EFTA01378169

Siris Investments Overview at Entry/ Deep Value Investor -5.8x avg. acquisition multiple and -3.5x avg. leverage multiple over 113 investments SRLP102 Alpha Group Capital millions) 6.6x $118 2.8x 2.9x $136 1.7x 1.9x $260 018010dO1.(2)Airvana :1;:eTekelec Aug-08 Apr-10 Jan-12 5.0x 5.3x 3.4x 6.7x 6.6x 3.1x 3.4x 6.0x 3.5x 7.5x 5447 $428 3.3x $659 $ $377 273 $176 $190 I I in stratus S PUllee Digital ":...o. (2) (3) NAVE N IR Li Rplycorn Feb-13 Apr-14 Oct-14 Feb-15 Dec-15 Aug-16 Sep-16 Tote: Inv Equity —O— 'EV ' EllirA(1) Denotes deals that are fully or partially realized 7.7x 5.0x $410 8.2x 6.1x 2.4x • $690 N/A $185 $ s)nchirevassWebecusT Nov-17 Feb-18 Oct-18 Total Debt PF EBITDA Sore Chan oulmk, follow on 1661616615 AdilltuenahleraCs .an ans:mestudy aaLdle sulm,raer$ k:66 vn..un 6,1621 terms or opm rn1ieh ( tan bidesComws bud. a Sirs I. aid Applud DISCON111 We II Comm,. bank 6 exam**, myna dm tramaction n firmeere in nor owing maim. 1O6Mae mviirem<nmpdm inhmlom binme-nes Aflt.d Digrown n.0 fl ied 9'11 Wvu i onrrtn,r01141.01111 resaffi.x. Ma sty'Annan I um] Rylorman:t. Data- lei aitple.• Int iirrestaseats. Ma: see 'Appgadn. lot addMotal.....msidaa.ats and id:Anson. Pal f vautenunct ma itmesmailly Oda:alive o1 (Muttresults lbesr sel.•trd (samples may WI be aremeramine a Al billba.6106 el a gam ivpr et of tint-awns .clyndt with amen u• pnlannamtlithlOpreetthgelellbe tad leakelb I mei ..emnial die Sins untl nial.ecempaair et equally mit essbd unmet...en. oily limn 111 NN ea simple merape of TIN,' DMA (ken' division) only FILIDA swilegilm aeon Mt Main. trial.. Sinn and Rota, PJvcr leaf Cl whit at the weal M appbcabk apinalom had Call Oimmals1 r. mimic Jan.° Oat um pooling neptlw nllNAI and TM foul LIR IR at earn la Intraluder. We:pea Pawns% Maven( 1‘.1. Rilse.1)8atidbRIrdal Wh N what. a We Mint of Ile applicable a ereiltwa bal (prionfs) Mai were mnaattag imstisve MIRA. Sinaironoss Iva a pun 14ne mnllyi. hascd l dw ompany's an leverame durouO fTlf.Investment EBITDM am proforma aattic.. lame appfraldt riled°, rota say*, aid count at *Inn mdalMardte exclude Demi w as ma rmunimgreanatunagrosis optua, 4k feral intorpnw Valoe tainstaientxpenses and balance then oak Ina does not mandt east. nmariad to tuml ammicumtkall Optima loam Pirefixe multiples we e.plannl .1 noir. .lelml in the app leabk east madam included herein .12) Re ARImlat 5arls I a:quartd. IR el NRIudal (Eke. Fled,tiintltrom ("Apt Remaining RM. war I.IYh iraltd. (Ni ;Ka Nary .n 4-'i HO mailman el batly Itnarem provided In rued IF.nlma mon. iamb was aul+nprntli. 'daunted in Navaho 1016 CZ, t, lc Mmmtleserlmnal mandal,re ITV . PP:014 ser bets. Interest- Aix Chart e‘clialm 551 12mm kUow untitIlent 101171111116 In a 0.211 'Jamie ittsvamn and vulva. SIRama et suberanard miler Nutty a.mulsanonsol Mite, Maylitv and Raanire Pra follow R ..4!....mnituas Foal n man n. IT2V14.1.21111.)A - SAWS 'nun 'Sill 7mm - AZ. and foul Dan. ZOMEINIVA ' II" ram - 3 5, CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0075330 SDNY_GM_00221514 EFTA01378169