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Previous: GATEFIELD CORP, SC 13E3/A, 2000-08-17 |
Next: WENDT BRISTOL HEALTH SERVICES CORP, SC 13D, 2000-08-17 |
<PAGE>
ACQUISITIONS OF SEMICONDUCTOR COMPANIES
DEAL SIZE--$10 TO $100 MM
JANUARY 1, 1990 TO PRESENT
<TABLE>
<CAPTION>
DATE DATE
ANNOUNCED EFFECTIVE TARGET DESCRIPTION
--------------------- --------- -------------------------------- ------------------------------
<C> <C> <S> <C>
11/30/99 11/30/99 MST Analytics Inc Mnfr semiconductors
09/20/99 02/01/00 Aseco Corp Mnfr integrated circuits
09/15/99 09/15/99 Cencorp (DII Group) Mnfr, equip for circuit boards
07/02/99 08/25/99 Clare EMG Inc (CP Claire Corp) Mnfr semiconductor switches
05/03/99 06/10/99 Quadrus Contract Manufacturing Mnfr semidconductors
03/04/99 07/07/99 Watkins-Johnson-Atmospheric Mnfr semiconductor mnfr prods
02/11/99 04/15/99 Linfinity Microelectronics Inc Mnfr semiconductors
02/01/99 02/01/99 MicroVision Corp Mnfr semiconductors
11/02/98 05/03/99 Quality Semiconductor Manufacture semiconductors
07/24/98 12/23/98 Information Storage Devices Mnfr voice recorded circuits
05/04/98 10/26/98 Electronic Designs Inc Mnfr memory components
02/20/98 08/05/98 Now Technologies Inc Mnfr semiconductor pkg sys
02/11/98 04/01/98 WEB Tech-Cert Semiconduct Asts Cert semiconductor equip asts
01/21/98 05/15/98 BKC Semiconductors Inc Mnfr semiconductor devices
04/07/97 10/13/97 Advanced Delivery & Chem Sys Mnfr semiconductor film
11/05/96 03/14/97 Panatech Research & Development Manufacture semiconductors
10/18/96 10/18/96 Sensor Engineering Mnfr access control cards
07/01/96 10/16/96 Interpoint Corp Mnfr microelelectrn circuits
02/13/96 02/13/96 Radionics (Expamet Intl) Mnfr electronic security sys
05/08/95 11/09/95 Data Switch Corp Data processing equip, systems
11/10/94 03/07/95 Margaux Inc Mnfr energy management systems
09/13/94 01/27/95 nCHIP Inc Mnfr multichip modules
06/01/94 08/11/94 PicoPower Technology Inc Mnfr VLSI controller chips
10/04/93 10/21/93 Resistance Technology Inc Mnfr semiconductors
02/18/93 08/31/93 SubMicron Systems Inc Mnfr semiconductors
11/12/92 12/02/92 Square D Co-Infrared Infrared measurement division
03/10/92 04/10/92 Acumos Inc Manufacture computer chips
09/03/91 10/25/91 Crystal Semiconductor Corp Mnfr integrated circuits
05/23/91 06/03/91 Power General Corp Manufacture capacitors
03/27/91 10/16/91 Western Digital Corp-LAN Bus Manufacture microcircuits
<CAPTION>
OFFER AS PREMIUM
AGG. TO MKT. PRICE PRIOR
TRANS. TRANS. TO ANCMT. DATE
DATE VALUE VALUE ---------------------
ANNOUNCED ACQUIROR ($MIL) ($MIL) 1 DAY 4 WK.
--------------------- -------------------------------- -------- -------- --------- ---------
<C> <C> <C> <C> <C> <C>
11/30/99 ATMI Inc 32.1 32.1 NA NA
09/20/99 Micro Component Technology Inc 19.8 19.4 27.7% 114.8%
09/15/99 PMJ Automec Oy 11.0 11.0 NA NA
07/02/99 Sumida Electric Co Ltd 36.0 36.0 NA NA
05/03/99 Pemstar Inc 34.0 34.0 NA NA
03/04/99 Silicon Valley Group Inc 46.0 46.0 NA NA
02/11/99 Microsemi Corp 24.1 22.2 NA NA
02/01/99 Electro Scientific Inds Inc 44.6 44.6 NA NA
11/02/98 IDT Inc 36.1 36.1 62.4% 131.3%
07/24/98 Windbond Electronic Corp 66.3 57.9 46.3% 44.6%
05/04/98 Bowmar Instrument Corp 12.9 11.2 NM NM
02/20/98 ATMI Inc 46.6 46.6 NA NA
02/11/98 Aetrium Inc 23.6 23.6 NA NA
01/21/98 Microsemi Corp 13.3 13.8 66.7% 66.7%
04/07/97 Advanced Technology Materials 90.8 87.2 NA NA
11/05/96 Harbour Group Ltd 29.2 26.2 55.6% 51.4%
10/18/96 HID Corp 11.2 11.2 NA NA
07/01/96 Crane Co 52.8 65.1 NM NM
02/13/96 Detection Systems Inc 17.7 17.7 NA NA
05/08/95 General Signal Corp 72.8 65.0 25.6% 57.0%
11/10/94 Dover Diversified Inc 11.5 12.5 NA NA
09/13/94 Flextronics International Ltd 37.4 39.1 NA NA
06/01/94 Cirrus Logic Inc 44.4 37.9 NA NA
10/04/93 Selas Corp of America 22.3 22.1 NA NA
02/18/93 Trinity Capital Enterprise 38.3 40.1 NA NA
11/12/92 Fairey Group PLC 21.0 21.0 NA NA
03/10/92 Cirrus Logic Inc 67.0 63.8 NA NA
09/03/91 Cirrus Logic Inc 60.6 58.8 NA NA
05/23/91 Nidec Corp (Nippon Densan Corp) 10.1 10.1 NA NA
03/27/91 Standard Microsystems Corp 33.0 33.0 NA NA
<CAPTION>
AGGREGATE TRANSACTION VALUE MARKET VALUE
AS A MULTIPLE OF LTM AS MULTIPLE OF LTM
DATE --------------------------------- ---------------------
ANNOUNCED SALES EBIT EBITDA NET INC. BOOK VAL.
--------------------- --------- --------- --------- --------- ---------
<C> <C> <C> <C> <C> <C>
11/30/99 1.6x NA NA 45.9x NA
09/20/99 1.1x NM NM NM 2.1x
09/15/99 1.2x NA NA NA NA
07/02/99 0.7x NA NA NA NA
05/03/99 0.4x NA NA NA NA
03/04/99 0.5x NM NM NM 1.4x
02/11/99 0.5x NM NM NM 1.0x
02/01/99 3.2x NA NA NA NA
11/02/98 0.5x NM NM NM 1.1x
07/24/98 1.1x NM NM NM 1.2x
05/04/98 0.3x 8.4x 4.1x 9.2x 1.1x
02/20/98 3.1x NA NA NA NA
02/11/98 3.5x NM NM NA 8.4x
01/21/98 1.2x 10.4x 10.4x 22.2x 3.8x
04/07/97 4.0x 12.6x 11.8x 15.1x 8.3x
11/05/96 2.4x 10.3x 8.9x 19.5x 3.7x
10/18/96 0.7x NA NA NA NA
07/01/96 0.7x 7.3x 5.9x 9.4x 2.0x
02/13/96 0.4x NA NA NA NA
05/08/95 0.8x 5.7x 4.4x 10.3x 3.2x
11/10/94 0.6x NM NM NM NM
09/13/94 4.4x NM 62.1x 37.4x NM
06/01/94 2.0x 20.5x 19.4x 37.0x 6.2x
10/04/93 1.1x 8.4x 5.6x 13.9x 2.5x
02/18/93 1.5x 22.0x 18.9x 191.5x 127.7x
11/12/92 1.3x 11.7x 11.7x NA NA
03/10/92 1.8x NA 79.8x 23.1x 9.4x
09/03/91 NA NA NA NA 12.4x
05/23/91 0.6x NA NA NA NA
03/27/91 0.3x NA NA NA NA
TOP OF RANGE: 66.7% 131.3% 4.4x 22.0x 79.8x 191.5x 127.7x
MEAN: 47.4% 77.6% 1.4x 11.7x 20.2x 36.2x 11.5x
MEDIAN: 50.9% 61.9% 1.1x 10.4x 11.0x 20.8x 3.2x
BOTTOM OF RANGE: 25.6% 44.6% 0.3x 5.7x 4.1x 9.2x 1.0x
</TABLE>
----------------------------------
* Industry defined by the following SIC codes for target companies:
3674: Semiconductor
Source: Securities Data Company
1
<PAGE>
ACQUISITIONS OF SEMICONDUCTOR COMPANIES
DEAL SIZE--$25 TO $50 MM
JANUARY 1, 1990 TO PRESENT
<TABLE>
<CAPTION>
DATE DATE
ANNOUNCED EFFECTIVE TARGET DESCRIPTION
--------------------- --------- -------------------------------- ------------------------------
<C> <C> <S> <C>
11/30/99 11/30/99 MST Analytics Inc Mnfr semiconductors
07/02/99 08/25/99 Clare EMG Inc(CP Claire Corp) Mnfr semiconductor switches
05/03/99 06/10/99 Quadrus Contract Manufacturing Mnfr semidconductors
03/04/99 07/07/99 Watkins-Johnson-Atmospheric Mnfr semiconductor mnfr prods
02/01/99 02/01/99 MicroVision Corp Mnfr semiconductors
11/02/98 05/03/99 Quality Semiconductor Manufacture semiconductors
02/20/98 08/05/98 Now Technologies Inc Mnfr semiconductor pkg sys
11/05/96 03/14/97 Panatech Research&Development Manufacture semiconductors
09/13/94 01/27/95 nCHIP Inc Mnfr multichip modules
06/01/94 08/11/94 PicoPower Technology Inc Mnfr VLSI controller chips
02/18/93 08/31/93 SubMicron Systems Inc Mnfr semiconductors
03/27/91 10/16/91 Western Digital Corp-LAN Bus Manufacture microcircuits
<CAPTION>
OFFER AS PREMIUM
AGG. TO MKT. PRICE PRIOR
TRANS. TRANS. TO ANCMT. DATE
DATE VALUE VALUE ---------------------
ANNOUNCED ACQUIROR ($MIL) ($MIL) 1 DAY 4 WK.
--------------------- -------------------------------- -------- -------- --------- ---------
<C> <C> <C> <C> <C> <C>
11/30/99 ATMI Inc 32.1 32.1 NA NA
07/02/99 Sumida Electric Co Ltd 36.0 36.0 NA NA
05/03/99 Pemstar Inc 34.0 34.0 NA NA
03/04/99 Silicon Valley Group Inc 46.0 46.0 NA NA
02/01/99 Electro Scientific Inds Inc 44.6 44.6 NA NA
11/02/98 IDT Inc 36.1 36.1 62.4% 131.3%
02/20/98 ATMI Inc 46.6 46.6 NA NA
11/05/96 Harbour Group Ltd 29.2 26.2 55.6% 51.4%
09/13/94 Flextronics International Ltd 37.4 39.1 NA NA
06/01/94 Cirrus Logic Inc 44.4 37.9 NA NA
02/18/93 Trinity Capital Enterprise 38.3 40.1 NA NA
03/27/91 Standard Microsystems Corp 33.0 33.0 NA NA
<CAPTION>
AGGREGATE TRANSACTION VALUE MARKET VALUE
AS A MULTIPLE OF LTM AS MULTIPLE OF LTM
DATE --------------------------------- ---------------------
ANNOUNCED SALES EBIT EBITDA NET INC. BOOK VAL.
--------------------- --------- --------- --------- --------- ---------
<C> <C> <C> <C> <C> <C> <C> <C>
11/30/99 1.6x NA NA 45.9x NA
07/02/99 0.7x NA NA NA NA
05/03/99 0.4x NA NA NA NA
03/04/99 0.5x NM NM NM 1.4x
02/01/99 3.2x NA NA NA NA
11/02/98 0.5x NM NM NM 1.1x
02/20/98 3.1x NA NA NA NA
11/05/96 2.4x 10.3x 8.9x 19.5x 3.7x
09/13/94 4.4x NM 62.1x 37.4x NM
06/01/94 2.0x 20.5x 19.4x 37.0x 6.2x
02/18/93 1.5x 22.0x 18.9x NM NM
03/27/91 0.3x NA NA NA NA
TOP OF RANGE: 62.4% 131.3% 4.4x 22.0x 62.1x 45.9x 6.2x
MEAN: 59.0% 91.3% 1.7x 17.6x 27.3x 34.9x 3.1x
MEDIAN: 59.0% 91.3% 1.6x 20.5x 19.1x 37.2x 2.6x
BOTTOM OF RANGE: 55.6% 51.4% 0.3x 10.3x 8.9x 19.5x 1.1x
</TABLE>
----------------------------------
* Industry defined by the following SIC codes for target companies:
3674: Semiconductor
Source: Securities Data Company
2
<PAGE>
ACQUISITIONS OF SEMICONDUCTOR COMPANIES
JANUARY 1, 1990 TO PRESENT
<TABLE>
<CAPTION>
DATE DATE
ANNOUNCED EFFECTIVE TARGET DESCRIPTION
--------------------- --------- -------------------------------- -------------------------------
<C> <C> <S> <C>
02/29/00 05/05/00 CVC Inc Mnfr fabrication equipment
12/20/99 03/13/00 Maker Communications Inc Manufacture silicon technology
11/30/99 11/30/99 MST Analytics Inc Mnfr semiconductors
09/20/99 02/01/00 Aseco Corp Mnfr integrated circuits
09/15/99 09/15/99 Cencorp (DII Group) Mnfr, equip for circuit boards
09/13/99 12/01/99 Smart Modular Technologies Inc Mnfr memory modules
07/23/99 10/15/99 Unitrode Corp Manufacture semiconductors
07/02/99 08/25/99 Clare EMG Inc (CP Claire Corp) Mnfr semiconductor switches
06/02/99 08/16/99 Harris Corp-Semiconductor Mnfr semiconductors
05/11/99 08/05/99 Motorola-Semiconductor Grp Mnfr semiconductor components
05/03/99 06/10/99 Quadrus Contract Manufacturing Mnfr semidconductors
04/21/99 06/15/99 Vantis Corp Mnfr semiconductors
04/20/99 04/20/99 Hycomp Inc (XCEL Corp) Mnfr microelectronic circuits
03/04/99 08/10/99 Level One Communications Inc Mnfr integrated circuits
03/04/99 07/07/99 Watkins-Johnson-Atmospheric Mnfr semiconductor mnfr prods
02/22/99 06/22/99 SEEQ Technology Inc Mnfr semiconductors
02/11/99 04/15/99 Linfinity Microelectronics Inc Mnfr semiconductors
02/01/99 02/01/99 MicroVision Corp Mnfr semiconductors
01/22/99 06/01/99 Paradise Electronics Inc Dvlp, whl integrated circuits
11/02/98 05/03/99 Quality Semiconductor Manufacture semiconductors
10/22/98 11/10/98 Synergy Semiconductor Corp Manufacture semiconductors
07/24/98 12/23/98 Information Storage Devices Mnfr voice recorded circuits
07/13/98 08/05/98 Concept Systems Design Inc Mnfr epitaxial systems
06/18/98 10/01/98 Texas Instruments-MMP Bus Mnfr semiconductor memory prod
05/04/98 10/26/98 Electronic Designs Inc Mnfr memory components
03/02/98 08/03/98 Benchmarq Microelectronics Inc Mnfr microprocessors
02/11/98 04/01/98 WEB Tech-Cert Semiconduct Asts Cert semiconductor equip asts
01/21/98 05/15/98 BKC Semiconductors Inc Mnfr semiconductor devices
11/27/97 12/31/97 Raytheon Electronics Mnfr analog semiconductors
07/28/97 11/17/97 Cyrix Corp Mnfr PC units, microprocessors
07/21/97 02/27/98 Zilog Inc Manufacture semiconductors
04/07/97 10/13/97 Advanced Delivery & Chem Sys Mnfr semiconductor film
04/07/97 04/17/97 Film Microelectronics Inc Mnfr integrated circuits
01/14/97 04/30/97 Tencor Instruments Inc Mnfr test instruments
11/05/96 03/14/97 Panatech Research & Development Manufacture semiconductors
11/04/96 01/10/97 Metacomp Inc Dvlp central processing units
10/18/96 10/18/96 Sensor Engineering Mnfr access control cards
07/01/96 09/25/96 Brooktree Corp Manufacture semiconductors
07/01/96 10/16/96 Interpoint Corp Mnfr microelelectrn circuits
06/10/96 08/23/96 Orbit Semiconductor Inc Manufacture semiconductors
02/13/96 02/13/96 Radionics (Expamet Intl) Mnfr electronic security sys
10/20/95 01/17/96 NexGen Inc Manufacture microprocessors
05/08/95 11/09/95 Data Switch Corp Data processing equip, systems
04/03/95 04/03/95 ARK Logic (Integrated Circuit) Mnfr display adapter chips
03/23/95 09/29/95 Pulse Engineering Inc Mnfr solid state modules
03/10/95 06/30/95 M/A-COM Inc Mnfr semiconductors,circuits
11/10/94 03/07/95 Margaux Inc Mnfr energy management systems
09/13/94 01/27/95 nCHIP Inc Mnfr multichip modules
07/27/94 09/21/94 IRT Corp Automated inspection products
06/01/94 08/11/94 PicoPower Technology Inc Mnfr VLSI controller chips
01/18/94 01/18/94 Marconi Circuit Technology Mnfr semiconductors
10/04/93 10/21/93 Resistance Technology Inc Mnfr semiconductors
03/10/93 03/10/93 Liberty Engineering Inc Manufacture semiconductors
02/18/93 08/31/93 SubMicron Systems Inc Mnfr semiconductors
02/10/93 03/17/93 Rhetorex Inc Mnfr semiconductors
12/07/92 03/18/93 Diodes Inc Mnfr, whl semiconductors
11/12/92 12/02/92 Square D Co-Infrared Infrared measurement division
03/12/92 06/29/92 MIPS Computer Systems Inc Mnfr semiconductors
01/15/92 02/18/92 Plus Logic Inc Manufacture semiconductors
05/23/91 06/03/91 Power General Corp Manufacture capacitors
03/27/91 10/16/91 Western Digital Corp-LAN Bus Manufacture microcircuits
07/31/90 12/24/90 Siliconix Inc Mnfr integrated circuits
02/02/90 04/01/90 Diodes Inc Mnfr, whl semiconductors
<CAPTION>
OFFER AS PREMIUM
AGG. TO MKT. PRICE PRIOR
TRANS. TRANS. TO ANCMT. DATE
DATE VALUE VALUE ---------------------
ANNOUNCED ACQUIROR ($MIL) ($MIL) 1 DAY 4 WK.
--------------------- -------------------------------- -------- -------- --------- ---------
<C> <C> <C> <C> <C> <C>
02/29/00 Veeco Instruments Inc 441.9 445.0 10.2% 88.0%
12/20/99 Conexant Systems Inc 846.7 828.6 34.2% 83.8%
11/30/99 ATMI Inc 32.1 32.1 NA NA
09/20/99 Micro Component Technology Inc 19.8 19.4 27.7% 114.8%
09/15/99 PMJ Automec Oy 11.0 11.0 NA NA
09/13/99 Solectron Corporation 1937.6 1816.5 68.2% 98.9%
07/23/99 Texas Instruments Inc 847.9 751.3 NM NM
07/02/99 Sumida Electric Co Ltd 36.0 36.0 NA NA
06/02/99 Intersil Corp 700.0 700.0 NA NA
05/11/99 Investor Group 1600.0 1600.0 NA NA
05/03/99 Pemstar Inc 34.0 34.0 NA NA
04/21/99 Lattice Semiconductor Corp 500.0 426.4 NA NA
04/20/99 Undisclosed Acquiror 0.8 0.8 NA NA
03/04/99 Intel Corp 2272.7 2338.4 52.3% 35.8%
03/04/99 Silicon Valley Group Inc 46.0 46.0 NA NA
02/22/99 LSI Logic Corp 104.3 98.1 46.9% 117.0%
02/11/99 Microsemi Corp 24.1 22.2 NA NA
02/01/99 Electro Scientific Inds Inc 44.6 44.6 NA NA
01/22/99 Genesis Microchip Inc 133.3 132.1 NA NA
11/02/98 IDT Inc 36.1 36.1 62.4% 131.3%
10/22/98 Micrel Inc 9.9 15.7 NA NA
07/24/98 Windbond Electronic Corp 66.3 57.9 46.3% 44.6%
07/13/98 Mattson Technology Inc 7.0 6.6 NA NA
06/18/98 Micron Technology Inc 1285.8 1285.8 NA NA
05/04/98 Bowmar Instrument Corp 12.9 11.2 NM NM
03/02/98 Unitrode Corp 150.6 145.5 15.8% 67.2%
02/11/98 Aetrium Inc 23.6 23.6 NA NA
01/21/98 Microsemi Corp 13.3 13.8 66.7% 66.7%
11/27/97 Fairchild Semiconductor Corp 120.0 119.8 NA NA
07/28/97 National Semiconductor Corp 566.4 619.0 30.3% 29.5%
07/21/97 Texas Pacific Group Inc 396.8 389.0 NM NM
04/07/97 Advanced Technology Materials 90.8 87.2 NA NA
04/07/97 SatCon Technology Corp 2.7 3.0 NA NA
01/14/97 KLA Instruments Corp 1343.6 1230.8 33.1% 70.2%
11/05/96 Harbour Group Ltd 29.2 26.2 55.6% 51.4%
11/04/96 Patriot Scientific Corp 2.5 2.5 NA NA
10/18/96 HID Corp 11.2 11.2 NA NA
07/01/96 Rockwell International Corp 261.8 258.9 42.9% 16.5%
07/01/96 Crane Co 52.8 65.1 NM NM
06/10/96 DII Group Inc 118.3 37.8% 57.2%
02/13/96 Detection Systems Inc 17.7 17.7 NA NA
10/20/95 Advanced Micro Devices Inc 755.5 722.2 NM NA
05/08/95 General Signal Corp 72.8 65.0 25.6% 57.0%
04/03/95 Integrated Circuit Systems Inc 2.0 1.9 NA NA
03/23/95 Technitrol Inc 100.0 94.1 189.2% 209.9%
03/10/95 AMP Inc 292.8 351.5 52.0% 49.3%
11/10/94 Dover Diversified Inc 11.5 12.5 NA NA
09/13/94 Flextronics International Ltd 37.4 39.1 NA NA
07/27/94 Thermo Instrument Systems Inc 6.8 11.3 NA NA
06/01/94 Cirrus Logic Inc 44.4 37.9 NA NA
01/18/94 Aeroflex Laboratories (ARX Inc) 7.0 7.0 NA NA
10/04/93 Selas Corp of America 22.3 22.1 NA NA
03/10/93 Chevalier Engineering Inc 0.5 0.5 NA NA
02/18/93 Trinity Capital Enterprise 38.3 40.1 NA NA
02/10/93 VMX Inc 6.3 5.6 NA NA
12/07/92 Lite-On Power Semiconductor 0.4 (0.7) NA NA
11/12/92 Fairey Group PLC 21.0 21.0 NA NA
03/12/92 Silicon Graphics Inc 217.7 160.4 NM NM
01/15/92 Xilinx Inc 3.6 2.4 NA NA
05/23/91 Nidec Corp (Nippon Densan Corp) 10.1 10.1 NA NA
03/27/91 Standard Microsystems Corp 33.0 33.0 NA NA
07/31/90 AEG AG (Daimler-Benz AG) 2.0 2.0 NA NA
02/02/90 Silitek Corp 1.9 1.5 36.4% 15.4%
<CAPTION>
AGGREGATE TRANSACTION VALUE MARKET VALUE
AS A MULTIPLE OF LTM AS MULTIPLE OF LTM
DATE --------------------------------- ---------------------
ANNOUNCED SALES EBIT EBITDA NET INC. BOOK VAL.
--------------------- --------- --------- --------- --------- ---------
<C> <C> <C> <C> <C> <C> <C> <C>
02/29/00 4.8x NM 53.0x NM 9.0x
12/20/99 60.9x NM NM NM 14.7x
11/30/99 1.6x NA NA 45.9x NA
09/20/99 1.1x NM NM NM 2.1x
09/15/99 1.2x NA NA NA NA
09/13/99 2.0x 26.4x 23.2x 37.8x 6.0x
07/23/99 4.5x 36.3x 20.7x 48.2x 3.9x
07/02/99 0.7x NA NA NA NA
06/02/99 1.3x NA NA NA NA
05/11/99 1.1x NM NM NA 2.1x
05/03/99 0.4x NA NA NA NA
04/21/99 2.1x 19.7x 16.8x 29.1x 9.1x
04/20/99 0.3x NA NA NA NA
03/04/99 8.0x 50.7x 36.4x 72.1x 12.5x
03/04/99 0.5x NM NM NM 1.4x
02/22/99 3.7x NM NM NM 7.3x
02/11/99 0.5x NM NM NM 1.0x
02/01/99 3.2x NA NA NA NA
01/22/99 34.8x NM NM NM 88.9x
11/02/98 0.5x NM NM NM 1.1x
10/22/98 0.4x 5.6x 3.2x 4.5x 1.5x
07/24/98 1.1x NM NM NM 1.2x
07/13/98 0.5x NM NM NM 0.8x
06/18/98 0.8x NM 51.1x NM NA
05/04/98 0.3x 8.4x 4.1x 9.2x 1.1x
03/02/98 3.2x 14.5x 12.1x 19.6x 4.6x
02/11/98 3.5x NM NM NA 8.4x
01/21/98 1.2x 10.4x 10.4x 22.2x 3.8x
11/27/97 1.5x 10.5x 6.7x 17.4x 2.7x
07/28/97 2.8x NM 38.8x NM 4.5x
07/21/97 1.4x 19.6x 5.0x 26.5x 1.2x
04/07/97 4.0x 12.6x 11.8x 15.1x 8.3x
04/07/97 0.6x NM NM NM 27.0x
01/14/97 3.0x 12.0x 10.5x 20.0x 3.9x
11/05/96 2.4x 10.3x 8.9x 19.5x 3.7x
11/04/96 1.3x NA NA NA NA
10/18/96 0.7x NA NA NA NA
07/01/96 1.8x NM 23.5x 37.4x 1.8x
07/01/96 0.7x 7.3x 5.9x 9.4x 2.0x
06/10/96 NA NA NA 22.3x 3.1x
02/13/96 0.4x NA NA NA NA
10/20/95 34.7x NM NM NM 16.5x
05/08/95 0.8x 5.7x 4.4x 10.3x 3.2x
04/03/95 1.3x NM NM NM 5.0x
03/23/95 1.4x NM NM NM 2.3x
03/10/95 1.0x 47.2x 47.2x NM 2.5x
11/10/94 0.6x NM NM NM NM
09/13/94 4.4x NM 62.1x 37.4x NM
07/27/94 0.6x 5.5x 3.7x 9.7x 5.7x
06/01/94 2.0x 20.5x 19.4x 37.0x 6.2x
01/18/94 0.4x NM NM NM 1.3x
10/04/93 1.1x 8.4x 5.6x 13.9x 2.5x
03/10/93 NA NM NM NM NA
02/18/93 1.5x 22.0x 18.9x NM NM
02/10/93 1.0x 9.4x 8.1x 15.8x 6.3x
12/07/92 NM 47.9x NM NA 0.1x
11/12/92 1.3x 11.7x 11.7x NA NA
03/12/92 1.1x NM NM NM 1.9x
01/15/92 1.4x NM NM NM 18.0x
05/23/91 0.6x NA NA NA NA
03/27/91 0.3x NA NA NA NA
07/31/90 NA NM 4.0x NM 0.1x
02/02/90 0.1x NM 7.2x NM 0.4x
TOP OF RANGE: 189.2% 209.9% 60.9x 50.7x 62.1x 72.1x 88.9x
MEAN: 49.1% 73.9% 3.7x 18.4x 18.4x 25.2x 6.9x
MEDIAN: 42.9% 66.7% 1.2x 12.0x 11.7x 20.0x 3.2x
BOTTOM OF RANGE: 10.2% 15.4% 0.1x 5.5x 3.2x 4.5x 0.1x
</TABLE>
----------------------------------
* Industry defined by the following SIC codes for target companies:
3674: Semiconductor
Source: Securities Data Company
3
<PAGE>
GATEFIELD CORPORATION
TRADING MULTIPLES OF SELECTED SMALL CAP COMPARABLE COMPANIES
(DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA)
<TABLE>
<CAPTION>
MARKET VALUE TOTAL CAPITALIZATION TO REVENUE RATIOS
SHARES SHARE OF COMMON ------------------------------------------
OUTSTANDING PRICE STOCK LAST TWELVE CALENDAR CALENDAR
(000S) 05/22/00 (000S) MONTHS 2000 EST. 2001 EST.
----------- -------- ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
XLNX 321,293 $64.94 $20,864,767 23.1x 20.4x 12.9x
QUIK 22,192 28.19 625,592 13.7x 10.7x 7.9x
ALTR 199,068 79.52 15,829,887 18.0x 12.2x 9.0x
Summary Multiples:
Top of Range: 23.1x 20.4x 12.9x
Mean: 18.3x 14.4x 10.0x
Bottom of Range: 13.7x 10.7x 7.9x
GATE (Deal *) 6,304 5.25 $ 33,097 20.3x 1.7x 1.0x
GATE (Deal **) 7,430 5.25 $ 39,007 23.5x 2.0x 1.2x
<CAPTION>
MARKET VALUE OF COMMON STOCK
SHARE RATIOS (P/E RATIOS) MARKET
--------------------------------------------- VALUE TO
LAST TWELVE CALENDAR CALENDAR BOOK VALUE
MONTHS 2000 EST. 2001 EST. RATIOS
------------- ------------- ------------- ----------
<S> <C> <C> <C> <C>
XLNX 59.5x 87.8x 56.0x 17.5x
QUIK 108.6x 58.1x 36.1x 16.0x
ALTR 64.0x 46.2x 33.8x 12.9x
Summary Multiples:
108.6x 87.8x 56.0x 17.5x
77.4x 64.0x 42.0x 15.5x
59.5x 46.2x 33.8x 12.9x
GATE (Deal *) NM 8.0x 2.6x NM
GATE (Deal **) NM 9.5x 3.0x NM
</TABLE>
------------------------------
*--Actel will pay $5.25 cash for each outstanding share of GateField Common
Stock; based on outstanding on record date 6,304,231
**--Actel will pay $5.25 cash for each outstanding share of GateField Common
Stock; based on fully diluted 7,429,816
4
<PAGE>
Needham & Company, Inc.
<TABLE>
<CAPTION>
GATEFIELD CORPORATION
Summary Figures for Selected Comparable Companies
-----------------------------------------------------------
(Dollars in thousands, except per share data)
Market Value Total Net
of Common Debt and Share-
Stock Total Cash & Equity holders'
(000s) Debt Equivalents Capitalization Equity
------------------ ------------- ----------------- --------------------- ---------------------
<S> <C> <C> <C> <C> <C>
XLNX $20,864,767 $0 $80,548 $20,784,219 $1,194,071
QUIK 625,592 645 33,436 592,801 39,003
ALTR 15,829,887 0 270,161 15,559,726 1,226,407
GATE $22,526 $8,263 $3,954 $26,835 $(11,548)
Revenues Net Income
---------------------------------------------------------- ----------------------------------------------
Last Twelve Calendar Calendar Last Twelve Calendar Calendar
Months 2000 Est. 2001 Est. Months 2000 Est. 2001 Est.
----------------- ------------------ ------------- ---------------- -------------- ------------
<S> <C> <C> <C> <C> <C> <C>
XLNX $898,734 $1,021,000 $1,605,600 $220,583 $652,500 $412,000
QUIK 43,404 55,458 75,250 4,625 NA NA
ALTR 862,059 1,274,200 1,723,100 259,160 363,200 507,500
GATE $1,846 $21,742 $36,400 $(9,106) $3,750 $11,706
Sources: Last Twelve Months - Company
Forecasts - Needham & Company and ZACKS.
</TABLE>
5
<PAGE>
<TABLE>
<CAPTION>
COMPANY XLNX QUIK ALTR GATE
------------------- ------------- -------------- ------------ ------------
<S> <C> <C> <C> <C>
Latest Fiscal Year Ended Mar-99 Dec-99 Dec-99 Dec-99
Latest Interim Period Ended Jan-00 Mar-99 Mar-99 Mar-99
Ticker/Exchange XLNX/NASD QUIK/NASD ALTR/NASD GATE/OTC
MARKET INFORMATION
Stock Price 5/22/00 $64.94 $28.19 $79.52 $4.78
Shares Outstanding 321,293 22,192 199,068 4,712
Market Value of Common Stock $20,864,767 $625,592 $15,829,887 $22,526
Total Capitalization (b) $20,784,219 $592,801 $15,559,726 $26,835
Current P/E Ratio 59.5 108.6 64.0 (9.1)
BALANCE SHEET INFORMATION
Cash & Equivalents $80,548 $33,436 $270,161 $3,954
Short-Term Debt (d) $0 $494 $0 $244
Long-Term Debt (d) $0 $151 $0 $8,019
Shareholders' Equity $1,194,071 $39,003 $1,226,407 $(11,548)
Long Term Debt/Total Capital 0.0% 0.4% 0.0% -227.2%
Total Assets $1,390,937 $51,611 $1,589,649 $5,819
Working Capital $684,515 $32,768 $887,129 $(1,784)
Adjusted Working Capital (g) $603,967 $(174) $616,968 $(5,494)
INCOME STATEMENT INFORMATION (a)
REVENUES (e)
Calendar - 2001 Est. $1,605,600 $75,250 $1,723,100 $36,400
Calendar - 2000 Est. 1,021,000 55,458 1,274,200 21,742
Last Twelve Months 898,734 43,404 862,059 1,846
Fiscal 1999 661,983 39,785 836,623 1,987
Fiscal 1998 613,593 30,007 654,342 7,700
Fiscal 1997 568,143 28,460 631,114 15,503
Fiscal 1996 560,800 23,758 497,310 33,580
Fiscal 1995 355,130 15,148 401,600 51,120
5 Year Compound Annual Growth Rate 14.3% 24.2% 19.0% -54.9%
NET INCOME
Calendar - 2001 Est. $412,000 NA $507,500 $11,706
Calendar - 2000 Est. 652,500 NA 363,200 3,750
Last Twelve Months 220,583 4,625 259,160 (9,106)
Fiscal 1999 134,474 (m) 3,161 231,578 (i) (9,964)
Fiscal 1998 123,868 (r) 245 164,827 (j) (8,268)
Fiscal 1997 110,376 (5,339) 151,517 (k) (15,384) (h)
Fiscal 1996 101,450 (3,597) 109,140 (21,380)
Fiscal 1995 59,280 (4,707) 86,870 1,960
5 Year Compound Annual Growth Rate 20.2% NM 26.8% NM
</TABLE>
6
<PAGE>
<TABLE>
<CAPTION>
Backup Statistics of Selected Comparable Companies
---------------------------------------------------------
COMPANY XLNX QUIK ALTR GATE
------------------- ------------- -------------- ------------ ------------
<S> <C> <C> <C> <C>
EARNINGS PER SHARE
Calendar - 2001 Est. $1.16 $0.78 $2.35 $1.67
Calendar - 2000 Est. 0.74 0.49 1.72 0.54
Last Twelve Months 1.09 0.26 1.24 (0.52)
Fiscal 1999 0.87 0.19 1.12 (2.30)
Fiscal 1998 0.77 0.02 0.81 (2.00)
Fiscal 1997 0.69 (1.65) 0.74 (5.08)
Fiscal 1996 0.32 (1.21) 0.58 2.07
Fiscal 1995 0.20 (1.60) 0.48 2.12
5 Year Compound Annual Growth Rate 46.6% NM 22.4% NM
GROSS MARGIN
Last Twelve Months 62.3% 57.6% 62.1% 45.8%
Fiscal 1999 62.0% 57.0% 64.0% 34.7%
Fiscal 1998 62.4% 52.3% 61.9% 5.1%
Fiscal 1997 62.3% 40.8% 62.5% 29.7%
3 Year Average Gross Margin 62.2% 50.0% 62.8% 23.2%
OPERATING MARGIN
Last Twelve Months 30.3% 8.7% 39.3% -435.2%
Fiscal 1999 27.5% 6.8% 36.6% -450.2%
Fiscal 1998 28.3% 0.1% 35.4% -104.7%
Fiscal 1997 28.9% -19.7% 36.0% -97.4%
3 Year Average Operating Margin 28.2% -4.3% 36.0% -217.4%
NET MARGIN
Calendar - 2001 Est. 25.7% NA 29.5% 32.2%
Calendar - 2000 Est. 63.9% NA 28.5% 17.2%
Last Twelve Months 24.5% 10.7% 30.1% -493.3%
Fiscal 1999 20.3% 7.9% 27.7% -501.5%
Fiscal 1998 20.2% 0.8% 25.2% -107.4%
Fiscal 1997 19.4% -18.8% 24.0% -99.2%
3 Year Average Net Margin 20.0% -3.3% 25.6% -236.0%
OPERATING CASH FLOW (c)
Last Twelve Months $311,291 $5,542 $368,180 (7,241)
Fiscal 1999 214,086 4,345 335,438 (8,052)
Fiscal 1998 206,577 1,304 261,881 (6,195)
Fiscal 1997 NA (4,564) 254,060 (11,977)
3 Year Compound Growth Rate NM NM 14.9% -18.0%
</TABLE>
7
<PAGE>
Needham & Company, Inc.
GATEFIELD CORPORATION
Relative Comparison of Selected Comparable Companies
------------------------------------------------------------
<TABLE>
<CAPTION>
Comparison of Revenue Growth Comparison of Net Margins
----------------------------------- -----------------------------
Projected 2001/2000 Projected 2001 Net Margin
<S> <C>
(1) GATE 67.4% (1) GATE 32.2%
(2) XLNX 57.3% (2) ALTR 29.5%
(3) QUIK 35.7% (3) XLNX 25.7%
(4) ALTR 35.2% (4) QUIK NA
Last Fiscal Year Revenue Growth Last Twelve Months Net Margin
----------------------------------- -----------------------------
(1) ALTR 27.9% (1) ALTR 30.1%
(2) QUIK 32.6% (2) XLNX 24.5%
(3) XLNX 7.9% (3) QUIK 10.7%
(4) GATE -74.2% (4) GATE -493.3%
5 Year Historical Revenue CGR 3 Year Average Net Margin
----------------------------------- -----------------------------
(1) QUIK 24.2% (1) ALTR 25.6%
(2) ALTR 19.0% (2) XLNX 20.0%
(3) XLNX 14.3% (3) QUIK -3.3%
(4) GATE -54.9% (4) GATE -236.0%
</TABLE>
8
<PAGE>
Needham & Company, Inc.
GATEFIELD CORPORATION
Relative Comparison of Selected Comparable Companies
------------------------------------------------------------
<TABLE>
<CAPTION>
Last Twelve Months Gross Margin Last Twelve Months Operating Margin Latest Fiscal Year Return on Average Equity
------------------------------- ----------------------------------- -------------------------------------------
<S> <C> <C>
(1) XLNX 62.3% (1) ALTR 39.3% (1) GATE 130.0%
(2) ALTR 62.1% (2) XLNX 30.3% (2) ALTR 18.3%
(3) QUIK 57.6% (3) QUIK 8.7% (3) QUIK 17.5%
(4) GATE 45.8% (4) GATE -435.2% (4) XLNX 13.4%
3 Year Average Gross Margin 3 Year Average Operating Margin Total Debt/Total Capital
---------------------------- ----------------------------------- -------------------------------------------
(1) ALTR 62.8% (1) ALTR 36.0% (1) GATE -220.1%
(2) XLNX 62.2% (2) XLNX 28.2% (2) XLNX 2.3%
(3) QUIK 50.0% (3) QUIK -4.3% (3) QUIK 4.4%
(4) GATE 23.2% (4) GATE -217.4% (4) ALTR 35.0%
</TABLE>
9
<PAGE>
Footnotes
-----------------------------
(a) All figures exclude extraordinary items.
(b) Total Capitalization is defined as Market Value plus Long Term
Debt less Cash.
(c) Operating Cash Flow is defined as Operating Income plus
Depreciation and Amortization.
(d) Debt includes Capitalized Lease Obligations.
(e) Excludes income from interest and extraordinary sources.
(f) Three Year Compound Annual Growth Rate
(g) Adjusted Working Capital is defined as Working Capital less
Cash plus Short Term Debt.
(h) Excludes extraordinary item loss on early extinguishment of
debt $1,048,000
(i) Excludes equity in loss of WaferTech, LLC $7,584,000
(j) Excludes equity in loss of WaferTech, LLC $10,440,000
(k) Excludes cumulative effect of change in accounting principle
$18,064,000
(l) Excludes contract termination and legal $28,309,000
(m) Excludes equity loss in joint venture $5,236,000 & cumulative
effect of change in accounting principle $26,646,000
(n) Excludes cumulative effect of change in accounting principle
$26,646,000
(o) Excludes write-off of discounted product family $5,000,000
(p) Excludes equity in loss of WaferTech, LLC $1,397,000
(q) Excludes equity in loss of WaferTech, LLC $1,976,000
(r) Excludes equity income in joint venture $2,719,000
10
<PAGE>
Needham & Company, Inc.
Housekeeping
<TABLE>
<CAPTION>
Summary Statistics of Comparable Companies
-------------------------------------------------------------------------
COMPANY XLNX QUIK ALTR GATE
------------------ ------------- ------------- --------------- -------------
<S> <C> <C> <C> <C>
Latest Fiscal Year Ended Jan-00 Dec-99 Dec-99 Dec-99
Latest Interim Period Ended Mar-99 Mar-99 Mar-99 Mar-99
Ticker/Exchange XLNX/NASD QUIK/NASD ALTR/NASD GATE/OTC
Revenues
Last Fiscal Year $661,983 $39,785 $836,623 $1,987
Plus: interim period 714,424 12,216 94,590 312
Less: year ago interim 477,673 8,597 69,154 453
LAST 12 MONTHS $898,734 $43,404 $862,059 $1,846
Net Income
Last Fiscal Year $134,474 $3,161 $231,578 $(9,964)
Plus: interim period 176,093 1,746 76,533 (p) (1,339)
Less: year ago interim 89,984 (n) 282 48,951 (q) (2,197)
LAST 12 MONTHS $220,583 $4,625 $259,160 $(9,106)
LAST FISCAL YEAR:
EQUITY - Beginning of Year $941,238 $(975) $1,093,331 $(5,038)
EQUITY - End of Year $1,070,248 $37,005 $1,439,599 $(10,297)
Operating Income
Last Fiscal Year $181,974 $2,709 $306,022 $(8,946)
Plus: interim period 221,990 1,310 100,371 (1,285)
Less: year ago interim 131,363 239 67,902 (2,197)
LAST 12 MONTHS $272,601 $3,780 $338,491 $(8,034)
Depreciation & Amortization
Last Fiscal Year $32,112 $1,636 $29,416 $894
Plus: interim period 31,221 493 7,721 146
Less: year ago interim 24,643 367 7,448 247
LAST 12 MONTHS $38,690 $1,762 $29,689 $793
Earnings Per Share
Last Fiscal Year $0.87 $0.19 $1.12 $(2.30)
Plus: interim period 0.52 0.09 0.36 (0.28)
Less: year ago interim 0.30 0.02 0.24 (0.52)
LAST 12 MONTHS $1.09 $0.26 $1.24 $(2.06)
</TABLE>
11
<PAGE>
<TABLE>
<S> <C> <C> <C> <C> <C>
Cost of Sales
Last Fiscal Year $251,266 $17,103 $301,322 $1,297
Plus: interim period 269,539 5,015 94,590 78
Less: year ago interim 182,172 3,722 69,154 375
LAST 12 MONTHS $338,633 $18,396 $326,758 $1,000
Cost of Sales - Historical 1999 $251,266 $17,103 $301,322 $1,297
1998 230,690 14,303 249,474 7,307
1997 214,337 16,855 236,958 10,903
Op. Inc. - Historical 1999 $181,974 $2,709 $306,022 $(8,946)
1998 173,868 42 231,843 (8,061)
1997 164,061 (o) (5,611) (l) 226,955 (15,101)
Dep. & Amrt. - Historical 1999 $32,112 $1,636 $29,416 $894
1998 32,709 1,262 30,038 1,866
1997 27,997 1,047 27,105 3,124
</TABLE>
12
<PAGE>
ACQUISITIONS OF SEMICONDUCTOR COMPANIES
JANUARY 1, 1990 TO PRESENT
<TABLE>
<CAPTION>
OFFER AS PREMIUM
TO MKT. PRICE PRIOR AGGREGATE TRANSACTION VALUE MARKET VALUE
TO ANCMT. DATE AS A MULTIPLE OF LTM AS MULTIPLE OF LTM
------------------------ ---------------------------------- -----------------------
1 DAY 4 WK. SALES EBIT EBITDA NET INC. BOOK VAL.
--------- ------------ ---------- ---------- ---------- ---------- -----------
<S> <C> <C> <C> <C> <C> <C> <C>
--------------------------------------------------------------------------------------------------------
DEAL SIZE $10-$100 TOP OF RANGE: 66.7% 131.3% 4.4x 22.0x 79.8x 191.5x 127.7x
MEAN: 47.4% 77.6% 1.4x 11.7x 20.2x 36.2x 11.5x
MEDIAN: 50.9% 61.9% 1.1x 10.4x 11.0x 20.8x 3.2x
BOTTOM OF RANGE: 25.6% 44.6% 0.3x 5.7x 4.1x 9.2x 1.0x
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
DEAL SIZE $25-$50 TOP OF RANGE: 62.4% 131.3% 4.4x 22.0x 62.1x 45.9x 6.2x
MEAN: 59.0% 91.3% 1.7x 17.6x 27.3x 34.9x 3.1x
MEDIAN: 59.0% 91.3% 1.6x 20.5x 19.1x 37.2x 2.6x
BOTTOM OF RANGE: 55.6% 51.4% 0.3x 10.3x 8.9x 19.5x 1.1x
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
ALL DEALS TOP OF RANGE: 189.2% 209.9% 60.9x 50.7x 62.1x 72.1x 88.9x
MEAN: 49.1% 73.9% 3.7x 18.4x 18.4x 25.2x 6.9x
MEDIAN: 42.9% 66.7% 1.2x 12.0x 11.7x 20.0x 3.2x
BOTTOM OF RANGE: 10.2% 15.4% 0.1x 5.5x 3.2x 4.5x 0.1x
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
GATEFIELD CORPORATION* 22.0% 18.0% 17.9x Neg. Neg. Neg. Neg.
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
GATEFIELD CORPORATION** 22.0% 18.0% 21.1x Neg. Neg. Neg. Neg.
--------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------
GATEFIELD CORPORATION
(FY 2000 E)* 1.5x 7.0x 5.6x 8.8x NA
---------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------
GATEFIELD CORPORATION
(FY 2000 E)** 1.8x 8.3x 6.6x 10.4x NA
---------------------------------------------------------------------------------------
* - Based on outstanding shares on record date 6,304,231
** - Based on fully diluted shares 7,429,816
</TABLE>
13
<PAGE>
GATEFIELD STOCK PRICE PERFORMANCE
1 DAY & 4 WEEKS PRIOR TO ANNOUNCEMENT
GATE/OTC
<TABLE>
<CAPTION>
DATE VOLUME HIGH LOW CLOSE
--------------- ------------------ --------------- ----------------- -------------------
<S> <C> <C> <C> <C>
13-APR-2000 9,600 4.50 4.31 4.31 < < < 4 WEEKS
14-Apr-2000 39,400 4.38 3.88 3.88
17-Apr-2000 37,700 4.06 3.38 4.06
18-Apr-2000 8,500 4.50 3.69 4.13
19-Apr-2000 5,000 5.00 4.13 5.00
20-Apr-2000 2,200 5.00 3.94 4.00
24-Apr-2000 1,500 4.32 4.00 4.00
25-Apr-2000 5,500 4.50 4.00 4.19
26-Apr-2000 21,600 5.25 4.13 4.88
27-Apr-2000 5,600 5.13 4.50 5.00
28-Apr-2000 22,400 5.19 4.88 5.19
01-May-2000 100 5.25 5.25 5.25
02-May-2000 2,900 5.25 4.88 4.88
03-May-2000 600 5.00 4.63 5.00
04-May-2000 2,700 4.75 4.38 4.50
05-May-2000 1,300 4.75 4.38 4.75
08-May-2000 24,300 4.38 3.94 4.00
09-May-2000 9,500 4.19 3.88 4.00
10-May-2000 3,700 4.13 4.13 4.13 < < < 1 DAY
11-May-2000 2,300 4.07 4.06 4.07
</TABLE>
14
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