EFTA01374929.pdf

SRLP102 Alpha Group Capital Pulse: Summary Transaction Overview at Entry Overview Transaction Structure • Leading provider of Secure Sockets Layer Virtual Business Private Network ("SSLVPN"), Network Access Description Control ("NAC') and mobile security solutions Holding Company ("MSS") • Acquisition: October 1, 2014 Closing Date • Pulse and MobileSpaces add-on acquisition 100.0% closed concurrently Lender) Capital • Total Equity & Debt: $332 mm Juniper Networks MobileSpaces Structure at Total Equity: $190 mm Seller Note Seller Note Fatty Total Debt: $142 mm 1 • LPs co-invested $89 mm (47% of equity) WorkSpace/ MSS Co-Investors ("Call Option") (-4- - - — (57nonda Amtr aeuttfin lstiancie k.sa l Executive • Al Zollar, Andy Monshawm, Merle Gilmore, Partners Michael Seedman •Kallecuicumbinsl earn al uristun. of Pub, and 11w XL, p.n. addso *L*11.41O1, Entry Valuation & Liquidity/Leverage Combined Entry Summary Financials (FY2014E) 'Valuation • TEV/ PF2014E Pulse Standalone EBITDAm: 6.7x $51. VPN WorkSpace/ MobileSpaces /NAC MSS (Call Option • $2 mm of minimum cash on balance sheet Sin million. (Bond) (Call Option) add-on) • S25 mm of cash for non-recurring expenses, Cress $120 $6 SO $126 Liquidity/ including reserve for integration costs, TSA Bookingsj/) Leverage expense, change of control retention payments PF EBITDA(5) 543 Si (S3) $43 • Net Debts')/ Pulse standalone PF2014E EBITDA: 3.0x % Margin 36.3% 45.2% NA 34.1% Non Mumma Amndio•Footnotart and SinsDadarner" and "Cana %Awe for imposts% information, addnionalooridoranomanl Jafmainnis (I) Former Executive Pennon (2) Tote Enterprne Value ("TEli").• OS33 mm total equity • $12 man total debt - 311.4mm of strategic eddsin mono • WM mm of trernect *spina. • 510.7 mm ohninimum rash • 5M4 mm / 54o2 mm Pub.. standalone Including a AlokuloSpamalPF3314E Total 11110TDA • Ma. Including MobiL/Spaccu add-on that was closed conconvinly, Total Enterpine Value I "TEV") • 5199.7 mm total equity • $142.0mm total debt - $183 non tram/action ingrown • $10 mm of mintmum coal • 9311.5 min/ Sits2 own Pulsestandalone lescluding %lob. leSpasin) PF3014E Total EBITDA• ft% (3) Na DAS • SI 42.0 nun totd debt • 320mmcart • $1lOmm na dal / SN2 min Pula mandalon• inwluding Molinlarspacail PM/LIEToni EBITDA • 3.0a. • ' SIMS 14) Grob looking; proxy for INWPINUIt. RC (3) Pm gonna Ell/TDA for expected normalinnl nnnate 'Mormon...a/In canr-out 40 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0069883 CONFIDENTIAL SDNY_GM_00216067 EFTA01374929