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Exhibit 9

Recent Acquisitions of Companies Comparable to Spydera

Acquiror

Target

Date
Announced

Strategic Acquirors
VF Corp.
adidas-Salomon AG
Deckers Outdoor Corp.
Columbia Sportswear Co.
VF Corp.
Nike Inc.

The North Face Inc.


Arc'Teryx Inc.
Teva Sandals
Mountain Hardwear Inc.
Nautica Enterprises Inc.
Converse Inc.

Financial Acquirors
Investcorp International Inc.
Bain Capital Inc.
Cerberus Partners LP
Bear Stearns & Co.

Helly Hansen ASA


Jack Wolfskin GmbH
Fila Holding SpA
CameIBak Inc.

7/4/00
5/12/01
11/10/02
3/13/03
7/7/03
9/7/03

11/4/97
8/28/02
7/3/03
6/11/03

All acquisitions were for 100% of the target's equity except for The North Face (81.2% ac

Source: SDC Platinum, a Thomson Financial Product, accessed [May, 2005] and casewriter

Sales
Transaction Multiple
Trading Multiple
Control Premium Multiple

EBITDA
1.073
10.503
1.27
11.45
0.196
0.946

Date
Effective

Total Ent. Value ($


millions)

LTM Sales ($
millions)

8/16/00
1/3/02
11/26/02
1/4/03
8/27/03
4/9/03

129
21
62
36
600
335

244
19
56
31
694
205

1/5/97
9/9/02
10/6/03
2/12/03

160
63
586
209

146
52
954
74

or The North Face (81.2% acquired) and Helly Hansen (70% acquired)
[May, 2005] and casewriters analysis.

Sales
EBDITA

Sales Multiple
EBDITA Multiple

2004
61,366
9,582

Startegy Premium
18,193
32,607

LTM EBITDA
($
millions)

Sales Multiple

EBITDA Multiple

-44
1.4
6.1
3.2
66
36

0.5
1.1
1.1
1.2
0.9
1.6
1.18

-2.9
15.5
10.3
11.1
9.1
9.4
11.08

18
7
44
25

1.1
1.2
0.6
2.8
0.97

8.9
9.3
13.3
8.2
9.9

d)

Strategic Value

2005
85,281
28,231

Control Premium
-

16,733
26,705

2004
72,412
106,169 -

2005
100,632
312,799

Financial Value
2004
2005
59,320
82,438
95,101 - 280,193

Trading Multiple Value


2004
77,907
109,699 -

2005
108,268
323,201

Exhibit 11

Company
Name

Selected Financial Data about Comparable Companies (in $ or Euro million

Industry

Betab

Market
Value of
Equityc

LTM
InterestBearing
Debt

0.81
1.48
1.36
0.70
1.01
0.55
0.59

4,302
2,239
559
20,558
1,217
174
5,113

1,459
20
209
866
138
118
994

Adidas-Salomon
Sports
AGd Appare
Columbia SporSports Appare
K2 Inc.
Sports Equipm
e
Nike Inc.
Sports Appare
f
Quiksilver Inc.Sports
Appare
g
Skis RossignolSports
SA
Equipm
VF Corp
Apparel, incl.
0.93

0.81
Figures are in U.S. dollars for all companies except for Adidas-Salomon AG and Skis Rossi
b
Estimated by 60-month regression of stock returns on S&P500 returns
c
For companies that have dual share classes including one non-traded class, market value
share price by the total number of shares outstanding of all classes
d
Traded in the Frankfurt stock exchange
e
Fiscal quarter ending Jan 31, 2004
f
Fiscal quarter ending Feb 29, 2004
g
Traded in the Paris stock exchange
a

Sources: Compiled from Bloomberg LP, accessed [May/2005], http://www.adidas-salomon.

Companies (in $ or Euro millions, as of 03/31/2004)a


Five-Year
Average
Debt-toTotal Value
0.39
0.06
0.41
0.08
0.17
0.44
0.20

LTM Sales LTM EBITDA


6,221
990
839
11,751
1,039
479
5,390

586
220
63
1,736
130
25
725

E/V

D/E

0.61 0.339164853
0.94 0.009155611
0.59 0.374219485
0.92 0.042110783
0.83 0.113666958
0.56 0.678820417
0.80 0.194496722

0.25

0.20
das-Salomon AG and Skis Rossignol SA, which are in Euros
P500 returns
non-traded class, market value of equity is computed as the product of the publicly traded

5], http://www.adidas-salomon.com, http://www.rossignolcorporate.com, Standard & Poors Compust

Trading
Sales
multiple

Trading
EBITDA

0.672176289 0.926045348
1.472242678 2.281385756
1.109079904 0.915927191
0.681567841 1.82309571
0.944492913 1.304138124
0.38829849 0.611309854
0.526378175 1.133094227
0.989873691 1.269540933

9.8380229832
10.291979099
12.111621289
12.343500807
10.437504718
11.941750857
8.4217208147
11.448450415

Beta
Unlevered

Levered Beta

1.17

of the publicly traded

m, Standard & Poors Compustat data, accessed [May/2005], and casewriters analysis.

writers analysis.

Exhibit 6

Spyder Consolidated Balance SheetHistorical and Forecasted (in $ thousands)

Cash
Accounts Receivable
Inventories
Prepaid Expenses
Other Current Assets
Total Current Assets
Net PP&E
Other Assets
Total Assets
Accts Payable & Accrued Exp
Other Current Liabilities
Total Current Liabilities
Other Liabilities
Total Liabilities
Preferred Stock & Commmon
Retained Earnings
Total Stockholders' Equity
Total Liabilities & Equity

Interest Expense
a

FY2004 figures are unaudited.

Debt
Source:

Company documents

Interest Rate

FY2001

FY2002

FY2003

FY2004

FY2005E

485

793

2,693

7,975

6,812

4,797

3,568

2,786

3,192

5,625

1,458

1,284

922

845

1,130

250
155

483
242

406
829

346
617

454
###

7,145

6,370

7,636

12,975

14,638

844
815

827
1,049

850
827

1,970
906

3,581
836

8,804

8,246

9,313

15,851

19,055

2,001
123

2,216
295

3,177
47

5,499
-

3,372
-

2,124

2,511

3,224

5,499

3,372

502

4,233

3,013

3,224

9,313

3,372

4,717
(146)

4,719
514

4,723
1,366

4,731
1,807

4,731
10,952

2,109

3,814

4,571

5,233

6,089

6,538

15,683

8,804

8,246

9,313

15,851

19,055

805

664

613

846

2,232

797

47

3,814

FY2006E

FY2007E

FY2008E

15,572

27,060

41,587

6,873

8,521

10,409

1,402

1,798

2,246

543
617

666
###

806
617

25,008

38,661

55,665

4,554
766

4,865
696

6,087
626

30,328

44,222

62,378

4,052
-

4,927
-

5,945
-

4,052

4,927

5,945

4,052

4,927

5,945

4,731
21,545

4,731
34,564

4,731
51,702

26,276

39,295

56,433

30,328

44,222

62,378

Average Debt

1,723

Average Equity

5,608

D/E

0.31

Exhibit 5

Spyder Consolidated Income Statement and Cash Flow AdjustmentsHistoric

Net Sales
Cost of Sales
Gross Profit
GP/Sales
Total Operating Expenses
Mgt Fee, Licns & Rylty Income
Op. Income Before Depreciation
Non-Operating Income (Expense)
EBITDA
Depreciation & Amortization
Interest Expense & Bank Fees
FAS 133 Expense
Taxes
Net Income
Capital Expenditures
Net Working Capital Investment

FY2004 figures are unaudited.

Source:

Company documents

FY2001

FY2002

27,303
16,536
10,767
39%
9,573
20
1,214

33,960
20,008
13,952
41%
12,175
27
1,804

113
1,327

142
1,946

467
805
(63)
35

464
664
(185)
159

83

844

240
n/a

417
(1,592)

ash Flow AdjustmentsHistorical and Forecasted (in $ thousands)


FY2003

FY2004

40,290
22,537
17,753
44%
14,159
10
3,604

50%

61,366
31,011
30,355
49%
21,007
26
9,374

FY2005E
38.97%
85,281
85,281
0
0%
28,014
-28,014

FY2006E
23.86%
105,630
105,630
0
0%
33,571
-33,571

FY2007E
26.12%
133,223
133,223
0
0%
41,028
-41,028

295
3,899

208
9,582

(217)
-28,231

-33,571

-41,028

667
613
1,076
688

744
846
1,065
1,858

1,078
1,101
0
2,447

2,097
1,396
0
2,898

3,260
1,769
0
3,729

855

5,069

-32,857

-39,962

-49,785

621
(86)

1,797
69

2,619
1,590

3,000
929

3,500
1,292

FY2008E
24.40%
165,732
165,732
0
0%
49,584
-49,584
-49,584
3,098
2,263
0
5,396
-60,340
4,250
1,459