Credit Suisse Investment Banking Pitch Book
CONFIDENTIAL
Premiums Paid Analysis
Implied Premiums
Current (03/18/05)
10-Day Average
30-Day Average
60-Day Average
90-Day Average
10-Day Prior
30-Day Prior
60-Day Prior
90-Day Prior
Pre Spin-Off Ann. (10/1/04)
LTM High (04/14/04)
LTM Low (08/11/04)
Historical
Price
CREDIT FIRST
SUISSE BOSTON
$24.95
$25.31
$25.85
$26.53
$26.60
$25.94
$26.85
$27,76
$26.65
$24.42
$28.90
$22.40
Premium/(Discount) to Solar Price
Current
$24.95
(Source: SDC
(2) Based on the following cre
Announced Global M&A deals from 1/1/1996 16 3/10/2005
100% Cash Consideration
(3) Based on 3/18/05 stock price of $24.95,
0.0%
(1.4%)
(3.5%)
(5.9%)
(6.2%)
(3.8%)
(7.196)
(10.1%)
(6.4%)
2.2%
(13.7%)
11.4%
Proposal
$36.00 Premiums Paid Analysis
44.3%
42.2%
39.3%
35.7%
35.3%
38.8%
34.1%
29.7%
35.1%
47.4%
24.6%
60.7%
Precedent Premiums Pa
Tech Deals Greater than $1BN
All Deals Greater than $1BN
Implied Solar Price per Share
Tech Deals Greater than $1BN
All Deals Greater than $1BN
1 Day Prior
26.1%
25.0%
$31.47
$31.19
Median Premium to Share Price
30 Days Prior 52 Week High # of Deals
33.3%
31.5%
$33.25
$32.80
(0.2%)
1.0%
111
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