Exhibit 1 Roche-Genentech Timeline September 1990 January 2008

Source: Roche and Genentech press releases from their respective websites. Genentech directors push to reject Roche, Financial Times, February 24, 2009,
Andrew Jack , accessed via Factiva, August 2009

Exhibit 2 Summary of Roche's Historical Consolidated Financial Data

(in millions of CHF, except amounts per share and non-voting equity security of Parent, which are expressed in CHF,
and ratio of earnings to fixed charges)
as of 31 Dec 2008
1 CHF =
0.6720
1 CHF =
$0.9473

Years ended December

2008
CHF

USD

45,617
2,287
(13,661)
(9,170)
(8,845)
(2,332)
271
(243)
13,924

43,213
2,166
(12,941)
(8,687)
(8,379)
(2,209)
257
(230)
13,190

13,896
1
1,123
(887)
14,161
(3,317)
10,844

13,164

Cash Flow Statement Data

Net Cash Provided by (Used in):
Operating activities
Investing activities
Financing activities
Currency translation
Increase (descrease) in cash

12,177
(1,722)
(9,442)
147
1,160

11,535
(1,631)
(8,944)
139
1,099

Balance Sheet Data

Cash and marketable securities
Current assets
Property, plant and equipment, net
Noncurrent assets
Total assets
Total short-term debt
Current liabilities
Total long-term debt
Noncurrent liabilities
Total liabilities
Total equity

20,771
38,604
18,190
37,485
76,089
(1,117)
(12,104)
(2,972)
(10,163)
(22,267)
53,822

19,676
36,570
17,231
35,510
72,079
(1,058)
(11,466)
(2,815)
(9,627)
(21,094)
50,986

Income Statement Data

Sales
Royalties and other operating income
Cost of sales
Marketing and distribution
Research and development
General and administration
Major legal cases
Changes in Group organisation
Operating profit
Operating profit before exceptional items
and cumulative effect of a change in accounting principle
Associated companies
Financial income
Financing costs
Profit before tax
Income taxes
Net income

Other Information:
Ratio of earnings to fixed charges
Capital expenditures
Net income per share and non-voting equity security of Parent
Basic
Diluted
Book value per share and non-voting equity security of Parent

53.10
3,596
10.43
10.23
62.58

1,064
(840)
13,415
(3,142)
10,273

3,406
9.88
9.69
59

Years ended December 31,

2007
CHF

USD

46,133
2,243
(13,743)
(9,327)
(8,385)
(2,453)
14,468

43,702
2,125
(13,019)
(8,835)
(7,943)
(2,324)
13,706

1,187
2
1,805
(971)
15,304
(3,867)
11,437

1,124
1,710
(920)
14,497
(3,663)
10,834

11,728
(5,788)
(5,270)
(125)
545

11,110
(5,483)
(4,992)
(118)
516

24,202
42,834
17,832
35,531
78,365
(3,032)
(14,454)
(3,834)
(10,468)
(24,922)
53,443

22,927
40,577
16,892
33,659
74,235
(2,872)
(13,692)
(3,632)
(9,916)
(23,609)
50,627

45.48
4,697
11.36
11.16

4,449
10.76
10.57
-

Exhibit 3 Genentech Income Statement Data 1998-2008

(Unaudited)
(In millions of US$, except per share, stock price and employee data)
Years Ended December 31
TOTAL OPERATING REVENUE (SALES)
Product sales
Royalties(1)
Contract revenue
TOTAL COSTS AND EXPENSES
Cost of sales
Research and development
Marketing, general and administrative
Collaboration profit sharing
Write-off of in-process research and development related to
acquisition(1)
Gain on acquisition(1)
Recurring amortization charges related to redemption and
acquisition(2)
Special items
Other income, net
INCOME (LOSS) DATA
Income (loss) before taxes and cumulative effect of
accounting change (EBIT)
Income tax provision (benefit)
Income (loss) before cumulative effect of accounting change
Cumulative effect of accounting change, net of tax
Net income (loss)

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

1,053
718
230
105

1,292
1,039
189
64

1,514
1,278
207
29

2,044
1,743
264
37

2,584
2,164
366
54

3,300
2,621
501
178

4,621
3,749
641
231

6,633
5,488
935
210

9,284
7,640
1,354
290

11,724
9,443
1,984
297

13,418
10,531
2,539
348

874
139
396
299
40

2,730
286
367
367
74

1,726
365
490
367
129

1,896
354
526
447
247

2,662
442
623
546
351

2,495
480
722
795
457

3,485
673
948
1,088
594

4,712
1,011
1,262
1,435
823

6,132
1,181
1,773
2,014
1,005

7,495
1,571
2,446
2,256
1,080

8,089
1,744
2,800
2,405
1,228

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

77
-121

0
0

0
0

198
1,438

375
0

322
0

156
544

154
-113

145
37

123
58

105
54

132
54

172
-260

74

78

216

135

108

92

84

92

251

197

102

253
71

-1,360
-203

4
20

283
127

30
-34

897
287

1,220
435

2,013
734

3,403
1,290

4,426
1,657

5,431
2,004

182
0
182

-1,157
0
-1,157

-16
-58
-74

156
-6
150

64
0
64

610
-47
563

785
0
785

1,279
0
1,279

2,113
0
2,113

2,769
0
2,769

3,427
0
3,427

23%
45%
-18%
-39%

17%
23%
10%
-55%

35%
36%
28%
28%

26%
24%
39%
46%

28%
21%
37%
230%

40%
43%
28%
30%

44%
46%
46%
-9%

40%
39%
45%
38%

26%
24%
47%
2%

14%
12%
28%
17%

SELECTED RATIOS
GROWTH IN TOTAL OPERATING REVENUE
Product sales
Royalties(1)
Contract revenue
EFFICIENCY
Cost of sales/Sales
R&D/Sales
Marketing, general and administrative/Sales
Collaboration profit sharing/Sales
Recurring amortization charges/Sales

13%
38%
28%
4%
0%

22%
28%
28%
6%
15%

24%
32%
24%
9%
25%

17%
26%
22%
12%
16%

17%
24%
21%
14%
6%

15%
22%
24%
14%
5%

15%
21%
24%
13%
3%

15%
19%
22%
12%
2%

13%
19%
22%
11%
1%

13%
21%
19%
9%
1%

13%
21%
18%
9%
1%

INCOME AND TAXES

EBIT/Sales
Effective Tax Rate (Tax/EBIT)
Net Income/Sales

24%
28%
17%

-105%
15%
-90%

0%
500%
-5%

14%
45%
7%

1%
-113%
2%

27%
32%
17%

26%
36%
17%

30%
36%
19%

37%
38%
23%

38%
37%
24%

40%
37%
26%

Source: Genentech website http://www.gene.com/gene/ir/financials/financial-summary/ and casewriter calculations.

5of65

Exhibit 4 Genentech Balance Sheet Data 1998-2008

(Unaudited)
(In millions of US$, except per share, stock price and employee data)
1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

$1,605
158
149
700
0
65
135
2,868

$1,957
233
275
730
1,609
1,453
206
6,561

$2,459
278
266
753
1,456
1,280
175
6,739

$2,865
321
357
866
1,303
1,113
136
7,162

$1,602
432
394
1,069
1,315
928
801
6,776

$2,935
588
470
1,618
1,315
811
822
8,759

$2,780
941
590
2,091
1,315
668
807
9,403

$3,814
1,050
703
3,349
1,315
574
1,074
12,147

$4,325
1,666
1,178
4,173
1,315
476
1,342
14,842

$6,065
1,766
1,493
4,986
1,577
1,168
366
18,940

$9,545
1,941
1,299
5,404
1,590
1,008
365
21,787

0
303
150
524
2,344

0
503
150
1,291
5,270

0
475
150
1,065
5,674

0
677
0
1,242
5,920

0
661
0
1,437
5,339

0
893
412
2,239
6,520

0
1,238
412
2,621
6,782

0
1,660
2,083
4,677
7,470

0
2,010
2,204
5,364
9,478

599
3,918
2,402
7,035
11,905

500
3,095
2,329
6,116
15,671

78
88
4
200
1,455

281
95
5
1
3268
1,807

463
113
69
64
2911
2,309

428
213
1
-68
2552
2,865

275
323
165
164
3044
1,602

295
322
165
0
2948
2,523

353
650
293
128
2790
2,368

370
1,400
93
-200
2963
1,731

407
1,214
834
741
3133
2,121

492
977
-60
-894
3111
3,064

592
751
645
705
2963
6,716

1,017

1,032

1,051

1,057

1,026

1,049

1,047

1,054

1,053

1,052

1,053

$9.97
$7.41

$11.25
$9.32

$61.25
$21.13

$42.00
$19.00

$27.58
$12.55

$47.68
$15.77

$68.25
$41.00

$100.20
$43.90

$95.16
$75.58

$89.73
$65.35

$99.14
$65.60

$2.30
$1.58

$5.10
$1.90

$5.40
$2.34

$5.60
$2.71

$5.21
$1.56

$6.21
$2.80

$6.48
$2.66

$7.09
$3.62

$9.00
$4.11

$11.32
$5.77

$14.88
$9.06

NUMBER OF EMPLOYEES AT YEAR-END

3,389

3,883

4,459

4,950

5,252

6,226

7,646

9,563

10,533

11,174

11,186

SELECTED RATIOS
Depreciation and amortization/Sales
Capital expenditures/Sales
Net working capital/Sales
Property, plant and equipment, net/Sales
Goodwill and other assets/Sales

7%
8%
0%
66%
19%

22%
7%
0%
57%
253%

31%
7%
5%
50%
192%

21%
10%
0%
42%
125%

11%
13%
6%
41%
118%

9%
10%
5%
49%
89%

8%
14%
6%
45%
60%

6%
21%
1%
50%
45%

4%
13%
9%
45%
34%

4%
8%
-1%
43%
27%

4%
6%
5%
40%
22%

Years Ended December 31

SELECTED BALANCE SHEET DATA
Cash, cash equivalents, short-term investments, and long-term
Accounts receivable
Inventories
Property, plant and equipment, net
Goodwill
Other intangible assets
Other long-term assets
TOTAL ASSETS
Commercial paper
Total current liabilities
Long-term debt
TOTAL LIABILITIES
TOTAL SHAREHOLDER EQUITY
OTHER DATA
Depreciation and amortization expense
Capital expenditures
Net working capital (excl. cash and commercial paper)
Change in net working capital (excl. cash and commercial paper)
Goodwill, intangible and other assets
Cash minus short and long-term debt
SHARE INFORMATION
Shares outstanding at year-end
PER SHARE DATA
Market price: High
Market price: Low
Book value per share
Cash value per share

6of65

Exhibit 5 Genentech, Inc. Board of Directors

ARTHUR D. LEVINSON, PH.D.

Chairman of the Board, Chief Executive Officer

Herbert W. Boyer, Ph.D.*

Co-founder of Genentech and Professor Emeritus of Biochemistry and

Biophysics, University of California, San Francisco

William M. Burns

Chief Executive Officer of the Pharmaceuticals Division and Member of the

Corporate Executive Committee, F. Hoffmann-La Roche Ltd.

Erich Hunziker, Ph.D.

Chief Financial Officer and Deputy Head of the Corporate Executive

Committee, F. Hoffmann-La Roche Ltd.

Jonathan K. C. Knowles, Ph.D.

Head of Group Research and Member of the Corporate Executive

Committee, F. Hoffmann-La Roche Ltd.

Debra L. Reed*

President and Chief Executive Officer, San Diego Gas & Electric and
Southern California Gas Company

Charles A. Sanders, M.D.*

Lead Director of Genentech and former Chairman and Chief Executive

Officer, Glaxo, Inc.

* Special Committee Member

Exhibit 6 Stock Price Histories of Roche and Genentech

(June 30, 1998 - June 30, 2008)

120.00

100.00

80.00

60.00

40.00

20.00

0.00

Source: Thomson ONE

Adjusted for stock splits.

Exhibit 7 Roche and Genentech: Comparable Biotech and Pharmaceutical Companies

Biotech Companies
Genentech
in millions $
Year-end 2007
Sales
Gross Profit
R&D
Marketing, Selling, G&A
Net Income
Shares Outstanding (MM)
EPS (Basic)
Dividends Per Share
Cash and Marketable Securities
Total Assets
Short and Long-term Debt
Shareholder's Equity
Employees (thousands)
5-Year Compound Annual
Sales Growth Rate
Sales per Employee
Return on Equity
Beta
as of July 18, 2008
Stock Price Data
7/18/2008
Closing Price
Market Capitalization
P-E
Enterprise Value
1/29/2009
Closing Price
Market Capitalization11
P-E12
Enterprise Value13

Roche Group
in millions $

Amgen
in millions $

Gilead
Sciences
in millions $

Celgene
in millions $

Genzyme
in millions $

Pharmaceutical Companies
Biogen Idec
in millions $

Cephalon
in millions $

GSK
in millions $

Novartis
in millions $

Astra Zeneca
in millions $

Merck
in millions $

Wyeth
in millions $

Eli Lilly
in millions $

11,724.00
10,645.00
2,446.00
4,702.00
2,769.00

40,717.56
30,801.41
7,319.51
17,546.34
8,615.18

14,771.00
13,277.00
3,247.00
6,783.00
3,166.00

4,230.05
3,512.55
591.03
1,296.77
1,615.30

1,405.82
1,307.12
398.59
850.46
231.83

3,813.52
3,023.28
737.69
1,860.87
480.19

3,171.60
2,959.20
925.20
1,699.50
637.20

1,772.64
1,538.83
348.52
1,064.41
-191.70

45,125.15
36,428.29
6,289.23
19,586.81
10,357.57

40,291.13
31,640.69
6,804.79
20,836.63
6,897.92

29,246.62
24,370.70
5,035.22
14,513.98
5,535.87

24,197.70
20,045.20
4,882.80
12,439.50
3,275.40

22,399.80
17,249.14
3,256.52
9,981.44
4,649.91

18,633.50
15,432.60
3,486.70
9,581.80
2,953.00

1,052.00
2.59
0.00

761.31
10.03
4.06

1,087.00
2.82
0.00

932.48
1.68
0.00

403.12
0.54
0.00

266.01
1.74
0.00

295.70
1.99
0.00

67.60
-2.88
0.00

10,942.38
1.88
1.05

1,998.63
2.97
1.41

2,894.32
3.70
1.85

2,172.50
1.49
1.52

1,337.79
3.38
1.06

1,134.31
2.71
1.70

6,065.00
18,940.00
3,001.00
11,905.00

22,926.55
67,842.89
6,060.02
40,023.83

7,151.00
34,639.00
11,177.00
17,869.00

1,172.00
5,537.36
1,300.29
3,459.99

2,738.90
3,470.33
222.69
2,843.94

947.50
8,221.75
810.37
6,628.61

979.10
8,628.80
1,562.90
5,534.30

826.30
3,364.52
1,240.96
1,302.07

4,532.00
57,224.87
20,999.21
19,076.28

13,047.00
72,016.33
5,804.59
49,312.93

5,958.00
46,968.92
15,174.06
14,795.61

8,230.80
45,527.00
5,739.40
18,184.70

13,447.70
41,071.64
11,804.47
18,210.54

3,704.80
26,874.80
5,007.20
13,503.90

11,174

78,604

17,500

2,979

1,685

10,000

4,300

2,796

103,483

98,200

67,400

59,800

50,527

40,600

35.1%

9.2%

21.7%

55.4%

59.6%

28.7%

51.0%

28.5%

1.4%

7.1%

4.5%

-14.1%

9.0%

11.0%

1.05

0.52

0.84

1.42

0.83

0.38

0.74

0.63

0.44

0.41

0.43

0.40

0.44

0.46

23.3%

21.5%

17.7%

46.7%

8.2%

7.2%

11.5%

-14.7%

54.3%

14.0%

37.4%

18.0%

25.5%

21.9%

0.26

0.783

0.454

0.894

0.766

0.658

0.767

0.384

0.591

0.401

0.742

0.642

0.675

0.663

DNA

RHHBY

AZN

MRK

WYE

LLY

81.82
86,373.27
112.08
89,070.27

175.60
151,462.91
32.07
156,633.03

52.56
55,555.92
60.41
65,362.92

49.53
45,697.32
107.67
46,849.47

70.85
32,208.86
262.41
32,078.47

78.23
21,016.76
312.92
21,996.10

64.65
18,764.95
92.36
20,007.75

73.05
4,960.15
92.47
6,131.41

23.98
123,669.06
48.47
147,877.70

57.05
129,119.63
54.52
130,977.14

45.40
65,971.51
40.64
82,430.02

37.68
80,728.42
45.95
83,833.02

53.43
71,245.26
64.37
82,786.66

47.91
54,471.28
54.44
59,437.28

84.09
88,546.77
26.20
89,356.77

103.75
89,494.37
15.37
91,390.16

54.82
57,396.54
14.06
67,822.54

50.64
46,073.23
24.11
46,887.50

52.13
23,934.43
-15.07
24,086.32

69.46
18,803.11
46.31
19,274.95

49.28
14,194.91
18.60
15,345.30

78.09
5,367.64
26.74
6,695.57

17.36
90,046.48
13.71
109,967.90

30.61
69,338.21
12.09
76,690.49

38.29
55,425.78
11.75
68,247.86

28.94
60,996.56
7.95
68,204.76

33.43
44,513.84
10.22
56,691.10

37.97
43,136.18
-20.09
51,321.98

AMGN

GILD

CELG

GENZ

BIIB

CEPH

GSK

Note: Exchange Rates used: Swiss Franc to US Dollar 12/31/2007 1.133, 7/18/2008 1.0228, 1/29/2009 1.545; UK Pound to US Dollar 12/31/2007 .5034, 7/18/2008 .5004, 1/29/2009 .6999

NOVN-VX

Exhibit 8 Roche Group's Top Selling Pharmaceutical Products in 2008

Genentech-originated products are shaded.
Product

Active Substance

Indication

Sales
(in millions of
CHF)
5,923

MabThera/Rituxan

rituximab

Avastin

bevacizumab

Herceptin
CellCept

trastuzumab
mycophenolate mofetil

non-Hodgkins lymphoma, chronic lymphocytic leukemia,

rheumatoid arthritis
colorectal cancer, breast cancer, non-small cell lung
cancer, kidney cancer
HER2-positive breast cancer
transplantation

NeoRecormon, Epogin
Pegasys

epoetin beta
peginterferon alfa-2a

anemia
hepatitis B and C

1,774
1,635

Tarceva*

erlotinib

1,215

Xeloda
Bonviva/Boniva
Lucentis1
Tamiflu
Xolair1
Valcyte, Cymevene
Xenical
Pulmozyme
Nutropin
Neutrogin
Rocephin
Activase, TNKase

capecitabine
ibandronic acid
ranibizumab
oseltamivir
omalizumab
valganciclovir,
ganciclovir
orlistat
dornase alfa/DNase
somatropin
lenograstim
ceftriaxone
alteplase, tenecteplase

advanced non-small cell lung cancer, advanced

pancreatic cancer
colorectal cancer, breast cancer, stomach cancer
osteoporosis
wet age-related macular degeneration
treatment and prevention of influenza A and B
asthma
cytomegalovirus infection

Madopar

levodopa + benserazide Parkinsons disease

weight loss, weight control

cystic fibrosis
growth hormone deficiency
neutropenia associated with chemotherapy
bacterial infections
acute myocardial infarction (heart attack)

5,207
5,092
2,099

1,211
1,108
960
609
560
553
502
496
413
404
344
342
311

Source: Roche Group Annual Report 2008

* Roche and Genentech separately contracted with Tarcevas developer, OSI, hence shared credit
for origination.

% Change in
local
currencies
16
37
12
13
13
6
23
13
35
7
68
10
10
13
12
2
3
10
1
4

Exhibit 9 Roche's Estimates of Achievable Synergies

(in millions of US$)

Year
Manufacturing
Research
Development
Marketing & Distribution
Roche G&A
Genentech G&A
Total

Source: Roche Group

2009
0
44
38
38
63
40
223

2010
102
114
98
98
103
103
618

2011
205
118
109
101
113
106
752

2012
256
121
111
104
123
109
824

2013 and
thereafter
270
125
112
107
124
113
851

% Dependent
Merger with
Genentech
50%
0%
100%
100%
75%
37%

Exhibit 10 Genentech Free Cash Flow: 2006 - 2008 and 2009 Forecast based on Genentech's
Long-range Plan (LRP)
(in millions of U.S. dollars)

2006
Actual
Revenues
Product sales
Royalties
Contract and other
Total Revenue
Costs and expenses
Cost of sales
Research and development
Marketing, selling, general
and administrative
Profit sharing
Other expenses
Total costs and expenses
Operating income
Less: Taxesa
After-tax operating income
Plus: Depreciation and amortization
Less: Increase(Decrease) in net working capital
Cash flow from operations
Less: Capital expenditures
Free cash flow
Less: Charge for equity settled
equity compensation
Free cash flow after equity settled
equity compensation

2007
Actual

2008
2009
Actual Forecast

7,640
1,354
290
9,284

9,443
1,984
297
11,724

10,531
2,539
348
13,418

10,868
2,409
258
13,535

1,181
1,773

1,571
2,446

1,744
2,800

1,792
2,644

2,014

2,256

2,405

2,058

1,005
159
6,132
3,152
(1,290)
1,862
407
(741)
1,528
(1,214)
314

1,080
142
7,495
4,229
(1,657)
2,572
492
894
3,958
(977)
2,981

1,228
(88)
8,089
5,329
(2,004)
3,325
592
(705)
3,212
(751)
2,461

1,403
0
7,897
5,638
(1,973)
3,665
577
(457)
3,785
(672)
3,113

(1,567)

314

2,981

2,461

1,546

Source: Actuals from casewriter estimates based on Exhibits 3 and 4; Forecast based on Genentech
June 2008 Long-range Plan (LRP) Summary, prepared by Greenhill & Co. for the Roche Group.
Actual equals income tax provision from Genentech Income Statements. Forecast assumes
a 35% tax rate.
a

Exhibit 11 Assumptions approximating June Long-range Plan (LRP) and November Financial Model (NFM)
Growth
Annual Growth Rate of Total Revenue (2010-2018)
Period of Year-by-year Free Cash Flows

7.0%
2009-2018

6.9%
2009-2024

Operating Ratios (2010-2018)

Cost of Sales/Revenue
R&D/Revenue
Marketing, G&A/Revenue
Profit sharing/Revenue
Other Costs/Revenue
Total Costs/Revenue
Operating Income (EBIT)/Revenue
Tax Rate
Depreciation/Revenue
Ch. Net Working Capital/Revenue
Capex/Revenue
Equity-based Compensation/Revenue (2010-2018)

9.5%
18.5%
15.1%
9.0%
0.0%
52.1%
47.9%
35.0%
3.3%
1.3%
3.9%
1.3%

10.2%
19.9%
14.3%
7.8%
0.0%
52.3%
47.7%
30.7%
2.9%
0.7%
3.1%
0.0%

$0.00
$0.00

-$11.42
$8.19

Adjustments to Enterprise Value

Capitalized equity stock option (ESO) expense
Capitalized value of 2015 Opt-in Rights

Source: Casewriter estimates.

LRP

NFM

Model (NFM)

billion
billion

Exhibit 12 Squeeze-Out Precedent Transactions

($ in millions, except per share data)

Date
Ann'd

Target Name

Squeeze-Outs Closed by 7/18/2008

11/9/07
Cosmote Telecommunications
10/2/07
Nikko Cordial Corp
5/24/07
Codan A/S
11/20/06
TD Banknorth Inc
10/23/06
Shell Canada
8/29/06
Mitsubishi UFJ Securities Co
8/21/06
Burns Philp & Co Ltd
9/11/05
RAS
9/1/05
7-Eleven Inc
8/9/05
Electrabel SA
4/26/05
Mitsubishi Pharma Corp
3/9/05
Falconbridge Ltd
2/11/05
AS Hansabank
1/17/05
Unitedglobalcom
1/10/05
Fox Entertainment
12/7/04
Telecom Italia Mobile SpA
10/9/04
T-Online International AG
8/2/04
Cox Communications
2/2/04
Grupo Financiero
10/6/03
UGC Europe Inc
3/12/03
Telecom Italia SpA

Acquiror Name

Hellenic Telecommunications
Citigroup Japan Holdings Ltd
RSA Overseas Holdings BV
Toronto-Dominion Bank
Royal Dutch Shell
Mitsubishi UFJ Financial Group
Rank Group Ltd
Allianz AG
IYG Holding Co
Suez SA
Mitsubishi Chemical Corp
Noranda Inc
FoereningsSparbanken AB
Liberty Media
News Corp
Telecom Italia SpA
Deutsche Telekom AG
Cox Enterprises Inc
Banco Bilbao Vizcaya Argentaria
UGC Holdings Inc
Ing C Olivetti & Co SpA

Initial

Deal

Sought

Offer ($)

Value

32.2%
32.0%
24.7%
43.0%
22.0%
38.8%
42.4%
44.6%
27.3%
49.9%
41.1%
41.5%
40.3%
47.0%
17.9%
30.2%
26.1%
39.5%
40.6%
33.3%
45.1%

$38.46
14.68
109.01
32.33
35.48
13.78
0.84
23.62
32.50
506.36
10.04
32.73
14.16
9.58
33.54
7.53
11.16
32.00
1.09
59.04
8.83

Statistics as of 7/18/2008:
Squeeze-Outs Closed After 7/18/2008
8/12/08
UnionBanCal
3/10/08
Nationwide Financial Services
1/15/08
SBI E*Trade Securities

Mitsubishi UFJ Financial Group

Nationwide Mutual Insurance
SBI Holdings

34.6%
33.7%
47.7%

$63.00
47.20
885.97

$4,142.4
4,026.0
1,215.4
2,414.3
7,246.0
3,879.8
1,008.3
7,375.8
1,186.42
13,084.5
1,889.3
2,457.1
2,221.4
3,566.1
5,978.0
19,484.1
3,561.9
8,359.7
4,119.5
1,302.2
31,852.1
Mean
Median
$3,563.4
2,440.1
1,482.0

Statistics as of 1/29/2009:

Source: Greenhill & Co.

Mean
Median

Offer Premium
1 Day

1 Week

1 Month

52W High

All-Time
High

9.4%
11.2%
15.2%
6.5%
37.2%
11.9%
15.8%
12.3%
32.3%
5.2%
3.5%
0.9%
28.4%
18.3%
9.8%
12.4%
0.0%
26.0%
13.7%
45.7%
36.0%

11.2%
14.1%
15.2%
8.4%
37.9%
6.2%
16.4%
18.3%
31.0%
9.0%
5.2%
13.2%
29.8%
27.9%
9.4%
15.9%
1.4%
24.6%
12.9%
45.3%
28.0%

6.4%
7.6%
13.1%
9.1%
45.4%
26.9%
15.8%
16.9%
9.6%
14.0%
(3.3%)
19.7%
37.1%
25.6%
13.1%
22.0%
6.5%
25.2%
23.6%
31.1%
17.1%

5.0%
(9.1%)
9.0%
3.2%
(4.1%)
(16.3%)
(5.6%)
8.9%
7.9%
5.2%
(20.2%)
0.9%
28.1%
(9.6%)
6.5%
12.4%
(24.8%)
(5.4%)
9.7%
29.5%
(18.6%)

5.0%
(74.3%)
9.0%
(56.7%)
(4.1%)
(49.9%)
(78.0%)
8.9%
(1.6%)
(1.3%)
(38.5%)
0.9%
28.1%
(91.6%)
0.8%
(63.3%)
(80.5%)
(38.8%)
9.7%
29.5%
(59.2%)

16.8%
12.4%

18.2%
15.2%

18.2%
16.9%

0.6%
3.2%

(26.0%)
(4.1%)

26.3%
37.8%
(5.0%)

28.6%
28.7%
(2.0%)

80.4%
24.3%
(10.5%)

21.0%
(19.1%)
(49.3%)

2.6%
(19.1%)
(76.7%)

17.1%
13.1%

18.2%
15.6%

19.9%
17.0%

(1.4%)
2.0%

(26.6%)
(11.6%)

Exhibit 13 Trading Statistics for Comparable Companies

($ in millions, except per share data)

Company
Amgen
Gilead Science
Celgene
Genzyme
Biogen Idec
Cephalon

Price
7/18/2008
$52.56
49.53
70.85
78.23
64.65
73.05

Discount
From 52
Wk. High

FD
Equity
Value

(11.0%)
(13.0%)
(6.1%)
(4.7%)
(23.7%)
(12.3%)

$57,222
48,988
33,163
21,570
18,942
6,831

Enterprise
Value
$59,752
48,194
31,137
21,416
19,169
5,982

Long
Term
Growth
10.5%
24.7%
36.8%
18.6%
13.2%
16.8%

Enterprise Value /
Revenue
EBITDA
2008E
2009E
2008E
2009E
4.1x
9.3x
13.8x
4.7x
4.9x
3.2x

4.0x
7.8x
10.6x
4.1x
4.4x
2.8x

9.5x
18.3x
38.8x
12.0x
12.0x
9.7x

9.3x
16.2x
25.1x
n.a.
11.3x
8.3x

Price / Earnings
2008E
12.6x
25.4x
48.7x
19.9x
18.6x
19.6x

All Comparables:

Mean
Median

20.1%
17.7%

6.7x
4.8x

5.6x
4.3x

16.7x
12.0x

14.0x
11.3x

24.1x
19.7x

Core Comparables:

Mean
Median

13.5%
13.2%

4.1x
4.1x

3.7x
4.0x

10.4x
9.7x

9.6x
9.3x

16.9x
18.6x

Genentech (Ac

$81.82

(0.8%)

$87,833

$84,570

19.2%

6.4x

5.9x

15.1x

14.1x

23.9x

Genentech (Ro

$89.00

7.9%

$95,939

$92,676

19.2%

7.0x

6.5x

16.5x

15.5x

26.1x

Source: Greenhill & Co.

Price / Earnings
2009E

PEG
2008E
2009E

12.1x
22.1x
30.0x
16.5x
16.4x
15.8x

1.2x
1.0x
1.3x
1.1x
1.4x
1.2x

1.2x
0.9x
0.8x
0.9x
1.2x
0.9x

18.8x
16.5x

1.2x
1.2x

1.0x
0.9x

14.8x
15.8x

1.3x
1.2x

1.1x
1.2x

21.1x

1.2x

1.1x

23.1x

1.4x

1.2x

Exhibit 14 Analyst Price Targets as of 7/18/09

Analyst Price Targets as of 7/18/2008

Roche's initial $89/share

proposal exceeded the
consensus analyst price
target of $84.89/share as of
July 18, 2008.
Since the $84.89 price target
preceded Roche's proposal,
this price target theoretically
reflects an unbiased estimate
of Wall Streets consensus
views regarding Genentech
value.
As of January, 2009,
fundamental implied
valuations have declined,
based on analysts recent
projections vis--vis prior
projections, due to
Genentech's lowered 2009
outlook.

12-month Trading Range

7/18/08 Share Price
Wachovia
Lehman Brothers
Natixis
Jefferies
Thomas Weisel
Credit Suisse
Ferris Baker Watts
Janney Montgomery Scott
BMO Capital
Merrill Lynch
RBC
Deutsche Bank
Sanford Bernstein
Robert Baird & Co
Goldman Sachs
Oppenheimer
Lazard
Rodman & Renshaw
Citi
UBS
Piper Jaffray
Morgan Stanley
Banc of America
JP Morgan
$ per share

Consensus Price Target:

$84.99

65

75

85

95

Source: Greenhill & Co.

sus Price Target:

95

105

January 1, 2008 = 100

Exhibit 15 Genent ech, Roch e and S&P B iotech Index Janu ary 1, 2008 - Jan uary 29, 2009

16 0
98 .37
9 3 .8 8

9 3 .83

14 0

7 3.0 0
12 0

72 .7 4

10 0
1 6 8.0 9

1 7 2.6 9

80
8/1 3 /20 08
Gene nt ec h
Re je cts O ffer

60

1 30 .61

1 23 .0 5

7 /21 /2 00 8
Roc he Offe r

40

9/1 5/2 0 08
Le hma n
Bankr uptcy

ROCHE HOLDING

10 /10 /2 00 8
Oct obe r lo w

S&P1500 BIOTECHNOLOGY INDEX

So urce : T homs on Financ ia l's Da ta str ea m, ac ces sed 1 1/4 /2 0 0 9

1 1 /2 1 /20 0 8
N ove mber lo w

Exhibit 16 Treasury and Corporate Interest Rates, January 2006January 2009 (in percent)
Treasury yields
1 Mo.
3 Mo.

Date
Jan-06
Feb-06
Mar-06
Apr-06
May-06
Jun-06
Jul-06
Aug-06
Sep-06
Oct-06
Nov-06
Dec-06
Jan-07
Feb-07
Mar-07
Apr-07
May-07
Jun-07
Jul-07
Aug-07
Sep-07
Oct-07
Nov-07
Dec-07
Jan-08
Feb-08
Mar-08
Apr-08
May-08
Jun-08
Jul-08
Aug-08
Sep-08
Oct-08
Nov-08
Dec-08
Jan-09

4.12
4.38
4.55
4.61
4.70
4.71
4.90
5.16
4.77
4.97
5.21
4.87
4.94
5.18
5.21
4.99
4.82
4.52
4.82
4.20
3.78
3.81
3.68
2.86
2.74
2.27
1.35
1.07
1.76
1.72
1.60
1.68
0.89
0.29
0.09
0.03
0.05

4.34
4.54
4.63
4.72
4.84
4.92
5.08
5.09
4.93
5.05
5.07
4.97
5.15
5.16
5.10
5.07
4.98
4.95
5.04
4.55
4.20
4.16
3.58
3.34
2.84
2.10
1.51
1.58
1.86
2.19
1.98
1.97
1.64
1.23
0.74
0.26
0.30

1 year

5 year

10 year

20 year

30 year

Bonds
AAA

4.45
4.68
4.77
4.90
5.00
5.16
5.22
5.08
4.97
5.01
5.01
4.94
5.06
5.05
4.92
4.93
4.91
4.96
4.96
4.47
4.14
4.10
3.50
3.26
2.71
2.05
1.54
1.74
2.06
2.42
2.28
2.18
1.91
1.42
1.07
0.49
0.44

4.35
4.57
4.72
4.90
5.00
5.07
5.04
4.82
4.67
4.69
4.58
4.53
4.75
4.71
4.48
4.59
4.67
5.03
4.88
4.43
4.20
4.20
3.67
3.49
2.98
2.78
2.48
2.84
3.15
3.49
3.30
3.14
2.88
2.73
2.29
1.52
1.60

4.42
4.57
4.72
4.99
5.11
5.11
5.09
4.88
4.72
4.73
4.60
4.56
4.76
4.72
4.56
4.69
4.75
5.10
5.00
4.67
4.52
4.53
4.15
4.10
3.74
3.74
3.51
3.68
3.88
4.10
4.01
3.89
3.69
3.81
3.53
2.42
2.52

4.65
4.73
4.91
5.22
5.35
5.29
5.25
5.08
4.93
4.94
4.78
4.78
4.95
4.93
4.81
4.95
4.98
5.29
5.19
5.00
4.84
4.83
4.56
4.57
4.35
4.49
4.36
4.44
4.60
4.74
4.62
4.53
4.32
4.45
4.27
3.18
3.46

NA
4.54
4.73
5.06
5.20
5.15
5.13
5.00
4.85
4.85
4.69
4.68
4.85
4.82
4.72
4.87
4.90
5.20
5.11
4.93
4.79
4.77
4.52
4.53
4.33
4.52
4.39
4.44
4.60
4.69
4.57
4.50
4.27
4.17
4.00
2.87
3.13

5.29
5.35
5.53
5.84
5.95
5.89
5.85
5.68
5.51
5.51
5.33
5.32
5.40
5.39
5.30
5.47
5.47
5.79
5.73
5.79
5.74
5.66
5.44
5.49
5.33
5.53
5.51
5.55
5.57
5.68
5.67
5.64
5.65
6.28
6.12
5.05
5.05

10.00
9.00
8.00
7.00
6.00

BBB

10.00
9.00
8.00
7.00
6.00
5.00

BBB
AAA
20 year

4.00

10 year

3.00

1 year

2.00
1.00
0.00

Source: Federal Reserve Board, accessed through WRDS, November 4, 2009

BBB

Comm.
Paper

6.24
6.27
6.41
6.68
6.75
6.78
6.76
6.59
6.43
6.42
6.20
6.22
6.34
6.28
6.27
6.39
6.39
6.70
6.65
6.65
6.59
6.48
6.40
6.65
6.54
6.82
6.89
6.97
6.93
7.07
7.16
7.15
7.31
8.88
9.21
8.43
8.14

4.36
4.47
4.61
4.80
4.95
5.12
5.24
5.22
5.21
5.20
5.21
5.23
5.22
5.22
5.23
5.23
5.22
5.24
5.23
5.24
4.94
4.70
4.48
4.25
3.61
2.90
2.36
2.10
1.99
2.14
2.08
2.04
2.10
1.55
0.61
0.25
0.15

BBB

BBB
AAA
20 year
10 year
1 year

295249402.xls
Thomson ONE Banker - Interactive Chart
Company analysis - Technical Analysis - Timeseries Charts - Price & Volume Chart 401V
Roche (SWX: ROG.VX; RO.S, OTCQX: RHHBY)
Genentech (NYSE: DNA)

Roche Holdings LTD.

Genentech Inc.

RHHBY

NYSE: DNA

Period

RHHBY-5
6/30/2008
5/30/2008
4/30/2008
3/31/2008
2/29/2008
1/31/2008

12/31/2007
11/30/2007
10/31/2007
9/28/2007
8/31/2007
7/31/2007
6/29/2007
5/31/2007
4/30/2007
3/30/2007
2/28/2007
1/31/2007
12/29/2006
11/30/2006
10/31/2006
9/29/2006
8/31/2006
7/31/2006
6/30/2006
5/31/2006
4/28/2006
3/31/2006
2/28/2006
1/31/2006
12/30/2005
11/30/2005
10/31/2005
9/30/2005
8/31/2005
7/29/2005
6/30/2005
5/31/2005
4/29/2005
3/31/2005
2/28/2005
1/31/2005
12/31/2004
11/30/2004
10/29/2004
9/30/2004
8/31/2004
7/30/2004
6/30/2004
5/31/2004
4/30/2004
3/31/2004
2/27/2004
1/30/2004
12/31/2003
11/28/2003
10/31/2003
9/30/2003
8/29/2003
7/31/2003
6/30/2003
5/30/2003
4/30/2003
3/31/2003
2/28/2003
1/31/2003
12/31/2002
11/29/2002
10/31/2002
9/30/2002
8/30/2002

44.77
43.38
41.63
47.18
49.10
45.73
42.70
47.70
42.73
45.15
43.75
44.55
44.48
45.93
47.13
44.25
44.63
47.25
44.73
45.53
44.03
43.33
45.95
44.35
41.38
39.00
38.50
37.23
36.75
39.53
37.55
37.75
37.58
35.05
34.78
34.00
31.55
31.60
30.20
26.99
26.13
26.53
29.09
26.35
25.74
25.90
24.28
24.69
24.75
26.34
26.44
24.30
25.90
25.44
25.25
22.63
20.75
20.80
19.25
20.88
19.75
19.03
15.88
15.05
15.06
17.31
17.25
17.88
17.56
16.78
18.06

U:DNA

75.90
70.87
68.20
81.18
75.75
70.16
67.07
76.25
74.13
78.02
74.81
74.38
75.66
79.77
79.99
82.12
84.41
87.37
81.13
81.75
83.30
82.70
82.52
80.82
81.80
82.96
79.71
84.51
85.69
85.92
92.50
95.62
90.60
84.21
93.94
89.45
80.28
79.25
70.94
56.61
47.20
47.71
54.44
48.25
45.53
52.42
48.78
48.68
56.20
59.81
61.40
52.91
53.95
47.75
46.79
42.15
40.99
40.07
39.70
40.38
36.06
31.31
19.00
17.51
17.68
18.37
16.58
16.50
17.05
16.32
16.40

295249402.xls

Roche Holdings LTD.

Genentech Inc.

RHHBY

NYSE: DNA

Period

RHHBY-5
7/31/2002
6/28/2002
5/31/2002
4/30/2002
3/29/2002
2/28/2002
1/31/2002

12/31/2001
11/30/2001
10/31/2001
9/28/2001
8/31/2001
7/31/2001
6/29/2001
5/31/2001
4/30/2001
3/30/2001
2/28/2001
1/31/2001
12/29/2000
11/30/2000
10/31/2000
9/29/2000
8/31/2000
7/31/2000
6/30/2000
5/31/2000
4/28/2000
3/31/2000
2/29/2000
1/31/2000
12/31/1999
11/30/1999
10/29/1999
9/30/1999
8/31/1999
7/30/1999
6/30/1999
5/31/1999
4/30/1999
3/31/1999
2/26/1999
1/29/1999
12/31/1998
11/30/1998
10/30/1998
9/30/1998
8/31/1998
7/31/1998
6/30/1998

17.88
18.73
20.00
18.88
19.31
17.56
16.56
17.83
18.00
17.21
18.00
17.83
18.94
17.63
18.96
17.96
18.11
21.49
22.95
25.47
24.77
22.83
21.98
22.38
23.49
24.41
26.25
26.17
27.16
26.94
27.07
29.52
30.17
30.02
28.93
28.91
27.61
25.70
26.52
29.46
30.49
31.66
32.57
30.51
29.46
29.17
26.91
25.87
26.92
24.55

U:DNA

17.38
16.75
17.75
17.75
25.23
23.60
24.73
27.13
28.73
26.13
22.00
22.95
21.15
27.55
25.03
26.25
25.25
26.25
29.63
40.75
34.03
41.25
46.42
47.63
38.03
43.00
26.84
30.00
38.00
48.22
34.84
33.63
21.47
18.22
18.29
20.53
17.75

12-month Trad
#NAME?
7/18/08 Share
81.82
Wachovia
72.5
Lehman Brothe
75
Natixis
76
Jefferies
78
Thomas Weisel
81
Credit Suisse
82
Ferris Baker Wa
82
Janney Montgo
82
BMO Capital
82
Merrill Lynch
84
RBC
84
Deutsche Bank
85
Sanford Bernst
86
Robert Baird &
87
Goldman Sach
88
Oppenheimer
88
Lazard
90
Rodman & Ren
90
Citi
91
UBS
92
Piper Jaffray
94
Morgan Stanle
94
Banc of Americ
95
JP Morgan
100
Overall Averag 85.77083333

#NAME?
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1

12-month Trading Range

7/18/08 Share Price
Wachovia
Lehman Brothers
Natixis
Jefferies
Thomas Weisel
Credit Suisse
Ferris Baker Watts
Janney Montgomery Scott
BMO Capital
Merrill Lynch
RBC
Deutsche Bank
Sanford Bernstein
Robert Baird & Co
Goldman Sachs
Oppenheimer
Lazard
Rodman & Renshaw
Citi
UBS
Piper Jaffray
Morgan Stanley
Banc of America
JP Morgan
$ per share

65

ge
e
ia
rs
s
es
el
e
ts
ott
al
h
C
nk
in
Co
hs
er
rd
w
iti
S
ay
ey
a
an
65

75

85

95

105

105

01/01/2008
01/02/2008
01/03/2008
01/04/2008
01/07/2008
01/08/2008
01/09/2008
01/10/2008
01/11/2008
01/14/2008
01/15/2008
01/16/2008
01/17/2008
01/18/2008
01/21/2008
01/22/2008
01/23/2008
01/24/2008
01/25/2008
01/28/2008
01/29/2008
01/30/2008
01/31/2008
02/01/2008
02/04/2008
02/05/2008
02/06/2008
02/07/2008
02/08/2008
02/11/2008
02/12/2008
02/13/2008
02/14/2008
02/15/2008
02/18/2008
02/19/2008
02/20/2008
02/21/2008
02/22/2008
02/25/2008
02/26/2008
02/27/2008

ROCHE HS&P1500GENENTECH
172.593 681.12
67.07
174.799 680.01
67.4
172.654
686.8
67.11
171.527 674.87
66.38
171.994 693.18
66.27
182.987 690.12
68.29
186.011 709.53
70.11
189.121
711.2
70.88
186.978
715.8
71.5
185.968 716.83
70.64
180.955
708.1
69.62
179.646 715.04
69.94
183.14 717.07
69.75
185.101
704.8
68.77
174.665
704.8
68.77
178.964 678.75
68.35
174.762 680.23
67.66
178.844 682.84
68.43
176.878 679.86
67.79
176.379
684.7
68.84
173.031 690.45
69.53
178.753 688.77
69.56
180.928
698.3
70.16
183.053
709.9
70.81
182.712 708.15
71.49
176.412 687.37
70.78
178.728 691.43
70.52
175.02 692.97
69.92
173.708 691.11
69.79
173.096 689.88
69.48
175.088 689.68
69.92
178.149 696.96
70.85
179.438 687.92
72.12
175.679 685.53
72.67
176.028 685.53
72.67
177.433 686.91
72.84
174.862 689.12
72.37
178.443 676.22
71.75
180.737 669.42
71.6
188.177 682.23
77.96
192.241 691.72
77.5
196.163 683.73
76.66

01/01/2008
01/02/2008
01/03/2008
01/04/2008
01/07/2008
01/08/2008
01/09/2008
01/10/2008
01/11/2008
01/14/2008
01/15/2008
01/16/2008
01/17/2008
01/18/2008
01/21/2008
01/22/2008
01/23/2008
01/24/2008
01/25/2008
01/28/2008
01/29/2008
01/30/2008
01/31/2008
02/01/2008
02/04/2008
02/05/2008
02/06/2008
02/07/2008
02/08/2008
02/11/2008
02/12/2008
02/13/2008
02/14/2008
02/15/2008
02/18/2008
02/19/2008
02/20/2008
02/21/2008
02/22/2008
02/25/2008
02/26/2008
02/27/2008

0.5794 0.14682
ROCHE HS&P1500
100
100
101.278 99.837
100.035 100.834
99.3819 99.0824
99.6527 101.771
106.022 101.321
107.774 104.171
109.576 104.416
108.334 105.092
107.749 105.243
104.844 103.961
104.086 104.98
106.11 105.278
107.247 103.477
101.201 103.477
103.691 99.652
101.256 99.8693
103.622 100.253
102.483 99.815
102.193 100.526
100.254 101.37
103.569 101.123
104.829 102.522
106.061 104.225
105.863 103.968
102.212 100.918
103.554 101.514
101.406 101.74
100.646 101.467
100.291 101.286
101.446 101.257
103.219 102.326
103.966
101
101.788 100.647
101.99 100.647
102.804 100.85
101.315 101.175
103.39 99.2806
104.719 98.2822
109.029 100.163
111.384 101.556
113.656 100.383

02/28/2008
02/29/2008
03/03/2008
03/04/2008
03/05/2008
03/06/2008
03/07/2008
03/10/2008
03/11/2008
03/12/2008
03/13/2008
03/14/2008
03/17/2008
03/18/2008
03/19/2008
03/20/2008
03/21/2008
03/24/2008
03/25/2008
03/26/2008
03/27/2008
03/28/2008
03/31/2008
04/01/2008
04/02/2008
04/03/2008
04/04/2008
04/07/2008
04/08/2008
04/09/2008
04/10/2008
04/11/2008
04/14/2008
04/15/2008
04/16/2008
04/17/2008
04/18/2008
04/21/2008
04/22/2008
04/23/2008
04/24/2008
04/25/2008
04/28/2008
04/29/2008
04/30/2008
05/01/2008
05/02/2008
05/05/2008

195.808
196.735
195.873
192.419
192.191
194.009
189.134
187.776
185.214
187.586
186.783
187.638
184.629
185.666
185.118
185.222
184.818
182.897
188.108
189.173
191.148
189.233
187.858
188.909
190.896
188.335
188.829
187.722
185.572
182.318
179.373
178.195
173.121
165.839
170.566
163.488
167.551
169.905
170.506
168.021
168.566
169.762
171.163
166.859
166.924
164.901
164.508
164.451

687.66
685.77
693.24
699.36
694.7
674.67
680.51
664.31
679.05
684.16
700.04
679.11
659.48
668.91
659
666.78
666.78
686.44
693.81
699.54
693.96
686.54
704.56
721.47
718.11
711.56
720.04
715.87
714.26
708.95
741.32
725.04
726.03
729.28
737.94
727.13
736.16
735.02
723.25
727.12
726.24
727.35
729.93
722.32
717.58
735.28
735.82
736.87

75.86
75.75
79.18
80.6
80.76
79.49
79.39
78.21
79.28
80.15
81.43
78.83
77.27
78.44
78.05
79.26
79.26
78.84
80.37
82.01
80.13
80
81.18
81.04
79.8
79.42
79.73
78.65
79.04
77.71
78
76.79
74.69
74.06
74.18
73.31
72.72
71.91
74.09
73.69
72.92
71.97
73.16
67.93
68.2
68.35
67.24
67.79

02/28/2008
02/29/2008
03/03/2008
03/04/2008
03/05/2008
03/06/2008
03/07/2008
03/10/2008
03/11/2008
03/12/2008
03/13/2008
03/14/2008
03/17/2008
03/18/2008
03/19/2008
03/20/2008
03/21/2008
03/24/2008
03/25/2008
03/26/2008
03/27/2008
03/28/2008
03/31/2008
04/01/2008
04/02/2008
04/03/2008
04/04/2008
04/07/2008
04/08/2008
04/09/2008
04/10/2008
04/11/2008
04/14/2008
04/15/2008
04/16/2008
04/17/2008
04/18/2008
04/21/2008
04/22/2008
04/23/2008
04/24/2008
04/25/2008
04/28/2008
04/29/2008
04/30/2008
05/01/2008
05/02/2008
05/05/2008

113.451
113.988
113.488
111.487
111.355
112.408
109.584
108.797
107.312
108.687
108.221
108.717
106.974
107.574
107.257
107.317
107.083
105.97
108.989
109.606
110.751
109.641
108.844
109.453
110.605
109.121
109.407
108.766
107.52
105.634
103.928
103.246
100.306
96.0866
98.8253
94.7246
97.0783
98.4423
98.7903
97.3507
97.6669
98.3596
99.1715
96.6778
96.7154
95.5432
95.3153
95.2825

100.96
100.683
101.779
102.678
101.994
99.053
99.9104
97.532
99.6961
100.446
102.778
99.7049
96.8229
98.2074
96.7524
97.8946
97.8946
100.781
101.863
102.704
101.885
100.796
103.441
105.924
105.431
104.469
105.714
105.102
104.866
104.086
108.838
106.448
106.594
107.071
108.342
106.755
108.081
107.913
106.185
106.754
106.624
106.787
107.166
106.049
105.353
107.952
108.031
108.185

05/06/2008
05/07/2008
05/08/2008
05/09/2008
05/12/2008
05/13/2008
05/14/2008
05/15/2008
05/16/2008
05/19/2008
05/20/2008
05/21/2008
05/22/2008
05/23/2008
05/26/2008
05/27/2008
05/28/2008
05/29/2008
05/30/2008
06/02/2008
06/03/2008
06/04/2008
06/05/2008
06/06/2008
06/09/2008
06/10/2008
06/11/2008
06/12/2008
06/13/2008
06/16/2008
06/17/2008
06/18/2008
06/19/2008
06/20/2008
06/23/2008
06/24/2008
06/25/2008
06/26/2008
06/27/2008
06/30/2008
07/01/2008
07/02/2008
07/03/2008
07/04/2008
07/07/2008
07/08/2008
07/09/2008
07/10/2008

162.737
162.257
160.678
160.423
159.885
162.806
164.612
168.354
169.817
172.207
172.953
174.248
173.23
170.817
168.603
170.114
171.101
171.652
172.407
181.257
179.205
176.053
177.846
177.516
175.572
170.664
171.467
170.992
170.932
168.58
168.73
168.403
168.246
165.62
165.758
168.267
170.305
171.629
171.945
180.233
178.288
181.19
178.029
175.507
174.451
174.826
178.584
180.739

740.61
726.66
730.34
728.57
735.65
724.56
723.02
722.04
725.59
724.45
726.19
710.38
723.55
718.33
718.33
727.62
724.24
741.97
743.96
739.7
741.91
752.38
762.07
743.25
739.43
734.3
718.78
718.61
735.27
738.97
732.59
729.4
746.79
740.99
742.73
745.96
754.87
742.43
747.01
750.13
769.11
762.83
770.65
770.65
773.44
798.24
794.62
805.71

68.17
67.65
68.32
68.53
68.37
68.55
69.26
68.83
70.19
70.2
69.46
68.22
68.89
68.53
68.53
67.56
68.06
71.01
70.87
73.95
72.7
72.47
73.11
73.69
74.09
74.35
73.91
73.8
73.77
74.65
75.17
74.36
75.06
74.76
74.18
73.45
73.78
72.44
72.72
75.9
78.56
78.14
77.94
77.94
75.93
77.91
78.09
77.91

05/06/2008
05/07/2008
05/08/2008
05/09/2008
05/12/2008
05/13/2008
05/14/2008
05/15/2008
05/16/2008
05/19/2008
05/20/2008
05/21/2008
05/22/2008
05/23/2008
05/26/2008
05/27/2008
05/28/2008
05/29/2008
05/30/2008
06/02/2008
06/03/2008
06/04/2008
06/05/2008
06/06/2008
06/09/2008
06/10/2008
06/11/2008
06/12/2008
06/13/2008
06/16/2008
06/17/2008
06/18/2008
06/19/2008
06/20/2008
06/23/2008
06/24/2008
06/25/2008
06/26/2008
06/27/2008
06/30/2008
07/01/2008
07/02/2008
07/03/2008
07/04/2008
07/07/2008
07/08/2008
07/09/2008
07/10/2008

94.2893
94.0112
93.0962
92.9484
92.6369
94.3294
95.3758
97.5439
98.3913
99.7764
100.208
100.959
100.369
98.9711
97.688
98.5635
99.1353
99.4545
99.8922
105.02
103.831
102
103.044
102.852
101.726
98.8821
99.3476
99.0722
99.0374
97.6748
97.7617
97.572
97.481
95.96
96.0396
97.4936
98.6743
99.4415
99.6243
104.426
103.299
104.981
103.149
101.688
101.076
101.294
103.471
104.72

108.734
106.686
107.226
106.966
108.006
106.378
106.152
106.008
106.529
106.362
106.617
104.296
106.229
105.463
105.463
106.827
106.331
108.934
109.226
108.601
108.925
110.462
111.885
109.122
108.561
107.808
105.529
105.504
107.95
108.493
107.557
107.088
109.641
108.79
109.045
109.52
110.828
109
109.674
110.132
112.918
112
113.145
113.145
113.554
117.195
116.664
118.292

07/11/2008
07/14/2008
07/15/2008
07/16/2008
07/17/2008
07/18/2008
07/21/2008
07/22/2008
07/23/2008
07/24/2008
07/25/2008
07/28/2008
07/29/2008
07/30/2008
07/31/2008
08/01/2008
08/04/2008
08/05/2008
08/06/2008
08/07/2008
08/08/2008
08/11/2008
08/12/2008
08/13/2008
08/14/2008
08/15/2008
08/18/2008
08/19/2008
08/20/2008
08/21/2008
08/22/2008
08/25/2008
08/26/2008
08/27/2008
08/28/2008
08/29/2008
09/01/2008
09/02/2008
09/03/2008
09/04/2008
09/05/2008
09/08/2008
09/09/2008
09/10/2008
09/11/2008
09/12/2008
09/15/2008
09/16/2008

177.461
178.975
182.449
177.343
173.427
175.596
168.092
171.989
172.782
176.039
182.283
180.623
177.954
180.448
185.472
185.109
184.931
185.343
180.291
175.65
175.174
171.481
170.608
172.687
171.601
172.445
170.505
171.363
168.912
167.51
166.606
165.83
167.061
167.016
168.819
168.876
167.8
169.965
168.866
165.26
163.911
164.369
164.17
166.125
165.773
168.775
167.82
161.018

798.89
796.36
819.76
816.85
820.82
794.76
804.2
823.71
820.27
822.95
832.11
852.61
867.86
870.77
875.21
845.93
846.23
862.09
866.42
845.27
865.79
868.52
871.75
870.92
882.97
882.15
874.86
862.8
858
853.66
857.08
847.94
850.12
844.83
845.02
833.87
833.87
819.17
828.5
802.14
791.9
785.56
787
801.71
823.87
817.65
805.55
837.04

77.75
75.39
79.25
78.77
81.16
81.82
93.88
93.55
93.73
94.65
96
95.32
94.58
95
95.25
95.35
95.72
96
96.05
96.89
96.95
97.83
97.85
98.37
98.81
98.23
98.63
98.57
97.99
97.43
98.06
97.38
98.11
97.9
98.45
98.75
98.75
98.29
97.68
96.5
96.64
94.91
94.25
95.69
97.1
96.56
93.83
93.39

07/11/2008
07/14/2008
07/15/2008
07/16/2008
07/17/2008
07/18/2008
07/21/2008
07/22/2008
07/23/2008
07/24/2008
07/25/2008
07/28/2008
07/29/2008
07/30/2008
07/31/2008
08/01/2008
08/04/2008
08/05/2008
08/06/2008
08/07/2008
08/08/2008
08/11/2008
08/12/2008
08/13/2008
08/14/2008
08/15/2008
08/18/2008
08/19/2008
08/20/2008
08/21/2008
08/22/2008
08/25/2008
08/26/2008
08/27/2008
08/28/2008
08/29/2008
09/01/2008
09/02/2008
09/03/2008
09/04/2008
09/05/2008
09/08/2008
09/09/2008
09/10/2008
09/11/2008
09/12/2008
09/15/2008
09/16/2008

102.82
103.698
105.71
102.752
100.483
101.74
97.392
99.6497
100.11
102
105.614
104.652
103.106
104.551
107.462
107.252
107.148
107.387
104.46
101.771
101.495
99.3556
98.8499
100.054
99.425
99.9142
98.7902
99.2872
97.8668
97.055
96.531
96.0814
96.7943
96.7685
97.8134
97.8462
97.223
98.477
97.8406
95.7509
94.9695
95.2349
95.1195
96.2524
96.0481
97.7876
97.2341
93.2931

117.291
116.919
120.355
119.927
120.51
116.684
118.07
120.935
120.43
120.823
122.168
125.178
127.417
127.844
128.496
124.197
124.241
126.569
127.205
124.1
127.113
127.514
127.988
127.866
129.635
129.515
128.444
126.674
125.969
125.332
125.834
124.492
124.812
124.035
124.063
122.426
122.426
120.268
121.638
117.768
116.264
115.334
115.545
117.705
120.958
120.045
118.268
122.892

09/17/2008
09/18/2008
09/19/2008
09/22/2008
09/23/2008
09/24/2008
09/25/2008
09/26/2008
09/29/2008
09/30/2008
10/01/2008
10/02/2008
10/03/2008
10/06/2008
10/07/2008
10/08/2008
10/09/2008
10/10/2008
10/13/2008
10/14/2008
10/15/2008
10/16/2008
10/17/2008
10/20/2008
10/21/2008
10/22/2008
10/23/2008
10/24/2008
10/27/2008
10/28/2008
10/29/2008
10/30/2008
10/31/2008
11/03/2008
11/04/2008
11/05/2008
11/06/2008
11/07/2008
11/10/2008
11/11/2008
11/12/2008
11/13/2008
11/14/2008
11/17/2008
11/18/2008
11/19/2008
11/20/2008
11/21/2008

164.84
165.297
162.957
164.057
162.476
159.755
163.745
161.409
155.596
155.692
158.479
157.844
160.365
149.713
153.725
148.158
136.916
130.607
142.732
143.247
141.633
140.063
154.333
156.687
147.74
144.783
146.981
143.947
141.857
139.833
149.023
141.169
152.532
150.322
153.178
144.78
140.168
144.487
144.251
141.197
140.211
143.374
147.275
140.093
142.18
136.885
127.635
123.048

787.46
786.37
795.88
762.12
758.21
776.11
792.52
807.06
733.2
781.43
777.66
761.28
764.35
713.87
688.54
692.89
667.98
644.24
723.54
693.49
638.64
680.55
680.81
719.68
705.16
681.82
715.25
711.01
685.33
742.66
744.72
756.01
759.1
781.18
777.22
753.27
731.94
746.22
746.15
735.12
714.17
762.14
743.44
725.5
723.59
691.16
654.5
668.34

89.6
90.7
92.27
92.3
91.49
90.4
91.75
91.19
85.3
88.68
86.5
86.51
87.53
80.62
78.19
80.56
78.75
73
81.18
79.12
81.5
81.93
83.53
84.26
85.68
82.55
81.9
79.84
78.46
78.55
80.36
82.75
82.94
83.64
83.31
83.91
81.8
83.46
83.8
80.9
80.36
82.32
81.59
80.43
80.63
78.07
73.03
72.74

09/17/2008
09/18/2008
09/19/2008
09/22/2008
09/23/2008
09/24/2008
09/25/2008
09/26/2008
09/29/2008
09/30/2008
10/01/2008
10/02/2008
10/03/2008
10/06/2008
10/07/2008
10/08/2008
10/09/2008
10/10/2008
10/13/2008
10/14/2008
10/15/2008
10/16/2008
10/17/2008
10/20/2008
10/21/2008
10/22/2008
10/23/2008
10/24/2008
10/27/2008
10/28/2008
10/29/2008
10/30/2008
10/31/2008
11/03/2008
11/04/2008
11/05/2008
11/06/2008
11/07/2008
11/10/2008
11/11/2008
11/12/2008
11/13/2008
11/14/2008
11/17/2008
11/18/2008
11/19/2008
11/20/2008
11/21/2008

95.5078
95.7724
94.4167
95.0539
94.138
92.5613
94.8732
93.5196
90.152
90.2076
91.8223
91.4542
92.9149
86.743
89.0675
85.8423
79.3286
75.6734
82.6982
82.9967
82.0616
81.1523
89.4202
90.7841
85.6001
83.8869
85.1605
83.4022
82.1914
81.019
86.3433
81.793
88.3766
87.0963
88.7508
83.885
81.2128
83.7155
83.5787
81.8092
81.2375
83.0706
85.3307
81.1697
82.3787
79.3105
73.9514
71.2936

115.613
115.452
116.849
111.892
111.318
113.946
116.355
118.49
107.646
114.727
114.174
111.769
112.22
104.808
101.089
101.728
98.0708
94.5854
106.228
101.816
93.7632
99.9163
99.9545
105.661
103.529
100.103
105.011
104.388
100.618
109.035
109.338
111
111.449
114.691
114.109
110.593
107.461
109.558
109.548
107.928
104.852
111.895
109.15
106.516
106.235
101.474
96.0917
98.1237

11/24/2008
11/25/2008
11/26/2008
11/27/2008
11/28/2008
12/01/2008
12/02/2008
12/03/2008
12/04/2008
12/05/2008
12/08/2008
12/09/2008
12/10/2008
12/11/2008
12/12/2008
12/15/2008
12/16/2008
12/17/2008
12/18/2008
12/19/2008
12/22/2008
12/23/2008
12/24/2008
12/25/2008
12/26/2008
12/29/2008
12/30/2008
12/31/2008
01/01/2009
01/02/2009
01/05/2009
01/06/2009
01/07/2009
01/08/2009
01/09/2009
01/12/2009
01/13/2009
01/14/2009
01/15/2009
01/16/2009
01/19/2009
01/20/2009
01/21/2009
01/22/2009
01/23/2009
01/26/2009
01/27/2009
01/28/2009

135.853
137.646
136.211
135.504
140.062
136.024
135.55
139.873
138.823
134.956
140.724
140.854
140.247
141.109
142.797
139.834
146.289
149.252
147.381
144.967
149.233
147.43
149.525
148.914
150.126
153.266
153.839
152.011
152.525
150.547
151.873
152.723
154.293
157.736
154.24
149.009
150.643
151.355
151.655
149.513
149.833
148.151
147.672
146.538
146.54
150.295
145.848
143.638

687.36
687.35
701.48
701.48
697.48
660.95
680.56
711.22
700.23
724.4
725.98
709.86
715.61
699.45
713.75
702.26
744.92
737.29
743.16
747.23
741.04
741.12
742.48
742.48
743.32
734.71
751.79
753.12
753.12
768.81
763.47
741.01
738.06
744.46
727.74
721.24
732.65
716.08
729.97
736.37
736.37
713.36
736.19
726.32
711
720.6
717.84
739.5

76.66
76.25
75.3
75.3
76.6
71.8
71.77
75.4
73.65
74.38
77.6
77.18
77.4
77.79
77.74
77.08
77.59
78.75
80.3
83.75
82.55
83
82.8
82.8
82.21
81.97
82.28
82.91
82.91
82.6
83
84
84.53
84.4
86.34
87.47
86.74
85.57
85.08
85.1
85.1
82.1
83.14
81.7
84.3
81.59
83.14
83.44

11/24/2008
11/25/2008
11/26/2008
11/27/2008
11/28/2008
12/01/2008
12/02/2008
12/03/2008
12/04/2008
12/05/2008
12/08/2008
12/09/2008
12/10/2008
12/11/2008
12/12/2008
12/15/2008
12/16/2008
12/17/2008
12/18/2008
12/19/2008
12/22/2008
12/23/2008
12/24/2008
12/25/2008
12/26/2008
12/29/2008
12/30/2008
12/31/2008
01/01/2009
01/02/2009
01/05/2009
01/06/2009
01/07/2009
01/08/2009
01/09/2009
01/12/2009
01/13/2009
01/14/2009
01/15/2009
01/16/2009
01/19/2009
01/20/2009
01/21/2009
01/22/2009
01/23/2009
01/26/2009
01/27/2009
01/28/2009

78.7129
79.7514
78.9199
78.5107
81.1513
78.8118
78.537
81.0422
80.4334
78.1929
81.5348
81.6106
81.2586
81.7581
82.7358
81.0195
84.7595
86.4763
85.3921
83.9934
86.4652
85.4206
86.6342
86.2805
86.9827
88.8017
89.1337
88.0748
88.3724
87.2262
87.9944
88.4872
89.397
91.3917
89.3659
86.3352
87.2822
87.6947
87.8686
86.6271
86.8125
85.8384
85.5607
84.9038
84.9047
87.0805
84.5038
83.2233

100.916
100.915
102.989
102.989
102.402
97.0387
99.9178
104.419
102.806
106.354
106.586
104.22
105.064
102.691
104.791
103.104
109.367
108.247
109.109
109.706
108.797
108.809
109.009
109.009
109.132
107.868
110.376
110.571
110.571
112.874
112.09
108.793
108.36
109.299
106.845
105.89
107.565
105.133
107.172
108.112
108.112
104.733
108.085
106.636
104.387
105.796
105.391
108.571

01/29/2009 138.848
01/30/2009 140.826

739.15
739.29

84.09
81.24

01/29/2009 80.4481
01/30/2009 81.5939

108.52
108.54

Relative Daily Stock Movement of Genentech, Roche and S&P Biotech Index
January 1, 2008 - January 29, 2009

9 8.3 7
9 3 .88

93 .8 3

73 .00

Jan uary 1 , 200 8 = 1 00

7 2.7 4

1 72 .69

1 6 8.0 9

1 30 .61

1 2 3.0 5

7 /21 /2 00 8
Ro che O ffer
190
140
90
40
9/1 5 /20 08
Le hma n
Bank ruptc y

1 0/1 0/2 00 8
11 /21 /2 00 8
Ge ne nte ch & Ro che Gene nt ec h & Ro che
Oc tobe r low
Nov embe r low

ROCHE HOL DING

So ur ce: T ho mso n F ina ncia l's Da tas tre a m, a cce ss ed 11 /4 /20 09

160
98 .37
9 3.8 8

9 3 .8 3

140

7 3 .0 0

January 1, 20 08 = 100

1.49098
GENENTECH
100
100.492
100.06
98.9712
98.8072
101.819
104.533
105.681
106.605
105.323
103.802
104.279
104
102.535
102.535
101.908
100.88
102.028
101.074
102.639
103.668
103.713
104.607
105.576
106.59
105.532
105.144
104.249
104.055
103.593
104.249
105.636
107.529
108.349
108.349
108.603
107.902
106.978
106.754
116.237
115.551
114.298

120

7 2.7 4

100
1 68 .09

17 2 .6 9

80
8 /1 3 /20 08
Ge ne nte ch
Reje cts O ffe r

60

13 0 .6 1

12 3 .0 5

7 /2 1/2 0 08
Ro che O ffer

40

9 /15 /2 00 8
Le hman
Ba nk ruptcy

ROC HE HOLDING

S&P1500 BIOTECHNOLOGY INDEX

1 0 /1 0 /20 0 8
11 /21 /2 00 8
O ct ober lo w
Nov embe r low

160
98 .37
9 3.8 8

9 3 .8 3

140

January 1, 20 08 = 100

7 3 .0 0

113.106
112.942
118.056
120.173
120.412
118.518
118.369
116.61
118.205
119.502
121.41
117.534
115.208
116.952
116.371
118.175
118.175
117.549
119.83
122.275
119.472
119.278
121.038
120.829
118.98
118.414
118.876
117.266
117.847
115.864
116.296
114.492
111.361
110.422
110.601
109.304
108.424
107.216
110.467
109.87
108.722
107.306
109.08
101.282
101.685
101.908
100.253
101.074

120

7 2.7 4

100
1 68 .09

17 2 .6 9

80
8 /1 3 /20 08
Ge ne nte ch
Reje cts O ffe r

60

13 0 .6 1

12 3 .0 5

7 /2 1/2 0 08
Ro che O ffer

40

9 /15 /2 00 8
Le hman
Ba nk ruptcy

ROC HE HOLDING

S&P1500 BIOTECHNOLOGY INDEX

1 0 /1 0 /20 0 8 11 /21 /2 00 8
O ct ober lo w
Nov embe r low

101.64
100.865
101.864
102.177
101.938
102.207
103.265
102.624
104.652
104.667
103.563
101.715
102.714
102.177
102.177
100.731
101.476
105.874
105.666
110.258
108.394
108.051
109.006
109.87
110.467
110.854
110.198
110.034
109.99
111.302
112.077
110.869
111.913
111.466
110.601
109.512
110
108.007
108.424
113.165
117.131
116.505
116.207
116.207
113.21
116.162
116.431
116.162

115.924
112.405
118.16
117.444
121.008
121.992
139.973
139.481
139.75
141.121
143.134
142.12
141.017
141.643
142.016
142.165
142.717
143.134
143.209
144.461
144.55
145.863
145.892
146.668
147.324
146.459
147.055
146.966
146.101
145.266
146.205
145.192
146.28
145.967
146.787
147.234
147.234
146.548
145.639
143.88
144.088
141.509
140.525
142.672
144.774
143.969
139.899
139.243

133.592
135.232
137.573
137.617
136.41
134.785
136.797
135.962
127.181
132.22
128.97
128.985
130.505
120.203
116.58
120.113
117.415
108.842
121.038
117.966
121.515
122.156
124.542
125.63
127.747
123.08
122.111
119.04
116.982
117.116
119.815
123.379
123.662
124.706
124.214
125.108
121.962
124.437
124.944
120.62
119.815
122.737
121.649
119.919
120.218
116.401
108.886
108.454

114.298
113.687
112.271
112.271
114.209
107.052
107.008
112.42
109.811
110.899
115.7
115.074
115.402
115.983
115.909
114.925
115.685
117.415
119.726
124.87
123.08
123.751
123.453
123.453
122.573
122.216
122.678
123.617
123.617
123.155
123.751
125.242
126.033
125.839
128.731
130.416
129.328
127.583
126.853
126.882
126.882
122.409
123.96
121.813
125.69
121.649
123.96
124.407

125.376
121.127

8/13/2008
Genentech
Rejects Offer