Credit Suisse Investment Banking Pitch Book
CONFIDENTIAL
Premiums Paid Analysis
Implied Premiums
Current (01/27/05)
10-Day Average
30-Day Average
60-Day Average
90-Day Average
Pre Spin-Off Ann. (10/1/04)
LTM High (02/11/04)
LTM Low (08/11/04)
Historical
Price
CREDIT FIRST
SUISSE BOSTON
$26.43
$26.72
$27.27
$26.95
$26.38
$24.42
$31.65
$22.40
Premium/ (Discount) to Sixers Price
Proposal
$35.00
Current
$26.43
0.0%
(1.1%)
(3.1%)
(1.9%)
0.2%
8.2%
(16.5%)
18.0%
(1) Source SDC.
(2) Based on Global M&A deals with an all cash consideration from 1/1/1996 to 1/28/2006.
32.4%
31.0%
28.4%
29.9%
32.7%
43.3%
10.6%
56.3%
Premiums Paid Analysis
Precedent Premiums Paid
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
Median Premium to Share Price
30 Days Prior
1 Day Prior
28.5%
25.2%
$33.96
$33.08
34.4%
31.4%
$35.51
$34.73
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