SRLP102 Alpha Group Capital Airvana: Summary Transaction Overview at Entry Overview Transaction Structure Business Description ■ Leading provider of 3G mobile data software solutions in North America Holding Company ■ Acquisition: April 9, 2010 Lenders Closing Date ■ Exit: Bond sale - September 5, 2013 ■ Exit Call sale - September 4, 2015 100.0% eft,/ Flow sweep ■ Total Equity & Debt: $305 mm • Total Equity: $136 mm Total Debt $169 mm Acquisition Capital Structure at Entry I iii p Debt Co-Investors 100.0% ■ Saltily Advisors • Rosemont Solebury ■ GSO Capital • ZM Capital ■ Company Founders Fetntocell Executive ■ Merle Gilmore, Michael Seedman, Rod Randall ("Call Option") Partners (S2itre. nt of cash on balance sheet to fund lashes) Entry Valuation & Liquidity/ I el erage Entry Summary Financials (n December 2009A) • .17N('1 / PI 2009A Bond EBITDA: 2.8x EV-DO lemtucell Valuation (Bond) (Call Option) °the:tin Billings Liquidity/ ■ $28 mm of cash on balance sheet at close to fund potential Call Option business losses Revenue(♦) $145 S7 $152 1.et tirage PF EBITDA(s) $97 ($55) ($8) S34 ■ Net Debt 2) / PF 2009A Bond EBITDA: 1.7x % Margin 66.7% NM NM 22.7% • • Sims CmsaOL.- Now Phut. um Appondie-Rttwxae and "Sins Disclaimer and "Casa Studios" for ungonan information additional consulareasons and definition. In The Call Option division ♦ported negative ENTDA at the time of sugusition huts included the crab WI on the Kelsey Mtet to fund the Call Option !Summon Innis m the lEV closlaion and 'bandit-400w TEV by the bey Bond division F.&TOA to aseivo atb purchase multiple. Total Entorpeata Val ("IT.V") • ROSA mm totalJan • $1?shOrnm total outlay • $29.1 mm transaction o.panu • S7.5 mm minium% cash . SIA.0 wen / 996.9 mm PT 2O09A Bond ERMA • IR. ( 2) Na Debt • Steal, min tail dabtOrcluchns management preform. punyGIRO menl $7.3mm minenurn tesh • Slott mm run Jan / PM* rum Pt 200NA Rood EMMA • 1.7‘. IA