case exhibits roche genentech

7/24/2019 Case Exhibits Roche Genentech

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Source: Roche and Genentech press releases from their respective websites. Genentech directors push to reject Roche, Financial Times, February 24, 2

Andrew Jack , accessed via Factiva, August 2009

Exhibit 1Roche-Genentech Timeline September 1990 January 2008


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(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 ended2008CHF USD

Income Statement DataSales 45,617 43,213Royalties and other operating incoe 2,2!7 2,166Cost o" sales #13,661$ #12,%41$&ar'eting and distri()tion #%,17*$ #!,6!7$Research and de+elopent #!,!45$ #!,37%$eneral and adinistration #2,332$ #2,2*%$&a-or legal cases 271 257Changes in ro)p organisation #243$ #23*$.perating pro"it 13,%24 13,1%*

.perating pro"it (e"ore e/ceptional itesand c))lati+e e""ect o" a change in acco)nting principle 13,!%6 13,1640ssociated copanies 1Financial incoe 1,123 1,*64Financing costs #!!7$ #!4*$ro"it (e"ore ta/ 14,161 13,415ncoe ta/es #3,317$ #3,142$

et incoe 1*,!44 1*,273

Cash Flow Statement DataNet Cash Provided b !"sed in#$

.perating acti+ities 12,177 11,535n+esting acti+ities #1,722$ #1,631$Financing acti+ities #%,442$ #!,%44$

C)rrency translation 147 13%ncrease #descrease$ in cash 1,16* 1,*%%

%alance Sheet DataCash and ar'eta(le sec)rities 2*,771 1%,676C)rrent assets 3!,6*4 36,57*roperty, plant and e)ipent, net 1!,1%* 17,231onc)rrent assets 37,4!5 35,51*

otal assets 76,*!% 72,*7%otal shortter de(t #1,117$ #1,*5!$C)rrent lia(ilities #12,1*4$ #11,466$otal longter de(t #2,%72$ #2,!15$onc)rrent lia(ilities #1*,163$ #%,627$

otal lia(ilities #22,267$ #21,*%4$otal e)ity 53,!22 5*,%!6

&ther In'ormation$Ratio o" earnings to "i/ed charges 531*Capital e/pendit)res 3,5%6 3,4*6et incoe per share and non+oting e)ity sec)rity o" arent

8asic 1*43 %!!Dil)ted 1*23 %6%

8oo' +al)e per share and non+oting e)ity sec)rity o" arent 625! 5%

Exhibit 2Summary of Roche's Historical Consolidated Financial Data


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ecember 31,200(CHF USD

46,133 43,7*22,243 2,125

#13,743$ #13,*1%$ #%,327$ #!,!35$ #!,3!5$ #7,%43$ #2,453$ #2,324$

14,46! 13,7*6

1,1!7 1,1242

1,!*5 1,71*#%71$ #%2*$

15,3*4 14,4%7#3,!67$ #3,663$

11,437 1*,!34

11,72! 11,11*#5,7!!$ #5,4!3$

#5,27*$ #4,%%2$

#125$ #11!$ 545 516

24,2*2 22,%2742,!34 4*,57717,!32 16,!%235,531 33,65%7!,365 74,235#3,*32$ #2,!72$

#14,454$ #13,6%2$ #3,!34$ #3,632$ #1*,46!$ #%,%16$

#24,%22$ #23,6*%$ 53,443 5*,627

454!4,6%7 4,44%

1136 1*761116 1*57


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

Years )nded December 31 1**8 1*** 2000 2001 2002

.09 .:R0 R:;:U: #S09:S$ 1,*53 1,2%2 1,514 2,*44 2,5!4rod)ct sales 71! 1,*3% 1,27! 1,743 2,164

23* 1!% 2*7 264 366Contract re+en)e 1*5 64 2% 37 54

.09 C.SS 0D : 22> 24> 17> 17>RAD@Sales 3!> 2!> 32> 26> 24>&ar'eting, general and adinistrati+e@Sales 2!> 2!> 24> 22> 21>Colla(oration pro"it sharing@Sales 4> 6> %> 12> 14>Rec)rring aortiBation charges@Sales *> 15> 25> 16> 6>

C.&: 0D 0 1*5> *> 14> 1>:""ecti+e a/ Rate #a/@:8$ 2!> 15> 5**> 45> 113>et ncoe@Sales 17> %*> 5> 7> 2>

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

Exhibit 3Genentech Income Statement Data 1998-2008

Royalties#1$

=riteo"" o" inprocess research and de+elopent related toac)isition#1$

ain on ac)isition#1$

Rec)rring aortiBation charges related to redeption andac)isition#2$

ncoe #loss$ (e"ore ta/es and c))lati+e e""ect o"acco)nting change #:8$

Royalties#1$


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

Years )nded December 31 1**8 1*** 2000 2001 2002

S).)C/)D %.NC) S))/ D/Cash, cash e)i+alents, shortter in+estents, and longter 1,6*5 1,%57 2,45% 2,!65 1,6*2

0cco)nts recei+a(le 15! 233 27! 321 432n+entories 14% 275 266 357 3%4roperty, plant and e)ipent, net 7** 73* 753 !66 1,*6%oodill * 1,6*% 1,456 1,3*3 1,315

.ther intangi(le assets 65 1,453 1,2!* 1,113 %2!

.ther longter assets 135 2*6 175 136 !*1.09 0SS:S 2,!6! 6,561 6,73% 7,162 6,776

Coercial paper * * * * *otal c)rrent lia(ilities 3*3 5*3 475 677 6619ongter de(t 15* 15* 15* * *

.09 9089:S 524 1,2%1 1,*65 1,242 1,437.09 SH0R:H.9D:R :EU? 2,344 5,27* 5,674 5,%2* 5,33%

.H:R D00Depreciation and aortiBation e/pense 7! 2!1 463 42! 275Capital e/pendit)res !! %5 113 213 323et or'ing capital #e/cl cash and coercial paper$ 4 5 6% 1 165Change in net or'ing capital #e/cl cash and coercial paper$ 1 64 6! 164

oodill, intangi(le and other assets 2** 326! 2%11 2552 3*44Cash in)s short and longter de(t 1,455 1,!*7 2,3*% 2,!65 1,6*2

SH0R: F.R&0.Shares o)tstanding at yearend 1,*17 1,*32 1,*51 1,*57 1,*26

:R SH0R: D00&ar'et price High %%7 1125 6125 42** 275! &ar'et price 9o 741 %32 2113 1%** 1255

8oo' +al)e per share 23* 51* 54* 56* 521Cash +al)e per share 15! 1%* 234 271 156

U&8:R .F :&9.?::S 0 ?:0R:D 3,3!% 3,!!3 4,45% 4,%5* 5,252

S:9:C:D R0.SDepreciation and aortiBation@Sales 7> 22> 31> 21> 11>

Capital e/pendit)res@Sales !> 7> 7> 1*> 13>et or'ing capital@Sales *> *> 5> *> 6>roperty, plant and e)ipent, net@Sales 66> 57> 5*> 42> 41>oodill and other assets@Sales 1%> 253> 1%2> 125> 11!>

Exhibit 4Genentech Balance Sheet Data 1998-2008


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Exhibit 5 Genentech, Inc. Board of Directors

ARTHUR D. LEVINSON, PH.D. Chairman of the Board, Chief Exe!ti"e Offier

Her#ert $. Bo%er, Ph.D.&

$i''iam (. B!rn)

Erih H!n*i+er, Ph.D.

onathan -. C. -no'e), Ph.D.

De#ra L. Reed&

Char'e) A. Sander), (.D.&

& S/eia' Committee (em#er

Co0fo!nder of 1enenteh and Profe))or Emerit!) of Biohemi)tr% andBio/h%)i), Uni"er)it% of Ca'ifornia, San 2rani)o

Chief Exe!ti"e Offier of the Pharmae!tia') Di"i)ion and (em#er of theCor/orate Exe!ti"e Committee, 2. Hoffmann0La Rohe Ltd.

Chief 2inania' Offier and De/!t% Head of the Cor/orate Exe!ti"eCommittee, 2. Hoffmann0La Rohe Ltd.

Head of 1ro!/ Re)earh and (em#er of the Cor/orate Exe!ti"eCommittee, 2. Hoffmann0La Rohe Ltd.

Pre)ident and Chief Exe!ti"e Offier, San Die3o 1a) 4 E'etri andSo!thern Ca'ifornia 1a) Com/an%

Lead Diretor of 1enenteh and former Chairman and Chief Exe!ti"eOffier, 1'axo, In.


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0.00

20.00

40.00

60.00

80.00

100.00

120.00

Exhibit 6 Stock Price Histories of Roche and Genentech

(June 30, 1998 - June 30, 2008)

Source: Thomson ONE

Adjusted for stock splits.


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%iotech Comanies

4enentech 5oche 4ro 0gen Celgene enBye 8iogein illions in illions in illions in illions in illions in illions in il

Year6end 200(Sales 11,724.00 40,717.56 14,771.00 4,230.05 1,405.82 3,813.52 3ross ro"it 10,645.00 30,801.41 13,277.00 3,512.55 1,307.12 3,023.28 2

RAD 2,446.00 7,319.51 3,247.00 591.03 398.59 737.69 &ar'eting, Selling, A0 4,702.00 17,546.34 6,783.00 1,296.77 850.46 1,860.87 1et ncoe 2,769.00 8,615.18 3,166.00 1,615.30 231.83 480.19

1,052.00 761.31 1,087.00 932.48 403.12 266.01

:S #8asic$ 2.59 10.03 2.82 1.68 0.54 1.74 Di+idends er Share 0.00 4.06 0.00 0.00 0.00 0.00

Cash and &ar'eta(le Sec)rities 6,065.00 22,926.55 7,151.00 1,172.00 2,738.90 947.50 otal 0ssets 18,940.00 67,842.89 34,639.00 5,537.36 3,470.33 8,221.75 8Short and 9ongter De(t 3,001.00 6,060.02 11,177.00 1,300.29 222.69 810.37 1ShareholderIs :)ity 11,905.00 40,023.83 17,869.00 3,459.99 2,843.94 6,628.61 5

:ployees #tho)sands$ 11,174 78,604 17,500 2,979 1,685 10,000

5?ear Copo)nd 0nn)al 35.1% 9.2% 21.7% 55.4% 59.6% 28.7% Sales roth Rate

Sales per :ployee 1.05 0.52 0.84 1.42 0.83 0.38

Ret)rn on :)ity 23.3% 21.5% 17.7% 46.7% 8.2% 7.2%

8etaas o" J)ly 1!, 2**! 0.26 0.783 0.454 0.894 0.766 0.658

Stoc' rice Data D0 RHH8? 0& 9D C:9 : 7@1!@2**!

Closing rice 81.82 175.60 52.56 49.53 70.85 78.23 &ar'et CapitaliBation 86,373.27 151,462.91 55,555.92 45,697.32 32,208.86 21,016.76 18: 112.08 32.07 60.41 107.67 262.41 312.92 :nterprise ;al)e 89,070.27 156,633.03 65,362.92 46,849.47 32,078.47 21,996.10 20

1@2%@2**%

Closing rice 84.09 103.75 54.82 50.64 52.13 69.46 88,546.77 89,494.37 57,396.54 46,073.23 23,934.43 18,803.11 14

26.20 15.37 14.06 24.11 -15.07 46.31

89,356.77 91,390.16 67,822.54 46,887.50 24,086.32 19,274.95 15

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 12/31/200

Exhibit 7Roche and Genentech: Comparable Biotech and Pharmaceutical Companies

ileadSciences

Shares .)tstanding#&&$

&ar'et CapitaliBation11

:12

:nterprise ;al)e13


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Genentech-originated products are shaded.

Prodct ctive Sbstance Indication Sales

&a(hera@Rit)/an rit)/ia( 5,%23

0+astin (e+aciB)a( 5,2*7

Herceptin trast)B)a( H:R2positi+e (reast cancer 5,*%2

CellCept ycophenolate o"etil transplantation 2,*%%

eoRecoron, :pogin epoetin (eta aneia 1,774

egasys peginter"eron al"a2a hepatitis 8 and C 1,635

arce+aK erlotini( 1,215


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16

37

12

13

N13

6

23

13

35

7

N6!

1*

1*

N13

12

N2

N3

N1*

N1

4

7 Chane inlocal

crrencies


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(in millions of US$)

2013 and

Year 200* 2010 2011 2012 thereafter&an)"act)ring * 1*2 2*5 256 27*

Research 44 114 11! 121 125

De+elopent 3! %! 1*% 111 112

&ar'eting A Distri()tion 3! %! 1*1 1*4 1*7

Roche A0 63 1*3 113 123 124

enentech A0 4* 1*3 1*6 1*% 113

/otal 223 -18 (2 82+ 81

Source: Roche Group

Exhibit 9Roche's Estimates of Achievable Synergies


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7 Deendent

9erer with

4enentech5*>

*>

1**>

1**>

75>

37>


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Long-range Plan (LRP)

#in illions o" US dollars$

2006 2007 2008 2009

Actual Actual Actual ForecastRe+en)es

rod)ct sales 7,64* %,443 1*,531 1*,!6!Royalties 1,354 1,%!4 2,53% 2,4*%Contract and other 2%* 2%7 34! 25!

otal Re+en)e %,2!4 11,724 13,41! 13,535

Costs and e/penses

Cost o" sales 1,1!1 1,571 1,744 1,7%2Research and de+elopent 1,773 2,446 2,!** 2,644

2,*14 2,256 2,4*5 2,*5!

ro"it sharing 1,**5 1,*!* 1,22! 1,4*3.ther e/penses 15% 142 #!!$ *

otal costs and e/penses 6,132 7,4%5 !,*!% 7,!%7

.perating incoe 3,152 4,22% 5,32% 5,63!#1,2%*$ #1,657$ #2,**4$ #1,%73$

0"terta/ operating incoe 1,!62 2,572 3,325 3,665l)s Depreciation and aortiBation 4*7 4%2 5%2 5779ess ncrease#Decrease$ in net or'ing capital #741$ !%4 #7*5$ #457$

Cash "lo "ro operations 1,52! 3,%5! 3,212 3,7!59ess Capital e/pendit)res #1,214$ #%77$ #751$ #672$

Free cash "lo 314 2,%!1 2,461 3,113

* * * #1,567$

314 2,%!1 2,461 1,546

So)rce 0ct)als "ro caseriter estiates (ased on :/hi(its 3 and 4O Forecast (ased on enentech

J)ne 2**! 9ongrange lan #9R$ S)ary, prepared (y reenhill A Co "or the Roche ro)p

a 35> ta/ rate

Exhibit 10Genentech Free Cash Flow: 2006 - 2008 and 2009 Forecast based on Genentech's

&ar'eting, selling, general and adinistrati+e

9ess a/esa

9ess Charge "or e)ity settled e)ity copensation

Free cash "lo a"ter e)ity settled e)ity copensation

a0ct)al e)als incoe ta/ pro+ision "ro enentech ncoe Stateents Forecast ass)es


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4rowth .5P NF9

0nn)al roth Rate o" otal Re+en)e #2*1*2*1!$ 7*> 6%>

eriod o" ?ear(yyear Free Cash Flos 2**%2*1! 2**%2*24

&eratin 5atios !201062018#

Cost o" Sales@Re+en)e %5> 1*2>

RAD@Re+en)e 1!5> 1%%>

&ar'eting, A0@Re+en)e 151> 143>

ro"it sharing@Re+en)e %*> 7!>

.ther Costs@Re+en)e **> **>

otal Costs@Re+en)e 521> 523>

.perating ncoe #:8$@Re+en)e 47%> 477>

a/ Rate 35*> 3*7>

Depreciation@Re+en)e 33> 2%>

Ch et =or'ing Capital@Re+en)e 13> *7>

Cape/@Re+en)e 3%> 31>

:)ity(ased Copensation@Re+en)e #2*1*2*1!$ 13> **>

d:stments to )nterrise ;ale

CapitaliBed e)ity stoc' option #:S.$ e/pense *** 1142

CapitaliBed +al)e o" 2*15 .ptin Rights *** !1%

Source: Casewriter estimates.

Exhibit 11Assumptions approximating June Long-range Plan (LRP) and November Financial Model (NFM)


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(illion

(illion


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($ in millions, except per share data)

Date 7 Initial Deal

nn# ;ale

S=ee?e6&ts Closed b (@18@200811/9/07 Cosote eleco)nications Hellenic eleco)nications 322> 3!46 4,142410/2/07 i''o Cordial Corp Citigro)p Japan Holdings 9td 32*> 146! 4,*26*5/24/07 Codan 0@S RS0 .+erseas Holdings 8; 247> 1*%*1 1,2154

11/20/06 D 8an'north nc orontoDoinion 8an' 43*> 3233 2,414310/23/06 Shell Canada Royal D)tch Shell 22*> 354! 7,246*8/29/06 &its)(ishi UFJ Sec)rities Co &its)(ishi UFJ Financial ro)p 3!!> 137! 3,!7%!8/21/06 8)rns hilp A Co 9td Ran' ro)p 9td 424> *!4 1,**!39/11/05 R0S 0llianB 0 446> 2362 7,375!9/1/05 7:le+en nc ? Holding Co 273> 325* 1,1!6428/9/05 :lectra(el S0 S)eB S0 4%%> 5*636 13,*!454/26/05 &its)(ishi hara Corp &its)(ishi Cheical Corp 411> 1**4 1,!!%33/9/05 Falcon(ridge 9td oranda nc 415> 3273 2,45712/11/05 0S Hansa(an' FoereningsSpar(an'en 08 4*3> 1416 2,22141/17/05 Unitedglo(alco 9i(erty &edia 47*> %5! 3,56611/10/05 Fo/ :ntertainent es Corp 17%> 3354 5,%7!*12/7/04 eleco talia &o(ile Sp0 eleco talia Sp0 3*2> 753 1%,4!4110/9/04 .nline nternational 0 De)tsche ele'o 0 261> 1116 3,561%8/2/04 Co/ Co)nications Co/ :nterprises nc 3%5> 32** !,35%72/2/04 r)po Financiero 8anco 8il(ao ;iBcaya 0rgentaria 4*6> 1*% 4,11%510/6/03 UC :)rope nc UC Holdings nc 333> 5%*4 1,3*223/12/03 eleco talia Sp0 ng C .li+etti A Co Sp0 451> !!3 31,!521

Statistics as o' (@18@2008$ 9ean9edian

S=ee?e6&ts Closed 'ter (@18@20088/12/08 Union8anCal &its)(ishi UFJ Financial ro)p 346> 63** 3,56343/10/08 ationide Financial Ser+ices ationide &)t)al ns)rance 337> 472* 2,44*11/15/08 S8 :Krade Sec)rities S8 Holdings 477> !!5%7 1,4!2*

Exhibit 12Squeeze-Out Precedent Transactions


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Statistics as o' 1@2*@200*$ 9ean9edian

Source: Greenhill & Co.


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&''er Premim

1 Da 1 AeeB 1 9onth 2A ih

%4> 112> 64> 5*> 5*>112> 141> 76> #%1>$ #743>$152> 152> 131> %*> %*>

65> !4> %1> 32> #567>$372> 37%> 454> #41>$ #41>$11%> 62> 26%> #163>$ #4%%>$15!> 164> 15!> #56>$ #7!*>$123> 1!3> 16%> !%> !%>323> 31*> %6> 7%> #16>$

52> %*> 14*> 52> #13>$35> 52> #33>$ #2*2>$ #3!5>$*%> 132> 1%7> *%> *%>

2!4> 2%!> 371> 2!1> 2!1>1!3> 27%> 256> #%6>$ #%16>$

%!> %4> 131> 65> *!>

124> 15%> 22*> 124> #633>$**> 14> 65> #24!>$ #!*5>$

26*> 246> 252> #54>$ #3!!>$137> 12%> 236> %7> %7>457> 453> 311> 2%5> 2%5>36*> 2!*> 171> #1!6>$ #5%2>$

1-87 1827 1827 0-7 !2-07#12+7 127 1-*7 327 !+17#

263> 2!6> !*4> 21*> 26>37!> 2!7> 243> #1%1>$ #1%1>$#5*>$ #2*>$ #1*5>$ #4%3>$ #767>$

ll6/imeih


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1(17 1827 1**7 !1+7# !2--7#1317 1-7 1(07 207 !11-7#


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($ in millions, except per share data)

Discont FD .on )nterrise ;ale @

Price From 2 )=it )nterrise /erm 5evene )%I/D Price @ )

Coman (@18@2008 AB ih ;ale ;ale 4rowth 2008) 200*) 2008) 200*) 2008)

0gen 5256 #11*>$ 57,222 5%,752 1*5> 41/ 4*/ %5/ %3/ 126/ilead Science 4%53 #13*>$ 4!,%!! 4!,1%4 247> %3/ 7!/ 1!3/ 162/ 254/

Celgene 7*!5 #61>$ 33,163 31,137 36!> 13!/ 1*6/ 3!!/ 251/ 4!7/enBye 7!23 #47>$ 21,57* 21,416 1!6> 47/ 41/ 12*/ na 1%%/8iogen dec 6465 #237>$ 1!,%42 1%,16% 132> 4%/ 44/ 12*/ 113/ 1!6/Cephalon 73*5 #123>$ 6,!31 5,%!2 16!> 32/ 2!/ %7/ !3/ 1%6/

0ll Copara(les 9ean 2017 -( - 1-( 1+0 2+19edian 1((7 +8 +3 120 113 1*(

Core Copara(les 9ean 137 +1 3( 10+ *- 1-*9edian 1327 +1 +0 *( *3 18-

4enentech ! >8182 !087# >8(,833 >8+,(0 1*27 -+ * 11 1+1 23*

4enentech !5 >8*00 (*7 >*,*3* >*2,-(- 1*27 (0 - 1- 1 2-1


Exhibit 13Trading Statistics for Comparable Companies


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arnins P)4

200*) 2008) 200*)

121/ 12/ 12/221/ 1*/ *%/3**/ 13/ *!/165/ 11/ *%/164/ 14/ 12/15!/ 12/ *%/

188 12 101- 12 0*

1+8 13 1118 12 12

211 12 11

231 1+ 12


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nalst Price /arets as o' (@18@2008

5oche8*@shareroosal eceeded theconsenss analst rice

taret o' >8+8*@share as o'El 18, 2008Since the >8+8* rice taretreceded 5oche


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1*5

arget


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Treasury yields Bonds

Date 1 Mo. 3 Mo. 1 year 5 year 10 year 20 year 30 year AAA

Jan*6 412 434 445 435 442 465 0 52%

Fe(*6 43! 454 46! 457 457 473 454 535

&ar*6 455 463 477 472 472 4%1 473 553

0pr*6 461 472 4%* 4%* 4%% 522 5*6 5!4

&ay*6 47* 4!4 5** 5** 511 535 52* 5%5

J)n*6 471 4%2 516 5*7 511 52% 515 5!%

J)l*6 4%* 5*! 522 5*4 5*% 525 513 5!5

0)g*6 516 5*% 5*! 4!2 4!! 5*! 5** 56!

Sep*6 477 4%3 4%7 467 472 4%3 4!5 551

.ct*6 4%7 5*5 5*1 46% 473 4%4 4!5 551

o+*6 521 5*7 5*1 45! 46* 47! 46% 533

Dec*6 4!7 4%7 4%4 453 456 47! 46! 532

Jan*7 4%4 515 5*6 475 476 4%5 4!5 54*

Fe(*7 51! 516 5*5 471 472 4%3 4!2 53%

&ar*7 521 51* 4%2 44! 456 4!1 472 53*

0pr*7 4%% 5*7 4%3 45% 46% 4%5 4!7 547

&ay*7 4!2 4%! 4%1 467 475 4%! 4%* 547

J)n*7 452 4%5 4%6 5*3 51* 52% 52* 57%

J)l*7 4!2 5*4 4%6 4!! 5** 51% 511 573

0)g*7 42* 455 447 443 467 5** 4%3 57%

Sep*7 37! 42* 414 42* 452 4!4 47% 574

.ct*7 3!1 416 41* 42* 453 4!3 477 566

o+*7 36! 35! 35* 367 415 456 452 544Dec*7 2!6 334 326 34% 41* 457 453 54%

Jan*! 274 2!4 271 2%! 374 435 433 533

Fe(*! 227 21* 2*5 27! 374 44% 452 553

&ar*! 135 151 154 24! 351 436 43% 551

0pr*! 1*7 15! 174 2!4 36! 444 444 555

&ay*! 176 1!6 2*6 315 3!! 46* 46* 557

J)n*! 172 21% 242 34% 41* 474 46% 56!

J)l*! 16* 1%! 22! 33* 4*1 462 457 567

0)g*! 16! 1%7 21! 314 3!% 453 45* 564

Sep*! *!% 164 1%1 2!! 36% 432 427 565.ct*! *2% 123 142 273 3!1 445 417 62!

o+*! **% *74 1*7 22% 353 427 4** 612

Dec*! **3 *26 *4% 152 242 31! 2!7 5*5

Jan*% **5 *3* *44 16* 252 346 313 5*5

Exhibit 16 Trea)!r% and Cor/orate Intere)t Rate), an!ar% 56678an!ar% 5669 :in /erent;

10.00


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

0.00

1.00

2.00

3.00

4.00

5.00

6.00

7.00

8.00

.


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