<PAGE> 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)
------------------------
<TABLE>
<S> <C>
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
</TABLE>
(NAME, ADDRESS AND TELEPHONE NUMBER OF PERSONS AUTHORIZED TO
RECEIVE NOTICES AND COMMUNICATIONS ON BEHALF OF PERSON(S) FILING STATEMENT)
------------------------
Copies to:
<TABLE>
<S> <C>
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
</TABLE>
This statement is filed in connection with a tender offer.
------------------------
CALCULATION OF FILING FEE
<TABLE>
<CAPTION>
=================================================================================================
TRANSACTION VALUATION* AMOUNT OF FILING FEE**
- -------------------------------------------------------------------------------------------------
<S> <C>
$911,139,864 $182,228
=================================================================================================
</TABLE>
* 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.
<TABLE>
<S> <C> <C> <C>
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
</TABLE>
================================================================================
<PAGE> 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.
<PAGE> 3
CUSIP No. 023905 10 2 13E-3 Page 3 of 8
CROSS REFERENCE SHEET
<TABLE>
<CAPTION>
ITEM IN WHERE LOCATED
SCHEDULE 13E-3 IN SCHEDULE 14D-1
- ---------------------------------------------------------------------------- -----------------
<S> <C>
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
</TABLE>
* The Item is located in the Schedule 13E-3 only.
** The Item is inapplicable or the answer thereto is in the negative.
<PAGE> 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.
<PAGE> 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.
<PAGE> 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.
<PAGE> 7
CUSIP No. 023905 10 2 13E-3 Page 7 of 8
ITEM 17. MATERIAL TO BE FILED AS EXHIBITS.
<TABLE>
<CAPTION>
EXHIBIT NO. DESCRIPTION
----------- ----------------------------------------------------------------------------
<S> <C>
(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.
</TABLE>
- ---------------
(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.
<PAGE> 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
<PAGE> 9
EXHIBIT INDEX
<TABLE>
<CAPTION>
EXHIBIT NO. DESCRIPTION
- ----------- --------------------------------------------------------------------------------
<S> <C>
(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.
</TABLE>
- ---------------
(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.
<PAGE> 1
EXHIBIT (b)(2)
PROJECT 2000
- --------------------------------------------------------------------------------
Fairness Opinion Presentation Materials to Board of Directors
<TABLE>
<S> <C>
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
</TABLE>
MORGAN STANLEY
<PAGE> 2
PROJECT 2000
- --------------------------------------------------------------------------------
Summary Of Proposed Transaction Terms
<TABLE>
<S> <C>
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
</TABLE>
-1-
MORGAN STANLEY
<PAGE> 3
PROJECT 2000
- --------------------------------------------------------------------------------
Almond Company Market Performance
January 1, 1996 to July 29, 1997
[GRAPH]
- 2 -
MORGAN STANLEY
<PAGE> 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
<PAGE> 5
DATA PAGE 2 DATA PAGE 3
<TABLE>
<CAPTION>
ERR AMH.A AMH.A
PRICEHIST VOLHIST PRICEHIST VOLHIST
<S> <C> <C> <C> <C> <C>
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
</TABLE>
<PAGE> 6
<TABLE>
<S> <C> <C> <C> <C> <C>
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
</TABLE>
<PAGE> 7
<TABLE>
<S> <C> <C> <C> <C> <C>
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
</TABLE>
<PAGE> 8
<TABLE>
<S> <C> <C> <C> <C> <C>
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
</TABLE>
<PAGE> 9
<TABLE>
<S> <C> <C> <C> <C> <C>
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
</TABLE>
<PAGE> 10
<TABLE>
<S> <C> <C> <C> <C> <C>
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
</TABLE>
<PAGE> 11
<TABLE>
<S> <C> <C> <C> <C> <C>
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
</TABLE>
<PAGE> 12
<TABLE>
<S> <C> <C> <C> <C> <C>
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
</TABLE>
<PAGE> 13
<TABLE>
<S> <C> <C> <C> <C> <C>
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
</TABLE>
<PAGE> 14
<TABLE>
<S> <C> <C> <C>
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
</TABLE>
<PAGE> 15
<TABLE>
<S> <C> <C> <C>
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
</TABLE>
<PAGE> 16
<TABLE>
<S> <C> <C> <C>
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
</TABLE>
<PAGE> 17
<TABLE>
<S> <C> <C> <C>
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
</TABLE>
<PAGE> 18
<TABLE>
<S> <C> <C> <C>
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
</TABLE>
<PAGE> 19
<TABLE>
<S> <C> <C> <C>
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
</TABLE>
<PAGE> 20
<TABLE>
<S> <C> <C> <C>
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
</TABLE>
<PAGE> 21
<TABLE>
<S> <C> <C> <C>
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
</TABLE>
<PAGE> 22
<TABLE>
<S> <C> <C> <C>
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
</TABLE>
<PAGE> 23
<TABLE>
<S> <C> <C> <C>
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
</TABLE>
<PAGE> 24
PROJECT 2000
- --------------------------------------------------------------------------------
Indexed Price Performance
January 1, 1996 to July 29, 1997
[Graph]
-4-
MORGAN STANLEY
<PAGE> 25
PROJECT 2000
- --------------------------------------------------------------------------------
Indexed Price Performance
January 1, 1994 to July 29, 1997
[Graph]
-5-
MORGAN STANLEY
<PAGE> 26
<TABLE>
DATA PAGE 4
AMH.A IDX(INDX. SAP5.K
ERR PRICEHIST PRICEHIST PRICEHIST
<S> <C> <C> <C>
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
</TABLE>
<PAGE> 27
<TABLE>
DATA PAGE 4
AMH.A IDX(INDX. SAP5.K
ERR PRICEHIST PRICEHIST PRICEHIST
<S> <C> <C> <C>
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
</TABLE>
<PAGE> 28
<TABLE>
DATA PAGE 4
AMH.A IDX(INDX. SAP5.K
ERR PRICEHIST PRICEHIST PRICEHIST
<S> <C> <C> <C>
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
</TABLE>
<PAGE> 29
<TABLE>
DATA PAGE 4
AMH.A IDX(INDX. SAP5.K
ERR PRICEHIST PRICEHIST PRICEHIST
<S> <C> <C> <C>
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
</TABLE>
<PAGE> 30
<TABLE>
DATA PAGE 4
AMH.A IDX(INDX. SAP5.K
ERR PRICEHIST PRICEHIST PRICEHIST
<S> <C> <C> <C>
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
</TABLE>
<PAGE> 31
<TABLE>
DATA PAGE 4
AMH.A IDX(INDX. SAP5.K
ERR PRICEHIST PRICEHIST PRICEHIST
<S> <C> <C> <C>
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
</TABLE>
<PAGE> 32
<TABLE>
DATA PAGE 4
AMH.A IDX(INDX. SAP5.K
ERR PRICEHIST PRICEHIST PRICEHIST
<S> <C> <C> <C>
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
</TABLE>
<PAGE> 33
<TABLE>
DATA PAGE 4
AMH.A IDX(INDX. SAP5.K
ERR PRICEHIST PRICEHIST PRICEHIST
<S> <C> <C> <C>
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
</TABLE>
<PAGE> 34
<TABLE>
DATA PAGE 4
AMH.A IDX(INDX. SAP5.K
ERR PRICEHIST PRICEHIST PRICEHIST
<S> <C> <C> <C>
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
</TABLE>
<PAGE> 35
<TABLE>
DATA PAGE 5
AMH.A SAP5.K IDX(hard.MGP)
PRICEHIST PRICEHIST PRICEHIST
<S> <C> <C> <C>
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
</TABLE>
<PAGE> 36
<TABLE>
DATA PAGE 5
AMH.A SAP5.K IDX(hard.MGP)
PRICEHIST PRICEHIST PRICEHIST
<S> <C> <C> <C>
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
</TABLE>
<PAGE> 37
<TABLE>
DATA PAGE 5
AMH.A SAP5.K IDX(hard.MGP)
PRICEHIST PRICEHIST PRICEHIST
<S> <C> <C> <C>
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
</TABLE>
<PAGE> 38
<TABLE>
DATA PAGE 5
AMH.A SAP5.K IDX(hard.MGP)
PRICEHIST PRICEHIST PRICEHIST
<S> <C> <C> <C>
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
</TABLE>
<PAGE> 39
<TABLE>
DATA PAGE 5
AMH.A SAP5.K IDX(hard.MGP)
PRICEHIST PRICEHIST PRICEHIST
<S> <C> <C> <C>
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
</TABLE>
<PAGE> 40
<TABLE>
DATA PAGE 5
AMH.A SAP5.K IDX(hard.MGP)
PRICEHIST PRICEHIST PRICEHIST
<S> <C> <C> <C>
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
</TABLE>
<PAGE> 41
<TABLE>
DATA PAGE 5
AMH.A SAP5.K IDX(hard.MGP)
PRICEHIST PRICEHIST PRICEHIST
<S> <C> <C> <C>
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
</TABLE>
<PAGE> 42
<TABLE>
DATA PAGE 5
AMH.A SAP5.K IDX(hard.MGP)
PRICEHIST PRICEHIST PRICEHIST
<S> <C> <C> <C>
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
</TABLE>
<PAGE> 43
<TABLE>
DATA PAGE 5
AMH.A SAP5.K IDX(hard.MGP)
PRICEHIST PRICEHIST PRICEHIST
<S> <C> <C> <C>
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
</TABLE>
<PAGE> 44
<TABLE>
DATA PAGE 5
AMH.A SAP5.K IDX(hard.MGP)
PRICEHIST PRICEHIST PRICEHIST
<S> <C> <C> <C>
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
</TABLE>
<PAGE> 45
<TABLE>
DATA PAGE 5
AMH.A SAP5.K IDX(hard.MGP)
PRICEHIST PRICEHIST PRICEHIST
<S> <C> <C> <C>
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
</TABLE>
<PAGE> 46
<TABLE>
DATA PAGE 5
AMH.A SAP5.K IDX(hard.MGP)
PRICEHIST PRICEHIST PRICEHIST
<S> <C> <C> <C>
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
</TABLE>
<PAGE> 47
<TABLE>
DATA PAGE 5
AMH.A SAP5.K IDX(hard.MGP)
PRICEHIST PRICEHIST PRICEHIST
<S> <C> <C> <C>
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
</TABLE>
<PAGE> 48
<TABLE>
DATA PAGE 5
AMH.A SAP5.K IDX(hard.MGP)
PRICEHIST PRICEHIST PRICEHIST
<S> <C> <C> <C>
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
</TABLE>
<PAGE> 49
<TABLE>
DATA PAGE 5
AMH.A SAP5.K IDX(hard.MGP)
PRICEHIST PRICEHIST PRICEHIST
<S> <C> <C> <C>
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
</TABLE>
<PAGE> 50
<TABLE>
DATA PAGE 5
AMH.A SAP5.K IDX(hard.MGP)
PRICEHIST PRICEHIST PRICEHIST
<S> <C> <C>
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
</TABLE>
<PAGE> 51
<TABLE>
DATA PAGE 5
AMH.A SAP5.K IDX(hard.MGP)
PRICEHIST PRICEHIST PRICEHIST
<S> <C> <C> <C>
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
</TABLE>
<PAGE> 52
<TABLE>
DATA PAGE 5
AMH.A SAP5.K IDX(hard.MGP)
PRICEHIST PRICEHIST PRICEHIST
<S> <C> <C> <C>
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
</TABLE>
<PAGE> 53
<TABLE>
DATA PAGE 5
AMH.A SAP5.K IDX(hard.MGP)
PRICEHIST PRICEHIST PRICEHIST
<S> <C> <C> <C>
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
</TABLE>
<PAGE> 54
PROJECT 2000
- --------------------------------------------------------------------------------
ALMOND COMPANY ANALYSIS OF SHAREHOLDINGS
<TABLE>
<CAPTION>
EQUITY CURRENT % PRIMARY
INSTITUTION(1) ORIENTATION CHANGE HOLDINGS SHARES
- -------------- ----------- ------ -------- ---------
<S> <C> <C> <C> <C>
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%
========== ====
</TABLE>
- --------------------
Notes:
(1) Source: CDA/Spectrum.
(2) Based on Proxy dated May 1, 1997.
(3) Total options figure provided by management.
<TABLE>
<CAPTION>
% PRIMARY TOTAL % F.C.
INSIDERS(2) SHARES SHARES OPTIONS(3) HOLDINGS SHARES
- ----------- ------ --------- ---------- -------- ------
<S> <C> <C> <C> <C> <C>
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%
=========== ===== ========== =========== =====
</TABLE>
- 6 -
MORGAN STANLEY
<PAGE> 55
PROJECT 2000
ALMOND COMPANY HISTORICAL FINANCIALS
($MM, except per share data)
<TABLE>
<CAPTION>
<C> <C> <C> <C> <C> <C>
1994 1995 1996 LTM 1Q96 1Q97
-------- -------- -------- -------- ------- -------
<S> <C> <C> <C> <C> <C> <C>
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
</TABLE>
SHARES 122.7 MM
OPTIONS 10.0 MM
AV. EP $ 7.33
DEBT $156.2
CASH 347.7
- 7 -
MORGAN STANLEY
<PAGE> 56
PROJECT 2000
- --------------------------------------------------------------------------------
Almond Summary Historical and Projected Financial Performance
Revenues - Management Case
<TABLE>
<CAPTION>
Financial Statistics 1993-2002 ($MM)
-----------------------------------------------------------------------------
1993 1994 1995 1996 1997 1998 1999 2000 2001 2002
----- ----- ------ ------ ----- ----- ----- ----- ----- -----
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
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
</TABLE>
- 8 -
MORGAN STANLEY
<PAGE> 57
PROJECT 2000
- --------------------------------------------------------------------------------
Historical and Projected Quarterly Financial Performances
($MM)
<TABLE>
1996 1997
------------------------------------ -------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
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%
</TABLE>
<TABLE>
1998 1999
------------------------------------ -------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
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%
</TABLE>
- 9 -
MORGAN STANLEY
<PAGE> 58
PROJECT 2000
- --------------------------------------------------------------------------------
Historical I/B/E/S Estimates
<TABLE>
<CAPTION>
QUARTERLY EARNINGS ESTIMATES
- --------------------------------------------------------------------------------------------------------------
1994 1995 1996
- --------------------------------------------------------------------------------------------------------------
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
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)
</TABLE>
<TABLE>
<CAPTION>
QUARTERLY EARNINGS ESTIMATES
- -------------------------------------------------------
1997 1998 ANNUAL EARNINGS ESTIMATES
- -------------------------------------------------------------------------------------
Q1 Q2 Q3 Q4 Q1 1995 1996 1997 1998
- -------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
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)
---------------
</TABLE>
- 10 -
MORGAN STANLEY
<PAGE> 59
PROJECT 2000
ALMOND COMPANY SUMMARY OF EARNINGS ESTIMATES(1)
<TABLE>
<CAPTION>
Q1 Q2 Q3 Q4 FY1 FY2
3/97 6/97 9/97 12/97 12/31/97 12/31/98 LT Growth
------ ------ ------ ------ -------- -------- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
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 $0.89
</TABLE>
- ----------------------
Notes:
(1) Based on IBES estimates as of July 24, 1997.
(2) Based on Almond Company July 3 revised Forecast.
-11-
MORGAN STANLEY
<PAGE> 60
PROJECT 2000
MANAGEMENT CASE ASSUMPTIONS
($MM)
<TABLE>
<CAPTION>
ACTUAL COMPANY PROJECTIONS MS PROJECTIONS
------ -------------------- -------------------- '97-'02
1996 1997 1998 1999 2000 2001 2002 CAGR
---- ---- ---- ---- ---- ---- ---- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
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
</TABLE>
- -----------------
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
<PAGE> 61
PROJECT 2000
ADJUSTED CASE ANALYSIS(1)
($MM)
<TABLE>
<CAPTION>
1998 1999
-------------------------------- -------------------------------
Weighted Weighted
Probability Risk = Probability Risk =
of Risk Earnings of Risk Earnings
$ Risk Occurring(2) Impact $ Risk Occurring(2) Impact Comments
------ ----------- -------- ------ ----------- -------- --------
<S> <C> <C> <C> <C> <C> <C> <C>
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)
====== ======== ====== ========
</TABLE>
Notes: (1) Based on management estimates.
(2) Assumes 50% probability.
-13-
MORGAN STANLEY
<PAGE> 62
PROJECT 2000
Adjusted Case Assumptions
($MM)
<TABLE>
<CAPTION>
ACTUAL PROJECTED
-------- --------------------------------------------------- '97-'02
1996 1997 1998 1999 2000 2001 2002 CAGR
-------- --------------------------------------------------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
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 $0.98
</TABLE>
Notes: (1) Includes CBG, SBG, C/S and SMG.
(2) Includes DMR, Telco, A+ and Antares
(3) Taxes reduced by NOL.
(4) Taxes normalized at 30.0%.
MORGAN STANLEY
- 14 -
<PAGE> 63
PROJECT 2000
DOWNSIDE CASE ASSUMPTIONS
($MM)
<TABLE>
<CAPTION>
ACTUAL COMPANY PROJECTIONS MS PROJECTIONS
------ -------------------- -------------------- '97-'02
1996 1997 1998 1999 2000 2001 2002 CAGR
---- ---- ---- ---- ---- ---- ---- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
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
</TABLE>
- -----------------
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
<PAGE> 64
PROJECT 2000
- --------------------------------------------------------------------------------
ALMOND COMPANY PRELIMINARY TRANSACTION MATRIX
($MM, except per share data)
<TABLE>
<CAPTION>
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
- ------- ---------- -------- ------ ---------- --------- ---------
<S> <C> <C> <C> <C> <C> <C>
$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
</TABLE>
<TABLE>
<CAPTION>
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
- -------- -------- -------- -------- -------- ------ -------
<S> <C> <C> <C> <C> <C> <C>
$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
</TABLE>
- ------------------
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
<PAGE> 65
PROJECT 2000
-------------------------------------------
ALMOND HISTORICAL STOCK PRICES AND PREMIUMS
<TABLE>
<CAPTION>
OFFER PRICE
PRICE PREMIUM
----- -----------
<S> <C> <C>
CURRENT(1) $11.81 1.6%
LAST 30 DAYS 9.81 22.3%
LAST 60 DAYS 9.51 26.2%
LAST 90 DAYS 9.32 28.8%
LAST 120 DAYS 9.59 25.1%
LAST 180 DAYS 9.59 25.1%
LAST 270 DAYS 10.21 17.5%
LAST 365 DAYS 10.32 16.3%
LTM HIGH 13.63 -11.9%
LTM LOW 8.31 44.4%
</TABLE>
Note: (1) Almond Company share price as of July 29, 1997.
- 17 -
MORGAN STANLEY
<PAGE> 66
PROJECT 2000
- --------------------------------------------------------------------------------
ALMOND COMPANY SUMMARY OF VALUATION METHODOLOGIES
($MM, except per share data)
<TABLE>
<CAPTION>
FINANCIAL FULLY DILUTED EQUITY VALUE
VALUATION METHODOLOGY STATISTIC MULTIPLE RANGE EQUITY VALUE PER SHARE
- --------------------- --------- -------------- -------------- ------------
<S> <C> <C> <C> <C>
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
------------------------------------------------------------
</TABLE>
- --------------------
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
<PAGE> 67
PROJECT 2000
----------------------------------------------------------
Trading Statistics of Selected Computer Hardware Companies
<TABLE>
<CAPTION>
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
- ------------------------- ------- ------- ------- ----- ----- -----
<S> <C> <C> <C> <C> <C> <C>
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
===============================================================================================
</TABLE>
<TABLE>
<CAPTION>
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
- ------------------------- -------- ------- ------- -------- --------
<S> <C> <C> <C> <C> <C>
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
===============================================================================
</TABLE>
- -------------------
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
<PAGE> 68
PROJECT 2000
Premiums Paid in Selected Hardware Transactions
<TABLE>
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.
- -------- -------------------------------------- --------------------- -------- -------- ------ -------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
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
</TABLE>
<TABLE>
AGGREGATE VALUE PREMIUM PAID
------------------ ---------------------
DATE L12M L12M 1 MONTH 1 DAY
ANN. REVENUE OP. INC. PRIOR(3) PRIOR (3)
- -------- ------- -------- -------- ---------
<S> <C> <C> <C> <C>
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)
</TABLE>
MORGAN STANLEY
20
<PAGE> 69
PROJECT 2000
===============================================================================
Premiums Paid in Selected Hardware Transactions
<TABLE>
<CAPTION>
DATE ACQUIREE/ACQUIROR TRANSACTION EQUITY AGG L12M
ANN. BUSINESS DESCRIPTION SUMMARY VALUE (1) VALUE (2) P/E
- -------- --------------------------------- -------------------------------------- --------- --------- ------
<S> <C> <C> <C> <C> <C>
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 $22 per share
--------------------
MEAN: 22.4 x
MEDIAN: 22.4
</TABLE>
<TABLE>
<CAPTION>
AGGREGATE VALUE/ PREMIUM PAID
--------------------- -------------------------
1 YEAR EQ. VALUE/ L12M L12M 1 MONTH 1 DAY
FOR. P/E BOOK VAL. REVENUE OP. INC. PRIOR (3) PRIOR (3)
- ---------- ---------- ------- --------- ---------- ----------
<S> <C> <C> <C> <C> <C>
NM 3.1 x 0.50 x NM 56.3 % 40.7 %
- -------------------------------------------------------------------------------------
18.6 X 2.3 x 0.95 x 16.1 x 30.9 % 24.8 %
18.8 2.4 1.11 16.1 36.3 29.2
- -------------------------------------------------------------------------------------
</TABLE>
Notes: (1) Equity value includes exercise of options.
(2) Aggregate value is defined as equity value plus total debt and
minority interest, less cash and equivalents.
(3) Premium to price one month prior to, and as of market close on day
prior to announcement of transaction.
= Transaction pending; NA = Not Available; NM = Not Meaningful
- 21 -
MORGAN STANLEY
<PAGE> 70
PROJECT 2000
===============================================================================
Almond Company Discounted Equity Value Analysis
Management Case
($MM, except per share data)
<TABLE>
<CAPTION>
----------------------- -------------------------
1999 EPS ESTIMATES 2000 EPS ESTIMATES
------------------ ------------------
COMPANY (2) COMPANY (2)
----------- -----------
$1.12 $1.20
----------------------- -------------------------
FORWARD DISCOUNT
P/E RATE NPV PER ALMOND COMPANY SHARE
------- -------- ----------------------------------------------------------
<S> <C> <C> <C>
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 $14.24
18.0% 15.20 13.77
20.0% 14.95 13.31
</TABLE>
- -----------------------
Notes:
(1) Based on closing price as of July 29, 1997.
(2) Based on Company July 3, revised forecast.
- 22 -
MORGAN STANLEY
<PAGE> 71
PROJECT 2000
===============================================================================
Almond Company Discounted Equity Value Analysis
Adjusted Case
($MM, except per share data)
<TABLE>
<CAPTION>
----------------------- -------------------------
1999 EPS ESTIMATES 2000 EPS ESTIMATES
------------------ ------------------
COMPANY (2) COMPANY (2)
----------- -----------
$0.85 $0.92
----------------------- -------------------------
FORWARD DISCOUNT
P/E RATE NPV PER ALMOND COMPANY SHARE
------- -------- ----------------------------------------------------------
<S> <C> <C> <C>
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 $10.94
18.0% 11.51 10.58
20.0% 11.32 10.23
</TABLE>
- -----------------------
Notes:
(1) Based on closing price as of July 29, 1997.
(2) Based on Company July 3, revised forecast.
- 23 -
MORGAN STANLEY
<PAGE> 72
PROJECT 2000
===============================================================================
Almond Company Discounted Equity Value Analysis
Downside Case
($MM, except per share data)
<TABLE>
<CAPTION>
----------------------- -------------------------
1999 EPS ESTIMATES 2000 EPS ESTIMATES
------------------ ------------------
COMPANY (2) COMPANY (2)
----------- -----------
$0.22 $0.41
----------------------- -------------------------
FORWARD DISCOUNT
P/E RATE NPV PER ALMOND COMPANY SHARE
------- -------- ----------------------------------------------------------
<S> <C> <C> <C>
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
</TABLE>
- -----------------------
Notes:
(1) Based on closing price as of July 29, 1997.
(2) Based on Company July 3, revised forecast.
- 24 -
MORGAN STANLEY
<PAGE> 73
PROJECT 2000
- --------------------------------------------------------------------------------
Discounted Cash Flow Analysis
Management Case
($MM, except per share data)
<TABLE>
<CAPTION>
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%
----- ----- ----- ----- ----- ----- ----- ----- -----
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
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%
</TABLE>
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 $11.84 on July 29, 1997.
* VALUATION AS OF AUGUST 31, 1997.
- 25 -
MORGAN STANLEY
<PAGE> 74
PROJECT 2000
- --------------------------------------------------------------------------------
Discounted Cash Flow Analysis
Adjusted Case
($MM, except per share data)
<TABLE>
<CAPTION>
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%
----- ----- ----- ----- ----- ----- ----- ----- -----
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
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%
</TABLE>
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 $11.81 on July 29, 1997.
* VALUATION AS OF AUGUST 31, 1997.
- 26 -
MORGAN STANLEY
<PAGE> 75
PROJECT 2000
- --------------------------------------------------------------------------------
Discounted Cash Flow Analysis
Downside Case
($MM, except per share data)
<TABLE>
<CAPTION>
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%
----- ----- ----- ----- ----- ----- ----- ----- -----
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
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%
</TABLE>
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
<PAGE> 1
EXHIBIT (b)(3)
Draft / Strictly Confidential
FALCON LIMITED
Project Tornado
Discussion Materials
July 25, 1997
LEHMAN BROTHERS
<PAGE> 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
<PAGE> 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
<PAGE> 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 ($14 million) from
the Antares joint venture and the Smart Card Group, two
businesses whose prospects management acknowledges are
uncertain.
2
LEHMAN BROTHERS
<PAGE> 5
MANAGEMENT PERFORMANCE TO PLAN DRAFT
================================================================================
In management presentations, Almond management relied on future plans and
projections to justify current entity value. Historically, however, management's
planning process has created financial projections which have not been achieved.
Management acknowledged that Almond has underperformed its plans and has stated
that the current long range plan ("LRP") may be a challenge to achieve. The
below comparison of Almond's 1996 LRP and the 1997 LRP indicates management's
revised outlook.
<TABLE>
<CAPTION>
($ 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
------- ------- ------- ------- ------- ------- ------- ------ ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
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%)
</TABLE>
LEHMAN BROTHERS 3
<PAGE> 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 $0.88
- --------------------------------------------------------
LEHMAN BROTHERS 4
<PAGE> 7
BASE CASE VERSUS SENSITIVITY CASE DRAFT
================================================================================
As a result of management's weak historical performance to plan, Lehman Brothers
has analyzed two financial projection scenarios in forming a preliminary view
with respect to the value of Almond:
- - An initial "Base Case" scenario using Almond management estimates,
which we view as optimistic, and
- - A second "Sensitivity Case" scenario in which we modified a number of
key Almond management assumptions with estimates we judged more
achievable.
($ in millions, except per share data)
<TABLE>
<CAPTION>
1997E 1998E 1999E
----- ----- -----
<S> <C> <C> <C>
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%
</TABLE>
LEHMAN BROTHERS
5
<PAGE> 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
<PAGE> 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)
<TABLE>
<CAPTION>
Base Case Sensitivity Case Variance
---------------------------- ---------------------------- -------------------------
1997E 1998E 1999E 1997E 1998E 1999E 1997E 1998E 1999E
------ ------ ------ ------ ------ ------ ----- ----- -----
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
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%)
</TABLE>
LEHMAN BROTHERS 7
<PAGE> 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)
<TABLE>
<CAPTION>
EQUITY VALUE PER SHARE(a)
---------------------------------------------------------
BASE CASE SENSITIVITY CASE
------------------------- -------------------------
METHODOLOGY LOW HIGH LOW HIGH
- ------------------------------------ --------- --------- --------- ---------
<S> <C> <C> <C> <C>
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
========= ========= ========= =========
</TABLE>
_________________
(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 $10.250 per share and premiums of 20% to 40%.
(c) Estimated based upon comparable transaction analyses.
8
<PAGE> 11
PURCHASE PRICE RATIO ANALYSIS DRAFT
================================================================================
($ in millions, except per share data)
<TABLE>
<CAPTION>
Current
Market
--------
<S> <C> <C> <C> <C>
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
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
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
</TABLE>
(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
<PAGE> 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)
<TABLE>
<CAPTION>
Acquisition Price Per Share
------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
$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)
======== ======== ======== ======== ======== ========
</TABLE>
- -----------------
(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
<PAGE> 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 $14.00 per share.
<TABLE>
<CAPTION>
($ in millions, except per share data)
$10.00 OFFER PRICE Fiscal Years Ended December,
- ------------------ -------------------------------------------------------------------------------
1998 1999 2000 2001 2002
--------------- -------------- -------------- -------------- --------------
<S> <C> <C> <C> <C> <C> <C>
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 $2,655.7
==========================================================================================
- ------------------------------------------------
INTERNAL RATE OF RETURN 13.9%
- ------------------------------------------------
- ------------------------------
(a) Based on Base Case as estimated by Almond management through 1999 and projected by Lehman Brothers from 2000 - 2002.
</TABLE>
LEHMAN BROTHERS 11
<PAGE> 14
IRR ANALYSIS - SENSITIVITY CASE DRAFT
================================================================================
The sensitivity case internal rates of return are more modest:
($ in millions, except per share data)
<TABLE>
$10.00 OFFER PRICE Fiscal Years Ended December,
- ------------------ ----------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
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%
- -----------------------------------------------------------
</TABLE>
<TABLE>
$12.00 OFFER PRICE Fiscal Years Ended December,
- ------------------ --------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
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%
- -----------------------------------------------------------
</TABLE>
<TABLE>
$14.00 OFFER PRICE Fiscal Years Ended December,
- ------------------ --------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
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%
- -----------------------------------------------------------
</TABLE>
- ----------------------
(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
<PAGE> 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
<PAGE> 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
<PAGE> 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)
<TABLE>
<CAPTION>
PREMIUM/(DISCOUNT)
TOTAL TO MARKET
TRANSACTION % OWNED ---------------------------------------
ACQUIROR/ACQUIREE (ANNOUNCEMENT DATE) VALUE PRE-TRANSACTION 1 DAY 1 WEEK 30 DAYS
- ------------------------------------- ----------- --------------- ----- ------ -------
<S> <C> <C> <C> <C> <C>
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%
----------------------------------------------------------------
</TABLE>
LEHMAN BROTHERS 15
<PAGE> 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.
<TABLE>
<CAPTION>
($ in millions)
PREMIUM/(DISCOUNT)
TOTAL TO MARKET
TRANSACTION ----------------------------------------------
ACQUIROR / ACQUIREE (ANNOUNCEMENT DATE) VALUE 1 DAY 1 WEEK 30 DAYS
- ---------------------------------------------------------- ----------- ------------- -------------- -------------
<S> <C> <C> <C> <C> <C>
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) $7,375 128.9%* 134.4%* 108.5%*
-------------------------------------------------------------------
MEAN 19.3% 21.1% 27.2%
MEDIAN 16.8% 19.1% 31.3%
-------------------------------------------------------------------
* Excluded from mean and median.
</TABLE>
LEHMAN BROTHERS 16
<PAGE> 19
RECENT PREMIA FOR OTHER TECHNOLOGY TRANSACTIONS DRAFT
================================================================================
The premium recently announced for the cash acquisition of Zilog is also
relevant, as Zilog and Almond are both technology companies with very comparable
business prospects.
<TABLE>
<CAPTION>
($ in millions) PREMIUM / (DISCOUNT)
TOTAL TO MARKET
TRANSACTION -----------------------
ACQUIROR / ACQUIREE (ANNOUNCEMENT DATE) VALUE 1 DAY 1 WEEK 30 DAYS
- ------------------------------------------------------------ -------------- ----- ------ -------
<S> <C> <C> <C> <C>
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%
-------------------------------------------
</TABLE>
LEHMAN BROTHERS 17
<PAGE> 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.
<TABLE>
<CAPTION>
OFFER PRICE
--------------------
$ 10.50 $ 11.00
--------- ---------
<S> <C> <C>
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%
</TABLE>
LEHMAN BROTHERS 18
<PAGE> 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
<PAGE> 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
<PAGE> 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
<PAGE> 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
<PAGE> 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
