solution targeting large tier 1 /2 mid-market and enterprise customers in the digital download market (software, gaming) as well as tier 3 SMBs Digital River Provides payment gateway and ISO services to 18,000 active merchant locations across the APAC, NA, and EMEA regions Blueliornet Mid-market emai

II & 111 Take-private Dec. 2015 • Audio c tm l ronanaallutg solutions • SaaS conferem ing and work flow collaborative solutions Unrealized' Digital River Take-private Feb. 2015 • Digital down!, fad ICOIllmoro-aati • Branded goods eCommerce-aaS Unrealized ki:se secure 11 Carve-out Oct. 2014 •

solution targeting large tier 1 /2 mid-market and enterprise customers in the digital download market (software, gaming) as well as tier 3 SMBs Digital River Provides payment gateway and ISO services to 18,000 active merchant locations across the APAC, NA, and EMEA regions Blueliornet Mtd-market emai

) • Dan Moloney, Bob Aquiline, Rick Mace Entry Valuation & Liquidity/Leverage Acquisition Debt Transaction Structure Holding Company __I -.{ Digital River 2014A Bond Revenue $342 mm EBITDA: $73 mm Branded Manufacturer Commerce ("Call Option") 2014A Cali 4;renue: BITDA (s: • Entry Summary Fina

dic:Who of tubes results. (3) Based on simple average of YEW Bond (legacy division) only EBITDA multiples at entry for Airvana, Tekelec, Stratus and Digital River (each of which, at the time of the applicable acqulsitlort. had Call Option(s) (venture division) that were generating negative EBITDA), and TEV Tot

dic:Who of tubes results. (3) Based on simple average of YEW Bond (legacy division) only EBITDA multiples at entry for Airvana, Tekelec, Stratus and Digital River (each of which, at the time of the applicable acqulsitlort. had Call Option(s) (venture division) that were generating negative EBITDA), and TEV Tot