Exhibit (c)(3)

DRAFT Project Horoscope—Update August 30, 2007 Strictly Private and Confidential

Rationale DRAFT o Simplifies corporate structure by making Tangerine a wholly owned subsidiary of Apple and reduces the number of listings by 2, - reduces the costs and administrative burdens associated with operating two public companies, including the costs associated with filing and compliance requirements - eliminates investor confusion between the two companies. o Results in the promotion of one common brand and identity. o Increases flexibility for Apple to make investment and other business decisions within the group and can focus on a consistent minority shareholder base. o Increases the flexibility of the Apple to allocate resources efficiently between the two businesses o Provides Tangerine shareholders liquidity at a premium price while avoiding broker fees. 1

Valuation Points DRAFT o The sector has re-rated down: - Over past 3 months, NASDAQ is down about 3%, companies in sector are down 5%-20% - Driven by lower than expected results and reduced projections - Current market price reflects current expectations of the sector o Due to higher capital intensity, test businesses trade at much lower FV/EBITDA multiples than assembly - So Tangerine EBITDA multiples should be lower, given its exposure to test of 76% vs. UTAC of of 52% - On a 2007 FV/EBITDA basis, Tangerine, at $14.30 price, represents 5.0x US GAAP(1) and 4.9x ROC GAAP, compared with UTAC at 4.9x - On a 2007 P/E basis, Tangerine, at $14.30 price, represents 18.4x US GAAP(1) and 17.2x ROC GAAP, much higher than the median of the test comps at 12.7x, and higher than UTAC offer price at 16x. o Premiums are high relative to UTAC and STATS - 1-day: 27% vs UTAC of 11% and STATS of 18% - 1-week: 25% vs UTAC of 13% and STATS of 22% - 1-month: 20% vs UTAC of 21% and STATS of 32% 2

Relative Price Performance DRAFT Last 3 Months Relative Price Performance 80 90 100 110 120 14-Aug 16-Aug 18-Aug 20-Aug 22-Aug 24-Aug 26-Aug 28-Aug STTS AMKR Apple (ADR) Tangerine UTAC SPIL (ADR) Nasdaq Last 2 Weeks Relative Price Performance 60 70 80 90 100 110 120 130 140 28-May 12-Jun 27-Jun 12-Jul 27-Jul 11-Aug 26-Aug STTS AMKR Apple (ADR) Tangerine UTAC SPIL (ADR) Nasdaq Source: Bloomberg. 3

Tangerine Historical Price DRAFT 6 8 10 12 14 16 Aug-06 Oct-06 Dec-06 Feb-07 Apr-07 Jun-07 Aug-07 1-Mo average: $11.94 1-Wk average: $11.45 6-Mo average: $12.66 3-Mo average: $13.33 1-Yr average: $11.27 Price (USD) Offer Price $14.30 Source: Bloomberg. 4

Financial Projections Based on Research DRAFT Apple Standalone ----------------------------------------------------------------------- (US$ in millions) Years Ending December 31, 2007E 2008E ----------------------------------------------------------------------- Apple Sales $ 3,057.4 $ 3,762.7 Cost of Goods Sold (2,189.3) (2,731.6) ------------------------ Gross Profit 868.1 1,031.1 Operating Expenses Operating Income (282.8) (334.0) ------------------------ 585.3 697.0 D&A 437.7 389.5 ------------------------ EBITDA 1,023.0 1,086.5 Operating Income $ 585.3 $ 697.0 Other Income (Expenses) Pre-Tax Income (36.6) (21.2) ------------------------ 548.7 675.8 Income Taxes Net Income (91.6) (101.4) ------------------------ 457.1 574.5 Minority Interest Net Income to Common (ROC) (47.4) (70.8) ------------------------ $ 409.7 $ 503.6 Tangerine Standalone ------------------------------------------------------------------------------------- Research Case Sensitivity Case (US$ in millions) 2007E 2008E 2007E 2008E ------------------------------------------------------------------ ----------------- Tangerine Sales $ 475.8 $ 561.9 $ 466.0 $ 546.3 Cost of Goods Sold Gross Profit (320.4) (350.9) (306.5) (358.1) -------------------------------------- 155.4 211.0 $ 159.5 188.2 Operating Expenses Operating Income (66.0) (70.8) ($ 65.2) (37.9) -------------------------------------- 89.4 140.2 94.3 150.2 D&A 116.1 99.4 118.4 108.8 -------------------------------------- EBITDA 205.5 239.6 212.7 259.0 Operating Income $ 89.4 $ 140.2 $ 94.3 $ 150.2 Other Income (Expenses) Pre-Tax Income 13.1 17.6 17.7 15.0 -------------------------------------- 102.5 157.8 112.0 165.3 Income Taxes Net Income (31.0) (33.1) (26.0) (38.8) -------------------------------------- 71.5 124.7 86.0 126.5 Minority Interest Net Income to Common (ROC) 0.0 0.0 0.0 0.0 -------------------------------------- $ 71.5 $ 124.7 $ 86.0 $ 126.5 5

Tangerine Firm Value Calculation DRAFT (US$ in millions except share price) Market Value of Book Value of Korea Investments Korean Investments Firm Value Purchase Price $14.30 $14.30 Basic Shares Outstanding 100.3 100.3 Options 8.8 8.8 Options Repurchased (6.0) (6.0) Full Diluted Shares 103.2 103.2 Equity Value $1,475 $1,475 Debt 104.6 104.6 Cash & Equiv. (219.4) (219.4) Value of Apple Shares Held (189.9) (189.9) Value of Korea Investments (136.8) (85.3) Firm Value $1,034 $1,085 Apple Inc Share Market Value Apple USD Price (08/28/07) $0.96 # Apple Shares before Stock Dividend 180.1 # Shares Received as Stock Dividend 27.0 # Apple Shares after Dividend 207.2 Market Value of Apple Shares 199.8 Market Value after 5% Discount 189.9 Korea Investments Value Reported Total Long Ownership Stake 30% Term Investments (Jun 30, 2007) $330.6 Projected Firm EBITDA $114 Apple USD Price (Jun 30, 2007) 1.36 EBITDA to Tangerine 34.2 # Apple Shares at Jun 30, 2007 180.1 FV/EBITDA Multiple 4.0x Market Value of Apple Shares 245.3 Market Value of Korea Investments 136.8 Book Value of Korean Investments 85.3 6

OSAT Comparables DRAFT Local Stock Stock Price Equity Firm (US$ in Millions) Price (1) (US$) Value (2) Value (3) Powertech (6239 TT) (6)(7) $129.00 $3.91 $1,840 $2,111 King Yuan (2449 TT) (6) $20.85 0.63 760 1,012 UTAC (UTAC SP) $1.15 0.75 1,291 1,345 Global Testing Corp $0.25 0.16 172 165 Tangerine Direct Comparables - Median Tangerine Direct Comparables - Mean Tangerine (ASTSF US) (8)(9) $11.29 $11.29 $1,165 $723 Tangerine @ $14.3 (8)(9) $14.30 $14.30 $1,475 $1,034 Tangerine @ $14.3 (ROC GAAP) (9) $14.30 $14.30 $1,475 $1,034 STATS ChipPAC (STTS US) $9.99 $9.99 $2,182 $2,551 Siliconware Precision (2325 TT) (6) $64.00 1.94 5,886 5,272 Amkor (AMKR US) $11.36 11.36 2,226 3,700 MPI (MPI MK) $9.15 2.62 550 704 Apple Direct Comparables - Median Apple Direct Comparables - Mean Apple (2311 TT) (6) $31.85 $0.96 $5,035 $5,753 P/E (4) P/B FV/EBIT (3)(4) FV/EBITDA (3)(4) FV/(EBITDA-Capex) Test % of 2007E 2008E 2Q07 2007E 2008E 2007E 2008E 2007E 2008E Revenue 14.8x 12.0x 3.4x 13.0x 10.6x 6.6x 5.3x 40.5x 15.0x 63.0% 10.8 8.8 1.2 12.7 8.9 3.9 3.6 10.3 8.3 90.0 14.6 12.0 1.5 10.6 9.2 4.6 4.0 30.1 10.2 52.2 9.1 8.4 1.0 7.2 6.7 3.3 3.1 13.2 7.3 90.0 12.7x 10.4x 1.4x 11.6x 9.0x 4.2x 3.8x 21.6x 9.2x 76.5% 12.3 10.3 1.8 10.9 8.8 4.6 4.0 23.5 10.2 73.8 14.5x 9.7x 1.3x 8.4x 5.1x 3.5x 2.9x 5.9x 4.6x 76.0% 18.4x 12.3x 1.6x 12.0x 7.3x 5.0x 4.1x 8.4x 6.6x 76.0% 17.2x 11.7x 1.6x 11.0x 6.9x 4.9x 4.0x 7.9x 6.2x 76.0% 18.2x 13.4x 1.5x 12.0x 9.7x 5.4x 4.8x 11.5x 13.7x 26.2% 14.4 13.3 3.0 12.6 11.0 8.1 7.2 15.0 13.2 12.7 11.0 8.6 3.8 10.2 9.0 5.7 5.2 10.2 9.1 10.3 13.3 12.0 2.0 10.8 10.3 5.2 5.0 NA NA NA 13.9x 12.7x 2.5x 11.4x 10.0x 5.5x 5.1x 11.5x 13.2x 12.7% 14.2 11.8 2.6 11.4 10.0 6.1 5.6 12.2 12.0 16.4 14.0x 11.4x 2.6x 10.6x 9.0x 5.9x 5.6x 9.7x 10.8x 20.2% Note: NM (Not Meaningful), NA (Not Available). Sourced from company filings, Factset estimates, and Wall Street research. (1) Stock prices and exchange rates as of 28 Aug 2007, except for UTAC (as of 22 Jun, 2007). Stock prices presented in local currency. (2) Equity value includes all in-the-money convertible bonds (If Converted method) and employee stock options (Treasury Share Method). (3) Firm Value equals equity value plus straight debt, minority interest, straight preferred stock, all out-of-the-money convertibles, less investments in unconsolidated affiliates and cash. No adjustment made for non-operating assets. (4) Net Income, EBIT and EBITDA based on Wall Street research. (5) Based on company filings and research estimates. (6) Net income and EBITDA for Taiwanese firms are adjusted for employee stock bonuses based on Citi estimates. (7) Powertech balance sheet data is unconsolidated as consolidated figures are not available. (8) Assumes ROC GAAP estimates adjusted for stock bonus expense. (9) The Korean Investments is based on projected market value 7

Selected Precedent Transactions Three relevant transactions include the terminated Carlyle/Apple, completed Temasek/STATS ChipPAC, and pending Affinity & TPG/UTAC deals--However, these transactions are (1) change of control transactions and (2) more liquid and larger companies. Apple STATS ChipPAC UTAC Offer Announcement Date November 24, 2006 March 1, 2007 June 27, 2007 Acquirer Carlyle Group/Major Shareholder Temasek Affinity / TPG Deal Status Terminated Completed Pending % to be Acquired 100% 47.3% 100% Price Offered Per Share NT$39.50 (US$1.20) SGD1.75 (US$1.14)(1) SGD1.20 (US$0.78) Transaction Value US$5,826 (2) US$1,341 (3) US$1,415 (4) Implied Valuation Multiples Implied Equity Value US$5,826 (2) US$2,560 (3) US$1,415 (4) Implied Firm Value US$6,415 (2) US$3,154 (3) US$1,459 (4) FV/2007E EBITDA (5) 5.3x 6.4x 4.9x FV/2007E EBIT (5) 8.9x 14.1x 11.5x P/2007E EPS (5) 10.8x 19.8x 16.0x Price/Book Value (6) 2.8x 1.8x 1.6x Offer Premium 1-Day Price 14.2% 18.4% (1) 11.1% 1 Month Average Price 23.4% 32.1% (1) 20.8% Source: Public filings, consensus estimates, and Bloomberg. (1) In Temasek / STATS ChipPAC transaction, final offer price equals S$1.75 per Ordinary Share as the tender offer did not clear the 90% threshold (otherwise S$1.88 per Ordinary Share). (2) Apple: transaction value calculated as 100% acquisition of NT$39.50 price multiplied by FD shares of 4,838 mm (includes conversion of ITM options and CBs), implied equity value calculated based on transaction value pro-rating to 100% acquisition, firm value calculated as equity value plus net debt (excludes converted CBs from debt) of US$589 mm as of 3Q06. (3) STATS: transaction value calculated as 47.3% acquisition of S$1.75 price multiplied by FD shares of 2,201 mm (includes conversion of ITM options) plus cost of CBs of US$150 mm, implied equity value calculated based on transaction value pro-rating to 100% acquisition, and firm value equals equity value plus net debt of US$594 mm as of 4Q06. (4) UTAC: transaction value calculated as 100% acquisition of S$1.20 price multiplied by FD shares of 1,814 mm (includes conversion of ITM options and CBs), implied equity value calculated based on transaction value pro-rating to 100% acquisition, firm value calculated as equity value plus net debt (excludes converted CBs from debt) of US$44 mm as of 1Q07. (5) Estimates based on projections at time of announcement: Apple 07E EBITDA of US$1,203 mm, EBIT of US$724mm and Net Income of US$540 mm, STATS 07E EBITDA of US$492 mm, EBIT of US$224 mm and Net Income of US$129 mm, UTAC 07E EBITDA of US$295 mm, EBIT of US$127 mm and Net Income of US$88 mm. (6) Apple BV of US$2,111 mm as of 2Q07, STATS BV of US$1,436 mm as of 2Q07, and UTAC BV of US$861 mm as of 2Q07, convertible debt is treated as equity if it's in the money 8

Potential Value Ranges STATS ChipPAC UTAC Offer Price S$1.75 S$1.88 S$1.20 (US$) Equity Value (1) 2,560 2,750 1,415 (US$ mm) Firm Value (2) 3,154 3,344 1,459 (US$ mm) FV / EBITDA Multiples EBITDA (US$ mm)(4) 2007E 6.4x 6.8x 4.9x 205 2008E 5.7 6.1 4.4 250 FV / EBIT Multiples EBIT (US$ mm)(4) 2007E 14.1x 14.9x 11.5x 86 2008E 11.7 12.4 10.1 141 Price / Earnings Net Income (US$ mm)(4) 2007E 19.8x 21.3x 16.0x 80 2008E 15.5 16.7 13.2 120 Price / Book Book Value (US$ mm) 2Q07 2.1x 2.2x 1.6x $905 Premium to Market Price (US$) 1-Day Prior 18.4% 27.2% 11.1% $ 11.29 1-Week Avg (3) 21.7 30.7 13.0 11.45 2-Week Avg (3) 27.3 36.7 14.4 11.25 1-Month Avg (3) 32.1 41.9 20.8 11.94 1-Week Prior 28.6 38.2 13.2 11.00 2-Week Prior 36.6 46.7 15.4 11.40 1-Month Prior 39.9 50.3 31.1 13.55 DRAFT Tangerine 14.30 14.40 14.50 14.60 14.70 14.80 14.90 15.00 1,475 1,486 1,497 1,508 1,519 1,530 1,541 1,552 1,034 1,045 1,056 1,067 1,078 1,089 1,099 1,110 5.0x 5.1x 5.2x 5.2x 5.3x 5.3x 5.4x 5.4x 4.1 4.2 4.2 4.3 4.3 4.4 4.4 4.4 12.0x 12.1x 12.2x 12.3x 12.5x 12.6x 12.7x 12.8x 7.3 7.4 7.5 7.6 7.6 7.7 7.8 7.9 18.4x 18.5x 18.7x 18.8x 19.0x 19.1x 19.2x 19.4x 12.3 12.4 12.5 12.6 12.7 12.8 12.9 13.0 1.6x 1.6x 1.7x 1.7x 1.7x 1.7x 1.7x 1.7x 26.7% 27.5% 28.4% 29.3% 30.2% 31.1% 32.0% 32.9% 24.9 25.7 26.6 27.5 28.3 29.2 30.1 31.0 27.1 28.0 28.9 29.8 30.6 31.5 32.4 33.3 19.7 20.6 21.4 22.3 23.1 23.9 24.8 25.6 30.0 30.9 31.8 32.7 33.6 34.5 35.5 36.4 25.4 26.3 27.2 28.1 28.9 29.8 30.7 31.6 5.5 6.3 7.0 7.7 8.5 9.2 10.0 10.7 Source: Company financials and Wall Street research; Bloomberg (1) Equity value calculated as firm value plus net cash of US$93.8 mm as of March 31, 2007 and US$282.2mm which is the adjusted value of unconsolidated investments. (2) Firm value calculated as range of 07E FV / EBITDA multiples multiplied by 2007E EBITDA of US$213 mm (adjusted for stock bonus expense); Tangerine firm value uses market value of Korea investments (3) Based on simple averages of period aftermarket prices as at August 28, 2007. (4) Adjusted for employee stock bonus, the impact of EBITDA is $8MM difference in 2007 and $9MM difference in 2008 Disclaimer: All projections and financial estimates of Tangerine included herein are taken from third party broker research. Citigroup has not performed any analysis or review of any such projections or financial estimates and has not carried out any valuation of Tangerine and takes no responsibility for and shall have no liability in respect of any of the foregoing. 9

Acer Gateway Case Study DRAFT Transaction Highlights o Announcement Day: August 27, 2007 o Acquirer: Acer Inc., world's leading brand PC vendor o Target: Gateway, Inc., fourth largest PC company in the US and leading retail PC provider o Deal Size: Approx. US$710MM o Method: 100% Cash, funding from Acer's balance sheet o Offer Price: US$1.90 per share o Premium: -- One day Prior: 57% -- One Week Average: 50% -- One Month Average: 45% Why Pay Such High Premium? o Highly complementary geographical presences and product positioning -- Strengthening Acer's US presence -- Increase in supply chain scale for Gateway o Solidify Acer's position as number three PC vendor globally with 9.4% market share and number two largest notebook maker with 16.6% market share o Significant revenue and cost synergies (estimated US$150MM cost synergy in 2008) o Deploy multi-brand strategy to cover all the major market segments o Strategically prevent Lenovo's proposed acquisition of Packer Bell to narrow the gap vs. Acer in Europe 10

DRAFT Accretion/Dilution Analysis (US$ in millions, except per share data) Research Case (1) Price Paid (Tangerine NASDAQ shares) $14.30 $14.50 $15.00 2007E Accretion / Dilution Standalone 2007E Apple Net Income (ROC) $410 $410 $410 Elimination of Minority Interest 35 35 35 Interest Expense (2) (34) (35) (36) Tax Adjustment (3) 9 9 9 2007E Pro Forma Net Income $419 $419 $418 2007E PF Shares Outstanding 5,219 5,219 5,219 2007E EPS Standalone $0.0785 $0.0785 $0.0785 Pro Forma 0.0803 0.0802 0.0801 Accretion / Dilution 2.3% 2.2% 2.1% Pro Forma (Incl'd Accelerated Vesting Exp) $0.0790 $0.0789 $0.0788 Accretion / Dilution (Incl'd Accelerated Vesting Exp) 0.7% 0.5% 0.4% 2008E Accretion / Dilution Standalone 2008E Apple Net Income (ROC) $504 $504 $504 Elimination of Minority Interest 61 61 61 Interest Expense (2) (34) (35) (36) Tax Adjustment (3) 9 9 9 2008E Pro Forma Net Income $539 $539 $538 2008E PF Shares Outstanding 5,219 5,219 5,219 2008E EPS Standalone $0.0965 $0.0965 $0.0965 Pro Forma 0.1033 0.1032 0.1031 Accretion / Dilution 7.1% 7.0% 6.9% Sensitivity Case (1) $14.30 $14.50 $15.00 $410 $410 $410 42 42 42 (34) (35) (36) 9 9 9 $426 $426 $425 5,219 5,219 5,219 $0.0785 $0.0785 $0.0785 0.0817 0.0816 0.0815 4.0% 3.9% 3.8% $0.0804 $0.0803 $0.0802 2.4% 2.3% 2.2% $504 $504 $504 62 62 62 (34) (35) (36) 9 9 9 $540 $540 $539 5,219 5,219 5,219 $0.0965 $0.0965 $0.0965 0.1035 0.1034 0.1033 7.2% 7.1% 7.0% Note: (1) Assumes as if transaction happened at beginning of the year (2) Assumes interest expense at 5.85% (3) Assumes marginal tax rate 25% 11

Pro Forma Capital Structure [Subject to Accountants' Review] DRAFT Balance Sheet (US$MM) Apple Current Adjustment ProForma Cash $806 - $806 Goodwill - $301 (3) 301 Total Debt 1,169 746 (4) 1,915 Short-term Debt 223 - 223 Long-term Bond 280 (1) - 280 Long-term Debt 666 746 1,412 Minority Interest 355 (445) (5) (90) Shareholders' Equity 1,926 (1) - 1,926 2007E EBITDA (2) $979 $979 Debt / EBITDA 1.2x 2.0x Debt / Shareholders' Equity 60.7% 99.4% Source: Company filings; current balance sheet as of Jun 30, 2007. (1) Convertible bond is treated as debt since the current conversion price NTD 31.98 is above market price NTD 31.85 at Aug 28, 2007 (2) Adjusted for employee stock bonus. (3) Goodwill equal to total consideration $746MM minus Tangerine Book Value acquired $445MM (4) Base on acquisition price of $14.3 (5) Based on 49.2% of Tangerine's 2Q07 book value $905MM 12

Credit Statistics Comparison: Strong Balance Sheet Even Post Transaction DRAFT (US$ in Millions) Apple (1) PF Apple SPIL Stats ChipPAC UTAC Amkor Cash $806 $806 $725 $230 $108 $238 Short-term Debt 223 223 17 152 28 159 Long-term Debt 945 1,692 94 400 162 1,553 Total Debt 1,169(1) 1,915 111 552 189 1,713 Net Debt 363 1,109 (614) 322 82 1,474 Shareholders' Equity 1,926(1) 1,926 1,939 1,436 861 593 2007E EBITDA (2) 979 979 651 473 295 653 Debt/ EBITDA 1.2x 2.0x 0.2x 1.2x 0.6x 2.6x Net Debt/ EBITDA 0.4 1.1 (0.9) 0.7 0.3 2.3 Debt/ Shareholders' Equity 60.7% 99.4% 5.6% 38.4% 22.0% 288.6% Source: Company filings; Factset; balance sheet as of Jun 30, 2007 (1) Convertible bond is treated as debt since the current conversion price NTD 31.98 is above market price NTD 31.85 at Aug 28, 2007 (2) Adjusted for employee stock bonus. 13

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