Epstein Secrets

ITDA from $135 mm to run-rate $165 mm Dividend Recap • Returned $215 mm, —80% of cost, to investors Call Option Sold • Gateway division sold to MasterCard for $159 mm or 26x EBITDA • $74 mm distribution, —30% of cost, to investors Bond Subsidiary Sold • Caller authentication /directory business so

$159 mm or 26x EBITDA • $74 mm distribution, —30% of cost, to investors Bond Subsidiary Sold • Caller authentication /directory business sold to Neustar for $220 mm or 9x EBITDA Cost Savings/EBITDA Growth • $83 mm of aggregate run-rate cost savings achieved • 2015 PF EBITDA of $109 mm, excluding

ITDA from $135 mm to run-rate $165 mm Dividend Recap • Returned $215 mm, —80% of cost, to investors Call Option Sold • Gateway division sold to MasterCard for $159 mm or 26x EBITDA • $74 mm distribution, —30% of cost, to investors Bond Subsidiary Sold • Caller authentication /directory business so

$159 mm or 26x EBITDA • $74 mm distribution, —30% of cost, to investors Bond Subsidiary Sold • Caller authentication /directory business sold to Neustar for $220 mm or 9x EBITDA Cost Savings/EBITDA Growth • $83 mm of aggregate run-rate cost savings achieved • 2015 PF EBITDA of $109 mm, excluding

ed Value for TNS reflects the proceeds from a dividend recapitalization completed in February 2014, the sale of the Gateway "Call Option' division to MasterCard In December 2014, the sale of a legacy -Bond" telecom directory division to Neustar in December 2015, and a second dividend recapitalization complet

ruary 2014, the sale of the Gateway "Call Option' division to MasterCard In December 2014, the sale of a legacy -Bond" telecom directory division to Neustar in December 2015, and a second dividend recapitalization completed in January 2016. The sale of Tekelec to Oracle closed during June 2013. In connec