STRICTLY CONFIDENTIAL

UBS Technology M&A
Discussion of Current Industry Trends

March 2005

[yuanni] [printed: 03/14/05 17:59] [saved: 03/14/05 18:01] S:\intc\M&A\Projects\2005\Seth Conference\Merrill Corp Presentation_ppt.ppt Table of Contents SECTION 1 SECTION 2 SECTION 3 M&A Market Conditions M&A Drivers and Considerations UBS Overview 2 8 14 1 .

SECTION 1 M&A Market Conditions .

045 1. JPMorgan / BankOne.000 Volume up 41% in 2004 vs. 2003 ($ in billion) 750 608 530 500 407 296 250 97 0 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 110 116 154 529 433 Source: Securities Data Corporation 3 . strategic combinations are back—Proctor & Gamble / Gillette. Symantec / Veritas. Oracle / PeopleSoft.250 1.ppt M&A Volume in the US Current rebound in activity across all industries is reflective of a return to a healthier market  Large. Sprint / Nextel.[yuanni] [printed: 03/14/05 17:59] [saved: 03/14/05 18:01] S:\intc\M&A\Projects\2005\Seth Conference\Merrill Corp Presentation_ppt.219 1.411 1.500 1. Cingular / AT&T Wireless.328 1. Johnson & Johnson / Guidant and Wachovia / SunTrust  Significant financial sponsor activity in the middle market – Taking advantage of depressed market conditions and attractive debt markets 1.

133 1998 1.329 2004 1.648 2001 1.318 2003 1. of Deals 1997 No.ppt Technology M&A Activity Technology M&A Volume Has Increased Steadily Since 2002 Lows 500 450 400 350 $485 > $10bn 95 $1bn .508 Source: Securities Data Corporation Note: Oracle/PeopleSoft included as 2004 transaction.000 300 65 250 200 150 100 50 58 0 1997 1998 1999 2000 2001 2002 2003 2004 58 $85 26 98 65 $143 25 60 157 148 $124 24 36 $65 19 46 $64 17 47 65 0 $103 22 15 500 1.$10bn < $1bn No.500 No. of Deals $311 3. of Deals 1.705 2002 1.000 2.862 2000 2.[yuanni] [printed: 03/14/05 17:59] [saved: 03/14/05 18:01] S:\intc\M&A\Projects\2005\Seth Conference\Merrill Corp Presentation_ppt.409 1999 1.500 Deal Value (US$ Billions) 2. original hostile offer was first launched in Q3 2003 4 .000 233 1.

"survive the downturn" mentality and reviewing strategic options – Recalibrating under invested businesses – Capturing upside as economic conditions continue to improve  Technology M&A deal volume increased 60% in 2004 – M&A pipeline is expected to be strong for 2005 Number of Announced Transactions 1 500 400 300 200 100 Q1 Q2 Q3 2003 Q4 Q1 Q2 2004 Q3 Q4 281 325 352 371 399 370 394 Technology M&A Deal Volume (US$ Billions) 1 120 (1% ) 60% 102.2 2003 2004  179 additional transactions were announced in 2004 compared with 2003  Volume of discussions has intensified drastically Source: Security Data Corporation Note: 1 Oracle/PeopleSoft included as 2004 transaction.[yuanni] [printed: 03/14/05 17:59] [saved: 03/14/05 18:01] S:\intc\M&A\Projects\2005\Seth Conference\Merrill Corp Presentation_ppt.9 $64. original hostile offer was first launched in Q2 2003 5 .6 345 100 80 60 40 2002 $64.ppt M&A Deal Activity is Intensifying Market recovery in 2003 and stability in 2004 have increased corporate confidence and created an environment conducive to M&A transactions  Technology companies are exiting defensive.

cash consideration has been linked to stock consideration as acquirors tap into the equity markets to raise funds for acquisitions – Improvements in capital markets have allowed companies to raise cash at a low cost through convertibles or straight equity  Private equity players continue to show interest in acquiring technology companies – Some technology stocks have enjoyed only limited participation in the market recovery – Low interest rates have enabled private equity players to borrow at low costs to fund acquisitions – The downturn has created companies with lower cost structures and higher profitability – The recent market recovery has provided private equity players with better exit opportunities RECENT TRANSACTIONS  IBM / Ascential ($1.[yuanni] [printed: 03/14/05 17:59] [saved: 03/14/05 18:01] S:\intc\M&A\Projects\2005\Seth Conference\Merrill Corp Presentation_ppt.816mm)  Oracle / Peoplesoft ($10.300mm)  ARM / Artisan ($933mm)            3Com / TippingPoint ($408mm) Credence / NPTest ($663mm) Serena / Merant ($380mm) Cisco / NetSolve ($137mm) Resurgence in Deal Activity Sector Consolidation Stock Consideration Mm) Symantec / Veritas ($13.521mm) Safenet / Rainbow ($463mm) Credence / NPTest ($663mm) – Issued convertible  Serena / Merant ($380mm) – Issued convertible   Carlyle / Insight ($2.521mm)  Lenovo Group / IBM PC Business ($1.100mm)   Golden Gate Capital / Blue Martini ($54mm)  Veritas Capital / DynCorp from CSC ($850mm)  Bain Capital. Warbug Pincus / UGS PLM from EDS ($2. acquire new technology and achieve critical mass – Regulatory environments created product opportunities for acquirors and at the same time forced smaller listed firms to re-assess the pros and cons of operating on a standalone basis  Stock consideration has become a more favorable M &A currency as technology stock prices have recovered – Most technology companies have been trading at or close to their three-year highs  In some recent deals.300mm)  CA / Netegrity ($451mm)  Juniper / Netscreen ($3. they are seeking opportunities to expand product offerings.100mm)  Symantec / Veritas ($13. versus 27% in 2003 – Return of landscape shaping deals such as Symantec/Veritas.050mm) Private Equity Activity 6 .ppt Current Trends in Technology M&A TREND OVERVIEW  A recovery in technology stock prices and increased corporate confidence have driven M&A activity – Companies have restructured their businesses and increased earnings – Companies are eager to make acquisitions to capture upside as market conditions improve  2004 marked the return of the Technology M &A “mega-deals” – Deals over $1 billion represented 36% of deal value in 2004. Silver Lake Partners. ARM/Artisan and the completion of Oracle/PeopleSoft  Sector consolidation continues to drive M &A – As companies refocus on growth.

000 1.705 250 No.648 300 350 No.ppt M&A and IPO Activity in the Technology Sector Number of Announced M&A Transactions and IPO Filings 3. of IPOs Filed 200 1.500 2.508 1.862 1.000 1.329 150 Source: Securities Data Corporation and UBS Equity Capital Markets Group Note: Oracle/PeopleSoft included as 2004 M&A transaction. original hostile offer was first launched in Q3 2003 7 .500 1.000 309 2.[yuanni] [printed: 03/14/05 17:59] [saved: 03/14/05 18:01] S:\intc\M&A\Projects\2005\Seth Conference\Merrill Corp Presentation_ppt.133 1.409 1.318 124 100 100 60 500 23 0 1997 1998 1999 2000 M&A 2001 IPO 2002 2003 2004 19 21 0 50 1. of Announced M &A Deals 235 2.

SECTION 2 M&A Drivers and Considerations .

[yuanni] [printed: 03/14/05 17:59] [saved: 03/14/05 18:01] S:\intc\M&A\Projects\2005\Seth Conference\Merrill Corp Presentation_ppt.ppt Principal Drivers of Technology M&A  Critical mass and financial strength Achieve Scale  Customer leverage  Increased distribution and sales support  Market position consolidation  Leapfrog competition  New market entry — product or geography Expand Product Offering  Capture new customer bases  Buy vs. make — time to market  Engineering talent and/or management acquisition  Off-income statement R&D  Fill product gaps Offer Complete Solution  Capitalize on installed base  Accelerate time to market  Strengthen channel partnerships  Offer one-stop shop 9 .

simple to understand story  Financial parameter clarity  Price paid / consideration mix  Time to closure Execution Risk  Anti-trust / regulatory  Tight contract terms  Integration strategy 10 .[yuanni] [printed: 03/14/05 17:59] [saved: 03/14/05 18:01] S:\intc\M&A\Projects\2005\Seth Conference\Merrill Corp Presentation_ppt.ppt M&A Considerations A number of factors to consider in pursuing any M&A transaction Business Rationale  Compelling strategic rationale  Create or consolidate market leadership position  Essential new technologies. markets or products  Transaction multiples compared to public comparables and precedent transactions Financial Considerations  Impact on combined company revenue and earnings growth trajectories  Effect on margins  Revenue and cost synergies  EPS accretion / dilution  Market perception of target company / merger partner M arket Reaction  Consistent.

ppt Process Considerations Public Offering Versus Sale Initial Public Offering PROS:  Primary shareholders retain voting control and existing management continues to execute the strategic vision of the business  Proceeds from an IPO can be used to increase scale through acquisitions or fuel organic growth  Shareholders can participate in potential upside should the business continue to execute and market conditions remain favorable CONS  The organization must take on the costs associated with public filing and compliance requirements while managing greater scrutiny by investors  An IPO lock-up prevents current shareholders from achieving immediate liquidity  There is a high degree of uncertainty in future capital market conditions PROS: Sale of Business  Reduces or eliminates execution risks of the current business plan as well as future capital market uncertainties  M&A valuation includes control premium  Can offer a more immediate path to liquidity for current shareholders  Avoids the costs associated with being a public company  Partnering increases opportunity to cross-sell and up-sell through larger distribution platform and gain rapid critical mass to better compete CONS:  Primary shareholders relinquish voting control and new management executes the strategic vision of the company  Cash transactions eliminate the upside participation in the pro forma company  Integration and execution risk of combined business  There is the potential for a downside in valuation should the business lose traction 11 .[yuanni] [printed: 03/14/05 17:59] [saved: 03/14/05 18:01] S:\intc\M&A\Projects\2005\Seth Conference\Merrill Corp Presentation_ppt.

[yuanni] [printed: 03/14/05 17:59] [saved: 03/14/05 18:01] S:\intc\M&A\Projects\2005\Seth Conference\Merrill Corp Presentation_ppt. especially small cap companies  Entails significant allocation of resources  Not meeting SOX deadline requirements or announcing inadequacies in significant controls can have negative effect on stock price – UTStarcom – Chordiant Software – Interpublic Group Advisory Services Vs.500 2.000 500 0 2003 2004 Advisory Services 2005 2006 2007 IT Spending Anticipated Technology Spending to Support SOX Compliance Security Storage Process Control Record Management Business Intelligence ERP 0% 10% 20% 30% 30% 40% 50% 60% 70% 40% 39% 36% 52% 61% Source: Gartner 2004 estimates ($ millions) Source: Forrester Research survey of 454 technology decision-makers 12 .000 1.000 2.500 3. IT Spending Mix for SOX Compliance 4.500 1.000 3.S.ppt Sarbanes-Oxley 404 Compliance Benefits  Intended to restore investor confidence in U. public markets  Drives greater consistency and transparency in reported filings  Increased executive accountability over financial reporting  Increased spending at the CFO and CTO level to meet compliance criteria Costs  Increased cost of being public.

[yuanni] [printed: 03/14/05 17:59] [saved: 03/14/05 18:01] S:\intc\M&A\Projects\2005\Seth Conference\Merrill Corp Presentation_ppt.ppt Typical Timing of an M&A Transaction Illustrative Timeline of a Sell-Side Controlled Auction Engagement Weeks Activity Action Organizational meetings 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 Due Diligence and Preparation Due diligence meetings Information Memorandum Preparation of management presentation Finalize buyer list Initiate contact with buyers Marketing Deliver Information Memorandum Finalize management presentation and data room Buyer due diligence Receipt and review of final proposals Negotiations and Closing Negotiate and sign definitive agreement Closing 13 .

SECTION 3 UBS Overview .

ppt UBS—A Leading Global Financial Services Firm Our strength is backed by industry accolades “Wall Street Powerhouse” FORBES 2004 The UBS Way BLOOMBERG 2004 World’s Best Investment Bank EUROMONEY 2004 World’s Best Bank EUROMONEY 2003 Best Investment Bank THE ECONOMIST 2003 World’s Best Investment Bank INVESTMENT DEALERS’ DIGEST 2002 “ UBS is a banking giant but.[yuanni] [printed: 03/14/05 17:59] [saved: 03/14/05 18:01] S:\intc\M&A\Projects\2005\Seth Conference\Merrill Corp Presentation_ppt. But it’s the push into the rarified realm of Investment Banking that sets UBS apart. This is a house… that’s grown out of its regional shell to assume premier proportions in world finance. “BIG KID ON THE BLOCK” FORBES “ UBS has achieved what once seemed impossible for any European investment bank: it has broken into the front rank in the US market. it doubled its share in announced US M&A deals. source of roughly half the global investment banking fee pool. In the 12 months ending in April 2004. WORLD’S BEST INVESTMENT BANK EUROMONEY 2004 ” ” 15 . a Wall Street powerhouse? Oh Yes.

equity carveouts.4% 8. and open market repurchases 1 Market share based on number of transactions.g.2% 10.8% 403 13.6% 262 8.5% 252 197 6.UBS—A Leading M&A Advisor with Rapid Improvement in Market Share 2003–2004 # of Transactions / Market Share 1 14. Full credit given to acquiror and target advisor(s).4% Notes: Data represents all M&A deals worldwide greater than $100 million in transaction value. exchange offers. Market shares do not sum to 100% due to multiple advisors on each transaction (e. Excludes withdrawn deals.1% 377 459 426 13. target advisor and acquiror advisor) UBS has positioned itself as one of the leading M&A advisors worldwide and has unprecedented momentum. capturing more market share than any other bank since 2002 16 ..0% 12.8% [yuanni] [printed: 03/14/05 17:59] [saved: 03/14/05 18:01] S:\intc\M&A\Projects\2005\Seth Conference\Merrill Corp Presentation_ppt.ppt 2003–2004 Market Share versus 2000—2002 +23% Lehman Bros Deutsche Bank Lazard Goldman Sachs Citigroup JP Morgan Morgan Stanley Merrill Lynch CSFB (38% ) (23% ) (1% ) (2% ) (5% ) (11% ) +9% +6% +3% Goldman Sachs JP Morgan Citigroup Morgan Stanley CSFB 333 322 Deutsche Bank Merrill Lynch Lehman Bros Lazard 265 8.8% 10.

4 2.1 2.ppt Overview of UBS Technology M&A Group Technology M&A Expertise  Strong technology-focused M&A presence with deep industry knowledge and company relationships  Experienced in a wide range of advisory assignments – Buyer advisory – Seller advisory – Cross-border transactions – Merger of equals – Shareholder value protection – Leveraged transactions 2004 Technology M&A Transactions Less Than $1 Billion Financial Advisor Goldman Sachs & Co Morgan Stanley Credit Suisse First Boston UBS JP Morgan Banc of America Securities LLC Citigroup Jefferies & Co Lehman Brothers Rothschild Source: SDC Rank Value ($mm) No.4 1.168.375.492.6 17 22 15 11 14 5 12 21 9 3 Selected Recent Transactions February 2005 US$415 million Sale to eBay February 2005 US$850 million Sale of Selected DynCorp Units to Veritas Capital November 2004 US$137million Sale to Cisco Systems July 2004 US$170 million Sale to FindWhat. of Deals 1 2 3 4 5 6 7 8 9 10 7.2 2.3 4.[yuanni] [printed: 03/14/05 17:59] [saved: 03/14/05 18:01] S:\intc\M&A\Projects\2005\Seth Conference\Merrill Corp Presentation_ppt.2 6.025.8 4.187.560.476.114.4 5.148.com M ay 2004 US$663 million Acquisition of NPTest M ay 2004 US$380 million Sale to Serena Software M arch 2004 US$463 million Sale to SafeNet January 2004 US$601 million Sale to Manpower January 2004 US$467 million Financial Restructuring November 2003 US$295 million Sale to NetScreen 17 .093.0 1.

nor does UBS make any representation or warranty. representatives. The company should not construe the contents of this presentation as legal. UBS expressly disclaims any and all liability relating or resulting from the use of this presentation. the ―company‖) using information provided by the company and other publicly available information. This presentation does not purport to be all-inclusive or to contain all of the information which the company may require. Actual results will vary from the projections and such variations may be material. No investment. or shall be relied upon as. provided that the company and any of its employees. This presentation has been prepared on a confidential basis solely for the use and benefit of the company. reproduced. the tax treatment and tax structure of the transaction and all materials of any kind (including opinions or other tax analyses) that are provided to the company relating to such tax treatment and tax structure. There is no guarantee that any of these estimates or projections will be achieved. distributed or passed to others at any time without the prior written consent of UBS. tax. without limitation of any kind. tax and financial advisors as to legal and related matters concerning any transaction described herein. UBS Investment Bank is a business group of UBS AG UBS Securities LLC is a subsidiary of UBS AG 18 . The company should consult its own counsel. This presentation has been prepared solely for informational purposes and is not to be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. either express or implied. as to the accuracy. Nothing contained herein is.ppt Contact Information UBS Securities LLC 555 California Street Suite 4650 San Francisco CA 94104 Tel. net income and stock performance) are based upon the best judgment of UBS from the information provided by the company and other publicly available information as of the date of this presentation. Any estimates or projections as to events that may occur in the future (including projections of revenue.[yuanni] [printed: 03/14/05 17:59] [saved: 03/14/05 18:01] S:\intc\M&A\Projects\2005\Seth Conference\Merrill Corp Presentation_ppt.ubs. completeness or reliability of the information contained in this presentation. divestment or other financial decisions or actions should be based solely on the information in this presentation. This material must not be copied. a promise or representation as to the past or future. accounting or investment advice or a recommendation. Distribution of this presentation to any person other than the company and those persons retained to advise the company is unauthorized.com This presentation has been prepared by UBS Securities LLC (―UBS‖) for the exclusive use of recipient (together with its subsidiaries and affiliates. expense. or other agents may disclose to any and all persons. UBS has not independently verified the information contained herein. +1-415-352 5650 www.

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