Syniverse SPAC Presentation Deck

Valuation Upside Relative to Peers Pro forma enterprise value of $2.85B provides an attractive entry point that is at a significant discount to both Transaction Processing and Communication Tech peers Comparables in ascending order of 2022E EV / EBITDA EV / Adjusted EBITDA EV / Revenue 2022E 2022E 12.1x 3.7x syniverse 13x 13x 15x 6x fiserv. 5x wex 7x globalpayments 15x 7x SIJ Business Model Comparables Transaction Processing Peers 15x 9x "FLEETCOR Median: 19x 19x Median: 7x 7x 19x EQUIFAX 4x 19x 20x īp Broadridge 8x TransUnion 7x experian. 21x 7x jack henry 22x 6x ADP 22x 9x PAYCHEX Industry Comparables Communication Tech Peers 41x 5x sinch Median: 50x 58x Median: 11x 5x nm bandwidth 11x PagerDuty nm 14x everbridge nm 19x Source: Syniverse management model; Syniverse multiple based on proposed transaction and company projections; peer metrics based on Factset estimates as of 8/13/2021 and exclude restricted cash in net debt calculation Note: "nm" denotes not meaningful multiples less than Ox or greater than 80x; calculation and companies included may use different definitions of Adjusted EBITDA; the EV / '22E Adj. EBITDA median is calculated by excluding the companies denoted "nm"; Syniverse metrics based on fiscal year ending November 30 twilio 33

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