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Filed by NorthPoint Communications Group, Inc.
Pursuant to Rule 425 under the Securities Act of 1933 and
Deemed Filed Pursuant to Rule 14a-12 of the Securities Exchange Act of 1934
Subject Company: NorthPoint Communications Group, Inc.
Commission File No. 000-29828
THE FOLLOWING DOCUMENT WAS DISTRIBUTED TO PARTICIPANTS AT AN ANALYST CONFERENCE
ON AUGUST 14, 2000:
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DELIVERING
BROADBAND
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Liz Fetter
President &
[PICTURE APPEARS HERE] Chief Executive Officer
[LOGO OF NORTHPOINT]
--------------------------------------------------------------------------------
August 14, 2000
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DELIVERING
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Securities Law Disclaimer [LOGO OF NORTHPOINT]
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Safe Harbor Statement
Under the Private Securities Litigation Reform Act of 1995
Safe Harbor Statement under the Private Securities Litigation Reform
Act of 1995: The statements contained in this release which are not
historical facts may be deemed to contain forward-looking statements.
Such statements are indicated by words or phrases such as
"anticipate," "estimate," "projects," "believes," "intends," "expects"
and similar words and phrases. Actual results may differ materially
from those expressed or implied in any forward-looking statement as a
result of certain risks and uncertainties. Some of these risks and
uncertainties include, without limitation: NorthPoint's dependence on
strategic third parties to market and resell its services, intense
competition for NorthPoint's service offerings, dependence on growth
in demand for DSL-based services, ability to raise additional capital,
the inability to obtain, or meet conditions imposed for, governmental
approvals for the proposed merger with Verizon Communications' DSL
business, the failure of NorthPoint's stockholders to approve the
merger, costs related to the merger, the risk that NorthPoint's and
Verizon's DSL businesses will not be integrated successfully, the
failure of NorthPoint to realize anticipated benefits of the merger
and other economic, business, competitive and/or regulatory risks and
uncertainties detailed in the company's Securities and Exchange
Commission filings. Prospective investors are cautioned not to place
undue reliance on such forward-looking statements. The Company
disclaims any obligation to update any of the forward-looking
statements contained herein to reflect future events or developments.
NorthPoint Communications Group, Inc. and Verizon Communications will
file a joint proxy statement/prospectus and other documents regarding
the proposed business combination transaction referenced in the
foregoing information with the Securities and Exchange Commission.
Investors and security holders are urged to read the proxy
statement/prospectus, when it becomes available, because it will
contain important information. A definitive joint proxy
statement/prospectus will be sent to stockholders of NorthPoint
Communications Group, Inc. seeking their approval of the proposed
transaction. Investors and security holders may obtain a free copy of
the definitive joint proxy statement/prospectus (when it is available)
and other documents filed by NorthPoint Communications Group, Inc. and
Verizon Communications with the Commission at the Commission's web
site at www.sec.gov. The definitive joint proxy statement/prospectus
and these other documents may also be obtained for free by NorthPoint
stockholders by directing a request to: NorthPoint Communications
Group, Inc., 303 Second Street, South Tower, San Francisco, CA 94107,
Attn: Investor Relations, (415) 403-4003, email:
[email protected].
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DELIVERING
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Agenda
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. Who Are We?
. What Have We Achieved?
[PICTURE]
. What Lies Ahead?
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NorthPoint Communications [LOGO OF NORTHPOINT]
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A Leading Broadband Services Provider
[PICTURE] . Founded in May 1997
. Winning Business Strategy
. Industry Leading Network - Fastest Deployment
. World Class Management Team
. Industry Leader on the Path to Profitability - 4 EBITDA
positive markets - all ahead of schedule
. Groundbreaking Merger with Verizon - August 2000
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Our Goal [LOGO OF NORTHPOINT]
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To be the premier global broadband services provider
[PICTURE] . Build and grow a robust, best-of-breed broadband business
. Revolutionize the role of the Internet on people's lives around
the globe.
. Aggressively build long-term value
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Key Focus Areas [LOGO OF NORTHPOINT]
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------------------ ------------------
Build Add
Scale Services
--------------------------- ------------------------
----------------------------
Build
Shareholder
Value
----------------------------
---------------------------- -------------------------
Leverage
Strategic Expand
Relationships our Reach
---------------------------- ------------------------
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NorthPoint's Network [LOGO OF NORTHPOINT]
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End Users Central Office Metropolitan Node
Channel
Partners
Fiber
Copper Fiber Channel
Partners
Fiber
Channel
Partners
Fiber
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Scaling The Business [LOGO OF NORTHPOINT]
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End-to-End automation
[PICTURE] ----------- ----------- ------ ------
----------- ----------- [PICTURE] ------ ------
eConnect
End User ISP
[PICTURE] ----------- ----------- ------ ------
----------- ----------- [PICTURE] ------ ------
eConnect
Electronic
Data Interchange
ILEC NorthPoint
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Scaling The Business [LOGO OF NORTHPOINT]
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eBonded Back Office Systems
Automated 24/7 eBonded to
maintenance and the ISP
monitoring
[LOGO]
Electronic
prequalification
and order entry
Automated
provisioning
Electronic Data Interchange
to the ILEC
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Services [LOGO OF NORTHPOINT]
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NorthPoint's Network: Architected for Future Growth
End Users Central Office Metropolitan Value Added
Node Services
Fiber NSP VoDSL
Copper Fiber
Content
Delivery
"Blast"
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NorthPoint's Pioneering Blast Initiative [LOGO OF NORTHPOINT]
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Leveraging our unique network to deliver
next generation content
NorthPoint Node
Content Aggregators and Providers =======================
(Digital Island, Ibeam, Coolcast, Akamai,
Networks, and others)
._____[Picture]_____[Picture]_____[Picture]________
Content
Aggregation
=======================
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Premier Strategic Relationships [LOGO OF NORTHPOINT]
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NorthPoint is positioned for tremendous growth
[LOGO OF FASTV.COM] [LOGO OF ZDTV] [LOGO OF MICROSOFT]
[LOGO OF GLOBAL CROSSING]
[LOGO OF CNBC.COM] [LOGO OF INTEL]
[LOGO OF VERIO]
[LOGO OF FLASHCOM] [LOGO OF ENRON]
[LOGO OF CONTENTRIC NETWORK]
[LOGO OF EXCITE]
[LOGO OF MEGAPATH NETWORKS]
[LOGO OF RADIOSHACK]
[LOGO OF @Home]
[LOGO OF REUTERS]
[LOGO OF CABLE & WIRELESS]
[LOGO OF YAHOO]
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Creating
[PICTURE] Shareholder
Value
[LOGO OF NORTHPOINT]------------------------------------------------------------
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Creating Momentum [LOGO OF NORTHPOINT]
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NorthPoint was the first company to...
. Deploy a nationwide backbone;
. Deploy an end-to-end, state-of-the-art OSS system;
. Expand internationally; and
. Turn profitable, as of today, in a total of 4 markets.
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First Global DSL Provider
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. US
. Canada
. Europe
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Capital Efficient Business Model [LOGO OF NORTHPOINT]
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Rapid pace to market profitability
-------------------------------------- -----------------------------------
Up front capital
investment per $4-7 million
market:
-------------------------------------- -----------------------------------
Penetration level
required to reach 4% business
positive EBITDA or
in a market: 1% residential
-------------------------------------- -----------------------------------
Estimated time to
positive EBITDA 24 months
in a market:
-------------------------------------- -----------------------------------
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DELIVERING BROADBAND [LOGO OF NORTHPOINT]
[GRAPH APPEARS HERE]
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DELIVERING BROADBAND
[PICTURE] [LOGO OF VERIZON]
[LOGO OF NORTHPOINT] --------------------------
VERIZON
NORTHPOINT
DEAL
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DELIVERING BROADBAND [LOGO OF NORTHPOINT]
veri on
Terms of the Deal
. Merger of Verizon and NorthPoint DSL businesses
. Formation of "new" NorthPoint
. Maintain NorthPoint name, brand and listing
. Governed by an independent board
. 55% owned by Verizon, 45% owned by NorthPoint shareholders
. NorthPoint management remains
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DELIVERING BROADBAND [LOGO OF NORTHPOINT]
veri on
The "new" NorthPoint
Verizon is contributing
1. $800 million in cash, -- PLUS --
2. Their wholesale DSL business
Verizon DSL NorthPoint DSL assets
operations today: & operations today:
. 220,000 . 62,000
lines lines
. 1,400 . 1,200
employees employees
. 1,760 . 1,505
operational operational
COs COs
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DELIVERING BROADBAND [LOGO OF NORTHPOINT]
veri on
The "New" Northpoint
[MAP APPEARS HERE]
. Metropolitan
Statistical
Areas (MSAs)
The combined operations of NorthPoint and Verizon
will serve 63 MSAs and offer service to 60 million
potential subscribers by the end of 2000.
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Strategy
In order to succeed, you need to:
Build a Scale Maintain Ensure
National the Customer Access
Network Business Focus and to
Execution Capital
The deal with Verizon
achieves all of these
objectives.
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DELIVERING BROADBAND [LOGO OF NORTHPOINT]
veri on
How do you value this deal?
On a revenue multiple basis:
Average multiple in this sector
Pro forma revenue
Plus cash contribution
Plus Verizon DSL asset valuation