EFTA01378199.pdf

SRLP102 Alpha Group Capital Digital River: Summary Transaction Overview at Entry Overview Transaction Structure • Provides end-to-end outsourced eCommerce, Business payments and marketing solutions to companies Description across many regions and verticals Holding Company Closing Date • Acquisition: February 12, 2015 • Total Equity tr Debt: 5712mm -.{ __I Digital River Capital Structure • Total Equity: S377mm Acquisition at Entry Total Debt: $335mm Debt • LPs co-invested $234nun (62% of equity) Co-Investors Branded Manufacturer Commerce aecutive • Dan Moloney, Bob Aquiline, Rick Mace ("Call Option") Partners 2014A Bond 2014A Cali Revenue $342 mm 4;renue: EBITDA: $73 mm BITDA (s: • Entry Valuation & Liquidity/Leverage Entry Summary Financials (FY December 2014A) Pmjyt led ( • TEVM / PF2014 Bond EBITDA: 6.6x Tour, Savings PI' Total 'Valuation f‘ in miltioe“ 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.smm of minimum cab • FLB20mm / min PF2014 Bond EMMA a o.os. 12) Net Debt - SAO rnm total debt- S1.3 minminimum cash -A02.2 mm net debt / 5A8.8mm PF 2014 Bond EBITDA- Xt. j3) Include* Bluntiomet mutating lymannui1St Omm menu.) and 1241, mann. gateway team revenue). !loth daymons nem dtveoind in ans. tus,4 ipro Forma EliFFDA represents IDC11/140.1 Of &Ile preyected cost unite lop/recap...a) over MIMI twoFran, primanly attnImaabk to Bond division. as if realized at entry. Mere rank is assurance sieh con svgs will be achreved. fct 36 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0075360 CONFIDENTIAL SDNY_GM_00221544 EFTA01378199