EX-2
from SC 13D/A
20 pages
1) Taking Into Account Customer Requirements for a Strong Balance Sheet as Well as Benchmark’s Need to Fund Expansion in China, Benchmark Still Has Significant Excess Liquidity; 2) Benchmark Is Significantly Undervalued, by Up to 60%+ Depending on the Valuation Framework on Which One Focuses; 3) Special Dividends Are More Attractive Than Buyback Programs, Particularly for a Small Cap Issuer Like Benchmark; 4) in Today’s Market It Is No Longer a Negative for Technology Oriented Companies to Repatriate Cash (E.G. Microsoft, Qualcomm, Etc.); and 5) Although Benchmark’s Financeability and Optimal Capital Structure Could Support a Dividend as High as $15 Per Share, We Are Recommending a Special Dividend of $8 Per Share
12/34/56