EFTA01378146.pdf

SRLPI 02 Alpha Group Capital Siris Capital Group SIRIS Siris Partners IV, L.P. US Middle Market Buyout: Technology 4'1 Quarter 2018 The Offering Fund key terms Siris Partners IV ("Skis IV" or the "Fund") is being formed by Siris Capital Group ("Skis"): Target size: Siris is a New York-based private equity firm targeting deep value, mature technology $3.0bn ($3.5bn hard cap) businesses in their transition to growth Currency: Three founders have worked together for over 18 years USD -$5.5bn cumulative fund commitments; Invested $4.7bn of equity across 14 Investment period: investments1 5 years from final close Strategy Siris invests In transitioning technology companies that have both a strong legacy business (the "Bond") and robust next generation growth initiatives (the "Call Option") 10 years from final close, subject to two 1-year extensions • "Bond": Predictable cash flows; mission-critical products and services; leading market share2 Structure: • "Call Option": "Mega" technology trends with significant potential upside; target Delaware, L.P. potential for outsized returns through strategic sale or IP02 Menaoement fee: Highlights 1.75% on committed capital during investment period • Differentiated and value-focused Bond / Call Option investment strategy targeting a less-competitive segment of the technology market 1.5% on invested capital thereafter • Bond / Call separation facilitates focus on returning capital to investors quickly through dividend recapitalizations and asset sales; first liquidity event in 5/6 realized Carried interest or partially realized investments took place in less than 24 months 20% • Post acquisition operational improvements the primary driver of returns Hurdle rate: • Deep working relationships and industry expertise with Executive (operating) Partners 8% • Research driven proprietary sourcing targeting primarily publicly traded companies Skis commitment: Disciplined purchase price and conservative use of leverage versus market At least the lesser of 2% of total • Siris' avg. acquisition multiple of 5.8x'' commitments and $60mn Track Record as of June 30, 20184 Pro Forma for Polycom sale (Jul-2018), Web.com investment (Oct-2018), Intralinks sale (Nov-2018) SirisIll*/** (2015) - $1.8bn Fund Siris II (2012) - $641mn Fund Sins I - Core*" (2007)- $500mn vehicle Invested Net Invested Net Invested Gross Gross (Smn) Net IRR Net IRR Fund MOIC Fund ($/nrI) MOIC Fund ($mn) IRR MOIC + Co- Siris II Co- Sins I Co- $2,545 22.0% 1.4x $1,446 44.2% 1.7x $254 62.2% 3.1x ist nvest !west ' Ls Only $1,356 19.4% Lax Sins II Only $561 16.4% 1.4x Siris I Only $150 49.9% 2.9x Illustrative Fully/Partially Realized Investmentss Polycom intiun Netwom set m*modat Atrvana Tekelec This presentation does not constitute an offer to sell or the solicitation of an offer to buy any security, product, service or fund, including interests in Sins Partners iv, L.P. (the -Ran for which an offer can be made only by the Confidential Private Placement Memorandum of the Fund, dated October 2017 (as supplemented from time to time, the "Fund Offering Memorandum"). This presentation is qualified in its entirety by the Fund Offering Memorandum, which should be carefully read prior to any investment in the Fund. This presentation is not for distribution in isolation and must be viewed in conjunction with the Fund Offering Memorandum, which will be distributed together with all legal and subscription documentation. To the extent there is any inconsistency between this presentation and the Fund Offering Memorandum, the Fund Offering Memorandum governs in all respects arid, for the avoidance of all doubt, this presentation is qualified in Its entirety by reference to the limited partnership agreement of the Fund, which shall control in all instances as it relates to the Fund and its limited partners. The purchase of interests in the Fund is suitable only for accredited investors and qualified purchasers for whom an investment in the Fund does not constitute a complete investment program and who fully understand and are willing to assume the risks involved in the Fund's investment program. The information contained In this presentation must be kept strictly confidential and may not be reproduced fin whole or in part) or redistributed in any format without the express written approval of Siris Capital Group, LIC (together with its affiliates, "SUB"). By accepting this document, the recipient agrees that it will, and will rause its representatives and advisors to, keep the information contained herein, as well as any information derived by the recipient from the information contained herein (collectively, "Confidential Information") confidential and that it wit! not, and wit cause its representatives and advisors not to, divulge any such information to any other party. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0075307 CONFIDENTIAL SDNY_GMJ10221491 EFTA01378146