EFTA Document EFTA01378186

SRLP102 Alpha Group Capital Polycom: Summary Transaction Overview at Entry Ot tin ivy\ Business Description clih.ing Date Capital Structure at Entry Co-Investors Executive Partners • Polycom is a leading global provider of open, standards-based unified communications ("UC') solutions for voice and video communication and content sharing • Acquisition: September 27, 2016 • Total Equity & Debt: .• Total Equity: Total Deka): 51,584 mm $659 mm $925 mm • LP co-invest of $319mm (49% of equity) • Daniel Moloney, Mary McDowellm, Michael Seedman Entry Valuation & Liquidity/Leverage Valuation Liquidity/ Leverage • TEVw / FY2016E PF Total EBITDA: 4.7x • $117 million total liquidity - 567 million of cash at close and $50 million undrawn revolver • Net Debt") / FY2016E PF Total EBITDA : 3.1x nsai Sint( lure Acquisition Financing \ ()ice Fotipoints egact PBM 'Bond' Holding Company Polycom Video Fodpoints (\1(`U-foctit,ed) I'Litfocm I Voice Video Endpoints Endpoints (L;CaaS) (UCaaS) Interop-as-a- Service Entry Summary Financials (FY 2016E) Total Projected Net Cost Savings PF Total Revenue 51,153 $1,163 PF EBITDA(5) $201 $75(5) 5276 % Margin 17% 24% Nowt Maw sou ApronJw-Feotootes- and 'Sins Dv-Jaime?' and 'CawStudios" for vnportanl inFonnanort aldsvonal osomeleranons and Joruboons. 0400 mrn 1" I vn Dek • $173.0 mg', • 2'd Urn Des- 9125.0 mm Taal 1>sht (est-hairsSW mm meals m5 .mkt Is tidy snlrasn A . 121Ms. McDovsll now sans* as CEO of Poly own Oast Entemme Value MEV') s So50.0 mm kVA etnly • So15,0mm total des- S211.5 mm of transaction expenws - 5o7.2 mm of mmunwm cash s SI _105-1 men / Sro.2 ram Flier PF Total ERFIDA • 47. WPgat Dals s 9;on0 mm intA debt - SO7.2 men (when balawaJvw • SAPS mm nal dais / 52%2 Inn FY1OF PF TaA EBITDA s • ' SIRIS 'SIP/ ENT DA ropresants Total EMMA including Sys' protected no coot swings of SIS0milhoo (940 miWm gross SOVIIW, less SI 5 million Fl t1 Ksplawnent costs) over usual two yews as d realweJ a envy. 11ww can be no 23 cc-Aga- Sikh cost aw lnes will s achieved. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0075347 CONFIDENTIAL SDNY_GM_00221531 EFTA01378186