Exhibit 99.18
Discussion MaterialsNovember 18, 2015Project Island
Potential Alternative Scenarios($ in millions USD, except per share data)Tahiti 17th Current Current Sept Potential Alternative Scenarios Barbados Tahiti Offer Offer OfferAssumed Tahiti Cash Premium per Share $0.00 $0.50 $0.550 $0.600 $0.650 $0.700 $0.750 $0.800 $0.918 $1.000 $1.40 Asssumed Tahiti Cash for Buyback $0.0 $35.0 $35.0 $33.7 $32.3 $30.9 $29.6 $28.2 $25.0 $22.8 $35.0 Consideration to Barbados Current Tahiti Shares Outstanding 896.152 896.152 896.152 896.152 896.152 896.152 896.152 896.152 896.152 896.152 896.152 Tahiti Shares Owned by Barbados 522.080 522.080 522.080 522.080 522.080 522.080 522.080 522.080 522.080 522.080 522.080 Existing Barbados Ownership of Tahiti 58.3% 58.3% 58.3% 58.3% 58.3% 58.3% 58.3% 58.3% 58.3% 58.3% 58.3% Assumed Exchange Ratio Adjustment Factor 1.0000x 0.9359x 0.9359x 0.9384x 0.9408x 0.9433x 0.9458x 0.9483x 0.9542x 0.9583x 0.9359x ADRs Issued to Barbados 522.080 488.619 488.595 489.896 491.198 492.499 493.801 495.102 498.179 500.308 488.619 Pro Forma Barbados Equity Ownership 58.3% 56.6% 56.6% 56.7% 56.8% 56.8% 56.9% 57.0% 57.1% 57.2% 56.6% Barbados Shares Outstanding 27.227 27.227 27.227 27.227 27.227 27.227 27.227 27.227 27.227 27.227 27.227 Implied Exchange Ratio 19.175x 17.946x 17.945x 17.993x 18.041x 18.089x 18.136x 18.184x 18.297x 18.375x 17.946x Pro Forma Tahiti Shares 896.152 862.690 862.666 863.967 865.269 866.570 867.872 869.173 872.250 874.379 862.690 Tahiti Share Price (in USD)1 $1.05 $1.05 $1.05 $1.05 $1.05 $1.05 $1.05 $1.05 $1.05 $1.05 $1.05 Implied Equity Consideration (Assuming ADRs trade at Par) $546.1 $511.1 $511.1 $512.4 $513.8 $515.1 $516.5 $517.9 $521.1 $523.3 $511.1 Implied Tahiti Equity Consideration per Share of Barbados (Assuming ADRs trade at Par) $20.06 $18.77 $18.77 $18.82 $18.87 $18.92 $18.97 $19.02 $19.14 $19.22 $18.77 Initial Barbados Cash $60.3 $60.3 $60.3 $60.3 $60.3 $60.3 $60.3 $60.3 $60.3 $60.3 $60.3 Less Cash Settled SARs/Options by Barbados $14.5 $14.5 $14.5 $14.5 $14.5 $14.5 $14.5 $14.5 $14.5 $14.5 $14.5 Plus Tahiti Cash to Settle SARs/Options at Premium 2 $0.0 $0.9 $1.0 $1.1 $1.1 $1.2 $1.3 $1.4 $1.6 $1.8 $2.5 Plus Tahiti Cash for Buyback $0.0 $35.0 $35.0 $33.7 $32.3 $30.9 $29.6 $28.2 $25.0 $22.8 $35.0 Plus Tahiti Cash Premium $0.0 $13.6 $15.0 $16.3 $17.7 $19.1 $20.4 $21.8 $25.0 $27.2 $38.1 Total Tahiti Cash for Buyback and Premium $0.0 $48.6 $50.0 $50.0 $50.0 $50.0 $50.0 $50.0 $50.0 $50.0 $73.1 Total Tahiti Cash for Buyback and Premium per Share $0.00 $1.79 $1.84 $1.84 $1.84 $1.84 $1.84 $1.84 $1.84 $1.84 $2.69 Net Cash to Barbados Shareholders $45.8 $94.5 $95.8 $95.8 $95.8 $95.8 $95.8 $95.8 $95.8 $95.8 $119.0 Cash Consideration per Share of Barbados $1.68 $3.47 $3.52 $3.52 $3.52 $3.52 $3.52 $3.52 $3.52 $3.52 $4.37 Implied Total Consideration (Assuming ADRs trade at Par) $591.9 $605.5 $606.9 $608.3 $609.6 $611.0 $612.3 $613.7 $616.9 $619.1 $630.0 Implied Total Consideration per Share of Barbados (Assuming ADRs trade at Par) $21.74 $22.24 $22.29 $22.34 $22.39 $22.44 $22.49 $22.54 $22.66 $22.74 $23.14 $ Implied Premium to Barbados' 30-Day Avg Stock Price Assuming ADRs trade at Par ($18.05) $3.69 $4.19 $4.24 $4.29 $4.34 $4.39 $4.44 $4.49 $4.60 $4.69 $5.09 % Implied Premium to Barbados' 30-Day Avg Stock Price Assuming ADRs trade at Par ($18.05) 20.4% 23.2% 23.5% 23.7% 24.0% 24.3% 24.6% 24.9% 25.5% 26.0% 28.2% $ Premium to 30-Day Avg EEV per Share ($21.74) $0.00 $0.50 $0.55 $0.60 $0.65 $0.70 $0.75 $0.80 $0.92 $1.00 $1.40 % Premium to 30-Day Avg EEV per Share ($21.74) 0.0% 2.3% 2.5% 2.8% 3.0% 3.2% 3.4% 3.7% 4.2% 4.6% 6.4% Pro Forma Tahiti Cash $307.2 $257.7 $256.2 $256.1 $256.0 $255.9 $255.8 $255.8 $255.5 $255.4 $231.6 Debt $235.3 $235.3 $235.3 $235.3 $235.3 $235.3 $235.3 $235.3 $235.3 $235.3 $235.3 2016E GAAP EPS Accretion / (Dilution)³ 0.0% 3.7% 3.7% 3.6% 3.4% 3.3% 3.1% 3.0% 2.6% 2.4% 3.7%Source: Capital IQ, Company filings and Wall Street research; Market data as of 11/17/15Note: “EEV” defined as Economic Equivalent Value; Excludes potential purchase accounting implications of merger 1 Based on 30-day average stock price and 30-day average exchange rate of 32.502 NTD per USD2 Assumes additional cash needed to settle SARs and options at a premium to EEV is paid from Tahiti cash3 Assumes marginal tax rate of 20.0% and interest on cash of 0.3%Project Island 2
Additional Potential Alternative Scenarios($ in millions USD, except per share data)Tahiti 17th Current Current Sept Potential Alternative Scenarios Barbados Tahiti Offer Offer OfferAssumed Tahiti Cash Premium per Share $0.00 $0.50 $0.525 $0.551 $0.575 $0.600 $0.625 $0.650 $0.675 $0.700 $1.40 Asssumed Tahiti Cash for Buyback $0.0 $35.0 $35.7 $35.0 $34.3 $33.7 $33.0 $32.3 $31.6 $30.9 $35.0 Consideration to Barbados Current Tahiti Shares Outstanding 896.152 896.152 896.152 896.152 896.152 896.152 896.152 896.152 896.152 896.152 896.152 Tahiti Shares Owned by Barbados 522.080 522.080 522.080 522.080 522.080 522.080 522.080 522.080 522.080 522.080 522.080 Existing Barbados Ownership of Tahiti 58.3% 58.3% 58.3% 58.3% 58.3% 58.3% 58.3% 58.3% 58.3% 58.3% 58.3% Assumed Exchange Ratio Adjustment Factor 1.0000x 0.9359x 0.9346x 0.9359x 0.9371x 0.9384x 0.9396x 0.9408x 0.9421x 0.9433x 0.9359x ADRs Issued to Barbados 522.080 488.619 487.944 488.619 489.245 489.896 490.547 491.198 491.848 492.499 488.619 Pro Forma Barbados Equity Ownership 58.3% 56.6% 56.6% 56.6% 56.7% 56.7% 56.7% 56.8% 56.8% 56.8% 56.6% Barbados Shares Outstanding 27.227 27.227 27.227 27.227 27.227 27.227 27.227 27.227 27.227 27.227 27.227 Implied Exchange Ratio 19.175x 17.946x 17.921x 17.946x 17.969x 17.993x 18.017x 18.041x 18.065x 18.089x 17.946x Pro Forma Tahiti Shares 896.152 862.690 862.015 862.690 863.317 863.967 864.618 865.269 865.920 866.570 862.690 Tahiti Share Price (in USD)1 $1.05 $1.05 $1.05 $1.05 $1.05 $1.05 $1.05 $1.05 $1.05 $1.05 $1.05 Implied Equity Consideration (Assuming ADRs trade at Par) $546.1 $511.1 $510.4 $511.1 $511.7 $512.4 $513.1 $513.8 $514.5 $515.1 $511.1 Implied Tahiti Equity Consideration per Share of Barbados (Assuming ADRs trade at Par) $20.06 $18.77 $18.75 $18.77 $18.80 $18.82 $18.85 $18.87 $18.90 $18.92 $18.77 Initial Barbados Cash $60.3 $60.3 $60.3 $60.3 $60.3 $60.3 $60.3 $60.3 $60.3 $60.3 $60.3 Less Cash Settled SARs/Options by Barbados $14.5 $14.5 $14.5 $14.5 $14.5 $14.5 $14.5 $14.5 $14.5 $14.5 $14.5 Plus Tahiti Cash to Settle SARs/Options at Premium 2 $0.0 $0.9 $0.9 $1.0 $1.0 $1.1 $1.1 $1.1 $1.2 $1.2 $2.5 Plus Tahiti Cash for Buyback $0.0 $35.0 $35.7 $35.0 $34.3 $33.7 $33.0 $32.3 $31.6 $30.9 $35.0 Plus Tahiti Cash Premium $0.0 $13.6 $14.3 $15.0 $15.7 $16.3 $17.0 $17.7 $18.4 $19.1 $38.1 Total Tahiti Cash for Buyback and Premium $0.0 $48.6 $50.0 $50.0 $50.0 $50.0 $50.0 $50.0 $50.0 $50.0 $73.1 Total Tahiti Cash for Buyback and Premium per Share $0.00 $1.79 $1.84 $1.84 $1.84 $1.84 $1.84 $1.84 $1.84 $1.84 $2.69 Net Cash to Barbados Shareholders $45.8 $94.5 $95.8 $95.8 $95.8 $95.8 $95.8 $95.8 $95.8 $95.8 $119.0 Cash Consideration per Share of Barbados $1.68 $3.47 $3.52 $3.52 $3.52 $3.52 $3.52 $3.52 $3.52 $3.52 $4.37 Implied Total Consideration (Assuming ADRs trade at Par) $591.9 $605.5 $606.2 $606.9 $607.6 $608.3 $608.9 $609.6 $610.3 $611.0 $630.0 Implied Total Consideration per Share of Barbados (Assuming ADRs trade at Par) $21.74 $22.24 $22.27 $22.29 $22.32 $22.34 $22.37 $22.39 $22.42 $22.44 $23.14 $ Implied Premium to Barbados' 30-Day Avg Stock Price Assuming ADRs trade at Par ($18.05) $3.69 $4.19 $4.21 $4.24 $4.26 $4.29 $4.31 $4.34 $4.36 $4.39 $5.09 % Implied Premium to Barbados' 30-Day Avg Stock Price Assuming ADRs trade at Par ($18.05) 20.4% 23.2% 23.3% 23.5% 23.6% 23.7% 23.9% 24.0% 24.2% 24.3% 28.2% $ Premium to 30-Day Avg EEV per Share ($21.74) $0.00 $0.50 $0.52 $0.55 $0.57 $0.60 $0.63 $0.65 $0.68 $0.70 $1.40 % Premium to 30-Day Avg EEV per Share ($21.74) 0.0% 2.3% 2.4% 2.5% 2.6% 2.8% 2.9% 3.0% 3.1% 3.2% 6.4% Pro Forma Tahiti Cash $307.2 $257.7 $256.2 $256.2 $256.2 $256.1 $256.1 $256.0 $256.0 $255.9 $231.6 Debt $235.3 $235.3 $235.3 $235.3 $235.3 $235.3 $235.3 $235.3 $235.3 $235.3 $235.3 2016E GAAP EPS Accretion / (Dilution)³ 0.0% 3.7% 3.8% 3.7% 3.7% 3.6% 3.5% 3.4% 3.4% 3.3% 3.7%Source: Capital IQ, Company filings and Wall Street research; Market data as of 11/17/15Note: “EEV” defined as Economic Equivalent Value; Excludes potential purchase accounting implications of merger 1 Based on 30-day average stock price and 30-day average exchange rate of 32.502 NTD per USD2 Assumes additional cash needed to settle SARs and options at a premium to EEV is paid from Tahiti cash3 Assumes marginal tax rate of 20.0% and interest on cash of 0.3%Project Island 3
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