Genentech Synergy Valuation

Exhibit 9 Roche's Estimates of Achievable Synergies

(in millions of US$)

2013 and
Year 2009 2010 2011 2012 thereafter
Manufacturing 0 102 205 256 270
Research 44 114 118 121 125
Development 38 98 109 111 112
Marketing & Distri 38 98 101 104 107
Roche G&A 63 103 113 123 124
Genentech G&A 40 103 106 109 113
Total 223 618 752 824 851
Years 1 2 3 4 5
WACC 9%

Dicst. Values $ 205 $ 520 $ 581 $ 584 $ 553

Synergy PV as on June 2008 $ 2,442,261,352

Genentech O/S Shares 1,053,000,000
Synergy Value Per Share of Target $ 2.32
% Dependent
Merger with
Genentech
50%
0%
100%
100%
75%
37%
Assumptions:
WACC 9%
TV Growth 2%
(in millions of U.S. dollars)
2008 2009 2010 2011 2012
0 1 2 3 4
Revenues
Total Revenue 13,418 14,357 15,362 16,438 17,588

Costs and expenses

Cost of sales 1,744 1,369 1,465 1,568 1,677
Research
Marketing,and development
selling, general 2,800 2,650 2,836 3,034 3,247
and administrative 2,405 2,166 2,318 2,480 2,654
Profit sharing 1,228 1,298 1,389 1,486 1,590
Other expenses (88) 0 0 0 0
Total costs and expenses 8,089 7,484 8,008 8,569 9,168
Operating income 5,329 6,873 7,354 7,869 8,420
Less: Taxesa (2,004) (2,406) (2,574) (2,754) (2,947)
After-tax operating income 3,325 4,468 4,780 5,115 5,473
Plus: Depreciation and amortization 592 479 513 548 587
Less: Increase(Decrease) in net working (705) (188) (202) (216) (231)
Cash flow from operations 3,212 4,758 5,091 5,447 5,829
Less: Capital expenditures (751) (560) (599) (641) (686)
Free cash
Less: flow for equity settled
Charge 2,461 4,198 4,492 4,806 5,143
equity
Free cash compensation
flow after equity settled 0 (189) (202) (216) (231)
equity compensation 2,461 4,009 4,290 4,590 4,912
Terminal Value CF
Total Cash Flows
Disct. Values 3678 3611 3544 3479
Total Value 79,257,950,117
Add: Cash balnce 7,000,000,000.00
Adjustments to Enterprise Value
Capitalized equity stock option (ESO) expense 0
Capitalized value of 2015 Opt-in Rights 0
Total Value of Genentech 86,257,950,117
Total O/S Shares of Genentech 1053000000
Per value of Genentech to Roche via LRP $ 81.92
2013 2014 2015 2016 2017 2018
5 6 7 8 9 10

18,819 20,137 21,546 23,055 24,668 26,395

1,795 1,920 2,055 2,199 2,353 2,517

3,474 3,717 3,977 4,256 4,554 4,872
2,840 3,039 3,251 3,479 3,722 3,983
1,702 1,821 1,948 2,085 2,231 2,387
0 0 0 0 0 0
9,810 10,497 11,232 12,018 12,859 13,759
9,009 9,640 10,315 11,037 11,809 12,636
(3,153) (3,374) (3,610) (3,863) (4,133) (4,422)
5,856 6,266 6,705 7,174 7,676 8,213
628 672 719 769 823 881
(247) (264) (283) (303) (324) (347)
6,237 6,673 7,140 7,640 8,175 8,747
(734) (786) (841) (899) (962) (1,030)
5,503 5,888 6,300 6,741 7,213 7,718
(247) (265) (283) (303) (324) (347)
5,255 5,623 6,017 6,438 6,889 7,371
107404
114,775
3416 3353 3291 3231 3172 48482
Source Exhibit 10
Assumptions:
WACC 9%
TV Growth 2%
(in millions of U.S. dollars)
2008 2009 2010 2011
0 1 2 3
Revenues
Total Revenue 13,418 14,344 15,334 16,392
Costs and expenses
Cost of sales 1,744 1,468 1,570 1,678
Research
Marketing,and development
selling, general 2,800 2,853 3,050 3,260
and administrative 2,405 2,056 2,198 2,349
Profit sharing 1,228 1,123 1,200 1,283
Other expenses (88) 0 0 0
Total costs and expenses 8,089 7,500 8,018 8,571
Operating income 5,329 6,844 7,316 7,821
Less: Taxesa (2,004) (2,104) (2,249) (2,404)
After-tax operating income 3,325 4,740 5,067 5,417
Plus: Depreciation and amortizatio 592 423 452 483
Less: Change in net working capital (705) (94) (100) (107)
Cash flow from operations 3,212 5,070 5,419 5,793
Less: Capital expenditures (751) (439) (469) (501)
Free cash
Less: flow for equity settled
Charge 2,461 4,631 4,950 5,292
equity
Free cash compensation
flow after equity settled 0 0 0 0
equity compensation 2,461 4,631 4,950 5,292
Terminal Value CF
Total Cash Flows
Disct. Values 4248 4167 4086
Total Value $ 105,219,715,341
Add: Cash balnce 7,000,000,000.00
Adjustments to Enterprise Value
Capitalized equity stock option (ESO) expense -11420000000
Capitalized value of 2015 Opt-in Rights 8190000000
Total Value of Genentech $ 108,989,715,341
Total O/S Shares of Genentech 1053000000
Per value of Genentech to Roche via NFM $ 103.50
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
4 5 6 7 8 9 10 11 12 13

17,523 18,732 20,024 21,406 22,883 24,462 26,150 27,954 29,883 31,945

1,794 1,918 2,050 2,191 2,343 2,504 2,677 2,862 3,059 3,270
3,485 3,726 3,983 4,258 4,551 4,865 5,201 5,560 5,944 6,354
2,512 2,685 2,870 3,068 3,280 3,506 3,748 4,007 4,283 4,579
1,371 1,466 1,567 1,675 1,791 1,915 2,047 2,188 2,339 2,500
0 0 0 0 0 0 0 0 0 0
9,162 9,794 10,470 11,193 11,965 12,790 13,673 14,616 15,625 16,703
8,360 8,937 9,554 10,213 10,918 11,671 12,477 13,338 14,258 15,242
(2,570) (2,747) (2,937) (3,139) (3,356) (3,587) (3,835) (4,100) (4,382) (4,685)
5,791 6,190 6,617 7,074 7,562 8,084 8,642 9,238 9,875 10,557
517 552 590 631 675 721 771 824 881 942
(114) (122) (131) (140) (149) (160) (171) (182) (195) (208)
6,193 6,620 7,077 7,565 8,087 8,645 9,242 9,880 10,561 11,290
(536) (573) (613) (655) (700) (748) (800) (855) (914) (977)
5,657 6,047 6,465 6,911 7,387 7,897 8,442 9,025 9,647 10,313
0 0 0 0 0 0 0 0 0 0
5,657 6,047 6,465 6,911 7,387 7,897 8,442 9,025 9,647 10,313

4008 3930 3855 3780 3708 3636 3566 3497 3430 3364
2022 2023 2024
14 15 16

34,149 36,505 39,024

3,496 3,737 3,995

6,792 7,261 7,762
4,895 5,232 5,593
2,673 2,857 3,054
0 0 0
17,856 19,088 20,405
16,293 17,418 18,619
(5,008) (5,354) (5,723)
11,285 12,064 12,896
1,007 1,076 1,150
(223) (238) (255)
12,069 12,902 13,792
(1,045) (1,117) (1,194)
11,025 11,785 12,598
0 0 0
11,025 11,785 12,598
183577
196,175
3299 3235 49411
Exhibit 11 Assumptions approximating June Long-range Plan (LRP) and November Financial Model (NFM)

Growth LRP NFM

Annual Growth Rate of Total Revenue (2010-2018) 7.0% 6.9%
Period of Year-by-year Free Cash Flows 2009-2018 2009-2024

Operating Ratios (2010-2018)

Cost of Sales/Revenue 9.5% 10.2%
R&D/Revenue 18.5% 19.9%
Marketing, G&A/Revenue 15.1% 14.3%
Profit sharing/Revenue 9.0% 7.8%
Other Costs/Revenue 0.0% 0.0%
Total Costs/Revenue 52.1% 52.3%
Operating Income (EBIT)/Revenue 47.9% 47.7%
Tax Rate 35.0% 30.7%
Depreciation/Revenue 3.3% 2.9%
Ch. Net Working Capital/Revenue 1.3% 0.7%
Capex/Revenue 3.9% 3.1%
Equity-based Compensation/Revenue (2010-2018) 1.3% 0.0%

Adjustments to Enterprise Value

Capitalized equity stock option (ESO) expense $0.00 -$11.42 billion
Capitalized value of 2015 Opt-in Rights $0.00 $8.19 billion

Source: Casewriter estimates.

ncial Model (NFM)
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 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008

TOTAL OPERATING REVENUE (SALES) 1,053 1,292 1,514 2,044 2,584 3,300 4,621 6,633 9,284 11,724 13,418
Product sales 718 1,039 1,278 1,743 2,164 2,621 3,749 5,488 7,640 9,443 10,531
Royalties(1) 230 189 207 264 366 501 641 935 1,354 1,984 2,539
Contract revenue 105 64 29 37 54 178 231 210 290 297 348

TOTAL COSTS AND EXPENSES 874 2,730 1,726 1,896 2,662 2,495 3,485 4,712 6,132 7,495 8,089
Cost of sales 139 286 365 354 442 480 673 1,011 1,181 1,571 1,744
Research and development 396 367 490 526 623 722 948 1,262 1,773 2,446 2,800
Marketing, general and administrative 299 367 367 447 546 795 1,088 1,435 2,014 2,256 2,405
Collaboration profit sharing 40 74 129 247 351 457 594 823 1,005 1,080 1,228
Write-off of in-process research and development
related to acquisition(1) 0 0 0 0 0 0 0 0 0 77 0
Gain on acquisition(1) 0 0 0 0 0 0 0 0 0 -121 0
Recurring amortization charges related to
redemption and acquisition(2) 0 198 375 322 156 154 145 123 105 132 172
Special items 0 1,438 0 0 544 -113 37 58 54 54 -260

Other income, net 74 78 216 135 108 92 84 92 251 197 102

INCOME (LOSS) DATA

Income (loss) before taxes and cumulative effect of
accounting change (EBIT) 253 -1,360 4 283 30 897 1,220 2,013 3,403 4,426 5,431
Income tax provision (benefit) 71 -203 20 127 -34 287 435 734 1,290 1,657 2,004
Income (loss) before cumulative effect of
accounting change 182 -1,157 -16 156 64 610 785 1,279 2,113 2,769 3,427

Cumulative effect of accounting change, net of tax 0 0 -58 -6 0 -47 0 0 0 0 0

Net income (loss) 182 -1,157 -74 150 64 563 785 1,279 2,113 2,769 3,427

SELECTED RATIOS
GROWTH IN TOTAL OPERATING REVENUE 23% 17% 35% 26% 28% 40% 44% 40% 26% 14%
Product sales 45% 23% 36% 24% 21% 43% 46% 39% 24% 12%
Royalties(1) -18% 10% 28% 39% 37% 28% 46% 45% 47% 28%
Contract revenue -39% -55% 28% 46% 230% 30% -9% 38% 2% 17%

EFFICIENCY
Cost of sales/Sales 13% 22% 24% 17% 17% 15% 15% 15% 13% 13% 13%
R&D/Sales 38% 28% 32% 26% 24% 22% 21% 19% 19% 21% 21%
Marketing, general and administrative/Sales 28% 28% 24% 22% 21% 24% 24% 22% 22% 19% 18%
Collaboration profit sharing/Sales 4% 6% 9% 12% 14% 14% 13% 12% 11% 9% 9%
Recurring amortization charges/Sales 0% 15% 25% 16% 6% 5% 3% 2% 1% 1% 1%

INCOME AND TAXES

EBIT/Sales 24% -105% 0% 14% 1% 27% 26% 30% 37% 38% 40%
Effective Tax Rate (Tax/EBIT) 28% 15% 500% 45% -113% 32% 36% 36% 38% 37% 37%
Net Income/Sales 17% -90% -5% 7% 2% 17% 17% 19% 23% 24% 26%

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

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Exhibit 4 Genentech Balance Sheet Data 1998-2008

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

Years Ended December 31 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
SELECTED BALANCE SHEET DATA
Cash, cash equivalents, short-term investments, and $1,605 $1,957 $2,459 $2,865 $1,602 $2,935 $2,780 $3,814 $4,325 $6,065 $9,545
Accounts receivable 158 233 278 321 432 588 941 1,050 1,666 1,766 1,941
Inventories 149 275 266 357 394 470 590 703 1,178 1,493 1,299
Property, plant and equipment, net 700 730 753 866 1,069 1,618 2,091 3,349 4,173 4,986 5,404
Goodwill 0 1,609 1,456 1,303 1,315 1,315 1,315 1,315 1,315 1,577 1,590
Other intangible assets 65 1,453 1,280 1,113 928 811 668 574 476 1,168 1,008
Other long-term assets 135 206 175 136 801 822 807 1,074 1,342 366 365
TOTAL ASSETS 2,868 6,561 6,739 7,162 6,776 8,759 9,403 12,147 14,842 18,940 21,787

Commercial paper 0 0 0 0 0 0 0 0 0 599 500

Total current liabilities 303 503 475 677 661 893 1,238 1,660 2,010 3,918 3,095
Long-term debt 150 150 150 0 0 412 412 2,083 2,204 2,402 2,329
TOTAL LIABILITIES 524 1,291 1,065 1,242 1,437 2,239 2,621 4,677 5,364 7,035 6,116
TOTAL SHAREHOLDER EQUITY 2,344 5,270 5,674 5,920 5,339 6,520 6,782 7,470 9,478 11,905 15,671

OTHER DATA
Depreciation and amortization expense 78 281 463 428 275 295 353 370 407 492 592
Capital expenditures 88 95 113 213 323 322 650 1,400 1,214 977 751
Net working capital (excl. cash and commercial pape 4 5 69 1 165 165 293 93 834 -60 645
Change in net working capital (excl. cash and commercial paper) 1 64 -68 164 0 128 -200 741 -894 705
Goodwill, intangible and other assets 200 3268 2911 2552 3044 2948 2790 2963 3133 3111 2963
Cash minus short and long-term debt 1,455 1,807 2,309 2,865 1,602 2,523 2,368 1,731 2,121 3,064 6,716
SHARE INFORMATION
Shares outstanding at year-end 1,017 1,032 1,051 1,057 1,026 1,049 1,047 1,054 1,053 1,052 1,053
PER SHARE DATA
Market price: High $9.97 $11.25 $61.25 $42.00 $27.58 $47.68 $68.25 $100.20 $95.16 $89.73 $99.14
Market price: Low $7.41 $9.32 $21.13 $19.00 $12.55 $15.77 $41.00 $43.90 $75.58 $65.35 $65.60

Book value per share $2.30 $5.10 $5.40 $5.60 $5.21 $6.21 $6.48 $7.09 $9.00 $11.32 $14.88
Cash value per share $1.58 $1.90 $2.34 $2.71 $1.56 $2.80 $2.66 $3.62 $4.11 $5.77 $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 7% 22% 31% 21% 11% 9% 8% 6% 4% 4% 4%
Capital expenditures/Sales 8% 7% 7% 10% 13% 10% 14% 21% 13% 8% 6%
Net working capital/Sales 0% 0% 5% 0% 6% 5% 6% 1% 9% -1% 5%

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Property, plant and equipment, net/Sales 66% 57% 50% 42% 41% 49% 45% 50% 45% 43% 40%
Goodwill and other assets/Sales 19% 253% 192% 125% 118% 89% 60% 45% 34% 27% 22%

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Exhibit 7 Roche and Genentech: Comparable Biotech and Pharmaceutical Companies

Biotech Companies Pharmaceutical Companies

Gilead Astra
Genentech Roche Group Amgen Sciences Celgene Genzyme Biogen Idec Cephalon GSK Novartis Zeneca Merck Wyeth Eli Lilly
in millions $ in millions $ in millions $ in millions $ in millions $ in millions $ in millions $ in millions $ in millions $ in millions $ in millions $ in millions $ in millions $ in millions $
Year-end 2007
Sales 11,724.00 40,717.56 14,771.00 4,230.05 1,405.82 3,813.52 3,171.60 1,772.64 45,125.15 40,291.13 29,246.62 24,197.70 22,399.80 18,633.50
Gross Profit 10,645.00 30,801.41 13,277.00 3,512.55 1,307.12 3,023.28 2,959.20 1,538.83 36,428.29 31,640.69 24,370.70 20,045.20 17,249.14 15,432.60
R&D 2,446.00 7,319.51 3,247.00 591.03 398.59 737.69 925.20 348.52 6,289.23 6,804.79 5,035.22 4,882.80 3,256.52 3,486.70
Marketing, Selling, G&A 4,702.00 17,546.34 6,783.00 1,296.77 850.46 1,860.87 1,699.50 1,064.41 19,586.81 20,836.63 14,513.98 12,439.50 9,981.44 9,581.80
Net Income 2,769.00 8,615.18 3,166.00 1,615.30 231.83 480.19 637.20 -191.70 10,357.57 6,897.92 5,535.87 3,275.40 4,649.91 2,953.00

Shares Outstanding (MM) 1,052.00 761.31 1,087.00 932.48 403.12 266.01 295.70 67.60 10,942.38 1,998.63 2,894.32 2,172.50 1,337.79 1,134.31
EPS (Basic) 2.59 10.03 2.82 1.68 0.54 1.74 1.99 -2.88 1.88 2.97 3.70 1.49 3.38 2.71
Dividends Per Share 0.00 4.06 0.00 0.00 0.00 0.00 0.00 0.00 1.05 1.41 1.85 1.52 1.06 1.70

Cash and Marketable Securi 6,065.00 22,926.55 7,151.00 1,172.00 2,738.90 947.50 979.10 826.30 4,532.00 13,047.00 5,958.00 8,230.80 13,447.70 3,704.80
Total Assets 18,940.00 67,842.89 34,639.00 5,537.36 3,470.33 8,221.75 8,628.80 3,364.52 57,224.87 72,016.33 46,968.92 45,527.00 41,071.64 26,874.80
Short and Long-term Debt 3,001.00 6,060.02 11,177.00 1,300.29 222.69 810.37 1,562.90 1,240.96 20,999.21 5,804.59 15,174.06 5,739.40 11,804.47 5,007.20
Shareholder's Equity 11,905.00 40,023.83 17,869.00 3,459.99 2,843.94 6,628.61 5,534.30 1,302.07 19,076.28 49,312.93 14,795.61 18,184.70 18,210.54 13,503.90

Employees (thousands) 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
5-Year Compound Annual 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%
Sales Growth Rate
Sales per Employee 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
Return on Equity 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%

Beta
as of July 18, 2008 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

Stock Price Data DNA RHHBY AMGN GILD CELG GENZ BIIB CEPH GSK NOVN-VX AZN MRK WYE LLY
7/18/2008
Closing Price 81.82 175.60 52.56 49.53 70.85 78.23 64.65 73.05 23.98 57.05 45.40 37.68 53.43 47.91
Market Capitalization 86,373.27 151,462.91 55,555.92 45,697.32 32,208.86 21,016.76 18,764.95 4,960.15 123,669.06 129,119.63 65,971.51 80,728.42 71,245.26 54,471.28
P-E 112.08 32.07 60.41 107.67 262.41 312.92 92.36 92.47 48.47 54.52 40.64 45.95 64.37 54.44
Enterprise Value 89,070.27 156,633.03 65,362.92 46,849.47 32,078.47 21,996.10 20,007.75 6,131.41 147,877.70 130,977.14 82,430.02 83,833.02 82,786.66 59,437.28
1/29/2009
Closing Price 84.09 103.75 54.82 50.64 52.13 69.46 49.28 78.09 17.36 30.61 38.29 28.94 33.43 37.97
Market Capitalization11 88,546.77 89,494.37 57,396.54 46,073.23 23,934.43 18,803.11 14,194.91 5,367.64 90,046.48 69,338.21 55,425.78 60,996.56 44,513.84 43,136.18
P-E12 26.20 15.37 14.06 24.11 -15.07 46.31 18.60 26.74 13.71 12.09 11.75 7.95 10.22 -20.09
Enterprise Value13 89,356.77 91,390.16 67,822.54 46,887.50 24,086.32 19,274.95 15,345.30 6,695.57 109,967.90 76,690.49 68,247.86 68,204.76 56,691.10 51,321.98

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
Exhibit 9 Roche's Estimates of Achievable Synergies

(in millions of US$)

% Dependent
2013 and Merger with
Year 2009 2010 2011 2012 thereafter Genentech
Manufacturing 0 102 205 256 270 50%
Research 44 114 118 121 125 0%
Development 38 98 109 111 112 100%
Marketing & Distribution 38 98 101 104 107 100%
Roche G&A 63 103 113 123 124 75%
Genentech G&A 40 103 106 109 113 37%
Total 223 618 752 824 851

Source: Roche Group

% Dependent
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 2007 2008 2009
Actual Actual Actual Forecast
Revenues
Product sales 7,640 9,443 10,531 10,868
Royalties 1,354 1,984 2,539 2,409
Contract and other 290 297 348 258
Total Revenue 9,284 11,724 13,418 13,535

Costs and expenses

Cost of sales 1,181 1,571 1,744 1,792
Research and development 1,773 2,446 2,800 2,644
Marketing, selling, general 2,014 2,256 2,405 2,058
and administrative
Profit sharing 1,005 1,080 1,228 1,403
Other expenses 159 142 (88) 0
Total costs and expenses 6,132 7,495 8,089 7,897
Operating income 3,152 4,229 5,329 5,638
Less: Taxesa (1,290) (1,657) (2,004) (1,973)
After-tax operating income 1,862 2,572 3,325 3,665
Plus: Depreciation and amortization 407 492 592 577
Less: Increase(Decrease) in net working cap (741) 894 (705) (457)
Cash flow from operations 1,528 3,958 3,212 3,785
Less: Capital expenditures (1,214) (977) (751) (672)
Free cash flow 314 2,981 2,461 3,113
Less: Charge for equity settled
equity compensation 0 0 0 (1,567)
Free cash flow after equity settled
equity compensation 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.

a
Actual equals income tax provision from Genentech Income Statements. Forecast assumes
a 35% tax rate.
Exhibit 12 Squeeze-Out Precedent Transactions

($ in millions, except per share data)

Date % Initial Deal Offer Premium
Ann'd Target Name Acquiror Name Sought Offer ($) Value 1 Day 1 Week 1 Month

Squeeze-Outs Closed by 7/18/2008

11/9/07 Cosmote Telecommunications Hellenic Telecommunications 32.2% $38.46 $4,142.4 9.4% 11.2% 6.4%
10/2/07 Nikko Cordial Corp Citigroup Japan Holdings Ltd 32.0% 14.68 4,026.0 11.2% 14.1% 7.6%
5/24/07 Codan A/S RSA Overseas Holdings BV 24.7% 109.01 1,215.4 15.2% 15.2% 13.1%
11/20/06 TD Banknorth Inc Toronto-Dominion Bank 43.0% 32.33 2,414.3 6.5% 8.4% 9.1%
10/23/06 Shell Canada Royal Dutch Shell 22.0% 35.48 7,246.0 37.2% 37.9% 45.4%
8/29/06 Mitsubishi UFJ Securities Co Mitsubishi UFJ Financial Group 38.8% 13.78 3,879.8 11.9% 6.2% 26.9%
8/21/06 Burns Philp & Co Ltd Rank Group Ltd 42.4% 0.84 1,008.3 15.8% 16.4% 15.8%
9/11/05 RAS Allianz AG 44.6% 23.62 7,375.8 12.3% 18.3% 16.9%
9/1/05 7-Eleven Inc IYG Holding Co 27.3% 32.50 1,186.42 32.3% 31.0% 9.6%
8/9/05 Electrabel SA Suez SA 49.9% 506.36 13,084.5 5.2% 9.0% 14.0%
4/26/05 Mitsubishi Pharma Corp Mitsubishi Chemical Corp 41.1% 10.04 1,889.3 3.5% 5.2% (3.3%)
3/9/05 Falconbridge Ltd Noranda Inc 41.5% 32.73 2,457.1 0.9% 13.2% 19.7%
2/11/05 AS Hansabank FoereningsSparbanken AB 40.3% 14.16 2,221.4 28.4% 29.8% 37.1%
1/17/05 Unitedglobalcom Liberty Media 47.0% 9.58 3,566.1 18.3% 27.9% 25.6%
1/10/05 Fox Entertainment News Corp 17.9% 33.54 5,978.0 9.8% 9.4% 13.1%
12/7/04 Telecom Italia Mobile SpA Telecom Italia SpA 30.2% 7.53 19,484.1 12.4% 15.9% 22.0%
10/9/04 T-Online International AG Deutsche Telekom AG 26.1% 11.16 3,561.9 0.0% 1.4% 6.5%
8/2/04 Cox Communications Cox Enterprises Inc 39.5% 32.00 8,359.7 26.0% 24.6% 25.2%
2/2/04 Banco Bilbao Vizcaya
Grupo Financiero 40.6% 1.09 4,119.5 13.7% 12.9% 23.6%
Argentaria
10/6/03 UGC Europe Inc UGC Holdings Inc 33.3% 59.04 1,302.2 45.7% 45.3% 31.1%
3/12/03 Telecom Italia SpA Ing C Olivetti & Co SpA 45.1% 8.83 31,852.1 36.0% 28.0% 17.1%
 Statistics as of 7/18/200Mean 16.8% 18.2% 18.2%
Median 12.4% 15.2% 16.9%
Squeeze-Outs Closed After 7/18/2008
8/12/08 UnionBanCal Mitsubishi UFJ Financial Group 34.6% $63.00 $3,563.4 26.3% 28.6% 80.4%

3/10/08 Nationwide Financial Services Nationwide Mutual Insurance 33.7% 47.20 2,440.1 37.8% 28.7% 24.3%
1/15/08 SBI E*Trade Securities SBI Holdings 47.7% 885.97 1,482.0 (5.0%) (2.0%) (10.5%)

Statistics as of 1/29/200Mean 17.1% 18.2% 19.9%

Median 13.1% 15.6% 17.0%

Source: Greenhill & Co.

ffer Premium
All-Time
52W High
High

5.0% 5.0%

(9.1%) (74.3%)
9.0% 9.0%
3.2% (56.7%)
(4.1%) (4.1%)

(16.3%) (49.9%)

(5.6%) (78.0%)
8.9% 8.9%
7.9% (1.6%)
5.2% (1.3%)
(20.2%) (38.5%)
0.9% 0.9%
28.1% 28.1%
(9.6%) (91.6%)
6.5% 0.8%
12.4% (63.3%)
(24.8%) (80.5%)
(5.4%) (38.8%)
9.7% 9.7%
29.5% 29.5%
(18.6%) (59.2%)
 0.6% (26.0%)
3.2% (4.1%)

21.0% 2.6%

(19.1%) (19.1%)

(49.3%) (76.7%)

(1.4%) (26.6%)
2.0% (11.6%)
Exhibit 13 Trading Statistics for Comparable Companies

($ in millions, except per share data)

Discount FD Long Enterprise Value /
Price From 52 Equity Enterprise Term Revenue EBITDA Price / Earnings PEG
Company 7/18/2008 Wk. High Value Value Growth 2008E 2009E 2008E 2009E 2008E 2009E 2008E 2009E

Amgen $52.56 (11.0%) $57,222 $59,752 10.5% 4.1x 4.0x 9.5x 9.3x 12.6x 12.1x 1.2x 1.2x
Gilead Scien 49.53 (13.0%) 48,988 48,194 24.7% 9.3x 7.8x 18.3x 16.2x 25.4x 22.1x 1.0x 0.9x
Celgene 70.85 (6.1%) 33,163 31,137 36.8% 13.8x 10.6x 38.8x 25.1x 48.7x 30.0x 1.3x 0.8x
Genzyme 78.23 (4.7%) 21,570 21,416 18.6% 4.7x 4.1x 12.0x n.a. 19.9x 16.5x 1.1x 0.9x
Biogen Idec 64.65 (23.7%) 18,942 19,169 13.2% 4.9x 4.4x 12.0x 11.3x 18.6x 16.4x 1.4x 1.2x
Cephalon 73.05 (12.3%) 6,831 5,982 16.8% 3.2x 2.8x 9.7x 8.3x 19.6x 15.8x 1.2x 0.9x

All Comparables: Mean 20.1% 6.7x 5.6x 16.7x 14.0x 24.1x 18.8x 1.2x 1.0x
Median 17.7% 4.8x 4.3x 12.0x 11.3x 19.7x 16.5x 1.2x 0.9x

Core Comparables: Mean 13.5% 4.1x 3.7x 10.4x 9.6x 16.9x 14.8x 1.3x 1.1x
Median 13.2% 4.1x 4.0x 9.7x 9.3x 18.6x 15.8x 1.2x 1.2x

Genentech ( $81.82 (0.8%) $87,833 $84,570 19.2% 6.4x 5.9x 15.1x 14.1x 23.9x 21.1x 1.2x 1.1x

Genentech ( $89.00 7.9% $95,939 $92,676 19.2% 7.0x 6.5x 16.5x 15.5x 26.1x 23.1x 1.4x 1.2x

Source: Greenhill & Co.

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

Analyst Price Targets as of 7/18/2008

12-month Trading Range

Roche's initial $89/share Consensus Price
7/18/08 Share Price
proposal exceeded the Target: $84.99
Wachovia
consensus analyst price Lehman Brothers
target of $84.89/share as of Natixis
July 18, 2008. Jefferies
Since the $84.89 price target Thomas Weisel
preceded Roche's proposal, Credit Suisse
this price target theoretically Ferris Baker Watts
reflects an unbiased estimate Janney Montgomery Scott
BMO Capital
of Wall Street’s consensus
Merrill Lynch
views regarding Genentech
RBC
value. Deutsche Bank
As of January, 2009, Sanford Bernstein
fundamental implied Robert Baird & Co
valuations have declined, Goldman Sachs
based on analysts’ recent Oppenheimer
projections vis-à-vis prior Lazard
projections, due to Rodman & Renshaw
Genentech's lowered 2009 Citi
UBS
outlook.
Piper Jaffray
Morgan Stanley
Banc of America
JP Morgan
$65.00 $75.00 $85.00 $95.00 $105.00
$ per share
Source: Greenhill & Co.
 Exhibit 15 Genentech, Roche and S&P Biotech Index January 1, 2008 - January 29, 2009

160

98.37
140 93.88
93.83

120
Ja nua ry 1 , 2 0 0 8 = 1 0 0

73.00

72.74

100

80 172.69
168.09
8/13/2008
Genentech
Rejects Offer

60
130.61
123.05

40
7/21/2008
Roche Offer

9/15/2008
Lehman 10/10/2008 11/21/2008
Bankruptcy October low November low

ROCHE HOLDING S&P1500 BIOTECHNOLOGY INDEX GENENTECH

Source: Thomson Financial's Datastream, accessed 11/4/2009