Analysis of recent transactions in Semiconductors Industry detailing on Transaction Multiples (Revenue & EBITDA), Multiples Chart, Active Buyers & Transaction Data

1. SEMICONDUCTORS – M&A TEARSHEET
Multiples Chart
Transaction Multiples
Industry Active Buyers
M&A and Private Placements

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Merger & Acquisition Summary - Semiconductors
Valuation Summary
Total Deal Value ($mm) 72,939
Average Deal Value ($mm) 378
Average TEV/Revenue 3.0x
Average TEV/EBITDA 20.5x
Average Day Prior Premium (%) 34%
Average Week Prior Premium (%) 35%
Average Month Prior Premium (%) 36%
Transaction Ranges
Greater than $1 billion 14
$500 - $999.9 mm 13
$100 - $499.9 mm 53
Less than $100 mm 113
*Source – CapitalIQ, AlpsVP Analysis
Date Rage: Jan 1, 2010 – August 15, 2015
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3. SEMICONDUCTORS – HISTORICAL TREND ANALYSIS

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Transaction Multiples - Trends
*Source – CapitalIQ, AlpsVP Analysis;
4.2x 3.5x 2.5x 1.7x
3.2x 2.4x
33.9x
14.0x
15.8x 16.8x
29.7x
16.8x
0.0x
5.0x
10.0x
15.0x
20.0x
25.0x
30.0x
35.0x
40.0x
2010 2011 2012 2013 2014 2015
Multiples
Average TEV/Revenue
Average TEV/EBITDA
Historical Multiples 2010 2011 2012 2013 2014 2015 2016
Average TEV/Revenue 4.2x 3.5x 2.5x 1.7x 3.2x 2.4x 3.0x
Average TEV/EBITDA 33.9x 14.0x 15.8x 16.8x 29.7x 16.8x 22.0x
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5. 3pageA L P S V E N T U RE P A R T N E R S
Transaction Numbers - Trends
*Source – CapitalIQ, AlpsVP Analysis;
1
3
2 2 2
4
1
3 3
1
2
3
10
8
9
7
13
6
19
18
22
19
25
10
-
5
10
15
20
25
30
2010 2011 2012 2013 2014 2015
NumberofTransactions
> $1 billion
$500 - $999.9mm
$100 - $499.9mm
Less than $100mm
(in $ Million) 2010 2011 2012 2013 2014 2015 5 Year
Average Deal Value 258 600 274 271 360 559 353
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6. 4pageA L P S V E N T U RE P A R T N E R S
Geographic Heat Map
*Source – CapitalIQ, AlpsVP Analysis; Number of transactions in Major Regions;
Asia Pacific –
55%
Americas – 32% Europe/MENA/Africa –
13%
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Region / Transactions Number Total Value Average Size
Asia Pacific 106 20,847 197
Europe/MENA/Africa 25 4,682 187
Americas 62 47,409 765

7. 5pageA L P S V E N T U RE P A R T N E R S
Active Buyers
Company Name Number Of Transactions
Intel Capital 38
Korea Securities Finance Corporation, Investment Arm 16
Samsung Electronics Co. Ltd. (KOSE:A005930) 15
DAG Ventures, LLC 13
New Enterprise Associates 13
Capital-E NV 11
Celtic House Venture Partners Inc. 11
DFJ Esprit LLP 11
Enterprise Equity (Irl) Limited 11
*Source – CapitalIQ, AlpsVP Analysis
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8. 6pageA L P S V E N T U RE P A R T N E R S
Biggest Transactions
Target Deal Value ($mm)
National Semiconductor Corporation 8,016
LSI Corporation 6,611
Renesas Technology Corp. 4,310
Micron Memory Japan, Inc. 3,747
NetLogic I LLC 3,661
Qualcomm Atheros, Inc. 3,581
International Rectifier Corporation 3,041
Hittite Microwave Corporation 2,447
CSR plc (LSE:CSR) 2,376
SunPower Corporation (NasdaqGS:SPWR) 2,249
*Source – CapitalIQ, AlpsVP Analysis
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Tax Compliance Financial Reporting Strategic Valuation

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We provide clients with high quality
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Diligence etc.
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