A.4. What is your estimate of Genentech's value based on the comparables in Exhibit 13?

A.5. What is your estimate of the dollar value of synergies? （use the values from exhibit 9. Calculate to get the estimation of the FCF (after tax))

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Exhibit 13 Trading Multiples for Comparable Companies ($ in millions, except per-share data) Price Company 7/18/2008 Discount From 52- Week High Fully Diluted Long- Enterprise Value/ Equity Enterprise Term Revenue EBITDA Price/Earnings PEG 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 Sciences 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 (Actual) $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 (Roche Proposal) $89.00 7.9% $95,939 $92,676 19.2% 7.0x 6.5x 16.5x 15.5 26.1x 23.1x 1.4x 1.2x Source: Greenhill & Co. Exhibit 13 Trading Multiples for Comparable Companies ($ in millions, except per-share data) Price Company 7/18/2008 Discount From 52- Week High Fully Diluted Long- Enterprise Value/ Equity Enterprise Term Revenue EBITDA Price/Earnings PEG 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 Sciences 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 (Actual) $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 (Roche Proposal) $89.00 7.9% $95,939 $92,676 19.2% 7.0x 6.5x 16.5x 15.5 26.1x 23.1x 1.4x 1.2x Source: Greenhill & Co.