EFTA Document EFTA01378203

SRLI5102 Alpha Group Capital Pulse: Summary Transaction Overview at Entry Overview Business Description Closing Date Capital Structure at Unity Co-Investors Executive Partners • Leading provider of Secure Sockets Layer Virtual Private Network ("SSLVPN"), Network Access Control ("NAC') and mobile security solutions ("MSS") • Acquisition: October 1, 2014 • Pulse and MobileSpaces add-on acquisition closed concurrently • Total Equity & Debt: $332 mm Total Equity: $190 mm Total Debt: $142 mm • LPs co-invested $89 mm (47% of equity) • Al Zoller, Andy Monshawm, Merle Gilmore, Michael Seedman •Ihrfleruicombin.1 ..Pit al anionic.- of Pub, and Ile Nto pow. ..al-en *L*11.41O1, Entry Valuation & Liquidity/Leverage Transaction Structure Holding Company 100.0% Lender) Juniper Networks MobileSpaces Seller Note Seller Note 1 WorkSpace/ MSS ("Call Option") - - — 07rnen awiti::.facumok.sa ihincie l Combined Entry Summary Financials (FY2014E) 'Valuation • TEV/ PF2014E Pulse Standalone EBITDA(2): 6.7x • $2 mm of minimum cash on balance sheet Sin million. $51. VPN /NAC (Bond) WorkSpace/ MSS (Call Option) MobileSpaces (Call Option add-on) Liquidity/ Leverage • S25 mm of cash for non-recurring expenses, Cross $120 $6 $0 $126 including reserve for integration costs, TSA Bookingsj/) expense, change of control retention payments PF EBITDA(5) 543 Si (S3) $43 • Net Debts')/ Pulse standalone PF2Ln4E EBITDA: 3.0x % Margin 36.3% 45.2% NA 34.1% Note Pbro err Aproldib•Footanteet and Sins Ibeclarner" and "CoeStudies" for impatient information, addscionahorridrrationh and Jefinaront. (I) Forme Executive Penner. (2) Total Enterprne Value f*TEV-be OS33 mm total equity • $12 wan total debt - $11.4mm of strategic add-on tuwenr • WM mm of Irene( ud expire. • 510.7 mm of minimum cash • S.M.{ mm / bki.2 mm Pulsr standalone Including hlokekEipacaal PF3314E Total ES:TIM • Ms. Including MobiLdrevo add•on that was doted concurnondy, Total Enterprise Value I "TEE") • $199.7 mm total equity • $142.0mm total debt - $183 nun a tranccaction opener. • $10 rain c-i minimum cimb • 1311.3 min/ Sex! nun Pule standalone le:eluding %lob. kbpagred PF30I4E Told ElltITDA • ft% (3) Net Doh • SI 42.0 nun total debt • $2.0 men cut • $110mm net / min Puke dandalone (excluding MololbSpacad PM/LIETotal ESITDA • 3.0a. • ' SIMS be Grose bookings. proxy for rOWINUIt. RC (3) Pm gonna Ell/TDA for expected normalised nonate performerw she canr-out 40 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0075364 SDNY_GM_00221548 EFTA01378203