EFTA01378199

SRLP102 Alpha Group Capital Digital River: Summary Transaction Overview at Entry Overview Business Description Closing Date Capital Structure at Entry Co-Investors aecutive Partners • Provides end-to-end outsourced eCommerce, payments and marketing solutions to companies across many regions and verticals • • Acquisition: February 12, 2015 Total Equity tr Debt: • Total Equity: Total Debt: 5712mm S377mm $335mm • LPs co-invested $234nun (62% of equity) • Dan Moloney, Bob Aquiline, Rick Mace Entry Valuation & Liquidity/Leverage Acquisition Debt Transaction Structure Holding Company __I -.{ Digital River 2014A Bond Revenue $342 mm EBITDA: $73 mm Branded Manufacturer Commerce ("Call Option") 2014A Cali 4;renue: BITDA (s: • Entry Summary Financials (FY December 2014A) Pmjyt led ( 'Valuation • TEVM / PF2014 Bond EBITDA: 6.6x f‘ in miltioe“ Tour, Savings PI' Total Revenue $372 $372 Liquidity/ • $2 mm of minimum cash on balance sheet PF EBITDM) $49 526(1) $75 1.ex e rage • Net Debto) / PF2014 Bond EBITDA: 3.4x % Margin 13% 20% 1,3314C Piennernse Apreadix—Footnate and IiinsDvalairnisr" sad "Can Studies" for important information additional considonaiums and deftnaionn 11) The Call Option division reported negative FIXTDA al the tone of acquunion No cad. was k0 on the balance sheet to fund the Call Option drymion IoW'. in this case a the company's negative working capital pow ion was more than suffinert to fund the k's TEN' se divided by the legacy Bond dirnaon ESITDA to move at the purchase multiple. Total Enterprise Value ('IW') WCZIerni total equity $113.01.11/1 ki4a! debt- EaSAmm d ir.n..coon • si.s mm of minimum cab • FLB20mm / min PF2014 Bond EMMA a o.os. 12) Net Debt - SAO rnm total debt- S1.3 min minimum cash -A02.2 mm net debt / 5A8.8mm PF 2014 Bond EBITDA- Xt. tus j3) Include* Bluntiomet mutating lymannui 1St Omm menu.) and 1241, mann. gateway team revenue). !loth daymons nem dtveoind in ans. fct ,4 ipro Forma EliFFDA represents IDC11/140.1 Of &Ile preyected cost unite lop/recap...a) over MIMI two Fran, primanly attnImaabk to Bond division. as if realized at entry. Mere rank is assurance sieh con svgs will be achreved. 36 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0075360 CONFIDENTIAL SDNY_GM_00221544 EFTA01378199