Investor Presentaiton
Transaction Highlights
Transaction
■ Acquisition of StanCorp by Meiji Yasuda for $115.00 per share in cash
Transaction Value
$5.0 billion
Premium
50.0% premium over StanCorp's latest closing price on July 23, 2015
49.9% premium to StanCorp's 30-day volume weighted average price
2.24x StanCorp's June 30, 2015 book value per share ex. AOCI
Multiples
2.29x StanCorp's June 30, 2015 tangible book value per share ex. AOCI
Approvals and Timing
19.3x StanCorp's LTM June 30, 2015 net income excluding after-tax net capital gains / losses
Subject to approval by majority vote of outstanding StanCorp shares, regulatory approvals in Japan and the
U.S., and other customary closing conditions
25-day go-shop period, with additional 20-day period to negotiate an agreement if expected to result in
superior proposal
Merger agreement allows StanCorp to pay out a regular annual cash dividend prior to the closing of the
transaction, in an amount up to $1.40 per share
■ Expected closing during 1Q-2016
3
Note: Pricing and VWAP data per Bloomberg.
StanCorp
Financial Group™View entire presentation