Credit Suisse Investment Banking Pitch Book
CONFIDENTIAL
Illustrative Stock Price Performance - Break Even
Discount Rate Analysis Using a 16.5x Multiple
DISCOUNT RATE REQUIRED FOR A PV OF $35.00 PER SHARE
Future Value based on Base Case
Discount Rate Required
For a $35.00/share
Future Value based on Base Case +2% Per Annum
Discount Rate Required
For a $35.00/ share
Future Value based on Base Case -2% Per Annum
Discount Rate Required
For a $35.00/share
2006
CREDIT FIRST
SUISSE BOSTON
$26.43 $28.29
$26.43
2006
$26.43
-19.2%
$28.82
-17.7%
$27.76
-20.7%
2007
$32.00
-4.4%
$33.17
-2.6%
$30.85
Note: Future values calculated using the current 1-year forward calendar P/E of 16.5x and a current stock price of $26.43 as of 1/27/06
-6.1%
2008
$34.77 $37.71
-0.2%
2009
1.6%
$36.71 $40.55
1.9%
-2.0%
3.7%
$32.90 $35.02
0.0%
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