Credit Suisse Investment Banking Pitch Book
Preliminary Florida stock liquidity analysis
Current (11/28/12)
5 trading days
10 trading days
20 trading days
60 calendar days
90 calendar days
1 Year
Florida
average
price
CREDIT SUISSE
$38.56
38.61
38.11
38.64
39.49
39.32
37.99
Average
trading
volume
(million shares)
11.7
9.3
12.4
12.2
13.4
15.0
16.5
% outstanding
sharesm
1.2%
1.0%
1.3%
1.3%
1.4%
1.6%
1.7%
Stock portion of merger consideration
(avg. days volume)
Pennsylvania
(50/50 stock/cash)
7.5
9.5
7.1
7.2
6.6
5.9
5.3
Pennsylvania (50/50 stock/cash)
Maine (100% stock)
12.6
15.8
11.9
12.0
11.0
9.8
8.9
Source: FactSet Research Systems.
Note: Assumes purchase price of $50.00 per Pennsylvania share and 50/50 stock/cash consideration.
Assumes -87.6 million shares of Florida issued to Pennsylvania shareholders based on 0.64 of a share of Florida common stock, multipiled by 136.1 million fully diluted shares. Pennsylvania fully
diluted share count based on 129.0 million basic shares outstanding, 0.003 million options outstanding at a weighted average exercise price of $7.10 per share and RSUS of 5.4 million.
Alternative case assumes purchase price of $15.50 per Maine share and 100% stock consideration.
Assumes -59.0 million shares of Florida Issued to Maine shareholders based on 0.40x of a share of Florida common stock, multiplied by 145.4 millionfully diluted shares (excluding Pennsylvania and Florida
Interest). Assumes 161.9 million basic shares outstanding for Maline per Mailine management, 14.3 million options outstanding at a weighted average exercise price of $14.20 per share and 0.1 million RSUs.
Based on 949.3 million common shares outstanding.
Confidential
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