This spreadsheet supports STUDENT analysis o the case !Roche "oldin# $%& 'undin# the %enentech $c(uisition) $c(uisition) *+ase 1-.
This spreadsheet as prepared /y ichael . Schill, Ro/ert '. andell Research $ssociate 3roessor o 4usiness $dinistration. +opyri#ht 62011 /y the University o ir#inia Darden School 'oundation, +harlottesville, $. $ll ri#hts reserved. For customer service inquiries, send an e-mail to sales7darden/usinesspu/lishin#.co sales7darden/usinesspu/lishin#.co.. No part of this publication may be reproduced, stored in a retrieval system, posted to the Internet, or transmitted in any form or by any means—electronic, mechanical, photocopying, recording, or otherwise—without the ermission o the Darden Darden chool Foundation. Rev. Rev. Oct. 5, 20 12
E8hi/it 1 ROCHE HOLDINGS AG: FUNDING THE GENENTECH ACQUISITION 2009 Revenue 4rea:don *sales in illions o Siss rancsBy Geography
Share
North $erica $erica
1;
2=;
a
er a
u8 n
Produc !I"d#ca#o"$ yp oa, eu e a, a, r eua o
$vastin *colorectal, /reast, lun#, and :idney cancer-
+E$1
=;
"erceptin */ */reast ca cancer-
apan
=;
+ell+ept *transplantation-
>atin $erica
?;
NeoRecoron@Epo#in *aneia-
$siaA3aciic
5;
3easys *hepatitis-
Others
1;
Tarceva *lun# cancer, pancreatic cancer>ucentis *acular de#eneration-
By Therapeu#c Caegory
Share
Tailu *inluenBa-
Oncolo#y
55;
Colair *astha-
nlaation and autoiune autoiune diseases, transplantation
=;
alcyte@+yevene *he *herpe rpes-
+entral nervous syste
;
3uloBye *cystic i/rosis-
Respiratory
;
Nutropin *#roth horone deiciency-
eta eta/o /oli licc dis disea ease ses, s, /one /one dise diseas ases es
9;
Neut Neutro ro#i #in n *ne *neut utro rope peni niaa ass assoc ocia iate ted d it ith h che che othe othera rapy py--
nectious diseases
1;
Rocephin */acterial inections-
+ardiovascular diseases
;
$ctivase, TNFase *heart attac:-
irolo#y
=;
adopar *3ar:insonGs disease-
Renal aneia
;
Ophthalolo#y
;
Others
2;
Cenical *ei#ht loss and control-
Data source& Roche 2009 annual report.
Sa%e&
5,=2 5,20H 5,0=2 2,0== 1,HH 1,?5 1,215 =?0 ?0= 5?0 55 502 =? 1 0 2 11
E8hi/it 2 ROCHE HOLDINGS AG: FUNDING THE GENENTECH ACQUISITION 'inancial Stateents or Roche "oldin#s, 'inancial Jears Jears Ended Dece/er 1 *in illions o Siss rancs-
I"co'e Sae'e"
())*
())+
()),
())-
()).
Revenue +O%S %ross ar#in
1,0=2 H,H19 2,H
?,=59 =,2H0 2H,?99
,2 1,0=? 0,?
9,H? 1,H9 ,?9
H,=0 1,?05 ,2==
Opera#"g e/pe"&e Sales and ar:etin# Research and developent Other operatin# Operatin# incoe
10,2 5,15 1,5H2 ?,225
11,91? 5,?H2 1,011 =,19=
11,599 H,29? 0 11,?2
11,5H? 9,2H 0 1,H5
11,1H 9,H20 0 1,2?2
11
*H2-
*-
*H=1-
*99-
Other nonoperatin# e8penses *incoe-
*?HH-
H?=
*?92-
222
59=
ncoe ta8 inority interest Net incoe
1,9?5 A5H ?,?0?
2,29 A= 5,=2
,? A1,2=1 H,990
,9?H A1,?H? =,H?1
,1H A1,9H5 9,=?=
Ba%a"ce &hee Total cash and ST investents Total other current assets Net 33IE Other noncurrent assets Total assets
12,=== 1?,?90 12,09 1?,5= 59,?
20,995 1,H1 15,0=H 19,H2 ?=,1=5
2,==? 15,9== 1?,1H 1H,102 H,1
2,902 19,02 1H,92 1H,?== H9,?5
21,9 1H,1?? 19,1=0 1=,2=5 H?,09=
Total current lia/ilities >on#Ater de/t Unearned revenue Other noncurrent lia/ilities Total lia/ilities
10,1 H,0HH 0 1,2H 0,9
=,=2 =,22 19 1?,9? 5,9?1
12,?=2 ?,1=1 1? 15,=2 ,=H0
1,5 ,91 2 1,5 2,992
12,10 2,=H1 1H 1?,?1 1,?10
+oon stoc: Retained earnin#s Treasury stoc: +oprehensive inc. and other Total shareholder e(uity
1?0 5,=?0 A,2? A,H=? 2H,==9
1?0 9,?2 A,95 A1,=?5 ,
1?0 ,251 A2,102 A2,9?5 =,
1?0 50,=22 A1,01H A,592 5,9
1?0 52,091 A AH,H?2 ,H=
Net interest e8pense *incoe-
Total lia/ilities and SE Data source& +apital K.
59,?
?=,1=5
H,1
H9,?5
H?,09=
E8hi/it ROCHE HOLDINGS AG: FUNDING THE GENENTECH ACQUISITION ncial Stateents or %enentech, 'inancial Jears Jears Ended Dece/er 1 1 *in illions o U.S. doll
I"co'e &ae'e"
())*
())+
()),
())-
()).
Revenue +O%S %ross ar#in
,?21 905 ,91?
?,? 1,155 5,H9
=,29 1,?? H,=19
11,H2 1,H?H =,=5H
1,19 1,=H1 11,H
Opera#"g e/pe"&e Sales and ar:etin# Research and developent Other operatin# Operatin# incoe
1,099 91? H= 1,1H
1,5 1,119 =? 1,=H=
2,01 1,599 1,110 ,20?
2,25? 2,250 1,212 ,2=
2,05 2,5H 1,00 5,0?=
*9-
*=-
*15?-
*22-
*H5-
Other nonoperatin# e8penses *incoe-
?
5=
*5-
9
*29?-
ncoe ta8 inority interest Net incoe
5 0 H95
H 0 1,2H=
1,2=0 0 2,10H
1,?5H 0 2,H?9
2,00 0 ,2?
Ba%a"ce &hee Total cash and ST investents Total other current assets Net 33IE Other noncurrent assets Total assets
1,??5 1,H?0 2,0=1 ,99H =,0
2,?5 2,021 ,= ,12 12,1H
2,= ,211 ,1H ,=?5 1,92
,=H5 ,HH9 ,=9? 5,201 19,=0
?,1=9 ,9H5 5,0 ?,10 21,H9H
Total current lia/ilities >on#Ater de/t Unearned revenue Other noncurrent lia/ilities Total lia/ilities lia/ilitie s
1,29 12 2?9 H0 2,?21
1,??0 2,09 220 H1 ,?HH
2,010 2,20 1== =51 5,?
,=19 2,02 19 2=H H,05
,0=5 2,2= 29 ?,11?
21 21 9,00 =,2? *1,5- *2,0?H2=1 25
21 10,0=1 *9920
21 10,?=5 ==2 1=H
21 12,0 ,92 12
Net interest e8pense *incoe-
+oon stoc: $dditional paid in capital Retained earnin#s +oprehensive inc. and other
Total shareholder e(uity Total lia/ilities and SE Data source& +apital K.
?,H92
H,H0
=,H9
11,=05
15,?H1
=,0
12,1H
1,92
19,=0
21,H9H
E8hi/it ROCHE HOLDINGS LTD0: FUNDING THE GENENTECH ACQUISITION Stoc: 3rice 3erorance o Roche and %enentech, 'e/ruary 200H to 'e/ruary 200= *in Siss rancs and U.S. U.S . dollars, respectively-1
Roche "oldi oldin# n# $% *S
%enente enentech, ch, nc. nc. *NJSE&DN$-
Source& +apital . 1
+orrespondence o values /eteen a8es is appro8iate, /ased on e8chan#e rates on 'e/ruary 29, 200H. The avera#e rate or the period as USD1.1@+"'1.00.
Roche H Genentech, Inc. (NYSE:DNA)
2/20 2/20/2 /200 007 7
230. 23 0.6 6
86..94 86
2/21 2/21/2 /200 007 7
228. 22 8.1 1
87..74 87
2/22 2/22/2 /200 007 7 2/23 2/23/2 /200 007 7 2/26 2/26/2 /200 007 7 2/27/2007 2/28 2/28/2 /200 007 7 3/1/2007 3/2/2007 3/5/2007 3/6/2007 3/7/2007 3/8/2007 3/9/2007 3/12 3/12/2 /200 007 7 3/13/2007 3/14 3/14/2 /200 007 7 3/15 3/15/2 /200 007 7 3/16 3/16/2 /200 007 7 3/19 3/19/2 /200 007 7 3/20 3/20/2 /200 007 7 3/21/2007 3/22 3/22/2 /200 007 7 3/23 3/23/2 /200 007 7 3/26/2007 3/27 3/27/2 /200 007 7 3/28 3/28/2 /200 007 7 3/29 3/29/2 /200 007 7 3/30/2007 4/2/2007 4/3/2007 4/4/2007 4/5/2007 4/6/2007
224.3 224. 3 224. 22 4.4 4 222. 22 2.5 5 2 18 217. 21 7.4 4 2 1 7 .2 2 1 7 .3 2 1 4 .1 216 2 1 8 .2 2 1 6 .2 2 1 5 .6 214. 21 4.5 5 2 13 208. 20 8.5 5 210. 21 0.2 2 211. 21 1.6 6 213. 21 3.7 7 215. 21 5.8 8 2 18 222. 22 2.2 2 219. 21 9.3 3 21 219 217. 21 7.8 8 214. 21 4.2 2 217. 21 7.1 1 21 215 2 1 5 .4 2 1 8 .5 218.1 2 2 0 .8 2 2 0 .8
85.51 85. 85..49 85 85..75 85 84.2 84..41 84 83.59 82.79 81.66 82.28 81.79 81.14 81.58 81..5 81 81.3 80..92 80 80..75 80 81..48 81 82..78 82 83..91 83 84.9 85..28 85 82..56 82 83.07 82..55 82 82..05 82 81..59 81 82.12 82.6 83.02 83 83.4 83.4
4/9/2007 4/10 4/10/2 /200 007 7 4/11 4/11/2 /200 007 7 4/12/2007 4/13/2007 4/16/2007 4/17/2007 4/18 4/18/2 /200 007 7 4/19 4/19/2 /200 007 7 4/20 4/20/2 /200 007 7 4/23/2007 4/24 4/24/2 /200 007 7 4/25 4/25/2 /200 007 7 4/26 4/26/2 /200 007 7 4/27 4/27/2 /200 007 7 4/30 4/30/2 /200 007 7 5/1/2007
2 2 0 .8 222. 22 2.9 9 222. 22 2.6 6 22 221 22 221 22 221 22 223 229. 22 9.1 1 231. 23 1.5 5 234. 23 4.4 4 2 3 4 .9 231. 23 1.5 5 233. 23 3.4 4 232. 23 2.3 3 229. 22 9.5 5 228. 22 8.2 2 2 2 8 .2
82.64 82..56 82 82..69 82 81.63 81.33 81.17 82.37 82..09 82 82..37 82 82..4 82 82 81..6 81 81..4 81 81..02 81 81..32 81 79..99 79 82.31
5/2/2007 5/3/2007 5/4/2007 5/7/2007 5/8/2007 5/9/2007 5/10 5/10/2 /200 007 7 5/11 5/11/2 /200 007 7 5/14/2007 5/15 5/15/2 /200 007 7 5/16/2007 5/17/2007 5/18 5/18/2 /200 007 7 5/21 5/21/2 /200 007 7 5/22 5/22/2 /200 007 7 5/23 5/23/2 /200 007 7 5/24 5/24/2 /200 007 7 5/25 5/25/2 /200 007 7 5/28 5/28/2 /200 007 7 5/29 5/29/2 /200 007 7 5/30 5/30/2 /200 007 7 5/31 5/31/2 /200 007 7 6/1/2007 6/4/2007 6/5/2007 6/6/2007 6/7/2007 6/8/2007 6/11/2007 6/12 6/12/2 /200 007 7 6/13 6/13/2 /200 007 7 6/14 6/14/2 /200 007 7 6/15/2007 6/18 6/18/2 /200 007 7 6/19 6/19/2 /200 007 7 6/20 6/20/2 /200 007 7 6/21 6/21/2 /200 007 7 6/22 6/22/2 /200 007 7 6/25 6/25/2 /200 007 7 6/26 6/26/2 /200 007 7 6/27 6/27/2 /200 007 7 6/28 6/28/2 /200 007 7 6/29 6/29/2 /200 007 7 7/2/2007 7/3/2007 7/4/2007 7/5/2007 7/6/2007 7/9/2007 7/10 7/10/2 /200 007 7 7/11 7/11/2 /200 007 7 7/12 7/12/2 /200 007 7 7/13 7/13/2 /200 007 7
2 2 9 .2 2 2 8 .7 233 232 2 3 0 .5 2 2 9 .8 228. 22 8.4 4 228. 22 8.2 2 2 2 6 .8 228. 22 8.8 8 22 227 22 227 227. 22 7.6 6 227. 22 7.3 3 226. 22 6.7 7 226. 22 6.8 8 225. 22 5.3 3 227. 22 7.2 2 227. 22 7.2 2 226. 22 6.4 4 225. 22 5.5 5 224. 22 4.8 8 2 2 7 .5 2 2 5 .1 2 2 2 .6 2 2 0 .7 2 1 7 .2 2 1 7 .4 21 218 217. 21 7.2 2 216. 21 6.3 3 218. 21 8.3 3 22 220 218. 21 8.6 6 217. 21 7.5 5 216. 21 6.4 4 213. 21 3.5 5 212. 21 2.1 1 211. 21 1.9 9 211. 21 1.3 3 211. 21 1.8 8 214. 21 4.7 7 217. 21 7.4 4 2 1 6 .8 2 1 7 .7 2 1 9 .7 2 1 7 .3 2 1 8 .9 2 1 9 .3 218. 21 8.3 3 216. 21 6.5 5 216. 21 6.2 2 216. 21 6.6 6
82.13 81.55 81.42 80.51 80.6 80.57 79..56 79 80..14 80 80 78..16 78 78.53 77.46 77..28 77 77..17 77 78..37 78 77..66 77 77..64 77 77..54 77 77..54 77 79..06 79 78..74 78 79..77 79 79.5 77.95 77.49 75.9 74.901 76.97 76.89 76..24 76 76..38 76 76..25 76 77 76..83 76 76..45 76 75..4 75 75..97 75 74..83 74 73..95 73 72..6 72 74..34 74 75..63 75 75..66 75 76.32 76.79 76.79 76.7 75.1 75.76 74..85 74 75..93 75 75..26 75 75..5 75
7/16/2007 7/17 7/17/2 /200 007 7 7/18 7/18/2 /200 007 7 7/19 7/19/2 /200 007 7 7/20 7/20/2 /200 007 7 7/23 7/23/2 /200 007 7 7/24 7/24/2 /200 007 7 7/25 7/25/2 /200 007 7 7/26 7/26/2 /200 007 7 7/27/2007 7/30/2007 7/31 7/31/2 /200 007 7 8/1/2007 8/2/2007 8/3/2007 8/6/2007 8/7/2007 8/8/2007 8/9/2007 8/10 8/10/2 /200 007 7 8/13 8/13/2 /200 007 7 8/14/2007 8/15 8/15/2 /200 007 7 8/16 8/16/2 /200 007 7 8/17 8/17/2 /200 007 7 8/20 8/20/2 /200 007 7 8/21 8/21/2 /200 007 7 8/22/2007 8/23 8/23/2 /200 007 7 8/24 8/24/2 /200 007 7 8/27 8/27/2 /200 007 7 8/28 8/28/2 /200 007 7 8/29 8/29/2 /200 007 7 8/30 8/30/2 /200 007 7 8/31/2007 9/3/2007 9/4/2007 9/5/2007 9/6/2007 9/7/2007 9/10 9/10/2 /200 007 7 9/11 9/11/2 /200 007 7 9/12/2007 9/13 9/13/2 /200 007 7 9/14 9/14/2 /200 007 7 9/17 9/17/2 /200 007 7 9/18 9/18/2 /200 007 7 9/19 9/19/2 /200 007 7 9/20 9/20/2 /200 007 7 9/21 9/21/2 /200 007 7 9/24/2007 9/25 9/25/2 /200 007 7 9/26 9/26/2 /200 007 7
21 217 215. 21 5.7 7 214. 21 4.4 4 220. 22 0.5 5 218. 21 8.8 8 217. 21 7.8 8 216. 21 6.8 8 215. 21 5.4 4 210. 21 0.5 5 21 210 21 211 214. 21 4.6 6 2 1 4 .6 2 1 3 .2 2 0 9 .1 2 0 8 .8 2 1 0 .1 215 212 207. 20 7.4 4 209. 20 9.7 7 20 208 208. 20 8.7 7 205. 20 5.2 2 206. 20 6.3 3 208. 20 8.9 9 208. 20 8.6 6 21 211 211. 21 1.8 8 211. 21 1.2 2 212. 21 2.1 1 209. 20 9.6 6 208. 20 8.2 2 208. 20 8.1 1 21 210 2 0 9 .9 2 1 2 .3 2 1 0 .7 211.4 2 1 0 .1 208. 20 8.5 5 209. 20 9.1 1 21 210 211. 21 1.1 1 207. 20 7.5 5 206. 20 6.1 1 206. 20 6.6 6 210. 21 0.5 5 210. 21 0.2 2 211. 21 1.9 9 2 14 212. 21 2.5 5 211. 21 1.7 7
75.19 74..74 74 75..27 75 75..17 75 75..15 75 74..91 74 75..3 75 75..81 75 76..39 76 75.47 76.25 74..38 74 74.4 74.29 73.42 74.16 73.92 74.58 73.46 71..67 71 71..95 71 73.37 72..96 72 73..22 73 72..62 72 72..4 72 72..4 72 73.09 73..32 73 73..51 73 72..99 72 72..98 72 73..56 73 73..53 73 74.81 74.81 76.88 77.96 79 79.09 79..15 79 78..3 78 78.93 78..58 78 78..99 78 77..56 77 79..2 79 80..1 80 79..55 79 79..38 79 79.3 79..22 79 79..19 79
9/27 9/27/2 /200 007 7 9/28 9/28/2 /200 007 7 10/1 10 /1/2 /200 007 7 10/2/2007 10/3 10 /3/2 /200 007 7 10/4/2007 10/5 10 /5/2 /200 007 7 10/8/2007 10/9 10 /9/2 /200 007 7 10/1 10 /10/ 0/20 2007 07 10/1 10/11/ 1/200 2007 7 10/1 10/12/ 2/200 2007 7 10/1 10 /15/ 5/20 2007 07 10/1 10/16/ 6/200 2007 7 10/1 10/17/ 7/200 2007 7 10/1 10/18/ 8/200 2007 7 10/1 10 /19/ 9/20 2007 07 10/2 10 /22/ 2/20 2007 07 10/2 10/23/ 3/200 2007 7 10/2 10/24/ 4/200 2007 7 10/2 10/25/ 5/200 2007 7 10/26/200 007 7 10/2 10/29/ 9/200 2007 7 10/3 10/30/ 0/200 2007 7 10/3 10/31/ 1/200 2007 7 11/1 11 /1/2 /200 007 7 11/2 11 /2/2 /200 007 7 11/5 11 /5/2 /200 007 7 11/6 11 /6/2 /200 007 7 11/7/2007 11/8 11 /8/2 /200 007 7 11/9 11 /9/2 /200 007 7 11/1 11/12/ 2/200 2007 7 11/1 11/13/ 3/200 2007 7 11/1 11/14/ 4/200 2007 7 11/1 11/15/ 5/200 2007 7 11/1 11/16/ 6/200 2007 7 11/1 11/19/ 9/200 2007 7 11/2 11/20/ 0/200 2007 7 11/2 11/21/ 1/200 2007 7 11/2 11/22/ 2/200 2007 7 11/2 11/23/ 3/200 2007 7 11/2 11/26/ 6/200 2007 7 11/27/200 007 7 11/2 11/28/ 8/200 2007 7 11/2 11/29/ 9/200 2007 7 11/3 11/30/ 0/200 2007 7 12/3/2007 12/4 12 /4/2 /200 007 7 12/5 12 /5/2 /200 007 7 12/6 12 /6/2 /200 007 7 12/7 12 /7/2 /200 007 7 12/10/200 007 7
211.1 211. 1 211. 21 1.1 1 212. 21 2.7 7 21 213 212. 21 2.4 4 2 1 1 .8 211. 21 1.8 8 2 12 213. 21 3.1 1 215. 21 5.9 9 218. 218.3 3 217. 217.3 3 216. 21 6.7 7 210. 210.5 5 208. 208.5 5 207. 207.8 8 204. 20 4.2 2 202. 20 2.5 5 201. 201.6 6 202. 202.6 6 201. 201.6 6 2 00 198. 198.1 1 196. 196.5 5 197. 197.6 6 195. 19 5.8 8 194. 19 4.4 4 194. 19 4.1 1 195. 19 5.3 3 19 195 193. 19 3.1 1 190. 19 0.3 3 191. 191.7 7 195. 195.2 2 200. 200.2 2 200. 200.3 3 198. 198.4 4 195. 195.1 1 199. 199.9 9 201. 201.8 8 213. 213.4 4 214. 214.2 2 209. 209.5 5 2 12 212. 212.5 5 214. 214.1 1 215. 215.5 5 2 09 209. 20 9.3 3 211. 21 1.3 3 204. 20 4.5 5 203. 20 3.7 7 2 05
79.07 79. 78..02 78 78..12 78 76.82 77..85 77 78 78..28 78 77.9 76..73 76 76.1 76 .1 76.3 76.32 2 77.2 77.25 5 77.5 77 .5 75.0 75.04 4 74.5 74.53 3 73.4 73.47 7 75 75 75.2 75.26 6 74.8 74.88 8 74.6 74.68 8 74.14 74.3 74.35 5 73.7 73.76 6 74.1 74.13 3 73..11 73 74..83 74 74..6 74 75..31 75 74.29 75..35 75 75..09 75 74.3 74.33 3 73.7 73.78 8 74.2 74.21 1 74.5 74.53 3 74.9 74.99 9 75.1 75.14 4 75.1 75.12 2 74.1 74.16 6 74.1 74.16 6 74.8 74.82 2 74.5 74.55 5 76.01 76.3 76.32 2 76.2 76.24 4 76.2 76.25 5 73.5 72..78 72 66..64 66 66..57 66 68..49 68 69.53
12/1 12/11/ 1/200 2007 7 12/1 12/12/ 2/200 2007 7 12/1 12/13/ 3/200 2007 7 12/14/200 007 7 12/1 12/17/ 7/200 2007 7 12/1 12/18/ 8/200 2007 7 12/1 12/19/ 9/200 2007 7 12/2 12/20/ 0/200 2007 7 12/2 12 /21/ 1/20 2007 07 12/2 12/24/ 4/200 2007 7 12/2 12/25/ 5/200 2007 7 12/2 12/26/ 6/200 2007 7 12/2 12/27/ 7/200 2007 7 12/2 12/28/ 8/200 2007 7 12/3 12/31/ 1/200 2007 7 1/2/2008 1/3/2008 1/4/2008 1/7/2008 1/8/2008 1/9/2008 1/10 1/10/2 /200 008 8 1/11 1/11/2 /200 008 8 1/14 1/14/2 /200 008 8 1/15 1/15/2 /200 008 8 1/16 1/16/2 /200 008 8 1/17 1/17/2 /200 008 8 1/18 1/18/2 /200 008 8 1/21 1/21/2 /200 008 8 1/22 1/22/2 /200 008 8 1/23 1/23/2 /200 008 8 1/24 1/24/2 /200 008 8 1/25/2008 1/28 1/28/2 /200 008 8 1/29 1/29/2 /200 008 8 1/30 1/30/2 /200 008 8 1/31 1/31/2 /200 008 8 2/1/2008 2/4/2008 2/5/2008 2/6/2008 2/7/2008 2/8/2008 2/11 2/11/2 /200 008 8 2/12/2008 2/13 2/13/2 /200 008 8 2/14 2/14/2 /200 008 8 2/15/2008 2/18/2008 2/19 2/19/2 /200 008 8 2/20 2/20/2 /200 008 8 2/21 2/21/2 /200 008 8 2/22 2/22/2 /200 008 8
204. 204.8 8 205. 205.3 3 200. 200.1 1 2 01 198. 198.7 7 197. 197.9 9 196. 196.6 6 196. 196.4 4 195. 19 5.5 5 195. 195.5 5 195. 195.5 5 195. 195.5 5 195. 195.6 6 195. 195.6 6 195. 195.6 6 1 9 5 .6 192 190 1 9 2 .1 2 0 3 .5 2 0 7 .7 208. 20 8.6 6 205. 20 5.9 9 203. 20 3.3 3 198. 19 8.1 1 197. 19 7.7 7 201. 20 1.6 6 203. 20 3.5 5 193. 19 3.8 8 195. 19 5.5 5 190. 19 0.7 7 194. 19 4.6 6 19 194 192. 19 2.2 2 189. 18 9.4 4 193. 19 3.5 5 195. 19 5.8 8 1 9 9 .4 1 9 8 .8 194 1 9 6 .1 1 9 3 .1 1 9 1 .6 190. 19 0.7 7 19 193 197. 19 7.3 3 196. 19 6.7 7 19 192 19 194 194. 19 4.2 2 192. 19 2.2 2 194. 19 4.2 2 196. 19 6.1 1
69.8 69.89 9 70.5 70.58 8 69.7 69.74 4 68.43 67.5 67.57 7 67.2 67.29 9 67.3 67.33 3 67.9 67.96 6 67.9 67 .9 68.1 68.12 2 68.1 68.12 2 68.0 68.06 6 67.1 67.13 3 67.5 67.51 1 67.0 67.07 7 67.4 67.11 66.38 66.27 68.29 70.11 70..88 70 71..5 71 70..64 70 69..62 69 69..94 69 69..75 69 68..77 68 68..77 68 68..35 68 67..66 67 68..43 68 67.79 68..84 68 69..53 69 69..56 69 70..16 70 70.81 71.49 70.78 70.52 69.92 69.79 69..48 69 69.92 70..85 70 72..12 72 72.67 72.67 72..84 72 72..37 72 71..75 71 71..59 71 599 9
2/25/2008 2/26 2/26/2 /200 008 8 2/27 2/27/2 /200 008 8 2/28/2008 2/29 2/29/2 /200 008 8 3/3/2008 3/4/2008 3/5/2008 3/6/2008 3/7/2008 3/10 3/10/2 /200 008 8 3/11 3/11/2 /200 008 8 3/12 3/12/2 /200 008 8 3/13 3/13/2 /200 008 8 3/14 3/14/2 /200 008 8 3/17 3/17/2 /200 008 8 3/18/2008 3/19 3/19/2 /200 008 8 3/20 3/20/2 /200 008 8 3/24 3/24/2 /200 008 8 3/25 3/25/2 /200 008 8 3/26 3/26/2 /200 008 8 3/27 3/27/2 /200 008 8 3/28/2008 3/31 3/31/2 /200 008 8 4/1/2008 4/2/2008 4/3/2008 4/4/2008 4/7/2008 4/8/2008 4/9/2008 4/10/2008 4/11 4/11/2 /200 008 8 4/14/2008 4/15/2008 4/16 4/16/2 /200 008 8 4/17 4/17/2 /200 008 8 4/18 4/18/2 /200 008 8 4/21 4/21/2 /200 008 8 4/22/2008 4/23 4/23/2 /200 008 8 4/24 4/24/2 /200 008 8 4/25 4/25/2 /200 008 8 4/28/2008 4/29 4/29/2 /200 008 8 4/30 4/30/2 /200 008 8 5/1/2008 5/2/2008 5/5/2008 5/6/2008 5/7/2008 5/8/2008
20 205 206. 20 6.4 4 208. 20 8.6 6 20 206 204. 20 4.9 9 2 0 4 .1 200 1 9 9 .1 1 9 8 .2 1 9 3 .9 191. 19 1.1 1 191. 19 1.4 4 190. 19 0.7 7 188. 18 8.8 8 187. 18 7.3 3 182. 18 2.1 1 18 186 184. 18 4.6 6 186. 18 6.5 5 186. 18 6.5 5 189. 18 9.5 5 187. 18 7.3 3 189. 18 9.6 6 1 8 8 .4 186. 18 6.9 9 1 9 1 .1 1 9 2 .5 1 9 0 .2 190 1 9 0 .2 1 8 8 .3 1 8 2 .5 1 8 0 .7 178. 17 8.4 4 17 173 16 167 170. 17 0.6 6 164. 16 4.6 6 170. 17 0.6 6 171. 17 1.4 4 17 171 170. 17 0.6 6 174. 17 4.5 5 175. 17 5.5 5 17 177 173. 17 3.2 2 172. 17 2.8 8 1 7 2 .8 174 1 7 3 .2 1 6 9 .1 1 7 1 .1 1 6 8 .8
77.96 77..5 77 76..66 76 75.86 75..75 75 79.18 80.6 80.76 79.49 79.39 78..21 78 79..28 79 80..15 80 81..43 81 78..83 78 77..27 77 78.44 78..05 78 79..26 79 78..84 78 80..37 80 82..01 82 80..13 80 80 81..18 81 81.04 79.8 79.42 79.73 78.65 79.04 77.71 78 76..79 76 74.69 74.06 74..18 74 73..31 73 72..72 72 71..91 71 74.09 73..69 73 72..92 72 71..97 71 73.16 67..93 67 68..2 68 68.35 67.24 67.79 68.17 67.65 68.32
5/9/2008 5/12/2008 5/13 5/13/2 /200 008 8 5/14 5/14/2 /200 008 8 5/15 5/15/2 /200 008 8 5/16 5/16/2 /200 008 8 5/19 5/19/2 /200 008 8 5/20 5/20/2 /200 008 8 5/21 5/21/2 /200 008 8 5/22 5/22/2 /200 008 8 5/23 5/23/2 /200 008 8 5/26 5/26/2 /200 008 8 5/27/2008 5/28 5/28/2 /200 008 8 5/29 5/29/2 /200 008 8 5/30 5/30/2 /200 008 8 6/2/2008 6/3/2008 6/4/2008 6/5/2008 6/6/2008 6/9/2008 6/10 6/10/2 /200 008 8 6/11 6/11/2 /200 008 8 6/12 6/12/2 /200 008 8 6/13/2008 6/16 6/16/2 /200 008 8 6/17 6/17/2 /200 008 8 6/18 6/18/2 /200 008 8 6/19 6/19/2 /200 008 8 6/20 6/20/2 /200 008 8 6/23 6/23/2 /200 008 8 6/24 6/24/2 /200 008 8 6/25 6/25/2 /200 008 8 6/26 6/26/2 /200 008 8 6/27 6/27/2 /200 008 8 6/30/2008 7/1/2008 7/2/2008 7/3/2008 7/4/2008 7/7/2008 7/8/2008 7/9/2008 7/10 7/10/2 /200 008 8 7/11 7/11/2 /200 008 8 7/14/2008 7/15/2008 7/16 7/16/2 /200 008 8 7/17 7/17/2 /200 008 8 7/18 7/18/2 /200 008 8 7/21/2008 7/22 7/22/2 /200 008 8
167 16 167 171. 17 1.5 5 173. 17 3.6 6 177. 17 7.9 9 177. 17 7.9 9 181. 18 1.3 3 179. 17 9.3 3 178. 17 8.5 5 178. 17 8.6 6 174. 17 4.9 9 172. 17 2.7 7 17 176 177. 17 7.5 5 180. 18 0.2 2 179. 17 9.7 7 188 187 1 8 3 .5 1 8 4 .8 1 8 0 .8 1 8 0 .4 177. 17 7.9 9 176. 17 6.8 8 177. 17 7.9 9 17 179 176. 17 6.2 2 175. 17 5.8 8 174. 17 4.6 6 175. 17 5.8 8 171. 17 1.5 5 173. 17 3.3 3 175. 17 5.2 2 176. 17 6.3 3 175. 17 5.8 8 175. 17 5.1 1 1 84 1 8 1 .8 1 8 3 .6 1 8 2 .8 180 1 7 9 .1 1 8 0 .7 1 8 3 .7 185. 18 5.8 8 180. 18 0.3 3 18 182 18 184 180. 18 0.5 5 176. 17 6.8 8 179. 17 9.6 6 17 171 177. 17 7.2 2
68.53 68.37 68..55 68 69..26 69 68..83 68 70..19 70 70..2 70 69..46 69 68..22 68 68..89 68 68..53 68 68..53 68 67.56 68..06 68 71..01 71 70..87 70 73.95 72.7 72.47 73.11 73.69 74.09 74..35 74 73..91 73 73..8 73 73.77 74..65 74 75..17 75 74..36 74 75..06 75 74..76 74 74..18 74 73..45 73 73..78 73 72..44 72 72..72 72 75.9 78.56 78.14 77.94 77.94 75.93 77.91 78.09 77..91 77 77..75 77 75.39 79.25 78..77 78 81..16 81 81..82 81 93.88 93..55 93
7/23 7/23/2 /200 008 8 7/24 7/24/2 /200 008 8 7/25/2008 7/28 7/28/2 /200 008 8 7/29 7/29/2 /200 008 8 7/30/2008 7/31 7/31/2 /200 008 8 8/1/2008 8/4/2008 8/5/2008 8/6/2008 8/7/2008 8/8/2008 8/11 8/11/2 /200 008 8 8/12 8/12/2 /200 008 8 8/13 8/13/2 /200 008 8 8/14 8/14/2 /200 008 8 8/15/2008 8/18 8/18/2 /200 008 8 8/19/2008 8/20 8/20/2 /200 008 8 8/21/2008 8/22 8/22/2 /200 008 8 8/25 8/25/2 /200 008 8 8/26 8/26/2 /200 008 8 8/27 8/27/2 /200 008 8 8/28 8/28/2 /200 008 8 8/29/2008 9/1/2008 9/2/2008 9/3/2008 9/4/2008 9/5/2008 9/8/2008 9/9/2008 9/10 9/10/2 /200 008 8 9/11 9/11/2 /200 008 8 9/12 9/12/2 /200 008 8 9/15 9/15/2 /200 008 8 9/16/2008 9/17/2008 9/18/2008 9/19 9/19/2 /200 008 8 9/22/2008 9/23 9/23/2 /200 008 8 9/24 9/24/2 /200 008 8 9/25 9/25/2 /200 008 8 9/26/2008 9/29 9/29/2 /200 008 8 9/30 9/30/2 /200 008 8 10/1 10 /1/2 /200 008 8 10/2 10 /2/2 /200 008 8 10/3 10 /3/2 /200 008 8
179.4 179. 4 182. 18 2.5 5 1 8 8 .9 186. 18 6.8 8 186. 18 6.3 3 1 8 9 .2 194. 19 4.3 3 1 9 4 .3 1 9 3 .9 195.5 191 1 8 6 .4 1 8 9 .6 186. 18 6.4 4 185. 18 5.4 4 187. 18 7.4 4 187. 18 7.8 8 18 189 187. 18 7.3 3 18 187 185. 18 5.6 6 18 182 183. 18 3.1 1 181. 18 1.7 7 183. 18 3.8 8 183. 18 3.3 3 185. 18 5.6 6 18 186 185 1 8 8 .1 1 8 6 .8 184 1 8 3 .4 186 1 8 5 .2 189. 18 9.2 2 188. 18 8.5 5 190. 19 0.8 8 186. 18 6.8 8 18 181 1 82 1 83 180. 18 0.1 1 1 76 176. 17 6.4 4 174. 17 4.5 5 178. 17 8.4 4 17 176 169. 16 9.6 6 174. 17 4.5 5 178. 17 8.4 4 179. 17 9.5 5 181. 18 1.1 1
93.73 93. 94..65 94 96 95..32 95 94..58 94 95 95..25 95 95.35 95.72 96 96.05 96.89 96.95 97..83 97 97..85 97 98..37 98 98..81 98 98.23 98..63 98 98.57 97..99 97 97.43 98..06 98 97..38 97 98..11 98 97..9 97 98..45 98 98.75 98.75 98.29 97.68 96.5 96.64 94.91 94.25 95..69 95 97..1 97 96..56 96 93..83 93 93.39 89.6 90.7 92..27 92 92.3 91..49 91 90..4 90 91..75 91 91.19 85..3 85 88..68 88 86..5 86 86..51 86 87..53 87
10/6/2 10/6 /200 008 8 10/7/2008 10/8 10 /8/2 /200 008 8 10/9 10 /9/2 /200 008 8 10/1 10 /10/ 0/20 2008 08 10/1 10/13/ 3/200 2008 8 10/1 10/14/ 4/200 2008 8 10/1 10 /15/ 5/20 2008 08 10/16/200 008 8 10/1 10/17/ 7/200 2008 8 10/2 10/20/ 0/200 2008 8 10/2 10/21/ 1/200 2008 8 10/2 10/22/ 2/200 2008 8 10/2 10 /23/ 3/20 2008 08 10/24/200 008 8 10/2 10/27/ 7/200 2008 8 10/2 10/28/ 8/200 2008 8 10/2 10/29/ 9/200 2008 8 10/3 10/30/ 0/200 2008 8 10/3 10/31/ 1/200 2008 8 11/3 11 /3/2 /200 008 8 11/4 11 /4/2 /200 008 8 11/5 11 /5/2 /200 008 8 11/6 11 /6/2 /200 008 8 11/7 11 /7/2 /200 008 8 11/10/200 008 8 11/1 11 /11/ 1/20 2008 08 11/1 11/12/ 2/200 2008 8 11/1 11/13/ 3/200 2008 8 11/1 11/14/ 4/200 2008 8 11/17/200 008 8 11/18/200 008 8 11/19/200 008 8 11/2 11/20/ 0/200 2008 8 11/2 11/21/ 1/200 2008 8 11/2 11/24/ 4/200 2008 8 11/25/200 008 8 11/2 11 /26/ 6/20 2008 08 11/2 11 /27/ 7/20 2008 08 11/28/200 008 8 12/1 12 /1/2 /200 008 8 12/2 12 /2/2 /200 008 8 12/3 12 /3/2 /200 008 8 12/4 12 /4/2 /200 008 8 12/5 12 /5/2 /200 008 8 12/8 12 /8/2 /200 008 8 12/9 12 /9/2 /200 008 8 12/1 12 /10/ 0/20 2008 08 12/1 12/11/ 1/200 2008 8 12/1 12/12/ 2/200 2008 8 12/1 12/15/ 5/200 2008 8 12/1 12/16/ 6/200 2008 8 12/1 12/17/ 7/200 2008 8
171.9 171. 9 17 175 167. 16 7.1 1 154. 15 4.4 4 148. 14 8.2 2 162. 162.4 4 162. 162.8 8 160. 16 0.3 3 1 59 175. 175.5 5 180. 180.3 3 170. 170.3 3 168. 168.6 6 170. 17 0.3 3 1 68 164. 164.1 1 161. 161.2 2 168. 168.5 5 161. 161.3 3 176. 176.8 8 177. 17 7.2 2 178. 17 8.1 1 167. 16 7.8 8 165. 16 5.3 3 170. 17 0.3 3 1 70 167. 16 7.7 7 166. 166.5 5 170. 170.3 3 176. 176.2 2 1 68 1 71 1 66 156. 156.2 2 150. 150.5 5 162. 162.1 1 1 63 163. 16 3.8 8 162. 16 2.7 7 1 70 163. 16 3.8 8 163. 16 3.5 5 169. 16 9.1 1 165. 16 5.9 9 164. 16 4.7 7 169. 16 9.6 6 169. 16 9.8 8 168. 16 8.1 1 167. 167.2 2 168. 168.2 2 161. 161.9 9 163. 163.8 8 160. 160.2 2
80.62 80. 78.19 80..56 80 78..75 78 73 81.1 81.18 8 79.1 79.12 2 81.5 81 .5 81.93 83.5 83.53 3 84.2 84.26 6 85.6 85.68 8 82.5 82.55 5 81.9 81 .9 79.84 78.4 78.46 6 78.5 78.55 5 80.3 80.36 6 82.7 82.75 5 82.9 82.94 4 83..64 83 83..31 83 83..91 83 81..8 81 83..46 83 83.8 80.9 80 .9 80.3 80.36 6 82.3 82.32 2 81.5 81.59 9 80.43 80.63 78.07 73.0 73.03 3 72.7 72.74 4 76.6 76.66 6 76.25 75.3 75 .3 75.3 75 .3 76.6 71..8 71 71..77 71 75..4 75 73..65 73 74..38 74 77..6 77 77..18 77 77.4 77 .4 77.7 77.79 9 77.7 77.74 4 77.0 77.08 8 77.5 77.59 9 78.7 78.75 5
12/18/ 12/1 8/20 2008 08 12/19/200 008 8 12/22/200 008 8 12/2 12 /23/ 3/20 2008 08 12/2 12 /24/ 4/20 2008 08 12/2 12/26/ 6/200 2008 8 12/2 12/29/ 9/200 2008 8 12/3 12/30/ 0/200 2008 8 12/3 12/31/ 1/200 2008 8 1/2/2009 1/5/2009 1/6/2009 1/7/2009 1/8/2009 1/9/2009 1/12 1/12/2 /200 009 9 1/13 1/13/2 /200 009 9 1/14 1/14/2 /200 009 9 1/15 1/15/2 /200 009 9 1/16 1/16/2 /200 009 9 1/19/2009 1/20 1/20/2 /200 009 9 1/21/2009 1/22 1/22/2 /200 009 9 1/23 1/23/2 /200 009 9 1/26 1/26/2 /200 009 9 1/27 1/27/2 /200 009 9 1/28 1/28/2 /200 009 9 1/29 1/29/2 /200 009 9 1/30 1/30/2 /200 009 9 2/2/2009 2/3/2009 2/4/2009 2/5/2009 2/6/2009 2/9/2009 2/10/2009 2/11/2009 2/12/2009 2/13 2/13/2 /200 009 9 2/16/2009 2/17/2009 2/18 2/18/2 /200 009 9 2/19 2/19/2 /200 009 9 2/20 2/20/2 /200 009 9 2/23 2/23/2 /200 009 9
159.4 159. 4 1 60 1 63 160. 16 0.5 5 160. 16 0.5 5 160. 160.5 5 162. 162.5 5 162. 162.5 5 162. 162.5 5 1 6 2 .5 168.7 170.5 1 6 9 .9 1 7 2 .5 1 7 1 .9 166. 16 6.1 1 168. 16 8.6 6 169. 16 9.2 2 170. 17 0.4 4 167. 16 7.2 2 1 70 170. 17 0.3 3 17 170 168. 16 8.9 9 169. 16 9.4 4 170. 17 0.6 6 166. 16 6.5 5 165. 16 5.6 6 160. 16 0.3 3 163. 16 3.4 4 1 6 3 .5 1 6 2 .6 1 4 7 .8 1 4 5 .4 145.2 1 4 8 .6 14 147 1 4 7 .7 1 4 8 .7 148. 14 8.7 7 14 148 1 4 5 .3 147. 14 7.2 2 144. 14 4.4 4 141. 14 1.4 4 143. 14 3.3 3
80.3 80.3 83.75 82.55 83 82.8 82 .8 82.2 82.21 1 81.9 81.97 7 82.2 82.28 8 82.9 82.91 1 82.6 83 84 84.53 84.4 86.34 87..47 87 86..74 86 85..57 85 85..08 85 85..1 85 85.1 82..1 82 83.14 81..7 81 84..3 84 81..59 81 83..14 83 83..44 83 84..09 84 81..24 81 82.1 82.97 82.45 82.4 83 82.7 82.69 83 84 83..25 83 83.25 83 84..7 84 84..76 84 85..02 85 84..55 84
E8hi/it 5 ROCHE HOLDINGS AG: FUNDING THE GENENTECH ACQUISITION
l Yield Rate to Maturity (U.S. ollar! "uro! #riti$% &ound'! e)ruar (in *er+ent' U.S. "uro U rea$urie$ rea$urie$ #en+%-ar1 Soerein 6,-o 0.34 n.a. 0.48 1 0.48 2.09 0.56 2 0.93 2.26 0.88 3 1.35 2.55 1.39 4 1.50 2.81 1.85 5 1.87 3.01 2.29 6 n.a. 3.19 2.79 7 2.18 3.35 3.06 8 2.67 3.48 3.25 9 2.80 3.60 3.50 10 2.85 3.70 3.66 12 n.a. 3.87 n.a. 15 3.45 3.99 4.13 20 3.91 3.99 4.29 25 3.90 3.83 4.34 30 3.59 3.69 4.35 Source& 4loo/er#. The euro /enchar: /enchar: is is o/tained o/tained ro the the idrate idrate o the euro versus versus the EUR4OR EUR4OR idinte idinterest rest ra
1
E8hi/it ? ROCHE HOLDINGS AG: FUNDING THE GENENTECH ACQUISITION
U.S. rea$urie$ or S&$ #ond,Ratin ateorie$ or e)ruary 2009 (in )a$i$ *oint$' 1ear& o 'aur#y Ra#"g
2
(
3
+
-
2)
3)
$$$
=0
92
HH
=0
1?
11
1H0
$$
210
201
1=9
202
22
20
22
$L
211
201
21H
22?
2
22?
22
$
2H=
2?1
2H9
2HH
2=0
2H5
2?
$M
29=
2H1
29H
29?
0
29
2H
444 L
0?
9H
0=
0?
12
0?
=
444
1H
=9
22
2
5
19
11
444 M
=
=H
510
520
52H
50=
50?
+opiled ro avera#es o /onds /y Standard I 3oors. $ /asis point is 0.01; or 0.0001 100 /asis points e(ual 1.0;. Source& 4loo/er#
E8hi/it H ROCHE HOLDINGS AG: FUNDING THE GENENTECH ACQUISITION "istory o U.S. 4ond Jields or 0AJear aturities, aturities, 'e/ruary 200? to 'e/ruary 200= *in percent-
er#ent +orporate 4ond Jield $vera#e A 4aa Ratin# er#ent +orporate 4ond Jield $vera#e A $a Ratin# U.S. Treasuries 0AJear Jield
Source& Datastrea, er#ent 4ond Record.
U.S. Treasuries 0 er#ent +orporate er#ent +orporate 4ond Jield $vera#e A 4aa 'e/A0? .51 5.51 ? .2 H arA0? .9 5.?H ? . 1 $prA0? 5.15 ?.00 ? .? 9 ayA0? 5.15 ?.1 ? .H 5 unA0? 5.25 ?.11 ? .H 9 ulA0? 5.10 ?.09 ? .H ? $u#A0? .=5 5.=1 ? .5 = SepA0? .H 5.H5 ? . OctA0? .9= 5.H ? . 2 NovA0? .?? 5.5H ?.20 DecA0? .H9 5.59 ? .2 2 anA0H .=2 5.H5 ? . 'e/A0H .90 5.H2 ? .2 9 arA0H .92 5.?? ? .2 H $prA0H .9 5.9 ? . = ayA0H .== 5.95 ? . = unA0H 5.1= ?.1H ? .H 0 ulA0H 5.01 ?.0= ? .? 5 $u#A0H .95 ?.0? ? .? 5 SepA0H .9H ?.02 ? .5 = OctA0H .?H 5.= ? . 9 NovA0H .? 5.H9 ?.0 DecA0H .?1 5.=1 ? .? 5 anA09 .29 5.H9 ? .5 'e/A09 .5= 5.=H ? .9 2 arA09 . 5.=0 ? .9 = $prA09 .52 5.= ? .= H ayA09 .H1 ?.00 ? .= 2 unA09 .? ?.11 H .0 H ulA09 .?? ?.05 H .1 ? $u#A09 .0 ?.01 H .1 5 SepA09 .0 ?.0 H . 1 OctA09 .2 ?.H= 9 .9 9 NovA09 .?0 ?.H =.21 DecA09 2.?2 5.91 9 . 5 anA0= .5 5.9 9 .1 'e/A0= .?0 ?.02 9 .0 9
atin#
E8hi/it 9 ROCHE HOLDINGS AG: FUNDING THE GENENTECH ACQUISITION SI3 +redit Ratin#s Overvie SI3Gs #lo/al /ond ratin# scale provides a /enchar: / enchar: or evaluatin# the relative credit ris: o issuers and issues orldide. o rldide. nvestent #rade $$ $ $$ $ 44 4
E8treely stron# capacity to eet inancial coitent c oitents. s. "i#hest ratin# ery ery stro stron# n# capa capaci city ty to eet eet ina inanc ncia iall co coi it ten ents ts Stron# capacity to eet inancial coitents, /ut soehat suscepti/le to adverse econoic conditions and chan#es in $de(uate capacity to eet inancial coitents, /ut ore su/Qect to adverse econoic conditions
Speculative #rade 44 >ess vulnera/le in the nearAter /ut aces aQor on#oin# uncertainties to adverse /usiness, inancial and econoic 4 ore vulnera/le to adverse /usiness, inancial and econoic conditions /ut currently has the capacity to eet inancial ++ +urrently vulnera/le and dependent on avora/le /usiness, + inancial and econoic conditions to eet inancial coitents ++ +urrently hi#hly vulnera/le + D
$ /an:ruptcy petition petition has /een iled or siilar action ta:en, /ut payents o inancial inancial coitents are are continued 3ayent de deault ult on on i inancial co coitent ents
Ratin#s ro P$$G to P+++G ay /e odiied /y the addition o a plus *L- or inus *A- si#n to sho relative standin# ithin the aQor ratin# cate#ories. Data source& !uide to "redit #ating $ssentials, $ssentials, Standard and 3oorGs, http&@@2.standardand
oors.co@sp@pd @i8edincoe@S3+reditRatin#s%uide.pd @i8edincoe@S3+reditRatin#s%uide.pd *accessed 'e/ruary 1?, 2011-.
E8hi/it = ROCHE HOLDINGS AG: FUNDING THE GENENTECH ACQUISITION
ian inan+ial Ratio alue$ or all U.S. Rated ndu$trial o-*anie$ (2007 and 2
Nu/er o De/t@ E4TD$@ E4T@ copanies *De/tL4oo:E(- nt E8pense nt E8pense
De/t@ E4TD$
200H $$$ $$ $
2? 19= 5=
0.51 0.0 0.1
=5.H 5.=2 12.5
H.0? 1.05 =.9?
2.2? 0.95 1.?
444 44
=2 H0
0.50 0.52
9.20 ?.5=
?.11 .?
2.?? 2.92
4
5
0.H1
.H1
2.0
.??
$$$ $$
19 192
0.51 0.2?
11.=H .=H
91.?2 1.21
.25 0.91
$ 444 44 4
55= =2 1H 21
0. 0.50 0.52 0.H5
12.H9 9.2 ?.0 .1
=.9= ?.2 .51 2.10
1.91 2.H 2.92 .=2
2009
Source& +ase riter analysis o +opustat data.
E8hi/it 10 ROCHE HOLDINGS AG: FUNDING THE GENENTECH ACQUISITION 3lan or +urrency and aturity o 4ond Oerin# Tranches Tranches1 %.. dollar-denominated dollar-denominated atu aturi rity ty $ou $ount nt *in *in /il /illi lion onss o U.S. U.S. dol dolla lars rs-- +oup +oupon on 1 year 2 years
.00 1.25
'loatin# rate 'loatin# rate
years 5 years 10 years 0 years
2.50 2.H5 .50 2.50
'i8ed rate 'i8ed rate 'i8ed rate 'i8ed rate
$uro-denominated $uro-denominated aturity
$ount *i *in /i /illions o o eu euros-
+oupon
1 year years
1.50 5.25
'loatin# rate 'i8ed rate
H years 12 years
2.H5 1.H5
'i8ed rate 'i8ed rate
terling-denominated ount n aturity ? years
ons o ounds 1.25
rts
+oupon 'i8ed rate
3revailin# e8chan#e rates at the tie ere +"'1.?H@%431.00, +"'
[email protected], and
1
+"'1.
[email protected].
E8hi/it 11 ROCHE HOLDINGS AG: FUNDING THE GENENTECH ACQUISITION 3revailin# 3rices o Saple o Recently Rated +orporate 4onds *idA'e/ruary 200
+opany
ssue date
ears reainin# SI3 aturity to ratin#
$ount issued +oupon *illions-
U.S. dollarAdenoinated $ltria $ltria $ltria $TIT $TIT $TIT ohnson I ohnson cFesson cFesson Novartis Novartis 3iBer Scherin#A3lou#h Scherin#A3lou#h eriBon eriBon
2@@200= 2@@200= 2@@200= 1@2=@200= 1@2=@200= 1@2=@200= ?@2@2009 2@=@200= 2@=@200= 2@10@200= 2@10@200= 2@@200 11@2?@200 =@1H@200H 11@@2009 11@@2009 2@1@200?
2@?@201 2@?@201= 2@?@20= 2@15@201 2@15@201= 2@15@20= H@15@209 2@15@201 2@15@201= 2@10@201 2@10@201= 2@15@201 12@1@201 =@15@20H 11@1@2019 @1@20= 2@1@2015
5 10 0 5 10 0 2= 5 10 5 10 5 5 2= 10 0 ?
444 444 444 $ $ $ $$$ 444 L 44 4 L $$M $$M $$ $$ M $$ M $ $ 44M
525 2,200 1,500 1,000 2,250 2,250 H00 50 50 2,000 ,000 H50 1,250 1,000 2,000 1,250 ?00
H.H5 =.25 1 0 .2 .95 5 .9 ?.55 5.95 ? .5 H .5 .125 5.125 .5 5 . ?.55 9.H5 9.=5 9.H5
EuroAdenoinated $nheuserA4usch n4ev perial To/acco ohn Deere Scherin#A3lou#h ol:sa#en ol:sa#en
2@=@200= 2@10@200= 1@1=@200= 10@1@200H 1@0@200= 1@0@200=
2@2H@201 2@1H@201? 1@2@201 10@1@201 2@=@2012 2@=@201?
5 H 5 ? H
444 L 444 $ $$ M $M $M
H50 1,500 ?00 1,500 2,500 1,000
?.5H 9.H5 H .5 5.H5 5.?25 H
3ound sterlin#Adenoinated 4ayer $% perial To/acco Tesco
5@2@200? 5@2@2019 2@10@200= 2@1H@2022 2@1H@200= 2@ 2 @2@201
= 1 5
$M 444 $M
50 1,000 ?00
Source& 4loo/er# and case riter analysis.
2@15@200=
5.?25 = 5
=-
3rice
105.95 10.?12 105.0H= ==.H=0 =9.9HH =?.?2? 111.000 10.H2 10?.15? 101.HH9 100.H? 105.??0 10.920 101.2 119.592 12.?H =5.000
100.559 101.09 105.901 ==.H10 100.2 100.29
100.91H 10H.0?2 100.29
E8hi/it 12 ROCHE HOLDINGS AG: FUNDING THE GENENTECH ACQ
Selected +opara/le +opaniesG Data or 2009 *in illions o U.S. d ollars-1 Shareholder e(uity
Total de/t
+ash and e(uivalents
E4TD$
4ayer $% Sche Scheri rin#A n#A3l 3lou ou#h #h ohnson ohnson I ohnson ohnson 3iBer
21,91 10,5 10,52= 2= ?,100 5H,55? 1=,1H 15,=00 15,=00 21,090 15,=12 1,5 1,50 0 1,5 1,5?= ?=
21,HH= 9,1H? 9,1H? 11,952 11,952 1H,2=0 11,H= 25,211 25,211 ?,20 11,99 =? =? ,05 ,051 1
2,H0 ,H ,H 10,H?9 2,122 10,01? 9,H59 9,H59 ,?9 ,29? ? ,9H ,9H0 0
9,19 2,=1 2,=1H H 1=,001 20,=2= H,=5 15,99 15,99 H,95 12,55 509 509 1?,H 1?,H51 51
Roche L %enentech *3ro 'ora-
1,5?=
?,051
,9H0
1?,H51
1
4ecause the %enentech inancial i#ures are already consolidated in the Roche inancial stateents, only
The proAora interest e8pense is /ased on an ar/itrary 5; interest rate. Source& +apital K and case riter analysis.
ISITION
nterest e8pense
1,?2? 5? 5 51? =2 1,2=1 251 H1 = 21
2,0
+urrent ratin# $A $$A $$$ $$ $L $L $$A $$ 44A $$A
the de/t and interest e8pense is e8pected to vary. vary.
