EFTA Document EFTA01374940

SRLP102 Alpha Group Capital Airvana: Summary Transaction Overview at Entry Overview Transaction Structure Business Description ■ Leading provider of 3G mobile data software solutions in North America Holding Company ■ Acquisition: April 9, 2010 Lenders Closing Date ■ Exit: Bond sale - September 5, 2013 ■ Exit Call sale - September 4, 2015 100.0% eft,/ Flow sweep ■ Total Equity & Debt: $305 mm • Total Equity: $136 mm Total Debt $169 mm Acquisition Capital Structure at Entry I iii p Debt Co-Investors 100.0% ■ Saltily Advisors • Rosemont Solebury ■ GSO Capital • ZM Capital ■ Company Founders Fetntocell Executive ■ Merle Gilmore, Michael Seedman, Rod Randall ("Call Option") Partners (S2itre. nt of cash on balance sheet to fund lashes) Entry Valuation & Liquidity/ I el erage Entry Summary Financials (n December 2009A) • .17N('1 / PI 2009A Bond EBITDA: 2.8x EV-DO lemtucell Valuation (Bond) (Call Option) °the:tin Billings Liquidity/ ■ $28 mm of cash on balance sheet at close to fund potential Call Option business losses Revenue(♦) $145 S7 $152 1.et tirage PF EBITDA(s) $97 ($55) ($8) S34 ■ Net Debt 2) / PF 2009A Bond EBITDA: 1.7x % Margin 66.7% NM NM 22.7% • • Sims CmsaOL.- Now Phut. um Appondie-Rttwxae and "Sins Disclaimer and "Casa Studios" for ungonan information additional consulareasons and definition. In The Call Option division ♦ported negative ENTDA at the time of sugusition huts included the crab WI on the Kelsey Mtet to fund the Call Option !Summon Innis m the lEV closlaion and 'bandit-400w TEV by the bey Bond division F.&TOA to aseivo atb purchase multiple. Total Entorpeata Val ("IT.V") • ROSA mm totalJan • $1?shOrnm total outlay • $29.1 mm transaction o.panu • S7.5 mm minium% cash . SIA.0 wen / 996.9 mm PT 2O09A Bond ERMA • IR. ( 2) Na Debt • Steal, min tail dabtOrcluchns management preform. punyGIRO menl $7.3mm minenurn tesh • Slott mm run Jan / PM* rum Pt 200NA Rood EMMA • 1.7‘. IA The Company intoned SIO mm capon* rot allmated lotto butanosa unste 019 ram ♦lain] to arcelt crenponsation and $2 mm Mated to the Sas I acquisition of nirvana% 141 Cornofideted company Oncluding Ftentocell) Billings and ERITITA excludes S22 mm of Billingsthat wen invoiced in 200.1 but stayed ars part of the ?Conti hankniptcy. The company, public filhrhgs irelude the $22 mm pan of 2009 Balmer. 151 Pro roma EllfTDA for Bond only consideran in porches, multiple whereby Cell Clinton reported negative ERMA 56 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0069899 SDNY_GM_00216083 EFTA01374940