SRLPIO2 Alpha Group Capital Evolution of Technology Companies Sins' strategy is to invest in technology companies in transition that have both a strong legacy business as well as robust next generation growth initiatives. In our experience, most technology businesses are characterized by the evolution from a highflying growth business to a mature, declining business as their products saturate the market and new technologies enter their sectors Start-up: New product or technology • Next generation products built off of existing legacy business IPO: • Sales ramp with mass adoption Maturing: • Growth slows as product matures • New technologies threatening established business Legacy: • Mature products facing revenue growth headwind • Pressured to invest in R&D and M&A to grow • Restructuring difficult in public company spotlight • Lack of both equity and industry research coverage • "Trapped" shareholder base who bought into original growth • Depressed stock price • However, well installed customer base and predictable cash flows Technology Company Lifecycle Potential Siris Investment with Bond and Call Sims Ccw0O..r ter CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL Bond ?dateline .Move b for dlustrodtve purpotett only r,di.tnneated to dam how Sun ann/ytet ttchnology tratahnenta. It dots nn reptvann any porn:Oar Stn. trittatnantt. DB-SDNY-0075328 SDNY_GM_00221512 4 EFTA01378167