Pluralsight : Investor Presentation Supplement

Pluralsight / Vista: Delivering Compelling, Certain Value

Investor Presentation Supplement

February 2021

The Pluralsight / Vista Transaction Delivers Compelling, Certain Value…

Eminence Offers Unsubstantiated Claims

Supports Claims by

Eminence

Eminence asserts unrealistic valuations for Pluralsight that are based on misleading, cherry-picked analyses and are unsupported by the market, precedent

M&A and our competitive process

Relevant Public Comparables

Historical Discount to Public Comparables

Relevant Precedent TransactionsPrivate Equity InterestStrategic Parties Interest

✓✓✓✓✓

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The Public Markets Do Not Support Eminence's View

Eminence's "Peer" Selection is Clearly Misleading, Pluralsight Has Traded at a Significant Discount to Relevant Peers, and the Discount Has Been Persistent (Not Temporary)

EV / NTM Revenue

20.0x

18.0x

16.0x

14.0x

12.0x

10.0x

8.0x

6.0x

4.0x

2.0x

0.0x

"…temporary disruption from a sales force execution issue in 2019 and COVID 2020 leaves the company trading at a significant discount to peers and its long-term potential." Eminence 2/8/21*

The Facts: Pluralsight began trading at a persistent discount to Eminence's "peers" shortly after IPO, reflecting business model differences (modest barriers to entry / low switching costs) and significantly different growth / profitability profiles (Eminence "peers" Rule of 40 metric 60%+ that of PS)

May-18

Source: FactSet as of February 11, 2021.

Aug-18

Nov-18

Feb-19

May-19

Note: Permission to use quotations neither sought nor obtained; bold emphasis added.

Current Avg.

Eminence

Peers 18.6x

Merger Proxy Peers 9.1x

Pluralsight Txn: 8.1x

Aug-19

Nov-19

Feb-20

May-20

Aug-20

Nov-20

Transaction Above Median of Relevant Precedents on a Revenue Multiple Basis

(EV / NTM Revenue)

Transaction Above Median of All Precedents - Even Eminence's Cherry- picked - on a Growth & Profitability Adjusted Basis

(EV / NTM Revenue / NTM Rule of 40(1))

0.98x

$0.00

Eminence's cherry-picked, less relevant set of precedent transactions (see p.5) fail to account for PS's lower growth and profitability

$60.00

$50.00

0.09x

Pluralsight Merger Proxy

(All)Pluralsight Merger Proxy (Sponsors)

Eminence Comparable TransactionsAkaris Comparable Transactions

Pluralsight Merger Proxy

(All)

0.09x

Pluralsight Merger Proxy (Sponsors)

$40.00

$30.00

$20.00

$10.00

$0.00

Eminence Comparable TransactionsAkaris Comparable Transactions

Source: Company Filings, FactSet, Capital IQ, 451 Research.

1. Rule of 40 defined as revenue growth + LFCF margin. LFCF margin defined as cashflow from operations less capital expenditures.