Syniverse SPAC Presentation Deck

Summary P&L ($ millions) Enterprise Carrier Total Revenue % Growth Variable Direct Costs Direct Margin¹ % of Revenue Fixed Direct Costs Gross Profit % of Revenue Operating Expenses² Sales & Marketing General & Administrative Total Operating Expenses Adjusted EBITDA % of Revenue Capital Expenditures % of Revenue Adjusted EBITDA Less Capital Expenditures % of Revenue FY2018A 1. 2. 167 624 $790 0% (185) $605 77% (163) $442 56% (69) (90) (159) $283 36% $58 7% $225 28% FY2019A 199 543 $742 (6%) (200) $541 73% (142) $399 54% (71) (79) (150) $249 34% $41 6% $208 28% FY2020A 209 436 $646 (13%) (204) $442 68% (120) $322 50% (54) (58) (112) $210 33% $49 8% $161 25% FY2021E 241 437 $678 5% (234) $444 65% (119) $325 48% (59) (56) (115) $210 31% $50 7% $160 24% FY2022E 321 459 $780 15% (299) $480 62% (119) $361 46% (65) (60) (125) $236 30% $59 8% $177 23% FY2023E 433 484 $917 18% (375) $542 59% (121) $421 46% (72) (63) (135) $286 31% $61 7% $226 25% FY2024E 542 515 $1,056 15% (446) $610 58% (124) $486 46% (79) (66) (145) $342 32% $69 6% $273 26% FY2025E 679 558 $1,237 17% (540) $697 56% (126) $571 46% (87) (68) (154) $416 34% $79 6% $338 27% Note: Fiscal year ends November 30; numbers may not sum due to rounding Direct Margin calculated as revenue less directly variable product specific costs including message termination Fees (~85% of FY20A Direct Costs), revenue share and variable data processing costs Capitalized software & external development costs included in capital expenditures; approximately $6 million of development and lifecycle costs included in Direct Costs and General & Administrative expenses in FY20A CAGR FY20A - FY25E 27% 5% 14% 22% 10% 1% 12% 10% 3% 7% 15% 10% 16% 36

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