-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, FlI6gtxwchJlJMx2FrO4RQTvrb/6NlGXvz2sr+/YVSmfUPS5tQCNp4RNVKZrK8On yqmfY1DG14TQWmGgfpqkJA== 0000950149-97-001453.txt : 19970806 0000950149-97-001453.hdr.sgml : 19970806 ACCESSION NUMBER: 0000950149-97-001453 CONFORMED SUBMISSION TYPE: SC 13E3 PUBLIC DOCUMENT COUNT: 3 FILED AS OF DATE: 19970805 SROS: AMEX GROUP MEMBERS: AMDAHL CORPORATION GROUP MEMBERS: FUJITSU INTERNATIONAL, INC. GROUP MEMBERS: FUJITSU LIMITED GROUP MEMBERS: FUJITSU LTD/JP/ SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: AMDAHL CORP CENTRAL INDEX KEY: 0000004427 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRONIC COMPUTERS [3571] IRS NUMBER: 941728548 STATE OF INCORPORATION: DE FISCAL YEAR END: 1228 FILING VALUES: FORM TYPE: SC 13E3 SEC ACT: 1934 Act SEC FILE NUMBER: 005-13308 FILM NUMBER: 97651787 BUSINESS ADDRESS: STREET 1: 1250 E ARQUES AVE CITY: SUNNYVALE STATE: CA ZIP: 94088 BUSINESS PHONE: 4087466000 MAIL ADDRESS: STREET 1: 1250 E ARQUES AVE CITY: SUNNYVALE STATE: CA ZIP: 94088 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: FUJITSU LTD/JP/ CENTRAL INDEX KEY: 0001003811 STANDARD INDUSTRIAL CLASSIFICATION: [] FILING VALUES: FORM TYPE: SC 13E3 BUSINESS ADDRESS: STREET 1: C/O MORRISON & FOERSTER LLP STREET 2: 755 PAGE MILL RD CITY: PALO ALTO STATE: CA ZIP: 94304 MAIL ADDRESS: STREET 1: MORRISON & FOERSTER LLP STREET 2: 755 PAGE MILL RD CITY: PALO ALTO STATE: CA ZIP: 94304 SC 13E3 1 SCHEDULE 13E-3 1 ================================================================================ SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ------------------------ SCHEDULE 13E-3 RULE 13E-3 TRANSACTION STATEMENT (PURSUANT TO SECTION 13(e) OF THE SECURITIES EXCHANGE ACT OF 1934) ------------------------ AMDAHL CORPORATION (NAME OF THE ISSUER) ------------------------ AMDAHL CORPORATION FUJITSU INTERNATIONAL, INC. FUJITSU LIMITED (NAME OF PERSON(S) FILING STATEMENTS) ------------------------ COMMON STOCK, PAR VALUE $.05 PER SHARE (TITLE OF CLASS OF SECURITIES) ------------------------ 023905 10 2 (CUSIP NUMBER OF CLASS OF SECURITIES) ------------------------ TAKASHI TAKAYA JOHN C. LEWIS DIRECTOR AND GROUP PRESIDENT CHAIRMAN OF THE BOARD, CORPORATE PLANNING AND PRESIDENT AND BUSINESS DEVELOPMENT CHIEF EXECUTIVE OFFICER FUJITSU LIMITED AMDAHL CORPORATION MARUNOUCHI CENTER BUILDING 1250 EAST ARQUES AVENUE 6-1, MARUNOUCHI 1-CHOME SUNNYVALE, CALIFORNIA 94086 CHIYODA-KU, TOKYO 100, JAPAN TELEPHONE: (408) 746-6000 TELEPHONE: 81-3-3216-0570
(NAME, ADDRESS AND TELEPHONE NUMBER OF PERSONS AUTHORIZED TO RECEIVE NOTICES AND COMMUNICATIONS ON BEHALF OF PERSON(S) FILING STATEMENT) ------------------------ Copies to: ROBERT S. TOWNSEND, ESQ. JOHN W. LARSON, ESQ. MORRISON & FOERSTER LLP RONALD B. MOSKOVITZ, ESQ. 425 MARKET STREET BROBECK, PHLEGER & HARRISON LLP SAN FRANCISCO, CALIFORNIA 94105-2482 SPEAR STREET TOWER, ONE MARKET TELEPHONE: (415) 268-7080 SAN FRANCISCO, CALIFORNIA 94105-1000 (415) 442-0900
This statement is filed in connection with a tender offer. ------------------------ CALCULATION OF FILING FEE
================================================================================================= TRANSACTION VALUATION* AMOUNT OF FILING FEE** - ------------------------------------------------------------------------------------------------- $911,139,864 $182,228 =================================================================================================
* For purposes of calculating the filing fee only. This calculation assumes (i) the purchase of (x) 123,032,555 shares of common stock, par value $.05 per share, of the subject company ("Shares") issued and outstanding as of July 29, 1997, according to the subject company (including Shares presumed to be issued at the end of the most recent purchase period under the subject company's employee stock purchase plan), less 51,811,664 Shares owned by the Purchaser and its affiliates, and (y) options to purchase 4,707,431 Shares, issued and outstanding as of July 29, 1997 that will vest prior to the expiration of the offer and that have exercise prices of less than $12.00; and (ii) the offer price of $12.00 per share. ** The amount of the filing fee, calculated in accordance with Regulation 240.0-11 of the Securities Exchange Act of 1934, is equal to 1/50 of 1% of the Transaction Valuation. [X] Check box if any part of the fee is offset as provided by Rule 0-11(a)(2) and identify the filing with which the offsetting fee was previously paid. Identify the previous filing by registration statement number, or the form or schedule and the date of its filing. AMOUNT PREVIOUSLY PAID: $182,228 FILING PARTY: FUJITSU INTERNATIONAL, INC., AND FORM OR REGISTRATION NO.: SCHEDULE 14D-1 FUJITSU LIMITED DATE FILED: AUGUST 5, 1997
================================================================================ 2 CUSIP No. 023905 10 2 13E-3 Page 2 of 8 INTRODUCTION This Rule 13e-3 Transaction Statement on Schedule 13E-3 (the "Schedule 13E-3") is being filed by Fujitsu Limited, a Japanese corporation (the "Parent"), Fujitsu International, Inc., a Delaware corporation (the "Purchaser") and wholly owned subsidiary of the Parent, and Amdahl Corporation, a Delaware corporation (the "Company"), pursuant to Section 13(e) of the Securities Exchange Act of 1934, as amended, and Rule 13e-3 thereunder, in connection with the tender offer by the Purchaser to purchase any and all outstanding shares of common stock, par value $.05 per share (the "Shares"), of the Company at a price of $12.00 per Share, net to the seller in cash, upon the terms and subject to the conditions set forth in the Offer to Purchase, dated August 5, 1997 (the "Offer to Purchase"), and in the related Letter of Transmittal (which together, as amended or supplemented from time to time, constitute the "Offer"), copies of which are filed as Exhibits (d)(1) and (d)(2) hereto, respectively. The Offer is being made pursuant to an Agreement and Plan of Merger, dated as of July 30, 1997, by and among the Purchaser, the Parent and the Company, which provides, among other things, that as soon as practicable after the satisfaction or waiver of the conditions set forth therein (including, without limitation, the purchase of Shares pursuant to the Offer), the Purchaser will be merged with and into the Company, with the Company continuing as the surviving corporation (the "Merger"), and each issued and outstanding Share (other than any Shares held in the treasury of the Company or by any subsidiary of the Company, Shares registered in the name of the Parent or the Purchaser and Shares held by stockholders who shall not have voted in favor of the Merger or consented thereto in writing and who shall have demanded properly in writing appraisal for such Shares in accordance with Section 262 of the General Corporation Law of the State of Delaware) will be converted into the right to receive in cash, without interest, an amount equal to the price paid per Share in the Offer. The information contained in this Schedule 13E-3 concerning the Company, including, without limitation, information concerning the background of the Offer and the Merger, the deliberations, approvals and recommendations of the members of the Company's Board of Directors, acting through the members of such Board who are independent of the Parent and the Purchaser and who constitute a majority of the directors in office (the "Disinterested Board"), in connection with the Offer and the Merger, the opinion of the Disinterested Board's financial advisor and the Company's capital structure and projected and historical financial information, was supplied by the Company. The Purchaser and the Parent take no responsibility for the accuracy of such information. The following Cross Reference Sheet, prepared pursuant to General Instruction F to Schedule 13E-3, shows the location in the Tender Offer Statement on Schedule 14D-1 filed by the Purchaser and the Parent (the "Schedule 14D-1") with the Securities and Exchange Commission (the "Commission") on the date hereof of the information required to be included in this Schedule 13E-3. The information set forth in the Schedule 14D-1, including all exhibits thereto, is hereby expressly incorporated herein by reference as set forth in the Cross Reference Sheet and the responses in this Schedule 13E-3, and such responses are qualified in their entirety by reference to the information contained in the Offer to Purchase and the Schedules and Exhibits thereto. 3 CUSIP No. 023905 10 2 13E-3 Page 3 of 8 CROSS REFERENCE SHEET
ITEM IN WHERE LOCATED SCHEDULE 13E-3 IN SCHEDULE 14D-1 - ---------------------------------------------------------------------------- ----------------- Item 1(a)-(c).......................................................... Item 1(a)-(c) Item 1(d).............................................................. * Item 1(e).............................................................. ** Item 1(f).............................................................. ** Item 2................................................................. Item 2 Item 3................................................................. Item 3 Item 4(a).............................................................. * Item 4(b).............................................................. * Item 5................................................................. Item 5 Item 6(a).............................................................. Item 4(a)-(b) Item 6(b).............................................................. * Item 6(c).............................................................. Item 4(a)-(b) Item 6(d).............................................................. ** Item 7(a).............................................................. Item 5 Item 7(b).............................................................. * Item 7(c).............................................................. * Item 7(d).............................................................. * Item 8................................................................. * Item 9................................................................. * Item 10(a)............................................................. Item 6(a) Item 10(b)............................................................. Item 6(b) Item 11................................................................ Item 7 Item 12................................................................ * Item 13(a)............................................................. * Item 13(b)-(c)......................................................... ** Item 14(a)............................................................. * Item 14(b)............................................................. ** Item 15(a)............................................................. * Item 15(b)............................................................. Item 8 Item 16................................................................ Item 10(f) Item 17................................................................ Item 11
* The Item is located in the Schedule 13E-3 only. ** The Item is inapplicable or the answer thereto is in the negative. 4 CUSIP No. 023905 10 2 13E-3 Page 4 of 8 ITEM 1. ISSUER AND CLASS OF SECURITY SUBJECT TO THE TRANSACTION. (a)-(c) The response to Item 1(a)-(c) of the Schedule 14D-1 is incorporated herein by reference. (d) The information set forth in the Offer to Purchase under "THE TENDER OFFER -- 5. Price Range of Shares; Dividends" and "SPECIAL FACTORS -- Certain Effects of the Offer and the Merger" is incorporated herein by reference. (e) Not applicable. (f) Not applicable. ITEM 2. IDENTITY AND BACKGROUND. (a)-(d) This Statement is being filed by the Purchaser, the Parent and the Company. The response to Item 2(a)-(d) of the Schedule 14D-1 is incorporated herein by reference. (e)-(f) The response to Item 2(e)-(f) of the Schedule 14D-1 is incorporated herein by reference with respect to the Purchaser. During the last five years, neither the Company nor, to the best knowledge of the Company, the Parent or the Purchaser, any director or executive officer of the Company (i) has been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) or (ii) was a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining further violations of, or prohibiting activities subject to, federal or state securities laws or finding any violation of such laws. (g) The response to Item 2(g) of the Schedule 14D-1 is incorporated herein by reference with respect to the Parent and the Purchaser. The citizenships of the directors and executive officers of the Company are set forth in Schedule II to the Offer to Purchase and are incorporated herein by reference. ITEM 3. PAST CONTACTS, TRANSACTIONS OR NEGOTIATIONS. (a)-(b) The response to Item 3 of the Schedule 14D-1 is incorporated herein by reference. ITEM 4. TERMS OF THE TRANSACTION. (a) The information set forth in the Offer to Purchase on the cover page thereof and under "INTRODUCTION," "SPECIAL FACTORS -- Background of the Offer and the Merger; Past Contacts, Transactions and Negotiations with the Company," "SPECIAL FACTORS -- The Merger Agreement," "THE TENDER OFFER -- 1. Terms of the Offer," "THE TENDER OFFER -- 2. Acceptance for Payment and Payment," "THE TENDER OFFER -- 3. Procedure for Tendering Shares," "THE TENDER OFFER -- 4. Withdrawal Rights," "THE TENDER OFFER -- 9. Dividends and Distributions," "THE TENDER OFFER -- 10. Certain Conditions to the Offer," "THE TENDER OFFER -- 11. Certain Legal Matters; Regulatory Approvals" and "THE TENDER OFFER -- 13. Miscellaneous" is incorporated herein by reference. (b) The information set forth in the Offer to Purchase under "SPECIAL FACTORS -- The Merger Agreement -- Effects on Securities; Stock Options and Stock Participation Plan" is incorporated herein by reference. ITEM 5. PLANS OR PROPOSALS OF THE ISSUER OR AFFILIATE. (a)-(g) The response to Item 5(a)-(g) of the Schedule 14D-1 is incorporated herein by reference. 5 CUSIP No. 023905 10 2 13E-3 Page 5 of 8 ITEM 6. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION. (a) The response to Item 4(a) of the Schedule 14D-1 is incorporated herein by reference. (b) The information set forth in the Offer to Purchase under "THE TENDER OFFER -- 12. Fees and Expenses" is incorporated herein by reference. (c)-(d) The response to Item 4(b)-(e) of the Schedule 14D-1 is incorporated herein by reference. ITEM 7. PURPOSE(S), ALTERNATIVES, REASONS AND EFFECTS. (a) The response to Item 5 of the Schedule 14D-1 is incorporated herein by reference. (b)-(d) The information set forth in the Offer to Purchase under "INTRODUCTION," "SPECIAL FACTORS -- Background of the Offer and the Merger; Past Contacts, Transactions and Negotiations with the Company," "SPECIAL FACTORS -- Recommendation of the Company Board of Directors; Fairness of the Offer and the Merger," "SPECIAL FACTORS -- Purpose and Structure of the Offer and the Merger; Reasons of the Parent and the Purchaser for the Offer and the Merger," "SPECIAL FACTORS -- Plans for the Company after the Offer and the Merger," "SPECIAL FACTORS -- Certain Effects of the Offer and the Merger," "SPECIAL FACTORS -- Certain Federal Income Tax Consequences" and "THE TENDER OFFER -- 6. Effect of the Offer on the Market for Shares" is incorporated herein by reference. ITEM 8. FAIRNESS OF THE TRANSACTION. (a)-(f) The information set forth in the Offer to Purchase under "INTRODUCTION," "SPECIAL FACTORS -- Background of the Offer and the Merger; Past Contacts, Transactions and Negotiations with the Company," "SPECIAL FACTORS -- Recommendation of the Company Board of Directors; Fairness of the Offer and the Merger," "SPECIAL FACTORS -- Opinion of Financial Advisor to the Disinterested Board," "SPECIAL FACTORS -- Report of Financial Advisor to the Parent," "SPECIAL FACTORS -- Purpose and Structure of the Offer and the Merger; Reasons of the Parent and the Purchaser for the Offer and the Merger," "SPECIAL FACTORS -- Interests of Certain Persons in the Offer and the Merger" and in Exhibit I to the Offer to Purchase is incorporated herein by reference. In recognition of the Parent's interest in the Offer and the Merger, directors J. Sidney Webb and George R. Packard, Ph.D., each of whom acts as a consultant to or is otherwise affiliated with the Parent or its affiliates, abstained from voting on the Offer and the Merger. ITEM 9. REPORTS, OPINIONS, APPRAISALS AND CERTAIN NEGOTIATIONS. (a)-(c) The information set forth in the Offer to Purchase under "SPECIAL FACTORS -- Background of the Offer and the Merger; Past Contacts, Transactions and Negotiations with the Company," "SPECIAL FACTORS -- Recommendation of the Company Board of Directors; Fairness of the Offer and the Merger," "SPECIAL FACTORS -- Opinion of Financial Advisor to the Disinterested Board," "SPECIAL FACTORS -- Report of Financial Advisor to the Parent" and in Exhibit I to the Offer to Purchase is incorporated herein by reference. ITEM 10. INTEREST IN SECURITIES OF THE ISSUER. (a) The response to Item 6(a) of the Schedule 14D-1 is incorporated herein by reference. (b) The response to Item 6(b) of the Schedule 14D-1 is incorporated herein by reference. ITEM 11. CONTRACTS, ARRANGEMENTS OR UNDERSTANDINGS WITH RESPECT TO THE ISSUER'S SECURITIES. The response to Item 7 of the Schedule 14D-1 is incorporated herein by reference. 6 CUSIP No. 023905 10 2 13E-3 Page 6 of 8 ITEM 12. PRESENT INTENTION AND RECOMMENDATION OF CERTAIN PERSONS WITH REGARD TO THE TRANSACTION. (a)-(b) The information set forth in the Offer to Purchase under "INTRODUCTION," "SPECIAL FACTORS -- Background of the Offer and the Merger; Past Contacts, Transactions and Negotiations with the Company," "SPECIAL FACTORS -- Recommendation of the Company Board of Directors; Fairness of the Offer and the Merger," "SPECIAL FACTORS -- Interests of Certain Persons in the Offer and the Merger" and "SPECIAL FACTORS -- Beneficial Ownership of Shares" is incorporated herein by reference. ITEM 13. OTHER PROVISIONS OF THE TRANSACTION. (a) The information set forth in the Offer to Purchase under "SPECIAL FACTORS -- Dissenters' Rights" and in Exhibit IV to the Offer to Purchase is incorporated herein by reference. (b) Not applicable. (c) Not applicable. ITEM 14. FINANCIAL INFORMATION. (a) The information set forth in the Offer to Purchase under "THE TENDER OFFER -- 7. Certain Information Concerning the Company" is incorporated herein by reference. In addition, the Company's financial statements for the three-month period ended March 28, 1997, and the Company's audited financial statements for the two fiscal years ended December 27, 1996 and December 29, 1995, are attached to the Offer to Purchase as Exhibit II thereto, and are incorporated herein by reference. (b) Not applicable. ITEM 15. PERSONS AND ASSETS EMPLOYED, RETAINED OR UTILIZED. (a) The information set forth in the Offer to Purchase under "SPECIAL FACTORS -- Plans for the Company After the Offer and the Merger," SPECIAL FACTORS -- Financing the Offer and the Merger," "SPECIAL FACTORS -- Certain Effects of the Offer and the Merger" and "THE TENDER OFFER -- 6. Effect of the Offer on the Market for the Shares" is incorporated herein by reference. (b) The response to Item 8 of the Schedule 14D-1 is incorporated herein by reference. ITEM 16. ADDITIONAL INFORMATION. The response to Item 10(f) of the Schedule 14D-1 is incorporated herein by reference. 7 CUSIP No. 023905 10 2 13E-3 Page 7 of 8 ITEM 17. MATERIAL TO BE FILED AS EXHIBITS.
EXHIBIT NO. DESCRIPTION ----------- ---------------------------------------------------------------------------- (a) Not applicable. (b)(1) Opinion of Morgan Stanley & Co. Incorporated, dated July 30, 1997 (included as Exhibit I to Exhibit (d)(1)). (b)(2) Presentation of Morgan Stanley & Co. Incorporated to the Disinterested Board on July 30, 1997. (b)(3) Presentation of Lehman Brothers Inc. and Lehman Brothers Japan Inc., presented to Fujitsu Limited on July 25, 1997. (c)(1) Agreement and Plan of Merger, dated as of July 30, 1997, by and among Fujitsu Limited, Fujitsu International, Inc. and Amdahl Corporation.(1) (c)(2) Confidentiality Agreement, dated June 30, 1997, between Fujitsu Limited and Amdahl Corporation.(2) (c)(3) Letter Agreement, dated July 9, 1997, between Fujitsu Limited and Amdahl Corporation.(2) (d)(1) Form of Offer to Purchase, dated August 5, 1997.(3) (d)(2) Form of Letter of Transmittal.(3) (d)(3) Form of Notice of Guaranteed Delivery.(3) (d)(4) Form of Letter from Lehman Brothers Inc. to Brokers, Dealers, Commercial Banks, Trust Companies and Other Nominees.(3) (d)(5) Form of Letter from Brokers, Dealers, Commercial Banks, Trust Companies and Other Nominees to Clients.(3) (d)(6) Form of Guidelines for Certification of Taxpayer Identification Number on Form W-9.(3) (d)(7) Summary Advertisement, as published in The Wall Street Journal August 5, 1997.(3) (d)(8) Text of Joint Press Release, dated July 30, 1997, issued by Fujitsu Limited and Amdahl Corporation.(2) (d)(9) Text of Joint Press Release, dated August 5, 1997, issued by Fujitsu Limited and Amdahl Corporation.(3) (e) Description of Rights of Dissenting Stockholders.(4) (f) Not applicable.
- --------------- (1) A copy of which is set forth as Exhibit III to the Offer to Purchase, which is filed as an Exhibit to the Schedule 14D-1 filed by the Parent and the Purchaser with the Commission on August 5, 1997 and incorporated herein by reference. (2) Filed as an Exhibit to Amendment No. 1 to the Schedule 13D filed by the Parent with the Commission on July 31, 1997 and incorporated herein by reference. (3) Filed as an Exhibit to the Schedule 14D-1 filed by the Parent and the Purchaser with the Commission on August 5, 1997 and incorporated herein by reference. (4) As set forth in "SPECIAL FACTORS -- Dissenters' Rights" and in Exhibit IV to the Offer to Purchase, which is filed as an Exhibit to the Schedule 14D-1 filed by the Parent and the Purchaser with the Commission on August 5, 1997 and incorporated herein by reference. 8 CUSIP No. 023905 10 2 13E-3 Page 8 of 8 SIGNATURES After due inquiry and to the best of his knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and correct. AMDAHL CORPORATION By /s/ JOHN C. LEWIS -------------------------------------- Name: John C. Lewis Title: Chairman of the Board, President and Chief Executive Officer FUJITSU LIMITED By /s/ KAZUTO KOJIMA -------------------------------------- Name: Kazuto Kojima Title: Director and Group President Marketing Group and International Computer Business Group FUJITSU INTERNATIONAL, INC. By: /s/ KAZUTO KOJIMA -------------------------------------- Name: Kazuto Kojima Title: President Dated: August 5, 1997 9 EXHIBIT INDEX
EXHIBIT NO. DESCRIPTION - ----------- -------------------------------------------------------------------------------- (a) Not applicable. (b)(1) Opinion of Morgan Stanley & Co. Incorporated, dated July 30, 1997 (included as Exhibit I to Exhibit (d)(1)). (b)(2) Presentation of Morgan Stanley & Co. Incorporated to the Disinterested Board on July 30, 1997. (b)(3) Presentation of Lehman Brothers Inc. and Lehman Brothers Japan Inc., presented to Fujitsu Limited on July 25, 1997. (c)(1) Agreement and Plan of Merger, dated as of July 30, 1997, by and among Fujitsu Limited, Fujitsu International, Inc. and Amdahl Corporation.(1) (c)(2) Confidentiality Agreement, dated June 30, 1997, between Fujitsu Limited and Amdahl Corporation.(2) (c)(3) Letter Agreement, dated July 9, 1997, between Fujitsu Limited and Amdahl Corporation.(2) (d)(1) Form of Offer to Purchase, dated August 5, 1997.(3) (d)(2) Form of Letter of Transmittal.(3) (d)(3) Form of Notice of Guaranteed Delivery.(3) (d)(4) Form of Letter from Lehman Brothers Inc. to Brokers, Dealers, Commercial Banks, Trust Companies and Other Nominees.(3) (d)(5) Form of Letter from Brokers, Dealers, Commercial Banks, Trust Companies and Other Nominees to Clients.(3) (d)(6) Form of Guidelines for Certification of Taxpayer Identification Number on Form W-9.(3) (d)(7) Summary Advertisement, as published in The Wall Street Journal August 5, 1997.(3) (d)(8) Text of Joint Press Release, dated July 30, 1997, issued by Fujitsu Limited and Amdahl Corporation.(2) (d)(9) Text of Joint Press Release, dated August 5, 1997, issued by Fujitsu Limited and Amdahl Corporation.(3) (e) Description of Rights of Dissenting Stockholders.(4) (f) Not applicable.
- --------------- (1) A copy of which is set forth as Exhibit III to the Offer to Purchase, which is filed as an Exhibit to the Schedule 14D-1 filed by the Parent and the Purchaser with the Commission on August 5, 1997 and incorporated herein by reference. (2) Filed as an Exhibit to Amendment No. 1 to the Schedule 13D filed by the Parent with the Commission on July 31, 1997 and incorporated herein by reference. (3) Filed as an Exhibit to the Schedule 14D-1 filed by the Parent and the Purchaser with the Commission on August 5, 1997 and incorporated herein by reference. (4) As set forth in "SPECIAL FACTORS -- Dissenters' Rights" and in Exhibit IV to the Offer to Purchase, which is filed as an Exhibit to the Schedule 14D-1 filed by the Parent and the Purchaser with the Commission on August 5, 1997 and incorporated herein by reference. EX-99.(B)(2) 2 MORGAN STANLEY PRESENTATION MATERIALS 1 EXHIBIT (b)(2) PROJECT 2000 - -------------------------------------------------------------------------------- Fairness Opinion Presentation Materials to Board of Directors SECTION I STATUS UPDATE Tab A Summary of Proposed Transaction Terms SECTION II SITUATION REVIEW Tab B Almond Stock Price Analysis Tab C Overview of Equity Research Forecasts and Commentary Tab D Almond Company Analysis of Shareholdings Tab E Almond Company Historical and Projected Financials Tab F Historical and Projected Earnings Estimates SECTION III OVERVIEW OF VALUATION ANALYSES Tab G Overview of Business Case Assumptions Tab H Overview of Alternatives Considered Tab I Almond Company Preliminary Transaction Matrix Tab J Almond Historical Stock Prices and Premiums Tab K Almond Company Summary of Valuation Methodologies Tab L Valuation Benchmarks - Trading Statistics of Comparable Companies - Premiums Paid in Selected Hardware Transactions Tab M Discounted Equity Analysis - Management, Adjusted & Downside Cases Tab N Discounted Cash Flows Analyses - Management, Adjusted & Downside Cases
MORGAN STANLEY 2 PROJECT 2000 - -------------------------------------------------------------------------------- Summary Of Proposed Transaction Terms OFFER PRICE $12.00 cash for any and all outstanding shares of Almond Company not already owned by Falcon -- approximately 71MM shares TENDER OFFER TERMS AND CONDITIONS Open for 20 business days Minimum condition of 51% of fully-diluted shares NO SHOP Fiduciary out and the right to disclose non-public information and/or engage in negotiations with unsolicited bidders, provided the identity of the third-party bidder and the terms of any proposal by such bidder are disclosed to Falcon immediately upon receipt EMPLOYEE STOCK OPTIONS Cash out of all vested Almond stock options; subsequent cash out by Falcon of any unvested options upon future vesting schedules REPRESENTATIONS AND WARRANTIES Customary public company representations and warranties BREAK-UP FEE None ACCOUNTING TREATMENT Purchasing accounting IMPLIED MULTIPLES LTM Revenues: 0.77x CY1997E EPS: 48.0 CY1998E EPS: 14.5
-1- MORGAN STANLEY 3 PROJECT 2000 - -------------------------------------------------------------------------------- Almond Company Market Performance January 1, 1996 to July 29, 1997 [GRAPH] - 2 - MORGAN STANLEY 4 PROJECT 2000 - -------------------------------------------------------------------------------- Almond Company Market Performance January 1, 1994 to July 29, 1997 July 29, 1997 Closing price: $11.81 [GRAPH] - 3 - MORGAN STANLEY 5 DATA PAGE 2 DATA PAGE 3
ERR AMH.A AMH.A PRICEHIST VOLHIST PRICEHIST VOLHIST 01-Jan-96 8.5 0 31-Dec-93 6 318800 02-Jan-96 8.25 182900 03-Jan-94 6.375 294600 03-Jan-96 8 223300 04-Jan-94 6.875 521500 04-Jan-96 7.938 279500 05-Jan-94 7 789700 05-Jan-96 7.938 170900 06-Jan-94 7 666200 08-Jan-96 7.938 24200 07-Jan-94 7 565300 09-Jan-96 7.875 118000 10-Jan-94 7 303300 10-Jan-96 7.875 253300 11-Jan-94 6.625 517000 11-Jan-96 8 177600 12-Jan-94 6.625 256200 12-Jan-96 7.875 151400 13-Jan-94 6.375 307700 15-Jan-96 7.938 158600 14-Jan-94 6.25 542000 16-Jan-96 7.875 105700 17-Jan-94 6.375 313200 17-Jan-96 7.813 132300 18-Jan-94 6.5 485900 18-Jan-96 7.875 175700 19-Jan-94 6.625 128700 19-Jan-96 7.688 176800 20-Jan-94 6.75 132100 22-Jan-96 7.875 117800 21-Jan-94 6.875 694000 23-Jan-96 8.063 317600 24-Jan-94 7 785400 24-Jan-96 8.25 176700 25-Jan-94 6.875 465400 25-Jan-96 7.688 363200 26-Jan-94 7 241000 26-Jan-96 7.563 107400 27-Jan-94 7.25 382200 29-Jan-96 7.875 736500 28-Jan-94 7.25 490800 30-Jan-96 6.938 1754100 31-Jan-94 7.125 269500 31-Jan-96 7.313 562600 01-Feb-94 7.125 277200 01-Feb-96 7.5 307200 02-Feb-94 7 119500 02-Feb-96 7.625 394900 03-Feb-94 6.625 165400 05-Feb-96 7.813 238200 04-Feb-94 6.125 233800 06-Feb-96 8 291700 07-Feb-94 6.375 297300 07-Feb-96 8 168200 08-Feb-94 6.25 98000 08-Feb-96 7.75 456400 09-Feb-94 6.5 245800 09-Feb-96 8.125 1301100 10-Feb-94 6.625 149700 12-Feb-96 8.313 466100 11-Feb-94 6.5 213600 13-Feb-96 8.188 643000 14-Feb-94 6.25 272900 14-Feb-96 8.25 783300 15-Feb-94 6.25 275600 15-Feb-96 8.625 353800 16-Feb-94 6.25 69700 16-Feb-96 8.875 289700 17-Feb-94 6.125 277600 19-Feb-96 8.875 0 18-Feb-94 5.875 128700 20-Feb-96 8.688 174000 21-Feb-94 5.875 0 21-Feb-96 8.813 348000 22-Feb-94 6.125 150300 22-Feb-96 8.875 178500 23-Feb-94 5.875 585300 23-Feb-96 8.625 92500 24-Feb-94 5.875 72800 26-Feb-96 8.5 66500 25-Feb-94 5.875 306300 27-Feb-96 8.375 115600 28-Feb-94 5.875 423700 28-Feb-96 8.563 246300 01-Mar-94 5.875 270100 29-Feb-96 8.375 169100 02-Mar-94 5.75 69300 01-Mar-96 8.938 392800 03-Mar-94 5.625 88500 04-Mar-96 8.625 292900 04-Mar-94 5.75 78500
6 05-Mar-96 8.875 440600 07-Mar-94 5.625 27800 06-Mar-96 8.75 243700 08-Mar-94 5.5 206000 07-Mar-96 9.25 2153600 09-Mar-94 6 253700 08-Mar-96 8.75 201500 10-Mar-94 5.875 230900 11-Mar-96 9.188 395100 11-Mar-94 6.75 964200 12-Mar-96 9 111500 14-Mar-94 6.875 831100 13-Mar-96 9.063 113300 15-Mar-94 6.75 184200 14-Mar-96 9 976700 16-Mar-94 6.875 493300 15-Mar-96 9.125 247700 17-Mar-94 6.75 394900 18-Mar-96 9.125 85600 18-Mar-94 6.75 587600 19-Mar-96 9 293500 21-Mar-94 6.625 113600 20-Mar-96 8.875 93200 22-Mar-94 6.625 135700 21-Mar-96 8.688 163000 23-Mar-94 6.75 751000 22-Mar-96 8.75 411800 24-Mar-94 6.625 130800 25-Mar-96 8.625 113500 25-Mar-94 6.625 103700 26-Mar-96 8.375 740900 28-Mar-94 6.75 218600 27-Mar-96 8.5 227000 29-Mar-94 6.625 178500 28-Mar-96 8.438 148900 30-Mar-94 6.5 172800 29-Mar-96 8.5 519900 31-Mar-94 6.5 224800 01-Apr-96 8.813 93300 01-Apr-94 6.5 0 02-Apr-96 9 567500 04-Apr-94 6.5 283900 03-Apr-96 9.25 493200 05-Apr-94 6.75 287100 04-Apr-96 10.875 1917200 06-Apr-94 6.875 334300 05-Apr-96 10.875 0 07-Apr-94 7.25 444900 08-Apr-96 10.5 634600 08-Apr-94 7 309900 09-Apr-96 10.875 411500 11-Apr-94 7 209300 10-Apr-96 10.625 647200 12-Apr-94 6.875 98400 11-Apr-96 10.25 286000 13-Apr-94 6.75 100700 12-Apr-96 10.75 160800 14-Apr-94 6.875 97700 15-Apr-96 10.875 153600 15-Apr-94 6.625 118000 16-Apr-96 10.75 127100 18-Apr-94 6.5 211500 17-Apr-96 10.75 332800 19-Apr-94 6.5 97800 18-Apr-96 11.875 1833300 20-Apr-94 6.625 72300 19-Apr-96 13 2923700 21-Apr-94 7 273000 22-Apr-96 12.375 865600 22-Apr-94 7.375 808100 23-Apr-96 13.375 767800 25-Apr-94 6.875 629200 24-Apr-96 13 496400 26-Apr-94 7 131500 25-Apr-96 12.875 288300 27-Apr-94 7 0 26-Apr-96 12.875 190300 28-Apr-94 6.625 271600 29-Apr-96 12.75 600500 29-Apr-94 6.75 161900 30-Apr-96 12.75 493600 02-May-94 7.125 279600 01-May-96 12.25 847800 03-May-94 7.25 207900 02-May-96 12.125 506500 04-May-94 7.125 139400 03-May-96 11.875 510400 05-May-94 7.125 122500 06-May-96 11.125 417600 06-May-94 7 70600 07-May-96 11.875 454300 09-May-94 6.875 81600 08-May-96 11.625 333900 10-May-94 7.125 156500 09-May-96 11.25 122200 11-May-94 7 66500 10-May-96 11.125 237100 12-May-94 7.125 129400 13-May-96 11.625 260200 13-May-94 7 89800
7 14-May-96 11.5 309600 16-May-94 7.125 168300 15-May-96 12.125 506700 17-May-94 7.25 186000 16-May-96 11.875 215000 18-May-94 7.125 125400 17-May-96 11.625 250000 19-May-94 7.125 73300 20-May-96 12 227900 20-May-94 7 188400 21-May-96 11.75 431800 23-May-94 6.875 188000 22-May-96 12.5 363500 24-May-94 6.75 185300 23-May-96 12 143800 25-May-94 6.875 47200 24-May-96 12.25 144600 26-May-94 6.875 80000 27-May-96 12.25 0 27-May-94 6.875 93800 28-May-96 11.5 251800 30-May-94 6.875 0 29-May-96 11.125 222500 31-May-94 6.625 107300 30-May-96 11.5 213800 01-Jun-94 6.5 96600 31-May-96 11.75 122900 02-Jun-94 6.25 146700 03-Jun-96 11 494500 03-Jun-94 6.125 280400 04-Jun-96 11.625 238300 06-Jun-94 6.125 191000 05-Jun-96 12 344400 07-Jun-94 6.125 81700 06-Jun-96 11.125 431200 08-Jun-94 6.25 308900 07-Jun-96 11.5 212700 09-Jun-94 6.625 178800 10-Jun-96 11.375 115100 10-Jun-94 6.5 172500 11-Jun-96 11.375 284000 13-Jun-94 6.375 89500 12-Jun-96 11 486800 14-Jun-94 6.375 186000 13-Jun-96 11.125 165500 15-Jun-94 6.375 73300 14-Jun-96 11.125 138800 16-Jun-94 6.375 142400 17-Jun-96 11 79100 17-Jun-94 6.25 408000 18-Jun-96 11 437700 20-Jun-94 6.25 349800 19-Jun-96 10.75 180200 21-Jun-94 5.875 605000 20-Jun-96 10.75 243800 22-Jun-94 6.125 563800 21-Jun-96 10.25 403100 23-Jun-94 6 273700 24-Jun-96 10.5 177400 24-Jun-94 5.625 90700 25-Jun-96 10.125 129900 27-Jun-94 5.625 163300 26-Jun-96 9.75 244900 28-Jun-94 5.375 131400 27-Jun-96 9.75 268800 29-Jun-94 5.625 196600 28-Jun-96 10.75 143500 30-Jun-94 5.5 293700 01-Jul-96 10.125 103500 01-Jul-94 5.625 704900 02-Jul-96 10.25 93600 04-Jul-94 5.625 0 03-Jul-96 9.875 57500 05-Jul-94 5.5 304400 04-Jul-96 9.875 0 06-Jul-94 5.25 153900 05-Jul-96 9.563 74000 07-Jul-94 5.5 186200 08-Jul-96 9.25 189500 08-Jul-94 5.375 124100 09-Jul-96 9.125 208100 11-Jul-94 5.5 71800 10-Jul-96 9 292900 12-Jul-94 5.75 340100 11-Jul-96 9.063 180800 13-Jul-94 5.875 499100 12-Jul-96 9.25 119100 14-Jul-94 5.875 229900 15-Jul-96 8.938 160500 15-Jul-94 5.875 219900 16-Jul-96 8.75 506500 18-Jul-94 5.75 99100 17-Jul-96 9 1420200 19-Jul-94 6 393100 18-Jul-96 9.188 98100 20-Jul-94 6.25 480600 19-Jul-96 9.125 210600 21-Jul-94 6.5 532700 22-Jul-96 8.813 119600 22-Jul-94 6.375 592500
8 23-Jul-96 9 151600 25-Jul-94 6.5 712500 24-Jul-96 9.188 129800 26-Jul-94 6.625 734600 25-Jul-96 9.375 337600 27-Jul-94 6.625 233000 26-Jul-96 9.25 57400 28-Jul-94 6.625 176100 29-Jul-96 9 35500 29-Jul-94 6.875 397000 30-Jul-96 10 171900 01-Aug-94 6.75 90800 31-Jul-96 9.875 126300 02-Aug-94 6.625 195700 01-Aug-96 9.938 173700 03-Aug-94 6.5 137800 02-Aug-96 10 300600 04-Aug-94 6.625 231000 05-Aug-96 10 141400 05-Aug-94 6.5 155600 06-Aug-96 10 49900 08-Aug-94 6.5 184400 07-Aug-96 10 70500 09-Aug-94 6.625 146700 08-Aug-96 10.125 103200 10-Aug-94 6.75 439600 09-Aug-96 10 82800 11-Aug-94 6.875 574800 12-Aug-96 10.25 118400 12-Aug-94 6.875 630200 13-Aug-96 10.875 118500 15-Aug-94 6.875 122100 14-Aug-96 10.875 126900 16-Aug-94 6.875 167300 15-Aug-96 10.875 45800 17-Aug-94 6.875 156800 16-Aug-96 10.625 74800 18-Aug-94 6.625 68400 19-Aug-96 10.625 58400 19-Aug-94 7.25 750500 20-Aug-96 10.625 61300 22-Aug-94 7.25 181400 21-Aug-96 10.375 80400 23-Aug-94 7 142400 22-Aug-96 10.25 66300 24-Aug-94 7.125 106500 23-Aug-96 10.25 166400 25-Aug-94 7.125 163100 26-Aug-96 10 775200 26-Aug-94 7.875 1787200 27-Aug-96 10.125 521400 29-Aug-94 7.875 350900 28-Aug-96 10 1125200 30-Aug-94 8.25 427300 29-Aug-96 9.875 244800 31-Aug-94 9.25 1528400 30-Aug-96 9.938 140300 01-Sep-94 9.25 1205700 02-Sep-96 9.938 0 02-Sep-94 10.125 1627900 03-Sep-96 9.5 269800 05-Sep-94 10.125 0 04-Sep-96 9.25 144500 06-Sep-94 9.5 633300 05-Sep-96 9.063 218400 07-Sep-94 9.125 578000 06-Sep-96 9.313 171600 08-Sep-94 9.25 289900 09-Sep-96 9.625 291200 09-Sep-94 9.125 452700 10-Sep-96 9.563 96300 12-Sep-94 10.125 1054800 11-Sep-96 9.688 63200 13-Sep-94 10 431200 12-Sep-96 9.438 140600 14-Sep-94 9.625 334800 13-Sep-96 9.563 127000 15-Sep-94 9.5 310900 16-Sep-96 9.625 301300 16-Sep-94 9.125 724100 17-Sep-96 9.625 144000 19-Sep-94 8.875 159400 18-Sep-96 9.313 491100 20-Sep-94 8.625 290600 19-Sep-96 9.375 94900 21-Sep-94 8.875 466800 20-Sep-96 9.563 242000 22-Sep-94 8.75 539300 23-Sep-96 9.375 74600 23-Sep-94 8.875 196900 24-Sep-96 9.313 203400 26-Sep-94 9 238200 25-Sep-96 9.375 292800 27-Sep-94 8.75 340900 26-Sep-96 9.313 268700 28-Sep-94 8.625 309000 27-Sep-96 9.5 575500 29-Sep-94 8.75 221900 30-Sep-96 9.438 324500 30-Sep-94 8.875 343200
9 01-Oct-96 9.25 251700 03-Oct-94 8.75 287200 02-Oct-96 9.125 113500 04-Oct-94 8.375 183900 03-Oct-96 9.063 110800 05-Oct-94 8.5 272400 04-Oct-96 8.813 347700 06-Oct-94 8.625 93900 07-Oct-96 9.563 152900 07-Oct-94 8.375 126100 08-Oct-96 9.625 512600 10-Oct-94 8.375 123900 09-Oct-96 9.813 225300 11-Oct-94 8.75 351300 10-Oct-96 10 224700 12-Oct-94 8.75 306200 11-Oct-96 9.875 154200 13-Oct-94 9 608500 14-Oct-96 9.688 159800 14-Oct-94 9 157900 15-Oct-96 9.563 260100 17-Oct-94 9.125 560900 16-Oct-96 9.5 130500 18-Oct-94 9 209400 17-Oct-96 9.688 229900 19-Oct-94 9.625 413600 18-Oct-96 9.938 191200 20-Oct-94 9.625 511700 21-Oct-96 10.5 436100 21-Oct-94 9.875 425900 22-Oct-96 10.25 209600 24-Oct-94 9.375 423300 23-Oct-96 10 193200 25-Oct-94 9.75 555900 24-Oct-96 9.875 61200 26-Oct-94 10 789600 25-Oct-96 10 50700 27-Oct-94 10.125 671200 28-Oct-96 9.813 185900 28-Oct-94 10.5 931500 29-Oct-96 10.5 682000 31-Oct-94 10.125 993500 30-Oct-96 10.125 391800 01-Nov-94 10.5 805700 31-Oct-96 10.25 414300 02-Nov-94 10.75 572800 01-Nov-96 10 156600 03-Nov-94 10.625 216500 04-Nov-96 9.938 145600 04-Nov-94 10.125 311400 05-Nov-96 10.375 235000 07-Nov-94 10.5 584400 06-Nov-96 10.375 185200 08-Nov-94 10.75 170500 07-Nov-96 10.25 118200 09-Nov-94 10.75 375700 08-Nov-96 10.125 80300 10-Nov-94 10.5 494100 11-Nov-96 10.25 85200 11-Nov-94 10.375 107200 12-Nov-96 10.625 242000 14-Nov-94 10.625 93300 13-Nov-96 10.5 90200 15-Nov-94 10.5 215300 14-Nov-96 10.625 136400 16-Nov-94 10.5 315700 15-Nov-96 11 417300 17-Nov-94 10.375 106800 18-Nov-96 10.875 237300 18-Nov-94 10.25 607200 19-Nov-96 10.875 183500 21-Nov-94 9.875 170600 20-Nov-96 11.125 429700 22-Nov-94 9.5 398100 21-Nov-96 11.25 244900 23-Nov-94 9.75 782400 22-Nov-96 12 333100 24-Nov-94 9.75 0 25-Nov-96 11.875 373300 25-Nov-94 9.875 63600 26-Nov-96 11.875 240500 28-Nov-94 9.5 114700 27-Nov-96 11.75 111100 29-Nov-94 9.625 267500 28-Nov-96 11.75 0 30-Nov-94 9.75 62600 29-Nov-96 11.875 148800 01-Dec-94 9.625 136600 02-Dec-96 12.125 291400 02-Dec-94 9.625 259500 03-Dec-96 12.5 720300 05-Dec-94 9.75 141500 04-Dec-96 12.25 141200 06-Dec-94 9.875 79000 05-Dec-96 11.875 159700 07-Dec-94 10 85600 06-Dec-96 11.75 286500 08-Dec-94 9.625 238700 09-Dec-96 12.5 392900 09-Dec-94 9.75 207000
10 10-Dec-96 12.75 316200 12-Dec-94 9.625 128400 11-Dec-96 12.125 347400 13-Dec-94 9.625 52800 12-Dec-96 12.875 1293200 14-Dec-94 10 337800 13-Dec-96 13.625 1497100 15-Dec-94 10.125 174700 16-Dec-96 13.125 908300 16-Dec-94 10.375 568900 17-Dec-96 12.875 440800 19-Dec-94 10.625 255400 18-Dec-96 13.5 671100 20-Dec-94 10.625 241200 19-Dec-96 13.125 1370300 21-Dec-94 10.75 322400 20-Dec-96 13.125 467100 22-Dec-94 10.75 398100 23-Dec-96 12.5 160900 23-Dec-94 10.625 67600 24-Dec-96 12.5 96700 26-Dec-94 10.625 0 25-Dec-96 12.5 0 27-Dec-94 10.875 152100 26-Dec-96 12.375 130300 28-Dec-94 10.75 232200 27-Dec-96 12.75 198900 29-Dec-94 11 613100 30-Dec-96 12.5 183200 30-Dec-94 11 189700 31-Dec-96 12.125 170700 02-Jan-95 11 0 01-Jan-97 12.125 0 03-Jan-95 11 645600 02-Jan-97 12 253500 04-Jan-95 11 443700 03-Jan-97 12.75 124100 05-Jan-95 10.875 416200 06-Jan-97 12.625 140400 06-Jan-95 10.625 110900 07-Jan-97 12 666300 09-Jan-95 10.625 141600 08-Jan-97 11.75 220300 10-Jan-95 10.75 686500 09-Jan-97 12 341000 11-Jan-95 10.75 750300 10-Jan-97 12 224500 12-Jan-95 11 207400 13-Jan-97 12 169400 13-Jan-95 11.125 282100 14-Jan-97 12.25 204200 16-Jan-95 11.875 657600 15-Jan-97 12.25 286600 17-Jan-95 12 360600 16-Jan-97 12.125 189000 18-Jan-95 11.5 281600 17-Jan-97 11.375 2051700 19-Jan-95 11.75 206300 20-Jan-97 11.375 355700 20-Jan-95 11.25 184900 21-Jan-97 11.375 257900 23-Jan-95 11.75 412800 22-Jan-97 11.75 304000 24-Jan-95 11.375 433900 23-Jan-97 11.625 455200 25-Jan-95 10.75 259400 24-Jan-97 11.375 186800 26-Jan-95 10.375 358700 27-Jan-97 11.375 227600 27-Jan-95 10.625 174400 28-Jan-97 11.5 275900 30-Jan-95 10.25 177500 29-Jan-97 11.25 570400 31-Jan-95 10.25 342400 30-Jan-97 11.5 350300 01-Feb-95 10.5 245300 31-Jan-97 11.5 531600 02-Feb-95 10.5 116900 03-Feb-97 11.25 445800 03-Feb-95 10.625 150000 04-Feb-97 11.125 166500 06-Feb-95 10.375 181300 05-Feb-97 11 382400 07-Feb-95 10.25 88600 06-Feb-97 11 435800 08-Feb-95 10.25 56100 07-Feb-97 11.125 1129300 09-Feb-95 10.5 143100 10-Feb-97 11 295500 10-Feb-95 10.875 328800 11-Feb-97 10.875 299800 13-Feb-95 11.375 637800 12-Feb-97 10.625 221400 14-Feb-95 11.625 364200 13-Feb-97 10.75 138300 15-Feb-95 11.5 180700 14-Feb-97 10.875 210000 16-Feb-95 11.5 324200 17-Feb-97 10.875 0 17-Feb-95 11.125 150900
11 18-Feb-97 11.375 355900 20-Feb-95 11.125 0 19-Feb-97 11.375 81700 21-Feb-95 11.125 235400 20-Feb-97 11.125 143100 22-Feb-95 11.25 258800 21-Feb-97 11 145900 23-Feb-95 11.125 253800 24-Feb-97 11.25 201500 24-Feb-95 11.25 106900 25-Feb-97 11 153300 27-Feb-95 11.25 155800 26-Feb-97 10.375 476800 28-Feb-95 11.125 104000 27-Feb-97 10.125 407300 01-Mar-95 10.625 652700 28-Feb-97 9.875 231900 02-Mar-95 10.625 300900 03-Mar-97 10.75 251300 03-Mar-95 10.75 177500 04-Mar-97 10.5 226100 06-Mar-95 11 146400 05-Mar-97 10.25 355900 07-Mar-95 10.625 72300 06-Mar-97 10.125 128100 08-Mar-95 10.75 190100 07-Mar-97 10.25 140700 09-Mar-95 10.75 185900 10-Mar-97 10.75 360200 10-Mar-95 10.75 288300 11-Mar-97 10.125 242100 13-Mar-95 11.25 313000 12-Mar-97 9.813 702100 14-Mar-95 11.375 445900 13-Mar-97 9.875 112500 15-Mar-95 11.125 163000 14-Mar-97 10.25 658500 16-Mar-95 11.25 253900 17-Mar-97 10.125 612300 17-Mar-95 11.25 394300 18-Mar-97 9.875 800300 20-Mar-95 11.125 114400 19-Mar-97 9.375 308600 21-Mar-95 11 124800 20-Mar-97 9.938 213100 22-Mar-95 11.5 357000 21-Mar-97 9.563 186800 23-Mar-95 11.625 386500 24-Mar-97 9.938 123900 24-Mar-95 11.875 885600 25-Mar-97 9.813 94800 27-Mar-95 12.125 271200 26-Mar-97 9.75 272400 28-Mar-95 12 294400 27-Mar-97 9.625 240900 29-Mar-95 11.625 436200 28-Mar-97 9.625 0 30-Mar-95 11.5 189500 31-Mar-97 9.375 214000 31-Mar-95 11.25 279300 01-Apr-97 9.188 189700 03-Apr-95 11.75 303600 02-Apr-97 8.375 304100 04-Apr-95 12 638600 03-Apr-97 8.375 235600 05-Apr-95 12.25 328900 04-Apr-97 8.563 210300 06-Apr-95 12.25 264100 07-Apr-97 9.25 153600 07-Apr-95 12.25 410100 08-Apr-97 9.313 356800 10-Apr-95 12.375 542500 09-Apr-97 9.063 83000 11-Apr-95 12.25 674100 10-Apr-97 9.063 123300 12-Apr-95 12.25 308800 11-Apr-97 8.875 347500 13-Apr-95 12.625 330500 14-Apr-97 8.75 233700 14-Apr-95 12.625 0 15-Apr-97 8.875 142900 17-Apr-95 12.875 348300 16-Apr-97 8.875 58200 18-Apr-95 12.75 146900 17-Apr-97 8.75 221200 19-Apr-95 12.875 238400 18-Apr-97 9 235200 20-Apr-95 12.625 828500 21-Apr-97 8.938 204100 21-Apr-95 12.875 330400 22-Apr-97 8.813 110500 24-Apr-95 12.875 714600 23-Apr-97 8.688 129600 25-Apr-95 10.5 3455500 24-Apr-97 8.5 334500 26-Apr-95 11.625 3033700 25-Apr-97 8.313 118100 27-Apr-95 11.875 570200 28-Apr-97 8.5 139900 28-Apr-95 11.875 206700
12 29-Apr-97 8.625 311800 01-May-95 11.75 194300 30-Apr-97 8.563 107100 02-May-95 12.125 136600 01-May-97 9 543500 03-May-95 12.75 902800 02-May-97 9.25 361900 04-May-95 12.875 559500 05-May-97 9.313 413400 05-May-95 12.5 124900 06-May-97 8.875 271100 08-May-95 12.5 214500 07-May-97 8.938 76900 09-May-95 12.375 134600 08-May-97 8.813 269000 10-May-95 12.5 99800 09-May-97 8.625 266000 11-May-95 12.875 303900 12-May-97 8.875 341100 12-May-95 12.75 224800 13-May-97 8.5 343500 15-May-95 12.75 106100 14-May-97 8.438 185000 16-May-95 12.75 135200 15-May-97 8.5 146800 17-May-95 12.75 185600 16-May-97 8.313 154700 18-May-95 12.5 146800 19-May-97 8.438 157200 19-May-95 12.375 340400 20-May-97 8.5 252600 22-May-95 12.75 170200 21-May-97 8.5 427500 23-May-95 13.5 506300 22-May-97 8.438 274200 24-May-95 13.25 371700 23-May-97 8.688 1237600 25-May-95 13.5 253600 26-May-97 8.688 0 26-May-95 13.25 199800 27-May-97 8.375 634100 29-May-95 13.25 0 28-May-97 8.75 501000 30-May-95 13.25 372600 29-May-97 9.125 860800 31-May-95 13.125 330800 30-May-97 10 756800 01-Jun-95 12.75 374200 02-Jun-97 10.063 392600 02-Jun-95 12.5 403800 03-Jun-97 10.313 502600 05-Jun-95 12.625 370900 04-Jun-97 9.75 318600 06-Jun-95 12.625 109400 05-Jun-97 10 212500 07-Jun-95 12.125 354500 06-Jun-97 10 250200 08-Jun-95 12 360500 09-Jun-97 10.063 322400 09-Jun-95 12 264800 10-Jun-97 9.813 281000 12-Jun-95 12.25 422700 11-Jun-97 10 161600 13-Jun-95 12 903800 12-Jun-97 10 127300 14-Jun-95 12 469200 13-Jun-97 10.063 177800 15-Jun-95 11.625 736100 16-Jun-97 10 122300 16-Jun-95 11.75 652900 17-Jun-97 9.688 231000 19-Jun-95 11.875 658100 18-Jun-97 9.625 136000 20-Jun-95 11.75 406400 19-Jun-97 9.813 196800 21-Jun-95 11.375 614100 20-Jun-97 9.813 367600 22-Jun-95 11.5 1273700 23-Jun-97 9.438 101200 23-Jun-95 11.5 397700 24-Jun-97 9.313 408600 26-Jun-95 11 652400 25-Jun-97 9 307300 27-Jun-95 11.375 329800 26-Jun-97 8.75 293400 28-Jun-95 11.5 185800 27-Jun-97 8.938 198200 29-Jun-95 11.25 496400 30-Jun-97 8.813 215900 30-Jun-95 11.125 586000 01-Jul-97 8.938 153200 03-Jul-95 11.375 180100 02-Jul-97 9.875 456400 04-Jul-95 11.375 0 03-Jul-97 10.063 318000 05-Jul-95 11.125 443800 04-Jul-97 10.063 0 06-Jul-95 11.375 254100 07-Jul-97 9.5 298300 07-Jul-95 11.5 265900
13 08-Jul-97 9.75 379100 10-Jul-95 11.75 436700 09-Jul-97 9.563 298500 11-Jul-95 11.5 314500 10-Jul-97 9.625 223500 12-Jul-95 11.5 211100 11-Jul-97 9.813 380300 13-Jul-95 11.5 391400 14-Jul-97 10.25 606900 14-Jul-95 11.375 409000 15-Jul-97 10.375 544500 17-Jul-95 11.25 282800 16-Jul-97 10.375 251600 18-Jul-95 10.625 925900 17-Jul-97 10.25 208200 19-Jul-95 10.125 665600 18-Jul-97 10 304600 20-Jul-95 10.125 208100 21-Jul-97 9.813 525500 21-Jul-95 10.125 708400 22-Jul-97 10.25 344800 24-Jul-95 9.813 692200 23-Jul-97 10.125 466700 25-Jul-95 10.125 1679700 24-Jul-97 10.063 543100 26-Jul-95 10.125 955200 25-Jul-97 10.125 452300 27-Jul-95 10.5 332200 28-Jul-97 10.313 716100 28-Jul-95 9.875 1190800 29-Jul-97 11.813 1302500 31-Jul-95 9.938 232500 01-Aug-95 9.938 384900 02-Aug-95 9.875 355800 03-Aug-95 9.875 415000 04-Aug-95 9.75 177900 07-Aug-95 9.875 140300 08-Aug-95 9.938 245700 09-Aug-95 9.938 126400 10-Aug-95 9.813 175500 11-Aug-95 9.813 258600 14-Aug-95 9.875 203900 15-Aug-95 9.625 166800 16-Aug-95 9.75 402900 17-Aug-95 9.688 135600 18-Aug-95 9.25 1245800 21-Aug-95 9.063 393300 22-Aug-95 9.125 517500 23-Aug-95 9.125 292200 24-Aug-95 9.063 312600 25-Aug-95 9.063 98000 28-Aug-95 9.063 157400 29-Aug-95 9.063 219300 30-Aug-95 9 572900 31-Aug-95 9.125 463100 01-Sep-95 9 161600 04-Sep-95 9 0 05-Sep-95 9.375 1082700 06-Sep-95 9.875 1086700 07-Sep-95 9.813 336900 08-Sep-95 9.813 706500 11-Sep-95 9.625 703900 12-Sep-95 9.688 230200 13-Sep-95 9.875 1340600 14-Sep-95 10.25 781400 15-Sep-95 10.125 734600
14 18-Sep-95 10 258500 19-Sep-95 10 252600 20-Sep-95 10.375 221800 21-Sep-95 10 395600 22-Sep-95 10 240400 25-Sep-95 9.875 115200 26-Sep-95 9.875 110300 27-Sep-95 9.75 118400 28-Sep-95 9.5 199100 29-Sep-95 9.625 109600 02-Oct-95 9.563 455000 03-Oct-95 9.75 421700 04-Oct-95 9.688 226800 05-Oct-95 9.75 386600 06-Oct-95 10 542400 09-Oct-95 9.875 150500 10-Oct-95 9.438 356900 11-Oct-95 9.563 85900 12-Oct-95 9.563 106300 13-Oct-95 10 1194400 16-Oct-95 10 145200 17-Oct-95 10.25 100500 18-Oct-95 10.625 284900 19-Oct-95 10.5 184900 20-Oct-95 9.813 270000 23-Oct-95 9.688 303900 24-Oct-95 10 164300 25-Oct-95 9.688 445800 26-Oct-95 9.438 240900 27-Oct-95 9.063 995000 30-Oct-95 9.375 246000 31-Oct-95 9.375 206600 01-Nov-95 9.313 47200 02-Nov-95 9.25 87000 03-Nov-95 9.313 147000 06-Nov-95 9.5 137700 07-Nov-95 9.313 289200 08-Nov-95 9.188 249000 09-Nov-95 9.063 86500 10-Nov-95 9.125 67900 13-Nov-95 9.188 162900 14-Nov-95 9.125 251200 15-Nov-95 9.25 101100 16-Nov-95 9.5 179000 17-Nov-95 9.875 257100 20-Nov-95 9.875 308800 21-Nov-95 9.813 134200 22-Nov-95 9.813 125900 23-Nov-95 9.813 0 24-Nov-95 9.813 35900
15 27-Nov-95 9.688 58200 28-Nov-95 9.75 244800 29-Nov-95 9.688 102300 30-Nov-95 9.5 105400 01-Dec-95 9.625 184000 04-Dec-95 9.75 72100 05-Dec-95 9.813 126700 06-Dec-95 9.25 561600 07-Dec-95 9.313 279900 08-Dec-95 9.313 107100 11-Dec-95 9.188 139800 12-Dec-95 9.25 234600 13-Dec-95 9.188 188700 14-Dec-95 9 172300 15-Dec-95 9 476900 18-Dec-95 8.625 90400 19-Dec-95 8.75 272300 20-Dec-95 8.563 253700 21-Dec-95 8.375 640900 22-Dec-95 8.438 1182800 25-Dec-95 8.438 0 26-Dec-95 8.25 622900 27-Dec-95 8.5 609200 28-Dec-95 8.188 361200 29-Dec-95 8.5 353900 01-Jan-96 8.5 0 02-Jan-96 8.25 182900 03-Jan-96 8 223300 04-Jan-96 7.938 279500 05-Jan-96 7.938 170900 08-Jan-96 7.938 24200 09-Jan-96 7.875 118000 10-Jan-96 7.875 253300 11-Jan-96 8 177600 12-Jan-96 7.875 151400 15-Jan-96 7.938 158600 16-Jan-96 7.875 105700 17-Jan-96 7.813 132300 18-Jan-96 7.875 175700 19-Jan-96 7.688 176800 22-Jan-96 7.875 117800 23-Jan-96 8.063 317600 24-Jan-96 8.25 176700 25-Jan-96 7.688 363200 26-Jan-96 7.563 107400 29-Jan-96 7.875 736500 30-Jan-96 6.938 1754100 31-Jan-96 7.313 562600 01-Feb-96 7.5 307200 02-Feb-96 7.625 394900
16 05-Feb-96 7.813 238200 06-Feb-96 8 291700 07-Feb-96 8 168200 08-Feb-96 7.75 456400 09-Feb-96 8.125 1301100 12-Feb-96 8.313 466100 13-Feb-96 8.188 643000 14-Feb-96 8.25 783300 15-Feb-96 8.625 353800 16-Feb-96 8.875 289700 19-Feb-96 8.875 0 20-Feb-96 8.688 174000 21-Feb-96 8.813 348000 22-Feb-96 8.875 178500 23-Feb-96 8.625 92500 26-Feb-96 8.5 66500 27-Feb-96 8.375 115600 28-Feb-96 8.563 246300 29-Feb-96 8.375 169100 01-Mar-96 8.938 392800 04-Mar-96 8.625 292900 05-Mar-96 8.875 440600 06-Mar-96 8.75 243700 07-Mar-96 9.25 2153600 08-Mar-96 8.75 201500 11-Mar-96 9.188 395100 12-Mar-96 9 111500 13-Mar-96 9.063 113300 14-Mar-96 9 976700 15-Mar-96 9.125 247700 18-Mar-96 9.125 85600 19-Mar-96 9 293500 20-Mar-96 8.875 93200 21-Mar-96 8.688 163000 22-Mar-96 8.75 411800 25-Mar-96 8.625 113500 26-Mar-96 8.375 740900 27-Mar-96 8.5 227000 28-Mar-96 8.438 148900 29-Mar-96 8.5 519900 01-Apr-96 8.813 93300 02-Apr-96 9 567500 03-Apr-96 9.25 493200 04-Apr-96 10.875 1917200 05-Apr-96 10.875 0 08-Apr-96 10.5 634600 09-Apr-96 10.875 411500 10-Apr-96 10.625 647200 11-Apr-96 10.25 286000 12-Apr-96 10.75 160800
17 15-Apr-96 10.875 153600 16-Apr-96 10.75 127100 17-Apr-96 10.75 332800 18-Apr-96 11.875 1833300 19-Apr-96 13 2923700 22-Apr-96 12.375 865600 23-Apr-96 13.375 767800 24-Apr-96 13 496400 25-Apr-96 12.875 288300 26-Apr-96 12.875 190300 29-Apr-96 12.75 600500 30-Apr-96 12.75 493600 01-May-96 12.25 847800 02-May-96 12.125 506500 03-May-96 11.875 510400 06-May-96 11.125 417600 07-May-96 11.875 454300 08-May-96 11.625 333900 09-May-96 11.25 122200 10-May-96 11.125 237100 13-May-96 11.625 260200 14-May-96 11.5 309600 15-May-96 12.125 506700 16-May-96 11.875 215000 17-May-96 11.625 250000 20-May-96 12 227900 21-May-96 11.75 431800 22-May-96 12.5 363500 23-May-96 12 143800 24-May-96 12.25 144600 27-May-96 12.25 0 28-May-96 11.5 251800 29-May-96 11.125 222500 30-May-96 11.5 213800 31-May-96 11.75 122900 03-Jun-96 11 494500 04-Jun-96 11.625 238300 05-Jun-96 12 344400 06-Jun-96 11.125 431200 07-Jun-96 11.5 212700 10-Jun-96 11.375 115100 11-Jun-96 11.375 284000 12-Jun-96 11 486800 13-Jun-96 11.125 165500 14-Jun-96 11.125 138800 17-Jun-96 11 79100 18-Jun-96 11 437700 19-Jun-96 10.75 180200 20-Jun-96 10.75 243800 21-Jun-96 10.25 403100
18 24-Jun-96 10.5 177400 25-Jun-96 10.125 129900 26-Jun-96 9.75 244900 27-Jun-96 9.75 268800 28-Jun-96 10.75 143500 01-Jul-96 10.125 103500 02-Jul-96 10.25 93600 03-Jul-96 9.875 57500 04-Jul-96 9.875 0 05-Jul-96 9.563 74000 08-Jul-96 9.25 189500 09-Jul-96 9.125 208100 10-Jul-96 9 292900 11-Jul-96 9.063 180800 12-Jul-96 9.25 119100 15-Jul-96 8.938 160500 16-Jul-96 8.75 506500 17-Jul-96 9 1420200 18-Jul-96 9.188 98100 19-Jul-96 9.125 210600 22-Jul-96 8.813 119600 23-Jul-96 9 151600 24-Jul-96 9.188 129800 25-Jul-96 9.375 337600 26-Jul-96 9.25 57400 29-Jul-96 9 35500 30-Jul-96 10 171900 31-Jul-96 9.875 126300 01-Aug-96 9.938 173700 02-Aug-96 10 300600 05-Aug-96 10 141400 06-Aug-96 10 49900 07-Aug-96 10 70500 08-Aug-96 10.125 103200 09-Aug-96 10 82800 12-Aug-96 10.25 118400 13-Aug-96 10.875 118500 14-Aug-96 10.875 126900 15-Aug-96 10.875 45800 16-Aug-96 10.625 74800 19-Aug-96 10.625 58400 20-Aug-96 10.625 61300 21-Aug-96 10.375 80400 22-Aug-96 10.25 66300 23-Aug-96 10.25 166400 26-Aug-96 10 775200 27-Aug-96 10.125 521400 28-Aug-96 10 1125200 29-Aug-96 9.875 244800 30-Aug-96 9.938 140300
19 02-Sep-96 9.938 0 03-Sep-96 9.5 269800 04-Sep-96 9.25 144500 05-Sep-96 9.063 218400 06-Sep-96 9.313 171600 09-Sep-96 9.625 291200 10-Sep-96 9.563 96300 11-Sep-96 9.688 63200 12-Sep-96 9.438 140600 13-Sep-96 9.563 127000 16-Sep-96 9.625 301300 17-Sep-96 9.625 144000 18-Sep-96 9.313 491100 19-Sep-96 9.375 94900 20-Sep-96 9.563 242000 23-Sep-96 9.375 74600 24-Sep-96 9.313 203400 25-Sep-96 9.375 292800 26-Sep-96 9.313 268700 27-Sep-96 9.5 575500 30-Sep-96 9.438 324500 01-Oct-96 9.25 251700 02-Oct-96 9.125 113500 03-Oct-96 9.063 110800 04-Oct-96 8.813 347700 07-Oct-96 9.563 152900 08-Oct-96 9.625 512600 09-Oct-96 9.813 225300 10-Oct-96 10 224700 11-Oct-96 9.875 154200 14-Oct-96 9.688 159800 15-Oct-96 9.563 260100 16-Oct-96 9.5 130500 17-Oct-96 9.688 229900 18-Oct-96 9.938 191200 21-Oct-96 10.5 436100 22-Oct-96 10.25 209600 23-Oct-96 10 193200 24-Oct-96 9.875 61200 25-Oct-96 10 50700 28-Oct-96 9.813 185900 29-Oct-96 10.5 682000 30-Oct-96 10.125 391800 31-Oct-96 10.25 414300 01-Nov-96 10 156600 04-Nov-96 9.938 145600 05-Nov-96 10.375 235000 06-Nov-96 10.375 185200 07-Nov-96 10.25 118200 08-Nov-96 10.125 80300
20 11-Nov-96 10.25 85200 12-Nov-96 10.625 242000 13-Nov-96 10.5 90200 14-Nov-96 10.625 136400 15-Nov-96 11 417300 18-Nov-96 10.875 237300 19-Nov-96 10.875 183500 20-Nov-96 11.125 429700 21-Nov-96 11.25 244900 22-Nov-96 12 333100 25-Nov-96 11.875 373300 26-Nov-96 11.875 240500 27-Nov-96 11.75 111100 28-Nov-96 11.75 0 29-Nov-96 11.875 148800 02-Dec-96 12.125 291400 03-Dec-96 12.5 720300 04-Dec-96 12.25 141200 05-Dec-96 11.875 159700 06-Dec-96 11.75 286500 09-Dec-96 12.5 392900 10-Dec-96 12.75 316200 11-Dec-96 12.125 347400 12-Dec-96 12.875 1293200 13-Dec-96 13.625 1497100 16-Dec-96 13.125 908300 17-Dec-96 12.875 440800 18-Dec-96 13.5 671100 19-Dec-96 13.125 1370300 20-Dec-96 13.125 467100 23-Dec-96 12.5 160900 24-Dec-96 12.5 96700 25-Dec-96 12.5 0 26-Dec-96 12.375 130300 27-Dec-96 12.75 198900 30-Dec-96 12.5 183200 31-Dec-96 12.125 170700 01-Jan-97 12.125 0 02-Jan-97 12 253500 03-Jan-97 12.75 124100 06-Jan-97 12.625 140400 07-Jan-97 12 666300 08-Jan-97 11.75 220300 09-Jan-97 12 341000 10-Jan-97 12 224500 13-Jan-97 12 169400 14-Jan-97 12.25 204200 15-Jan-97 12.25 286600 16-Jan-97 12.125 189000 17-Jan-97 11.375 2051700
21 20-Jan-97 11.375 355700 21-Jan-97 11.375 257900 22-Jan-97 11.75 304000 23-Jan-97 11.625 455200 24-Jan-97 11.375 186800 27-Jan-97 11.375 227600 28-Jan-97 11.5 275900 29-Jan-97 11.25 570400 30-Jan-97 11.5 350300 31-Jan-97 11.5 531600 03-Feb-97 11.25 445800 04-Feb-97 11.125 166500 05-Feb-97 11 382400 06-Feb-97 11 435800 07-Feb-97 11.125 1129300 10-Feb-97 11 295500 11-Feb-97 10.875 299800 12-Feb-97 10.625 221400 13-Feb-97 10.75 138300 14-Feb-97 10.875 210000 17-Feb-97 10.875 0 18-Feb-97 11.375 355900 19-Feb-97 11.375 81700 20-Feb-97 11.125 143100 21-Feb-97 11 145900 24-Feb-97 11.25 201500 25-Feb-97 11 153300 26-Feb-97 10.375 476800 27-Feb-97 10.125 407300 28-Feb-97 9.875 231900 03-Mar-97 10.75 251300 04-Mar-97 10.5 226100 05-Mar-97 10.25 355900 06-Mar-97 10.125 128100 07-Mar-97 10.25 140700 10-Mar-97 10.75 360200 11-Mar-97 10.125 242100 12-Mar-97 9.813 702100 13-Mar-97 9.875 112500 14-Mar-97 10.25 658500 17-Mar-97 10.125 612300 18-Mar-97 9.875 800300 19-Mar-97 9.375 308600 20-Mar-97 9.938 213100 21-Mar-97 9.563 186800 24-Mar-97 9.938 123900 25-Mar-97 9.813 94800 26-Mar-97 9.75 272400 27-Mar-97 9.625 240900 28-Mar-97 9.625 0
22 31-Mar-97 9.375 214000 01-Apr-97 9.188 189700 02-Apr-97 8.375 304100 03-Apr-97 8.375 235600 04-Apr-97 8.563 210300 07-Apr-97 9.25 153600 08-Apr-97 9.313 356800 09-Apr-97 9.063 83000 10-Apr-97 9.063 123300 11-Apr-97 8.875 347500 14-Apr-97 8.75 233700 15-Apr-97 8.875 142900 16-Apr-97 8.875 58200 17-Apr-97 8.75 221200 18-Apr-97 9 235200 21-Apr-97 8.938 204100 22-Apr-97 8.813 110500 23-Apr-97 8.688 129600 24-Apr-97 8.5 334500 25-Apr-97 8.313 118100 28-Apr-97 8.5 139900 29-Apr-97 8.625 311800 30-Apr-97 8.563 107100 01-May-97 9 543500 02-May-97 9.25 361900 05-May-97 9.313 413400 06-May-97 8.875 271100 07-May-97 8.938 76900 08-May-97 8.813 269000 09-May-97 8.625 266000 12-May-97 8.875 341100 13-May-97 8.5 343500 14-May-97 8.438 185000 15-May-97 8.5 146800 16-May-97 8.313 154700 19-May-97 8.438 157200 20-May-97 8.5 252600 21-May-97 8.5 427500 22-May-97 8.438 274200 23-May-97 8.688 1237600 26-May-97 8.688 0 27-May-97 8.375 634100 28-May-97 8.75 501000 29-May-97 9.125 860800 30-May-97 10 756800 02-Jun-97 10.063 392600 03-Jun-97 10.313 502600 04-Jun-97 9.75 318600 05-Jun-97 10 212500 06-Jun-97 10 250200
23 09-Jun-97 10.063 322400 10-Jun-97 9.813 281000 11-Jun-97 10 161600 12-Jun-97 10 127300 13-Jun-97 10.063 177800 16-Jun-97 10 122300 17-Jun-97 9.688 231000 18-Jun-97 9.625 136000 19-Jun-97 9.813 196800 20-Jun-97 9.813 367600 23-Jun-97 9.438 101200 24-Jun-97 9.313 408600 25-Jun-97 9 307300 26-Jun-97 8.75 293400 27-Jun-97 8.938 198200 30-Jun-97 8.813 215900 01-Jul-97 8.938 153200 02-Jul-97 9.875 456400 03-Jul-97 10.063 318000 04-Jul-97 10.063 0 07-Jul-97 9.5 298300 08-Jul-97 9.75 379100 09-Jul-97 9.563 298500 10-Jul-97 9.625 223500 11-Jul-97 9.813 380300 14-Jul-97 10.25 606900 15-Jul-97 10.375 544500 16-Jul-97 10.375 251600 17-Jul-97 10.25 208200 18-Jul-97 10 304600 21-Jul-97 9.813 525500 22-Jul-97 10.25 344800 23-Jul-97 10.125 466700 24-Jul-97 10.063 543100 25-Jul-97 10.125 452300 28-Jul-97 10.313 716100 29-Jul-97 11.813 1302500
24 PROJECT 2000 - -------------------------------------------------------------------------------- Indexed Price Performance January 1, 1996 to July 29, 1997 [Graph] -4- MORGAN STANLEY 25 PROJECT 2000 - -------------------------------------------------------------------------------- Indexed Price Performance January 1, 1994 to July 29, 1997 [Graph] -5- MORGAN STANLEY 26 DATA PAGE 4 AMH.A IDX(INDX. SAP5.K ERR PRICEHIST PRICEHIST PRICEHIST 01-Jan-96 100 100 100 02-Jan-96 97.05882 102.2024 100.7793 03-Jan-96 94.11765 100.7405 100.8751 04-Jan-96 93.38824 95.82567 100.2874 05-Jan-96 93.38824 97.88007 100.1266 08-Jan-96 93.38824 98.64925 100.4108 09-Jan-96 92.64706 94.72204 98.94793 10-Jan-96 92.64706 94.41701 97.16689 11-Jan-96 94.11765 96.78243 97.85041 12-Jan-96 92.64706 96.42906 97.70753 15-Jan-96 93.38824 94.44507 97.38444 16-Jan-96 92.64706 96.42456 98.78395 17-Jan-96 91.91765 96.15834 98.44788 18-Jan-96 92.64706 99.40908 98.75148 19-Jan-96 90.44706 102.5945 99.33434 22-Jan-96 92.64706 104.8254 99.58924 23-Jan-96 94.85882 108.0082 99.4902 24-Jan-96 97.05882 112.6979 100.6543 25-Jan-96 90.44706 107.7831 100.1786 26-Jan-96 88.97647 108.5188 100.9238 29-Jan-96 92.64706 109.8805 101.3459 30-Jan-96 81.62353 110.3733 102.3087 31-Jan-96 86.03529 110.4765 103.2617 01-Feb-96 88.23529 111.8105 103.6579 02-Feb-96 89.70588 110.7384 103.2325 05-Feb-96 91.91765 115.8339 104.1401 06-Feb-96 94.11765 115.1297 104.9356 07-Feb-96 94.11765 115.9698 105.5201 08-Feb-96 91.17647 117.5357 106.517 09-Feb-96 95.58824 116.5566 106.5657 12-Feb-96 97.8 116.5795 107.3905 13-Feb-96 96.32941 115.2146 107.2378 14-Feb-96 97.05882 112.0221 106.4374 15-Feb-96 101.4706 110.9523 105.7458 16-Feb-96 104.4118 111.5989 105.2035 19-Feb-96 104.4118 111.5989 105.2035 20-Feb-96 102.2118 110.5782 104.0134 21-Feb-96 103.6824 112.8551 105.223 22-Feb-96 104.4118 116.681 106.9699 23-Feb-96 101.4706 116.4046 107.0057 26-Feb-96 100 115.2054 105.6062 27-Feb-96 98.52941 116.8844 105.0834 28-Feb-96 100.7412 115.5318 104.6791 29-Feb-96 98.52941 112.9151 103.9777 01-Mar-96 105.1529 106.0768 104.6174 04-Mar-96 101.4706 103.496 105.663
27 DATA PAGE 4 AMH.A IDX(INDX. SAP5.K ERR PRICEHIST PRICEHIST PRICEHIST 05-Mar-96 104.4118 105.8224 106.4715 06-Mar-96 102.9412 102.8891 105.8562 07-Mar-96 108.8235 103.723 106.1241 08-Mar-96 102.9412 100.7702 102.8526 11-Mar-96 108.0941 103.8847 103.9112 12-Mar-96 105.8824 100.774 103.4355 13-Mar-96 106.6235 103.7397 103.6725 14-Mar-96 105.8824 105.7299 104.0492 15-Mar-96 107.3529 105.9279 104.1401 18-Mar-96 107.3529 111.8795 105.9617 19-Mar-96 105.8824 110.2868 105.8059 20-Mar-96 104.4118 101.8655 105.5282 21-Mar-96 102.2118 99.24942 105.4 22-Mar-96 102.9412 100.5041 105.6321 25-Mar-96 101.4706 98.54465 105.538 26-Mar-96 98.52941 96.36589 106.0137 27-Mar-96 100 97.50208 105.3545 28-Mar-96 99.27059 97.45411 105.3594 29-Mar-96 100 99.24641 104.8009 01-Apr-96 103.6824 101.0288 106.1371 02-Apr-96 105.8824 102.0084 106.3855 03-Apr-96 108.8235 101.903 106.4861 04-Apr-96 127.9412 101.7172 106.4829 05-Apr-96 127.9412 101.7172 106.4829 08-Apr-96 123.5294 101.2296 104.5963 09-Apr-96 127.9412 101.1476 104.2635 10-Apr-96 125 100.5013 102.8526 11-Apr-96 120.5882 100.0858 102.4759 12-Apr-96 126.4706 100.4394 103.3738 15-Apr-96 127.9412 102.4993 104.3122 16-Apr-96 126.4706 103.1403 104.7197 17-Apr-96 126.4706 100.6933 104.1693 18-Apr-96 139.7059 101.9474 104.494 19-Apr-96 152.9412 104.6297 104.7311 22-Apr-96 145.5882 105.559 105.1889 23-Apr-96 157.3529 109.3853 105.788 24-Apr-96 152.9412 109.8242 105.5591 25-Apr-96 151.4706 109.2145 105.9974 26-Apr-96 151.4706 108.6263 106.0932 29-Apr-96 150 108.6448 106.2069 30-Apr-96 150 107.1724 106.2085 01-May-96 144.1176 106.3277 106.2751 02-May-96 142.6471 104.2518 104.4567 03-May-96 139.7059 105.1538 104.1726 06-May-96 130.8824 107.3366 104.0394 07-May-96 139.7059 106.98 103.6254 08-May-96 136.7647 105.97 104.6824 09-May-96 132.3529 106.0464 104.7911 10-May-96 130.8824 105.6268 105.8708 13-May-96 136.7647 107.4136 107.4002
28 DATA PAGE 4 AMH.A IDX(INDX. SAP5.K ERR PRICEHIST PRICEHIST PRICEHIST 14-May-96 135.2941 109.5031 108.0642 15-May-96 142.6471 113.7435 108.035 16-May-96 139.7059 110.9795 107.9425 17-May-96 136.7647 110.7339 108.6016 20-May-96 141.1765 111.1311 109.29 21-May-96 138.2353 109.8967 109.2267 22-May-96 147.0588 109.7162 110.1456 23-May-96 141.1765 106.8108 109.7527 24-May-96 144.1176 108.0234 110.1602 27-May-96 144.1176 108.0234 110.1602 28-May-96 135.2941 106.6333 109.1406 29-May-96 130.8824 104.9262 108.4425 30-May-96 135.2941 105.1505 109.0546 31-May-96 138.2353 104.4641 108.6357 03-Jun-96 129.4118 102.5988 108.4019 04-Jun-96 136.7647 103.1741 109.1942 05-Jun-96 141.1765 104.3413 110.1489 06-Jun-96 130.8824 100.5814 109.2705 07-Jun-96 135.2941 100.3881 109.316 10-Jun-96 133.8235 101.6905 109.1293 11-Jun-96 133.8235 102.4683 108.9361 12-Jun-96 129.4118 102.1143 108.6227 13-Jun-96 130.8824 100.4748 108.4409 14-Jun-96 130.8824 99.30905 106.1048 17-Jun-96 129.4118 97.74543 107.9928 18-Jun-96 129.4118 95.7816 107.4895 19-Jun-96 126.4706 95.6038 107.4733 20-Jun-96 126.4706 95.02668 107.496 21-Jun-96 120.5882 93.89353 108.2655 24-Jun-96 123.5294 95.42986 108.5919 25-Jun-96 119.1176 94.52216 108.5318 26-Jun-96 114.7059 92.21441 107.8678 27-Jun-96 114.7059 95.30347 108.5432 28-Jun-96 126.4706 97.17432 108.8809 01-Jul-96 119.1176 97.67163 109.7332 02-Jul-96 120.5882 93.38113 109.3647 03-Jul-96 116.1765 91.06759 109.1682 04-Jul-96 116.1765 91.06759 109.1682 05-Jul-96 112.5059 89.2766 106.7394 08-Jul-96 108.8235 88.86419 105.9439 09-Jul-96 107.3529 87.57583 106.3027 10-Jul-96 105.8824 88.02015 106.5154 11-Jul-96 106.6235 81.63681 104.8285 12-Jul-96 108.8235 81.06402 104.9129 15-Jul-96 105.1529 76.25346 102.2519 16-Jul-96 102.9412 79.20145 102.0197 17-Jul-96 105.8824 81.41351 102.9451 18-Jul-96 108.0941 80.9803 104.4859 19-Jul-96 107.3529 80.15607 103.7017 22-Jul-96 103.6824 78.45881 102.8964
29 DATA PAGE 4 AMH.A IDX(INDX. SAP5.K ERR PRICEHIST PRICEHIST PRICEHIST 23-Jul-96 105.8824 77.17042 101.7762 24-Jul-96 108.0941 77.82188 101.7405 25-Jul-96 110.2941 80.54064 102.4743 26-Jul-96 108.8235 82.08328 103.2423 29-Jul-96 105.8824 82.68493 102.4321 30-Jul-96 117.6471 82.64279 103.1383 31-Jul-96 116.1765 82.87932 103.8998 01-Aug-96 116.9176 84.37594 105.5347 02-Aug-96 117.6471 85.65465 107.5593 05-Aug-96 117.6471 86.0658 107.1924 06-Aug-96 117.6471 85.06803 107.5414 07-Aug-96 117.6471 86.71387 107.8304 08-Aug-96 119.1176 87.73105 107.5755 09-Aug-96 117.6471 87.27432 107.496 12-Aug-96 120.5882 86.82488 108.0918 13-Aug-96 127.9412 85.18575 107.1875 14-Aug-96 127.9412 86.43036 107.4879 15-Aug-96 127.9412 84.68769 107.5252 16-Aug-96 125 84.81905 108.0009 19-Aug-96 125 85.45433 108.2233 20-Aug-96 125 85.50234 108.0788 21-Aug-96 122.0588 86.46032 107.9782 22-Aug-96 120.5882 88.07348 108.889 23-Aug-96 120.5882 87.53443 108.2964 26-Aug-96 117.6471 86.01964 107.785 27-Aug-96 119.1176 86.3342 108.1941 28-Aug-96 117.6471 88.16541 107.936 29-Aug-96 116.1765 87.9257 106.7329 30-Aug-96 116.9176 86.25537 105.8546 02-Sep-96 116.9176 86.25537 105.8546 03-Sep-96 111.7647 86.34567 106.2978 04-Sep-96 108.8235 86.50989 106.4423 05-Sep-96 106.6235 84.58962 105.4406 06-Sep-96 109.5647 85.82398 106.4537 09-Sep-96 113.2353 86.74725 107.7655 10-Sep-96 112.5059 88.87461 107.7736 11-Sep-96 113.9765 90.57798 108.337 12-Sep-96 111.0353 90.34426 108.9653 13-Sep-96 112.5059 91.98001 110.4898 16-Sep-96 113.2353 92.63715 111.0483 17-Sep-96 113.2353 93.66052 110.8795 18-Sep-96 109.5647 94.89338 110.6408 19-Sep-96 110.2941 94.63722 110.8892 20-Sep-96 112.5059 95.05114 111.5435 23-Sep-96 110.2941 95.62671 111.4542 24-Sep-96 109.5647 96.60936 111.313 25-Sep-96 110.2941 96.3179 111.3487 26-Sep-96 109.5647 92.74508 111.3536 27-Sep-96 111.7647 93.16629 111.4071 30-Sep-96 111.0353 93.49275 111.5922
30 DATA PAGE 4 AMH.A IDX(INDX. SAP5.K ERR PRICEHIST PRICEHIST PRICEHIST 01-Oct-96 108.8235 93.14764 111.8763 02-Oct-96 107.3529 91.76885 112.6768 03-Oct-96 106.6235 90.70842 112.4771 04-Oct-96 103.6824 91.27044 113.8863 07-Oct-96 112.5059 94.16287 114.1915 08-Oct-96 113.2353 94.87144 113.7532 09-Oct-96 115.4471 94.4379 113.12 10-Oct-96 117.6471 94.918 112.7742 11-Oct-96 116.1765 95.92225 113.7564 14-Oct-96 113.9765 97.53853 114.224 15-Oct-96 112.5059 96.50082 114.0665 16-Oct-96 111.7647 98.20922 114.3653 17-Oct-96 113.9765 98.31651 114.7841 18-Oct-96 116.9176 98.13344 115.406 21-Oct-96 123.5294 97.46334 115.2485 22-Oct-96 120.5882 92.5928 114.716 23-Oct-96 117.6471 95.09996 114.8296 24-Oct-96 116.1765 92.66151 114.0211 25-Oct-96 117.6471 92.58821 113.7986 28-Oct-96 115.4471 91.3603 113.2044 29-Oct-96 123.5294 90.91574 113.8928 30-Oct-96 119.1176 91.19247 113.7954 31-Oct-96 120.5882 92.91306 114.5049 01-Nov-96 117.6471 90.8478 114.2614 04-Nov-96 116.9176 92.11125 114.7419 05-Nov-96 122.0588 92.75376 115.945 06-Nov-96 122.0588 94.28431 117.6416 07-Nov-96 120.5882 95.7699 118.1384 08-Nov-96 119.1176 96.05961 118.6531 11-Nov-96 120.5882 97.31203 118.8236 12-Nov-96 125 95.9511 118.4485 13-Nov-96 123.5294 96.69648 118.7034 14-Nov-96 125 97.77806 119.4746 15-Nov-96 129.4118 99.45644 119.7571 18-Nov-96 127.9412 99.97499 119.6597 19-Nov-96 127.9412 102.6438 120.4942 20-Nov-96 130.8824 101.5704 120.7848 21-Nov-96 132.3529 103.2685 120.59 22-Nov-96 141.1765 106.2993 121.5609 25-Nov-96 139.7059 105.7603 122.9084 26-Nov-96 139.7059 104.4707 122.7347 27-Nov-96 138.2353 105.5737 122.5789 28-Nov-96 138.2353 105.5737 122.5789 29-Nov-96 139.7059 108.4753 122.9068 02-Dec-96 142.6471 110.7366 122.8321 03-Dec-96 147.0588 110.1589 121.4878 04-Dec-96 144.1176 111.8676 120.9715 05-Dec-96 139.7059 111.8367 120.8546 06-Dec-96 138.2353 109.0608 120.0786 09-Dec-96 147.0588 112.8265 121.7362
31 DATA PAGE 4 AMH.A IDX(INDX. SAP5.K ERR PRICEHIST PRICEHIST PRICEHIST 10-Dec-96 150 111.0819 121.3677 11-Dec-96 142.6471 109.2204 120.262 12-Dec-96 151.4706 108.4942 118.4112 13-Dec-96 160.2941 108.027 118.2992 16-Dec-96 154.4118 105.2407 117.0555 17-Dec-96 151.4706 104.8514 117.877 18-Dec-96 158.8235 108.1247 118.77 19-Dec-96 154.4118 108.8474 121.0787 20-Dec-96 154.4118 107.4304 121.5836 23-Dec-96 147.0588 106.5322 121.267 24-Dec-96 147.0588 106.925 121.9343 25-Dec-96 147.0588 106.925 121.9343 26-Dec-96 145.5882 107.4756 122.712 27-Dec-96 150 107.3463 122.8695 30-Dec-96 147.0588 106.6294 122.3922 31-Dec-96 142.6471 104.2731 120.2637 01-Jan-97 142.6471 104.2731 120.2637 02-Jan-97 141.1765 104.9027 119.6581 03-Jan-97 150 107.8676 121.4472 06-Jan-97 148.5294 108.3557 121.3855 07-Jan-97 141.1765 109.3987 122.2915 08-Jan-97 138.2353 107.7424 121.5089 09-Jan-97 141.1765 107.5684 122.5545 10-Jan-97 141.1765 108.0219 123.3095 13-Jan-97 141.1765 109.3864 123.3111 14-Jan-97 144.1176 109.78 124.8291 15-Jan-97 144.1176 111.0836 124.5596 16-Jan-97 142.6471 113.0252 124.9736 17-Jan-97 133.8235 113.2492 126.0159 20-Jan-97 133.8235 112.4308 126.102 21-Jan-97 133.8235 114.7991 127.0794 22-Jan-97 138.2353 113.3103 127.6492 23-Jan-97 136.7647 111.537 126.2416 24-Jan-97 133.8235 111.3667 125.0986 27-Jan-97 133.8235 111.0784 124.2057 28-Jan-97 135.2941 112.8828 124.2057 29-Jan-97 132.3529 112.8935 125.4201 30-Jan-97 135.2941 113.6275 127.3148 31-Jan-97 135.2941 112.4926 127.6379 03-Feb-97 132.3529 111.6582 127.7304 04-Feb-97 130.8824 110.5752 128.1412 05-Feb-97 129.4118 107.8207 126.3585 06-Feb-97 129.4118 107.2558 126.6621 07-Feb-97 130.8824 108.2958 128.1899 10-Feb-97 129.4118 107.7636 127.5194 11-Feb-97 127.9412 108.9427 128.1948 12-Feb-97 125 108.9206 130.3346 13-Feb-97 126.4706 109.8668 131.8039 14-Feb-97 127.9412 110.1904 131.2617 17-Feb-97 127.9412 110.1904 131.2617
32 DATA PAGE 4 AMH.A IDX(INDX. SAP5.K ERR PRICEHIST PRICEHIST PRICEHIST 18-Feb-97 133.8235 110.1108 132.5297 19-Feb-97 133.8235 112.4213 131.9127 20-Feb-97 130.8824 111.139 130.3395 21-Feb-97 129.4118 110.2783 130.1723 24-Feb-97 132.3529 111.9209 131.5539 25-Feb-97 129.4118 112.9594 131.8494 26-Feb-97 122.0588 112.0261 130.8071 27-Feb-97 119.1176 108.1651 129.0845 28-Feb-97 116.1765 107.6733 128.3945 03-Mar-97 126.4706 108.8105 129.1234 04-Mar-97 123.5294 109.3268 128.4156 05-Mar-97 120.5882 109.4701 130.208 06-Mar-97 119.1176 109.8357 129.6511 07-Mar-97 120.5882 108.1441 130.6918 10-Mar-97 126.4706 108.8576 132.1011 11-Mar-97 119.1176 108.6448 131.726 12-Mar-97 115.4471 108.8887 130.5765 13-Mar-97 116.1765 106.5608 128.1899 14-Mar-97 120.5882 106.7219 128.776 17-Mar-97 119.1176 104.8564 129.1884 18-Mar-97 116.1765 104.3422 128.2061 19-Mar-97 110.2941 102.8539 127.5746 20-Mar-97 116.9176 103.4578 127.068 21-Mar-97 112.5059 102.1205 127.3034 24-Mar-97 116.9176 102.5637 128.4058 25-Mar-97 115.4471 102.4919 128.1103 26-Mar-97 114.7059 103.948 128.3425 27-Mar-97 113.2353 101.8294 125.6441 28-Mar-97 113.2353 101.8294 125.6441 31-Mar-97 110.2941 99.79802 122.9231 01-Apr-97 108.0941 97.87551 123.3322 02-Apr-97 98.52941 95.93409 121.7849 03-Apr-97 98.52941 97.31135 121.819 04-Apr-97 100.7412 98.10813 123.0497 07-Apr-97 108.8235 100.1312 123.7365 08-Apr-97 109.5647 100.4554 124.3843 09-Apr-97 106.6235 98.68994 123.4881 10-Apr-97 106.6235 97.5172 123.1211 11-Apr-97 104.4118 95.5998 119.762 14-Apr-97 102.9412 96.30538 120.7491 15-Apr-97 104.4118 95.57611 122.5334 16-Apr-97 104.4118 96.12772 123.9638 17-Apr-97 102.9412 97.61567 123.678 18-Apr-97 105.8824 98.60567 124.42 21-Apr-97 105.1529 99.00574 123.4507 22-Apr-97 103.6824 100.3395 125.7627 23-Apr-97 102.2118 101.4095 125.6052 24-Apr-97 100 101.2973 125.2058 25-Apr-97 97.8 99.33955 124.2625 28-Apr-97 100 99.24722 125.4948
33 DATA PAGE 4 AMH.A IDX(INDX. SAP5.K ERR PRICEHIST PRICEHIST PRICEHIST 29-Apr-97 101.4706 101.3038 128.9189 30-Apr-97 100.7412 102.1723 130.1024 01-May-97 105.8824 104.0483 129.6462 02-May-97 108.8235 106.5826 131.9906 05-May-97 109.5647 110.5932 134.7945 06-May-97 104.4118 109.0684 134.3919 07-May-97 105.1529 107.442 132.4209 08-May-97 103.6824 107.449 133.1742 09-May-97 101.4706 109.7087 133.9081 12-May-97 104.4118 110.6549 135.9992 13-May-97 100 110.4261 135.2637 14-May-97 99.27059 110.3896 135.7362 15-May-97 100 110.3531 136.6844 16-May-97 97.8 107.3874 134.715 19-May-97 99.27059 105.5748 135.2865 20-May-97 100 107.24 136.6486 21-May-97 100 109.427 136.2736 22-May-97 99.27059 109.8648 135.6745 23-May-97 102.2118 110.7838 137.5205 26-May-97 102.2118 110.7838 137.5205 27-May-97 98.52941 112.5784 137.9556 28-May-97 102.9412 113.584 137.5497 29-May-97 107.3529 113.3309 137.0415 30-May-97 117.6471 112.5427 137.7234 02-Jun-97 118.3882 113.8824 137.4117 03-Jun-97 121.3294 111.8036 137.2688 04-Jun-97 114.7059 114.3745 136.397 05-Jun-97 117.6471 114.9861 136.936 06-Jun-97 117.6471 116.298 139.3032 09-Jun-97 118.3882 116.2091 140.0987 10-Jun-97 115.4471 115.5029 140.4819 11-Jun-97 117.6471 117.2883 141.18 12-Jun-97 117.6471 118.4499 143.4384 13-Jun-97 118.3882 119.7911 145.0278 16-Jun-97 117.6471 120.1944 145.1301 17-Jun-97 113.9765 120.2426 145.2146 18-Jun-97 113.2353 120.5053 144.3443 19-Jun-97 115.4471 123.0542 145.7942 20-Jun-97 115.4471 122.3099 145.9094 23-Jun-97 111.0353 121.83 142.6493 24-Jun-97 109.5647 123.6365 145.5263 25-Jun-97 105.8824 123.1949 144.333 26-Jun-97 102.9412 122.3083 143.4708 27-Jun-97 105.1529 123.1028 144.0586 30-Jun-97 103.6824 123.3291 143.7079 01-Jul-97 105.1529 122.3702 144.6642 02-Jul-97 116.1765 124.0497 146.7748 03-Jul-97 118.3882 125.2765 148.8676 04-Jul-97 118.3882 125.2765 148.8676 07-Jul-97 111.7647 125.6255 148.1012
34 DATA PAGE 4 AMH.A IDX(INDX. SAP5.K ERR PRICEHIST PRICEHIST PRICEHIST 08-Jul-97 114.7059 127.6567 149.1647 09-Jul-97 112.5059 127.6434 147.3447 10-Jul-97 113.2353 129.112 148.3578 11-Jul-97 115.4471 132.6362 148.8286 14-Jul-97 120.5882 136.0792 149.1046 15-Jul-97 122.0588 137.6474 150.3028 16-Jul-97 122.0588 139.1612 152.0611 17-Jul-97 120.5882 136.7087 151.2526 18-Jul-97 117.6471 136.4275 148.6045 21-Jul-97 115.4471 136.8433 148.2214 22-Jul-97 120.5882 139.355 151.6374 23-Jul-97 119.1176 143.961 152.0562 24-Jul-97 118.3882 140.355 152.6635 25-Jul-97 119.1176 141.7527 152.4183 28-Jul-97 121.3294 141.1435 152.0384 29-Jul-97 138.9765 140.1558 152.9865
35 DATA PAGE 5 AMH.A SAP5.K IDX(hard.MGP) PRICEHIST PRICEHIST PRICEHIST 31-Dec-93 100 100 100 03-Jan-94 106.25 99.78347 100.5324 04-Jan-94 114.5833 100.0943 99.69089 05-Jan-94 116.6667 100.2358 102.7589 06-Jan-94 116.6667 100.1436 103.6315 07-Jan-94 116.6667 100.7396 104.8185 10-Jan-94 116.6667 101.8909 104.3182 11-Jan-94 110.4167 101.6465 101.6608 12-Jan-94 110.4167 101.6551 102.441 13-Jan-94 106.25 101.2906 102.3807 14-Jan-94 104.1667 101.8137 102.1123 17-Jan-94 106.25 101.4685 101.1406 18-Jan-94 108.3333 101.6722 100.9689 19-Jan-94 110.4167 101.6829 96.88889 20-Jan-94 112.5 101.8287 96.18533 21-Jan-94 114.5833 101.773 96.60788 24-Jan-94 116.6667 101.1834 96.27799 25-Jan-94 114.5833 100.9583 96.5561 26-Jan-94 116.6667 101.4471 96.68459 27-Jan-94 120.8333 102.2725 96.14404 28-Jan-94 120.8333 102.6262 96.46744 31-Jan-94 118.75 103.2501 96.28004 01-Feb-94 118.75 102.8235 96.50632 02-Feb-94 116.6667 103.3337 97.0412 03-Feb-94 110.4167 103.0571 96.4209 04-Feb-94 102.0833 100.7203 93.8603 07-Feb-94 106.25 101.1384 95.27579 08-Feb-94 104.1667 100.9862 95.64056 09-Feb-94 108.3333 101.3549 96.3214 10-Feb-94 110.4167 100.5317 95.42409 11-Feb-94 108.3333 100.7997 94.63155 14-Feb-94 104.1667 100.8104 93.66597 15-Feb-94 104.1667 101.3013 93.04106 16-Feb-94 104.1667 101.3592 93.39856 17-Feb-94 102.0833 100.834 92.17584 18-Feb-94 97.91667 100.2658 91.42743 21-Feb-94 97.91667 100.2658 91.42743 22-Feb-94 102.0833 101.0741 93.02591 23-Feb-94 97.91667 100.909 92.95221 24-Feb-94 97.91667 99.5305 91.83816 25-Feb-94 97.91667 99.91853 92.82101 28-Feb-94 97.91667 100.1479 92.76505 01-Mar-94 97.91667 99.56909 94.56576 02-Mar-94 95.83333 99.64841 94.44519 03-Mar-94 93.75 99.26251 94.78992 04-Mar-94 95.83333 99.6334 94.44142
36 DATA PAGE 5 AMH.A SAP5.K IDX(hard.MGP) PRICEHIST PRICEHIST PRICEHIST 07-Mar-94 93.75 100.0986 93.88699 08-Mar-94 91.66667 99.8778 93.59987 09-Mar-94 100 100.1308 92.3643 10-Mar-94 97.91667 99.45332 92.38348 11-Mar-94 112.5 99.99786 92.65167 14-Mar-94 114.5833 100.2015 95.25948 15-Mar-94 112.5 100.1201 94.44683 16-Mar-94 114.5833 100.6367 96.91417 17-Mar-94 112.5 100.954 96.54455 18-Mar-94 112.5 100.9883 95.91841 21-Mar-94 110.4167 100.4481 94.79841 22-Mar-94 110.4167 100.5038 94.6526 23-Mar-94 112.5 100.4481 94.63187 24-Mar-94 110.4167 99.54979 91.88271 25-Mar-94 110.4167 98.74156 89.53823 28-Mar-94 112.5 98.61722 89.92911 29-Mar-94 110.4167 97.00504 87.96932 30-Mar-94 108.3333 95.51935 88.03008 31-Mar-94 108.3333 95.56651 89.17222 01-Apr-94 108.3333 95.56651 89.17222 04-Apr-94 108.3333 94.09797 86.7886 05-Apr-94 112.5 96.10676 88.27696 06-Apr-94 114.5833 96.05531 87.9311 07-Apr-94 120.8333 96.66202 90.20075 08-Apr-94 116.6667 95.85165 88.53072 11-Apr-94 116.6667 96.44549 89.57739 12-Apr-94 114.5833 95.95241 88.83333 13-Apr-94 112.5 95.67156 86.87416 14-Apr-94 114.5833 95.69729 86.25936 15-Apr-94 110.4167 95.65441 80.05212 18-Apr-94 108.3333 94.8569 77.52372 19-Apr-94 108.3333 94.87405 78.62807 20-Apr-94 110.4167 94.74971 74.02917 21-Apr-94 116.6667 96.20109 79.37572 22-Apr-94 122.9167 95.96527 79.05863 25-Apr-94 114.5833 97.05435 80.91171 26-Apr-94 116.6667 96.87426 81.25107 27-Apr-94 116.6667 96.87426 81.25107 28-Apr-94 110.4167 96.28042 82.19186 29-Apr-94 112.5 96.66845 82.10932 02-May-94 118.75 97.12081 82.39481 03-May-94 120.8333 97.12295 82.83451 04-May-94 118.75 96.84211 82.75739 05-May-94 118.75 96.76921 82.47013 06-May-94 116.6667 96.006 83.07148 09-May-94 114.5833 94.82688 82.71038 10-May-94 118.75 95.61797 83.01612 11-May-94 116.6667 94.64894 82.82114 12-May-94 118.75 95.13345 82.70038 13-May-94 116.6667 95.21707 82.06564
37 DATA PAGE 5 AMH.A SAP5.K IDX(hard.MGP) PRICEHIST PRICEHIST PRICEHIST 16-May-94 118.75 95.2921 81.3954 17-May-94 120.8333 96.3383 81.51523 18-May-94 118.75 97.26444 83.93484 19-May-94 118.75 97.86258 86.84217 20-May-94 116.6667 97.52814 87.34324 23-May-94 114.5833 97.1594 86.19575 24-May-94 112.5 97.50456 86.56355 25-May-94 114.5833 97.83257 86.06548 26-May-94 114.5833 97.98692 85.53986 27-May-94 114.5833 98.04481 84.74165 30-May-94 114.5833 98.04481 84.74165 31-May-94 110.4167 97.86687 85.08772 01-Jun-94 108.3333 98.10912 86.34897 02-Jun-94 104.1667 98.11341 85.28136 03-Jun-94 102.0833 98.64509 84.52709 06-Jun-94 102.0833 96.3771 85.95648 07-Jun-94 102.0833 98.23347 85.11294 08-Jun-94 104.1667 97.98692 84.69809 09-Jun-94 110.4167 98.15843 84.34948 10-Jun-94 108.3333 98.33208 85.10506 13-Jun-94 106.25 98.42427 85.79412 14-Jun-94 106.25 99.12531 85.56113 15-Jun-94 106.25 98.74799 85.13923 16-Jun-94 106.25 99.03098 85.78223 17-Jun-94 104.1667 98.28492 84.36699 20-Jun-94 104.1667 97.64819 82.26652 21-Jun-94 97.91667 96.76064 80.82734 22-Jun-94 102.0833 97.13581 82.4187 23-Jun-94 100 96.39404 81.90477 24-Jun-94 93.75 94.92979 80.02386 27-Jun-94 93.75 95.89667 82.60431 28-Jun-94 89.58333 95.63083 82.30296 29-Jun-94 93.75 95.96527 82.41364 30-Jun-94 91.66667 95.24494 81.38514 01-Jul-94 93.75 95.6587 78.82795 04-Jul-94 93.75 95.6587 78.82795 05-Jul-94 91.66667 95.69514 79.22506 06-Jul-94 87.5 95.64369 77.68441 07-Jul-94 91.66667 96.12606 79.3865 08-Jul-94 89.58333 96.37689 79.05113 11-Jul-94 91.66667 96.05746 78.46442 12-Jul-94 95.83333 96.03387 79.85392 13-Jul-94 97.91667 96.20109 81.36942 14-Jul-94 97.91667 97.20442 81.81171 15-Jul-94 97.91667 97.36521 80.66716 18-Jul-94 95.83333 97.59245 80.2164 19-Jul-94 100 97.30089 79.85668 20-Jul-94 104.1667 96.81638 79.07217 21-Jul-94 108.3333 97.03291 80.48269 22-Jul-94 106.25 97.1401 81.79991
38 DATA PAGE 5 AMH.A SAP5.K IDX(hard.MGP) PRICEHIST PRICEHIST PRICEHIST 25-Jul-94 108.3333 97.3845 83.39986 26-Jul-94 110.4167 97.1937 84.45407 27-Jul-94 110.4167 97.02433 83.66115 28-Jul-94 110.4167 97.38021 83.55906 29-Jul-94 114.5833 98.24418 83.77891 01-Aug-94 112.5 98.83374 84.42209 02-Aug-94 110.4167 98.73727 84.00285 03-Aug-94 108.3333 98.92807 88.00473 04-Aug-94 110.4167 98.2742 87.95215 05-Aug-94 108.3333 97.99335 87.44344 08-Aug-94 108.3333 98.16486 89.19769 09-Aug-94 110.4167 98.17344 89.95838 10-Aug-94 112.5 98.68153 91.87941 11-Aug-94 114.5833 98.3771 91.72627 12-Aug-94 114.5833 99.03312 92.23038 15-Aug-94 114.5833 98.88091 92.00721 16-Aug-94 114.5833 99.69129 92.55667 17-Aug-94 114.5833 99.72559 92.00262 18-Aug-94 110.4167 99.29682 93.40557 19-Aug-94 120.8333 99.40615 93.88707 22-Aug-94 120.8333 99.11459 94.02239 23-Aug-94 116.6667 99.58409 93.57394 24-Aug-94 118.75 100.5531 93.94116 25-Aug-94 118.75 100.3494 94.12845 26-Aug-94 131.25 101.5757 97.20209 29-Aug-94 131.25 101.7451 95.98649 30-Aug-94 137.5 102.0624 96.67323 31-Aug-94 154.1667 101.938 97.48323 01-Sep-94 154.1667 101.4407 97.91479 02-Sep-94 168.75 100.9733 100.092 05-Sep-94 168.75 100.9733 100.092 06-Sep-94 158.3333 101.1598 99.16272 07-Sep-94 152.0833 100.9669 98.57172 08-Sep-94 154.1667 101.4342 99.68289 09-Sep-94 152.0833 100.3709 99.45352 12-Sep-94 168.75 99.94855 99.07754 13-Sep-94 166.6667 100.4952 100.442 14-Sep-94 160.4167 100.5038 101.6155 15-Sep-94 158.3333 101.7923 102.8373 16-Sep-94 152.0833 101.0162 102.8137 19-Sep-94 147.9167 100.9433 104.007 20-Sep-94 143.75 99.33755 103.1115 21-Sep-94 147.9167 98.93022 102.614 22-Sep-94 145.8333 98.88948 103.5698 23-Sep-94 147.9167 98.54647 101.2048 26-Sep-94 150 98.79301 101.0089 27-Sep-94 145.8333 99.0567 100.8191 26-Sep-94 143.75 99.65484 100.4419 29-Sep-94 145.8333 99.09744 100.5046 30-Sep-94 147.9167 99.1982 101.7901
39 DATA PAGE 5 AMH.A SAP5.K IDX(hard.MGP) PRICEHIST PRICEHIST PRICEHIST 03-Oct-94 145.8333 98.99025 102.8339 04-Oct-94 139.5833 97.45739 101.165 05-Oct-94 141.6667 97.228 102.1458 06-Oct-94 143.75 96.97931 100.835 07-Oct-94 139.5833 97.56673 102.8745 10-Oct-94 139.5833 98.41141 106.0649 11-Oct-94 145.8333 99.85851 106.3764 12-Oct-94 145.8333 99.7899 106.9995 13-Oct-94 150 100.283 107.1243 14-Oct-94 150 100.5681 107.2405 17-Oct-94 152.0833 100.5381 106.3125 18-Oct-94 150 100.2594 109.3247 19-Oct-94 160.4167 100.8211 112.7917 20-Oct-94 160.4167 100.0858 111.3727 21-Oct-94 164.5833 99.66556 111.1446 24-Oct-94 156.25 98.79515 110.5356 25-Oct-94 162.5 98.94522 111.5691 26-Oct-94 166.6667 99.1789 108.7547 27-Oct-94 168.75 99.87137 110.3377 28-Oct-94 175 101.5693 112.4037 31-Oct-94 168.75 101.2649 111.4967 01-Nov-94 175 100.4223 109.7585 02-Nov-94 179.1667 100.0107 113.1015 03-Nov-94 177.0833 100.313 113.6458 04-Nov-94 168.76 99.10601 113.0951 07-Nov-94 175 99.27538 111.8403 08-Nov-94 179.1667 99.82849 113.4912 09-Nov-94 179.1667 99.7749 114.6341 10-Nov-94 175 99.54979 113.6762 11-Nov-94 172.9167 99.12102 113.7579 14-Nov-94 177.0833 99.9121 115.491 15-Nov-94 175 99.69557 116.9278 16-Nov-94 175 99.81777 119.431 17-Nov-94 172.9167 99.38043 119.9021 18-Nov-94 170.8333 98.93236 119.1508 21-Nov-94 164.5833 98.25276 120.0536 22-Nov-94 158.3333 96.49266 114.3826 23-Nov-94 162.5 96.45836 113.1691 24-Nov-94 162.5 96.45836 113.1691 25-Nov-94 164.5833 96.9643 115.5124 28-Nov-94 158.3333 97.36521 116.6204 29-Nov-94 160.4167 97.58173 117.0933 30-Nov-94 162.5 97.26444 114.8299 01-Dec-94 160.4167 96.24183 111.0406 02-Dec-94 160.4167 97.18083 113.6158 05-Dec-94 162.5 97.18512 113.8537 06-Dec-94 164.5833 97.1401 112.1764 07-Dec-94 166.6667 96.73706 112.5733 08-Dec-94 160.4167 95.49791 109.776 09-Dec-94 162.5 95.82163 111.2275
40 DATA PAGE 5 AMH.A SAP5.K IDX(hard.MGP) PRICEHIST PRICEHIST PRICEHIST 12-Dec-94 160.4167 96.35974 109.6489 13-Dec-94 160.4167 96.50552 109.3255 14-Dec-94 166.6667 97.53886 111.383 15-Dec-94 168.75 97.61818 111.845 16-Dec-94 172.9167 98.35995 111.8093 19-Dec-94 177.0833 98.16915 110.7515 20-Dec-94 177.0833 97.9955 110.398 21-Dec-94 179.1667 98.5336 111.3773 22-Dec-94 179.1667 98.54647 114.1681 23-Dec-94 177.0833 98.58077 116.0364 26-Dec-94 177.0833 98.58077 116.0364 27-Dec-94 181.25 99.14675 118.2188 28-Dec-94 179.1667 98.80159 116.189 29-Dec-94 183.3333 98.8659 117.7606 30-Dec-94 183.3333 98.46071 115.6791 02-Jan-95 183.3333 98.46071 115.6791 03-Jan-95 183.3333 98.42641 115.1988 04-Jan-95 183.3333 98.76943 114.9668 05-Jan-95 181.25 98.69011 115.4036 06-Jan-95 177.0833 98.763 118.2057 09-Jan-95 177.0833 98.79515 118.409 10-Jan-95 179.1667 98.97738 119.2886 11-Jan-95 179.1667 98.97309 117.0546 12-Jan-95 183.3333 98.96881 117.5416 13-Jan-95 185.4167 99.8971 118.4372 16-Jan-95 197.9167 100.6281 119.857 17-Jan-95 200 100.7718 121.1426 18-Jan-95 191.6667 100.701 120.4287 19-Jan-95 195.8333 100.1072 120.8452 20-Jan-95 187.5 99.64198 114.7518 23-Jan-95 195.8333 99.86279 112.8363 24-Jan-95 189.5833 99.87351 112.2578 25-Jan-95 179.1667 100.2122 108.413 26-Jan-95 172.9167 100.4009 109.0171 27-Jan-95 177.0833 100.8447 106.6313 30-Jan-95 170.8333 100.4416 103.0696 31-Jan-95 170.8333 100.8511 104.4353 01-Feb-95 175 100.8468 105.0635 02-Feb-95 175 101.3571 105.6664 03-Feb-95 177.0833 102.6134 107.3358 06-Feb-95 172.9167 103.1493 109.0048 07-Feb-95 170.8333 103.0786 109.3653 08-Feb-95 170.8333 103.16 108.5854 09-Feb-95 175 102.9457 109.3644 10-Feb-95 181.25 103.2179 109.6735 13-Feb-96 189.5833 103.2587 111.2386 14-Feb-95 193.75 103.4516 111.4554 15-Feb-95 191.6667 103.8782 112.4363 16-Feb-95 191.6667 104.024 113.623 17-Feb-95 185.4167 103.3273 111.314
41 DATA PAGE 5 AMH.A SAP5.K IDX(hard.MGP) PRICEHIST PRICEHIST PRICEHIST 20-Feb-95 185.4167 103.3273 111.314 21-Feb-95 185.4167 103.4923 111.6623 22-Feb-95 187.5 103.9919 111.8788 23-Feb-95 185.4167 104.3863 110.4223 24-Feb-95 187.5 104.6436 110.1824 27-Feb-95 187.5 103.7217 107.786 28-Feb-95 185.4167 104.4892 109.2162 01-Mar-95 177.0833 104.1162 109.9485 02-Mar-95 177.0833 104.0047 109.7527 03-Mar-95 179.1667 104.0669 110.6183 06-Mar-95 183.3333 104.1119 113.1786 07-Mar-95 177.0833 103.3594 110.0032 08-Mar-95 179.1667 103.5781 110.3435 09-Mar-95 179.1667 103.5824 111.5087 10-Mar-95 179.1667 104.9566 111.8934 13-Mar-95 187.5 105.0595 113.4299 14-Mar-95 189.5833 105.6683 110.7739 15-Mar-95 185.4167 105.4518 111.1069 16-Mar-95 187.5 106.2086 112.3537 17-Mar-95 187.5 106.2322 112.1675 20-Mar-95 185.4167 106.3672 110.9124 21-Mar-95 183.3333 106.1357 110.0746 22-Mar-95 191.6667 106.2613 109.1587 23-Mar-95 193.75 106.3244 108.9592 24-Mar-95 197.9167 107.4006 111.7025 27-Mar-95 202.0833 107.8787 111.6959 28-Mar-95 200 108.0287 113.4202 29-Mar-95 193.75 107.8615 111.3727 30-Mar-95 191.6667 107.6686 111.811 31-Mar-95 187.5 107.3448 112.6905 03-Apr-95 195.8333 107.5892 114.2082 04-Apr-95 200 108.316 113.6951 05-Apr-95 204.1667 108.3868 112.9539 06-Apr-95 204.1667 108.4961 112.7323 07-Apr-95 204.1667 108.569 115.9132 10-Apr-95 206.25 108.6955 116.9502 11-Apr-95 204.1667 108.3782 119.311 12-Apr-95 204.1667 108.7298 119.7206 13-Apr-95 210.4167 109.1714 122.7776 14-Apr-95 210.4167 109.1714 122.7776 17-Apr-95 214.5833 108.5068 124.0204 18-Apr-95 212.5 108.3439 122.5736 19-Apr-95 214.5833 108.2474 119.2105 20-Apr-95 210.4167 108.3267 118.0178 21-Apr-95 214.5833 109.0128 121.9271 24-Apr-95 214.5833 109.9561 124.9904 25-Apr-95 175 109.7867 124.2606 26-Apr-95 193.75 109.9067 125.836 27-Apr-95 197.9167 110.0975 125.6898 28-Apr-95 197.9167 110.3462 124.9601
42 DATA PAGE 5 AMH.A SAP5.K IDX(hard.MGP) PRICEHIST PRICEHIST PRICEHIST 01-May-95 195.8333 110.2498 123.5852 02-May-95 202.0833 110.3784 121.719 03-May-95 212.5 111.5832 124.4614 04-May-95 214.5833 111.5961 123.2326 05-May-95 208.3333 111.5061 121.7789 08-May-95 208.3333 112.3293 122.531 09-May-95 206.25 112.2435 122.7885 10-May-95 208.3333 112.415 123.0643 11-May-95 214.5833 112.4172 123.6029 12-May-95 212.5 112.6702 124.1643 15-May-95 212.5 113.1397 126.1469 16-May-95 212.5 113.2361 126.667 17-May-95 212.5 112.996 127.0649 18-May-95 208.3333 111.3903 124.8212 19-May-95 206.25 111.3067 123.8642 22-May-95 212.5 112.2628 125.2254 23-May-95 225 113.3219 127.8699 24-May-95 220.8333 113.3262 126.6835 25-May-95 225 113.3219 126.0769 26-May-95 220.8333 112.2628 122.985 29-May-95 220.8333 112.2628 122.985 30-May-95 220.8333 112.2478 119.8805 31-May-95 218.75 114.3531 120.0778 01-Jun-95 212.5 114.3724 121.0692 02-Jun-95 208.3333 114.1623 122.744l 05-Jun-95 210.4167 114.8247 121.5722 06-Jun-95 210.4167 114.814 119.1347 07-Jun-95 202.0833 114.2952 118.0069 08-Jun-95 200 114.128 121.2417 09-Jun-95 200 113.1825 120.8862 12-Jun-95 204.1667 113.8128 122.7769 13-Jun-95 200 114.9212 125.0494 14-Jun-95 200 115.0113 127.5084 15-Jun-95 193.75 115.1506 130.1792 16-Jun-95 195.8333 115.7316 132.2648 19-Jun-95 197.9167 116.8871 134.2383 20-Jun-95 195.8333 116.8357 135.7917 21-Jun-95 189.5833 116.6213 133.1896 22-Jun-95 191.6667 118.1413 133.1876 23-Jun-95 191.6667 117.8497 133.2871 26-Jun-95 183.3333 116.6534 130.3315 27-Jun-95 189.5833 116.289 129.1966 28-Jun-95 191.6667 116.7821 128.118 29-Jun-95 187.5 116.5977 129.4787 30-Jun-95 185.4167 116.7864 129.3882 03-Jul-95 189.5833 117.288 130.661 04-Jul-95 189.5833 117.288 130.661 05-Jul-95 185.4167 117.3245 130.8184 06-Jul-95 189.5833 118.7673 132.0046 07-Jul-95 191.6667 119.2775 133.4152
43 DATA PAGE 5 AMH.A SAP5.K IDX(hard.MGP) PRICEHIST PRICEHIST PRICEHIST 10-Jul-95 195.8333 119.4533 134.0279 11-Jul-95 191.6667 118.9366 131.8341 12-Jul-95 191.6667 120.2465 133.8056 13-Jul-95 191.6667 120.2701 136.1768 14-Jul-95 189.5833 120.0322 134.5446 17-Jul-95 187.5 120.6389 136.7959 18-Jul-95 177.0833 119.7256 134.3023 19-Jul-95 168.75 118.122 127.4076 20-Jul-95 168.75 118.6708 132.7452 21-Jul-95 168.75 118.688 133.8291 24-Jul-95 163.55 119.3333 138.0239 25-Jul-95 168.75 120.2916 138.2402 26-Jul-95 168.75 120.4009 136.805 27-Jul-95 175 121.1748 140.5108 28-Jul-95 164.5833 120.6839 138.0218 31-Jul-95 165.6333 120.4974 137.2505 01-Aug-95 165.6333 119.9786 136.647 02-Aug-95 164.5833 119.7985 137.5911 03-Aug-95 164.5833 119.7878 139.3923 04-Aug-95 162.5 119.8285 140.1111 07-Aug-95. 164.5833 120.0622 138.9344 08-Aug-95 165.6333 120.1394 140.2922 09-Aug-95 165.6333 119.9936 142.5424 10-Aug-95 163.55 119.5091 143.5328 11-Aug-95 163.55 119.0074 145.2014 14-Aug-95 164.5833 120 149.875 15-Aug-95 160.4167 119.7492 150.2234 16-Aug-95 162.5 120.0493 151.9857 17-Aug-95 161.4667 119.8499 151.9201 18-Aug-95 154.1667 119.8864 15l.7805 21-Aug-95 151.05 119.6506 147.6865 22-Aug-95 152.0833 119.9528 148.5002 23-Aug-95 152.0833 119.4426 147.4212 24-Aug-95 151.05 119.5112 145.038 25-Aug-95 151.05 120.0772 144.1976 28-Aug-95 151.05 119.8521 141.6257 29-Aug-95 151.05 120.0557 139.31 30-Aug-95 150 120.253 142.584 31-Aug-95 152.0833 120.4588 144.6758 01-Sep-95 150 120.879 145.3162 04-Sep-95 150 120.879 145.3162 05-Sep-95 156.25 122.0217 147.8692 06-Sep-95 164.5833 122.236 148.9961 07-Sep-95 163.55 122.2618 148.0496 08-Sep-95 163.55 122.7741 147.3379 11-Sep-95 160.4167 123.0378 147.087 12-Sep-95 161.4667 123.5952 145.129 13-Sep-95 164.5833 124.0798 147.6291 14-Sep-95 170.8333 125.1174 145.9988 15-Sep-95 168.75 125.0616 141.5744
44 DATA PAGE 5 AMH.A SAP5.K IDX(hard.MGP) PRICEHIST PRICEHIST PRICEHIST 18-Sep-95 166.6667 124.9373 141.7184 19-Sep-95 166.6667 125.2439 144.8372 20-Sep-95 172.9167 125.7948 141.1406 21-Sep-95 166.6667 124.9866 141.3588 22-Sep-95 166.6667 124.7143 139.8516 25-Sep-95 164.5833 124.7315 139.6002 26-Sep-95 164.5833 124.6457 133.7835 27-Sep-95 162.5 124.5664 134.773 28-Sep-95 158.3333 125.6019 138.8579 29-Sep-95 160.4167 125.2889 141.2059 02-Oct-95 159.3833 124.7122 138.5084 03-Oct-95 162.5 124.8451 139.2236 04-Oct-95 161.4667 124.6586 135.2748 05-Oct-95 162.5 124.9073 136.579 06-Oct-95 166.6667 124.8773 136.1565 09-Oct-95 164.5833 123.994 132.018 10-Oct-95 157.3 123.8118 126.8712 11-Oct-95 159.3833 124.2277 129.7874 12-Oct-95 159.3833 125.008 133.9674 13-Oct-95 166.6667 125.3082 136.898 16-Oct-95 166.6667 124.993 137.3355 17-Oct-95 170.8333 125.797 141.6549 18-Oct-95 177.0833 125.9385 145.23 19-Oct-95 175 126.6266 147.7729 20-Oct-95 163.55 125.9428 145.2979 23-Oct-95 161.4667 125.4282 150.1349 24-Oct-95 166.6667 125.7455 148.0371 25-Oct-95 161.4667 124.873 147.3007 26-Oct-95 157.3 123.6403 145.086 27-Oct-95 151.05 124.2791 146.0531 30-Oct-95 156.25 125.0402 151.3402 31-Oct-95 156.25 124.665 148.9954 01-Nov-95 155.2167 125.2482 151.0996 02-Nov-95 154.1667 126.4273 154.0319 03-Nov-95 155.2167 126.6095 157.6392 06-Nov-95 158.3333 126.1571 157.3211 07-Nov-95 155.2167 125.6984 153.2192 08-Nov-95 153.1333 126.8539 153.0608 09-Nov-95 151.05 127.1862 156.068 10-Nov-95 152.0833 127.0704 159.6745 13-Nov-95 153.1333 126.9804 156.6982 14-Nov-95 152.0833 126.3351 149.976 15-Nov-95 154.1667 127.3363 151.3031 16-Nov-95 158.3333 128.0609 151.825 17-Nov-95 164.5833 128.6462 149.6042 20-Nov-95 164.5833 127.9558 146.4304 21-Nov-95 163.55 128.6826 144.5562 22-Nov-95 163.55 128.2881 143.6011 23-Nov-95 163.55 128.2881 143.6011 24-Nov-95 163.55 128.6247 144.2212
45 DATA PAGE 5 AMH.A SAP5.K IDX(hard.MGP) PRICEHIST PRICEHIST PRICEHIST 27-Nov-95 161.4667 128.9141 145.165 28-Nov-95 162.5 130.0139 151.6657 29-Nov-95 161.4667 130.2691 152.7892 30-Nov-95 158.3333 129.7824 148.4067 01-Dec-95 160.4167 130.1276 147.3614 04-Dec-95 162.5 131.5639 152.6588 05-Dec-95 163.55 132.4215 152.9619 06-Dec-95 154.1667 132.9574 154.2084 07-Dec-95 155.2167 132.0978 151.7466 08-Dec-95 155.2167 132.3786 152.0707 11-Dec-95 153.1333 132.816 152.66 12-Dec-95 154.1667 132.6573 151.648 13-Dec-95 153.1333 133.2812 151.6752 14-Dec-95 150 132.2585 149.2677 15-Dec-95 150 132.1342 145.6928 18-Dec-95 143.75 130.0911 143.8091 19-Dec-95 145.8333 131.1888 150.7156 20-Dec-95 142.7167 129.9046 149.1955 21-Dec-95 139.5833 130.8801 150.9817 22-Dec-95 140.6333 131.1952 157.1169 25-Dec-95 140.6333 131.1952 157.1169 26-Dec-95 137.5 131.6969 154.2325 27-Dec-95 141.6667 131.7462 153.2437 28-Dec-95 136.4667 131.6583 151.3625 29-Dec-95 141.6667 132.0463 152.3487 01-Jan-96 141.6667 132.0463 152.3487 02-Jan-96 137.5 133.0754 153.4221 03-Jan-96 133.3333 133.2018 149.1327 04-Jan-96 132.3 132.4258 142.6851 05-Jan-96 132.3 132.2135 145.1945 08-Jan-96 132.3 132.5887 145.9918 09-Jan-96 131.25 130.6571 140.7289 10-Jan-96 131.25 128.3053 138.4899 11-Jan-96 133.3333 129.2078 141.5506 12-Jan-96 131.25 129.0192 139.226 15-Jan-96 132.3 128.5926 135.1432 16-Jan-96 131.25 130.4406 138.6519 17-Jan-96 130.2167 129.9968 139.8783 18-Jan-96 131.25 130.3977 145.6404 19-Jan-96 128.1333 131.1673 151.8528 22-Jan-96 131.25 131.5039 155.2412 23-Jan-96 134.3833 131.3731 159.1847 24-Jan-96 137.5 132.9103 167.4974 25-Jan-96 128.1333 132.2821 158.7856 26-Jan-96 126.05 133.2662 160.6559 29-Jan-96 131.25 133.8236 161.3712 30-Jan-96 115.6333 135.0949 162.2447 31-Jan-96 121.8833 136.3533 161.8616 01-Feb-96 125 136.8764 164.2263 02-Feb-96 127.0833 136.3147 162.892
46 DATA PAGE 5 AMH.A SAP5.K IDX(hard.MGP) PRICEHIST PRICEHIST PRICEHIST 05-Feb-96 130.2167 137.5131 171.3579 06-Feb-96 133.3333 138.5636 171.808 07-Feb-96 133.3333 139.3354 172.165 08-Feb-96 129.1667 140.6517 174.9405 09-Feb-96 135.4167 140.716 173.2051 12-Feb-96 138.55 141.8051 172.1136 13-Feb-96 136.4667 141.6036 169.6941 14-Feb-96 137.5 140.5467 166.2996 15-Feb-96 143.75 139.6334 164.4033 16-Feb-96 147.9167 138.9174 167.2476 19-Feb-96 147.9167 138.9174 167.2476 20-Feb-96 144.8 137.3459 166.0044 21-Feb-96 146.8833 138.9431 169.4744 22-Feb-96 147.9167 141.2499 176.8222 23-Feb-96 143.75 141.297 176.3322 26-Feb-96 141.6667 139.449 174.2065 27-Feb-96 139.5833 138.7587 177.7487 28-Feb-96 142.7167 138.2249 176.4834 29-Feb-96 139.5833 137.2987 172.4111 01-Mar-96 148.9667 138.1434 160.856 04-Mar-96 143.75 139.5241 157.9795 05-Mar-96 147.9167 140.5917 160.971 06-Mar-96 145.8333 139.7792 155.7716 07-Mar-96 154.1667 140.1329 156.6836 08-Mar-96 145.8333 135.8131 152.0157 11-Mar-96 153.1333 137.2108 157.5364 12-Mar-96 150 136.5827 153.1545 13-Mar-96 151.05 136.8957 156.7132 14-Mar-96 150 137.3931 157.4106 15-Mar-96 152.0833 137.5131 158.3276 18-Mar-96 152.0833 139.9185 169.4434 19-Mar-96 150 139.7127 167.1862 20-Mar-96 147.9167 139.3461 153.3911 21-Mar-96 144.8 139.1768 149.32 22-Mar-96 145.8333 139.4833 150.9779 25-Mar-96 143.75 139.359 146.9386 26-Mar-96 139.5833 139.9871 143.6427 27-Mar-96 141.6667 139.1167 146.2227 28-Mar-96 140.6333 139.1232 146.1377 29-Mar-96 141.6667 138.3857 148.7486 01-Apr-96 146.8833 140.1501 151.3419 02-Apr-96 150 140.4781 154.7766 03-Apr-96 154.1667 140.611 154.5897 04-Apr-96 181.25 140.6067 153.6943 05-Apr-96 181.25 140.6067 153.6943 08-Apr-96 175 138.1156 152.83 09-Apr-96 181.25 137.6761 152.6847 10-Apr-96 177.0833 135.8131 151.539 11-Apr-96 170.8333 135.3157 150.2365 12-Apr-96 179.1667 136.5012 150.2972
47 DATA PAGE 5 AMH.A SAP5.K IDX(hard.MGP) PRICEHIST PRICEHIST PRICEHIST 15-Apr-96 181.25 137.7404 152.8162 16-Apr-96 179.1667 138.2785 154.5186 17-Apr-96 179.1667 137.5517 150.1812 18-Apr-96 197.9167 137.9805 152.9703 19-Apr-96 216.6667 138.2935 157.1587 22-Apr-96 206.25 138.8981 159.3719 23-Apr-96 222.9167 139.6891 163.8901 24-Apr-96 216.6667 139.3869 166.3662 25-Apr-96 214.5833 139.9657 165.8516 26-Apr-96 214.5833 140.0922 164.8089 29-Apr-96 212.5 140.2423 164.8417 30-Apr-96 212.5 140.2444 162.798 01-May-96 204.1667 140.3323 161.8668 02-May-96 202.0833 137.9312 157.621 03-May-96 197.9167 137.556 157.5216 06-May-96 185.4167 137.3802 160.8246 07-May-96 197.9167 136.8335 156.7961 08-May-96 193.75 138.2292 155.0057 09-May-96 187.5 138.3728 155.7073 10-May-96 185.4167 139.7985 155.5296 13-May-96 193.75 141.818 158.1307 14-May-96 191.6667 142.6948 159.0041 15-May-96 202.0833 142.6562 160.8597 16-May-96 197.9167 142.534 157.6586 17-May-96 193.75 143.4044 160.0535 20-May-96 200 144.3134 159.6254 21-May-96 195.8333 144.2298 158.0036 22-May-96 208.3333 145.4432 158.2496 23-May-96 200 144.9244 154.2318 24-May-96 204.1667 145.4625 155.2491 27-May-96 204.1667 145.4625 155.2491 28-May-96 191.6667 144.1162 153.351 29-May-96 185.4167 143.1943 150.3251 30-May-96 191.6667 144.0026 149.5906 31-May-96 195.8333 143.4495 148.3739 03-Jun-96 183.3333 143.1407 145.6336 04-Jun-96 193.75 144.1869 146.6534 05-Jun-96 200 145.4475 148.1563 06-Jun-96 185.4167 144.2877 143.7559 07-Jun-96 191.6667 144.3477 142.8472 10-Jun-96 189.5833 144.1012 145.7217 11-Jun-96 189.5833 143.8461 146.5344 12-Jun-96 183.3333 143.4323 146.473 13-Jun-96 185.4167 143.1922 144.1329 14-Jun-96 185.4167 142.7484 142.3474 17-Jun-96 183.3333 142.6005 140.9933 18-Jun-96 183.3333 141.9359 138.0783 19-Jun-96 179.1667 141.9145 137.1971 20-Jun-96 179.1667 141.9445 137.3063 21-Jun-96 170.8333 142.9607 134.7316
48 DATA PAGE 5 AMH.A SAP5.K IDX(hard.MGP) PRICEHIST PRICEHIST PRICEHIST 24-Jun-96 175 143.3916 137.4548 25-Jun-96 168.75 143.3123 136.6928 26-Jun-96 162.5 142.4354 133.4535 27-Jun-96 162.5 143.3273 138.9291 28-Jun-96 179-1667 143.7732 139.9809 01-Jul-96 168.75 144.8987 140.8624 02-Jul-96 170-8333 144.412 133.8233 03-Jul-96 164.5833 144.1526 130.8546 04-Jul-96 164.5833 144.1526 130.8546 05-Jul-96 159.3833 140.9454 128.2461 08-Jul-96 154.1667 139.895 127.515 09-Jul-96 152.0833 140.3687 125.2313 1O-Jul-96 150 140.6496 124.8868 11-Jul-96 151.05 138.4221 115.8362 12-Jul-96 154.1667 138.5336 114.8209 15-Jul-96 148.9667 135.0198 107.9921 16-Jul-96 145.8333 134.7133 113.2176 17-Jul-96 150 135.9353 117.1387 18-Jul-96 153.1333 137.9698 116.9368 19-Jul-96 152.0833 136.9343 114.9098 22-Jul-96 146.8833 135.8709 113.5995 23-Jul-96 150 134.3917 110.7497 24-Jul-96 153.1333 134.3445 111.9044 25-Jul-96 156.25 135.3135 116.7236 26-Jul-96 154.1667 136.3276 119.458 29-Jul-96 150 135.2578 119.9584 30-Jul-96 166.6667 136.1904 119.8837 31-Ju1-96 164.5833 137.1958 120.303 01-Aug-96 165-6333 139.3547 121.8237 02-Aug-96 166.6667 142.0281 124.0902 05-Aug-96 166.6667 141.5436 123.6869 06-Aug-96 166.6667 142.0045 122.4844 07-Aug-96 166.6667 142.3861 125.4017 08-Aug-96 168.75 142.0495 128.903 09-Aug-96 166.6667 141.9445 128.0934 12-Aug-96 170.8333 142.7313 126.7306 13-Aug-96 181.25 141.5371 124.3913 14-Aug-96 181.25 141.9338 126.0313 15-Aug-96 181.25 141.9831 122.9423 16-Aug-96 177.0833 142.6112 123.7413 19-Aug-96 177.0833 142.9049 124.8673 20-Aug-96 177.0833 142.7141 124.3864 21-Aug-96 172.9167 142.5812 126.6505 22-Aug-96 170.8333 143.7839 128.9439 23-Aug-96 170.8333 143.0014 127.9884 26-Aug-96 166.6667 142.3261 126.4355 27-Aug-96 168.75 142.8663 126.427 28-Aug-96 166.6667 142.5255 129.1068 29-Aug-96 164.5833 140.9369 128.1158 30-Aug-96 165.6333 139.777 126.2872
49 DATA PAGE 5 AMH.A SAP5.K IDX(hard.MGP) PRICEHIST PRICEHIST PRICEHIST 02-Sep-96 165.6333 139.777 126.2872 03-Sep-96 158.3333 140.3623 125.8812 04-Sep-96 154.1667 140.5531 126.1723 05-Sep-96 151.05 139.2304 123.3346 06-Sep-96 155.2167 140.5681 124.9565 09-Sep-96 160.4167 142.3004 126.593 1O-Sep-96 159.3833 142.3111 129.7978 ll-Sep-96 161-4667 143.055 132.8172 12-Sep-96 157.3 143.8847 132.969 13-Sep-96 159.3833 145.8977 136.4345 16-Sep-96 160.4167 146.6352 136.4672 17-Sep-96 160.4167 146.4123 138.2812 18-Sep-96 155.2167 146.0971 139.9004 19-Sep-96 156.25 146.4251 140.0124 20-Sep-96 159.3833 147.2891 141.3122 23-Sep-96 156.25 147.1712 142.3324 24-Sep-96 155.2167 146.9847 143.5082 25-Sep-96 156.25 147.0318 142.9915 26-Sep-96 155.2167 147.0383 137.2246 27-Sep-96 158.3333 147.109 137.9712 30-Sep-96 157.3 147.3534 137.9838 01-Oct-96 154.1667 147.7286 134.5416 02-Oct-96 152.0833 148.7855 132.6637 03-Oct-96 151.05 148.5218 131.9162 04-Oct-96 146.8833 150.3827 132.9124 07-Oct-96 159.3833 150.7857 135.209 08-Oct-96 160.4167 150.2069 135.8989 09-Oct-96 163.55 149.3708 135.6965 1O-Oct-96 166.6667 148.9141 135.9815 11-Oct-96 164.5833 150.2112 137.7616 14-Oct-96 161.4667 150.8286 139.4944 15-Oct-96 159.3833 150.6206 138.221 16-Oct-96 158.3333 151.0151 141.2493 17-Oct-96 161.4667 151.5682 141.4395 18-Oct-96 165.6333 152.3893 141.1149 21-Oct-96 175 152.1814 142.1915 22-Oct-96 170.8333 151.4782 134.6903 23-Oct-96 166.6667 151.6283 138.0023 24-Oct-96 164.5833 150.5606 134.246 25-Oct-96 166.6667 150.2669 135.8143 28-Oct-96 163.55 149.4823 134.2039 29-Oct-96 175 150.3913 133.4159 30-Oct-96 168.75 150.2626 133.9064 31-Oct-96 170.8333 151.1995 136.3902 01-Nov-96 166.6667 150.8779 132.7294 04-Nov-96 165.6333 151.5125 134.9689 05-Nov-96 172.9167 153.1011 136.1078 06-Nov-96 172.9167 155.3414 138.8208 07-Nov-96 170.8333 155.9974 142.5863 08-Nov-96 168.75 156.677 142.5337
50 DATA PAGE 5 AMH.A SAP5.K IDX(hard.MGP) PRICEHIST PRICEHIST PRICEHIST 11-Nov-96 170.8333 156.9021 144.1876 12-Nov-96 177.0833 156.4069 142.9074 13-Nov-96 175 156.7435 143.6626 14-Nov-96 177.0833 157.7618 145.5798 15-Nov-96 183.3333 158.1348 148.5548 18-Nov-96 181.25 158.0062 148.9079 19-Nov-96 181.25 159.1082 154.2045 20-Nov-96 185.4167 159.4919 152.8681 21-Nov-96 187.5 159.2346 153.0475 22-Nov-96 200 160.5167 157.8537 25-Nov-96 197.9167 162.2961 156.8984 26-Nov-96 197.9167 162.0667 155.1785 27-Nov-96 195.8333 161.8609 157.1337 28-Nov-96 195.8333 161.8609 157.1337 29-Nov-96 197.9167 162.2939 157.7483 02-Dec-96 202.0833 162.1953 162.8888 03-Dec-96 208.3333 160.4202 161.2987 04-Dec-96 204.1667 159.7385 164.3274 05-Dec-96 197.9167 159.5841 164.2727 06-Dec-96 195.8333 158.5593 160.4843 09-Dec-96 208.3333 160.7482 166.0272 1O-Dec-96 212.5 160.2615 163.5008 11-Dec-96 202.0833 158.8016 161.3334 12-Dec-96 214.5833 156.3576 161.0253 13-Dec-96 227.0833 156.2097 159.7486 16-Dec-96 218.75 154.5675 154.9468 17-Dec-96 214-5833 155.6523 154.7477 18-Dec-96 225 156.8314 159.9169 19-Dec-96 218.75 159.8799 160.6905 20-Dec-96 218.75 160.5467 159.1921 23-Dec-96 208.3333 160.1286 158.1159 24-Dec-96 208.3333 161.0098 158.3211 25-Dec-96 208.3333 161.0098 158.3211 26-Dec-96 206.25 162.0367 160.2135 27-Dec-96 212.5 162.2446 159.9907 30-Dec-96 208.3333 161.6143 157.8118 31-Dec-96 202.0833 158.8037 154.2227 01-Jan-97 202.0833 158.8037 154.2227 02-Jan-97 200 158.0041 153.8926 03-Jan-97 212.5 160.3666 159.4738 06-Jan-97 210.4167 160.2851 160.7868 07-Jan-97 200 161.4814 162.1123 08-Jan-97 195.8333 160.4481 160.2015 09-Jan-97 200 161.8287 159.4299 1O-Jan-97 200 162.8256 160.2115 13-Jan-97 200 162.8277 162.0912 14-Jan-97 204.1667 164.8322 162.2977 15-Jan-97 204.1667 164.4764 164.5443 16-Jan-97 202.0833 165.023 167.4186 17-Jan-97 189.5833 166.3994 167.3328
51 DATA PAGE 5 AMH.A SAP5.K IDX(hard.MGP) PRICEHIST PRICEHIST PRICEHIST 20-Jan-97 189.5833 166.513 166.3942 21-Jan-97 189.5833 167.8036 169.5321 22-Jan-97 195.8333 168.5561 168.3817 23-Jan-97 193.75 166.6974 165.3257 24-Jan-97 189.5833 165.1881 165.9756 27-Jan-97 189.5833 164.009 165.007 28-Jan-97 191.6667 164.009 168.1167 29-Jan-97 187.5 165.6126 168.6069 30-Jan-97 191.6667 168.1145 169.4 31-Jan-97 191.6667 168.5411 167.9159 03-Feb-97 187.5 168.6633 166.4779 04-Feb-97 185.4167 169.2057 164.6116 05-Feb-97 183.3333 166.8518 160.3365 06-Feb-97 183.3333 167.2527 159.3629 07-Feb-97 185.4167 169.27 161.1552 10-Feb-97 183.3333 168.3846 160.238 11-Feb-97 181.25 169.2764 162.2699 12-Feb-97 177.0833 172.102 161.7602 13-Feb-97 179.1667 174.0422 162.9191 14-Feb-97 181.25 173.3262 163.4767 17-Feb-97 181.25 173.3262 163.4767 18-Feb-97 189.5833 175.0005 163.3396 19-Feb-97 189.5833 174.1859 167.3214 20-Feb-97 185.4167 172.1085 166.055 21-Feb-97 183.3333 171.8877 164.5716 24-Feb-97 187.5 173.7121 167.4023 25-Feb-97 183.3333 174.1023 169.1922 26-Feb-97 172.9167 172.7259 168.0555 27-Feb-97 168.75 170.4513 160.9299 28-Feb-97 164.5833 169.5401 160.5541 03-Mar-97 179.1667 170.5027 162.514 04-Mar-97 175 169.568 163.4036 05-Mar-97 170.8333 171.9348 163.6507 06-Mar-97 168.75 171.1995 163.3373 07-Mar-97 170.8333 172.5737 160.8938 10-Mar-97 179.1667 174.4346 161.6516 11-Mar-97 168.75 173.9393 161.7566 12-Mar-97 163.55 172.4215 162.6486 13-Mar-97 164.5633 169.27 159.1087 14-Mar-97 170.8333 170.0439 158.9145 17-Mar-97 168.75 170.5885 156.1714 18-Mar-97 164.5833 169.2915 155.2853 19-Mar-97 156.25 168.4575 152.7205 20-Mar-97 165.6333 167.7886 154.2329 21-Mar-97 159.3833 168.0995 151.9284 24-Mar-97 165.6333 169.5552 152.2203 25-Mar-97 163.55 169.165 153.0402 26-Mar-97 162.5 169.4715 155.0778 27-Mar-97 160.4167 165.9085 151.4267 28-Mar-97 160.4167 165.9085 151.4267
52 DATA PAGE 5 AMH.A SAP5.K IDX(hard.MGP) PRICEHIST PRICEHIST PRICEHIST 31-Mar-97 156.25 162.3154 148.3977 0l-Apr-97 153.1333 162.8556 145.5563 02-Apr.97 139.5833 160.8125 142.2106 03-Apr-97 139.5833 160.8575 144.5841 04-Apr-97 142.7167 162.4826 145.9572 07-Apr-97 154.1667 163.3894 148.9718 08-Apr-97 155.2167 164.2448 150.0023 09-Apr-97 151.05 163.0614 146.9599 10-Apr-97 151.05 162.5769 145.4106 11-Apr-97 147.9167 158.1413 142.578 14-Apr-97 145.8333 159-4447 143.7939 15-Apr-97 147.9167 161.8008 142.0654 16-Apr-97 147.9167 163.6896 143.016 17-Apr-97 145.8333 163.3123 146.052 18-Apr-97 150 164.292 147.7581 21-Apr-97 148.9667 163.0121 146.0889 22-Apr-97 146.8833 166.065 149.8025 23-Apr-97 144.8 165.857 150.703 24-Apr-97 141.6667 165.3296 150.5096 25-Apr-97 138.55 164.084 148.5511 28-Apr-97 141.6667 165.7112 147.9202 29-Apr-97 143.75 170.2326 151.936 30-Apr-97 142.7167 171.7955 153.4328 01-May-97 150 171.1931 156.6658 02-May-97 154.1667 174.2888 160.5615 05-May-97 155.2167 177.9912 167.0012 06-May-97 147.9167 177.4595 164.8453 07-May-97 148.9667 174.8569 162.0425 08-May-97 146.8833 175.8516 162.0546 09-May-97 143.75 176.8207 165.0052 12-May-97 147.9167 179.5819 167.5793 13-May-97 141.6667 178.6108 167.185 14-May-97 140.6333 179.2346 166.6504 15-May-97 141.6667 180.4867 166.1159 16-May-97 138.55 177.8862 160.0614 19-May-97 140.6333 178.6408 156.9378 20-May-97 141.6667 180.4395 159.8074 21-May-97 141.6667 179.9443 162.6329 22-May-97 140.6333 179.1532 162.9156 23-May-97 144.8 181.5907 164.4993 26-May-97 144.8 181.5907 164.4993 27-May-97 139.5833 182.1653 168.0638 28-May-97 145.8333 181.6293 169.325 29-May-97 152.0833 180.9583 169.5946 30-May-97 166.6667 181.6587 168.0022 02-Jun-97 167.7167 181.4471 170.3109 03-Jun-97 171.8833 181.2584 167.2002 04-Jun-97 162.5 180.1072 171.1591 05-Jun-97 166.6667 180.819 172.2129 06-Jun-97 166.6667 183.9447 174.4739
53 DATA PAGE 5 AMH.A SAP5.K IDX(hard.MGP) PRICEHIST PRICEHIST PRICEHIST 09-Jun-97 167.7167 189.9952 174.3206 10-Jun-97 163.55 185.5011 172.6318 11-Jun-97 166.6667 186.423 175.7088 12-Jun-97 166.6667 189.4051 178.1823 13-Jun-97 167.7167 191.5039 180.0219 16-Jun-97 166.6667 191.639 181.1886 17-Jun-97 161.4667 191.7505 181.2717 18-Jun-97 160.4167 190.6014 181.2527 19-Jun-97 163.55 192.5158 182.3432 20-Jun-97 163.55 192.668 182.4757 23-Jun-97 157.3 188.3632 181.1769 24-Jun-97 155.2167 192.1621 184.7617 25-Jun-97 150 190.5863 184.2347 26-Jun-97 145.8333 189.448 183.1787 27-Jun-97 148.9667 190.224 183.842 30-Jun-97 146.8833 189.761 183.7604 01-Jul-97 148.9667 191.0237 182.8136 02-Jul-97 164.5833 193.8107 185.4738 03-Jul-97 167.7167 196.5741 187.1164 04-Jul-97 167.7167 196.5741 187.1164 07-Jul-97 158.3333 195.5622 185.8308 08-Jul-97 162.5 196.9664 189.5652 09-Jul-97 159.3833 194.5632 189.5423 1O-Jul-97 160.4167 195.901 190.658 11-Jul-97 163.55 196.5227 196.4974 14-Jul-97 170.8333 196.8871 202.4307 15-Jul-97 172.9167 198.4693 205.3672 16-Jul-97 172.9167 200.7911 207.7421 17-Jul-97 170.8333 199.7234 203.2778 18-Jul-97 166.6667 196.2268 204.2084 21-Jul-97 163.55 195.7209 202.804 22-Jul-97 170.8333 200.2315 206.6608 23-Jul-97 168.75 200.7846 213.4171 24-Jul-97 167.7167 201.5865 216.9645 25-Jul-97 168.75 201.2627 215.725 28-Jul-97 171.8833 200.7611 214.4412 29-Jul-97 196.8833 202.0131 213.5554
54 PROJECT 2000 - -------------------------------------------------------------------------------- ALMOND COMPANY ANALYSIS OF SHAREHOLDINGS
EQUITY CURRENT % PRIMARY INSTITUTION(1) ORIENTATION CHANGE HOLDINGS SHARES - -------------- ----------- ------ -------- --------- Prudential Mutual Fund Value 257,100 10,594,818 8.6% First Pacific Advisors Value 545,000 4,045,000 3.3 Private Capital Mgmt. Value 781,600 3,959,300 3.2 Barclays Global Growth, Val., In., Quant. (64,506) 2,770,037 2.3 Brandywine Asset Mgmt. Income, Value (721,800) 2,040,000 1.7 Moody, Aldrich & Sullivan Value 619,000 1,909,000 1.6 State Street Bank and Tr. Index (6,769) 1,709,872 1.4 Bankers Trust Company Index, Growth, Value (93,492) 1,633,011 1.3 Merrill Lynch Asset Mgmt. Diversified, Growth (803,026) 1,517,569 1.2 Jenswold King & Assoc. Value (15,745) 1,507,284 1.2 Bowen Hanes & Co. n/a (99,500) 1,423,650 1.2 The Dreyfus Corp. Value 364,000 1,321,188 1.1 Pioneering Mgmt. Value 0 1,199,600 1.0 DLJ n/a 31,949 1,167,853 1.0 The Vanguard Group Div,Grth,Val.,Ind.,Quant. 1,155,841 1,155,841 0.9 N.Y. State Teachers' Index 0 1,094,100 0.9 Sanford C. Bernstein Value 1,085,603 1,085,603 0.9 McCullough, Andrews & Cap. Growth, Value (978,200) 825,000 0.7 CIMCO Inc. n/a 0 781,850 0.6 TIAA-CREF Investment Growth, Index 66,600 742,200 0.6 California Public Emp. Growth 255 669,644 0.5 Fidelity Management Growth, Value, Income (1,333,400) 659,751 0.5 Mellon Bank, N.A. Index, Value (9,013) 644,367 0.5 New York State Com Ret. Index 0 621,400 0.5 Haven Capital Mgmt. N/A (12,100) 534,200 0.4 ---------- ---- Top 25 Institutions 45,612,138 37.2% Remaining Institutions 9,012,754 7.3 ---------- ---- Total Institutional Holdings 54,624,892 44.5% ========== ====
- -------------------- Notes: (1) Source: CDA/Spectrum. (2) Based on Proxy dated May 1, 1997. (3) Total options figure provided by management.
% PRIMARY TOTAL % F.C. INSIDERS(2) SHARES SHARES OPTIONS(3) HOLDINGS SHARES - ----------- ------ --------- ---------- -------- ------ Executives & Directors Falcon Company 51,811,664 42.2% 0 51,811,664 39.0% John C. Lewis 223,890 0.2 483,000 706,890 0.5 Michael R. Hallman 0 0.0 15,000 15,000 0.0 E.F. Heizer, Jr. 8,000 0.0 29,000 37,000 0.0 Kazuto Kojima 0 0.0 20,000 20,000 0.0 Burton G. Malkiel 2,052 0.0 29,000 31,052 0.0 Takeshi Maruyama 0 0.0 5,000 5,000 0.0 George R. Packard 1,000 0.0 28,000 29,000 0.0 Walter B. Reinhold 78,605 0.1 29,000 107,605 0.1 Takashi Takaya 0 0.0 5,000 5,000 0.0 J. Sidney Webb 4,000 0.0 29,000 33,000 0.0 William F. Ferone 21,650 0.0 153,250 174,900 0.1 Michael J. Poehner 13,150 0.0 51,400 64,550 0.0 Bruce J. Ryan 64,772 0.1 83,000 147,772 0.1 David B. Wright 71,862 0.1 138,300 210,162 0.2 E. Joseph Zemke 58,589 0.0 364,000 422,589 0.3 Other 172,662 0.1 8,784,682 8,957,344 6.7 ----------- ----- ---------- ---------- ----- Total Insiders 52,531,896 42.8% 10,246,632 62,778,528 47.2% =========== ===== ========== ========== ===== SUMMARY Total Institutional 54,624,892 44.5% -- 54,624,892 41.1% Total Insiders 52,531,896 42.8 10,246,632 62,778,528 47.2 Other Holdings 15,515,581 12.6 -- 15,515,581 11.7 ----------- ----- ---------- ---------- ----- Total Shares Out. 122,672,369 100.0% 10,246,632 132,919,001 100.0% =========== ===== ========== =========== =====
- 6 - MORGAN STANLEY 55 PROJECT 2000 ALMOND COMPANY HISTORICAL FINANCIALS ($MM, except per share data)
1994 1995 1996 LTM 1Q96 1Q97 -------- -------- -------- -------- ------- ------- REVENUE Equipment $1,050.2 $ 803.6 $ 538.9 $ 557.3 $ 94.5 $112.9 Service, Software & Other 588.4 712.8 1,092.6 1,150.1 222.6 280.0 -------- -------- -------- -------- ------- ------- TOTAL $1,638.6 $1,516.4 $1,631.5 $1,707.4 $317.0 $392.9 COST OF REVENUE Equipment 716.1 540.5 559.2 545.2 85.6 71.5 % of revenue 68.2% 67.3% 103.8% 97.8% 90.6% 63.4% Service, Software & Other 327.4 419.0 815.3 876.0 158.9 219.6 % of revenue 55.6% 58.8% 74.6% 76.3% 71.4% 78.4% -------- -------- -------- -------- ------- ------- TOTAL $1,043.6 $ 959.6 $1,374.5 $1,412.2 $244.4 $291.1 % of revenue 63.7% 63.3% 84.2% 83.2% 77.1% 74.1% GROSS MARGIN $ 595.0 $ 556.8 $ 257.1 $ 286.2 $ 72.6 $101.8 % of revenue 36.3% 36.7% 15.8% 16.8% 22.9% 25.9% OPERATING EXPENSES Engineering & Development 203.2 149.6 125.8 119.9 30.6 24.7 % of revenue 12.4% 9.9% 7.7% 7.0% 9.6% 6.3% MG&A 327.9 398.1 463.2 454.1 96.4 87.2 % of revenue 20.0% 26.3% 28.4% 26.6% 30.4% 22.2% -------- -------- -------- -------- ------- ------- TOTAL $ 531.2 $ 547.7 $ 589.0 $ 574.0 $126.9 $111.9 % of revenue 32.4% 36.1% 36.1% 33.6% 40.0% 28.5% OPERATING INCOME $ 63.9 $ 9.1 ($331.9) ($287.8) ($54.3) ($10.1) % of revenue 3.9% 0.6% -20.3% -16.9% -17.1% -2.6% INTEREST Income 26.3 51.3 29.0 25.6 8.4 5.0 Expense (9.9) (10.5) (10.7) (11.4) (2.2) (2.9) -------- -------- -------- -------- ------- ------- EARNINGS BEFORE TAX $ 80.3 $ 50.0 ($313.7) ($273.5) ($48.2) ($8.0) % of revenue 4.9% 3.3% -19.2% -16.0% -15.2% -2.0% TAXES 5.5 21.5 13.0 25.6 (9.6) 3.0 % tax rate 6.8% 42.9% -4.1% -9.4% 20.0% -37.5% -------- -------- -------- -------- ------- ------- NET INCOME $ 74.8 $ 28.5 ($326.7) ($299.2) ($38.5) ($11.0) ======== ======== ======== ======== ======= ======= % of revenue 4.6% 1.9% -20.0% -17.5% -12.2% -2.8% EPS $ 0.63 $ 0.24 ($2.71) ($2.48) ($0.32) ($0.09) ======== ======== ======== ======== ======= ======= Average Shares Outstanding 118.9 120.4 120.5 120.7 119.6 122.1
SHARES 122.7 MM OPTIONS 10.0 MM AV. EP $ 7.33 DEBT $156.2 CASH 347.7 - 7 - MORGAN STANLEY 56 PROJECT 2000 - -------------------------------------------------------------------------------- Almond Summary Historical and Projected Financial Performance Revenues - Management Case
Financial Statistics 1993-2002 ($MM) ----------------------------------------------------------------------------- 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 ----- ----- ------ ------ ----- ----- ----- ----- ----- ----- Product Revenues 1,584 1,529 1,296 1,080 1,068 1,106 1,258 1,381 1,491 1,867 Percentage Growth -- (3.5%) (15.2%) (16.7%) (1.1%) 3.6% 13.7% 9.8% 7.9% 5.8% Software & Sys. Revs 97 109 220 552 734 937 1,166 1,393 1,629 1,578 Percentage Growth -- 12.4% 100.0% 150.9% 33.0% 27.7% 24.4% 19.4% 17.0% 14.6% Total Revenues 1,681 1,639 1,516 1,632 1,802 2,043 2,424 2,774 3,121 3,445
- 8 - MORGAN STANLEY 57 PROJECT 2000 - -------------------------------------------------------------------------------- Historical and Projected Quarterly Financial Performances ($MM) 1996 1997 ------------------------------------ ------------------------------------- Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 ------ ------ ------ ------ ------ ------ ------ ------ Revenues Products $224 $238 $289 $330 $237 $247 $278 $306 % Y/Y growth 5.8% 3.8% -3.8% -7.3% Software & Service 93 145 151 162 157 173 184 220 % Y/Y growth 68.8% 19.3% 21.9% 35.8% ------ ------ ------ ------ ------ ------ ------ ------ Total Revenue 317 383 440 492 394 420 462 526 % Y/Y growth 24.3% 9.7% 5.0% 6.9% Gross Profit Products 62 (98) 102 113 80 93 94 95 % of revenues 27.7% -41.2% 35.3% 34.2% 33.8% 37.7% 33.8% 31.0% Software & Service 11 21 22 25 22 20 25 37 % of revenues 11.8% 14.5% 14.6% 15.4% 14.0% 11.6% 13.6% 16.8% ------ ------ ------ ------ ------ ------ ------ ------ Gross Profit 73 (77) 124 138 102 113 119 132 % of revenues 23.0% -20.1% 28.2% 28.0% 25.9% 26.9% 25.8% 25.1% R&D Products 21 24 22 24 17 18 17 16 % of revenues 9.4% 10.1% 7.6% 7.3% 7.2% 7.3% 6.1% 5.2% Software & Service 8 29 7 10 8 7 8 8 % of revenues 8.6% 20.0% 4.6% 6.2% 5.1% 4.0% 4.3% 3.6% ------ ------ ------ ------ ------ ------ ------ ------ Total R&D 29 53 29 34 25 25 25 24 % of revenues 9.1% 13.8% 6.6% 6.9% 6.3% 6.0% 5.4% 4.6% SG&A Products 75 80 78 116 67 62 65 71 % of revenues 33.5% 33.6% 27.0% 35.2% 28.1% 24.9% 23.2% 23.0% Software & Service 23 24 25 24 21 22 20 23 % of revenues 24.7% 16.6% 16.6% 14.8% 13.1% 12.4% 10.6% 10.2% ------ ------ ------ ------ ------ ------ ------ ------ Total SG&A 98 104 103 140 87 83 84 93 % of revenues 30.9% 27.2% 23.4% 28.5% 22.1% 19.8% 18.2% 17.7% Operating Income Products (34) (202) 2 (27) (4) 14 13 9 % of revenues -15.2% -84.9% 0.7% -8.2% -1.5% 5.5% 4.5% 2.8% Software & Service (20) (32) (10) (9) (7) (9) (3) 7 % of revenues -21.5% -22.1% -6.6% -5.6% -4.1% -4.9% -1.4% 3.0% ------ ------ ------ ------ ------ ------ ------ ------ Total Operating Income (54) (234) (8) (36) (10) 5 10 15 % of revenues -17.0% -61.1% -1.8% -7.3% -2.5% 1.2% 2.2% 2.9%
1998 1999 ------------------------------------ ------------------------------------- Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 ------ ------ ------ ------ ------ ------ ------ ------ Revenues Products $216 $260 $289 $341 $276 $318 $302 $360 % Y/Y growth -8.9% 5.3% 4.0% 11.4% 27.8% 22.3% 4.5% 5.6% Software & Service 207 223 232 275 259 277 289 341 % Y/Y growth 31.8% 28.9% 26.1% 25.0% 25.1% 24.2% 24.6% 24.0% ------ ------ ------ ------ ------ ------ ------ ------ Total Revenue 423 483 521 616 535 595 591 701 % Y/Y growth 7.4% 15.0% 12.8% 17.1% 26.5% 23.2% 13.4% 13.8% Gross Profit Products 64 79 98 108 88 101 94 113 % of revenues 29.6% 30.4% 33.9% 31.7% 31.9% 31.8% 31.1% 31.4% Software & Service 35 42 43 55 47 53 52 65 % of revenues 16.9% 18.8% 18.5% 20.0% 18.1% 19.1% 18.0% 19.1% ------ ------ ------ ------ ------ ------ ------ ------ Gross Profit 99 121 141 163 135 154 146 178 % of revenues 23.4% 25.1% 27.1% 26.5% 25.2% 25.9% 24.7% 25.4% R&D Products 15 15 14 14 14 15 13 15 % of revenues 6.9% 5.8% 4.8% 4.1% 5.1% 4.7% 4.3% 4.2% Software & Service 6 6 7 7 8 7 7 7 % of revenues 2.9% 2.7% 3.0% 2.5% 3.1% 2.5% 2.4% 2.1% ------ ------ ------ ------ ------ ------ ------ ------ Total R&D 21 21 21 21 22 22 20 22 % of revenues 5.0% 4.3% 4.0% 3.4% 4.1% 3.7% 3.4% 3.1% SG&A Products 61 59 61 70 54 58 60 71 % of revenues 28.2% 22.7% 21.1% 20.5% 19.6% 18.2% 19.9% 19.7% Software & Service 15 19 16 17 18 19 19 19 % of revenues 7.2% 8.5% 6.9% 6.2% 6.9% 6.9% 6.6% 5.6% ------ ------ ------ ------ ------ ------ ------ ------ Total SG&A 76 78 77 87 72 77 79 90 % of revenues 18.0% 16.1% 14.8% 14.1% 13.5% 12.9% 13.4% 12.8% Operating Income Products (12) 5 23 24 20 28 21 27 % of revenues -5.6% 1.9% 8.0% 7.0% 7.2% 8.8% 7.0% 7.5% Software & Service 14 17 20 31 21 27 26 39 % of revenues 6.8% 7.6% 8.6% 11.3% 8.1% 9.7% 9.0% 11.4% ------ ------ ------ ------ ------ ------ ------ ------ Total Operating Income 2 22 43 55 41 55 47 66 % of revenues 0.5% 4.6% 8.3% 8.9% 7.7% 9.2% 8.0% 9.4%
- 9 - MORGAN STANLEY 58 PROJECT 2000 - -------------------------------------------------------------------------------- Historical I/B/E/S Estimates
QUARTERLY EARNINGS ESTIMATES - -------------------------------------------------------------------------------------------------------------- 1994 1995 1996 - -------------------------------------------------------------------------------------------------------------- Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 - -------------------------------------------------------------------------------------------------------------- 01/01/94 ($0.14) ($0.01) $0.01 04/01/94 (0.10) 0.10 0.03 $0.20 07/01/94 0.10 0.06 0.19 $0.25 10/01/94 0.09 0.25 0.09 $0.17 01/01/95 0.32 0.14 0.21 $0.17 04/01/95 0.16 0.23 0.17 $0.32 07/01/95 0.24 0.19 0.36 $0.17 10/01/95 0.20 0.33 0.21 $0.19 01/01/96 0.19 0.08 0.12 $0.18 04/01/96 (0.19) (0.13) 0.12 $0.39 07/01/96 (0.55) (0.01) 0.34 10/01/96 (0.16) 0.27 01/01/97 0.15 04/01/97 07/01/97 ACTUAL $0.06 $0.10 $0.12 $0.34 $0.17 $0.22 $0.17 ($0.32) ($0.32) ($0.82) ($0.04) ($0.28)
QUARTERLY EARNINGS ESTIMATES - ------------------------------------------------------- 1997 1998 ANNUAL EARNINGS ESTIMATES - ------------------------------------------------------------------------------------- Q1 Q2 Q3 Q4 Q1 1995 1996 1997 1998 - ------------------------------------------------------------------------------------- 01/01/94 $0.34 $0.52 04/01/94 0.45 0.55 07/01/94 0.45 0.63 10/01/94 0.46 0.67 01/01/95 0.59 0.81 04/01/95 0.89 $1.04 07/01/95 0.95 1.08 10/01/95 0.93 1.01 $1.40 01/01/96 0.79 0.89 1.20 04/01/96 0.26 0.98 07/01/96 $0.14 (0.57) 0.83 10/01/96 0.08 $0.20 (1.11) 0.85 01/01/97 0.05 0.17 $0.18 (1.06) 0.80 04/01/97 (0.01) 0.11 0.20 $0.35 0.64 1.11 07/01/97 0.05 0.09 0.22 $0.04 0.41 0.97 --------------- ACTUAL ($0.09) $0.02 $0.24 ($2.71) ---------------
- 10 - MORGAN STANLEY 59 PROJECT 2000 ALMOND COMPANY SUMMARY OF EARNINGS ESTIMATES(1)
Q1 Q2 Q3 Q4 FY1 FY2 3/97 6/97 9/97 12/97 12/31/97 12/31/98 LT Growth ------ ------ ------ ------ -------- -------- --------- Unidentified (7/08/97) $0.50 $1.00 DLJ Securities (7/2/97) 0.45 0.90 20% Standard & Poors (5/9/97) 0.40 0.70 Merrill Lynch (5/2/97) $0.05 0.38 0.75 Cowen & Company (4/30/97) 0.03 $0.09 $0.22 0.25 0.52 Smith Barney (6/30/97) 0.00 0.10 0.22 0.23 1.10 Buckingham Research (5/02/97) 0.01 0.01 0.27 0.20 1.10 Salomon Brothers (4/30/97) 0.04 0.06 0.14 0.15 0.45 5% Prudential Securities (4/30/97) (0.01) 0.00 0.15 0.05 MEAN $0.02 $0.05 $0.20 $0.29 $0.82 12.5% MEDIAN 0.02 0.06 0.22 0.25 0.83 12.5% HIGH 0.05 0.10 0.27 0.50 1.10 20.0% LOW (0.01) 0.00 0.14 0.05 0.45 5.0% ALMOND COMPANY INTERNAL ESTIMATES(2) $(0.09) $0.02 $0.21 $0.89
- ---------------------- Notes: (1) Based on IBES estimates as of July 24, 1997. (2) Based on Almond Company July 3 revised Forecast. -11- MORGAN STANLEY 60 PROJECT 2000 MANAGEMENT CASE ASSUMPTIONS ($MM)
ACTUAL COMPANY PROJECTIONS MS PROJECTIONS ------ -------------------- -------------------- '97-'02 1996 1997 1998 1999 2000 2001 2002 CAGR ---- ---- ---- ---- ---- ---- ---- ------- REVENUE CBG $ 432 $ 400 $ 418 $ 475 $ 523 $ 562 $ 590 8.1% % Growth -7.4% 4.5% 13.6% 10.0% 7.5% 5.0% Other Products(1) 648 668 688 783 859 929 988 8.1% % Growth 3.1% 3.0% 13.8% 9.7% 8.2% 6.3% ------ ------ ------ ------ ------ ------ ------ Total 1,080 1,068 1,106 1,258 1,381 1,491 1,578 8.1% % Growth -1.1% 3.6% 13.7% 9.8% 7.9% 5.8% DMR 484 643 802 1,004 1,205 1,416 1,628 20.4% % Growth 32.9% 24.7% 25.2% 20.0% 17.5% 15.0% Other Software & Services(2) 68 91 135 162 188 214 239 21.3% % Growth 33.8% 48.4% 20.0% 16.0% 13.7% 11.9% ------ ------ ------ ------ ------ ------ ------ Total 552 734 937 1,166 1,393 1,629 1,867 20.5% % Growth 33.0% 27.7% 24.4% 19.4% 17.0% 14.6% ------ ------ ------ ------ ------ ------ ------ Total Revenue 1,632 1,802 2,043 2,424 2,774 3,121 3,445 13.8% % Growth 10.4% 13.4% 18.6% 14.4% 12.5% 10.4% OPERATING INCOME CBG (334) (25) (22) 14 16 11 6 Other Products 73 56 62 82 91 93 89 9.8% ------ ------ ------ ------ ------ ------ ------ Total (261) 31 40 96 107 104 95 25.2% % of revenue -24.2% 2.9% 3.6% 7.6% 7.7% 7.0% 6.0% DMR (10) 18 65 92 92 101 116 45.1% Other Software & Services (61) (29) 17 22 27 22 25 NM ------ ------ ------ ------ ------ ------ ------ Total (71) (11) 82 114 118 123 140 NM % of revenue -12.9% -1.5% 8.8% 9.8% 8.5% 7.5% 7.5% ------ ------ ------ ------ ------ ------ ------ TOTAL OPERATING INCOME (332) 20 122 210 225 227 235 63.7% % of revenue -20.3% 1.1% 6.0% 8.7% 8.1% 7.3% 6.8% - --------------------------------------------------------------------------------------------------------------- NET INCOME(3) $(327) $ 26 $ 113 $ 142 $ 152 $ 153 $ 158 43.1% 8.8% EPS(3) $(2.59) $ 0.21 $ 0.89 $ 1.12 $ 1.20 $ 1.21 $ 1.25 8.8% - --------------------------------------------------------------------------------------------------------------- NET INCOME(4) $(232) $ 23 $ 94 $ 145 $ 154 $ 156 $ 161 48.0% EPS(4) $(1.84) $ 0.18 $ 0.74 $ 1.14 $ 1.22 $ 1.23 $ 1.27
- ----------------- Notes: (1) Includes SBG, C/S and SMG. (2) Includes Telco, A+ and Antares. (3) Taxes reduced by NOL. (4) Taxes normalized at 30.0%. -12- MORGAN STANLEY 61 PROJECT 2000 ADJUSTED CASE ANALYSIS(1) ($MM)
1998 1999 -------------------------------- ------------------------------- Weighted Weighted Probability Risk = Probability Risk = of Risk Earnings of Risk Earnings $ Risk Occurring(2) Impact $ Risk Occurring(2) Impact Comments ------ ----------- -------- ------ ----------- -------- -------- CBG $ (30) 50% $ (15) $ (30) 50% $ (15) 1 Quarter slip on Trigger = 6-7 units Spectris (3) 50% (2) (3) 50% (2) Terabyte overstatement DMR Margin (8) 50% (4) (10) 50% (5) Margins 1% pt. weaker in 1998 and 1999 DMR Revenue 2 50% 1 4 50% 2 Earnings impact of revenue upside Operations Services (5) 50% (3) (3) 50% (2) Estimated earnings downside Antares (6) 50% (3) (6) 50% (3) Estimated earnings downside A+ (4) 50% (2) (5) 50% (3) Estimated earnings downside Smart Card (6) 50% (3) (8) 50% (4) Estimated earnings downside Telco (4) 50% (2) 0 50% 0 Estimated earnings downside LVS (3) 50% (2) (15) 50% (8) Estimated earnings downside ------ -------- ------ -------- Pre Falcon Funding $ (67) $ (34 $ (76) $ (38) Plan Downside Falcon Funding (34) 50% (17) (24) 50% (12) Increment over $28 million agreed to ------ -------- ------ -------- for 1997 Total Plan Downside $(101) $ (51) $(100) $ (50) ====== ======== ====== ========
Notes: (1) Based on management estimates. (2) Assumes 50% probability. -13- MORGAN STANLEY 62 PROJECT 2000 Adjusted Case Assumptions ($MM)
ACTUAL PROJECTED -------- --------------------------------------------------- '97-'02 1996 1997 1998 1999 2000 2001 2002 CAGR -------- --------------------------------------------------- -------- Product Operating Income ($261.0) $31.0 $40.0 $96.0 $106.8 $104.5 $95.2 15.8% % of revenue -24.2% 2.9% 3.6% 7.6% 7.7% 7.0% 6.0% Adjustments 0 0 (43) (45) (47) (49) (51) % of revenue 0.0% 0.0% -3.9% -3.6% -3.4% -3.3% -3.2% ------- ----- ----- ----- ------ ------ ----- Total (261) 31 (3) 51 60 55 44 NM % of revenue -24.2% 2.9% -0.3% 4.1% 4.3% 3.7% 2.8% Software & Services Operating Income (71) (11) 82 114 118 123 140 NM % of revenue -12.9% -1.5% 8.8% 9.8% 8.5% 7.5% 7.5% Adjustments 0 0 (11) (8) (7) (7) (7) % of revenue 0.0% 0.0% -1.2% -0.7% -0.5% -0.4% -0.4% ------- ----- ----- ----- ------ ------ ----- Total (71) (11) 71 106 111 116 133 % of revenue -12.9% -1.5% 7.6% 9.1% 8.0% 7.1% 7.1% TOTAL OPERATING INCOME (332) 20 68 157 171 171 177 35.9% % of revenues -20.3% -1.1% 3.3% 6.5% 6.2% 5.5% 5.2% - ---------------------------------------------------------------------------------------------------------------------- NET INCOME (3) ($327) $26 $67 $107 $116 $117 $121 35.5% EPS (3) ($2.59) $0.21 $0.53 $0.85 $0.92 $0.92 $0.95 - ---------------------------------------------------------------------------------------------------------------------- NET INCOME (4) ($232) $23 $56 $110 $119 $119 $123 40.3% EPS (4) ($1.84) $0.18 $0.45 $0.87 $0.94 $0.94 $0.98
Notes: (1) Includes CBG, SBG, C/S and SMG. (2) Includes DMR, Telco, A+ and Antares (3) Taxes reduced by NOL. (4) Taxes normalized at 30.0%. MORGAN STANLEY - 14 - 63 PROJECT 2000 DOWNSIDE CASE ASSUMPTIONS ($MM)
ACTUAL COMPANY PROJECTIONS MS PROJECTIONS ------ -------------------- -------------------- '97-'02 1996 1997 1998 1999 2000 2001 2002 CAGR ---- ---- ---- ---- ---- ---- ---- ------- REVENUE CBG $ 432 $ 400 $ 418 $ 440 $ 463 $ 487 $ 512 5.1% % Growth -7.4% 4.5% 5.2% 5.2% 5.2% 5.2% Other Products(1) 648 668 688 718 750 783 819 4.2% % Growth 3.1% 3.0% 4.4% 4.4% 4.5% 4.5% ------ ------ ------ ------ ------ ------ ------ Total 1,080 1,068 1,106 1,158 1,212 1,270 1,331 4.5% % Growth -1.1% 3.6% 4.7% 4.7% 4.8% 4.8% DMR 484 643 804 1,005 1,206 1,411 1,622 20.3% % Growth 32.9% 25.0% 25.0% 20.0% 17.0% 15.0% Other Software & Services(2) 68 91 114 138 161 186 210 18.2% % Growth 33.8% 25.0% 21.0% 17.2% 14.9% 13.3% ------ ------ ------ ------ ------ ------ ------ Total 552 734 918 1,142 1,367 1,596 1,832 20.1% % Growth 33.0% 25.0% 24.5% 19.7% 16.8% 14.8% ------ ------ ------ ------ ------ ------ ------ Total Revenue 1,632 1,802 2,024 2,300 2,579 2,866 3,163 11.9% % Growth 10.4% 12.3% 13.7% 12.1% 11.1% 10.4% OPERATING INCOME CBG (334) (25) (42) (75) (76) (78) (79) Other Products 73 56 62 64 67 69 72 5.1% ------ ------ ------ ------ ------ ------ ------ Total (261) 31 20 (11) (10) (8) (7) NM % of revenue -24.2% 2.9% 1.8% -0.9% -0.8% -0.7% -0.5% DMR (10) 18 16 40 72 99 114 44.5% Other Software & Services (61) (29) 2 5 9 5 6 NM ------ ------ ------ ------ ------ ------ ------ Total (71) (11) 19 45 82 104 120 NM % of revenue -12.9% -1.5% 2.0% 4.0% 6.0% 6.5% 6.5% ------ ------ ------ ------ ------ ------ ------ Total Operating Income (332) 20 39 35 72 96 113 41.3% % of revenue -20.3% 1.1% 1.9% 1.5% 2.8% 3.3% 3.6% - --------------------------------------------------------------------------------------------------------------- NET INCOME(3) ($327) $ 26 $ 42 $ 28 $ 52 $ 68 $ 79 24.4% 16.8% EPS(3) ($2.59) $ 0.21 $ 0.33 $ 0.22 $ 0.41 $ 0.53 $ 0.62 16.8% - --------------------------------------------------------------------------------------------------------------- NET INCOME(4) ($232) $ 23 $ 36 $ 31 $ 55 $ 70 $ 81 29.1% EPS(4) ($1.84) $ 0.18 $ 0.28 $ 0.24 $ 0.44 $ 0.56 $ 0.64
- ----------------- Notes: (1) Includes SBG, C/S and SMG. (2) Includes Telco, A+ and Antares. (3) Taxes reduced by NOL. (4) Taxes normalized at 30.0%. -15- MORGAN STANLEY 64 PROJECT 2000 - -------------------------------------------------------------------------------- ALMOND COMPANY PRELIMINARY TRANSACTION MATRIX ($MM, except per share data)
Implied Premium --------------------- ALMOND FD NON-FALCON FD AGG.VALUE/ COMPANY 30 DAYS EQUITY EQUITY AGGREGATE LTM PRICE CURRENT(1) PRIOR(2) VALUE VALUE VALUE REVENUES - ------- ---------- -------- ------ ---------- --------- --------- $11.81 $ 9.63 $1,709.0 $10.00 -15.3% 3.9% $1,253 $735 $1,062 0.62x 10.25 -13.2% 6.5% 1,287 756 1,095 0.64 10.50 -11.1% 9.1% 1,320 776 1,128 0.66 10.75 -9.0% 11.7% 1,353 796 1,161 0.68 11.00 -6.9% 14.3% 1,386 816 1,195 0.70 11.25 -4.8% 16.9% 1,419 836 1,228 0.72 11.50 -2.6% 19.5% 1,452 857 1,261 0.74 11.81(1) 0.0% 22.7% 1,494 882 1,302 0.76 12.00 1.6% 24.7% 1,519 897 1,327 0.78 12.25 3.7% 27.3% 1,552 917 1,360 0.80 12.50 5.8% 29.9% 1,585 937 1,394 0.82 12.75 7.9% 32.5% 1,618 958 1,427 0.83 13.00 10.0% 35.1% 1,651 978 1,460 0.85
P/E - -------------------------------------------------- ADJUSTED MEDIAN 1998 P/E/ MGMT. CASE CASE STREET ESTIMATES LT GROWTH(4) - ------------------- -------- ------------------ --------------- 1997E(3) 1998E(3) 1998E(3) 1997E(4) 1998E(4) Street Company - -------- -------- -------- -------- -------- ------ ------- $0.21 $0.89 $0.53 $0.25 $0.83 12.5% 9.0% 47.9x 11.2x 18.8x 40.0x 12.1x 0.97x 1.24x 49.1 11.5 19.3 41.0 12.4 0.99 1.27 50.3 11.7 19.8 42.0 12.7 1.02 1.30 51.5 12.0 20.2 43.0 13.0 1.04 1.34 52.7 12.3 20.7 44.0 13.3 1.07 1.37 53.9 12.6 21.2 45.0 13.6 1.09 1.40 55.1 12.9 21.6 46.0 13.9 1.12 1.43 56.6 13.2 22.2 47.3 14.3 1.15 1.47 57.5 13.4 22.6 48.0 14.5 1.16 1.49 58.7 13.7 23.1 49.0 14.8 1.19 1.52 59.9 14.0 23.5 50.0 15.2 1.21 1.55 61.1 14.3 24.0 51.0 15.5 1.24 1.58 62.3 14.5 24.5 52.0 15.8 1.26 1.62
- ------------------ Notes: (1) Based on closing price as of July 29, 1997. (2) Based on 30 trading days prior. (3) Based on Company July 3 revised forecast. (4) Based on IBES estimates as of July 24, 1997. - 16 - MORGAN STANLEY 65 PROJECT 2000 ------------------------------------------- ALMOND HISTORICAL STOCK PRICES AND PREMIUMS
OFFER PRICE PRICE PREMIUM ----- ----------- CURRENT(1) $11.81 1.6% LAST 30 DAYS 9.81 22.3% LAST 60 DAYS 9.51 26.2% LAST 90 DAYS 9.32 28.8% LAST 120 DAYS 9.59 25.1% LAST 180 DAYS 9.59 25.1% LAST 270 DAYS 10.21 17.5% LAST 365 DAYS 10.32 16.3% LTM HIGH 13.63 -11.9% LTM LOW 8.31 44.4%
Note: (1) Almond Company share price as of July 29, 1997. - 17 - MORGAN STANLEY 66 PROJECT 2000 - -------------------------------------------------------------------------------- ALMOND COMPANY SUMMARY OF VALUATION METHODOLOGIES ($MM, except per share data)
FINANCIAL FULLY DILUTED EQUITY VALUE VALUATION METHODOLOGY STATISTIC MULTIPLE RANGE EQUITY VALUE PER SHARE - --------------------- --------- -------------- -------------- ------------ TRADING STATISTICS OF COMPARABLE COMPANIES 1997E EPS(1) Management Case $ 0.21 20.0 - 25.0 $480.1 - $618.5 $ 4.17 - $ 5.21 Management Case with tax-affected earnings 0.18 20.0 - 25.0 403.2 - 522.3 3.59 - 4.49 Adjusted Case 0.21 20.0 - 25.0 480.1 - 618.5 4.17 - 5.21 Downside Case 0.21 20.0 - 25.0 480.1 - 618.5 4.17 - 5.21 1998E EPS(1) Management Case $0.89 13.0 - 17.0 1,468.9 - 1,943.4 11.62 - 15.20 Management Case with tax-affected earnings 0.74 13.0 - 17.0 1,210.2 - 1,605.1 9.67 - 12.65 Adjusted Case 0.53 13.0 - 17.0 842.9 - 1,124.8 6.91 - 9.03 Downside Case 0.33 13.0 - 17.0 501.4 - 678.3 4.33 - 5.67 ------------------------------------------------------------- IMPLIED VALUATION RANGE: $ 7.50 - $11.00 ------------------------------------------------------------ PREMIUMS PAID IN PRECEDENT TRANSACTIONS LTM Revenue $1,709.0 0.50 - 1.20 $1,046.0 - $2,242.3 $ 8.27 - $17.73 1997 Operating Income 20.0 12.0 - 12.0 431.5 - 531.5 3.41 - 4.20 1-Year Forward Net Income(1) Management Case 69.7 13.0 - 23.0 906.5 - 1,603.8 7.17 - 12.68 Management Case with tax-affected earnings 58.4 13.0 - 23.0 759.4 - 1,343.5 6.00 - 10.62 Adjusted Case 46.8 13.0 - 23.0 608.1 - 1,075.9 4.81 - 8.51 Downside Case 34.3 13.0 - 23.0 445.4 - 788.1 3.52 - 6.23 ------------------------------------------------------------- IMPLIED VALUATION RANGE: $ 7.00 - $11.00 ------------------------------------------------------------ PREMIUMS PAID IN SELECTED ACQUISITION BY MINORITY AFFILIATES TRANSACTIONS Premium to Stock Price Unaffected Price(4) $10.31 10.0% - 30.0% $1,434.7 - $1,695.6 $11.34 - $13.41 30 Days Prior 9.63 20.0% - 35.0% 1,460.7 - 1,643.3 11.55 - 12.99 ------------------------------------------------------------- IMPLIED VALUATION RANGE: $ 7.50 - $11.00 ------------------------------------------------------------ DISCOUNTED EQUITY VALUE(2) 2000E EPS(1) Management Case $1.20 12.0 - 16.0 $1,305.7 - $1,741.0 $10.32 - $13.77 Adjusted Case 0.92 12.0 - 16.0 1,003.2 - 1,337.7 7.93 - 10.58 Downside Case 0.41 12.0 - 16.0 450.1 - 600.1 3.56 - 4.75 ------------------------------------------------------------- DISCOUNTED EQUITY VALUATION RANGE: $ 8.00 - $11.00 ------------------------------------------------------------ DISCOUNTED CASH FLOW(3) Management Case $158.3 12.0 - 16.0 $1,614.1 - $1,907.8 $12.76 - $15.08 Adjusted Case 120.6 12.0 - 16.0 1,274.3 - 1,498.0 10.08 - 11.85 Downside Case 78.5 12.0 - 16.0 906.6 - 1,052.2 7.17 - 8.32 ------------------------------------------------------------- DISCOUNTED CASH FLOW VALUATION RANGE: $10.00 - $12.00 ------------------------------------------------------------
- -------------------- Notes: (1) Based on Company July 3 revised forecast. Value range includes the tax benefit of $144MM in NOL. (2) Based on Company July 3 revised forecast; assumes a 18.0% discount rate; discounted two years CY2000 estimates. (3) Based on Company July 3 revised forecast; assumes 15.5% discount rate; discounted for six years. (4) Unaffected price taken as price on July 28, 1997. - 18 - MORGAN STANLEY 67 PROJECT 2000 ---------------------------------------------------------- Trading Statistics of Selected Computer Hardware Companies
CURRENT % DISC % PREM PRICE/EARNINGS RATIO(1)(2)(3) PRICE TO TO MARKET --------------------- COMPANY (FISCAL YEAR END) 7/29/97 L12M HI L12M LO VALUE CY97E CY98E - ------------------------- ------- ------- ------- ----- ----- ----- Almond (12/97) $ 11.81 -15.6% 45.4% $ 1,444.8 47.3x 14.3x HARDWARE Intl Business Machines Corp (12/97)(5) $102.88 -5.1% 99.0% $102,170.5 16.6x 14.6x Hewlett-Packard Co. (10/97)(6) 66.19 -6.6% 66.5% 67,319.6 20.7 17.8 Digital Equipment (6/97)(7) 40.81 -4.9% 63.3% 6,236.8 27.0 16.4 NCR (12/97) 29.56 -28.5% 9.5% 3,000.6 NM 19.6 Unisys Corp. (12/97)(8) 8.88 -4.1% 54.3% 1,551.7 21.1 12.7 Data General Corp. (9/97) 30.00 -6.3% 203.8% 1,214.1 23.1 19.6 Sequent Computers (12/97) 27.25 -3.1% 153.5% 1,065.6 26.5 17.7 ----------------------------------------------------------------------------------------------- Mean -8.4% 92.8% 22.5x 16.9x Median -5.1% 66.5% 22.1 17.7 ===============================================================================================
ADJ MKT CAP(4) ----------------- EST 5 YR CY 98E L12M L12M EBIT GROWTH P/E 5 YR COMPANY (FISCAL YEAR END) SALES(1) EBIT(1) MARGIN RATE(3) GROWTH - ------------------------- -------- ------- ------- -------- -------- Almond (12/97) 0.66x NM -13.3% 12.5% 1.15x HARDWARE Intl Business Machines Corp 1.56x 13.6x 11.5% 12.0% 1.21x (12/97)(5) Hewlett-Packard Co. 1.68 17.3 9.7% 16.0% 1.11 (10/97)(6) Digital Equipment (6/97)(7) 0.36 NM NM 10.0% 1.64 NCR (12/97) 0.29 12.5 2.3% 13.0% 1.51 Unisys Corp. (12/97)(8) 0.49 7.6 6.4% 5.0% 2.54 Data General Corp. (9/97) 0.84 23.6 3.5% 16.5% 1.19 Sequent Computers (12/97) 1.75 NM 1.8% 20.0% 0.88 ------------------------------------------------------------------------------- Mean 0.99x 14.9x 5.9% 13.2% 1.44x Median 0.84 13.6 5.0% 13.0% 1.21 ===============================================================================
- ------------------- Notes: (1) Financial data based on latest available EDGAR filings. (2) Earnings per share before extraordinary items and other one time charges. (3) Earnings estimates by I/B/E/S except where otherwise noted. In cases where an earnings or revenue estimate through CY1998 is unavailable, we have applied the estimated 5 yr growth rate in order to compute CY1998 EPS on a straight-line basis. (4) Adjusted Market Capitalization defined as Market Value plus Total Debt plus Preferred plus Minority Interest less Cash. (5) Adjusted to reflect 2-for-1 stock split effective 5/9/97. (6) Steve Milunovich's estimates as of 2/25/97. (7) Excludes non-recurring restructuring charge of $492MM in FY1996. Steve Milunovich's estimates as of 4/22/97. (8) Steve Milunovich's revenue estimates as of 4/22/97. Does not include a non recur loss from discontinued operations of $12.1MM. -19- MORGAN STANLEY 68 PROJECT 2000 Premiums Paid in Selected Hardware Transactions DATE ACQUIREE/ACQUIROR TRANSACTION EQUITY AGG. L12M 1 YEAR EQ. VALUE/ ANN. BUSINESS DESCRIPTION SUMMARY VALUE(1) VALUE(2) P/E FOR. P/E BOOK VAL. - -------- -------------------------------------- --------------------- -------- -------- ------ -------- ---------- 6/23/97 TANDEM COMPUTERS/COMPAQ* 0.21 shares of Compaq $3,025.0 $2,729.0 28.4 x 18.8 x 2.8 x Tandem designs, develops, manufactures for each outstanding and supports a full range of computer share of Tandem. systems, software and services to deliver complete customer solutions. 6/19/97 ADVANCED LOGIC RESEARCH/GATEWAY 2000 $15.50 in cash per 206.8 148.7 16.4 13.4 2.0 Manufactures high-end servers based share of Advanced Logic on Pentium microprocessors 4/15/97 AST RESEARCH (54%)/SAMSUNG $5.40 per share for 339.4 700.4 NM NM 6.6 Manufactures desktop and notebook 31MM shares that computers and network servers Samsung does not already own 2/26/96 CRAY RESEARCH/SILICON GRAPHICS $30.00 per share in 753.8 747.7 NM 23.5 1.3 Maker of powerful supercomputers. cash for 19.2MM Cray shares (75%) and 1 SGI share for each of the remaining 6.1MM Cray shares outstanding. 9/21/95 CONVEX COMPUTER/HEWLETT-PACKARD $4.83 per share of HWP 150.0 184.0 NM NM 3.3 Designs, manufactures, markets and stock per share of supports high performance computers Convex. for engineering, scientific and technical users
AGGREGATE VALUE PREMIUM PAID ------------------ --------------------- DATE L12M L12M 1 MONTH 1 DAY ANN. REVENUE OP. INC. PRIOR(3) PRIOR (3) - -------- ------- -------- -------- --------- 6/23/97 1.43 x 22.2 x 49.5 x 52.0 x 6/19/97 0.68 9.9 36.3 29.2 4/15/97 0.33 NM 8.0 13.7 2/26/96 1.11 NM 18.2 16.5 9/21/95 1.22 NM (5.7) (14.1)
MORGAN STANLEY 20 69 PROJECT 2000 =============================================================================== Premiums Paid in Selected Hardware Transactions
DATE ACQUIREE/ACQUIROR TRANSACTION EQUITY AGG L12M ANN. BUSINESS DESCRIPTION SUMMARY VALUE (1) VALUE (2) P/E - -------- --------------------------------- -------------------------------------- --------- --------- ------ 2/09/95 AST Research (40.25%)/Samsung $22 per share for 5.82MM shares $937.8 $1,162.7 NM Manufactures desktop and notebook AST (18% stake); to buy 6.44MM new computers and network servers issued shares for $19.50 per share and 5.63MM new shares at $22 per share -------------------- MEAN: 22.4 x MEDIAN: 22.4
AGGREGATE VALUE/ PREMIUM PAID --------------------- ------------------------- 1 YEAR EQ. VALUE/ L12M L12M 1 MONTH 1 DAY FOR. P/E BOOK VAL. REVENUE OP. INC. PRIOR (3) PRIOR (3) - ---------- ---------- ------- --------- ---------- ---------- NM 3.1 x 0.50 x NM 56.3 % 40.7 % - ------------------------------------------------------------------------------------- 18.6 X 2.3 x 0.95 x 16.1 x 30.9 % 24.8 % 18.8 2.4 1.11 16.1 36.3 29.2 - -------------------------------------------------------------------------------------
Notes: (1) Equity value includes exercise of options. (2) Aggregate value is defined as equity value plus total debt and minority interest, less cash and equivalents. (3) Premium to price one month prior to, and as of market close on day prior to announcement of transaction. = Transaction pending; NA = Not Available; NM = Not Meaningful - 21 - MORGAN STANLEY 70 PROJECT 2000 =============================================================================== Almond Company Discounted Equity Value Analysis Management Case ($MM, except per share data)
----------------------- ------------------------- 1999 EPS ESTIMATES 2000 EPS ESTIMATES ------------------ ------------------ COMPANY (2) COMPANY (2) ----------- ----------- $1.12 $1.20 ----------------------- ------------------------- FORWARD DISCOUNT P/E RATE NPV PER ALMOND COMPANY SHARE ------- -------- ---------------------------------------------------------- 12.0 x 16.0% $11.60 $10.68 18.0% 11.40 10.32 20.0% 11.21 9.98 13.0 10.0% $12.56 $11.57 18.0% 12.35 11.18 20.0% 12.15 10.82 14.0 16.0% $13.53 $12.46 18.0% 13.30 12.05 20.0% 13.08 11.65 15.0 16.0% $14.50 $13.35 18.0% 14.25 12.91 20.0% 14.01 12.48 16.0 16.0% $15.46 $14.24 18.0% 15.20 13.77 20.0% 14.95 13.31
- ----------------------- Notes: (1) Based on closing price as of July 29, 1997. (2) Based on Company July 3, revised forecast. - 22 - MORGAN STANLEY 71 PROJECT 2000 =============================================================================== Almond Company Discounted Equity Value Analysis Adjusted Case ($MM, except per share data)
----------------------- ------------------------- 1999 EPS ESTIMATES 2000 EPS ESTIMATES ------------------ ------------------ COMPANY (2) COMPANY (2) ----------- ----------- $0.85 $0.92 ----------------------- ------------------------- FORWARD DISCOUNT P/E RATE NPV PER ALMOND COMPANY SHARE ------- -------- ---------------------------------------------------------- 12.0 x 16.0% $ 8.78 $ 8.21 18.0% 8.63 7.93 20.0% 8.49 7.67 13.0 16.0% $ 9.51 $ 8.89 18.0% 9.35 8.59 20.0% 9.19 8.31 14.0 16.0% $10.24 $ 9.58 18.0% 10.07 9.25 20.0% 9.90 8.95 15.0 16.0% $10.98 $10.26 18.0% 10.79 9.92 20.0% 10.61 9.59 16.0 16.0% $11.71 $10.94 18.0% 11.51 10.58 20.0% 11.32 10.23
- ----------------------- Notes: (1) Based on closing price as of July 29, 1997. (2) Based on Company July 3, revised forecast. - 23 - MORGAN STANLEY 72 PROJECT 2000 =============================================================================== Almond Company Discounted Equity Value Analysis Downside Case ($MM, except per share data)
----------------------- ------------------------- 1999 EPS ESTIMATES 2000 EPS ESTIMATES ------------------ ------------------ COMPANY (2) COMPANY (2) ----------- ----------- $0.22 $0.41 ----------------------- ------------------------- FORWARD DISCOUNT P/E RATE NPV PER ALMOND COMPANY SHARE ------- -------- ---------------------------------------------------------- 12.0 x 16.0% $ 2.27 $ 3.68 18.0% 2.23 3.56 20.0% 2.19 3.44 13.0 16.0% $ 2.46 3.99 18.0% 2.42 3.86 20.0% 2.38 3.73 14.0 16.0% $ 2.65 $ 4.30 18.0% 2.60 4.15 20.0% 2.56 4.01 15.0 16.0% $ 2.84 $ 4.60 18.0% 2.79 4.45 20.0% 2.74 4.30 16.0 16.0% $ 3.02 $ 4.91 18.0% 2.97 4.75 20.0% 2.92 4.59
- ----------------------- Notes: (1) Based on closing price as of July 29, 1997. (2) Based on Company July 3, revised forecast. - 24 - MORGAN STANLEY 73 PROJECT 2000 - -------------------------------------------------------------------------------- Discounted Cash Flow Analysis Management Case ($MM, except per share data)
NET INCOME MULTIPLE (x) 12.0 14.0 16.0 ----------------------- ----------------------- ----------------------- DISCOUNT RATE 14.0% 15.5% 17.0% 14.0% 15.5% 17.0% 14.0% 15.5% 17.0% ----- ----- ----- ----- ----- ----- ----- ----- ----- Present Value of Cash Flows - Year 1 $ (3) $ (3) $ (3) $ (3) $ (3) $ (3) $ (3) $ (3) $ (3) Cash Flows - Years 2-6 353 342 331 353 342 331 353 342 331 Terminus 1,162 1,084 1,012 1,320 1,231 1,149 1,477 1,378 1,286 ------ ------ ------ ------ ------ ------ ------ ------ ------ Aggregate Value $1,512 $1,423 $1,340 $1,669 $1,569 $1,477 $1,827 $1,716 $1,614 Cash $ 348 $ 348 $ 348 $ 348 $ 348 $ 348 $ 348 $ 348 $ 348 Total Debt 156 156 156 156 156 156 156 156 156 ------ ------ ------ ------ ------ ------ ------ ------ ------ Equity Value $1,703 $1,614 $1,532 $1,861 $1,761 $1,669 $2,018 $1,908 $1,806 ====== ====== ====== ====== ====== ====== ====== ====== ====== Price Per Share(1) $13.47 $12.76 $12.11 $14.71 $13.92 $13.19 $15.96 $15.08 $14.28 Premium/(Discount) to Market(2) 14.0% 8.0% 2.5% 24.6% 17.9% 11.7% 35.1% 27.7% 20.9% 1998E Implied P/E 15.1 x 14.3 x 13.5 x 16.5 x 15.6 x 14.8 x 17.8 x 16.9 x 16.0 x TERMINAL VALUE ANALYSIS Terminal Value $2,338 $2,338 $2,338 $2,655 $2,655 $2,655 $2,971 $2,971 $2,971 % Value in Terminus 76.9% 76.2% 75.5% 79.1% 78.4% 77.8% 80.9% 80.3% 79.7% % Value in Cash Flows 23.1% 23.8% 24.5% 20.9% 21.6% 22.2% 19.1% 19.7% 20.3% Implied Perpetual Growth Rate 11.5 12.9 14.4% 11.8 13.2 14.7% 12.0 13.5 14.9%
Notes: (1) Based on 122.7MM common shares outstanding and 10.0MM options outstanding at an average exercise price of $7.33. (2) Based on the closing share price of $11.84 on July 29, 1997. * VALUATION AS OF AUGUST 31, 1997. - 25 - MORGAN STANLEY 74 PROJECT 2000 - -------------------------------------------------------------------------------- Discounted Cash Flow Analysis Adjusted Case ($MM, except per share data)
NET INCOME MULTIPLE (x) 12.0 14.0 16.0 ----------------------- ----------------------- ----------------------- DISCOUNT RATE 14.0% 15.5% 17.0% 14.0% 15.5% 17.0% 14.0% 15.5% 17.0% ----- ----- ----- ----- ----- ----- ----- ----- ----- Present Value of Cash Flows - Year 1 $ (3) $ (3) $ (3) $ (3) $ (3) $ (3) $ (3) $ (3) $ (3) Cash Flows - Years 2-6 218 212 205 218 212 205 218 212 205 Terminus 938 874 816 1,057 986 921 1,177 1,098 1,025 ------ ------ ------ ------ ------ ------ ------ ------ ------ Aggregate Value $1,153 $1,083 $1,018 $1,273 $1,195 $1,123 $1,393 $1,307 $1,227 Cash $ 348 $ 348 $ 348 $ 348 $ 348 $ 348 $ 348 $ 348 $ 348 Total Debt 156 156 156 156 156 156 156 156 156 ------ ------ ------ ------ ------ ------ ------ ------ ------ Equity Value $1,344 $1,274 $1,210 $1,464 $1,386 $1,314 $1,584 $1,498 $1,419 ====== ====== ====== ====== ====== ====== ====== ====== ====== Price Per Share(1) $10.63 $10.08 $ 9.57 $11.58 $10.96 $10.39 $12.53 $11.85 $11.22 Premium/(Discount) to Market(2) -10.0% -14.7% -19.0% -2.0% -7.2% -12.0% 6.0% 0.3% -5.0% 1998E Implied P/E 20.0 x 19.0 x 18.0 x 21.8 x 20.6 x 19.6 x 23.6 x 22.3 x 21.1 x TERMINAL VALUE ANALYSIS Terminal Value $1,886 $1,886 $1,886 $2,127 $2,127 $2,127 $2,368 $2,368 $2,368 % Value in Terminus 81.3% 80.8% 80.2% 83.1% 82.6% 82.0% 84.6% 84.1% 83.5% % Value in Cash Flows 18.7% 19.2% 19.8% 16.9% 17.4% 18.0% 15.4% 15.9% 16.5% Implied Perpetual Growth Rate 13.2% 14.7% 16.2% 13.3% 14.8% 16.3% 13.4% 14.9% 16.4%
Notes: (1) Based on 122.7MM common shares outstanding and 10.0MM options outstanding at an average exercise price of $7.33. (2) Based on the closing share price of $11.81 on July 29, 1997. * VALUATION AS OF AUGUST 31, 1997. - 26 - MORGAN STANLEY 75 PROJECT 2000 - -------------------------------------------------------------------------------- Discounted Cash Flow Analysis Downside Case ($MM, except per share data)
NET INCOME MULTIPLE (x) 12.0 14.0 16.0 ----------------------- ----------------------- ----------------------- DISCOUNT RATE 14.0% 15.5% 17.0% 14.0% 15.5% 17.0% 14.0% 15.5% 17.0% ----- ----- ----- ----- ----- ----- ----- ----- ----- Present Value of Cash Flows - Year 1 $ (3) $ (3) $ (3) $ (3) $ (3) $ (3) $ (3) $ (3) $ (3) Cash Flows - Years 2-6 81 78 76 81 78 76 81 78 76 Terminus 686 640 598 764 713 665 842 786 733 ------ ------ ------ ------ ------ ------ ------ ------ ------ Aggregate Value $ 764 $ 715 $ 670 $ 842 $ 788 $ 738 $ 920 $ 861 $ 806 Cash $ 348 $ 348 $ 348 $ 348 $ 348 $ 348 $ 348 $ 348 $ 348 Total Debt 156 156 156 156 156 156 156 156 156 ------ ------ ------ ------ ------ ------ ------ ------ ------ Equity Value $ 955 $ 907 $ 862 $1,033 $ 979 $ 930 $1,111 $1,052 $ 998 ====== ====== ====== ====== ====== ====== ====== ====== ====== Price Per Share(1) $ 7.55 $ 7.17 $ 6.81 $ 8.17 $ 7.74 $ 7.35 $ 8.79 $ 8.32 $ 7.89 Premium/(Discount) to Market(2) -36.1% -39.3% -42.3% -30.8% -34.4% -37.8% -25.6% -29.6% -33.2% 1998E Implied P/E 22.7 x 21.5 x 20.4 x 24.5 x 23.2 x 22.1 x 26.4 x 25.0 x 23.7 x TERMINAL VALUE ANALYSIS Terminal Value $1,380 $1,380 $1,380 $1,537 $1,537 $1,537 $1,694 $1,694 $1,694 % Value in Terminus 89.9% 89.5% 89.1% 90.8% 90.5% 90.1% 91.6% 91.3% 91.0% % Value in Cash Flows 10.1% 10.5% 10.9% 9.2% 9.5% 9.9% 8.4% 8.7% 9.0% Implied Perpetual Growth Rate 16.2 17.7 19.2% 15.9 17.5 19.0% 15.8 17.3 18.8%
Notes: (1) Based on 122.7MM common shares outstanding and 10.0MM options outstanding at an average exercise price of $7.33. (2) Based on the closing share price of $11.81 on July 29, 1997. * VALUATION AS OF AUGUST 31, 1997. - 27 - MORGAN STANLEY EX-99.(B)(3) 3 LEHMAN BROTHERS PRESENTATION MATERIALS 1 EXHIBIT (b)(3) Draft / Strictly Confidential FALCON LIMITED Project Tornado Discussion Materials July 25, 1997 LEHMAN BROTHERS 2 TABLE OF CONTENTS DRAFT ========================================================================== - -------------------------------------------------------------------------- I. INTRODUCTION - -------------------------------------------------------------------------- II. VALUATION CONSIDERATIONS - -------------------------------------------------------------------------- III. PRELIMINARY VALUATION OF ALMOND - -------------------------------------------------------------------------- IV. PRICING CONSIDERATIONS - -------------------------------------------------------------------------- V. RECOMMENDED STRATEGY - -------------------------------------------------------------------------- VI. TRANSITION STRATEGY - -------------------------------------------------------------------------- LEHMAN BROTHERS 3 INTRODUCTION DRAFT ================================================================================ Lehman Brothers is delighted to be working with Falcon on a possible purchase of the remaining public stock of Almond (subject to Almond inviting Falcon to make a proposal). The purpose of this presentation is to provide Falcon with our views on: - - Preliminary valuation, - - Pricing considerations, and - - Proposed negotiating strategy. These views are based on: - - Our review of material presented to us by Almond management on July 9 and 10, - - Information contained in the Almond data room, - - Due diligence memoranda from KPMG, as well as Background discussions with Morgan Stanley. These views are subject to further revision as due diligence and discussions proceed. LEHMAN BROTHERS 1 4 DUE DILIGENCE ISSUES DRAFT ================================================================================ Lehman Brothers' due diligence efforts have been solely focused on reviewing Almond with regard to valuation and negotiating strategy rather than on a legal, accounting and business operations basis. Several important factors should be highlighted here: - - Almond's product, services and software operations are predominantly directed towards Almond's existing and traditional customer base and are therefore somewhat integrated. - - Financial accounting for these operations has a significant degree of allocation of shared costs (i.e. S,G&A) and overhead absorption assumptions. - - Falcon's payment for Almond's R&D services are critical to Almond's financial results. - - In recent years Almond has not performed at the levels it projected for those periods. Management believes its current financial plan is achievable, but acknowledges that the plan assumes several factors including: - Optimistic overall rate of growth in the product segment of the business, - Modestly aggressive additional margin improvements in the services segment of the business, - A rate for R&D payments for 1998 and 1999 from Falcon that is significantly higher than currently planned for 1997, and - Significant revenues and operating income ($14 million) from the Antares joint venture and the Smart Card Group, two businesses whose prospects management acknowledges are uncertain. 2 LEHMAN BROTHERS 5 MANAGEMENT PERFORMANCE TO PLAN DRAFT ================================================================================ In management presentations, Almond management relied on future plans and projections to justify current entity value. Historically, however, management's planning process has created financial projections which have not been achieved. Management acknowledged that Almond has underperformed its plans and has stated that the current long range plan ("LRP") may be a challenge to achieve. The below comparison of Almond's 1996 LRP and the 1997 LRP indicates management's revised outlook.
($ in millions, except per share data) JUNE 1996 JULY 1997 LONG RANGE PLAN LONG RANGE PLAN (BASE CASE) VARIANCE --------------------------- --------------------------- ------------------------- 1996E 1997E 1998E 1996A 1997E 1998E 1996A 1997E 1998E ------- ------- ------- ------- ------- ------- ------- ------ ------ PRODUCT SEGMENT - --------------- Revenues $1,101 $1,430 $1,560 $ 992 $ 929 $ 914 (10%) (35%) (41%) EBIT - $133 $146 - $25 $9 - (81%) (94%) SERVICES SEGMENT - ---------------- Revenues $556 $775 $1,075 $581 $752 $952 5% (3%) (11%) EBIT - $46 $86 - $14 $77 - (70%) (10%) SOFTWARE SEGMENT - ---------------- Revenues $83 $170 $251 $59 $120 $178 (29%) (29%) (29%) EBIT - ($8) $14 - ($19) $36 - NM 157% TOTAL ALMOND - ------------ Revenues $1,740 $2,375 $2,886 $1,632 $1,801 $2,044 (6%) (24%) (29%) EBIT - $171 $246 - $20 $122 - (88%) (50%)
LEHMAN BROTHERS 3 6 RESEARCH ANALYSTS SUMMARY DRAFT ================================================================================ After recent meetings with Almond management, all of the equity research analysts that cover Almond have lowered their short-term earnings estimates for Almond, although many have expressed optimism about the Company's long-term prospects. Date 1997E 1998E Firm Revised 2Q '97 EPS EPS Recommendation - --------------------- -------- ------ ----- ----- ------------------- Salomon Brothers 07/07/97 $0.04 $0.15 $0.45 Hold Previous 04/30/97 NA 0.48 0.68 Smith Barney 07/02/97 0.00 0.23 1.10 Buy w/Speculation Previous 03/05/97 0.10 0.67 NA DLJ Securities 07/02/97 0.06 0.45 0.90 Buy Previous 03/07/97 NA 0.50 0.80 Prudential Securities 06/13/97 (0.01) 0.05 NA Hold/High Risk Previous 04/29/97 0.06 0.50 NA Merrill Lynch 06/04/97 0.05 0.38 0.75 Buy Previous 05/01/97 NA 0.75 NA Anderson & Strud 06/02/97 NA NA 0.80 NA Previous -- NA NA NA Buckingham Research 05/30/97 0.01 0.20 1.10 Neutral Previous 05/02/97 0.06 0.45 1.35 Cowen & Co. 04/30/97 0.03 0.25 0.52 Underperform Previous -- NA 0.55 0.70 - -------------------------------------------------------- MEAN $0.03 $0.24 $0.80 PREVIOUS MEAN $0.07 $0.56 $0.88 - -------------------------------------------------------- LEHMAN BROTHERS 4 7 BASE CASE VERSUS SENSITIVITY CASE DRAFT ================================================================================ As a result of management's weak historical performance to plan, Lehman Brothers has analyzed two financial projection scenarios in forming a preliminary view with respect to the value of Almond: - - An initial "Base Case" scenario using Almond management estimates, which we view as optimistic, and - - A second "Sensitivity Case" scenario in which we modified a number of key Almond management assumptions with estimates we judged more achievable. ($ in millions, except per share data)
1997E 1998E 1999E ----- ----- ----- BASE CASE - --------- Revenues $1,801 $2,044 $2,424 % change 10.4% 13.5% 18.6% EBIT $ 20 $ 122 $ 209 % margin 1.1% 6.0% 8.6% EPS $ 0.14 $ 0.94 $ l.l9 % change NM 26.5% SENSITIVITY CASE - ---------------- Revenues $1,748 $1,918 $2,140 % change 7.1% 9.7% 11.6% EBIT $ 6 $ 82 $ 106 % margin NM 4.3% 5.0% EPS $ 0.02 $ 0.61 $ 0.82 % change NM 33.4%
LEHMAN BROTHERS 5 8 SUMMARY SENSITIVITY CASE ASSUMPTIONS DRAFT ================================================================================ THE MOST SIGNIFICANT DIFFERENCES BETWEEN THE BASE CASE AND SENSITIVITY CASE RELATE TO: - - Lower assumed growth rate with respect to Almond's traditional System/390-compatible product and service businesses, - - Lower assumed margin improvements expected at DMR/Trecom, and - - Lower growth and profitability of the Software business and in particular, the business prospects of the Antares joint venture (with EDS) and the Smart Card Group. OTHER IMPORTANT VALUATION CONSIDERATIONS THAT ARE NOT INCLUDED IN THE SENSITIVITY CASE INCLUDE: - - The cash flow effect of any negative outcome from Almond's ongoing tax audit by the United States Internal Revenue Service (Significant reserves exist to insulate the Company from potential INCOME STATEMENT effects, but a significant CASH OUTFLOW could occur), - - Assumed level of future support to Almond by Falcon, and - - Any cash injections into subsidiaries that may be required in order to maintain statutory requirements in several of Almond's overseas operations. LEHMAN BROTHERS 6 9 VARIANCE - BASE CASE VERSUS SENSITIVITY CASE DRAFT ================================================================================ An overview of the differences between the Base Case and Sensitivity Case projections is summarized below: ($ in millions, except per share data)
Base Case Sensitivity Case Variance ---------------------------- ---------------------------- ------------------------- 1997E 1998E 1999E 1997E 1998E 1999E 1997E 1998E 1999E ------ ------ ------ ------ ------ ------ ----- ----- ----- REVENUES - -------- Product $ 929 $ 914 $1,024 $ 899 $ 850 $ 877 (3%) (7%) (14%) Services $ 752 $ 952 $1,179 $ 734 $ 911 $1,088 (2%) (4%) (8%) Software $ 120 $ 178 $ 221 $ 115 $ 157 $ 175 (4%) (12%) (21%) ------ ------ ------ ------ ------ ------ ----- ----- ----- Total Revenues $1,801 $2,044 $2,424 $1,748 $1,918 $2,140 (3%) (6%) (12%) EBIT - ---- Product $ 25 $ 9 $ 49 $ 19 $ 3 $ 13 (26%) (71%) (74%) Services $ 14 $ 77 $ 108 $ 9 $ 64 $ 79 (32%) (17%) (27%) Software $ (19) $ 36 $ 52 $ (22) $ 16 $ 14 17% (55%) (72%) ------ ------ ------ ------ ------ ------ ----- ----- ----- Total EBIT $ 20 $ 122 $ 209 $ 6 $ 82 $ 106 (71%) (33%) (49%) Net Income $ 17 $ 118 $ 149 $ 3 $ 77 $ 102 (84%) (35%) (31%) EPS $ 0.14 $ 0.94 $ 1.19 $ 0.02 $ 0.61 $ 0.82 (84%) (35%) (31%)
LEHMAN BROTHERS 7 10 PRELIMINARY VALUATION SUMMARY DRAFT ================================================================================ On a preliminary basis, taking into account the factors previously highlighted and using both of the financial scenarios, we believe Almond could be worth $11.00 to $14.00 per share on an acquisition basis. This does not include the contingencies outlined on page 6. ($ in millions, except per share data)
EQUITY VALUE PER SHARE(a) --------------------------------------------------------- BASE CASE SENSITIVITY CASE ------------------------- ------------------------- METHODOLOGY LOW HIGH LOW HIGH - ------------------------------------ --------- --------- --------- --------- Comparable Company Analysis $9.50 $11.00 $8.00 $11.00 Discounted Cash Flow Analysis $12.00 $15.00 $10.00 $12.00 P/E to Growth Analysis $10.00 $13.00 NM NM --------- --------- --------- --------- Estimated Trading Value: $10.50 $13.00 $9.00 $11.50 Control Premium(c) 20.0% 20.0% 20.0% 20.0% --------- --------- --------- --------- Estimated Control Value $12.50 $15.50 $11.00 $14.00 Premiums Paid Analysis(b) $12.50 $14.50 $12.50 $14.50 Comparable Transaction Analysis(c) $11.00 $13.00 $9.00 $11.00 --------- --------- --------- --------- ESTIMATED ACQUISITION VALUE $12.00 $15.00 $11.00 $14.00 ========= ========= ========= =========
_________________ (a) Estimated 132.886 mm shares outstanding, including all dilutive share equivalents. Estimated cash proceeds of $78.0 mm from the redemption of 10.214 mm options has been added to the equity value. (b) Based on a stock price of $10.250 per share and premiums of 20% to 40%. (c) Estimated based upon comparable transaction analyses. 8 11 PURCHASE PRICE RATIO ANALYSIS DRAFT ================================================================================ ($ in millions, except per share data)
Current Market -------- Stock Price (7/22/97) $ 10.250 $ 11.000 $ 12.000 % Premium to Market 7.3% 17.1% % Premium to 30-Day Moving Average ($9.72) 5.5% 13.2% 23.5% % Premium to 60-Day Moving Average ($9.36) 9.5% 17.5% 28.2% % Premium to 90-Day Moving Average ($9.30) 10.2% 18.3% 29.1% Total Shares (mm) 122.672 122.672 122.672 Equity Value: $1,257.4 $1,349.4 $1,472.1 Equity Value with Dilutive Equivalents (a): $1,362.1 $1,461.7 $1,594.6 Net Cash @ 12/31/97 (a): 258.6 258.6 258.6 -------- -------- -------- Transaction Value = FDEV - Net Cash: $1,103.5 $1,203.1 $1,336.0 TRANSACTION VALUE AS A MULTIPLE OF: BASE CASE (b) - ----------------------------------- ------------- FY 1998E Revenues $2,044.0 0.54x 0.59x 0.65x FY 1997E Revenues $1,801.0 0.61 0.67 0.74 LTM Revenues $1,670.1 0.66 0.72 0.80 FY 1998E EBITDA $214.2 5.2x 5.6x 6.2x FY 1997E EBITDA $117.2 9.4 10.3 11.4 FY 1998E EBIT $122.0 9.0x 9.9x 11.0 FY 1997E EBIT $20.0 55.2 60.2 66.8 EQUITY VALUE AS A MULTIPLE OF: - ------------------------------ FY 1998E Net Income $117.8 11.6x 12.4x 13.5x FY 1997E Net Income $17.2 79.1 84.9 92.7 Book Value (12/31/97)(d) $708.5 1.92x 2.06x 2.25x =========================================================================================================== SENSITIVITY TRANSACTION VALUE AS A MULTIPLE OF: CASE (c) - ----------------------------------- ------------- FY 1998E Revenues $1,918.4 0.58x 0.63x 0.70x FY 1998E EBIT $82.3 13.4x 14.6x 16.2x EQUITY VALUE AS A MULTIPLE OF: - ------------------------------ FY 1998E Net Income $76.8 17.7x 19.0x 20.8x
Stock Price (7/22/97) $13.000 $14.000 % Premium to Market 26.8% 36.6% % Premium to 30-Day Moving Average ($9.72) 33.8% 44.1% % Premium to 60-Day Moving Average ($9.36) 38.9% 49.6% % Premium to 90-Day Moving Average ($9.30) 39.8% 50.6% Total Shares (mm) 122.672 122.672 Equity Value: $1,594.7 $1,717.4 Equity Value with Dilutive Equivalents (a): $1,727.5 $1,860.4 TANDEM CONTROL DATA Net Cash @ 12/31/97 (a): 258.6 258.6 ACQUISITION ACQUISITION -------- -------- ----------- ------------ Transaction Value = FDEV - Net Cash: $1,468.9 $1,601.8 TRANSACTION VALUE AS A MULTIPLE OF: - ----------------------------------- FY 1998E Revenues 0.72x 0.78x FY 1997E Revenues 0.82 0.89 LTM Revenues 0.88 0.96 1.43x 0.59x FY 1998E EBITDA 6.9x 7.5x FY 1997E EBITDA 12.5 13.7 FY 1998E EBIT 12.0x 13.1x FY 1997E EBIT 73.4 80.1 EQUITY VALUE AS A MULTIPLE OF: - ------------------------------ FY 1998E Net Income 14.7x 15.8x FY 1997E Net Income 100.4 108.1 19.7x 21.8x Book Value (12/31/97)(d) 2.44x 2.63x 2.53x 1.36x ============================================================================================================ TRANSACTION VALUE AS A MULTIPLE OF: - ----------------------------------- FY 1998E Revenues 0.77x 0.83x FY 1998E EBIT 17.8x 19.5x EQUITY VALUE AS A MULTIPLE OF: - ------------------------------ FY 1998E Net Income 22.5x 24.2x
(a) Including all dilutive equivalents. Estimated cash proceeds of $78.0 mm from the redemption of 10.214 mm options has been added to the equity value. (b) Per Base Case as estimated by Almond management. (c) Per sensitivity case, which includes modification to Base Case by Lehman Brothers. (d) Includes option proceeds. LEHMAN BROTHERS 9 12 CONTRIBUTION ANALYSIS DRAFT ================================================================================ As indicated below, using the Base Case any acquiror of Almond would incur accretion up to $15.00 per share and dilution thereafter, before any synergies or contingencies. Under the Sensitivity Case, dilution occurs at $12.00 per share. This will serve to limit Almond's acquisition value. ($ in millions)
Acquisition Price Per Share ------------------------------------------------------------------------------ $11.00 $12.00 $13.00 $14.00 $15.00 $16.00 -------- -------- -------- -------- -------- -------- Equity Value (a) $1,461.7 $1,594.6 $1,727.5 $1,860.4 $1,993.3 $2,126.2 Net Cash (Base Case) @ 12/31/97(b) (258.6) (258.6) (258.6) (258.6) (258.6) (258.6) -------- -------- -------- -------- -------- -------- Acquisition Value $1,203.1 $1,336.0 $1,468.9 $1,601.8 $1,734.7 $1,867.5 ======== ======== ======== ======== ======== ======== BASE CASE - 1998 EARNINGS CONTRIBUTION - -------------------------------------- Book Value @ 12/31/97(c) 708.5 708.5 708.5 708.5 708.5 708.5 Implied Goodwill 753.3 886.1 1,019.0 1,151.9 1,284.8 1,417.7 1998 Net Income 117.8 117.8 117.8 117.8 117.8 117.8 Interest Expense After Tax(d) (50.5) (56.1) (61.7) (67.3) (72.9) (78.4) Goodwill Amortization (25.1) (29.5) (34.0) (38.4) (42.8) (47.3) -------- -------- -------- -------- -------- -------- Net Contribution $ 42.2 $ 32.2 $ 22.2 $ 12.2 $ 2.1 $ (7.9) ======== ======== ======== ======== ======== ======== SENSITIVITY CASE - 1998 EARNINGS CONTRIBUTION - --------------------------------------------- Book Value @ 12/31/97(c) $ 694.0 $ 694.0 $ 694.0 $ 694.0 $ 694.0 $ 694.0 Implied Goodwill 767.8 900.7 1,033.5 1,166.4 1,299.3 1,432.2 1998 Net Income 76.8 76.8 76.8 76.8 76.8 76.8 Interest Expense After Tax(d) (50.5) (56.1) (61.7) (67.3) (72.9) (78.4) Goodwill Amortization (25.6) (30.0) (34.5) (38.9) (43.3) (47.7) -------- -------- -------- -------- -------- -------- Net Contribution $ 0.7 $ (9.3) $ (19.3) $ (29.3) $ (39.4) $ (49.4) ======== ======== ======== ======== ======== ========
- ----------------- (a) Includes 122.672 mm shares plus 10.214 mm shares from options. (b) Includes estimated option proceeds of $78.0 mm, cash of $402.4 mm and debt of $221.8 mm. (c) Includes option proceeds. (d) Assumes borrowings at 7.0% with 40% tax rate. (e) Goodwill amortized over 30 years and not tax deductible. LEHMAN BROTHERS 10 13 IRR ANALYSIS - BASE CASE DRAFT ================================================================================ Applying the Base Case to an internal rate of return methodology on a cash-on-cash basis implies returns in the range of 14% to 23% for purchase prices of $10.00 to $14.00 per share.
($ in millions, except per share data) $10.00 OFFER PRICE Fiscal Years Ended December, - ------------------ ------------------------------------------------------------------------------- 1998 1999 2000 2001 2002 --------------- -------------- -------------- -------------- -------------- Total Acquisition Cost ($1,253.6) Almond Free Cash Flow(a) 96.2 140.2 131.2 144.9 157.4 Terminal Value @ 13.0x 2002P Net Income 2,498.3 ------------------------------------------------------------------------------------------ Total ($1,253.6) $96.2 $140.2 $131.2 $144.9 $2,655.7 ========================================================================================== - ------------------------------------------------ INTERNAL RATE OF RETURN 22.9% - ------------------------------------------------ $12.00 OFFER PRICE Fiscal Years Ended December, - ------------------ ------------------------------------------------------------------------------- 1998 1999 2000 2001 2002 --------------- -------------- -------------- -------------- -------------- Total Acquisition Cost ($1,504.4) Almond Free Cash Flow(a) 96.2 140.2 131.2 144.9 157.4 Terminal Value @ 13.0x 2002P Net Income 2,498.3 ------------------------------------------------------------------------------------------ Total ($1,504.4) $96.2 $140.2 $131.2 $144.9 $2,655.7 ========================================================================================== - ------------------------------------------------ INTERNAL RATE OF RETURN 17.9% - ------------------------------------------------ $14.00 OFFER PRICE Fiscal Years Ended December, - ------------------ ------------------------------------------------------------------------------- 1998 1999 2000 2001 2002 --------------- -------------- -------------- -------------- -------------- Total Acquisition Cost ($1,755.1) Almond Free Cash Flow(a) 96.2 140.2 131.2 144.9 157.4 Terminal Value @ 13.0x 2002P Net Income 2,498.3 ------------------------------------------------------------------------------------------ Total ($1,755.1) $96.2 $140.2 $131.2 $144.9 $2,655.7 ========================================================================================== - ------------------------------------------------ INTERNAL RATE OF RETURN 13.9% - ------------------------------------------------ - ------------------------------ (a) Based on Base Case as estimated by Almond management through 1999 and projected by Lehman Brothers from 2000 - 2002.
LEHMAN BROTHERS 11 14 IRR ANALYSIS - SENSITIVITY CASE DRAFT ================================================================================ The sensitivity case internal rates of return are more modest: ($ in millions, except per share data) $10.00 OFFER PRICE Fiscal Years Ended December, - ------------------ ---------------------------------------------------------------------- 1998 1999 2000 2001 2002 ---------- --------- ---------- --------- --------- Total Acquisition Cost ($1,252.7) Almond Free Cash Flow(a) 69.3 119.8 72.4 86.0 93.7 Terminal Value @ 13.0x 2002P Net Income 1,523.3 ------------------------------------------------------------------------------------- Total ($1,252.7) $69.3 $119.8 $72.4 $86.0 $1,617.0 ===================================================================================== - ----------------------------------------------------------- INTERNAL RATE OF RETURN 10.5% - -----------------------------------------------------------
$12.00 OFFER PRICE Fiscal Years Ended December, - ------------------ -------------------------------------------------------------------------- 1998 1999 2000 2001 2002 ---------- --------- ---------- --------- --------- Total Acquisition Cost ($1,503.3) Almond Free Cash Flow(a) 69.3 119.8 72.4 86.0 93.7 Terminal Value @ 13.0x 2002P Net Income 1,523.3 ------------------------------------------------------------------------------------- Total ($1,503.3) $69.3 $119.8 $72.4 $86.0 $1,617.0 ===================================================================================== - ----------------------------------------------------------- INTERNAL RATE OF RETURN 6.1% - -----------------------------------------------------------
$14.00 OFFER PRICE Fiscal Years Ended December, - ------------------ -------------------------------------------------------------------------- 1998 1999 2000 2001 2002 ---------- --------- ---------- --------- --------- Total Acquisition Cost ($1,753.8) Almond Free Cash Flow(a) 69.3 119.8 72.4 86.0 93.7 Terminal Value @ 13.0x 2002P Net Income 1,523.3 ------------------------------------------------------------------------------------- Total ($1,753.8) $69.3 $119.8 $72.4 $86.0 $1,617.0 ===================================================================================== - ----------------------------------------------------------- INTERNAL RATE OF RETURN 2.5% - -----------------------------------------------------------
- ---------------------- (a) Per Sensitivity Case, which includes adjustments to management's Base Case, through 1999 and projected by Lehman Brothers from 2000 - 2002. LEHMAN BROTHERS 12 15 PRICE VERSUS VALUE DRAFT ================================================================================ For the reasons described below there may be a significant difference between the PRICE that Falcon may wish to propose (if invited to make a proposal) for the shares of Almond it does not already own versus the value previously indicated. This is due to a number of important considerations: - - Falcon already owns 42.2% of Almond stock, significantly reducing the rationale for paying a large strategic premium. - - In recent discussions between equity research analysts and Almond management have significantly increased the Almond stock price in recent weeks based on plans we believe to be optimistic. Accordingly, a substantial - but we believe unsupported - premium is already in the stock price. - - Other significant issues: - Level of future financial support from Falcon, and - Business prospects for certain businesses that are less optimistic than equity analysts and investing public perceive. LEHMAN BROTHERS 13 16 ALMOND STOCK PRICE CONSIDERATIONS DRAFT ================================================================================ Almond's stock price has increased approximately 20% over the past eight weeks as IBM announced significant new demand for CMOS mainframes and Almond management held meetings with equity analysts who subsequently published favorable comments about the Company's long-term prospects. [PERFORMANCE GRAPH] Date Volume Price - --------------------------------------- 04/16/97 58200 8.875 04/17/97 221200 8.750 04/18/97 235200 9.000 04/21/97 204100 8.938 04/22/97 110500 8.813 04/23/97 129600 8.688 04/24/97 345000 8.500 04/25/97 118100 8.313 04/28/97 139900 8.500 04/29/97 311800 8.626 04/30/97 107100 8.563 05/01/97 543500 9.000 05/02/97 361900 9.250 05/05/97 413400 9.313 05/06/97 271100 8.875 05/07/97 76900 8.938 05/08/97 269000 8.813 05/09/97 266000 8.625 05/12/97 341100 8.875 05/13/97 343500 8.500 05/14/97 185000 8.438 05/15/97 146800 8.500 05/16/97 154700 8.313 05/19/97 157200 8.438 05/20/97 252600 8.500 05/21/97 427500 8.500 05/22/97 274200 8.438 05/23/97 1237600 8.688 05/27/97 634100 8.375 05/28/97 501000 8.750 05/29/97 860800 9.125 05/30/97 756800 10.000 06/02/97 392600 10.063 06/03/97 502600 10.313 06/04/97 318600 9.750 06/05/97 212500 10.000 06/06/97 250200 10.000 06/09/97 322400 10.063 06/10/97 281000 9.813 06/11/97 161600 10.000 06/12/97 127300 10.000 06/13/97 177800 10.063 06/16/97 122300 10.000 06/17/97 231000 9.688 06/18/97 136000 9.625 06/19/97 196800 9.813 06/20/97 367600 9.813 06/23/97 101200 9.438 06/24/97 408600 9.313 06/25/97 307300 9.000 06/26/97 293400 8.750 06/27/97 198200 8.938 06/30/97 215900 8.813 07/01/97 153200 8.938 07/02/97 456400 9.875 07/03/97 318000 10.063 07/07/97 298300 9.500 07/08/97 379100 9.750 07/09/97 298500 9.563 07/10/97 223500 9.625 07/11/97 380300 9.813 07/14/97 606900 10.250 07/14/97 606900 10.250 07/15/97 544500 10.375 07/16/97 251600 10.375 07/17/97 208200 10.250 07/18/97 304600 10.000 07/21/97 525500 9.813 07/22/97 344800 10.250 LEHMAN BROTHERS 14 17 PREMIA PAID BY SIGNIFICANT SHAREHOLDERS DRAFT ================================================================================ In transactions where a significant shareholder purchased the remainder of a company for cash, the premium paid varies, but is normally lower for the larger companies (such as GEICO or LIN Broadcasting). ($ in millions)
PREMIUM/(DISCOUNT) TOTAL TO MARKET TRANSACTION % OWNED --------------------------------------- ACQUIROR/ACQUIREE (ANNOUNCEMENT DATE) VALUE PRE-TRANSACTION 1 DAY 1 WEEK 30 DAYS - ------------------------------------- ----------- --------------- ----- ------ ------- CASH Monsanto / Calgene (1/28/97) $ 243 56.3% 62.0% 60.0% 60.0% Pakhoed Holding / Univar (6/3/96) $ 332 28.0% 57.2% 21.5% 58.8% Novartis / SyStemix (5/27/96) $ 108 73.2% 4.7% 69.6% 59.2% Hyundai Electronics / Maxtor (10/26/95) $ 223 37.0% 42.9% 64.9% 44.9% Berkshire Hathaway / GEICO (8/25/95) $2,347 51.0% 25.6% 23.1% 25.3% COBE Laboratories (Gambro AB) / REN Corp-USA (7/14/95) $ 178 53.0% 27.0% 20.3% 26.0% McCaw Cellular (AT&T) / LIN Broadcasting (4/7/95) $3,323 52.0% 18.2% 19.7% 19.7% Club Mediterranee / Club Med (4/5/95) $ 153 67.0% 41.4% 39.9% 44.6% Conseco / CCP Insurance (2/27/95) $ 274 48.0% 20.0% 30.1% 23.2% AmeriGas / Petrolane (QFB Partners) (9/14/94) $ 110 34.8% 48.8% 50.6% 45.5% Southland Royalty / Permian Basin Royalty Trust (8/12/93) $ 151 33.0% 25.2% 25.2% 29.3% ---------------------------------------------------------------- MEAN 29.3% 32.3% 33.7% MEDIAN 25.6% 25.2% 29.1% ---------------------------------------------------------------- STOCK AND COMBINATION Safeway / Vons Cos (10/30/96) $2,252 34.5% 26.8% 21.5% 25.7% Arcadian Corp / Arcadian Partners LP (1/18/95) $ 428 45.0% 17.2% 21.5% 26.1% Burlington Northern / Santa Fe Pacific (6/29/94) $3,748 36.6% 46.0% 36.0% 25.8% Rust International / Brand Cos (11/13/92) $ 185 56.0% 4.9% 13.6% 4.9% American Maize-Products / American Fructose (9/9/92) $ 130 44.1% 21.4% 23.6% 29.1% Leucadia National / PHLCORP (8/17/92) $ 140 63.1% 12.1% 15.2% 28.9% ---------------------------------------------------------------- MEAN 21.4% 21.9% 23.4% MEDIAN 19.3% 21.5% 26.0% ----------------------------------------------------------------
LEHMAN BROTHERS 15 18 RECENT PREMIA FOR COMPUTER INDUSTRY TRANSACTIONS DRAFT ================================================================================ The premium paid in the computer industry varies, depending primarily upon the health of the target company.
($ in millions) PREMIUM/(DISCOUNT) TOTAL TO MARKET TRANSACTION ---------------------------------------------- ACQUIROR / ACQUIREE (ANNOUNCEMENT DATE) VALUE 1 DAY 1 WEEK 30 DAYS - ---------------------------------------------------------- ----------- ------------- -------------- ------------- CASH Welsh, Carson, Anderson & Stowe / Control Data Systems (7/9/97) $274 29.1% 45.9% 36.1% Gateway 2000 / Advanced Logic Research (6/19/97) $193 29.2% 30.5% 36.3% Samsung Electronics / AST Research (1/30/97) $313 16.8% 8.0% 25.2% Piedmont International / Ing C Olivetti - PC Business (1/20/97) $174 NA NA NA Samsung Electronics / AST Research (6/28/96) $439 5.6% (2.6%) (5.1%) Samsung Electronics / AST Research (2/9/95) $938 40.7% 39.5% 56.3% DEC / Mannesmann Kienzle GmbH (Mannesmann AG) (12/19/90) $350 NA NA NA Fujitsu / International Computers (STC Plc) (7/19/90) $1,762 NA NA NA ------------------------------------------------------------------- MEAN 24.2% 24.3% 29.8% MEDIAN 29.1% 30.5% 36.1% ------------------------------------------------------------------- STOCK AND COMBINATION Compaq Computer Corporation / Tandem Computers (6/23/97) $2,709 49.5% 52.0% 52.0% Silicon Graphics / Cray Research (2/26/96) $740 12.9% 15.2% 14.6% Hewlett-Packard / Convex Computer (9/21/95) $116 (5.8%) (5.8%) (5.8%) Siemens Nixdorf / Pyramid Technology (1/9/95) $257 20.8% 23.1% 48.0% Bull HN Information Systems / Wang Laboratories (9/19/94) $155 NA NA NA American Telephone & Telegraph / NCR Corporation (12/2/90) $7,375 128.9%* 134.4%* 108.5%* ------------------------------------------------------------------- MEAN 19.3% 21.1% 27.2% MEDIAN 16.8% 19.1% 31.3% ------------------------------------------------------------------- * Excluded from mean and median.
LEHMAN BROTHERS 16 19 RECENT PREMIA FOR OTHER TECHNOLOGY TRANSACTIONS DRAFT ================================================================================ The premium recently announced for the cash acquisition of Zilog is also relevant, as Zilog and Almond are both technology companies with very comparable business prospects.
($ in millions) PREMIUM / (DISCOUNT) TOTAL TO MARKET TRANSACTION ----------------------- ACQUIROR / ACQUIREE (ANNOUNCEMENT DATE) VALUE 1 DAY 1 WEEK 30 DAYS - ------------------------------------------------------------ -------------- ----- ------ ------- CASH Texas Pacific Group / Zilog (7/21/97) $527 11.7% 18.3% 17.0% Lucent Technologies / Octel Communications (7/17/97) $1,625 15.9% 37.4% 41.3% Computer Associates Int'l / Cheyenne Software (10/07/96) $1,248 32.6% 34.8% 30.5% IBM / Tivoli Systems (1/31/96) $710 25.8% 25.0% 41.8% Compaq Computer / NetWorth (Ungermann-Bass) (11/06/95) $372 21.7% 48.7% 111.3%* ------------------------------------------- MEAN 21.5% 32.8% 32.6% MEDIAN 21.7% 34.8% 35.9% ------------------------------------------- *Excluded from mean and median calculation. STOCK AND COMBINATION Northrop Grumman / Logicon (5/5/97) $750 28.8% 35.1% 48.6% Rational Software / Pure Atria Corp. (04/07/97) $901 18.5% 23.3% 23.8% 3Com Corp. / US Robotics (2/26/97) $6,511 11.4% 13.2% 0.4% Applied Magnetics / Read-Rite (2/24/97) $1,856 33.1% 38.3% 33.4% Axime / Sligos (Credit Lyonnais) (10/28/96) $773 15.6% 17.6% 45.8% Cadence Design Systems / Cooper & Chyan Technology (10/28/96) $475 2.5% 1.7% 31.8% Computer Sciences / Continuum (4/29/96) $1,622 36.0% 35.6% 45.2% FORE Systems / Alantec (12/14/95) $717 20.6% 23.4% 44.9% Seagate Technology / Conner Peripherals (9/20/95) $1,116 23.7% 30.5% 56.1% ------------------------------------------- MEAN 21.1% 24.3% 36.7% MEDIAN 20.6% 23.4% 44.9% -------------------------------------------
LEHMAN BROTHERS 17 20 PRICE PROPOSAL DRAFT ================================================================================ Lehman Brothers suggests that Falcon consider submitting a proposal to purchase the remaining stake of Almond it does not already own for a price of market plus $0.50 per share or $11.00 per share.
OFFER PRICE -------------------- $ 10.50 $ 11.00 --------- --------- PREMIUM TO: Stock Price on 7/22/97 2.4% 7.3% Director Resignation Date (6/29/97) 17.5% 23.1% Stock Price on 5/28/97 20.0% 25.7% 30-Day Average Price 8.1% 13.2% 60-Day Average Price 12.2% 17.5% 90-Day Average Price 12.9% 18.3%
LEHMAN BROTHERS 18 21 NEGOTIATION STRATEGY DRAFT ================================================================================ - - Several important factors should be considered in preparing Falcon's negotiating strategy - Almond's financial plan is optimistic; and - Given the interdependencies and allocation issues, valuing the business units separately is not realistic. - - Tone of offer and negotiations should be positive: - Ability to grow Almond faster and profitably. - Strengthen customer relationships and confidence in Almond. - Should be careful during negotiations not to directly criticize Company / management performance. - Keep top management enthusiastic about the potential transaction. LEHMAN BROTHERS 19 22 EMPLOYEE COMMUNICATION STRATEGY DRAFT ================================================================================ Immediately after a transaction is announced, Falcon should quickly demonstrate its concern for Almond employees through a series of important actions: - - Should indicate its desire to have an immediate meeting in Sunnyvale (and via videoconference) with all employees after any transaction announcement. - Communicate Falcon's long range plan for / commitment to Almond. - Minimize any defections of quality employees. - - Address appropriate way to replace existing employee stock option plans, other benefits. - - Implement regular employee "merger update" newsletter and employee "merger hotline". - Answer questions. - Address employee concerns anonymously. - - Meet with critical employees in small groups or on a "one-on-one" basis. LEHMAN BROTHERS 20 23 MANAGEMENT RETENTION STRATEGY DRAFT ================================================================================ Falcon should also implement a comprehensive management retention strategy. Such as strategy would include: - - Identification pre-announcement of who Falcon most wants to retain. - - One-on-one meetings with key employees immediately after transaction announcement to assure desire to retain them and gauge their commitment to stay "on board". - Stress growing the company and building a stronger business. - Should communicate clearly what life as a member of the "Falcon family" will be like (e.g. level of autonomy, decision-making process). - Should clearly outline Falcon's desire for key people to stay and why they should. - - Special long-term incentive plans for selected managers and key employees. - Could include a voluntary roll-over of existing stock option and other incentive plans into a new long-term incentive plan. - May wish to hire an employee benefits consultant (e.g. Hays, Towers Perrin) to assist with devising appropriate incentives. - - Should be announced and implemented as quickly as possible to minimize uncertainty and potential defections. - - Should be in place at closing to secure releases of rights under existing option and benefit plans. LEHMAN BROTHERS 21 24 CUSTOMER STRATEGY DRAFT ================================================================================ A customer stabilization strategy should address all customers as well as key customers: All Customers - ------------- - - Should receive letter shortly after announcement from Almond / Falcon. - Emphasize strong Falcon commitment to enterprise servers, - Falcon financial stability, and - Other customer benefits of transaction. Key Customers - ------------- - - Phone calls day of announcement by senior Almond / Falcon management. - - Follow-up with video conferences / visits. LEHMAN BROTHERS 22 25 STRATEGY WITH THE PUBLIC / PRESS / GOVERNMENT DRAFT ================================================================================ Falcon should work closely between now and the potential announcement date with Sitrick & Co. to put together a comprehensive strategy for assuring the various (but important) outside stakeholders of Almond that the transaction is a natural extension of the current Falcon / Almond partnership and appropriately addressing any relevant issues. Public / Press (as appropriate under direction of MF) - ----------------------------------------------------- - - Joint press conference with Almond immediately after announcement - - List of phone calls to be made to key journalists by PR firm Government - ---------- - - Appropriate California state officials - - Preparation of Exon-Florio and Hart Scott Rodino filings - MF to discuss with appropriate people on CFIUS and at the FTC and Department of Justice - - Contact appropriate US and state officials to provide information LEHMAN BROTHERS 23 -----END PRIVACY-ENHANCED MESSAGE-----