Exhibit 99.24
Project Island - Discussion MaterialsJanuary 8, 2016Confidential – For Discussion & General Information Purposes Only
Agreed Upon Deal Consideration – Revised January 6th 2016 Deal versus November 18th 2015 Deal($ in USD; $ in Millions, except per share data)Represents per share values Jan 6th PreviousAgreed Nov. 18th Upon Deal Deal1 Consideration to Barbados Current Tahiti Shares Outstanding 895.894 895.894 Tahiti Shares Owned by Barbados 522.080 522.080 Existing Barbados Ownership of Tahiti 58.3% 58.3% Assumed Exchange Ratio Adjustment Factor 0.9780x 0.9303x ADRs Issued to Barbados 510.585 485.680 Pro Forma Barbados Equity Ownership 57.7% 56.5% Barbados Shares Outstanding 27.290 27.290 Implied Exchange Ratio per Share 18.7096x 17.7970x Pro Forma Tahiti Shares 884.398 859.493 Tahiti Share Price (in USD)² $0.99 $0.99 Implied Equity Consideration (Assuming ADRs trade at Par) $503.52 $478.96 Implied Tahiti Equity Consideration per Share of Barbados (Assuming ADRs trade at Par) $18.45 $17.55 Initial Barbados Cash $61.02 $61.02 Less Cash Settled SARs/Options by Barbados $14.17 $11.38 Net Barbados Cash Paid to Shareholders $46.85 $49.64 Total Tahiti Cash Used $59.09 $56.23 Tahiti Cash to Settle SARs/Options $0.00 $1.23 Plus Tahiti Cash for Escrow $0.00 $0.00 Plus Tahiti Cash for Buybacks $11.34 $35.90 Plus Tahiti Cash Premium $47.76 $19.10 Net Cash to Barbados Shareholders $105.95 $104.64 Cash Consideration per Share of Barbados $3.88 $3.83 Net Cash Paid by Barbados per Share $1.72 $1.82 Total Tahiti Cash Paid to Barbados per Share $2.17 $2.02 Implied Total Consideration (Assuming ADRs trade at Par) $609.47 $583.60 Implied Total Consideration per Share of Barbados (Assuming ADRs trade at Par) $22.33 $21.39Source: Tahiti management, Capital IQ, Company filings and Wall Street research; Market data as of 12/31/15 1 Based on 30-day average Tahiti stock price as of 12/31/15 and 30-day average exchange rate of 32.801 NTD per USD as of 12/31/152 Exchange ratio for Nov 18th deal recalculated based on 30-day average Tahiti stock price as of 12/31/15 and 30-day average exchange rate of 32.801 NTD per USD as of 12/31/15New higher exchange ratio as a result of $0.90 per share shift from buyback to premiumTahiti no longer contributes cash to help settle SARs/Options; instead covered by Barbados cash$0.90 per share less for buyback$0.90 per share shift from buyback to cash premium and additional $0.15 per share cash premiumProject Island 2
Summary of Implied Premiums($ in USD; $ in Millions, except per share data)Jan 6th Previous Agreed Nov. 18th Upon Deal Deal1 Summary of Implied Premiums Implied Net $ Premium to Barbados' 30-Day Avg Stock Price Assuming ADRs trade at Par ($19.42)2 $2.92 $1.97 Implied Net % Premium to Barbados' 30-Day Avg Stock Price Assuming ADRs trade at Par ($19.42)2 15.0% 10.1% Implied Net $ Premium to Barbados' 1-Day Stock Price Assuming ADRs trade at Par ($19.80) 3 $2.53 $1.59 Implied Net % Premium to Barbados' 1-Day Avg Stock Price Assuming ADRs trade at Par ($19.80) 3 12.8% 8.0% Implied Net $ Premium to 30-Day Avg EEV per Share ($20.68)4 $1.65 $0.70 Implied Net % Premium to 30-Day Avg EEV per Share ($20.68) 4 8.0% 3.4% Implied Net $ Premium to 1-Day EEV per Share ($19.87) 5 $2.46 $1.51 Implied Net % Premium to 1-Day EEV per Share ($19.87)5 12.4% 7.6% Pro Forma Tahiti's Cash Bridge Tahiti's Initial Cash as of Dec 31, 2015 $308.8 $308.8 Total Cash Used from Tahiti $59.1 $56.2 Pro Forma Tahiti Cash Position $249.7 $252.6Source: Tahiti management, Capital IQ, Company filings and Wall Street research; Market data as of 12/31/15Note: “EEV” defined as Economic Equivalent Value 1 Exchange ratio for Nov 18th deal recalculated based on 30-day average Tahiti stock price as of 12/31/15 and 30-day average exchange rate of 32.801 NTD per USD as of 12/31/15 2 Based on 30-day average Barbados stock price as of 12/31/153 Based on 1-day Barbados stock price as of 12/31/154 Based on 30-day average Tahiti stock price as of 12/31/15 and 30-day average exchange rate of 32.801 NTD per USD as of 12/31/155 Based on 1-day Tahiti stock price as of 12/31/15 and 1-day exchange rate of 32.975 NTD per USD as of 12/31/15Project Island 3
Summary of Offers – January 2016($ in USD; $ in Millions, except per share data) Barbados Offers Tahiti Offers Represents per share values Jan 5th Jan 5th Jan 5th Jan 5th Jan 6th Jan 6th Jan 6th Jan 5th Jan 5th Offer 1 Offer 2 Revised Revised Offer 3A Offer 3B Agreed Offer 2 Offer 1 Offer 2A Offer 2B Upon DealAssumed Tahiti Cash Premium per Share $2.70 $2.70 $0.70 $2.20 $0.70 $2.10 $1.75 $1.20 $0.90 Total Cash Premium $73.68 $73.68 $19.10 $60.04 $19.10 $57.31 $47.76 $32.75 $24.56 Assumed Tahiti Cash for Buyback per Share $1.32 $0.32 $1.32 $0.32 $1.32 $0.32 $0.42 $0.82 $1.12 Total Cash Buyback $35.90 $8.61 $35.90 $8.61 $35.90 $8.61 $11.34 $22.25 $30.44 Escrow per Share $0.00 $0.00 $2.00 $0.00 $1.90 $0.00 $0.00 $0.00 $0.00 Total Cash Escrow $0.00 $0.00 $54.58 $0.00 $51.85 $0.00 $0.00 $0.00 $0.00 Consideration to Barbados Current Tahiti Shares Outstanding 895.894 895.894 895.894 895.894 895.894 895.894 895.894 895.894 895.894 Tahiti Shares Owned by Barbados 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% Assumed Exchange Ratio Adjustment Factor 0.9303x 0.9833x 0.9303x 0.9833x 0.9303x 0.9833x 0.9780x 0.9568x 0.9409x ADRs Issued to Barbados 485.680 513.352 485.680 513.352 485.680 513.352 510.585 499.516 491.214 Pro Forma Barbados Equity Ownership 56.5% 57.9% 56.5% 57.9% 56.5% 57.9% 57.7% 57.2% 56.8% Barbados Shares Outstanding 27.290 27.290 27.290 27.290 27.290 27.290 27.290 27.290 27.290 Implied Exchange Ratio per Share 17.797x 18.811x 17.797x 18.811x 17.797x 18.811x 18.7096x 18.304x 18.000x Pro Forma Tahiti Shares 859.493 887.166 859.493 887.166 859.493 887.166 884.398 873.329 865.028 Tahiti Share Price (in USD)² $0.99 $0.99 $0.99 $0.99 $0.99 $0.99 $0.99 $0.99 $0.99 Implied Equity Consideration (Assuming ADRs trade at Par) $478.96 $506.25 $478.96 $506.25 $478.96 $506.25 $503.52 $492.60 $484.42 Implied Tahiti Equity Consideration per Share of Barbados (Assuming ADRs trade at Par) $17.55 $18.55 $17.55 $18.55 $17.55 $18.55 $18.45 $18.05 $17.75 Initial Barbados Cash $61.02 $61.02 $61.02 $61.02 $61.02 $61.02 $61.02 $61.02 $61.02 Less Cash Settled SARs/Options by Barbados $14.49 $14.49 $14.49 $13.71 $14.34 $13.56 $14.17 $12.16 $11.69 Net Barbados Cash Paid to Shareholders $46.53 $46.53 $46.53 $47.31 $46.69 $47.47 $46.85 $48.87 $49.33 Total Tahiti Cash Used $110.81 $83.52 $110.81 $69.87 $108.08 $67.14 $59.09 $56.23 $56.23 Tahiti Cash to Settle SARs/Options $1.23 $1.23 $1.23 $1.23 $1.23 $1.23 $0.00 $1.23 $1.23 Plus Tahiti Cash for Escrow $0.00 $0.00 $54.58 $0.00 $51.85 $0.00 $0.00 $0.00 $0.00 Plus Tahiti Cash for Buybacks $35.90 $8.61 $35.90 $8.61 $35.90 $8.61 $11.34 $22.25 $30.44 Plus Tahiti Cash Premium $73.68 $73.68 $19.10 $60.04 $19.10 $57.31 $47.76 $32.75 $24.56 Net Cash to Barbados Shareholders $156.11 $128.82 $156.11 $115.95 $153.54 $113.38 $105.95 $103.87 $104.33 Cash Consideration per Share of Barbados $5.72 $4.72 $5.72 $4.25 $5.63 $4.15 $3.88 $3.81 $3.82 Net Cash Paid by Barbados per Share $1.71 $1.71 $1.71 $1.73 $1.71 $1.74 $1.72 $1.79 $1.81 Total Tahiti Cash Paid to Barbados per Share $4.02 $3.02 $4.02 $2.52 $3.92 $2.42 $2.17 $2.02 $2.02 Implied Total Consideration (Assuming ADRs trade at Par) $635.07 $635.07 $635.07 $622.20 $632.50 $619.63 $609.47 $596.47 $588.75 Implied Total Consideration per Share of Barbados (Assuming ADRs trade at Par) $23.27 $23.27 $23.27 $22.80 $23.18 $22.71 $22.33 $21.86 $21.57 Implied Net $ Premium to Barbados' 30-Day Avg Stock Price Assuming ADRs trade at Par ($19.42)¹ $3.86 $3.86 $3.86 $3.38 $3.76 $3.29 $2.92 $2.44 $2.16 Implied Net % Premium to Barbados' 30-Day Avg Stock Price Assuming ADRs trade at Par ($19.42)¹ 19.9% 19.9% 19.9% 17.4% 19.4% 16.9% 15.0% 12.6% 11.1% Implied Net $ Premium to 30-Day Avg EEV per Share ($20.68)¹ $2.59 $2.59 $2.59 $2.12 $2.49 $2.02 $1.65 $1.17 $0.89 Implied Net % Premium to 30-Day Avg EEV per Share ($20.68)¹ 12.5% 12.5% 12.5% 10.2% 12.1% 9.8% 8.0% 5.7% 4.3%Source: Tahiti management, Capital IQ, Company filings and Wall Street research; Market data as of 12/31/15Note: “EEV” defined as Economic Equivalent Value 1 Based on 30-day average Tahiti stock price as of 12/31/15 and 30-day average exchange rate of 32.801 NTD per USD as of 12/31/152 Based on 30-day average Barbados stock price as of 12/31/15Project Island 4
Summary of Offers – September - November 2015($ in USD; $ in Millions, except per share data) Represents per share values Tahiti Offers Agreed Upon Barbados OffersConsideration17th Sept 2nd Nov 16th Nov 16th Nov 18th Nov 18th Nov 18th Nov 18th Nov 18th Nov 18th Nov 18th Nov 18th Nov 16th Nov 16th Nov 4th Nov 14th Oct Offer Offer 1st Offer 2nd Offer 1st Offer A 1st Offer B 2nd Offer 3rd Offer 3rd Offer B 3rd Offer A 2nd Offer 1st Offer 2nd Offer 1st Offer Offer Offer Assumed Tahiti Cash Premium per Share $0.00 $0.50 $0.50 $0.50 $0.50 $0.60 $0.65 $0.70 $0.70 $0.75 $0.75 $0.65 $1.40 $1.50 $3.50 $4.90 Total Cash Premium $0.00 $13.61 $13.61 $13.61 $13.61 $16.34 $17.70 $19.06 $19.06 $20.42 $20.42 $17.70 $38.12 $40.84 $95.29 $133.33 Assumed Tahiti Cash for Buyback per Share $0.00 $0.00 $1.10 $1.29 $1.34 $1.24 $1.37 $1.32 $1.32 $1.27 $1.27 $1.19 $1.29 $1.10 $0.00 $0.00 Total Cash Buyback $0.00 $0.00 $30.00 $35.00 $36.39 $33.66 $37.30 $35.94 $35.94 $34.58 $34.58 $32.30 $35.00 $30.00 $0.00 $0.0 Consideration to Barbados Current Tahiti Shares Outstanding 896.152 896.152 896.152 896.152 896.152 896.152 896.152 896.152 896.152 896.152 896.152 896.152 896.152 896.152 896.152 896.152 Tahiti Shares Owned by Barbados 522.080 522.080 522.080 522.080 522.080 522.080 522.080 522.080 522.080 522.080 522.080 522.080 522.080 522.080 522.080 522.080 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% 58.3% 58.3% 58.3% 58.3% 58.3% Assumed Exchange Ratio Adjustment Factor 1.0000x 1.0000x 0.9452x 0.9360x 0.9335x 0.9385x 0.9318x 0.9343x 0.9343x 0.9368x 0.9368x 0.9410x 0.9360x 0.9452x 1.0000x 1.0000x ADRs Issued to Barbados 522.080 522.080 493.459 488.689 487.366 489.963 486.492 487.791 487.791 489.090 489.090 491.262 488.689 493.459 522.080 522.080 Pro Forma Barbados Equity Ownership 58.3% 58.3% 56.9% 56.6% 56.6% 56.7% 56.5% 56.6% 56.6% 56.7% 56.7% 56.8% 56.6% 56.9% 58.3% 58.3% 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 27.227 27.227 27.227 27.227 27.227 Implied Exchange Ratio per Share 19.175x 19.175x 18.124x 17.949x 17.900x 17.995x 17.868x 17.916x 17.916x 17.963x 17.963x 18.043x 17.949x 18.124x 19.175x 19.175x Pro Forma Tahiti Shares 896.152 896.152 867.530 862.760 861.437 864.035 860.563 861.862 861.862 863.161 863.161 865.334 862.760 867.530 896.152 896.152 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 $1.05 $1.05 $1.05 $1.05 $1.05 Implied Equity Consideration (Assuming ADRs trade at Par) $547.23 $547.23 $517.23 $512.23 $510.84 $513.56 $509.92 $511.28 $511.28 $512.65 $512.65 $514.92 $512.23 $517.23 $547.23 $547.23 Implied Tahiti Equity Consideration per Share of Barbados (Assuming ADRs trade at Par) $20.10 $20.10 $19.00 $18.81 $18.76 $18.86 $18.73 $18.78 $18.78 $18.83 $18.83 $18.91 $18.81 $19.00 $20.10 $20.10 Initial Barbados Cash $60.98 $60.98 $60.98 $60.98 $60.98 $60.98 $60.98 $60.98 $60.98 $60.98 $60.98 $60.98 $60.98 $60.98 $60.98 $60.98 Less Cash Settled SARs/Options by Barbados $14.40 $15.23 $15.23 $15.23 $15.23 $15.39 $15.47 $15.55 $14.40 $15.64 $14.40 $9.38 $14.40 $14.40 $14.40 $14.40 Plus Tahiti Cash to Settle SARs/Options $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.23 $0.00 $1.31 $6.48 $2.45 $2.63 $6.13 $8.57 Plus Tahiti Cash for Buyback $0.00 $0.00 $30.00 $35.00 $36.39 $33.66 $37.30 $35.94 $35.94 $34.58 $34.58 $32.30 $35.00 $30.00 $0.00 $0.00 Plus Tahiti Cash Premium $0.00 $13.61 $13.61 $13.61 $13.61 $16.34 $17.70 $19.06 $19.06 $20.42 $20.42 $17.70 $38.12 $40.84 $95.29 $133.33 Total Tahiti Cash for Buyback and Premium $0.00 $13.61 $43.61 $48.61 $50.00 $50.00 $55.00 $55.00 $55.00 $55.00 $55.00 $50.00 $73.12 $70.84 $95.29 $133.33 Total Tahiti Cash for Buyback and Premium per Share $0.00 $0.50 $1.60 $1.79 $1.84 $1.84 $2.02 $2.02 $2.02 $2.02 $2.02 $1.84 $2.69 $2.60 $3.50 $4.90 Net Cash to Barbados Shareholders $46.58 $59.37 $89.37 $94.37 $95.76 $95.59 $100.51 $100.43 $101.58 $100.34 $101.58 $101.60 $119.70 $117.42 $141.87 $179.91 Cash Consideration per Share of Barbados $1.71 $2.18 $3.28 $3.47 $3.52 $3.51 $3.69 $3.69 $3.73 $3.69 $3.73 $3.73 $4.40 $4.31 $5.21 $6.61 Implied Total Consideration (Assuming ADRs trade at Par) $593.80 $606.59 $606.59 $606.59 $606.59 $609.15 $610.43 $611.71 $612.86 $612.99 $614.22 $616.52 $631.92 $634.64 $689.10 $727.13 Implied Total Consideration per Share of Barbados (Assuming ADRs trade at Par) $21.81 $22.28 $22.28 $22.28 $22.28 $22.37 $22.42 $22.47 $22.51 $22.51 $22.56 $22.64 $23.21 $23.31 $25.31 $26.71 Implied Net $ Premium to Barbados' 30-Day Avg Stock Price Assuming ADRs trade at Par ($18.08)² $3.73 $4.20 $4.20 $4.20 $4.20 $4.30 $4.34 $4.39 $4.43 $4.44 $4.48 $4.57 $5.13 $5.23 $7.23 $8.63 Implied Net % Premium to Barbados' 30-Day Avg Stock Price Assuming ADRs trade at Par ($18.08)² 20.7% 23.3% 23.3% 23.3% 23.3% 23.8% 24.0% 24.3% 24.5% 24.6% 24.8% 25.3% 28.4% 29.0% 40.0% 47.7% Implied Net $ Premium to 30-Day Avg EEV per Share ($21.81)¹ $0.00 $0.47 $0.47 $0.47 $0.47 $0.56 $0.61 $0.66 $0.70 $0.70 $0.75 $0.83 $1.40 $1.50 $3.50 $4.90 Implied Net % Premium to 30-Day Avg EEV per Share ($21.81)¹ 0.0% 2.2% 2.2% 2.2% 2.2% 2.6% 2.8% 3.0% 3.2% 3.2% 3.4% 3.8% 6.4% 6.9% 16.0% 22.5%Source: Tahiti management, Capital IQ, Company filings and Wall Street research; Market data as of 11/17/15Note: “EEV” defined as Economic Equivalent Value 1 Based on 30-day average stock price as of 11/17/15 and 30-day average exchange rate of 32.509 NTD per USD as of 11/17/152 Based on 30-day average Barbados stock price as of 11/17/15Project Island 5
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