AnalytixInsight Inc V.ALY

Release from Sophic Capital Part 3 - Valuation

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Estimating AnalytixInsight Stock Price from MarketWall’s InvestoPro

Sophic Capital’s AnalytixInsight’s MarketWall Interest Should Reward Investors report published on April 5, 2021 detailed a range of valuation upside that MarketWall could provide for AnalytixInsight’s stock:

• Anticipation of MarketWall’s business-to-consumer (“B2C”) user growth at Intesa Sanpaolo alone could significantly benefit AnalytixInsight’s stock price from its current ~C$1.00 per share;

• Recall, AnalytixInsight stock closed up about 17% on March 29^th, 2021 when the Company announced that its Fintech affiliate MarketWall had received regulatory approval from CONSOB, the Italian financial markets regulator, for its European online financial broker InvestoPro;

• As MarketWall adds users and grows revenue, we illustrated that every 100,000 users could represent C$0.30 to C$1.20/share of value to AnalytixInsight, rising through the range as the Company attains business milestones;

• We conservatively estimated that every 100,000 users on the platform could provide around C$0.30/share (or around 30% upside) of value for AnalytixInsight, based on Fintech peer companies (some of which do not generate revenue from customers and spend significantly to acquire users);

• As a more relevant exercise, since MarketWall plans to generate revenue from users, we believe AnalytixInsight stock may be valued by investors through a different lens based on revenue. With this methodology, over four to five years, future value of roughly C$6.00/share could be realized by AnalytixInsight, which would discount back to around C$2.50/share of value today based on certain assumptions;

• While amassing users and generating revenue could take time, AnalytixInsight has multiple options to unlock shareholder value from MarketWall via the unit’s relationship with Intesa Sanpaolo and other partners.