EFTA01378167.pdf

SRLPIO2 Alpha Group Capital Evolution of Technology Companies Sins' strategy is to invest in technology companies in transition that have both a strong legacy business as well as robust next generation growth initiatives. In our experience, most technology businesses are characterized by the evolution from a high- flying growth business to a mature, declining Legacy: Maturing: • Mature products facing business as their products saturate the market revenue growth headwind • Growth slows as and new technologies enter their sectors • Pressured to invest in R&D product matures and M&A to grow • New technologies threatening established • Restructuring difficult in business public company spotlight IPO: • Lack of both equity and • Sales ramp with industry research coverage Start-up: mass adoption • "Trapped" shareholder base New product or technology who bought into original • Next generation products built growth off of existing legacy business • Depressed stock price • However, well installed customer base and predictable cash flows Technology Company Lifecycle Potential Siris Investment Bond with Bond and Call Sims Ccw0O..r ter ?dateline .Move b for dlustrodtve purpotett only r,di. tnneated to dam how Sun ann/ytet ttchnology tratahnenta. It dots nn reptvann any porn:Oar Stn. trittatnantt. 4 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0075328 CONFIDENTIAL SDNY_GM_00221512 EFTA01378167