-level \npersonnel, and (ii) back-office personnel costs\n3.Includes various adjustments for \nnormalizations, removal of the now-\ndiscontinued Colombo direct operations, and \nremoval of non-recurring items\n4.Quantifies the pro forma impact of capacity-\nrelated lost revenue due to the secondment \nprogram\n5.Quantifies the impact of MD compensation \nprior to revenue generation or significant \nbillable hours\nSummary of Quality of EarningsCommentary\n▪Text\n($ in millions)20232024LTM Mar-25 \nReported EBITDA\n$13.7$18.4$21.3\nAcquisition Adjustments–––\nAcquisition Adjusted EBITDA\n$13.7$18.4$21.3\nNon-Operating Owner Expense Removal2.61.9 1.9\nCompensation Adjustments1.4 1.51.3 \nOther Diligence Adjustments0.90.60.6\nDiligence Adjusted EBITDA\n$18.6$22.4$25.1\nSecondment Revenue Impact–1.21.2\nMD Ramp-Up Compensation0.30.40.9\nPro Forma Adjusted EBITDA $18.9$23.9$27.2\n1\n2\n3\n4\n5\n1\n2\n3\n4\n5\nClean EBITDA with high cash flow generation"
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"text": "\n\nProject Craftsman\nJanuary 2025\nConfidential Information Presentation\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n1\nThis Confidential Information Presentation (this “Presentation”) contains confidential information pertaining to Restoration Systems Inc. (“Restoration Systems” or the “Company”). \nThis Presentation is being made available to selected interested parties for the sole purpose of assisting the recipients in deciding whether to proceed with an in-depth investigation \nof the Company or its subsidiaries in connection with a potential acquisition. Northborne Partners LLC (“Northborne” or the “Advisors”) has been retained by Restoration Systems to \nserve as its financial advisor in connection with the proposed sale of the Company.\nThis Presentation is being made available only to parties which have signed and returned to the Company a confidentiality agreement, and recipients of this Presentation are \ntherefore bound by the confidentiality agreement in respect of all information contained herein. If you have not executed and delivered a confidentiality agreement to the \nCompany, you have received this Presentation in error. If so, please notify the Advisors immediately and delete or destroy all copies of this Presentation.\nThe information contained herein has been prepared to assist interested parties in making their own evaluation of the Company and does not purport to contain all of the \ninformation that a prospective party may desire. In all cases, interested parties should conduct their own investigation and analysis of the information and data set forth in this \nPresentation and satisfy themselves as to the accuracy, reliability and completeness of such information and data. This Presentation does not constitute an offer to sell or a \nsolicitation of an offer to buy any securities.\nNone of the Company or the Advisors or any of their respective directors, officers, corporate partners, affiliates, employees or advisors (collectively, “Associates”) makes any \nrepresentation as to the accuracy or completeness of the information in this Presentation or any other information made available to recipients of this Presentation. In particular, no \nrepresentation or warranty is made as to the achievement or reasonableness of any future projections, management estimates, prospects, returns or market data contained herein. \nStatements contained in this Presentation are made in good faith and have been derived from information believed to be reliable as of the date of this Presentation. None of the \nCompany, the Advisors or any of their respective Associates has verified, nor will verify, any part of this Presentation or any other information made available to recipients of this \nPresentation. The Company, the Advisors and their Associates expressly disclaim any reliance hereon for any purpose other than as expressed above and any and all liability for any \nloss or damage (whether foreseeable or not) suffered by any person or entity acting on, or refraining from acting because of, anything contained in or omitted from this Presentation, \nwhether the loss or damage arises in connection with any negligence, default, lack of care or misrepresentation, or otherwise, in contract or in equity, on the part of the Company, the \nAdvisors or their Associates or any other cause. Each recipient of this Presentation agrees that it shall not seek to sue or hold the Company, the Advisors or their Associates so liable in \nany respect for the provision of this Presentation and the information contained herein. Only those representations and warranties which may be made to a party in a definitive \nagreement shall have any legal effect.\nThis Presentation contains certain statements, financial data, projections, forecasts and estimates that are based upon assumptions and subjective judgments that the management \nof the Company believes to be appropriate given current facts and circumstances existing in the markets in which the operating divisions of the Company conduct business. There will \nbe differences between such projections, forecasts and estimates and actual results since events and circumstances frequently do not occur as expected, and such differences may be \nmaterial. The estimated, forecasted and projected financial results contained in this Presentation should not be considered to be a presentation of actual results. There can be no \nassurance that any estimated, forecasted or projected results are obtainable or will be realized.\nNone of the Company, the Advisors or any of their respective Associates accepts any responsibility to inform the recipients of this Presentation of any matter arising or coming to any \nof their notice which may affect any matter referred to in this Presentation (including but not limited to any error or omission which may become apparent after this Presentation has \nbeen issued). This Presentation shall not be deemed an indication of the state of affairs of the Company nor shall it constitute an indication that there has been no change in the \nbusiness or affairs of the Company since the date of this Presentation or since the date at which any information contained herein is expressed to be stated. If further information in \nconnection with the potential transaction is provided by the Company, the Advisors, their Associates or any other person or entity, recipients of this Presentation acknowledge receipt \nof such information as though it formed a part of this Presentation.\nThe Advisors will arrange for appropriate due diligence by selected interested parties. In furnishing this Presentation, the Advisors undertake no obligation to provide the recipient \nwith access to any additional information.\nThe Company reserves the right to negotiate with one or more prospective parties at any time and to enter into a definitive agreement regarding the Company at any time without \nprior notice to any prospective parties. Also, the Company reserves the right to terminate, at any time, further participation in the investigation and proposal process by any party and \nto modify the procedures without assigning any reason thereof.\nUNDER NO CIRCUMSTANCE SHOULD THE COMPANY OR ANY OF ITS AFFILIATES, DIRECTORS, MANAGEMENT, EMPLOYEES, CUSTOMERS, CLIENTS OR SUPPLIERS BE \nCONTACTED DIRECTLY. ALL INQUIRIES REGARDING THE PROPOSED TRANSACTION AND ANY REQUESTS FOR ADDITIONAL INFORMATION SHOULD BE DIRECTED TO THE \nADVISORS LISTED WITHIN.\nConfidentiality & Disclaimer\nBlue Point Capital Partners, LLC\n\nRestoration Systems\nSituation Overview & Transaction Procedures\n2\nSITUATION OVERVIEWTRANSACTION PROCEDURES\nTRANSACTION STRUCTURE\nBen Marks\nManaging Director\nbmarks@northborne.com\nC: 612-710-5020\nChris Klotsche\nDirector\ncklotsche@northborne.com\nC: 414-779-1994\nTaylor Thompson\nAssociate\ntkthompson@northborne.com\nC: 612-212-1212\nMichael Wozniak\nAnalyst\nmwozniak@northborne.com\nC: 763-807-7220\nPaul Jevnick\nManaging Director\npjevnick@northborne.com\nC: 612-850-5781\nNORTHBORNE CONTACTS\n•Headquartered in Chaska, Minnesota, Restoration Systems Inc. (“RSI” or \nthe “Company”) is a leading provider of commercial repair, restoration and \npreservation services for building facades and parking ramps throughout \nthe Midwest\n•RSI is owned 100% by Blake Dronen, who is the President of the Company. \nBlake purchased the business from his father, who founded RSI in 1997\n•RSI is seeking an investor who will partner with Blake and his leadership \nteam to support the Company’s expansion plans into new geographies \nand build upon its strong competitive position in the Midwest\n•RSI has retained Northborne Partners as its exclusive advisor in \nconnection with a potential sale of the Company\n•As advisor to RSI, the Northborne team listed below will be the sole \ncontact for prospective investors who receive this Confidential \nInformation Presentation and participate in the process\n•Northborne will share a separate process letter outlining instructions for \nsubmission of an indication of interest\n•The transaction will be structured as a sale of equity interests in Restoration \nSystems Inc., an S-corporation\n•Blake intends to rollover 20% - 30% of closing proceeds\n•RSI leases two facilities, one in Minnesota and one in Wisconsin, from entities \nwholly-owned by Blake. Current rental rates charged to the Company are \nmarked-based, and the expectation is that long-term leases would be \nexecuted concurrent with a closing of a transaction\n•Blake is willing to consider a structure that supports a step-up in the basis of \nthe assets in the transaction for an investor (such as a 338(h)10, F \nReorganization or similar election) provided the investor reimburses him (the \ncurrent shareholder) for any increased tax burden resulting from the step-up\nBlue Point Capital Partners, LLC\n\nExecutive Summary\n3\n01\n02\n03\n04\n05\n06\nExecutive Summary\nInvestment Highlights\nGo-To-Market Strategy & Competitive Landscape\nGrowth Opportunities\nOperations Overview\nFinancial Summary\n07Appendix A: Sample Customer Engagement Documents\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n$15.5\n$20.5\n$26.4\n$34.8\n$43.2\n$54.6\n$63.4\n$78.2\n2022A 2023A 2024E 2025P 2026P 2027P 2028P 2029P\n$5.9\n$6.2\n$9.2\n$11.7\n$15.6\n$20.5\n$25.2\n$32.7\nCOMPANY OVERVIEW\nRSI at a Glance\n4\n1.Average headcount during April-October 2024 (RSI's busy season). \nHeadcount in the winter offseason averages about 30 employees.\n90+\nEmployees\n(1)\n~$110K\nAverage Job Size\n200+\nAnnual Jobs\n$26.4M\n Revenue (2024E)\n23.1%\nRevenue CAGR \n(2020A – 2024E)\nKEY HIGHLIGHTS\n✓Midwest’s leading provider of commercial building repair, restoration and preservation services\n•25-year track record built on a strong reputation for skilled concrete and masonry craftsmanship\n•Market leader in Minneapolis with demonstrated ability to successfully expand to new MSAs \norganically and supplemented by M&A, notably Milwaukee in 2022\n✓Critical commercial services offering driven by enormous number of buildings aging into repair \ncycle and increasing municipal regulations requiring systematic inspection and repair\n•Increased investment in rapidly aging infrastructure, coupled with prohibitively high replacement \nvalues, supports strong growth in the non-deferrable, multi-billion dollar commercial repair, \nrestoration & preservation services market\n•Services include building and parking ramp repair and restoration, a substantial portion of which is \ndriven by state- and local-level commercial structure inspection and maintenance requirements\n✓Substantial investment in technology to deliver a differentiated customer experience\n•Significant majority of key internal and customer-facing workflows are partially or fully automated, \nincluding detailed bid proposals, weekly job progress updates and annual job summary reports\n•Relentless focus on doing things better and more efficiently results in industry leading job quality \n(<1% rework / warranty work) and on-time / on-budget performance (95%+ of jobs)\n✓Diversification by job across multiple attractive end markets\n•Top job / top 5 jobs accounted for ~10% / ~35% of revenue in the TTM, respectively\n•Key end markets include commercial property management, HOA and healthcare (accounting for \n~75% of business)\n✓Strong leadership, field management and company culture\n•11+ year average tenure of the leadership team\n•6+ year average tenure of the overall workforce (for employees with more than one year of \nexperience)\n✓Multiple attractive growth opportunities focused on creating a national platform in a highly \nfragmented industry (see section 4)\n•Key platform investments (systems, people, processes) have been made that can be leveraged to \nscale the business\n•Proven ability to execute a tuck-in acquisition in Summer 2024 with an actionable pipeline of \nadditional targets to pursue with the support of an investor\nMEANINGFUL FINANCIAL MOMENTUM\n$ in Millions\n26.0% Revenue CAGR \n(2022A-2029P)\nAdjusted Revenue \n#1\nMarket Position in \nMinneapolis\n92.2%\nFCF Conversion (2024E)\n43.2%\nGross Margin (2024E)\n$9.2M\n PF Adj. EBITDA (2024E)\n30.5%\nAdj. EBITDA Margin\n(2024E)\nAdjusted EBITDA\nBlue Point Capital Partners, LLC\n\nRestoration Systems\nRSI at a Glance (Cont.)\n5\n1.Includes revenue earned from ancillary services to Building Facade and Parking Ramp work, \nincluding the installing of roofing anchors, small batch waterproofing mixes and more.\n52.1%\n~10%\nTop 10 Jobs\nAll Other Jobs\nREVENUE BY SERVICE TYPEREVENUE BY JOB\nREVENUE BY PHASED VS. NON-PHASED JOBSREVENUE BY END MARKET\nRegulation driven, non-deferrable service mixHighly diversified job mix\nHigh volume of multi-year phased jobs, providing strong \nfuture revenue visibility\nBroad range of end markets and customers with strong focus on \nmulti-site operators and national accounts\nTTM \nOct-24\n47.9%\nOther\n(1)\nBuilding Facade\nParking Ramp\n52.1%\n45.2%\n2.7%\nTTM \nOct-24\nPhased \n(Multi-Year)\nNon-Phased \n(Single Year)\n57.2%\n42.8%\n‘22A – ‘23A\nAverage\nHomeowners \nAssociation (HOA)\nGovernment\nProperty \nManagement\nHealthcare\n‘22A – ‘24A\nAverage\n35.1%\n29.5%\n18.0%\n9.4%\n7.9%\nEducational\nBlue Point Capital Partners, LLC\n\nRestoration Systems\nLeading Provider of Structural Restoration and \nRepair Services...\n6\nBRICK REPAIR &\nREPLACEMENT\n(VIDEO LINK)\nTUCKPOINTING &\nMORTAR REPAIR\n(VIDEO LINK)\nSTONE REPAIR &\nREPLACEMENT\n(VIDEO LINK)\nPARKING DECK\nRESTORATION\n(VIDEO LINK)\nCONCRETE \nREPAIR\n(VIDEO LINK)\nPOST-TENSION \nCABLE REPAIR & \nREPLACEMENT\n(VIDEO LINK)\nWATERPROOFING\n(VIDEO LINK)\nHOT APPLIED\nWATERPROOFING\nCAULKING & \nSEALANT \nREPLACEMENT\n(VIDEO LINK)\nVEHICULAR \nTRAFFIC\nCOATING \nSYSTEMS\n(VIDEO LINK)\nSURFACE \nPREPARATION\n(VIDEO LINK)\nCOATING \nREMOVALS\nBUILDING FACADE \nRESTORATION\nRepresentative Services \nPARKING DECK \nRESTORATION\nWATERPROOFING & \nSEALANTS\nTRAFFIC COATINGS\nRepresentative Services Representative Services Representative Services \nBUILDING FACADEPARKING RAMP\nSERVICE TYPE\nSERVICE OFFERINGS\n(~53% of 2024E Revenue)(~45% of 2024E Revenue)\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n... Addressing a Critical Need to Restore America’s \nAging Infrastructure...\n7\nSource: SMR Research\nBACKGROUND\nAMERICA’S AGING INFRASTRUCTURE\nTRAGIC INCIDENTS DRIVING INCREASED AWARENESS AND REGULATION\n26.6\n30.4\n33.5\n43.4\n46.2\n53.6\n56.7\n64.3\n72.1\nU.S. AVERAGE BUILDING AGE BY USE (YRS)\nHotels\nSuper-\nmarkets\nHospitals\nAirports\nParking Garages, \nDecks and Lots\nLibraries, Museums and \nHistorical Sites\nChurches and Worship \nCenters\nSchools\nOffice Buildings\nRSI has Experience in all the Above Categories\nU.S. COMMERCIAL BUILDINGS BY YEAR CONSTRUCTED\n< 25% of Commercial Buildings \nBuilt in Last 20 Years in the U.S.\n(# of buildings in thousands)\n709\n517\n685\n831\n794\n921\n924\n537\nBefore\n1946\n1946 to\n1959\n1960 to\n1969\n1970 to\n1979\n1980 to\n1989\n1990 to\n1999\n2000 to\n2009\n2010 to\n2018\n•U.S. commercial buildings continue to age \nwith nearly half of commercial \nfloorspace constructed more than 50 \nyears ago\n•America’s aging infrastructure is in the \nspotlight following several highly-publicized \ntragic structural failures \n•RSI’s core existing geographies, Minneapolis \nand Milwaukee, are entering a critical cycle \nof needed repair and restoration given \nmany of the cities’ buildings were \nconstructed between 1960-1990\nBACKGROUND\nROOT CAUSE\nAFTERMATH\n•The Champlain Towers South \ncondominium collapsed in Surfside, Florida \nkilling 98 people\n•Resulted from structural failures around \nthe facility’s swimming pool – NIST spent \n~$30M investigating the cause\n•Florida legislature passed a bill shortening \nthe required period that buildings need to \nbe reviewed from every 40 to 10 years\nCHAMPLAIN TOWERS SOUTH \nCONDO COLLAPSE\nJUNE 24, 2021\nANN STREET PARKING \nGARAGE COLLAPSE\nAPRIL 18, 2023\nBACKGROUND\nROOT CAUSE\nAFTERMATH\n•A parking garage collapsed in New York’s \nFinancial District, killing one person and \ninjuring five others\n•Experts suggest deferred maintenance \nresulted in structural integrity issues\n•Inspectors conducted inspections of \nparking structures across NYC, resulting in \nfour additional garages in Manhattan and \nBrooklyn being closed\nEntering \nContinuous \nRestoration Cycle\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n... Focused on Markets with Attractive Dynamics and \nDriven by Government Regulation...\n8\nRESTORATION ENVIRONMENT ACROSS THE U.S.MARKET SNAPSHOTS\nCITYKEY REGULATIONS & MARKET ATTRIBUTES\nEXISTING RSI GEOGRAPHIES\nPLANNED RSI EXPANSION GEOGRAPHIES\nMinneapolis, MN\nMilwaukee, WI\nKansas City, MO\nCincinnati / Columbus \n/ Cleveland, OH\nDenver, CO\n•Regulation: Annual parking ramp inspections \nfor structural integrity\nCURRENT MARKET POSITION\nActionable Geographic Expansion Opportunities with Highly Favorable Regulatory Environments Across the U.S. \n•Attributes: Entering heavy restoration era based \non city age / construction cycle; seasonal freeze-\nthaw cycles heavily deteriorate infrastructure\n•Regulation: Building facade inspections \nrequired based on building size \n•Attributes: Recent high-profile parking ramp \ncollapse (2023); seasonal freeze-thaw cycles \nheavily deteriorate infrastructure\n•Regulation: Annual parking ramp inspections \nfor structural integrity\n•Attributes: Longer construction season than \nnorthern Midwest states; history of fatal \ninfrastructure failure\n•Regulation: Annual parking ramp inspections \nfor structural integrity\n•Attributes: Recent building collapse (2024) \nillustrated major infrastructure hazards; freeze-\nthaw cycles heavily deteriorates infrastructure\n•Regulation: N/A\n•Attributes: Significant infrastructure maintenance \nneeds based on population growth; freeze-thaw \ncycles heavily deteriorates infrastructure\nMSA POPULATION\n#1\nMarket Position\n#3\nMarket Position\nTBD\nTBD\nTBD\n3.7M\nTotal Population\n1.6M\nTotal Population\n2.2M\nTotal Population\n6.6M\nTotal Population\n3.0M\nTotal Population\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n... Working Collaboratively with Key Stakeholders to Provide \nExpert Advice and Craftsmanship... \n9\nBUILDING OWNERS & PROPERTY MANAGERSENGINEERS & ARCHITECTS\nRESTORATION SERVICES ECOSYSTEM\n•Relationships between building owners and managers, architects and engineering consultants and restoration service providers demonstrate a collaborative \nnetwork where building owners and managers rely on architects and engineers for expert assessments and referrals, while restoration service providers \nexecute necessary repairs and preservation to maintain the structural integrity and compliance of commercial properties\n•Close partnership with both architects and engineers as well as building owners and property managers is critical to ensure alignment on job objectives and \nleads to strong repeat business\nKEY ROLES IN ECOSYSTEM\n•Architects evaluate and inspect safety \nconcerns in building facades\n•Engineers inspect and review structural \nintegrity of parking ramps and decks\n•Engineers and architects advise clients on non-\ndiscretionary, non-deferrable restoration \nservices\n•Responsible for managing key purchase \ndecisions for restoration and repair of building \ninfrastructure\n✓Building owners / property managers who own \nmultiple facilities provide a steady source of \nrepeat business across their portfolio of assets\nREPRESENTATIVE BUILDING OWNERS\nKEY VALUE TO RESTORATION SYSTEMS\n✓Serve as a key referral source for new jobs\n✓Act as a partner when RSI expands to new \ngeographies where the architecture and \nengineering firms also have a presence\nREPRESENTATIVE ENGINEERING FIRMS\nREPRESENTATIVE ARCHITECTURE FIRMS\n59%\n41%\n% of Revenue \n(‘21-’24 Avg)\nREVENUE BY \nREFERRAL SOURCE\nKEY ROLES IN ECOSYSTEM\nKEY VALUE TO RESTORATION SYSTEMS\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n... Working Collaboratively with Key Stakeholders to Provide \nExpert Advice and Craftsmanship (Cont.)... \n10\nRSI’S REPUTATION FOR EXCELLENCE\n•RSI has developed strong partnerships over 25+ years with leading architecture and engineering firms as well as building owners and property managers \nthrough strategic and repeatable techniques to build long-term, recurring referral relationships\nA level of professionalism and \nattention to detail unique to the \nindustry, from bidding stage to \njob completion\nRSI HAS MASTERED THE NAVIGATION OF THE RESTORATION ECOSYSTEM\nTransparent blueprint for \nconstruction, job progress and \nquality\nStrong relationships with union \nlaborers and bricklayers\nUnmatched quality of \ncraftsmanship\nClean and well-maintained job \nsites and equipment\nProven ability to coordinate and \ncollaborate with cross-functional \nteams\nOwned fleet of equipment \nallows RSI to respond quickly \nand results in higher job-level \nmargins\nEngineers \n(Parking Ramps)\nBuilding Owners & \nProperty Managers\nArchitects\n(Exterior Facade)\n✓Partner with engineers and architects as thought leaders at industry events and association \nmeetings, establishing relationships as joint experts in relevant service types\nHow RSI Manages Relationships with Engineers & Architects\n✓When referred-in following inspections or consultations, RSI enhances engineer and architect \ncredibility by consistently providing on-time, on-budget and outstanding quality services\n✓Detailed and transparent communication from proposal to weekly check-ins to \ncompletion of job, ensuring full client confidence in RSI’s timeline, cost estimates and \nservice capability\nHow RSI Manages Relationships with Building Owners & Property Managers\n✓Clear articulation of phased restoration plans and potential future restoration needs, \nallowing owners and managers to precisely specify RSI’s restoration services into annual \ncapex budgets\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n... With Market Leadership in the Midwest and a Platform to \nExpand into New Markets...\n11\nTHE MIDWEST’S LEADING RESTORATION COMPANY \nMinneapolis, MN\n(Opened 1997)\nMilwaukee, WI\n(Opened 2022)\nTEAM\nPROCESSES\nSYSTEMS\nRSI HAS RESOURCES AND KNOWLEDGE NECESSARY TO ENTER NEW MARKETS\nKansas City, MO\nDenver, CO\nOhio \n(Cincinnati, Columbus, Cleveland)\nOther Geographies\nUniform workflow processes \nacross all service offerings enables \nstreamlined and consistent job \nexecution\nImplemented job management \nsoftware in 2024 to enable the \nCompany to more effectively solicit \nand manage a higher volume of \nbids across geographies\nEstablished workforce that has \nproven it can provide superior \nservices in existing markets, and \ntrain and develop new talent \nquickly\nExisting RSI Facility\nPlanned Expansion Location\nCurrent Geographic Coverage\nEXISTING\n GEOGRAPHIES\nPLANNED EXPANSION GEOGRAPHIES\nREPRESENTATIVE MARKETMARKET CHARACTERISTICS\nRSI is the established leader in the market\nCompetitors are not growth-oriented – strong \nopportunity to further penetrate customer accounts \nLow existing competition levels\nRecent parking ramp collapse garnered significant \nmedia attention and calls for infrastructure maintenance\nSimilar parking ramp regulatory standards to \nMinneapolis, enabling seamless geographic integration\nHistory of fatal infrastructure failures\nAged infrastructure in need of maintenance – recent \nbuilding collapse further highlighting restoration needs\nAbility to serve three MSAs out of one strategically \nlocated office\nNo established restoration players in the market\nGrowing activity in the city will drive future restoration \nneeds – 19%+ population growth (2010 – 2020)\nSTRONGLY DEVELOPED \nOPERATIONAL STRUCTURE\nHIGHLY DEVELOPED \nOPERATIONAL STRUCTURE\nIT SYSTEMS WITH CAPACITY \nTO SERVICE GROWTH\nSeeking a partner to apply the blueprint to ripe \nexpansion markets\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n12\n... Resulting in an Exceptional Financial Profile with \nActionable Opportunities to Grow\n$10.0\n$11.7\n$12.8\n$11.3\n$11.5\n$15.5$15.5\n$20.5\n$26.4\n$34.8\n$43.2\n$54.6\n$63.4\n$78.2\n2016A2017A2018A2019A2020A2021A2022A2023A2024E2025P2026P2027P2028P2029P\nTRACK RECORD OF DELIVERING CONSISTENT REVENUE GROWTH\n(1)\nRSI HAS THE OPPORTUNITY TO ACCELERATE GROWTH UNDER NEW OWNERSHIP\n$ in millions\n1.2016A – 2020A represents reported figures whereas 2022A – 2029P represents adjusted figures.\nFURTHER PENETRATION \nIN MINNESOTA\n✓Grow wallet share with key existing customers \n✓Target new customers and end markets to expand RSI’s reach\n✓Consider adding additional service offerings (e.g., bridge repair)\nCONTINUED RAMP OF \nMILWAUKEE\n✓Continue to build reputation and track record in the market\n✓Grow wallet share with key existing customer relationships\n✓Strategically target work in adjacent cities (e.g., Appleton, Green Bay, Madison, etc.) leveraging Milwaukee as the hub\nTARGET NATIONAL \nACCOUNTS\n✓Leverage local MN and WI relationships with national property management players to accelerate footprint growth\n✓Expand market share in existing and new geographies by transplanting institutional account knowledge\nGEOGRAPHIC EXPANSION\n✓Tactfully expand to identified markets (Kansas City, Ohio, Denver) leveraging the Milwaukee blueprint and years of \nexperience in Minneapolis\n✓Evaluate additional expansion markets with consideration for size of market, growth potential, competitive landscape and \nexisting referral relationships\nMERGERS & \nACQUISITIONS\n✓Develop and implement a strategy to acquire companies that accelerate RSI’s geographic and end market expansion \n✓Leverage platform infrastructure to maximize synergy potential\nM&A Strategy Functions as an Acceleration Tool Underpinning All Growth Opportunities\nBlake Dronen \ntakes \nownership of \nthe business\nCompany \nredefines its \ncustomer \nservice strategy\nCompany \nexpands into \nMilwaukee\nCompany \nimplements job \nmanagement \nsoftware\nAcquires Merit \nConstruction, a \nlocal competitor \nwith \nrelationships \nacross Midwest\nBlue Point Capital Partners, LLC\n\nInvestment Highlights\n13\n01\n02\n03\n04\n05\n06\nExecutive Summary\nInvestment Highlights\nGo-To-Market Strategy & Competitive Landscape\nGrowth Opportunities\nOperations Overview\nFinancial Summary\n07Appendix A: Sample Customer Engagement Documents\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n14\nInvestment Highlights\n1\n7\nLeading Independent Provider of Commercial Repair, \nRestoration and Preservation Services ...\n... With Multiple Levers For Continued Growth \n2\n... With Favorable Industry Tailwinds and Experience to \nNavigate the Regulatory Environment ...\n3\n... Delivering a Tailored Customer Experience ... \n6\n... Led by a Proven Management Team that has a Track \nRecord of Executing Meaningful Strategic Initiatives ...\n5\n... Supported by a Workforce of Highly Skilled Craftsmen \nProven at Executing Jobs On-Time and On-Budget ...\n4\n... Serving a Broad Range of End Markets and Customers \nwith Focus on Multi-site Operators and National Accounts ...\nBlue Point Capital Partners, LLC\n\nRestoration Systems\nTHE MIDWEST'S LEADING RESTORATION COMPANY\nMeticulous professionalism from the \ninitial bidding stage to job completion, \nensuring quality and satisfaction at \nevery step\nCOMPLETE INTEGRITY AND VISIBILITYEND-TO-END PROFESSIONALISMSTRONG EMPLOYEE SATISFACTION\nPROVEN SAFETY EXCELLENCEUNMATCHED QUALITY OF CRAFTSMANSHIPCOLLABORATIVE AND COMMUNICATIVE PARTNER\n15\nLeading Independent Provider of Commercial Repair, \nRestoration and Preservation Services ...\n1\nTransparent plans, progress updates, \nand quality reporting throughout every \njob phase\nStrong relationships with union \nlaborers and bricklayers, ensuring \ndedicated and consistent workforce \nthroughout job life\nHigh quality service provided by skilled \ncraftsman with years of specialized \ntraining and experience\nClean and well-maintained job sites \noperated and overseen by employees \nwith industry-leading safety metrics\nProven ability to coordinate and \ncollaborate with cross-functional teams \nto ensure seamless job completion on-\ntime and on-budget\nCapabilities and track record to service prominent commercial infrastructure across diverse end markets\nWells Fargo Center\nBuilding Facade\nProperty Management\nSt. Mary’s Orthodox \nCathedral\nBuilding Facade\nReligious\nHennepin \nCountry Library\nBuilding Facade\nGovernment\nNorth Memorial \nHospital\nParking Ramp\nHealthcare\nMinneapolis / St. Paul \nInternational Airport\nParking Ramp\nTransportation\nLourdes Hall \nWinona State\nBuilding Facade\nEducation\n#1\nMinneapolis \nMarket Position\n#3\nMilwaukee \nMarket Position\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n16\n1.Source: Chicago.gov\n2.Source: International Code Council\n... With Favorable Industry Tailwinds and Experience to \nNavigate the Regulatory Environment ...\n2\nRSI IS WELL-POSITIONED TO CAPITALIZE ON KEY INDUSTRY DRIVERS\n•The U.S. commercial restoration market is estimated to be worth several billion \ndollars with a significant portion dedicated to concrete and masonry restoration\n•The market is projected to grow at a steady 4% - 5% annually driven by attractive \nfundamental growth drivers:\n•Aging Infrastructure: Recent high-profile building collapses in Iowa, Florida \nand New York have put a spotlight on repairing aging infrastructure\n•Emphasizing Preservation: Large MSAs are investing heavily in preservation, \nincluding Chicago’s $8M grant for historical preservation jobs in 2024\n(1)\n•Evolving Codes and Regulations: The International Building Code (IBC) \ncontinually updates structural integrity standards, including 2024 updates to \nmasonry and concrete standards\n(2)\n•RSI competes in the large and growing $200B+ broader U.S. restoration and \nremediation market – provides opportunity for potential acquirer to partner with \nRSI to build a diversified platform serving multiple market segments\nFAVORABLE MARKET TAILWINDS\nRSI’S ADVANTAGEKEY DRIVERS\nRobust relationships with property managers influences \nrestoration job decisions\nBUILDING \nAND \nFACADE\nPARKING \nREPAIR \nAND \nTRAFFIC \nCOATINGS\nRSI offers industry-leading value supported by cost-\nadvantaged bids and phasing plans\nEngineering firms refer RSI in as the go-to partner for \nannual parking ramp maintenance\nIn the absence of regulatory requirements, parking \nramps suffer severe annual deterioration in seasonal \nupper Midwestern environments (freeze-thaw cycles)\nUnmatched ability to capture opportunity with owned \nequipment and preferable purchasing contracts \nCoatings boomed in 1980s and are now at end of \nlifecycle, requiring removal and reapplication\nIn the absence of local building ordinance requirements, \ndecisions on facade and building maintenance are \ndiscretionary to property owners\nCompetitive bidding is highly relevant to less frequent \nand larger-scale jobs \nADVANTAGEOUS LOCAL REGULATION\nMinneapolis and St. Paul have ordinances that \nrequire parking ramps and decks be inspected \nand reviewed annually for structural integrity\nMilwaukee has city ordinances that require \nbuilding facades to be inspected and reviewed \nfor unsafe conditions – frequency of inspection \noften depends on the size of the building\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n17\n... Delivering a Tailored Customer Experience ... \n3\nEND-TO-END CUSTOMER SERVICE ENSURING MAXIMUM TRANSPARENCY AND CUSTOMER SATISFACTION\nILLUSTRATIVE JOB LIFE CYCLE\nHighly trained and talented \nProject Managers that \nleverage deep industry \nknowledge to develop plans \nand solutions for customers\nHighly standardized customer \nservice processes enable RSI to \nconsistently, efficiently and \neffectively serve customer needs\nFocused attention on \ncustomer needs at all levels of \nthe RSI organization\nCompany-wide dedication \nto develop and maintain \nstrong relationships with \ncustomers\n12\n3\n45\n6\nINITIAL CUSTOMER ENGAGEMENTPRE-JOB PLANNING\nCUSTOMER RETURNS TO RSIJOB SET-UP\nJOB COMPLETIONJOB EXECUTION\n•Project Manager engages with a new or recurring customer \nand attentively listens and understands the client needs\n•Project Manager analyzes the customer situation and \nexecutes analysis to determine a proposed solution\n•RSI delivers a professional and customized 30+ page bid \nproposal that includes a job summary, job phasing plan, highly \ndetailed on-site observations and job cost estimate\n•Detailed bid summary demonstrates RSI’s knowledge and \nfamiliarity of client infrastructure\n•Strong customer relationships and quality of work result in a \nsticky customer base with reoccurring revenue dynamics\n•RSI takes pride in the fact that it has never lost a \ncustomer\n•RSI determines all resources necessary to quickly and \neffectively execute the job - procures equipment and \nestablishes a dedicated job team \n•Company is ready to “hit go” as soon as the customer is ready \nto begin the job\n•Project Manager and Superintendent complete full \nwalk-through with the client at property to ensure all \nneeds have been met\n•RSI delivers highly detailed final invoice, ensuring that the \ncustomer understands all charges\n•Project Manager meets with dedicated Superintendent \nweekly to identify outstanding job needs and ensure progress\n•Project Managers check-in with client on a weekly basis to \ndeliver job updates and ensure customer is aware of every job \nmilestone\nRSI’s Customer Service Process is Highly Teachable and Repeatable, Enabling Consistent High-Quality Results\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n•One-page document that is sent to RSI clients \nonce per week to provide an update on the \nstatus of the ongoing job\n•Informs the client of the below detail:\n•Budget status (e.g., on-budget, overbudget)\n•Completion timeline update\n•Scope of services being provided\n•Previous week progress\n•Key go-forward details\n•Project photos\n•Summary document that is sent to RSI’s existing \nclients once per year to summarize the \nmilestones and progress of ongoing jobs\n•Informs the client of the below detail:\n•Key job highlights and milestones\n•Detailed summary of the scope of the job\n•Review of pre-set job goals\n•Summary of go-forward initiatives and open \nworkstreams\n•Plan for following year\n•Highly detailed and visual 30+ page document \nshared with prospective clients prior to job \nengagement – highly differentiated compared \nto competitors\n•Informs the client of the below detail:\n•Overall job summary\n•Graphical phasing plan summary\n•Graphical summary of on-site observations\n•Itemized job cost estimate by job phase\n•Introduction to job team and RSI\nDESCRIPTION\n18\n... Delivering a Tailored Customer Experience ... (Cont.)\n3\nDETAILED BID PROPOSALSWEEKLY JOB PROGRESS REPORTSANNUAL REPORTS\nDESCRIPTIONDESCRIPTION\nSAMPLE RSI DOCUMENTSAMPLE RSI DOCUMENT\nRSI’S BID PROPOSALS, WEEKLY PROGRESS REPORTS AND SUMMARY ANNUAL REPORTS ENABLE FULL \nTRANSPARENCY AND MAKE CUSTOMERS' LIVES EASIER\nSAMPLE COMPETITOR DOCUMENT\nSAMPLE RSI DOCUMENT\nENHANCED CUSTOMER EXPERIENCE UNDERPINNED BY THE INDUSTRY’S BEST ENGAGEMENT TOOLS\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n19\n... Serving a Broad Range of End Markets and Customers with \nFocus on Multi-site Operators and National Accounts ...\n4\nPROPERTY \nMANAGEMENT\n•Multi-site real estate players that own a high \nvolume of properties requiring consistent \nmaintenance\n•RSI has strong relationships with the largest \nplayers in this concentrated market\nHOA\n•Primarily multi-site property managers that \noperate numerous apartment and housing \ncomplexes\n•High competition for quality living spaces results \nin critical need for maintained housing\nHEALTHCARE\n•Multi-site and single-site hospitals and care \ncenters primarily located in highly populous areas, \ndriving increased maintenance needs\n•Critical need for patient-friendly walking spaces \nresults in frequent maintenance \nGOVERNMENT\n•Multi-site and single-site municipal infrastructure \nwith strong opportunity for repeat customer, \nreoccurring jobs\nEDUCATION\n•Multi-site and single-site universities and K-12 \ninstitutions \n•High importance of maintaining integrity and \nsafety of education infrastructure\nEND MARKETMARKET OVERVIEW\n% OF REVENUE\n(2022 – YTD OCT-24 AVG)\nREPRESENTATIVE CUSTOMERS\n35.1%\n29.5%\n18.0%\n9.4%\n7.9%\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n20\n... Supported by a Workforce of Highly Skilled Craftsmen \nProven at Executing Jobs On-Time and On-Budget ...\n5\nSKILLED AND DEDICATED WORKFORCE\nKEY WORKFORCE HIGHLIGHTS\nVirtually All Jobs Completed On-Time\nEfficient job management and experienced crews have ensured \nthat virtually all of RSI’s historical jobs have been completed on \nschedule\nVirtually No Warranty Claims\nMeticulous attention to detail and rigorous quality control \nmeasures have resulted in no material warranty claims\n•RSI has developed a dedicated workforce that takes pride in their work, \nhas a reputation for skilled craftsmanship and delivers high-quality \nservices\n•RSI’s project management and superintendent staff are highly experienced \nand often have laborer backgrounds, providing extensive knowledge to \nfield staff to ensure jobs are completed on-time and on-budget\n•Many staff members have 20+ years of experience, offering \nconsiderable experience in navigating unexpected job challenges\n•The quality of RSI’s services is supported by its ability to train and certify its \nmany field staff employees (including seasonal laborers and bricklayers) \nfor specialty restoration work\n•RSI emphasizes the importance of highly skilled field staff by \nsupplementing union-led workshops with in-house training sessions, \nspecifically targeting the cross-training of field staff to allow employees to \nflex between various tasks as needed from job to job\n•Existing craftsman employees are open to traveling to worksites, enabling \nthe Company to expand geographically with existing workforce\nVirtually All Jobs Completed On-Budget\nDetailed proposal development rooted in database of 25+ years \nof restoration job data supports highly comprehensive and \naccurate job estimation\nTENURED UNION \nRELATIONSHIP\nHIGH SAFETY \nSTANDARDS\nSTANDARDIZED \nTRAINING\nTENURED \nEMPLOYEES\nSTRONG \nRETENTION RATE\nAverage employee tenure of 5 \nyears, resulting in a highly \ntalented and experienced \nworkforce aligned with \nCompany culture\nAnnual Safety, PTI, Swing \nStage and Scaffolding training \n– Union employees have \naccess to certification and \ntraining courses\nStrong safety programs \nrecognized by numerous awards, \nincluding Minnesota Governors \nWorkplace Safety Award and \nLECET Safety Driven Contractor \nAward\nCraftsman are sourced \nfrom highly tenured union \nrelationships – two of \nwhich are 28+ year \nrelationships\nAverage YoY re-hire rate of \n95%+, significantly \noutperforming the industry\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n21\n... Led by a Proven Management Team that has a Track \nRecord of Executing Meaningful Strategic Initiatives ...\n6\nBlake Dronen\nPresident\nRSI Tenure: \n25+ years\n•Began career at RSI as a Foreman in 1999\n•Responsible for strategic leadership and planning, business development, operational \noversight and risk management\n•Bachelor’s degree in Construction Management from Minnesota State University – \nMankato\nKEY ACCOMPLISHMENTS\nEXPERIENCED AND TENURED MANAGEMENT TEAM DEDICATED TO FUTURE GROWTH ... \nJen Patti\nOperational Strategy \nLeader\nRSI Tenure:\n6+ years\n•Joined RSI in 2019\n•Responsible for strategic planning, process improvement and integration\n•Previous experience as a Project Manager and Strategy Manager at C.H. Robinson\n•Bachelor’s degree in Retail Merchandising from the University of Minnesota – Twin \nCities\nTayton Eggenberger\nSales Leader\nRSI Tenure:\n14+ years\n•Joined RSI in 2005 as a Warehouse Manager\n•Responsible for business development, job estimation and scoping, cost management, \nresource management and client communication\n•Master’s degree in Business Administration from Minnesota State University – Mankato, \nBachelor’s degree in Business Administration from Augsburg University\nSuccessfully expanded into Wisconsin \nmarket with establishment of Milwaukee \noffice and <2 year payback\nEXPANSION \nTO WISCONSIN\nSystem enhancement with Sage Intacct \nplatform increases job cost oversight and \nmanagement capabilities, resulting in improved \nprofitability management and analysis\nENHANCED COST\nMANAGEMENT\nImplemented scalable HR, payroll, and \nexpense management software to simplify \nand streamline internal processes\nOPTIMIZED \nBACK-END SYSTEMS\nNegotiated favorable purchase contract with \nkey supplier for traffic coatings, concrete \nmixes and sealants, offering distinct cost \nadvantage over competitors\nIRREPLICABLE \nSUPPLY RELATIONSHIPS\nHired, trained, and managed employees to \nexemplify highest levels of safety and integrity \nin all work, resulting in numerous individual \nand company-wide safety awards \nESTABLISHED \nCULTURE OF SAFETY\nBrian Stueve, CPA\nFinance Leader\nRSI Tenure: \n2+ years\n•Joined RSI in 2023 as the Company's Fractional Finance Leader; works for BGM, RSI's \naccounting firm\n•Responsible for financial reporting and management, accounting operations and \nmanaging internal controls\n•Bachelor’s degree in accounting from St. Cloud State University\n...SUPPORTED BY HIGHLY QUALIFIED FIELD LEADERSHIP\nBuilding Facade \nLeader\nRSI Tenure: \n19+ years\nParking Ramp\nLeader\nRSI Tenure: \n11+ years\nMilwaukee\nRegion Leader\nRSI Tenure: \n2+ years\nMilwaukee\nField Leader\nRSI Tenure: \n24+ years\nExecuted the acquisition of a local \nMinneapolis competitor in 2024\nDEMONSTRATED ABILITY \nTO EXECUTE M&A\nBlue Point Capital Partners, LLC\n\nRestoration Systems\nGROW WALLET SHARE IN \nEXISTING MARKETS – WISCONSIN\n22\n... With Multiple Levers For Continued Growth \n7\nGROW WALLET SHARE IN \nEXISTING MARKETS – MINNESOTA\nTARGETED EXPANSION END MARKETS\n•RSI has ample opportunity to continue to win new customer \nopportunities within Minnesota by targeting underserved end \nmarkets\n•The industrial sector, school districts, private universities and \ncolleges, and the Department of Transportation (DoT) offer \nsignificant growth potential within RSI’s current service lines and \ngeographic coverage\nILLUSTRATIVE PUBLIC VS. PRIVATE SECTOR JOB MIX IN MILWAUKEE\nPrivate JobsPublic Jobs\n•As a newly established office, RSI’s Wisconsin branch has emphasized \ngrowing brand awareness and developing relationships in cities near \nMilwaukee through bidding and completing public sector jobs\n•Public sector jobs has led to increased opportunity for private sector \nwork, as RSI Milwaukee continues to mature, there is significant \nopportunity to directly target private sector jobs \nINDUSTRIAL \nSECTOR\n✓Industrial sector, especially refineries, has \nconsiderable regulatory burden to upkeep facilities\n✓Includes plants, warehouses, refineries and \nindustrial complexes with maintenance, restoration \nand protective coatings needs\nSCHOOL \nDISTRICTS\n✓To consistently meet regulatory requirements while \nstaying within annual budgets, schools prefer to \nrestore and maintain existing facilities as opposed \nto new construction\n✓RSI currently serves a small number of MN school \ndistricts\nPRIVATE \nUNIVERSITIES\n✓Private colleges and universities allocate higher \nannual spend to maintaining facilities and parking \nramps with greater flexibility in scope\n✓New customer opportunities include Gustavus \nAdolphus College, Bethel University, University of St. \nThomas and more\nDEPARTMENT OF \nTRANSPORTATION\n✓Opportunity to build relationship within the DoT to \nwin public infrastructure jobs\n✓Opportunity to expand into additional service lines, \nincluding bridge deck repair, that utilize same \nequipment as RSI’s established parking deck services\nEnhanced profitability and margins\nIncreasing private job mix in Milwaukee offers...\nIncreased flexibility and lesser bureaucratic hurdles\nHigher likelihood of client recurrence and relationship building\nCurrent Job Mix (FY24)Targeted Job Mix (FY29)\n~40%\n~70%\n~60%\n~30%\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n23\n1.Illustrative ramp based on actual results of Milwaukee office and Management forecast.\n... With Multiple Levers For Continued Growth (Cont.) \n7\nILLUSTRATIVE DE NOVO REVENUE RAMP\n(1)\nTARGET NATIONAL ACCOUNTS\nCapitalize on strong relationships with key influencers (e.g., \nengineers, consultants) who have MN offices and established \npresence in target markets\nJoin local industry group chapters (e.g., ICRI) to drive brand \nawareness, grow relationships and build traction quickly\nOpportunity to provide more year-round work in mild climate \ncities (e.g., Cincinnati)\nRepeatable “playbook” for breaking into new markets derived \nfrom historical experience and success in Milwaukee\nPlanned expansion cities (e.g., Kansas City, Cincinnati, \nCleveland, Columbus, Denver) based on aging infrastructure, \nsimilar inspection regulation to MN and limited competition\n$0M\n$3M+\n$6M+\nYear 0Year 1Year 2Year 3Year 4Year 5\n<2 Year Payback \nPeriod on CapEx\nREPLICABLE STRATEGIC PLAYBOOK TO LAND \nAND EXPAND IN IDENTIFIEDNEW GEOGRAPHIES\n•RSI will follow its “land and expand” model that has proven effective \nin Wisconsin to enter new geographies, combining strategic \nacquisitions along with boots-on-the-ground organic growth through \nsales team and existing referral relationships\nEXISTING NATIONAL ACCOUNTSTARGET NATIONAL ACCOUNTS\nPROPERTY MANGERS\nREITS\nPARKING RAMPS\nHOSPITALITY\n•RSI is well qualified to become a trusted national provider to \ncustomers that manage multiple facilities across diverse geographies\n~25% \nof RSI’s revenue \ncomes from national \naccounts today\n20+ \nIdentified Target \nNational Accounts\nN/A\nBlue Point Capital Partners, LLC\n\nRestoration Systems\nACQUISITION INTEGRATION\nTARGET IDENTIFICATION & ACQUISITION\nEMPOWERING GROWTH\n24\n... With Multiple Levers For Continued Growth (Cont.) \n7\nMERGERS AND ACQUISITIONS\nACQUISITION CRITERIA\nDEFINED M&A PLAYBOOKACTIONABLE M&A PIPELINE\nEngage M&A advisors\nPerform pre-acquisition due diligence\nEngage financing partner\nClose transaction\nIdentify target\n1\n2\n3\n4\n5\nImplement RSI’s standardization\nIntegrate target with RSI’s supplier \nnetwork\nDevelop relationship with target\n1\nEnsure strength of customer \nrelationships\n2\nCapitalize on cost synergies\n3\n4\n5\nEstablish growth plan\n6\nExpand sales staff\nIntroduce target to RSI’s engineer \n& customer relationships\nImplement RSI’s geographic \nexpansion playbook\nCross sell services between \nRSI and the target\nInitiate growth opportunities\n1\n2\n3\n4\n5\nSTRATEGIC \nGEOGRAPHIC \nEXPANSION \nEND MARKET \nEXPANSION\nSERVICE OFFERING \nSYNERGIES\nCAPTURE WALLET SHARE \nWITH KEY CUSTOMERS\nREVENUE & COST \nSYNERGY POTENTIAL\nM&A STRATEGY OVERVIEW\n•RSI competes in a highly fragmented industry with many sub-scale \nplayers where the Company could unlock considerable synergies by \nintegrating them into the RSI platform\n•Recently acquired the assets of a local Minneapolis competitor \n– large volume of similar opportunities\n•The Company provides platform potential to replicate other diversified \ninfrastructure services platforms in the market (i.e., a one-stop-shop for \nall your building’s maintenance and repair needs, both inside and out)\n•Company has existing infrastructure in place (e.g., leadership, \nstandardized processes, geographic expansion playbook, \nreputation) to grow as a platform\nTARGETGEOGRAPHYSERVICE OFFERING\nEST. REV.\n ($M)\n#1\nNE & MOParking Deck, Facade, Bridge\n$25M\n#2\nOHParking Deck, FaÁade\n$22M\n#3\nCOParking Deck, FaÁade\n$15M\n#4\nMOParking Deck, Facade\n$12M\n#5\nOHParking Deck, Facade\n$11M\n#6\nOHParking Deck, Facade\n$10M\n#7\nOHParking Deck, Facade\n$8M\n#8\nMNFaÁade\n$30M\n#9\nMNParking Deck\n$18M\nTotal Revenue\n$151M\nBlue Point Capital Partners, LLC\n\nGo-To-Market Strategy & Competitive Landscape\n25\n01\n02\n03\n04\n05\n06\nExecutive Summary\nInvestment Highlights\nGo-To-Market Strategy & Competitive Landscape\nGrowth Opportunities\nOperations Overview\nFinancial Summary\n07Appendix A: Sample Customer Engagement Documents\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n26\nSales & Marketing Organization & Strategy\nSALES STRATEGY OVERVIEWSALES ORGANIZATIONAL CHART\nKEY MARKETING INITIATIVES\nTAYTON EGGENBERGER\nSales Lead\n•Highly tactical sales team with a well-defined strategy of identifying \nopportunistic regions and customers with substantial market and \nwallet share opportunity\n•Led by Sales Leader Tayton Eggenberger, RSI’s Project Managers \ndevote ~30% of their time pursuing new leads during the busy season, \nand ~70% of their time managing ongoing jobs and client relationships\n•RSI utilizes direct sales channels, referrals through engineer \npartnerships, property / facility management relationships and online \nmarketing to target new customers\n•Strong reputation in existing markets has resulted in majority \nof new jobs being sourced from engineering referrals\n•Active and hands-on customer management strategy consisting of \ndedicated support teams that execute regular follow-ups during a job \nand post-job evaluations\nMinneapolis-Based\nSENIOR PROJECT \nMANAGER\nPROJECT MANAGER\nASSISTANT PROJECT \nMANAGER\nMILWAUKEE\nREGION LEADER\nMilwaukee-Based\nASSISTANT PROJECT \nMANAGER\nSOCIAL MEDIAEMAIL CAMPAIGNS\nSPONSORED INDUSTRY EVENTS\nTRADESHOWS\nYouTube channel with 30+ \ncompany and job overview videos\nFacebook and Instagram accounts \nwith active engagement (140+ \nposts in 2023)\n70+ annual email marketing \ncampaigns sent in 2023\n5,100+ total prospects reached \nthrough the marketing campaigns\nAttends various events and social \ngatherings with industry partners\nAttending events increases \nexposure to and builds \nrelationships with prospective \ncustomers and engineers\nAttend 7 trade shows annually\nTradeshow attendance enables RSI \nto put its service on display to key \nindustry players (e.g., prospects, \nengineers, architects)\n7\nTotal Sales Personnel\n~75%\nSales from Referrals\n~25%\nSales Sourced from \nOutbound Efforts\n38%\nLead Close Rate\n(1)\nKEY METRICS\nBLAKE DRONEN\nPresident\n1.Close rate on projects where a proposal is provided to a customer\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n27\nProject Management Funnel \n1\n2\n3\n4\n5\n6\nPROSPECTING\nDISCOVERY\nPROPOSAL / \nBID\nPRE-JOB SETUP\nPROJECT \nMANAGEMENT\nJOB CLOSE\nJOB STAGEKEY WORKSTREAMS\n•RSI has developed a six-step job workflow that has proven to generate new customers, facilitate effective project management and drive successful \noutcomes\n•The below job workflow is used for all service offerings, ensuring consistent processes and job execution during every customer engagement\n•All employees are cross trained across service lines, enabling flexibility and accuracy in job delivery\n▪Leverage networking connections\n▪Generate internal leads \n▪Attend industry events \n▪Generate proactive external leads\n▪Complete competitive analysis to understand \nopportunities within the market\n▪Qualify existing leads\n▪Organize and complete an intro meeting \nwith the lead\n▪Understand and note the customer needs\n▪Execute analysis and begin planning for \nclient needs\n▪Generate and deliver to the client a proposal \nthat details every aspect of the job\n▪Project Manager populates the bid terms \nfor the prospective client and delivers the \nfinal bid\n▪RSI prepares a product submittal package, \ndetailing all items needed for the job\n▪Company staffs RSI employees on the job\n▪Job equipment and material procurement\n▪Internal job management and \ncommunication\n▪RSI sends job progress updates\n▪Vendor bill review and approval\n▪SOW changes, if necessary\n▪RSI and management do a final job \nwalkthrough, completing a closing checklist\n▪Client receives final job invoice\n▪Client completes a post-closing survey\n▪Customer submits warranty claim, if \nnecessary\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n28\n1.Includes revenue earned from ancillary services to Building Facade and Parking Ramp work, \nincluding the installing of roofing anchors, small batch waterproofing mixes, and more.\nRSI’s Strategic Focus on the “Right” Type of Business\nREVENUE BY END MARKETREVENUE BY SERVICE TYPE\nBroad range of end markets and customers with strong focus on \nmulti-site operators and national accounts\nRegulation driven, non-deferrable service mix\nREVENUE BY CUSTOMER TYPE\nAbility to serve customers of all types, with a strong mix of more \nreoccurring, multi-site operator customers\nCOMPETITIVE VS NEGOTIATED\nAbility to comfortably secure industry-leading profit margins in \nboth competitive and negotiated bid scenarios\n76.3%\n23.7%\n‘22A – 24A\nAverage\nSingle-Site Operator\nMulti-Site Operator\nCompetitiveNegotiated\n42.5%\n57.5%\n‘22A – 24A\nAverage\nOther\n(1)\nBuilding Facade\nParking Ramp\n52.1%\n45.2%\n2.7%\nTTM \nOct-24\nHomeowners \nAssociation (HOA)\nGovernment\nProperty \nManagement\nHealthcare\n‘22A – ‘24A\nAverage\n35.1%\n29.5%\n18.0%\n9.4%\n7.9%\nEducational\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n29\nCustomer Study #1\n1.Management estimate\n2.Includes revenue earned from ancillary services to Building Facade and Parking Ramp work, including the \ninstalling of roofing anchors, small batch waterproofing mixes, and more.\nCUSTOMER CASE STUDY #1\nRELATIONSHIP HISTORY\nRSI’S VALUE ADD TO CUSTOMER\n•Added customer in 2008 through a private bid facilitated by one of the Company’s engineering \npartners\n•Generated continued growth within the customer through trust built on consistently high-\nquality services and a transparent approach to customer service\n•Strong history of servicing customer’s building facade needs\n•Executed $8.0M+ in jobs for Customer #1 since 2021, including various building facade and \nparking ramp jobs\n•RSI’s key jobs with customer include:\n•Building restoration of RiverWest Condominiums\n•Parking ramp restoration of RiverView Tower’s parking infrastructure\n51%\nBuilding \nFacade\n22%\nParking \nRamp\n27%\nOther\n(2)\n4%\n6%\n10%\n12%\n16%\n23%\n25%\n2018A2019A2020A2021A2022A2023A YTD 2024\nCUSTOMER DESCRIPTION:\nProperty management company \nwith infrastructure managed in 20+ \nstates\nLOCATION:\nNational with a strong presence in \nMinnesota\nINDUSTRY:\nHomeowners Association\nTENURE:\n15 Years\nJOBS COMPLETED (#):\n120+\nCUSTOMER TYPE:\nMulti-Site\nSERVICE REVENUE BREAKDOWNANNUAL WALLET SHARE WITH CUSTOMER\n(1)\nGO-FORWARD GROWTH STRATEGY\nExpand RSI’s solutions to support \nCustomer’s network as a whole\nGrow nationally into Customer’s \nproperties\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n30\nCustomer Study #2\nCUSTOMER CASE STUDY #2\nCUSTOMER DESCRIPTION:\nNational property management \nCompany with a portfolio of 170K \ntotal units\nRELATIONSHIP HISTORY\nRSI’S VALUE ADD TO CUSTOMER\n•Added customer in 2000\n•Primarily a direct relationship today between customer and RSI, but RSI has a strong \nrelationship with the customer’s preferred engineering partners\n•Growth in wallet share driven primarily through referrals and targeted marketing efforts at \ntradeshows, industry events and on social media\n•Executed $3.9M+ in jobs for customer since 2021, including various building facade and parking \nramp jobs\n•RSI’s key jobs with customer include:\n•Building restoration of Wells Fargo Home Mortgage\n•Upcoming parking lot restoration of the MetroPoint ramp\nLOCATION:\nNational with a strong presence in \nMinneapolis, MN & Milwaukee, WI\nINDUSTRY:\nProperty Management\nTENURE:\n28 Years\nJOBS COMPLETED (#):\n220+\n5%\n8%\n14%\n23%\n25%\n30%\n35%\n2018A2019A2020A2021A2022A2023A YTD 2024\nCUSTOMER TYPE:\nMulti-Site\nSERVICE REVENUE BREAKDOWNANNUAL WALLET SHARE WITH CUSTOMER\n(1)\nGROWTH OPPORTUNITY\n70%\nBuilding \nFacade\n1%\nParking \nRamp\n29%\nOther\n(2)\nDeepen customer relationship at a \ncross-functional level\nGrow nationally into Customer’s \nproperties\n1.Management estimate\n2.Includes revenue earned from ancillary services to Building Facade and Parking Ramp work, including the \ninstalling of roofing anchors, small batch waterproofing mixes, and more.\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n31\nJob Case Study #1 – Building Facade\nSITE DESCRIPTION:\nCathedral Built in 1887\nLOCATION:\nMinneapolis, MN\nSTART DATE:\nAugust 2020\nLENGTH OF JOB:\nMulti-Year Contract\nSOURCE OF JOB:\nInbound Interest\nJOB REVENUE:\n$64K\nJOB OVERVIEW\nSCOPE OF WORK\nLINK TO VIDEO CASE STUDY...\nHERE\nST. MARY'S ORTHODOX CATHEDRAL EXTERIOR RESTORATION\n•The customer was experiencing water infiltration in their \nwall cavity and required masonry repair quickly\n•RSI was contracted to perform exterior stone and \nmasonry repairs at the Historical St. Mary’s Orthodox \nCathedral\n•The Company delivered a quality result through various \nservices that restored the historic facade to its original \nlikeness\n▪Exterior Facade Tuckpointing\n▪Exterior Sealant Replacement\n▪Stainless Steel Through-Wall Flashing Installation\n▪Custom Fabricated Copper Counter Flashing Installation\n▪Exterior Stone Repairs\n▪Exterior Stone Replacement\n▪Power Washing Facade Elements\nBEFORE\nAFTER\nBEFORE\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n32\nJob Case Study #2 – Parking Ramp\nSITE DESCRIPTION:\nApartment complex located less \nthan 10 miles outside of Minneapolis\nLOCATION:\nBrooklyn Park, MN\nSTART DATE:\nApril 2020\nLENGTH OF JOB:\nTwo Months\nSOURCE OF JOB:\nInbound Interest\nJOB REVENUE:\n$169K\nJOB OVERVIEW\nSCOPE OF WORK\nLINK TO VIDEO CASE STUDY...\nHERE\nLUX APARTMENTS PARKING LOT REPAIR\n•The customer’s parking ramp was worn down and in \nneed of a new coating, parking line striping as well as \nstructural support repair\n•The customer chose RSI due to RSI delivering a fully \ncomprehensive proposal\n•RSI completed the job under budget and on time\n▪Structural Concrete Repair\n▪Traffic Coating Installation\n▪Sealant Installation\n▪Parking Stall Striping\n▪Post Tension Cable Replacement\n▪Post Tension Cable Repairs\nBEFORE\nAFTER\nBEFORE\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n33\nCompetitive Landscape\nHIGH VOLUME, NATIONAL LEADERSMALL, REGIONAL PLAYERS\nKEY STRENGTHSKEY STRENGTHSKEY STRENGTHS\nMarket leader in its core geography, \nMinneapolis, with growing market share in \na recently entered geography, Milwaukee\nStrong relationships with key national \ncustomer accounts\nHighly standardized and professional \noperating processes \nStrategic supply relationship (30%+ Discount)\nBroad service offering across numerous \nkey end-markets\nConsistently delivers high-quality services\nCurrently primarily serving only two major \nMSAs\n\nNational presence serving 18 states\nStrong relationships with key national \naccounts – highly penetrated within the \naccounts across multiple states in the U.S.\nComprehensive service offering with ability \nto serve a diversified end market mix\nLess focused on maximizing client experience \nand more interested in executing a high \nvolume of jobs\n\nWell-defined growth strategy\nMinimal focus on expanding the businesses\n\nKEY WEAKNESSES\nHigh standardization across operating \nprocesses\nOutdated processes and systems with limited \nintegration of technology\n\nKEY WEAKNESSES\nStrong emphasis on delivering quality \nservice on every job\nHighly experienced in one to a few key end-\nmarkets\nTend to have strong company culture and \nsense of pride within business\nKEY WEAKNESSES\nLack relationships with key industry \ncustomers\n\nStrategic supply relationships\nExtensive fleet of owned equipment\nLittle to no standardization of operational \nprocesses\n\nHigher risk of market cyclicality due to lack of \nend market diversification\n\nInability to cross-sell within customers due to \nlimited service offering\n\nLimited geographic presence\n\nOften lease equipment on a job-by-job basis\n\nRSI IS A CUSTOMER FOCUSED LEADER WITHIN ITS MARKETS WITH SIGNIFICANT RUNWAY TO ESTABLISH ITSELF NATIONALLY\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n34\nWhy RSI Wins \nCOMMITMENT TO QUALITYBREADTH OF SERVICES\nWELL INVESTED EQUIPMENT \nAND TECHNOLOGY\nEXPERIENCED WORKFORCE\n12\n3\n4\nEXCEPTIONAL JOB MANAGEMENT AND TRANSPARENCY\n5\n•RSI executes its jobs with meticulous attention to detail and uses \nthe highest-class materials and techniques\n•Renowned service quality results in prolongment of each \ncustomer’s structure life, enhanced aesthetics and \nsafety compliant final products\n•Industry leading quality provides reoccurring \ncustomer base and mitigated risk to RSI\n•Company has broad service offering enabling it to expertly \ndeploy traditional and modern restoration strategies\n•Ability to offer comprehensive services to \ncustomers through RSI’s various facade and \nparking lot repair and replacement capabilities\n•Serves customers in numerous industries, \nincluding health systems, housing, \nmunicipalities, etc.\n•Talented work force from the Company’s \ntechnicians, engineers and project \nmanagers – average tenure of ~5 years\n•Strong union relationships and ability to \ncontinually source craftsmen employees\n•Employee training ensures talent development is \ncontinuous and that veteran skillsets are passed \non to new employees\n•Use of latest restoration technology \nenables RSI to efficiently deliver high \nquality results\n•Technology assets enables RSI to address \neach unique customer challenge\n•Supply contracts and owned Company \nequipment allows RSI to competitively bid on \njobs\n•Very detailed job management, from the 30+ page job plan proposal to rigorous oversight and communication throughout each job \n•Systematic approach consists of detailed planning, proactive problem solving and continuous client updates to minimize client stress\n•Strict organization ensures that all jobs are completed on time and within budget\nC\nO\nM\nM\nI\nT\nM\nE\nN\nT\nT\nO\nQ\nU\nA\nL\nI\nT\nY\nB\nR\nE\nA\nD\nT\nH\nO\nF\nS\nE\nR\nV\nI\nC\nE\nS\nA\nD\nV\nA\nN\nC\nE\nD\nT\nE\nC\nH\nN\nO\nL\nO\nG\nY\n&\nE\nQ\nU\nI\nP\nM\nE\nN\nT\nE\nX\nC\nE\nP\nT\nI\nO\nN\nA\nL\nJ\nO\nB\nM\nA\nN\nA\nGE\nM\nE\nN\nT\nE\nX\nP\nE\nR\nI\nE\nN\nC\nE\nD\nW\nO\nR\nK\nF\nO\nR\nC\nE\nBlue Point Capital Partners, LLC\n\nGrowth Opportunities\n35\n01\n02\n03\n04\n05\n06\nExecutive Summary\nInvestment Highlights\nGo-To-Market Strategy & Competitive Landscape\nGrowth Opportunities\nOperations Overview\nFinancial Summary\n07Appendix A: Sample Customer Engagement Documents\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n36\nGrowth Opportunities Overview \n$20.5 \n$73.2 \n2023A Adjusted\nRevenue\nFurther Penetration in\nMinnesota\nContinued Ramp of\nMilwaukee\nTarget National\nAccounts\nGeographic Expansion2029P Adjusted\nRevenue\nM&A (Unbudgetted)Unbudgeted Upside\nPotential\nHighly Achievable Growth Trajectory (2023A-2029P Adjusted Revenue)\n$ in Millions\nB\nA\nC\nE\nConsiderable unbudgeted upside\nFURTHER \nPENETRATION \nIN MINNESOTA\nCONTINUED \nRAMP OF \nMILWAUKEE\nTARGET NATIONAL\nACCOUNTS\nGEOGRAPHIC \nEXPANSION\nMERGERS & \nACQUISITIONS \nABCDE\nD\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n37\nContinued Penetration in Minnesota\nMINNESOTA REVENUE TRENDSMINNESOTA GROWTH STRATEGY\n•Currently generating ~$23M of annual revenue in Minnesota with \nopportunity to expand market share position by 15%+ to grow 2029P \nrevenue to ~$50M\n•Numerous actionable opportunities in the Minnesota market to achieve \nmarket share growth include:\n•Focus on growing share of wallet within key existing customers \nthrough comprehensive evaluations of their portfolio to \nproactively address maintenance needs\n•Target new key customer accounts of scale to increase market \nshare\n•Expand to new cities within Minnesota that can be served by the \nMinneapolis office (e.g., Duluth, Rochester, etc.)\n•Pursue new end markets, including private colleges and \nuniversities, school districts, the industrial sector and Department \nof Transportation work\n$ in Millions\nA\n2018\nMINNESOTA GROWTH ROADMAP\nTODAY (2024)2029\n$46.3M\nRevenue\n~50%\nMarket Share\n35\nWork Crews\nKEY NECESSARY GROWTH INITIATIVES\n$23.2M\nRevenue\n35%\nMarket Share\n19\nWork Crews\nRSI is the leading player in the \nfragmented Minnesota market \nwith substantial market share \nexpansion opportunity\nAt the time Blake Dronen acquired RSI \nin 2018, the Company had a strong \nreputation in the Minneapolis \nrestoration market, but had not \nestablished itself as the market leader\n$12.8M\nRevenue\n10%\nMarket Share\n12\nWork Crews\nWin new large customer accounts \nthat will provide reoccurring \nrevenue (see page 38)\nExpand wallet share with key \nlarge customer accounts that \nhold substantial wallet share \n(see page 39)\nRSI has the opportunity to expand market share in Minnesota \nby 15% between 2024 and 2029 by executing key growth \nstrategies\n$14.8\n$18.5\n$23.2\n$26.9\n$29.9\n$35.8\n$39.5\n$46.3\n2022A2023A2024E2025P2026P2027P2028P2029P\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n38\nContinued Penetration in Minnesota (Cont.)\nA\nAbove Prospects are Large Customer Accounts that Would Provide RSI with Substantial Reoccurring Annual Opportunities\nPROSPECTPROSPECT DESCRIPTIONINDUSTRYSIZE\nANNUAL REVENUE \nOPPORTUNITYBUILDING FACADEPARKING RAMP\nKEY PROSPECTIVE CUSTOMER ACCOUNTS IN MINNESOTA\nPROSPECT #1\n500+ bed hospital in St. Paul, MN \nthat serves 200k+ patients per year\nMulti-Site\n~$750K\nPROSPECT #2\n$150B+ revenue company that \nprovides food, ingredients and \nagriculture solutions\nMulti-Site\n~$600K\nPROSPECT #3\n1M+ square foot shopping mall in \nthe Twin Cities serving ~14M \nannual visitors\nMulti-Site\n~$600K\nPROSPECT #4\nReal estate lessor with investments \nin office, retail and hospitality \nspaces\nMulti-Site\n~$600K\nPROSPECT #5\nHeadquarters of a multinational \nconglomerate with over 60 \nlocations across the U.S.\nMulti-Site\n~$500K\nPROSPECT #6\n600+ bed hospital in Minneapolis, \nMN that serves 200k+ patients per \nyear\nMulti-Site\n~$450K\nPROSPECT #7\n5M+ square foot shopping mall in \nthe Twin Cities area with ~13K \nparking spaces\nSingle-Site\n~$450K\nALL OTHER\n~$4.8M\nTOTAL OPPORTUNITY\n~$10.2M\nHealthcare\nProperty \nManagement\nProperty \nManagement\nProperty \nManagement\nProperty \nManagement\nHealthcare\nProperty \nManagement\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n39\nContinued Penetration in Minnesota (Cont.)\nA\nWALLET SHARE GROWTH OPPORTUNITY WITHIN KEY EXISTING CUSTOMER ACCOUNTS IN MINNESOTA\nHealthcare\n•Win more jobs due to track-record of delivering quality \nservices to customer\n~35%\n~45%\nProperty Mgmt.\n•Emphasize RSI’s value enhancing solutions to the \nCustomer’s properties\n~22%\n~30%\nProperty Mgmt.\n•Leverage diverse service offering to cross-sell various \njobs\n~35%\n~40%\nHOA\n•Sell RSI’s ability to deliver highly innovative solutions\n~25%\n~25%\nProperty Mgmt.\n•Demonstrate RSI’s ability to deliver tailored solutions for \neach job\n~15%\n~25%\nHealthcare\n•Leverage the Company’s service quality standard to \naddress the client’s need for perfect outcomes\n~10%\n~20%\nProperty Mgmt.\n•Market RSI’s ability to meet stringent industry standards\n~20%\n~25%\nEXISTING CUSTOMERINDUSTRYKEY SELLING POINTS\nCURRENT MN\nWALLET SHARE\n(1)\nSIGNIFICANT UNTAPPED REVENUE OPPORTUNITY – TOTAL IMPLIED REVENUE POTENTIAL\n1.Management estimate\n$15M+\nNATIONAL ACCOUNT \nPOTENTIAL\nFUTURE POTENTIAL \nMN WALLET SHARE\n(1)\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n~$300k invested to open new \nfacility in Milwaukee in 2022\n2022 - 2023\nINVESTMENTAMOUNT\n40\nContinued Ramp of Milwaukee\nWISCONSIN REVENUE TRENDS\n$ in Millions\nMILWAUKEE GROWTH ROADMAP\nWISCONSIN GROWTH STRATEGY\nB\nParking Ramp \nEquipment\n$200K\nExterior FaÁade \nEquipment\n$100K\nInitial Investment$300K\nTODAYFULL RAMP (2029)\nMilwaukee\n~60%\nPublic Job Mix\n~40%\nPrivate Job Mix\n$15.0M+\nRevenue\n30%\nPublic Job Mix\n70%\nPrivate Job Mix\nEMPLOYEE BASEGEOGRAPHIES\nEMPLOYEE BASEGEOGRAPHIES\nBranch Manager\nMilwaukee\nMadison, WI\nGreen Bay, WI\nWausau, WI\nKenosha, WI\nAppleton, WI\n1\nProject Manager\nSuperintendent\nField Staff\n1\n1\n14 - 24\n11 Field Staff\n2 Sales Personnel\n$3.2M\nRevenue (2024E)\n•Currently generating ~$3M of annual revenue in Milwaukee with \nopportunity to expand market share position to grow revenue to ~$15M \nby 2029\n•Numerous actionable opportunities in the Milwaukee market to achieve \nmarket share growth include:\n•Capitalize on large prospective accounts of scale\n•Expand to new cities within Wisconsin that can be served by the \nMilwaukee location (e.g., Madison, Green Bay, Wausau, Kenosha, \nAppleton, etc.)\n•Job margin improvement in the coming years as the Company \nleverages its growing track record and relationships to pursue \nhigher margin negotiated work vs. public bid work\n$0.7\n$2.0\n$3.2\n$5.8\n$7.6\n$10.8\n$12.7\n$16.3\n2022A2023A2024E2025P2026P2027P2028P2029P\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n41\n1.Based on Management estimate.\nContinued Ramp of Milwaukee (Cont.)\nB\nAbove Prospects are Large Customer Accounts that Would Provide RSI with Substantial Reoccurring Annual Opportunities\nKEY PROSPECTIVE CUSTOMER ACCOUNTS IN WISCONSIN\nPROSPECT #1\n1.5M+ sq. ft. sports and \nentertainment facility\nSingle Site\n$100K\nPROSPECT #2\nOne of largest health systems \nin US, a network of 18 hospitals\n with 150+ clinics\nMulti-Site\n$350K\nPROSPECT #3\nLeading advisory services provider \nwith multiple large campuses and \nconference spaces\nMulti-Site\n$35K\nPROSPECT #4\n$4.5B+ global leader in consumer \ngoods with multi-acre campus, \nmuseum and manufacturing plant\nSingle Site\n$125K\nPROSPECT #5\nInternational airport facility \nspanning +2K acres and serving \n+7M passengers annually\nSingle Site\n$850K\nPROSPECT #6\n$9BB+ global leader in industrial \nautomation systems\nSingle Site\n$300K\nPROSPECT #7\n+700 bed hospital in MKE serving \n+35K patients annually\nSingle Site\n$500K\nPROSPECT #8\n$26B+ global leader in building \nproducts and energy solutions\nMulti-Site \n$300K\nPROSPECT #9\nNational provider of insurance \nservices specializing in property \nand casualty insurance\nSingle Site\n$450K\nTOTAL OPPORTUNITY\n~$3.0M\nPROSPECTPROSPECT DESCRIPTIONINDUSTRYSIZE\nANNUAL REVENUE \nOPPORTUNITY\n(1)\nBUILDING FACADEPARKING RAMP\nHealthcare\nEntertainment\nProperty \nManagement\nManufacturing\nTransportation\nHealthcare\nIndustrial\nIndustrial\nCommercial\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n42\nDevelopment of National Accounts\nC\nWHY NATIONAL ACCOUNTS CHOOSE RSI\nReputable, trusted provider that provides consistently high-\nquality work\nProactive, professional account management (detailed bid \nproposals, weekly check-ins, annual reports, portfolio health \nmonitoring, etc.)\nEasy to work with – partnership approach\n•Opportunity to grow with national accounts that manage multiple \nfacilities across diverse geographies\n•National accounts prefer to work with a limited number of trusted \nvendors that serve as a single point of contact and can provide \ncomprehensive advice across their entire portfolio of assets\n•RSI’s existing robust project management processes are \ndifferentiated in the market and are highly attractive to large \nnational accounts that expect a higher level of \nprofessionalism\n•~30% of RSI’s revenue comes from national accounts today, and \nmanagement has identified multiple other national accounts to target, \nincluding property managers, parking ramp platforms, healthcare \nsystems, shopping center owners, REITs, etc.\n•To accelerate its strategy, management anticipates adding a dedicated \nsales manager to target and manage key national accounts\nBENEFITS OF A NATIONAL ACCOUNT STRATEGY\nLarge, stable and predictable revenue streams (i.e., maintain \nregular building restoration cycles built into capital budget)\nOpportunity to pull RSI into new geographies\nHighly sticky relationships typically with multi-year phasing \nprojects\nPOSITIONED TO BECOME A QUALIFIED NATIONAL PROVIDER \nCURRENT NATIONAL ACCOUNT REVENUE CONTRIBUTION\nRSI has established a foothold in key national accounts\nwith significant room to grow wallet share both locally \nand in new geographies\nNational Account Revenue\nAll Other Revenue\n2024E\n~30%\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n43\nDevelopment of National Accounts\nC\nData Centers\nLodging / Resorts\nIndustrial\nHealthcare\nMulti-family\nOffice Space\nSpecialty\nSports Arena\nTelecommunications\nRegional Malls / Shopping Centers\nSelf-Storage\nNational Property Managers, \nREITS, Parking Ramps and \nHospitality provide exposure \nto multiple attractive end \nmarkets \nNATIONAL ACCOUNTEXISTING CLIENTMANAGED PROPERTIES\nPROPERTY MANAGERS\n19,000+\n172,000+ Units\n9,000+\n37,500+\n--46,000+\nREITS\n--1,000+\n--550+\n--45+\n--200+\n--110+\nPARKING RAMPS\n--N/A\n--3,400+\n--3,700+\nN/A\nHOSPITALITY\n--5,900+\n750+\n--3,900+\n--5,800+\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n44\nGeographic Expansion\nIDENTIFIED EXPANSION MARKETS\nNEW GEOGRAPHIES REVENUE TRENDS\n$ in Millions\n$2.0\n$2.8\n$3.9\n$5.5\n$7.7\n$1.7\n$2.3\n$3.2\n$4.5\n$1.3\n$1.8\n$2.5\n$3.4\n$2.0\n$5.7\n$8.0\n$11.2\n$15.6\n2025P2026P2027P2028P2029P\nD\nGEOGRAPHIC EXPANSION STRATEGY\nKEY MARKET EXPANSION CRITERIA\nEngineering and client referral \nnetwork complementary to \nRSI’s existing markets\nLarge and growing addressable \nmarket\nModest competitive landscape\nFavorable business and labor \nenvironment\nKANSAS CITY\n2026\nTargeted Entry\n2.2M\nTotal Population\n30%\nFull-Ramp Market Share Potential \nSELECT OHIO MARKETS\n2025\nTargeted Entry\n6.6M\nTotal Population\n25%\nFull-Ramp Market Share Potential \nDENVER\n2026\nTargeted Entry\n3.0M\nTotal Population\n40%\nFull-Ramp Market Share Potential \n•RSI has built a platform that is prepared to execute an aggressive geographic \nexpansion strategy, replicating its proven blueprint from Milwaukee\n•As RSI scales, it will be able to leverage its corporate infrastructure \n(e.g., people, equipment and technology) to drive synergies and \nmargin expansion\n•RSI’s geographic expansion strategy is teachable and repeatable \n•Management has identified the three most attractive expansion markets as \nKansas City, Ohio and Denver and have developed a detailed strategy to break \ninto each market\n•Target markets were identified for their favorable attributes, \nincluding infrastructure quality, regulatory environment, competitive \nlandscape and complementary referral network\n•Typical new facility requires a $300K investment, with a one-to-two year \nbreakeven\n•Management anticipates creating a position to lead integration efforts to \nensure successful ramping of new locations\n•Opportunity to fast-track geographic expansion through the interplay of M&A\nOhioKansas CityDenver\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n45\nExpansion Market Case Study: Ohio\nRATIONALE FOR MARKET ENTRY\nOHIO MARKETS (CLEVELAND, CINCINNATI AND COLUMBUS)\n•Ability to efficiently serve three markets within Ohio with only one strategically located office\n•Would enable optimized resource allocation, streamlined operations, cultural alignment \nand consistent service quality standards\n•Existing referral and client relationships in the markets would enable quick market share ramp \nREVENUE & ADJ. EBITDA ($M)REQUIRED CAPITAL INVESTMENTS\nCLIENT RELATIONSHIPSREFERRAL RELATIONSHIPS\nINVESTMENTAMOUNT\nParking Ramp \nEquipment\n$200K\nExterior Facade Equipment$100K\nTotal Required Investment$300K\nD\nMARKET SHARE OPPORTUNITY:\n25%\n(1)\nMSA POPULATION:\n6.6M\nLABOR MARKET:\nUnionized\nTARGET MARKET ENTRY DATE:\n2025\nTARGET END MARKETS:\nBuilding Facade, Parking Ramp & \nHistorical Buildings\n1.Management estimate at full ramp in the market\n$2.0\n$2.8\n$3.9\n$5.5\n$7.7\n2025P2026P2027P2028P2029P\n$0.7 \n$1.1 \n$1.6 \n$2.3 \n$3.3 \nAdjusted Revenue Adjusted EBITDA\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n46\nExpansion Market Case Study: Kansas City\nRATIONALE FOR MARKET ENTRY\nKANSAS CITY\n•Company has strong referral relationships in the market, which would enable RSI to collect market \nshare and ramp quickly\n•Parking ramp regulatory review timeline in Kansas City is similar to that of Minneapolis in that it \nrequires annual reviews, which would allow the Company to seamlessly mirror its operational \nprocesses in Minneapolis\nREVENUE & ADJ. EBITDA ($M)REQUIRED CAPITAL INVESTMENTS\nINVESTMENTAMOUNT\nParking Ramp \nEquipment\n$200K\nExterior Facade Equipment$100K\nTotal Required Investment$300K\nCLIENT RELATIONSHIPSREFERRAL RELATIONSHIPS\nD\n1.Management estimate at full ramp in the market\nMARKET SHARE OPPORTUNITY:\n30%\n(1)\nMSA POPULATION:\n2.2M\nTARGET MARKET ENTRY DATE:\n2026\nTARGET END MARKETS:\nBuilding Facade, Parking Ramp & \nHistorical Buildings\nLABOR MARKET:\nNon-Unionized\n$1.7\n$2.3\n$3.2\n$4.5\n2026P2027P2028P2029P\n$0.6 \n$0.9 \n$1.3 \n$1.9 \nAdjusted Revenue Adjusted EBITDA\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n47\nExpansion Market Case Study: Denver\nRATIONALE FOR MARKET ENTRY\nDENVER\n•Recent infrastructure expansion in the market will result in significant near-term restoration work \nopportunity – on the verge of a high volume of job opportunities\n•Existing referral and client relationships would enable quick market share ramp \n•Lack of competition in the region would enable RSI to establish themselves as a leader quickly\nCLIENT RELATIONSHIPSREFERRAL RELATIONSHIPS\nREQUIRED CAPITAL INVESTMENTS\nINVESTMENTAMOUNT\nParking Ramp \nEquipment\n$200K\nExterior Facade Equipment$100K\nTotal Required Investment$300K\nD\nMARKET SHARE OPPORTUNITY:\n40%\n(1)\nMSA POPULATION:\n3.0M\nLABOR MARKET:\nNon-Unionized\nTARGET MARKET ENTRY DATE:\n2026\nTARGET END MARKETS:\nBuilding Facade, Parking Ramp & \nHistorical Buildings\n1.Management estimate at full ramp in the market\nREVENUE & ADJ. EBITDA ($M)\n$1.3\n$1.8\n$2.5\n$3.4\n2026P2027P2028P2029P\n$0.4 \n$0.7 \n$1.0 \n$1.4 \nAdjusted Revenue Adjusted EBITDA\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n✓Acquire a competitor in a particular geography rather than greenfield an operation, particularly if the player is \nentrenched in the market with a sticky customer base\n✓Selectively pursue new capabilities, such as bridge inspections, that are complementary to RSI’s existing core \ncompetencies\n✓Target companies that have relationships with key national accounts\n✓Pursue businesses where RSI could optimize cost structure and pursue cross selling opportunities\n✓Target acquisitions in currently underpenetrated end markets (e.g., private colleges and universities, school \ndistricts, the industrial sector and DoT work) that would unlock new customer relationships\n48\nMergers & Acquisitions \nEnd Market Expansion\nEnhance Service \nOffering\nRevenue and Cost \nSynergy Potential\nMERGERS & ACQUISITION STRATEGY\nE\n•Highly fragmented industry with many sub-scale players where RSI could unlock considerable synergies by integrating them into the RSI platform\n•Planned pipeline of attractive acquisition targets that would unlock new areas for growth including geographic expansion, new end markets and expanded \ncapabilities\n•RSI provides platform potential to replicate other diversified infrastructure services platforms in the market (i.e., a one-stop-shop for all your building’s \nmaintenance and repair needs, both inside and out)\n•Management has cultivated strong relationships across the industry and understands the competitive landscape well\n•Industry network enabled the Company to execute the acquisition of local Minneapolis competitor in 2024 – established playbook to execute M&A\n•Well defined and standardized operational processes are teachable and repeatable in the aftermath of an acquisition – will enable RSI to establish its high \nmargin profile within acquired businesses\nStrategic \nGeographic \nExpansion\nACQUISITION CRITERIA\nCapture Wallet \nShare within Key \nCustomers\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n49\nMergers & Acquisitions (Cont.)\nE\nWELL DEFINED M&A PLAYBOOK\nTARGET IDENTIFICATION & ACQUISITION\nACQUISITION INTEGRATIONEMPOWERING GROWTH\nPhase IPhase IIPhase III\nHighly Actionable and Repeatable M&A Strategy\n1\n2\n3\n4\n5\nIdentify and contact desired \nacquisition target \nEngage M&A advisors to help lead a \nfast yet diligent process\nPerform intense business diligence to \ndetermine potential synergies and \nopportunities within the business\nEngage with a financing partner, if \nnecessary\nClose of deal\n1\n2\n3\n4\nDevelop a relationship with acquired \nCompany management and understand \ntheir goals for the business\nEnsure strength of key customer \nrelationships directly following the \nacquisition\nDetermine human resource needs & \nif there are potential costs synergies \nto capitalize on\nImplement RSI’s standardized \noperational, sales and customer service \nprocesses, enabling the newco to reach \nmargins that mirror RSI’s\n5\nIntegrate direct purchasing relationship \n(30% discount) with RSI’s largest supplier, \nfurther increasing purchasing power\n1\n2\n3\n4\n5\nIdentify and initiate the most \nactionable growth opportunities\nIntroduce the acquired company to \nRSI’s deep network of engineers and \nkey customer accounts\nHelp expand sales staff to develop a \nmore aggressive customer \npenetration and acquisition strategy\nIntroduce RSI’s geographic expansion \nplaybook to enter strategic markets\nCross-sell services between acquired \nCompany and RSI, if the company is \nproviding services RSI does not\n6\nEstablish a go-forward growth plan \nwith the management team\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n50\nMergers & Acquisitions – Acquisition Case Study (Cont.)\nE\nACQUISITION BACKGROUND\nACQUISITION OF MERIT CONSTRUCTION SERVICES\n•RSI completed the acquisition of the assets of a Minnesota-based restoration services company in \nthe Summer of 2024\n•RSI assumed ~$600K worth of equipment, all client relationships and 10 employees in the \nacquisition\n•Blake Dronen called the owner of Merit to determine if there was an interest in selling the business \nto RSI\n•Merit’s previous owner was aiming to retire and safely transition the assets of the business \nto a reputable player in the industry\n•The previous owner will receive 10% of sales from projects from Merit’s previous client base for \n2025 and 2026\n•As of November 2024, RSI has fully integrated Merit into its operations, and the two companies have \nbegun transitioning commercial opportunities\nTOTAL EMPLOYEES:\n~10\nACQUISITION RATIONALE & OPPORTUNITY\n•The acquisition of Merit provides strong opportunity to dedicate additional talented employee \nresources to the Milwaukee region as the RSI scales in the geography\n•RSI also gained access to the Ohio market, which is a growth geography of focus for \nmanagement\n•The acquisition adds additional geographic reach and operational resources that are aligned with \nRSI’s focus on quality\n•RSI completed the acquisition in less than three months, a testament to management’s ability to \nefficiently identify, evaluate and close investment opportunities\n•Management will leverage the M&A playbook used in the acquisition of Merit to continually execute \nnew acquisition opportunities \nCOMPANY NAME:\nMerit Construction Services\nSERVICE GEOGRAPHY COVERAGE:\nWisconsin, Ohio and UP of Michigan\nREVENUE ACQUIRED:\n~$5.0M\nSERVICES:\nConstruction Services\nHEADQUARTERS:\nFarmington, MN\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n51\nMergers & Acquisitions (Cont.)\nTARGETGEOGRAPHYSERVICE OFFERINGOWNERSHIP DYNAMICEST. REV. ($M)\nTARGET #1\nNebraska & Missouri\nParking Deck, Facade, Bridge\nOwned & operated by\nthe son of the founder\n$25M\nTARGET #2\nOhio\nParking Deck, FaÁade\nMultiple owners, including the founders \nand outside industry operators\n$22M\nTARGET #3\nColorado\nParking Deck, FaÁade\nFounder owned\n$15M\nTARGET #4\nMissouri\nParking Deck, Facade\nFounder owned\n$12M\nTARGET #5\nOhio\nParking Deck, Facade\nFounder owned\n$11M\nTARGET #6\nOhio\nParking Deck, Facade\nFounder owned\n$10M\nTARGET #7\nOhio\nParking Deck, Facade\nFounder owned\n$8M\nTARGET #8\nMinnesota\nFaÁade\nFounder owned\n$30M\nTARGET #9\nMinnesota\nParking Deck\nClosely held\n$18M\nTotal Revenue\n$150M+\nREPRESENTATIVE M&A PIPELINE\nE\nBlue Point Capital Partners, LLC\n\nOperations Overview\n52\n01\n02\n03\n04\n05\n06\nExecutive Summary\nInvestment Highlights\nGo-To-Market Strategy & Competitive Landscape\nGrowth Opportunities\nOperations Overview\nFinancial Summary\n07Appendix A: Sample Customer Engagement Documents\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n53\nCompany History \nWHERE QUALITY MEETS \nCRAFTSMANSHIP\nPOSITIONED TO SCALE\nNEW LEADERSHIP, RENEWED \nCOMMITMENT\n1997 - 20182018 - 20242025+\n$5.7 \n$7.3 \n$7.3 \n$8.4 \n$8.2 \n$9.7 \n$10.0 \n$11.7 \n$12.8 \n$11.3 \n$11.5 \n$15.5 $15.5 \n$20.5 \n$26.4 \n$34.8 \n$43.2 \n$54.6 \n$63.4 \n$78.2 \n2010A2011A2012A2013A2014A2015A2016A2017A2018A2019A2020A2021A2022A2023A2024E2025P2026P2027P2028P2029P\nSteve Dronen built the framework for the \nbusiness, establishing RSI as an innovative \nservice provider of restoration services\nRSI grew rapidly through new ownership, \nnew service lines and geographic expansion \nvia greenfielding locations and M&A\nRSI is committed to advancing through \nnew market expansions and strategic \nacquisitions to foster continued growth\nExpand market presence in Minnesota and \nWisconsin by acquiring new customers and \ngrowing market share with existing customers\nMove into new markets such as Kansas \nCity, Ohio and Denver\nTarget potential acquisitions to increase \nmarket share \nExplore potential service line expansion \nopportunities (e.g., bridge restoration)\nCONSISTENT TRACK RECORD OF REVENUE GROWTH\n$ in millions\n1997\nFounded by Steve Dronen in Chaska, \nMinnesota\n1997\nIntroduction of building facade \nrestoration, parking deck restoration, \nwaterproofing and sealants, and traffic \ncoating services\n1999\nBlake Dronen joins the business as a \nForeman\n2017\nTayton Eggenberger rejoins the \nbusiness as a Project Manager \n2018\nBlake Dronen acquires the business from \nhis father\n2019\nJen Patti joins the business as Office \nManager and is subsequently promoted to \nOperational Strategy Leader in 2024\n2019\nRefined and improved customer service \nstrategy, leaping ahead of competition \nwith optimized and replicable processes\n2022\nExpanded operations beyond MN with the \nopening of an office in Milwaukee, WI\n2024\nAcquired the assets, including ~10 \nemployees, of a competing commercial \nrestoration business in the Twin Cities\n1.2010A – 2020A represents reported figures whereas 2022A – 2029P represents adjusted figures.\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n54\nServices Overview\n•Restoration services performed \non a building’s facade, which can \nbe damaged due to weather, \npollution and aging \n•Services address joint failure, \nwater intrusion and eroding or \ndefective stones to preserve the \nappearance, safety and lifespan \nwhile matching the appearance \nof the original surface\nBUILDING FACADE \nRESTORATION\n•Traditional and modern \nrestoration techniques that \nextend the life and structural \nintegrity of parking ramps and \nother concrete structures while \nminimizing unexpected \nmaintenance costs\n•Certified Post-Tension Cable \nRepair & Replacement \npersonnel to assist with post-\ntension failures\nPARKING DECK \nRESTORATION\n•Provide both preventative and \nreactive waterproofing systems \nthat reduce water intrusion and \ndamage\n•Identify and safely replace failed \nor aging sealant systems to \nensure the long–term health \nand watertight integrity of a \nproperty\nWATERPROOFING & \nSEALANTS\n•Certified installation team \nprepares concrete surface to \nensure maximum substrate \nadhesion\n•Critical to ensure complete \ncoating system is done properly \nin order to stand up to heavy \nuse and weather\nTRAFFIC COATINGS\nNote: Other includes revenue earned from ancillary services to Building Facade and Parking Ramp \nwork, including the installing of roofing anchors, small batch waterproofing mixes and more.\nRevenue ContributionRevenue ContributionRevenue ContributionRevenue Contribution\n44.2%\n’22A – ’24E \nAverage\n11.0%\n’22A – ’24E \nAverage\n32.3%\n’22A – ’24E \nAverage\n9.1%\n’22A – ’24E \nAverage\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n55\nManagement & Employee Summary\nORGANIZATION OVERVIEW\n•RSI maintains a highly skilled and stable employee base that is cross-\ntrained and supervised by experienced leadership \n•Attractive benefits provided - health and insurance benefits, 401(k) match \ncontributions, paid time off, parental leave and commuter benefits\n•Employee incentive plans are strategically aligned with Company KPI \ntargets, including an employee safety incentive plan and profit-sharing \nopportunities based on annual performance\n•Comprehensive safety training and workshops, career development \nopportunities and tuition reimbursements reflect a strong commitment to \nemployee satisfaction\nEMPLOYEE SUMMARY - JUNE 2024\nRSI ORGANIZATIONAL CHART\nBY FUNCTION\nRoleMinnesota WisconsinTotal\nField Staff\n591069\nField Leadership\n213\nOperations & Administration\n(1)\n9-9\nSales\n426\nTotal\n741387\nBLAKE DRONEN\nPresident\nTAYTON EGGENBERGER\nSales Leader\nBRIAN STUEVE\nFinance Leader\nPROJECT \nMANAGER\n(3)\nFIELD STAFF \n(59)\nWAREHOUSE \nSTAFF\n(6)\nSUPERINTENDENT\n(2)\nJEN PATTI\nOp. Strategy Leader\nFIELD STAFF & FOREMAN HEADCOUNT \n(AVERAGE 2021A-2024E)\nMKE \nFIELD LEADER\n(1)\nDAN LEPHARDT\nMKE Region Leader\nFIELD STAFF \n(11)\n1.Includes the Company’s President, Blake Dronen, and Finance Leader, Brian Stueve\n12\n8\n15\n47\n62\n73\n76\n77\n81\n79\n71\n32\nJanFeb Mar Apr May JunJulAug Sept Oct Nov Dec\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n56\nUnion Relationships\nUNION RELATIONSHIPS OVERVIEW\n•RSI maintains productive union relationships in markets where union collaboration is \nnecessary\n•Strong union relationships drive low attrition rates relative to the industry, especially \ngiven seasonal staffing fluctuations, and allow a flexible and dependent pipeline of \nskilled labor\n•RSI has a right-sized base of ~70 union and ~10 non-union employees during busy \nseason\n•RSI has maintained robust union relationships for the past 28 years through regular \nparticipation in union functions and training programs \n•RSI President, Blake Dronen, plays a pivotal role in managing contractual \naspects of union relationships with Bricklayers Local 1, Liuna Local 563 and \nLiuna Local 113\n \n•Superintendents oversee day-to-day interactions with unions \nUNION EMPLOYEE SUMMARY\n(1)\nBUSY SEASON (MAY – NOVEMBER)\nField Staff (Union)Minnesota WisconsinTotal\nField Staff\n591069\nField Leadership\n213\nWarehouse (Union)\n1-1\nField Staff Total\n621173\nOffice (Non-Union)Minnesota WisconsinTotal\nOperations & Admin.\n8-8\nSales\n426\nOffice Total\n12214\nTotal Employees\n741387\nRELEVANT UNION CHAPTERS\n1.Represents 2023 average\nOFF SEASON (DECEMBER – APRIL)\nField Staff (Union)Minnesota WisconsinTotal\nField Staff\n9211\nField Leadership\n213\nField Staff Total\n11314\nOffice (Non-Union)Minnesota WisconsinTotal\nSales\n426\nOperations & Admin.\n6-6\nOffice Total\n10212\nTotal Employees\n21526\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n57\nSafety, Quality and Environmental Programs\nSAFETY AND REGULATORY OVERVIEW\n•RSI is committed to the health and safety of both its employees and clients and has a strong record of employee safety and regulatory compliance\n•The Company has earned multiple awards for its robust safety, quality and environmental programs and track record\n•All jobsites are inspected and reviewed daily according to Job Hazard Analysis (JHA) workbooks, with additional safety checklists for jobsites \ninvolving swing stage or scaffolding equipment \n•Project Managers, Superintendents and Foremen collectively ensure adherence to International Concrete Repair Institute (ICRI) and International \nMasonry Institute (IMI) quality standards \n•RSI adheres to EPA standards and regulations, with ability to incorporate advanced environmental considerations if requested\n•Comprehensive daily reports provide frequent check-in opportunities with employees and clients, ensuring highest safety, quality and environmental \nstandards are upheld through full job duration\n•RSI also provides in-house annual safety trainings, specialized safety courses (scaffolding, swing stages, etc.) and independent safety consultant \ncollaborations to continuously develop employee safety knowledge\nREPRESENTATIVE RECOGNITIONINDUSTRY-LEADING SAFETY METRICS\n0.7\n0.81\n0.820.82\n-0.1\n0.1\n0.3\n0.5\n0.7\n0.9\n1.1\n1.3\n1.5\n202120222023YTD-2024\nRSI’s Historical Experience Modification Rate (EMR)\n(1)\nIndustry Average (1.0)\n1.Lower EMR represents lower likelihood to incur a compensable loss.\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n▪Personnel and equipment \ncoordination\n▪Job planning and scheduling\n▪Attend industry events\n▪Communicate with building owners & \nmanagers and referral sources \n(engineers, architects) to source job \nopportunities\n▪Draft proposals and negotiate bids \nwith clients\n▪Meet weekly with superintendents \nregarding job updates to be \ncommunicated to customers\n58\nOperations Team Summary\nPROJECT MANAGERSSUPERINTENDENTS\nTAYTON \nEGGENBERGER\nSALES LEADER\nPROJECT \nMANAGER\n(1)\nASST. PROJECT \nMANAGER\n(1)\nSALES TEAM\nCORE DUTIES\n▪Supervising and managing all on-site \nconstruction activities\n▪Ensure jobs consistently track towards \ncompletion, on-time and on-budget\n▪Resolve issues and implement \nsolutions for day-to-day operations\nKEY PERSONNEL INTERACTIONSKEY PERSONNEL INTERACTIONS\nOTHER KEY DUTIES\nCORE DUTIES\nOTHER KEY DUTIES\n•Operations team works closely to (i) manage the day-to-day activities of all constructions sites across RSI’s current job schedule and (ii) work collaboratively \nwith Project Managers to ensure clients stay informed on all job statuses, updates or concerns\n•Superintendents are trained and experienced in managing on-site personnel and service progress while maintaining frequent communication with the client-\nfacing Project Management team\nOPERATIONS TEAM\nSENIOR PROJECT \nMANAGER\n(1)\nJEN PATTI\nOPERATIONS \nSTRATEGY LEADER\nFIELD STAFF \n(59)\nWAREHOUSE STAFF\n(6)\nSUPERINTENDENT\n(2)\nConstruction \nSuperintendent\nReferral SourcesClients\nProject \nManagers\nField Staff\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n59\nFacilities Overview \nOFFICE FACILITY #1OFFICE FACILITY #2\n1 meeting room\n1 break room\nParking for 10 vehicles\nFully accessible\nVoIP phone systems \nOn-Call IT support\nAMENITIESTECHNOLOGY\n24/7 security\nCCTV\nSecure access controls\nFire safety system\nEnergy-efficient lighting\nRecycling program \nMail handling service\nBi-weekly cleaning\nSECURITYOTHER FEATURES\n1 meeting room\n1 break room\nParking for 20 vehicles\nFully accessible\nVoIP phone systems \nOn-Call IT support\nAMENITIESTECHNOLOGY\n24/7 security\nCCTV\nSecure access controls\nFire safety system\nEnergy-efficient lighting\nRecycling program \nFront desk reception\nMail handling service\nSECURITYOTHER FEATURES\nBi-weekly cleaning\nChaska, MN\nLocation\n14\nEmployees\n(2)\nLeased\n20.5K\nTotal Sq. Feet \n(Office & Warehouse)\n(1)\n•Two leased facilities – both are located just outside the downtown corridor of Minneapolis and Milwaukee\n•Current rental rates changed to the Company are marked-based, and the expectation is that long-term leases would be executed current with a \nclosing of a transaction\n•Proximity to metropolitan areas provides easy access to the Company’s frequent job sites and ability to easily manage human talent\n•Large warehousing spaces to store the Company’s extensive equipment fleet\n1.The leased facility in Chaska has an additional 11.5k sq. ft. that is owned by Blake in a related entity \nthat the Company could consider expanding into if desired.\n2.Includes superintendent employees that report to respective branch.\nWaukesha, WI\nLocation\n3\nEmployees\n(2)\nLeased\n6.0K\nTotal Sq. Feet \n(Office & Warehouse)\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n60\nEquipment Overview\n13\nSkid Steers\n13\nAerial Lifts\n3\nScissor Lifts\n1\nBrokk\nON-SITE EQUIPMENT\n15\nCompressors\n43\nSaws\nSERVICE EQUIPMENT\n10\nGrinders\n45\nJack \nHammers\nMISCELLANEOUS EQUIPMENT\n1.Represents 93 swing stage motors and ancillary equipment sufficient for 45 complete swing stages.\n1\nForklift\n6\nConcrete Buggies\nDELIVERY EQUIPMENT\n29\nGenerators\n45\nSwing Stages\n(1)\n21\nTrailers\n32\nTrucks\nREPRESENTATIVE EQUIPMENT\nKEY EQUIPMENT SUMMARY\n•Strong base of owned equipment provides the Company a competitive advantage to (i) quickly react to job needs, (ii) aggressively bid jobs without the \nburden of equipment lease expenses and (iii) efficiently swap and repair equipment to avoid costly job delays\n•High performance and state of the art equipment with no major replacements anticipated following recent and thorough maintenance inspection \ncompleted in 2024 (performed every five years)\n•Existing equipment base has ability to continue supporting Company through forecasted job volume growth\nCLICK HERE\nClick links below to see \nequipment in action\nCLICK HERE\nCLICK HERE\nBlue Point Capital Partners, LLC\n\nFinancial Summary\n61\n01\n02\n03\n04\n05\n06\nExecutive Summary\nInvestment Highlights\nGo-To-Market Strategy & Competitive Landscape\nGrowth Opportunities\nOperations Overview\nFinancial Summary\n07Appendix A: Sample Customer Engagement Documents\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n62\n1.Acquisition was completed in August 2024\nFinancial Highlights\nBASIS OF INFORMATION\n•The financial overview presented herein summarizes the financials for RSI for (i) the fiscal years ended December 31, 2022 to 2023 and (ii) the projected results for \nfiscal years ending December 31, 2024 to 2029\n•Unless otherwise noted, the financials presented in this section have been presented on a pro forma adjusted basis\nSUMMARY P&L \n30.3% CAGR\nTotal Revenue \n(2022A – 2024E)\n30.5%\nAdjusted EBITDA Margin \n(2024E)\n43.2% \nGross Profit Margin \n(2024E)\n$ in Thousands2022A2023A2024E2025P2026P2027P2028P2029P\nMinneapolis Service Revenue14,823 18,520 23,165 26,938 29,867 35,798 39,500 46,326 \nMilwaukee Service Revenue697 2,025 3,187 5,828 7,614 10,812 12,742 16,280 \nTotal Minneapolis & Milwaukee Revenue$15,520 $20,546 $26,352 $32,766 $37,481 $46,610 $52,243 $62,605 \nTotal De-Novo Location Revenue− − − 2,000 5,700 7,980 11,172 15,641 \nTotal Revenue$15,520 $20,546 $26,352 $34,766 $43,181 $54,590 $63,415 $78,246 \nRevenue Growth %32.4%28.3%31.9%24.2%26.4%16.2%23.4%\nCost of Revenue8,686 12,939 14,963 18,901 22,419 28,149 31,599 37,978 \nGross Profit$6,833 $7,607 $11,389 $15,865 $20,763 $26,441 $31,816 $40,268 \nGross Profit Margin %44.0%37.0%43.2%45.6%48.1%48.4%50.2%51.5%\nOperating Expenses3,006 3,468 3,353 4,179 5,162 5,978 6,582 7,613 \nAdjusted EBITDA$3,827 $4,139 $8,036 $11,686 $15,601 $20,463 $25,234 $32,655 \nAdjusted EBITDA Margin (%)24.7%20.1%30.5%33.6%36.1%37.5%39.8%41.7%\nMerit Construction Acquisition\n(1)\n2,086 2,086 1,212 − − − − − \nPro Forma Adjusted EBITDA$5,913 $6,225 $9,248 $11,686 $15,601 $20,463 $25,234 $32,655 \nBlue Point Capital Partners, LLC\n\nRestoration Systems\n63\nRevenue Detail\nREVENUE DETAILCOMMENTARY\n•Minneapolis:\n•RSI expects to execute strong growth in \nMinneapolis Building FaÁade and Parking Ramp \nservices in 2025+ driven by continued penetration \nwith large existing accounts and the acquisition of \nnew sizeable customer opportunities\n•Milwaukee:\n•RIS expects to continue scaling the Milwaukee \noperation quickly driven by converting the existing \ncustomer pipeline and the onboarding of \ncustomers from the 2024 Merit Construction \nServices acquisition\n•De-Novo Markets:\n•RSI plans to expand into Ohio in 2025 and Kansas \nCity and \nDenver in 2026\n•Revenue projections for each of the de novo \nmarkets were informed by management’s estimate \nof the market size and targeted market share\n$ in Thousands2022A2023A2024E2025P2026P2027P2028P2029P\nMinneapolis\nMinneapolis FaÁade Revenue9,135 10,092 11,924 14,236 15,783 18,884 20,723 24,120 \nMinneapolis Parking Ramp Revenue5,490 7,140 10,893 12,366 13,734 16,547 18,394 21,805 \nMinneapolis Misc Services Revenue197 1,288 348 336 351 367 383 400 \nMinneapolis Total Revenue$14,823 $18,520 $23,165 $26,938 $29,867 $35,798 $39,500 $46,326 \nRevenue Growth %−24.9% 25.1% 16.3% 10.9% 19.9% 10.3% 17.3% \nMilwaukee\nMilwaukee FaÁade Revenue568 777 2,107 3,177 4,085 6,035 7,524 10,591 \nMilwaukee Parking Ramp Revenue129 1,249 1,071 2,642 3,520 4,768 5,208 5,678 \nMilwaukee Misc Services Revenue− − 9 9 10 10 10 11 \nMilwaukee Total Revenue$697 $2,025 $3,187 $5,828 $7,614 $10,812 $12,742 $16,280 \nRevenue Growth %−190.6% 57.3% 82.9% 30.6% 42.0% 17.8% 27.8% \nDe-Novo Revenue\nOhio De-Novo Revenue− − − 2,000 2,800 3,920 5,488 7,683 \nKansas City De-Novo Revenue− − − − 1,650 2,310 3,234 4,528 \nDenver De-Novo Revenue− − − − 1,250 1,750 2,450 3,430 \nDe-Novo Total Revenue$0 $0 $0 $2,000 $5,700 $7,980 $11,172 $15,641 \nRevenue Growth %− − − − 185.0% 40.0% 40.0% 40.0% \nTotal Revenue$15,520 $20,546 $26,352 $34,766 $43,181 $54,590 $63,415 $78,246 \nRevenue Growth %\n−32.4%28.3%31.9%24.2%26.4%16.2%23.4%\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n64\nCost of Revenue Detail\n•Direct Payroll: Consists of salaries, wages, benefits \nand taxes pertaining to field staff across all locations\n•Equipment and Supplies: Consists of all supplies, \nequipment and material inputs for each Company job\n•Other Cost of Revenue: Consists of fees and testing \ncosts, waste and disposal costs, vehicle expenses, \ntravel expenses and more\n•Cost of revenue items were forecasted as a percentage \nof revenue based on the historical mix of job sizes. The \nincrease in gross margins over the forecast period is \nattributable to the forecasted mix of projects / project \nsizes as well as economies of scale in purchasing\nCOST OF REVENUECOMMENTARY\n$ in Thousands2022A2023A2024E2025P2026P2027P2028P2029P\nTotal Revenue$15,520 $20,546 $26,352 $34,766 $43,181 $54,590 $63,415 $78,246 \nDirect Payroll4,788 8,498 9,991 12,239 14,752 18,524 20,801 25,006 \nEquipment and Supplies3,726 3,735 4,307 5,701 6,549 8,221 9,223 11,080 \nOther Cost of Revenue172 706 665 962 1,118 1,404 1,575 1,892 \nTotal Cost of Revenue$8,686 $12,939 $14,963 $18,901 $22,419 $28,149 $31,599 $37,978 \nGross Profit$6,833 $7,607 $11,389 $15,865 $20,763 $26,441 $31,816 $40,268 \nGross Margin (%)44.0%37.0%43.2%45.6%48.1%48.4%50.2%51.5%\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n65\nOperating Expense Detail\nOPERATING EXPENSE DETAIL\n•Salaries & Wages: Salaries and wages of leadership \npersonnel, sales representatives and other \nadministrative employees\n•Bonus: Bonus compensation paid to employees at the \nowner’s discretion\n•Insurance: Expenses for business-related insurance \npolicies including liability and property\n•Professional Fees: Payments made to external legal \nand accounting professionals\n•Rent: Rent for RSI’s Chaska and Waukesha facilities\n•Repairs and Maintenance: Expenses associated with \nmaintaining the Company’s service equipment\n•Auto and Equipment Expense: Costs for vehicle \nmaintenance and operations including fuel expense\n•Employee Benefits: Non-wage compensation \nprovided to employees including retirement and \nhealth insurance\n•Meals and Entertainment: Expenses incurred for \nmeals and entertainment related to marketing efforts\n•Other Operating Expenses: Costs for trade shows, \ntraining costs and other miscellaneous expenses\n•Operating expense accounts were primarily \nforecasted as year-over-year growth rates with step \nchange growth in expenses correlated with forecasted \nrevenue growth (de novo expansions, etc.). Repairs \nand Maintenance and Auto and Equipment Expenses \nwere forecasted as a percentage of revenue as these \nexpenses are variable in nature\nCOMMENTARY\n$ in Thousands2022A2023A2024E2025P2026P2027P2028P2029P\nGross Profit$6,833 $7,607 $11,389 $15,865 $20,763 $26,441 $31,816 $40,268 \nSalaries and Wages852 1,117 1,128 1,566 1,870 2,232 2,470 2,946 \nBonus499 663 553 662 778 831 889 951 \nInsurance266 275 368 433 519 574 636 705 \nProfessional Fees39 70 91 103 119 127 135 144 \nRent320 320 319 349 410 438 468 501 \nRepairs and Maintenance132 159 255 275 370 455 512 611 \nAuto and Equipment Expense320 278 205 227 408 502 564 673 \nEmployee Benefits157 114 87 113 138 164 182 217 \nMeals and Entertainment54 52 49 63 76 90 100 119 \nOther Operating Expenses369 421 297 388 475 565 627 747 \nTotal Opex$3,006 $3,468 $3,353 $4,179 $5,162 $5,978 $6,582 $7,613 \nAdjusted EBITDA$3,827 $4,139 $8,036 $11,686 $15,601 $20,463 $25,234 $32,655 \nEBITDA Margin (%)24.7%20.1%30.5%33.6%36.1%37.5%39.8%41.7%\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n66\nEBITDA Adjustments Detail\nEBITDA ADJUSTMENTS DETAILCOMMENTARY\n1.POC Adjustment: The Company records revenue \nbased on the percentage of completion method. \nRevenues were adjusted based on a lookback analysis \nthat was performed on all jobs during the historical \nperiod.\n2.Professional Fees: Removal of professional fees, \nwhich are non-recurring and personal in nature, \nincluding transaction related expenses, new IT system \nimplementation and non-recurring legal expenses.\n3.Workers Compensation: The Company over accrued \nworkers compensation expense in FY-24. An \nadjustment was made to record the expenses based \non what was actually incurred. Management now \nperforms monthly reviews of the insurance expense \nbased on payroll for reasonableness.\n4.Job 22-416A Margin Normalization: In FY-23, a \nvendor made an estimating error on a large project \nthat resulted in $385k less of revenue being collected \nby RSI. To protect the vendor relationship, this \namount was not pursued but typically would have \nbeen collected. This amount was added into the total \ncontract value for the project to normalize for this \nnon-recurring issue. This project also incurred \nsignificantly above average overtime hours to correct \nfor this mistake and meet project deadlines. 50% of \nthe overtime hours were added back as a conservative \nadjustment to normalize this expense.\n$ in Thousands2022A2023A2024E\n1\nPOC Adjustment($1,192)$1,027 $673 \n2\nProfessional Fees15 43 221 \n3\nWorkers Compensation– – 119 \n4\nJob 22-416A Margin Normalization144 263 27 \n5\nNon-Recurring Expenses54 92 22 \n6\nPersonal Expenses253 61 1 \n7\nBad Debt Expense(300)300 – \n8\nFee Expense– (7)- \n9\nRetainage(191)(147)- \n10\nRent Normalization(148)(78)- \n11\nPrepaid Supplies22 554 (5)\n12\nGain/Loss on Sale of Assets and Other Income\n(22)(38)\n(6)\n13\nOther Expenses Reversal– 162 (162)\n14\nBonus Accrual– (82)(359)\nDue Diligence Adjustments\n($1,365)$2,149 $530 \nAdjusted EBITDA\n$3,827 $4,139 $8,036\n15\nMerit Construction Acquisition 2,086 2,086 1,212\nPro Forma Adjusted EBITDA\n$5,913 $6,225 $9,248\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n67\nEBITDA Adjustments Detail (Cont.)\nEBITDA ADJUSTMENTS DETAILCOMMENTARY\n5.Non-Recurring Expenses: Removal of non-recurring \nexpenses, including office renovations, employee \npersonal expenses and other non-recurring expenses \nthat are non-operational in nature. \n6.Personal Expenses: Removal of personal expenses, \nincluding the owner’s insurance and personal house \nconstruction.\n7.Bad Debt Expense: Job 22-302A had bad debt \nrecognized in Dec-23. This expense was spread \nmonthly based on job costs incurred to the proportion \nof the total job cost across the life of the project.\n8.Fee Expense: An incorrect expense entry was posted \nto the balance sheet. This adjustment has been made \nto accurately record the expense in the appropriate \naccount.\n9.Retainage: Management does not record revenues \nrelated to retainage monthly. Thus, the entries at \nyear-end for the retainage were removed as these \nbalances and revenues are captured through the POC \nlookback adjustment in Adjustment 1.\n10.Rent Normalization: The rent for 2022 and 2023 was \nbelow the prevailing market rate. This adjustment \naligns the historical rent expenses for these years with \nthe current market rate.\n$ in Thousands2022A2023A2024E\n1\nPOC Adjustment($1,192)$1,027 $673 \n2\nProfessional Fees15 43 221 \n3\nWorkers Compensation– – 119 \n4\nJob 22-416A Margin Normalization144 263 27 \n5\nNon-Recurring Expenses54 92 22 \n6\nPersonal Expenses253 61 1 \n7\nBad Debt Expense(300)300 – \n8\nFee Expense– (7)- \n9\nRetainage(191)(147)- \n10\nRent Normalization(148)(78)- \n11\nPrepaid Supplies22 554 (5)\n12\nGain/Loss on Sale of Assets and Other Income\n(22)(38)\n(6)\n13\nOther Expenses Reversal– 162 (162)\n14\nBonus Accrual– (82)(359)\nDue Diligence Adjustments\n($1,365)$2,149 $530 \nAdjusted EBITDA\n$3,827 $4,139 $8,036\n15\nMerit Construction Acquisition 2,086 2,086 1,212\nPro Forma Adjusted EBITDA\n$5,913 $6,225 $9,248\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n68\nEBITDA Adjustments Detail (Cont.)\nEBITDA ADJUSTMENTS DETAILCOMMENTARY\n11.Prepaid Supplies: Historically, management has \nexpensed all supply purchases with the review only \ncapitalizing the amounts at each year-end. It was \ndetermined that the review year end entries were not \naccurate, so an inventory count was performed in \nDec-24, and the monthly prepaid supplies balance was \nbuilt from this ending balance using the P&L activity. \n12.Gain/Loss on Sale of Assets and Other Income: The \ngain or loss on the sale of fixed assets is added back \nto EBITDA, as it is non-recurring in nature. Other \nincome, which includes credit card cashbacks, receipts \nfrom fuel cooperative payouts, and recycling program \nreimbursements, has been adjusted, as these items \nare considered non-operational.\n13.Other Expenses Reversal: Certain expenses that \nwere incurred in previous periods were reversed when \nthey were determined to not be paid to due collection \nissues on the jobs. An adjustment was made to record \nthese reversals in the original month of recognition.\n14.Bonus Accrual: Bonuses were expensed when paid \nduring the historical period. A bonus accrual was \nmade to record the bonus expense evenly each fiscal \nyear. Management has estimated the bonus expense \nfor FY-24.\n15.Merit Construction Acquisition: The Company \nacquired Merit Construction in Q3-24. This Pro-Forma \nadjustment was calculated by applying Merit’s TTM \nrevenue against RSI’s gross margin in the TTM period. \n2022 and 2023 were estimated at a consistent level to \nthe TTM period.\n$ in Thousands2022A2023A2024E\n1\nPOC Adjustment($1,192)$1,027 $673 \n2\nProfessional Fees15 43 221 \n3\nWorkers Compensation– – 119 \n4\nJob 22-416A Margin Normalization144 263 27 \n5\nNon-Recurring Expenses54 92 22 \n6\nPersonal Expenses253 61 1 \n7\nBad Debt Expense(300)300 – \n8\nFee Expense– (7)- \n9\nRetainage(191)(147)- \n10\nRent Normalization(148)(78)- \n11\nPrepaid Supplies22 554 (5)\n12\nGain/Loss on Sale of Assets and Other Income\n(22)(38)\n(6)\n13\nOther Expenses Reversal– 162 (162)\n14\nBonus Accrual– (82)(359)\nDue Diligence Adjustments\n($1,365)$2,149 $530 \nAdjusted EBITDA\n$3,827 $4,139 $8,036\n15\nMerit Construction Acquisition 2,086 2,086 1,212\nPro Forma Adjusted EBITDA\n$5,913 $6,225 $9,248\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n69\n1.FCF Conversion defined as: (Adjusted EBITDA – Total Capital Expenditures) / (Adjusted EBITDA)\nCapital Expenditure Detail\nCAPITAL EXPENDITURE DETAIL\nCOMMENTARY\n▪Minneapolis & Milwaukee Capex:\n−Consists of all historical and forecasted capital investments for the Minneapolis and Milwaukee operations\n−In 2022, the Company invested ~$250K in swing stage equipment and $150K in a demolition robot. In 2023, the Company invested ~$170K in vehicles, \n~$120K in snorkel lifts and ~$50K in a generator. In 2024, the Company invested ~$100K in equipment in the Merit Construction acquisition, ~$110K in \nscaffolding equipment and ~$65K in an electric floor grinder\n−The Company expects to invest ~$1M - $2M annually in capex from 2025P – 2028P on equipment, tools and vehicles to support increased volume of jobs\n▪De-Novo Capex:\n−Consists all forecasted capital investments for the Ohio, Kansas City and Denver operations\n−The Company expects to spend $300K at each the Ohio, Kansas City and Denver locations in their first years of operation. Management expects that \neach location will require ~$100K in annual investment in the years following the initial expansions\n1\n2\n1\n2\n$ in Thousands2022A2023A2024E2025P2026P2027P2028P2029P\nMinneapolis & Milwaukee Capex519 668 718 893 1,022 1,271 1,424 1,707 \nDe-Novo Capex0 0 0 300 700 300 300 300 \nTotal Annual Capex$519 $668 $718 $1,193 $1,722 $1,571 $1,724 $2,007 \n% of Revenue\nMinneapolis & Milwaukee Capex % of Existing Revenue3.3%3.3%2.7%2.7%2.7%2.7%2.7%2.7%\nDe-Novo Capex % of De-Novo Revenue---15.0%12.3%3.8%2.7%1.9%\nTotal Capex % of Total Revenue3.3%3.3%2.7%3.4%4.0%2.9%2.7%2.6%\nFCF Conversion\n(1)\n91.2%89.3%92.2%89.8%89.0%92.3%93.2%93.9%\nBlue Point Capital Partners, LLC\n\nAppendix A: Sample Customer Engagement \nDocuments\n70\n01\n02\n03\n04\n05\n06\nExecutive Summary\nInvestment Highlights\nGo-To-Market Strategy & Competitive Landscape\nGrowth Opportunities\nOperations Overview\nFinancial Summary\n07Appendix A: Sample Customer Engagement Documents\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n71\nSample Customer Engagement Documents\nDETAILED BID PROPOSALS\nCOVER PAGEINTRO LETTER\nON-SITE OBSERVATIONSCOST ESTIMATERSI OVERVIEW\nPROJECT SUMMARYPROJECT SUMMARY (CONT.)\nPHASING PLAN\n1 Page1 Page3+ Pages3+ Pages\n1+ Pages15+ PagesPage for Each Job Phase1 Page\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n72\nSample Customer Engagement Documents (Cont.)\nDETAILED BID PROPOSALS (CONT.)\nJOB TEAM OVERVIEWINTRO LETTERBID SIGNING PAGETERMS AND CONDITIONS\n1 Page1 Page3+ Pages3+ Pages\nBlue Point Capital Partners, LLC\n\nRestoration Systems\n73\nSample Customer Engagement Documents (Cont.)\nANNUAL REPORTSWEEKLY JOB PROGRESS REPORTS\nBlue Point Capital Partners, LLC\n\n© 2025 Northborne Partners\nBlue Point Capital Partners, LLC"
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"text": "\n\nApril 2025\nConfidential Information Presentation\nDRAFT\nAs of 4/24/2025 11:49 AM\n\n2\nSTRICTLY CONFIDENTIAL\nImportant Information and Transaction Team\nThis Confidential Information Presentation (the “Presentation”) is intended solely for the use of prospective investors in determining whether or not to pursue the proposed transaction with Stax Holding Company, LLC (“Stax” or the “Company”). The Presentation is of a \nproprietary and confidential nature and is only being furnished to those parties who have agreed to be bound by the terms and conditions of the previously executed confidentiality agreement (the “Confidentiality Agreement”). William Blair & Company, L.L.C. (“William \nBlair”) has been retained by the Company as its financial advisor.\nBy accepting this Presentation, the recipient agrees that it will, and it will cause its directors, officers, employees, and representatives to, use this Presentation and all of the information contained herein only to evaluate a specific negotiated transaction with the Company \nand for no other purpose and shall return this Presentation together with any copies to William Blair upon request. This Presentation contains confidential, non-public information concerning the Company. Receipt of this Presentation constitutes your acknowledgment \nthat you will maintain the information contained herein in strict confidence. \nThis Presentation does not constitute (i) any offer to sell or the solicitation of an offer to buy any securities or assets of the Company or (ii) any offer or recommendation to enter into any transaction referenced herein.\nAll information contained herein has been provided by the Company or other sources that William Blair deems reliable. However, William Blair has not independently verified any of the information contained herein, including financial estimates and projections. This \nPresentation includes certain statements, estimates, and projections provided by the Company with respect to its anticipated future performance. Such statements, estimates, and projections reflect various assumptions concerning anticipated results, which assumptions \nmay or may not prove to be correct. The information contained in the Presentation, including financial statements, projections and estimates, (a) is not necessarily indicative of current value or future performance, which may be significantly more or less favorable than as \nreflected herein; (b) has not been independently verified and cannot be regarded as forecasts; and (c) and is based on assumptions and analysis available at the time this Presentation was prepared. Unless expressly stated otherwise, this Presentation presents information \nwith respect to the Company as of the date of the Presentation and should not be construed to indicate that the business of the Company remains unchanged since the date of this Presentation.\nThe products, product names, logos, brands, and their trademarks featured or displayed within the Presentation are the property of their respective trademark owners, who are not affiliated with, nor do they sponsor or endorse, the Company nor the Company’s services.\nThis Presentation does not purport to contain all of the information that may be necessary or appropriate to evaluate the proposed transaction, and any recipient hereof should conduct its own independent analysis of the Company and the data contained or referred to \nherein. Neither the Company nor William Blair is acting as financial advisor, intermediary or distributor of securities, or in any fiduciary capacity of any kind to the recipient or any other prospective purchaser. The recipient should also seek advice from its own specialized \nadvisors (including financial, legal, accounting and tax) in conducting such analysis.\nIn furnishing this Presentation, neither the Company nor William Blair undertakes any obligation to provide additional information or to correct or update any of the information set forth in this Presentation. The Company and William Blair reserve the right to amend or \nreplace this Presentation at any time. The Company reserves the right in its sole discretion, with or without notice, to interrupt, modify or terminate, at any time, solicitations of interest for the proposed transaction or any future participation in the investigation, discussion \nand proposal process for a proposed transaction with any party.\nNeither the Company nor William Blair makes any representation or warranty, expressed or implied, as to the accuracy or completeness of the information contained in this Presentation, or made available, orally or in writing, in connection with any further investigation of \nthe Company, and nothing contained herein is, or shall be relied upon as, a promise or representation, whether as to the past or the future. The Company and William Blair expressly disclaim any liability relating to or resulting from the use, distribution or analysis of this \nPresentation. The recipient should rely solely on the representations and warranties made to it by the Company in any executed definitive agreement. \nNothing herein is intended to in any way modify, amend or supersede any of the terms and conditions set forth in the Confidentiality Agreement, which remains in full force and effect in accordance with its terms. This Presentation is intended to be delivered solely to \nparties bound by the terms of the Confidentiality Agreement and possession and use of the Presentation is subject to the terms thereof. This Presentation may not be photocopied or otherwise reproduced or distributed except in strict accordance with the terms of the \nConfidentiality Agreement.\nInquiries should be directed only to the below named persons. Under no circumstances should the Company or any of its associates, clients or vendors be contacted directly. If you have any questions or need additional information, please contact:\nTim McHugh\nManaging Director\n+1 (312) 364-8229\ntmchugh@williamblair.com \nJustine Chiou\nManaging Director\n+1 (312) 364-5086\njchiou@williamblair.com \nMiles Gornto \nDirector\n+1 (470) 351-6950\nmgornto@williamblair.com \nOscar Mendez\nVice President\n+1 (312) 364-5460\nomendez@williamblair.com\nWilliam Hyatt \nAssociate\n+1 (312) 601-9764\nwhyatt@williamblair.com\nAnna Lee Melton\nAnalyst\n+1 (312) 364-8155\namelton@williamblair.com \nAlvaro Flores\nAnalyst\n+1 (212) 237-2794\naflores@williamblair.com \nTransaction Team Contacts\n\n3\nSTRICTLY CONFIDENTIAL\nSection I\nExecutive Summary\nSection II\nIndustry Overview\nSection III\nService Lines\nSection IV\nClient Relationships\nSection V\nGo-to-Market Strategy\nSection VI\nCulture and Talent Management\nSection VII\nOperations and Platform\nSection VIII\nGrowth Strategy\nSection IX\nFinancial Overview\nContents\n\nExecutive Summary\n\n5\nSTRICTLY CONFIDENTIAL\n5\nSTRICTLY CONFIDENTIAL\nStax at a Glance\nGlobal strategy consultancy platform providing actionable, data-driven answers to clients’ critical \nstrategic questions\n▪Leading global advisory firm that provides a complementary suite of commercial due diligence (CDD), value creation, and exit \nplanning services\n▪Purpose-built to serve the private equity community and their portfolio companies across the investment lifecycle, creating deep, \nlong-lasting, and recurring client relationships\n▪Large and growing addressable market creates long runway for growth\n▪Differentiated competitive positioning created by highly specialized talent, vast intellectual property, library of referenceable work \ncreated through prior engagements, comprehensive data analytics capabilities, and a nimble operating model\n▪Proven ability to attract, develop, and retain highly specialized talent\n▪Long-term track record of strong growth and profitability amplified by momentum in recent performance\n▪Multiple growth avenues that are highly attractive and actionable\n▪Well-invested infrastructure, systems, processes, and experienced management team poised to support significant scale\n(1)Data prior to 2022 excludes pro forma adjustments.\n(2)Includes non-CDD or value creation services such as asset \nand sector work for hedge funds/credit funds or data \nanalytics retainers.\n(3)As of year-end 2024 unless otherwise stated.\n(4)Revenue from clients utilizing 2+ services.\n(5)Excludes Intern/Co-Op and Involuntary Turnover.\n(6)As of March 2025.\nStrong Long-Term Net Revenue Profile\n(1)\n$3M\n$6M\n$10M\n$20M\n$36M\n$76M\n20012005201020152020LTM Mar-25\nFirm OverviewBy the Numbers\n(1)(3)\n$91M\n2025E \nNet Revenue\n73%\nRevenue from \nRepeat Clients\n$31M\n2025E \nPF Adj. EBITDA\n24\nManaging \nDirectors and \nDirectors\n(6)\n \n~40%\nCross-Sell \nRate\n(4)\n130 \nClient Service \nNetwork \nProfessionals\n(6)\n~33%\n2020-2025E\nEBITDA CAGR\n~80%\nClient Service\nNetwork\nRetention\n(5)\n160+\nClients Served \nAnnually\n~40%\nEmployee and\nFounder Owned\n$320K+\nAverage \nProject Size\n22%\n2020-2025E\nRevenue CAGR\n44%\n37%\n15%\n4%\nBuy-Side\nSell-Side\nValue Creation\nOther\nLTM Mar-25\nNet Revenue \nby Service\n(2)\n2010 – LTM Mar-25 CAGR: ~15%\n\n6\nSTRICTLY CONFIDENTIAL\n6\nSTRICTLY CONFIDENTIAL\nConsistent history of growth and delivering critical strategic solutions with continued strong momentum and excitement for the future\nStax has Taken a Disciplined Approach to Building a Platform of Scale\nRecent History (2021 – Present)Early History (1994 – 2020)\n1994-1996\nFounded in Somerville, MA by Rafi Musher\nLaunched private equity practice and began \nexpanding corporate client base\n2010-2015\nRelocated headquarters to \nBoston\nShifted to exclusively focus on \nprivate equity due to demand \nand internal expertise\n2019-2020\nBegan proactively \nmarketing sell-side \nengagements and \nbuilding an investment \nbanking referral \nchannel\nProductized for the \nfast-growing LMM \nprivate equity deal \nmarket\nExpanded hedge fund \nand credit fund \nproducts and coverage\n2021\nHeadcount reaches \n175+ as the Company \nexperiences record \ngrowth driven by \nexpansion of core \nbusiness and \nincreased demand \nfor data analytics \ncapabilities\nJune 2023 \nJayson Traxler assumes role \nof Chief Executive Officer\nOctober \n2022\nJayson Traxler \nbecomes \nPresident of Stax, \nwith Rafi Musher \nshifting to \nChairman of the \nBoard\nMarch 2023\nPaul Edwards \nbecomes Global \nPractice Leader\nIntroduced \nverticalized \napproach to client \ncoverage initially \nexpanding on \nexisting strengths in \nservices, \ntechnology, and \nindustrials\nDecember 2023\nProductized sell-side \noffering with targeted \ncoverage effort under Will \nBarden and Roy Lockhart\nJanuary 2024\nHired Phil Dunne to \nlead London office and \nindustrials vertical\nNovember 2021\nJayson Traxler joins \nStax as Chief Operating \nOfficer\n1998-2003\nExpanded footprint to \nChicago to meet \ngrowing needs of \ncorporate and private \nequity clients \n2005\nPaul Edwards joins Stax\nApril 2023\nFormal New York \nmarket entry – \nexpanded offices \nto have capacity for \nconsultants and \nincreased presence \nin local market\nJune 2024\nRelocated London \noffice to Mayfair to \nexpand presence \nand demonstrate \nstature in the \nmarket\nNovember 2024\nHired Robert Lytle to \nbolster private equity \nrelationships and add \nexpertise to ongoing \nverticalization\nOctober 2021\nReceived strategic \ninvestment from Blue \nPoint\nNovember 2022\nHired Vince Zosa to build \nintegrated Value Creation \nIntegrated Product (VCIP) \noffering\nAcquired AMR to establish a \npresence in the London market, \nwith plans to hire additional \ntalent for further expansion\ninternational.\nAMR\nJuly 2023 \nExpanded into \nESG/Sustainability as \npart of VCIP\nOctober 2023\nExpanded into \nPricing Excellence \nas part of VCIP\nJanuary 2025\nHired Brad Kuntz to \nfurther build out \nNew York office and \nlarge cap private \nequity account \ncoverage\n\n7\nSTRICTLY CONFIDENTIAL\n7\nSTRICTLY CONFIDENTIAL\nSignificant opportunity to capture additional whitespace\nLarge Addressable Market Creates Long Runway for Growth\nMarket \nSegments \nand Size\n2025E Stax \nRevenue\nCurrent North America + U.K. \nPrivate Equity-Backed M&A \nMarket (Ideal Fund Sizes)\nCurrent spend on buy-side \ncommercial due diligence, sell-side \ncommercial due diligence, and value \ncreation for North America and U.K. \nPrivate Equity-Backed M&A for \nsubset of funds with sizes most highly \naligned to current Stax services\nCurrent North America + \nU.K. Private Equity-Backed \nM&A Market (Ideal \nClients)\nCurrent spend on buy-side \ncommercial due diligence, sell-\nside commercial due diligence, \nand value creation for North \nAmerica and U.K. Private Equity-\nBacked M&A for clients most \nhighly aligned to current Stax \nservices\nTotal Addressable North \nAmerica + U.K. Private \nEquity-Backed M&A \nMarket\nFull adoption of buy-side \ncommercial due diligence, sell-\nside commercial due diligence, \nand value creation for North \nAmerica and U.K. Private Equity-\nBacked M&A\nTotal Addressable Private \nEquity-Backed M&A \nMarket\nFull adoption of buy-side \ncommercial due diligence, sell-\nside commercial due diligence, \nand value creation for Private \nEquity-Backed M&A globally\nTotal Addressable Market\nFull adoption of buy-side \ncommercial due diligence, sell-\nside commercial due diligence, \nand value creation for global \nM&A\n<\n+\n=\n$91M\n$3.9B\n$5.2B\n$19.5B\n$32.6B\n$67.5B\nExisting Offerings\n\n8\nSTRICTLY CONFIDENTIAL\n91%\n83%\n86%\n81%\n80%\n80%\n74%\n77%\n77%\n76%\n9%\n17%\n14%\n19%\n20%\n20%\n26%\n23%\n23%\n24%\n26.4K\n22.3K\n24.9K\n23.3K\n20.6K\n28.2K\n28.7K\n26.4K\n26.0K\n28.6K\n2000200520102015202020212022202320242025P\nPE Involvement\nNo PE Involvement\nMomentum Is Building \nfor a Resurgence in \nM&A Markets\nPrivate Equity Backed \nCompany Inventory \nContinues to Rise \nAlongside Record-\nBreaking Dry Powder \nStores\nService Providers Are \nIncreasingly Becoming a \nCritical Resource Rather \nthan a “Nice to Have”\nPowerful Market Tailwinds Lay the Foundation for Outsized Growth\nStax is positioned to benefit from favorable market conditions, amplified by the Company’s alignment with the private equity universe\nSources: Dealogic, EY, Partners Group, PitchBook, S&P Capital IQ Pro.\n(1)Includes balanced, co-investment, co-investment multi-manager, growth, turnaround, and buyout strategies primarily focused on investments in North America.\n▪Expansionary monetary policy and declining inflation point towards \nincreased M&A activity in 2025 as valuations recover\n▪Less onerous regulatory hurdles will provide a more predictable, \ntruncated approval process\n▪Creative deal structures and a broader shift towards simplification— \noptimizing undervalued assets, separating divergent businesses, \nnarrowing geographic focus—will further contribute to volume\nU.S. Private Equity Backed Companies by Time in Portfolio\n▪Rising private equity inventory drives pent up demand for market \ninsight services over multiple investment cycles\n▪High proportion of long-held assets in sponsor portfolios are slated to \nseek monetization as the pressure to return distributions to paid in-\ncapital (DPI) increases\n▪Undeployed capital continues to accumulate, creating further \nincentive for general partners to transact\n▪Sponsors are tapping into a range of strategic levers to unlock \nliquidity, including co-control and minority stake sales\n▪Need for commercial due diligence and value creation services have \nstrengthened over time as private equity returns become more \nreliant on driving operational improvements and top-line growth\n▪Competitive deal environment is forcing private equity firms to \nrapidly identify and assess critical diligence topics in M&A\n▪Adoption of third-party, non-financial diligence reports (commercial, \ntech, ESG) is increasing\n▪Sponsors are progressively tasking third-party advisors with more \ncomplex challenges\n$71B\n$141B\n$246B\n$330B\n$742B\n$965B\n200020052010201520202024\nU.S. Private Equity Dry Powder\n(1)\nNorth American and European M&A Transaction Volume\nEvolution of Private Equity Return Contributors\n18%\n22%\n36%\n55%\n70%\n31%\n46%\n39%\n30%\n15%\n51%\n32%\n25%\n15%15%\n1980s1990s2000s2010s2020s (Outlook)\nDeleveraging\nMultiple Expansion\nOperational Value Creation\n45%\n44%\n45%\n46%\n48%\n18%\n16%\n20%\n21%\n20%\n38%\n40%\n35%\n33%\n32%\n9.8K\n10.5K\n11.0K\n11.3K\n11.8K\n20202021202220232024\n>5 Years\n4-5 Years\n0-3 Years\n\n9\nSTRICTLY CONFIDENTIAL\nComplementary Suite of Services that Scale with the Client\nStax’s services are designed to provide an integrated solution to its clients across the private equity lifecycle\nBuy-Side Commercial Due Diligence\n2025E Net Revenue by Service Line\n(1)\nAssess market dynamics and target alignment, \ncompetitive positioning, and value creation levers\nWorkstreams\n▪Market and asset screening\n‒Sector prioritization\n‒Acquisition screening\n‒Thesis build and development\n▪Early diligence\n‒Red flag assessment\n‒Client checks\n▪Commercial due diligence\n‒Scaled to focus on next phase of growth\n‒Pre-LOI phasing of deliverables to meet process timelines\nValue Creation\nPrimary Goals\n▪Ensure top initiatives can be successfully underwritten and executed \nupon immediately post-deal\nEmbedded Offerings\n▪Commercial excellence\n▪Pricing optimization\n▪Sales productivity\n▪Churn reduction\n▪Cost optimization\n▪Growth expansion and strategy\n▪Post-merger and acquisition strategy integration\n▪ESG and impact advisory\nSell-Side Commercial Due Diligence\nExternal Deliverables\n▪Market studies including market size assessment, client dynamics, \ncompetitive landscape, and growth opportunities\n▪Transaction support via advisory, preparation for conversations with \npotential investors, and other ad hoc analyses\nInternal Value Add\n▪Anticipated areas of potential investor pushback\n▪Insight and recommendations to inform go-forward strategy for \nmanagement and next investor\nEmbedded Offerings\n▪Exit planning and vendor due diligence\n‒Pre-empt process concerns, inform growth strategy, and \nsupport stakeholders through exit\nTypical Transaction Profile\n▪$100 million to $1 billion in enterprise value across technology, \nindustrials, healthcare, consumer, and services\nDrive rapid EBITDA improvement throughout the \ninvestment hold period\nArticulate the exit story and provide actionable \ngrowth blueprint backed by market research\n% of Net Revenue42%% of Net Revenue40%\nBuy-Side Commercial Due Diligence Value CreationSell-Side Commercial Due Diligence \n% of Net Revenue16%\n(1)Excludes 2.5% of Other revenue. \n\n10\nSTRICTLY CONFIDENTIALSTRICTLY CONFIDENTIAL\n10\nWhy Stax Wins\nServices have a high barrier to entry and high cost of failure – gaining the trust of private equity firms is \nextremely difficult and requires consistent high-quality work\nSelect Client Testimonies\n“\n“\nStax offers the Goldilocks solution—strong \nexpertise, high quality work, senior-level \nattention, and great value. Stax solves for \na huge market gap by providing superior \nadvisory work and sell-side market studies \nat a reasonable price\n– Managing Director, Investment Bank\nStax is a firm that can connect all the dots, \nwhich is what we don’t get from the point \nsolutions, while being much more flexible \nvalue-additive than MBB firms\n– Sr. Operating Partner, Private Equity Firm\nThe value of your work was multi-fold – it \ngave us materials to share with investors \nand banks, as well as a roadmap for \nwhere our brand has room to expand\n– CEO, Sell-Side Client\nThe work from Stax gave us a clear 5% lift \non valuation. Their framing of the business \nstarted everyone at a higher base\n– Managing Director, Private Equity Firm\nTalented bench of professionals \nwith specialized expertise\nStrong reputation and trust among \ninvestment banks, private equity firms, \nand other investment managers\nTransparent, collaborative \napproach to projects\nOperating model built \nspecifically to serve the \nneeds of private equity\nDeep vertical expertise\nExtensive intellectual property \ncreated by historical engagements\nStrong data analytics capabilities \nsupported by global delivery\nValue creation is ingrained in \napproach to diligence\nUniquely Positioned Through Breadth of High-Quality Services Offered at a Competitive Price Point\nBreadth and Depth of \nDiligence Offering\n“High-Level”\nBespoke Content; \nGrounded in Data; \nGlobal Presence\nInterview / Survey \nBased; Limited \nGeographic Presence\nQuality / Value \nCaptured \n$250K\nUpper / Middle Market & Growth Funds\n$800K-$1M\n$100K\n(Europe)\n$500K\n\n11\nSTRICTLY CONFIDENTIAL\nCompelling Employee Value Proposition to Cultivate Top Talent\nUnique culture and attractive career growth opportunities make Stax a preferred employment destination for consultants\nVision and Values Serve as a Foundation for Exceptional Client Service...Meaningful Opportunities for Employees Ensure Company Success\n...Which The Industry Recognizes as Best-in-ClassBy the Numbers\n(1)\n95%\nDirector and\nManaging Director \nRetention\n(2)(3)\n$7.7M\nRevenue per \nManaging \nDirector\n(2)\n~$700K\nRevenue per \nClient Service \nProfessional\n232\nFull-Time \nEmployees as of \nMar-25\n36%\nAnnual CSN \nD/MD \nGrowth\n(4)\n11:1\nCSN / Managing \nDirector Ratio\n~80%\nCSN \nProfessional \nRetention\n(3)\n90%\nLTM Mar-25 Client \nService Network \nUtilization\nALM Best Small Firm to \nWork For 2024\nALM Rising \nStars 2025\nALM Top Consultants \n2024\nALM Women Leaders \nin Consulting 2024\nAmerica’s Fastest - \nGrowing Companies\nManagement \nConsulted Top \nConsulting Firm 2025\nRealDeals PE CDD \nProvider of the Year \nFinalist 2025\nConsulting Report Top \n25 Consulting Firm \nCEOs 2024\nConsulting Report Top \n50 Consulting Firms \n2024\nConsulting Report Top \n25 Operations & Supply \nChain Consultants 2025\nVault Top Ranked \nEMEA Consulting\n2025\nVault Top Ranked \nNorth America \nConsulting 2025\nWe will provide exceptional opportunities for good \npeople\nVISION\nWe will create value for our clients and \npartners\nWe will grow a successful, durable organization of \nlong-term value\nWe act with the highest integrity, respect for others, \nand personal accountability\nVALUES\nWe demonstrate commitment to the \ncommunity\nWe foster a sense of shared responsibility \namongst our team\nCompetitively \ndifferentiated \nplatform that \ncreates a platform \nfor professionals \nto be successful\nAmple \nwhitespace for \ncareer growth \nrelative to some \ncompetitors\nGrowing platform \ncreates exciting new \ncareer opportunities \nwhere professionals \ncan have a significant \nimpact \nIncentive model \nthat drives \ncollaboration, \nwith opportunity \nto participate in \nequity value \ncreation\nUnique focus \non serving and \ngrowing with \nprivate equity \nclients\n~40%\nEmployee and \nFounder \nOwned\n86\nEmployee \nOwners\n(1)As of year-end 2024 unless otherwise stated.\n(2)Reflects Client Service Network only.\n(3)Excludes Intern/Co-Op and Involuntary turnover.\n(4)Reflects CAGR of Client Service Network Director \nand Managing Director headcount from year-end \n2022 to Mar-25.\n\n12\nSTRICTLY CONFIDENTIAL\n▪x\n$1.1\n$13.3\n$18.0\n$20.6\n202020222024LTM Mar-25\n23%\n21%\n14%\n41%\nTop 10\nTop 11-30\nTop 31-60\nAll Others\n27%\n7%\n21%\n45%\n<1 Yr\n1-2 Yrs\n2-6 Yrs\n6+ Yrs\n73%\n27%\nRepeat\nNon-Repeat\n62%\n27%\n11%\n1 Service\n2 Services\n3 Services\nDeep-Rooted Client Relationships Supported by Sophisticated Go-to-Market Strategy\nExceptional service and industry expertise lay the foundation for Stax’s long-standing client relationships\nRevenue Concentration by ClientClient Tenure Mix\nClients Using Multiple ServicesRevenue from Repeat Clients\nGrowing Volume of Sell-Side Referrals from Investment Banks\nLarge Cap Private \nEquity\nMiddle Market and \nGrowth Private Equity\nHedge Funds and\nCredit Funds\nInvestment Banks\nSelect Client and Referral Channel Relationships\n(Net Revenue; $ in millions)\n$72M\n2024 Net \nRevenue\n$72M\n2024 Net \nRevenue\n$72M\n2024 Net \nRevenue\n$72M\n2024 Net \nRevenue\n\n13\nSTRICTLY CONFIDENTIAL\nStax is a Service Provider of Choice Across the Private Equity Investment Lifecycle\nProven long-term partner to sponsors and their portfolio companies during key milestones and inflection points\nPre-InvestmentHold PeriodExit\nValue CreationBuy-Side Due DiligenceSell-Side Due Diligence\nMarket and Asset \nAssessment\nEarly Due\nDiligence\nCommercial Due \nDiligence\nProfit\nX-Ray\nGrowth Acceleration \nDiagnostics\nICP\nAnalytics\nExit\nPlanning\nVendor Due \nDiligence\nOngoing Support \nThrough Exit Into \nNext Phase of \nGrowth\nNew Partner\nSelect Portfolio Company Case Studies\nEntry Point and Highlights\n▪Provider of finance, operations, and accounting software to the energy industry\n▪Acquired by Thoma Bravo in 2018 from Silver Lake\n▪Completed three buy-side engagements for private equity firms that later invested in the company, \nleading to repeat growth strategy and value creation work for Stax\n▪Seventeen projects completed to date across three private equity ownership cycles\nInitiatives Under CarlyleInitiatives Under Silver Lake\n15+ Year\nRelationship\nInitiatives Under Thoma BravoCumulative Net Revenue\nEntry Point and Highlights\n▪Provider of solutions to automate and simplify the insurance process\n▪Acquired by Roper Technologies in 2020 from Bain Capital and Vista Equity Partners\n▪Initial introduction in 2010 through a buy-side engagement for a large private equity firm\n▪Eight projects completed to date across three private equity ownership cycles\nInitiatives Under TPGInitiatives Under Bain Capital & Vista\n15+ Year\nRelationship\nInitiatives Under Roper Technologies Cumulative Net Revenue\n▪Conducted buy-side due diligence on behalf of \nCarlyle, which ultimately acquired a majority interest \nin Quorum\n▪Evaluated multiple successful add-on acquisitions\n▪Provided exit planning and sell-side support\n▪Evaluated multiple successful add-on acquisitions\n▪Provided strategy support after three-way merger\n▪Continued evaluation of expansion opportunities\n~$3.5 million~$1.8 million\n▪Assessed add-on potential and risks of an insurance \nand securities technology provider\n▪Conducted a pricing strategy and commercial \ndiagnostic to benchmark recent growth\n▪Completed a sell-side study\n▪Assessed the MGA market to inform growth strategy\n▪Completed commercial performance diagnostic\n▪Supported 3-year strategic planning\n\n14\nSTRICTLY CONFIDENTIAL\nStrong Opportunity to Accelerate Growth Through Multi-Pronged Strategy\nClear, attainable initiatives to build upon leading market position\nAttractive \nMarket Tailwinds\nPrivate equity firms are increasingly utilizing commercial due diligence \nand value optimization services for transactions and portfolio companies\nPrivate equity has shown resilient \ngrowth supporting an expanding TAM\nRising private equity inventory is driving demand for multiple \nmarket insight services over each investment’s lifecycle\n▪Scale coverage and \ncontent intersection \nacross private equity and \ninvestment banks\n▪Further scale dedicated \nbusiness development \nteam to broaden \ncoverage universe\n▪Centralize, scale, and \nmanage external \nindividual, account, and \nsubsector \ncommunications\n▪Focus on accelerating \nthe execution of M&A \nplaybook\n▪Expand into new \ngeographies, new \nservice lines, and build \nscale in existing markets\n▪Opportunistically \nevaluate larger-scale \ntransformative M&A \ntargets\nIdentify and Execute \non Acquisitions\n▪Capitalize on advisory, \nbespoke nature of work, \nand pricing umbrella \nrelative to MBB+ to \nrealize due diligence \nprice increases \nnationally and abroad\n▪Raise prices in value \ncreation to be more in-\nline with client impact, \nresults, and ROI\n▪Expand number of \naccounts with average \nproject size of $400K+ \nwith ample cross-sell \nopportunities and need \nfor multiple projects per \nyear\nExert\nPricing Power\n▪Further optimize cross-\nsell strategy to deepen \ndensity across core \naccounts through scaled \ninside sales strategy\n▪Target key private equity \nclients where \nreferenceable work \nprovides opportunity for \nfurther penetration in \nprojects that command \nmore premium bill rates\nScale Client Coverage\n▪Leverage reputation and \ndifferentiated \nexperience in key \nverticals with high win \nrates across market \nsegments\n▪Introduce new verticals \nsuch as government or \naerospace and defense \nthrough de novo efforts \nor experienced senior \nhires \nDeepen Vertical \nExpertise\n▪Capitalize on hedge \nfunds’ growing inbound \ndemand for market \nresearch \n▪Introduce new purpose-\nbuilt products such as \ntechnology due \ndiligence, financial due \ndiligence, policy and \nregulatory consulting, \noperational due \ndiligence, and ESG and \nsustainability diligence \nthrough integrated go-\nto-market approach\nExpand Capabilities \nand Client Profiles\n▪Continue building \nmomentum in the U.K. \nto expand market \npresence\n▪Strategically grow \nheadcount and client \nleadership in New York \noffice\n▪Establish local presence \nin new geographic \nmarkets through organic \ngreenfield locations in \nthe United States and \nEurope\n▪Continue to protect \nunique culture via \nplanful expansion\nBroaden Geographic \nPresence\n▪Strategically hire senior \nprofessionals to build \ndensity in core verticals \nand expand capabilities\n▪Build density across \ncurrent locations, \nexpanding \napprenticeship model to \nfurther attract and \ndevelop mid/junior \ntalent\nAttract, Develop, and \nRetain Talent\nMaximize Wallet \nShare and Cross-Sell\nGrowExpandTransform\n\n15\nSTRICTLY CONFIDENTIAL\n▪Founder-led with minimal \ninfrastructure\n▪Centralized global management \nteam\n▪Office-centric P&L▪Single global P&L\n▪Inconsistent performance \nmanagement\n▪Inconsistent pricing\n▪Inconsistent delivery \n▪Global standards and value \nproposition\n▪Product-led, content-driven\n▪Concentrated sales with little \ncollaboration\n▪Collaborative account structure\n▪Industry verticalized senior \nconsultants\n▪Research-focused▪Advisory-focused\n▪Tiered product and brand issue\n▪Decentralized, under-invested \nplatform\n▪Well-invested, integrated \ninfrastructure\n▪Purpose-built platform for pace \nof private equity\n▪Proven M&A capability\nProfessionalized Platform Poised to Support Significant Growth\nCurated strategic transition has established infrastructure to scale alongside the business as the Company enters the next phase of growth\n2022 OnwardsPre-2021\nOld FrameworkNew Foundation\n▪Established global competencies, leveling, and \ncompensation\n▪Adopted global staffing and development\n▪Upgraded teams\n▪Unified positioning and value proposition\n▪Benchmarked pricing and products\n▪Upgraded ERP and created Stax INTEL\n▪Adopted senior oversight of content generation \nand access (vertical groups, thought leadership, \nPOVs)\n▪Established brand and ramped up recruitment in \nLondon and NYC\n▪Onboarded culture in NYC\n▪Restructured Chicago\n▪Established senior apprenticeship\n▪Established consistent hybrid model\n▪Established “Regional Success” teams to partner \nU.S. seniors with EMEA client leads\n▪Structured collaborative global pipeline with \naccount collaboration groups and oversight\n▪Removed generalist Directors and Managing \nDirectors\n▪Established vertical structures\n▪Added verticalized talent\n▪Created vertical content agenda\n▪Recruited sector and product specialists\n▪Verticalized competency model for Associate \nDirector and above\n▪Created integrated workstream approach with \nClient Delivery Network\n▪Built vendor due diligence and value creation \nintegrated product (VCIP) product matrix\n▪Elevated CDD product\n▪Established product-level P&L and metrics\n▪Began tracking product cross-selling\n▪Established dedicated resourcing and coverage\n▪Established product-specific competencies\n▪Integrated and connected products, building to a \nfund/asset-life offering\n▪Constructed ARM and account tiering\n▪Further trained and developed junior sellers\n▪Established collaboration metrics\n▪Transitioned founder to Board and created \ncentralized management structure\n▪New CEO, Global Practice Leader, Chief People \nOfficer, and General Counsel\n▪Screened seniors for collaboration; retained \nhigh-quality mid-level consultants\n▪Better defined path from Associate Dir. to MD\n▪Created strategy and go-to-market framework to \nscale OpGen\n▪Created marketing and business development \nsupport framework\n▪Developed knowledge management tool\n▪Created collaboration incentives\n▪Established engagement metrics for tracking\n▪Elevated client engagement agenda\n▪Developed BI function and created Stax INTEL \nplatform\nStandardize\nVerticalize\nDiversify\nGlobalization of staffing, utilization, reporting, talent development, and pricing \nallows for consistent client experience with different coverage points\nCommercialize\nGlobalize\nProductize\n\n16\nSTRICTLY CONFIDENTIAL\nDiversified Business with Proven Growth Across All Environments\nStax’s diversified business model has proven its ability to grow across economic environments\n(1)Reflects cumulative percent change over time since 2005.\n(2)2005-2021 reflects reported financials.\n(3)Source: Dealogic. Reflects announced North American and European transactions with private equity involvement between 1/1/2005 and 12/31/2024. 2025 projection per EY.\nGreat Recession\nCOVID-19\nGreat \nResignation\nInflation\nRate \nHikes\nNet Revenue Performance Relative to the M&A Environment\n(1)\nWinners in Market Growth\nWinners in Market Contraction\n(500%)\n–\n500%\n1,000%\n1,500%\n2,000%\n20052006200720082009201020112012201320142015201620172018201920202021202220232024LTM\nMar-25\n2025E\nStax Net RevenueN.A. and U.K. PE Transaction Volume\n▪Buy-Side Commercial Due Diligence: Increasing demand of \nbuy-side services as private equity firms explore a wide range \nof investment opportunities\n▪Value Creation: Growing demand for value creation services \nas firms strive to outperform competitors by enhancing \nportfolio company performance to unlock growth and value\n▪Sell-Side Commercial Due Diligence: Increased market activity \nand favorable valuations drive companies to prepare for sale \nboosting demand for sell-side services\n▪Buy-Side Commercial Due Diligence: Steady demand as firms \nseek expert analysis to identify undervalued assets with \nrecovery potential\n▪Value Creation: Consistent value creation demand as portfolio \ncompanies face pressure to optimize operations and cut costs\n▪Sell-Side Commercial Due Diligence: Stable demand for sell-\nside services as sellers must present their businesses in the \nbest possible light\n▪Diverse Client Profiles: Ability to tap hedge fund and credit \nfund clients when topline deal-market activity slows\n(2)(3)\n\n17\nSTRICTLY CONFIDENTIAL\nCompelling Long-Term Outlook Underpinned by Track Record of Consistent Growth\nHighly attractive financial profile defined by consistent growth and impressive margins\nPro Forma Adjusted Net Revenue\nOrganic Gross Profit and Margin\nPro Forma Adjusted EBITDA and Margin\n($ in millions)\n($ in millions)\n($ in millions)\n$39\n$44\n$48\n$54\n$70\n$88\n$109\n$136\n$168\n61.0%\n62.0%\n63.1%\n59.5%\n60.5%\n61.0%61.0%61.0%61.0%\n20232024LTM Mar-252025E2026P2027P2028P2029P2030P\n$42\n$54\n$69\n$89\n$112\n$4\n$10\n$19\n$30\n$45\n$19\n$24\n$27\n$31\n$46\n$65\n$88\n$119\n$157\n29.3%\n33.5%\n35.6%\n33.3%\n36.2%\n38.0%\n39.0%\n39.9%\n40.9%\n20232024LTM Mar-252025E2026P2027P2028P2029P2030P\nOrganicAcquired\n$115\n$143\n$179\n$223\n$275\n$12\n$27\n$48\n$75\n$110\n$64\n$71\n$76\n$91\n$127\n$170\n$226\n$298\n$385\n20232024LTM Mar-252025E2026P2027P2028P2029P2030P\nOrganicAcquired\n\n18\nSTRICTLY CONFIDENTIAL\nProven Leadership Team Poised for the Next Era of Growth\nCommitted leadership team with a clear vision for the future of Stax\n(1)Client Service Network.\n(2)Operations.\nPaul Edwards\nGlobal Practice Leader\nJoined in 2005\n25+ Years of Experience\nJayson Traxler\nChief Executive Officer\nJoined in 2021\n25+ Years of Experience\nSTS Research Group\n18\nSTRICTLY CONFIDENTIAL\nMeg Macumber\nGlobal Head of \nFinance\nLeslie Regenbaum\nGeneral \nCounsel\nAmy Schoeman\nGlobal Head of \nHuman Resources\nJoe Brownell\nGlobal Head of \nMarketing\nConnor Novy\nChief of Staff, \nHead of Sales Ops\nMihaela Dumea\nDirector, Data & \nBus. Intelligence\nHazir Shafeek\nGlobal Head of \nData Insights & IT\nBrad Kuntz\nAmericas \nRegional Lead\nPhil Dunne\nEMEA \nRegional Lead\nRobert Lytle\nTransaction \nAdvisory Co-Lead\nWill Barden\nTransaction \nAdvisory Co-Lead\nVince Zosa\nValue Creation \nProduct Lead\nRoy Lockhart\nExit Planning \nProduct Lead\n2020202320242018201820222021202520242024202220222011\n20+ Years20+ Years20+ Years25+ Years10+ Years20+ Years15+ Years20+ Years35+ Years30+ Years15+ Years30+ Years15+ Years\nDEVON\nV A L U E A D V I S E R S\nYear Joined\nIndustry Tenure\nPrior Experience\n\n19\nSTRICTLY CONFIDENTIALSTRICTLY CONFIDENTIAL\n19\nStax is a Highly Differentiated and Attractive Platform\nLarge addressable market with favorable secular trends\nDifferentiated value proposition for clients magnified by expertise developed through \nhistorical project volume\nDeep relationships with diversified set of clients that have reoccurring demand\nCompelling employee value proposition to attract, develop, and retain talent\nProven management team set to sustain growth\nProfessional operating platform set to scale\nClearly-defined multi-pronged growth strategy\nProven history of long-term growth, robust margins, and strong capital efficiency\n\nIndustry Overview\n\n21\nSTRICTLY CONFIDENTIAL\n$20B\n$33B\n$68B\n$91M\nStax Services the Private Equity Sector, a Foundational and Stable End Market\nBroad end market tailwinds provide ideal environment for long-term revenue growth\nLarge and Growing Addressable Market \nIndustry Landscape\nAdvisory Firms \n2025E Stax \nNet Revenue\n2024 Global M&A\n2024 Global Private \nEquity-Backed M&A\nNorth American and U.K. \nPrivate Equity-Backed M&A\nAccounting Networks\nMBB \n\n22\nSTRICTLY CONFIDENTIAL\nStax Services the Private Equity Sector, a Foundational and Stable End Market\nBroad end market tailwinds provide ideal environment for long-term revenue growth\nGlobal Private Equity Deal VolumeU.S. Private Equity Dry Powder by Fund Size\nGlobal Private Equity Exit VolumeU.S. Private Equity-Backed Company Inventory by Age\nSource: PitchBook.\n3.2K\n5.8K\n2.8K\n6.7K\n6.9K\n7.3K\n7.6K\n7.9K\n8.3K\n8.8K\n9.3K\n9.8K\n10.5K\n11.0K\n11.3K\n11.8K\n2012201320142015201620172018201920202021202220232024\nLess than 2 Years\n2 - 5 Years\nOver 5 Years\n$0.4\n$0.6\n$0.5\n$0.6\n$0.8\n$0.8\n$0.7\n$0.8\n$0.8\n$0.6\n$0.9\n$1.7\n$0.8\n$0.8\n$0.9\n1.8K\n2.1K\n2.2K\n2.4K\n2.9K\n3.3K\n3.1K\n3.4K\n3.4K\n3.2K\n2.8K\n4.4K\n3.7K\n3.5K\n3.8K\n201020112012201320142015201620172018201920202021202220232024\nExit Value\nExit Count\n$0.6 \n$0.7 \n$0.7 \n$0.7 \n$0.9 \n$1.1 \n$1.0 \n$1.2 \n$1.3 \n$1.3 \n$1.2 \n$2.3 \n$1.8 \n$1.4 \n$1.8 \n6.5K\n7.5K\n7.9K\n7.9K\n9.6K\n10.9K\n11.0K\n12.0K\n13.4K\n14.0K\n13.7K\n20.9K\n19.6K\n17.1K\n19.1K\n201020112012201320142015201620172018201920202021202220232024\nDeal Value\nDeal Count\n $0\n $200\n $400\n $600\n $800\n $1,000\n2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024\nMiddle Market PE\nPE Megafunds\nPE Under $100M\n($ in trillions)\n($ in trillions)($ in billions)\n2010 – 2024 CAGR: 8.4%2006 – 2024 CAGR: 5.6%\n2010 – 2024 Exit Value CAGR: 5.1%2012 – 2024 CAGR: 4.9%\n\n23\nSTRICTLY CONFIDENTIAL\nMore Than $32B in TAM Opportunity for Stax’s Core Products\nBountiful growth prospects in a broad addressable market \nTotal Addressable Market Opportunity by Product\nSource: Stax Market Sizing Analysis.\nSpendVolume\nSell-Side Diligence\n$2.9B\nValue Creation\n$4.1B\nBuy-Side Diligence\n$25.6B\n$32.6B\n2024\nBuy-Side \nDiligence\n19,123 \nPrivate Equity Transactions Annually\n$1.3M \nCDD Spend Per Closed Transaction\nSources and Approach:\n▪PitchBook 2024 Global Private Equity Report\nSources and Approach:\n▪Reflects 100% attach rate to pre-LOI lean-in & LOI deals\n▪Spend per deal per Stax PE decisionmaker survey (n=50)\nSell-Side \nDiligence\n6,389 \nAnnual Exits Across PE/Founder Businesses\n$453K \nSpend Per Successful Exit\nSources and Approach:\n▪PitchBook 2024 Global Private Equity Report\n▪Stax estimate of founder-backed exits >$100M in deal \nvalue\nSources and Approach:\n▪Reflects 100% attach rate of successful exits (founder- \nand PE-owned) and 40% assumed deal failure rate\n▪Spend per deal per Stax PE decisionmaker survey (n=50)\nValue \nCreation\n56,177 \nActive Private Equity-Backed Companies\n$72K\nSpend Per Portfolio Company Per Year\nSources and Approach:\n▪PitchBook Filter for Currently Privately-held, Private \nEquity-Backed Companies (i.e., non-addon/subsidiary)\nSources and Approach:\n▪Reflects each portfolio company conducting $361K of \nVCIP spend spread annually over a five-year hold period\n▪Spend per deal per Stax PE decisionmaker survey (n=50)\n\n24\nSTRICTLY CONFIDENTIAL\nHighly Attractive and Growing Market for Stax’s Private Equity Services\nStax is well-positioned to benefit from increases in private equity activity and standardization of third-party diligence in deal-making\nTrends Appreciating the Value of TAM and Current Spend on Stax’s Services\n▪Deal volumes, exit volumes, and the total pool of private equity-backed companies continue to grow and are resilient, and \ninvestor sentiment remains positive going forward\n▪Number of new private equity deals in U.S. and Europe has grown at a 7.6% CAGR over the last ten years\nGrowing Deal Sizes and \nVolume\n▪Value and depth of consulting engagements is increasing, and consulting services are readily able to pass through increasing \nlabor costs, growing the overall spend per deal\n▪Based on a survey scale from 1 (Nice to Have/Less Important) to 7 (Need to Have/More Important), average CDD value to private \nequity funds will increase from ~4 to ~5 from five years ago to the next five years, and value creation will increase from ~5 to ~6 \nfor the same period\nHigher Average Spend \nand Scope per Deal\n▪Competitiveness for high-quality deals is increasing, and more suitors are leaning into processes overall, and earlier driven by the \ndesire to filter for good deals and the growing need for private equity to “sell management” on the value of their partnership\n▪Middle market and growth equity deal funnels (deals seen, leaned in on, and under LOI) have increased at 8.4-9.0% CAGRs, \npushing CDD opportunities beyond the currently estimated ~3 due diligence engagements per closed deal\nMore CDD Opportunities \nper Deal\n▪Third-party support for diligence and value creation efforts are increasingly becoming an industry standard, with a steadily \nincreasing portion of deals and portfolio companies hiring third-party support\n▪Pre-LOI CDD attachment rates to deals have grown from 10% in the last five years to 23% today, and 30% of portfolio companies \nutilize value creation today compared to 20% over the last five years\n(1)\nAttachment Rates Are \nGrowing Across \nProducts\nSource: Stax Market Sizing Analysis, including Stax web survey (Winter 2025, n=50).\n(1)Based on subset of middle market funds, excluding new funds, per Stax web survey (Winter 2025, n=36).\n\nService Lines\n\n26\nSTRICTLY CONFIDENTIAL\nOverview\nAdvisory Services\nContract Structure\nAverage Engagement Length\nStage of Investment Lifecycle\nTypical Referral Source\nNet Revenue\nProjects Invoiced\nAverage Revenue per Project\nClients Served\nComplementary Solutions to Address a Wide Array of Client Needs\nSuite of critical services provide a strong basis for recurring revenue and natural cross-sell opportunities across the private equity lifecycle\nBuy-Side Commercial Due Diligence\nKey Attributes\nLTM Mar\n-\n25 Highlights\n▪Evaluate potential targets, focus areas, or \ninvestment themes for sponsors\n▪Assess market dynamics and target \nalignment, competitive positioning, and \nvalue creation levers\nMarket and Asset Screening, Thesis Build, \nEarly Diligence, Commercial Due Diligence\nFixed Fee\n3-6 Weeks\nPre-Investment\nExisting Relationship\n107\n$318K\n83\nSell-Side Commercial Due Diligence\nMarket Study, Exit Planning, Vendor Due \nDiligence\n▪Ensure process readiness and enhance \ntransaction outcomes for sponsors and \nmanagement teams\n▪Articulate the exit story and provide \nactionable growth blueprint backed by \nmarket research\nFixed Fee\n4-6 Weeks\nExit\nReferral from Investment Bank or \nExisting Sponsor Relationship\n76\n$378K\n81\nValue Creation\nCommercial Excellence, Pricing & Cost Optimization, \nSales Productivity, Churn Reduction, ESG & Impact\nFixed Fee\nVaries\nHold Period\nExisting Relationship or Ongoing \nSupport Following Exit Planning\n34\n$331K\n32\n▪Drive rapid EBITDA improvement \nthroughout the investment hold period\n▪Designed for multi-year, multi-project \nrelationships to drive incumbency with \nmanagement teams and ultimately lead \nto sell-side support\n$34M$29M$11M\n\n27\nSTRICTLY CONFIDENTIAL\nBuy-Side Commercial Due Diligence\n▪Provide data-driven insights across key investment considerations (market, target company, competition, etc.)\n▪Enables private equity firms to make informed decisions by identifying potential opportunities and risks for a \nprospective investment\n▪The Company provides services during the acquisition screening and theme development phase, as well as early \ndiligence and scaled commercial due diligence in an active process\n‒Early workstreams include sector prioritization, acquisition screening, thesis build and development, red \nflag assessments, and client checks\n‒Pre-LOI workstreams include assessment of the target’s market, client dynamics and competitive \npositioning, competitive landscape, and growth opportunities\n▪Post-LOI work integrates blueprint development and growth strategy planning\n▪High level of repeat demand from long-term relationships with private equity clients\nExtension of the investment team evaluating potential platform and add-on opportunities\nLTM Mar-25 Key Stats\nIllustrative Project Timeline\nRepresentative Clients\nOverview and Typical Scope\nIllustrative Project Timeline\nKICK-OFFAlign on Final Scope and Objectives, Data Discovery\nANALYSES\nPhone-Based Interviews, Analysis of Target Data, \nOnline Review Analysis, Synthesize Research \nStreams, Develop Fact-Base\n80/20 Report, Final Read-Out\nPOST-PROJECT COLLABORATION\nWeeks ~1-4Ongoing As-Needed\nSupport First 100 Days of Hold Period, Ongoing \nValue Creation Work \nDELIVERABLES\n11%\n2018 – LTM Mar-25 \nRevenue CAGR \n107\nProjects \nInvoiced\n$318K\nAverage Revenue \nper Project\n83\nClients \nServed\n% of Net \nRevenue\n44%\n37%\n15%\n4%\nBuy-Side\nSell-Side\nValue Creation\nOther\n\n28\nSTRICTLY CONFIDENTIAL\nValue Creation\n▪Multi-phase model partnering with clients to define and execute on value creation initiatives while building \noperating discipline and sustainable improvements year-over-year\n▪Drives development of strategic growth options for expansion with an actionable roadmap for implementation\n▪Leverages the Company’s depth of sector expertise, proprietary research, and advanced analytics capabilities to \ndeliver a data-driven, evidence-based assessment of recent performance and growth potential\n▪Offering encompasses proven methodologies to define growth strategies and improve commercial excellence \nand capital efficiency\n‒Client segmentation and value proposition, channel expansion, churn reduction, pricing optimization, \nESG/Sustainability and risk, marketing, client experience\n‒AI strategic assessment and diagnostics with execution support to define, test, and scale AI initiatives\n▪Value creation services deepen and extend engagement with private equity clients around critical decisions for \ntheir portfolio companies outside of a new investment or exit period\nTargeted diagnostics and actionable growth plans to achieve desired business outcomes at various stages of maturity\nOverview and Typical ScopeLTM Mar-25 Key Stats\nIllustrative Project Timeline\nRepresentative Clients\nKICK-OFFWorking Session with Relevant Stakeholders\nPotential Growth Thesis, Client/Market/ICP Offering \nAssessment, Strategic Option Development, Risk \nAssessment and Roadmap\nPOST-PROJECT COLLABORATION\nWeeks ~1-4Ongoing As-Needed\nEnter Phase II to Build on Project Work or Support \nImplementation, Prepare for Sale Process\nInterim Update, \nWorkshop, Final Read Out\nDELIVERABLES\nANALYSES\n% of Net \nRevenue\n8%\n2018 – LTM Mar-25 \nRevenue CAGR \n34\nProjects \nInvoiced\n$331K\nAverage Revenue \nper Project\n32\nClients \nServed\n44%\n37%\n15%\n4%\nBuy-Side\nSell-Side\nValue Creation\nOther\n\n29\nSTRICTLY CONFIDENTIAL\nSell-Side Commercial Due Diligence\n▪Demonstrate strength of positioning and growth potential of the asset in preparation of exit \n▪Communicates the growth story to potential investors by providing research and analysis to define the target’s \nmarket, strength of its positioning and performance, and opportunities for expansion\n▪Stax leverages its experience working on the buy-side to address critical questions about the target that \ninvestors will focus on, including TAM, growth outlook for core market, competitive differentiation, future \nopportunities, and voice of the client\n▪Modular approach allows Stax to adjust its process and output depending on sponsor/founder involvement, \nrelevant buyer universe, and priority needs\n▪New business development for this service is focused on referrals from investment banks, as well as leveraging \nprivate equity client relationships\n‒The Company worked with 20+ investment banks in the last 24 months\n▪Natural cross-sell opportunity from momentum of sale process and intelligence gathered during engagement\n▪Reputation among private equity investors is a significant point of attraction for banks and management teams\nCollaborative thought partner throughout a sale process to articulate the asset’s positioning and growth story\nOverview and Typical ScopeLTM Mar-25 Key Stats\nIllustrative Project Timeline\nRepresentative Clients\nKICK-OFFWorking Session with Relevant Stakeholders\nTAM and Client Analysis, Risk Assessment, VDR \nPreparedness, Growth Strategy Vetting\nDELIVERABLESFinal Read-Out\nPOST-PROJECT COLLABORATION\nWeeks ~1-5Ongoing As-Needed\nDevelop Buyer-Specific Materials, Discuss with Potential \nSuitors, Onboard Findings and Recommendations at Target\nANALYSES\n% of Net \nRevenue\n62%\n2018 – LTM Mar-25 \nRevenue CAGR \n76\nProjects \nInvoiced\n$378K\nAverage Revenue \nper Project\n81\nClients \nServed\n44%\n37%\n15%\n4%\nBuy-Side\nSell-Side\nValue Creation\nOther\n\n30\nSTRICTLY CONFIDENTIAL\nStrong Institutional Knowledge Across Industries\nStax outperforms competitors by offering the highest quality and expertise across multiple end markets, while ensuring stability through diversification \nacross various industries\nNote: Data reflects LTM Mar-25 engagements and revenue mix.\n132\nEngagements\n% of Net Revenue45%\nVertical SaaS\nIndustry-Specific Apps\nEnterprise Applications\nNetwork Infrastructure\nAI & Machine-Learning\nMedia and B2C Tech\nTechnology\n25\nEngagements\n% of Net Revenue9%\nPhysician Practices\nLong-Term Care\nManaged Healthcare\nMedical Devices\nHospitals & Facilities\nPayors\nHealthcare\n15\nEngagements\n% of Net Revenue5%\nApparel\nFood & Beverage\nHospitality and Leisure\nHousehold Goods\nResidential Services\nHealth & Wellness\nConsumer\n37\nEngagements\n% of Net Revenue15%\nManufacturing\nDistribution\nTransportation\nConstruction & Engineering\nAerospace and Defense\nAutomotive\nIndustrialsServices\n64\nEngagements\n% of Net Revenue25%\nProfessional Services\nFinancial Services\nMarketing and Advertising Services\nData and Information Services\nIT Services\nEvents and Tradeshow Services\n\n31\nSTRICTLY CONFIDENTIAL\nIn-Depth Expertise in Technology and Services \nStax has effectively established a strong replicable presence in technology and service verticals, driving above-market growth and creating a playbook \nfor additional vertical expansion\nIT \nInfrastructure\nCybersecurityVertical SaaS\nHorizontal \nEnterprise \nApplications\nPayments and \nFintech \nConsumer \nTechnology and \nMedia\nTechnology \nCommercial and \nResidential \nServices \nIT Services\nEvents, \nMarketing, and \nInfo Services\nProfessional and \nAdvisory Services\nEducation and \nCrediting Services\nFinancial and \nInsurance Services\nSub-Vertical Expansion Opportunities Sub-Vertical Expansion Opportunities \n$5\n$10\n$11\n$27\n$31\n$30\n$33\n$36\n2018201920202021202220232024LTM\nMar-25\n$6\n$6\n$6\n$11\n$17\n$16\n$18\n$20\n2018201920202021202220232024LTM\nMar-25\nStrengthEvolving Focus\nServices \n72%\n6%\n7%\n(11%)\n2018-20212021-2024\nStaxMarket\n26%\n17%\n6%\n(2%)\n2018-20212021-2024\nStaxMarket\n($ in millions)($ in millions)\nStrengthEvolving Focus\nTechnology Net RevenueAbove-Market Revenue GrowthServices Net RevenueAbove-Market Revenue Growth\nStrong reputation within \nhighly penetrated market\nSub sector account targeting and \nplanning with room to build density \nGrowing average \nproject sizes \nResilient performance across \ndiverse economic conditions\nGrowing number of \nverticalized professionals \n\nClient Relationships\n\n33\nSTRICTLY CONFIDENTIAL\n44%\n37%\n15%\n4%\nBuy-Side\nSell-Side\nValue Creation\nOther\nStax Serves a Large, Diversified Client Base\n79%\n15%\n6%\nPrivate Equity\nPortCo / Corporate\nHedge Fund\nLong-tenured client base with exceptional retention, largely comprised of blue-chip private equity investors\n42%\n41%\n17%\nMiddle Market\nUMM / Large Cap\nLower Middle Market\n46%\n26%\n13%\n10%\n5%\nTechnology\nServices\nIndustrials\nHealthcare\nConsumer\nPrivate Equity Focus......Across Service Lines...\n...Split Among Market Segments......and End Markets\n(1)Reflects Private Equity and Hedge Fund clients only. Lower Middle Market defined as less than $1.5 billion AUM, Middle Market defined as $1.5 to $10.0 billion AUM, and UMM / Large Cap \ndefined as greater than $10.0 billion AUM.\nLTM Mar-25 \nby Client Type\nLTM Mar-25 \nby Service Line\nLTM Mar-25 \nby Client Size\n(1)\nLTM Mar-25 \nby Industry\n(% of Net Revenue)\n(% of Net Revenue)\n(% of Net Revenue)\n(% of Net Revenue)\n\n34\nSTRICTLY CONFIDENTIAL\nDiversified Relationships Across Service Lines\nBroad spectrum and high-quality clients across growth stages and end markets\n(1)Reflects Private Equity and Hedge Fund clients only. Lower Middle Market defined as less than $1.5 billion AUM, Middle Market defined as $1.5 to $10.0 billion AUM, and UMM / Large Cap \ndefined as greater than $10.0 billion AUM.\nRevenue Concentration by ClientNew vs. Existing ClientsRevenue Concentration by Client Size\n(1)\nBuy-Side Commercial \nDue Diligence\nSell-Side Commercial \nDue Diligence\nValue \nCreation\n(% of LTM Mar-25 net revenue)\n43%\n40%\n17%\nUMM / Large Cap\nMiddle Market\nLower Middle Market\n20%\n54%\n27%\nUMM / Large Cap\nMiddle Market\nLower Middle Market\n63%\n35%\n2%\nUMM / Large Cap\nMiddle Market\nLower Middle Market\n(% of LTM Mar-25 net revenue)\n32%\n29%\n29%\n10%\nTop 10\nTop 11 - 30\nTop 31 - 60\nAll Other Clients\n20%\n32%\n37%\n11%\nTop 10\nTop 11 - 30\nTop 31 - 60\nAll Other Clients\n57%\n43%\nTop 10\nAll Other Clients\n79%\n88%\n82%\n21%\n12%\n18%\n202220232024\nNew\nExisting\n40%\n59%\n54%\n60%\n41%\n46%\n202220232024\nNew\nExisting\n95%\n81%\n88%\n5%\n19%\n12%\n202220232024\nNew\nExisting\n\n35\nSTRICTLY CONFIDENTIAL\n73%\n27%\nRepeatNon-Repeat\nDeep Relationships with Top Clients\n▪Deep Relationships: 45% of net revenue coming from clients \nwith a tenure of 6+ years \n▪Satisfied Clients: 73% of revenue from repeat clients\n(3)\n▪No Client Concentration: No one client represents more than \n4% of net revenue\n▪Broad Relationships: 38% of clients use more than one \nservice\n(3)\n▪Strong Referral Network: 72% of sell-side engagements \nreferred from investment banks\n▪Value in Density: Clients utilizing multiple service lines incur \nover 25% higher fees per project due to complexity of scope\nDemand for strategic solutions across growth stages drives client engagement\nTop 15 ClientsLTM Mar-25 Highlights\n(1)UMM / LC = Upper Middle Market / Large Cap; MM = Middle Market; LMM = Lower Middle Market.\n(2)Reflects average tenure of top 15 clients.\n(3)Reflects 2024 data.\nSticky Relationships Drive Repeat Business\n27%\n7%\n21%\n45%\n< 1 Year1-2 Years\n2-6 Years6+ Years\nRepeat\nClients\nClient \nTenure \nMix\n(% of 2024 net revenue)\n($ in thousands)\n2023 – Mar-25 Net Revenue\nClientSize\n(1)\nBuy-SideSell-SideValue CreationOther\nTotal \nRevenue\n% of Total \nRevenue\n2023 – Mar-25\nProjects\nClient \nTenure\nClient 1UMM / LC$4,415––$642$5,0573.2%811+\nClient 2MM3,195$867$854–4,9153.1%1610+\nClient 3UMM / LC484––3,5694,0532.6%1211+\nClient 4MM1,512–1,556373,1052.0%123+\nClient 5UMM / LC1,582440911–2,9341.8%911+\nClient 6UMM / LC1,506–1,309–2,8151.8%711+\nClient 7MM6641,495559–2,7171.7%811+\nClient 8MM1,2411,172––2,4141.5%46+\nClient 9MM1,471812––2,2831.4%74+\nClient 10UMM / LC868537692–2,0971.3%511+\nClient 11MM1,415622––2,0361.3%62+\nClient 12MM804968229–2,0011.3%64+\nClient 13LMM1,336–640–1,9761.2%711+\nClient 14UMM / LC1,435–532–1,9671.2%511+\nClient 15MM1,080829––1,9091.2%63+\nTop 15$23,009$7,741$7,281$4,248$42,28026.6%1188+\nAll Others52,59344,52818,752532116,40573.4%369\nTotal$75,602$52,269$26,034$4,781$158,685100.0%487\nElliott Management\nPSG Equity\nTiger Global Management LLC\nBlue Point Capital Partners\nThoma Bravo\nCharlesbank Capital Partners LLC\nBregal Sagemount\nGridiron Capital\nRubicon Technology Partners\nHellman & Friedman\nGemspring Capital\nGreater Sum Ventures\nVarsity Healthcare Partners\nVista Equity Partners\nPeak Rock Capital\n(2)\n•To remove client names\n\nGo-to-Market Strategy\n\n37\nSTRICTLY CONFIDENTIAL\nMulti-Pronged Go-to-Market Strategy\nPurpose-built global delivery model enables new business wins without sacrificing existing client service\nVerticalized \nSenior \nProfessionals\nStrategic \nAccount \nCoverage\nCentralized \nLocation-Based \nModel\nProgrammatic \nCommunications\n15 Key Accounts with Multi-\nNational, Multi-Vertical Presence\nLarge Cap Private Equity \nand Public Investors\n22 Key Accounts with Dedicated \nTouchpoints in U.S. and U.K.\nMiddle Market \nCollaboration\n91 Key Accounts with Individual \nDefined Coverage and Tracking\nAccount Relationship \nManagement (ARM)\n98 Key Accounts with Content-\nBased Scaled Communication \nContact Accounts\nManaging Directors and \nDirectors\nIndustry Groups Define \nCoverage and Sales Effort\nCDD and Value Creation Services \nProvided by All Levels\nProduct Generalists\nNuanced Insights From \nSpecialization\nGuaranteed Production of \nHigh-Quality Content\nDedicated Client \nDelivery Network\nAdvisory-\nFocused\nProduct Led; \nContent Driven\nRepeat Value Creation Work \nfrom CDD Engagements\nClient Delivery \nNetwork\nColombo\nArticles, Tombstones, \nNewsletters, Industry Primers\nEmail and Social Media\nMarket Intelligence, Rolling \nThunder\nIn-Person Meetings\nMonthly Flywheel, Asset-Centric \nAccount “Grouping” Outreach\nIntelligence Outreach\nClient Offsites, Co-Branded \nRoundtables, Conferences\nEvents\nGlobal \nStaffing\nBostonChicagoNew YorkLondon\nGlobal Collaborative Coverage and Delivery with In-Market Business Development Capabilities\n\n38\nSTRICTLY CONFIDENTIAL\nCollaborative Approach to Client Coverage and Delivery\nCrediting system designed to maximize collective value and reward firm-building behaviors while de-risking new hires\nSales CreditDelivery Credit\nManaging Directors, Directors, and Associate DirectorsAssociate Directors, Senior Managers, and Managers\nAccount Ownership:\nAssigned owner that fosters \nrelationships throughout the \naccount\nContent Leadership:\nProvides substantive \nexpertise to help close and \ndeliver a project\nTotal Sales Credit:\nReflects the sum of an \nindividual’s contribution \nacross each role\nOriginators\nAccount \nOwnership\nContent \nLeaders\nReporting\nSplitDetail\n60%\n▪Credit shared equally between originators\n▪Tracking allows for up to three originators\n10%\n▪Limited to one person\n▪May be one of the originators\n▪Credit shared equally between content leads\n▪Ideally have multiple leads on every project\n25%\nBoundaries\n40% Cap\nNo Double \nDipping\nProject \nMinimum\n▪No individual can accrue more than 40% of the total project value\n▪Lone originators lose 20% of credit, which is returned to the firm\n▪Originators can be account owners, but they cannot accrue credit \nfor content leadership on the same proposal\n▪If project fee is less than $250K, no credit for content leadership\n▪If project fee is less than $150K, no credit for any role\nOrigination:\nSourcing of potential projects \nthrough outbound efforts or \ninbound leads\nStructure\nDelivery \nLeads\nFramework\nCredit Split\n▪Assigned by resource management based on project staffing\n▪Responsible for leading the day-to-day of a project and ensuring \nthe team is utilized efficiently\nTargets\nAssociate \nDirector\nSenior \nManager\nManager\n▪Delivery credit is a \nmeasure of success for \nmid-level consultants\n▪Delivery credit is defined \nas the total value of \nprojects a mid-level \nconsultant has delivered\n▪Total available credit for \na project is equal to the \nproject’s fee\n▪Delivery leads should be \ndifferent levels, with the \nmore senior employee \nspread across multiple \nprojects\n▪Splitting delivery \nbetween Associate \nDirectors and Senior \nManagers / Managers \nallows the Associate \nDirector to manage \nmultiple projects, \nultimately accruing a \ngreater delivery credit \nvalue\nMinimumGoal\n$3.0M\n$2.5M\n$2.0M\n$4.0M\n$3.5M\n$3.0M\n▪Delivery credit is split evenly between delivery leads regardless \nof seniority\n▪Up to two delivery leads can be associated with a project\n▪Delivery leads must spend at least 15 hours a week on projects \nto receive credit\n\n39\nSTRICTLY CONFIDENTIAL\nProject Delivery Model\nHigh-touch client service executed by efficient project teams purpose-built for the pace of private equity\nBalanced and Flexible Staffing ModelDisciplined Tracking Leads to Better Management and Consistently Strong Realization\nCrediting System Designed to Maximize Collaborative Value\nSales CreditDelivery Credit\n▪Originators (60% of project value)\n‒Credit is shared equally between originators; \ntracking allows for up to three originators\n▪Content Leaders (25% of project value)\n‒Credit is split evenly between all content \nleads; ideally have multiple content leads on \nevery project\n▪Account Owners (10% of project value)\n‒Limited to a single person; may be an \noriginator\n▪Measured in dollars and defined as the total value \nof projects a mid-level has delivered\n▪Accrue to the delivery leads; may have up to two \ndelivery leads associated with a project\n▪Delivery leads are typically different levels, but \ncredit is evenly split between both leads\n▪Associate Directors, Senior Managers, and \nManagers are the core roles responsible for \ndelivery\nDelivery (Client Service Network)\nTraditional consulting team staffed to dedicated projects on a billable model\nManaging \nDirector\nDirector\nSpend 50% of time \non billable work\nAssociate \nDirector\nSenior \nManager\nSpend 75% of time \non billable work\nManagerSenior \nConsultant\nConsultantAssociate \nConsultant\nSpend 100% of time \non billable work\nPlug-and-play project support in Colombo segmented by defined workstreams to enhance speed of delivery\nIntegrated Workflow Support (Client Delivery Network)\nIntegrated Project Leads\nLead \nto Win\nSecondary \nInsights\nData \nScience\nWeb Survey \nInsights\nExpert \nInsights\nData \nVisualization\nHighly repeatable, scalable execution process across services allows for powerful insights to be \ndelivered quickly and efficiently at an attractive price relative to competitors\nPromotes collaboration and de-risks new hires\n218226224\nProjects \nInvoiced:\n87.8%\n94.9%\n96.4%\n20232024LTM Mar-25\nRealization\n\n40\nSTRICTLY CONFIDENTIAL\nClient Delivery Network Expands Capacity to Execute\n▪50-person dedicated team in Colombo serves as plug-and-play \nproject support to enhance speed of delivery for client \nworkstreams\n▪Commercial platform built to work at the speed of private \nequity\n▪Supports U.S. and U.K. advisory in an agile and targeted way\n▪Segmented by defined workstreams with clear responsibilities \nand competency model\n▪Handles tasks of varying levels of complexity during the \nproposal and live project phases\n▪Creates additional bandwidth for the client service network to \nfocus on high-value client-facing workstreams\n▪Optimizes resource utilization through on-demand staffing \nbased on skill, capacity, and expertise\n▪Expands delivery capabilities in-line with demand while \noffering flexibility, convenience, and controllability in project \ndelivery\n▪Defined career path with strong average tenure of 9+ years \nacross integrated project leads, delivery leads, and managing \ndirectors\n▪Key members participate in management incentive plan\nPurpose-built integrated workflow support delivers sustainable growth \nTeam OverviewCommentary\nRuwindhu Peiris\nManaging Director\n(Headcount as of March 2025)\nDelivery Lead\nSr. Delivery Manager\nTeam Lead\nDelivery Manager\nSr. Delivery Manager\nDelivery Manager (3)\nTeam Lead\nDelivery Manager\nTeam Lead\nSr. Delivery Manager\nTeam Lead\nDelivery Manager\nTeam Lead\nDelivery Manager\nTeam Lead\nDelivery Manager\nIntegrated Project \nLeads\nTeam Lead\nSr. Delivery Manager\nLead (3)\nSr. Analyst\nLead (5)\nSr. Analyst\nDelivery Manager\nLead (3)\nSr. Analyst (3)\nLead to WinSecondary InsightsData ScienceWeb Survey InsightsExpert InsightsData Visualization\nLead\nSr. Analyst (4)\nAnalyst (2)\nLead (3)\nSr. Analyst (4)\nLead (2)\nSr. Analyst \nAnalyst (3)\n5\nEmployees\n5\nEmployees\n7\nEmployees\n8\nEmployees\n8\nEmployees\n7\nEmployees\n8\nEmployees\nAgile project \nmanagement and \ncentral point of \ncontact for the CSN \nSales enablement \ncapabilities from \ninitial outreach to \nproposal submission\nExtracts and \nsynthesizes \ninformation from \npublicly available \nsources\nBusiness insights and \ncapability \ndevelopment for \ninvestors and \nmanagement teams\nGather insights from \nweb surveys on client \npurchasing and \nspend dynamics, \nvendor performance\nEngages with \nexperts, competitors, \nand clients to collect \nrich insights\nVisualization \nspecialists that own \ndeliverables and \nother visualization \nelements\n\nCulture and Talent Management\n\n42\nSTRICTLY CONFIDENTIAL\nCompelling Employee Value Proposition to Attract and Nurture Top Talent\nStax has developed an attractive employee value proposition to recruit, develop, and retain top tier professionals\nDifferentiated Employee Value PropositionWinning the War for Talent\n(1)Retention of CSN professionals by skill level from 2023 year-end to 2024 year-end; reflects voluntary only.\nClient Service Network Retention by Skill Level\n(1)\nDirector HeadcountManaging Director Headcount\nUnique focus on serving and scaling with private equity clients\nIncentive model designed to reward collaboration and shared success\nHigh growth platform offering career opportunities and the chance to make a \nsignificant impact, supported by structured onboarding and fast ramp for new hires\nExpertise-focused model without exclusivity over client ownership\nAmple whitespace for career growth relative to some competitors with clear \nprogression paths and regular performance feedback\nEquity participation for Managers and above through Management Incentive Plan\nCentralized global staffing expands utilization and reduces time on bench\nSpecialization model supports long-term career development, bolstered by formal \nmentorship and learning opportunities\nCompetitive compensation model and benefits package aligned with market leaders, \nplus a strong commitment to work-life balance and well-being\nScalable infrastructure designed to foster growth and collaboration with direct access \nto senior leadership\n73%\n76%\n80%\n95%\nAssociate\nConsultant /\nConsultant\nSenior\nConsultant /\nManager\nSenior Manager /\nAssociate\nDirector\nDirector /\nManaging\nDirector\n4x \nGrowth\n5x \nGrowth\n2\n8\n2021Mar-25\n3\n16\n2021Mar-25\n\n43\nSTRICTLY CONFIDENTIAL\nTop Ranked by Industry Publications, Validated by Industry Professionals\nStellar Rankings Across Vault North America Categories\n(2)\nContinued recognition and awards reflect nature of culture initiatives the Company has meticulously implemented and managed over time\n(1)As of April 8, 2025.\n(2)Source: Vault 2024 North America Consulting Survey. Rankings and awards are based on insights from over 12,000 verified consulting professionals.\n7.3\n8.4\nIndustryStax\nInternal Mobility\n+1.1\n#10\nOverall \nDiversity\n#8\nEmployee \nSatisfaction\n#8\nLevel of \nChallenge\n#7\nPromotion \nPolicies\n#7\nInternal \nMobility\n#6\nIntl. \nOpportunity\n#5\nHealth and \nWellness\n#4\nBusiness \nOutlook\n#6\nBoutique \nConsulting\n#12\nBenefits\n#11\nInformal \nMentorship\n#10\nFormal \nTraining\n8.5\n9.2\nIndustryStax\nFirm Culture\n+0.7\nEmployee Satisfaction\n+0.8\n8.3\n9.1\nIndustryStax\n8.0\n8.8\nIndustryStax\nWork-Life Balance\n+0.8\nPromotion Policies\n+0.9\n8.1\n9.0\nIndustryStax\nTop Consulting\nFirm 2025\nFormal Training\n+1.2\n7.7\n8.9\nIndustryStax\nBest Management \nConsulting Firms 2025\nBest Firms to Work For\n2022, 2023, and 2024\nGlassdoor Overall Rankings\n(1)\nStax Big 5 Competitor\n4.4\n4.34.3\n4.2\n4.14.1\n4.0\n3.9\n3.83.8\n3.73.7\n3.53.5\n\n44\nSTRICTLY CONFIDENTIAL\nCompetitive Pay-for-Performance Compensation Model\n▪Structured to fall within the 75th percentile of the market, with top performers reaching the \n90th percentile\n‒Similar compensation strategy and banding in place for the Client Delivery Network\n‒Study underway to implement same model for Operations in 2025\n▪Salary bands ensure internal promotions are rewarded equitably without overvaluing \nexternal hires, demonstrating investment in maximizing tenure\n▪Merit-based salary increases determined by 4-point rating scale\n▪Robust benefits package and opportunity for equity ownership through Management \nIncentive Plan further enriches employees\n‒Management Incentive Plan available to Managers and above\nIncentive structure and attractive operating model strike a key balance between sustainable productivity and exciting projects\nPhilosophy and ApproachIndustry Benchmarking\n(1)\n2024 Average Cash Compensation by Skill Level\n(2)\n(1)Source: Aon 2024 Consultant Benchmarking Study. Reflects 50th percentile of compensation category by skill level for each group. MBB+ equivalent to Managing Director not available. MBB+ includes \nBain, Deloitte, EY, McKinsey, Oliver Wyman (Europe), and PwC. Tier 2 includes AlixPartners, Ankura, Chartis, Council Advisors, CRA Intl., FTI, Guidehouse, Keystone, Oliver Wyman, and Slalom.\n(2)Excludes Management Incentive Plan. \nMBB+Tier 2Stax\nACCSCMSMADDMD\n2023 Total Cash Compensation\nACCSCMSMADDMD\n2024 Cash Salary\nStax paid above market bonuses as a \npercentage of salary at all levels in 2023\nStax outpaced the market for salary \nincreases at all levels in 2024\nACCSCMSMADDMD\nACCSCMSMADDMD\n(Client Service Network; U.S. only)\n2023 Cash Bonus as % of Total Compensation2024 Cash Salary Increases\n$85\n$114\n$151\n$184\n$220\n$264\n$330\n$469\n$9\n$17\n$28\n$39\n$62\n$60\n$114\n$387\n$94\n$131\n$179\n$223\n$282\n$324\n$444\n$856\nAssociate\nConsultant\nConsultantSenior\nConsultant\nManagerSenior\nManager\nAssociate\nDirector\nDirectorManaging\nDirector\nCash BaseCash Bonus\n\n45\nSTRICTLY CONFIDENTIAL\n5\n33\n4\n3\n7\n10\n27\nManaging\nDirector\nDirectorAssociate\nDirector\nSenior\nManager\nManagerSenior\nConsultant\nConsultantAssociate\nConsultant\nStructured Recruiting Effort Provides Continuous Source of Talent\nDiversified talent pipeline ensures a steady stream of quality candidates\nOrganic Talent AcquisitionStrong Full-Time CSN Hires Across Skill LevelsSourcing Mix\nRecruiting Overview\nEarly CareersExperienced Hires\nStax targets hiring 10 Summer Associates/Co-Ops and 15 full-time Associate Consultants each year via campus targeting\nPriority Universities\nRelationships with on campus organizations \nand multiple events held per year\nOther Global Universities of Focus\nSources of recent successful hires\nCampus Targeting\nExpanded recruiting funnel to HBCUs, \nwomen’s colleges, etc.\n▪Strong track record of attracting lateral senior hires from \ncompetitors to build on existing offerings or expand into new \nareas of coverage\n▪Nearly 20% of experienced hires are sourced through employee \nreferrals\n▪Average offer acceptance rate of 73%\n▪Continued focus on driving branding efforts to improve candidate \npool\n26,000+ Applicants\n308 Interviews\n94 Offers Extended\n69 Offers Accepted\n(2024 firmwide recruiting statistics)(2024 – YTD Mar-25 new hires)(% of 2024 – YTD Mar-25 new hires)\n58%\n20%\n17%\n5%\nDirect Hire\nCampus\nReferral\nAgency\n\n46\nSTRICTLY CONFIDENTIAL\nWell-Defined Competency Model with Multiple Channels for Feedback\nCompetency and task relevant maturity models serve as the foundation to standardize feedback and expectations for each skill level across locations\nTask Relevant Maturity Model Provides Granular View of Task-Specific Proficiency\nImpact\nEnables global \nstaffing\nUnifies quality of \ndelivery\nProvides clarity and \nconfidence around \npromotion criteria\nEmphasizes merit-\nbased success \nmodel\nCore Consulting SkillsCommercial LeadershipSelf LeadershipPeople and Culture Leadership\nFeedback Facilities Development of Core Skills\nUse Case\n▪Used during project evaluations to assess \nconsultants’ technical effectiveness in \nspecific tasks and evaluate technical \ndevelopmental areas\nComponents\n▪Task category (e.g., survey \nmanagement)\n▪Specific tasks (e.g., survey design)\n▪Maturity levels\nGoal and Purpose\n▪Shift focus to skill level when completing a \ntask\n▪Standardized, efficient project feedback\n▪Differentiates expectations for same task \nacross levels\n▪Focuses on both qualitative and quantitative measures\n▪PowerBI performance dashboard\n▪Project feedback, debriefs, mid-year and year-end reviews\n▪Feedback on non-project Initiatives\n▪360 Feedback: upward, recognitions, special projects and \ninitiatives\n\n47\nSTRICTLY CONFIDENTIAL\nSignificant Opportunity for Upward Mobility\nStandardized career trajectory enables strong performers to progress through the organization\nClient Service Network Career Path\n(1)\n(1)CDN professionals have a similarly defined career path and competency model.\n(2)Reflects internal promotions from 2022 through Mar-25. Associate Consultant promotions reflect interns and co-ops that rejoined the Company as full-time employees.\n(3)Reflects the number of 2024 – YTD Mar-25 internal promotes as a percentage of employees that joined as or assumed a given skill level in 2024 – YTD Mar-25.\nAssociate ConsultantConsultantSenior Consultant\nManagerSenior ManagerAssociate Director\nDirector\nManaging Director\nProject FundamentalsWorkstream ExecutionDelivery ExcellenceProject ManagementProject ManagementClient Management\nBusiness Planning and \nExecution\nBusiness Planning and \nExecution\n▪Independently owns \nprimary workstream\n▪Capable of owning \nmultiple workstreams\n▪Drives full execution of \nworkstreams\n▪Takes ownership of \nnarrative\n▪Begins to gain \nverticalized expertise\n▪Provides strategic \ninsights and content \nexpertise\n▪Drives engagement \nsuccess and manages \nclient expectations\n▪Accountable for quality \nand efficiency of \ndelivery\n~12-Year Average Progression from Associate Consultant to Managing Director\nManaging Director7\nDirector8\nAssociate Director 14\nSenior Manager 8\nManager 14\nSenior Consultant 28\nConsultant 38\nAssociate Consultant 13\nCumulative Internal Promotions\n(2)\nHome-Grown Employees\n(3)\nManaging Director50%\nDirector40%\nAssociate Director20%\nSenior Manager 50%\nManager 57%\nSenior Consultant 59%\nConsultant47%\nAssociate Consultant 23%\n\n48\nSTRICTLY CONFIDENTIAL\nIn-House Training Amplifies Long-Term Career Satisfaction and Employee Potential\nTraining and development is a core tenet of Stax\nNote: Stax also hosts Stax Academy–a learning platform offering training modules to local youth and potential CDN talent–in Colombo, Sri Lanka.\n▪Skill-based training to support consultants during ramp period\n▪Formal sessions via classroom and in-project training for 1-4 \nweeks depending on seniority; subsequent project shadowing \nfor an additional 2-4 weeks\n▪Company and Operations Sessions covering internal resources \nand capabilities\n▪People Team Sessions covering benefits, resource \nmanagement, and professional development\n▪Delivery Excellence Sessions\n‒Getting Smart, Primary Research, Intro to Surveys, \nSecondary Research and Major Data Sources, Effective \nGuides Writing, Intro to Market Modeling, Business Writing, \nCreating Deliverables and Slides\nOnboarding\n▪Five to eight classroom hours per quarter, with additional on-\nthe-job and individual development plan (IDP) training\n▪Stax 2.0 Upskill Series\n‒Industry and Market Knowledge Sharing\n‒Productivity Tools\n‒Best Practice Alignment\n▪Half-Day Trainings by Level\n‒Senior Consultant: Effective Workstream Management, \nStoryboarding 101, Effective Communication, Delegation \nand In-Project Training\n‒Manager: Stax Project Management Playbook, Verticals and \nPractice Overview, Stax Mentor Model, Running Effective \n1:1s\n‒Senior Manager and Associate Director: Intro to Client \nManagement, Leveraging Coaching in People Development\n‒Director: Building your Book of Business, Building Effective \nTeams\n▪Personal Development and Culture Fundamental Series\n‒Self Accountability, Building a Feedback Culture, Resilience\nTraining Academy\n▪Development Programs\n‒Apprenticeship-based learning where employees develop \nthrough hands-on experiences, mentorship, and a \nfeedback-driven learning environment\n‒International exposure to facilitate global collaboration, \nstandardization of best practices and culture integration\n‒Employees receive performance feedback every few weeks \nthrough forms, debriefs, and more\n‒Internal training programs tailored to develop deep \ntechnical and management skills\n▪Communication and Transparency\n‒Regular town halls and leadership meetings, including firm-\nwide updates, senior meetings, and role-specific discussions\n‒Structured feedback mechanisms with performance \ndashboards to consolidate feedback, career progression \nmetrics, and training outcomes\n▪Flat Hierarchy and Leadership Access\n‒Employees at all levels have direct access to leadership\n‒Weekly leadership lunches, open-mics, and social initiatives \nacross offices\n▪Mentorship and Career Development\n‒Internal mentorship program and global staffing model \nfacilitates rapid employee development and connection\n‒Peer coaching initiatives to support career growth\n‒Mentors are accountable for supporting mentees, providing \nadvice and guidance based on development needs\nProfessional Development and Mentorship\nStructured \ntraining for all \nemployees, \nnew or old...\n...with \nnumerous \navenues for \ncontinuing \neducation\nAND\nAND\n\nOperations and Platform\n\n50\nSTRICTLY CONFIDENTIAL\nData-Driven, Purpose-Built Financial and Business Operations\n▪Data and reporting created to optimize every level of the professional services \neconomic value chain from opportunity generation to cash collection\n▪Real-time access to key business and operational KPIs enhances data-driven \ndecisions, including informed forecasting and opportunity tracking, improved capacity \nplanning, financial management, and prioritization\n▪Democratizes data through custom-built PowerBI visualizations, a user-friendly \ndesign, and robust training initiatives to empower users\nReal-time data enables agile management of the business against key indicators\nOverview of Stax INTEL\nInitiatives Focused on Driving Growth and Operational SustainabilityDashboards and Reports\nResource \nManagement\nProject \nManagement\nExpense \nManagement\nInvoice \nOversight\nRealization\nRevenue and \nDelivery Credit\nBillability and \nUtilization\nRevenue \nTracker\nA/R Analysis\nPerformance \nDevelopment\nClient Contract \nStatus\nRates and \nPricing\nLiberation of Data\n“Giving smart people the \nright data enables them to \nmake smart decisions”\nRobust, Transparent Reporting Improves Business Outcomes\nData Warehouse\n\n51\nSTRICTLY CONFIDENTIAL\nEarly AI Adoption Enhances Delivery Quality and Efficiency\n▪Improves speed and quality of analysis while creating high \ncaliber “architected” data for future use\n▪Cleans primary data for use with generative AI, searches for \nrelevant quotes, and interrogates transcripts to structure \nproject analyses \n▪Extends the utility of architected data for use cases beyond \ninitial project work\n▪Generative AI embedded into everyday use and broader \nworkflows to drive quality and speed enhancements\n▪Accelerates and strengthens thought-oriented processes at \nscale (slide review, eminence feedback, etc.)\n▪Integrations and connectivity with existing systems\nStreamlined access to proprietary data is paramount to sustained competitive advantage \nOverview of AthenaWorkflow Tools\nKnowledge management tool developed in-house dramatically lowers search barriers and accelerates access to depth of \ninstitutional knowledge; platform draws from over five years of Stax intellectual property to produce the relevant projects, \nslides, and Stax experts\nUsers can explore results at project and \nslide levels\nAthena transforms the ROI of searching \nfor Stax knowledge, unlocking previously \nunfeasible use cases\nIncorporates Athena Chat, an AI model \ntrained on Stax’s repository of knowledge\nProject \nInsights\nJunior\nEmbedded \nGen AI\nGPTs\nUser Prompt\nPrior Insights\nRelevant Slides\nPreviously \nUsed Experts\nResearch \nApproach\nProject Teams\nExpert Interview \nTranscripts\n1,100+\nDeliverables\n700+\nProposals\n75,000+\nSlides\n50,000+\nInterviews\n\n52\nSTRICTLY CONFIDENTIAL\nWorld-Class Leadership Team Operates an Efficient Client-Centric Organization Structure\nStax is led by a highly experienced, motivated, dynamic, and diverse senior team\nNote: Headcount as of March 2025. Client Service Network excludes two Research Associates paid hourly.\n(1)Includes 44 Operations employees in the United States, United Kingdom, and Sri Lanka.\nClient Service NetworkIntegrated Global Operations Team\n(1)\nClient Delivery Network\nAmy Schoeman\nGlobal Head of HR\nMeg Macumber\nGlobal Head of Finance\nLeslie Regenbaum\nGeneral Counsel\nJoe Brownell\nGlobal Head of Marketing\nConnor Novy\nChief of Staff and Head of Sales \nOperations\nHazir Shafeek\nGlobal Head of Data Insights & IT\nRuwindhu Peiris\nManaging Director\nPaul Edwards\nGlobal Practice Leader\nRegional Lead\n2\nManaging \nDirector\n9\nProduct Lead\n4\nDirector\n8\nSenior Manager\n8\nAssociate \nDirector\n9\nManager\n9\nConsultant\n21\nSenior \nConsultant\n18\nAssociate \nConsultant\n39\nDelivery Manager\n8\nSenior Delivery \nManager\n4\nLead\n17\nAnalyst\n6\nSenior Analyst\n14\nExecutive Leadership Team\nJayson Traxler\nChief Executive Officer\nMihaela Dumea\nDirector, Data and Business \nIntelligence\n\n53\nSTRICTLY CONFIDENTIAL\nWell-Invested Operational Platform Built to Serve Private Equity\nDeep bench of integrated global support functions designed to drive growth and operational efficiency\nNote: Headcount as of March 2025.\nMeg Macumber\nGlobal Head of Finance\nAmy Schoeman\nGlobal Head of Human Resources\nJoe Brownell\nGlobal Head of Marketing\nLeslie Regenbaum\nGeneral Counsel\nConnor Novy\nChief of Staff / Head of Sales Operations\nPeople Operations (5)Marketing Strategist (4)\nFinance, IT, and Business OperationsHuman ResourcesMarketingLegalData and Business IntelligenceSales Operations\nHazir Shafeek\nGlobal Head of Data Insights and IT\nCompliance and GovernanceSales Operations\n11\nEmployees\n6\nEmployees\n6\nEmployees\n3\nEmployees\nJayson Traxler\nChief Executive Officer\nMihaela Dumea\nDirector, Data and Business Intelligence\nController\nHead of Business Operations\nProfessional Development (2)\nTalent Acquisition (2)\nHR Business Partner\nProduction ManagerLegal CounselFinancial Insights and BI\nDigital Engineering (3)\nCommercial Strategy and Enablement (2)\nIT and Help Desk Support (4)\nFinance and Accounting (6)\nPayroll and Benefits\nFinancial Sponsors Coverage\n3\nEmployees\nStax can scale revenue without adding significant operations headcount\n23\nEmployees\nAdministrative (8)\n\nGrowth Strategy\n\n55\nSTRICTLY CONFIDENTIAL\nMulti-Pronged Growth Strategy Drives Confidence in the Next Chapter of the Company\nTangible and achievable organic growth in the near term with substantial opportunity to drive additional value creation via M&A\n▪Strategically hire senior \nprofessionals to build \ndensity in core verticals \nand expand capabilities\n▪Build density across \ncurrent locations, \nexpanding \napprenticeship model to \nfurther attract and \ndevelop mid/junior \ntalent\nAttract, Develop, \nand Retain Talent\n▪Continue building \nmomentum in the U.K. \nto expand market \npresence\n▪Strategically grow \nheadcount and client \nleadership in New York \noffice\n▪Establish local presence \nin new geographic \nmarkets through organic \ngreenfield locations in \nthe United States and \nEurope\n▪Continue to protect \nunique culture via \nplanful expansion\nBroaden Geographic \nPresence\n▪Capitalize on advisory, \nbespoke nature of work, \nand pricing umbrella \nrelative to MBB+ to \nrealize due diligence \nprice increases \nnationally and abroad\n▪Raise prices in value \ncreation to be more in-\nline with client impact, \nresults, and ROI\n▪Expand number of \naccounts with average \nproject size of $400K+ \nwith ample cross-sell \nopportunities and need \nfor multiple projects per \nyear\nExert \nPricing Power\n▪Focus on accelerating the \nexecution of M&A \nplaybook\n▪Expand into new \ngeographies, new \nservice lines, and build \nscale in existing markets\n▪Opportunistically \nevaluate larger-scale \ntransformative M&A \ntargets\nIdentify and Execute \non Acquisitions\n▪Further optimize cross-\nsell strategy to deepen \ndensity across core \naccounts through scaled \ninside sales strategy\n▪Target key private equity \nclients where \nreferenceable work \nprovides opportunity for \nfurther penetration in \nprojects that command \nmore premium bill rates\nMaximize Wallet \nShare and Cross-Sell\n▪Scale coverage and \ncontent intersection \nacross private equity and \ninvestment banks\n▪Further scale dedicated \nbusiness development \nteam to broaden coverage \nuniverse\n▪Centralize, scale, and \nmanage external \nindividual, account, and \nsubsector communications\nScale Client \nCoverage\n▪Leverage reputation and \ndifferentiated \nexperience in key \nverticals with high win \nrates across market \nsegments\n▪Introduce new verticals \nsuch as government or \naerospace and defense \nthrough de novo efforts \nor experienced senior \nhires \nDeepen Vertical \nExpertise\n▪Capitalize on hedge \nfunds’ growing inbound \ndemand for market \nresearch \n▪Introduce new purpose-\nbuilt products such as \ntechnology due \ndiligence, financial due \ndiligence, operational \ndue diligence, and ESG \nand sustainability \ndiligence through \nintegrated go-to-market \napproach\nExpand Capabilities \nand Client Profiles\nGrowExpandTransform\n\n56\nSTRICTLY CONFIDENTIAL\nWiden Referral Channel to Optimize Business Development Efforts\nCultivate and expand business development relationships with large cap private equity firms \nBroaden and Deepen Large Cap Private Equity Relationships \n$8.3M\n$11.0M\n2018 - 20212022 - LTM Mar-25\nGrowth Plan Current Strengths \n▪Proactively enhance and revitalize partnerships with large \ncap clients\n▪Reposition value proposition as a trusted advisory partner\n▪Schedule regular in-person meetings to strengthen \nconnections\n▪Prioritize targeted outreach and proposals aimed \nspecifically at large cap opportunities\n▪Fosters collaborative partnerships, ensuring alignment with \nthe long-term objectives of large cap clients\n▪Strong brand recognition among large cap funds facilitates \nmarket entry for new large cap clients\n▪Strategic account coverage plan across large cap funds \nenhances relationships and drives customer stickiness \nLargest Private Equity Firms\n(1)\n(1)Source: Private Equity International. Dollars in billions. Ranking based on private equity capital raised between 1/1/2019 to 12/31/2023. Excludes credit, secondaries, and real asset focused \nmanagers. Shading reflects Stax project counts between 2018 and Mar-25.\n(2)Reflects average annual revenue from Large Cap Private Equity and Public Investor key accounts designated as of Q1-25.\n1-5 Projects6-10 Projects11+ Projects\nNo.SponsorRaised\n1\nBlackstone$124\n2\nKKR$103\n3\nEQT$99\n4\nCVC Capital Partners$78\n5\nTPG$62\n6\nThe Carlyle Group$60\n7\nThoma Bravo$59\n8\nAdvent International$53\n9\nWarburg Pincus$52\n10\nHg$51\n11\nCD&R$50\n12\nSilver Lake$49\n13\nHellman & Friedman$47\n14\nVista Equity Partners$45\n15\nGeneral Atlantic$43\nNo.SponsorRaised\n16\nClearlake Capital$43\n17\nGoldman Sachs$42\n18\nLeonard Green$41\n19\nTA Associates$40\n20\nPermira$37\n21\nBain Capital$37\n22\nInsight Partners$35\n23\nCinven$35\n24\nGenstar Capital$32\n25\nFrancisco Partners$30\n26\nAres Management$30\n27\nApollo Global$29\n28\nPartners Group$28\n29\nBridgepoint$23\n30\nGTCR$23\nDirect experience on \nprior transactions\nVertical and product \nsector expertise\nBalanced approach between \ncomplex situations and \ntailored need \nBetter value for add-ons that \ndo not need breadth/depth\nStax Large Cap Value Proposition\nNet Revenue from Key Large Cap Accounts\n(2)\n\n57\nSTRICTLY CONFIDENTIAL\nWiden Referral Channel to Optimize Business Development Efforts\nCultivate and expand business development relationships with investment banks\nU.S. M&A League Tables\n(1)\nGrow Investment Banking Referral Channel\n(1)Source: Dealogic. Reflects transactions announced between 12/31/2014 and 12/31/2024 with private equity involvement. Shading reflects Stax project counts between 2018 and Mar-25.\nStrengthen Existing Investment Bank RelationshipsFoster Relationships with New Investment Banks\n▪Investment banks provide a pipeline of sell-side \nopportunities through client referrals\n▪Ongoing dialogue and recurring touchpoints provides \nintelligence on in-market buy-sides and potential value \ncreation opportunities\n▪Growing breadth and depth of content provides \nreferenceable work to expand scope of service\n▪Demonstrate capabilities to preeminent investment banks \nthat have historically been an unlikely referral source to \npenetrate additional pockets of the market\n▪Leverage network of lateral hires, geographic expansion, \nand expanded verticals of coverage to develop \nrelationships with specialized regional and industry \nboutiques\nRoom for Additional Wallet Share with Key Recent \nInvestment Banking Partners\nSignificant Opportunity for Business Development in \nthe Broader M&A Market\n1-5 Projects6-10 Projects11+ Projects\nNo.AdvisorDeals\n1Houlihan Lokey904\n2Goldman Sachs762\n3Jefferies631\n4William Blair552\n5JPMorgan547\n6Morgan Stanley514\n7Baird505\n8Lincoln Intl.456\n9Piper Sandler453\n10UBS434\n11Raymond James383\n12PNC Bank363\n13Moelis355\n14Bank of America351\n15Evercore346\nNo.AdvisorDeals\n16Lazard315\n17Barclays307\n18Citi295\n19Stifel257\n20RBC248\n21Rothschild236\n22Canaccord215\n23KeyBanc180\n24Guggenheim160\n25BMO142\n26Deutsche Bank139\n27Centerview133\n28Truist130\n29Macquarie119\n30KPMG108\nNet Revenue from Sell-Sides Referred by Investment Banks\n$1.0M\n$1.1M\n$13.3M\n$18.0M\n$20.6M\n2018202020222024 LTM Mar-25\n\n58\nSTRICTLY CONFIDENTIAL\nMaximize Wallet Share and Cross-Sell Opportunities with Existing Clients\nUpsell core offerings to capture larger share of deal volume within established private equity relationships\nExpansion of OfferingsSignificant Whitespace Available Within Current Client Base\nValue Creation\nEmbedded Data \nAnalytics and \nSustainability\nAI Diagnostic, Piloting, \nand Scaled Adoption\nInitiative Deployment, \nMarket Piloting, and \nGrowth Office \nGovernance\nSell-Side \nCommercial \nDue Diligence\nScale Dedicated \nResources to Optimize \nPitch and Delivery \nProcess\nExpand Sales Team to \nDeepen Content \nCoverage to Facilitate \nBank Penetration\nFurther Integrate \nBusiness Units to \nMaximize Value of \nMarket Intelligence \nAcross Offerings\nBuy-Side \nCommercial \nDue Diligence\nIncrease Coverage \nVerticals to Better Serve \nFunds with Broad \nInvestment Theses\nFill Content and \nExpertise Gaps to Elevate \nDelivery to Higher-\nVolume Upper MM and \nLarge Cap Sponsors\nTarget Additional Public \nEquity Investors to \nFurther Diversify Profile \nof Transactions \nEvaluated\nPrivate Equity Client Count\nEstimated Current Serviceable Available Market (SAM) Penetration\n~2% \nPenetration of \nICP Estimated \nSpend\n~5% \nPenetration of \nCurrent Client \nEstimated \nSpend\nStrong right to grow through wallet share \nand new logo expansion with ~$1.3 billion in \nattainable whitespace across core products\nCurrent vs. Target Service Line Mix\nTBU?\n75\n100\n129\n20192021TTM Mar-25\n44%\n37%\n15%\n4%\nBuy-Side\nSell-Side\nValue Creation\nOther\nLTM \nMar-25\n37%\n37%\n24%\n2%\n2030P \nOrganic\n~$0.1M\n~$1.3M\n~$3.2M\n~$5.2M\nCurrent Stax Revenue\nwithin SAM\nEstimated SAM within\nCurrent Clients\nMiddle Market Ideal Client\nProfile (ICP) SAM\nNorth America and U.K.\nTotal SAM\n\n59\nSTRICTLY CONFIDENTIAL\nAttract, Develop, and Retain Talent to Capitalize on Growth\n▪Dedicated and growing talent acquisition team manages the hiring funnel to identify \nand pursue candidates with experience to strengthen core offerings or expand areas \nof coverage\n▪Continued branding initiatives and increased visibility online will yield additional hires \nfrom a broader pool of candidates\n▪Proven ability to attract senior- and mid-level hires with experience at top-tier firms\nContinue winning talent through targeted recruitment efforts and growth-oriented culture\nStrategic Approach to Fostering Junior Growth Lateral Experienced Hire Recruiting\nOrganic Client Service Network ExpansionProjected Growth in Productivity\nNet Revenue per Director and Managing Director\nProjects Invoiced per Director and Managing Director\nDirector and Managing Director HeadcountAll Other CSN Headcount\nConsulting \nSkills\nDevelopment \nPrograms\nProject Delivery Excellence Series: Primary, secondary, survey, and modeling \ntraining\nAssociate \nConsultants and \nConsultants\nSenior \nConsultants and \nManagers\nProject Management Excellence Series: Project management and economics, \nstoryboarding, running effective team meetings, and presentation training\n▪Proven track record of developing young talent within Stax, leading to a strong team \nof tenured senior employees contributing the sustained success\n▪Recruiting junior talent has enabled employees to acquire foundational skills \neffectively and efficiently\n▪Onboarding young talent has fostered adaptability to Stax practices and strengthened \nemployee loyalty\n24\n25\n36\n49\nMar-252025E2028P2030P\n106\n122\n180\n246\nMar-252025E2028P2030P\n10.8\n11.4\n12.0\n12.5\nLTM Mar-252025E2028P2030P\n$3.9M\n$3.7M\n$4.7M\n$5.4M\nLTM Mar-252025E2028P2030P\n\n60\nSTRICTLY CONFIDENTIAL\nProven Vertical Expertise and Journey\nRoom to build subsector density in core verticals, as we as deepen expertise in other targeted industry verticals\nCurrent Vertical MaturityVertical Growth Opportunities\nStrong Growth within Key Verticals Expansion Opportunities within Core Verticals \n$5\n$10\n$11\n$27\n$31\n$30\n$33\n$36\n$6\n$6\n$6\n$11\n$17\n$16\n$18\n$20\n$11\n$16\n$18\n$39\n$48\n$46\n$51\n$56\n2018201920202021202220232024LTM\nMar-25\nTechnologyServices\n(Net Revenue; $ in millions)\n▪Organized depth and breadth of referenceable work\n▪Subsector expertise\n▪Sector-specific senior recruitment \n▪Scaled sector-specific maturity and communication\n▪Subsector account targeting and planning\n▪Vertical planning\n▪Increase in opportunity volume \n▪Increase in win rate \n▪Increase in average project size\n▪Expansion in private equity and investment banking \naccounts leveraging Stax within a vertical \n▪Above market performance \n▪Outsized opportunities through investment banks and large \ncap private equity \nVertical EnablersImpact\nPlan to leverage existing verticals to deepen market presence \nand strategically expand into new sectors, will drive \nsustained growth\nIndustrials \nTechnology \nServices \nHealthcare \nAerospace & \nDefense \nConsumer\nGovernment \n& Public \nImpact\nEnablers\nFully EvolvedDevelopingExpansion Verticals \n2018 – LTM Mar-25 CAGR: 30%\n\n61\nSTRICTLY CONFIDENTIAL\nExpand Capabilities and Client Profiles\nStax’s focus on relationships cultivates a deep understanding of clients' needs and the specific areas where they require assistance\nDeal-Related ServicesNon-Deal Related ServicesClient Type Expansion\n▪Presence and \ndemonstrated \nsuccess in \nsupporting software \nand technology \nengagements \ncreates natural \navenue for \nexpansion\n▪Ingrained cross-sell \nfrom standard \ncommercial \ndiligence and value \ncreation projects\nTechnology Due \nDiligence\n▪Well-defined and \nsynergistic offering, \nnatural extension of \nexisting value \ncreation \nengagements\n▪Accelerated entry \nfeasible via hiring or \nM&A, healthy \npipeline of potential \ntargets\nProcurement \nOptimization\n▪Natural extension of \nvalue creation to \nimplement best \npractices observed \nin premium assets \nacross industries\nOperations \nPlanning and \nOptimization\n▪Rising need for \nassessment of risks, \ninefficiencies, and \noperational gaps as \ncompanies face \nincreasing scrutiny \nfrom potential \ninvestors during \ndiligence\nOperational Due \nDiligence\n▪Enable Stax to \ncapitalize on the \ngrowing market for \ndebt investments \nand drive demand \nduring economic \ndownturns by \nleveraging credit \nfunds' insulation \nfrom M&A market \nfluctuations\nCredit Funds \n▪Foster long-term \nrelationships that \nendure through \neconomic \ndownturns, \ngenerating a steady \npipeline of new \nclients across family \noffice portfolios\nFamily Offices\n▪Demonstrated \nsuccess \ntransitioning from \nM&A to hedge fund \nclients during \neconomic \ndownturns, \nleveraging large \nclients to generate \nrecurring demand \nfor market research \nacross economic \ncycles\nHedge Funds \n▪In-demand offering \nof critical focus for \nprivate equity \ncompanies as AI \nstrategy becomes \n“need-to-have” and \neffective AI \nintegration \nbecomes a key \nsource of private \nequity value \ncreation\n▪Potential to serve \nprivate equity funds \n(broad fund-level AI \nstrategy) and each \nportfolio company\nAI Enablement \nand Deployment\n\n62\nSTRICTLY CONFIDENTIAL\nStrategically Expand Geographic Footprint\nOpportunity to strategically expand into new geographies and expand within current markets\nOpportunistic Regional ExpansionCapitalize on Momentum in Additional Geographies\nDemonstrated organic expansion \nin Chicago and New York\nSuccessful inorganic growth in London\nSignificant opportunity to grow \nwallet share in existing markets\nIntegrate planful culture and process \nexpansion into new markets \nReplicating the Stax Engine overseas – \nRaise the Profile, Build the Team\nBuy-Side, Sell-Side, Value Creation\n5+ Verticals\nMiddle Market and Large Cap Focus\n30+ Consultants\nAcquired in October 2022 to \nfacilitate U.K. expansion\nCDD Focus\nPrimarily Events\nLower Price Point\n10 Consultants\nComplete MBB+ transition to autonomous, \nself-sustaining, integrated machine\nBuy-Side, Sell-Side, Value Creation\n10 Verticals\nMiddle Market and Large Cap Focus\n40+ Consultants\n2025-2030Today\n2025-2030Today\nKey Selection Factors for New Markets\n✓Proximity and expertise \n✓Ability to have cultural alignment \n✓Sizable private equity market \n✓Available talent\n✓Existing client density \n✓Competitive differentiation\nGrowth Framework\nTexas and \nCalifornia\nNordics and \nDACH\nBoston\nNew York and \nChicago\nLondon\nInorganic Expansion\nKey Accomplishments to Date\nU.K. Private Equity and Transactional Net Revenue\nDirector and Managing Director Headcount\nChicagoNew YorkLondonBoston\n$0.9M\n$2.9M\n20222024\n2\n7\n2022 25-Mar\n44\n2022 25-Mar\n6\n12\n2022 25-Mar\n0\n1\n2022 25-Mar\n\n63\nSTRICTLY CONFIDENTIAL\nOpportunity to Further Capture Pricing Through Advisory Journey\nStax’s compelling value to its clients, along with higher pricing by competitors, creates favorable environment for price increases\nShift to Content Advisory Unlocks Further Pricing OpportunitiesTrack Record of Successful Increases in Client Value \nAverage Client Service Network Bill Rate\nAverage Director and Managing Director Headcount\nDirector and Managing Director Billable Hours\nTypical Engagement Price\n$100K$250K$500K$800K-$1M\nBreadth and Depth of Offering\nStax is positioned to capture \npricing consistent with client \nimpact, results, and ROI delivered \nwithout risking relationships\nUpper / Middle Market & Growth Funds\n(Europe)\nPurposeful Shift to “Strategic Advisory” Drives Increased Pricing\nDeliver DataDeliver ResearchDeliver Strategy Deliver Advisory\n$353\n$420\n$429\n$449\n$493\n$542\n202220242025E2026P2028P2030P\n10\n18\n23\n27\n36\n49\n202220242025E2026P2028P2030P\n7,105\n8,854\n11,044\n13,052\n18,210\n25,374\n202220242025E2026P2028P2030P\n\n64\nSTRICTLY CONFIDENTIAL\nTargetRegion\nCapabilitiesAcquisition Type Revenue\nCompany ASoutheastTechnology due diligence and value creationTransformational~$80M\nCompany BSouthwestGo-to-market performance improvementTransformational~$75M\nCompany CUnited KingdomCommercial due diligenceTransformational~$50M\nCompany DMidwestPricing strategy and performance improvementTransformational~$75M\nCompany EMidwestOffice of the CFO and financial due diligenceTransformational~$75M\nCompany FUnited KingdomHealthcare commercial due diligence Tuck-In~$10M\nCompany GNortheastCommercial due diligenceTuck-In~$7M\nCompany HSouth CentralDefense commercial due diligenceTuck-In~$15M \nCompany INortheastPrivate equity performance improvement Transformational~$50M\nCompany JWestSoftware and tech based due diligence Tuck-In~$10M\nCompany KSouth CentralTech due diligence and value creation Tuck-In~$10M\nCompany LSouthwestTech due diligence and office of the CTOTuck-In~$8M\nUnited Kingdom Commercial due diligence Tuck-In~$5M\nMid-Atlantic Defense commercial due diligenceTuck-In ~$15M\nTotal~$485M\nSignificant Value Accretive M&A Opportunity and In-House Expertise \n▪Leverages CEO's experience in professional services strategy and corporate development\n▪M&A is evaluated on a risk adjusted continuum and compares opportunities such as greenfield expansion, \nacqui-hires, and acquisitions\n▪Stax maintains a strict acquisition investment criteria that must satisfy proven \"Deal Equation\" across \nmultiple dimensions\n‒Strategic Fit: Enhance defined product offering, industry expertise, or geography\n‒Cultural Fit: Similar margin and KPI profile and positive purchase price multiple\n‒Economic Fit: Ability to thrive within Stax business model\n▪Established and repeatable integration playbook with emphasis on a “day-one” plan\nStax has invested in the transition from founder-owned business to a world-class operating platform of scale and is positioned to grow via acquisitions\nStax is an Acquirer of ChoiceRobust and Selective M&A Criteria and Integration Process\nAreas of Focus When Evaluating M&A\nIllustrative Acquisition Target List\nCapitalize on cross-selling and repeat client demand\nHighly specialized expertise to provide actionable, data-driven answers for clients\nDifferentiated culture and operating model generates wins in the “war for talent”\nAdditional resources that come from a larger company\nEquity value creation opportunity through incentive plan\n1\n2\n3\n4\n5\nConsulting is a highly fragmented market with opportunity for M&A\nA- Crosslake\nB –SBI\nC- CIL\nD - Insight2Profit\nE - E78\nF - Candesic \nG - Arnovia \nH - Next F&D\nI - Beck Way \nJ – PASG\nK - ThinkTiv \nL - Waypoint\nM - Fairgrove\nN - Nextfed\n▪Continental Europe\n▪Middle East and Asia Pacific\nGain Geographic \nDiversification\n▪Tech due diligence\n▪Financial due diligence\n▪Operational improvement\nBuild Complementary \nService Offerings\n▪Aerospace and Defense\n▪Healthcare\nExpand Industries of \nCoverage\n•To remove target names\n\nFinancial Overview\n\n66\nSTRICTLY CONFIDENTIAL\n$2.7M\n$4.5M\n$0.5M\n$1.4M\n$0.2M\n$0.6M\n$3.5M\n$6.5M\nQ1-24Q1-25\nServicesHealthcareConsumer\nStrong Performance in Q1 with Favorable Momentum Heading Into Remainder of 2025\nContinued significant performance in Q1 couples with strong tailwinds from recent headcount additions\nStrong Performance in Early 2025Growing Contribution from New Hires\nIncreasing Momentum in Targeted VerticalsRamping Net Revenue Contribution from Value Creation and United Kingdom\n(1)All Managing Directors hired in the second half of their respective cohort year. 2022 cohort includes 2 hire, 2023 cohort includes 2 hires, and 2024 cohort includes 1 hires.\n(Net Revenue)\n(Net Revenue)\n$15.5M\n$20.5M\nQ1-24Q1-25\n$2.6M\n$2.3M\n$3.8M\n$0.7M\n$0.8M\n$1.5M\nQ4-24Q1-25Avg. Q2-Q4 2025E\nValue CreationUnited Kingdom\n64%\nYoY Growth\n19\n24\nNov-24Mar-25\nRecent senior hires will drive meaningful revenue \ngrowth as they continue to ramp\n930\n1,240\n71\n667\n69\nLTM Mar-24LTM Mar-25\n2022 Hires2023 Hires2024 Hires\nAn improving M&A market will provide additional upside\nYoY Growth\n839%\n33%\nDirector and Managing Director HeadcountBillable Hours by Managing Director Cohort\n(1)\nYoY Growth\n33%\n202%\n154%\n\n67\nSTRICTLY CONFIDENTIAL\nCompelling Long-Term Outlook Underpinned by Track Record of Consistent Growth\nHighly attractive financial profile driven by demonstrated ability to expand already impressive margins\nPro Forma Adjusted Net Revenue\nOrganic Gross Profit and Margin\nPro Forma Adjusted EBITDA and Margin\n($ in millions)\n($ in millions)\n($ in millions)\n$39\n$44\n$48\n$54\n$70\n$88\n$109\n$136\n$168\n61.0%\n62.0%\n63.1%\n59.5%\n60.5%\n61.0%61.0%61.0%61.0%\n20232024LTM Mar-252025E2026P2027P2028P2029P2030P\n$42\n$54\n$69\n$89\n$112\n$4\n$10\n$19\n$30\n$45\n$19\n$24\n$27\n$31\n$46\n$65\n$88\n$119\n$157\n29.3%\n33.5%\n35.6%\n33.3%\n36.2%\n38.0%\n39.0%\n39.9%\n40.9%\n20232024LTM Mar-252025E2026P2027P2028P2029P2030P\nOrganicAcquired\n$115\n$143\n$179\n$223\n$275\n$12\n$27\n$48\n$75\n$110\n$64\n$71\n$76\n$91\n$127\n$170\n$226\n$298\n$385\n20232024LTM Mar-252025E2026P2027P2028P2029P2030P\nOrganicAcquired\n\n68\nSTRICTLY CONFIDENTIAL\nBridge to 2030P Revenue\nPathway to ~$385 million of net revenue by 2030\nNote: 2020 reflects reported Net Revenue. Other includes growth in Reimbursables and Tech & Admin.\nFoundation Established to Support the Next Stage of Growth\n($ in millions)\n2020 Net \nRevenue\nHeadcountUtilizationBill RatesRealizationOther2025E Net \nRevenue\nHeadcountUtilizationBill RatesRealizationOther2030P Organic \nNet Revenue\nAcquisitions2030P Net \nRevenue Incl. \nM&A\n\n69\nSTRICTLY CONFIDENTIAL\nMultiple Levers to Boost Productivity and Expand Margins\nAssumptions embedded into the forecast for strong organic growth and profitability\nRealization RateOperating Leverage\nUtilization Rate\n(1)\nProjects Invoiced per Director/Managing Director\n(1)Based on 2,080 available hours less 290 firm holiday and PTO hours, net of billable adjustments by skill level (50% for Directors and Managing Directors; 75% for Senior Managers and Associate \nDirectors) per management’s view.\n(Operating Expenses as a % of Net Revenue)\n(Client Service Network)\n87.2%\n88.2%\n89.1%\n90.0%\n90.9%\n91.8%\n2025E2026P2027P2028P2029P2030P\n95.8%\n96.8%\n97.8%\n98.8%\n99.8%\n100.0%\n2025E2026P2027P2028P2029P2030P\n25.6%\n24.3%\n23.2%\n22.2%\n21.2%\n20.3%\n2025E2026P2027P2028P2029P2030P\n11.9\n12.2\n12.5\n12.7\n12.9\n13.2\n2025E2026P2027P2028P2029P2030P\n\n70\nSTRICTLY CONFIDENTIAL\nAttractive Financial Profile Anchored by Exceptional Margins and Strong Cash Flow\nOngoing margin expansion driven by operating leverage and continued optimization of delivery model and pricing\nStrong Cash Flow GenerationBest-in-Class Margin Profile\n(2)\nProven Ability to Scale EBITDA Margins\n(2)\n(1)Reflects 2023 and 2024 reported capital expenditures.\n(2)Reflects 2025E.\nEfficiently operates with limited cash tied up in working capitalGross margins driven by efficient service delivery and compelling value for clients\nOngoing margin expansion driven by operating leverage and continued optimization of delivery model and pricing\n29.3%\n33.5%\n35.6%\n33.9%\n36.2%\n38.0%\n39.0%\n39.9%\n40.9%\n20232024LTM Mar-252025E2026P2027P2028P2029P2030P\n(Pro Forma Adjusted)\n~97%\nFCF Conversion\nLimited\nWorking Capital \nRequirements\n~$0.5M\nHistorical Annual\n Capex\n(1)\n34%\nStrong and Increasing \nEBITDA Margins\nEfficient and \nScalable SG&A\n60%\nGross Margin\n\n71\nSTRICTLY CONFIDENTIAL\nSummary of Diligence Adjustments\n1.Removes the impact of expenses incurred \nrelated to the current Owners which will not \ncontinue post-close\n2.Normalizes (i) the impact of large signing \nbonuses & recruiting costs for high-level \npersonnel, and (ii) back-office personnel costs\n3.Includes various adjustments for \nnormalizations, removal of the now-\ndiscontinued Colombo direct operations, and \nremoval of non-recurring items\n4.Quantifies the pro forma impact of capacity-\nrelated lost revenue due to the secondment \nprogram\n5.Quantifies the impact of MD compensation \nprior to revenue generation or significant \nbillable hours\nSummary of Quality of EarningsCommentary\n▪Text\n($ in millions)20232024LTM Mar-25 \nReported EBITDA\n$13.7$18.4$21.3\nAcquisition Adjustments–––\nAcquisition Adjusted EBITDA\n$13.7$18.4$21.3\nNon-Operating Owner Expense Removal2.61.9 1.9\nCompensation Adjustments1.4 1.51.3 \nOther Diligence Adjustments0.90.60.6\nDiligence Adjusted EBITDA\n$18.6$22.4$25.1\nSecondment Revenue Impact–1.21.2\nMD Ramp-Up Compensation0.30.40.9\nPro Forma Adjusted EBITDA $18.9$23.9$27.2\n1\n2\n3\n4\n5\n1\n2\n3\n4\n5\nClean EBITDA with high cash flow generation"
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"text": "\n\nApril 2025\nConfidential Information Presentation\nDRAFT\nAs of 4/24/2025 11:49 AM\n\n2\nSTRICTLY CONFIDENTIAL\nImportant Information and Transaction Team\nThis Confidential Information Presentation (the “Presentation”) is intended solely for the use of prospective investors in determining whether or not to pursue the proposed transaction with Stax Holding Company, LLC (“Stax” or the “Company”). The Presentation is of a \nproprietary and confidential nature and is only being furnished to those parties who have agreed to be bound by the terms and conditions of the previously executed confidentiality agreement (the “Confidentiality Agreement”). William Blair & Company, L.L.C. (“William \nBlair”) has been retained by the Company as its financial advisor.\nBy accepting this Presentation, the recipient agrees that it will, and it will cause its directors, officers, employees, and representatives to, use this Presentation and all of the information contained herein only to evaluate a specific negotiated transaction with the Company \nand for no other purpose and shall return this Presentation together with any copies to William Blair upon request. This Presentation contains confidential, non-public information concerning the Company. Receipt of this Presentation constitutes your acknowledgment \nthat you will maintain the information contained herein in strict confidence. \nThis Presentation does not constitute (i) any offer to sell or the solicitation of an offer to buy any securities or assets of the Company or (ii) any offer or recommendation to enter into any transaction referenced herein.\nAll information contained herein has been provided by the Company or other sources that William Blair deems reliable. However, William Blair has not independently verified any of the information contained herein, including financial estimates and projections. This \nPresentation includes certain statements, estimates, and projections provided by the Company with respect to its anticipated future performance. Such statements, estimates, and projections reflect various assumptions concerning anticipated results, which assumptions \nmay or may not prove to be correct. The information contained in the Presentation, including financial statements, projections and estimates, (a) is not necessarily indicative of current value or future performance, which may be significantly more or less favorable than as \nreflected herein; (b) has not been independently verified and cannot be regarded as forecasts; and (c) and is based on assumptions and analysis available at the time this Presentation was prepared. Unless expressly stated otherwise, this Presentation presents information \nwith respect to the Company as of the date of the Presentation and should not be construed to indicate that the business of the Company remains unchanged since the date of this Presentation.\nThe products, product names, logos, brands, and their trademarks featured or displayed within the Presentation are the property of their respective trademark owners, who are not affiliated with, nor do they sponsor or endorse, the Company nor the Company’s services.\nThis Presentation does not purport to contain all of the information that may be necessary or appropriate to evaluate the proposed transaction, and any recipient hereof should conduct its own independent analysis of the Company and the data contained or referred to \nherein. Neither the Company nor William Blair is acting as financial advisor, intermediary or distributor of securities, or in any fiduciary capacity of any kind to the recipient or any other prospective purchaser. The recipient should also seek advice from its own specialized \nadvisors (including financial, legal, accounting and tax) in conducting such analysis.\nIn furnishing this Presentation, neither the Company nor William Blair undertakes any obligation to provide additional information or to correct or update any of the information set forth in this Presentation. The Company and William Blair reserve the right to amend or \nreplace this Presentation at any time. The Company reserves the right in its sole discretion, with or without notice, to interrupt, modify or terminate, at any time, solicitations of interest for the proposed transaction or any future participation in the investigation, discussion \nand proposal process for a proposed transaction with any party.\nNeither the Company nor William Blair makes any representation or warranty, expressed or implied, as to the accuracy or completeness of the information contained in this Presentation, or made available, orally or in writing, in connection with any further investigation of \nthe Company, and nothing contained herein is, or shall be relied upon as, a promise or representation, whether as to the past or the future. The Company and William Blair expressly disclaim any liability relating to or resulting from the use, distribution or analysis of this \nPresentation. The recipient should rely solely on the representations and warranties made to it by the Company in any executed definitive agreement. \nNothing herein is intended to in any way modify, amend or supersede any of the terms and conditions set forth in the Confidentiality Agreement, which remains in full force and effect in accordance with its terms. This Presentation is intended to be delivered solely to \nparties bound by the terms of the Confidentiality Agreement and possession and use of the Presentation is subject to the terms thereof. This Presentation may not be photocopied or otherwise reproduced or distributed except in strict accordance with the terms of the \nConfidentiality Agreement.\nInquiries should be directed only to the below named persons. Under no circumstances should the Company or any of its associates, clients or vendors be contacted directly. If you have any questions or need additional information, please contact:\nTim McHugh\nManaging Director\n+1 (312) 364-8229\ntmchugh@williamblair.com \nJustine Chiou\nManaging Director\n+1 (312) 364-5086\njchiou@williamblair.com \nMiles Gornto \nDirector\n+1 (470) 351-6950\nmgornto@williamblair.com \nOscar Mendez\nVice President\n+1 (312) 364-5460\nomendez@williamblair.com\nWilliam Hyatt \nAssociate\n+1 (312) 601-9764\nwhyatt@williamblair.com\nAnna Lee Melton\nAnalyst\n+1 (312) 364-8155\namelton@williamblair.com \nAlvaro Flores\nAnalyst\n+1 (212) 237-2794\naflores@williamblair.com \nTransaction Team Contacts\n\n3\nSTRICTLY CONFIDENTIAL\nSection I\nExecutive Summary\nSection II\nIndustry Overview\nSection III\nService Lines\nSection IV\nClient Relationships\nSection V\nGo-to-Market Strategy\nSection VI\nCulture and Talent Management\nSection VII\nOperations and Platform\nSection VIII\nGrowth Strategy\nSection IX\nFinancial Overview\nContents\n\nExecutive Summary\n\n5\nSTRICTLY CONFIDENTIAL\n5\nSTRICTLY CONFIDENTIAL\nStax at a Glance\nGlobal strategy consultancy platform providing actionable, data-driven answers to clients’ critical \nstrategic questions\n▪Leading global advisory firm that provides a complementary suite of commercial due diligence (CDD), value creation, and exit \nplanning services\n▪Purpose-built to serve the private equity community and their portfolio companies across the investment lifecycle, creating deep, \nlong-lasting, and recurring client relationships\n▪Large and growing addressable market creates long runway for growth\n▪Differentiated competitive positioning created by highly specialized talent, vast intellectual property, library of referenceable work \ncreated through prior engagements, comprehensive data analytics capabilities, and a nimble operating model\n▪Proven ability to attract, develop, and retain highly specialized talent\n▪Long-term track record of strong growth and profitability amplified by momentum in recent performance\n▪Multiple growth avenues that are highly attractive and actionable\n▪Well-invested infrastructure, systems, processes, and experienced management team poised to support significant scale\n(1)Data prior to 2022 excludes pro forma adjustments.\n(2)Includes non-CDD or value creation services such as asset \nand sector work for hedge funds/credit funds or data \nanalytics retainers.\n(3)As of year-end 2024 unless otherwise stated.\n(4)Revenue from clients utilizing 2+ services.\n(5)Excludes Intern/Co-Op and Involuntary Turnover.\n(6)As of March 2025.\nStrong Long-Term Net Revenue Profile\n(1)\n$3M\n$6M\n$10M\n$20M\n$36M\n$76M\n20012005201020152020LTM Mar-25\nFirm OverviewBy the Numbers\n(1)(3)\n$91M\n2025E \nNet Revenue\n73%\nRevenue from \nRepeat Clients\n$31M\n2025E \nPF Adj. EBITDA\n24\nManaging \nDirectors and \nDirectors\n(6)\n \n~40%\nCross-Sell \nRate\n(4)\n130 \nClient Service \nNetwork \nProfessionals\n(6)\n~33%\n2020-2025E\nEBITDA CAGR\n~80%\nClient Service\nNetwork\nRetention\n(5)\n160+\nClients Served \nAnnually\n~40%\nEmployee and\nFounder Owned\n$320K+\nAverage \nProject Size\n22%\n2020-2025E\nRevenue CAGR\n44%\n37%\n15%\n4%\nBuy-Side\nSell-Side\nValue Creation\nOther\nLTM Mar-25\nNet Revenue \nby Service\n(2)\n2010 – LTM Mar-25 CAGR: ~15%\n\n6\nSTRICTLY CONFIDENTIAL\n6\nSTRICTLY CONFIDENTIAL\nConsistent history of growth and delivering critical strategic solutions with continued strong momentum and excitement for the future\nStax has Taken a Disciplined Approach to Building a Platform of Scale\nRecent History (2021 – Present)Early History (1994 – 2020)\n1994-1996\nFounded in Somerville, MA by Rafi Musher\nLaunched private equity practice and began \nexpanding corporate client base\n2010-2015\nRelocated headquarters to \nBoston\nShifted to exclusively focus on \nprivate equity due to demand \nand internal expertise\n2019-2020\nBegan proactively \nmarketing sell-side \nengagements and \nbuilding an investment \nbanking referral \nchannel\nProductized for the \nfast-growing LMM \nprivate equity deal \nmarket\nExpanded hedge fund \nand credit fund \nproducts and coverage\n2021\nHeadcount reaches \n175+ as the Company \nexperiences record \ngrowth driven by \nexpansion of core \nbusiness and \nincreased demand \nfor data analytics \ncapabilities\nJune 2023 \nJayson Traxler assumes role \nof Chief Executive Officer\nOctober \n2022\nJayson Traxler \nbecomes \nPresident of Stax, \nwith Rafi Musher \nshifting to \nChairman of the \nBoard\nMarch 2023\nPaul Edwards \nbecomes Global \nPractice Leader\nIntroduced \nverticalized \napproach to client \ncoverage initially \nexpanding on \nexisting strengths in \nservices, \ntechnology, and \nindustrials\nDecember 2023\nProductized sell-side \noffering with targeted \ncoverage effort under Will \nBarden and Roy Lockhart\nJanuary 2024\nHired Phil Dunne to \nlead London office and \nindustrials vertical\nNovember 2021\nJayson Traxler joins \nStax as Chief Operating \nOfficer\n1998-2003\nExpanded footprint to \nChicago to meet \ngrowing needs of \ncorporate and private \nequity clients \n2005\nPaul Edwards joins Stax\nApril 2023\nFormal New York \nmarket entry – \nexpanded offices \nto have capacity for \nconsultants and \nincreased presence \nin local market\nJune 2024\nRelocated London \noffice to Mayfair to \nexpand presence \nand demonstrate \nstature in the \nmarket\nNovember 2024\nHired Robert Lytle to \nbolster private equity \nrelationships and add \nexpertise to ongoing \nverticalization\nOctober 2021\nReceived strategic \ninvestment from Blue \nPoint\nNovember 2022\nHired Vince Zosa to build \nintegrated Value Creation \nIntegrated Product (VCIP) \noffering\nAcquired AMR to establish a \npresence in the London market, \nwith plans to hire additional \ntalent for further expansion\ninternational.\nAMR\nJuly 2023 \nExpanded into \nESG/Sustainability as \npart of VCIP\nOctober 2023\nExpanded into \nPricing Excellence \nas part of VCIP\nJanuary 2025\nHired Brad Kuntz to \nfurther build out \nNew York office and \nlarge cap private \nequity account \ncoverage\n\n7\nSTRICTLY CONFIDENTIAL\n7\nSTRICTLY CONFIDENTIAL\nSignificant opportunity to capture additional whitespace\nLarge Addressable Market Creates Long Runway for Growth\nMarket \nSegments \nand Size\n2025E Stax \nRevenue\nCurrent North America + U.K. \nPrivate Equity-Backed M&A \nMarket (Ideal Fund Sizes)\nCurrent spend on buy-side \ncommercial due diligence, sell-side \ncommercial due diligence, and value \ncreation for North America and U.K. \nPrivate Equity-Backed M&A for \nsubset of funds with sizes most highly \naligned to current Stax services\nCurrent North America + \nU.K. Private Equity-Backed \nM&A Market (Ideal \nClients)\nCurrent spend on buy-side \ncommercial due diligence, sell-\nside commercial due diligence, \nand value creation for North \nAmerica and U.K. Private Equity-\nBacked M&A for clients most \nhighly aligned to current Stax \nservices\nTotal Addressable North \nAmerica + U.K. Private \nEquity-Backed M&A \nMarket\nFull adoption of buy-side \ncommercial due diligence, sell-\nside commercial due diligence, \nand value creation for North \nAmerica and U.K. Private Equity-\nBacked M&A\nTotal Addressable Private \nEquity-Backed M&A \nMarket\nFull adoption of buy-side \ncommercial due diligence, sell-\nside commercial due diligence, \nand value creation for Private \nEquity-Backed M&A globally\nTotal Addressable Market\nFull adoption of buy-side \ncommercial due diligence, sell-\nside commercial due diligence, \nand value creation for global \nM&A\n<\n+\n=\n$91M\n$3.9B\n$5.2B\n$19.5B\n$32.6B\n$67.5B\nExisting Offerings\n\n8\nSTRICTLY CONFIDENTIAL\n91%\n83%\n86%\n81%\n80%\n80%\n74%\n77%\n77%\n76%\n9%\n17%\n14%\n19%\n20%\n20%\n26%\n23%\n23%\n24%\n26.4K\n22.3K\n24.9K\n23.3K\n20.6K\n28.2K\n28.7K\n26.4K\n26.0K\n28.6K\n2000200520102015202020212022202320242025P\nPE Involvement\nNo PE Involvement\nMomentum Is Building \nfor a Resurgence in \nM&A Markets\nPrivate Equity Backed \nCompany Inventory \nContinues to Rise \nAlongside Record-\nBreaking Dry Powder \nStores\nService Providers Are \nIncreasingly Becoming a \nCritical Resource Rather \nthan a “Nice to Have”\nPowerful Market Tailwinds Lay the Foundation for Outsized Growth\nStax is positioned to benefit from favorable market conditions, amplified by the Company’s alignment with the private equity universe\nSources: Dealogic, EY, Partners Group, PitchBook, S&P Capital IQ Pro.\n(1)Includes balanced, co-investment, co-investment multi-manager, growth, turnaround, and buyout strategies primarily focused on investments in North America.\n▪Expansionary monetary policy and declining inflation point towards \nincreased M&A activity in 2025 as valuations recover\n▪Less onerous regulatory hurdles will provide a more predictable, \ntruncated approval process\n▪Creative deal structures and a broader shift towards simplification— \noptimizing undervalued assets, separating divergent businesses, \nnarrowing geographic focus—will further contribute to volume\nU.S. Private Equity Backed Companies by Time in Portfolio\n▪Rising private equity inventory drives pent up demand for market \ninsight services over multiple investment cycles\n▪High proportion of long-held assets in sponsor portfolios are slated to \nseek monetization as the pressure to return distributions to paid in-\ncapital (DPI) increases\n▪Undeployed capital continues to accumulate, creating further \nincentive for general partners to transact\n▪Sponsors are tapping into a range of strategic levers to unlock \nliquidity, including co-control and minority stake sales\n▪Need for commercial due diligence and value creation services have \nstrengthened over time as private equity returns become more \nreliant on driving operational improvements and top-line growth\n▪Competitive deal environment is forcing private equity firms to \nrapidly identify and assess critical diligence topics in M&A\n▪Adoption of third-party, non-financial diligence reports (commercial, \ntech, ESG) is increasing\n▪Sponsors are progressively tasking third-party advisors with more \ncomplex challenges\n$71B\n$141B\n$246B\n$330B\n$742B\n$965B\n200020052010201520202024\nU.S. Private Equity Dry Powder\n(1)\nNorth American and European M&A Transaction Volume\nEvolution of Private Equity Return Contributors\n18%\n22%\n36%\n55%\n70%\n31%\n46%\n39%\n30%\n15%\n51%\n32%\n25%\n15%15%\n1980s1990s2000s2010s2020s (Outlook)\nDeleveraging\nMultiple Expansion\nOperational Value Creation\n45%\n44%\n45%\n46%\n48%\n18%\n16%\n20%\n21%\n20%\n38%\n40%\n35%\n33%\n32%\n9.8K\n10.5K\n11.0K\n11.3K\n11.8K\n20202021202220232024\n>5 Years\n4-5 Years\n0-3 Years\n\n9\nSTRICTLY CONFIDENTIAL\nComplementary Suite of Services that Scale with the Client\nStax’s services are designed to provide an integrated solution to its clients across the private equity lifecycle\nBuy-Side Commercial Due Diligence\n2025E Net Revenue by Service Line\n(1)\nAssess market dynamics and target alignment, \ncompetitive positioning, and value creation levers\nWorkstreams\n▪Market and asset screening\n‒Sector prioritization\n‒Acquisition screening\n‒Thesis build and development\n▪Early diligence\n‒Red flag assessment\n‒Client checks\n▪Commercial due diligence\n‒Scaled to focus on next phase of growth\n‒Pre-LOI phasing of deliverables to meet process timelines\nValue Creation\nPrimary Goals\n▪Ensure top initiatives can be successfully underwritten and executed \nupon immediately post-deal\nEmbedded Offerings\n▪Commercial excellence\n▪Pricing optimization\n▪Sales productivity\n▪Churn reduction\n▪Cost optimization\n▪Growth expansion and strategy\n▪Post-merger and acquisition strategy integration\n▪ESG and impact advisory\nSell-Side Commercial Due Diligence\nExternal Deliverables\n▪Market studies including market size assessment, client dynamics, \ncompetitive landscape, and growth opportunities\n▪Transaction support via advisory, preparation for conversations with \npotential investors, and other ad hoc analyses\nInternal Value Add\n▪Anticipated areas of potential investor pushback\n▪Insight and recommendations to inform go-forward strategy for \nmanagement and next investor\nEmbedded Offerings\n▪Exit planning and vendor due diligence\n‒Pre-empt process concerns, inform growth strategy, and \nsupport stakeholders through exit\nTypical Transaction Profile\n▪$100 million to $1 billion in enterprise value across technology, \nindustrials, healthcare, consumer, and services\nDrive rapid EBITDA improvement throughout the \ninvestment hold period\nArticulate the exit story and provide actionable \ngrowth blueprint backed by market research\n% of Net Revenue42%% of Net Revenue40%\nBuy-Side Commercial Due Diligence Value CreationSell-Side Commercial Due Diligence \n% of Net Revenue16%\n(1)Excludes 2.5% of Other revenue. \n\n10\nSTRICTLY CONFIDENTIALSTRICTLY CONFIDENTIAL\n10\nWhy Stax Wins\nServices have a high barrier to entry and high cost of failure – gaining the trust of private equity firms is \nextremely difficult and requires consistent high-quality work\nSelect Client Testimonies\n“\n“\nStax offers the Goldilocks solution—strong \nexpertise, high quality work, senior-level \nattention, and great value. Stax solves for \na huge market gap by providing superior \nadvisory work and sell-side market studies \nat a reasonable price\n– Managing Director, Investment Bank\nStax is a firm that can connect all the dots, \nwhich is what we don’t get from the point \nsolutions, while being much more flexible \nvalue-additive than MBB firms\n– Sr. Operating Partner, Private Equity Firm\nThe value of your work was multi-fold – it \ngave us materials to share with investors \nand banks, as well as a roadmap for \nwhere our brand has room to expand\n– CEO, Sell-Side Client\nThe work from Stax gave us a clear 5% lift \non valuation. Their framing of the business \nstarted everyone at a higher base\n– Managing Director, Private Equity Firm\nTalented bench of professionals \nwith specialized expertise\nStrong reputation and trust among \ninvestment banks, private equity firms, \nand other investment managers\nTransparent, collaborative \napproach to projects\nOperating model built \nspecifically to serve the \nneeds of private equity\nDeep vertical expertise\nExtensive intellectual property \ncreated by historical engagements\nStrong data analytics capabilities \nsupported by global delivery\nValue creation is ingrained in \napproach to diligence\nUniquely Positioned Through Breadth of High-Quality Services Offered at a Competitive Price Point\nBreadth and Depth of \nDiligence Offering\n“High-Level”\nBespoke Content; \nGrounded in Data; \nGlobal Presence\nInterview / Survey \nBased; Limited \nGeographic Presence\nQuality / Value \nCaptured \n$250K\nUpper / Middle Market & Growth Funds\n$800K-$1M\n$100K\n(Europe)\n$500K\n\n11\nSTRICTLY CONFIDENTIAL\nCompelling Employee Value Proposition to Cultivate Top Talent\nUnique culture and attractive career growth opportunities make Stax a preferred employment destination for consultants\nVision and Values Serve as a Foundation for Exceptional Client Service...Meaningful Opportunities for Employees Ensure Company Success\n...Which The Industry Recognizes as Best-in-ClassBy the Numbers\n(1)\n95%\nDirector and\nManaging Director \nRetention\n(2)(3)\n$7.7M\nRevenue per \nManaging \nDirector\n(2)\n~$700K\nRevenue per \nClient Service \nProfessional\n232\nFull-Time \nEmployees as of \nMar-25\n36%\nAnnual CSN \nD/MD \nGrowth\n(4)\n11:1\nCSN / Managing \nDirector Ratio\n~80%\nCSN \nProfessional \nRetention\n(3)\n90%\nLTM Mar-25 Client \nService Network \nUtilization\nALM Best Small Firm to \nWork For 2024\nALM Rising \nStars 2025\nALM Top Consultants \n2024\nALM Women Leaders \nin Consulting 2024\nAmerica’s Fastest - \nGrowing Companies\nManagement \nConsulted Top \nConsulting Firm 2025\nRealDeals PE CDD \nProvider of the Year \nFinalist 2025\nConsulting Report Top \n25 Consulting Firm \nCEOs 2024\nConsulting Report Top \n50 Consulting Firms \n2024\nConsulting Report Top \n25 Operations & Supply \nChain Consultants 2025\nVault Top Ranked \nEMEA Consulting\n2025\nVault Top Ranked \nNorth America \nConsulting 2025\nWe will provide exceptional opportunities for good \npeople\nVISION\nWe will create value for our clients and \npartners\nWe will grow a successful, durable organization of \nlong-term value\nWe act with the highest integrity, respect for others, \nand personal accountability\nVALUES\nWe demonstrate commitment to the \ncommunity\nWe foster a sense of shared responsibility \namongst our team\nCompetitively \ndifferentiated \nplatform that \ncreates a platform \nfor professionals \nto be successful\nAmple \nwhitespace for \ncareer growth \nrelative to some \ncompetitors\nGrowing platform \ncreates exciting new \ncareer opportunities \nwhere professionals \ncan have a significant \nimpact \nIncentive model \nthat drives \ncollaboration, \nwith opportunity \nto participate in \nequity value \ncreation\nUnique focus \non serving and \ngrowing with \nprivate equity \nclients\n~40%\nEmployee and \nFounder \nOwned\n86\nEmployee \nOwners\n(1)As of year-end 2024 unless otherwise stated.\n(2)Reflects Client Service Network only.\n(3)Excludes Intern/Co-Op and Involuntary turnover.\n(4)Reflects CAGR of Client Service Network Director \nand Managing Director headcount from year-end \n2022 to Mar-25.\n\n12\nSTRICTLY CONFIDENTIAL\n▪x\n$1.1\n$13.3\n$18.0\n$20.6\n202020222024LTM Mar-25\n23%\n21%\n14%\n41%\nTop 10\nTop 11-30\nTop 31-60\nAll Others\n27%\n7%\n21%\n45%\n<1 Yr\n1-2 Yrs\n2-6 Yrs\n6+ Yrs\n73%\n27%\nRepeat\nNon-Repeat\n62%\n27%\n11%\n1 Service\n2 Services\n3 Services\nDeep-Rooted Client Relationships Supported by Sophisticated Go-to-Market Strategy\nExceptional service and industry expertise lay the foundation for Stax’s long-standing client relationships\nRevenue Concentration by ClientClient Tenure Mix\nClients Using Multiple ServicesRevenue from Repeat Clients\nGrowing Volume of Sell-Side Referrals from Investment Banks\nLarge Cap Private \nEquity\nMiddle Market and \nGrowth Private Equity\nHedge Funds and\nCredit Funds\nInvestment Banks\nSelect Client and Referral Channel Relationships\n(Net Revenue; $ in millions)\n$72M\n2024 Net \nRevenue\n$72M\n2024 Net \nRevenue\n$72M\n2024 Net \nRevenue\n$72M\n2024 Net \nRevenue\n\n13\nSTRICTLY CONFIDENTIAL\nStax is a Service Provider of Choice Across the Private Equity Investment Lifecycle\nProven long-term partner to sponsors and their portfolio companies during key milestones and inflection points\nPre-InvestmentHold PeriodExit\nValue CreationBuy-Side Due DiligenceSell-Side Due Diligence\nMarket and Asset \nAssessment\nEarly Due\nDiligence\nCommercial Due \nDiligence\nProfit\nX-Ray\nGrowth Acceleration \nDiagnostics\nICP\nAnalytics\nExit\nPlanning\nVendor Due \nDiligence\nOngoing Support \nThrough Exit Into \nNext Phase of \nGrowth\nNew Partner\nSelect Portfolio Company Case Studies\nEntry Point and Highlights\n▪Provider of finance, operations, and accounting software to the energy industry\n▪Acquired by Thoma Bravo in 2018 from Silver Lake\n▪Completed three buy-side engagements for private equity firms that later invested in the company, \nleading to repeat growth strategy and value creation work for Stax\n▪Seventeen projects completed to date across three private equity ownership cycles\nInitiatives Under CarlyleInitiatives Under Silver Lake\n15+ Year\nRelationship\nInitiatives Under Thoma BravoCumulative Net Revenue\nEntry Point and Highlights\n▪Provider of solutions to automate and simplify the insurance process\n▪Acquired by Roper Technologies in 2020 from Bain Capital and Vista Equity Partners\n▪Initial introduction in 2010 through a buy-side engagement for a large private equity firm\n▪Eight projects completed to date across three private equity ownership cycles\nInitiatives Under TPGInitiatives Under Bain Capital & Vista\n15+ Year\nRelationship\nInitiatives Under Roper Technologies Cumulative Net Revenue\n▪Conducted buy-side due diligence on behalf of \nCarlyle, which ultimately acquired a majority interest \nin Quorum\n▪Evaluated multiple successful add-on acquisitions\n▪Provided exit planning and sell-side support\n▪Evaluated multiple successful add-on acquisitions\n▪Provided strategy support after three-way merger\n▪Continued evaluation of expansion opportunities\n~$3.5 million~$1.8 million\n▪Assessed add-on potential and risks of an insurance \nand securities technology provider\n▪Conducted a pricing strategy and commercial \ndiagnostic to benchmark recent growth\n▪Completed a sell-side study\n▪Assessed the MGA market to inform growth strategy\n▪Completed commercial performance diagnostic\n▪Supported 3-year strategic planning\n\n14\nSTRICTLY CONFIDENTIAL\nStrong Opportunity to Accelerate Growth Through Multi-Pronged Strategy\nClear, attainable initiatives to build upon leading market position\nAttractive \nMarket Tailwinds\nPrivate equity firms are increasingly utilizing commercial due diligence \nand value optimization services for transactions and portfolio companies\nPrivate equity has shown resilient \ngrowth supporting an expanding TAM\nRising private equity inventory is driving demand for multiple \nmarket insight services over each investment’s lifecycle\n▪Scale coverage and \ncontent intersection \nacross private equity and \ninvestment banks\n▪Further scale dedicated \nbusiness development \nteam to broaden \ncoverage universe\n▪Centralize, scale, and \nmanage external \nindividual, account, and \nsubsector \ncommunications\n▪Focus on accelerating \nthe execution of M&A \nplaybook\n▪Expand into new \ngeographies, new \nservice lines, and build \nscale in existing markets\n▪Opportunistically \nevaluate larger-scale \ntransformative M&A \ntargets\nIdentify and Execute \non Acquisitions\n▪Capitalize on advisory, \nbespoke nature of work, \nand pricing umbrella \nrelative to MBB+ to \nrealize due diligence \nprice increases \nnationally and abroad\n▪Raise prices in value \ncreation to be more in-\nline with client impact, \nresults, and ROI\n▪Expand number of \naccounts with average \nproject size of $400K+ \nwith ample cross-sell \nopportunities and need \nfor multiple projects per \nyear\nExert\nPricing Power\n▪Further optimize cross-\nsell strategy to deepen \ndensity across core \naccounts through scaled \ninside sales strategy\n▪Target key private equity \nclients where \nreferenceable work \nprovides opportunity for \nfurther penetration in \nprojects that command \nmore premium bill rates\nScale Client Coverage\n▪Leverage reputation and \ndifferentiated \nexperience in key \nverticals with high win \nrates across market \nsegments\n▪Introduce new verticals \nsuch as government or \naerospace and defense \nthrough de novo efforts \nor experienced senior \nhires \nDeepen Vertical \nExpertise\n▪Capitalize on hedge \nfunds’ growing inbound \ndemand for market \nresearch \n▪Introduce new purpose-\nbuilt products such as \ntechnology due \ndiligence, financial due \ndiligence, policy and \nregulatory consulting, \noperational due \ndiligence, and ESG and \nsustainability diligence \nthrough integrated go-\nto-market approach\nExpand Capabilities \nand Client Profiles\n▪Continue building \nmomentum in the U.K. \nto expand market \npresence\n▪Strategically grow \nheadcount and client \nleadership in New York \noffice\n▪Establish local presence \nin new geographic \nmarkets through organic \ngreenfield locations in \nthe United States and \nEurope\n▪Continue to protect \nunique culture via \nplanful expansion\nBroaden Geographic \nPresence\n▪Strategically hire senior \nprofessionals to build \ndensity in core verticals \nand expand capabilities\n▪Build density across \ncurrent locations, \nexpanding \napprenticeship model to \nfurther attract and \ndevelop mid/junior \ntalent\nAttract, Develop, and \nRetain Talent\nMaximize Wallet \nShare and Cross-Sell\nGrowExpandTransform\n\n15\nSTRICTLY CONFIDENTIAL\n▪Founder-led with minimal \ninfrastructure\n▪Centralized global management \nteam\n▪Office-centric P&L▪Single global P&L\n▪Inconsistent performance \nmanagement\n▪Inconsistent pricing\n▪Inconsistent delivery \n▪Global standards and value \nproposition\n▪Product-led, content-driven\n▪Concentrated sales with little \ncollaboration\n▪Collaborative account structure\n▪Industry verticalized senior \nconsultants\n▪Research-focused▪Advisory-focused\n▪Tiered product and brand issue\n▪Decentralized, under-invested \nplatform\n▪Well-invested, integrated \ninfrastructure\n▪Purpose-built platform for pace \nof private equity\n▪Proven M&A capability\nProfessionalized Platform Poised to Support Significant Growth\nCurated strategic transition has established infrastructure to scale alongside the business as the Company enters the next phase of growth\n2022 OnwardsPre-2021\nOld FrameworkNew Foundation\n▪Established global competencies, leveling, and \ncompensation\n▪Adopted global staffing and development\n▪Upgraded teams\n▪Unified positioning and value proposition\n▪Benchmarked pricing and products\n▪Upgraded ERP and created Stax INTEL\n▪Adopted senior oversight of content generation \nand access (vertical groups, thought leadership, \nPOVs)\n▪Established brand and ramped up recruitment in \nLondon and NYC\n▪Onboarded culture in NYC\n▪Restructured Chicago\n▪Established senior apprenticeship\n▪Established consistent hybrid model\n▪Established “Regional Success” teams to partner \nU.S. seniors with EMEA client leads\n▪Structured collaborative global pipeline with \naccount collaboration groups and oversight\n▪Removed generalist Directors and Managing \nDirectors\n▪Established vertical structures\n▪Added verticalized talent\n▪Created vertical content agenda\n▪Recruited sector and product specialists\n▪Verticalized competency model for Associate \nDirector and above\n▪Created integrated workstream approach with \nClient Delivery Network\n▪Built vendor due diligence and value creation \nintegrated product (VCIP) product matrix\n▪Elevated CDD product\n▪Established product-level P&L and metrics\n▪Began tracking product cross-selling\n▪Established dedicated resourcing and coverage\n▪Established product-specific competencies\n▪Integrated and connected products, building to a \nfund/asset-life offering\n▪Constructed ARM and account tiering\n▪Further trained and developed junior sellers\n▪Established collaboration metrics\n▪Transitioned founder to Board and created \ncentralized management structure\n▪New CEO, Global Practice Leader, Chief People \nOfficer, and General Counsel\n▪Screened seniors for collaboration; retained \nhigh-quality mid-level consultants\n▪Better defined path from Associate Dir. to MD\n▪Created strategy and go-to-market framework to \nscale OpGen\n▪Created marketing and business development \nsupport framework\n▪Developed knowledge management tool\n▪Created collaboration incentives\n▪Established engagement metrics for tracking\n▪Elevated client engagement agenda\n▪Developed BI function and created Stax INTEL \nplatform\nStandardize\nVerticalize\nDiversify\nGlobalization of staffing, utilization, reporting, talent development, and pricing \nallows for consistent client experience with different coverage points\nCommercialize\nGlobalize\nProductize\n\n16\nSTRICTLY CONFIDENTIAL\nDiversified Business with Proven Growth Across All Environments\nStax’s diversified business model has proven its ability to grow across economic environments\n(1)Reflects cumulative percent change over time since 2005.\n(2)2005-2021 reflects reported financials.\n(3)Source: Dealogic. Reflects announced North American and European transactions with private equity involvement between 1/1/2005 and 12/31/2024. 2025 projection per EY.\nGreat Recession\nCOVID-19\nGreat \nResignation\nInflation\nRate \nHikes\nNet Revenue Performance Relative to the M&A Environment\n(1)\nWinners in Market Growth\nWinners in Market Contraction\n(500%)\n–\n500%\n1,000%\n1,500%\n2,000%\n20052006200720082009201020112012201320142015201620172018201920202021202220232024LTM\nMar-25\n2025E\nStax Net RevenueN.A. and U.K. PE Transaction Volume\n▪Buy-Side Commercial Due Diligence: Increasing demand of \nbuy-side services as private equity firms explore a wide range \nof investment opportunities\n▪Value Creation: Growing demand for value creation services \nas firms strive to outperform competitors by enhancing \nportfolio company performance to unlock growth and value\n▪Sell-Side Commercial Due Diligence: Increased market activity \nand favorable valuations drive companies to prepare for sale \nboosting demand for sell-side services\n▪Buy-Side Commercial Due Diligence: Steady demand as firms \nseek expert analysis to identify undervalued assets with \nrecovery potential\n▪Value Creation: Consistent value creation demand as portfolio \ncompanies face pressure to optimize operations and cut costs\n▪Sell-Side Commercial Due Diligence: Stable demand for sell-\nside services as sellers must present their businesses in the \nbest possible light\n▪Diverse Client Profiles: Ability to tap hedge fund and credit \nfund clients when topline deal-market activity slows\n(2)(3)\n\n17\nSTRICTLY CONFIDENTIAL\nCompelling Long-Term Outlook Underpinned by Track Record of Consistent Growth\nHighly attractive financial profile defined by consistent growth and impressive margins\nPro Forma Adjusted Net Revenue\nOrganic Gross Profit and Margin\nPro Forma Adjusted EBITDA and Margin\n($ in millions)\n($ in millions)\n($ in millions)\n$39\n$44\n$48\n$54\n$70\n$88\n$109\n$136\n$168\n61.0%\n62.0%\n63.1%\n59.5%\n60.5%\n61.0%61.0%61.0%61.0%\n20232024LTM Mar-252025E2026P2027P2028P2029P2030P\n$42\n$54\n$69\n$89\n$112\n$4\n$10\n$19\n$30\n$45\n$19\n$24\n$27\n$31\n$46\n$65\n$88\n$119\n$157\n29.3%\n33.5%\n35.6%\n33.3%\n36.2%\n38.0%\n39.0%\n39.9%\n40.9%\n20232024LTM Mar-252025E2026P2027P2028P2029P2030P\nOrganicAcquired\n$115\n$143\n$179\n$223\n$275\n$12\n$27\n$48\n$75\n$110\n$64\n$71\n$76\n$91\n$127\n$170\n$226\n$298\n$385\n20232024LTM Mar-252025E2026P2027P2028P2029P2030P\nOrganicAcquired\n\n18\nSTRICTLY CONFIDENTIAL\nProven Leadership Team Poised for the Next Era of Growth\nCommitted leadership team with a clear vision for the future of Stax\n(1)Client Service Network.\n(2)Operations.\nPaul Edwards\nGlobal Practice Leader\nJoined in 2005\n25+ Years of Experience\nJayson Traxler\nChief Executive Officer\nJoined in 2021\n25+ Years of Experience\nSTS Research Group\n18\nSTRICTLY CONFIDENTIAL\nMeg Macumber\nGlobal Head of \nFinance\nLeslie Regenbaum\nGeneral \nCounsel\nAmy Schoeman\nGlobal Head of \nHuman Resources\nJoe Brownell\nGlobal Head of \nMarketing\nConnor Novy\nChief of Staff, \nHead of Sales Ops\nMihaela Dumea\nDirector, Data & \nBus. Intelligence\nHazir Shafeek\nGlobal Head of \nData Insights & IT\nBrad Kuntz\nAmericas \nRegional Lead\nPhil Dunne\nEMEA \nRegional Lead\nRobert Lytle\nTransaction \nAdvisory Co-Lead\nWill Barden\nTransaction \nAdvisory Co-Lead\nVince Zosa\nValue Creation \nProduct Lead\nRoy Lockhart\nExit Planning \nProduct Lead\n2020202320242018201820222021202520242024202220222011\n20+ Years20+ Years20+ Years25+ Years10+ Years20+ Years15+ Years20+ Years35+ Years30+ Years15+ Years30+ Years15+ Years\nDEVON\nV A L U E A D V I S E R S\nYear Joined\nIndustry Tenure\nPrior Experience\n\n19\nSTRICTLY CONFIDENTIALSTRICTLY CONFIDENTIAL\n19\nStax is a Highly Differentiated and Attractive Platform\nLarge addressable market with favorable secular trends\nDifferentiated value proposition for clients magnified by expertise developed through \nhistorical project volume\nDeep relationships with diversified set of clients that have reoccurring demand\nCompelling employee value proposition to attract, develop, and retain talent\nProven management team set to sustain growth\nProfessional operating platform set to scale\nClearly-defined multi-pronged growth strategy\nProven history of long-term growth, robust margins, and strong capital efficiency\n\nIndustry Overview\n\n21\nSTRICTLY CONFIDENTIAL\n$20B\n$33B\n$68B\n$91M\nStax Services the Private Equity Sector, a Foundational and Stable End Market\nBroad end market tailwinds provide ideal environment for long-term revenue growth\nLarge and Growing Addressable Market \nIndustry Landscape\nAdvisory Firms \n2025E Stax \nNet Revenue\n2024 Global M&A\n2024 Global Private \nEquity-Backed M&A\nNorth American and U.K. \nPrivate Equity-Backed M&A\nAccounting Networks\nMBB \n\n22\nSTRICTLY CONFIDENTIAL\nStax Services the Private Equity Sector, a Foundational and Stable End Market\nBroad end market tailwinds provide ideal environment for long-term revenue growth\nGlobal Private Equity Deal VolumeU.S. Private Equity Dry Powder by Fund Size\nGlobal Private Equity Exit VolumeU.S. Private Equity-Backed Company Inventory by Age\nSource: PitchBook.\n3.2K\n5.8K\n2.8K\n6.7K\n6.9K\n7.3K\n7.6K\n7.9K\n8.3K\n8.8K\n9.3K\n9.8K\n10.5K\n11.0K\n11.3K\n11.8K\n2012201320142015201620172018201920202021202220232024\nLess than 2 Years\n2 - 5 Years\nOver 5 Years\n$0.4\n$0.6\n$0.5\n$0.6\n$0.8\n$0.8\n$0.7\n$0.8\n$0.8\n$0.6\n$0.9\n$1.7\n$0.8\n$0.8\n$0.9\n1.8K\n2.1K\n2.2K\n2.4K\n2.9K\n3.3K\n3.1K\n3.4K\n3.4K\n3.2K\n2.8K\n4.4K\n3.7K\n3.5K\n3.8K\n201020112012201320142015201620172018201920202021202220232024\nExit Value\nExit Count\n$0.6 \n$0.7 \n$0.7 \n$0.7 \n$0.9 \n$1.1 \n$1.0 \n$1.2 \n$1.3 \n$1.3 \n$1.2 \n$2.3 \n$1.8 \n$1.4 \n$1.8 \n6.5K\n7.5K\n7.9K\n7.9K\n9.6K\n10.9K\n11.0K\n12.0K\n13.4K\n14.0K\n13.7K\n20.9K\n19.6K\n17.1K\n19.1K\n201020112012201320142015201620172018201920202021202220232024\nDeal Value\nDeal Count\n $0\n $200\n $400\n $600\n $800\n $1,000\n2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024\nMiddle Market PE\nPE Megafunds\nPE Under $100M\n($ in trillions)\n($ in trillions)($ in billions)\n2010 – 2024 CAGR: 8.4%2006 – 2024 CAGR: 5.6%\n2010 – 2024 Exit Value CAGR: 5.1%2012 – 2024 CAGR: 4.9%\n\n23\nSTRICTLY CONFIDENTIAL\nMore Than $32B in TAM Opportunity for Stax’s Core Products\nBountiful growth prospects in a broad addressable market \nTotal Addressable Market Opportunity by Product\nSource: Stax Market Sizing Analysis.\nSpendVolume\nSell-Side Diligence\n$2.9B\nValue Creation\n$4.1B\nBuy-Side Diligence\n$25.6B\n$32.6B\n2024\nBuy-Side \nDiligence\n19,123 \nPrivate Equity Transactions Annually\n$1.3M \nCDD Spend Per Closed Transaction\nSources and Approach:\n▪PitchBook 2024 Global Private Equity Report\nSources and Approach:\n▪Reflects 100% attach rate to pre-LOI lean-in & LOI deals\n▪Spend per deal per Stax PE decisionmaker survey (n=50)\nSell-Side \nDiligence\n6,389 \nAnnual Exits Across PE/Founder Businesses\n$453K \nSpend Per Successful Exit\nSources and Approach:\n▪PitchBook 2024 Global Private Equity Report\n▪Stax estimate of founder-backed exits >$100M in deal \nvalue\nSources and Approach:\n▪Reflects 100% attach rate of successful exits (founder- \nand PE-owned) and 40% assumed deal failure rate\n▪Spend per deal per Stax PE decisionmaker survey (n=50)\nValue \nCreation\n56,177 \nActive Private Equity-Backed Companies\n$72K\nSpend Per Portfolio Company Per Year\nSources and Approach:\n▪PitchBook Filter for Currently Privately-held, Private \nEquity-Backed Companies (i.e., non-addon/subsidiary)\nSources and Approach:\n▪Reflects each portfolio company conducting $361K of \nVCIP spend spread annually over a five-year hold period\n▪Spend per deal per Stax PE decisionmaker survey (n=50)\n\n24\nSTRICTLY CONFIDENTIAL\nHighly Attractive and Growing Market for Stax’s Private Equity Services\nStax is well-positioned to benefit from increases in private equity activity and standardization of third-party diligence in deal-making\nTrends Appreciating the Value of TAM and Current Spend on Stax’s Services\n▪Deal volumes, exit volumes, and the total pool of private equity-backed companies continue to grow and are resilient, and \ninvestor sentiment remains positive going forward\n▪Number of new private equity deals in U.S. and Europe has grown at a 7.6% CAGR over the last ten years\nGrowing Deal Sizes and \nVolume\n▪Value and depth of consulting engagements is increasing, and consulting services are readily able to pass through increasing \nlabor costs, growing the overall spend per deal\n▪Based on a survey scale from 1 (Nice to Have/Less Important) to 7 (Need to Have/More Important), average CDD value to private \nequity funds will increase from ~4 to ~5 from five years ago to the next five years, and value creation will increase from ~5 to ~6 \nfor the same period\nHigher Average Spend \nand Scope per Deal\n▪Competitiveness for high-quality deals is increasing, and more suitors are leaning into processes overall, and earlier driven by the \ndesire to filter for good deals and the growing need for private equity to “sell management” on the value of their partnership\n▪Middle market and growth equity deal funnels (deals seen, leaned in on, and under LOI) have increased at 8.4-9.0% CAGRs, \npushing CDD opportunities beyond the currently estimated ~3 due diligence engagements per closed deal\nMore CDD Opportunities \nper Deal\n▪Third-party support for diligence and value creation efforts are increasingly becoming an industry standard, with a steadily \nincreasing portion of deals and portfolio companies hiring third-party support\n▪Pre-LOI CDD attachment rates to deals have grown from 10% in the last five years to 23% today, and 30% of portfolio companies \nutilize value creation today compared to 20% over the last five years\n(1)\nAttachment Rates Are \nGrowing Across \nProducts\nSource: Stax Market Sizing Analysis, including Stax web survey (Winter 2025, n=50).\n(1)Based on subset of middle market funds, excluding new funds, per Stax web survey (Winter 2025, n=36).\n\nService Lines\n\n26\nSTRICTLY CONFIDENTIAL\nOverview\nAdvisory Services\nContract Structure\nAverage Engagement Length\nStage of Investment Lifecycle\nTypical Referral Source\nNet Revenue\nProjects Invoiced\nAverage Revenue per Project\nClients Served\nComplementary Solutions to Address a Wide Array of Client Needs\nSuite of critical services provide a strong basis for recurring revenue and natural cross-sell opportunities across the private equity lifecycle\nBuy-Side Commercial Due Diligence\nKey Attributes\nLTM Mar\n-\n25 Highlights\n▪Evaluate potential targets, focus areas, or \ninvestment themes for sponsors\n▪Assess market dynamics and target \nalignment, competitive positioning, and \nvalue creation levers\nMarket and Asset Screening, Thesis Build, \nEarly Diligence, Commercial Due Diligence\nFixed Fee\n3-6 Weeks\nPre-Investment\nExisting Relationship\n107\n$318K\n83\nSell-Side Commercial Due Diligence\nMarket Study, Exit Planning, Vendor Due \nDiligence\n▪Ensure process readiness and enhance \ntransaction outcomes for sponsors and \nmanagement teams\n▪Articulate the exit story and provide \nactionable growth blueprint backed by \nmarket research\nFixed Fee\n4-6 Weeks\nExit\nReferral from Investment Bank or \nExisting Sponsor Relationship\n76\n$378K\n81\nValue Creation\nCommercial Excellence, Pricing & Cost Optimization, \nSales Productivity, Churn Reduction, ESG & Impact\nFixed Fee\nVaries\nHold Period\nExisting Relationship or Ongoing \nSupport Following Exit Planning\n34\n$331K\n32\n▪Drive rapid EBITDA improvement \nthroughout the investment hold period\n▪Designed for multi-year, multi-project \nrelationships to drive incumbency with \nmanagement teams and ultimately lead \nto sell-side support\n$34M$29M$11M\n\n27\nSTRICTLY CONFIDENTIAL\nBuy-Side Commercial Due Diligence\n▪Provide data-driven insights across key investment considerations (market, target company, competition, etc.)\n▪Enables private equity firms to make informed decisions by identifying potential opportunities and risks for a \nprospective investment\n▪The Company provides services during the acquisition screening and theme development phase, as well as early \ndiligence and scaled commercial due diligence in an active process\n‒Early workstreams include sector prioritization, acquisition screening, thesis build and development, red \nflag assessments, and client checks\n‒Pre-LOI workstreams include assessment of the target’s market, client dynamics and competitive \npositioning, competitive landscape, and growth opportunities\n▪Post-LOI work integrates blueprint development and growth strategy planning\n▪High level of repeat demand from long-term relationships with private equity clients\nExtension of the investment team evaluating potential platform and add-on opportunities\nLTM Mar-25 Key Stats\nIllustrative Project Timeline\nRepresentative Clients\nOverview and Typical Scope\nIllustrative Project Timeline\nKICK-OFFAlign on Final Scope and Objectives, Data Discovery\nANALYSES\nPhone-Based Interviews, Analysis of Target Data, \nOnline Review Analysis, Synthesize Research \nStreams, Develop Fact-Base\n80/20 Report, Final Read-Out\nPOST-PROJECT COLLABORATION\nWeeks ~1-4Ongoing As-Needed\nSupport First 100 Days of Hold Period, Ongoing \nValue Creation Work \nDELIVERABLES\n11%\n2018 – LTM Mar-25 \nRevenue CAGR \n107\nProjects \nInvoiced\n$318K\nAverage Revenue \nper Project\n83\nClients \nServed\n% of Net \nRevenue\n44%\n37%\n15%\n4%\nBuy-Side\nSell-Side\nValue Creation\nOther\n\n28\nSTRICTLY CONFIDENTIAL\nValue Creation\n▪Multi-phase model partnering with clients to define and execute on value creation initiatives while building \noperating discipline and sustainable improvements year-over-year\n▪Drives development of strategic growth options for expansion with an actionable roadmap for implementation\n▪Leverages the Company’s depth of sector expertise, proprietary research, and advanced analytics capabilities to \ndeliver a data-driven, evidence-based assessment of recent performance and growth potential\n▪Offering encompasses proven methodologies to define growth strategies and improve commercial excellence \nand capital efficiency\n‒Client segmentation and value proposition, channel expansion, churn reduction, pricing optimization, \nESG/Sustainability and risk, marketing, client experience\n‒AI strategic assessment and diagnostics with execution support to define, test, and scale AI initiatives\n▪Value creation services deepen and extend engagement with private equity clients around critical decisions for \ntheir portfolio companies outside of a new investment or exit period\nTargeted diagnostics and actionable growth plans to achieve desired business outcomes at various stages of maturity\nOverview and Typical ScopeLTM Mar-25 Key Stats\nIllustrative Project Timeline\nRepresentative Clients\nKICK-OFFWorking Session with Relevant Stakeholders\nPotential Growth Thesis, Client/Market/ICP Offering \nAssessment, Strategic Option Development, Risk \nAssessment and Roadmap\nPOST-PROJECT COLLABORATION\nWeeks ~1-4Ongoing As-Needed\nEnter Phase II to Build on Project Work or Support \nImplementation, Prepare for Sale Process\nInterim Update, \nWorkshop, Final Read Out\nDELIVERABLES\nANALYSES\n% of Net \nRevenue\n8%\n2018 – LTM Mar-25 \nRevenue CAGR \n34\nProjects \nInvoiced\n$331K\nAverage Revenue \nper Project\n32\nClients \nServed\n44%\n37%\n15%\n4%\nBuy-Side\nSell-Side\nValue Creation\nOther\n\n29\nSTRICTLY CONFIDENTIAL\nSell-Side Commercial Due Diligence\n▪Demonstrate strength of positioning and growth potential of the asset in preparation of exit \n▪Communicates the growth story to potential investors by providing research and analysis to define the target’s \nmarket, strength of its positioning and performance, and opportunities for expansion\n▪Stax leverages its experience working on the buy-side to address critical questions about the target that \ninvestors will focus on, including TAM, growth outlook for core market, competitive differentiation, future \nopportunities, and voice of the client\n▪Modular approach allows Stax to adjust its process and output depending on sponsor/founder involvement, \nrelevant buyer universe, and priority needs\n▪New business development for this service is focused on referrals from investment banks, as well as leveraging \nprivate equity client relationships\n‒The Company worked with 20+ investment banks in the last 24 months\n▪Natural cross-sell opportunity from momentum of sale process and intelligence gathered during engagement\n▪Reputation among private equity investors is a significant point of attraction for banks and management teams\nCollaborative thought partner throughout a sale process to articulate the asset’s positioning and growth story\nOverview and Typical ScopeLTM Mar-25 Key Stats\nIllustrative Project Timeline\nRepresentative Clients\nKICK-OFFWorking Session with Relevant Stakeholders\nTAM and Client Analysis, Risk Assessment, VDR \nPreparedness, Growth Strategy Vetting\nDELIVERABLESFinal Read-Out\nPOST-PROJECT COLLABORATION\nWeeks ~1-5Ongoing As-Needed\nDevelop Buyer-Specific Materials, Discuss with Potential \nSuitors, Onboard Findings and Recommendations at Target\nANALYSES\n% of Net \nRevenue\n62%\n2018 – LTM Mar-25 \nRevenue CAGR \n76\nProjects \nInvoiced\n$378K\nAverage Revenue \nper Project\n81\nClients \nServed\n44%\n37%\n15%\n4%\nBuy-Side\nSell-Side\nValue Creation\nOther\n\n30\nSTRICTLY CONFIDENTIAL\nStrong Institutional Knowledge Across Industries\nStax outperforms competitors by offering the highest quality and expertise across multiple end markets, while ensuring stability through diversification \nacross various industries\nNote: Data reflects LTM Mar-25 engagements and revenue mix.\n132\nEngagements\n% of Net Revenue45%\nVertical SaaS\nIndustry-Specific Apps\nEnterprise Applications\nNetwork Infrastructure\nAI & Machine-Learning\nMedia and B2C Tech\nTechnology\n25\nEngagements\n% of Net Revenue9%\nPhysician Practices\nLong-Term Care\nManaged Healthcare\nMedical Devices\nHospitals & Facilities\nPayors\nHealthcare\n15\nEngagements\n% of Net Revenue5%\nApparel\nFood & Beverage\nHospitality and Leisure\nHousehold Goods\nResidential Services\nHealth & Wellness\nConsumer\n37\nEngagements\n% of Net Revenue15%\nManufacturing\nDistribution\nTransportation\nConstruction & Engineering\nAerospace and Defense\nAutomotive\nIndustrialsServices\n64\nEngagements\n% of Net Revenue25%\nProfessional Services\nFinancial Services\nMarketing and Advertising Services\nData and Information Services\nIT Services\nEvents and Tradeshow Services\n\n31\nSTRICTLY CONFIDENTIAL\nIn-Depth Expertise in Technology and Services \nStax has effectively established a strong replicable presence in technology and service verticals, driving above-market growth and creating a playbook \nfor additional vertical expansion\nIT \nInfrastructure\nCybersecurityVertical SaaS\nHorizontal \nEnterprise \nApplications\nPayments and \nFintech \nConsumer \nTechnology and \nMedia\nTechnology \nCommercial and \nResidential \nServices \nIT Services\nEvents, \nMarketing, and \nInfo Services\nProfessional and \nAdvisory Services\nEducation and \nCrediting Services\nFinancial and \nInsurance Services\nSub-Vertical Expansion Opportunities Sub-Vertical Expansion Opportunities \n$5\n$10\n$11\n$27\n$31\n$30\n$33\n$36\n2018201920202021202220232024LTM\nMar-25\n$6\n$6\n$6\n$11\n$17\n$16\n$18\n$20\n2018201920202021202220232024LTM\nMar-25\nStrengthEvolving Focus\nServices \n72%\n6%\n7%\n(11%)\n2018-20212021-2024\nStaxMarket\n26%\n17%\n6%\n(2%)\n2018-20212021-2024\nStaxMarket\n($ in millions)($ in millions)\nStrengthEvolving Focus\nTechnology Net RevenueAbove-Market Revenue GrowthServices Net RevenueAbove-Market Revenue Growth\nStrong reputation within \nhighly penetrated market\nSub sector account targeting and \nplanning with room to build density \nGrowing average \nproject sizes \nResilient performance across \ndiverse economic conditions\nGrowing number of \nverticalized professionals \n\nClient Relationships\n\n33\nSTRICTLY CONFIDENTIAL\n44%\n37%\n15%\n4%\nBuy-Side\nSell-Side\nValue Creation\nOther\nStax Serves a Large, Diversified Client Base\n79%\n15%\n6%\nPrivate Equity\nPortCo / Corporate\nHedge Fund\nLong-tenured client base with exceptional retention, largely comprised of blue-chip private equity investors\n42%\n41%\n17%\nMiddle Market\nUMM / Large Cap\nLower Middle Market\n46%\n26%\n13%\n10%\n5%\nTechnology\nServices\nIndustrials\nHealthcare\nConsumer\nPrivate Equity Focus......Across Service Lines...\n...Split Among Market Segments......and End Markets\n(1)Reflects Private Equity and Hedge Fund clients only. Lower Middle Market defined as less than $1.5 billion AUM, Middle Market defined as $1.5 to $10.0 billion AUM, and UMM / Large Cap \ndefined as greater than $10.0 billion AUM.\nLTM Mar-25 \nby Client Type\nLTM Mar-25 \nby Service Line\nLTM Mar-25 \nby Client Size\n(1)\nLTM Mar-25 \nby Industry\n(% of Net Revenue)\n(% of Net Revenue)\n(% of Net Revenue)\n(% of Net Revenue)\n\n34\nSTRICTLY CONFIDENTIAL\nDiversified Relationships Across Service Lines\nBroad spectrum and high-quality clients across growth stages and end markets\n(1)Reflects Private Equity and Hedge Fund clients only. Lower Middle Market defined as less than $1.5 billion AUM, Middle Market defined as $1.5 to $10.0 billion AUM, and UMM / Large Cap \ndefined as greater than $10.0 billion AUM.\nRevenue Concentration by ClientNew vs. Existing ClientsRevenue Concentration by Client Size\n(1)\nBuy-Side Commercial \nDue Diligence\nSell-Side Commercial \nDue Diligence\nValue \nCreation\n(% of LTM Mar-25 net revenue)\n43%\n40%\n17%\nUMM / Large Cap\nMiddle Market\nLower Middle Market\n20%\n54%\n27%\nUMM / Large Cap\nMiddle Market\nLower Middle Market\n63%\n35%\n2%\nUMM / Large Cap\nMiddle Market\nLower Middle Market\n(% of LTM Mar-25 net revenue)\n32%\n29%\n29%\n10%\nTop 10\nTop 11 - 30\nTop 31 - 60\nAll Other Clients\n20%\n32%\n37%\n11%\nTop 10\nTop 11 - 30\nTop 31 - 60\nAll Other Clients\n57%\n43%\nTop 10\nAll Other Clients\n79%\n88%\n82%\n21%\n12%\n18%\n202220232024\nNew\nExisting\n40%\n59%\n54%\n60%\n41%\n46%\n202220232024\nNew\nExisting\n95%\n81%\n88%\n5%\n19%\n12%\n202220232024\nNew\nExisting\n\n35\nSTRICTLY CONFIDENTIAL\n73%\n27%\nRepeatNon-Repeat\nDeep Relationships with Top Clients\n▪Deep Relationships: 45% of net revenue coming from clients \nwith a tenure of 6+ years \n▪Satisfied Clients: 73% of revenue from repeat clients\n(3)\n▪No Client Concentration: No one client represents more than \n4% of net revenue\n▪Broad Relationships: 38% of clients use more than one \nservice\n(3)\n▪Strong Referral Network: 72% of sell-side engagements \nreferred from investment banks\n▪Value in Density: Clients utilizing multiple service lines incur \nover 25% higher fees per project due to complexity of scope\nDemand for strategic solutions across growth stages drives client engagement\nTop 15 ClientsLTM Mar-25 Highlights\n(1)UMM / LC = Upper Middle Market / Large Cap; MM = Middle Market; LMM = Lower Middle Market.\n(2)Reflects average tenure of top 15 clients.\n(3)Reflects 2024 data.\nSticky Relationships Drive Repeat Business\n27%\n7%\n21%\n45%\n< 1 Year1-2 Years\n2-6 Years6+ Years\nRepeat\nClients\nClient \nTenure \nMix\n(% of 2024 net revenue)\n($ in thousands)\n2023 – Mar-25 Net Revenue\nClientSize\n(1)\nBuy-SideSell-SideValue CreationOther\nTotal \nRevenue\n% of Total \nRevenue\n2023 – Mar-25\nProjects\nClient \nTenure\nClient 1UMM / LC$4,415––$642$5,0573.2%811+\nClient 2MM3,195$867$854–4,9153.1%1610+\nClient 3UMM / LC484––3,5694,0532.6%1211+\nClient 4MM1,512–1,556373,1052.0%123+\nClient 5UMM / LC1,582440911–2,9341.8%911+\nClient 6UMM / LC1,506–1,309–2,8151.8%711+\nClient 7MM6641,495559–2,7171.7%811+\nClient 8MM1,2411,172––2,4141.5%46+\nClient 9MM1,471812––2,2831.4%74+\nClient 10UMM / LC868537692–2,0971.3%511+\nClient 11MM1,415622––2,0361.3%62+\nClient 12MM804968229–2,0011.3%64+\nClient 13LMM1,336–640–1,9761.2%711+\nClient 14UMM / LC1,435–532–1,9671.2%511+\nClient 15MM1,080829––1,9091.2%63+\nTop 15$23,009$7,741$7,281$4,248$42,28026.6%1188+\nAll Others52,59344,52818,752532116,40573.4%369\nTotal$75,602$52,269$26,034$4,781$158,685100.0%487\nElliott Management\nPSG Equity\nTiger Global Management LLC\nBlue Point Capital Partners\nThoma Bravo\nCharlesbank Capital Partners LLC\nBregal Sagemount\nGridiron Capital\nRubicon Technology Partners\nHellman & Friedman\nGemspring Capital\nGreater Sum Ventures\nVarsity Healthcare Partners\nVista Equity Partners\nPeak Rock Capital\n(2)\n•To remove client names\n\nGo-to-Market Strategy\n\n37\nSTRICTLY CONFIDENTIAL\nMulti-Pronged Go-to-Market Strategy\nPurpose-built global delivery model enables new business wins without sacrificing existing client service\nVerticalized \nSenior \nProfessionals\nStrategic \nAccount \nCoverage\nCentralized \nLocation-Based \nModel\nProgrammatic \nCommunications\n15 Key Accounts with Multi-\nNational, Multi-Vertical Presence\nLarge Cap Private Equity \nand Public Investors\n22 Key Accounts with Dedicated \nTouchpoints in U.S. and U.K.\nMiddle Market \nCollaboration\n91 Key Accounts with Individual \nDefined Coverage and Tracking\nAccount Relationship \nManagement (ARM)\n98 Key Accounts with Content-\nBased Scaled Communication \nContact Accounts\nManaging Directors and \nDirectors\nIndustry Groups Define \nCoverage and Sales Effort\nCDD and Value Creation Services \nProvided by All Levels\nProduct Generalists\nNuanced Insights From \nSpecialization\nGuaranteed Production of \nHigh-Quality Content\nDedicated Client \nDelivery Network\nAdvisory-\nFocused\nProduct Led; \nContent Driven\nRepeat Value Creation Work \nfrom CDD Engagements\nClient Delivery \nNetwork\nColombo\nArticles, Tombstones, \nNewsletters, Industry Primers\nEmail and Social Media\nMarket Intelligence, Rolling \nThunder\nIn-Person Meetings\nMonthly Flywheel, Asset-Centric \nAccount “Grouping” Outreach\nIntelligence Outreach\nClient Offsites, Co-Branded \nRoundtables, Conferences\nEvents\nGlobal \nStaffing\nBostonChicagoNew YorkLondon\nGlobal Collaborative Coverage and Delivery with In-Market Business Development Capabilities\n\n38\nSTRICTLY CONFIDENTIAL\nCollaborative Approach to Client Coverage and Delivery\nCrediting system designed to maximize collective value and reward firm-building behaviors while de-risking new hires\nSales CreditDelivery Credit\nManaging Directors, Directors, and Associate DirectorsAssociate Directors, Senior Managers, and Managers\nAccount Ownership:\nAssigned owner that fosters \nrelationships throughout the \naccount\nContent Leadership:\nProvides substantive \nexpertise to help close and \ndeliver a project\nTotal Sales Credit:\nReflects the sum of an \nindividual’s contribution \nacross each role\nOriginators\nAccount \nOwnership\nContent \nLeaders\nReporting\nSplitDetail\n60%\n▪Credit shared equally between originators\n▪Tracking allows for up to three originators\n10%\n▪Limited to one person\n▪May be one of the originators\n▪Credit shared equally between content leads\n▪Ideally have multiple leads on every project\n25%\nBoundaries\n40% Cap\nNo Double \nDipping\nProject \nMinimum\n▪No individual can accrue more than 40% of the total project value\n▪Lone originators lose 20% of credit, which is returned to the firm\n▪Originators can be account owners, but they cannot accrue credit \nfor content leadership on the same proposal\n▪If project fee is less than $250K, no credit for content leadership\n▪If project fee is less than $150K, no credit for any role\nOrigination:\nSourcing of potential projects \nthrough outbound efforts or \ninbound leads\nStructure\nDelivery \nLeads\nFramework\nCredit Split\n▪Assigned by resource management based on project staffing\n▪Responsible for leading the day-to-day of a project and ensuring \nthe team is utilized efficiently\nTargets\nAssociate \nDirector\nSenior \nManager\nManager\n▪Delivery credit is a \nmeasure of success for \nmid-level consultants\n▪Delivery credit is defined \nas the total value of \nprojects a mid-level \nconsultant has delivered\n▪Total available credit for \na project is equal to the \nproject’s fee\n▪Delivery leads should be \ndifferent levels, with the \nmore senior employee \nspread across multiple \nprojects\n▪Splitting delivery \nbetween Associate \nDirectors and Senior \nManagers / Managers \nallows the Associate \nDirector to manage \nmultiple projects, \nultimately accruing a \ngreater delivery credit \nvalue\nMinimumGoal\n$3.0M\n$2.5M\n$2.0M\n$4.0M\n$3.5M\n$3.0M\n▪Delivery credit is split evenly between delivery leads regardless \nof seniority\n▪Up to two delivery leads can be associated with a project\n▪Delivery leads must spend at least 15 hours a week on projects \nto receive credit\n\n39\nSTRICTLY CONFIDENTIAL\nProject Delivery Model\nHigh-touch client service executed by efficient project teams purpose-built for the pace of private equity\nBalanced and Flexible Staffing ModelDisciplined Tracking Leads to Better Management and Consistently Strong Realization\nCrediting System Designed to Maximize Collaborative Value\nSales CreditDelivery Credit\n▪Originators (60% of project value)\n‒Credit is shared equally between originators; \ntracking allows for up to three originators\n▪Content Leaders (25% of project value)\n‒Credit is split evenly between all content \nleads; ideally have multiple content leads on \nevery project\n▪Account Owners (10% of project value)\n‒Limited to a single person; may be an \noriginator\n▪Measured in dollars and defined as the total value \nof projects a mid-level has delivered\n▪Accrue to the delivery leads; may have up to two \ndelivery leads associated with a project\n▪Delivery leads are typically different levels, but \ncredit is evenly split between both leads\n▪Associate Directors, Senior Managers, and \nManagers are the core roles responsible for \ndelivery\nDelivery (Client Service Network)\nTraditional consulting team staffed to dedicated projects on a billable model\nManaging \nDirector\nDirector\nSpend 50% of time \non billable work\nAssociate \nDirector\nSenior \nManager\nSpend 75% of time \non billable work\nManagerSenior \nConsultant\nConsultantAssociate \nConsultant\nSpend 100% of time \non billable work\nPlug-and-play project support in Colombo segmented by defined workstreams to enhance speed of delivery\nIntegrated Workflow Support (Client Delivery Network)\nIntegrated Project Leads\nLead \nto Win\nSecondary \nInsights\nData \nScience\nWeb Survey \nInsights\nExpert \nInsights\nData \nVisualization\nHighly repeatable, scalable execution process across services allows for powerful insights to be \ndelivered quickly and efficiently at an attractive price relative to competitors\nPromotes collaboration and de-risks new hires\n218226224\nProjects \nInvoiced:\n87.8%\n94.9%\n96.4%\n20232024LTM Mar-25\nRealization\n\n40\nSTRICTLY CONFIDENTIAL\nClient Delivery Network Expands Capacity to Execute\n▪50-person dedicated team in Colombo serves as plug-and-play \nproject support to enhance speed of delivery for client \nworkstreams\n▪Commercial platform built to work at the speed of private \nequity\n▪Supports U.S. and U.K. advisory in an agile and targeted way\n▪Segmented by defined workstreams with clear responsibilities \nand competency model\n▪Handles tasks of varying levels of complexity during the \nproposal and live project phases\n▪Creates additional bandwidth for the client service network to \nfocus on high-value client-facing workstreams\n▪Optimizes resource utilization through on-demand staffing \nbased on skill, capacity, and expertise\n▪Expands delivery capabilities in-line with demand while \noffering flexibility, convenience, and controllability in project \ndelivery\n▪Defined career path with strong average tenure of 9+ years \nacross integrated project leads, delivery leads, and managing \ndirectors\n▪Key members participate in management incentive plan\nPurpose-built integrated workflow support delivers sustainable growth \nTeam OverviewCommentary\nRuwindhu Peiris\nManaging Director\n(Headcount as of March 2025)\nDelivery Lead\nSr. Delivery Manager\nTeam Lead\nDelivery Manager\nSr. Delivery Manager\nDelivery Manager (3)\nTeam Lead\nDelivery Manager\nTeam Lead\nSr. Delivery Manager\nTeam Lead\nDelivery Manager\nTeam Lead\nDelivery Manager\nTeam Lead\nDelivery Manager\nIntegrated Project \nLeads\nTeam Lead\nSr. Delivery Manager\nLead (3)\nSr. Analyst\nLead (5)\nSr. Analyst\nDelivery Manager\nLead (3)\nSr. Analyst (3)\nLead to WinSecondary InsightsData ScienceWeb Survey InsightsExpert InsightsData Visualization\nLead\nSr. Analyst (4)\nAnalyst (2)\nLead (3)\nSr. Analyst (4)\nLead (2)\nSr. Analyst \nAnalyst (3)\n5\nEmployees\n5\nEmployees\n7\nEmployees\n8\nEmployees\n8\nEmployees\n7\nEmployees\n8\nEmployees\nAgile project \nmanagement and \ncentral point of \ncontact for the CSN \nSales enablement \ncapabilities from \ninitial outreach to \nproposal submission\nExtracts and \nsynthesizes \ninformation from \npublicly available \nsources\nBusiness insights and \ncapability \ndevelopment for \ninvestors and \nmanagement teams\nGather insights from \nweb surveys on client \npurchasing and \nspend dynamics, \nvendor performance\nEngages with \nexperts, competitors, \nand clients to collect \nrich insights\nVisualization \nspecialists that own \ndeliverables and \nother visualization \nelements\n\nCulture and Talent Management\n\n42\nSTRICTLY CONFIDENTIAL\nCompelling Employee Value Proposition to Attract and Nurture Top Talent\nStax has developed an attractive employee value proposition to recruit, develop, and retain top tier professionals\nDifferentiated Employee Value PropositionWinning the War for Talent\n(1)Retention of CSN professionals by skill level from 2023 year-end to 2024 year-end; reflects voluntary only.\nClient Service Network Retention by Skill Level\n(1)\nDirector HeadcountManaging Director Headcount\nUnique focus on serving and scaling with private equity clients\nIncentive model designed to reward collaboration and shared success\nHigh growth platform offering career opportunities and the chance to make a \nsignificant impact, supported by structured onboarding and fast ramp for new hires\nExpertise-focused model without exclusivity over client ownership\nAmple whitespace for career growth relative to some competitors with clear \nprogression paths and regular performance feedback\nEquity participation for Managers and above through Management Incentive Plan\nCentralized global staffing expands utilization and reduces time on bench\nSpecialization model supports long-term career development, bolstered by formal \nmentorship and learning opportunities\nCompetitive compensation model and benefits package aligned with market leaders, \nplus a strong commitment to work-life balance and well-being\nScalable infrastructure designed to foster growth and collaboration with direct access \nto senior leadership\n73%\n76%\n80%\n95%\nAssociate\nConsultant /\nConsultant\nSenior\nConsultant /\nManager\nSenior Manager /\nAssociate\nDirector\nDirector /\nManaging\nDirector\n4x \nGrowth\n5x \nGrowth\n2\n8\n2021Mar-25\n3\n16\n2021Mar-25\n\n43\nSTRICTLY CONFIDENTIAL\nTop Ranked by Industry Publications, Validated by Industry Professionals\nStellar Rankings Across Vault North America Categories\n(2)\nContinued recognition and awards reflect nature of culture initiatives the Company has meticulously implemented and managed over time\n(1)As of April 8, 2025.\n(2)Source: Vault 2024 North America Consulting Survey. Rankings and awards are based on insights from over 12,000 verified consulting professionals.\n7.3\n8.4\nIndustryStax\nInternal Mobility\n+1.1\n#10\nOverall \nDiversity\n#8\nEmployee \nSatisfaction\n#8\nLevel of \nChallenge\n#7\nPromotion \nPolicies\n#7\nInternal \nMobility\n#6\nIntl. \nOpportunity\n#5\nHealth and \nWellness\n#4\nBusiness \nOutlook\n#6\nBoutique \nConsulting\n#12\nBenefits\n#11\nInformal \nMentorship\n#10\nFormal \nTraining\n8.5\n9.2\nIndustryStax\nFirm Culture\n+0.7\nEmployee Satisfaction\n+0.8\n8.3\n9.1\nIndustryStax\n8.0\n8.8\nIndustryStax\nWork-Life Balance\n+0.8\nPromotion Policies\n+0.9\n8.1\n9.0\nIndustryStax\nTop Consulting\nFirm 2025\nFormal Training\n+1.2\n7.7\n8.9\nIndustryStax\nBest Management \nConsulting Firms 2025\nBest Firms to Work For\n2022, 2023, and 2024\nGlassdoor Overall Rankings\n(1)\nStax Big 5 Competitor\n4.4\n4.34.3\n4.2\n4.14.1\n4.0\n3.9\n3.83.8\n3.73.7\n3.53.5\n\n44\nSTRICTLY CONFIDENTIAL\nCompetitive Pay-for-Performance Compensation Model\n▪Structured to fall within the 75th percentile of the market, with top performers reaching the \n90th percentile\n‒Similar compensation strategy and banding in place for the Client Delivery Network\n‒Study underway to implement same model for Operations in 2025\n▪Salary bands ensure internal promotions are rewarded equitably without overvaluing \nexternal hires, demonstrating investment in maximizing tenure\n▪Merit-based salary increases determined by 4-point rating scale\n▪Robust benefits package and opportunity for equity ownership through Management \nIncentive Plan further enriches employees\n‒Management Incentive Plan available to Managers and above\nIncentive structure and attractive operating model strike a key balance between sustainable productivity and exciting projects\nPhilosophy and ApproachIndustry Benchmarking\n(1)\n2024 Average Cash Compensation by Skill Level\n(2)\n(1)Source: Aon 2024 Consultant Benchmarking Study. Reflects 50th percentile of compensation category by skill level for each group. MBB+ equivalent to Managing Director not available. MBB+ includes \nBain, Deloitte, EY, McKinsey, Oliver Wyman (Europe), and PwC. Tier 2 includes AlixPartners, Ankura, Chartis, Council Advisors, CRA Intl., FTI, Guidehouse, Keystone, Oliver Wyman, and Slalom.\n(2)Excludes Management Incentive Plan. \nMBB+Tier 2Stax\nACCSCMSMADDMD\n2023 Total Cash Compensation\nACCSCMSMADDMD\n2024 Cash Salary\nStax paid above market bonuses as a \npercentage of salary at all levels in 2023\nStax outpaced the market for salary \nincreases at all levels in 2024\nACCSCMSMADDMD\nACCSCMSMADDMD\n(Client Service Network; U.S. only)\n2023 Cash Bonus as % of Total Compensation2024 Cash Salary Increases\n$85\n$114\n$151\n$184\n$220\n$264\n$330\n$469\n$9\n$17\n$28\n$39\n$62\n$60\n$114\n$387\n$94\n$131\n$179\n$223\n$282\n$324\n$444\n$856\nAssociate\nConsultant\nConsultantSenior\nConsultant\nManagerSenior\nManager\nAssociate\nDirector\nDirectorManaging\nDirector\nCash BaseCash Bonus\n\n45\nSTRICTLY CONFIDENTIAL\n5\n33\n4\n3\n7\n10\n27\nManaging\nDirector\nDirectorAssociate\nDirector\nSenior\nManager\nManagerSenior\nConsultant\nConsultantAssociate\nConsultant\nStructured Recruiting Effort Provides Continuous Source of Talent\nDiversified talent pipeline ensures a steady stream of quality candidates\nOrganic Talent AcquisitionStrong Full-Time CSN Hires Across Skill LevelsSourcing Mix\nRecruiting Overview\nEarly CareersExperienced Hires\nStax targets hiring 10 Summer Associates/Co-Ops and 15 full-time Associate Consultants each year via campus targeting\nPriority Universities\nRelationships with on campus organizations \nand multiple events held per year\nOther Global Universities of Focus\nSources of recent successful hires\nCampus Targeting\nExpanded recruiting funnel to HBCUs, \nwomen’s colleges, etc.\n▪Strong track record of attracting lateral senior hires from \ncompetitors to build on existing offerings or expand into new \nareas of coverage\n▪Nearly 20% of experienced hires are sourced through employee \nreferrals\n▪Average offer acceptance rate of 73%\n▪Continued focus on driving branding efforts to improve candidate \npool\n26,000+ Applicants\n308 Interviews\n94 Offers Extended\n69 Offers Accepted\n(2024 firmwide recruiting statistics)(2024 – YTD Mar-25 new hires)(% of 2024 – YTD Mar-25 new hires)\n58%\n20%\n17%\n5%\nDirect Hire\nCampus\nReferral\nAgency\n\n46\nSTRICTLY CONFIDENTIAL\nWell-Defined Competency Model with Multiple Channels for Feedback\nCompetency and task relevant maturity models serve as the foundation to standardize feedback and expectations for each skill level across locations\nTask Relevant Maturity Model Provides Granular View of Task-Specific Proficiency\nImpact\nEnables global \nstaffing\nUnifies quality of \ndelivery\nProvides clarity and \nconfidence around \npromotion criteria\nEmphasizes merit-\nbased success \nmodel\nCore Consulting SkillsCommercial LeadershipSelf LeadershipPeople and Culture Leadership\nFeedback Facilities Development of Core Skills\nUse Case\n▪Used during project evaluations to assess \nconsultants’ technical effectiveness in \nspecific tasks and evaluate technical \ndevelopmental areas\nComponents\n▪Task category (e.g., survey \nmanagement)\n▪Specific tasks (e.g., survey design)\n▪Maturity levels\nGoal and Purpose\n▪Shift focus to skill level when completing a \ntask\n▪Standardized, efficient project feedback\n▪Differentiates expectations for same task \nacross levels\n▪Focuses on both qualitative and quantitative measures\n▪PowerBI performance dashboard\n▪Project feedback, debriefs, mid-year and year-end reviews\n▪Feedback on non-project Initiatives\n▪360 Feedback: upward, recognitions, special projects and \ninitiatives\n\n47\nSTRICTLY CONFIDENTIAL\nSignificant Opportunity for Upward Mobility\nStandardized career trajectory enables strong performers to progress through the organization\nClient Service Network Career Path\n(1)\n(1)CDN professionals have a similarly defined career path and competency model.\n(2)Reflects internal promotions from 2022 through Mar-25. Associate Consultant promotions reflect interns and co-ops that rejoined the Company as full-time employees.\n(3)Reflects the number of 2024 – YTD Mar-25 internal promotes as a percentage of employees that joined as or assumed a given skill level in 2024 – YTD Mar-25.\nAssociate ConsultantConsultantSenior Consultant\nManagerSenior ManagerAssociate Director\nDirector\nManaging Director\nProject FundamentalsWorkstream ExecutionDelivery ExcellenceProject ManagementProject ManagementClient Management\nBusiness Planning and \nExecution\nBusiness Planning and \nExecution\n▪Independently owns \nprimary workstream\n▪Capable of owning \nmultiple workstreams\n▪Drives full execution of \nworkstreams\n▪Takes ownership of \nnarrative\n▪Begins to gain \nverticalized expertise\n▪Provides strategic \ninsights and content \nexpertise\n▪Drives engagement \nsuccess and manages \nclient expectations\n▪Accountable for quality \nand efficiency of \ndelivery\n~12-Year Average Progression from Associate Consultant to Managing Director\nManaging Director7\nDirector8\nAssociate Director 14\nSenior Manager 8\nManager 14\nSenior Consultant 28\nConsultant 38\nAssociate Consultant 13\nCumulative Internal Promotions\n(2)\nHome-Grown Employees\n(3)\nManaging Director50%\nDirector40%\nAssociate Director20%\nSenior Manager 50%\nManager 57%\nSenior Consultant 59%\nConsultant47%\nAssociate Consultant 23%\n\n48\nSTRICTLY CONFIDENTIAL\nIn-House Training Amplifies Long-Term Career Satisfaction and Employee Potential\nTraining and development is a core tenet of Stax\nNote: Stax also hosts Stax Academy–a learning platform offering training modules to local youth and potential CDN talent–in Colombo, Sri Lanka.\n▪Skill-based training to support consultants during ramp period\n▪Formal sessions via classroom and in-project training for 1-4 \nweeks depending on seniority; subsequent project shadowing \nfor an additional 2-4 weeks\n▪Company and Operations Sessions covering internal resources \nand capabilities\n▪People Team Sessions covering benefits, resource \nmanagement, and professional development\n▪Delivery Excellence Sessions\n‒Getting Smart, Primary Research, Intro to Surveys, \nSecondary Research and Major Data Sources, Effective \nGuides Writing, Intro to Market Modeling, Business Writing, \nCreating Deliverables and Slides\nOnboarding\n▪Five to eight classroom hours per quarter, with additional on-\nthe-job and individual development plan (IDP) training\n▪Stax 2.0 Upskill Series\n‒Industry and Market Knowledge Sharing\n‒Productivity Tools\n‒Best Practice Alignment\n▪Half-Day Trainings by Level\n‒Senior Consultant: Effective Workstream Management, \nStoryboarding 101, Effective Communication, Delegation \nand In-Project Training\n‒Manager: Stax Project Management Playbook, Verticals and \nPractice Overview, Stax Mentor Model, Running Effective \n1:1s\n‒Senior Manager and Associate Director: Intro to Client \nManagement, Leveraging Coaching in People Development\n‒Director: Building your Book of Business, Building Effective \nTeams\n▪Personal Development and Culture Fundamental Series\n‒Self Accountability, Building a Feedback Culture, Resilience\nTraining Academy\n▪Development Programs\n‒Apprenticeship-based learning where employees develop \nthrough hands-on experiences, mentorship, and a \nfeedback-driven learning environment\n‒International exposure to facilitate global collaboration, \nstandardization of best practices and culture integration\n‒Employees receive performance feedback every few weeks \nthrough forms, debriefs, and more\n‒Internal training programs tailored to develop deep \ntechnical and management skills\n▪Communication and Transparency\n‒Regular town halls and leadership meetings, including firm-\nwide updates, senior meetings, and role-specific discussions\n‒Structured feedback mechanisms with performance \ndashboards to consolidate feedback, career progression \nmetrics, and training outcomes\n▪Flat Hierarchy and Leadership Access\n‒Employees at all levels have direct access to leadership\n‒Weekly leadership lunches, open-mics, and social initiatives \nacross offices\n▪Mentorship and Career Development\n‒Internal mentorship program and global staffing model \nfacilitates rapid employee development and connection\n‒Peer coaching initiatives to support career growth\n‒Mentors are accountable for supporting mentees, providing \nadvice and guidance based on development needs\nProfessional Development and Mentorship\nStructured \ntraining for all \nemployees, \nnew or old...\n...with \nnumerous \navenues for \ncontinuing \neducation\nAND\nAND\n\nOperations and Platform\n\n50\nSTRICTLY CONFIDENTIAL\nData-Driven, Purpose-Built Financial and Business Operations\n▪Data and reporting created to optimize every level of the professional services \neconomic value chain from opportunity generation to cash collection\n▪Real-time access to key business and operational KPIs enhances data-driven \ndecisions, including informed forecasting and opportunity tracking, improved capacity \nplanning, financial management, and prioritization\n▪Democratizes data through custom-built PowerBI visualizations, a user-friendly \ndesign, and robust training initiatives to empower users\nReal-time data enables agile management of the business against key indicators\nOverview of Stax INTEL\nInitiatives Focused on Driving Growth and Operational SustainabilityDashboards and Reports\nResource \nManagement\nProject \nManagement\nExpense \nManagement\nInvoice \nOversight\nRealization\nRevenue and \nDelivery Credit\nBillability and \nUtilization\nRevenue \nTracker\nA/R Analysis\nPerformance \nDevelopment\nClient Contract \nStatus\nRates and \nPricing\nLiberation of Data\n“Giving smart people the \nright data enables them to \nmake smart decisions”\nRobust, Transparent Reporting Improves Business Outcomes\nData Warehouse\n\n51\nSTRICTLY CONFIDENTIAL\nEarly AI Adoption Enhances Delivery Quality and Efficiency\n▪Improves speed and quality of analysis while creating high \ncaliber “architected” data for future use\n▪Cleans primary data for use with generative AI, searches for \nrelevant quotes, and interrogates transcripts to structure \nproject analyses \n▪Extends the utility of architected data for use cases beyond \ninitial project work\n▪Generative AI embedded into everyday use and broader \nworkflows to drive quality and speed enhancements\n▪Accelerates and strengthens thought-oriented processes at \nscale (slide review, eminence feedback, etc.)\n▪Integrations and connectivity with existing systems\nStreamlined access to proprietary data is paramount to sustained competitive advantage \nOverview of AthenaWorkflow Tools\nKnowledge management tool developed in-house dramatically lowers search barriers and accelerates access to depth of \ninstitutional knowledge; platform draws from over five years of Stax intellectual property to produce the relevant projects, \nslides, and Stax experts\nUsers can explore results at project and \nslide levels\nAthena transforms the ROI of searching \nfor Stax knowledge, unlocking previously \nunfeasible use cases\nIncorporates Athena Chat, an AI model \ntrained on Stax’s repository of knowledge\nProject \nInsights\nJunior\nEmbedded \nGen AI\nGPTs\nUser Prompt\nPrior Insights\nRelevant Slides\nPreviously \nUsed Experts\nResearch \nApproach\nProject Teams\nExpert Interview \nTranscripts\n1,100+\nDeliverables\n700+\nProposals\n75,000+\nSlides\n50,000+\nInterviews\n\n52\nSTRICTLY CONFIDENTIAL\nWorld-Class Leadership Team Operates an Efficient Client-Centric Organization Structure\nStax is led by a highly experienced, motivated, dynamic, and diverse senior team\nNote: Headcount as of March 2025. Client Service Network excludes two Research Associates paid hourly.\n(1)Includes 44 Operations employees in the United States, United Kingdom, and Sri Lanka.\nClient Service NetworkIntegrated Global Operations Team\n(1)\nClient Delivery Network\nAmy Schoeman\nGlobal Head of HR\nMeg Macumber\nGlobal Head of Finance\nLeslie Regenbaum\nGeneral Counsel\nJoe Brownell\nGlobal Head of Marketing\nConnor Novy\nChief of Staff and Head of Sales \nOperations\nHazir Shafeek\nGlobal Head of Data Insights & IT\nRuwindhu Peiris\nManaging Director\nPaul Edwards\nGlobal Practice Leader\nRegional Lead\n2\nManaging \nDirector\n9\nProduct Lead\n4\nDirector\n8\nSenior Manager\n8\nAssociate \nDirector\n9\nManager\n9\nConsultant\n21\nSenior \nConsultant\n18\nAssociate \nConsultant\n39\nDelivery Manager\n8\nSenior Delivery \nManager\n4\nLead\n17\nAnalyst\n6\nSenior Analyst\n14\nExecutive Leadership Team\nJayson Traxler\nChief Executive Officer\nMihaela Dumea\nDirector, Data and Business \nIntelligence\n\n53\nSTRICTLY CONFIDENTIAL\nWell-Invested Operational Platform Built to Serve Private Equity\nDeep bench of integrated global support functions designed to drive growth and operational efficiency\nNote: Headcount as of March 2025.\nMeg Macumber\nGlobal Head of Finance\nAmy Schoeman\nGlobal Head of Human Resources\nJoe Brownell\nGlobal Head of Marketing\nLeslie Regenbaum\nGeneral Counsel\nConnor Novy\nChief of Staff / Head of Sales Operations\nPeople Operations (5)Marketing Strategist (4)\nFinance, IT, and Business OperationsHuman ResourcesMarketingLegalData and Business IntelligenceSales Operations\nHazir Shafeek\nGlobal Head of Data Insights and IT\nCompliance and GovernanceSales Operations\n11\nEmployees\n6\nEmployees\n6\nEmployees\n3\nEmployees\nJayson Traxler\nChief Executive Officer\nMihaela Dumea\nDirector, Data and Business Intelligence\nController\nHead of Business Operations\nProfessional Development (2)\nTalent Acquisition (2)\nHR Business Partner\nProduction ManagerLegal CounselFinancial Insights and BI\nDigital Engineering (3)\nCommercial Strategy and Enablement (2)\nIT and Help Desk Support (4)\nFinance and Accounting (6)\nPayroll and Benefits\nFinancial Sponsors Coverage\n3\nEmployees\nStax can scale revenue without adding significant operations headcount\n23\nEmployees\nAdministrative (8)\n\nGrowth Strategy\n\n55\nSTRICTLY CONFIDENTIAL\nMulti-Pronged Growth Strategy Drives Confidence in the Next Chapter of the Company\nTangible and achievable organic growth in the near term with substantial opportunity to drive additional value creation via M&A\n▪Strategically hire senior \nprofessionals to build \ndensity in core verticals \nand expand capabilities\n▪Build density across \ncurrent locations, \nexpanding \napprenticeship model to \nfurther attract and \ndevelop mid/junior \ntalent\nAttract, Develop, \nand Retain Talent\n▪Continue building \nmomentum in the U.K. \nto expand market \npresence\n▪Strategically grow \nheadcount and client \nleadership in New York \noffice\n▪Establish local presence \nin new geographic \nmarkets through organic \ngreenfield locations in \nthe United States and \nEurope\n▪Continue to protect \nunique culture via \nplanful expansion\nBroaden Geographic \nPresence\n▪Capitalize on advisory, \nbespoke nature of work, \nand pricing umbrella \nrelative to MBB+ to \nrealize due diligence \nprice increases \nnationally and abroad\n▪Raise prices in value \ncreation to be more in-\nline with client impact, \nresults, and ROI\n▪Expand number of \naccounts with average \nproject size of $400K+ \nwith ample cross-sell \nopportunities and need \nfor multiple projects per \nyear\nExert \nPricing Power\n▪Focus on accelerating the \nexecution of M&A \nplaybook\n▪Expand into new \ngeographies, new \nservice lines, and build \nscale in existing markets\n▪Opportunistically \nevaluate larger-scale \ntransformative M&A \ntargets\nIdentify and Execute \non Acquisitions\n▪Further optimize cross-\nsell strategy to deepen \ndensity across core \naccounts through scaled \ninside sales strategy\n▪Target key private equity \nclients where \nreferenceable work \nprovides opportunity for \nfurther penetration in \nprojects that command \nmore premium bill rates\nMaximize Wallet \nShare and Cross-Sell\n▪Scale coverage and \ncontent intersection \nacross private equity and \ninvestment banks\n▪Further scale dedicated \nbusiness development \nteam to broaden coverage \nuniverse\n▪Centralize, scale, and \nmanage external \nindividual, account, and \nsubsector communications\nScale Client \nCoverage\n▪Leverage reputation and \ndifferentiated \nexperience in key \nverticals with high win \nrates across market \nsegments\n▪Introduce new verticals \nsuch as government or \naerospace and defense \nthrough de novo efforts \nor experienced senior \nhires \nDeepen Vertical \nExpertise\n▪Capitalize on hedge \nfunds’ growing inbound \ndemand for market \nresearch \n▪Introduce new purpose-\nbuilt products such as \ntechnology due \ndiligence, financial due \ndiligence, operational \ndue diligence, and ESG \nand sustainability \ndiligence through \nintegrated go-to-market \napproach\nExpand Capabilities \nand Client Profiles\nGrowExpandTransform\n\n56\nSTRICTLY CONFIDENTIAL\nWiden Referral Channel to Optimize Business Development Efforts\nCultivate and expand business development relationships with large cap private equity firms \nBroaden and Deepen Large Cap Private Equity Relationships \n$8.3M\n$11.0M\n2018 - 20212022 - LTM Mar-25\nGrowth Plan Current Strengths \n▪Proactively enhance and revitalize partnerships with large \ncap clients\n▪Reposition value proposition as a trusted advisory partner\n▪Schedule regular in-person meetings to strengthen \nconnections\n▪Prioritize targeted outreach and proposals aimed \nspecifically at large cap opportunities\n▪Fosters collaborative partnerships, ensuring alignment with \nthe long-term objectives of large cap clients\n▪Strong brand recognition among large cap funds facilitates \nmarket entry for new large cap clients\n▪Strategic account coverage plan across large cap funds \nenhances relationships and drives customer stickiness \nLargest Private Equity Firms\n(1)\n(1)Source: Private Equity International. Dollars in billions. Ranking based on private equity capital raised between 1/1/2019 to 12/31/2023. Excludes credit, secondaries, and real asset focused \nmanagers. Shading reflects Stax project counts between 2018 and Mar-25.\n(2)Reflects average annual revenue from Large Cap Private Equity and Public Investor key accounts designated as of Q1-25.\n1-5 Projects6-10 Projects11+ Projects\nNo.SponsorRaised\n1\nBlackstone$124\n2\nKKR$103\n3\nEQT$99\n4\nCVC Capital Partners$78\n5\nTPG$62\n6\nThe Carlyle Group$60\n7\nThoma Bravo$59\n8\nAdvent International$53\n9\nWarburg Pincus$52\n10\nHg$51\n11\nCD&R$50\n12\nSilver Lake$49\n13\nHellman & Friedman$47\n14\nVista Equity Partners$45\n15\nGeneral Atlantic$43\nNo.SponsorRaised\n16\nClearlake Capital$43\n17\nGoldman Sachs$42\n18\nLeonard Green$41\n19\nTA Associates$40\n20\nPermira$37\n21\nBain Capital$37\n22\nInsight Partners$35\n23\nCinven$35\n24\nGenstar Capital$32\n25\nFrancisco Partners$30\n26\nAres Management$30\n27\nApollo Global$29\n28\nPartners Group$28\n29\nBridgepoint$23\n30\nGTCR$23\nDirect experience on \nprior transactions\nVertical and product \nsector expertise\nBalanced approach between \ncomplex situations and \ntailored need \nBetter value for add-ons that \ndo not need breadth/depth\nStax Large Cap Value Proposition\nNet Revenue from Key Large Cap Accounts\n(2)\n\n57\nSTRICTLY CONFIDENTIAL\nWiden Referral Channel to Optimize Business Development Efforts\nCultivate and expand business development relationships with investment banks\nU.S. M&A League Tables\n(1)\nGrow Investment Banking Referral Channel\n(1)Source: Dealogic. Reflects transactions announced between 12/31/2014 and 12/31/2024 with private equity involvement. Shading reflects Stax project counts between 2018 and Mar-25.\nStrengthen Existing Investment Bank RelationshipsFoster Relationships with New Investment Banks\n▪Investment banks provide a pipeline of sell-side \nopportunities through client referrals\n▪Ongoing dialogue and recurring touchpoints provides \nintelligence on in-market buy-sides and potential value \ncreation opportunities\n▪Growing breadth and depth of content provides \nreferenceable work to expand scope of service\n▪Demonstrate capabilities to preeminent investment banks \nthat have historically been an unlikely referral source to \npenetrate additional pockets of the market\n▪Leverage network of lateral hires, geographic expansion, \nand expanded verticals of coverage to develop \nrelationships with specialized regional and industry \nboutiques\nRoom for Additional Wallet Share with Key Recent \nInvestment Banking Partners\nSignificant Opportunity for Business Development in \nthe Broader M&A Market\n1-5 Projects6-10 Projects11+ Projects\nNo.AdvisorDeals\n1Houlihan Lokey904\n2Goldman Sachs762\n3Jefferies631\n4William Blair552\n5JPMorgan547\n6Morgan Stanley514\n7Baird505\n8Lincoln Intl.456\n9Piper Sandler453\n10UBS434\n11Raymond James383\n12PNC Bank363\n13Moelis355\n14Bank of America351\n15Evercore346\nNo.AdvisorDeals\n16Lazard315\n17Barclays307\n18Citi295\n19Stifel257\n20RBC248\n21Rothschild236\n22Canaccord215\n23KeyBanc180\n24Guggenheim160\n25BMO142\n26Deutsche Bank139\n27Centerview133\n28Truist130\n29Macquarie119\n30KPMG108\nNet Revenue from Sell-Sides Referred by Investment Banks\n$1.0M\n$1.1M\n$13.3M\n$18.0M\n$20.6M\n2018202020222024 LTM Mar-25\n\n58\nSTRICTLY CONFIDENTIAL\nMaximize Wallet Share and Cross-Sell Opportunities with Existing Clients\nUpsell core offerings to capture larger share of deal volume within established private equity relationships\nExpansion of OfferingsSignificant Whitespace Available Within Current Client Base\nValue Creation\nEmbedded Data \nAnalytics and \nSustainability\nAI Diagnostic, Piloting, \nand Scaled Adoption\nInitiative Deployment, \nMarket Piloting, and \nGrowth Office \nGovernance\nSell-Side \nCommercial \nDue Diligence\nScale Dedicated \nResources to Optimize \nPitch and Delivery \nProcess\nExpand Sales Team to \nDeepen Content \nCoverage to Facilitate \nBank Penetration\nFurther Integrate \nBusiness Units to \nMaximize Value of \nMarket Intelligence \nAcross Offerings\nBuy-Side \nCommercial \nDue Diligence\nIncrease Coverage \nVerticals to Better Serve \nFunds with Broad \nInvestment Theses\nFill Content and \nExpertise Gaps to Elevate \nDelivery to Higher-\nVolume Upper MM and \nLarge Cap Sponsors\nTarget Additional Public \nEquity Investors to \nFurther Diversify Profile \nof Transactions \nEvaluated\nPrivate Equity Client Count\nEstimated Current Serviceable Available Market (SAM) Penetration\n~2% \nPenetration of \nICP Estimated \nSpend\n~5% \nPenetration of \nCurrent Client \nEstimated \nSpend\nStrong right to grow through wallet share \nand new logo expansion with ~$1.3 billion in \nattainable whitespace across core products\nCurrent vs. Target Service Line Mix\nTBU?\n75\n100\n129\n20192021TTM Mar-25\n44%\n37%\n15%\n4%\nBuy-Side\nSell-Side\nValue Creation\nOther\nLTM \nMar-25\n37%\n37%\n24%\n2%\n2030P \nOrganic\n~$0.1M\n~$1.3M\n~$3.2M\n~$5.2M\nCurrent Stax Revenue\nwithin SAM\nEstimated SAM within\nCurrent Clients\nMiddle Market Ideal Client\nProfile (ICP) SAM\nNorth America and U.K.\nTotal SAM\n\n59\nSTRICTLY CONFIDENTIAL\nAttract, Develop, and Retain Talent to Capitalize on Growth\n▪Dedicated and growing talent acquisition team manages the hiring funnel to identify \nand pursue candidates with experience to strengthen core offerings or expand areas \nof coverage\n▪Continued branding initiatives and increased visibility online will yield additional hires \nfrom a broader pool of candidates\n▪Proven ability to attract senior- and mid-level hires with experience at top-tier firms\nContinue winning talent through targeted recruitment efforts and growth-oriented culture\nStrategic Approach to Fostering Junior Growth Lateral Experienced Hire Recruiting\nOrganic Client Service Network ExpansionProjected Growth in Productivity\nNet Revenue per Director and Managing Director\nProjects Invoiced per Director and Managing Director\nDirector and Managing Director HeadcountAll Other CSN Headcount\nConsulting \nSkills\nDevelopment \nPrograms\nProject Delivery Excellence Series: Primary, secondary, survey, and modeling \ntraining\nAssociate \nConsultants and \nConsultants\nSenior \nConsultants and \nManagers\nProject Management Excellence Series: Project management and economics, \nstoryboarding, running effective team meetings, and presentation training\n▪Proven track record of developing young talent within Stax, leading to a strong team \nof tenured senior employees contributing the sustained success\n▪Recruiting junior talent has enabled employees to acquire foundational skills \neffectively and efficiently\n▪Onboarding young talent has fostered adaptability to Stax practices and strengthened \nemployee loyalty\n24\n25\n36\n49\nMar-252025E2028P2030P\n106\n122\n180\n246\nMar-252025E2028P2030P\n10.8\n11.4\n12.0\n12.5\nLTM Mar-252025E2028P2030P\n$3.9M\n$3.7M\n$4.7M\n$5.4M\nLTM Mar-252025E2028P2030P\n\n60\nSTRICTLY CONFIDENTIAL\nProven Vertical Expertise and Journey\nRoom to build subsector density in core verticals, as we as deepen expertise in other targeted industry verticals\nCurrent Vertical MaturityVertical Growth Opportunities\nStrong Growth within Key Verticals Expansion Opportunities within Core Verticals \n$5\n$10\n$11\n$27\n$31\n$30\n$33\n$36\n$6\n$6\n$6\n$11\n$17\n$16\n$18\n$20\n$11\n$16\n$18\n$39\n$48\n$46\n$51\n$56\n2018201920202021202220232024LTM\nMar-25\nTechnologyServices\n(Net Revenue; $ in millions)\n▪Organized depth and breadth of referenceable work\n▪Subsector expertise\n▪Sector-specific senior recruitment \n▪Scaled sector-specific maturity and communication\n▪Subsector account targeting and planning\n▪Vertical planning\n▪Increase in opportunity volume \n▪Increase in win rate \n▪Increase in average project size\n▪Expansion in private equity and investment banking \naccounts leveraging Stax within a vertical \n▪Above market performance \n▪Outsized opportunities through investment banks and large \ncap private equity \nVertical EnablersImpact\nPlan to leverage existing verticals to deepen market presence \nand strategically expand into new sectors, will drive \nsustained growth\nIndustrials \nTechnology \nServices \nHealthcare \nAerospace & \nDefense \nConsumer\nGovernment \n& Public \nImpact\nEnablers\nFully EvolvedDevelopingExpansion Verticals \n2018 – LTM Mar-25 CAGR: 30%\n\n61\nSTRICTLY CONFIDENTIAL\nExpand Capabilities and Client Profiles\nStax’s focus on relationships cultivates a deep understanding of clients' needs and the specific areas where they require assistance\nDeal-Related ServicesNon-Deal Related ServicesClient Type Expansion\n▪Presence and \ndemonstrated \nsuccess in \nsupporting software \nand technology \nengagements \ncreates natural \navenue for \nexpansion\n▪Ingrained cross-sell \nfrom standard \ncommercial \ndiligence and value \ncreation projects\nTechnology Due \nDiligence\n▪Well-defined and \nsynergistic offering, \nnatural extension of \nexisting value \ncreation \nengagements\n▪Accelerated entry \nfeasible via hiring or \nM&A, healthy \npipeline of potential \ntargets\nProcurement \nOptimization\n▪Natural extension of \nvalue creation to \nimplement best \npractices observed \nin premium assets \nacross industries\nOperations \nPlanning and \nOptimization\n▪Rising need for \nassessment of risks, \ninefficiencies, and \noperational gaps as \ncompanies face \nincreasing scrutiny \nfrom potential \ninvestors during \ndiligence\nOperational Due \nDiligence\n▪Enable Stax to \ncapitalize on the \ngrowing market for \ndebt investments \nand drive demand \nduring economic \ndownturns by \nleveraging credit \nfunds' insulation \nfrom M&A market \nfluctuations\nCredit Funds \n▪Foster long-term \nrelationships that \nendure through \neconomic \ndownturns, \ngenerating a steady \npipeline of new \nclients across family \noffice portfolios\nFamily Offices\n▪Demonstrated \nsuccess \ntransitioning from \nM&A to hedge fund \nclients during \neconomic \ndownturns, \nleveraging large \nclients to generate \nrecurring demand \nfor market research \nacross economic \ncycles\nHedge Funds \n▪In-demand offering \nof critical focus for \nprivate equity \ncompanies as AI \nstrategy becomes \n“need-to-have” and \neffective AI \nintegration \nbecomes a key \nsource of private \nequity value \ncreation\n▪Potential to serve \nprivate equity funds \n(broad fund-level AI \nstrategy) and each \nportfolio company\nAI Enablement \nand Deployment\n\n62\nSTRICTLY CONFIDENTIAL\nStrategically Expand Geographic Footprint\nOpportunity to strategically expand into new geographies and expand within current markets\nOpportunistic Regional ExpansionCapitalize on Momentum in Additional Geographies\nDemonstrated organic expansion \nin Chicago and New York\nSuccessful inorganic growth in London\nSignificant opportunity to grow \nwallet share in existing markets\nIntegrate planful culture and process \nexpansion into new markets \nReplicating the Stax Engine overseas – \nRaise the Profile, Build the Team\nBuy-Side, Sell-Side, Value Creation\n5+ Verticals\nMiddle Market and Large Cap Focus\n30+ Consultants\nAcquired in October 2022 to \nfacilitate U.K. expansion\nCDD Focus\nPrimarily Events\nLower Price Point\n10 Consultants\nComplete MBB+ transition to autonomous, \nself-sustaining, integrated machine\nBuy-Side, Sell-Side, Value Creation\n10 Verticals\nMiddle Market and Large Cap Focus\n40+ Consultants\n2025-2030Today\n2025-2030Today\nKey Selection Factors for New Markets\n✓Proximity and expertise \n✓Ability to have cultural alignment \n✓Sizable private equity market \n✓Available talent\n✓Existing client density \n✓Competitive differentiation\nGrowth Framework\nTexas and \nCalifornia\nNordics and \nDACH\nBoston\nNew York and \nChicago\nLondon\nInorganic Expansion\nKey Accomplishments to Date\nU.K. Private Equity and Transactional Net Revenue\nDirector and Managing Director Headcount\nChicagoNew YorkLondonBoston\n$0.9M\n$2.9M\n20222024\n2\n7\n2022 25-Mar\n44\n2022 25-Mar\n6\n12\n2022 25-Mar\n0\n1\n2022 25-Mar\n\n63\nSTRICTLY CONFIDENTIAL\nOpportunity to Further Capture Pricing Through Advisory Journey\nStax’s compelling value to its clients, along with higher pricing by competitors, creates favorable environment for price increases\nShift to Content Advisory Unlocks Further Pricing OpportunitiesTrack Record of Successful Increases in Client Value \nAverage Client Service Network Bill Rate\nAverage Director and Managing Director Headcount\nDirector and Managing Director Billable Hours\nTypical Engagement Price\n$100K$250K$500K$800K-$1M\nBreadth and Depth of Offering\nStax is positioned to capture \npricing consistent with client \nimpact, results, and ROI delivered \nwithout risking relationships\nUpper / Middle Market & Growth Funds\n(Europe)\nPurposeful Shift to “Strategic Advisory” Drives Increased Pricing\nDeliver DataDeliver ResearchDeliver Strategy Deliver Advisory\n$353\n$420\n$429\n$449\n$493\n$542\n202220242025E2026P2028P2030P\n10\n18\n23\n27\n36\n49\n202220242025E2026P2028P2030P\n7,105\n8,854\n11,044\n13,052\n18,210\n25,374\n202220242025E2026P2028P2030P\n\n64\nSTRICTLY CONFIDENTIAL\nTargetRegion\nCapabilitiesAcquisition Type Revenue\nCompany ASoutheastTechnology due diligence and value creationTransformational~$80M\nCompany BSouthwestGo-to-market performance improvementTransformational~$75M\nCompany CUnited KingdomCommercial due diligenceTransformational~$50M\nCompany DMidwestPricing strategy and performance improvementTransformational~$75M\nCompany EMidwestOffice of the CFO and financial due diligenceTransformational~$75M\nCompany FUnited KingdomHealthcare commercial due diligence Tuck-In~$10M\nCompany GNortheastCommercial due diligenceTuck-In~$7M\nCompany HSouth CentralDefense commercial due diligenceTuck-In~$15M \nCompany INortheastPrivate equity performance improvement Transformational~$50M\nCompany JWestSoftware and tech based due diligence Tuck-In~$10M\nCompany KSouth CentralTech due diligence and value creation Tuck-In~$10M\nCompany LSouthwestTech due diligence and office of the CTOTuck-In~$8M\nUnited Kingdom Commercial due diligence Tuck-In~$5M\nMid-Atlantic Defense commercial due diligenceTuck-In ~$15M\nTotal~$485M\nSignificant Value Accretive M&A Opportunity and In-House Expertise \n▪Leverages CEO's experience in professional services strategy and corporate development\n▪M&A is evaluated on a risk adjusted continuum and compares opportunities such as greenfield expansion, \nacqui-hires, and acquisitions\n▪Stax maintains a strict acquisition investment criteria that must satisfy proven \"Deal Equation\" across \nmultiple dimensions\n‒Strategic Fit: Enhance defined product offering, industry expertise, or geography\n‒Cultural Fit: Similar margin and KPI profile and positive purchase price multiple\n‒Economic Fit: Ability to thrive within Stax business model\n▪Established and repeatable integration playbook with emphasis on a “day-one” plan\nStax has invested in the transition from founder-owned business to a world-class operating platform of scale and is positioned to grow via acquisitions\nStax is an Acquirer of ChoiceRobust and Selective M&A Criteria and Integration Process\nAreas of Focus When Evaluating M&A\nIllustrative Acquisition Target List\nCapitalize on cross-selling and repeat client demand\nHighly specialized expertise to provide actionable, data-driven answers for clients\nDifferentiated culture and operating model generates wins in the “war for talent”\nAdditional resources that come from a larger company\nEquity value creation opportunity through incentive plan\n1\n2\n3\n4\n5\nConsulting is a highly fragmented market with opportunity for M&A\nA- Crosslake\nB –SBI\nC- CIL\nD - Insight2Profit\nE - E78\nF - Candesic \nG - Arnovia \nH - Next F&D\nI - Beck Way \nJ – PASG\nK - ThinkTiv \nL - Waypoint\nM - Fairgrove\nN - Nextfed\n▪Continental Europe\n▪Middle East and Asia Pacific\nGain Geographic \nDiversification\n▪Tech due diligence\n▪Financial due diligence\n▪Operational improvement\nBuild Complementary \nService Offerings\n▪Aerospace and Defense\n▪Healthcare\nExpand Industries of \nCoverage\n•To remove target names\n\nFinancial Overview\n\n66\nSTRICTLY CONFIDENTIAL\n$2.7M\n$4.5M\n$0.5M\n$1.4M\n$0.2M\n$0.6M\n$3.5M\n$6.5M\nQ1-24Q1-25\nServicesHealthcareConsumer\nStrong Performance in Q1 with Favorable Momentum Heading Into Remainder of 2025\nContinued significant performance in Q1 couples with strong tailwinds from recent headcount additions\nStrong Performance in Early 2025Growing Contribution from New Hires\nIncreasing Momentum in Targeted VerticalsRamping Net Revenue Contribution from Value Creation and United Kingdom\n(1)All Managing Directors hired in the second half of their respective cohort year. 2022 cohort includes 2 hire, 2023 cohort includes 2 hires, and 2024 cohort includes 1 hires.\n(Net Revenue)\n(Net Revenue)\n$15.5M\n$20.5M\nQ1-24Q1-25\n$2.6M\n$2.3M\n$3.8M\n$0.7M\n$0.8M\n$1.5M\nQ4-24Q1-25Avg. Q2-Q4 2025E\nValue CreationUnited Kingdom\n64%\nYoY Growth\n19\n24\nNov-24Mar-25\nRecent senior hires will drive meaningful revenue \ngrowth as they continue to ramp\n930\n1,240\n71\n667\n69\nLTM Mar-24LTM Mar-25\n2022 Hires2023 Hires2024 Hires\nAn improving M&A market will provide additional upside\nYoY Growth\n839%\n33%\nDirector and Managing Director HeadcountBillable Hours by Managing Director Cohort\n(1)\nYoY Growth\n33%\n202%\n154%\n\n67\nSTRICTLY CONFIDENTIAL\nCompelling Long-Term Outlook Underpinned by Track Record of Consistent Growth\nHighly attractive financial profile driven by demonstrated ability to expand already impressive margins\nPro Forma Adjusted Net Revenue\nOrganic Gross Profit and Margin\nPro Forma Adjusted EBITDA and Margin\n($ in millions)\n($ in millions)\n($ in millions)\n$39\n$44\n$48\n$54\n$70\n$88\n$109\n$136\n$168\n61.0%\n62.0%\n63.1%\n59.5%\n60.5%\n61.0%61.0%61.0%61.0%\n20232024LTM Mar-252025E2026P2027P2028P2029P2030P\n$42\n$54\n$69\n$89\n$112\n$4\n$10\n$19\n$30\n$45\n$19\n$24\n$27\n$31\n$46\n$65\n$88\n$119\n$157\n29.3%\n33.5%\n35.6%\n33.3%\n36.2%\n38.0%\n39.0%\n39.9%\n40.9%\n20232024LTM Mar-252025E2026P2027P2028P2029P2030P\nOrganicAcquired\n$115\n$143\n$179\n$223\n$275\n$12\n$27\n$48\n$75\n$110\n$64\n$71\n$76\n$91\n$127\n$170\n$226\n$298\n$385\n20232024LTM Mar-252025E2026P2027P2028P2029P2030P\nOrganicAcquired\n\n68\nSTRICTLY CONFIDENTIAL\nBridge to 2030P Revenue\nPathway to ~$385 million of net revenue by 2030\nNote: 2020 reflects reported Net Revenue. Other includes growth in Reimbursables and Tech & Admin.\nFoundation Established to Support the Next Stage of Growth\n($ in millions)\n2020 Net \nRevenue\nHeadcountUtilizationBill RatesRealizationOther2025E Net \nRevenue\nHeadcountUtilizationBill RatesRealizationOther2030P Organic \nNet Revenue\nAcquisitions2030P Net \nRevenue Incl. \nM&A\n\n69\nSTRICTLY CONFIDENTIAL\nMultiple Levers to Boost Productivity and Expand Margins\nAssumptions embedded into the forecast for strong organic growth and profitability\nRealization RateOperating Leverage\nUtilization Rate\n(1)\nProjects Invoiced per Director/Managing Director\n(1)Based on 2,080 available hours less 290 firm holiday and PTO hours, net of billable adjustments by skill level (50% for Directors and Managing Directors; 75% for Senior Managers and Associate \nDirectors) per management’s view.\n(Operating Expenses as a % of Net Revenue)\n(Client Service Network)\n87.2%\n88.2%\n89.1%\n90.0%\n90.9%\n91.8%\n2025E2026P2027P2028P2029P2030P\n95.8%\n96.8%\n97.8%\n98.8%\n99.8%\n100.0%\n2025E2026P2027P2028P2029P2030P\n25.6%\n24.3%\n23.2%\n22.2%\n21.2%\n20.3%\n2025E2026P2027P2028P2029P2030P\n11.9\n12.2\n12.5\n12.7\n12.9\n13.2\n2025E2026P2027P2028P2029P2030P\n\n70\nSTRICTLY CONFIDENTIAL\nAttractive Financial Profile Anchored by Exceptional Margins and Strong Cash Flow\nOngoing margin expansion driven by operating leverage and continued optimization of delivery model and pricing\nStrong Cash Flow GenerationBest-in-Class Margin Profile\n(2)\nProven Ability to Scale EBITDA Margins\n(2)\n(1)Reflects 2023 and 2024 reported capital expenditures.\n(2)Reflects 2025E.\nEfficiently operates with limited cash tied up in working capitalGross margins driven by efficient service delivery and compelling value for clients\nOngoing margin expansion driven by operating leverage and continued optimization of delivery model and pricing\n29.3%\n33.5%\n35.6%\n33.9%\n36.2%\n38.0%\n39.0%\n39.9%\n40.9%\n20232024LTM Mar-252025E2026P2027P2028P2029P2030P\n(Pro Forma Adjusted)\n~97%\nFCF Conversion\nLimited\nWorking Capital \nRequirements\n~$0.5M\nHistorical Annual\n Capex\n(1)\n34%\nStrong and Increasing \nEBITDA Margins\nEfficient and \nScalable SG&A\n60%\nGross Margin\n\n71\nSTRICTLY CONFIDENTIAL\nSummary of Diligence Adjustments\n1.Removes the impact of expenses incurred \nrelated to the current Owners which will not \ncontinue post-close\n2.Normalizes (i) the impact of large signing \nbonuses & recruiting costs for high-level \npersonnel, and (ii) back-office personnel costs\n3.Includes various adjustments for \nnormalizations, removal of the now-\ndiscontinued Colombo direct operations, and \nremoval of non-recurring items\n4.Quantifies the pro forma impact of capacity-\nrelated lost revenue due to the secondment \nprogram\n5.Quantifies the impact of MD compensation \nprior to revenue generation or significant \nbillable hours\nSummary of Quality of EarningsCommentary\n▪Text\n($ in millions)20232024LTM Mar-25 \nReported EBITDA\n$13.7$18.4$21.3\nAcquisition Adjustments–––\nAcquisition Adjusted EBITDA\n$13.7$18.4$21.3\nNon-Operating Owner Expense Removal2.61.9 1.9\nCompensation Adjustments1.4 1.51.3 \nOther Diligence Adjustments0.90.60.6\nDiligence Adjusted EBITDA\n$18.6$22.4$25.1\nSecondment Revenue Impact–1.21.2\nMD Ramp-Up Compensation0.30.40.9\nPro Forma Adjusted EBITDA $18.9$23.9$27.2\n1\n2\n3\n4\n5\n1\n2\n3\n4\n5\nClean EBITDA with high cash flow generation"
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"text": "\n\nApril 2025\nConfidential Information Presentation\nDRAFT\nAs of 4/24/2025 11:49 AM\n\n2\nSTRICTLY CONFIDENTIAL\nImportant Information and Transaction Team\nThis Confidential Information Presentation (the “Presentation”) is intended solely for the use of prospective investors in determining whether or not to pursue the proposed transaction with Stax Holding Company, LLC (“Stax” or the “Company”). The Presentation is of a \nproprietary and confidential nature and is only being furnished to those parties who have agreed to be bound by the terms and conditions of the previously executed confidentiality agreement (the “Confidentiality Agreement”). William Blair & Company, L.L.C. (“William \nBlair”) has been retained by the Company as its financial advisor.\nBy accepting this Presentation, the recipient agrees that it will, and it will cause its directors, officers, employees, and representatives to, use this Presentation and all of the information contained herein only to evaluate a specific negotiated transaction with the Company \nand for no other purpose and shall return this Presentation together with any copies to William Blair upon request. This Presentation contains confidential, non-public information concerning the Company. Receipt of this Presentation constitutes your acknowledgment \nthat you will maintain the information contained herein in strict confidence. \nThis Presentation does not constitute (i) any offer to sell or the solicitation of an offer to buy any securities or assets of the Company or (ii) any offer or recommendation to enter into any transaction referenced herein.\nAll information contained herein has been provided by the Company or other sources that William Blair deems reliable. However, William Blair has not independently verified any of the information contained herein, including financial estimates and projections. This \nPresentation includes certain statements, estimates, and projections provided by the Company with respect to its anticipated future performance. Such statements, estimates, and projections reflect various assumptions concerning anticipated results, which assumptions \nmay or may not prove to be correct. The information contained in the Presentation, including financial statements, projections and estimates, (a) is not necessarily indicative of current value or future performance, which may be significantly more or less favorable than as \nreflected herein; (b) has not been independently verified and cannot be regarded as forecasts; and (c) and is based on assumptions and analysis available at the time this Presentation was prepared. Unless expressly stated otherwise, this Presentation presents information \nwith respect to the Company as of the date of the Presentation and should not be construed to indicate that the business of the Company remains unchanged since the date of this Presentation.\nThe products, product names, logos, brands, and their trademarks featured or displayed within the Presentation are the property of their respective trademark owners, who are not affiliated with, nor do they sponsor or endorse, the Company nor the Company’s services.\nThis Presentation does not purport to contain all of the information that may be necessary or appropriate to evaluate the proposed transaction, and any recipient hereof should conduct its own independent analysis of the Company and the data contained or referred to \nherein. Neither the Company nor William Blair is acting as financial advisor, intermediary or distributor of securities, or in any fiduciary capacity of any kind to the recipient or any other prospective purchaser. The recipient should also seek advice from its own specialized \nadvisors (including financial, legal, accounting and tax) in conducting such analysis.\nIn furnishing this Presentation, neither the Company nor William Blair undertakes any obligation to provide additional information or to correct or update any of the information set forth in this Presentation. The Company and William Blair reserve the right to amend or \nreplace this Presentation at any time. The Company reserves the right in its sole discretion, with or without notice, to interrupt, modify or terminate, at any time, solicitations of interest for the proposed transaction or any future participation in the investigation, discussion \nand proposal process for a proposed transaction with any party.\nNeither the Company nor William Blair makes any representation or warranty, expressed or implied, as to the accuracy or completeness of the information contained in this Presentation, or made available, orally or in writing, in connection with any further investigation of \nthe Company, and nothing contained herein is, or shall be relied upon as, a promise or representation, whether as to the past or the future. The Company and William Blair expressly disclaim any liability relating to or resulting from the use, distribution or analysis of this \nPresentation. The recipient should rely solely on the representations and warranties made to it by the Company in any executed definitive agreement. \nNothing herein is intended to in any way modify, amend or supersede any of the terms and conditions set forth in the Confidentiality Agreement, which remains in full force and effect in accordance with its terms. This Presentation is intended to be delivered solely to \nparties bound by the terms of the Confidentiality Agreement and possession and use of the Presentation is subject to the terms thereof. This Presentation may not be photocopied or otherwise reproduced or distributed except in strict accordance with the terms of the \nConfidentiality Agreement.\nInquiries should be directed only to the below named persons. Under no circumstances should the Company or any of its associates, clients or vendors be contacted directly. If you have any questions or need additional information, please contact:\nTim McHugh\nManaging Director\n+1 (312) 364-8229\ntmchugh@williamblair.com \nJustine Chiou\nManaging Director\n+1 (312) 364-5086\njchiou@williamblair.com \nMiles Gornto \nDirector\n+1 (470) 351-6950\nmgornto@williamblair.com \nOscar Mendez\nVice President\n+1 (312) 364-5460\nomendez@williamblair.com\nWilliam Hyatt \nAssociate\n+1 (312) 601-9764\nwhyatt@williamblair.com\nAnna Lee Melton\nAnalyst\n+1 (312) 364-8155\namelton@williamblair.com \nAlvaro Flores\nAnalyst\n+1 (212) 237-2794\naflores@williamblair.com \nTransaction Team Contacts\n\n3\nSTRICTLY CONFIDENTIAL\nSection I\nExecutive Summary\nSection II\nIndustry Overview\nSection III\nService Lines\nSection IV\nClient Relationships\nSection V\nGo-to-Market Strategy\nSection VI\nCulture and Talent Management\nSection VII\nOperations and Platform\nSection VIII\nGrowth Strategy\nSection IX\nFinancial Overview\nContents\n\nExecutive Summary\n\n5\nSTRICTLY CONFIDENTIAL\n5\nSTRICTLY CONFIDENTIAL\nStax at a Glance\nGlobal strategy consultancy platform providing actionable, data-driven answers to clients’ critical \nstrategic questions\n▪Leading global advisory firm that provides a complementary suite of commercial due diligence (CDD), value creation, and exit \nplanning services\n▪Purpose-built to serve the private equity community and their portfolio companies across the investment lifecycle, creating deep, \nlong-lasting, and recurring client relationships\n▪Large and growing addressable market creates long runway for growth\n▪Differentiated competitive positioning created by highly specialized talent, vast intellectual property, library of referenceable work \ncreated through prior engagements, comprehensive data analytics capabilities, and a nimble operating model\n▪Proven ability to attract, develop, and retain highly specialized talent\n▪Long-term track record of strong growth and profitability amplified by momentum in recent performance\n▪Multiple growth avenues that are highly attractive and actionable\n▪Well-invested infrastructure, systems, processes, and experienced management team poised to support significant scale\n(1)Data prior to 2022 excludes pro forma adjustments.\n(2)Includes non-CDD or value creation services such as asset \nand sector work for hedge funds/credit funds or data \nanalytics retainers.\n(3)As of year-end 2024 unless otherwise stated.\n(4)Revenue from clients utilizing 2+ services.\n(5)Excludes Intern/Co-Op and Involuntary Turnover.\n(6)As of March 2025.\nStrong Long-Term Net Revenue Profile\n(1)\n$3M\n$6M\n$10M\n$20M\n$36M\n$76M\n20012005201020152020LTM Mar-25\nFirm OverviewBy the Numbers\n(1)(3)\n$91M\n2025E \nNet Revenue\n73%\nRevenue from \nRepeat Clients\n$31M\n2025E \nPF Adj. EBITDA\n24\nManaging \nDirectors and \nDirectors\n(6)\n \n~40%\nCross-Sell \nRate\n(4)\n130 \nClient Service \nNetwork \nProfessionals\n(6)\n~33%\n2020-2025E\nEBITDA CAGR\n~80%\nClient Service\nNetwork\nRetention\n(5)\n160+\nClients Served \nAnnually\n~40%\nEmployee and\nFounder Owned\n$320K+\nAverage \nProject Size\n22%\n2020-2025E\nRevenue CAGR\n44%\n37%\n15%\n4%\nBuy-Side\nSell-Side\nValue Creation\nOther\nLTM Mar-25\nNet Revenue \nby Service\n(2)\n2010 – LTM Mar-25 CAGR: ~15%\n\n6\nSTRICTLY CONFIDENTIAL\n6\nSTRICTLY CONFIDENTIAL\nConsistent history of growth and delivering critical strategic solutions with continued strong momentum and excitement for the future\nStax has Taken a Disciplined Approach to Building a Platform of Scale\nRecent History (2021 – Present)Early History (1994 – 2020)\n1994-1996\nFounded in Somerville, MA by Rafi Musher\nLaunched private equity practice and began \nexpanding corporate client base\n2010-2015\nRelocated headquarters to \nBoston\nShifted to exclusively focus on \nprivate equity due to demand \nand internal expertise\n2019-2020\nBegan proactively \nmarketing sell-side \nengagements and \nbuilding an investment \nbanking referral \nchannel\nProductized for the \nfast-growing LMM \nprivate equity deal \nmarket\nExpanded hedge fund \nand credit fund \nproducts and coverage\n2021\nHeadcount reaches \n175+ as the Company \nexperiences record \ngrowth driven by \nexpansion of core \nbusiness and \nincreased demand \nfor data analytics \ncapabilities\nJune 2023 \nJayson Traxler assumes role \nof Chief Executive Officer\nOctober \n2022\nJayson Traxler \nbecomes \nPresident of Stax, \nwith Rafi Musher \nshifting to \nChairman of the \nBoard\nMarch 2023\nPaul Edwards \nbecomes Global \nPractice Leader\nIntroduced \nverticalized \napproach to client \ncoverage initially \nexpanding on \nexisting strengths in \nservices, \ntechnology, and \nindustrials\nDecember 2023\nProductized sell-side \noffering with targeted \ncoverage effort under Will \nBarden and Roy Lockhart\nJanuary 2024\nHired Phil Dunne to \nlead London office and \nindustrials vertical\nNovember 2021\nJayson Traxler joins \nStax as Chief Operating \nOfficer\n1998-2003\nExpanded footprint to \nChicago to meet \ngrowing needs of \ncorporate and private \nequity clients \n2005\nPaul Edwards joins Stax\nApril 2023\nFormal New York \nmarket entry – \nexpanded offices \nto have capacity for \nconsultants and \nincreased presence \nin local market\nJune 2024\nRelocated London \noffice to Mayfair to \nexpand presence \nand demonstrate \nstature in the \nmarket\nNovember 2024\nHired Robert Lytle to \nbolster private equity \nrelationships and add \nexpertise to ongoing \nverticalization\nOctober 2021\nReceived strategic \ninvestment from Blue \nPoint\nNovember 2022\nHired Vince Zosa to build \nintegrated Value Creation \nIntegrated Product (VCIP) \noffering\nAcquired AMR to establish a \npresence in the London market, \nwith plans to hire additional \ntalent for further expansion\ninternational.\nAMR\nJuly 2023 \nExpanded into \nESG/Sustainability as \npart of VCIP\nOctober 2023\nExpanded into \nPricing Excellence \nas part of VCIP\nJanuary 2025\nHired Brad Kuntz to \nfurther build out \nNew York office and \nlarge cap private \nequity account \ncoverage\n\n7\nSTRICTLY CONFIDENTIAL\n7\nSTRICTLY CONFIDENTIAL\nSignificant opportunity to capture additional whitespace\nLarge Addressable Market Creates Long Runway for Growth\nMarket \nSegments \nand Size\n2025E Stax \nRevenue\nCurrent North America + U.K. \nPrivate Equity-Backed M&A \nMarket (Ideal Fund Sizes)\nCurrent spend on buy-side \ncommercial due diligence, sell-side \ncommercial due diligence, and value \ncreation for North America and U.K. \nPrivate Equity-Backed M&A for \nsubset of funds with sizes most highly \naligned to current Stax services\nCurrent North America + \nU.K. Private Equity-Backed \nM&A Market (Ideal \nClients)\nCurrent spend on buy-side \ncommercial due diligence, sell-\nside commercial due diligence, \nand value creation for North \nAmerica and U.K. Private Equity-\nBacked M&A for clients most \nhighly aligned to current Stax \nservices\nTotal Addressable North \nAmerica + U.K. Private \nEquity-Backed M&A \nMarket\nFull adoption of buy-side \ncommercial due diligence, sell-\nside commercial due diligence, \nand value creation for North \nAmerica and U.K. Private Equity-\nBacked M&A\nTotal Addressable Private \nEquity-Backed M&A \nMarket\nFull adoption of buy-side \ncommercial due diligence, sell-\nside commercial due diligence, \nand value creation for Private \nEquity-Backed M&A globally\nTotal Addressable Market\nFull adoption of buy-side \ncommercial due diligence, sell-\nside commercial due diligence, \nand value creation for global \nM&A\n<\n+\n=\n$91M\n$3.9B\n$5.2B\n$19.5B\n$32.6B\n$67.5B\nExisting Offerings\n\n8\nSTRICTLY CONFIDENTIAL\n91%\n83%\n86%\n81%\n80%\n80%\n74%\n77%\n77%\n76%\n9%\n17%\n14%\n19%\n20%\n20%\n26%\n23%\n23%\n24%\n26.4K\n22.3K\n24.9K\n23.3K\n20.6K\n28.2K\n28.7K\n26.4K\n26.0K\n28.6K\n2000200520102015202020212022202320242025P\nPE Involvement\nNo PE Involvement\nMomentum Is Building \nfor a Resurgence in \nM&A Markets\nPrivate Equity Backed \nCompany Inventory \nContinues to Rise \nAlongside Record-\nBreaking Dry Powder \nStores\nService Providers Are \nIncreasingly Becoming a \nCritical Resource Rather \nthan a “Nice to Have”\nPowerful Market Tailwinds Lay the Foundation for Outsized Growth\nStax is positioned to benefit from favorable market conditions, amplified by the Company’s alignment with the private equity universe\nSources: Dealogic, EY, Partners Group, PitchBook, S&P Capital IQ Pro.\n(1)Includes balanced, co-investment, co-investment multi-manager, growth, turnaround, and buyout strategies primarily focused on investments in North America.\n▪Expansionary monetary policy and declining inflation point towards \nincreased M&A activity in 2025 as valuations recover\n▪Less onerous regulatory hurdles will provide a more predictable, \ntruncated approval process\n▪Creative deal structures and a broader shift towards simplification— \noptimizing undervalued assets, separating divergent businesses, \nnarrowing geographic focus—will further contribute to volume\nU.S. Private Equity Backed Companies by Time in Portfolio\n▪Rising private equity inventory drives pent up demand for market \ninsight services over multiple investment cycles\n▪High proportion of long-held assets in sponsor portfolios are slated to \nseek monetization as the pressure to return distributions to paid in-\ncapital (DPI) increases\n▪Undeployed capital continues to accumulate, creating further \nincentive for general partners to transact\n▪Sponsors are tapping into a range of strategic levers to unlock \nliquidity, including co-control and minority stake sales\n▪Need for commercial due diligence and value creation services have \nstrengthened over time as private equity returns become more \nreliant on driving operational improvements and top-line growth\n▪Competitive deal environment is forcing private equity firms to \nrapidly identify and assess critical diligence topics in M&A\n▪Adoption of third-party, non-financial diligence reports (commercial, \ntech, ESG) is increasing\n▪Sponsors are progressively tasking third-party advisors with more \ncomplex challenges\n$71B\n$141B\n$246B\n$330B\n$742B\n$965B\n200020052010201520202024\nU.S. Private Equity Dry Powder\n(1)\nNorth American and European M&A Transaction Volume\nEvolution of Private Equity Return Contributors\n18%\n22%\n36%\n55%\n70%\n31%\n46%\n39%\n30%\n15%\n51%\n32%\n25%\n15%15%\n1980s1990s2000s2010s2020s (Outlook)\nDeleveraging\nMultiple Expansion\nOperational Value Creation\n45%\n44%\n45%\n46%\n48%\n18%\n16%\n20%\n21%\n20%\n38%\n40%\n35%\n33%\n32%\n9.8K\n10.5K\n11.0K\n11.3K\n11.8K\n20202021202220232024\n>5 Years\n4-5 Years\n0-3 Years\n\n9\nSTRICTLY CONFIDENTIAL\nComplementary Suite of Services that Scale with the Client\nStax’s services are designed to provide an integrated solution to its clients across the private equity lifecycle\nBuy-Side Commercial Due Diligence\n2025E Net Revenue by Service Line\n(1)\nAssess market dynamics and target alignment, \ncompetitive positioning, and value creation levers\nWorkstreams\n▪Market and asset screening\n‒Sector prioritization\n‒Acquisition screening\n‒Thesis build and development\n▪Early diligence\n‒Red flag assessment\n‒Client checks\n▪Commercial due diligence\n‒Scaled to focus on next phase of growth\n‒Pre-LOI phasing of deliverables to meet process timelines\nValue Creation\nPrimary Goals\n▪Ensure top initiatives can be successfully underwritten and executed \nupon immediately post-deal\nEmbedded Offerings\n▪Commercial excellence\n▪Pricing optimization\n▪Sales productivity\n▪Churn reduction\n▪Cost optimization\n▪Growth expansion and strategy\n▪Post-merger and acquisition strategy integration\n▪ESG and impact advisory\nSell-Side Commercial Due Diligence\nExternal Deliverables\n▪Market studies including market size assessment, client dynamics, \ncompetitive landscape, and growth opportunities\n▪Transaction support via advisory, preparation for conversations with \npotential investors, and other ad hoc analyses\nInternal Value Add\n▪Anticipated areas of potential investor pushback\n▪Insight and recommendations to inform go-forward strategy for \nmanagement and next investor\nEmbedded Offerings\n▪Exit planning and vendor due diligence\n‒Pre-empt process concerns, inform growth strategy, and \nsupport stakeholders through exit\nTypical Transaction Profile\n▪$100 million to $1 billion in enterprise value across technology, \nindustrials, healthcare, consumer, and services\nDrive rapid EBITDA improvement throughout the \ninvestment hold period\nArticulate the exit story and provide actionable \ngrowth blueprint backed by market research\n% of Net Revenue42%% of Net Revenue40%\nBuy-Side Commercial Due Diligence Value CreationSell-Side Commercial Due Diligence \n% of Net Revenue16%\n(1)Excludes 2.5% of Other revenue. \n\n10\nSTRICTLY CONFIDENTIALSTRICTLY CONFIDENTIAL\n10\nWhy Stax Wins\nServices have a high barrier to entry and high cost of failure – gaining the trust of private equity firms is \nextremely difficult and requires consistent high-quality work\nSelect Client Testimonies\n“\n“\nStax offers the Goldilocks solution—strong \nexpertise, high quality work, senior-level \nattention, and great value. Stax solves for \na huge market gap by providing superior \nadvisory work and sell-side market studies \nat a reasonable price\n– Managing Director, Investment Bank\nStax is a firm that can connect all the dots, \nwhich is what we don’t get from the point \nsolutions, while being much more flexible \nvalue-additive than MBB firms\n– Sr. Operating Partner, Private Equity Firm\nThe value of your work was multi-fold – it \ngave us materials to share with investors \nand banks, as well as a roadmap for \nwhere our brand has room to expand\n– CEO, Sell-Side Client\nThe work from Stax gave us a clear 5% lift \non valuation. Their framing of the business \nstarted everyone at a higher base\n– Managing Director, Private Equity Firm\nTalented bench of professionals \nwith specialized expertise\nStrong reputation and trust among \ninvestment banks, private equity firms, \nand other investment managers\nTransparent, collaborative \napproach to projects\nOperating model built \nspecifically to serve the \nneeds of private equity\nDeep vertical expertise\nExtensive intellectual property \ncreated by historical engagements\nStrong data analytics capabilities \nsupported by global delivery\nValue creation is ingrained in \napproach to diligence\nUniquely Positioned Through Breadth of High-Quality Services Offered at a Competitive Price Point\nBreadth and Depth of \nDiligence Offering\n“High-Level”\nBespoke Content; \nGrounded in Data; \nGlobal Presence\nInterview / Survey \nBased; Limited \nGeographic Presence\nQuality / Value \nCaptured \n$250K\nUpper / Middle Market & Growth Funds\n$800K-$1M\n$100K\n(Europe)\n$500K\n\n11\nSTRICTLY CONFIDENTIAL\nCompelling Employee Value Proposition to Cultivate Top Talent\nUnique culture and attractive career growth opportunities make Stax a preferred employment destination for consultants\nVision and Values Serve as a Foundation for Exceptional Client Service...Meaningful Opportunities for Employees Ensure Company Success\n...Which The Industry Recognizes as Best-in-ClassBy the Numbers\n(1)\n95%\nDirector and\nManaging Director \nRetention\n(2)(3)\n$7.7M\nRevenue per \nManaging \nDirector\n(2)\n~$700K\nRevenue per \nClient Service \nProfessional\n232\nFull-Time \nEmployees as of \nMar-25\n36%\nAnnual CSN \nD/MD \nGrowth\n(4)\n11:1\nCSN / Managing \nDirector Ratio\n~80%\nCSN \nProfessional \nRetention\n(3)\n90%\nLTM Mar-25 Client \nService Network \nUtilization\nALM Best Small Firm to \nWork For 2024\nALM Rising \nStars 2025\nALM Top Consultants \n2024\nALM Women Leaders \nin Consulting 2024\nAmerica’s Fastest - \nGrowing Companies\nManagement \nConsulted Top \nConsulting Firm 2025\nRealDeals PE CDD \nProvider of the Year \nFinalist 2025\nConsulting Report Top \n25 Consulting Firm \nCEOs 2024\nConsulting Report Top \n50 Consulting Firms \n2024\nConsulting Report Top \n25 Operations & Supply \nChain Consultants 2025\nVault Top Ranked \nEMEA Consulting\n2025\nVault Top Ranked \nNorth America \nConsulting 2025\nWe will provide exceptional opportunities for good \npeople\nVISION\nWe will create value for our clients and \npartners\nWe will grow a successful, durable organization of \nlong-term value\nWe act with the highest integrity, respect for others, \nand personal accountability\nVALUES\nWe demonstrate commitment to the \ncommunity\nWe foster a sense of shared responsibility \namongst our team\nCompetitively \ndifferentiated \nplatform that \ncreates a platform \nfor professionals \nto be successful\nAmple \nwhitespace for \ncareer growth \nrelative to some \ncompetitors\nGrowing platform \ncreates exciting new \ncareer opportunities \nwhere professionals \ncan have a significant \nimpact \nIncentive model \nthat drives \ncollaboration, \nwith opportunity \nto participate in \nequity value \ncreation\nUnique focus \non serving and \ngrowing with \nprivate equity \nclients\n~40%\nEmployee and \nFounder \nOwned\n86\nEmployee \nOwners\n(1)As of year-end 2024 unless otherwise stated.\n(2)Reflects Client Service Network only.\n(3)Excludes Intern/Co-Op and Involuntary turnover.\n(4)Reflects CAGR of Client Service Network Director \nand Managing Director headcount from year-end \n2022 to Mar-25.\n\n12\nSTRICTLY CONFIDENTIAL\n▪x\n$1.1\n$13.3\n$18.0\n$20.6\n202020222024LTM Mar-25\n23%\n21%\n14%\n41%\nTop 10\nTop 11-30\nTop 31-60\nAll Others\n27%\n7%\n21%\n45%\n<1 Yr\n1-2 Yrs\n2-6 Yrs\n6+ Yrs\n73%\n27%\nRepeat\nNon-Repeat\n62%\n27%\n11%\n1 Service\n2 Services\n3 Services\nDeep-Rooted Client Relationships Supported by Sophisticated Go-to-Market Strategy\nExceptional service and industry expertise lay the foundation for Stax’s long-standing client relationships\nRevenue Concentration by ClientClient Tenure Mix\nClients Using Multiple ServicesRevenue from Repeat Clients\nGrowing Volume of Sell-Side Referrals from Investment Banks\nLarge Cap Private \nEquity\nMiddle Market and \nGrowth Private Equity\nHedge Funds and\nCredit Funds\nInvestment Banks\nSelect Client and Referral Channel Relationships\n(Net Revenue; $ in millions)\n$72M\n2024 Net \nRevenue\n$72M\n2024 Net \nRevenue\n$72M\n2024 Net \nRevenue\n$72M\n2024 Net \nRevenue\n\n13\nSTRICTLY CONFIDENTIAL\nStax is a Service Provider of Choice Across the Private Equity Investment Lifecycle\nProven long-term partner to sponsors and their portfolio companies during key milestones and inflection points\nPre-InvestmentHold PeriodExit\nValue CreationBuy-Side Due DiligenceSell-Side Due Diligence\nMarket and Asset \nAssessment\nEarly Due\nDiligence\nCommercial Due \nDiligence\nProfit\nX-Ray\nGrowth Acceleration \nDiagnostics\nICP\nAnalytics\nExit\nPlanning\nVendor Due \nDiligence\nOngoing Support \nThrough Exit Into \nNext Phase of \nGrowth\nNew Partner\nSelect Portfolio Company Case Studies\nEntry Point and Highlights\n▪Provider of finance, operations, and accounting software to the energy industry\n▪Acquired by Thoma Bravo in 2018 from Silver Lake\n▪Completed three buy-side engagements for private equity firms that later invested in the company, \nleading to repeat growth strategy and value creation work for Stax\n▪Seventeen projects completed to date across three private equity ownership cycles\nInitiatives Under CarlyleInitiatives Under Silver Lake\n15+ Year\nRelationship\nInitiatives Under Thoma BravoCumulative Net Revenue\nEntry Point and Highlights\n▪Provider of solutions to automate and simplify the insurance process\n▪Acquired by Roper Technologies in 2020 from Bain Capital and Vista Equity Partners\n▪Initial introduction in 2010 through a buy-side engagement for a large private equity firm\n▪Eight projects completed to date across three private equity ownership cycles\nInitiatives Under TPGInitiatives Under Bain Capital & Vista\n15+ Year\nRelationship\nInitiatives Under Roper Technologies Cumulative Net Revenue\n▪Conducted buy-side due diligence on behalf of \nCarlyle, which ultimately acquired a majority interest \nin Quorum\n▪Evaluated multiple successful add-on acquisitions\n▪Provided exit planning and sell-side support\n▪Evaluated multiple successful add-on acquisitions\n▪Provided strategy support after three-way merger\n▪Continued evaluation of expansion opportunities\n~$3.5 million~$1.8 million\n▪Assessed add-on potential and risks of an insurance \nand securities technology provider\n▪Conducted a pricing strategy and commercial \ndiagnostic to benchmark recent growth\n▪Completed a sell-side study\n▪Assessed the MGA market to inform growth strategy\n▪Completed commercial performance diagnostic\n▪Supported 3-year strategic planning\n\n14\nSTRICTLY CONFIDENTIAL\nStrong Opportunity to Accelerate Growth Through Multi-Pronged Strategy\nClear, attainable initiatives to build upon leading market position\nAttractive \nMarket Tailwinds\nPrivate equity firms are increasingly utilizing commercial due diligence \nand value optimization services for transactions and portfolio companies\nPrivate equity has shown resilient \ngrowth supporting an expanding TAM\nRising private equity inventory is driving demand for multiple \nmarket insight services over each investment’s lifecycle\n▪Scale coverage and \ncontent intersection \nacross private equity and \ninvestment banks\n▪Further scale dedicated \nbusiness development \nteam to broaden \ncoverage universe\n▪Centralize, scale, and \nmanage external \nindividual, account, and \nsubsector \ncommunications\n▪Focus on accelerating \nthe execution of M&A \nplaybook\n▪Expand into new \ngeographies, new \nservice lines, and build \nscale in existing markets\n▪Opportunistically \nevaluate larger-scale \ntransformative M&A \ntargets\nIdentify and Execute \non Acquisitions\n▪Capitalize on advisory, \nbespoke nature of work, \nand pricing umbrella \nrelative to MBB+ to \nrealize due diligence \nprice increases \nnationally and abroad\n▪Raise prices in value \ncreation to be more in-\nline with client impact, \nresults, and ROI\n▪Expand number of \naccounts with average \nproject size of $400K+ \nwith ample cross-sell \nopportunities and need \nfor multiple projects per \nyear\nExert\nPricing Power\n▪Further optimize cross-\nsell strategy to deepen \ndensity across core \naccounts through scaled \ninside sales strategy\n▪Target key private equity \nclients where \nreferenceable work \nprovides opportunity for \nfurther penetration in \nprojects that command \nmore premium bill rates\nScale Client Coverage\n▪Leverage reputation and \ndifferentiated \nexperience in key \nverticals with high win \nrates across market \nsegments\n▪Introduce new verticals \nsuch as government or \naerospace and defense \nthrough de novo efforts \nor experienced senior \nhires \nDeepen Vertical \nExpertise\n▪Capitalize on hedge \nfunds’ growing inbound \ndemand for market \nresearch \n▪Introduce new purpose-\nbuilt products such as \ntechnology due \ndiligence, financial due \ndiligence, policy and \nregulatory consulting, \noperational due \ndiligence, and ESG and \nsustainability diligence \nthrough integrated go-\nto-market approach\nExpand Capabilities \nand Client Profiles\n▪Continue building \nmomentum in the U.K. \nto expand market \npresence\n▪Strategically grow \nheadcount and client \nleadership in New York \noffice\n▪Establish local presence \nin new geographic \nmarkets through organic \ngreenfield locations in \nthe United States and \nEurope\n▪Continue to protect \nunique culture via \nplanful expansion\nBroaden Geographic \nPresence\n▪Strategically hire senior \nprofessionals to build \ndensity in core verticals \nand expand capabilities\n▪Build density across \ncurrent locations, \nexpanding \napprenticeship model to \nfurther attract and \ndevelop mid/junior \ntalent\nAttract, Develop, and \nRetain Talent\nMaximize Wallet \nShare and Cross-Sell\nGrowExpandTransform\n\n15\nSTRICTLY CONFIDENTIAL\n▪Founder-led with minimal \ninfrastructure\n▪Centralized global management \nteam\n▪Office-centric P&L▪Single global P&L\n▪Inconsistent performance \nmanagement\n▪Inconsistent pricing\n▪Inconsistent delivery \n▪Global standards and value \nproposition\n▪Product-led, content-driven\n▪Concentrated sales with little \ncollaboration\n▪Collaborative account structure\n▪Industry verticalized senior \nconsultants\n▪Research-focused▪Advisory-focused\n▪Tiered product and brand issue\n▪Decentralized, under-invested \nplatform\n▪Well-invested, integrated \ninfrastructure\n▪Purpose-built platform for pace \nof private equity\n▪Proven M&A capability\nProfessionalized Platform Poised to Support Significant Growth\nCurated strategic transition has established infrastructure to scale alongside the business as the Company enters the next phase of growth\n2022 OnwardsPre-2021\nOld FrameworkNew Foundation\n▪Established global competencies, leveling, and \ncompensation\n▪Adopted global staffing and development\n▪Upgraded teams\n▪Unified positioning and value proposition\n▪Benchmarked pricing and products\n▪Upgraded ERP and created Stax INTEL\n▪Adopted senior oversight of content generation \nand access (vertical groups, thought leadership, \nPOVs)\n▪Established brand and ramped up recruitment in \nLondon and NYC\n▪Onboarded culture in NYC\n▪Restructured Chicago\n▪Established senior apprenticeship\n▪Established consistent hybrid model\n▪Established “Regional Success” teams to partner \nU.S. seniors with EMEA client leads\n▪Structured collaborative global pipeline with \naccount collaboration groups and oversight\n▪Removed generalist Directors and Managing \nDirectors\n▪Established vertical structures\n▪Added verticalized talent\n▪Created vertical content agenda\n▪Recruited sector and product specialists\n▪Verticalized competency model for Associate \nDirector and above\n▪Created integrated workstream approach with \nClient Delivery Network\n▪Built vendor due diligence and value creation \nintegrated product (VCIP) product matrix\n▪Elevated CDD product\n▪Established product-level P&L and metrics\n▪Began tracking product cross-selling\n▪Established dedicated resourcing and coverage\n▪Established product-specific competencies\n▪Integrated and connected products, building to a \nfund/asset-life offering\n▪Constructed ARM and account tiering\n▪Further trained and developed junior sellers\n▪Established collaboration metrics\n▪Transitioned founder to Board and created \ncentralized management structure\n▪New CEO, Global Practice Leader, Chief People \nOfficer, and General Counsel\n▪Screened seniors for collaboration; retained \nhigh-quality mid-level consultants\n▪Better defined path from Associate Dir. to MD\n▪Created strategy and go-to-market framework to \nscale OpGen\n▪Created marketing and business development \nsupport framework\n▪Developed knowledge management tool\n▪Created collaboration incentives\n▪Established engagement metrics for tracking\n▪Elevated client engagement agenda\n▪Developed BI function and created Stax INTEL \nplatform\nStandardize\nVerticalize\nDiversify\nGlobalization of staffing, utilization, reporting, talent development, and pricing \nallows for consistent client experience with different coverage points\nCommercialize\nGlobalize\nProductize\n\n16\nSTRICTLY CONFIDENTIAL\nDiversified Business with Proven Growth Across All Environments\nStax’s diversified business model has proven its ability to grow across economic environments\n(1)Reflects cumulative percent change over time since 2005.\n(2)2005-2021 reflects reported financials.\n(3)Source: Dealogic. Reflects announced North American and European transactions with private equity involvement between 1/1/2005 and 12/31/2024. 2025 projection per EY.\nGreat Recession\nCOVID-19\nGreat \nResignation\nInflation\nRate \nHikes\nNet Revenue Performance Relative to the M&A Environment\n(1)\nWinners in Market Growth\nWinners in Market Contraction\n(500%)\n–\n500%\n1,000%\n1,500%\n2,000%\n20052006200720082009201020112012201320142015201620172018201920202021202220232024LTM\nMar-25\n2025E\nStax Net RevenueN.A. and U.K. PE Transaction Volume\n▪Buy-Side Commercial Due Diligence: Increasing demand of \nbuy-side services as private equity firms explore a wide range \nof investment opportunities\n▪Value Creation: Growing demand for value creation services \nas firms strive to outperform competitors by enhancing \nportfolio company performance to unlock growth and value\n▪Sell-Side Commercial Due Diligence: Increased market activity \nand favorable valuations drive companies to prepare for sale \nboosting demand for sell-side services\n▪Buy-Side Commercial Due Diligence: Steady demand as firms \nseek expert analysis to identify undervalued assets with \nrecovery potential\n▪Value Creation: Consistent value creation demand as portfolio \ncompanies face pressure to optimize operations and cut costs\n▪Sell-Side Commercial Due Diligence: Stable demand for sell-\nside services as sellers must present their businesses in the \nbest possible light\n▪Diverse Client Profiles: Ability to tap hedge fund and credit \nfund clients when topline deal-market activity slows\n(2)(3)\n\n17\nSTRICTLY CONFIDENTIAL\nCompelling Long-Term Outlook Underpinned by Track Record of Consistent Growth\nHighly attractive financial profile defined by consistent growth and impressive margins\nPro Forma Adjusted Net Revenue\nOrganic Gross Profit and Margin\nPro Forma Adjusted EBITDA and Margin\n($ in millions)\n($ in millions)\n($ in millions)\n$39\n$44\n$48\n$54\n$70\n$88\n$109\n$136\n$168\n61.0%\n62.0%\n63.1%\n59.5%\n60.5%\n61.0%61.0%61.0%61.0%\n20232024LTM Mar-252025E2026P2027P2028P2029P2030P\n$42\n$54\n$69\n$89\n$112\n$4\n$10\n$19\n$30\n$45\n$19\n$24\n$27\n$31\n$46\n$65\n$88\n$119\n$157\n29.3%\n33.5%\n35.6%\n33.3%\n36.2%\n38.0%\n39.0%\n39.9%\n40.9%\n20232024LTM Mar-252025E2026P2027P2028P2029P2030P\nOrganicAcquired\n$115\n$143\n$179\n$223\n$275\n$12\n$27\n$48\n$75\n$110\n$64\n$71\n$76\n$91\n$127\n$170\n$226\n$298\n$385\n20232024LTM Mar-252025E2026P2027P2028P2029P2030P\nOrganicAcquired\n\n18\nSTRICTLY CONFIDENTIAL\nProven Leadership Team Poised for the Next Era of Growth\nCommitted leadership team with a clear vision for the future of Stax\n(1)Client Service Network.\n(2)Operations.\nPaul Edwards\nGlobal Practice Leader\nJoined in 2005\n25+ Years of Experience\nJayson Traxler\nChief Executive Officer\nJoined in 2021\n25+ Years of Experience\nSTS Research Group\n18\nSTRICTLY CONFIDENTIAL\nMeg Macumber\nGlobal Head of \nFinance\nLeslie Regenbaum\nGeneral \nCounsel\nAmy Schoeman\nGlobal Head of \nHuman Resources\nJoe Brownell\nGlobal Head of \nMarketing\nConnor Novy\nChief of Staff, \nHead of Sales Ops\nMihaela Dumea\nDirector, Data & \nBus. Intelligence\nHazir Shafeek\nGlobal Head of \nData Insights & IT\nBrad Kuntz\nAmericas \nRegional Lead\nPhil Dunne\nEMEA \nRegional Lead\nRobert Lytle\nTransaction \nAdvisory Co-Lead\nWill Barden\nTransaction \nAdvisory Co-Lead\nVince Zosa\nValue Creation \nProduct Lead\nRoy Lockhart\nExit Planning \nProduct Lead\n2020202320242018201820222021202520242024202220222011\n20+ Years20+ Years20+ Years25+ Years10+ Years20+ Years15+ Years20+ Years35+ Years30+ Years15+ Years30+ Years15+ Years\nDEVON\nV A L U E A D V I S E R S\nYear Joined\nIndustry Tenure\nPrior Experience\n\n19\nSTRICTLY CONFIDENTIALSTRICTLY CONFIDENTIAL\n19\nStax is a Highly Differentiated and Attractive Platform\nLarge addressable market with favorable secular trends\nDifferentiated value proposition for clients magnified by expertise developed through \nhistorical project volume\nDeep relationships with diversified set of clients that have reoccurring demand\nCompelling employee value proposition to attract, develop, and retain talent\nProven management team set to sustain growth\nProfessional operating platform set to scale\nClearly-defined multi-pronged growth strategy\nProven history of long-term growth, robust margins, and strong capital efficiency\n\nIndustry Overview\n\n21\nSTRICTLY CONFIDENTIAL\n$20B\n$33B\n$68B\n$91M\nStax Services the Private Equity Sector, a Foundational and Stable End Market\nBroad end market tailwinds provide ideal environment for long-term revenue growth\nLarge and Growing Addressable Market \nIndustry Landscape\nAdvisory Firms \n2025E Stax \nNet Revenue\n2024 Global M&A\n2024 Global Private \nEquity-Backed M&A\nNorth American and U.K. \nPrivate Equity-Backed M&A\nAccounting Networks\nMBB \n\n22\nSTRICTLY CONFIDENTIAL\nStax Services the Private Equity Sector, a Foundational and Stable End Market\nBroad end market tailwinds provide ideal environment for long-term revenue growth\nGlobal Private Equity Deal VolumeU.S. Private Equity Dry Powder by Fund Size\nGlobal Private Equity Exit VolumeU.S. Private Equity-Backed Company Inventory by Age\nSource: PitchBook.\n3.2K\n5.8K\n2.8K\n6.7K\n6.9K\n7.3K\n7.6K\n7.9K\n8.3K\n8.8K\n9.3K\n9.8K\n10.5K\n11.0K\n11.3K\n11.8K\n2012201320142015201620172018201920202021202220232024\nLess than 2 Years\n2 - 5 Years\nOver 5 Years\n$0.4\n$0.6\n$0.5\n$0.6\n$0.8\n$0.8\n$0.7\n$0.8\n$0.8\n$0.6\n$0.9\n$1.7\n$0.8\n$0.8\n$0.9\n1.8K\n2.1K\n2.2K\n2.4K\n2.9K\n3.3K\n3.1K\n3.4K\n3.4K\n3.2K\n2.8K\n4.4K\n3.7K\n3.5K\n3.8K\n201020112012201320142015201620172018201920202021202220232024\nExit Value\nExit Count\n$0.6 \n$0.7 \n$0.7 \n$0.7 \n$0.9 \n$1.1 \n$1.0 \n$1.2 \n$1.3 \n$1.3 \n$1.2 \n$2.3 \n$1.8 \n$1.4 \n$1.8 \n6.5K\n7.5K\n7.9K\n7.9K\n9.6K\n10.9K\n11.0K\n12.0K\n13.4K\n14.0K\n13.7K\n20.9K\n19.6K\n17.1K\n19.1K\n201020112012201320142015201620172018201920202021202220232024\nDeal Value\nDeal Count\n $0\n $200\n $400\n $600\n $800\n $1,000\n2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024\nMiddle Market PE\nPE Megafunds\nPE Under $100M\n($ in trillions)\n($ in trillions)($ in billions)\n2010 – 2024 CAGR: 8.4%2006 – 2024 CAGR: 5.6%\n2010 – 2024 Exit Value CAGR: 5.1%2012 – 2024 CAGR: 4.9%\n\n23\nSTRICTLY CONFIDENTIAL\nMore Than $32B in TAM Opportunity for Stax’s Core Products\nBountiful growth prospects in a broad addressable market \nTotal Addressable Market Opportunity by Product\nSource: Stax Market Sizing Analysis.\nSpendVolume\nSell-Side Diligence\n$2.9B\nValue Creation\n$4.1B\nBuy-Side Diligence\n$25.6B\n$32.6B\n2024\nBuy-Side \nDiligence\n19,123 \nPrivate Equity Transactions Annually\n$1.3M \nCDD Spend Per Closed Transaction\nSources and Approach:\n▪PitchBook 2024 Global Private Equity Report\nSources and Approach:\n▪Reflects 100% attach rate to pre-LOI lean-in & LOI deals\n▪Spend per deal per Stax PE decisionmaker survey (n=50)\nSell-Side \nDiligence\n6,389 \nAnnual Exits Across PE/Founder Businesses\n$453K \nSpend Per Successful Exit\nSources and Approach:\n▪PitchBook 2024 Global Private Equity Report\n▪Stax estimate of founder-backed exits >$100M in deal \nvalue\nSources and Approach:\n▪Reflects 100% attach rate of successful exits (founder- \nand PE-owned) and 40% assumed deal failure rate\n▪Spend per deal per Stax PE decisionmaker survey (n=50)\nValue \nCreation\n56,177 \nActive Private Equity-Backed Companies\n$72K\nSpend Per Portfolio Company Per Year\nSources and Approach:\n▪PitchBook Filter for Currently Privately-held, Private \nEquity-Backed Companies (i.e., non-addon/subsidiary)\nSources and Approach:\n▪Reflects each portfolio company conducting $361K of \nVCIP spend spread annually over a five-year hold period\n▪Spend per deal per Stax PE decisionmaker survey (n=50)\n\n24\nSTRICTLY CONFIDENTIAL\nHighly Attractive and Growing Market for Stax’s Private Equity Services\nStax is well-positioned to benefit from increases in private equity activity and standardization of third-party diligence in deal-making\nTrends Appreciating the Value of TAM and Current Spend on Stax’s Services\n▪Deal volumes, exit volumes, and the total pool of private equity-backed companies continue to grow and are resilient, and \ninvestor sentiment remains positive going forward\n▪Number of new private equity deals in U.S. and Europe has grown at a 7.6% CAGR over the last ten years\nGrowing Deal Sizes and \nVolume\n▪Value and depth of consulting engagements is increasing, and consulting services are readily able to pass through increasing \nlabor costs, growing the overall spend per deal\n▪Based on a survey scale from 1 (Nice to Have/Less Important) to 7 (Need to Have/More Important), average CDD value to private \nequity funds will increase from ~4 to ~5 from five years ago to the next five years, and value creation will increase from ~5 to ~6 \nfor the same period\nHigher Average Spend \nand Scope per Deal\n▪Competitiveness for high-quality deals is increasing, and more suitors are leaning into processes overall, and earlier driven by the \ndesire to filter for good deals and the growing need for private equity to “sell management” on the value of their partnership\n▪Middle market and growth equity deal funnels (deals seen, leaned in on, and under LOI) have increased at 8.4-9.0% CAGRs, \npushing CDD opportunities beyond the currently estimated ~3 due diligence engagements per closed deal\nMore CDD Opportunities \nper Deal\n▪Third-party support for diligence and value creation efforts are increasingly becoming an industry standard, with a steadily \nincreasing portion of deals and portfolio companies hiring third-party support\n▪Pre-LOI CDD attachment rates to deals have grown from 10% in the last five years to 23% today, and 30% of portfolio companies \nutilize value creation today compared to 20% over the last five years\n(1)\nAttachment Rates Are \nGrowing Across \nProducts\nSource: Stax Market Sizing Analysis, including Stax web survey (Winter 2025, n=50).\n(1)Based on subset of middle market funds, excluding new funds, per Stax web survey (Winter 2025, n=36).\n\nService Lines\n\n26\nSTRICTLY CONFIDENTIAL\nOverview\nAdvisory Services\nContract Structure\nAverage Engagement Length\nStage of Investment Lifecycle\nTypical Referral Source\nNet Revenue\nProjects Invoiced\nAverage Revenue per Project\nClients Served\nComplementary Solutions to Address a Wide Array of Client Needs\nSuite of critical services provide a strong basis for recurring revenue and natural cross-sell opportunities across the private equity lifecycle\nBuy-Side Commercial Due Diligence\nKey Attributes\nLTM Mar\n-\n25 Highlights\n▪Evaluate potential targets, focus areas, or \ninvestment themes for sponsors\n▪Assess market dynamics and target \nalignment, competitive positioning, and \nvalue creation levers\nMarket and Asset Screening, Thesis Build, \nEarly Diligence, Commercial Due Diligence\nFixed Fee\n3-6 Weeks\nPre-Investment\nExisting Relationship\n107\n$318K\n83\nSell-Side Commercial Due Diligence\nMarket Study, Exit Planning, Vendor Due \nDiligence\n▪Ensure process readiness and enhance \ntransaction outcomes for sponsors and \nmanagement teams\n▪Articulate the exit story and provide \nactionable growth blueprint backed by \nmarket research\nFixed Fee\n4-6 Weeks\nExit\nReferral from Investment Bank or \nExisting Sponsor Relationship\n76\n$378K\n81\nValue Creation\nCommercial Excellence, Pricing & Cost Optimization, \nSales Productivity, Churn Reduction, ESG & Impact\nFixed Fee\nVaries\nHold Period\nExisting Relationship or Ongoing \nSupport Following Exit Planning\n34\n$331K\n32\n▪Drive rapid EBITDA improvement \nthroughout the investment hold period\n▪Designed for multi-year, multi-project \nrelationships to drive incumbency with \nmanagement teams and ultimately lead \nto sell-side support\n$34M$29M$11M\n\n27\nSTRICTLY CONFIDENTIAL\nBuy-Side Commercial Due Diligence\n▪Provide data-driven insights across key investment considerations (market, target company, competition, etc.)\n▪Enables private equity firms to make informed decisions by identifying potential opportunities and risks for a \nprospective investment\n▪The Company provides services during the acquisition screening and theme development phase, as well as early \ndiligence and scaled commercial due diligence in an active process\n‒Early workstreams include sector prioritization, acquisition screening, thesis build and development, red \nflag assessments, and client checks\n‒Pre-LOI workstreams include assessment of the target’s market, client dynamics and competitive \npositioning, competitive landscape, and growth opportunities\n▪Post-LOI work integrates blueprint development and growth strategy planning\n▪High level of repeat demand from long-term relationships with private equity clients\nExtension of the investment team evaluating potential platform and add-on opportunities\nLTM Mar-25 Key Stats\nIllustrative Project Timeline\nRepresentative Clients\nOverview and Typical Scope\nIllustrative Project Timeline\nKICK-OFFAlign on Final Scope and Objectives, Data Discovery\nANALYSES\nPhone-Based Interviews, Analysis of Target Data, \nOnline Review Analysis, Synthesize Research \nStreams, Develop Fact-Base\n80/20 Report, Final Read-Out\nPOST-PROJECT COLLABORATION\nWeeks ~1-4Ongoing As-Needed\nSupport First 100 Days of Hold Period, Ongoing \nValue Creation Work \nDELIVERABLES\n11%\n2018 – LTM Mar-25 \nRevenue CAGR \n107\nProjects \nInvoiced\n$318K\nAverage Revenue \nper Project\n83\nClients \nServed\n% of Net \nRevenue\n44%\n37%\n15%\n4%\nBuy-Side\nSell-Side\nValue Creation\nOther\n\n28\nSTRICTLY CONFIDENTIAL\nValue Creation\n▪Multi-phase model partnering with clients to define and execute on value creation initiatives while building \noperating discipline and sustainable improvements year-over-year\n▪Drives development of strategic growth options for expansion with an actionable roadmap for implementation\n▪Leverages the Company’s depth of sector expertise, proprietary research, and advanced analytics capabilities to \ndeliver a data-driven, evidence-based assessment of recent performance and growth potential\n▪Offering encompasses proven methodologies to define growth strategies and improve commercial excellence \nand capital efficiency\n‒Client segmentation and value proposition, channel expansion, churn reduction, pricing optimization, \nESG/Sustainability and risk, marketing, client experience\n‒AI strategic assessment and diagnostics with execution support to define, test, and scale AI initiatives\n▪Value creation services deepen and extend engagement with private equity clients around critical decisions for \ntheir portfolio companies outside of a new investment or exit period\nTargeted diagnostics and actionable growth plans to achieve desired business outcomes at various stages of maturity\nOverview and Typical ScopeLTM Mar-25 Key Stats\nIllustrative Project Timeline\nRepresentative Clients\nKICK-OFFWorking Session with Relevant Stakeholders\nPotential Growth Thesis, Client/Market/ICP Offering \nAssessment, Strategic Option Development, Risk \nAssessment and Roadmap\nPOST-PROJECT COLLABORATION\nWeeks ~1-4Ongoing As-Needed\nEnter Phase II to Build on Project Work or Support \nImplementation, Prepare for Sale Process\nInterim Update, \nWorkshop, Final Read Out\nDELIVERABLES\nANALYSES\n% of Net \nRevenue\n8%\n2018 – LTM Mar-25 \nRevenue CAGR \n34\nProjects \nInvoiced\n$331K\nAverage Revenue \nper Project\n32\nClients \nServed\n44%\n37%\n15%\n4%\nBuy-Side\nSell-Side\nValue Creation\nOther\n\n29\nSTRICTLY CONFIDENTIAL\nSell-Side Commercial Due Diligence\n▪Demonstrate strength of positioning and growth potential of the asset in preparation of exit \n▪Communicates the growth story to potential investors by providing research and analysis to define the target’s \nmarket, strength of its positioning and performance, and opportunities for expansion\n▪Stax leverages its experience working on the buy-side to address critical questions about the target that \ninvestors will focus on, including TAM, growth outlook for core market, competitive differentiation, future \nopportunities, and voice of the client\n▪Modular approach allows Stax to adjust its process and output depending on sponsor/founder involvement, \nrelevant buyer universe, and priority needs\n▪New business development for this service is focused on referrals from investment banks, as well as leveraging \nprivate equity client relationships\n‒The Company worked with 20+ investment banks in the last 24 months\n▪Natural cross-sell opportunity from momentum of sale process and intelligence gathered during engagement\n▪Reputation among private equity investors is a significant point of attraction for banks and management teams\nCollaborative thought partner throughout a sale process to articulate the asset’s positioning and growth story\nOverview and Typical ScopeLTM Mar-25 Key Stats\nIllustrative Project Timeline\nRepresentative Clients\nKICK-OFFWorking Session with Relevant Stakeholders\nTAM and Client Analysis, Risk Assessment, VDR \nPreparedness, Growth Strategy Vetting\nDELIVERABLESFinal Read-Out\nPOST-PROJECT COLLABORATION\nWeeks ~1-5Ongoing As-Needed\nDevelop Buyer-Specific Materials, Discuss with Potential \nSuitors, Onboard Findings and Recommendations at Target\nANALYSES\n% of Net \nRevenue\n62%\n2018 – LTM Mar-25 \nRevenue CAGR \n76\nProjects \nInvoiced\n$378K\nAverage Revenue \nper Project\n81\nClients \nServed\n44%\n37%\n15%\n4%\nBuy-Side\nSell-Side\nValue Creation\nOther\n\n30\nSTRICTLY CONFIDENTIAL\nStrong Institutional Knowledge Across Industries\nStax outperforms competitors by offering the highest quality and expertise across multiple end markets, while ensuring stability through diversification \nacross various industries\nNote: Data reflects LTM Mar-25 engagements and revenue mix.\n132\nEngagements\n% of Net Revenue45%\nVertical SaaS\nIndustry-Specific Apps\nEnterprise Applications\nNetwork Infrastructure\nAI & Machine-Learning\nMedia and B2C Tech\nTechnology\n25\nEngagements\n% of Net Revenue9%\nPhysician Practices\nLong-Term Care\nManaged Healthcare\nMedical Devices\nHospitals & Facilities\nPayors\nHealthcare\n15\nEngagements\n% of Net Revenue5%\nApparel\nFood & Beverage\nHospitality and Leisure\nHousehold Goods\nResidential Services\nHealth & Wellness\nConsumer\n37\nEngagements\n% of Net Revenue15%\nManufacturing\nDistribution\nTransportation\nConstruction & Engineering\nAerospace and Defense\nAutomotive\nIndustrialsServices\n64\nEngagements\n% of Net Revenue25%\nProfessional Services\nFinancial Services\nMarketing and Advertising Services\nData and Information Services\nIT Services\nEvents and Tradeshow Services\n\n31\nSTRICTLY CONFIDENTIAL\nIn-Depth Expertise in Technology and Services \nStax has effectively established a strong replicable presence in technology and service verticals, driving above-market growth and creating a playbook \nfor additional vertical expansion\nIT \nInfrastructure\nCybersecurityVertical SaaS\nHorizontal \nEnterprise \nApplications\nPayments and \nFintech \nConsumer \nTechnology and \nMedia\nTechnology \nCommercial and \nResidential \nServices \nIT Services\nEvents, \nMarketing, and \nInfo Services\nProfessional and \nAdvisory Services\nEducation and \nCrediting Services\nFinancial and \nInsurance Services\nSub-Vertical Expansion Opportunities Sub-Vertical Expansion Opportunities \n$5\n$10\n$11\n$27\n$31\n$30\n$33\n$36\n2018201920202021202220232024LTM\nMar-25\n$6\n$6\n$6\n$11\n$17\n$16\n$18\n$20\n2018201920202021202220232024LTM\nMar-25\nStrengthEvolving Focus\nServices \n72%\n6%\n7%\n(11%)\n2018-20212021-2024\nStaxMarket\n26%\n17%\n6%\n(2%)\n2018-20212021-2024\nStaxMarket\n($ in millions)($ in millions)\nStrengthEvolving Focus\nTechnology Net RevenueAbove-Market Revenue GrowthServices Net RevenueAbove-Market Revenue Growth\nStrong reputation within \nhighly penetrated market\nSub sector account targeting and \nplanning with room to build density \nGrowing average \nproject sizes \nResilient performance across \ndiverse economic conditions\nGrowing number of \nverticalized professionals \n\nClient Relationships\n\n33\nSTRICTLY CONFIDENTIAL\n44%\n37%\n15%\n4%\nBuy-Side\nSell-Side\nValue Creation\nOther\nStax Serves a Large, Diversified Client Base\n79%\n15%\n6%\nPrivate Equity\nPortCo / Corporate\nHedge Fund\nLong-tenured client base with exceptional retention, largely comprised of blue-chip private equity investors\n42%\n41%\n17%\nMiddle Market\nUMM / Large Cap\nLower Middle Market\n46%\n26%\n13%\n10%\n5%\nTechnology\nServices\nIndustrials\nHealthcare\nConsumer\nPrivate Equity Focus......Across Service Lines...\n...Split Among Market Segments......and End Markets\n(1)Reflects Private Equity and Hedge Fund clients only. Lower Middle Market defined as less than $1.5 billion AUM, Middle Market defined as $1.5 to $10.0 billion AUM, and UMM / Large Cap \ndefined as greater than $10.0 billion AUM.\nLTM Mar-25 \nby Client Type\nLTM Mar-25 \nby Service Line\nLTM Mar-25 \nby Client Size\n(1)\nLTM Mar-25 \nby Industry\n(% of Net Revenue)\n(% of Net Revenue)\n(% of Net Revenue)\n(% of Net Revenue)\n\n34\nSTRICTLY CONFIDENTIAL\nDiversified Relationships Across Service Lines\nBroad spectrum and high-quality clients across growth stages and end markets\n(1)Reflects Private Equity and Hedge Fund clients only. Lower Middle Market defined as less than $1.5 billion AUM, Middle Market defined as $1.5 to $10.0 billion AUM, and UMM / Large Cap \ndefined as greater than $10.0 billion AUM.\nRevenue Concentration by ClientNew vs. Existing ClientsRevenue Concentration by Client Size\n(1)\nBuy-Side Commercial \nDue Diligence\nSell-Side Commercial \nDue Diligence\nValue \nCreation\n(% of LTM Mar-25 net revenue)\n43%\n40%\n17%\nUMM / Large Cap\nMiddle Market\nLower Middle Market\n20%\n54%\n27%\nUMM / Large Cap\nMiddle Market\nLower Middle Market\n63%\n35%\n2%\nUMM / Large Cap\nMiddle Market\nLower Middle Market\n(% of LTM Mar-25 net revenue)\n32%\n29%\n29%\n10%\nTop 10\nTop 11 - 30\nTop 31 - 60\nAll Other Clients\n20%\n32%\n37%\n11%\nTop 10\nTop 11 - 30\nTop 31 - 60\nAll Other Clients\n57%\n43%\nTop 10\nAll Other Clients\n79%\n88%\n82%\n21%\n12%\n18%\n202220232024\nNew\nExisting\n40%\n59%\n54%\n60%\n41%\n46%\n202220232024\nNew\nExisting\n95%\n81%\n88%\n5%\n19%\n12%\n202220232024\nNew\nExisting\n\n35\nSTRICTLY CONFIDENTIAL\n73%\n27%\nRepeatNon-Repeat\nDeep Relationships with Top Clients\n▪Deep Relationships: 45% of net revenue coming from clients \nwith a tenure of 6+ years \n▪Satisfied Clients: 73% of revenue from repeat clients\n(3)\n▪No Client Concentration: No one client represents more than \n4% of net revenue\n▪Broad Relationships: 38% of clients use more than one \nservice\n(3)\n▪Strong Referral Network: 72% of sell-side engagements \nreferred from investment banks\n▪Value in Density: Clients utilizing multiple service lines incur \nover 25% higher fees per project due to complexity of scope\nDemand for strategic solutions across growth stages drives client engagement\nTop 15 ClientsLTM Mar-25 Highlights\n(1)UMM / LC = Upper Middle Market / Large Cap; MM = Middle Market; LMM = Lower Middle Market.\n(2)Reflects average tenure of top 15 clients.\n(3)Reflects 2024 data.\nSticky Relationships Drive Repeat Business\n27%\n7%\n21%\n45%\n< 1 Year1-2 Years\n2-6 Years6+ Years\nRepeat\nClients\nClient \nTenure \nMix\n(% of 2024 net revenue)\n($ in thousands)\n2023 – Mar-25 Net Revenue\nClientSize\n(1)\nBuy-SideSell-SideValue CreationOther\nTotal \nRevenue\n% of Total \nRevenue\n2023 – Mar-25\nProjects\nClient \nTenure\nClient 1UMM / LC$4,415––$642$5,0573.2%811+\nClient 2MM3,195$867$854–4,9153.1%1610+\nClient 3UMM / LC484––3,5694,0532.6%1211+\nClient 4MM1,512–1,556373,1052.0%123+\nClient 5UMM / LC1,582440911–2,9341.8%911+\nClient 6UMM / LC1,506–1,309–2,8151.8%711+\nClient 7MM6641,495559–2,7171.7%811+\nClient 8MM1,2411,172––2,4141.5%46+\nClient 9MM1,471812––2,2831.4%74+\nClient 10UMM / LC868537692–2,0971.3%511+\nClient 11MM1,415622––2,0361.3%62+\nClient 12MM804968229–2,0011.3%64+\nClient 13LMM1,336–640–1,9761.2%711+\nClient 14UMM / LC1,435–532–1,9671.2%511+\nClient 15MM1,080829––1,9091.2%63+\nTop 15$23,009$7,741$7,281$4,248$42,28026.6%1188+\nAll Others52,59344,52818,752532116,40573.4%369\nTotal$75,602$52,269$26,034$4,781$158,685100.0%487\nElliott Management\nPSG Equity\nTiger Global Management LLC\nBlue Point Capital Partners\nThoma Bravo\nCharlesbank Capital Partners LLC\nBregal Sagemount\nGridiron Capital\nRubicon Technology Partners\nHellman & Friedman\nGemspring Capital\nGreater Sum Ventures\nVarsity Healthcare Partners\nVista Equity Partners\nPeak Rock Capital\n(2)\n•To remove client names\n\nGo-to-Market Strategy\n\n37\nSTRICTLY CONFIDENTIAL\nMulti-Pronged Go-to-Market Strategy\nPurpose-built global delivery model enables new business wins without sacrificing existing client service\nVerticalized \nSenior \nProfessionals\nStrategic \nAccount \nCoverage\nCentralized \nLocation-Based \nModel\nProgrammatic \nCommunications\n15 Key Accounts with Multi-\nNational, Multi-Vertical Presence\nLarge Cap Private Equity \nand Public Investors\n22 Key Accounts with Dedicated \nTouchpoints in U.S. and U.K.\nMiddle Market \nCollaboration\n91 Key Accounts with Individual \nDefined Coverage and Tracking\nAccount Relationship \nManagement (ARM)\n98 Key Accounts with Content-\nBased Scaled Communication \nContact Accounts\nManaging Directors and \nDirectors\nIndustry Groups Define \nCoverage and Sales Effort\nCDD and Value Creation Services \nProvided by All Levels\nProduct Generalists\nNuanced Insights From \nSpecialization\nGuaranteed Production of \nHigh-Quality Content\nDedicated Client \nDelivery Network\nAdvisory-\nFocused\nProduct Led; \nContent Driven\nRepeat Value Creation Work \nfrom CDD Engagements\nClient Delivery \nNetwork\nColombo\nArticles, Tombstones, \nNewsletters, Industry Primers\nEmail and Social Media\nMarket Intelligence, Rolling \nThunder\nIn-Person Meetings\nMonthly Flywheel, Asset-Centric \nAccount “Grouping” Outreach\nIntelligence Outreach\nClient Offsites, Co-Branded \nRoundtables, Conferences\nEvents\nGlobal \nStaffing\nBostonChicagoNew YorkLondon\nGlobal Collaborative Coverage and Delivery with In-Market Business Development Capabilities\n\n38\nSTRICTLY CONFIDENTIAL\nCollaborative Approach to Client Coverage and Delivery\nCrediting system designed to maximize collective value and reward firm-building behaviors while de-risking new hires\nSales CreditDelivery Credit\nManaging Directors, Directors, and Associate DirectorsAssociate Directors, Senior Managers, and Managers\nAccount Ownership:\nAssigned owner that fosters \nrelationships throughout the \naccount\nContent Leadership:\nProvides substantive \nexpertise to help close and \ndeliver a project\nTotal Sales Credit:\nReflects the sum of an \nindividual’s contribution \nacross each role\nOriginators\nAccount \nOwnership\nContent \nLeaders\nReporting\nSplitDetail\n60%\n▪Credit shared equally between originators\n▪Tracking allows for up to three originators\n10%\n▪Limited to one person\n▪May be one of the originators\n▪Credit shared equally between content leads\n▪Ideally have multiple leads on every project\n25%\nBoundaries\n40% Cap\nNo Double \nDipping\nProject \nMinimum\n▪No individual can accrue more than 40% of the total project value\n▪Lone originators lose 20% of credit, which is returned to the firm\n▪Originators can be account owners, but they cannot accrue credit \nfor content leadership on the same proposal\n▪If project fee is less than $250K, no credit for content leadership\n▪If project fee is less than $150K, no credit for any role\nOrigination:\nSourcing of potential projects \nthrough outbound efforts or \ninbound leads\nStructure\nDelivery \nLeads\nFramework\nCredit Split\n▪Assigned by resource management based on project staffing\n▪Responsible for leading the day-to-day of a project and ensuring \nthe team is utilized efficiently\nTargets\nAssociate \nDirector\nSenior \nManager\nManager\n▪Delivery credit is a \nmeasure of success for \nmid-level consultants\n▪Delivery credit is defined \nas the total value of \nprojects a mid-level \nconsultant has delivered\n▪Total available credit for \na project is equal to the \nproject’s fee\n▪Delivery leads should be \ndifferent levels, with the \nmore senior employee \nspread across multiple \nprojects\n▪Splitting delivery \nbetween Associate \nDirectors and Senior \nManagers / Managers \nallows the Associate \nDirector to manage \nmultiple projects, \nultimately accruing a \ngreater delivery credit \nvalue\nMinimumGoal\n$3.0M\n$2.5M\n$2.0M\n$4.0M\n$3.5M\n$3.0M\n▪Delivery credit is split evenly between delivery leads regardless \nof seniority\n▪Up to two delivery leads can be associated with a project\n▪Delivery leads must spend at least 15 hours a week on projects \nto receive credit\n\n39\nSTRICTLY CONFIDENTIAL\nProject Delivery Model\nHigh-touch client service executed by efficient project teams purpose-built for the pace of private equity\nBalanced and Flexible Staffing ModelDisciplined Tracking Leads to Better Management and Consistently Strong Realization\nCrediting System Designed to Maximize Collaborative Value\nSales CreditDelivery Credit\n▪Originators (60% of project value)\n‒Credit is shared equally between originators; \ntracking allows for up to three originators\n▪Content Leaders (25% of project value)\n‒Credit is split evenly between all content \nleads; ideally have multiple content leads on \nevery project\n▪Account Owners (10% of project value)\n‒Limited to a single person; may be an \noriginator\n▪Measured in dollars and defined as the total value \nof projects a mid-level has delivered\n▪Accrue to the delivery leads; may have up to two \ndelivery leads associated with a project\n▪Delivery leads are typically different levels, but \ncredit is evenly split between both leads\n▪Associate Directors, Senior Managers, and \nManagers are the core roles responsible for \ndelivery\nDelivery (Client Service Network)\nTraditional consulting team staffed to dedicated projects on a billable model\nManaging \nDirector\nDirector\nSpend 50% of time \non billable work\nAssociate \nDirector\nSenior \nManager\nSpend 75% of time \non billable work\nManagerSenior \nConsultant\nConsultantAssociate \nConsultant\nSpend 100% of time \non billable work\nPlug-and-play project support in Colombo segmented by defined workstreams to enhance speed of delivery\nIntegrated Workflow Support (Client Delivery Network)\nIntegrated Project Leads\nLead \nto Win\nSecondary \nInsights\nData \nScience\nWeb Survey \nInsights\nExpert \nInsights\nData \nVisualization\nHighly repeatable, scalable execution process across services allows for powerful insights to be \ndelivered quickly and efficiently at an attractive price relative to competitors\nPromotes collaboration and de-risks new hires\n218226224\nProjects \nInvoiced:\n87.8%\n94.9%\n96.4%\n20232024LTM Mar-25\nRealization\n\n40\nSTRICTLY CONFIDENTIAL\nClient Delivery Network Expands Capacity to Execute\n▪50-person dedicated team in Colombo serves as plug-and-play \nproject support to enhance speed of delivery for client \nworkstreams\n▪Commercial platform built to work at the speed of private \nequity\n▪Supports U.S. and U.K. advisory in an agile and targeted way\n▪Segmented by defined workstreams with clear responsibilities \nand competency model\n▪Handles tasks of varying levels of complexity during the \nproposal and live project phases\n▪Creates additional bandwidth for the client service network to \nfocus on high-value client-facing workstreams\n▪Optimizes resource utilization through on-demand staffing \nbased on skill, capacity, and expertise\n▪Expands delivery capabilities in-line with demand while \noffering flexibility, convenience, and controllability in project \ndelivery\n▪Defined career path with strong average tenure of 9+ years \nacross integrated project leads, delivery leads, and managing \ndirectors\n▪Key members participate in management incentive plan\nPurpose-built integrated workflow support delivers sustainable growth \nTeam OverviewCommentary\nRuwindhu Peiris\nManaging Director\n(Headcount as of March 2025)\nDelivery Lead\nSr. Delivery Manager\nTeam Lead\nDelivery Manager\nSr. Delivery Manager\nDelivery Manager (3)\nTeam Lead\nDelivery Manager\nTeam Lead\nSr. Delivery Manager\nTeam Lead\nDelivery Manager\nTeam Lead\nDelivery Manager\nTeam Lead\nDelivery Manager\nIntegrated Project \nLeads\nTeam Lead\nSr. Delivery Manager\nLead (3)\nSr. Analyst\nLead (5)\nSr. Analyst\nDelivery Manager\nLead (3)\nSr. Analyst (3)\nLead to WinSecondary InsightsData ScienceWeb Survey InsightsExpert InsightsData Visualization\nLead\nSr. Analyst (4)\nAnalyst (2)\nLead (3)\nSr. Analyst (4)\nLead (2)\nSr. Analyst \nAnalyst (3)\n5\nEmployees\n5\nEmployees\n7\nEmployees\n8\nEmployees\n8\nEmployees\n7\nEmployees\n8\nEmployees\nAgile project \nmanagement and \ncentral point of \ncontact for the CSN \nSales enablement \ncapabilities from \ninitial outreach to \nproposal submission\nExtracts and \nsynthesizes \ninformation from \npublicly available \nsources\nBusiness insights and \ncapability \ndevelopment for \ninvestors and \nmanagement teams\nGather insights from \nweb surveys on client \npurchasing and \nspend dynamics, \nvendor performance\nEngages with \nexperts, competitors, \nand clients to collect \nrich insights\nVisualization \nspecialists that own \ndeliverables and \nother visualization \nelements\n\nCulture and Talent Management\n\n42\nSTRICTLY CONFIDENTIAL\nCompelling Employee Value Proposition to Attract and Nurture Top Talent\nStax has developed an attractive employee value proposition to recruit, develop, and retain top tier professionals\nDifferentiated Employee Value PropositionWinning the War for Talent\n(1)Retention of CSN professionals by skill level from 2023 year-end to 2024 year-end; reflects voluntary only.\nClient Service Network Retention by Skill Level\n(1)\nDirector HeadcountManaging Director Headcount\nUnique focus on serving and scaling with private equity clients\nIncentive model designed to reward collaboration and shared success\nHigh growth platform offering career opportunities and the chance to make a \nsignificant impact, supported by structured onboarding and fast ramp for new hires\nExpertise-focused model without exclusivity over client ownership\nAmple whitespace for career growth relative to some competitors with clear \nprogression paths and regular performance feedback\nEquity participation for Managers and above through Management Incentive Plan\nCentralized global staffing expands utilization and reduces time on bench\nSpecialization model supports long-term career development, bolstered by formal \nmentorship and learning opportunities\nCompetitive compensation model and benefits package aligned with market leaders, \nplus a strong commitment to work-life balance and well-being\nScalable infrastructure designed to foster growth and collaboration with direct access \nto senior leadership\n73%\n76%\n80%\n95%\nAssociate\nConsultant /\nConsultant\nSenior\nConsultant /\nManager\nSenior Manager /\nAssociate\nDirector\nDirector /\nManaging\nDirector\n4x \nGrowth\n5x \nGrowth\n2\n8\n2021Mar-25\n3\n16\n2021Mar-25\n\n43\nSTRICTLY CONFIDENTIAL\nTop Ranked by Industry Publications, Validated by Industry Professionals\nStellar Rankings Across Vault North America Categories\n(2)\nContinued recognition and awards reflect nature of culture initiatives the Company has meticulously implemented and managed over time\n(1)As of April 8, 2025.\n(2)Source: Vault 2024 North America Consulting Survey. Rankings and awards are based on insights from over 12,000 verified consulting professionals.\n7.3\n8.4\nIndustryStax\nInternal Mobility\n+1.1\n#10\nOverall \nDiversity\n#8\nEmployee \nSatisfaction\n#8\nLevel of \nChallenge\n#7\nPromotion \nPolicies\n#7\nInternal \nMobility\n#6\nIntl. \nOpportunity\n#5\nHealth and \nWellness\n#4\nBusiness \nOutlook\n#6\nBoutique \nConsulting\n#12\nBenefits\n#11\nInformal \nMentorship\n#10\nFormal \nTraining\n8.5\n9.2\nIndustryStax\nFirm Culture\n+0.7\nEmployee Satisfaction\n+0.8\n8.3\n9.1\nIndustryStax\n8.0\n8.8\nIndustryStax\nWork-Life Balance\n+0.8\nPromotion Policies\n+0.9\n8.1\n9.0\nIndustryStax\nTop Consulting\nFirm 2025\nFormal Training\n+1.2\n7.7\n8.9\nIndustryStax\nBest Management \nConsulting Firms 2025\nBest Firms to Work For\n2022, 2023, and 2024\nGlassdoor Overall Rankings\n(1)\nStax Big 5 Competitor\n4.4\n4.34.3\n4.2\n4.14.1\n4.0\n3.9\n3.83.8\n3.73.7\n3.53.5\n\n44\nSTRICTLY CONFIDENTIAL\nCompetitive Pay-for-Performance Compensation Model\n▪Structured to fall within the 75th percentile of the market, with top performers reaching the \n90th percentile\n‒Similar compensation strategy and banding in place for the Client Delivery Network\n‒Study underway to implement same model for Operations in 2025\n▪Salary bands ensure internal promotions are rewarded equitably without overvaluing \nexternal hires, demonstrating investment in maximizing tenure\n▪Merit-based salary increases determined by 4-point rating scale\n▪Robust benefits package and opportunity for equity ownership through Management \nIncentive Plan further enriches employees\n‒Management Incentive Plan available to Managers and above\nIncentive structure and attractive operating model strike a key balance between sustainable productivity and exciting projects\nPhilosophy and ApproachIndustry Benchmarking\n(1)\n2024 Average Cash Compensation by Skill Level\n(2)\n(1)Source: Aon 2024 Consultant Benchmarking Study. Reflects 50th percentile of compensation category by skill level for each group. MBB+ equivalent to Managing Director not available. MBB+ includes \nBain, Deloitte, EY, McKinsey, Oliver Wyman (Europe), and PwC. Tier 2 includes AlixPartners, Ankura, Chartis, Council Advisors, CRA Intl., FTI, Guidehouse, Keystone, Oliver Wyman, and Slalom.\n(2)Excludes Management Incentive Plan. \nMBB+Tier 2Stax\nACCSCMSMADDMD\n2023 Total Cash Compensation\nACCSCMSMADDMD\n2024 Cash Salary\nStax paid above market bonuses as a \npercentage of salary at all levels in 2023\nStax outpaced the market for salary \nincreases at all levels in 2024\nACCSCMSMADDMD\nACCSCMSMADDMD\n(Client Service Network; U.S. only)\n2023 Cash Bonus as % of Total Compensation2024 Cash Salary Increases\n$85\n$114\n$151\n$184\n$220\n$264\n$330\n$469\n$9\n$17\n$28\n$39\n$62\n$60\n$114\n$387\n$94\n$131\n$179\n$223\n$282\n$324\n$444\n$856\nAssociate\nConsultant\nConsultantSenior\nConsultant\nManagerSenior\nManager\nAssociate\nDirector\nDirectorManaging\nDirector\nCash BaseCash Bonus\n\n45\nSTRICTLY CONFIDENTIAL\n5\n33\n4\n3\n7\n10\n27\nManaging\nDirector\nDirectorAssociate\nDirector\nSenior\nManager\nManagerSenior\nConsultant\nConsultantAssociate\nConsultant\nStructured Recruiting Effort Provides Continuous Source of Talent\nDiversified talent pipeline ensures a steady stream of quality candidates\nOrganic Talent AcquisitionStrong Full-Time CSN Hires Across Skill LevelsSourcing Mix\nRecruiting Overview\nEarly CareersExperienced Hires\nStax targets hiring 10 Summer Associates/Co-Ops and 15 full-time Associate Consultants each year via campus targeting\nPriority Universities\nRelationships with on campus organizations \nand multiple events held per year\nOther Global Universities of Focus\nSources of recent successful hires\nCampus Targeting\nExpanded recruiting funnel to HBCUs, \nwomen’s colleges, etc.\n▪Strong track record of attracting lateral senior hires from \ncompetitors to build on existing offerings or expand into new \nareas of coverage\n▪Nearly 20% of experienced hires are sourced through employee \nreferrals\n▪Average offer acceptance rate of 73%\n▪Continued focus on driving branding efforts to improve candidate \npool\n26,000+ Applicants\n308 Interviews\n94 Offers Extended\n69 Offers Accepted\n(2024 firmwide recruiting statistics)(2024 – YTD Mar-25 new hires)(% of 2024 – YTD Mar-25 new hires)\n58%\n20%\n17%\n5%\nDirect Hire\nCampus\nReferral\nAgency\n\n46\nSTRICTLY CONFIDENTIAL\nWell-Defined Competency Model with Multiple Channels for Feedback\nCompetency and task relevant maturity models serve as the foundation to standardize feedback and expectations for each skill level across locations\nTask Relevant Maturity Model Provides Granular View of Task-Specific Proficiency\nImpact\nEnables global \nstaffing\nUnifies quality of \ndelivery\nProvides clarity and \nconfidence around \npromotion criteria\nEmphasizes merit-\nbased success \nmodel\nCore Consulting SkillsCommercial LeadershipSelf LeadershipPeople and Culture Leadership\nFeedback Facilities Development of Core Skills\nUse Case\n▪Used during project evaluations to assess \nconsultants’ technical effectiveness in \nspecific tasks and evaluate technical \ndevelopmental areas\nComponents\n▪Task category (e.g., survey \nmanagement)\n▪Specific tasks (e.g., survey design)\n▪Maturity levels\nGoal and Purpose\n▪Shift focus to skill level when completing a \ntask\n▪Standardized, efficient project feedback\n▪Differentiates expectations for same task \nacross levels\n▪Focuses on both qualitative and quantitative measures\n▪PowerBI performance dashboard\n▪Project feedback, debriefs, mid-year and year-end reviews\n▪Feedback on non-project Initiatives\n▪360 Feedback: upward, recognitions, special projects and \ninitiatives\n\n47\nSTRICTLY CONFIDENTIAL\nSignificant Opportunity for Upward Mobility\nStandardized career trajectory enables strong performers to progress through the organization\nClient Service Network Career Path\n(1)\n(1)CDN professionals have a similarly defined career path and competency model.\n(2)Reflects internal promotions from 2022 through Mar-25. Associate Consultant promotions reflect interns and co-ops that rejoined the Company as full-time employees.\n(3)Reflects the number of 2024 – YTD Mar-25 internal promotes as a percentage of employees that joined as or assumed a given skill level in 2024 – YTD Mar-25.\nAssociate ConsultantConsultantSenior Consultant\nManagerSenior ManagerAssociate Director\nDirector\nManaging Director\nProject FundamentalsWorkstream ExecutionDelivery ExcellenceProject ManagementProject ManagementClient Management\nBusiness Planning and \nExecution\nBusiness Planning and \nExecution\n▪Independently owns \nprimary workstream\n▪Capable of owning \nmultiple workstreams\n▪Drives full execution of \nworkstreams\n▪Takes ownership of \nnarrative\n▪Begins to gain \nverticalized expertise\n▪Provides strategic \ninsights and content \nexpertise\n▪Drives engagement \nsuccess and manages \nclient expectations\n▪Accountable for quality \nand efficiency of \ndelivery\n~12-Year Average Progression from Associate Consultant to Managing Director\nManaging Director7\nDirector8\nAssociate Director 14\nSenior Manager 8\nManager 14\nSenior Consultant 28\nConsultant 38\nAssociate Consultant 13\nCumulative Internal Promotions\n(2)\nHome-Grown Employees\n(3)\nManaging Director50%\nDirector40%\nAssociate Director20%\nSenior Manager 50%\nManager 57%\nSenior Consultant 59%\nConsultant47%\nAssociate Consultant 23%\n\n48\nSTRICTLY CONFIDENTIAL\nIn-House Training Amplifies Long-Term Career Satisfaction and Employee Potential\nTraining and development is a core tenet of Stax\nNote: Stax also hosts Stax Academy–a learning platform offering training modules to local youth and potential CDN talent–in Colombo, Sri Lanka.\n▪Skill-based training to support consultants during ramp period\n▪Formal sessions via classroom and in-project training for 1-4 \nweeks depending on seniority; subsequent project shadowing \nfor an additional 2-4 weeks\n▪Company and Operations Sessions covering internal resources \nand capabilities\n▪People Team Sessions covering benefits, resource \nmanagement, and professional development\n▪Delivery Excellence Sessions\n‒Getting Smart, Primary Research, Intro to Surveys, \nSecondary Research and Major Data Sources, Effective \nGuides Writing, Intro to Market Modeling, Business Writing, \nCreating Deliverables and Slides\nOnboarding\n▪Five to eight classroom hours per quarter, with additional on-\nthe-job and individual development plan (IDP) training\n▪Stax 2.0 Upskill Series\n‒Industry and Market Knowledge Sharing\n‒Productivity Tools\n‒Best Practice Alignment\n▪Half-Day Trainings by Level\n‒Senior Consultant: Effective Workstream Management, \nStoryboarding 101, Effective Communication, Delegation \nand In-Project Training\n‒Manager: Stax Project Management Playbook, Verticals and \nPractice Overview, Stax Mentor Model, Running Effective \n1:1s\n‒Senior Manager and Associate Director: Intro to Client \nManagement, Leveraging Coaching in People Development\n‒Director: Building your Book of Business, Building Effective \nTeams\n▪Personal Development and Culture Fundamental Series\n‒Self Accountability, Building a Feedback Culture, Resilience\nTraining Academy\n▪Development Programs\n‒Apprenticeship-based learning where employees develop \nthrough hands-on experiences, mentorship, and a \nfeedback-driven learning environment\n‒International exposure to facilitate global collaboration, \nstandardization of best practices and culture integration\n‒Employees receive performance feedback every few weeks \nthrough forms, debriefs, and more\n‒Internal training programs tailored to develop deep \ntechnical and management skills\n▪Communication and Transparency\n‒Regular town halls and leadership meetings, including firm-\nwide updates, senior meetings, and role-specific discussions\n‒Structured feedback mechanisms with performance \ndashboards to consolidate feedback, career progression \nmetrics, and training outcomes\n▪Flat Hierarchy and Leadership Access\n‒Employees at all levels have direct access to leadership\n‒Weekly leadership lunches, open-mics, and social initiatives \nacross offices\n▪Mentorship and Career Development\n‒Internal mentorship program and global staffing model \nfacilitates rapid employee development and connection\n‒Peer coaching initiatives to support career growth\n‒Mentors are accountable for supporting mentees, providing \nadvice and guidance based on development needs\nProfessional Development and Mentorship\nStructured \ntraining for all \nemployees, \nnew or old...\n...with \nnumerous \navenues for \ncontinuing \neducation\nAND\nAND\n\nOperations and Platform\n\n50\nSTRICTLY CONFIDENTIAL\nData-Driven, Purpose-Built Financial and Business Operations\n▪Data and reporting created to optimize every level of the professional services \neconomic value chain from opportunity generation to cash collection\n▪Real-time access to key business and operational KPIs enhances data-driven \ndecisions, including informed forecasting and opportunity tracking, improved capacity \nplanning, financial management, and prioritization\n▪Democratizes data through custom-built PowerBI visualizations, a user-friendly \ndesign, and robust training initiatives to empower users\nReal-time data enables agile management of the business against key indicators\nOverview of Stax INTEL\nInitiatives Focused on Driving Growth and Operational SustainabilityDashboards and Reports\nResource \nManagement\nProject \nManagement\nExpense \nManagement\nInvoice \nOversight\nRealization\nRevenue and \nDelivery Credit\nBillability and \nUtilization\nRevenue \nTracker\nA/R Analysis\nPerformance \nDevelopment\nClient Contract \nStatus\nRates and \nPricing\nLiberation of Data\n“Giving smart people the \nright data enables them to \nmake smart decisions”\nRobust, Transparent Reporting Improves Business Outcomes\nData Warehouse\n\n51\nSTRICTLY CONFIDENTIAL\nEarly AI Adoption Enhances Delivery Quality and Efficiency\n▪Improves speed and quality of analysis while creating high \ncaliber “architected” data for future use\n▪Cleans primary data for use with generative AI, searches for \nrelevant quotes, and interrogates transcripts to structure \nproject analyses \n▪Extends the utility of architected data for use cases beyond \ninitial project work\n▪Generative AI embedded into everyday use and broader \nworkflows to drive quality and speed enhancements\n▪Accelerates and strengthens thought-oriented processes at \nscale (slide review, eminence feedback, etc.)\n▪Integrations and connectivity with existing systems\nStreamlined access to proprietary data is paramount to sustained competitive advantage \nOverview of AthenaWorkflow Tools\nKnowledge management tool developed in-house dramatically lowers search barriers and accelerates access to depth of \ninstitutional knowledge; platform draws from over five years of Stax intellectual property to produce the relevant projects, \nslides, and Stax experts\nUsers can explore results at project and \nslide levels\nAthena transforms the ROI of searching \nfor Stax knowledge, unlocking previously \nunfeasible use cases\nIncorporates Athena Chat, an AI model \ntrained on Stax’s repository of knowledge\nProject \nInsights\nJunior\nEmbedded \nGen AI\nGPTs\nUser Prompt\nPrior Insights\nRelevant Slides\nPreviously \nUsed Experts\nResearch \nApproach\nProject Teams\nExpert Interview \nTranscripts\n1,100+\nDeliverables\n700+\nProposals\n75,000+\nSlides\n50,000+\nInterviews\n\n52\nSTRICTLY CONFIDENTIAL\nWorld-Class Leadership Team Operates an Efficient Client-Centric Organization Structure\nStax is led by a highly experienced, motivated, dynamic, and diverse senior team\nNote: Headcount as of March 2025. Client Service Network excludes two Research Associates paid hourly.\n(1)Includes 44 Operations employees in the United States, United Kingdom, and Sri Lanka.\nClient Service NetworkIntegrated Global Operations Team\n(1)\nClient Delivery Network\nAmy Schoeman\nGlobal Head of HR\nMeg Macumber\nGlobal Head of Finance\nLeslie Regenbaum\nGeneral Counsel\nJoe Brownell\nGlobal Head of Marketing\nConnor Novy\nChief of Staff and Head of Sales \nOperations\nHazir Shafeek\nGlobal Head of Data Insights & IT\nRuwindhu Peiris\nManaging Director\nPaul Edwards\nGlobal Practice Leader\nRegional Lead\n2\nManaging \nDirector\n9\nProduct Lead\n4\nDirector\n8\nSenior Manager\n8\nAssociate \nDirector\n9\nManager\n9\nConsultant\n21\nSenior \nConsultant\n18\nAssociate \nConsultant\n39\nDelivery Manager\n8\nSenior Delivery \nManager\n4\nLead\n17\nAnalyst\n6\nSenior Analyst\n14\nExecutive Leadership Team\nJayson Traxler\nChief Executive Officer\nMihaela Dumea\nDirector, Data and Business \nIntelligence\n\n53\nSTRICTLY CONFIDENTIAL\nWell-Invested Operational Platform Built to Serve Private Equity\nDeep bench of integrated global support functions designed to drive growth and operational efficiency\nNote: Headcount as of March 2025.\nMeg Macumber\nGlobal Head of Finance\nAmy Schoeman\nGlobal Head of Human Resources\nJoe Brownell\nGlobal Head of Marketing\nLeslie Regenbaum\nGeneral Counsel\nConnor Novy\nChief of Staff / Head of Sales Operations\nPeople Operations (5)Marketing Strategist (4)\nFinance, IT, and Business OperationsHuman ResourcesMarketingLegalData and Business IntelligenceSales Operations\nHazir Shafeek\nGlobal Head of Data Insights and IT\nCompliance and GovernanceSales Operations\n11\nEmployees\n6\nEmployees\n6\nEmployees\n3\nEmployees\nJayson Traxler\nChief Executive Officer\nMihaela Dumea\nDirector, Data and Business Intelligence\nController\nHead of Business Operations\nProfessional Development (2)\nTalent Acquisition (2)\nHR Business Partner\nProduction ManagerLegal CounselFinancial Insights and BI\nDigital Engineering (3)\nCommercial Strategy and Enablement (2)\nIT and Help Desk Support (4)\nFinance and Accounting (6)\nPayroll and Benefits\nFinancial Sponsors Coverage\n3\nEmployees\nStax can scale revenue without adding significant operations headcount\n23\nEmployees\nAdministrative (8)\n\nGrowth Strategy\n\n55\nSTRICTLY CONFIDENTIAL\nMulti-Pronged Growth Strategy Drives Confidence in the Next Chapter of the Company\nTangible and achievable organic growth in the near term with substantial opportunity to drive additional value creation via M&A\n▪Strategically hire senior \nprofessionals to build \ndensity in core verticals \nand expand capabilities\n▪Build density across \ncurrent locations, \nexpanding \napprenticeship model to \nfurther attract and \ndevelop mid/junior \ntalent\nAttract, Develop, \nand Retain Talent\n▪Continue building \nmomentum in the U.K. \nto expand market \npresence\n▪Strategically grow \nheadcount and client \nleadership in New York \noffice\n▪Establish local presence \nin new geographic \nmarkets through organic \ngreenfield locations in \nthe United States and \nEurope\n▪Continue to protect \nunique culture via \nplanful expansion\nBroaden Geographic \nPresence\n▪Capitalize on advisory, \nbespoke nature of work, \nand pricing umbrella \nrelative to MBB+ to \nrealize due diligence \nprice increases \nnationally and abroad\n▪Raise prices in value \ncreation to be more in-\nline with client impact, \nresults, and ROI\n▪Expand number of \naccounts with average \nproject size of $400K+ \nwith ample cross-sell \nopportunities and need \nfor multiple projects per \nyear\nExert \nPricing Power\n▪Focus on accelerating the \nexecution of M&A \nplaybook\n▪Expand into new \ngeographies, new \nservice lines, and build \nscale in existing markets\n▪Opportunistically \nevaluate larger-scale \ntransformative M&A \ntargets\nIdentify and Execute \non Acquisitions\n▪Further optimize cross-\nsell strategy to deepen \ndensity across core \naccounts through scaled \ninside sales strategy\n▪Target key private equity \nclients where \nreferenceable work \nprovides opportunity for \nfurther penetration in \nprojects that command \nmore premium bill rates\nMaximize Wallet \nShare and Cross-Sell\n▪Scale coverage and \ncontent intersection \nacross private equity and \ninvestment banks\n▪Further scale dedicated \nbusiness development \nteam to broaden coverage \nuniverse\n▪Centralize, scale, and \nmanage external \nindividual, account, and \nsubsector communications\nScale Client \nCoverage\n▪Leverage reputation and \ndifferentiated \nexperience in key \nverticals with high win \nrates across market \nsegments\n▪Introduce new verticals \nsuch as government or \naerospace and defense \nthrough de novo efforts \nor experienced senior \nhires \nDeepen Vertical \nExpertise\n▪Capitalize on hedge \nfunds’ growing inbound \ndemand for market \nresearch \n▪Introduce new purpose-\nbuilt products such as \ntechnology due \ndiligence, financial due \ndiligence, operational \ndue diligence, and ESG \nand sustainability \ndiligence through \nintegrated go-to-market \napproach\nExpand Capabilities \nand Client Profiles\nGrowExpandTransform\n\n56\nSTRICTLY CONFIDENTIAL\nWiden Referral Channel to Optimize Business Development Efforts\nCultivate and expand business development relationships with large cap private equity firms \nBroaden and Deepen Large Cap Private Equity Relationships \n$8.3M\n$11.0M\n2018 - 20212022 - LTM Mar-25\nGrowth Plan Current Strengths \n▪Proactively enhance and revitalize partnerships with large \ncap clients\n▪Reposition value proposition as a trusted advisory partner\n▪Schedule regular in-person meetings to strengthen \nconnections\n▪Prioritize targeted outreach and proposals aimed \nspecifically at large cap opportunities\n▪Fosters collaborative partnerships, ensuring alignment with \nthe long-term objectives of large cap clients\n▪Strong brand recognition among large cap funds facilitates \nmarket entry for new large cap clients\n▪Strategic account coverage plan across large cap funds \nenhances relationships and drives customer stickiness \nLargest Private Equity Firms\n(1)\n(1)Source: Private Equity International. Dollars in billions. Ranking based on private equity capital raised between 1/1/2019 to 12/31/2023. Excludes credit, secondaries, and real asset focused \nmanagers. Shading reflects Stax project counts between 2018 and Mar-25.\n(2)Reflects average annual revenue from Large Cap Private Equity and Public Investor key accounts designated as of Q1-25.\n1-5 Projects6-10 Projects11+ Projects\nNo.SponsorRaised\n1\nBlackstone$124\n2\nKKR$103\n3\nEQT$99\n4\nCVC Capital Partners$78\n5\nTPG$62\n6\nThe Carlyle Group$60\n7\nThoma Bravo$59\n8\nAdvent International$53\n9\nWarburg Pincus$52\n10\nHg$51\n11\nCD&R$50\n12\nSilver Lake$49\n13\nHellman & Friedman$47\n14\nVista Equity Partners$45\n15\nGeneral Atlantic$43\nNo.SponsorRaised\n16\nClearlake Capital$43\n17\nGoldman Sachs$42\n18\nLeonard Green$41\n19\nTA Associates$40\n20\nPermira$37\n21\nBain Capital$37\n22\nInsight Partners$35\n23\nCinven$35\n24\nGenstar Capital$32\n25\nFrancisco Partners$30\n26\nAres Management$30\n27\nApollo Global$29\n28\nPartners Group$28\n29\nBridgepoint$23\n30\nGTCR$23\nDirect experience on \nprior transactions\nVertical and product \nsector expertise\nBalanced approach between \ncomplex situations and \ntailored need \nBetter value for add-ons that \ndo not need breadth/depth\nStax Large Cap Value Proposition\nNet Revenue from Key Large Cap Accounts\n(2)\n\n57\nSTRICTLY CONFIDENTIAL\nWiden Referral Channel to Optimize Business Development Efforts\nCultivate and expand business development relationships with investment banks\nU.S. M&A League Tables\n(1)\nGrow Investment Banking Referral Channel\n(1)Source: Dealogic. Reflects transactions announced between 12/31/2014 and 12/31/2024 with private equity involvement. Shading reflects Stax project counts between 2018 and Mar-25.\nStrengthen Existing Investment Bank RelationshipsFoster Relationships with New Investment Banks\n▪Investment banks provide a pipeline of sell-side \nopportunities through client referrals\n▪Ongoing dialogue and recurring touchpoints provides \nintelligence on in-market buy-sides and potential value \ncreation opportunities\n▪Growing breadth and depth of content provides \nreferenceable work to expand scope of service\n▪Demonstrate capabilities to preeminent investment banks \nthat have historically been an unlikely referral source to \npenetrate additional pockets of the market\n▪Leverage network of lateral hires, geographic expansion, \nand expanded verticals of coverage to develop \nrelationships with specialized regional and industry \nboutiques\nRoom for Additional Wallet Share with Key Recent \nInvestment Banking Partners\nSignificant Opportunity for Business Development in \nthe Broader M&A Market\n1-5 Projects6-10 Projects11+ Projects\nNo.AdvisorDeals\n1Houlihan Lokey904\n2Goldman Sachs762\n3Jefferies631\n4William Blair552\n5JPMorgan547\n6Morgan Stanley514\n7Baird505\n8Lincoln Intl.456\n9Piper Sandler453\n10UBS434\n11Raymond James383\n12PNC Bank363\n13Moelis355\n14Bank of America351\n15Evercore346\nNo.AdvisorDeals\n16Lazard315\n17Barclays307\n18Citi295\n19Stifel257\n20RBC248\n21Rothschild236\n22Canaccord215\n23KeyBanc180\n24Guggenheim160\n25BMO142\n26Deutsche Bank139\n27Centerview133\n28Truist130\n29Macquarie119\n30KPMG108\nNet Revenue from Sell-Sides Referred by Investment Banks\n$1.0M\n$1.1M\n$13.3M\n$18.0M\n$20.6M\n2018202020222024 LTM Mar-25\n\n58\nSTRICTLY CONFIDENTIAL\nMaximize Wallet Share and Cross-Sell Opportunities with Existing Clients\nUpsell core offerings to capture larger share of deal volume within established private equity relationships\nExpansion of OfferingsSignificant Whitespace Available Within Current Client Base\nValue Creation\nEmbedded Data \nAnalytics and \nSustainability\nAI Diagnostic, Piloting, \nand Scaled Adoption\nInitiative Deployment, \nMarket Piloting, and \nGrowth Office \nGovernance\nSell-Side \nCommercial \nDue Diligence\nScale Dedicated \nResources to Optimize \nPitch and Delivery \nProcess\nExpand Sales Team to \nDeepen Content \nCoverage to Facilitate \nBank Penetration\nFurther Integrate \nBusiness Units to \nMaximize Value of \nMarket Intelligence \nAcross Offerings\nBuy-Side \nCommercial \nDue Diligence\nIncrease Coverage \nVerticals to Better Serve \nFunds with Broad \nInvestment Theses\nFill Content and \nExpertise Gaps to Elevate \nDelivery to Higher-\nVolume Upper MM and \nLarge Cap Sponsors\nTarget Additional Public \nEquity Investors to \nFurther Diversify Profile \nof Transactions \nEvaluated\nPrivate Equity Client Count\nEstimated Current Serviceable Available Market (SAM) Penetration\n~2% \nPenetration of \nICP Estimated \nSpend\n~5% \nPenetration of \nCurrent Client \nEstimated \nSpend\nStrong right to grow through wallet share \nand new logo expansion with ~$1.3 billion in \nattainable whitespace across core products\nCurrent vs. Target Service Line Mix\nTBU?\n75\n100\n129\n20192021TTM Mar-25\n44%\n37%\n15%\n4%\nBuy-Side\nSell-Side\nValue Creation\nOther\nLTM \nMar-25\n37%\n37%\n24%\n2%\n2030P \nOrganic\n~$0.1M\n~$1.3M\n~$3.2M\n~$5.2M\nCurrent Stax Revenue\nwithin SAM\nEstimated SAM within\nCurrent Clients\nMiddle Market Ideal Client\nProfile (ICP) SAM\nNorth America and U.K.\nTotal SAM\n\n59\nSTRICTLY CONFIDENTIAL\nAttract, Develop, and Retain Talent to Capitalize on Growth\n▪Dedicated and growing talent acquisition team manages the hiring funnel to identify \nand pursue candidates with experience to strengthen core offerings or expand areas \nof coverage\n▪Continued branding initiatives and increased visibility online will yield additional hires \nfrom a broader pool of candidates\n▪Proven ability to attract senior- and mid-level hires with experience at top-tier firms\nContinue winning talent through targeted recruitment efforts and growth-oriented culture\nStrategic Approach to Fostering Junior Growth Lateral Experienced Hire Recruiting\nOrganic Client Service Network ExpansionProjected Growth in Productivity\nNet Revenue per Director and Managing Director\nProjects Invoiced per Director and Managing Director\nDirector and Managing Director HeadcountAll Other CSN Headcount\nConsulting \nSkills\nDevelopment \nPrograms\nProject Delivery Excellence Series: Primary, secondary, survey, and modeling \ntraining\nAssociate \nConsultants and \nConsultants\nSenior \nConsultants and \nManagers\nProject Management Excellence Series: Project management and economics, \nstoryboarding, running effective team meetings, and presentation training\n▪Proven track record of developing young talent within Stax, leading to a strong team \nof tenured senior employees contributing the sustained success\n▪Recruiting junior talent has enabled employees to acquire foundational skills \neffectively and efficiently\n▪Onboarding young talent has fostered adaptability to Stax practices and strengthened \nemployee loyalty\n24\n25\n36\n49\nMar-252025E2028P2030P\n106\n122\n180\n246\nMar-252025E2028P2030P\n10.8\n11.4\n12.0\n12.5\nLTM Mar-252025E2028P2030P\n$3.9M\n$3.7M\n$4.7M\n$5.4M\nLTM Mar-252025E2028P2030P\n\n60\nSTRICTLY CONFIDENTIAL\nProven Vertical Expertise and Journey\nRoom to build subsector density in core verticals, as we as deepen expertise in other targeted industry verticals\nCurrent Vertical MaturityVertical Growth Opportunities\nStrong Growth within Key Verticals Expansion Opportunities within Core Verticals \n$5\n$10\n$11\n$27\n$31\n$30\n$33\n$36\n$6\n$6\n$6\n$11\n$17\n$16\n$18\n$20\n$11\n$16\n$18\n$39\n$48\n$46\n$51\n$56\n2018201920202021202220232024LTM\nMar-25\nTechnologyServices\n(Net Revenue; $ in millions)\n▪Organized depth and breadth of referenceable work\n▪Subsector expertise\n▪Sector-specific senior recruitment \n▪Scaled sector-specific maturity and communication\n▪Subsector account targeting and planning\n▪Vertical planning\n▪Increase in opportunity volume \n▪Increase in win rate \n▪Increase in average project size\n▪Expansion in private equity and investment banking \naccounts leveraging Stax within a vertical \n▪Above market performance \n▪Outsized opportunities through investment banks and large \ncap private equity \nVertical EnablersImpact\nPlan to leverage existing verticals to deepen market presence \nand strategically expand into new sectors, will drive \nsustained growth\nIndustrials \nTechnology \nServices \nHealthcare \nAerospace & \nDefense \nConsumer\nGovernment \n& Public \nImpact\nEnablers\nFully EvolvedDevelopingExpansion Verticals \n2018 – LTM Mar-25 CAGR: 30%\n\n61\nSTRICTLY CONFIDENTIAL\nExpand Capabilities and Client Profiles\nStax’s focus on relationships cultivates a deep understanding of clients' needs and the specific areas where they require assistance\nDeal-Related ServicesNon-Deal Related ServicesClient Type Expansion\n▪Presence and \ndemonstrated \nsuccess in \nsupporting software \nand technology \nengagements \ncreates natural \navenue for \nexpansion\n▪Ingrained cross-sell \nfrom standard \ncommercial \ndiligence and value \ncreation projects\nTechnology Due \nDiligence\n▪Well-defined and \nsynergistic offering, \nnatural extension of \nexisting value \ncreation \nengagements\n▪Accelerated entry \nfeasible via hiring or \nM&A, healthy \npipeline of potential \ntargets\nProcurement \nOptimization\n▪Natural extension of \nvalue creation to \nimplement best \npractices observed \nin premium assets \nacross industries\nOperations \nPlanning and \nOptimization\n▪Rising need for \nassessment of risks, \ninefficiencies, and \noperational gaps as \ncompanies face \nincreasing scrutiny \nfrom potential \ninvestors during \ndiligence\nOperational Due \nDiligence\n▪Enable Stax to \ncapitalize on the \ngrowing market for \ndebt investments \nand drive demand \nduring economic \ndownturns by \nleveraging credit \nfunds' insulation \nfrom M&A market \nfluctuations\nCredit Funds \n▪Foster long-term \nrelationships that \nendure through \neconomic \ndownturns, \ngenerating a steady \npipeline of new \nclients across family \noffice portfolios\nFamily Offices\n▪Demonstrated \nsuccess \ntransitioning from \nM&A to hedge fund \nclients during \neconomic \ndownturns, \nleveraging large \nclients to generate \nrecurring demand \nfor market research \nacross economic \ncycles\nHedge Funds \n▪In-demand offering \nof critical focus for \nprivate equity \ncompanies as AI \nstrategy becomes \n“need-to-have” and \neffective AI \nintegration \nbecomes a key \nsource of private \nequity value \ncreation\n▪Potential to serve \nprivate equity funds \n(broad fund-level AI \nstrategy) and each \nportfolio company\nAI Enablement \nand Deployment\n\n62\nSTRICTLY CONFIDENTIAL\nStrategically Expand Geographic Footprint\nOpportunity to strategically expand into new geographies and expand within current markets\nOpportunistic Regional ExpansionCapitalize on Momentum in Additional Geographies\nDemonstrated organic expansion \nin Chicago and New York\nSuccessful inorganic growth in London\nSignificant opportunity to grow \nwallet share in existing markets\nIntegrate planful culture and process \nexpansion into new markets \nReplicating the Stax Engine overseas – \nRaise the Profile, Build the Team\nBuy-Side, Sell-Side, Value Creation\n5+ Verticals\nMiddle Market and Large Cap Focus\n30+ Consultants\nAcquired in October 2022 to \nfacilitate U.K. expansion\nCDD Focus\nPrimarily Events\nLower Price Point\n10 Consultants\nComplete MBB+ transition to autonomous, \nself-sustaining, integrated machine\nBuy-Side, Sell-Side, Value Creation\n10 Verticals\nMiddle Market and Large Cap Focus\n40+ Consultants\n2025-2030Today\n2025-2030Today\nKey Selection Factors for New Markets\n✓Proximity and expertise \n✓Ability to have cultural alignment \n✓Sizable private equity market \n✓Available talent\n✓Existing client density \n✓Competitive differentiation\nGrowth Framework\nTexas and \nCalifornia\nNordics and \nDACH\nBoston\nNew York and \nChicago\nLondon\nInorganic Expansion\nKey Accomplishments to Date\nU.K. Private Equity and Transactional Net Revenue\nDirector and Managing Director Headcount\nChicagoNew YorkLondonBoston\n$0.9M\n$2.9M\n20222024\n2\n7\n2022 25-Mar\n44\n2022 25-Mar\n6\n12\n2022 25-Mar\n0\n1\n2022 25-Mar\n\n63\nSTRICTLY CONFIDENTIAL\nOpportunity to Further Capture Pricing Through Advisory Journey\nStax’s compelling value to its clients, along with higher pricing by competitors, creates favorable environment for price increases\nShift to Content Advisory Unlocks Further Pricing OpportunitiesTrack Record of Successful Increases in Client Value \nAverage Client Service Network Bill Rate\nAverage Director and Managing Director Headcount\nDirector and Managing Director Billable Hours\nTypical Engagement Price\n$100K$250K$500K$800K-$1M\nBreadth and Depth of Offering\nStax is positioned to capture \npricing consistent with client \nimpact, results, and ROI delivered \nwithout risking relationships\nUpper / Middle Market & Growth Funds\n(Europe)\nPurposeful Shift to “Strategic Advisory” Drives Increased Pricing\nDeliver DataDeliver ResearchDeliver Strategy Deliver Advisory\n$353\n$420\n$429\n$449\n$493\n$542\n202220242025E2026P2028P2030P\n10\n18\n23\n27\n36\n49\n202220242025E2026P2028P2030P\n7,105\n8,854\n11,044\n13,052\n18,210\n25,374\n202220242025E2026P2028P2030P\n\n64\nSTRICTLY CONFIDENTIAL\nTargetRegion\nCapabilitiesAcquisition Type Revenue\nCompany ASoutheastTechnology due diligence and value creationTransformational~$80M\nCompany BSouthwestGo-to-market performance improvementTransformational~$75M\nCompany CUnited KingdomCommercial due diligenceTransformational~$50M\nCompany DMidwestPricing strategy and performance improvementTransformational~$75M\nCompany EMidwestOffice of the CFO and financial due diligenceTransformational~$75M\nCompany FUnited KingdomHealthcare commercial due diligence Tuck-In~$10M\nCompany GNortheastCommercial due diligenceTuck-In~$7M\nCompany HSouth CentralDefense commercial due diligenceTuck-In~$15M \nCompany INortheastPrivate equity performance improvement Transformational~$50M\nCompany JWestSoftware and tech based due diligence Tuck-In~$10M\nCompany KSouth CentralTech due diligence and value creation Tuck-In~$10M\nCompany LSouthwestTech due diligence and office of the CTOTuck-In~$8M\nUnited Kingdom Commercial due diligence Tuck-In~$5M\nMid-Atlantic Defense commercial due diligenceTuck-In ~$15M\nTotal~$485M\nSignificant Value Accretive M&A Opportunity and In-House Expertise \n▪Leverages CEO's experience in professional services strategy and corporate development\n▪M&A is evaluated on a risk adjusted continuum and compares opportunities such as greenfield expansion, \nacqui-hires, and acquisitions\n▪Stax maintains a strict acquisition investment criteria that must satisfy proven \"Deal Equation\" across \nmultiple dimensions\n‒Strategic Fit: Enhance defined product offering, industry expertise, or geography\n‒Cultural Fit: Similar margin and KPI profile and positive purchase price multiple\n‒Economic Fit: Ability to thrive within Stax business model\n▪Established and repeatable integration playbook with emphasis on a “day-one” plan\nStax has invested in the transition from founder-owned business to a world-class operating platform of scale and is positioned to grow via acquisitions\nStax is an Acquirer of ChoiceRobust and Selective M&A Criteria and Integration Process\nAreas of Focus When Evaluating M&A\nIllustrative Acquisition Target List\nCapitalize on cross-selling and repeat client demand\nHighly specialized expertise to provide actionable, data-driven answers for clients\nDifferentiated culture and operating model generates wins in the “war for talent”\nAdditional resources that come from a larger company\nEquity value creation opportunity through incentive plan\n1\n2\n3\n4\n5\nConsulting is a highly fragmented market with opportunity for M&A\nA- Crosslake\nB –SBI\nC- CIL\nD - Insight2Profit\nE - E78\nF - Candesic \nG - Arnovia \nH - Next F&D\nI - Beck Way \nJ – PASG\nK - ThinkTiv \nL - Waypoint\nM - Fairgrove\nN - Nextfed\n▪Continental Europe\n▪Middle East and Asia Pacific\nGain Geographic \nDiversification\n▪Tech due diligence\n▪Financial due diligence\n▪Operational improvement\nBuild Complementary \nService Offerings\n▪Aerospace and Defense\n▪Healthcare\nExpand Industries of \nCoverage\n•To remove target names\n\nFinancial Overview\n\n66\nSTRICTLY CONFIDENTIAL\n$2.7M\n$4.5M\n$0.5M\n$1.4M\n$0.2M\n$0.6M\n$3.5M\n$6.5M\nQ1-24Q1-25\nServicesHealthcareConsumer\nStrong Performance in Q1 with Favorable Momentum Heading Into Remainder of 2025\nContinued significant performance in Q1 couples with strong tailwinds from recent headcount additions\nStrong Performance in Early 2025Growing Contribution from New Hires\nIncreasing Momentum in Targeted VerticalsRamping Net Revenue Contribution from Value Creation and United Kingdom\n(1)All Managing Directors hired in the second half of their respective cohort year. 2022 cohort includes 2 hire, 2023 cohort includes 2 hires, and 2024 cohort includes 1 hires.\n(Net Revenue)\n(Net Revenue)\n$15.5M\n$20.5M\nQ1-24Q1-25\n$2.6M\n$2.3M\n$3.8M\n$0.7M\n$0.8M\n$1.5M\nQ4-24Q1-25Avg. Q2-Q4 2025E\nValue CreationUnited Kingdom\n64%\nYoY Growth\n19\n24\nNov-24Mar-25\nRecent senior hires will drive meaningful revenue \ngrowth as they continue to ramp\n930\n1,240\n71\n667\n69\nLTM Mar-24LTM Mar-25\n2022 Hires2023 Hires2024 Hires\nAn improving M&A market will provide additional upside\nYoY Growth\n839%\n33%\nDirector and Managing Director HeadcountBillable Hours by Managing Director Cohort\n(1)\nYoY Growth\n33%\n202%\n154%\n\n67\nSTRICTLY CONFIDENTIAL\nCompelling Long-Term Outlook Underpinned by Track Record of Consistent Growth\nHighly attractive financial profile driven by demonstrated ability to expand already impressive margins\nPro Forma Adjusted Net Revenue\nOrganic Gross Profit and Margin\nPro Forma Adjusted EBITDA and Margin\n($ in millions)\n($ in millions)\n($ in millions)\n$39\n$44\n$48\n$54\n$70\n$88\n$109\n$136\n$168\n61.0%\n62.0%\n63.1%\n59.5%\n60.5%\n61.0%61.0%61.0%61.0%\n20232024LTM Mar-252025E2026P2027P2028P2029P2030P\n$42\n$54\n$69\n$89\n$112\n$4\n$10\n$19\n$30\n$45\n$19\n$24\n$27\n$31\n$46\n$65\n$88\n$119\n$157\n29.3%\n33.5%\n35.6%\n33.3%\n36.2%\n38.0%\n39.0%\n39.9%\n40.9%\n20232024LTM Mar-252025E2026P2027P2028P2029P2030P\nOrganicAcquired\n$115\n$143\n$179\n$223\n$275\n$12\n$27\n$48\n$75\n$110\n$64\n$71\n$76\n$91\n$127\n$170\n$226\n$298\n$385\n20232024LTM Mar-252025E2026P2027P2028P2029P2030P\nOrganicAcquired\n\n68\nSTRICTLY CONFIDENTIAL\nBridge to 2030P Revenue\nPathway to ~$385 million of net revenue by 2030\nNote: 2020 reflects reported Net Revenue. Other includes growth in Reimbursables and Tech & Admin.\nFoundation Established to Support the Next Stage of Growth\n($ in millions)\n2020 Net \nRevenue\nHeadcountUtilizationBill RatesRealizationOther2025E Net \nRevenue\nHeadcountUtilizationBill RatesRealizationOther2030P Organic \nNet Revenue\nAcquisitions2030P Net \nRevenue Incl. \nM&A\n\n69\nSTRICTLY CONFIDENTIAL\nMultiple Levers to Boost Productivity and Expand Margins\nAssumptions embedded into the forecast for strong organic growth and profitability\nRealization RateOperating Leverage\nUtilization Rate\n(1)\nProjects Invoiced per Director/Managing Director\n(1)Based on 2,080 available hours less 290 firm holiday and PTO hours, net of billable adjustments by skill level (50% for Directors and Managing Directors; 75% for Senior Managers and Associate \nDirectors) per management’s view.\n(Operating Expenses as a % of Net Revenue)\n(Client Service Network)\n87.2%\n88.2%\n89.1%\n90.0%\n90.9%\n91.8%\n2025E2026P2027P2028P2029P2030P\n95.8%\n96.8%\n97.8%\n98.8%\n99.8%\n100.0%\n2025E2026P2027P2028P2029P2030P\n25.6%\n24.3%\n23.2%\n22.2%\n21.2%\n20.3%\n2025E2026P2027P2028P2029P2030P\n11.9\n12.2\n12.5\n12.7\n12.9\n13.2\n2025E2026P2027P2028P2029P2030P\n\n70\nSTRICTLY CONFIDENTIAL\nAttractive Financial Profile Anchored by Exceptional Margins and Strong Cash Flow\nOngoing margin expansion driven by operating leverage and continued optimization of delivery model and pricing\nStrong Cash Flow GenerationBest-in-Class Margin Profile\n(2)\nProven Ability to Scale EBITDA Margins\n(2)\n(1)Reflects 2023 and 2024 reported capital expenditures.\n(2)Reflects 2025E.\nEfficiently operates with limited cash tied up in working capitalGross margins driven by efficient service delivery and compelling value for clients\nOngoing margin expansion driven by operating leverage and continued optimization of delivery model and pricing\n29.3%\n33.5%\n35.6%\n33.9%\n36.2%\n38.0%\n39.0%\n39.9%\n40.9%\n20232024LTM Mar-252025E2026P2027P2028P2029P2030P\n(Pro Forma Adjusted)\n~97%\nFCF Conversion\nLimited\nWorking Capital \nRequirements\n~$0.5M\nHistorical Annual\n Capex\n(1)\n34%\nStrong and Increasing \nEBITDA Margins\nEfficient and \nScalable SG&A\n60%\nGross Margin\n\n71\nSTRICTLY CONFIDENTIAL\nSummary of Diligence Adjustments\n1.Removes the impact of expenses incurred \nrelated to the current Owners which will not \ncontinue post-close\n2.Normalizes (i) the impact of large signing \nbonuses & recruiting costs for high-level \npersonnel, and (ii) back-office personnel costs\n3.Includes various adjustments for \nnormalizations, removal of the now-\ndiscontinued Colombo direct operations, and \nremoval of non-recurring items\n4.Quantifies the pro forma impact of capacity-\nrelated lost revenue due to the secondment \nprogram\n5.Quantifies the impact of MD compensation \nprior to revenue generation or significant \nbillable hours\nSummary of Quality of EarningsCommentary\n▪Text\n($ in millions)20232024LTM Mar-25 \nReported EBITDA\n$13.7$18.4$21.3\nAcquisition Adjustments–––\nAcquisition Adjusted EBITDA\n$13.7$18.4$21.3\nNon-Operating Owner Expense Removal2.61.9 1.9\nCompensation Adjustments1.4 1.51.3 \nOther Diligence Adjustments0.90.60.6\nDiligence Adjusted EBITDA\n$18.6$22.4$25.1\nSecondment Revenue Impact–1.21.2\nMD Ramp-Up Compensation0.30.40.9\nPro Forma Adjusted EBITDA $18.9$23.9$27.2\n1\n2\n3\n4\n5\n1\n2\n3\n4\n5\nClean EBITDA with high cash flow generation"
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"text": "\n\nApril 2025\nConfidential Information Presentation\nDRAFT\nAs of 4/24/2025 11:49 AM\n\n2\nSTRICTLY CONFIDENTIAL\nImportant Information and Transaction Team\nThis Confidential Information Presentation (the “Presentation”) is intended solely for the use of prospective investors in determining whether or not to pursue the proposed transaction with Stax Holding Company, LLC (“Stax” or the “Company”). The Presentation is of a \nproprietary and confidential nature and is only being furnished to those parties who have agreed to be bound by the terms and conditions of the previously executed confidentiality agreement (the “Confidentiality Agreement”). William Blair & Company, L.L.C. (“William \nBlair”) has been retained by the Company as its financial advisor.\nBy accepting this Presentation, the recipient agrees that it will, and it will cause its directors, officers, employees, and representatives to, use this Presentation and all of the information contained herein only to evaluate a specific negotiated transaction with the Company \nand for no other purpose and shall return this Presentation together with any copies to William Blair upon request. This Presentation contains confidential, non-public information concerning the Company. Receipt of this Presentation constitutes your acknowledgment \nthat you will maintain the information contained herein in strict confidence. \nThis Presentation does not constitute (i) any offer to sell or the solicitation of an offer to buy any securities or assets of the Company or (ii) any offer or recommendation to enter into any transaction referenced herein.\nAll information contained herein has been provided by the Company or other sources that William Blair deems reliable. However, William Blair has not independently verified any of the information contained herein, including financial estimates and projections. This \nPresentation includes certain statements, estimates, and projections provided by the Company with respect to its anticipated future performance. Such statements, estimates, and projections reflect various assumptions concerning anticipated results, which assumptions \nmay or may not prove to be correct. The information contained in the Presentation, including financial statements, projections and estimates, (a) is not necessarily indicative of current value or future performance, which may be significantly more or less favorable than as \nreflected herein; (b) has not been independently verified and cannot be regarded as forecasts; and (c) and is based on assumptions and analysis available at the time this Presentation was prepared. Unless expressly stated otherwise, this Presentation presents information \nwith respect to the Company as of the date of the Presentation and should not be construed to indicate that the business of the Company remains unchanged since the date of this Presentation.\nThe products, product names, logos, brands, and their trademarks featured or displayed within the Presentation are the property of their respective trademark owners, who are not affiliated with, nor do they sponsor or endorse, the Company nor the Company’s services.\nThis Presentation does not purport to contain all of the information that may be necessary or appropriate to evaluate the proposed transaction, and any recipient hereof should conduct its own independent analysis of the Company and the data contained or referred to \nherein. Neither the Company nor William Blair is acting as financial advisor, intermediary or distributor of securities, or in any fiduciary capacity of any kind to the recipient or any other prospective purchaser. The recipient should also seek advice from its own specialized \nadvisors (including financial, legal, accounting and tax) in conducting such analysis.\nIn furnishing this Presentation, neither the Company nor William Blair undertakes any obligation to provide additional information or to correct or update any of the information set forth in this Presentation. The Company and William Blair reserve the right to amend or \nreplace this Presentation at any time. The Company reserves the right in its sole discretion, with or without notice, to interrupt, modify or terminate, at any time, solicitations of interest for the proposed transaction or any future participation in the investigation, discussion \nand proposal process for a proposed transaction with any party.\nNeither the Company nor William Blair makes any representation or warranty, expressed or implied, as to the accuracy or completeness of the information contained in this Presentation, or made available, orally or in writing, in connection with any further investigation of \nthe Company, and nothing contained herein is, or shall be relied upon as, a promise or representation, whether as to the past or the future. The Company and William Blair expressly disclaim any liability relating to or resulting from the use, distribution or analysis of this \nPresentation. The recipient should rely solely on the representations and warranties made to it by the Company in any executed definitive agreement. \nNothing herein is intended to in any way modify, amend or supersede any of the terms and conditions set forth in the Confidentiality Agreement, which remains in full force and effect in accordance with its terms. This Presentation is intended to be delivered solely to \nparties bound by the terms of the Confidentiality Agreement and possession and use of the Presentation is subject to the terms thereof. This Presentation may not be photocopied or otherwise reproduced or distributed except in strict accordance with the terms of the \nConfidentiality Agreement.\nInquiries should be directed only to the below named persons. Under no circumstances should the Company or any of its associates, clients or vendors be contacted directly. If you have any questions or need additional information, please contact:\nTim McHugh\nManaging Director\n+1 (312) 364-8229\ntmchugh@williamblair.com \nJustine Chiou\nManaging Director\n+1 (312) 364-5086\njchiou@williamblair.com \nMiles Gornto \nDirector\n+1 (470) 351-6950\nmgornto@williamblair.com \nOscar Mendez\nVice President\n+1 (312) 364-5460\nomendez@williamblair.com\nWilliam Hyatt \nAssociate\n+1 (312) 601-9764\nwhyatt@williamblair.com\nAnna Lee Melton\nAnalyst\n+1 (312) 364-8155\namelton@williamblair.com \nAlvaro Flores\nAnalyst\n+1 (212) 237-2794\naflores@williamblair.com \nTransaction Team Contacts\n\n3\nSTRICTLY CONFIDENTIAL\nSection I\nExecutive Summary\nSection II\nIndustry Overview\nSection III\nService Lines\nSection IV\nClient Relationships\nSection V\nGo-to-Market Strategy\nSection VI\nCulture and Talent Management\nSection VII\nOperations and Platform\nSection VIII\nGrowth Strategy\nSection IX\nFinancial Overview\nContents\n\nExecutive Summary\n\n5\nSTRICTLY CONFIDENTIAL\n5\nSTRICTLY CONFIDENTIAL\nStax at a Glance\nGlobal strategy consultancy platform providing actionable, data-driven answers to clients’ critical \nstrategic questions\n▪Leading global advisory firm that provides a complementary suite of commercial due diligence (CDD), value creation, and exit \nplanning services\n▪Purpose-built to serve the private equity community and their portfolio companies across the investment lifecycle, creating deep, \nlong-lasting, and recurring client relationships\n▪Large and growing addressable market creates long runway for growth\n▪Differentiated competitive positioning created by highly specialized talent, vast intellectual property, library of referenceable work \ncreated through prior engagements, comprehensive data analytics capabilities, and a nimble operating model\n▪Proven ability to attract, develop, and retain highly specialized talent\n▪Long-term track record of strong growth and profitability amplified by momentum in recent performance\n▪Multiple growth avenues that are highly attractive and actionable\n▪Well-invested infrastructure, systems, processes, and experienced management team poised to support significant scale\n(1)Data prior to 2022 excludes pro forma adjustments.\n(2)Includes non-CDD or value creation services such as asset \nand sector work for hedge funds/credit funds or data \nanalytics retainers.\n(3)As of year-end 2024 unless otherwise stated.\n(4)Revenue from clients utilizing 2+ services.\n(5)Excludes Intern/Co-Op and Involuntary Turnover.\n(6)As of March 2025.\nStrong Long-Term Net Revenue Profile\n(1)\n$3M\n$6M\n$10M\n$20M\n$36M\n$76M\n20012005201020152020LTM Mar-25\nFirm OverviewBy the Numbers\n(1)(3)\n$91M\n2025E \nNet Revenue\n73%\nRevenue from \nRepeat Clients\n$31M\n2025E \nPF Adj. EBITDA\n24\nManaging \nDirectors and \nDirectors\n(6)\n \n~40%\nCross-Sell \nRate\n(4)\n130 \nClient Service \nNetwork \nProfessionals\n(6)\n~33%\n2020-2025E\nEBITDA CAGR\n~80%\nClient Service\nNetwork\nRetention\n(5)\n160+\nClients Served \nAnnually\n~40%\nEmployee and\nFounder Owned\n$320K+\nAverage \nProject Size\n22%\n2020-2025E\nRevenue CAGR\n44%\n37%\n15%\n4%\nBuy-Side\nSell-Side\nValue Creation\nOther\nLTM Mar-25\nNet Revenue \nby Service\n(2)\n2010 – LTM Mar-25 CAGR: ~15%\n\n6\nSTRICTLY CONFIDENTIAL\n6\nSTRICTLY CONFIDENTIAL\nConsistent history of growth and delivering critical strategic solutions with continued strong momentum and excitement for the future\nStax has Taken a Disciplined Approach to Building a Platform of Scale\nRecent History (2021 – Present)Early History (1994 – 2020)\n1994-1996\nFounded in Somerville, MA by Rafi Musher\nLaunched private equity practice and began \nexpanding corporate client base\n2010-2015\nRelocated headquarters to \nBoston\nShifted to exclusively focus on \nprivate equity due to demand \nand internal expertise\n2019-2020\nBegan proactively \nmarketing sell-side \nengagements and \nbuilding an investment \nbanking referral \nchannel\nProductized for the \nfast-growing LMM \nprivate equity deal \nmarket\nExpanded hedge fund \nand credit fund \nproducts and coverage\n2021\nHeadcount reaches \n175+ as the Company \nexperiences record \ngrowth driven by \nexpansion of core \nbusiness and \nincreased demand \nfor data analytics \ncapabilities\nJune 2023 \nJayson Traxler assumes role \nof Chief Executive Officer\nOctober \n2022\nJayson Traxler \nbecomes \nPresident of Stax, \nwith Rafi Musher \nshifting to \nChairman of the \nBoard\nMarch 2023\nPaul Edwards \nbecomes Global \nPractice Leader\nIntroduced \nverticalized \napproach to client \ncoverage initially \nexpanding on \nexisting strengths in \nservices, \ntechnology, and \nindustrials\nDecember 2023\nProductized sell-side \noffering with targeted \ncoverage effort under Will \nBarden and Roy Lockhart\nJanuary 2024\nHired Phil Dunne to \nlead London office and \nindustrials vertical\nNovember 2021\nJayson Traxler joins \nStax as Chief Operating \nOfficer\n1998-2003\nExpanded footprint to \nChicago to meet \ngrowing needs of \ncorporate and private \nequity clients \n2005\nPaul Edwards joins Stax\nApril 2023\nFormal New York \nmarket entry – \nexpanded offices \nto have capacity for \nconsultants and \nincreased presence \nin local market\nJune 2024\nRelocated London \noffice to Mayfair to \nexpand presence \nand demonstrate \nstature in the \nmarket\nNovember 2024\nHired Robert Lytle to \nbolster private equity \nrelationships and add \nexpertise to ongoing \nverticalization\nOctober 2021\nReceived strategic \ninvestment from Blue \nPoint\nNovember 2022\nHired Vince Zosa to build \nintegrated Value Creation \nIntegrated Product (VCIP) \noffering\nAcquired AMR to establish a \npresence in the London market, \nwith plans to hire additional \ntalent for further expansion\ninternational.\nAMR\nJuly 2023 \nExpanded into \nESG/Sustainability as \npart of VCIP\nOctober 2023\nExpanded into \nPricing Excellence \nas part of VCIP\nJanuary 2025\nHired Brad Kuntz to \nfurther build out \nNew York office and \nlarge cap private \nequity account \ncoverage\n\n7\nSTRICTLY CONFIDENTIAL\n7\nSTRICTLY CONFIDENTIAL\nSignificant opportunity to capture additional whitespace\nLarge Addressable Market Creates Long Runway for Growth\nMarket \nSegments \nand Size\n2025E Stax \nRevenue\nCurrent North America + U.K. \nPrivate Equity-Backed M&A \nMarket (Ideal Fund Sizes)\nCurrent spend on buy-side \ncommercial due diligence, sell-side \ncommercial due diligence, and value \ncreation for North America and U.K. \nPrivate Equity-Backed M&A for \nsubset of funds with sizes most highly \naligned to current Stax services\nCurrent North America + \nU.K. Private Equity-Backed \nM&A Market (Ideal \nClients)\nCurrent spend on buy-side \ncommercial due diligence, sell-\nside commercial due diligence, \nand value creation for North \nAmerica and U.K. Private Equity-\nBacked M&A for clients most \nhighly aligned to current Stax \nservices\nTotal Addressable North \nAmerica + U.K. Private \nEquity-Backed M&A \nMarket\nFull adoption of buy-side \ncommercial due diligence, sell-\nside commercial due diligence, \nand value creation for North \nAmerica and U.K. Private Equity-\nBacked M&A\nTotal Addressable Private \nEquity-Backed M&A \nMarket\nFull adoption of buy-side \ncommercial due diligence, sell-\nside commercial due diligence, \nand value creation for Private \nEquity-Backed M&A globally\nTotal Addressable Market\nFull adoption of buy-side \ncommercial due diligence, sell-\nside commercial due diligence, \nand value creation for global \nM&A\n<\n+\n=\n$91M\n$3.9B\n$5.2B\n$19.5B\n$32.6B\n$67.5B\nExisting Offerings\n\n8\nSTRICTLY CONFIDENTIAL\n91%\n83%\n86%\n81%\n80%\n80%\n74%\n77%\n77%\n76%\n9%\n17%\n14%\n19%\n20%\n20%\n26%\n23%\n23%\n24%\n26.4K\n22.3K\n24.9K\n23.3K\n20.6K\n28.2K\n28.7K\n26.4K\n26.0K\n28.6K\n2000200520102015202020212022202320242025P\nPE Involvement\nNo PE Involvement\nMomentum Is Building \nfor a Resurgence in \nM&A Markets\nPrivate Equity Backed \nCompany Inventory \nContinues to Rise \nAlongside Record-\nBreaking Dry Powder \nStores\nService Providers Are \nIncreasingly Becoming a \nCritical Resource Rather \nthan a “Nice to Have”\nPowerful Market Tailwinds Lay the Foundation for Outsized Growth\nStax is positioned to benefit from favorable market conditions, amplified by the Company’s alignment with the private equity universe\nSources: Dealogic, EY, Partners Group, PitchBook, S&P Capital IQ Pro.\n(1)Includes balanced, co-investment, co-investment multi-manager, growth, turnaround, and buyout strategies primarily focused on investments in North America.\n▪Expansionary monetary policy and declining inflation point towards \nincreased M&A activity in 2025 as valuations recover\n▪Less onerous regulatory hurdles will provide a more predictable, \ntruncated approval process\n▪Creative deal structures and a broader shift towards simplification— \noptimizing undervalued assets, separating divergent businesses, \nnarrowing geographic focus—will further contribute to volume\nU.S. Private Equity Backed Companies by Time in Portfolio\n▪Rising private equity inventory drives pent up demand for market \ninsight services over multiple investment cycles\n▪High proportion of long-held assets in sponsor portfolios are slated to \nseek monetization as the pressure to return distributions to paid in-\ncapital (DPI) increases\n▪Undeployed capital continues to accumulate, creating further \nincentive for general partners to transact\n▪Sponsors are tapping into a range of strategic levers to unlock \nliquidity, including co-control and minority stake sales\n▪Need for commercial due diligence and value creation services have \nstrengthened over time as private equity returns become more \nreliant on driving operational improvements and top-line growth\n▪Competitive deal environment is forcing private equity firms to \nrapidly identify and assess critical diligence topics in M&A\n▪Adoption of third-party, non-financial diligence reports (commercial, \ntech, ESG) is increasing\n▪Sponsors are progressively tasking third-party advisors with more \ncomplex challenges\n$71B\n$141B\n$246B\n$330B\n$742B\n$965B\n200020052010201520202024\nU.S. Private Equity Dry Powder\n(1)\nNorth American and European M&A Transaction Volume\nEvolution of Private Equity Return Contributors\n18%\n22%\n36%\n55%\n70%\n31%\n46%\n39%\n30%\n15%\n51%\n32%\n25%\n15%15%\n1980s1990s2000s2010s2020s (Outlook)\nDeleveraging\nMultiple Expansion\nOperational Value Creation\n45%\n44%\n45%\n46%\n48%\n18%\n16%\n20%\n21%\n20%\n38%\n40%\n35%\n33%\n32%\n9.8K\n10.5K\n11.0K\n11.3K\n11.8K\n20202021202220232024\n>5 Years\n4-5 Years\n0-3 Years\n\n9\nSTRICTLY CONFIDENTIAL\nComplementary Suite of Services that Scale with the Client\nStax’s services are designed to provide an integrated solution to its clients across the private equity lifecycle\nBuy-Side Commercial Due Diligence\n2025E Net Revenue by Service Line\n(1)\nAssess market dynamics and target alignment, \ncompetitive positioning, and value creation levers\nWorkstreams\n▪Market and asset screening\n‒Sector prioritization\n‒Acquisition screening\n‒Thesis build and development\n▪Early diligence\n‒Red flag assessment\n‒Client checks\n▪Commercial due diligence\n‒Scaled to focus on next phase of growth\n‒Pre-LOI phasing of deliverables to meet process timelines\nValue Creation\nPrimary Goals\n▪Ensure top initiatives can be successfully underwritten and executed \nupon immediately post-deal\nEmbedded Offerings\n▪Commercial excellence\n▪Pricing optimization\n▪Sales productivity\n▪Churn reduction\n▪Cost optimization\n▪Growth expansion and strategy\n▪Post-merger and acquisition strategy integration\n▪ESG and impact advisory\nSell-Side Commercial Due Diligence\nExternal Deliverables\n▪Market studies including market size assessment, client dynamics, \ncompetitive landscape, and growth opportunities\n▪Transaction support via advisory, preparation for conversations with \npotential investors, and other ad hoc analyses\nInternal Value Add\n▪Anticipated areas of potential investor pushback\n▪Insight and recommendations to inform go-forward strategy for \nmanagement and next investor\nEmbedded Offerings\n▪Exit planning and vendor due diligence\n‒Pre-empt process concerns, inform growth strategy, and \nsupport stakeholders through exit\nTypical Transaction Profile\n▪$100 million to $1 billion in enterprise value across technology, \nindustrials, healthcare, consumer, and services\nDrive rapid EBITDA improvement throughout the \ninvestment hold period\nArticulate the exit story and provide actionable \ngrowth blueprint backed by market research\n% of Net Revenue42%% of Net Revenue40%\nBuy-Side Commercial Due Diligence Value CreationSell-Side Commercial Due Diligence \n% of Net Revenue16%\n(1)Excludes 2.5% of Other revenue. \n\n10\nSTRICTLY CONFIDENTIALSTRICTLY CONFIDENTIAL\n10\nWhy Stax Wins\nServices have a high barrier to entry and high cost of failure – gaining the trust of private equity firms is \nextremely difficult and requires consistent high-quality work\nSelect Client Testimonies\n“\n“\nStax offers the Goldilocks solution—strong \nexpertise, high quality work, senior-level \nattention, and great value. Stax solves for \na huge market gap by providing superior \nadvisory work and sell-side market studies \nat a reasonable price\n– Managing Director, Investment Bank\nStax is a firm that can connect all the dots, \nwhich is what we don’t get from the point \nsolutions, while being much more flexible \nvalue-additive than MBB firms\n– Sr. Operating Partner, Private Equity Firm\nThe value of your work was multi-fold – it \ngave us materials to share with investors \nand banks, as well as a roadmap for \nwhere our brand has room to expand\n– CEO, Sell-Side Client\nThe work from Stax gave us a clear 5% lift \non valuation. Their framing of the business \nstarted everyone at a higher base\n– Managing Director, Private Equity Firm\nTalented bench of professionals \nwith specialized expertise\nStrong reputation and trust among \ninvestment banks, private equity firms, \nand other investment managers\nTransparent, collaborative \napproach to projects\nOperating model built \nspecifically to serve the \nneeds of private equity\nDeep vertical expertise\nExtensive intellectual property \ncreated by historical engagements\nStrong data analytics capabilities \nsupported by global delivery\nValue creation is ingrained in \napproach to diligence\nUniquely Positioned Through Breadth of High-Quality Services Offered at a Competitive Price Point\nBreadth and Depth of \nDiligence Offering\n“High-Level”\nBespoke Content; \nGrounded in Data; \nGlobal Presence\nInterview / Survey \nBased; Limited \nGeographic Presence\nQuality / Value \nCaptured \n$250K\nUpper / Middle Market & Growth Funds\n$800K-$1M\n$100K\n(Europe)\n$500K\n\n11\nSTRICTLY CONFIDENTIAL\nCompelling Employee Value Proposition to Cultivate Top Talent\nUnique culture and attractive career growth opportunities make Stax a preferred employment destination for consultants\nVision and Values Serve as a Foundation for Exceptional Client Service...Meaningful Opportunities for Employees Ensure Company Success\n...Which The Industry Recognizes as Best-in-ClassBy the Numbers\n(1)\n95%\nDirector and\nManaging Director \nRetention\n(2)(3)\n$7.7M\nRevenue per \nManaging \nDirector\n(2)\n~$700K\nRevenue per \nClient Service \nProfessional\n232\nFull-Time \nEmployees as of \nMar-25\n36%\nAnnual CSN \nD/MD \nGrowth\n(4)\n11:1\nCSN / Managing \nDirector Ratio\n~80%\nCSN \nProfessional \nRetention\n(3)\n90%\nLTM Mar-25 Client \nService Network \nUtilization\nALM Best Small Firm to \nWork For 2024\nALM Rising \nStars 2025\nALM Top Consultants \n2024\nALM Women Leaders \nin Consulting 2024\nAmerica’s Fastest - \nGrowing Companies\nManagement \nConsulted Top \nConsulting Firm 2025\nRealDeals PE CDD \nProvider of the Year \nFinalist 2025\nConsulting Report Top \n25 Consulting Firm \nCEOs 2024\nConsulting Report Top \n50 Consulting Firms \n2024\nConsulting Report Top \n25 Operations & Supply \nChain Consultants 2025\nVault Top Ranked \nEMEA Consulting\n2025\nVault Top Ranked \nNorth America \nConsulting 2025\nWe will provide exceptional opportunities for good \npeople\nVISION\nWe will create value for our clients and \npartners\nWe will grow a successful, durable organization of \nlong-term value\nWe act with the highest integrity, respect for others, \nand personal accountability\nVALUES\nWe demonstrate commitment to the \ncommunity\nWe foster a sense of shared responsibility \namongst our team\nCompetitively \ndifferentiated \nplatform that \ncreates a platform \nfor professionals \nto be successful\nAmple \nwhitespace for \ncareer growth \nrelative to some \ncompetitors\nGrowing platform \ncreates exciting new \ncareer opportunities \nwhere professionals \ncan have a significant \nimpact \nIncentive model \nthat drives \ncollaboration, \nwith opportunity \nto participate in \nequity value \ncreation\nUnique focus \non serving and \ngrowing with \nprivate equity \nclients\n~40%\nEmployee and \nFounder \nOwned\n86\nEmployee \nOwners\n(1)As of year-end 2024 unless otherwise stated.\n(2)Reflects Client Service Network only.\n(3)Excludes Intern/Co-Op and Involuntary turnover.\n(4)Reflects CAGR of Client Service Network Director \nand Managing Director headcount from year-end \n2022 to Mar-25.\n\n12\nSTRICTLY CONFIDENTIAL\n▪x\n$1.1\n$13.3\n$18.0\n$20.6\n202020222024LTM Mar-25\n23%\n21%\n14%\n41%\nTop 10\nTop 11-30\nTop 31-60\nAll Others\n27%\n7%\n21%\n45%\n<1 Yr\n1-2 Yrs\n2-6 Yrs\n6+ Yrs\n73%\n27%\nRepeat\nNon-Repeat\n62%\n27%\n11%\n1 Service\n2 Services\n3 Services\nDeep-Rooted Client Relationships Supported by Sophisticated Go-to-Market Strategy\nExceptional service and industry expertise lay the foundation for Stax’s long-standing client relationships\nRevenue Concentration by ClientClient Tenure Mix\nClients Using Multiple ServicesRevenue from Repeat Clients\nGrowing Volume of Sell-Side Referrals from Investment Banks\nLarge Cap Private \nEquity\nMiddle Market and \nGrowth Private Equity\nHedge Funds and\nCredit Funds\nInvestment Banks\nSelect Client and Referral Channel Relationships\n(Net Revenue; $ in millions)\n$72M\n2024 Net \nRevenue\n$72M\n2024 Net \nRevenue\n$72M\n2024 Net \nRevenue\n$72M\n2024 Net \nRevenue\n\n13\nSTRICTLY CONFIDENTIAL\nStax is a Service Provider of Choice Across the Private Equity Investment Lifecycle\nProven long-term partner to sponsors and their portfolio companies during key milestones and inflection points\nPre-InvestmentHold PeriodExit\nValue CreationBuy-Side Due DiligenceSell-Side Due Diligence\nMarket and Asset \nAssessment\nEarly Due\nDiligence\nCommercial Due \nDiligence\nProfit\nX-Ray\nGrowth Acceleration \nDiagnostics\nICP\nAnalytics\nExit\nPlanning\nVendor Due \nDiligence\nOngoing Support \nThrough Exit Into \nNext Phase of \nGrowth\nNew Partner\nSelect Portfolio Company Case Studies\nEntry Point and Highlights\n▪Provider of finance, operations, and accounting software to the energy industry\n▪Acquired by Thoma Bravo in 2018 from Silver Lake\n▪Completed three buy-side engagements for private equity firms that later invested in the company, \nleading to repeat growth strategy and value creation work for Stax\n▪Seventeen projects completed to date across three private equity ownership cycles\nInitiatives Under CarlyleInitiatives Under Silver Lake\n15+ Year\nRelationship\nInitiatives Under Thoma BravoCumulative Net Revenue\nEntry Point and Highlights\n▪Provider of solutions to automate and simplify the insurance process\n▪Acquired by Roper Technologies in 2020 from Bain Capital and Vista Equity Partners\n▪Initial introduction in 2010 through a buy-side engagement for a large private equity firm\n▪Eight projects completed to date across three private equity ownership cycles\nInitiatives Under TPGInitiatives Under Bain Capital & Vista\n15+ Year\nRelationship\nInitiatives Under Roper Technologies Cumulative Net Revenue\n▪Conducted buy-side due diligence on behalf of \nCarlyle, which ultimately acquired a majority interest \nin Quorum\n▪Evaluated multiple successful add-on acquisitions\n▪Provided exit planning and sell-side support\n▪Evaluated multiple successful add-on acquisitions\n▪Provided strategy support after three-way merger\n▪Continued evaluation of expansion opportunities\n~$3.5 million~$1.8 million\n▪Assessed add-on potential and risks of an insurance \nand securities technology provider\n▪Conducted a pricing strategy and commercial \ndiagnostic to benchmark recent growth\n▪Completed a sell-side study\n▪Assessed the MGA market to inform growth strategy\n▪Completed commercial performance diagnostic\n▪Supported 3-year strategic planning\n\n14\nSTRICTLY CONFIDENTIAL\nStrong Opportunity to Accelerate Growth Through Multi-Pronged Strategy\nClear, attainable initiatives to build upon leading market position\nAttractive \nMarket Tailwinds\nPrivate equity firms are increasingly utilizing commercial due diligence \nand value optimization services for transactions and portfolio companies\nPrivate equity has shown resilient \ngrowth supporting an expanding TAM\nRising private equity inventory is driving demand for multiple \nmarket insight services over each investment’s lifecycle\n▪Scale coverage and \ncontent intersection \nacross private equity and \ninvestment banks\n▪Further scale dedicated \nbusiness development \nteam to broaden \ncoverage universe\n▪Centralize, scale, and \nmanage external \nindividual, account, and \nsubsector \ncommunications\n▪Focus on accelerating \nthe execution of M&A \nplaybook\n▪Expand into new \ngeographies, new \nservice lines, and build \nscale in existing markets\n▪Opportunistically \nevaluate larger-scale \ntransformative M&A \ntargets\nIdentify and Execute \non Acquisitions\n▪Capitalize on advisory, \nbespoke nature of work, \nand pricing umbrella \nrelative to MBB+ to \nrealize due diligence \nprice increases \nnationally and abroad\n▪Raise prices in value \ncreation to be more in-\nline with client impact, \nresults, and ROI\n▪Expand number of \naccounts with average \nproject size of $400K+ \nwith ample cross-sell \nopportunities and need \nfor multiple projects per \nyear\nExert\nPricing Power\n▪Further optimize cross-\nsell strategy to deepen \ndensity across core \naccounts through scaled \ninside sales strategy\n▪Target key private equity \nclients where \nreferenceable work \nprovides opportunity for \nfurther penetration in \nprojects that command \nmore premium bill rates\nScale Client Coverage\n▪Leverage reputation and \ndifferentiated \nexperience in key \nverticals with high win \nrates across market \nsegments\n▪Introduce new verticals \nsuch as government or \naerospace and defense \nthrough de novo efforts \nor experienced senior \nhires \nDeepen Vertical \nExpertise\n▪Capitalize on hedge \nfunds’ growing inbound \ndemand for market \nresearch \n▪Introduce new purpose-\nbuilt products such as \ntechnology due \ndiligence, financial due \ndiligence, policy and \nregulatory consulting, \noperational due \ndiligence, and ESG and \nsustainability diligence \nthrough integrated go-\nto-market approach\nExpand Capabilities \nand Client Profiles\n▪Continue building \nmomentum in the U.K. \nto expand market \npresence\n▪Strategically grow \nheadcount and client \nleadership in New York \noffice\n▪Establish local presence \nin new geographic \nmarkets through organic \ngreenfield locations in \nthe United States and \nEurope\n▪Continue to protect \nunique culture via \nplanful expansion\nBroaden Geographic \nPresence\n▪Strategically hire senior \nprofessionals to build \ndensity in core verticals \nand expand capabilities\n▪Build density across \ncurrent locations, \nexpanding \napprenticeship model to \nfurther attract and \ndevelop mid/junior \ntalent\nAttract, Develop, and \nRetain Talent\nMaximize Wallet \nShare and Cross-Sell\nGrowExpandTransform\n\n15\nSTRICTLY CONFIDENTIAL\n▪Founder-led with minimal \ninfrastructure\n▪Centralized global management \nteam\n▪Office-centric P&L▪Single global P&L\n▪Inconsistent performance \nmanagement\n▪Inconsistent pricing\n▪Inconsistent delivery \n▪Global standards and value \nproposition\n▪Product-led, content-driven\n▪Concentrated sales with little \ncollaboration\n▪Collaborative account structure\n▪Industry verticalized senior \nconsultants\n▪Research-focused▪Advisory-focused\n▪Tiered product and brand issue\n▪Decentralized, under-invested \nplatform\n▪Well-invested, integrated \ninfrastructure\n▪Purpose-built platform for pace \nof private equity\n▪Proven M&A capability\nProfessionalized Platform Poised to Support Significant Growth\nCurated strategic transition has established infrastructure to scale alongside the business as the Company enters the next phase of growth\n2022 OnwardsPre-2021\nOld FrameworkNew Foundation\n▪Established global competencies, leveling, and \ncompensation\n▪Adopted global staffing and development\n▪Upgraded teams\n▪Unified positioning and value proposition\n▪Benchmarked pricing and products\n▪Upgraded ERP and created Stax INTEL\n▪Adopted senior oversight of content generation \nand access (vertical groups, thought leadership, \nPOVs)\n▪Established brand and ramped up recruitment in \nLondon and NYC\n▪Onboarded culture in NYC\n▪Restructured Chicago\n▪Established senior apprenticeship\n▪Established consistent hybrid model\n▪Established “Regional Success” teams to partner \nU.S. seniors with EMEA client leads\n▪Structured collaborative global pipeline with \naccount collaboration groups and oversight\n▪Removed generalist Directors and Managing \nDirectors\n▪Established vertical structures\n▪Added verticalized talent\n▪Created vertical content agenda\n▪Recruited sector and product specialists\n▪Verticalized competency model for Associate \nDirector and above\n▪Created integrated workstream approach with \nClient Delivery Network\n▪Built vendor due diligence and value creation \nintegrated product (VCIP) product matrix\n▪Elevated CDD product\n▪Established product-level P&L and metrics\n▪Began tracking product cross-selling\n▪Established dedicated resourcing and coverage\n▪Established product-specific competencies\n▪Integrated and connected products, building to a \nfund/asset-life offering\n▪Constructed ARM and account tiering\n▪Further trained and developed junior sellers\n▪Established collaboration metrics\n▪Transitioned founder to Board and created \ncentralized management structure\n▪New CEO, Global Practice Leader, Chief People \nOfficer, and General Counsel\n▪Screened seniors for collaboration; retained \nhigh-quality mid-level consultants\n▪Better defined path from Associate Dir. to MD\n▪Created strategy and go-to-market framework to \nscale OpGen\n▪Created marketing and business development \nsupport framework\n▪Developed knowledge management tool\n▪Created collaboration incentives\n▪Established engagement metrics for tracking\n▪Elevated client engagement agenda\n▪Developed BI function and created Stax INTEL \nplatform\nStandardize\nVerticalize\nDiversify\nGlobalization of staffing, utilization, reporting, talent development, and pricing \nallows for consistent client experience with different coverage points\nCommercialize\nGlobalize\nProductize\n\n16\nSTRICTLY CONFIDENTIAL\nDiversified Business with Proven Growth Across All Environments\nStax’s diversified business model has proven its ability to grow across economic environments\n(1)Reflects cumulative percent change over time since 2005.\n(2)2005-2021 reflects reported financials.\n(3)Source: Dealogic. Reflects announced North American and European transactions with private equity involvement between 1/1/2005 and 12/31/2024. 2025 projection per EY.\nGreat Recession\nCOVID-19\nGreat \nResignation\nInflation\nRate \nHikes\nNet Revenue Performance Relative to the M&A Environment\n(1)\nWinners in Market Growth\nWinners in Market Contraction\n(500%)\n–\n500%\n1,000%\n1,500%\n2,000%\n20052006200720082009201020112012201320142015201620172018201920202021202220232024LTM\nMar-25\n2025E\nStax Net RevenueN.A. and U.K. PE Transaction Volume\n▪Buy-Side Commercial Due Diligence: Increasing demand of \nbuy-side services as private equity firms explore a wide range \nof investment opportunities\n▪Value Creation: Growing demand for value creation services \nas firms strive to outperform competitors by enhancing \nportfolio company performance to unlock growth and value\n▪Sell-Side Commercial Due Diligence: Increased market activity \nand favorable valuations drive companies to prepare for sale \nboosting demand for sell-side services\n▪Buy-Side Commercial Due Diligence: Steady demand as firms \nseek expert analysis to identify undervalued assets with \nrecovery potential\n▪Value Creation: Consistent value creation demand as portfolio \ncompanies face pressure to optimize operations and cut costs\n▪Sell-Side Commercial Due Diligence: Stable demand for sell-\nside services as sellers must present their businesses in the \nbest possible light\n▪Diverse Client Profiles: Ability to tap hedge fund and credit \nfund clients when topline deal-market activity slows\n(2)(3)\n\n17\nSTRICTLY CONFIDENTIAL\nCompelling Long-Term Outlook Underpinned by Track Record of Consistent Growth\nHighly attractive financial profile defined by consistent growth and impressive margins\nPro Forma Adjusted Net Revenue\nOrganic Gross Profit and Margin\nPro Forma Adjusted EBITDA and Margin\n($ in millions)\n($ in millions)\n($ in millions)\n$39\n$44\n$48\n$54\n$70\n$88\n$109\n$136\n$168\n61.0%\n62.0%\n63.1%\n59.5%\n60.5%\n61.0%61.0%61.0%61.0%\n20232024LTM Mar-252025E2026P2027P2028P2029P2030P\n$42\n$54\n$69\n$89\n$112\n$4\n$10\n$19\n$30\n$45\n$19\n$24\n$27\n$31\n$46\n$65\n$88\n$119\n$157\n29.3%\n33.5%\n35.6%\n33.3%\n36.2%\n38.0%\n39.0%\n39.9%\n40.9%\n20232024LTM Mar-252025E2026P2027P2028P2029P2030P\nOrganicAcquired\n$115\n$143\n$179\n$223\n$275\n$12\n$27\n$48\n$75\n$110\n$64\n$71\n$76\n$91\n$127\n$170\n$226\n$298\n$385\n20232024LTM Mar-252025E2026P2027P2028P2029P2030P\nOrganicAcquired\n\n18\nSTRICTLY CONFIDENTIAL\nProven Leadership Team Poised for the Next Era of Growth\nCommitted leadership team with a clear vision for the future of Stax\n(1)Client Service Network.\n(2)Operations.\nPaul Edwards\nGlobal Practice Leader\nJoined in 2005\n25+ Years of Experience\nJayson Traxler\nChief Executive Officer\nJoined in 2021\n25+ Years of Experience\nSTS Research Group\n18\nSTRICTLY CONFIDENTIAL\nMeg Macumber\nGlobal Head of \nFinance\nLeslie Regenbaum\nGeneral \nCounsel\nAmy Schoeman\nGlobal Head of \nHuman Resources\nJoe Brownell\nGlobal Head of \nMarketing\nConnor Novy\nChief of Staff, \nHead of Sales Ops\nMihaela Dumea\nDirector, Data & \nBus. Intelligence\nHazir Shafeek\nGlobal Head of \nData Insights & IT\nBrad Kuntz\nAmericas \nRegional Lead\nPhil Dunne\nEMEA \nRegional Lead\nRobert Lytle\nTransaction \nAdvisory Co-Lead\nWill Barden\nTransaction \nAdvisory Co-Lead\nVince Zosa\nValue Creation \nProduct Lead\nRoy Lockhart\nExit Planning \nProduct Lead\n2020202320242018201820222021202520242024202220222011\n20+ Years20+ Years20+ Years25+ Years10+ Years20+ Years15+ Years20+ Years35+ Years30+ Years15+ Years30+ Years15+ Years\nDEVON\nV A L U E A D V I S E R S\nYear Joined\nIndustry Tenure\nPrior Experience\n\n19\nSTRICTLY CONFIDENTIALSTRICTLY CONFIDENTIAL\n19\nStax is a Highly Differentiated and Attractive Platform\nLarge addressable market with favorable secular trends\nDifferentiated value proposition for clients magnified by expertise developed through \nhistorical project volume\nDeep relationships with diversified set of clients that have reoccurring demand\nCompelling employee value proposition to attract, develop, and retain talent\nProven management team set to sustain growth\nProfessional operating platform set to scale\nClearly-defined multi-pronged growth strategy\nProven history of long-term growth, robust margins, and strong capital efficiency\n\nIndustry Overview\n\n21\nSTRICTLY CONFIDENTIAL\n$20B\n$33B\n$68B\n$91M\nStax Services the Private Equity Sector, a Foundational and Stable End Market\nBroad end market tailwinds provide ideal environment for long-term revenue growth\nLarge and Growing Addressable Market \nIndustry Landscape\nAdvisory Firms \n2025E Stax \nNet Revenue\n2024 Global M&A\n2024 Global Private \nEquity-Backed M&A\nNorth American and U.K. \nPrivate Equity-Backed M&A\nAccounting Networks\nMBB \n\n22\nSTRICTLY CONFIDENTIAL\nStax Services the Private Equity Sector, a Foundational and Stable End Market\nBroad end market tailwinds provide ideal environment for long-term revenue growth\nGlobal Private Equity Deal VolumeU.S. Private Equity Dry Powder by Fund Size\nGlobal Private Equity Exit VolumeU.S. Private Equity-Backed Company Inventory by Age\nSource: PitchBook.\n3.2K\n5.8K\n2.8K\n6.7K\n6.9K\n7.3K\n7.6K\n7.9K\n8.3K\n8.8K\n9.3K\n9.8K\n10.5K\n11.0K\n11.3K\n11.8K\n2012201320142015201620172018201920202021202220232024\nLess than 2 Years\n2 - 5 Years\nOver 5 Years\n$0.4\n$0.6\n$0.5\n$0.6\n$0.8\n$0.8\n$0.7\n$0.8\n$0.8\n$0.6\n$0.9\n$1.7\n$0.8\n$0.8\n$0.9\n1.8K\n2.1K\n2.2K\n2.4K\n2.9K\n3.3K\n3.1K\n3.4K\n3.4K\n3.2K\n2.8K\n4.4K\n3.7K\n3.5K\n3.8K\n201020112012201320142015201620172018201920202021202220232024\nExit Value\nExit Count\n$0.6 \n$0.7 \n$0.7 \n$0.7 \n$0.9 \n$1.1 \n$1.0 \n$1.2 \n$1.3 \n$1.3 \n$1.2 \n$2.3 \n$1.8 \n$1.4 \n$1.8 \n6.5K\n7.5K\n7.9K\n7.9K\n9.6K\n10.9K\n11.0K\n12.0K\n13.4K\n14.0K\n13.7K\n20.9K\n19.6K\n17.1K\n19.1K\n201020112012201320142015201620172018201920202021202220232024\nDeal Value\nDeal Count\n $0\n $200\n $400\n $600\n $800\n $1,000\n2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024\nMiddle Market PE\nPE Megafunds\nPE Under $100M\n($ in trillions)\n($ in trillions)($ in billions)\n2010 – 2024 CAGR: 8.4%2006 – 2024 CAGR: 5.6%\n2010 – 2024 Exit Value CAGR: 5.1%2012 – 2024 CAGR: 4.9%\n\n23\nSTRICTLY CONFIDENTIAL\nMore Than $32B in TAM Opportunity for Stax’s Core Products\nBountiful growth prospects in a broad addressable market \nTotal Addressable Market Opportunity by Product\nSource: Stax Market Sizing Analysis.\nSpendVolume\nSell-Side Diligence\n$2.9B\nValue Creation\n$4.1B\nBuy-Side Diligence\n$25.6B\n$32.6B\n2024\nBuy-Side \nDiligence\n19,123 \nPrivate Equity Transactions Annually\n$1.3M \nCDD Spend Per Closed Transaction\nSources and Approach:\n▪PitchBook 2024 Global Private Equity Report\nSources and Approach:\n▪Reflects 100% attach rate to pre-LOI lean-in & LOI deals\n▪Spend per deal per Stax PE decisionmaker survey (n=50)\nSell-Side \nDiligence\n6,389 \nAnnual Exits Across PE/Founder Businesses\n$453K \nSpend Per Successful Exit\nSources and Approach:\n▪PitchBook 2024 Global Private Equity Report\n▪Stax estimate of founder-backed exits >$100M in deal \nvalue\nSources and Approach:\n▪Reflects 100% attach rate of successful exits (founder- \nand PE-owned) and 40% assumed deal failure rate\n▪Spend per deal per Stax PE decisionmaker survey (n=50)\nValue \nCreation\n56,177 \nActive Private Equity-Backed Companies\n$72K\nSpend Per Portfolio Company Per Year\nSources and Approach:\n▪PitchBook Filter for Currently Privately-held, Private \nEquity-Backed Companies (i.e., non-addon/subsidiary)\nSources and Approach:\n▪Reflects each portfolio company conducting $361K of \nVCIP spend spread annually over a five-year hold period\n▪Spend per deal per Stax PE decisionmaker survey (n=50)\n\n24\nSTRICTLY CONFIDENTIAL\nHighly Attractive and Growing Market for Stax’s Private Equity Services\nStax is well-positioned to benefit from increases in private equity activity and standardization of third-party diligence in deal-making\nTrends Appreciating the Value of TAM and Current Spend on Stax’s Services\n▪Deal volumes, exit volumes, and the total pool of private equity-backed companies continue to grow and are resilient, and \ninvestor sentiment remains positive going forward\n▪Number of new private equity deals in U.S. and Europe has grown at a 7.6% CAGR over the last ten years\nGrowing Deal Sizes and \nVolume\n▪Value and depth of consulting engagements is increasing, and consulting services are readily able to pass through increasing \nlabor costs, growing the overall spend per deal\n▪Based on a survey scale from 1 (Nice to Have/Less Important) to 7 (Need to Have/More Important), average CDD value to private \nequity funds will increase from ~4 to ~5 from five years ago to the next five years, and value creation will increase from ~5 to ~6 \nfor the same period\nHigher Average Spend \nand Scope per Deal\n▪Competitiveness for high-quality deals is increasing, and more suitors are leaning into processes overall, and earlier driven by the \ndesire to filter for good deals and the growing need for private equity to “sell management” on the value of their partnership\n▪Middle market and growth equity deal funnels (deals seen, leaned in on, and under LOI) have increased at 8.4-9.0% CAGRs, \npushing CDD opportunities beyond the currently estimated ~3 due diligence engagements per closed deal\nMore CDD Opportunities \nper Deal\n▪Third-party support for diligence and value creation efforts are increasingly becoming an industry standard, with a steadily \nincreasing portion of deals and portfolio companies hiring third-party support\n▪Pre-LOI CDD attachment rates to deals have grown from 10% in the last five years to 23% today, and 30% of portfolio companies \nutilize value creation today compared to 20% over the last five years\n(1)\nAttachment Rates Are \nGrowing Across \nProducts\nSource: Stax Market Sizing Analysis, including Stax web survey (Winter 2025, n=50).\n(1)Based on subset of middle market funds, excluding new funds, per Stax web survey (Winter 2025, n=36).\n\nService Lines\n\n26\nSTRICTLY CONFIDENTIAL\nOverview\nAdvisory Services\nContract Structure\nAverage Engagement Length\nStage of Investment Lifecycle\nTypical Referral Source\nNet Revenue\nProjects Invoiced\nAverage Revenue per Project\nClients Served\nComplementary Solutions to Address a Wide Array of Client Needs\nSuite of critical services provide a strong basis for recurring revenue and natural cross-sell opportunities across the private equity lifecycle\nBuy-Side Commercial Due Diligence\nKey Attributes\nLTM Mar\n-\n25 Highlights\n▪Evaluate potential targets, focus areas, or \ninvestment themes for sponsors\n▪Assess market dynamics and target \nalignment, competitive positioning, and \nvalue creation levers\nMarket and Asset Screening, Thesis Build, \nEarly Diligence, Commercial Due Diligence\nFixed Fee\n3-6 Weeks\nPre-Investment\nExisting Relationship\n107\n$318K\n83\nSell-Side Commercial Due Diligence\nMarket Study, Exit Planning, Vendor Due \nDiligence\n▪Ensure process readiness and enhance \ntransaction outcomes for sponsors and \nmanagement teams\n▪Articulate the exit story and provide \nactionable growth blueprint backed by \nmarket research\nFixed Fee\n4-6 Weeks\nExit\nReferral from Investment Bank or \nExisting Sponsor Relationship\n76\n$378K\n81\nValue Creation\nCommercial Excellence, Pricing & Cost Optimization, \nSales Productivity, Churn Reduction, ESG & Impact\nFixed Fee\nVaries\nHold Period\nExisting Relationship or Ongoing \nSupport Following Exit Planning\n34\n$331K\n32\n▪Drive rapid EBITDA improvement \nthroughout the investment hold period\n▪Designed for multi-year, multi-project \nrelationships to drive incumbency with \nmanagement teams and ultimately lead \nto sell-side support\n$34M$29M$11M\n\n27\nSTRICTLY CONFIDENTIAL\nBuy-Side Commercial Due Diligence\n▪Provide data-driven insights across key investment considerations (market, target company, competition, etc.)\n▪Enables private equity firms to make informed decisions by identifying potential opportunities and risks for a \nprospective investment\n▪The Company provides services during the acquisition screening and theme development phase, as well as early \ndiligence and scaled commercial due diligence in an active process\n‒Early workstreams include sector prioritization, acquisition screening, thesis build and development, red \nflag assessments, and client checks\n‒Pre-LOI workstreams include assessment of the target’s market, client dynamics and competitive \npositioning, competitive landscape, and growth opportunities\n▪Post-LOI work integrates blueprint development and growth strategy planning\n▪High level of repeat demand from long-term relationships with private equity clients\nExtension of the investment team evaluating potential platform and add-on opportunities\nLTM Mar-25 Key Stats\nIllustrative Project Timeline\nRepresentative Clients\nOverview and Typical Scope\nIllustrative Project Timeline\nKICK-OFFAlign on Final Scope and Objectives, Data Discovery\nANALYSES\nPhone-Based Interviews, Analysis of Target Data, \nOnline Review Analysis, Synthesize Research \nStreams, Develop Fact-Base\n80/20 Report, Final Read-Out\nPOST-PROJECT COLLABORATION\nWeeks ~1-4Ongoing As-Needed\nSupport First 100 Days of Hold Period, Ongoing \nValue Creation Work \nDELIVERABLES\n11%\n2018 – LTM Mar-25 \nRevenue CAGR \n107\nProjects \nInvoiced\n$318K\nAverage Revenue \nper Project\n83\nClients \nServed\n% of Net \nRevenue\n44%\n37%\n15%\n4%\nBuy-Side\nSell-Side\nValue Creation\nOther\n\n28\nSTRICTLY CONFIDENTIAL\nValue Creation\n▪Multi-phase model partnering with clients to define and execute on value creation initiatives while building \noperating discipline and sustainable improvements year-over-year\n▪Drives development of strategic growth options for expansion with an actionable roadmap for implementation\n▪Leverages the Company’s depth of sector expertise, proprietary research, and advanced analytics capabilities to \ndeliver a data-driven, evidence-based assessment of recent performance and growth potential\n▪Offering encompasses proven methodologies to define growth strategies and improve commercial excellence \nand capital efficiency\n‒Client segmentation and value proposition, channel expansion, churn reduction, pricing optimization, \nESG/Sustainability and risk, marketing, client experience\n‒AI strategic assessment and diagnostics with execution support to define, test, and scale AI initiatives\n▪Value creation services deepen and extend engagement with private equity clients around critical decisions for \ntheir portfolio companies outside of a new investment or exit period\nTargeted diagnostics and actionable growth plans to achieve desired business outcomes at various stages of maturity\nOverview and Typical ScopeLTM Mar-25 Key Stats\nIllustrative Project Timeline\nRepresentative Clients\nKICK-OFFWorking Session with Relevant Stakeholders\nPotential Growth Thesis, Client/Market/ICP Offering \nAssessment, Strategic Option Development, Risk \nAssessment and Roadmap\nPOST-PROJECT COLLABORATION\nWeeks ~1-4Ongoing As-Needed\nEnter Phase II to Build on Project Work or Support \nImplementation, Prepare for Sale Process\nInterim Update, \nWorkshop, Final Read Out\nDELIVERABLES\nANALYSES\n% of Net \nRevenue\n8%\n2018 – LTM Mar-25 \nRevenue CAGR \n34\nProjects \nInvoiced\n$331K\nAverage Revenue \nper Project\n32\nClients \nServed\n44%\n37%\n15%\n4%\nBuy-Side\nSell-Side\nValue Creation\nOther\n\n29\nSTRICTLY CONFIDENTIAL\nSell-Side Commercial Due Diligence\n▪Demonstrate strength of positioning and growth potential of the asset in preparation of exit \n▪Communicates the growth story to potential investors by providing research and analysis to define the target’s \nmarket, strength of its positioning and performance, and opportunities for expansion\n▪Stax leverages its experience working on the buy-side to address critical questions about the target that \ninvestors will focus on, including TAM, growth outlook for core market, competitive differentiation, future \nopportunities, and voice of the client\n▪Modular approach allows Stax to adjust its process and output depending on sponsor/founder involvement, \nrelevant buyer universe, and priority needs\n▪New business development for this service is focused on referrals from investment banks, as well as leveraging \nprivate equity client relationships\n‒The Company worked with 20+ investment banks in the last 24 months\n▪Natural cross-sell opportunity from momentum of sale process and intelligence gathered during engagement\n▪Reputation among private equity investors is a significant point of attraction for banks and management teams\nCollaborative thought partner throughout a sale process to articulate the asset’s positioning and growth story\nOverview and Typical ScopeLTM Mar-25 Key Stats\nIllustrative Project Timeline\nRepresentative Clients\nKICK-OFFWorking Session with Relevant Stakeholders\nTAM and Client Analysis, Risk Assessment, VDR \nPreparedness, Growth Strategy Vetting\nDELIVERABLESFinal Read-Out\nPOST-PROJECT COLLABORATION\nWeeks ~1-5Ongoing As-Needed\nDevelop Buyer-Specific Materials, Discuss with Potential \nSuitors, Onboard Findings and Recommendations at Target\nANALYSES\n% of Net \nRevenue\n62%\n2018 – LTM Mar-25 \nRevenue CAGR \n76\nProjects \nInvoiced\n$378K\nAverage Revenue \nper Project\n81\nClients \nServed\n44%\n37%\n15%\n4%\nBuy-Side\nSell-Side\nValue Creation\nOther\n\n30\nSTRICTLY CONFIDENTIAL\nStrong Institutional Knowledge Across Industries\nStax outperforms competitors by offering the highest quality and expertise across multiple end markets, while ensuring stability through diversification \nacross various industries\nNote: Data reflects LTM Mar-25 engagements and revenue mix.\n132\nEngagements\n% of Net Revenue45%\nVertical SaaS\nIndustry-Specific Apps\nEnterprise Applications\nNetwork Infrastructure\nAI & Machine-Learning\nMedia and B2C Tech\nTechnology\n25\nEngagements\n% of Net Revenue9%\nPhysician Practices\nLong-Term Care\nManaged Healthcare\nMedical Devices\nHospitals & Facilities\nPayors\nHealthcare\n15\nEngagements\n% of Net Revenue5%\nApparel\nFood & Beverage\nHospitality and Leisure\nHousehold Goods\nResidential Services\nHealth & Wellness\nConsumer\n37\nEngagements\n% of Net Revenue15%\nManufacturing\nDistribution\nTransportation\nConstruction & Engineering\nAerospace and Defense\nAutomotive\nIndustrialsServices\n64\nEngagements\n% of Net Revenue25%\nProfessional Services\nFinancial Services\nMarketing and Advertising Services\nData and Information Services\nIT Services\nEvents and Tradeshow Services\n\n31\nSTRICTLY CONFIDENTIAL\nIn-Depth Expertise in Technology and Services \nStax has effectively established a strong replicable presence in technology and service verticals, driving above-market growth and creating a playbook \nfor additional vertical expansion\nIT \nInfrastructure\nCybersecurityVertical SaaS\nHorizontal \nEnterprise \nApplications\nPayments and \nFintech \nConsumer \nTechnology and \nMedia\nTechnology \nCommercial and \nResidential \nServices \nIT Services\nEvents, \nMarketing, and \nInfo Services\nProfessional and \nAdvisory Services\nEducation and \nCrediting Services\nFinancial and \nInsurance Services\nSub-Vertical Expansion Opportunities Sub-Vertical Expansion Opportunities \n$5\n$10\n$11\n$27\n$31\n$30\n$33\n$36\n2018201920202021202220232024LTM\nMar-25\n$6\n$6\n$6\n$11\n$17\n$16\n$18\n$20\n2018201920202021202220232024LTM\nMar-25\nStrengthEvolving Focus\nServices \n72%\n6%\n7%\n(11%)\n2018-20212021-2024\nStaxMarket\n26%\n17%\n6%\n(2%)\n2018-20212021-2024\nStaxMarket\n($ in millions)($ in millions)\nStrengthEvolving Focus\nTechnology Net RevenueAbove-Market Revenue GrowthServices Net RevenueAbove-Market Revenue Growth\nStrong reputation within \nhighly penetrated market\nSub sector account targeting and \nplanning with room to build density \nGrowing average \nproject sizes \nResilient performance across \ndiverse economic conditions\nGrowing number of \nverticalized professionals \n\nClient Relationships\n\n33\nSTRICTLY CONFIDENTIAL\n44%\n37%\n15%\n4%\nBuy-Side\nSell-Side\nValue Creation\nOther\nStax Serves a Large, Diversified Client Base\n79%\n15%\n6%\nPrivate Equity\nPortCo / Corporate\nHedge Fund\nLong-tenured client base with exceptional retention, largely comprised of blue-chip private equity investors\n42%\n41%\n17%\nMiddle Market\nUMM / Large Cap\nLower Middle Market\n46%\n26%\n13%\n10%\n5%\nTechnology\nServices\nIndustrials\nHealthcare\nConsumer\nPrivate Equity Focus......Across Service Lines...\n...Split Among Market Segments......and End Markets\n(1)Reflects Private Equity and Hedge Fund clients only. Lower Middle Market defined as less than $1.5 billion AUM, Middle Market defined as $1.5 to $10.0 billion AUM, and UMM / Large Cap \ndefined as greater than $10.0 billion AUM.\nLTM Mar-25 \nby Client Type\nLTM Mar-25 \nby Service Line\nLTM Mar-25 \nby Client Size\n(1)\nLTM Mar-25 \nby Industry\n(% of Net Revenue)\n(% of Net Revenue)\n(% of Net Revenue)\n(% of Net Revenue)\n\n34\nSTRICTLY CONFIDENTIAL\nDiversified Relationships Across Service Lines\nBroad spectrum and high-quality clients across growth stages and end markets\n(1)Reflects Private Equity and Hedge Fund clients only. Lower Middle Market defined as less than $1.5 billion AUM, Middle Market defined as $1.5 to $10.0 billion AUM, and UMM / Large Cap \ndefined as greater than $10.0 billion AUM.\nRevenue Concentration by ClientNew vs. Existing ClientsRevenue Concentration by Client Size\n(1)\nBuy-Side Commercial \nDue Diligence\nSell-Side Commercial \nDue Diligence\nValue \nCreation\n(% of LTM Mar-25 net revenue)\n43%\n40%\n17%\nUMM / Large Cap\nMiddle Market\nLower Middle Market\n20%\n54%\n27%\nUMM / Large Cap\nMiddle Market\nLower Middle Market\n63%\n35%\n2%\nUMM / Large Cap\nMiddle Market\nLower Middle Market\n(% of LTM Mar-25 net revenue)\n32%\n29%\n29%\n10%\nTop 10\nTop 11 - 30\nTop 31 - 60\nAll Other Clients\n20%\n32%\n37%\n11%\nTop 10\nTop 11 - 30\nTop 31 - 60\nAll Other Clients\n57%\n43%\nTop 10\nAll Other Clients\n79%\n88%\n82%\n21%\n12%\n18%\n202220232024\nNew\nExisting\n40%\n59%\n54%\n60%\n41%\n46%\n202220232024\nNew\nExisting\n95%\n81%\n88%\n5%\n19%\n12%\n202220232024\nNew\nExisting\n\n35\nSTRICTLY CONFIDENTIAL\n73%\n27%\nRepeatNon-Repeat\nDeep Relationships with Top Clients\n▪Deep Relationships: 45% of net revenue coming from clients \nwith a tenure of 6+ years \n▪Satisfied Clients: 73% of revenue from repeat clients\n(3)\n▪No Client Concentration: No one client represents more than \n4% of net revenue\n▪Broad Relationships: 38% of clients use more than one \nservice\n(3)\n▪Strong Referral Network: 72% of sell-side engagements \nreferred from investment banks\n▪Value in Density: Clients utilizing multiple service lines incur \nover 25% higher fees per project due to complexity of scope\nDemand for strategic solutions across growth stages drives client engagement\nTop 15 ClientsLTM Mar-25 Highlights\n(1)UMM / LC = Upper Middle Market / Large Cap; MM = Middle Market; LMM = Lower Middle Market.\n(2)Reflects average tenure of top 15 clients.\n(3)Reflects 2024 data.\nSticky Relationships Drive Repeat Business\n27%\n7%\n21%\n45%\n< 1 Year1-2 Years\n2-6 Years6+ Years\nRepeat\nClients\nClient \nTenure \nMix\n(% of 2024 net revenue)\n($ in thousands)\n2023 – Mar-25 Net Revenue\nClientSize\n(1)\nBuy-SideSell-SideValue CreationOther\nTotal \nRevenue\n% of Total \nRevenue\n2023 – Mar-25\nProjects\nClient \nTenure\nClient 1UMM / LC$4,415––$642$5,0573.2%811+\nClient 2MM3,195$867$854–4,9153.1%1610+\nClient 3UMM / LC484––3,5694,0532.6%1211+\nClient 4MM1,512–1,556373,1052.0%123+\nClient 5UMM / LC1,582440911–2,9341.8%911+\nClient 6UMM / LC1,506–1,309–2,8151.8%711+\nClient 7MM6641,495559–2,7171.7%811+\nClient 8MM1,2411,172––2,4141.5%46+\nClient 9MM1,471812––2,2831.4%74+\nClient 10UMM / LC868537692–2,0971.3%511+\nClient 11MM1,415622––2,0361.3%62+\nClient 12MM804968229–2,0011.3%64+\nClient 13LMM1,336–640–1,9761.2%711+\nClient 14UMM / LC1,435–532–1,9671.2%511+\nClient 15MM1,080829––1,9091.2%63+\nTop 15$23,009$7,741$7,281$4,248$42,28026.6%1188+\nAll Others52,59344,52818,752532116,40573.4%369\nTotal$75,602$52,269$26,034$4,781$158,685100.0%487\nElliott Management\nPSG Equity\nTiger Global Management LLC\nBlue Point Capital Partners\nThoma Bravo\nCharlesbank Capital Partners LLC\nBregal Sagemount\nGridiron Capital\nRubicon Technology Partners\nHellman & Friedman\nGemspring Capital\nGreater Sum Ventures\nVarsity Healthcare Partners\nVista Equity Partners\nPeak Rock Capital\n(2)\n•To remove client names\n\nGo-to-Market Strategy\n\n37\nSTRICTLY CONFIDENTIAL\nMulti-Pronged Go-to-Market Strategy\nPurpose-built global delivery model enables new business wins without sacrificing existing client service\nVerticalized \nSenior \nProfessionals\nStrategic \nAccount \nCoverage\nCentralized \nLocation-Based \nModel\nProgrammatic \nCommunications\n15 Key Accounts with Multi-\nNational, Multi-Vertical Presence\nLarge Cap Private Equity \nand Public Investors\n22 Key Accounts with Dedicated \nTouchpoints in U.S. and U.K.\nMiddle Market \nCollaboration\n91 Key Accounts with Individual \nDefined Coverage and Tracking\nAccount Relationship \nManagement (ARM)\n98 Key Accounts with Content-\nBased Scaled Communication \nContact Accounts\nManaging Directors and \nDirectors\nIndustry Groups Define \nCoverage and Sales Effort\nCDD and Value Creation Services \nProvided by All Levels\nProduct Generalists\nNuanced Insights From \nSpecialization\nGuaranteed Production of \nHigh-Quality Content\nDedicated Client \nDelivery Network\nAdvisory-\nFocused\nProduct Led; \nContent Driven\nRepeat Value Creation Work \nfrom CDD Engagements\nClient Delivery \nNetwork\nColombo\nArticles, Tombstones, \nNewsletters, Industry Primers\nEmail and Social Media\nMarket Intelligence, Rolling \nThunder\nIn-Person Meetings\nMonthly Flywheel, Asset-Centric \nAccount “Grouping” Outreach\nIntelligence Outreach\nClient Offsites, Co-Branded \nRoundtables, Conferences\nEvents\nGlobal \nStaffing\nBostonChicagoNew YorkLondon\nGlobal Collaborative Coverage and Delivery with In-Market Business Development Capabilities\n\n38\nSTRICTLY CONFIDENTIAL\nCollaborative Approach to Client Coverage and Delivery\nCrediting system designed to maximize collective value and reward firm-building behaviors while de-risking new hires\nSales CreditDelivery Credit\nManaging Directors, Directors, and Associate DirectorsAssociate Directors, Senior Managers, and Managers\nAccount Ownership:\nAssigned owner that fosters \nrelationships throughout the \naccount\nContent Leadership:\nProvides substantive \nexpertise to help close and \ndeliver a project\nTotal Sales Credit:\nReflects the sum of an \nindividual’s contribution \nacross each role\nOriginators\nAccount \nOwnership\nContent \nLeaders\nReporting\nSplitDetail\n60%\n▪Credit shared equally between originators\n▪Tracking allows for up to three originators\n10%\n▪Limited to one person\n▪May be one of the originators\n▪Credit shared equally between content leads\n▪Ideally have multiple leads on every project\n25%\nBoundaries\n40% Cap\nNo Double \nDipping\nProject \nMinimum\n▪No individual can accrue more than 40% of the total project value\n▪Lone originators lose 20% of credit, which is returned to the firm\n▪Originators can be account owners, but they cannot accrue credit \nfor content leadership on the same proposal\n▪If project fee is less than $250K, no credit for content leadership\n▪If project fee is less than $150K, no credit for any role\nOrigination:\nSourcing of potential projects \nthrough outbound efforts or \ninbound leads\nStructure\nDelivery \nLeads\nFramework\nCredit Split\n▪Assigned by resource management based on project staffing\n▪Responsible for leading the day-to-day of a project and ensuring \nthe team is utilized efficiently\nTargets\nAssociate \nDirector\nSenior \nManager\nManager\n▪Delivery credit is a \nmeasure of success for \nmid-level consultants\n▪Delivery credit is defined \nas the total value of \nprojects a mid-level \nconsultant has delivered\n▪Total available credit for \na project is equal to the \nproject’s fee\n▪Delivery leads should be \ndifferent levels, with the \nmore senior employee \nspread across multiple \nprojects\n▪Splitting delivery \nbetween Associate \nDirectors and Senior \nManagers / Managers \nallows the Associate \nDirector to manage \nmultiple projects, \nultimately accruing a \ngreater delivery credit \nvalue\nMinimumGoal\n$3.0M\n$2.5M\n$2.0M\n$4.0M\n$3.5M\n$3.0M\n▪Delivery credit is split evenly between delivery leads regardless \nof seniority\n▪Up to two delivery leads can be associated with a project\n▪Delivery leads must spend at least 15 hours a week on projects \nto receive credit\n\n39\nSTRICTLY CONFIDENTIAL\nProject Delivery Model\nHigh-touch client service executed by efficient project teams purpose-built for the pace of private equity\nBalanced and Flexible Staffing ModelDisciplined Tracking Leads to Better Management and Consistently Strong Realization\nCrediting System Designed to Maximize Collaborative Value\nSales CreditDelivery Credit\n▪Originators (60% of project value)\n‒Credit is shared equally between originators; \ntracking allows for up to three originators\n▪Content Leaders (25% of project value)\n‒Credit is split evenly between all content \nleads; ideally have multiple content leads on \nevery project\n▪Account Owners (10% of project value)\n‒Limited to a single person; may be an \noriginator\n▪Measured in dollars and defined as the total value \nof projects a mid-level has delivered\n▪Accrue to the delivery leads; may have up to two \ndelivery leads associated with a project\n▪Delivery leads are typically different levels, but \ncredit is evenly split between both leads\n▪Associate Directors, Senior Managers, and \nManagers are the core roles responsible for \ndelivery\nDelivery (Client Service Network)\nTraditional consulting team staffed to dedicated projects on a billable model\nManaging \nDirector\nDirector\nSpend 50% of time \non billable work\nAssociate \nDirector\nSenior \nManager\nSpend 75% of time \non billable work\nManagerSenior \nConsultant\nConsultantAssociate \nConsultant\nSpend 100% of time \non billable work\nPlug-and-play project support in Colombo segmented by defined workstreams to enhance speed of delivery\nIntegrated Workflow Support (Client Delivery Network)\nIntegrated Project Leads\nLead \nto Win\nSecondary \nInsights\nData \nScience\nWeb Survey \nInsights\nExpert \nInsights\nData \nVisualization\nHighly repeatable, scalable execution process across services allows for powerful insights to be \ndelivered quickly and efficiently at an attractive price relative to competitors\nPromotes collaboration and de-risks new hires\n218226224\nProjects \nInvoiced:\n87.8%\n94.9%\n96.4%\n20232024LTM Mar-25\nRealization\n\n40\nSTRICTLY CONFIDENTIAL\nClient Delivery Network Expands Capacity to Execute\n▪50-person dedicated team in Colombo serves as plug-and-play \nproject support to enhance speed of delivery for client \nworkstreams\n▪Commercial platform built to work at the speed of private \nequity\n▪Supports U.S. and U.K. advisory in an agile and targeted way\n▪Segmented by defined workstreams with clear responsibilities \nand competency model\n▪Handles tasks of varying levels of complexity during the \nproposal and live project phases\n▪Creates additional bandwidth for the client service network to \nfocus on high-value client-facing workstreams\n▪Optimizes resource utilization through on-demand staffing \nbased on skill, capacity, and expertise\n▪Expands delivery capabilities in-line with demand while \noffering flexibility, convenience, and controllability in project \ndelivery\n▪Defined career path with strong average tenure of 9+ years \nacross integrated project leads, delivery leads, and managing \ndirectors\n▪Key members participate in management incentive plan\nPurpose-built integrated workflow support delivers sustainable growth \nTeam OverviewCommentary\nRuwindhu Peiris\nManaging Director\n(Headcount as of March 2025)\nDelivery Lead\nSr. Delivery Manager\nTeam Lead\nDelivery Manager\nSr. Delivery Manager\nDelivery Manager (3)\nTeam Lead\nDelivery Manager\nTeam Lead\nSr. Delivery Manager\nTeam Lead\nDelivery Manager\nTeam Lead\nDelivery Manager\nTeam Lead\nDelivery Manager\nIntegrated Project \nLeads\nTeam Lead\nSr. Delivery Manager\nLead (3)\nSr. Analyst\nLead (5)\nSr. Analyst\nDelivery Manager\nLead (3)\nSr. Analyst (3)\nLead to WinSecondary InsightsData ScienceWeb Survey InsightsExpert InsightsData Visualization\nLead\nSr. Analyst (4)\nAnalyst (2)\nLead (3)\nSr. Analyst (4)\nLead (2)\nSr. Analyst \nAnalyst (3)\n5\nEmployees\n5\nEmployees\n7\nEmployees\n8\nEmployees\n8\nEmployees\n7\nEmployees\n8\nEmployees\nAgile project \nmanagement and \ncentral point of \ncontact for the CSN \nSales enablement \ncapabilities from \ninitial outreach to \nproposal submission\nExtracts and \nsynthesizes \ninformation from \npublicly available \nsources\nBusiness insights and \ncapability \ndevelopment for \ninvestors and \nmanagement teams\nGather insights from \nweb surveys on client \npurchasing and \nspend dynamics, \nvendor performance\nEngages with \nexperts, competitors, \nand clients to collect \nrich insights\nVisualization \nspecialists that own \ndeliverables and \nother visualization \nelements\n\nCulture and Talent Management\n\n42\nSTRICTLY CONFIDENTIAL\nCompelling Employee Value Proposition to Attract and Nurture Top Talent\nStax has developed an attractive employee value proposition to recruit, develop, and retain top tier professionals\nDifferentiated Employee Value PropositionWinning the War for Talent\n(1)Retention of CSN professionals by skill level from 2023 year-end to 2024 year-end; reflects voluntary only.\nClient Service Network Retention by Skill Level\n(1)\nDirector HeadcountManaging Director Headcount\nUnique focus on serving and scaling with private equity clients\nIncentive model designed to reward collaboration and shared success\nHigh growth platform offering career opportunities and the chance to make a \nsignificant impact, supported by structured onboarding and fast ramp for new hires\nExpertise-focused model without exclusivity over client ownership\nAmple whitespace for career growth relative to some competitors with clear \nprogression paths and regular performance feedback\nEquity participation for Managers and above through Management Incentive Plan\nCentralized global staffing expands utilization and reduces time on bench\nSpecialization model supports long-term career development, bolstered by formal \nmentorship and learning opportunities\nCompetitive compensation model and benefits package aligned with market leaders, \nplus a strong commitment to work-life balance and well-being\nScalable infrastructure designed to foster growth and collaboration with direct access \nto senior leadership\n73%\n76%\n80%\n95%\nAssociate\nConsultant /\nConsultant\nSenior\nConsultant /\nManager\nSenior Manager /\nAssociate\nDirector\nDirector /\nManaging\nDirector\n4x \nGrowth\n5x \nGrowth\n2\n8\n2021Mar-25\n3\n16\n2021Mar-25\n\n43\nSTRICTLY CONFIDENTIAL\nTop Ranked by Industry Publications, Validated by Industry Professionals\nStellar Rankings Across Vault North America Categories\n(2)\nContinued recognition and awards reflect nature of culture initiatives the Company has meticulously implemented and managed over time\n(1)As of April 8, 2025.\n(2)Source: Vault 2024 North America Consulting Survey. Rankings and awards are based on insights from over 12,000 verified consulting professionals.\n7.3\n8.4\nIndustryStax\nInternal Mobility\n+1.1\n#10\nOverall \nDiversity\n#8\nEmployee \nSatisfaction\n#8\nLevel of \nChallenge\n#7\nPromotion \nPolicies\n#7\nInternal \nMobility\n#6\nIntl. \nOpportunity\n#5\nHealth and \nWellness\n#4\nBusiness \nOutlook\n#6\nBoutique \nConsulting\n#12\nBenefits\n#11\nInformal \nMentorship\n#10\nFormal \nTraining\n8.5\n9.2\nIndustryStax\nFirm Culture\n+0.7\nEmployee Satisfaction\n+0.8\n8.3\n9.1\nIndustryStax\n8.0\n8.8\nIndustryStax\nWork-Life Balance\n+0.8\nPromotion Policies\n+0.9\n8.1\n9.0\nIndustryStax\nTop Consulting\nFirm 2025\nFormal Training\n+1.2\n7.7\n8.9\nIndustryStax\nBest Management \nConsulting Firms 2025\nBest Firms to Work For\n2022, 2023, and 2024\nGlassdoor Overall Rankings\n(1)\nStax Big 5 Competitor\n4.4\n4.34.3\n4.2\n4.14.1\n4.0\n3.9\n3.83.8\n3.73.7\n3.53.5\n\n44\nSTRICTLY CONFIDENTIAL\nCompetitive Pay-for-Performance Compensation Model\n▪Structured to fall within the 75th percentile of the market, with top performers reaching the \n90th percentile\n‒Similar compensation strategy and banding in place for the Client Delivery Network\n‒Study underway to implement same model for Operations in 2025\n▪Salary bands ensure internal promotions are rewarded equitably without overvaluing \nexternal hires, demonstrating investment in maximizing tenure\n▪Merit-based salary increases determined by 4-point rating scale\n▪Robust benefits package and opportunity for equity ownership through Management \nIncentive Plan further enriches employees\n‒Management Incentive Plan available to Managers and above\nIncentive structure and attractive operating model strike a key balance between sustainable productivity and exciting projects\nPhilosophy and ApproachIndustry Benchmarking\n(1)\n2024 Average Cash Compensation by Skill Level\n(2)\n(1)Source: Aon 2024 Consultant Benchmarking Study. Reflects 50th percentile of compensation category by skill level for each group. MBB+ equivalent to Managing Director not available. MBB+ includes \nBain, Deloitte, EY, McKinsey, Oliver Wyman (Europe), and PwC. Tier 2 includes AlixPartners, Ankura, Chartis, Council Advisors, CRA Intl., FTI, Guidehouse, Keystone, Oliver Wyman, and Slalom.\n(2)Excludes Management Incentive Plan. \nMBB+Tier 2Stax\nACCSCMSMADDMD\n2023 Total Cash Compensation\nACCSCMSMADDMD\n2024 Cash Salary\nStax paid above market bonuses as a \npercentage of salary at all levels in 2023\nStax outpaced the market for salary \nincreases at all levels in 2024\nACCSCMSMADDMD\nACCSCMSMADDMD\n(Client Service Network; U.S. only)\n2023 Cash Bonus as % of Total Compensation2024 Cash Salary Increases\n$85\n$114\n$151\n$184\n$220\n$264\n$330\n$469\n$9\n$17\n$28\n$39\n$62\n$60\n$114\n$387\n$94\n$131\n$179\n$223\n$282\n$324\n$444\n$856\nAssociate\nConsultant\nConsultantSenior\nConsultant\nManagerSenior\nManager\nAssociate\nDirector\nDirectorManaging\nDirector\nCash BaseCash Bonus\n\n45\nSTRICTLY CONFIDENTIAL\n5\n33\n4\n3\n7\n10\n27\nManaging\nDirector\nDirectorAssociate\nDirector\nSenior\nManager\nManagerSenior\nConsultant\nConsultantAssociate\nConsultant\nStructured Recruiting Effort Provides Continuous Source of Talent\nDiversified talent pipeline ensures a steady stream of quality candidates\nOrganic Talent AcquisitionStrong Full-Time CSN Hires Across Skill LevelsSourcing Mix\nRecruiting Overview\nEarly CareersExperienced Hires\nStax targets hiring 10 Summer Associates/Co-Ops and 15 full-time Associate Consultants each year via campus targeting\nPriority Universities\nRelationships with on campus organizations \nand multiple events held per year\nOther Global Universities of Focus\nSources of recent successful hires\nCampus Targeting\nExpanded recruiting funnel to HBCUs, \nwomen’s colleges, etc.\n▪Strong track record of attracting lateral senior hires from \ncompetitors to build on existing offerings or expand into new \nareas of coverage\n▪Nearly 20% of experienced hires are sourced through employee \nreferrals\n▪Average offer acceptance rate of 73%\n▪Continued focus on driving branding efforts to improve candidate \npool\n26,000+ Applicants\n308 Interviews\n94 Offers Extended\n69 Offers Accepted\n(2024 firmwide recruiting statistics)(2024 – YTD Mar-25 new hires)(% of 2024 – YTD Mar-25 new hires)\n58%\n20%\n17%\n5%\nDirect Hire\nCampus\nReferral\nAgency\n\n46\nSTRICTLY CONFIDENTIAL\nWell-Defined Competency Model with Multiple Channels for Feedback\nCompetency and task relevant maturity models serve as the foundation to standardize feedback and expectations for each skill level across locations\nTask Relevant Maturity Model Provides Granular View of Task-Specific Proficiency\nImpact\nEnables global \nstaffing\nUnifies quality of \ndelivery\nProvides clarity and \nconfidence around \npromotion criteria\nEmphasizes merit-\nbased success \nmodel\nCore Consulting SkillsCommercial LeadershipSelf LeadershipPeople and Culture Leadership\nFeedback Facilities Development of Core Skills\nUse Case\n▪Used during project evaluations to assess \nconsultants’ technical effectiveness in \nspecific tasks and evaluate technical \ndevelopmental areas\nComponents\n▪Task category (e.g., survey \nmanagement)\n▪Specific tasks (e.g., survey design)\n▪Maturity levels\nGoal and Purpose\n▪Shift focus to skill level when completing a \ntask\n▪Standardized, efficient project feedback\n▪Differentiates expectations for same task \nacross levels\n▪Focuses on both qualitative and quantitative measures\n▪PowerBI performance dashboard\n▪Project feedback, debriefs, mid-year and year-end reviews\n▪Feedback on non-project Initiatives\n▪360 Feedback: upward, recognitions, special projects and \ninitiatives\n\n47\nSTRICTLY CONFIDENTIAL\nSignificant Opportunity for Upward Mobility\nStandardized career trajectory enables strong performers to progress through the organization\nClient Service Network Career Path\n(1)\n(1)CDN professionals have a similarly defined career path and competency model.\n(2)Reflects internal promotions from 2022 through Mar-25. Associate Consultant promotions reflect interns and co-ops that rejoined the Company as full-time employees.\n(3)Reflects the number of 2024 – YTD Mar-25 internal promotes as a percentage of employees that joined as or assumed a given skill level in 2024 – YTD Mar-25.\nAssociate ConsultantConsultantSenior Consultant\nManagerSenior ManagerAssociate Director\nDirector\nManaging Director\nProject FundamentalsWorkstream ExecutionDelivery ExcellenceProject ManagementProject ManagementClient Management\nBusiness Planning and \nExecution\nBusiness Planning and \nExecution\n▪Independently owns \nprimary workstream\n▪Capable of owning \nmultiple workstreams\n▪Drives full execution of \nworkstreams\n▪Takes ownership of \nnarrative\n▪Begins to gain \nverticalized expertise\n▪Provides strategic \ninsights and content \nexpertise\n▪Drives engagement \nsuccess and manages \nclient expectations\n▪Accountable for quality \nand efficiency of \ndelivery\n~12-Year Average Progression from Associate Consultant to Managing Director\nManaging Director7\nDirector8\nAssociate Director 14\nSenior Manager 8\nManager 14\nSenior Consultant 28\nConsultant 38\nAssociate Consultant 13\nCumulative Internal Promotions\n(2)\nHome-Grown Employees\n(3)\nManaging Director50%\nDirector40%\nAssociate Director20%\nSenior Manager 50%\nManager 57%\nSenior Consultant 59%\nConsultant47%\nAssociate Consultant 23%\n\n48\nSTRICTLY CONFIDENTIAL\nIn-House Training Amplifies Long-Term Career Satisfaction and Employee Potential\nTraining and development is a core tenet of Stax\nNote: Stax also hosts Stax Academy–a learning platform offering training modules to local youth and potential CDN talent–in Colombo, Sri Lanka.\n▪Skill-based training to support consultants during ramp period\n▪Formal sessions via classroom and in-project training for 1-4 \nweeks depending on seniority; subsequent project shadowing \nfor an additional 2-4 weeks\n▪Company and Operations Sessions covering internal resources \nand capabilities\n▪People Team Sessions covering benefits, resource \nmanagement, and professional development\n▪Delivery Excellence Sessions\n‒Getting Smart, Primary Research, Intro to Surveys, \nSecondary Research and Major Data Sources, Effective \nGuides Writing, Intro to Market Modeling, Business Writing, \nCreating Deliverables and Slides\nOnboarding\n▪Five to eight classroom hours per quarter, with additional on-\nthe-job and individual development plan (IDP) training\n▪Stax 2.0 Upskill Series\n‒Industry and Market Knowledge Sharing\n‒Productivity Tools\n‒Best Practice Alignment\n▪Half-Day Trainings by Level\n‒Senior Consultant: Effective Workstream Management, \nStoryboarding 101, Effective Communication, Delegation \nand In-Project Training\n‒Manager: Stax Project Management Playbook, Verticals and \nPractice Overview, Stax Mentor Model, Running Effective \n1:1s\n‒Senior Manager and Associate Director: Intro to Client \nManagement, Leveraging Coaching in People Development\n‒Director: Building your Book of Business, Building Effective \nTeams\n▪Personal Development and Culture Fundamental Series\n‒Self Accountability, Building a Feedback Culture, Resilience\nTraining Academy\n▪Development Programs\n‒Apprenticeship-based learning where employees develop \nthrough hands-on experiences, mentorship, and a \nfeedback-driven learning environment\n‒International exposure to facilitate global collaboration, \nstandardization of best practices and culture integration\n‒Employees receive performance feedback every few weeks \nthrough forms, debriefs, and more\n‒Internal training programs tailored to develop deep \ntechnical and management skills\n▪Communication and Transparency\n‒Regular town halls and leadership meetings, including firm-\nwide updates, senior meetings, and role-specific discussions\n‒Structured feedback mechanisms with performance \ndashboards to consolidate feedback, career progression \nmetrics, and training outcomes\n▪Flat Hierarchy and Leadership Access\n‒Employees at all levels have direct access to leadership\n‒Weekly leadership lunches, open-mics, and social initiatives \nacross offices\n▪Mentorship and Career Development\n‒Internal mentorship program and global staffing model \nfacilitates rapid employee development and connection\n‒Peer coaching initiatives to support career growth\n‒Mentors are accountable for supporting mentees, providing \nadvice and guidance based on development needs\nProfessional Development and Mentorship\nStructured \ntraining for all \nemployees, \nnew or old...\n...with \nnumerous \navenues for \ncontinuing \neducation\nAND\nAND\n\nOperations and Platform\n\n50\nSTRICTLY CONFIDENTIAL\nData-Driven, Purpose-Built Financial and Business Operations\n▪Data and reporting created to optimize every level of the professional services \neconomic value chain from opportunity generation to cash collection\n▪Real-time access to key business and operational KPIs enhances data-driven \ndecisions, including informed forecasting and opportunity tracking, improved capacity \nplanning, financial management, and prioritization\n▪Democratizes data through custom-built PowerBI visualizations, a user-friendly \ndesign, and robust training initiatives to empower users\nReal-time data enables agile management of the business against key indicators\nOverview of Stax INTEL\nInitiatives Focused on Driving Growth and Operational SustainabilityDashboards and Reports\nResource \nManagement\nProject \nManagement\nExpense \nManagement\nInvoice \nOversight\nRealization\nRevenue and \nDelivery Credit\nBillability and \nUtilization\nRevenue \nTracker\nA/R Analysis\nPerformance \nDevelopment\nClient Contract \nStatus\nRates and \nPricing\nLiberation of Data\n“Giving smart people the \nright data enables them to \nmake smart decisions”\nRobust, Transparent Reporting Improves Business Outcomes\nData Warehouse\n\n51\nSTRICTLY CONFIDENTIAL\nEarly AI Adoption Enhances Delivery Quality and Efficiency\n▪Improves speed and quality of analysis while creating high \ncaliber “architected” data for future use\n▪Cleans primary data for use with generative AI, searches for \nrelevant quotes, and interrogates transcripts to structure \nproject analyses \n▪Extends the utility of architected data for use cases beyond \ninitial project work\n▪Generative AI embedded into everyday use and broader \nworkflows to drive quality and speed enhancements\n▪Accelerates and strengthens thought-oriented processes at \nscale (slide review, eminence feedback, etc.)\n▪Integrations and connectivity with existing systems\nStreamlined access to proprietary data is paramount to sustained competitive advantage \nOverview of AthenaWorkflow Tools\nKnowledge management tool developed in-house dramatically lowers search barriers and accelerates access to depth of \ninstitutional knowledge; platform draws from over five years of Stax intellectual property to produce the relevant projects, \nslides, and Stax experts\nUsers can explore results at project and \nslide levels\nAthena transforms the ROI of searching \nfor Stax knowledge, unlocking previously \nunfeasible use cases\nIncorporates Athena Chat, an AI model \ntrained on Stax’s repository of knowledge\nProject \nInsights\nJunior\nEmbedded \nGen AI\nGPTs\nUser Prompt\nPrior Insights\nRelevant Slides\nPreviously \nUsed Experts\nResearch \nApproach\nProject Teams\nExpert Interview \nTranscripts\n1,100+\nDeliverables\n700+\nProposals\n75,000+\nSlides\n50,000+\nInterviews\n\n52\nSTRICTLY CONFIDENTIAL\nWorld-Class Leadership Team Operates an Efficient Client-Centric Organization Structure\nStax is led by a highly experienced, motivated, dynamic, and diverse senior team\nNote: Headcount as of March 2025. Client Service Network excludes two Research Associates paid hourly.\n(1)Includes 44 Operations employees in the United States, United Kingdom, and Sri Lanka.\nClient Service NetworkIntegrated Global Operations Team\n(1)\nClient Delivery Network\nAmy Schoeman\nGlobal Head of HR\nMeg Macumber\nGlobal Head of Finance\nLeslie Regenbaum\nGeneral Counsel\nJoe Brownell\nGlobal Head of Marketing\nConnor Novy\nChief of Staff and Head of Sales \nOperations\nHazir Shafeek\nGlobal Head of Data Insights & IT\nRuwindhu Peiris\nManaging Director\nPaul Edwards\nGlobal Practice Leader\nRegional Lead\n2\nManaging \nDirector\n9\nProduct Lead\n4\nDirector\n8\nSenior Manager\n8\nAssociate \nDirector\n9\nManager\n9\nConsultant\n21\nSenior \nConsultant\n18\nAssociate \nConsultant\n39\nDelivery Manager\n8\nSenior Delivery \nManager\n4\nLead\n17\nAnalyst\n6\nSenior Analyst\n14\nExecutive Leadership Team\nJayson Traxler\nChief Executive Officer\nMihaela Dumea\nDirector, Data and Business \nIntelligence\n\n53\nSTRICTLY CONFIDENTIAL\nWell-Invested Operational Platform Built to Serve Private Equity\nDeep bench of integrated global support functions designed to drive growth and operational efficiency\nNote: Headcount as of March 2025.\nMeg Macumber\nGlobal Head of Finance\nAmy Schoeman\nGlobal Head of Human Resources\nJoe Brownell\nGlobal Head of Marketing\nLeslie Regenbaum\nGeneral Counsel\nConnor Novy\nChief of Staff / Head of Sales Operations\nPeople Operations (5)Marketing Strategist (4)\nFinance, IT, and Business OperationsHuman ResourcesMarketingLegalData and Business IntelligenceSales Operations\nHazir Shafeek\nGlobal Head of Data Insights and IT\nCompliance and GovernanceSales Operations\n11\nEmployees\n6\nEmployees\n6\nEmployees\n3\nEmployees\nJayson Traxler\nChief Executive Officer\nMihaela Dumea\nDirector, Data and Business Intelligence\nController\nHead of Business Operations\nProfessional Development (2)\nTalent Acquisition (2)\nHR Business Partner\nProduction ManagerLegal CounselFinancial Insights and BI\nDigital Engineering (3)\nCommercial Strategy and Enablement (2)\nIT and Help Desk Support (4)\nFinance and Accounting (6)\nPayroll and Benefits\nFinancial Sponsors Coverage\n3\nEmployees\nStax can scale revenue without adding significant operations headcount\n23\nEmployees\nAdministrative (8)\n\nGrowth Strategy\n\n55\nSTRICTLY CONFIDENTIAL\nMulti-Pronged Growth Strategy Drives Confidence in the Next Chapter of the Company\nTangible and achievable organic growth in the near term with substantial opportunity to drive additional value creation via M&A\n▪Strategically hire senior \nprofessionals to build \ndensity in core verticals \nand expand capabilities\n▪Build density across \ncurrent locations, \nexpanding \napprenticeship model to \nfurther attract and \ndevelop mid/junior \ntalent\nAttract, Develop, \nand Retain Talent\n▪Continue building \nmomentum in the U.K. \nto expand market \npresence\n▪Strategically grow \nheadcount and client \nleadership in New York \noffice\n▪Establish local presence \nin new geographic \nmarkets through organic \ngreenfield locations in \nthe United States and \nEurope\n▪Continue to protect \nunique culture via \nplanful expansion\nBroaden Geographic \nPresence\n▪Capitalize on advisory, \nbespoke nature of work, \nand pricing umbrella \nrelative to MBB+ to \nrealize due diligence \nprice increases \nnationally and abroad\n▪Raise prices in value \ncreation to be more in-\nline with client impact, \nresults, and ROI\n▪Expand number of \naccounts with average \nproject size of $400K+ \nwith ample cross-sell \nopportunities and need \nfor multiple projects per \nyear\nExert \nPricing Power\n▪Focus on accelerating the \nexecution of M&A \nplaybook\n▪Expand into new \ngeographies, new \nservice lines, and build \nscale in existing markets\n▪Opportunistically \nevaluate larger-scale \ntransformative M&A \ntargets\nIdentify and Execute \non Acquisitions\n▪Further optimize cross-\nsell strategy to deepen \ndensity across core \naccounts through scaled \ninside sales strategy\n▪Target key private equity \nclients where \nreferenceable work \nprovides opportunity for \nfurther penetration in \nprojects that command \nmore premium bill rates\nMaximize Wallet \nShare and Cross-Sell\n▪Scale coverage and \ncontent intersection \nacross private equity and \ninvestment banks\n▪Further scale dedicated \nbusiness development \nteam to broaden coverage \nuniverse\n▪Centralize, scale, and \nmanage external \nindividual, account, and \nsubsector communications\nScale Client \nCoverage\n▪Leverage reputation and \ndifferentiated \nexperience in key \nverticals with high win \nrates across market \nsegments\n▪Introduce new verticals \nsuch as government or \naerospace and defense \nthrough de novo efforts \nor experienced senior \nhires \nDeepen Vertical \nExpertise\n▪Capitalize on hedge \nfunds’ growing inbound \ndemand for market \nresearch \n▪Introduce new purpose-\nbuilt products such as \ntechnology due \ndiligence, financial due \ndiligence, operational \ndue diligence, and ESG \nand sustainability \ndiligence through \nintegrated go-to-market \napproach\nExpand Capabilities \nand Client Profiles\nGrowExpandTransform\n\n56\nSTRICTLY CONFIDENTIAL\nWiden Referral Channel to Optimize Business Development Efforts\nCultivate and expand business development relationships with large cap private equity firms \nBroaden and Deepen Large Cap Private Equity Relationships \n$8.3M\n$11.0M\n2018 - 20212022 - LTM Mar-25\nGrowth Plan Current Strengths \n▪Proactively enhance and revitalize partnerships with large \ncap clients\n▪Reposition value proposition as a trusted advisory partner\n▪Schedule regular in-person meetings to strengthen \nconnections\n▪Prioritize targeted outreach and proposals aimed \nspecifically at large cap opportunities\n▪Fosters collaborative partnerships, ensuring alignment with \nthe long-term objectives of large cap clients\n▪Strong brand recognition among large cap funds facilitates \nmarket entry for new large cap clients\n▪Strategic account coverage plan across large cap funds \nenhances relationships and drives customer stickiness \nLargest Private Equity Firms\n(1)\n(1)Source: Private Equity International. Dollars in billions. Ranking based on private equity capital raised between 1/1/2019 to 12/31/2023. Excludes credit, secondaries, and real asset focused \nmanagers. Shading reflects Stax project counts between 2018 and Mar-25.\n(2)Reflects average annual revenue from Large Cap Private Equity and Public Investor key accounts designated as of Q1-25.\n1-5 Projects6-10 Projects11+ Projects\nNo.SponsorRaised\n1\nBlackstone$124\n2\nKKR$103\n3\nEQT$99\n4\nCVC Capital Partners$78\n5\nTPG$62\n6\nThe Carlyle Group$60\n7\nThoma Bravo$59\n8\nAdvent International$53\n9\nWarburg Pincus$52\n10\nHg$51\n11\nCD&R$50\n12\nSilver Lake$49\n13\nHellman & Friedman$47\n14\nVista Equity Partners$45\n15\nGeneral Atlantic$43\nNo.SponsorRaised\n16\nClearlake Capital$43\n17\nGoldman Sachs$42\n18\nLeonard Green$41\n19\nTA Associates$40\n20\nPermira$37\n21\nBain Capital$37\n22\nInsight Partners$35\n23\nCinven$35\n24\nGenstar Capital$32\n25\nFrancisco Partners$30\n26\nAres Management$30\n27\nApollo Global$29\n28\nPartners Group$28\n29\nBridgepoint$23\n30\nGTCR$23\nDirect experience on \nprior transactions\nVertical and product \nsector expertise\nBalanced approach between \ncomplex situations and \ntailored need \nBetter value for add-ons that \ndo not need breadth/depth\nStax Large Cap Value Proposition\nNet Revenue from Key Large Cap Accounts\n(2)\n\n57\nSTRICTLY CONFIDENTIAL\nWiden Referral Channel to Optimize Business Development Efforts\nCultivate and expand business development relationships with investment banks\nU.S. M&A League Tables\n(1)\nGrow Investment Banking Referral Channel\n(1)Source: Dealogic. Reflects transactions announced between 12/31/2014 and 12/31/2024 with private equity involvement. Shading reflects Stax project counts between 2018 and Mar-25.\nStrengthen Existing Investment Bank RelationshipsFoster Relationships with New Investment Banks\n▪Investment banks provide a pipeline of sell-side \nopportunities through client referrals\n▪Ongoing dialogue and recurring touchpoints provides \nintelligence on in-market buy-sides and potential value \ncreation opportunities\n▪Growing breadth and depth of content provides \nreferenceable work to expand scope of service\n▪Demonstrate capabilities to preeminent investment banks \nthat have historically been an unlikely referral source to \npenetrate additional pockets of the market\n▪Leverage network of lateral hires, geographic expansion, \nand expanded verticals of coverage to develop \nrelationships with specialized regional and industry \nboutiques\nRoom for Additional Wallet Share with Key Recent \nInvestment Banking Partners\nSignificant Opportunity for Business Development in \nthe Broader M&A Market\n1-5 Projects6-10 Projects11+ Projects\nNo.AdvisorDeals\n1Houlihan Lokey904\n2Goldman Sachs762\n3Jefferies631\n4William Blair552\n5JPMorgan547\n6Morgan Stanley514\n7Baird505\n8Lincoln Intl.456\n9Piper Sandler453\n10UBS434\n11Raymond James383\n12PNC Bank363\n13Moelis355\n14Bank of America351\n15Evercore346\nNo.AdvisorDeals\n16Lazard315\n17Barclays307\n18Citi295\n19Stifel257\n20RBC248\n21Rothschild236\n22Canaccord215\n23KeyBanc180\n24Guggenheim160\n25BMO142\n26Deutsche Bank139\n27Centerview133\n28Truist130\n29Macquarie119\n30KPMG108\nNet Revenue from Sell-Sides Referred by Investment Banks\n$1.0M\n$1.1M\n$13.3M\n$18.0M\n$20.6M\n2018202020222024 LTM Mar-25\n\n58\nSTRICTLY CONFIDENTIAL\nMaximize Wallet Share and Cross-Sell Opportunities with Existing Clients\nUpsell core offerings to capture larger share of deal volume within established private equity relationships\nExpansion of OfferingsSignificant Whitespace Available Within Current Client Base\nValue Creation\nEmbedded Data \nAnalytics and \nSustainability\nAI Diagnostic, Piloting, \nand Scaled Adoption\nInitiative Deployment, \nMarket Piloting, and \nGrowth Office \nGovernance\nSell-Side \nCommercial \nDue Diligence\nScale Dedicated \nResources to Optimize \nPitch and Delivery \nProcess\nExpand Sales Team to \nDeepen Content \nCoverage to Facilitate \nBank Penetration\nFurther Integrate \nBusiness Units to \nMaximize Value of \nMarket Intelligence \nAcross Offerings\nBuy-Side \nCommercial \nDue Diligence\nIncrease Coverage \nVerticals to Better Serve \nFunds with Broad \nInvestment Theses\nFill Content and \nExpertise Gaps to Elevate \nDelivery to Higher-\nVolume Upper MM and \nLarge Cap Sponsors\nTarget Additional Public \nEquity Investors to \nFurther Diversify Profile \nof Transactions \nEvaluated\nPrivate Equity Client Count\nEstimated Current Serviceable Available Market (SAM) Penetration\n~2% \nPenetration of \nICP Estimated \nSpend\n~5% \nPenetration of \nCurrent Client \nEstimated \nSpend\nStrong right to grow through wallet share \nand new logo expansion with ~$1.3 billion in \nattainable whitespace across core products\nCurrent vs. Target Service Line Mix\nTBU?\n75\n100\n129\n20192021TTM Mar-25\n44%\n37%\n15%\n4%\nBuy-Side\nSell-Side\nValue Creation\nOther\nLTM \nMar-25\n37%\n37%\n24%\n2%\n2030P \nOrganic\n~$0.1M\n~$1.3M\n~$3.2M\n~$5.2M\nCurrent Stax Revenue\nwithin SAM\nEstimated SAM within\nCurrent Clients\nMiddle Market Ideal Client\nProfile (ICP) SAM\nNorth America and U.K.\nTotal SAM\n\n59\nSTRICTLY CONFIDENTIAL\nAttract, Develop, and Retain Talent to Capitalize on Growth\n▪Dedicated and growing talent acquisition team manages the hiring funnel to identify \nand pursue candidates with experience to strengthen core offerings or expand areas \nof coverage\n▪Continued branding initiatives and increased visibility online will yield additional hires \nfrom a broader pool of candidates\n▪Proven ability to attract senior- and mid-level hires with experience at top-tier firms\nContinue winning talent through targeted recruitment efforts and growth-oriented culture\nStrategic Approach to Fostering Junior Growth Lateral Experienced Hire Recruiting\nOrganic Client Service Network ExpansionProjected Growth in Productivity\nNet Revenue per Director and Managing Director\nProjects Invoiced per Director and Managing Director\nDirector and Managing Director HeadcountAll Other CSN Headcount\nConsulting \nSkills\nDevelopment \nPrograms\nProject Delivery Excellence Series: Primary, secondary, survey, and modeling \ntraining\nAssociate \nConsultants and \nConsultants\nSenior \nConsultants and \nManagers\nProject Management Excellence Series: Project management and economics, \nstoryboarding, running effective team meetings, and presentation training\n▪Proven track record of developing young talent within Stax, leading to a strong team \nof tenured senior employees contributing the sustained success\n▪Recruiting junior talent has enabled employees to acquire foundational skills \neffectively and efficiently\n▪Onboarding young talent has fostered adaptability to Stax practices and strengthened \nemployee loyalty\n24\n25\n36\n49\nMar-252025E2028P2030P\n106\n122\n180\n246\nMar-252025E2028P2030P\n10.8\n11.4\n12.0\n12.5\nLTM Mar-252025E2028P2030P\n$3.9M\n$3.7M\n$4.7M\n$5.4M\nLTM Mar-252025E2028P2030P\n\n60\nSTRICTLY CONFIDENTIAL\nProven Vertical Expertise and Journey\nRoom to build subsector density in core verticals, as we as deepen expertise in other targeted industry verticals\nCurrent Vertical MaturityVertical Growth Opportunities\nStrong Growth within Key Verticals Expansion Opportunities within Core Verticals \n$5\n$10\n$11\n$27\n$31\n$30\n$33\n$36\n$6\n$6\n$6\n$11\n$17\n$16\n$18\n$20\n$11\n$16\n$18\n$39\n$48\n$46\n$51\n$56\n2018201920202021202220232024LTM\nMar-25\nTechnologyServices\n(Net Revenue; $ in millions)\n▪Organized depth and breadth of referenceable work\n▪Subsector expertise\n▪Sector-specific senior recruitment \n▪Scaled sector-specific maturity and communication\n▪Subsector account targeting and planning\n▪Vertical planning\n▪Increase in opportunity volume \n▪Increase in win rate \n▪Increase in average project size\n▪Expansion in private equity and investment banking \naccounts leveraging Stax within a vertical \n▪Above market performance \n▪Outsized opportunities through investment banks and large \ncap private equity \nVertical EnablersImpact\nPlan to leverage existing verticals to deepen market presence \nand strategically expand into new sectors, will drive \nsustained growth\nIndustrials \nTechnology \nServices \nHealthcare \nAerospace & \nDefense \nConsumer\nGovernment \n& Public \nImpact\nEnablers\nFully EvolvedDevelopingExpansion Verticals \n2018 – LTM Mar-25 CAGR: 30%\n\n61\nSTRICTLY CONFIDENTIAL\nExpand Capabilities and Client Profiles\nStax’s focus on relationships cultivates a deep understanding of clients' needs and the specific areas where they require assistance\nDeal-Related ServicesNon-Deal Related ServicesClient Type Expansion\n▪Presence and \ndemonstrated \nsuccess in \nsupporting software \nand technology \nengagements \ncreates natural \navenue for \nexpansion\n▪Ingrained cross-sell \nfrom standard \ncommercial \ndiligence and value \ncreation projects\nTechnology Due \nDiligence\n▪Well-defined and \nsynergistic offering, \nnatural extension of \nexisting value \ncreation \nengagements\n▪Accelerated entry \nfeasible via hiring or \nM&A, healthy \npipeline of potential \ntargets\nProcurement \nOptimization\n▪Natural extension of \nvalue creation to \nimplement best \npractices observed \nin premium assets \nacross industries\nOperations \nPlanning and \nOptimization\n▪Rising need for \nassessment of risks, \ninefficiencies, and \noperational gaps as \ncompanies face \nincreasing scrutiny \nfrom potential \ninvestors during \ndiligence\nOperational Due \nDiligence\n▪Enable Stax to \ncapitalize on the \ngrowing market for \ndebt investments \nand drive demand \nduring economic \ndownturns by \nleveraging credit \nfunds' insulation \nfrom M&A market \nfluctuations\nCredit Funds \n▪Foster long-term \nrelationships that \nendure through \neconomic \ndownturns, \ngenerating a steady \npipeline of new \nclients across family \noffice portfolios\nFamily Offices\n▪Demonstrated \nsuccess \ntransitioning from \nM&A to hedge fund \nclients during \neconomic \ndownturns, \nleveraging large \nclients to generate \nrecurring demand \nfor market research \nacross economic \ncycles\nHedge Funds \n▪In-demand offering \nof critical focus for \nprivate equity \ncompanies as AI \nstrategy becomes \n“need-to-have” and \neffective AI \nintegration \nbecomes a key \nsource of private \nequity value \ncreation\n▪Potential to serve \nprivate equity funds \n(broad fund-level AI \nstrategy) and each \nportfolio company\nAI Enablement \nand Deployment\n\n62\nSTRICTLY CONFIDENTIAL\nStrategically Expand Geographic Footprint\nOpportunity to strategically expand into new geographies and expand within current markets\nOpportunistic Regional ExpansionCapitalize on Momentum in Additional Geographies\nDemonstrated organic expansion \nin Chicago and New York\nSuccessful inorganic growth in London\nSignificant opportunity to grow \nwallet share in existing markets\nIntegrate planful culture and process \nexpansion into new markets \nReplicating the Stax Engine overseas – \nRaise the Profile, Build the Team\nBuy-Side, Sell-Side, Value Creation\n5+ Verticals\nMiddle Market and Large Cap Focus\n30+ Consultants\nAcquired in October 2022 to \nfacilitate U.K. expansion\nCDD Focus\nPrimarily Events\nLower Price Point\n10 Consultants\nComplete MBB+ transition to autonomous, \nself-sustaining, integrated machine\nBuy-Side, Sell-Side, Value Creation\n10 Verticals\nMiddle Market and Large Cap Focus\n40+ Consultants\n2025-2030Today\n2025-2030Today\nKey Selection Factors for New Markets\n✓Proximity and expertise \n✓Ability to have cultural alignment \n✓Sizable private equity market \n✓Available talent\n✓Existing client density \n✓Competitive differentiation\nGrowth Framework\nTexas and \nCalifornia\nNordics and \nDACH\nBoston\nNew York and \nChicago\nLondon\nInorganic Expansion\nKey Accomplishments to Date\nU.K. Private Equity and Transactional Net Revenue\nDirector and Managing Director Headcount\nChicagoNew YorkLondonBoston\n$0.9M\n$2.9M\n20222024\n2\n7\n2022 25-Mar\n44\n2022 25-Mar\n6\n12\n2022 25-Mar\n0\n1\n2022 25-Mar\n\n63\nSTRICTLY CONFIDENTIAL\nOpportunity to Further Capture Pricing Through Advisory Journey\nStax’s compelling value to its clients, along with higher pricing by competitors, creates favorable environment for price increases\nShift to Content Advisory Unlocks Further Pricing OpportunitiesTrack Record of Successful Increases in Client Value \nAverage Client Service Network Bill Rate\nAverage Director and Managing Director Headcount\nDirector and Managing Director Billable Hours\nTypical Engagement Price\n$100K$250K$500K$800K-$1M\nBreadth and Depth of Offering\nStax is positioned to capture \npricing consistent with client \nimpact, results, and ROI delivered \nwithout risking relationships\nUpper / Middle Market & Growth Funds\n(Europe)\nPurposeful Shift to “Strategic Advisory” Drives Increased Pricing\nDeliver DataDeliver ResearchDeliver Strategy Deliver Advisory\n$353\n$420\n$429\n$449\n$493\n$542\n202220242025E2026P2028P2030P\n10\n18\n23\n27\n36\n49\n202220242025E2026P2028P2030P\n7,105\n8,854\n11,044\n13,052\n18,210\n25,374\n202220242025E2026P2028P2030P\n\n64\nSTRICTLY CONFIDENTIAL\nTargetRegion\nCapabilitiesAcquisition Type Revenue\nCompany ASoutheastTechnology due diligence and value creationTransformational~$80M\nCompany BSouthwestGo-to-market performance improvementTransformational~$75M\nCompany CUnited KingdomCommercial due diligenceTransformational~$50M\nCompany DMidwestPricing strategy and performance improvementTransformational~$75M\nCompany EMidwestOffice of the CFO and financial due diligenceTransformational~$75M\nCompany FUnited KingdomHealthcare commercial due diligence Tuck-In~$10M\nCompany GNortheastCommercial due diligenceTuck-In~$7M\nCompany HSouth CentralDefense commercial due diligenceTuck-In~$15M \nCompany INortheastPrivate equity performance improvement Transformational~$50M\nCompany JWestSoftware and tech based due diligence Tuck-In~$10M\nCompany KSouth CentralTech due diligence and value creation Tuck-In~$10M\nCompany LSouthwestTech due diligence and office of the CTOTuck-In~$8M\nUnited Kingdom Commercial due diligence Tuck-In~$5M\nMid-Atlantic Defense commercial due diligenceTuck-In ~$15M\nTotal~$485M\nSignificant Value Accretive M&A Opportunity and In-House Expertise \n▪Leverages CEO's experience in professional services strategy and corporate development\n▪M&A is evaluated on a risk adjusted continuum and compares opportunities such as greenfield expansion, \nacqui-hires, and acquisitions\n▪Stax maintains a strict acquisition investment criteria that must satisfy proven \"Deal Equation\" across \nmultiple dimensions\n‒Strategic Fit: Enhance defined product offering, industry expertise, or geography\n‒Cultural Fit: Similar margin and KPI profile and positive purchase price multiple\n‒Economic Fit: Ability to thrive within Stax business model\n▪Established and repeatable integration playbook with emphasis on a “day-one” plan\nStax has invested in the transition from founder-owned business to a world-class operating platform of scale and is positioned to grow via acquisitions\nStax is an Acquirer of ChoiceRobust and Selective M&A Criteria and Integration Process\nAreas of Focus When Evaluating M&A\nIllustrative Acquisition Target List\nCapitalize on cross-selling and repeat client demand\nHighly specialized expertise to provide actionable, data-driven answers for clients\nDifferentiated culture and operating model generates wins in the “war for talent”\nAdditional resources that come from a larger company\nEquity value creation opportunity through incentive plan\n1\n2\n3\n4\n5\nConsulting is a highly fragmented market with opportunity for M&A\nA- Crosslake\nB –SBI\nC- CIL\nD - Insight2Profit\nE - E78\nF - Candesic \nG - Arnovia \nH - Next F&D\nI - Beck Way \nJ – PASG\nK - ThinkTiv \nL - Waypoint\nM - Fairgrove\nN - Nextfed\n▪Continental Europe\n▪Middle East and Asia Pacific\nGain Geographic \nDiversification\n▪Tech due diligence\n▪Financial due diligence\n▪Operational improvement\nBuild Complementary \nService Offerings\n▪Aerospace and Defense\n▪Healthcare\nExpand Industries of \nCoverage\n•To remove target names\n\nFinancial Overview\n\n66\nSTRICTLY CONFIDENTIAL\n$2.7M\n$4.5M\n$0.5M\n$1.4M\n$0.2M\n$0.6M\n$3.5M\n$6.5M\nQ1-24Q1-25\nServicesHealthcareConsumer\nStrong Performance in Q1 with Favorable Momentum Heading Into Remainder of 2025\nContinued significant performance in Q1 couples with strong tailwinds from recent headcount additions\nStrong Performance in Early 2025Growing Contribution from New Hires\nIncreasing Momentum in Targeted VerticalsRamping Net Revenue Contribution from Value Creation and United Kingdom\n(1)All Managing Directors hired in the second half of their respective cohort year. 2022 cohort includes 2 hire, 2023 cohort includes 2 hires, and 2024 cohort includes 1 hires.\n(Net Revenue)\n(Net Revenue)\n$15.5M\n$20.5M\nQ1-24Q1-25\n$2.6M\n$2.3M\n$3.8M\n$0.7M\n$0.8M\n$1.5M\nQ4-24Q1-25Avg. Q2-Q4 2025E\nValue CreationUnited Kingdom\n64%\nYoY Growth\n19\n24\nNov-24Mar-25\nRecent senior hires will drive meaningful revenue \ngrowth as they continue to ramp\n930\n1,240\n71\n667\n69\nLTM Mar-24LTM Mar-25\n2022 Hires2023 Hires2024 Hires\nAn improving M&A market will provide additional upside\nYoY Growth\n839%\n33%\nDirector and Managing Director HeadcountBillable Hours by Managing Director Cohort\n(1)\nYoY Growth\n33%\n202%\n154%\n\n67\nSTRICTLY CONFIDENTIAL\nCompelling Long-Term Outlook Underpinned by Track Record of Consistent Growth\nHighly attractive financial profile driven by demonstrated ability to expand already impressive margins\nPro Forma Adjusted Net Revenue\nOrganic Gross Profit and Margin\nPro Forma Adjusted EBITDA and Margin\n($ in millions)\n($ in millions)\n($ in millions)\n$39\n$44\n$48\n$54\n$70\n$88\n$109\n$136\n$168\n61.0%\n62.0%\n63.1%\n59.5%\n60.5%\n61.0%61.0%61.0%61.0%\n20232024LTM Mar-252025E2026P2027P2028P2029P2030P\n$42\n$54\n$69\n$89\n$112\n$4\n$10\n$19\n$30\n$45\n$19\n$24\n$27\n$31\n$46\n$65\n$88\n$119\n$157\n29.3%\n33.5%\n35.6%\n33.3%\n36.2%\n38.0%\n39.0%\n39.9%\n40.9%\n20232024LTM Mar-252025E2026P2027P2028P2029P2030P\nOrganicAcquired\n$115\n$143\n$179\n$223\n$275\n$12\n$27\n$48\n$75\n$110\n$64\n$71\n$76\n$91\n$127\n$170\n$226\n$298\n$385\n20232024LTM Mar-252025E2026P2027P2028P2029P2030P\nOrganicAcquired\n\n68\nSTRICTLY CONFIDENTIAL\nBridge to 2030P Revenue\nPathway to ~$385 million of net revenue by 2030\nNote: 2020 reflects reported Net Revenue. Other includes growth in Reimbursables and Tech & Admin.\nFoundation Established to Support the Next Stage of Growth\n($ in millions)\n2020 Net \nRevenue\nHeadcountUtilizationBill RatesRealizationOther2025E Net \nRevenue\nHeadcountUtilizationBill RatesRealizationOther2030P Organic \nNet Revenue\nAcquisitions2030P Net \nRevenue Incl. \nM&A\n\n69\nSTRICTLY CONFIDENTIAL\nMultiple Levers to Boost Productivity and Expand Margins\nAssumptions embedded into the forecast for strong organic growth and profitability\nRealization RateOperating Leverage\nUtilization Rate\n(1)\nProjects Invoiced per Director/Managing Director\n(1)Based on 2,080 available hours less 290 firm holiday and PTO hours, net of billable adjustments by skill level (50% for Directors and Managing Directors; 75% for Senior Managers and Associate \nDirectors) per management’s view.\n(Operating Expenses as a % of Net Revenue)\n(Client Service Network)\n87.2%\n88.2%\n89.1%\n90.0%\n90.9%\n91.8%\n2025E2026P2027P2028P2029P2030P\n95.8%\n96.8%\n97.8%\n98.8%\n99.8%\n100.0%\n2025E2026P2027P2028P2029P2030P\n25.6%\n24.3%\n23.2%\n22.2%\n21.2%\n20.3%\n2025E2026P2027P2028P2029P2030P\n11.9\n12.2\n12.5\n12.7\n12.9\n13.2\n2025E2026P2027P2028P2029P2030P\n\n70\nSTRICTLY CONFIDENTIAL\nAttractive Financial Profile Anchored by Exceptional Margins and Strong Cash Flow\nOngoing margin expansion driven by operating leverage and continued optimization of delivery model and pricing\nStrong Cash Flow GenerationBest-in-Class Margin Profile\n(2)\nProven Ability to Scale EBITDA Margins\n(2)\n(1)Reflects 2023 and 2024 reported capital expenditures.\n(2)Reflects 2025E.\nEfficiently operates with limited cash tied up in working capitalGross margins driven by efficient service delivery and compelling value for clients\nOngoing margin expansion driven by operating leverage and continued optimization of delivery model and pricing\n29.3%\n33.5%\n35.6%\n33.9%\n36.2%\n38.0%\n39.0%\n39.9%\n40.9%\n20232024LTM Mar-252025E2026P2027P2028P2029P2030P\n(Pro Forma Adjusted)\n~97%\nFCF Conversion\nLimited\nWorking Capital \nRequirements\n~$0.5M\nHistorical Annual\n Capex\n(1)\n34%\nStrong and Increasing \nEBITDA Margins\nEfficient and \nScalable SG&A\n60%\nGross Margin\n\n71\nSTRICTLY CONFIDENTIAL\nSummary of Diligence Adjustments\n1.Removes the impact of expenses incurred \nrelated to the current Owners which will not \ncontinue post-close\n2.Normalizes (i) the impact of large signing \nbonuses & recruiting costs for high-level \npersonnel, and (ii) back-office personnel costs\n3.Includes various adjustments for \nnormalizations, removal of the now-\ndiscontinued Colombo direct operations, and \nremoval of non-recurring items\n4.Quantifies the pro forma impact of capacity-\nrelated lost revenue due to the secondment \nprogram\n5.Quantifies the impact of MD compensation \nprior to revenue generation or significant \nbillable hours\nSummary of Quality of EarningsCommentary\n▪Text\n($ in millions)20232024LTM Mar-25 \nReported EBITDA\n$13.7$18.4$21.3\nAcquisition Adjustments–––\nAcquisition Adjusted EBITDA\n$13.7$18.4$21.3\nNon-Operating Owner Expense Removal2.61.9 1.9\nCompensation Adjustments1.4 1.51.3 \nOther Diligence Adjustments0.90.60.6\nDiligence Adjusted EBITDA\n$18.6$22.4$25.1\nSecondment Revenue Impact–1.21.2\nMD Ramp-Up Compensation0.30.40.9\nPro Forma Adjusted EBITDA $18.9$23.9$27.2\n1\n2\n3\n4\n5\n1\n2\n3\n4\n5\nClean EBITDA with high cash flow generation"
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