EFTA01374937.pdf

SRLI5102 Alpha Group Capital Tekelec: Summary Transaction Overview at Entry Overview Transaction Structure • Global leader in control software technology for Business telecom networks Description [ Holding Company • Acquisition: January 27, 2012 Closing Date 100.0% • Exit: June 10, 2013 Capital • Total Equity & Debt: 5624 mm GSS Businesses 2011A Bond Structure at Total Equity: 5260 mm Revenue: $362 mm Entre Total Debt: 5364 mm ("Bond") Acquisition EBITDA: $163 mm Debt • LPs co-invested $52.5 nun (20% of equity) 100.0°A) Co-Investors • Other co-investors: BNS Business €1A Cali G5O Capital Partners .. ComVest ("Call Option") evenue. $55 mm ($70mm of cash on balance sheet Sanlcaty Advisors ZM Capital to fund losses & restructuri 13 ITDA: ($91) nun Executive • Merle Gilmore, Rod Randall, Rick Mace Partners Entry Valuation Sr Liquidity/Leverage Entry Summary Financials (TY December 2011:1) • TEVIII / PFAU lA Bond EBITDA: 2.9x Projected Cost Valuation Savings PF Total t iu will' Total • $30 mm of minimum cash on balance sheet Revenue $417 5417 PF EBITDA(3) 572 534 5106 Liquidity/ ■ $70 mm in cash to fund Call Option losses and leverage restructuring % Margin 17.3% 25.4% • Net Debt'2) / PF2011A Bond EBITDA: 1.7x NOW Pleale sox Appendix—Fooinct.," and 'Sint Disclaimer" and 'tooStudies" for importer* tnfonnationt additionalconsiderate:ins end definitions. (II The Call Option divis•Pri atoned negative ENTDA at dvi time of acquisnmet Sin Included the cash DB onthebalance sheet to fund the Call Option division laws tho TEV cakularion and then divides the TEV by the legacy Bond divnean EBITDA. pro Noma for prom-ted .wt scamp. to amve a the purchase multiple. Tad Eau-True Value Car) a. WPM mm toid debt • $2e0.5 nun total equity • N02 nun transaction expenses- NCt0mra 11WIMIUT cmh - S.So4.2 wen / 006.4 ran P1201 IA Rood EN IDA lox. (2) Net Debt • NAB Mat total dek Mean minimum cash • SatCl9 ram not debt / ft neA ram PF NI IA Pond EBITDA I.7a. • SIRIS CB Pro Fenno ENT DA represents inclusion °Ole's' projected roes staravdi (opmacisper) over initial two yen, primarily attributable to Bond division mit realized at entry. 'Therecan be no assurance such coat savings wdl be achieved. In 52 addition pro forma ENTDA for Bondonly comoloration in punkas> midtirdo whentv Call Orton rented rsvativu EBITDA CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0069895 CONFIDENTIAL SDNY_GM_00216079 EFTA01374937