EFTA Document EFTA01378189

SRLP102 Alpha Group Capital Mavenir: Summary Transaction Overview at Entry tin tern Business Description Closing Date Capital Structure at Entry Co-Investors I'XCC utirI Rumen • • • Leading provider of voicemail, mobile messaging, security, collect and other value- added services solutions to mobile network operators ("MNOC) Acquisition: August 19, 2016 Follow-on acquisitions of Mitel Mobile & Ranzure in Q12017, and rebranded Xura to Mavenir Total Equity & Debt: Total Equity: Total Debt: $770 mm $428 mm $342 mm • LP co-invest of $228mm (53% of equity) • Hubert de Pesquidoux, Rod Randall, Merle Gilmore, Ted Schell, Kai Oistamo Entry Valuation &Liquidity/Leverage Valuation Liquidity/ Leverage • TEV(I) / PF2016E Total EBITDA: 75x • TEV0) / PF2016E FCF Before Interest 8.3x • S152 million total liquidity - $127 million of cash at close and $25 million undrawn revolver - $75 million cash reserve to fund restructuring, potential tax and legal liabilities, and strategic initiatives • Net Debto) / PF2016E Total EBITDA: 3.0x Ira 'ism tion Strut lure \intuit. NIrssaging \ o,. emu! 20161t Bonds" Rooking.P):1,214 mot Acquisition Financing "Call Option" Uri Security Collect Other VAS integration kidrrpriw Divestecksnet - Non-coui'asset Entry Summary Financials (F? 2016Er) £ nr, millions Total Projected Cost Savings Bookings $293 $293 PF EBITDA $25 $70 $95 % Margin 8% 32% Note: Plate we Appends-Focaneaof and "Stns. Diselanwe and 'CawStudio(' for Important informauon. &MUM:Mei 00CilliktallI0110 and Mout aro (I) Total Eraerpore ValueMr:la 512t0nvn total <quay • 4342.0 2701 total debt Weinwri of transwoon expenses 552.1 nunirnurn cash • $0.7 minion of cad-. get aside for approw/ sharroa 57113 non / 543.2mm PF2016E Taal EBITDA 7.5a. TEV/ 201eE PT FCF before hatred of 146mm a 8.1‘. (2) Net Debt - $242 rran totd debt • 552.1 torn cash on balance sheet -$209.° wen net debt / S9S2 nun motet Total EBITDA - :404. (7) Bond Donbass includes maintenance. Bookings are cortadered the boo proxy for revenue. (4) Flee., year ending January 31, 2)I7 prepwied resultschanne$ underwnting SIRIs (5) PT EBITDA represents Total ENTDA including the comrany's protected None* of a I rigs by the end of Q2 20IoE plus an additional 470 mm Sins' projected cod smogs lopencapex) over maid tws years as if reahred d26 c—c-,,,cooln. There can be no aura/toesuch con savings mil be achieved. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0075350 SDNY_GM_00221534 EFTA01378189