證物(C)(9)

機密項目融合2021年9月帝都對潛在後裏漢Lokey的看法和特別委員會的估值

Imperial對估值分析的機密觀點2隱含股價區間(以百萬美元為單位，除股價外)低中間價高隱含TEV-IWCO363.2$377.7$393.7$減少：IWCO ST+LT債務363.8 363.8 363.8剩餘股權價值-$13.9$29.9$隱含TEV-modusLink113.0 116.7 120.8減少：modusLink ST+LT債務---剩餘股權價值113.0$116.7$120.8$減少：STCN Debt11.811.811.8Plus：潛在賣家計算NOLs38.438.438.4股權價值範圍139.6$157.2$177.3$未償還股份62.8 62.8 62.8隱含股價範圍2.21$2.50$2.82$

CONFIDENTIAL Imperial's View on Valuation Analysis 3 Share Price Sensitivity Note: Assumes approximately 3.3% and 2.1% perpetual growth rate for IWCO and ModusLink, respectively IWCO Discount Rate 11.4% 12.4% 13.4% 14.4% 15.4% 10.5% 4.47 $3.59 $2.90 $2.34 $1.89 $11.5% 4.24 $3.37 $2.68 $2.12 $1.66 $12.5% 4.07 $3.19 $2.50 $1.94 $1.49 $13.5% 3.92 $3.05 $2.36 $1.80 $1.34 $14.5% 3.80 $2.93 $2.24 $1.68 $1.22 $ModusLink Disc. Rate IWCO Discount Rate 11.4% 12.4% 13.4% 14.4% 15.4% 10.5% 5.00 $4.03 $3.27 $2.66 $2.16 $11.5% 4.75 $3.78 $3.02 $2.41 $1.91 $12.5% 4.56 $3.58 $2.82 $2.21 $1.72 $13.5% 4.40 $3.43 $2.67 $2.06 $1.56 $14.5% 4.27 $3.30 $2.54 $1.93 $1.43 $ModusLink Disc. Rate Note: Assumes approximately 3.8% and 2.6% perpetual growth rate for IWCO and ModusLink, respectively IWCO Discount Rate 11.4% 12.4% 13.4% 14.4% 15.4% 10.5% 3.99 $3.21 $2.58 $2.06 $1.64 $11.5% 3.79 $3.01 $2.38 $1.86 $1.44 $12.5% 3.63 $2.84 $2.21 $1.70 $1.27 $13.5% 3.50 $2.71 $2.08 $1.57 $1.14 $14.5% 3.39 $2.60 $1.97 $1.46 $1.03 $ModusLink Disc. Rate Note: Assumes approximately 2.8% and 1.6% perpetual growth rate for IWCO and ModusLink, respectively

CONFIDENTIAL Imperial's View on Valuation Analysis 4 IWCO Enterprise Value Sensitivity Enterprise Value Sensitivity Analysis - Perpetuity Growth Discount Rate 377.70 $11.4% 12.4% 13.4% 14.4% 15.4% 2.3% 431 $386 $350 $320 $295 $Perpetuity 2.8% 452 $403 $363 $331 $304 $Growth 3.3% 476 $421 $378 $343 $314 $Rate 3.8% 503 $442 $394 $355 $324 $4.3% 533 $464 $411 $369 $335 $ ModusLinkEnterprise Value Sensitivity Enterprise Value Sensitivity Analysis - Perpetuity Growth Discount Rate 116.67 $10.5% 11.5% 12.5% 13.5% 14.5% 1.1% 130 $119 $110 $102 $95 $Perpetuity 1.6% 136 $123 $113 $105 $98 $Growth 2.1% 142 $128 $117 $108 $100 $Rate 2.6% 149 $133 $121 $111 $103 $3.1% 156 $139 $125 $115 $106$

機密帝國對估值分析的看法5 IWCO貼現現金流分析IWCO直接貼現現金流分析(以百萬美元為單位)財政年度結束，2021P 2022P 2023P 2024P 2025P總銷售額389.8$263.0$279.4$294.8$309.5$銷售成本303.6 208.5 189.4 200.9 213.2毛利潤86.3$54.5$90.0$93.9$96.3$%利潤率22.1%20.7%32.2%31.9%31.1%EBITDA 23.2$6.1$49.1$60.2$61.9$%利潤率5.9%2.3%17.6%20.4%20.0%EBITDA 23.2$6.1$49.1$60.2$61.9$少：折舊及攤銷(37.1)(31.0)(33.1)(34.2)(35.3)EBIT(13.9)$(24.9)$16.0$26.0$26.5$少：税--(4.2)(6.8)(6.9)加：折舊及攤銷37.1 31.0 33.1 34.2 35.3少：資本支出(4.1)(1.2)(5.2)(8.0)(8.0)減去：淨營運資本變動(8.2)(11.4)1.0 1.1 1.2無槓桿自由現金流10.9$(6.5)$40.8$46.5$48.1$未來現金流現值10.9$(5.8)$31.7$31.9$29.1$永續增長法WACC 13.4%累計現值FCF 97.9$年終年度FCF 48.1增長率3.3%終端價值492.1$終端價值279.8隱含企業價值377.7$隱含2021P息税前利潤乘數16.3x注：增長率是按克利夫蘭聯邦儲備銀行預測的10年通貨膨脹率與2022年至2025年運營後增強收入複合年增長率之間的約60/40加權平均計算的。

Imperial對估值分析的機密觀點6 IWCO加權平均資本成本分析來源：CapitalIQ.公司債務/股權%Beta(5年)債務成本未槓桿化Beta(5年)利息支出(美元MM)總債務(美元MM)宏盟集團有效税率154%0.9 26%0.4(207.6)6,341.3%InterPublic Group of Companies，Inc.161%1.1 26%0.5(189.8)5,115.3%數字媒體解決方案，公司不適用0.026%不適用(13.3)221.2 6.0%上下文邏輯公司5%0.026%0.0(3.0)45.0 6.7%寶尊電商43%1.26%0.8(56.6)2,680.9 2.1%創意現實，Inc.76%3.9 26%2.5(1.0)7.4 13.0%Marin Software Inc.55%0.3 26%0.2(0.2)8.1 2.0%平均：82%1.0 26%0.7(67.4)2,059.8 5.3%股權累積成本無槓桿Beta 0.7無風險率1 2.5%目標債務/股權82%放寬Beta 1.2假設税率26%市場回報率2 13.5%放寬Beta 1.2規模優惠35.5%股權成本21.2%WACC計算債務%45.2%注：股權%54.8%1每達夫-菲爾普斯建議税率26.0%2標準普爾500指數10年平均回報WACC 13.4%3達夫&菲爾普斯建議基於5年平均。EBITDA

機密帝國對估值分析的看法7 ModusLink貼現現金流分析ModusLink貼現現金流分析(以百萬美元為單位)財政年度結束，2021P 2022P 2023P 2024P 2025P總銷售額234.2$236.5$240.3$249.5$259.3$銷售成本185.3 186.9 190.9 198.2 206.0毛利潤48.9$49.6$49.4$51.3$53.3$%利潤率20.9%21.0%20.6%20.6%EBITDA 12.0$17.7$17.5$19.4$21.4$%利潤率5.1%7.5%7.3%7.8%8.3%EBITDA 12.0$17.7$17.5$19.4$21.4$少：折舊及攤銷(3.7)(3.5)(3.5)(3.5)(3.5)(3.5)EBIT 8.3$14.2$14.0$15.9$17.9$少：税(2.1)(3.6)(3.5)(4.0)(4.5)加：折舊及攤銷3.7 3.5 3.5 3.5少：資本支出(3.1)(4.0)(5.0)(4.5)(5.0)減去：淨營運資本變動3.9 0.5 0.1 0.7非槓桿自由現金流10.7$10.7$9.1$11.6$12.6$未來現金流現值10.7$9.5$7.2$8.2$7.9$永久增長法WACC 12.5%FCF 43.4的累積現值$年終FCF 12.6增長率2.1%終端價值124.4$PV終端價值73.2隱含企業價值116.7$隱含2021P息税前利潤乘以9.7倍注：增長率計算為克利夫蘭聯邦儲備銀行預計10年通貨膨脹率與2022年至2025年預計收入複合年增長率之間的約60/40加權平均。

機密帝國對估值分析的看法8 moduslink加權平均資本成本分析來源：CapitalIQ.公司債務/股權%Beta(5年)債務成本未槓桿化Beta(5年)利息支出(美元MM)總債務(美元MM)有效税率XPO物流公司269%2.1 25%0.7(303.0)7,968.0 3.8%Aspen Technology，Inc.41%1.225%0.9N/A 329.6 N/A Generix SA 57%0.625%0.4(0.5)25.2%ExlService Holdings，Inc.公司34%1.0 25%0.8(10.2)249.4 4.1%R.R.唐納利父子公司N/A 2.9 25%N/A(136.9)1,761.2 7.8%PFSweb，公司161%1.9 25%0.8(1.4)82.1 1.8%摩貝不適用0.025%不適用(10.7)180.4 5.9%平均：112%1.4 25%0.7(77.1)1,513.7 4.2%股權累積成本無槓桿測試0.7無風險率1 2.5%目標債務/股權112%放鬆測試1.4假設税率25%市場回報率2 13.5%放鬆測試1.4規模優惠3 5.5%股權成本23.0%WACC計算債務%52.9%注：股權%47.1%1每達夫-菲爾普斯建議税率25.0%2標準普爾500指數10年平均回報WACC 12.5%3達夫-菲爾普斯建議基於5年平均。EBITDA