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Roger Samuel, CFA * | Equity Analyst+612 9364 2931 | rsamuel@jefferies.comLucy Krimmer * | Equity Associate+612 9364 2924 | lkrimmer@jefferies.com Company DescriptionWiseTechWiseTech is a global developer of cloud-based software solutions for international and domestic logistics industries. The company has over17,000 logistics organizations that use its software across 130 countries. WiseTech's flagship product is its CargoWise One, which provides anend-to-end logistics solution. Founded in 1994, the group now operates worldwide with offices in over 40 countries across Australasia, Europe,and the US.Company Valuation/RisksWiseTechWe value WTC using a DCF methodology. Our assumptions are WACC of 8%, terminal growth rate of 5.3%, RFR of 4.5%, equity risk premiumof 5.0%, beta of 1.1x.Upside risks: 1) early success in selling Land Transport and Compliance Wise, 2) significant contract wins, and 3) better-than-expected cost-cuttingefforts. Downside risks: 1) greater competition from WTC's competitors in freight forwarding, 2) integration challenges of previous acquisitions,and 3) departure of founder / CEO.Analyst Certification:I, Roger Samuel, CFA, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations orviews expressed in this research report.I, Lucy Krimmer, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations orviews expressed in this research report.Registration of non-US analysts:Roger Samuel, CFA is employed by Jefferies (Australia) Pty Ltd, a non-US affiliate of Jefferies LLC and is not registered/qualified as a research analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and therefore maynot be subject to the FINRA Rule 2241 and restrictions on communications with a subject company, public appearances and trading securities held bya research analyst.Registration of non-US analysts:Lucy Krimmer is employed by Jefferies (Australia) Pty Ltd, a non-US affiliate of Jefferies LLC and is not registered/qualifiedas a research analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and therefore may not be subjectto the FINRA Rule 2241 and restrictions on communications with a subject company, public appearances and trading securities held by a research analyst.As is the case with all Jefferies employees, the analyst(s) responsible for the coverage of the financial instruments discussed in this report receivescompensation based in part on the overall performance of the firm, including investment banking income. We seek to update our research as appropriate,but various regulations may prevent us from doing so. Aside from certain industry reports published on a periodic basis, the large majority of reports arepublished at irregular intervals as appropriate in the analyst's judgement.Investment Recommendation Record(Article 3(1)e and Article 7 of MAR)Recommendation PublishedRecommendation DistributedExplanation of Jefferies RatingsBuy - Describes securities that we expect to provide a total return (price appreciation plus yield) of 15% or more within a 12-month period.Hold - Describes securities that we expect to provide a total return (price appreciation plus yield) of plus 15% or minus 10% within a 12-month period.Underperform - Describes securities that we expect to provide a total return (price appreciation plus yield) of minus 10% or less within a 12-month period.The expected total return (price appreciation plus yield) for Buy rated securities with an average security price consistently below $10 is 20% or more withina 12-month period as these companies are typically more volatile than the overall stock market. For Hold rated securities with an average security priceconsistently below $10, the expected total return (price appreciation plus yield) is plus or minus 20% within a 12-month period. For Underperform ratedsecurities with an average security price consistently below $10, the expected total return (price appreciation plus yield) is minus 20% or less within a 12-month period.NR - The investment rating and price target have been temporarily suspended. Such suspensions are in compliance with applicable regulations and/orJefferies policies.CS - Coverage Suspended. Jefferies has suspended coverage of this company.NC - Not covered. Jefferies does not cover this company.Restricted - Describes issuers where, in conjunction with Jefferies engagement in certain transactions, company policy or applicable securities regulationsprohibit certain ty