Reports ComTech Analyst Briefing Note of EKA | Page 2

MatrixGroup is an Australia-based provider of software and consulting services for operators of bulk product terminals and related facilities. The company’s products ensure safe and efficient operation of complex facilities and the machines involved in stacking and reclaiming of bulk materials including ores, grains and coal. Its’ clients are primarily located in Australia and the AsiaPacific region. Matrix has proven to be a leader in its’ market – in fact it appears to occupy a unique position as the only packaged software solution currently available for servicing the needs of terminal equipment operators in the areas of machine anti-collision and operational optimization, as these systems are otherwise approached as custom developed solutions by other vendors/consultants. There are several integration points between the Matrix and current Eka software products, and these may provide some leverage in selling new licenses to clients that may not currently utilize both product sets. However, ComTech believes the greater value in the combination of Matrix and Eka software products lays in providing Eka with an advantage in marketing and in deploying a larger-scale CM solution for the bulk products/ags/mining market segments. Financial Results Eka is privately held and does not publically disclose financial information. However, management has indicated that the company has been profitable for most of its existence and has grown, on average, approximately 35% per year over the last 5 years. Eka has said that in the most recently completed financial reporting year (ending March 31, 2013), the company has seen 33% annual growth in revenues and 96% growth in EBITDA. Based upon the company’s forecast for FY 2014, revenues are expected to grow 154% and EBITDA to increase 147%, including the impact of acquisitions. Organically, the company expects 2014 revenue growth to be 35% and EBITDA to increase 45%. Product Set and Technology Base Eka has taken full advantage of a modern technology stack and architecture allowing it to offer its solutions in a traditional on-premise model as well as via the cloud as hosted or true SaaS. Eka is one of a minority of CTRM vendors that offers the possibility of a multi-tenanted SaaS environment with data partitioning for each customer, though we understand its current cloud clients are all single-tenanted hosted deployments. The technology also allows for a flexible and full-featured user interface that makes use of analytics, graphics and drill-down functions and features to enhance usability; Eka dashboards are relatively easily built and deployed by educated users of the software. Given Eka’s modular design, it is able to construct pre-configured solutions for specific purposes or market niches, offering the ability to add additional modules as the customer requires them. Eka’s products include: Eka.Agriculture – An end-to-end Agri-Commodity solution to facilitate trade, operations and risk management from the farm to the marketplace. Eka.Metals – A solution for managing physical trading, position, P&L, derivatives, risk, logistics and finance across base metals, Ferro alloys, steel and scrap. Eka.Energy - A multi-commodity energy trading and risk management (ETRM) system covering trade capture through confirmation, operations, settlement and risk management. Eka.Analytics – Predictive and user-controlled analytic tools to view, analyze and simulate KPIs for Commodity Markets. Eka.Risk - For commodity companies to define, measure and control organization wide commodity risk. Eka.Commodity Planning & Procurement - For manufacturers to capture, analyze and manage demand, budgets, forecasts, coverage, procurement & hedging. Eka.Site Automation - A dynamic bulk site management and control tool, incorporating high level process planning, scheduling, task execution and product tracking. Eka.Anti Collision - 3D modeling of mobile machines and structures providing precise position to prevent collisions. Eka.3D Stockpile Manager – 3D model of stockyard, including quality, for better stacking and reclaiming decisions. Eka.Commodity Site Manager – Physical operations management of bulk commodity handling sites including stock, cargo receipt, shipment, and billing. The Eka.Agriculture and Eka.Metals solutions are rather comprehensive and competitive products. We do view Eka.Energy as something of a work in progress because of the acquisition of EnCompass and the work that still needs to be done to integrate and expand the product in crude. Eka.Analytics and Eka.Risk are also both relatively new solutions. Eka.Risk is an enterprise risk solution that purports to be agnostic to the underlying CTRM solutions and would compete more with products from the specialty risk product vendors. Eka.Analytics represents Eka’s move toward offering a more robust analytic and decision support environment across the board but particularly in commodity management. The other named products are the MatrixGroup product set that is in the process of being re-branded. © Commodity Technology Advisory llc January 2014 2