Exhibit 99.14
Discussion MaterialsNovember 3, 2015Project Island
Table of ContentsI. Illustrative Draft Response Letter – Counter ProposalII. Illustrative Draft Response Letter – No Counter ProposalIII. Tahiti Revised Offer – Comparative Analysis and Potential Alternative ScenariosThis document and any other materials accompanying this document (collectively, the “Materials”) are provided for general informational purposes only. By accepting any Materials, the recipient acknowledges and agrees to keep the Materials confidential and not to distribute the Materials to any other party. ©2015 Wells Fargo. All Rights Reserved.Project Island
Illustrative Draft Response Letter – Counter Proposal
Illustrative Draft Response Letter
Illustrative Draft Response Letter (Cont’d)
Illustrative Draft Response Letter – No Counter Proposal
Illustrative Draft Response Letter – No Counter Proposal
Tahiti Revised Offer – Comparative Analysis and PotentialAlternative Scenarios
Tahiti Revised Offer – Comparative Analysis and Potential Alternative Scenarios($ in millions USD, except per share data)Tahiti Offers Barbados Offer Potential Alternative Barbados Counter Proposals Assumed $ Premium to EEV per Share 2nd Nov 17th Sept 14th Oct Revised Offer Offer Offer $4.00 $3.50 $3.00 $2.50 $2.00% Stock / % Cash 89.7% / 10.3% 92.0% / 8.0% 74.5% / 25.5% 76.6% / 23.4% 78.2% / 21.8% 79.9% / 20.1% 81.7% / 18.3% 83.6% / 16.4% Consideration to Barbados Current Tahiti Shares Outstanding 900.551 900.551 900.551 900.551 900.551 900.551 900.551 900.551 Tahiti Shares Owned by Barbados 522.080 522.080 522.080 522.080 522.080 522.080 522.080 522.080 Existing Barbados Ownership of Tahiti 58.0% 58.0% 58.0% 58.0% 58.0% 58.0% 58.0% 58.0% ADRs Issued to Barbados 522.080 522.080 522.080 522.080 522.080 522.080 522.080 522.080 Pro Forma Barbados Equity Ownership 58.0% 58.0% 58.0% 58.0% 58.0% 58.0% 58.0% 58.0% Barbados Shares Outstanding 28.503 28.503 28.503 28.503 28.503 28.503 28.503 28.503 Implied Exchange Ratio 18.317x 18.317x 18.317x 18.317x 18.317x 18.317x 18.317x 18.317x Pro Forma Tahiti Shares 900.551 900.551 900.551 900.551 900.551 900.551 900.551 900.551 Tahiti Share Price (in USD)1 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 Implied Equity Consideration (Assuming ADRs trade at Par) $521.6 $521.6 $521.6 $521.6 $521.6 $521.6 $521.6 $521.6 Implied Tahiti Equity Value per Share of Barbados (Assuming ADRs trade at Par) $18.30 $18.30 $18.30 $18.30 $18.30 $18.30 $18.30 $18.30 Initial Barbados Cash $60.4 $60.4 $60.4 $60.4 $60.4 $60.4 $60.4 $60.4 Less Cash Settled SARs/Options2 16.0 15.0 24.1 22.9 21.8 20.8 19.8 18.9 Plus Additional Cash Consideration 15.3 0.0 141.9 121.9 106.6 91.3 76.1 60.9 Net Cash to Barbados Shareholders $59.7 $45.4 $178.3 $159.4 $145.2 $130.9 $116.7 $102.4 Cash Consideration per Share of Barbados $2.10 $1.59 $6.25 $5.59 $5.09 $4.59 $4.09 $3.59 Implied Total Consideration (Assuming ADRs trade at Par) $581.3 $567.0 $699.9 $681.0 $666.8 $652.5 $638.3 $624.0 Implied Total Consideration per Share of Barbados (Assuming ADRs trade at Par) $20.39 $19.89 $24.55 $23.89 $23.39 $22.89 $22.39 $21.89 $ Premium to EEV per Share ($19.89) $0.50 $0.00 $4.66 $4.00 $3.50 $3.00 $2.50 $2.00 % Premium to EEV per Share ($19.89) 2.5% 0.0% 23.4% 20.1% 17.6% 15.1% 12.6% 10.1% Implied Premium to Barbados' One Day Stock Price Assuming ADRs trade at Par ($17.73) 15.0% 12.2% 38.5% 34.8% 31.9% 29.1% 26.3% 23.5% Pro Forma Tahiti Cash 401.1 416.4 274.5 294.5 309.8 325.1 340.3 355.5 Debt 274.5 274.5 274.5 274.5 274.5 274.5 274.5 274.5Source: Capital IQ, Company filings and Wall Street research; Market data as of 10/30/15Note: “EEV” defined as Economic Equivalent Value; Excludes potential purchase accounting implications of merger(1) Based on exchange rate of 32.480 NTD per USD(2) Assumes additional Tahiti cash used to settle Barbados SARs and options at a premium to EEV per shareProject Island 9
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