<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
-----------------------------------
SCHEDULE 13E-3
(Amendment No. 2)
RULE 13E-3 TRANSACTION STATEMENT
(Pursuant to Section 13(e) of the Securities Exchange Act of 1934 and
Rule 13e-3 ((s)240.13e-3) Thereunder)
Fina, Inc.
----------------------------------------------
(Name of Issuer)
PetroFina S.A.,
American Petrofina Holding Company,
Petrofina Delaware, Incorporated,
New Fina, Inc.
Fina, Inc.
----------------------------------------------
(Name of Person(s) Filing Statement)
Class A Common Stock, $.50 par value per share
----------------------------------------------
(Title of Class of Securities)
028861102
----------------------------------------------
(CUSIP Number of Class of Securities)
Francois Vincke Cullen M. Godfrey
PetroFina S.A. Fina, Inc.
52 Rue de l'Industrie Fina Plaza
B-1040 Brussels, Belgium 8350 North Central Expressway
Dallas, TX 75806
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(Name, Address and Telephone Number of Persons Authorized
To Receive Notices and Communications on Behalf of Person(s)
Filing Statement)
With Copies To:
Richard W. Cass Allen Finkelson
Wilmer, Cutler & Pickering Cravath, Swaine & Moore
2445 M Street, N.W. Worldwide Plaza
Washington, DC 20037-1420 825 Fifth Avenue
(202) 663-6000 New York, NY 10019-7475
(212) 474-1000
<PAGE> 2
This statement is filed in connection with (check the appropriate box):
a. [_] The filing of solicitation materials or an information statement
subject to Regulation 14A, Regulation 14C or Rule 13e-3(c) under the
Securities Exchange Act of 1934.
b. [X] The filing of a registration statement under the Securities Act of 1933.
c. [_] A tender offer.
d. [_] None of the above.
Check the following box if the soliciting materials or information
statement referred to in checking box (a) are preliminary copies: [_]
<PAGE> 3
INTRODUCTION
This Rule 13e-3 Transaction Statement on Schedule 13E-3 (the
"Schedule 13E-3") is being filed by (i) PetroFina S.A., a societe
anonyme/naamloze vennootschap organized under the laws of the Kingdom of Belgium
("Parent"), (ii) American Petrofina Holding Company, a Delaware corporation and
wholly-owned subsidiary of parent ("APHC"), (iii) Petrofina Delaware,
Incorporated, a Delaware corporation and an indirect, wholly owned subsidiary of
Parent ("PDI"), (iv) New Fina, Inc., a Delaware corporation ("Mergeco") and (v)
Fina, Inc., a Delaware corporation (the "Company"), and pursuant to Section
13(e) of the Securities Exchange Act of 1934, as amended, and Rule 13e-3
promulgated thereunder by the Securities and Exchange Commission (the
"Commission") in connection with the merger of Mergeco with and into the
Company, with the Company being the surviving corporation, and each of the
issued and outstanding shares (the "Shares") of Class A common stock, par value
$.50 per share, of the Company not already owned by Parent or any of its
affiliates, upon the terms and subject to the conditions set forth in that
certain Agreement and Plan of Merger, dated as of February 17, 1998, as amended
by the First Amendment to Agreement and Plan of Merger dated as of March 31,
1998 (as amended, the "Merger Agreement"), among Parent, PDI, Mergeco and the
Company, a copy of which is filed as Exhibits (c)(1) and (c)(2) hereto.
The following Cross Reference Sheet, prepared pursuant to General
Instruction F to Schedule 13E-3, shows the location in the Proxy
Statement/Prospectus (the "Proxy Statement/Prospectus"), included in the
Registration Statement on Form F-4 (the "F-4") filed by Parent with the
Commission on the date hereof of the information required to be included in this
Schedule 13E-3. The information set forth in the F-4, 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 Proxy Statement/Prospectus and the annexes thereto.
The information contained in this Schedule 13E-3 concerning the
Company, including, without limitation, the information concerning the
background of the transaction, the deliberations of the Company's Board of
Directors in connection with the transaction, the opinion of the Company's
financial advisor and the Company's capital structure and historical financial
statements and projections, was supplied by the Company. Parent, APHC, PDI and
Mergeco take no responsibility for the accuracy of such information.
1
<PAGE> 4
CROSS REFERENCE SHEET
<TABLE>
<CAPTION>
Item in Where Located in
Schedule 13E-3 Proxy Statement/Prospectus
- -------------- --------------------------
<S> <C>
Item 1(a)............................... Cover Page, "Summary--The Companies" and
"Summary--The Merger"
Item 1(b)............................... "Summary--Vote Required; Record Date" and
"Special Factors--Background of the Merger"
Items 1(c) and (d)...................... "Summary--Market Prices and Dividends" and
"Market Prices and Dividends for PetroFina
Securities"
Item 1(e)............................... *
Item 1(f)............................... *
Items 2(a) - (d) and (g)................ Cover Page, "Summary--The Companies,"
"PetroFina Management and Ownership of
PetroFina Shares" and Annex E to the Proxy
Statement/Prospectus
Items 2(e) and (f)...................... *
Item 3(a)............................... "Special Factors--Background of the Merger"
Item 3(b)............................... "Special Factors--Background of the Merger"
Item 4(a)............................... Cover page, "Summary--The Merger" and "The
Merger--The Merger Agreement"
Item 4(b)............................... *
Items 5(a) - (g)........................ "The Merger--The Merger Agreement" and "Special
Factors--Plans for the Company After the
Merger; Certain Effects of the Merger"
Items 6(a).............................. "Summary--Financing of the Merger" and "The
Merger--Financing of the Merger"
Item 6(b)............................... "The Merger--The Merger Agreement--Expenses" and
"The Merger--Fees and Expenses"
Item 6(c)............................... "The Merger--Financing of the Merger"
Item 6(d)............................... *
Item 7(a)............................... "Special Factors--Purpose and Structure of the
Merger; Parent's Reasons for the Merger"
</TABLE>
2
<PAGE> 5
<TABLE>
<S> <C>
Item 7(b) and (c)............................."Special Factors--Background of the Merger"
and "Special Factors--Purpose and Structure of
the Merger; Parent's Reasons for the Merger"
Item 7(d)....................................."Special Factors--Plans for the Company After the
Merger; Certain Effects of the Merger" and "The
Merger--Certain Tax Consequences of the Merger"
Item 8(a) - (e)...............................Cover Page, "Summary--Recommendation of the Board
of Directors," "Summary--Opinion of the Special
Committee's Financial Advisor," "Special
Factors--Background of the Merger," "Special
Factors--Recommendation of the Company Board,"
"Special Factors--Fairness of the Merger," "Special
Factors--Interests of Certain Persons in the Merger"
and "Special Factors--Position of Parent Regarding
Fairness of the Merger"
Item 8(f).....................................*
Item 9(a) - (c)..............................."Summary--The Merger," "Special Factors--
Background of the Merger" and "Special Factors--
Fairness of the Merger"
Item 10(a) - (c).............................."Summary--The Companies--The Company," "Special
Factors--Background of the Merger," "The
Company--Principal Stockholders and Stock
Ownership of the Company Management" and
"PetroFina Management and Ownership of
PetroFina Shares"
Item 11......................................."Special Factors--Background of the Merger," "Special
Factors--Purpose and Structure of the Merger;
Parent's Reasons for the Merger," "Special Factors--
Plans for the Company After the Merger; Certain
Effects of the Merger," "Special Factors--Interests of
Certain Persons in the Merger" and "Related Party
Transactions"
Item 12(a) and (b)............................"Summary--Vote Required; Record Dates" and
"The Meeting--Voting at the Meeting"
Item 13(a)...................................."Summary--Rights of Dissenting Stockholders,"
"The Merger--Rights of Dissenting Stockholders"
and Annex D to the Proxy Statement/Prospectus
Item 13(b)....................................*
Item 13(c)....................................*
Item 14(a)...................................."Summary--Selected Consolidated Financial Data
of the Company," "Summary--Comparative Unaudited
Per Share Data," "The Company--Selected
Consolidated Financial Information" and
"PetroFina Financial Statements"
Item 14(b)....................................*
</TABLE>
3
<PAGE> 6
<TABLE>
<S> <C>
Item 15(a)...................................."Special Factors--Background of the Merger," "Special
Factors--Recommendation of the Company Board"
and "Special Factors--Plans for the Company After the
Merger; Certain Effects of the Merger"
Item 15(b)...................................."Special Factors--Fairness of the Merger--Opinion of
the Special Committee's Financial Advisor," "The
Merger--Merger Agreement--Expenses" and "The
Merger--Fees and Expenses"
Item 16.......................................Proxy Statement/Prospectus in its entirety
Item 17.......................................*
</TABLE>
- --------
* The Item is located in the Schedule 13E-3 only.
4
<PAGE> 7
ITEM 1. ISSUER AND CLASS OF SECURITY SUBJECT TO THE TRANSACTION.
(a) The information set forth in the Proxy Statement/Prospectus on
the cover page thereof and under "Summary--The Companies" and "Summary--The
Merger" is incorporated herein by reference.
(b) The information set forth in the Proxy Statement/Prospectus under
"Summary--Vote Required: Record Date" and "Special Factors-Background of the
Merger" is incorporated herein by reference.
(c) and (d) The information set forth in the Proxy Statement/Prospectus
under "Summary--Market Prices and Dividends" and "Market Prices and Dividends
for PetroFina Securities" is incorporated herein by reference.
(e) Not applicable.
(f) Not applicable.
ITEM 2. IDENTITY AND BACKGROUND.
(a)-(d) and (g) This Statement is being filed by Parent, APHC, PDI,
Mergeco and the Company. The information set forth on the cover page thereof and
under "Summary--The Companies," "PetroFina Management and Ownership of PetroFina
Shares" and Annex E to the Proxy Statement/Prospectus is incorporated herein by
reference.
(e) and (f) During the last five years, neither (i) Parent, PDI, APHC,
the Company or Mergeco, nor, (ii) to the best knowledge of Parent, PDI, APHC,
Mergeco or the Company, no person who is a director or executive officer of
Parent, PDI, APHC, Mergeco or the Company, has been (i) convicted in a criminal
proceeding (excluding traffic violations or similar misdemeanors) or (ii) 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 future violations of, or prohibiting activities
subject to, federal or state securities laws or finding any violation of such
laws.
ITEM 3. PAST CONTACTS, TRANSACTIONS OR NEGOTIATIONS.
(a) and (b) The relevant information set forth in the Proxy
Statement/Prospectus under "Special Factors--Background of the Merger" is
incorporated herein by reference.
ITEM 4. TERMS OF THE TRANSACTION.
(a) The information set forth in the Proxy Statement/Prospectus on the
cover page thereof and under "Summary--The Merger" and "The Merger--The Merger
Agreement" is incorporated herein by reference.
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<PAGE> 8
(b) Not applicable.
ITEM 5. PLANS OR PROPOSALS OF THE ISSUER OR AFFILIATE.
(a)-(g) The information set forth in the Proxy Statement/Prospectus under
"The Merger--The Merger Agreement" and "Special Factors--Plans for the Company
after the Merger; Certain Effects of the Merger" is incorporated herein by
reference.
ITEM 6. SOURCE AND AMOUNTS OF FUNDS OR OTHER CONSIDERATION.
(a) The information set forth in the Proxy Statement/Prospectus under
"Summary--Financing of the Merger" and "The Merger--Financing of the Merger" is
incorporated herein by reference.
(b) The information set forth in the Proxy Statement/Prospectus under
"The Merger--The Merger Agreement--Expenses" and "The Merger--Fees and
Expenses" is incorporated herein by reference.
(c) The information set forth in the Proxy Statement/Prospectus under
"The Merger--Financing of the Merger" is incorporated herein by reference.
(d) Not applicable.
ITEM 7. PURPOSE(S), ALTERNATIVES, REASONS AND EFFECTS.
(a) The information set forth in the Proxy Statement/Prospectus under
"Special Factors--Purpose and Structure of the Merger; Parent's Reasons for the
Merger" is incorporated herein by reference. Each of APHC, PDI and Mergeco
have adopted the analysis of Parent and the Parent Board set forth in the Proxy
Statement/Prospectus under "Special Factors - Purpose and Structure of the
Merger; Parent's Reasons for the Merger".
(b) and (c) The information set forth in the Proxy Statement/Prospectus
under "Special Factors--Background of the Merger" and "Special Factors--Purpose
and Structure of the Merger, Parent's Reasons for the Merger" is incorporated
is incorporated herein by reference. Each of APHC, PDI and Mergeco have
adopted the analysis of Parent and the Parent Board set forth in the Proxy
Statement/Prospectus under "Special Factors - Purpose and Structure of the
Merger; Parent's Reasons for the Merger".
(d) The information set forth in the Proxy Statement/Prospectus under
"Special Factors--Plans for the Company after the Merger; Certain Effects of the
Merger" and "Special Factors--Certain Tax Consequences of the Merger" is
incorporated herein by reference.
ITEM 8. FAIRNESS OF THE TRANSACTION.
(a)-(e) The information set forth in the Proxy Statement/Prospectus on
the cover page thereof and under "Summary--Recommendation of the Board of
Directors," "Summary--Opinion of the Special Committee's Financial Advisor,
"The Meeting--Voting at the Meeting," "Special Factors--Background of the
Merger," "Special Factors--Fairness of the Merger," "Special
Factors--Recommendation of the Company Board," "Special Factors--Interests of
Certain Persons in the Merger" and "Special Factors--Position of Parent
Regarding Fairness of the Merger" is incorporated herein by reference. Each of
APHC, PDI and Mergeco believes that the Merger Consideration to be received by
the Company's stockholders, other than Parent and its subsidiaries, pursuant to
the Merger is fair from a financial point of view to the Company's
stockholders other than Parent and its subsidiaries. Each of APHC, PDI and
Mergeco have adopted the same reasons expressed by Parent in "Special
Factors--Position of Parent Regarding Fairness of the Merger" in the Proxy
Statement/Prospectus.
6
<PAGE> 9
(f) Not applicable.
ITEM 9. REPORTS, OPINIONS, APPRAISALS AND CERTAIN NEGOTIATIONS.
(a)-(c) The information set forth in the Proxy Statement/Prospectus
under "Summary--The Merger," "Special Factors--Background of the Merger" and
"Special Factors--Fairness of the Merger" is incorporated herein by reference.
The opinion of Goldman, Sachs & Co. is attached to the Proxy
Statement/Prospectus as Annex C. In addition, the presentation of Goldman,
Sachs & Co. dated February 17, 1998 to the Company Board which is filed as
Exhibit (b)(2) hereto, is incorporated herein by reference.
ITEM 10. INTEREST IN SECURITIES OF THE ISSUER.
(a)-(c) The information set forth in the Proxy Statement/Prospectus
under "Summary--The Companies--The Company," "Special Factors--Background of
the Merger," "The Company--Principal Stockholders and Stock Ownership of the
Company Management" and "PetroFina Management and Ownership of PetroFina
Shares" is incorporated herein by reference.
ITEM 11. CONTRACTS, ARRANGEMENTS OR UNDERSTANDINGS WITH RESPECT TO THE
ISSUER'S SECURITIES.
The information set forth in the Proxy Statement/Prospectus under
"Special Factors--Background of the Merger," "Special Factors--Purpose and
Structure of the Merger; Parent's Reasons for the Merger," "Special
Factors--Plans for the Company After the Merger; Certain Effects of the Merger"
and "Special Factors--Interests of Certain Persons in the Merger" and "Related
Party Transactions" is incorporated herein by reference.
ITEM 12. PRESENT INTENTION AND RECOMMENDATION OF CERTAIN PERSONS WITH REGARD
TO THE MERGER.
(a) and (b) The information set forth in the Proxy Statement /
Prospectus under "Summary--Vote Required; Record Date" and "The Meeting--Voting
at the Meeting" is incorporated herein by reference.
ITEM 13. OTHER PROVISIONS OF THE MERGER.
(a) The information set forth in the Proxy Statement/Prospectus under
"Summary--Rights of Dissenting Stockholders," "The Merger--Rights of Dissenting
Stockholders" and Annex D is incorporated herein by reference.
(b) Not applicable.
(c) Not applicable.
7
<PAGE> 10
ITEM 14. FINANCIAL INFORMATION.
(a) The information set forth in the Proxy Statement/Prospectus under
"Summary--Selected Consolidated Financial Data of the Company,"
"Summary--Comparative Unaudited Per Share Data," "The Company--Selected
Consolidated Financial Information" and "PetroFina Financial Statements" is
incorporated herein by reference.
(b) Not applicable.
ITEM 15. PERSONS AND ASSETS EMPLOYED, RETAINED OR UTILIZED.
(a) The relevant information set forth under the captions "Special
Factors--Background of the Merger," "Special Factors--Recommendation of the
Company Board" and "Special Factors--Plans for the Company After the Merger;
Certain Effects of the Merger" is incorporated herein by reference.
(b) The relevant information set forth under the captions "Special
Factors--Fairness of the Merger--Opinion of the Special Committee's Financial
Advisor," "The Merger--The Merger Agreement--Expenses" and "The Merger--Fees and
Expenses" is incorporated herein by reference.
ITEM 16. ADDITIONAL INFORMATION.
The information set forth in the Proxy Statement/Prospectus, a copy of
which is filed as Exhibit (d)(1) hereto, is incorporated herein by reference.
ITEM 17. MATERIAL TO BE FILED AS EXHIBITS.
(b)(1) Opinion of Goldman, Sachs & Co., Inc., dated February 17, 1998
(attached as Annex C to the Proxy Statement/Prospectus).*
(b)(2) Presentation of Goldman, Sachs & Co., Inc., dated February 17,
1998.++
(b)(3) Presentation of Goldman, Sachs & Co., Inc., dated January 23,
1998.
(b)(4) Presentation of Goldman, Sachs & Co., Inc., dated December 18,
1997.
(b)(5) Presentation of Goldman, Sachs & Co., Inc., dated December 2,
1997.
(b)(6) Presentation of Goldman, Sachs & Co., Inc., dated June 5, 1997.
(b)(7) Presentation of Goldman, Sachs & Co., Inc., dated April 23, 1997.
(b)(8) Presentation of Morgan, Stanley and Co., Incorporated, dated June
24, 1997.
(b)(9) Presentation of Morgan, Stanley and Co., Incorporated, dated
February 25, 1997.
(c)(1) Agreement and Plan of Merger dated February 17, 1998, among
Parent, PDI, Mergeco and the Company (attached as Annex B to the Proxy
Statement/Prospectus).*
(c)(2) First Amendment to Agreement and Plan of Merger dated as of
March 31, 1998, among Parent, PDI, Mergeco and the Company (attached as Annex B
to the Proxy Statement/Prospectus).*
(d)(1) Proxy Statement/Prospectus dated July 16, 1998.*
(d)(2) Form of Letter of Transmittal sent to holders of Shares.*
(d)(3) Form of Notice of Special Meeting.*
8
<PAGE> 11
(d)(4) Press Release issued by Parent on February 17, 1998.++
(d)(5) Press Release issued by the Company on February 17, 1998.+
(e) Section 232 of the General Corporation Law of the State of
Delaware (attached as Annex D to the Proxy Statement/Prospectus).*
(f) Not applicable.
- --------
* Incorporated by reference to Amendment No. 3 to the Registration Statement on
Form F-4 filed by Parent with the Commission on July 14, 1998.
+ Incorporated by reference to the Form 8-K filed by Fina, Inc. with the
Commission on February 19, 1998.
++ Previously filed with this Schedule 13E-3.
9
<PAGE> 12
SIGNATURES
After due inquiry and to the best of my knowledge and belief, each of
the undersigned hereby certifies that the information set forth in this
statement is true, complete and correct.
July 14, 1998.
PetroFina S.A.
By: /s/ FRANCOIS CORNELIS
----------------------------------
Name: Francois Cornelis
Title: Chief Executive Officer and
Managing Director
By: /s/ MICHEL-MARC DELCOMMUNE
----------------------------------
Name: Michel-Marc Delcommune
Title: Executive Director, Corporate
Finance
American Petrofina Holding Company
By: /s/ FRANCOIS CORNELIS
----------------------------------
Name: Francois Cornelis
Title: President
Petrofina Delaware, Incorporated
By: /s/ FRANCOIS CORNELIS
----------------------------------
Name: Francois Cornelis
Title: President
Fina, Inc.
By: /s/ M. CULLEN GODFREY
----------------------------------
Name: M. Cullen Godfrey
Title: Secretary
<PAGE> 13
New Fina, Inc.
By: /s/ FRANCOIS CORNELIS
----------------------------------
Name: Francois Cornelis
Title: President
<PAGE> 14
EXHIBIT INDEX
EXHIBIT NO. DESCRIPTION
(b)(1) Opinion of Goldman, Sachs & Co., Inc., dated February 17, 1998
(attached as Annex C to the Proxy Statement/Prospectus).*
(b)(2) Presentation of Goldman, Sachs & Co., Inc., dated February 17,
1998.++
(b)(3) Presentation of Goldman, Sachs & Co., Inc., dated January 23,
1998.
(b)(4) Presentation of Goldman, Sachs & Co., Inc., dated December
18, 1997.
(b)(5) Presentation of Goldman, Sachs & Co., Inc., dated December 2,
1997.
(b)(6) Presentation of Goldman, Sachs & Co., Inc., dated June 5,
1997.
(b)(7) Presentation of Goldman, Sachs & Co., Inc., dated April 23,
1997.
(b)(8) Presentation of Morgan, Stanley and Co., Incorporated, dated
June 24, 1997.
(b)(9) Presentation of Morgan, Stanley and Co., Incorporated, dated
February 25, 1997.
(c)(1) Agreement and Plan of Merger dated February 17, 1998, among
Parent, PDI, Mergeco and the Company (attached as Annex B to the Proxy
Statement/Prospectus).*
(c)(2) First Amendment to Agreement and Plan of Merger dated as of
March 31, 1998, among Parent, PDI, Mergeco and the Company (attached as Annex B
to the Proxy Statement/Prospectus).*
(d)(1) Proxy Statement/Prospectus dated July 16, 1998.*
(d)(2) Form of Letter of Transmittal sent to holders of Shares.*
(d)(3) Form of Notice of Special Meeting.*
(d)(4) Press Release issued by Parent February 17, 1998. ++
(d)(5) Press Release issued by the Company February 17, 1998.+
(e) Section 232 of the General Corporation Law of the State of
Delaware (attached as Annex D to the Proxy Statement/Prospectus).*
(f) Not applicable.
- --------
* Incorporated by reference to Amendment No. 3 to the Registration Statement on
Form F-4 filed by Parent with the Commission on July 14, 1998.
+ Incorporated by reference to the Form 8-K filed by Fina, Inc. with the
Commission on February 19, 1998.
++ Previously filed in connection with this Schedule 13E-3.
<PAGE> 1
EXHIBIT (b)(3)
Preliminary Materials Presented
at
Special Committee Meeting
on
January 23, 1998
<PAGE> 2
Chronology of Events
o February 25, 1997 PetroFina announced its intention to purchase the
remaining 14.2% of Fina's outstanding shares it did not already own for
$266 million, or $60 per share. The Company also announced it will seek a
listing on the New York stock exchange in order to gain improved access to
capital markets in the U.S. PetroFina's Board of Directors formed a
Special Committee to evaluate the proposal and to assist PetroFina in
determining the structure of the consideration.
o April 1997 Fina presents a revised three year corporate plan to PetroFina
o September 1997 Fina announces 40%/60% joint venture with BASF Corp. to
build and operate an $800 million steam cracker
o November 1997 Fina presents a revised three year corporate plan to
PetroFina
o December 1997 PetroFina proposes $60 per share in cash and a warrant
security on the underlying PetroFina ADR stock (exercise price of $42.25;
0.8224:1 exchange ratio; 3-year term)
o February 1998 The PetroFina proposal currently under consideration
includes:
-- $60 per share in cash
-- 4,420,000 warrants issued
-- Exercise price of $42.25 per ADR
-- 0.9:1 exchange ratio
-- Warrants exerciseable at any time (American style) for a 5 year term
<PAGE> 3
Warrant Valuation Sensitivities
ADR Price vs. Volatility (a)
<TABLE>
<CAPTION>
Option Value
ADR Price
---------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
$32 $33 $34 $35 $36 $37 $38
V ------------------------------------------------------------------
o 18% 2.75 3.21 3.67 4.21 4.75 5.32 5.94
l 19% 2.99 3.46 3.93 4.47 5.02 5.60 6.22
a 20% 3.24 3.71 4.19 4.74 5.31 5.87 6.51
t 21% 3.48 3.97 4.46 5.01 5.58 6.15 6.79
i 22% 3.73 4.22 4.72 5.28 5.86 6.43 7.07
l 23% 3.97 4.48 4.98 5.55 6.13 6.72 7.34
i 24% 4.22 4.73 5.25 5.81 6.41 7.00 7.62
t 25% 4.47 4.99 5.51 6.08 6.68 7.29 7.89
y 26% 4.71 5.25 5.78 6.34 6.96 7.56 8.18
---------------------------------------------------------------------------
<CAPTION>
Warrant Value (b)
ADR Price
---------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
$32 $33 $34 $35 $36 $37 $38
V ------------------------------------------------------------------
o 18% 2.48 2.89 3.30 3.79 4.28 4.79 5.35
l 19% 2.69 3.11 3.54 4.02 4.52 5.04 5.60
a 20% 2.92 3.34 3.77 4.27 4.78 5.28 5.86
t 21% 3.13 3.57 4.01 4.51 5.02 5.54 6.11
i 22% 3.36 3.80 4.25 4.75 5.27 5.79 6.36
l 23% 3.57 4.03 4.48 5.00 5.52 6.05 6.61
i 24% 3.80 4.26 4.73 5.23 5.77 6.30 6.86
t 25% 4.02 4.49 4.96 5.47 6.01 6.56 7.10
y 26% 4.24 4.73 5.20 5.71 6.26 6.80 7.36
---------------------------------------------------------------------------
</TABLE>
Assumptions
- --------------------------------------------------------------------------------
Black Scholes valuation of an American style option using current yield curve.
Assumes issuance of 4,420,000 warrants convertable into 3,978,000 PetroFina
ADRs.
Assumes an effective date of April 1, 1998, a strike price at $42.25 and an
expiration date of April 1, 2003.
Note: Option value at PetroFina ADR price of $35.125 (February 10, 1998) equals
$5.35 ($4.82 in warrant value).
(a) Calculated with an assumed yield curve (6/15/98: 5.81%; 12/14/98: 5.77%;
6/14/99: 5.78%; 12/16/99: 5.79%; 6/19/00: 5.82%; 18/18/00: 5.85%; 6/18/01:
5.88%; 12/17/01: 5.91%; 6/17/02: 5.95%; 12/16/02: 5.98%).
(b) Warrant value represents underlying option times exchange ratio of 0.9.
<PAGE> 4
Summary of Revised Offer
o $60 per share in cash plus:
o 4,420,000 warrants issued
o Convertible into 3,978,000 PetroFina ADRs
-- 1 warrant exerciseable into 0.9 ADRs
-- At 10 ADRs per PetroFina SA share, warrants equivalent to 397,800 SA
shares
o Exercise price of $42.25 per ADR
o Warrants exerciseable at any time (American style) for 5 years
o Registered upon issuance on New York Stock Exchange or American Stock
Exchange
o Standard anti-dilution provisions
<PAGE> 5
FINA, Inc.
Daily Common Stock Price History
[PLOT POINTS NEXT PAGE]
Petro Fina Offer: $ 64.82(a)
(a) Assumes underlying ADR price of $ 35.125 and volatility of 22%.
<PAGE> 6
Fina, Inc.
Daily Common Stock Price History
<TABLE>
<CAPTION>
DATE CAT Price
<S> <C> <C>
20-Feb-97 1
21-Feb-97 2
24-Feb-97 3 50.13
25-Feb-97 4 62.50
26-Feb-97 5 62.25
27-Feb-97 6 62.25
28-Feb-97 7 62.38
03-Mar-97 8 62.25
04-Mar-97 9 62.50
05-Mar-97 10 63.00
06-Mar-97 11 62.63
07-Mar-97 12 64.00
10-Mar-97 13 63.25
11-Mar-97 14 63.13
12-Mar-97 15 63.25
13-Mar-97 16 63.13
14-Mar-97 17 63.13
17-Mar-97 18 63.13
18-Mar-97 19 64.25
19-Mar-97 20 63.75
20-Mar-97 21 64.13
21-Mar-97 22 64.50
24-Mar-97 23 64.50
25-Mar-97 24 65.25
26-Mar-97 25 66.00
27-Mar-97 26 64.50
28-Mar-97 27 64.50
31-Mar-97 28 63.50
01-Apr-97 29 63.75
02-Apr-97 30 63.50
03-Apr-97 31 63.50
04-Apr-97 32 63.50
07-Apr-97 33 63.50
08-Apr-97 34 64.00
09-Apr-97 35 63.88
10-Apr-97 36 63.75
11-Apr-97 37 65.00
14-Apr-97 38 64.88
15-Apr-97 39 64.88
16-Apr-97 40 64.75
17-Apr-97 41 64.75
18-Apr-97 42 64.75
21-Apr-97 43 64.88
22-Apr-97 44 64.75
23-Apr-97 45 64.75
24-Apr-97 46 64.75
25-Apr-97 47 64.75
28-Apr-97 48 64.75
29-Apr-97 49 64.88
30-Apr-97 50 64.50
01-May-97 51 65.00
</TABLE>
Page 1
<PAGE> 7
<TABLE>
<S> <C> <C>
02-May-97 52 65.00
05-May-97 53 65.25
06-May-97 54 65.00
07-May-97 55 65.00
08-May-97 56 65.25
09-May-97 57 65.00
12-May-97 58 65.38
13-May-97 59 65.38
14-May-97 60 65.25
15-May-97 61 65.25
16-May-97 62 65.13
19-May-97 63 64.88
20-May-97 64 65.00
21-May-97 65 65.75
22-May-97 66 66.00
23-May-97 67 66.25
26-May-97 68 66.25
27-May-97 69 65.63
28-May-97 70 66.38
29-May-97 71 66.38
30-May-97 72 65.94
02-Jun-97 73 66.50
03-Jun-97 74 67.25
04-Jun-97 75 66.50
05-Jun-97 76 66.50
06-Jun-97 77 66.38
09-Jun-97 78 65.00
10-Jun-97 79 64.50
11-Jun-97 80 64.75
12-Jun-97 81 65.00
13-Jun-97 82 65.00
16-Jun-97 83 64.75
17-Jun-97 84 65.25
18-Jun-97 85 64.38
19-Jun-97 86 63.75
20-Jun-97 87 63.00
23-Jun-97 88 63.00
24-Jun-97 89 63.50
25-Jun-97 90 63.63
26-Jun-97 91 63.63
27-Jun-97 92 64.25
30-Jun-97 93 63.75
01-Jul-97 94 64.25
02-Jul-97 95 64.50
03-Jul-97 96 64.50
04-Jul-97 97 64.50
07-Jul-97 98 64.56
08-Jul-97 99 65.00
09-Jul-97 100 65.00
10-Jul-97 101 64.75
11-Jul-97 102 66.00
14-Jul-97 103 65.25
15-Jul-97 104 65.13
16-Jul-97 105 65.13
17-Jul-97 106 65.25
18-Jul-97 107 65.13
</TABLE>
Page 2
<PAGE> 8
<TABLE>
<S> <C> <C>
21-Jul-97 108 65.38
22-Jul-97 109 65.13
23-Jul-97 110 66.00
24-Jul-97 111 65.63
25-Jul-97 112 66.25
28-Jul-97 113 65.75
29-Jul-97 114 65.50
30-Jul-97 115 65.50
31-Jul-97 116 65.50
01-Aug-97 117 66.00
04-Aug-97 118 65.63
05-Aug-97 119 66.13
06-Aug-97 120 66.44
07-Aug-97 121 66.38
08-Aug-97 122 65.75
11-Aug-97 123 65.75
12-Aug-97 124 65.88
13-Aug-97 125 66.00
14-Aug-97 126 65.88
15-Aug-97 127 66.50
18-Aug-97 128 65.75
19-Aug-97 129 66.00
20-Aug-97 130 66.38
21-Aug-97 131 66.38
22-Aug-97 132 66.44
25-Aug-97 133 66.31
26-Aug-97 134 65.88
27-Aug-97 135 66.44
28-Aug-97 136 66.44
29-Aug-97 137 66.00
01-Sep-97 138 66.00
02-Sep-97 139 66.13
03-Sep-97 140 65.00
04-Sep-97 141 65.38
05-Sep-97 142 65.31
08-Sep-97 143 65.06
09-Sep-97 144 65.25
10-Sep-97 145 65.25
11-Sep-97 146 65.25
12-Sep-97 147 65.25
15-Sep-97 148 65.00
16-Sep-97 149 64.88
17-Sep-97 150 64.81
18-Sep-97 151 65.25
19-Sep-97 152 64.88
22-Sep-97 153 64.88
23-Sep-97 154 64.81
24-Sep-97 155 66.50
25-Sep-97 156 66.75
26-Sep-97 157 66.50
29-Sep-97 158 67.00
30-Sep-97 159 66.50
01-Oct-97 160 67.25
02-Oct-97 161 67.00
03-Oct-97 162 66.25
06-Oct-97 163 67.00
</TABLE>
Page 3
<PAGE> 9
<TABLE>
<S> <C> <C>
07-Oct-97 164 67.38
08-Oct-97 165 66.75
09-Oct-97 166 66.63
10-Oct-97 167 66.63
13-Oct-97 168 66.38
14-Oct-97 169 66.31
15-Oct-97 170 66.00
16-Oct-97 171 66.00
17-Oct-97 172 65.00
20-Oct-97 173 65.19
21-Oct-97 174 65.00
22-Oct-97 175 65.00
23-Oct-97 176 64.50
24-Oct-97 177 64.50
27-Oct-97 178 64.56
28-Oct-97 179 63.00
29-Oct-97 180 63.50
30-Oct-97 181 63.50
31-Oct-97 182 63.50
03-Nov-97 183 64.00
04-Nov-97 164 64.50
05-Nov-97 185 64.75
06-Nov-97 186 65.00
07-Nov-97 187 65.00
10-Nov-97 188 65.00
11-Nov-97 189 64.50
12-Nov-97 190 64.50
13-Nov-97 191 64.75
14-Nov-97 192 64.75
17-Nov-97 193 64.75
18-Nov-97 194 64.75
19-Nov-97 195 64.50
20-Nov-97 196 64.50
21-Nov-97 197 65.25
24-Nov-97 198 65.25
25-Nov-97 199 65.38
26-Nov-97 200 65.38
27-Nov-97 201 65.38
28-Nov-97 202 65.50
01-Dec-97 203 64.50
02-Dec-97 204 64.69
03-Dec-97 205 64.50
04-Dec-97 206 64.63
05-Dec-97 207 64.50
08-Dec-97 208 64.31
09-Dec-97 209 64.38
10-Dec-97 210 64.63
11-Dec-97 211 64.38
12-Dec-97 212 64.38
15-Dec-97 213 64.13
16-Dec-97 214 64.00
17-Dec-97 215 63.81
18-Dec-97 216 64.63
19-Dec-97 217 64.75
22-Dec-97 218 64.75
23-Dec-97 219 64.38
</TABLE>
Page 4
<PAGE> 10
<TABLE>
<S> <C> <C>
24-Dec-97 220 64.38
25-Dec-97 221 64.38
26-Dec-97 222 65.25
29-Dec-97 223 65.50
30-Dec-97 224 65.00
31-Dec-97 225 64.00
01-Jan-98 226 64.00
02-Jan-98 227 64.06
05-Jan-98 228 64.25
06-Jan-98 229 63.75
07-Jan-98 230 63.50
08-Jan-98 231 63.13
09-Jan-98 232 62.00
12-Jan-98 233 61.00
13-Jan-98 234 60.75
14-Jan-98 235 60.50
15-Jan-98 236 60.75
16-Jan-98 237 60.75
19-Jan-98 238 60.75
20-Jan-98 239 60.50
21-Jan-98 240 60.88
22-Jan-98 241 60.50
23-Jan-98 242 59.63
26-Jan-98 243 59.50
27-Jan-98 244 60.50
28-Jan-98 245 60.00
29-Jan-98 246 59.88
30-Jan-98 247 59.75
02-Feb-98 248 59.25
03-Feb-98 249 60.44
04-Feb-98 250 60.00
05-Feb-98 251 59.75
06-Feb-98 252 59.75
09-Feb-98 253 59.50
10-Feb-98 254 59.50
</TABLE>
Page 5
<PAGE> 11
Summary of Valuation Benchmarks
November Plan
[The following table was depicted as a bar chart in the printed material]
<TABLE>
<CAPTION>
<S> <C>
Undisturbed Market Price: $ 50.00(a)
Market Price: $ 59.50
Petro Fina Offer: $ 64.82
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
Domestic Integrated Public Companies (d)
- --------------------------------------------------------------------------------
Share Price
----------------
Low High
--- ----
<S> <C> <C>
Multiple of 1998E DCF $54 $73
P/E 1998E $65 $83
</TABLE>
[The following table was depicted as a bar chart in the printed material]
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
Weighted-Average Public Companies (e)
- --------------------------------------------------------------------------------
Share Price
----------------
Low High
--- ----
<S> <C> <C>
Multiple of 1998 DCF $63 $78
P/E 1998E $66 $81
</TABLE>
[The following table was depicted as a bar chart in the printed material]
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
DCF Analysis (f)
- --------------------------------------------------------------------------------
Share Price
----------------
Low High
--- ----
<S> <C> <C>
$53 $60
</TABLE>
[The following table was depicted as a bar chart in the printed material]
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
PV of Future Stock Prices (g)
- --------------------------------------------------------------------------------
Share Price
----------------
Low High
--- ----
<S> <C> <C>
Year 2000 $47 $57
Year 2001 $63 $77
</TABLE>
[The following table was depicted as a bar chart in the printed material]
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
100% Cash Purchase 1998 EPS Breakeven (h)
- --------------------------------------------------------------------------------
Share Price
----------------
Low High
--- ----
<S> <C> <C>
$53 $73
</TABLE>
[The following table was depicted as a bar chart in the printed material]
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
100% Stock Purchase 1998 EPS Breakeven (h)
- --------------------------------------------------------------------------------
Share Price
----------------
Low High
--- ----
<S> <C> <C>
$47 $56
</TABLE>
Note: All estimates based on management's projections from the November plan.
(a) Based on FINA's closing share price of $50.00 as of February 24, 1997, one
day prior to the PetroFina announcement.
(b) Based on closing share prices as of February 10, 1998 ($59.50).
(c) Assumes underlying ADR price of $35.125, exercise price of $42.25 and
volatility of 22% ($64.82).
(d) Based on domestic integrated common stock comparison multiples. The
valuation range extends from low to high multiple for each valuation
parameter.
(e) Calculated with public market multiples weighted by earnings/cash flows from
E&P, R&M and chemical segments. The valuation range extends from low to high
multiple for each valuation parameter.
(f) Low end of range reflects the present value, at an 11.0% discount rate, of
FINA's projected free cash flows for the period 1997-1999 and 14.0% for the
period 2000-2001. Cash flows and terminal value based on a multiple of 5.5x
LTM DCF. High end of range reflects the present value of the same cash flows
and terminal value assumption discounted at rates of 9.0% and 12.0%,
respectively, adjusted by net impact of Steam Cracker investment over
1997-2015 period, using same assumptions (approximately $4.00 to $6.00 per
share).
(g) Low end of range represents the present value, at a 12.0% discount rate, of
FINA's projected year 2000 and 2001 share prices based on a multiple of 9.0x
LTM net income. High end of range reflects the present value, at a 12.0%
discount rate, of FINA's projected year 2000 and 2001 share prices based on
a multiple of 11.0x LTM net income.
(h) Low end of range represents the price at which there is no dilution to
PetroFina's 1998E EPS assuming no synergies and a goodwill amortization
period of 5 years. High end of range reflects the price at which there is no
dilution to PetroFina's 1998E EPS assuming no synergies and a goodwill
amortization period of 20 years.
<PAGE> 12
Summary of Valuation Benchmarks
<TABLE>
<CAPTION>
April Plan November Plan
----------------------- ----------------------------
June 5, 1997 Update (a) February 13, 1998 Update (b)
Stock Price (c) $67.25 $59.50
Valuation Benchmarks Low Median High Low Median High
==========================================================================================================
<S> <C> <C> <C> <C> <C> <C>
Domestic Integrated Companies
1998E DCF $62 $69 $75 $54 $65 $73
1998E P/E 78 86 94 65 72 83
Weighted-Average Public Companies
1998E DCF NA NA NA $63 $69 $78
1998E P/E NA NA NA 66 74 81
DCF Analysis $60 NM $68 $53 NM $60
PV of Future Stock Prices
2000E $56 NM $69 $47 NM $57
2001E 67 NM 81 63 NM 77
100% Cash Purchase 1998 EPS Breakeven $55 NM $80 $53 NM $73
100% Cash Purchase 1998 EPS Breakeven 51 NM 66 47 NM 56
</TABLE>
(a) Based on April 1997 projections and prior Special Committee presentation.
(b) Based on November 1997 projections.
(c) As of June 3, 1997 and February 10, 1998, respectively.
<PAGE> 13
Goldman, Sachs & Co.
85 Broad Street
New York, New York 10004
(212) 902-7408
(212) 357-4451 (Fax)
TELECOPY TRANSMITTAL SHEET
- --------------------------------------------------------------------------------
CONFIDENTIAL
NOTICE: The information contained in this facsimile message is intended only for
the confidential use of the recipient. If the reader of this message is not the
intended recipient or person responsible for delivering it to the intended
recipient, you are hereby notified that you have received this communication in
error, and that any review, dissemination, distribution, or copying of this
communication is strictly prohibited. If you have received this in error, please
notify the sender immediately by telephone at the number set forth above and
destroy this facsimile message. Thank you.
- --------------------------------------------------------------------------------
Date: 01/22/98
--------------------------------------------------------------
To: Eric Shube
--------------------------------------------------------------
From: Kevin Quinn
Lukas Hovorka
--------------------------------------------------------------
Fax: (212) 474-3700
--------------------------------------------------------------
Total Pages:
--------------------------------------------------------------
Eric,
In preparation for our conference call tomorrow, we have attached 3 pages on
warrant valuation for distribution to the Board members. If you have any
questions please call Kevin at 212-902-6868 or Lukas at 212-902-7408.
- --------------------------------------------------------------------------------
Call Ann Marie or Tish (212)902-6872 if there is any problem with the
transmission of these pages.
<PAGE> 14
Warrant Valuation and Chronology
<TABLE>
<CAPTION>
Assumptions
------------------------------------------------------
Warrant Strike Expiration ADR Annual Conversion Effective
Value(1) Price Date Price Volatility Dividend(2) Ratio(3) Date
-------- ----- ---- ----- ---------- ----------- -------- ----
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Original PetroFina Offer - 12/10/97
Value $6.04 $42.25 12/12/00 $39.00 24% 2.85% 1:1 12/22/97
Original PetroFina Offer - Revised Valuation
--------
Value 4.97 42.25 12/12/00 39.00 24% 2.85% 0.8224:1 12/22/97
----- --------
Value 5.08 42.25 12/12/00 39.00 24% $1.11 0.8224:1 12/22/97
-----
Original PetroFina Offer - New Assumptions
----- --------
Value 4.77 42.25 12/12/00 38.38 24% 1.11 0.8224:1 12/23/97
----- --- --------
Value 4.37 42.25 12/12/00 38.38 22% 1.11 0.8224:1 12/23/97
---
FINA Counter-Offer - 12/19/97
--------
Value 6.24 42.25 12/18/02 38.38 22% 1.11 0.8224:1 12/23/97
--------
New PetroFina Offer - 12/22/97
------ --- -------- ------
Value 5.60 42.25 4/1/01 38.38 24% 1.11 0.90:1 1/9/98
------ --- -------- ------
Value 5.16 42.25 4/1/01 38.38 22% 1.11 0.90:1 1/9/98
---
FINA Counter-Offer - 1/7/98
------
Value 7.10 42.25 4/1/03 38.38 22% 1.11 0.90:1 1/9/98
------ -----
Value 5.99 42.25 4/1/03 36.50 22% 1.11 0.90:1 1/9/98
-----
FINA Counter-Offer - 1/7/98
(price as of 1/19/98/warrant term)
----- -------
Value 5.68 42.25 4/1/03 36.00 22% 1.11 0.90:1 1/20/98
----- -------
Value (yield curve)(4) 5.53 42.25 4/1/03 36.00 22% 1.11 0.90:1 1/20/98
------
Value 3.81 42.25 4/1/01 36.00 22% 1.11 0.90:1 1/20/98
------
Revised PetroFina Offer - 1/19/98
-----
Value 4.10 41.25 4/1/01 36.00 22% 1.11 0.90:1 1/20/98
-----
</TABLE>
Assumptions
- -----------
Black Scholes valuation of American style option (exchangeable at any time
before expiration) using current yield curve
Assumes issuance of 4,420,000 warrants, convertible into PetroFina ADRs at
exchange ratio, ADRs represent 10 underlying PetroFina shares
Warrants registered upon issuance on NYSE or AMEX; standard anti-dilution
provisions (to be determined) have been offered
Note: Warrant value does not include FINA, Inc. $0.80 1st quarter dividend
(1) Warrant value represents underlying option value times exchange ratio
(2) Dividend assumption either constant yield or constant dollar amount
(3) Conversion ratio represents number of ADRs per issued warrant
(4) Calculated with updated (1/19/98) yield curve (6/15/98: 5.81%; 12/14/98:
5.77%; 6/14/99: 5.78%; 12/16/99: 5.79%; 6/19/00: 5.82%; 12/18/00: 5.85%;
6/18/01: 5.88%; 12/17/01: 5.91%; 6/17/02: 5.95%; 12/16/02: 5.98%)
<PAGE> 15
Analysis of Warrant Value
Change in Valuation
<TABLE>
<CAPTION>
$ Change from
Warrant Original PetroFina
Value Offer 12/10/97 (a)
- --------------------------------------------------------------------------------
<S> <C> <C>
Original PetroFina Offer - 12/l0/97 (b) $5.08 $ 0.00
Original PetroFina Offer - New Assumptions
ADR Price ($38.375) $(0.31)
Volatility (22%) (0.40)
Effective Date (12/23/97) (0.00)
Combined $4.37 $(0.72)
New PetroFina Offer - 12/22/97
ADR Price ($38.375) $(0.31)
Volatility (22%) (0.40)
Effective Date (1/9/98) (0.09)
Expiration Date (4/1/01) 0.43
Conversion ratio (0.90:1) 0.48
Combined $5.16 $0.08
Revised PetroFina Offer - 1/19/98
ADR Price ($36.00) $(1.38)
Volatility (22%) (0.40)
Expiration Date (4/1/01) 0.43
Conversion ratio (0.90:1) 0.48
Strike Price ($41.25) 0.32
Effective Date (1/20/98) (0.14)
Yield Curve (as of 1/19/98) (0.12)
Combined $4.10 $(0.99)
- --------------------------------------------------------------------------------
</TABLE>
(a) Numbers may not add due to rounding and impact of simultaneous changes in
warrant variables.
(b) Assumes strike price of $42.25, expiration date on 12/12/00, ADR price of
$39.00, 24% volatility, annual dividend of $1.11, 0.8224:1 conversion ratio,
effective date on 12/22/97 and yield curve as of 12/10/97.
<PAGE> 16
Analysis of Warrant Value
Sensitivity Analysis
- -------------------------------------------------------------
<TABLE>
<S> <C>
Current Warrant Value (a) $4.10
</TABLE>
<TABLE>
<CAPTION>
Warrant Value
Effective Date
----------------------------------------
1/20/98 3/1/98 4/1/98 5/1/98
---------------------------------------------------
<S> <C> <C> <C> <C> <C>
$34.00 $3.19 $3.05 $2.94 $2.83
$35.00 $3.62 $3.46 $3.34 $3.23
ADR $36.00 $4.10 $3.93 $3.81 $3.68
Price $37.00 $4.58 $4.42 $4.29 $4.16
$38.0O $5.11 $4.92 $4.78 $4.64
</TABLE>
<TABLE>
<CAPTION>
$ Change from Current Warrant Value ($4.10)
Effective Date
----------------------------------------
1/20/98 3/1/98 4/1/98 5/1/98
---------------------------------------------------
<S> <C> <C> <C> <C> <C>
$34.00 $(0.91) $(1.05) $(1.16) $(1.27)
$35.00 $(0.48) $(0.64) $(0.76) $(0.87)
ADR $36.00 $(0.00) $(0.17) $(0.29) $(0.42)
Price $37.00 $0.48 $0.32 $0.19 $0.06
$38.0O $1.01 $0.82 $0.68 $0.54
- -------------------------------------------------------------
</TABLE>
(a) Assumes strike price of $41.25, expiration date on 4/1/01, ADR price of
$36.00, 22% volatility, annual dividend of $1.11, 0.90:1 conversion ratio
and effective date on 1/20/98.
<PAGE> 1
EXHIBIT (b)(4)
Preliminary Materials Presented
at
Special Committee Meeting
on
December 18, 1997
<PAGE> 2
- -------
Goldman Highly Confidential
Sachs
- -------
FINA, Inc.
Discussion Materials
Goldman, Sachs & Co.
December 18, 1997
<PAGE> 3
Table of Exhibits
Exhibit
Summary of Revised Proposal 1
Market Trading History 2
Comparison of Original and Revised Corporate Plan 3
Summary of Valuation Analysis 4
Summary of Merger Plans with PetroFina 5
Appendices
Summary Financial information A
Pricing Forecasts B
Common Stock Comparisons C
Detailed Valuation Analysis D
<PAGE> 4
- -------
Goldman
Sachs
- -------
Exhibit 1
<PAGE> 5
- -------
Goldman
Sachs
- -------
Revised Proposal
Summary of Valuation Scenarios
Proposal: $60 per share in cash plus:
o 4,420,000 warrants issued
o Convertible into 3,635,000 Petrofina ADRs
o 100 warrants exchangeable into 82.24 ADRs
o At 10 ADRs per Petrofina SA share, warrants equivalent to
363,500 SA shares
o Exercise price of $42.24 per ADR
o Warrants exerciseable at any time (American style) for 3
years
o Registered upon issuance on New York Stock Exchange or
American Stock Exchange
o Anti-dilution provisions - to be determined
Valuation:
Underlying ADR Stock Price
-------------------------------------------
(US dollar per share) $37 $38 $39 $40 $41
- --------------------------------------------------------------------------------
Volatility Assumption 18% $3.53 $4.04 $4.58 $5.19 $5.81
20 4.00 4.52 5.07 5.69 6.31
22 4.47 5.00 5.55 6.18 6.80
24 4.94 5.47 6.04 6.67 7.30
26 5.41 5.95 6.52 7.16 7.80
- --------------------------------------------------------------------------------
Assumptions:
1. American style option valued using Black Scholes
2. Current dividend of $1.11 assumed level
3. Interest rate of 5.69% assumed
Morgan Stanley Assumptions:
1. Stock price of $39 per share
2. Volatility of 24%
3. Interest rate of 5.76%
<PAGE> 6
- -------
Goldman
Sachs
- -------
Exhibit 2
<PAGE> 7
Trading Histories
Market Benchmarks
20% Premium
% Growth Implied to Implied
2/24/97 to 12/11/97 Stock Price(a) Stock Price(b)
- --------------------------------------------------------------------------------
Dow Jones 12.0% $ 56.14 $67.37
S&P 400 16.9 58.62 70.34
Domestic Integrateds 11.2 55.72 66.87
Exploration & Production 0.9 50.57 60.69
Refining & Marketing 16.4 58.33 69.99
Commodity Chemicals 5.3 52.80 63.36
Current Stock Price (12/11/97) $64.38
(a) FINA's closing share price of $50.13 as of February 24, 1997, one day
prior to PetroFina's announcement adjusted by relevant stock appreciation
since 2/24/97.
(b) Represents the initial premium placed upon the Company's undisturbed share
price by PetroFina on February 24, 1997.
<PAGE> 8
Composite Group:
- ----------------
Amoco
ARCO
Ashland
Kerr-McGee
Murphy Oil
Occidental
Phillips Petroleum
Sun Co.
Unocal
USX-Marathon
FINA
Indexed Stock Price History
- ------------------------------------- -----------------------------------------
Since June 1997 One Year
- ------------------------------------- -----------------------------------------
[PLOT POINTS NEXT PAGE] [PLOT POINTS NEXT PAGE]
- ------------------------------------- -----------------------------------------
Three Year Five Year
- ------------------------------------- -----------------------------------------
[PLOT POINTS NEXT PAGE] [PLOT POINTS NEXT PAGE]
<PAGE> 9
Since June 1997
<TABLE>
<CAPTION>
Composite SP.400
Group INDEX INDEX
04/06/97 04/06/97
DATE Values Values
<S> <C> <C>
19-Nov-96
20-Nov-96
21-Nov-96
22-Nov-96
25-Nov-96
26-Nov-96
27-Nov-96
28-Nov-96
29-Nov-96
02-Dec-96
03-Dec-96
04-Dec-96
05-Dec-96
06-Dec-96
09-Dec-96
10-Dec-96
11-Dec-96
12-Dec-96
13-Dec-96
16-Dec-96
17-Dec-96
18-Dec-96
19-Dec-96
20-Dec-96
23-Dec-96
24-Dec-96
25-Dec-96
26-Dec-96
27-Dec-96
30-Dec-96
31-Dec-96
01-Jan-97
02-Jan-97
03-Jan-97
06-Jan-97
07-Jan-97
08-Jan-97
09-Jan-97
10-Jan-97
13-Jan-97
14-Jan-97
15-Jan-97
16-Jan-97
17-Jan-97
20-Jan-97
21-Jan-97
22-Jan-97
23-Jan-97
24-Jan-97
27-Jan-97
28-Jan-97
</TABLE>
Page 1
<PAGE> 10
<TABLE>
<S> <C> <C>
29-Jan-97
30-Jan-97
31-Jan-97
03-Feb-97
04-Feb-97
05-Feb-97
06-Feb-97
07-Feb-97
10-Feb-97
11-Feb-97
12-Feb-97
13-Feb-97
14-Feb-97
17-Feb-97
18-Feb-97
19-Feb-97
20-Feb-97
21-Feb-97
24-Feb-97
25-Feb-97
26-Feb-97
27-Feb-97
28-Feb-97
03-Mar-97
04-Mar-97
05-Mar-97
06-Mar-97
07-Mar-97
10-Mar-97
11-Mar-97
12-Mar-97
13-Mar-97
14-Mar-97
17-Mar-97
18-Mar-97
19-Mar-97
20-Mar-97
21-Mar-97
24-Mar-97
25-Mar-97
26-Mar-97
27-Mar-97
28-Mar-97
31-Mar-97
01-Apr-97
02-Apr-97
03-Apr-97
04-Apr-97
07-Apr-97
08-Apr-97
09-Apr-97
10-Apr-97
11-Apr-97
14-Apr-97
15-Apr-97
16-Apr-97
</TABLE>
Page 2
<PAGE> 11
<TABLE>
<S> <C> <C>
17-Apr-97
18-Apr-97
21-Apr-97
22-Apr-97
23-Apr-97
24-Apr-97
25-Apr-97
28-Apr-97
29-Apr-97
30-Apr-97
01-May-97
02-May-97
05-May-97
06-May-97
07-May-97
08-May-97
09-May-97
12-May-97
13-May-97
14-May-97
15-May-97
16-May-97
19-May-97
20-May-97
21-May-97
22-May-97
23-May-97
26-May-97
27-May-97
28-May-97
29-May-97
30-May-97
02-Jun-97
03-Jun-97
04-Jun-97 100 100
05-Jun-97 99.27426352 100.32
06-Jun-97 99.59443291 102.053
09-Jun-97 98.82661023 102.8
10-Jun-97 98.91807716 102.964
11-Jun-97 98.50031016 103.448
12-Jun-97 99.00222348 105.095
13-Jun-97 100.3180315 106.284
16-Jun-97 101.2750084 106.35
17-Jun-97 100.6079813 106.435
18-Jun-97 99.93803421 105.519
19-Jun-97 99.08866009 106.605
20-Jun-97 98.85741565 106.714
23-Jun-97 98.23920965 104.343
24-Jun-97 98.7564212 106.502
25-Jun-97 98.24737952 105.719
26-Jun-97 98.21819644 105.151
27-Jun-97 97.98686462 105.581
30-Jun-97 98.04168481 105.518
01-Jul-97 99.1579323 106.037
02-Jul-97 100.8143789 107.488
03-Jul-97 101.8188431 108.965
</TABLE>
Page 3
<PAGE> 12
<TABLE>
<S> <C> <C>
04-Jul-97 101.8188431 108.965
07-Jul-97 100.9590848 108.517
08-Jul-97 100.9847057 109.45
09-Jul-97 99.05975134 108.159
10-Jul-97 98.99216878 108.879
11-Jul-97 99.68584988 109.245
14-Jul-97 98.72998136 109.623
15-Jul-97 99.0717989 110.632
16-Jul-97 99.68441231 111.957
17-Jul-97 100.3612632 111.385
18-Jul-97 99.53155406 109.411
21-Jul-97 99.55617442 109.066
22-Jul-97 100.7580337 111.618
23-Jul-97 100.3235953 111.914
24-Jul-97 100.7139771 112.163
25-Jul-97 100.7362524 112.012
28-Jul-97 101.7451222 111.659
29-Jul-97 104.0932863 112.069
30-Jul-97 104.4911036 113.109
31-Jul-97 104.7691429 113.191
01-Aug-97 104.066033 112.528
04-Aug-97 104.8640459 113.072
05-Aug-97 105.8158674 113.522
06-Aug-97 107.3479755 114.4
07-Aug-97 106.7505288 113.506
08-Aug-97 104.8145 111.445
11-Aug-97 105.7654738 111.626
12-Aug-97 105.4066906 110.422
13-Aug-97 104.7727051 109.743
14-Aug-97 104.3884211 110.085
15-Aug-97 102.4456036 107.08
18-Aug-97 103.1032984 108.518
19-Aug-97 104.0235055 110.198
20-Aug-97 105.6782244 111.829
21-Aug-97 104.5270995 110.132
22-Aug-97 105.4251928 109.966
25-Aug-97 105.0401407 109.555
26-Aug-97 104.7904419 108.636
27-Aug-97 106.1149973 108.798
28-Aug-97 105.490568 107.511
29-Aug-97 105.0850246 106.971
01-Sep-97 105.0850246 106.971
02-Sep-97 107.3810753 110.362
03-Sep-97 107.9047537 110.341
04-Sep-97 108.6898667 110.669
05-Sep-97 108.5215233 110.458
08-Sep-97 109.4401826 110.431
09-Sep-97 110.286202 110.746
10-Sep-97 110.0168068 108.996
11-Sep-97 108.7122049 108.346
12-Sep-97 109.9160204 109.64
15-Sep-97 110.3133486 108.994
16-Sep-97 112.7950922 111.935
17-Sep-97 112.2690767 111.498
18-Sep-97 113.8904802 112.041
19-Sep-97 114.6207342 112.494
</TABLE>
Page 4
<PAGE> 13
<TABLE>
<S> <C> <C>
22-Sep-97 114.0170821 113.073
23-Sep-97 113.5450015 112.738
24-Sep-97 113.8248378 111.703
25-Sep-97 114.634286 111.064
26-Sep-97 114.6435994 111.827
29-Sep-97 116.1504764 112.9
30-Sep-97 115.4273004 112.134
01-Oct-97 116.5128176 113.052
02-Oct-97 116.4139258 113.597
03-Oct-97 116.0903258 113.937
06-Oct-97 118.664806 114.737
07-Oct-97 119.0537257 116.024
08-Oct-97 117.1066021 115.059
09-Oct-97 116.3533627 114.695
10-Oct-97 115.9044208 114.41
13-Oct-97 115.1412819 114.427
14-Oct-97 114.3196834 114.523
15-Oct-97 114.6310497 114.049
16-Oct-97 113.5512497 112.59
17-Oct-97 113.2557132 111.297
20-Oct-97 114.1969158 112.758
21-Oct-97 115.4984314 114.611
22-Oct-97 115.1646418 114.172
23-Oct-97 113.2177716 112.036
24-Oct-97 112.4444353 110.818
27-Oct-97 107.7506384 103.102
28-Oct-97 109.0284186 108.712
29-Oct-97 109.3791331 108.119
30-Oct-97 109.375449 106.485
31-Oct-97 111.0259087 107.802
03-Nov-97 113.0248945 110.778
04-Nov-97 112.6337798 110.944
05-Nov-97 112.0991021 111.122
06-Nov-97 111.8068747 110.518
07-Nov-97 111.0136917 109.318
10-Nov-97 110.7414654 108.64
11-Nov-97 111.4312819 109.115
12-Nov-97 109.6972181 107.049
13-Nov-97 108.7283569 108.472
14-Nov-97 111.2147926 109.988
17-Nov-97 112.6136861 111.886
18-Nov-97 112.2527165 110.973
19-Nov-97 112.0401131 111.541
20-Nov-97 113.3762351 113.153
21-Nov-97 113.6617248 113.724
24-Nov-97 113.0710212 111.748
25-Nov-97 110.9594425 112.233
26-Nov-97 109.8285112 112.291
27-Nov-97 109.8285112 112.291
28-Nov-97 109.7250739 112.342
01-Dec-97 108.0264694 114.567
02-Dec-97 108.4833918 114.077
03-Dec-97 109.9649285 114.662
04-Dec-97 109.3156434 114.009
05-Dec-97 111.5041564 115.342
08-Dec-97 110.5318718 115.102
</TABLE>
Page 5
<PAGE> 14
<TABLE>
<S> <C> <C>
09-Dec-97 109.9221338 114.224
10-Dec-97 109.5662787 113.632
11-Dec-97 109.2362537 111.845
</TABLE>
Page 6
<PAGE> 15
Plot Daily
ONE YEAR
<TABLE>
<CAPTION>
SP.400 Composite
Fl INDEX INDEX Group INDEX
11/12/96 11/12/96 11/12/96
DATE Values Values Values
<S> <C> <C> <C>
19-Nov-96
20-Nov-96
21-Nov-96
22-Nov-96
25-Nov-96
26-Nov-96
27-Nov-96
28-Nov-96
29-Nov-96
02-Dec-96
03-Dec-96
04-Dec-96
05-Dec-96
06-Dec-96
09-Dec-96
10-Dec-96
11-Dec-96 100 100 100
12-Dec-96 97.9003 98.6044 99.05829182
13-Dec-96 98.4252 98.4093 98.62151386
16-Dec-96 98.4252 97.2846 98.99926002
17-Dec-96 99.2126 97.7816 99.60767956
18-Dec-98 98.9501 98.7135 100.5214329
19-Dec-96 99.2126 100.488 101.9866783
20-Dec-96 99.7375 100.775 103.3623348
23-Dec-96 99.7375 100.574 103.9810453
24-Dec-96 100 101.133 103.9353474
25-Dec-96 100 101.133 103.9353474
26-Dec-96 101.05 101.801 104.4669401
27-Dec-96 101.312 101.906 104.5163974
30-Dec-96 101.312 101.433 104.3996221
31-Dec-96 101.312 99.8428 102.702311
01-Jan-97 101.312 99.8428 102.702311
02-Jan-97 101.312 99.4927 101.519979
03-Jan-97 101.837 101.025 102.104094
06-Jan-97 102.1 101.066 102.5813029
07-Jan-97 103.412 101.905 103.3928716
08-Jan-97 105.512 101.066 102.7833977
09-Jan-97 106.824 101.914 106.1898056
10-Jan-97 107.874 102.773 107.1052711
13-Jan-97 108.924 102.717 106.0074424
14-Jan-97 109.449 103.825 106.2717503
15-Jan-97 108.924 103.49 106.9101915
16-Jan-97 108.661 103.98 107.6499038
17-Jan-97 108.661 104.812 107.3054312
20-Jan-97 108.136 104.81 107.3621123
21-Jan-97 108.661 105.643 107.3312522
22-Jan-97 108.661 105.901 106.6017157
23-Jan-97 107.874 104.697 107.1193892
24-Jan-97 106.562 103.818 105.7733132
27-Jan-97 105.512 103.078 105.0138824
28-Jan-97 103.675 103.079 104.0603041
</TABLE>
Page 1
<PAGE> 16
Plot Daily
<TABLE>
<S> <C> <C> <C>
29-Jan-97 106.037 104.082 105.008947
30-Jan-97 107.612 105.714 105.699216
31-Jan-97 106.562 105.928 105.0785423
03-Feb-97 108.136 105.881 105.4280011
04-Feb-97 107.087 106.155 106.0246676
05-Feb-97 107.612 104.54 105.8367649
06-Feb-97 106.824 104.741 105.0993003
07-Feb-97 105.512 105.94 104.5095127
10-Feb-97 105.249 105.247 102.850548
11-Feb-97 105.249 105.843 103.8408335
12-Feb-97 105.774 107.756 104.9832925
13-Feb-97 105.774 108.721 105.4249889
14-Feb-97 107.612 108.135 104.8114976
17-Feb-97 107.612 108.135 104.8114976
18-Feb-97 106.299 109.138 104.3159444
19-Feb-97 106.037 108.653 103.4981382
20-Feb-97 105.512 107.5 102.4018351
21-Feb-97 104.724 107.319 103.5757584
24-Feb-97 105.249 108.492 103.0118158
25-Feb-97 131.234 108.629 103.6059852
26-Feb-97 130.709 107.941 102.5658564
27-Feb-97 130.709 106.482 101.0508087
28-Feb-97 130.971 106.031 101.0898305
03-Mar-97 130.709 106.47 100.2870378
04-Mar-97 131.234 105.798 101.4443825
05-Mar-97 132.283 107.29 102.1631695
06-Mar-97 131.496 106.71 102.3074354
07-Mar-97 134.383 107.311 102.5220821
10-Mar-97 132.808 108.508 104.0829775
11-Mar-97 132.546 108.311 103.1310667
12-Mar-97 132.808 107.449 102.1923104
13-Mar-97 132.546 105.796 100.8745289
14-Mar-97 132.546 106.311 101.6942312
17-Mar-97 132.546 106.761 102.3034304
18-Mar-97 134.908 106.056 101.6520724
19-Mar-97 133.858 105.415 102.0730683
20-Mar-97 134.646 104.991 102.2408613
21-Mar-97 135.433 105.051 103.2531804
24-Mar-97 135.433 105.776 103.2766328
25-Mar-97 137.008 105.601 103.0837285
26-Mar-97 138.583 106.203 103.73947
27-Mar-97 135.433 104.14 101.8190107
28-Mar-97 135.433 104.14 101.8190107
31-Mar-97 133.333 102.057 101.1777504
01-Apr-97 133.858 102.179 101.0580753
02-Apr-97 133.333 101.052 100.6959548
03-Apr-97 133.333 100.938 98.37728991
04-Apr-97 133.333 102.125 98.66023648
07-Apr-97 133.333 102.661 99.32638879
08-Apr-97 134.383 103.006 99.56763185
09-Apr-97 134.121 102.332 99.29181588
10-Apr-97 133.858 102.019 97.50645317
11-Apr-97 136.483 99.3206 96.09153898
14-Apr-97 136.22 100.202 96.46340233
15-Apr-97 136.22 101.727 96.70774944
16-Apr-97 135.958 103.202 96.63607196
</TABLE>
Page 2
<PAGE> 17
Plot Daily
<TABLE>
<S> <C> <C> <C>
17-Apr-97 135.958 102.764 95.98198974
18-Apr-97 135.958 103.594 97.04221926
21-Apr-97 136.22 102.904 97.35810216
22-Apr-97 135.958 104.87 97.87413961
23-Apr-97 135.958 104.806 98.4887043
24-Apr-97 135.958 104.498 98.25419853
25-Apr-97 135.958 103.602 97.74391343
28-Apr-97 135.958 104.369 97.50611755
29-Apr-97 136.22 107.084 98.80396417
30-Apr-97 135.433 108.11 99.78955822
01-May-97 136.483 107.739 99.40101323
02-May-97 136.483 109.534 101.0827257
05-May-97 137.008 112.076 102.6269545
06-May-97 136.483 111.503 103.2404699
07-May-97 136.483 110.156 102.4744199
08-May-97 137.008 110.764 103.8247566
09-May-97 136.483 111.319 104.9199818
12-May-97 137.27 113.109 106.5794285
13-May-97 137.27 112.597 105.1069096
14-May-97 137.008 112.814 105.4175784
15-May-97 137.008 113.827 105.591475
16-May-97 136.745 112.182 105.1388224
19-May-97 136.22 112.765 106.4523208
20-May-97 136.483 113.758 106.3327881
21-May-97 138.058 113.759 106.6819674
22-May-97 138.583 113.164 106.8342067
23-May-97 139.108 114.714 107.1962828
26-May-97 139.108 114.714 107.1962828
27-May-97 137.795 115.484 106.9334517
28-May-97 139.37 115.064 106.4726019
29-May-97 139.37 114.634 106.5557967
30-May-97 138.452 114.827 107.5943065
02-Jun-97 139.633 114.66 108.1523569
03-Jun-97 141.207 114.216 109.4194733
04-Jun-97 139.633 113.438 109.3439498
05-Jun-97 139.633 113.801 108.5434052
06-Jun-97 139.37 115.767 108.8596485
09-Jun-97 136.483 116.615 107.9989457
10-Jun-97 135.433 116.801 108.1220835
11-Jun-97 135.958 117.349 107.7287409
12-Jun-97 136.483 119.218 108.2680446
13-Jun-97 136.483 120.566 109.6645572
16-Jun-97 135.958 120.642 110.7238297
17-Jun-97 137.008 120.738 109.9712295
18-Jun-97 135.171 119.698 109.2852138
19-Jun-97 133.858 120.931 108.383808
20-Jun-97 132.283 121.054 108.0886593
23-Jun-97 132.283 118.365 107.4027014
24-Jun-97 133.333 120.814 108.0009584
25-Jun-97 133.596 119.926 107.4173351
26-Jun-97 133.596 119.281 107.3956107
27-Jun-97 134.908 119.768 107.1021515
30-Jun-97 133.858 119.697 107.106313
01-Jul-97 134.908 120.286 108.3293335
02-Jul-97 135.433 121.932 110.1459845
03-Jul-97 135.433 123.607 111.3163879
</TABLE>
Page 3
<PAGE> 18
Plot Daily
<TABLE>
<S> <C> <C> <C>
04-Jul-97 135.433 123.607 111.3163879
07-Jul-97 135.585 123.099 110.2851301
08-Jul-97 136.483 124.158 110.348578
09-Jul-97 138.483 122.694 108.2591795
10-Jul-97 135.958 123.51 1082085017
11-Jul-97 138.583 123.925 108.9923435
14-Jul-97 137.008 124.354 107.9234045
15-Jul-97 136.745 125.499 108.2911531
16-Jul-97 136.745 127.002 108.9244093
17-Jul-97 137.008 126.353 109.5509166
18-Jul-97 136.745 124.113 108.6327122
21-Jul-97 137.27 123.722 108.6643623
22-Jul-97 136.745 126.618 109.9732265
23-Jul-97 138.583 126.953 109.5238897
24-Jul-97 137.795 127.235 110.077676
25-Jul-97 139.108 127.064 110.0739852
28-Jul-97 138.058 126.664 111.2932199
29-Jul-97 137.533 127.128 114.0507362
30-Jul-97 137.533 128.308 114.4737841
31-Jul-97 137.533 128.401 114.8153792
01-Aug-97 138.583 127.649 113.9918513
04-Aug-97 137.795 128.267 114.8773204
05-Aug-97 138.845 128.778 115.8872358
06-Aug-97 139.502 129.773 117.7222494
07-Aug-97 139.37 128.759 116.992949
08-Aug-97 138.058 126.421 114.8779132
11-Aug-97 138.058 126.626 115.898661
12-Aug-97 138.32 125.26 115.5314937
13-Aug-97 138.583 124.49 114.8262956
14-Aug-97 138.32 124.878 114.415791
15-Aug-97 139.633 121.469 112.357414
18-Aug-97 138.058 123.1 113.08036
19-Aug-97 138.583 125.006 114.1151175
20-Aug-97 139.37 126.858 115.9336328
21-Aug-97 139.37 124.932 114.6467734
22-Aug-97 139.502 124.743 115.671951
25-Aug-97 139.24 124.276 115.3189532
26-Aug-97 138.32 123.234 115.0599258
27-Aug-97 139.502 123.418 116.5101801
28-Aug-97 139.502 121.958 115.8369991
29-Aug-97 138.583 121.345 115.342575
01-Sep-97 138.583 121.345 115.342575
02-Sep-97 138.845 125.192 117.9194095
03-Sep-97 136.483 125.168 118.5150781
04-Sep-97 137.27 125.541 119.3334276
05-Sep-97 137.14 125.301 119.2378751
08-Sep-97 136.615 125.27 120.2501159
09-Sep-97 137.008 125.628 121.1305804
10-Sep-97 137.008 123.643 120.8664947
11-Sep-97 137.008 122.905 119.4420142
12-Sep-97 137.008 124.373 120.7519422
15-Sep-97 138.483 123.641 121.1564635
16-Sep-97 136.22 126.977 123.9149605
17-Sep-97 136.09 126.481 123.3810982
18-Sep-97 137.008 127.097 125.1625239
19-Sep-97 136.22 127.61 125.9549644
</TABLE>
Page 4
<PAGE> 19
Plot Daily
<TABLE>
<S> <C> <C> <C>
22-Sep-97 136.22 128.268 125.3926085
23-Sep-97 136.09 127.888 124.9020331
24-Sep-97 139.633 126.714 125.124813
25-Sep-97 140.157 125.989 125.9707648
26-Sep-97 139.633 126.854 125.9820266
29-Sep-97 140.682 128.072 127.6074243
30-Sep-97 139.633 127.203 126.8163117
01-Oct-97 141.207 128.244 127.9940114
02-Oct-97 140.682 128.862 127.8763863
03-Oct-97 139.108 129.248 127.4594534
06-Oct-97 140.682 130.155 130.2150008
07-Oct-97 141.47 131.616 130.6344761
08-Oct-97 140.157 130.521 128.4250467
09-Oct-97 139.895 130.108 127.3882824
10-Oct-97 139.895 129.784 126.9188552
13-Oct-97 139.37 129.804 126.0032546
14-Oct-97 139.24 129.913 125.1702243
15-Oct-97 138.583 129.374 125.5987185
16-Oct-97 138.583 127.719 124.3403211
17-Oct-97 136.483 126.253 124.0677292
20-Oct-97 136.878 127.91 125.0461932
21-Oct-97 136.483 130.012 126.5739572
22-Oct-97 136.483 129.514 126.1639255
23-Oct-97 135.433 127.092 124.0836016
24-Oct-97 135.433 125.71 123.2558093
27-Oct-97 135.565 116.957 117.9812778
28-Oct-97 132.283 123.32 119.4830816
29-Oct-97 133.333 122.648 119.8684869
30-Oct-97 133.333 120.794 119.8930887
31-Oct-97 133.333 122.289 121.7511541
03-Nov-97 134.383 125.664 123.9145968
04-Nov-97 135.433 125.852 123.4976197
05-Nov-97 135.958 126.054 122.8932645
06-Nov-97 136.483 125.369 122.5775259
07-Nov-97 136.483 124.008 121.761062
10-Nov-97 136.483 123.239 121.4431383
11-Nov-97 135.433 123.778 122.2637984
12-Nov-97 135.433 121.434 120.2821536
13-Nov-97 135.958 123.048 119.2453158
14-Nov-97 135.958 124.768 122.0346436
17-Nov-97 135.958 126.921 123.5735136
18-Nov-97 135.958 125.885 123.2788502
19-Nov-97 135.433 126.529 123.0688846
20-Nov-97 135.433 128.359 124.4675945
21-Nov-97 137.008 129.006 124.7567519
24-Nov-97 137.008 126.765 124.1838314
25-Nov-97 137.27 127.314 121.7409424
26-Nov-97 137.27 127.381 120.4584107
27-Nov-97 137.27 127.381 120.4584107
28-Nov-97 137.533 127.438 120.3396789
01-Dec-97 135.433 129.962 118.4833206
02-Dec-97 135.828 129.406 118.973232
03-Dec-97 135.433 130.07 120.5685731
04-Dec-97 135.696 129.33 119.9255136
05-Dec-97 135.433 130.841 122.3068801
08-Dec-97 135.04 130.569 121.2354975
</TABLE>
Page 5
<PAGE> 20
Plot Daily
<TABLE>
<S> <C> <C> <C>
09-Dec-97 135.171 129.573 120.607788
10-Dec-97 135.696 128.901 120.2104565
11-Dec-97 135.171 126.875 119.8372325
</TABLE>
Page 6
<PAGE> 21
Plot Weekly
THREE YEAR
<TABLE>
<CAPTION>
SP.400 Composite
FI INDEX INDEX Group INDEX
09/12/94 09/12/94 09/12/94
DATE CAT Values Values Values
<S> <C> <C> <C> <C>
11-Nov-94 1
18-Nov-94 2
25-Nov-94 3
02-Dec-94 4
09-Dec-94 5 100 100 100
16-Dec-94 6 102.273 102.699 102.023018
23-Dec-94 7 102.273 103.279 101.7700894
30-Dec-94 8 103.6 103.249 101.4660235
06-Jan-95 9 104.167 103.236 101.9799436
13-Jan-95 10 104.545 104.413 100.5002271
20-Jan-95 11 107.576 104.139 102.1484123
27-Jan-95 12 112.879 104.603 103.4996169
03-Feb-95 13 113.448 106.338 101.4429531
10-Feb-95 14 112.121 107.311 101.7676175
17-Feb-95 15 116.667 107.49 102.0879925
24-Feb-95 16 116.858 108.682 104.4482136
03-Mar-95 17 117.803 108.467 104.7791757
10-Mar-95 18 117.424 109.695 105.9866818
17-Mar-95 19 118.561 111.147 104.2045948
24-Mar-95 20 118.561 112.567 106.2442621
31-Mar-95 21 124.433 112.524 109.2655211
07-Apr-95 22 123.485 113.218 107.8245393
14-Apr-95 23 124.242 114.053 107.6809043
21-Apr-95 24 129.545 114.047 112.0506474
28-Apr-95 25 134.848 115.554 111.6823822
05-May-95 26 134.282 116.608 113.6238767
12-May-95 27 132.767 117.791 113.9415894
19-May-95 28 128.409 116.542 112.8407166
26-May-95 29 124.621 117.391 113.3377391
02-Jun-95 30 128.03 118.882 113.3693159
09-Jun-95 31 131.061 118.573 111.8387427
16-Jun-95 32 135.227 121.306 111.6465176
23-Jun-95 33 140.152 123.41 109.6175812
30-Jun-95 34 141.288 122.513 109.1895991
07-Jul-95 35 143.561 125.126 110.3961011
14-Jul-95 36 149.621 126.309 111.333488
21-Jul-95 37 153.409 124.745 110.70701
28-Jul-95 38 151.894 126.693 111.1213543
04-Aug-95 39 148.864 125.473 111.3898551
11-Aug-95 40 149.621 124.67 108.5307183
18-Aug-95 41 147.727 125.36 107.0745177
25-Aug-95 42 141.288 125.094 107.4768298
01-Sep-95 43 138.636 125.575 109.8460398
08-Sep-95 44 148.485 127.699 109.9799805
15-Sep-95 45 147.727 129.498 112.388267
22-Sep-95 46 147.348 129.492 109.5574534
29-Sep-95 47 146.591 129.464 107.1141382
06-Oct-95 48 145.076 128.698 105.0835846
13-Oct-95 49 139.394 128.717 105.1368559
20-Oct-95 50 137.879 129.792 105.4668076
27-Oct-95 51 135.606 128.383 103.0956831
</TABLE>
Page 1
<PAGE> 22
Plot Weekly
<TABLE>
<S> <C> <C> <C> <C>
03-Nov-95 52 134.47 130.784 105.0425391
10-Nov-95 53 135.227 131.376 105.1275596
17-Nov-95 54 137.121 133.132 109.7042058
24-Nov-95 55 138.636 133.12 108.9183317
01-Dec-95 56 146.212 134.305 109.3173139
08-Dec-95 57 150 136.979 110.1823892
15-Dec-95 58 153.03 136.592 111.1128083
22-Dec-95 59 151.894 135.483 111.7417269
29-Dec-95 60 153.03 136.002 112.2912623
05-Jan-96 61 155.303 136.405 114.7879506
12-Jan-96 62 155.303 132.973 110.7459496
19-Jan-96 63 156.061 135.034 110.2914551
26-Jan-96 64 147.727 137.624 111.9744726
02-Feb-96 65 144.697 140.86 113.8431309
09-Feb-96 66 144.697 145.071 144.4647368
16-Feb-96 67 147.727 143.573 116.1016175
23-Feb-96 68 146.591 146.36 116.2241684
01-Mar-96 69 145.833 142.689 113.7495864
08-Mar-96 70 144.697 141.086 112.5017602
15-Mar-96 71 145.455 143.722 118.3847054
22-Mar-96 72 143.939 144.954 119.5034525
29-Mar-96 73 146.591 143.66 121.0324031
05-Apr-96 74 156.061 146.147 122.7049466
12-Apr-96 75 152.273 142.368 121.419382
19-Apr-96 76 153.03 144.194 122.3203308
26-Apr-96 77 158.712 146.296 125.2797252
03-May-96 78 157.197 144.152 122.0474658
10-May-96 79 159.848 145.749 122.5528645
17-May-96 80 161.364 150.143 124.4405174
24-May-96 81 164.773 152.244 126.9895291
31-May-96 82 161.364 150.541 123.7758968
07-Jun-96 83 164.394 151.529 122.3079466
14-Jun-96 84 166.288 149.804 119.0655231
21-Jun-96 85 166.667 150.126 120.6119828
28-Jun-96 86 167.424 150.177 122.2411842
05-Jul-96 87 167.424 147.426 122.2473017
12-Jul-96 88 160.606 144.558 122.7728486
19-Jul-96 89 156.061 142.764 118.6413181
26-Jul-96 90 153.409 141.957 115.6345001
02-Aug-96 91 154.167 147.663 116.0045794
09-Aug-96 92 153.03 147.62 117.1290177
16-Aug-96 93 151.136 148.067 118.6459388
23-Aug-96 94 154.545 148.503 118.1671167
30-Aug-96 95 152.652 145.208 116.6210241
06-Sep-96 96 156.061 146.238 118.8523803
13-Sep-96 97 157.955 151.635 121.4928604
20-Sep-96 98 158.712 153.63 122.0026936
27-Sep-96 99 159.848 152.963 121.1132427
04-Oct-96 100 157.576 156.106 125.5886574
11-Oct-96 101 158.333 156.157 126.4065777
18-Oct-96 102 164.394 158.322 129.0428635
25-Oct-96 103 163.638 155.618 126.4118201
01-Nov-96 104 155.303 155.648 123.5280191
08-Nov-96 105 154.545 161.82 126.4935423
15-Nov-96 106 156.439 163.436 127.6780434
22-Nov-96 107 157.197 165.675 132.5983987
</TABLE>
Page 2
<PAGE> 23
Plot Weekly
<TABLE>
<S> <C> <C> <C> <C>
29-Nov-96 108 143.182 167.2 134.2135483
06-Dec-96 l09 147.348 163.776 134.0558943
13-Dec-96 110 142.045 161.703 128.7922861
20-Dec-96 111 143.939 165.59 134.9160804
27-Dec-96 112 146.212 167.449 136.5405967
03-Jan-97 113 145.97 166.001 133.5052161
10-Jan-97 114 155.682 168.873 140.2529517
17-Jan-97 115 156.818 172.224 140.2134004
24-Jan-97 116 153.788 170.591 137.7771426
31-Jan-97 117 153.788 174.057 136.8285065
07-Feb-97 118 152.273 174.078 135.9962229
14-Feb-97 119 155.303 177.683 136.1060305
21-Feb-97 120 151.136 176.322 134.4052728
28-Feb-97 121 189.015 174.248 131.1389695
07-Mar-97 122 193.939 176.329 132.9651863
14-Mar-97 123 191.288 174.687 131.9636162
21-Mar-97 124 195.455 172.616 133.9435892
28-Mar-97 125 195.455 171.119 132.1334954
04-Apr-97 126 192.424 167.809 128.3029998
11-Apr-97 127 196.97 163.201 124.9390681
18-Apr-97 128 196.212 170.223 126.3028706
25-Apr-97 129 196.212 170.236 127.0207849
02-May-97 130 196.97 179.982 131.3113074
09-May-97 131 196.97 182.917 136.2314007
16-May-97 132 197.348 184.335 136.6197698
23-May-97 133 200.758 188.495 139.1700402
30-May-97 134 199.812 188.68 139.8007888
06-Jun-97 135 201.136 190.224 141.3415471
13-Jun-97 136 196.97 198.11 142.1578404
20-Jun-97 137 190.909 198.912 139.942591
27-Jun-97 138 194.697 196.8 138.4124647
04-Jul-97 139 195.455 203.108 143.9344969
11-Jul-97 140 200 203.63 140.6589965
18-Jul-97 141 197.348 203.939 140.610684
25-Jul-97 142 200.758 208.788 142.201623
01-Aug-97 143 200 209.75 146.843746
08-Aug-97 144 199.242 207.732 147.7418352
15-Aug-97 145 201.515 199.595 144.2842342
22-Aug-97 146 201.327 204.975 148.6789422
29-Aug-97 147 200 199.391 148.1175185
05-Sep-97 148 197.918 205.891 152.9026264
12-Sep-97 149 197.727 204.366 154.8485202
19-Sep-97 150 196.591 209.685 161.5222981
26-Sep-97 151 201.515 208.443 161.6208923
03-Oct-97 152 200.758 212.376 163.7786715
10-Oct-97 153 201.894 213.257 163.6718769
17-Oct-97 154 196.97 207.455 159.7019311
24-Oct-97 155 195.455 206.563 158.3846538
31-Oct-97 156 192.424 200.941 156.4136903
07-Nov-97 157 196.97 203.766 156.2637742
14-Nov-97 158 196.212 205.014 156.481709
21-Nov-97 159 197.727 211.979 160.0089861
28-Nov-97 160 198.485 209.403 154.2449546
05-Dec-97 161 195.455 214.994 156.6623115
</TABLE>
Page 3
<PAGE> 24
5 YEAR
<TABLE>
<CAPTION>
SP.400 Composite
FI INDEX INDEX Group INDEX
30/11/92 30/11/92 30/11/92
DATE CAT Values Values Values
<S> <C> <C> <C> <C>
31-Aug-92 1
30-Sep-92 2
31-Oct-92 3
30-Nov-92 4 100 100 100
31-Dec-92 5 96.0159 100.316 101.8700424
31-Jan-93 6 97.6096 100.534 105.6435809
28-Feb-93 7 102.789 100.668 109.8715547
31-Mar-93 8 106.575 102.339 114.032226
30-Apr-93 9 102.39 99.7707 115.7368146
31-May-93 10 101.594 102.922 116.7222927
30-Jun-93 11 97.6096 101.661 109.6580157
31-Jul-93 12 97.6096 100.215 113.4573329
31-Aug-93 13 100.797 103.679 119.2837369
30-Sep-93 14 110.757 102.147 118.7609819
31-Oct-93 15 111.554 105.857 115.4533714
30-Nov-93 16 110.161 105.507 107.9762048
31-Dec-93 17 109.562 106.786 106.1787228
31-Jan-94 18 109.163 110.345 111.008804
28-Feb-94 19 112.351 108.071 107.5596273
31-Mar-94 20 111.554 103.025 102.6446165
30-Apr-94 21 113.348 103.784 110.5202421
31-May-94 22 118.725 105.189 110.9426017
30-Jun-94 23 121.316 102.084 109.7626621
31-Jul-94 24 121.912 105.581 114.4120007
31-Aug-94 25 120.918 110.345 115.9870881
30-Sep-94 26 121.514 108.366 114.7778046
31-Oct-94 27 116.733 110.975 122.2194482
30-Nov-94 28 104.781 106.682 113.6088993
31-Dec-94 29 108.966 108.234 110.7726829
31-Jan-95 30 118.926 109.609 110.2036877
28-Feb-95 31 121.514 113.852 113.7200757
31-Mar-95 32 130.878 117.956 119.405839
30-Apr-95 33 141.833 121.132 121.8782618
31-May-95 34 131.873 125.1 125.6092821
30-Jun-95 35 148.606 128.427 119.134211
31-Jul-95 36 158.167 132.59 122.0057672
31-Aug-95 37 147.41 131.208 117.7984445
30-Sep-95 38 154.183 135.713 116.7629066
31-Oct-95 39 142.231 135.213 114.0579911
30-Nov-95 40 155.378 140.665 118.2629594
31-Dec-95 41 160.956 142.567 122.5475127
31-Jan-96 42 150.996 147.278 122.533976
29-Feb-96 43 153.386 148.923 123.4393685
31-Mar-96 44 154.183 150.595 132.2063872
30-Apr-96 45 165.737 153.602 135.9778233
31-May-96 46 169.721 157.808 135.3407425
30-Jun-96 47 176.096 157.427 133.7357308
31-Jul-96 48 161.355 149.83 125.5714462
31-Aug-96 49 160.558 152.216 127.6144723
30-Sep-96 50 167.331 160.687 133.7497528
31-Oct-96 51 162.948 163.417 136.9595781
</TABLE>
Page 1
<PAGE> 25
<TABLE>
<S> <C> <C> <C> <C>
30-Nov-96 52 150.598 175.272 146.6930172
31-Dec-96 53 153.785 171.978 146.6600193
31-Jan-97 54 161.753 182.46 149.613802
28-Feb-97 55 198.805 182.659 143.3569807
31-Mar-97 56 202.39 175.792 143.5310323
30-Apr-97 57 205.578 186.22 141.3731185
31-May-97 58 210.161 197.788 152.4493502
30-Jun-97 59 203.187 206.178 151.2644323
31-Jul-97 60 208.765 221.17 161.6259062
31-Aug-97 61 210.359 209.016 161.8641462
30-Sep-97 62 211.952 219.106 177.4827514
31-Oct-97 63 202.39 210.641 170.3805952
30-Nov-97 64 208.765 219.511 168.0192918
</TABLE>
Page 2
<PAGE> 26
FINA
Indexed Stock Price History
E+P Composite: ----------------------- -----------------------
Barrett Resources Since June 1997 One Year
Belco Oil & Gas ----------------------- -----------------------
Cabot Oil & Gas
Cross Timbers Oil [PLOT POINTS NEXT PAGE] [PLOT POINTS NEXT PAGE]
Devon Energy
Forcenergy Inc. ----------------------- -----------------------
Newfieid Exploration Three Year Five Year
Pogo Producing ----------------------- -----------------------
United Meridian
Vintage Petroleum [PLOT POINTS NEXT PAGE] [PLOT POINTS NEXT PAGE]
R+M Composite:
Ashland Inc.
Sun Company
Tosco Corporation
Ultramar Diamond
Valero Energy
Chemicals Composite:
Dow Chemical
Geon Company
Georgia Gulf
Lyondell Petrochemical
Millennium Chemicals
Union Carbide
Methanex Corporation
Wellman Inc.
<PAGE> 27
SINCE JUNE
<TABLE>
<CAPTION>
E&P R&M Chemicals
Composite Composite Composite
FI INDEX INDEX INDEX INDEX
04/06/97 04/06/97 04/06/97 04/06/97
DATE Values Values Values Values
<S> <C> <C> <C> <C>
19-Nov-96
20-Nov-96
21-Nov-96
22-Nov-96
25-Nov-96
26-Nov-96
27-Nov-96
28-Nov-96
29-Nov-96
02-Dec-96
03-Dec-96
04-Dec-96
05-Dec-96
06-Dec-96
09-Dec-96
10-Dec-96
11-Dec-96
12-Dec-96
13-Dec-96
16-Dec-96
17-Dec-96
18-Dec-96
19-Dec-96
20-Dec-96
23-Dec-96
24-Dec-96
25-Dec-96
26-Dec-96
27-Dec-96
30-Dec-96
31-Dec-96
01-Jan-97
02-Jan-97
03-Jan-97
06-Jan-97
07-Jan-97
08-Jan-97
09-Jan-97
10-Jan-97
13-Jan-97
14-Jan-97
15-Jan-97
16-Jan-97
17-Jan-97
20-Jan-97
21-Jan-97
22-Jan-97
23-Jan-97
24-Jan-97
27-Jan-97
28-Jan-97
</TABLE>
Page 1
<PAGE> 28
<TABLE>
<S> <C> <C> <C> <C>
29-Jan-97
30-Jan-97
31-Jan-97
03-Feb-97
04-Feb-97
05-Feb-97
06-Feb-97
07-Feb-97
10-Feb-97
11-Feb-97
12-Feb-97
13-Feb-97
14-Feb-97
17-Feb-97
18-Feb-97
19-Feb-97
20-Feb-97
21-Feb-97
24-Feb-97
25-Feb-97
26-Feb-97
27-Feb-97
28-Feb-97
03-Mar-97
04-Mar-97
05-Mar-97
06-Mar-97
07-Mar-97
10-Mar-97
11-Mar-97
12-Mar-97
13-Mar-97
14-Mar-97
17-Mar-97
18-Mar-97
19-Mar-97
20-Mar-97
21-Mar-97
24-Mar-97
25-Mar-97
26-Mar-97
27-Mar-97
28-Mar-97
31-Mar-97
01-Apr-97
02-Apr-97
03-Apr-97
04-Apr-97
07-Apr-97
08-Apr-97
09-Apr-97
10-Apr-97
11-Apr-97
14-Apr-97
15-Apr-97
16-Apr-97
</TABLE>
Page 2
<PAGE> 29
<TABLE>
<S> <C> <C> <C> <C>
17-Apr-97
18-Apr-97
21-Apr-97
22-Apr-97
23-Apr-97
24-Apr-97
25-Apr-97
28-Apr-97
29-Apr-97
30-Apr-97
01-May-97
02-May-97
05-May-97
06-May-97
07-May-97
08-May-97
09-May-97
12-May-97
13-May-97
14-May-97
15-May-97
16-May-97
19-May-97
20-May-97
21-May-97
22-May-97
23-May-97
26-May-97
27-May-97
28-May-97
29-May-97
30-May-97
02-Jun-97
03-Jun-97
04-Jun-97 100 100 100 100
05-Jun-97 100 100.6225845 99.18012185 100.3494729
06-Jun-97 99.812 100.324276 100.0389392 102.1767585
09-Jun-97 97.7444 98.19599571 100.1953512 102.3248987
10-Jun-97 96.9925 95.81403824 100.0488698 102.6381446
11-Jun-97 97.3684 95.25839066 99.41411145 103.0516864
12-Jun-97 97.7444 94.24612612 99.55437495 103.2737107
13-Jun-97 97.7444 95.63079669 99.81369888 103.652513
16-Jun-97 97.3684 95.10997188 100.2486519 102.5322066
17-Jun-97 98.1203 94.63230824 99.47754813 102.7114362
18-Jun-97 96.8045 94.68981904 99.13423851 103.5685537
19-Jun-97 95.8647 94.52057149 98.9819092 103.7715687
20-Jun-97 94.7368 93.41967642 97.5866251 103.12306
23-Jun-97 94.7368 92.95755475 96.1095022 100.7709071
24-Jun-97 95.4887 93.36457207 96.76589584 101.9762856
25-Jun-97 95.6767 92.35900502 95.53897808 100.9667638
26-Jun-97 95.6767 91.76152202 96.04980265 100.8876537
27-Jun-97 96.6165 91.18496871 97.07398304 101.3064206
30-Jun-97 95.8647 91.58469911 97.98011943 102.6510965
01-Jul-97 96.6165 92.08657258 98.13698122 102.579016
02-Jul-97 96.9925 95.03671745 99.50477268 102.3536205
03-Jul-97 96.9925 96.05944775 100.559878 102.5988037
</TABLE>
Page 3
<PAGE> 30
<TABLE>
<S> <C> <C> <C> <C>
04-Jul-97 96.9925 96.05944775 100.559878 102.5988037
07-Jul-97 97.0872 95.57713411 100.3400664 102.8329389
08-Jul-97 97.7444 94.45235333 100.4789972 104.9230515
09-Jul-97 97.7444 91.93199804 99.60041039 104.3520796
10-Jul-97 97.3684 92.82038808 100.4370562 105.5995395
11-Jul-97 99.2481 93.01631813 101.1708592 105.4317711
14-Jul-97 98.1203 91.49573592 100.7132291 106.7862379
15-Jul-97 97.9323 91.78760971 99.9634952 108.4754955
16-Jul-97 97.9323 92.92939171 100.5200985 109.5723348
17-Jul-97 98.1203 94.94471586 99.77382554 108.1151046
18-Jul-97 97.9323 93.68267556 99.76610844 106.7894761
21-Jul-97 98.3083 92.53012123 101.0431134 105.5423533
22-Jul-97 97.9323 93.4562527 102.7522248 107.094574
23-Jul-97 99.2481 93.37619898 102.8612383 106.2873414
24-Jul-97 98.6842 94.04813739 103.9435365 106.7489456
25-Jul-97 99.6241 93.84118338 103.5580584 107.408355
28-Jul-97 98.8722 93.42996396 103.6345555 108.6350185
29-Jul-97 98.4962 94.74599007 108.2082685 109.8603812
30-Jul-97 98.4962 96.44253305 109.2026025 110.8852892
31-Jul-97 98.4962 96.92623064 108.9083269 110.8778174
01-Aug-97 99.2481 96.68455719 105.9804682 110.4864
04-Aug-97 98.6842 98.10825516 101.0937228 110.1299622
05-Aug-97 99.4361 102.0721219 101.8287842 111.1294082
06-Aug-97 99.9068 102.0370538 104.8453325 111.6326683
07-Aug-97 99.812 103.9595463 103.9307493 111.4541385
08-Aug-97 98.8722 101.7363854 102.8966921 110.5926149
11-Aug-97 98.8722 101.8182885 102.2866563 110.9155611
12-Aug-97 99.0602 101.8363575 102.4746593 110.3809049
13-Aug-97 99.2481 101.2400008 102.3246807 109.3175355
14-Aug-97 99.0602 101.3324155 101.7689616 109.4456471
15-Aug-97 100 100.0354528 101.4441017 107.5178224
18-Aug-97 98.8722 99.63492069 100.4559865 107.3322625
19-Aug-97 99.2481 102.1446781 102.3211801 109.2768718
20-Aug-97 99.812 104.1166832 104.7503412 109.6286524
21-Aug-97 99.812 102.175869 103.5694933 108.9310404
22-Aug-97 99.9068 102.2869361 103.8058979 107.6679251
25-Aug-97 99.7188 104.1447452 104.960912 108.2075821
26-Aug-97 99.0602 103.8021318 104.2169046 108.2970908
27-Aug-97 99.9068 105.5648428 105.0839778 108.5367326
28-Aug-97 99.9068 107.5584723 105.6155125 108.1190929
29-Aug-97 99.2481 109.4542641 105.0049617 106.4769154
01-Sep-97 99.2481 109.4542641 105.0049617 106.4769154
02-Sep-97 99.4361 111.3584177 107.2803154 107.9920859
03-Sep-97 97.7444 112.4995659 108.5721804 107.3400406
04-Sep-97 98.3083 111.772266 108.5554885 106.1725605
05-Sep-97 98.215 113.2838285 108.1579954 106.4860327
08-Sep-97 97.8391 113.0993286 109.527112 108.3183553
09-Sep-97 98.1203 113.2280342 109.8505456 108.3907745
10-Sep-97 98.1203 111.851324 109.4065518 107.4076004
11-Sep-97 98.1203 110.8353162 107.6584711 106.8841843
12-Sep-97 98.1203 111.7382169 108.2495998 109.0064564
15-Sep-97 97.7444 112.0016688 108.7859541 108.7471404
16-Sep-97 97.5564 112.0573998 110.2453202 109.8890979
17-Sep-97 97.4632 111.1370823 109.1503947 111.7351416
18-Sep-97 98.1203 111.5755961 109.7240277 111.8489379
19-Sep-97 97.5564 110.8664532 110.1030161 109.5063284
</TABLE>
Page 4
<PAGE> 31
<TABLE>
<S> <C> <C> <C> <C>
22-Sep-97 97.5564 111.5690454 110.6875552 109.2353752
23-Sep-97 97.4632 111.0184339 109.8202987 109.7544782
24-Sep-97 100 111.2123582 109.8227822 110.1211018
25-Sep-97 100.376 112.8592244 109.5247542 109.0531785
26-Sep-97 100 113.7417293 109.7412934 109.3671178
29-Sep-97 100.752 114.4186669 111.0629967 109.668436
30-Sep-97 100 116.324117 110.6260728 109.2990943
01-Oct-97 101.128 118.5242831 110.8325919 110.7377505
02-Oct-97 100.752 119.1970418 111.3100388 111.6698773
03-Oct-97 99.6241 120.2176063 111.1422911 111.5504405
06-Oct-97 100.752 122.3365119 112.1616424 110.7737691
07-Oct-97 101.316 123.442637 111.6916494 111.7819934
08-Oct-97 100.376 121.0091879 108.9006302 111.1998996
09-Oct-97 100.188 122.3075029 107.3957131 110.7431197
10-Oct-97 100.188 120.4085121 106.6310874 110.6319984
13-Oct-97 99.812 118.8901156 104.3699141 110.3117474
14-Oct-97 99.7188 116.4729144 105.6897818 109.698187
15-Oct-97 99.2481 115.4263784 107.1714652 110.2342789
16-Oct-97 99.2481 113.6711221 106.3952999 110.1122431
17-Oct-97 97.7444 110.8382606 105.0744452 109.7504268
20-Oct-97 98.0271 114.4781318 103.7590495 110.7596703
21-Oct-97 97.7444 116.4995694 103.6809438 111.8371332
22-Oct-97 97.7444 116.8429593 103.4820889 112.5579621
23-Oct-97 96.9925 113.5799369 101.8329432 111.35241
24-Oct-97 96.9925 114.0791947 101.7660998 111.696995
27-Oct-97 97.0872 106.757035 98.94292408 106.0972508
28-Oct-97 94.7368 108.2906219 97.74007689 107.882618
29-Oct-97 95.4887 109.2267823 98.80497747 109.1865306
30-Oct-97 95.4887 108.6823023 99.59710055 109.0467764
31-Oct-97 95.4887 111.2305486 101.7415678 108.2343949
03-Nov-97 96.2406 113.4595517 102.1916557 110.1944472
04-Nov-97 96.9925 112.7574581 102.9199159 112.0750669
05-Nov-97 97.3684 111.9229095 100.6789074 112.1193306
06-Nov-97 97.7444 111.1248615 100.8096215 111.9301859
07-Nov-97 97.7444 108.0728877 100.6439704 110.5609641
10-Nov-97 97.7444 109.3026314 101.5220039 110.1026094
11-Nov-97 96.9925 108.7467345 101.2276941 109.9310519
12-Nov-97 96.9925 106.4000718 99.41454175 108.8069842
13-Nov-97 97.3684 104.6328779 97.73248659 109.12175
14-Nov-97 97.3684 105.7145096 100.6759197 109.575548
17-Nov-97 97.3684 107.7062221 102.4405427 111.6253176
18-Nov-97 97.3684 105.1959254 102.8731938 112.0259202
19-Nov-97 96.9925 104.0637968 103.4053327 111.7607262
20-Nov-97 96.9925 104.1056079 103.9422016 112.8322838
21-Nov-97 98.1203 102.0596989 104.3274163 111.8368604
24-Nov-97 98.1203 98.39373091 103.8334592 110.4283936
25-Nov-97 98.3083 97.28757464 101.2155787 110.50676
26-Nov-97 98.3083 96.51360345 101.7445182 109.5673829
27-Nov-97 98.3083 96.51380345 101.7445182 109.6164026
28-Nov-97 98.4962 97.5624547 101.8733765 110.4583577
01-Dec-97 96.9925 94.82304362 101.3772603 112.5345863
02-Dec-97 97.2752 95.57946123 101.826333 112.7942224
03-Dec-97 96.9925 97.3023469 103.7244556 113.2430812
04-Dec-97 97.1805 96.30033649 103.5497944 113.0830789
05-Dec-97 96.9925 98.15447762 105.3384648 113.6549466
08-Dec-97 96.7113 99.60065767 104.3983817 113.1535565
</TABLE>
Page 5
<PAGE> 32
<TABLE>
<S> <C> <C> <C> <C>
09-Dec-97 96.8045 97.38178592 104.441265 113.2627578
10-Dec-97 97.1805 94.8485545 104.986705 112.4080918
11-Dec-97 96.8045 93.25869998 105.0276724 110.3552035
</TABLE>
Page 6
<PAGE> 33
Plot Daily
1 YEAR
<TABLE>
<CAPTION>
E&P R&M Chemicals
Composite Composite Composite
FI INDEX INDEX INDEX INDEX
11/12/96 11/12/96 11/12/96 11/12/96
DATE Values Values Values Values
<S> <C> <C> <C> <C>
19-Nov-96
20-Nov-96
21-Nov-96
22-Nov-96
25-Nov-96
26-Nov-96
27-Nov-96
28-Nov-96
29-Nov-96
02-Dec-96
03-Dec-96
04-Dec-96
05-Dec-96
06-Dec-96
09-Dec-96
10-Dec-96
11-Dec-96 100 100 100 100
12-Dec-96 97.9003 98.76495109 99.22550198 99.92408502
13-Dec-96 98.4252 99.46349181 98.61641934 99.38634625
16-Dec-96 98.4252 100.9588126 96.98873228 97.29935047
17-Dec-98 99.2126 101.8092337 95.85350723 96.8491838
18-Dec-96 98.9501 102.651596 96.14503225 96.40534249
19-Dec-96 99.2126 104.5059316 97.61078677 97.3369396
20-Dec-96 99.7375 105.3184814 97.72817703 98.14309511
23-Dec-96 99.7375 104.9468034 98.4307004 97.82833989
24-Dec-96 100 105.5844365 98.20718049 97.65382806
25-Dec-96 100 105.5844365 98.20718049 97.65382806
26-Dec-96 101.05 105.9058791 98.48237519 97.68472334
27-Dec-96 101.312 106.2310994 99.38238597 97.64176933
30-Dec-96 101.312 106.5554994 98.87554681 97.67229616
31-Dec-96 101.312 107.1973828 99.45631837 98.01835705
01-Jan-97 101.312 107.1973828 99.45631837 98.01835705
02-Jan-97 101.312 105.226278 99.59103564 98.14937662
03-Jan-97 101.837 105.5625722 99.58176604 99.79265815
06-Jan-97 102.1 106.6618413 101.3834627 100.5684935
07-Jan-97 103.412 106.9704043 101.9577656 101.222382
08-Jan-97 105.512 106.2011094 103.5640253 100.060599
09-Jan-97 106.824 109.3596962 105.7578103 100.2722401
10-Jan-97 107.874 110.2549539 104.8105246 101.6560946
13-Jan-97 108.924 111.4099764 103.7901116 103.3652146
14-Jan-97 109.449 111.1952861 103.7663545 104.4496755
15-Jan-97 108.924 111.6884534 104.0512927 103.9795171
16-Jan-97 108.661 111.1335088 104.0879663 104.7373349
17-Jan-97 108.661 110.2260961 104.136593 104.9129911
20-Jan-97 108.136 109.2360508 105.3760239 104.8956505
21-Jan-97 108.661 106.990287 106.3547033 104.3051972
22-Jan-97 108.661 103.2837514 106.2233229 103.4118744
23-Jan-97 107.874 103.77476 106.0313875 103.2535469
24-Jan-97 106.562 103.3498446 104.5323917 103.4960116
27-Jan-97 105.512 102.2359718 103.6043565 103.0149462
28-Jan-97 103.675 102.1766493 103.2844511 103.1891685
</TABLE>
Page 1
<PAGE> 34
Plot Daily
<TABLE>
<S> <C> <C> <C> <C>
29-Jan-97 106.037 103.2170424 103.6986421 102.9166106
30-Jan-97 107.612 103.6057484 104.9206921 102.6793051
31-Jan-97 106.562 103.3084942 105.2915627 101.9079481
03-Feb-97 108.136 102.6875729 102.7625932 102.9326786
04-Feb-97 107.087 101.9067197 103.8813589 101.9772229
05-Feb-97 107.612 101.5407587 103.6728818 102.3626327
06-Feb-97 106.824 100.3759849 104.318019 102.4241508
07-Feb-97 105.512 98.12601408 104.2076039 102.7217365
10-Feb-97 105.249 91.48739035 102.5719612 102.8367751
11-Feb-97 105.249 90.8570631 102.6389931 102.5028215
12-Feb-97 105.774 93.18685198 103.7621609 103.8520793
13-Feb-97 105.774 93.61978237 105.4785784 105.1468173
14-Feb-97 107.612 93.32357267 105.295052 105.7499489
17-Feb-97 107.612 93.32357267 105.295052 105.5598348
18-Feb-97 106.299 92.56078711 104.8665059 106.3346411
19-Feb-97 106.037 93.27487713 105.1154494 106.2680542
20-Feb-97 105.512 91.88218359 103.5466508 105.2727656
21-Feb-97 104.724 91.26857501 104.6239751 104.6402739
24-Feb-97 105.249 90.82095811 105.5532845 105.1996183
25-Feb-97 131.234 88.42310037 106.487644 104.7344092
26-Feb-97 130.709 87.4678716 106.6293218 104.8445825
27-Feb-97 130.709 87.29855641 104.3583879 104.7350189
28-Feb-97 130.971 86.30800421 103.269397 104.4904776
03-Mar-97 130.709 85.13522642 103.0790516 104.9833522
04-Mar-97 131.234 87.18429847 102.9427717 104.5197017
05-Mar-97 132.283 87.9994353 104.102368 104.5787052
06-Mar-97 131.496 88.97793029 104.5450449 104.5205918
07-Mar-97 134.383 89.46576908 104.392253 104.8796594
10-Mar-97 132.808 90.05656843 105.7572689 106.1197456
11-Mar-97 132.546 89.57191729 105.1236019 106.812762
12-Mar-97 132.808 88.37396532 105.011878 106.3218991
13-Mar-97 132.546 88.02223876 104.8882794 104.425032
14-Mar-97 132.546 88.14947697 104.6556774 105.0670439
17-Mar-97 132.546 87.39944183 105.5938872 104.7216839
18-Mar-97 134.908 86.9052861 104.1118595 103.5384742
19-Mar-97 133.858 86.14675764 103.9357777 103.0852546
20-Mar-97 134.646 85.80037427 105.2986996 102.9040558
21-Mar-97 135.433 86.11606741 106.1474685 102.0748874
24-Mar-97 135.433 85.08865063 106.7830531 101.716905
25-Mar-97 137.008 85.56644703 107.9059844 101.7809665
26-Mar-97 138.583 87.07733398 109.359205 101.9658214
27-Mar-97 135.433 86.0412533 107.6809191 100.7975803
28-Mar-97 135.433 86.0412533 107.6809191 100.7975803
31-Mar-97 133.333 84.6902146 106.3286763 101.3381986
01-Apr-97 133.858 86.07511105 106.3464986 100.2734271
02-Apr-97 133.333 85.76629388 106.2052878 99.10695842
03-Apr-97 133.333 83.43100619 104.9947732 98.08418344
04-Apr-97 133.333 82.69279847 107.1762829 97.50779818
07-Apr-97 133.333 82.84499268 107.5489734 97.59610883
08-Apr-97 134.383 83.38313336 106.6446025 97.06994359
09-Apr-97 134.121 84.66365925 106.5803694 96.8791683
10-Apr-97 133.858 82.90706114 105.4766499 97.86013724
11-Apr-97 136.483 80.73357488 104.3868845 96.54742236
14-Apr-97 136.22 80.30429209 104.2131619 96.8579066
15-Apr-97 136.22 80.6788605 103.7035544 98.74198327
16-Apr-97 135.958 80.99397391 104.2252047 99.04936623
</TABLE>
Page 2
<PAGE> 35
Plot Daily
<TABLE>
<S> <C> <C> <C> <C>
17-Apr-97 135.958 80.28863318 103.9780517 98.92834997
18-Apr-97 135.958 81.25164084 105.1145799 98.47479823
21-Apr-97 136.22 82.4387088 104.8751301 97.85906415
22-Apr-97 135.958 84.97026531 105.5698132 98.39988624
23-Apr-97 135.958 86.12195852 106.5387004 97.52977042
24-Apr-97 135.958 86.60444931 106.7890359 97.75553104
25-Apr-97 135.958 85.94852341 106.5879215 96.73819119
28-Apr-97 135.958 84.58695663 106.3029588 98.67944337
29-Apr-97 136.22 85.86996468 108.5594216 99.43974634
30-Apr-97 135.433 86.68928548 109.5491296 100.3647466
01-May-97 136.483 87.07024287 108.9836209 100.6550019
02-May-97 136.483 91.01334298 110.6170609 100.9596711
05-May-97 137.008 92.28507632 111.7945259 102.2529055
06-May-97 136.483 92.53894534 112.2337095 103.5375514
07-May-97 136.483 92.51021564 111.8579011 102.622434
08-May-97 137.008 94.48638657 113.0816999 102.9455714
09-May-97 136.483 95.62163112 115.2267497 102.8120537
12-May-97 137.27 97.97511731 115.5107844 104.4365358
13-May-97 137.27 95.97240256 113.46777 103.9430198
14-May-97 137.008 95.65930856 113.432061 104.5937538
15-May-97 137.008 94.87790001 112.8653309 104.1758869
16-May-97 136.745 95.0873813 112.2499543 103.243471
19-May-97 136.22 96.21159395 113.5900615 102.8278216
20-May-97 136.483 96.59424807 113.5310943 103.3802817
21-May-97 138.058 96.89932929 113.534136 102.1541146
22-May-97 138.583 97.40432203 114.5521645 101.8786896
23-May-97 139.108 97.82200653 114.8340132 102.6858156
26-May-97 139.108 97.82200653 114.8340132 102.6858156
27-May-97 137.795 97.64002472 114.7981605 102.7965255
28-May-97 139.37 97.9711594 115.5590398 102.5654407
29-May-97 139.37 98.52659662 115.4702423 102.9080758
30-May-97 138.452 99.07776198 116.3487167 103.7488164
02-Jun-97 139.633 101.0307726 116.6593846 104.5413538
03-Jun-97 141.207 100.7995728 117.2215342 104.3240757
04-Jun-97 139.633 100.0912652 117.1693133 103.7360132
05-Jun-97 139.633 100.7656409 116.1417038 104.0842341
06-Jun-97 139.37 100.4174415 117.0330883 105.9354624
09-Jun-97 136.483 98.37989124 117.2420202 106.1080823
10-Jun-97 135.433 96.01163891 117.1281208 106.4516895
11-Jun-97 135.958 95.33745704 116.4127809 106.8570295
12-Jun-97 136.483 94.42445001 116.5928691 107.0864788
13-Jun-97 136.483 95.81345819 116.8690536 107.4751128
16-Jun-97 135.958 95.29533949 117.3474434 106.2923502
17-Jun-97 137.008 94.81944135 116.5441041 106.4871281
18-Jun-97 135.171 94.71430088 116.2146854 107.3744134
19-Jun-97 133.858 94.63754064 115.9656058 107.5740516
20-Jun-97 132.283 93.53047423 114.2819282 106.8917352
23-Jun-97 132.283 93.16242264 112.4874127 104.4347509
24-Jun-97 133.333 93.56474184 113.335526 105.6795911
25-Jun-97 133.596 92.5354574 111.8858265 104.635942
26-Jun-97 133.596 92.01864088 112.430777 104.5454597
27-Jun-97 134.908 91.5596021 113.5455931 104.9800033
30-Jun-97 133.858 92.04999199 114.6443961 106.3143399
01-Jul-97 134.908 92.63971024 114.5735523 106.2868142
02-Jul-97 135.433 95.5831981 116.3363261 106.0614211
03-Jul-97 135.433 96.62010254 117.6016401 106.3136652
</TABLE>
Page 3
<PAGE> 36
Plot Daily
<TABLE>
<S> <C> <C> <C> <C>
04-Jul-97 135.433 96.62010254 117.6016401 106.3136652
07-Jul-97 135.565 96.27041312 117.4321561 106.55442
08-Jul-97 136.483 95.24184537 117.6772514 108.7222101
09-Jul-97 136.483 92.78586652 116.5795105 108.1310935
10-Jul-97 135.958 93.5238258 117.4682486 109.4395428
11-Jul-97 138.583 93.58367781 118.28634 109.2681009
14-Jul-97 137.008 92.19958081 117.7863064 110.6976955
15-Jul-97 136.745 92.50557161 116.8859508 112.4288352
16-Jul-97 136.745 93.70861941 117.6049292 113.5888765
17-Jul-97 137.008 95.60456828 116.6199445 112.0383811
18-Jul-97 136.745 94.32228927 116.721479 110.6553778
21-Jul-97 137.27 93.21469276 118.1811531 109.4088233
22-Jul-97 136.745 94.08731761 120.1694355 111.0071881
23-Jul-97 138.583 93.95852738 120.4158449 110.1935242
24-Jul-97 137.795 94.60582104 121.7687229 110.6413037
25-Jul-97 139.108 94.38568986 121.2590046 111.3113077
28-Jul-97 138.058 93.91924017 121.3390364 112.5733726
29-Jul-97 137.533 95.27662674 126.8185194 113.901983
30-Jul-97 137.533 96.99547666 128.0164798 114.9717397
31-Jul-97 137.533 97.44329906 127.7023102 114.9767688
01-Aug-97 138.583 97.29936884 121.9960765 114.5991348
04-Aug-97 137.795 98.64436423 117.9767632 114.2426763
05-Aug-97 138.845 102.491713 118.918075 115.2634389
06-Aug-97 139.502 102.494537 122.5460811 115.7866559
07-Aug-97 139.37 104.3722544 121.5612731 115.5744454
08-Aug-97 138.058 102.0895601 120.396375 114.6732048
11-Aug-97 136.058 102.1663293 119.6355418 115.0089585
12-Aug-97 138.32 102.1743208 119.8764779 114.4795349
13-Aug-97 138.583 101.5253182 119.7536856 113.401482
14-Aug-97 138.32 101.6781286 119.1265049 113.5769351
15-Aug-97 139.633 100.3877353 118.8104281 111.5289426
18-Aug-97 138.058 100.0040368 117.5547665 111.3248288
19-Aug-97 138.583 102.5254255 119.8255205 113.3596487
20-Aug-97 139.37 104.5372344 122.7557583 113.7431953
21-Aug-97 139.37 102.6371956 121.4733247 113.0118251
22-Aug-97 139.502 102.7573705 121.7698876 111.6937092
25-Aug-97 139.24 104.7264441 123.1349122 112.2631798
26-Aug-97 138.32 104.4617481 122.2959501 112.3636673
27-Aug-97 139.502 106.1047726 123.2864202 112.6139185
28-Aug-97 139.502 108.1308218 123.9703639 112.1825347
29-Aug-97 138.583 110.1053417 123.2006287 110.506201
01-Sep-97 138.583 110.1053417 123.2006287 110.506201
02-Sep-97 138.845 112.0397203 125.904234 112.1004634
03-Sep-97 136.483 113.1373409 127.5322675 111.4379068
04-Sep-97 137.27 112.3851534 127.4683074 110.2369527
05-Sep-97 137.14 113.9162072 127.0107027 110.5373209
08-Sep-97 136.615 113.7700077 128.6302151 112.4050711
09-Sep-97 137.008 113.7142533 128.8933197 112.5116967
10-Sep-97 137.008 112.247952 128.2961833 111.4832114
11-Sep-97 137.008 111.2283466 126.1713687 110.9426992
12-Sep-97 137.008 112.2207656 126.991198 113.1550917
15-Sep-97 136.483 112.5427087 127.631317 112.8898536
16-Sep-97 136.22 112.6407175 129.3666949 114.0603255
17-Sep-97 136.09 111.7997132 128.1630397 115.9537368
18-Sep-97 137.008 112.2046854 128.8400136 116.0792316
19-Sep-97 136.22 111.5077794 129.3307499 113.5817711
</TABLE>
Page 4
<PAGE> 37
Plot Daily
<TABLE>
<S> <C> <C> <C> <C>
22-Sep-97 136.22 112.3609532 130.0736968 113.2375819
23-Sep-97 136.09 111.7508674 129.0441941 113.7810379
24-Sep-97 139.633 112.1148665 129.0495094 114.144185
25-Sep-97 140.157 113.6411541 128.5685197 113.0416658
26-Sep-97 139.633 114.5377723 128.909479 113.3661994
29-Sep-97 140.682 115.3007476 130.4827967 113.7170037
30-Sep-97 139.633 117.2570617 129.9734475 113.3725318
01-Oct-97 141.207 119.5496685 130.1846788 114.8263394
02-Oct-97 140.682 120.2316851 130.7064621 115.804321
03-Oct-97 139.108 121.0644754 130.5500665 115.7001061
06-Oct-97 140.682 123.3717543 131.7393034 114.8415265
07-Oct-97 141.47 124.3123347 131.2111664 115.8929964
08-Oct-97 140.157 121.8735184 127.8400147 115.2802767
09-Oct-97 139.895 123.2510483 125.931876 114.8068151
10-Oct-97 139.895 121.5316608 125.0283467 114.6930108
13-Oct-97 139.37 120.043826 122.3291508 114.3574533
14-Oct-97 139.24 117.5507473 123.8830955 113.7093344
15-Oct-97 138.583 116.6238678 125.7168331 114.3145945
16-Oct-97 138.583 114.7719465 124.8293369 114.2043524
17-Oct-97 136.483 111.8937021 123.2368767 113.8155696
20-Oct-97 136.878 115.6891017 121.7438515 114.8894634
21-Oct-97 136.483 117.7448496 121.6543991 115.9985051
22-Oct-97 136.483 118.0665303 121.4007735 116.7345443
23-Oct-97 135.433 114.7555051 119.5281272 115.4852556
24-Oct-97 135.433 115.2136588 119.5467489 115.8553484
27-Oct-97 135.565 107.8127664 113.6648367 110.0120897
28-Oct-97 132.283 109.3215042 114.6991078 111.8311368
29-Oct-97 133.333 110.3403925 116.0215082 113.1754457
30-Oct-97 133.333 109.7055167 117.0528509 113.011765
31-Oct-97 133.333 112.4514113 119.5685473 112.1551448
03-Nov-97 134.383 114.6135624 120.0019889 114.1863719
04-Nov-97 135.433 113.8499303 120.9454451 116.1513415
05-Nov-97 135.958 113.0045096 118.282223 116.1962128
06-Nov-97 136.483 112.236854 118.4333656 115.9872263
07-Nov-97 136.483 109.1144078 118.2734067 114.5627656
10-Nov-97 136.483 110.3636121 119.3240538 114.1115439
11-Nov-97 135.433 109.7852116 118.9968892 113.9221081
12-Nov-97 135.433 107.4443388 116.8635029 112.7702999
13-Nov-97 135.958 105.695112 114.938597 113.1102513
14-Nov-97 135.958 106.7564274 118.4920623 113.5755659
17-Nov-97 135.958 108.7610681 120.6267862 115.7589078
18-Nov-97 135.958 106.2290823 121.0696639 116.1432816
19-Nov-97 135.433 104.9979451 121.8344334 115.8891123
20-Nov-97 135.433 105.150519 122.4345265 116.9962392
21-Nov-97 137.008 102.9240072 122.877146 115.9487252
24-Nov-97 137.008 99.26804055 122.2999675 114.5259568
25-Nov-97 137.27 98.26164039 119.0298555 114.6032544
26-Nov-97 137.27 97.51329724 119.7264223 113.6405699
27-Nov-97 137.27 97.51329724 119.7264223 113.6880984
28-Nov-97 137.533 98.63192771 119.8732474 114.5559952
01-Dec-97 135.433 95.85172741 119.303775 116.7002799
02-Dec-97 135.828 96.68098407 119.8523851 116.9573824
03-Dec-97 135.433 98.46141561 122.1462153 117.4183992
04-Dec-97 135.696 97.59406169 121.9166139 117.2874071
05-Dec-97 135.433 99.4207204 123.914063 117.8916515
08-Dec-97 135.04 100.8459816 122.8032599 117.3585584
</TABLE>
Page 5
<PAGE> 38
Plot Daily
<TABLE>
<S> <C> <C> <C> <C>
09-Dec-97 135.171 98.58528985 122.9091944 117.4692648
10-Dec-97 135.696 96.07120577 123.5824947 116.6075041
11-Dec-97 135.171 94.36976694 123.6588678 114.4339628
</TABLE>
Page 6
<PAGE> 39
3 YEAR
<TABLE>
<CAPTION>
E&P R&M Chemicals
Composite Composite Composite
FI INDEX INDEX INDEX INDEX
09/12/94 09/12/94 09/12/94 09/12/94
DATE CAT Values Values Values Values
<S> <C> <C> <C> <C> <C>
11-Nov-94 1
18-Nov-94 2
25-Nov-94 3
02-Dec-94 4
09-Dec-94 5 100 100 100 100
16-Dec-94 6 102.273 102.4877988 100.1905366 106.2809189
23-Dec-94 7 102.273 100.4059966 101.392267 104.6428947
30-Dec-94 8 103.6 104.4055415 101.697736 104.2469786
06-Jan-95 9 104.167 99.14343111 102.3029388 104.5732802
13-Jan-95 10 104.545 96.85473883 102.026836 106.4237257
20-Jan-95 11 107.576 97.51991341 102.4509585 104.5813794
27-Jan-95 12 112.879 97.11896903 102.5839537 96.97575722
03-Feb-95 13 113.448 96.25800608 102.8836875 96.40468674
10-Feb-95 14 112.121 98.32924975 102.1931276 98.41422314
17-Feb-95 15 116.667 96.42628206 102.4356086 96.86154253
24-Feb-95 16 116.858 96.79236465 103.7438519 95.84761313
03-Mar-95 17 117.803 100.6979835 103.0919223 93.84522846
10-Mar-95 18 117.424 105.649719 101.9954215 93.88463084
17-Mar-95 19 118.561 107.7539815 100.2111632 96.3866471
24-Mar-95 20 118.561 108.1404679 103.4517763 97.26902512
31-Mar-95 21 124.433 111.8972762 107.6993401 97.11667669
07-Apr-95 22 123.485 112.407242 106.8420604 96.19676365
14-Apr-95 23 124.242 112.4817839 105.0729906 97.270823
21-Apr-95 24 129.545 116.1627576 115.3908187 97.2001992
28-Apr-95 25 134.848 119.8451179 117.561778 99.09045562
05-May-95 26 134.282 118.3763164 118.6378809 98.55879818
12-May-95 27 132.767 120.4832933 120.0880537 98.02591144
19-May-95 28 128.409 119.8671266 118.4183147 95.85055054
26-May-95 29 124.621 122.4123573 118.5812908 93.30826431
02-Jun-95 30 128.03 121.1611842 119.3676853 93.43807266
09-Jun-95 31 131.061 121.535087 114.3744515 93.94699554
16-Jun-95 32 135.227 125.8373278 110.8577399 94.81680778
23-Jun-95 33 140.152 119.0787083 111.0294414 98.68003033
30-Jun-95 34 141.288 119.6122071 109.5090033 99.98262828
07-Jul-95 35 143.561 118.8483306 108.8483 107.0656203
14-Jul-95 36 149.621 117.7140923 110.9638134 106.4030042
21-Jul-95 37 153.409 115.5753326 113.0919805 104.7913723
28-Jul-95 38 151.894 114.6252369 115.2102529 101.9750954
04-Aug-95 39 148.864 115.4715962 115.1912008 102.9260616
11-Aug-95 40 149.621 115.1837527 112.216232 103.6361803
18-Aug-95 41 147.727 116.7372749 111.7986332 101.9607255
25-Aug-95 42 141.288 118.0548774 110.1806877 99.31705364
01-Sep-95 43 138.636 125.1657024 111.7056433 100.0847396
08-Sep-95 44 148.485 127.1402601 113.9015493 103.7223745
15-Sep-95 45 147.727 128.2604082 116.5202033 104.908691
22-Sep-95 46 147.348 125.0360245 116.2203359 100.4456426
29-Sep-95 47 146.591 122.3270534 113.9947893 99.58321155
06-Oct-95 48 145.076 122.6750104 112.2434967 96.25998097
13-Oct-95 49 139.394 120.1860859 111.8099356 96.58104531
20-Oct-95 50 137.879 120.1128488 114.9788982 95.84777255
27-Oct-95 51 135.608 119.6294651 114.7531331 94.11422784
</TABLE>
Page 1
<PAGE> 40
<TABLE>
<S> <C> <C> <C> <C> <C>
03-Nov-95 52 134.47 119.2688407 115.9055176 93.46245346
10-Nov-95 53 135.227 120.6639091 115.9882289 95.40663041
17-Nov-95 54 137.121 124.3164857 118.6837427 96.38057922
24-Nov-95 55 138.636 125.194397 121.3222226 99.72558609
01-Dec-95 56 146.212 126.7146597 123.0185354 99.39845692
08-Dec-95 57 150 129.2155416 122.345554 99.58537003
15-Dec-95 58 153.03 132 2462942 121.8647738 95.92652103
22-Dec-95 59 151.894 133.1061647 120.9882116 93.4757854
29-Dec-95 60 153.03 135.2717474 121.0654861 93.23838688
05-Jan-96 61 155.303 135.47646 122.7697273 98.05620838
12-Jan-96 62 155.303 131.7840002 119.2101605 95.11511201
19-Jan-96 63 156.061 126.5107125 117.4221099 92.96218169
26-Jan-96 64 147.727 126.9845596 123.7715367 94.122559
02-Feb-96 65 144.697 133.9667672 129.070877 98.64233863
09-Feb-96 68 144.697 130.8873002 129.9894491 102.0011699
16-Feb-96 67 147.727 133.8292151 129.3349047 100.9696324
23-Feb-96 68 146.591 138.00898 135.6381336 103.6490942
01-Mar-96 69 145.833 134.7593248 129.1109829 103.6473782
08-Mar-96 70 144.697 129.9723514 126.6518227 104.3519871
15-Mar-96 71 145.455 131.1948238 132.5755204 112.3083079
22-Mar-96 72 143.939 138.6411323 131.8765143 111.290348
29-Mar-96 73 146.591 140.5464204 133.2844409 111.4163518
05-Apr-96 74 156.061 143.6487845 134.4089293 110.0705656
12-Apr-96 75 152.273 149.2994646 135.5557896 108.123049
19-Apr-96 76 153.03 156.0862149 139.6614291 112.3508544
26-Apr-96 77 158.712 166.3139174 146.908729 110.7415291
03-May-96 78 157.197 164.3183704 146.2879872 112.3490824
10-May-96 79 159.848 164.2988708 147.5235102 109.0362333
17-May-96 80 161.364 166.0069802 147.2098057 106.572241
24-May-96 81 164.773 168.3504548 148.234619 105.9460718
31-May-96 82 161.364 167.7054806 144.6270027 103.7731196
07-Jun-96 83 164.394 166.8817334 139.329344 101.1523527
14-Jun-96 84 166.288 166.0459741 138.1164116 99.68695174
21-Jun-96 85 166.667 170.109028 137.0659092 98.77540627
28-Jun-96 86 167.424 187.9461392 139.2812735 95.50913144
05-Jul-96 87 167.424 186.0736049 137.9678526 95.47481056
12-Jul-96 88 160.606 194.6724311 137.0785736 94.03522236
19-Jul-96 89 156.061 188.1554287 131.5421717 91.47923965
26-Jul-96 90 153.409 180.5483151 126.8590098 92.70092665
02-Aug-96 91 154.167 176.7043101 125.1101049 95.34432295
09-Aug-96 92 153.03 174.5332279 126.5865334 96.95338168
16-Aug-96 93 151.136 180.6939317 127.3706491 98.16679124
23-Aug-96 94 154.545 188.6384182 127.5304389 97.84151039
30-Aug-96 95 152.652 187.72551 123.8104706 96.79263773
06-Sep-96 96 156.061 188.5137328 124.47869 97.03160825
13-Sep-96 97 157.955 197.2850858 128.1843796 98.53740534
20-Sep-96 98 158.712 196.3405872 131.7217338 97.35148401
27-Sep-96 99 159.848 202.5304893 132.7211848 97.04805138
04-Oct-96 100 157.576 203.2935196 134.2059712 95.48430877
11-Oct-96 101 158.333 202.7366396 140.5963784 93.64896463
18-Oct-96 102 164.394 217.6693402 139.1875584 93.73899688
25-Oct-96 103 163.636 218.911177 139.4052723 90.77903157
01-Nov-96 104 155.303 215.2934311 136.9618474 88.99881649
08-Nov-96 105 154.545 218.7020741 138.1898028 89.77524789
15-Nov-96 106 156.439 217.331424 144.9867765 93.27407759
22-Nov-96 107 157.197 234.3448826 167.6837748 93.38309818
</TABLE>
Page 2
<PAGE> 41
<TABLE>
<S> <C> <C> <C> <C> <C>
29-Nov-96 108 143.182 235.5979084 171.7051589 93.21664819
06-Dec-96 109 147.348 238.7134783 171.808996 91.79854614
13-Dec-96 110 142.045 225.3566647 167.6671188 88.99796561
20-Dec-96 111 143.939 239.6434144 165.408806 88.20636125
27-Dec-96 112 146.212 241.0315104 169.1835615 87.74981048
03-Jan-97 113 146.97 240.7965006 169.6425014 89.67758705
10-Jan-97 114 155.682 247.4515906 180.1033386 91.42962935
17-Jan-97 115 156.818 246.1570206 179.7363978 94.24681585
24-Jan-97 116 153.788 227.3254139 179.3077031 92.9413848
31-Jan-97 117 153.788 227.7614932 180.604022 91.87836256
07-Feb-97 118 152.273 215.394271 179.2753436 92.78734012
14-Feb-97 119 155.303 206.2499438 179.9854878 95.35778388
21-Feb-97 120 151.136 200.2578912 178.4842768 94.29014056
28-Feb-97 121 189.015 188.8247542 175.6045168 94.56649138
07-Mar-97 122 193.939 196.2836401 177.2858302 95.21940386
14-Mar-97 123 191.288 192.3482465 177.6042486 95.57874776
21-Mar-97 124 195.455 188.7280016 180.8256013 93.09039779
28-Mar-97 125 195.455 190.4355559 184.2998255 91.52281897
04-Apr-97 126 192.424 182.2882145 184.1177222 88.46262676
11-Apr-97 127 196.97 177.8913605 178.0182414 87.93242127
18-Apr-97 128 196.212 178.753057 180.6359316 90.02896549
25-Apr-97 129 196.212 189.8490884 182.4586397 88.67053029
02-May-97 130 196.97 202.0401429 188.8478375 92.46253735
09-May-97 131 196.97 211.1863674 199.3273195 94.29180638
16-May-97 132 197.348 211.7275043 191.7518474 94.44607986
23-May-97 133 200.758 216.2705454 195.4758853 93.54621873
30-May-97 134 199.812 219.8947174 199.2235696 93.95797087
06-Jun-97 135 201.136 222.9560472 199.7458312 95.41999539
13-Jun-97 136 196.97 211.2379196 196.8976932 97.42072904
20-Jun-97 137 190.909 206.0420183 193.1731243 96.93670528
27-Jun-97 138 194.697 201.1240734 189.3746525 95.47355176
04-Jul-97 139 195.455 211.4034063 195.9446251 96.69431754
11-Jul-97 140 200 204.366682 196.6547629 99.35024414
18-Jul-97 141 197.348 205.4262025 194.0469163 100.2392768
25-Jul-97 142 200.758 205.317416 201.5291567 101.5222344
01-Aug-97 143 200 211.4739577 210.5523589 104.5752157
08-Aug-97 144 199.242 224.9152788 201.1644539 104.6951436
15-Aug-97 145 201.515 220.9992044 197.8945663 101.5443345
22-Aug-97 146 201.327 227.4575654 204.3306875 101.6495646
29-Aug-97 147 200 242.89932 205.1667388 100.1831491
05-Sep-97 148 197.918 251.369196 210.626872 100.0148076
12-Sep-97 149 197.727 247.9357125 209.5151175 102.7124833
19-Sep-97 150 196.591 244.1543943 211.9520607 102.4703253
26-Sep-97 151 201.515 251.186084 211.7903069 101.7363491
03-Oct-97 152 200.758 264.5346815 216.3569287 103.5705997
10-Oct-97 153 201.894 264.8335665 208.6828119 102.6048495
17-Oct-97 154 196.97 241.8661637 204.7335837 102.6325798
24-Oct-97 155 195.455 249.3544527 197.9642793 104.3106836
31-Oct-97 156 192.424 241.4543335 198.4670153 100.5553829
07-Nov-97 157 196.97 235.8885594 194.2762248 101.6007641
14-Nov-97 158 196.212 230.9279566 194.7073683 101.3399985
21-Nov-97 159 197.727 223.7718914 204.2812323 103.7446693
28-Nov-97 160 198.485 212.8899499 198.5764028 102.5956069
05-Dec-97 161 195.455 197.6266521 215.3150878 105.9032588
</TABLE>
Page 3
<PAGE> 42
5 YEAR
<TABLE>
<CAPTION>
E&P R&M Chemicals
Composite Composite Composite
FI INDEX INDEX INDEX INDEX
30/11/92 30/11/92 30/11/92 30/11/92
DATE CAT Values Values Values Values
<S> <C> <C> <C> <C> <C>
31-Aug-92 1
30-Sep-92 2
31-Oct-92 3
30-Nov-92 4 100 100 100 100
31-Dec-92 5 96.0159 107.3824221 108.5148579 100.856686
31-Jan-93 6 97.6096 110.977851 111.1518229 98.14605109
28-Feb-93 7 102.789 126.607879 106.9248446 98.05373236
31-Mar-93 8 106.575 155.6421332 112.0692126 93.96127205
30-Apr-93 9 102.39 160.8823851 112.0698891 99.04636214
31-May-93 10 101.594 164.4095099 116.8764751 102.4727957
30-Jun-93 11 97.6096 164.8824804 105.9420529 97.4422235
31-Jul-93 12 97.6096 150.180101 116.0427152 95.82099795
31-Aug-93 13 100.797 165.5294106 123.9145148 100.4962169
30-Sep-93 14 110.757 165.1214564 122.7454737 96.39889871
31-Oct-93 15 111.554 158.793124 129.689313 99.87100965
30-Nov-93 16 110.161 136.532125 133.2570204 103.4566315
31-Dec-93 17 109.562 138.1085188 122.9815871 106.2592204
31-Jan-94 18 109.163 148.3033355 132.8868589 115.9201915
28-Feb-94 19 112.351 148.8297203 138.4112455 119.6075241
31-Mar-94 20 111.554 141.871123 127.9165471 117.8324345
30-Apr-94 21 113.348 151.6691004 132.5155513 129.0179613
31-May-94 22 118.725 154.3766506 120.5278172 138.8616667
30-Jun-94 23 121.316 164.1914201 115.1929421 138.1131178
31-Jul-94 24 121.912 161.9561957 119.6305232 148.6261833
31-Aug-94 25 120.918 164.933837 121.0851395 167.7921646
30-Sep-94 26 121.514 162.6407543 119.4506306 173.4310214
31-Oct-94 27 116.733 168.7162038 131.9523438 162.3914628
30-Nov-94 28 104.781 152.7309439 119.9510236 144.5070154
31-Dec-94 29 108.966 149.6487229 115.4126873 149.0641814
31-Jan-95 30 118.926 139.0725107 115.9829261 133.6766293
28-Feb-95 31 121.514 142.7661855 116.5463067 135.9598599
31-Mar-95 32 130.878 160.333135 122.4870945 137.0682831
30-Apr-95 33 141.833 172.492896 133.3512699 140.4328537
31-May-95 34 131.873 174.0399336 135.8796433 130.6531999
30-Jun-95 35 148.606 174.5399757 124.0453451 140.5596653
31-Jul-95 36 158.167 168.5430086 130.233245 142.8715192
31-Aug-95 37 147.41 175.286186 124.9105003 139.2214428
30-Sep-95 38 154.183 177.4695919 129.0526199 140.5436149
31-Oct-95 39 142.231 172.269254 129.8974226 132.3429111
30-Nov-95 40 155.378 184.1586415 139.5559334 140.4812916
31-Dec-95 41 160.956 198.4906681 137.7793036 132.2468096
31-Jan-96 42 150.996 192.6714382 144.4728594 141.1573054
29-Feb-96 43 153.386 197.3795168 148.4923893 147.1436308
31-Mar-96 44 154.183 202.7570166 154.0509551 157.4579128
30-Apr-96 45 165.737 237.5075477 172.5310328 155.5407299
31-May-96 46 169.721 240.2100199 166.5726834 146.9295213
30-Jun-96 47 176.096 269.0560933 161.5800195 135.2091029
31-Jul-96 48 161.355 250.7908976 147.4811211 135.0928781
31-Aug-96 49 160.558 270.3918078 145.3390014 138.3175221
30-Sep-96 50 167.331 289.9562656 157.4244307 139.1785778
31-Oct-96 51 162.948 314.8541653 163.2986064 128.3915637
</TABLE>
Page 1
<PAGE> 43
<TABLE>
<S> <C> <C> <C> <C> <C>
30-Nov-96 52 150.598 337.3015574 204.92877 135.2173769
31-Dec-96 53 153.785 352.4004263 206.2233088 126.8389491
31-Jan-97 54 161.753 330.5849237 219.1240239 132.9297863
28-Feb-97 55 198.805 272.8849481 213.0133992 136.7781193
31-Mar-97 56 202.39 268.6673487 219.450086 131.4122779
30-Apr-97 57 205.578 277.0806551 226.4694104 134.2962588
31-May-97 58 210.161 315.1386751 242.1967891 135.8209781
30-Jun-97 59 203.187 290.1292383 233.2214108 139.2698305
31-Jul-97 60 208.765 302.9367216 253.42715 151.3320539
31-Aug-97 61 210.359 346.4654538 249.123873 144.0662932
30-Sep-97 62 211.952 368.0655054 260.6195838 145.8802249
31-Oct-97 63 202.39 344.0884707 241.7927586 143.999059
30-Nov-97 64 208.765 303.0424243 241.3499515 146.1620612
</TABLE>
Page 2
<PAGE> 44
FINA
Indexed Stock Price History
- ---------------------------------- ----------------------------------
Since June 1997 One Year
- ---------------------------------- ----------------------------------
[PLOT POINTS NEXT PAGE] [PLOT POINTS NEXT PAGE]
- ---------------------------------- ----------------------------------
Three Year Five Year
- ---------------------------------- ----------------------------------
[PLOT POINTS NEXT PAGE] [PLOT POINTS NEXT PAGE]
<PAGE> 45
SINCE JUNE
<TABLE>
<CAPTION>
4684002
FI INDEX INDEX
04/06/97 04/06/97
DATE Values Values
<S> <C> <C>
19-Nov-96
20-Nov-96
21-Nov-96
22-Nov-96
25-Nov-96
26-Nov-96
27-Nov-96
28-Nov-96
29-Nov-96
02-Dec-96
03-Dec-96
04-Dec-96
05-Dec-96
06-Dec-96
09-Dec-96
10-Dec-96
11-Dec-96
12-Dec-96
13-Dec-96
16-Dec-96
17-Dec-96
18-Dec-96
19-Dec-96
20-Dec-96
23-Dec-96
24-Dec-96
25-Dec-96
26-Dec-96
27-Dec-96
30-Dec-96
31-Dec-96
01-Jan-97
02-Jan-97
03-Jan-97
06-Jan-97
07-Jan-97
08-Jan-97
09-Jan-97
10-Jan-97
13-Jan-97
14-Jan-97
15-Jan-97
16-Jan-97
17-Jan-97
20-Jan-97
21-Jan-97
22-Jan-97
23-Jan-97
24-Jan-97
27-Jan-97
28-Jan-97
</TABLE>
Page 1
<PAGE> 46
<TABLE>
<CAPTION>
<S> <C> <C>
29-Jan-97
30-Jan-97
31-Jan-97
03-Feb-97
04-Feb-97
05-Feb-97
06-Feb-97
07-Feb-97
10-Feb-97
11-Feb-97
12-Feb-97
13-Feb-97
14-Feb-97
17-Feb-97
18-Feb-97
19-Feb-97
20-Feb-97
21-Feb-97
24-Feb-97
25-Feb-97
26-Feb-97
27-Feb-97
28-Feb-97
03-Mar-97
04-Mar-97
05-Mar-97
06-Mar-97
07-Mar-97
10-Mar-97
11-Mar-97
12-Mar-97
13-Mar-97
14-Mar-97
17-Mar-97
18-Mar-97
19-Mar-97
20-Mar-97
21-Mar-97
24-Mar-97
25-Mar-97
26-Mar-97
27-Mar-97
28-Mar-97
31-Mar-97
01-Apr-97
02-Apr-97
03-Apr-97
04-Apr-97
07-Apr-97
08-Apr-97
09-Apr-97
10-Apr-97
11-Apr-97
14-Apr-97
15-Apr-97
16-Apr-97
</TABLE>
Page 2
<PAGE> 47
<TABLE>
<CAPTION>
<S> <C> <C>
17-Apr-97
18-Apr-97
21-Apr-97
22-Apr-97
23-Apr-97
24-Apr-97
25-Apr-97
28-Apr-97
29-Apr-97
30-Apr-97
01-May-97
02-May-97
05-May-97
06-May-97
07-May-97
08-May-97
09-May-97
12-May-97
13-May-97
14-May-97
15-May-97
16-May-97
19-May-97
20-May-97
21-May-97
22-May-97
23-May-97
26-May-97
27-May-97
28-May-97
29-May-97
30-May-97
02-Jun-97
03-Jun-97
04-Jun-97 100 100
05-Jun-97 100 100.61
06-Jun-97 99.812 101.423
09-Jun-97 97.7444 102.033
10-Jun-97 96.9925 103.049
11-Jun-97 97.3684 103.862
12-Jun-97 97.7444 104.675
13-Jun-97 97.7444 105.081
16-Jun-97 97.3684 105.285
17-Jun-97 98.1203 104.675
18-Jun-97 96.8045 104.472
19-Jun-97 95.8647 104.472
20-Jun-97 94.7368 103.862
23-Jun-97 94.7368 105.488
24-Jun-97 95.4887 107.52
25-Jun-97 95.6767 111.382
26-Jun-97 95.6767 112.398
27-Jun-97 96.6165 110.976
30-Jun-97 95.8647 110.772
01-Jul-97 96.6165 111.992
02-Jul-97 96.9925 111.789
03-Jul-97 96.9925 113.008
</TABLE>
Page 3
<PAGE> 48
<TABLE>
<CAPTION>
<S> <C> <C>
04-Jul-97 96.9925 111.789
07-Jul-97 97.0872 111.992
08-Jul-97 97.7444 111.789
09-Jul-97 97.7444 111.585
10-Jul-97 97.3684 110.163
11-Jul-97 99.2481 110.163
14-Jul-97 98.1203 108.333
15-Jul-97 97.9323 108.943
16-Jul-97 97.9323 112.602
17-Jul-97 98.1203 115.244
18-Jul-97 97.9323 115.65
21-Jul-97 98.3083 115.65
22-Jul-97 97.9323 118.293
23-Jul-97 99.2481 119.715
24-Jul-97 98.6842 118.089
25-Jul-97 99.6241 118.496
28-Jul-97 98.8722 121.545
29-Jul-97 98.4962 121.545
30-Jul-97 98.4962 122.561
31-Jul-97 98.4962 121.951
01-Aug-97 99.2481 125.203
04-Aug-97 98.6842 122.154
05-Aug-97 99.4361 118.089
06-Aug-97 99.9068 119.106
07-Aug-97 99.812 119.309
08-Aug-97 98.8722 114.634
11-Aug-97 98.8722 113.821
12-Aug-97 99.0602 116.057
13-Aug-97 99.2481 113.415
14-Aug-97 99.0602 113.415
15-Aug-97 100 113.415
18-Aug-97 98.8722 113.008
19-Aug-97 99.2481 113.415
20-Aug-97 99.812 114.837
21-Aug-97 99.812 115.65
22-Aug-97 99.9068 113.008
25-Aug-97 99.7188 113.008
26-Aug-97 99.0602 109.35
27-Aug-97 99.9068 108.537
28-Aug-97 99.9068 108.333
29-Aug-97 99.2481 107.927
01-Sep-97 99.2481 110.772
02-Sep-97 99.4361 113.618
03-Sep-97 97.7444 115.041
04-Sep-97 98.3083 114.634
05-Sep-97 98.215 116.26
08-Sep-97 97.8391 115.041
09-Sep-97 98.1203 114.228
10-Sep-97 98.1203 112.195
11-Sep-97 98.1203 110.569
12-Sep-97 98.1203 111.382
15-Sep-97 97.7444 113.008
16-Sep-97 97.5564 113.211
17-Sep-97 97.4632 112.398
18-Sep-97 98.1203 113.211
19-Sep-97 97.5564 113.821
</TABLE>
Page 4
<PAGE> 49
<TABLE>
<CAPTION>
<S> <C> <C>
22-Sep-97 97.5564 115.447
23-Sep-97 97.4632 115.244
24-Sep-97 100 114.634
25-Sep-97 100.376 114.634
26-Sep-97 100 116.057
29-Sep-97 100.752 115.854
30-Sep-97 100 116.057
01-Oct-97 101.128 118.496
02-Oct-97 100.752 119.715
03-Oct-97 99.6241 121.138
06-Oct-97 100.752 122.358
07-Oct-97 101.316 120.325
08-Oct-97 100.376 119.919
09-Oct-97 100.188 115.854
10-Oct-97 100.188 114.837
13-Oct-97 99.812 117.683
14-Oct-97 99.7188 118.902
15-Oct-97 99.2481 116.87
16-Oct-97 99.2481 117.683
17-Oct-97 97.7444 114.837
20-Oct-97 98.0271 112.805
21-Oct-97 97.7444 112.805
22-Oct-97 97.7444 115.041
23-Oct-97 96.9925 112.602
24-Oct-97 96.9925 111.789
27-Oct-97 97.0872 109.146
28-Oct-97 94.7368 107.114
29-Oct-97 95.4887 109.959
30-Oct-97 95.4887 105.488
31-Oct-97 95.4887 106.301
03-Nov-97 96.2406 110.569
04-Nov-97 96.9925 109.553
05-Nov-97 97.3684 111.585
06-Nov-97 97.7444 109.35
07-Nov-97 97.7444 106.301
10-Nov-97 97.7444 107.317
11-Nov-97 96.9925 107.317
12-Nov-97 96.9925 106.098
13-Nov-97 97.3684 109.35
14-Nov-97 97.3684 110.366
17-Nov-97 97.3684 112.602
18-Nov-97 97.3684 112.602
19-Nov-97 96.9925 112.602
20-Nov-97 96.9925 114.228
21-Nov-97 98.1203 115.65
24-Nov-97 98.1203 112.195
25-Nov-97 98.3083 112.195
26-Nov-97 98.3083 113.618
27-Nov-97 98.3083 113.415
28-Nov-97 98.4962 114.228
01-Dec-97 96.9925 117.276
02-Dec-97 97.2752 117.073
03-Dec-97 96.9925 117.683
04-Dec-97 97.1805 117.683
05-Dec-97 96.9925 117.48
08-Dec-97 96.7113 117.683
</TABLE>
Page 5
<PAGE> 50
<TABLE>
<CAPTION>
<S> <C> <C>
09-Dec-97 96.8045 115.65
10-Dec-97 97.1805 114.431
11-Dec-97 96.8045 113.008
</TABLE>
Page 6
<PAGE> 51
ONE YEAR
<TABLE>
<CAPTION>
4684002
FI INDEX INDEX
11/12/96 11/12/96
DATE Values Values
<S> <C> <C>
19-Nov-96
20-Nov-96
21-Nov-96
22-Nov-96
25-Nov-96
26-Nov-96
27-Nov-96
28-Nov-96
29-Nov-96
02-Dec-96
03-Dec-96
04-Dec-96
05-Dec-96
06-Dec-96
09-Dec-96
10-Dec-96
11-Dec-96 100 100
12-Dec-96 97.9003 98.9109
13-Dec-96 98.4252 99.0099
16-Dec-96 98.4252 100.99
17-Dec-96 99.2126 99.7525
18-Dec-96 98.9501 101.733
19-Dec-96 99.2126 102.723
20-Dec-96 99.7375 102.723
23-Dec-96 99.7375 101.238
24-Dec-96 100 100.99
25-Dec-96 100 100.99
26-Dec-96 101.05 100.99
27-Dec-96 101.312 100.99
30-Dec-96 101.312 100
31-Dec-96 101.312 100
01-Jan-97 101.312 100
02-Jan-97 101.312 100
03-Jan-97 101.837 101.733
06-Jan-97 102.1 102.97
07-Jan-97 103.412 104.208
08-Jan-97 105.512 106.188
09-Jan-97 106.824 108.416
10-Jan-97 107.874 108.911
13-Jan-97 108.924 111.139
14-Jan-97 109.449 110.891
15-Jan-97 108.924 110.891
16-Jan-97 108.661 109.653
17-Jan-97 108.661 110.396
20-Jan-97 108.136 110.396
21-Jan-97 108.661 110.396
22-Jan-97 108.661 112.129
23-Jan-97 107.874 113.366
24-Jan-97 106.562 113.614
27-Jan-97 105.512 111.881
28-Jan-97 103.675 112.376
</TABLE>
Page 1
<PAGE> 52
<TABLE>
<CAPTION>
<S> <C> <C>
29-Jan-97 106.037 114.109
30-Jan-97 107.612 117.574
31-Jan-97 106.562 118.069
03-Feb-97 108.136 118.564
04-Feb-97 107.087 116.832
05-Feb-97 107.612 117.079
06-Feb-97 106.824 116.832
07-Feb-97 105.512 117.327
10-Feb-97 105.249 117.822
11-Feb-97 105.249 117.822
12-Feb-97 105.774 118.069
13-Feb-97 105.774 121.535
14-Feb-97 107.612 121.782
17-Feb-97 107.612 121.04
18-Feb-97 106.299 123.515
19-Feb-97 106.037 124.01
20-Feb-97 105.512 123.02
21-Feb-97 104.724 121.535
24-Feb-97 105.249 121.535
25-Feb-97 131.234 122.525
26-Feb-97 130.709 122.772
27-Feb-97 130.709 123.515
28-Feb-97 130.971 123.515
03-Mar-97 130.709 123.762
04-Mar-97 131.234 125.743
05-Mar-97 132.283 125.495
06-Mar-97 131.496 126.238
07-Mar-97 134.383 125.99
10-Mar-97 132.808 125.99
11-Mar-97 132.546 125.495
12-Mar-97 132.808 122.277
13-Mar-97 132.546 119.307
14-Mar-97 132.546 119.802
17-Mar-97 132.546 117.822
18-Mar-97 134.908 116.832
19-Mar-97 133.858 116.832
20-Mar-97 134.646 116.337
21-Mar-97 135.433 116.832
24-Mar-97 135.433 117.327
25-Mar-97 137.008 117.574
26-Mar-97 138.583 119.307
27-Mar-97 135.433 118.812
28-Mar-97 135.433 118.812
31-Mar-97 133.333 118.812
01-Apr-97 133.858 116.089
02-Apr-97 133.333 116.089
03-Apr-97 133.333 115.099
04-Apr-97 133.333 115.842
07-Apr-97 133.333 117.574
08-Apr-97 134.383 118.069
09-Apr-97 134.121 119.059
10-Apr-97 133.858 118.564
11-Apr-97 136.483 117.822
14-Apr-97 136.22 118.812
15-Apr-97 136.22 124.257
16-Apr-97 135.958 126.485
</TABLE>
Page 2
<PAGE> 53
<TABLE>
<CAPTION>
<S> <C> <C>
17-Apr-97 135.958 125.99
18-Apr-97 135.958 125.495
21-Apr-97 136.22 126.485
22-Apr-97 135.958 126.238
23-Apr-97 135.958 122.772
24-Apr-97 135.958 123.762
25-Apr-97 135.958 123.362
28-Apr-97 135.958 124.505
29-Apr-97 136.22 123.762
30-Apr-97 135.433 125.99
01-May-97 136.483 125.99
02-May-97 136.483 126.733
05-May-97 137.008 126.733
06-May-97 136.483 125.743
07-May-97 136.483 124.505
08-May-97 137.008 124.505
09-May-97 136.483 126.485
12-May-97 137.27 126.733
13-May-97 137.27 127.97
14-May-97 137.008 127.97
15-May-97 137.008 128.465
16-May-97 136.745 128.218
19-May-97 136.22 128.218
20-May-97 136.483 127.228
21-May-97 138.058 126.98
22-May-97 138.583 127.228
23-May-97 139.108 127.723
26-May-97 139.108 127.723
27-May-97 137.795 126.733
28-May-97 139.37 122.277
29-May-97 139.37 122.772
30-May-97 138.452 122.772
02-Jun-97 139.633 123.267
03-Jun-97 141.207 123.267
04-Jun-97 139.633 121.782
05-Jun-97 139.633 122.525
06-Jun-97 139.37 123.515
09-Jun-97 136.483 124.257
10-Jun-97 135.433 125.495
11-Jun-97 135.958 126.485
12-Jun-97 136.483 127.475
13-Jun-97 136.483 127.97
16-Jun-97 135.958 128.218
17-Jun-97 137.008 127.475
18-Jun-97 135.171 127.228
19-Jun-97 133.858 127.228
20-Jun-97 132.283 126.485
23-Jun-97 132.283 128.485
24-Jun-97 133.333 130.941
25-Jun-97 133.596 135.644
26-Jun-97 133.596 136.881
27-Jun-97 134.908 135.149
30-Jun-97 133.858 134.901
01-Jul-97 134.908 136.386
02-Jul-97 135.433 136.139
03-Jul-97 135.433 137.624
</TABLE>
Page 3
<PAGE> 54
<TABLE>
<CAPTION>
<S> <C> <C>
04-Jul-97 135.433 136.139
07-Jul-97 135.565 136.386
08-Jul-97 136.483 136.139
09-Jul-97 136.483 135.891
10-Jul-97 135.958 134.158
11-Jul-97 138.583 134.158
14-Jul-97 137.008 131.931
15-Jul-97 136.745 132.673
16-Jul-97 136.745 137.129
17-Jul-97 137.008 140.347
18-Jul-97 136.745 140.842
21-Jul-97 137.27 140.842
22-Jul-97 136.745 144.059
23-Jul-97 138.583 145.792
24-Jul-97 137.795 143.812
25-Jul-97 139.108 144.307
28-Jul-97 136.058 148.02
29-Jul-97 137.533 148.02
30-Jul-97 137.533 149.257
31-Jul-97 137.533 148.515
01-Aug-97 138.583 152.475
04-Aug-97 137.795 148.762
05-Aug-97 138.845 143.812
06-Aug-97 139.502 145.05
07-Aug-97 139.37 145.297
08-Aug-97 138.058 139.604
11-Aug-97 138.058 138.614
12-Aug-97 136.32 141.337
13-Aug-97 138.583 138.119
14-Aug-97 138.32 138.119
15-Aug-97 139.633 138.119
18-Aug-97 138.058 137.624
19-Aug-97 138.583 138.119
20-Aug-97 139.37 139.851
21-Aug-97 139.37 140.842
22-Aug-97 139.502 137.624
25-Aug-97 139.24 137.624
26-Aug-97 138.32 133.168
27-Aug-97 139.502 132.178
28-Aug-97 139.502 131.931
29-Aug-97 138.583 131.436
01-Sep-97 138.583 134.901
02-Sep-97 138.845 138.366
03-Sep-97 136.483 140.099
04-Sep-97 137.27 139.604
05-Sep-97 137.14 141.584
08-Sep-97 136.615 140.099
09-Sep-97 137.008 139.109
10-Sep-97 137.008 136.634
11-Sep-97 137.008 134.653
12-Sep-97 137.008 135.644
15-Sep-97 136.483 137.624
16-Sep-97 136.22 137.871
17-Sep-97 136.09 136.881
18-Sep-97 137.008 137.871
19-Sep-97 136.22 138.614
</TABLE>
Page 4
<PAGE> 55
<TABLE>
<CAPTION>
<S> <C> <C>
22-Sep-97 136.22 140.594
23-Sep-97 136.09 140.347
24-Sep-97 139.633 139.604
25-Sep-97 140.157 139.604
26-Sep-97 139.633 141.337
29-Sep-97 140.682 141.089
30-Sep-97 139.633 141.337
01-Oct-97 141.207 144.307
02-Oct-97 140.682 145.792
03-Oct-97 139.108 147.525
06-Oct-97 140.682 149.01
07-Oct-97 141.47 146.535
08-Oct-97 140.157 146.04
09-Oct-97 139.895 141.089
10-Oct-97 139.895 139.851
13-Oct-97 139.37 143.317
14-Oct-97 139.24 144.802
15-Oct-97 138.583 142.327
16-Oct-97 138.583 143.317
17-Oct-97 136.483 139.851
20-Oct-97 136.878 137.376
21-Oct-97 136.483 137.376
22-Oct-97 136.483 140.099
23-Oct-97 135.433 137.129
24-Oct-97 135.433 136.139
27-Oct-97 135.565 132.921
28-Oct-97 132.283 130.446
29-Oct-97 133.333 133.911
30-Oct-97 133.333 128.465
31-Oct-97 133.333 129.455
03-Nov-97 134.383 134.653
04-Nov-97 135.433 133.416
05-Nov-97 135.958 135.891
06-Nov-97 136.483 133.168
07-Nov-97 136.483 129.455
10-Nov-97 136.483 130.693
11-Nov-97 135.433 130.693
12-Nov-97 135.433 129.208
13-Nov-97 135.958 133.168
14-Nov-97 135.958 134.406
17-Nov-97 135.958 137.129
18-Nov-97 135.958 137.129
19-Nov-97 135.433 137.129
20-Nov-97 135.433 139.109
21-Nov-97 137.008 140.842
24-Nov-97 137.008 136.634
25-Nov-97 137.27 136.634
26-Nov-97 137.27 138.366
27-Nov-97 137.27 138.119
28-Nov-97 137.533 139.109
01-Dec-97 135.433 142.822
02-Dec-97 135.828 142.574
03-Dec-97 135.433 143.317
04-Dec-97 135.696 143.317
05-Dec-97 135.433 143.069
08-Dec-97 135.04 143.317
</TABLE>
Page 5
<PAGE> 56
<TABLE>
<CAPTION>
<S> <C> <C>
09-Dec-97 135.171 140.842
10-Dec-97 135.696 139.356
11-Dec-97 135.171 137.624
</TABLE>
Page 6
<PAGE> 57
Plot Weekly
THREE YEAR
<TABLE>
<CAPTION>
4684002
FI INDEX INDEX
09/12/94 09/12/94
DATE CAT Values Values
FINA PETROFINA
<S> <C> <C> <C>
11-Nov-94 1
18-Nov-94 2
25-Nov-94 3
02-Dec-94 4
09-Dec-94 5 100 100
16-Dec-94 6 102.273 100.215
23-Dec-94 7 102.273 100.753
30-Dec-94 8 103.6 101.292
06-Jan-95 9 104.167 100.753
13-Jan-95 10 104.545 98.7083
20-Jan-95 11 107.576 99.3541
27-Jan-95 12 112.879 100.431
03-Feb-95 13 113.448 100.646
10-Feb-95 14 112.121 100.108
17-Feb-95 15 116.667 97.9548
24-Feb-95 16 116.858 96.6631
03-Mar-95 17 117.803 92.8956
10-Mar-95 18 117.424 89.5587
17-Mar-95 19 118.561 93.972
24-Mar-95 20 118.561 88.267
31-Mar-95 21 124.433 89.0205
07-Apr-95 22 123.485 91.9268
14-Apr-95 23 124.242 94.8332
21-Apr-95 24 129.545 95.0484
28-Apr-95 25 134.848 95.479
05-May-95 26 134.282 100.215
12-May-95 27 132.767 100.753
19-May-95 28 128.409 96.986
26-May-95 29 124.621 93.4338
02-Jun-95 30 128.03 94.8332
09-Jun-95 31 131.061 93.1109
16-Jun-95 32 135.227 91.4962
23-Jun-95 33 140.152 92.1421
30-Jun-95 34 141.288 92.465
07-Jul-95 35 143.561 92.5727
14-Jul-95 36 149.621 93.6491
21-Jul-95 37 153.409 92.3574
28-Jul-95 38 151.894 95.8019
04-Aug-95 39 148.864 95.3714
11-Aug-95 40 149.621 94.8332
18-Aug-95 41 147.727 94.8332
25-Aug-95 42 141.288 96.7707
01-Sep-95 43 138.636 96.7707
08-Sep-95 44 148.485 96.7707
15-Sep-95 45 147.727 97.7395
22-Sep-95 46 147.348 98.1701
29-Sep-95 47 146.591 97.9548
06-Oct-95 48 145.076 96.986
13-Oct-95 49 139.394 96.5554
20-Oct-95 50 137.879 94.1873
27-Oct-95 51 135.606 95.2637
</TABLE>
Page 1
<PAGE> 58
Plot Weekly
<TABLE>
<CAPTION>
<S> <C> <C> <C>
03-Nov-95 52 134.47 97.2013
10-Nov-95 53 135.227 95.8019
17-Nov-95 54 137.121 94.2949
24-Nov-95 55 138.636 95.8019
01-Dec-95 56 146.212 95.3714
08-Dec-95 57 150 96.0172
15-Dec-95 58 153.03 96.3402
22-Dec-95 59 151.894 96.4478
29-Dec-95 60 153.03 96.986
05-Jan-96 61 155.303 100.646
12-Jan-96 62 155.303 98.1701
19-Jan-96 63 156.061 98.6006
26-Jan-96 64 147.727 95.479
02-Feb-96 65 144.697 96.2325
09-Feb-96 66 144.697 92.7879
16-Feb-96 67 147.727 91.3886
23-Feb-96 68 146.591 90.0969
01-Mar-96 69 145.833 95.2637
08-Mar-96 70 144.697 93.2185
15-Mar-96 71 145.455 91.4962
22-Mar-96 72 143.939 91.9268
29-Mar-96 73 146.591 91.7115
05-Apr-96 74 156.061 94.0797
12-Apr-96 75 152.273 94.7255
19-Apr-96 76 153.03 96.8784
26-Apr-96 77 158.712 99.0312
03-May-96 78 157.197 97.4166
10-May-96 79 159.848 97.7395
17-May-96 80 161.364 102.368
24-May-96 81 164.773 102.368
31-May-96 82 161.364 100.431
07-Jun-96 83 164.394 100.108
14-Jun-96 84 166.288 105.49
21-Jun-96 85 166.667 104.736
28-Jun-96 86 167.424 105.705
05-Jul-96 87 167.424 107.212
12-Jul-96 88 160.606 103.229
19-Jul-96 89 156.061 102.799
26-Jul-96 90 153.409 101.184
02-Aug-96 91 154.167 100.323
09-Aug-96 92 153.03 102.26
16-Aug-96 93 151.136 102.476
23-Aug-96 94 154.545 105.705
30-Aug-96 95 152.652 103.337
06-Sep-96 96 156.061 104.198
13-Sep-96 97 157.955 107.104
20-Sep-96 98 158.712 106.566
27-Sep-96 99 159.848 104.736
04-Oct-96 100 157.576 104.844
11-Oct-96 101 158.333 101.399
18-Oct-96 102 164.394 105.597
25-Oct-96 103 163.636 105.49
01-Nov-96 104 155.303 103.229
08-Nov-96 105 154.545 105.49
15-Nov-96 106 156.439 106.028
22-Nov-96 107 157.197 106.459
</TABLE>
Page 2
<PAGE> 59
Plot Weekly
<TABLE>
<CAPTION>
<S> <C> <C> <C>
29-Nov-96 108 143.182 106.781
06-Dec-96 109 147.348 111.679
13-Dec-96 110 142.045 107.643
20-Dec-96 111 143.939 111.679
27-Dec-98 112 146.212 109.795
03-Jan-97 113 146.97 110.603
10-Jan-97 114 155.682 118.407
17-Jan-97 115 156.818 120.022
24-Jan-97 116 153.788 123.52
31-Jan-97 117 153.788 128.364
07-Feb-97 118 152.273 127.557
14-Feb-97 119 155.303 132.4
21-Feb-97 120 151.136 132.131
28-Feb-97 121 189.015 134.284
07-Mar-97 122 193.939 136.975
14-Mar-97 123 191.288 130.248
21-Mar-97 124 195.455 127.018
28-Mar-97 125 195.455 129.171
04-Apr-97 126 192.424 125.942
11-Apr-97 127 196.97 128.095
18-Apr-97 128 196.212 136.437
25-Apr-97 129 196.212 134.553
02-May-97 130 196.97 137.783
09-May-97 131 196.97 137.513
16-May-97 132 197.348 139.397
23-May-97 133 200.758 138.859
30-May-97 134 199.812 133.477
06-Jun-97 135 201.136 134.284
13-Jun-97 136 196.97 139.128
20-Jun-97 137 190.909 137.513
27-Jun-97 136 194.697 146.932
04-Jul-97 139 195.455 148.009
11-Jul-97 140 200 145.856
18-Jul-97 141 197.348 153.122
25-Jul-97 142 200.758 156.889
01-Aug-97 143 200 165.77
08-Aug-97 144 199.242 151.776
15-Aug-97 145 201.515 150.161
22-Aug-97 146 201.327 149.623
29-Aug-97 147 200 142.896
05-Sep-97 148 197.918 153.929
12-Sep-97 149 197.727 147.47
19-Sep-97 150 196.591 150.7
26-Sep-97 151 201.515 153.66
03-Oct-97 152 200.758 160.388
10-Oct-97 153 201.894 152.045
17-Oct-97 154 196.97 152.045
24-Oct-97 155 195.455 148.009
31-Oct-97 156 192.424 140.743
07-Nov-97 157 196.97 140.743
14-Nov-97 158 196.212 146.125
21-Nov-97 159 197.727 153.122
28-Nov-97 160 198.485 151.238
05-Dec-97 161 195.455 155.813
</TABLE>
Page 3
<PAGE> 60
Plot Monthly
FIVE YEAR
<TABLE>
<CAPTION>
4684002
FI INDEX INDEX
30/11/92 30/11/92
DATE CAT Values Values
FINA PETROFINA
<S> <C> <C> <C>
31-Aug-92 1
30-Sep-92 2
31-Oct-92 3
30-Nov-92 4 100 100
31-Dec-92 5 96.0159 90.373
31-Jan-93 6 97.6096 88.929
28-Feb-93 7 102.789 95.3069
31-Mar-93 8 106.575 105.656
30-Apr-93 9 102.39 102.888
31-May-93 10 101.594 100.481
30-Jun-93 11 97.6096 108.424
31-Jul-93 12 97.6096 115.523
31-Aug-93 13 100.797 109.747
30-Sep-93 14 110.757 109.507
31-Oct-93 15 111.554 117.329
30-Nov-93 16 110.161 117.208
31-Dec-93 17 109.562 118.412
31-Jan-94 18 109.163 129.061
28-Feb-94 19 112.351 123.646
31-Mar-94 20 111.554 121.54
30-Apr-94 21 113.348 128.159
31-May-94 22 118.725 129.964
30-Jun-94 23 121.316 121.54
31-Jul-94 24 121.912 125.15
31-Aug-94 25 120.918 125.451
30-Sep-94 26 121.514 118.051
31-Oct-94 27 116.733 114.32
30-Nov-94 28 104.781 113.117
31-Dec-94 29 108.966 113.237
31-Jan-95 30 118.926 111.432
28-Feb-95 31 121.514 106.137
31-Mar-95 32 130.878 99.5187
30-Apr-95 33 141.833 106.739
31-May-95 34 131.873 104.813
30-Jun-95 35 148.606 103.369
31-Jul-95 36 158.167 106.017
31-Aug-95 37 147.41 108.785
30-Sep-95 38 154.183 109.507
31-Oct-95 39 142.231 108.683
30-Nov-95 40 155.378 106.017
31-Dec-95 41 160.956 108.424
31-Jan-96 42 150.996 108.303
29-Feb-96 43 153.386 105.295
31-Mar-96 44 154.183 102.527
30-Apr-96 45 165.737 112.154
31-May-96 46 169.721 112.274
30-Jun-96 47 176.096 118.171
31-Jul-96 48 161.355 113.718
31-Aug-96 49 160.558 115.523
30-Sep-96 50 167.331 116.968
31-Oct-96 51 162.948 115.403
</TABLE>
Page 1
<PAGE> 61
Plot Monthly
<TABLE>
<CAPTION>
<S> <C> <C> <C>
30-Nov-96 52 150.598 119.374
31-Dec-96 53 153.785 121.54
31-Jan-97 54 161.753 143.502
28-Feb-97 55 198.805 150.12
31-Mar-97 56 202.39 144.404
30-Apr-97 57 205.578 153.129
31-May-97 58 210.161 149.218
30-Jun-97 59 203.187 163.959
31-Jul-97 60 208.765 180.505
31-Aug-97 61 210.359 159.747
30-Sep-97 62 211.952 171.781
31-Oct-97 63 202.39 157.341
30-Nov-97 64 208.765 169.073
</TABLE>
Page 2
<PAGE> 62
Comparison of Selected Trading Multiples
By Industry Segment
Median Multiples, Excluding FINA
[The following table was depicted as a bar chart in the printed material.]
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
Domestic Integrated Oils
- --------------------------------------------------------------------------------
P/DCF-1997E
April (a) June (b) December (c)
<S> <C> <C> <C>
5.2x 5.9x 6.2x
% Change 13.5% 19.2%
</TABLE>
[The following table was depicted as a bar chart in the printed material.]
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
Domestic Integrated Oils
- --------------------------------------------------------------------------------
P/E-1997E
April (a) June (b) December (c)
<S> <C> <C> <C>
13.9x 15.7x 15.1x
% Change 12.9% 8.6%
</TABLE>
[The following table was depicted as a bar chart in the printed material.]
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
Independent Refining Companies
- --------------------------------------------------------------------------------
P/DCF-1997E
April (a) June (b) December (c)
<S> <C> <C> <C>
6.1x 6.6x 7.4x
% Change 8.2% 21.3%
</TABLE>
[The following table was depicted as a bar chart in the printed material.]
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
Independent Refining Companies
- --------------------------------------------------------------------------------
P/E-1997E
April (a) June (b) December (c)
<S> <C> <C> <C>
18.7x 19.0x 14.4x
% Change 1.6% (23.0)%
</TABLE>
(a) As of Apr 4, 1997.
(b) As of June 3, 1997.
(c) As of December 11, 1997.
<PAGE> 63
Comparison of Selected Trading Multiples
By Industry Segment
Median Multiples, Excluding FINA
[The following table was depicted as a bar chart in the printed material.]
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
Exploration and Production Companies
- --------------------------------------------------------------------------------
P/DCF-1997E
April (a) June (b) December (c)
<S> <C> <C> <C>
4.8x 5.7x 5.5x
% Change 18.8% 14.6%
</TABLE>
[The following table was depicted as a bar chart in the printed material.]
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
Commodity Chemicals
- --------------------------------------------------------------------------------
Enterprise Value/EBITDA-Normalized
April (a) June (b) December (c)
<S> <C> <C> <C>
5.2x 4.9x 5.5x
% Change (5.8)% 5.8%
</TABLE>
(a) As of April 4, 1997.
(b) As of June 3, 1997.
(c) As of December ll, 1997.
<PAGE> 64
- ---------
Goldman
Sachs
- ---------
Exhibit 3
<PAGE> 65
Comparison of April and November Projections
FINA Consolidated
<TABLE>
<CAPTION>
1997E 1998E 1999E 2000E 2001E CAGR
--------- --------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C>
EBITDA
April 97 $474.0 $547.5 $650.9 $746.0 $860.7 16.1%
November 97 455.9 457.5 554.0 626.6 861.3 17.2
Variance (3.8)% (16.4)% (14.9)% (16.0)% 0.1%
DCF
April 97 $364.3 $403.5 $488.1 $590.6 $700.9 17.8%
November 97 369.1 349.0 415.2 485.0 596.8 12.8
Variance 1.3% (13.5)% (14.9)% (17.9)% (14.9)%
EPS
April 97 $5.10 $6.13 $7.42 $9.27 $11.63 22.9%
November 97 4.65 4.43 6.01 7.28 11.02 24.1
Variance (9.0)% (27.7)% (19.0)% (21.5)% (5.2)%
</TABLE>
Source: Management projections.
<PAGE> 66
Comparison of April and November Projections
(dollars in millions)
<TABLE>
<CAPTION>
1997E 1998E 1999E
--------------------------- --------------------------- ---------------------------
Apr-97 Nov-97 % Var. Apr-97 Nov-97 % Var. Apr-97 Nov-97 % Var.
------ ------ ------ ------ ------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
EBITDA
Chemicals $ 205.8 $ 153.2 (25.6)% $ 243.0 $ 162.7 (33.0)% $ 271.8 $ 257.5 (5.3)%
E&P 157.5 170.2 8.1% 156.0 156.9 0.6% 212.6 164.5 (22.6)%
R&M 123.6 146.9 18.9% 162.1 150.2 (7.3)% 180.6 145.4 (19.5)%
Corporate (12.9) (14.4) -5.2% (13.6) (12.3) 23.4% (14.1) (13.4) 32.5%
Total 474.0 455.9 (3.8)% 547.5 457.5 (16.4)% 650.9 554.0 (14.9)%
EBIT
Chemicals $ 176.5 $ 123.7 (29.9)% $ 208.0 $ 128.4 (38.3)% $ 230.6 $ 208.3 (9.7)%
E&P 64.1 72.3 12.8% 57.7 67.4 16.8% 95.9 79.8 (16.8)%
R&M 55.3 78.6 42.1% 89.3 77.8 (12.9)% 104.9 71.1 (32.2)%
Corporate (17.8) (22.1) 24.2% (18.6) (21.3) 14.5% (19.0) (22.3) 17.4%
Total 278.1 252.5 (9.2)% 336.4 252.3 (25.0)% 412.4 336.9 (18.3)%
DCF
Chemicals $ 132.7 $ 130.9 (1.4)% $ 131.5 $ 104.2 (20.8)% $ 155.4 $ 145.4 (6.4)%
E&P 122.3 144.6 18.2% 128.1 115.9 (9.5)% 169.7 129.8 (23.5)%
R&M 80.7 75.8 (6.1)% 107.1 99.7 (6.9)% 118.5 97.9 (17.4)%
Total 364.3 369.1 1.3% 403.5 349.0 (13.5)% 488.1 415.2 (14.9)%
Net income $ 159.3 $ 145.0 (9.0)% $ 191.3 $ 138.4 (27.7)% $ 231.5 $ 187.5 (19.0)%
EPS $ 5.10 $ 4.64 (9.0)% $ 6.13 $ 4.43 (27.7)% $ 7.42 $ 6.01 (19.0)%
</TABLE>
<TABLE>
<CAPTION>
2000E 2001E
--------------------------- ---------------------------
Apr-97 Nov-97 % Var. Apr-97 Nov-97 % Var.
------ ------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C> <C>
EBITDA
Chemicals $ 319.4 $ 302.7 (5.2)% $ 376.2 $ 469.2 24.7%
E&P 247.5 141.1 (43.0)% 289.4 182.8 (36.8)%
R&M 193.6 149.9 (22.6)% 209.8 158.4 (24.5)%
Corporate (14.5) 32.9 54.8% (14.7) 50.9 36.7%
Total 746.0 626.6 (16.0)% 860.7 861.3 0.1%
EBIT
Chemicals $ 278.2 $ 253.5 (8.9)% $ 335.1 $ 394.1 17.6%
E&P 122.4 95.9 (21.7)% 159.2 142.1 (10.7)%
R&M 114.1 72.4 (36.5)% 127.4 79.6 (37.5)%
Corporate (19.4) (24.8) 27.8% (19.8) (25.3) 27.8%
Total 495.3 397.0 (19.8)% 601.9 590.6 (1.9)%
DCF
Chemicals $ 203.3 $ 196.8 (3.2)% $ 253.1 $ 288.4 13.9%
E&P 196.2 141.1 (28.1)% 226.4 182.8 (19.3)%
R&M 132.8 102.1 (23.1)% 159.7 105.8 (33.7)%
Total 590.6 485.0 (17.9)% 700.9 596.8 (14.9)%
Net income $ 289.4 $ 227.2 (21.5)% $ 363.0 $ 343.9 (5.3)%
EPS $ 9.27 $ 7.28 (21.5)% $ 11.63 $ 11.02 (5.3)%
</TABLE>
Notes:
Projections based on 1997 Five Year Financial Plan updated in April and November
1997. Financial data based on projections prepared by FINA management.
<PAGE> 67
Comparison of April and November Projections
<TABLE>
<CAPTION>
1997E 1998E 1999E
--------------------------- --------------------------- ---------------------------
(dollars in millions) Apr-97 Nov-97 % Var. Apr-97 Nov-97 % Var. Apr-97 Nov-97 % Var.
------ ------ ------ ------ ------ ------ ------ ------ ------
Principal Factors Behind Revised Estimates
- ------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Chemicals
Styrene Margin (cents/lb) 2.17 2.30 6.0% 2.63 1.90 (27.8)% 3.70 3.50 (5.4)%
Styrene Volumes (MMLbs) 1,306 1,354 3.6% 1,350 1,399 3.6% 1,300 1,319 1.5%
Polystyrene Margin (cents/lb) 2.35 1.10 (53.2)% 2.80 2.00 (28.6)% 3.13 3.00 (4.2)%
Polystyrene Volumes (MMLbs) 1,050 983 (6.4)% 1,100 1,107 0.6% 1,100 1,120 1.8%
Polypropylene Margin (cents/lb) 6.00 3.55 (40.8)% 6.00 3.25 (45.8)% 4.80 3.80 (20.8)%
Polypropylene Volumes (MMLbs) 1,438 1,390 (3.3)% 1,600 1,540 (3.8)% 1,750 1,850 5.7%
HDPE Margin (cents/lb) 7.50 5.95 (20.7)% 6.25 4.25 (32.0)% 6.60 5.40 (18.2)%
Polyethylene Volumes (MMLbs) 400 375 (6.3)% 590 460 (22.0)% 825 825 0.0%
Refining & Marketing
SEBU
Throughput (MBD) 178 176 (1.1)% 178 178 0.0% 178 181 1.7%
Gross Margin ($/Bbl) $3.28 $3.80 15.9% $3.50 $3.50 0.0% $3.69 $3.50 (5.1)%
SWBU
Throughput (MBD) 53 57 8.3% 57 61 6.1% 59 61 3.1%
Gross Margin ($/Bbl) $4.00 $4.90 22.5% $4.11 $4.60 11.9% $4.23 $4.60 8.7%
Exploration and Production
Crude Oil Price ($/Bbl) $18.64 $17.95 (3.7)% $17.45 $16.70 (4.3)% $18.08 $17.25 (4.6)%
Natural Gas Price ($/Mcf) 2.25 2.60 15.6% 2.14 2.45 14.5% 2.18 2.40 10.1%
Crude Oil Volume (MBD) 10.5 10.0 (4.8)% 13.4 9.5 (29.1)% 17.1 9.4 (45.0)%
Natural Gas Volume (MMcf/D) 195.3 186.0 (4.8)% 220.5 197.0 (10.7)% 265.2 219.4 (17.3)%
</TABLE>
<TABLE>
<CAPTION>
2000E 2001E
--------------------------- ---------------------------
Apr-97 Nov-97 % Var. Apr-97 Nov-97 % Var.
------ ------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C> <C>
Chemicals
Styrene Margin (cents/lb) 3.49 4.00 14.6% 3.75 4.75 26.7%
Styrene Volumes (MMLbs) 1,360 1,300 (4.4)% 1,610 1,300 (19.3)%
Polystyrene Margin (cents/lb) 5.00 5.00 0.0% 6.00 5.50 (8.3)%
Polystyrene Volumes (MMLbs) 1,125 1,145 1.8% 1,125 1,145 1.8%
Polypropylene Margin (cents/lb) 5.70 3.80 (33.3)% 7.20 5.20 (27.8)%
Polypropylene Volumes (MMLbs) 1,825 1,950 6.8% 1,900 2,050 7.9%
HDPE Margin (cents/lb) 7.00 6.40 (8.6)% 7.00 6.70 (4.3)%
Polyethylene Volumes (MMLbs) 850 850 0.0% 850 850 0.0%
Refining & Marketing
SEBU
Throughput (MBD) 178 176 (1.1)% 178 176 (1.1)%
Gross Margin ($/Bbl) $3.90 $3.55 (9.0)% $3.94 $3.55 (9.9)%
SWBU
Throughput (MBD) 52 61 18.1% 59 61 3.4%
Gross Margin ($/Bbl) $4.36 $4.70 7.8% $4.49 $4.70 4.7%
Exploration and Production
Crude Oil Price ($/Bbl) $18.68 $17.90 (4.2)% $19.46 $18.60 (4.4)%
Natural Gas Price ($/Mcf) 2.28 2.35 3.1% 2.39 2.40 0.4%
Crude Oil Volume (MBD) 17.7 9.6 (45.8)% 19.4 14.3 (26.3)%
Natural Gas Volume (MMcf/D) 302.4 257.2 (14.9)% 331.8 291.1 (12.3)%
</TABLE>
Notes:
Projections based on 1997 Five Year Financial Plan updated in April and November
1997. Financial data based on projections prepared by FINA management.
<PAGE> 68
Comparison of April and November Projections
Capital Expenditures
(dollars in millions)
<TABLE>
<CAPTION>
1997E 1998E 1999E
--------------------------- ------------------------ ------------------------
Apr-97 Nov-97 % Var. Apr-97 Nov-97 % Var. Apr-97 Nov-97 % Var.
------ ------ ------ ------ ------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Upstream $101.2 $132.7 31.1% $135.5 $ 75.8 (44.1)% $165.2 $122.0 (26.2)%
Downstream
SEBU $ 37.0 $ 31.8 (14.1)% $ 47.6 $ 17.7 (62.8)% $ 44.4 $ 28.0 (36.9)%
SWBU 16.4 13.5 (17.7)% 21.1 20.4 (3.3)% 21.6 15.6 (27.8)%
Investment (a) 0.0 2.9 NM 14.0 1.7 (87.9)% 0.0 0.5 NM
Total $ 53.4 $ 48.2 (9.7)% $ 82.7 $ 39.8 (51.9)% $ 66.0 $ 44.1 (33.2)%
Chemicals
Styrene $ 9.6 $ 8.9 (7.3)% $ 9.5 $ 2.9 (69.5)% $ 19.5 $ 12.4 (36.4)%
Polystyrene 6.4 3.0 (53.1)% 8.0 1.2 (85.0)% 13.0 5.0 (61.5)%
Polypropylene 62.5 54.8 (12.3)% 94.1 112.1 19.1% 7.5 7.0 (6.7)%
Polyethylene 65.9 66.9 1.5% 63.2 56.1 (11.2)% 3.2 2.5 (21.9)%
Other 0.1 3.9 NM 0.1 11.4 NM 0.1 3.1 NM
R&D 5.9 5.1 (13.6)% 3.2 1.3 (59.4)% 2.7 2.0 (25.9)%
Total $150.4 $142.6 (5.2)% $178.1 $185.0 3.9% $ 46.0 $ 32.0 (30.4)%
Olefins 0.0 0.0 NM 0.0 73.9 NM 0.0 175.0 NM
General & Administrative $ 9.3 $ 10.3 10.8% $ 15.0 $ 12.0 (20.0)% $ 10.0 $ 15.0 50.0%
Capitalized Interest $ 8.2 $ 8.2 0.0% $ 11.1 $ 9.1 (18.0)% $ 7.8 $ 10.7 37.2%
Total Capital Expenditures $322.5 $342.0 6.0% $422.4 $395.6 (6.3)% $295.0 $398.8 35.2%
1997-01 Capital Expenditures $ 1,805.1 $ 1,917.8 6.2%
</TABLE>
<TABLE>
<CAPTION>
2000E 2001E
------------------------- -------------------------
Apr-97 Nov-97 % Var. Apr-97 Nov-97 % Var.
------ ------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C> <C>
Upstream $200.3 $145.3 (27.5)% $234.8 $160.5 (31.6)%
Downstream
SEBU $ 41.4 $ 35.0 (15.5)% $ 32.4 $ 40.0 23.5%
SWBU 11.6 22.8 96.6% 11.6 15.0 29.3%
Investment (a) 0.0 1.2 NM 0.0 16.2 NM
Total $ 53.0 $ 59.0 11.3% $ 44.0 $ 71.2 61.8%
Chemicals
Styrene $ 47.5 $ 51.4 8.2% $ 97.5 $ 35.4 (63.7)%
Polystyrene 18.0 14.0 (22.2)% 3.0 31.0 933.3%
Polypropylene 7.5 7.0 (6.7)% 7.5 7.0 (6.7)%
Polyethylene 3.2 2.0 (37.5)% 3.2 20.0 525.0%
Other 0.1 0.1 0.0% 0.1 0.1 0.0%
R&D 2.7 3.0 11.1% 2.7 3.0 11.1%
Total $ 79.0 $ 77.5 (1.9)% $114.0 $ 96.5 (15.4)%
Olefins 0.0 114.6 NM 0.0 3.0 NM
General & Administrative $ 10.0 $ 10.0 0.0% $ 10.0 $ 15.0 50.0%
Capitalized Interest $ 9.2 $ 19.1 107.6% $ 10.9 $ 9.7 (11.0)%
Total Capital Expenditures $351.5 $425.5 21.1% $413.7 $355.9 (14.0)%
</TABLE>
Notes:
Projections based on 1997 Five Year Financial Plan updated in April and
November 1997. Financial data based on projections prepared by FINA management.
(a) Represents investment in CSC and Circle K.
<PAGE> 69
FINA
Steam Cracker Investment
o Purpose: Produce ethylene/propylene for internal consumption as chemical
feedstocks
o Ownership: 60% BASF (JV operator); 40% FINA (JV feedstock acquisition;
refinery operator)
o Operating Facilities:
- Steam cracker (Lummus)
- POCT - Phillips olefins conversion technology
o Products: - 1.8 Blbs/yr ethylene
- 1.9 Blbs/yr propylene
o Location: FINA Port Arthur refinery
o Synergies: $60 million annually ($42 mm from cracker; $17 mm from condensate
splitter)
o Cost: - $910 mm estimated
- $60 mm working capital
- $100 mm construction interest
o Economics: 19.1% IRR, 6-year payout (base case)
Source: FINA management presentation.
<PAGE> 70
FINA
Steam Cracker DCF Analysis
<TABLE>
<CAPTION>
($ In Millons) 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Operating Income $0 $0 $0 $0 $189 $236 $222 $250 $370 $247 $247 $247
Synergies 0 0 0 59 59 59 59 59 59 59 59 59
--- ----- ----- ----- ---- ---- ---- ---- ---- ---- ---- ----
Gross Income 0 0 0 0 248 295 281 309 429 306 306 306
Depreciation 0 0 0 0 197 315 189 113 113 57 0 0
--- ----- ----- ----- ---- ---- ---- ---- ---- ---- ---- ----
EBIT 0 0 0 0 51 (20) 92 196 315 250 306 306
Interest on Investment (6.50%) 0 0 23 51 64 56 38 24 10 0 0 0
--- ----- ----- ----- ---- ---- ---- ---- ---- ---- ---- ----
Taxable Income 0 (0) (23) (51) (13) (76) 53 172 306 250 306 306
Income Taxes (39%) 0 0 0 0 (5) (30) 21 67 119 97 120 120
--- ----- ----- ----- ---- ---- ---- ---- ---- ---- ---- ----
Net Income $0 ($0) ($23) ($51) ($8) ($46) $33 $105 $187 $152 $187 $187
EBIT $0 $0 $0 $0 $51 ($20) $92 $196 $315 $250 $306 $306
Income Taxes (39% of EBIT) 0 0 0 0 20 (8) 36 76 123 97 120 120
Depreciation 0 0 0 0 197 315 189 113 113 57 0 0
Investment (6) (344) (435) (125) 0 0 0 0 0 0 0 0
--- ----- ----- ----- ---- ---- ---- ---- ---- ---- ---- ----
Free Cash Flow ($6) ($344) ($435) ($125) $228 $303 $245 $233 $306 $209 $187 $187
</TABLE>
<TABLE>
<CAPTION>
($ in millons) 2009 2010 2011 2012 2013 2014 2015
- ----------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Operating Income $247 $247 $247 $247 $247 $247 $247
Synergies 59 59 59 59 59 59 59
---- ---- ---- ---- ---- ---- ----
Gross Income 306 306 306 306 306 306 306
Depreciation 0 0 0 0 0 0 0
---- ---- ---- ---- ---- ---- ----
EBIT 306 306 306 306 306 306 306
Interest on Investment (6.50%) 0 0 0 0 0 0 0
---- ---- ---- ---- ---- ---- ----
Taxable Income 306 306 306 306 306 306 306
Income Taxes (39%) 120 120 120 120 120 120 120
---- ---- ---- ---- ---- ---- ----
Net Income $187 $187 $187 $187 $187 $187 $187
EBIT $306 $306 $306 $306 $306 $306 $306
Income Taxes (39% of EBIT) 120 120 120 120 120 120 120
Depreciation 0 0 0 0 0 0 0
Investment 0 0 0 0 0 0 0
---- ---- ---- ---- ---- ---- ----
Free Cash Flow $187 $187 $187 $187 $187 $187 $187
</TABLE>
<TABLE>
<CAPTION>
NPV per Share 1997-2001(a) NPV per Share 1997-2015(b)
Discount Rates (FINA's 40% share of project) Discount Rates (FINA's 40% share of project)
-------------- ----------------------------- -------------- -----------------------------
Yrs 1-3 Yrs 3-5 4.5x 5.0x 5.5x 6.0x 6.5x Yrs 1-3 Yrs 3-19 4.5x 5.0x 5.5x 6.0x 6.5x
- ----------------------------------------------------------------- -------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
9.0% 12.0% (1.18) (0.41) 0.36 1.12 1.89 9.0% 12.0% 5.58 5.74 5.89 6.05 6.21
10.0% 13.0% (1.33) (0.59) 0.15 0.89 1.63 10.0% 13.0% 4.51 4.64 4.78 4.91 5.04
11.0% 14.0% (1.48) (0.76) (0.05) 0.67 1.38 11.0% 14.0% 3.56 3.68 3.79 3.90 4.02
</TABLE>
Note: Based on company esimates; values discounted to 12/31/97.
(a) Management projections for 1997-1999 discounted at a range between 9% and
11%; projections for 2000-01 discounted at a range between 12% and 14%;
terminal value calculated as 4.5-6.5 times 2001 DCF.
(b) Management projections for 1997-1999 discounted at a range between 9% and
11%; projections for 2000-15 discounted at a range between 12% and 14%;
terminal value calculated as 4.5-6.5 times 2015 DCF.
<PAGE> 71
FINA
Breakdown Of E&P Production Decline
<TABLE>
<CAPTION>
1997 1998 1999 2000 2001
---------- ---------- ---------- ---------- ----------
April Plan Projections
<S> <C> <C> <C> <C> <C>
Crude Oil (MBD) 10.5 13.4 17.1 17.7 19.4
Natural Gas (MMCFD) 195.3 220.5 265.2 302.4 331.8
MBOED 43.1 50.2 61.3 68.1 74.7
November Plan Projections
Crude Oil (MBD) 10.0 9.5 9.4 9.6 14.3
Natural Gas (MMCFD) 186.0 197.0 219.4 257.2 291.1
MBOED 41.0 42.3 46.0 52.5 62.8
Differential (MBOED) (2.1) (7.7) (15.3) (15.6) (11.9)
</TABLE>
<TABLE>
<CAPTION>
1997 1998 1999 2000 2001
-------------- ------------- ------------- ------------- --------------
Change % of Change % of Change % of Change % of Change % of
(MBOED) Total (MBOED) Total (MBOED) Total (MBOED) Total (MBOED) Total
- ------------------------------------------------------------------------------------------------------------------------
Breakdown of Differential
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Dry Hole (0.7) 33.3% (3.2) 41.6% (6.0) 39.2% (9.6) 61.5% (7.7) 64.7%
Capex Reductions 0.7 (33.3) (2.5) 32.5 (8.8) 57.5 (5.7) 36.5 (4.1) 34.5
Shift in Base Production (2.5) 119.0 (3.3) 42.9 (0.7) 4.6 0.2 (1.3) 0.8 (6.7)
Other 0.4 (19.0) 1.3 (16.9) 0.2 (1.3) (0.5) 3.2 (0.9) 7.6
---- ----- ---- ----- ----- ----- ----- ----- ----- -----
TOTAL (2.1) 100.0 (7.7) 100.0 (15.3) 100.0 (15.6) 100.0 (11.9) 100.0
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
Source: FINA management estimates.
<PAGE> 72
- --------
Goldman
Sachs
- --------
Exhibit 4
<PAGE> 73
Fina, Inc.
Daily Common Stock Price History
[PLOT POINTS NEXT PAGE]
(a) Assumes underlying ADR price of $39.00, volatility of 24% and 5.69% interest
rate ($66.04).
<PAGE> 74
<TABLE>
<CAPTION>
Plot Daily
DATE CAT FI PRICE
<S> <C> <C> <C>
20-Feb-97 1
21-Feb-97 2
24-Feb-97 3 50.125
25-Feb-97 4 62.5
26-Feb-97 5 62.25
27-Feb-97 6 62.25
28-Feb-97 7 62.375
03-Mar-97 8 62.25
04-Mar-97 9 62.5
05-Mar-97 10 63
06-Mar-97 11 62.625
07-Mar-97 12 64
10-Mar-97 13 63.25
11-Mar-97 14 63.125
12-Mar-97 15 63.25
13-Mar-97 16 63.125
14-Mar-97 17 63.125
17-Mar-97 18 63.125
18-Mar-97 19 64.25
19-Mar-97 20 63.75
20-Mar-97 21 64.125
21-Mar-97 22 64.5
24-Mar-97 23 64.5
25-Mar-97 24 65.25
26-Mar-97 25 66
27-Mar-97 26 64.5
28-Mar-97 27 64.5
31-Mar-97 28 63.5
01-Apr-97 29 63.75
02-Apr-97 30 63.5
03-Apr-97 31 63.5
04-Apr-97 32 63.5
07-Apr-97 33 63.5
08-Apr-97 34 64
09-Apr-97 35 63.875
10-Apr-97 36 63.75
11-Apr-97 37 65
14-Apr-97 38 64.875
15-Apr-97 39 64.875
16-Apr-97 40 64.75
17-Apr-97 41 64.75
18-Apr-97 42 64.75
21-Apr-97 43 64.875
22-Apr-97 44 64.75
23-Apr-97 45 64.75
24-Apr-97 46 64.75
25-Apr-97 47 64.75
28-Apr-97 48 64.75
29-Apr-97 49 64.875
30-Apr-97 50 64.5
01-May-97 51 65
</TABLE>
Page 1
<PAGE> 75
Plot Daily
<TABLE>
<S> <C> <C>
02-May-97 52 65
05-May-97 53 65.25
06-May-97 54 65
07-May-97 55 65
08-May-97 56 65.25
09-May-97 57 65
12-May-97 58 65.375
13-May-97 59 65.375
14-May-97 60 65.25
15-May-97 61 65.25
16-May-97 62 65.125
19-May-97 63 64.875
20-May-97 64 65
21-May-97 65 65.75
22-May-97 66 66
23-May-97 67 66.25
26-May-97 68 66.25
27-May-97 69 65.625
28-May-97 70 66.375
29-May-97 71 66.375
30-May-97 72 65.938
02-Jun-97 73 66.5
03-Jun-97 74 67.25
04-Jun-97 75 66.5
05-Jun-97 76 66.5
06-Jun-97 77 66.375
09-Jun-97 78 65
10-Jun-97 79 64.5
11-Jun-97 80 64.75
12-Jun-97 81 65
13-Jun-97 82 65
16-Jun-97 83 64.75
17-Jun-97 84 65.25
18-Jun-97 85 64.375
19-Jun-97 86 63.75
20-Jun-97 87 63
23-Jun-97 88 63
24-Jun-97 89 63.5
25-Jun-97 90 63.625
26-Jun-97 91 63.625
27-Jun-97 92 64.25
30-Jun-97 93 63.75
01-Jul-97 94 64.25
02-Jul-97 95 64.5
03-Jul-97 96 64.5
04-Jul-97 97 64.5
07-Jul-97 98 64.563
08-Jul-97 99 65
09-Jul-97 100 65
10-Jul-97 101 64.75
11-Jul-97 102 66
14-Jul-97 103 65.25
15-Jul-97 104 65.125
16-Jul-97 105 65.125
17-Jul-97 106 65.25
18-Jul-97 107 65.125
</TABLE>
Page 2
<PAGE> 76
Plot Daily
<TABLE>
<S> <C> <C>
21-Jul-97 108 65.375
22-Jul-97 109 65.125
23-Jul-97 110 66
24-Jul-97 111 65.625
25-Jul-97 112 66.25
28-Jul-97 113 65.75
29-Jul-97 114 65.5
30-Jul-97 115 65.5
31-Jul-97 116 65.5
01-Aug-97 117 66
04-Aug-97 118 65.625
05-Aug-97 119 66.125
06-Aug-97 120 66.438
07-Aug-97 121 66.375
08-Aug-97 122 65.75
11-Aug-97 123 65.75
12-Aug-97 124 65.875
13-Aug-97 125 66
14-Aug-97 126 65.875
15-Aug-97 127 66.5
18-Aug-97 128 65.75
19-Aug-97 129 66
20-Aug-97 130 66.375
21-Aug-97 131 66.375
22-Aug-97 132 66.438
25-Aug-97 133 66.313
26-Aug-97 134 65.875
27-Aug-97 135 66.438
28-Aug-97 136 66.438
29-Aug-97 137 66
01-Sep-97 138 66
02-Sep-97 139 66.125
03-Sep-97 140 65
04-Sep-97 141 65.375
05-Sep-97 142 65.313
08-Sep-97 143 65.063
09-Sep-97 144 65.25
10-Sep-97 145 65.25
11-Sep-97 146 65.25
12-Sep-97 147 65.25
15-Sep-97 148 65
16-Sep-97 149 64.875
17-Sep-97 150 64.813
18-Sep-97 151 65.25
19-Sep-97 152 64.875
22-Sep-97 153 64.875
23-Sep-97 154 64.813
24-Sep-97 155 66.5
25-Sep-97 156 66.75
26-Sep-97 157 66.5
29-Sep-97 158 67
30-Sep-97 159 66.5
01-Oct-97 160 67.25
02-Oct-97 161 67
03-Oct-97 162 66.25
06-Oct-97 163 67
</TABLE>
Page 3
<PAGE> 77
Plot Daily
<TABLE>
<S> <C> <C>
07-Oct-97 164 67.375
08-Oct-97 165 66.75
09-Oct-97 166 66.625
10-Oct-97 167 66.625
13-Oct-97 168 66.375
14-Oct-97 169 66.313
15-Oct-97 170 66
16-Oct-97 171 66
17-Oct-97 172 65
20-Oct-97 173 65.188
21-Oct-97 174 65
22-Oct-97 175 65
23-Oct-97 176 64.5
24-Oct-97 177 64.5
27-Oct-97 178 64.563
28-Oct-97 179 63
29-Oct-97 180 63.5
30-Oct-97 181 63.5
31-Oct-97 182 63.5
03-Nov-97 183 64
04-Nov-97 184 64.5
05-Nov-97 185 64.75
06-Nov-97 186 65
07-Nov-97 187 65
10-Nov-97 188 65
11-Nov-97 189 64.5
12-Nov-97 190 64.5
13-Nov-97 191 64.75
14-Nov-97 192 64.75
17-Nov-97 193 64.75
18-Nov-97 194 64.75
19-Nov-97 195 64.5
20-Nov-97 196 64.5
21-Nov-97 197 65.25
24-Nov-97 198 65.25
25-Nov-97 199 65.375
26-Nov-97 200 65.375
27-Nov-97 201 65.375
28-Nov-97 202 65.5
01-Dec-97 203 64.5
02-Dec-97 204 64.688
03-Dec-97 205 64.5
04-Dec-97 206 64.625
05-Dec-97 207 64.5
08-Dec-97 208 64.313
09-Dec-97 209 64.375
10-Dec-97 210 64.625
11-Dec-97 211 64.375
</TABLE>
Page 4
<PAGE> 78
Trading Histories
Market Benchmarks
<TABLE>
<CAPTION>
20% Premium
% Growth Implied to implied
2/24/97 to 12/11/97 Stock Price (a) Stock Price (b)
- -------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Dow Jones 12.0% $ 56.14 $ 67.37
S&P 400 16.9 58.62 70.34
Domestic Integrateds 11.2 55.72 66.87
Exploration & Production 0.9 50.57 60.69
Refining & Marketing 16.4 58.33 69.99
Commodity Chemicals 5.3 52.80 63.36
Current Stock Price (12/11/97) $ 64.38
</TABLE>
(a) FINA's closing share price of $50.13 as of February 24, 1997, one day
prior to PetroFina's announcement adjusted by relevant stock price
appreciation since 2/24/97.
(b) Represents the initial premium placed upon the Company's undisturbed share
price by PetroFina on February 24,1997.
<PAGE> 79
Summary of Valuation Benchmarks
November Plan
[The following table was represented by a bar chart in the printed material.]
<TABLE>
<S> <C>
Undisturbed Market Price (a) $50
Offer Price $60
Market Price (b) $64.38
Revised Offer (c) $66.04
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
Share Price Multiple
----------- --------
Low High Low High
--- ---- --- ----
<S> <C> <C> <C> <C>
Domestic Integrated
Public Companies (d)
Multiple of 1997E DCF $51 $78 4.3x 6.6x
P/E 1997E $59 $84 12.7x 18.1x
Multiple of 1998E DCF $53 $75 4.7x 6.7x
P/E 1998E $55 $73 12.4x 16.5x
Weighted-Average Public
Companies (e)
Multiple of 1997E DCF $62 $97 5.2x 8.2x
P/E 1997E $57 $82 12.3x 17.5x
Multiple of 1998E DCF $56 $86 5.0x 7.7x
P/E 1998E $60 $91 13.6x 20.6x
DCF Analysis (f) $53 $60
PV of Future
Stock Prices (g)
Year 2000 $47 $57
Year 2001 $63 $77
100% Cash Purchase
1998 EPS Breakeven (h) $53 $73
100% Stock Purchase
1998 EPS Breakeven (h) $48 $59
</TABLE>
Note: All estimates based on management's projections from the November plan.
(a) Based on FINA's closing share price of $50.00 as of February 24, 1997, one
day prior to the PetroFina announcement.
(b) Based on closing share price as of December 11, 1997 ($64.38).
(c) Assumes underlying ADR price of $39.00, volatility of 24% and 5.69%
interest rate ($66.04).
(d) Based on domestic integrated common stock comparison multiples. The
valuation range extends from low to high multiple for each valuation
parameter.
(e) Calculated with public market multiples weighted by earnings/cash flows
from E&P, R&M and chemical segments. The valuation range extends from low
to high multiple for each valuation parameter.
(f) Low end of range reflects the present value, at an 11.0% discount rate, of
FINA's projected free cash flows for the period 1997-1999 and 14.0% for
the period 2000-2001. Cash flows and terminal value based on a multiple of
5.5x LTM DCF. High end of range reflects the present value of the same
cash flows and terminal value assumption discounted at rates of 9.0% and
12.0%, respectively, adjusted by net impact of Steam Cracker investment
over 1997-2015 period, using same assumptions (approximately $4.00 to
$6.00 per share).
(g) Low end of range represents the present value, at a 12.0% discount rate,
of FINA's projected year 2000 and 2001 share prices based on a multiple of
9.0x LTM net income. High end of range reflects the present value, at a
12.0% discount rate, of FINA's projected year 2000 and 2001 share prices
based on a multiple of 11.0x LTM net income.
(h) Low end of range represents the price at which there is no dilution to
PetroFina's 1998E EPS assuming no synergies and a goodwill amortization
period of 5 years. High end of range reflects the price at which there is
no dilution to PetroFina's 1998E EPS assuming no synergies and a goodwill
amortization period of 20 years.
<PAGE> 80
Summary of Valuation Benchmarks
<TABLE>
<CAPTION>
April Plan November Plan
-------------------------- ----------------------------
June 5, 1997 Update (a) December 11, 1997 Update (b)
Stock Price (c) $ 67.25 $ 64.38
Valuation Benchmarks Low Median High Low Median High
================================================================================================================
<S> <C> <C> <C> <C> <C> <C>
Domestic Integrated Companies
1997E DCF $63 $70 $76 $51 $73 $78
1997E P/E $73 $81 $88 $59 $70 $84
1998E DCF $62 $69 $75 $53 $66 $75
1998E P/E $78 $86 $94 $55 $66 $73
Weighted-Average Public Companies
1997E DCF $65 $72 $78 $62 $76 $97
1997E P/E $72 $80 $87 $57 $68 $82
1998E DCF NA NA NA $56 $66 $86
1998E P/E NA NA NA $60 $77 $91
DCF Analysis $60 NM $68 $53 NM $60
PV of Future Stock Prices
2000E $56 NM $69 $47 NM $57
2001E $67 NM $81 $63 NM $77
100% Cash Purchase l998 EPS Breakeven $55 NM $80 $53 NM $73
100% Stock Purchase l998 EPS Breakeven $51 NM $66 $48 NM $59
</TABLE>
(a) Based on April 1997 projections and prior Special Committee presentation.
(b) Based on November 1997 projections.
(c) As of June 3, 1997, and December 11, 1997, respectively.
<PAGE> 81
- -------
Goldman
Sachs
- -------
Exhibit 5
<PAGE> 82
Summary Transaction Analysis
Impact on PetroFina EPS and Discretionary Cash Flow
<TABLE>
<CAPTION>
($ in millions)
Price Per FINA Share
------------------------------------------------------------------------
$60.00 $62.50 $65.00 $67.50 $70.00 $72.50 $75.00
------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
100% Stock
- ------------------------
EPS Accretion/(Dilution)
1997 0.0% (0.2)% (0.4)% (0.6)% (0.9)% (1.1)% (1.3)%
1998 (0.1)% (0.3)% (0.6)% (0.8)% (1.0)% (1.2)% (1.4)%
1999 0.8% 0.6% 0.4% 0.2% (0.0)% (0.2)% (0.5)%
DCF Accretion/(Dilution)
1997 (2.9)% (3.0)% (3.1)% (3.2)% (3.3)% (3.5)% (3.6)%
1998 (2.9)% (3.0)% (3.1)% (3.2)% (3.3)% (3.5)% (3.6)%
1999 (2.9)% (3.0)% (3.1)% (3.2)% (3.3)% (3.5)% (3.6)%
100% Cash
- ------------------------
EPS Accretion/(Dilution)
1997 1.1% 0.9% 0.7% 0.5% 0.4% 0.2% 0.0%
1998 0.9% 0.7% 0.6% 0.4% 0.2% 0.0% (0.2)%
1999 2.0% 1.8% 1.7% 1.5% 1.3% 1.2% 1.0%
DCF Accretion/(Dilution)
1997 (0.7)% (0.8)% (0.8)% (0.8)% (0.9)% (0.9)% (0.9)%
1998 (0.7)% (0.8)% (0.8)% (0.8)% (0.9)% (0.9)% (0.9)%
1999 (0.7)% (0.7)% (0.7)% (0.8)% (0.8)% (0.8)% (0.9)%
</TABLE>
Notes
- ----------
PetroFina estimates based on median IBES estimates. FINA estimates based on
management projections.
Analysis assumes 20 year amortization period. If the amortization period was
reduced to five years, a transaction at $65.00 per share would be 2.2% dilutive
to 1997 earnings on a cash basis, and 3.3% dilutive on a stock basis.
<PAGE> 83
- -------
Goldman
Sachs
- -------
A
<PAGE> 84
FINA
Historical Income Statements
<TABLE>
<CAPTION>
(dollars in millions) For the Year Ended December 31,
-------------------------------------------------------------- CAGR
1992 1993 1994 1995 1996 1992-96
-------------------------------------------------------------- -------
<S> <C> <C> <C> <C> <C> <C>
Revenues $3,397.5 $3,416.2 $3,421.1 $3,606.6 $4,081.2 4.7%
Cost of Materials (2,619.5) (2,637.8) (2,525.1) (2,673.5) (3,099.7)
-------- -------- -------- -------- --------
Gross Profit 778.0 778.4 896.0 933.1 981.5 6.0%
Operating Expenses (522.7) (532.6) (529.0) (503.1) (541.3)
Depreciation & Amortization (194.8) (198.3) (186.0) (156.2) (171.0)
------ ------ ------ ------ ------
Operating Income 60.5 47.5 181.0 273.8 269.2 45.2%
Non-Operating Inc/(Exp) 13.4 100.4 10.2 (12.9) (4.5)
---- ----- ---- ----- ----
EBIT 73.9 147.9 191.2 260.9 264.8 37.6%
Interest (53.7) (51.7) (38.8) (41.0) (36.5)
----- ----- ----- ----- -----
Pre-Tax Income 20.2 96.2 152.4 219.9 228.3
Taxes 4.0 (25.8) (50.3) (77.2) (75.1)
--- ----- ----- ----- -----
Net Income Before Accounting Charge $24.2 $70.4 $102.0 $142.7 $153.2 58.6%
Accounting Change (34.3) 0.0 0.0 (38.2) 0.0
----- --- --- ----- ---
Net income $(10.1) $70.4 $102.0 $104.5 $153.2
------ ------ ------ ------ ------
Shares Outstanding 31.2 31.2 31.2 31.2 31.2
EPS $(0.32) $2.26 $3.27 $3.35 $4.91 NM
Discretionary Cash Flow (a) $151.1 $366.6 $271.3 $328.0 $304.1 19.1%
EBITDA 268.7 346.2 377.2 417.1 435.8 12.8%
Growth & Margin Analysis
Sales Growth (y-o-y) 0.6% 0.1% 5.4% 13.2%
Operating Income Growth (y-o-y) (21.5)% 281.1% 51.3% (1.7)%
Net Income Growth (y-o-y) 190.9% 44.9% 39.9% 7.4%
Gross Profit Margin 22.9% 22.8% 26.2% 25.9% 24.0%
EBITDA Margin 7.9% 10.1% 11.0% 11.6% 10.7%
EBIT Margin 2.2% 4.3% 5.6% 7.2% 6.5%
</TABLE>
Notes:
Historical financial data based on internal company numbers.
(a) Excludes impact of accounting changes.
<PAGE> 85
FINA
Projected Income Statements
<TABLE>
<CAPTION>
(dollars in millions)
For the Year Ended December 31,
------------------------------------------------------- CAGR
1997E 1998E 1999E 2000E 2001E 1997-01
------------------------------------------------------- -------
<S> <C> <C> <C> <C> <C> <C>
EBIT 252.5 252.2 336.9 397.0 590.6 23.7%
Interest (34.5) (40.9) (44.8) (42.2) (51.2)
----- ----- ----- ----- -----
Pre-Tax Income 218.0 211.3 292.1 354.8 539.4
Taxes (72.9) (72.9) (104.6) (127.6) (195.5)
----- ----- ------ ------ ------
Net income $145.1 $138.4 $187.5 $227.2 $343.9 24.1%
====== ====== ====== ====== ======
Shares Outstanding 31.2 31.2 31.2 31.2 31.2
EPS $4.65 $4.43 $6.01 $7.28 $11.02 24.1%
Discretionary Cash Flow $369.1 $349.0 $415.2 $485.0 $596.8 12.8%
EBITDA 455.9 457.5 554.0 626.6 861.3 17.2%
Growth & Margin Analysis
Net income Growth (y-o-y) (5.3)% (4.6)% 35.5% 21.2% 51.4%
</TABLE>
Notes:
Projected financial data based on management projections.
Financial data normalized to exclude non-recurring charges.
<PAGE> 86
FINA
Segment Breakdown
<TABLE>
<CAPTION>
(dollars in millions)
For the Year Ended December 31,
1994 1995 1996 1997E 1998E 1999E 2000E 2001E
<S> <C> <C> <C> <C> <C> <C> <C> <C>
EBIT
Chemicals $164.4 $290.6 $231.2 $123.7 $128.4 $208.3 $253.5 $394.1
Refining & Marketing 47.2 1.5 (17.2) 78.6 77.8 71.1 72.4 79.6
Exploration & Production (3.4) (14.4) 69.3 72.3 67.4 79.8 95.9 142.1
Corporate / Eliminations (17.0) (16.8) (18.6) (22.1) (21.4) (22.3) (24.8) (25.2)
----- ----- ----- ----- ---- ----- ---- -----
Whole Company 191.2 260.9 264.8 252.5 252.2 336.9 397.0 590.6
===== ===== ===== ===== ===== ===== ===== =====
Discretionary Cash Flow
Chemicals $129.3 $192.3 $160.6 $130.9 $104.2 $145.4 $196.8 $288.4
Refining & Marketing 62.0 57.6 27.4 75.8 99.7 97.9 102.1 105.8
Exploration & Production 72.5 75.7 76.5 144.6 115.9 129.8 141.1 182.8
Corporate / Eliminations 7.5 2.4 39.6 17.7 29.2 42.1 45.0 19.8
--- --- ---- ---- ---- ---- ---- ----
Whole Company 271.3 328.0 304.1 369.1 349.0 415.2 485.0 596.8
===== ===== ===== ===== ===== ===== ===== =====
</TABLE>
Notes:
Projected financial data based on November 1997 management projections.
Financial data normalized to exclude non-recurring charges.
<PAGE> 87
FINA
Actual vs. Budget Analysis
<TABLE>
<CAPTION>
1994 1995 1996
(US$ millions) Budget (a) Actual Variance Budget (b) Actual Variance Budget (c) Actual Variance
=============================================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
FINA
EDIT $154.6 $191.2 23.7% $281.6 $260.8 (7.4)% $254.7 $264.8 4.0%
Net Income 73.1 102.0 39.5 142.1 142.6 0.4 140.1 153.2 9.4
Cash from Operations 252.4 275.4 9.1 303.7 366.2 20.6 299.3 221.6 (26.0)
Capital Expenditures 164.8 133.9 (18.8) 221.0 213.1 (3.6) 208.7 235.0 12.6
E&P
Oil Production (Mbbls/d) 13.7 12.2 (10.9)% 11.2 9.8 (12.5)% 9.5 9.8 3.2%
Oil Prices ($/Bbl) $16.25 $14.27 (12.2) $14.91 $15.53 4.2 $15.58 $19.33 24.1
Gas Production (MMCI/d) 149.4 129.8 (13.1) 147.8 133.3 (9.8) 145.0 148.6 2.5
Gas Prices ($/MCl) $2.25 $1.85 (17.8) $1.85 $1.57 (15.1) $1.69 $2.45 45.0
EBIT 36.9 (3.4) N.M. 18.4 (14.4) N.M. (10.1) 69.3 N.M.
R&M
Port Arthur
Total Throughput (Mbbl/d) 152.6 157.1 2.9% 161.9 165.3 2.1% 179 163.5 (8.7)%
Gross Margin ($/Bbl) $3.77 $3.66 (2.9) $3.65 $3.06 (16.2) $3.30 $2.66 (19.4)
Big Spring
Total Throughput (Mbbl/d) 56.2 57.6 2.5% 57.5 54.7 (4.9)% 58.5 47.9 (18.1)%
Gross Margin ($/Bbl) $3.77 $3.41 (9.5) $3.88 $3.50 (9.8) $4.27 $3.91 (8.4)
EBIT $57.7 $47.2 (18.2) $59.6 $1.5 (97.5) $60.3 $(16.8) N.M.
Chemicals
Styrene
Sales VoIumes (MMlbs) 929.9 1,020.7 9.8% 1,050.0 1,026.9 (2.2)% 1,140.0 1,162.6 3.8%
Gross Margin (cents/Lb) 5.9 4.6 (22.8) 7.0 9.2 31.1 5.9 4.1 (30.9)
Polystyrene
Sales Volumes (MMlbs) 677.0 713.5 5.4% 735.0 687.1 (6.5)% 830.0 829.7 (0.0)%
Gross Margin (cents/Lb) 9.5 6.7 (29.3) 7.5 11.4 51.7 6.1 4.6 (21.2)
Polypropylene
Sales Volumes (MMlbs) 960.0 995.7 3.7% 975.0 929.5 (4.7)% 1,280.0 1,311.5 2.5%
Gross Margin (cents/Lb) 10.4 5.7 (45.1) 9.0 10.3 14.6 7.1 8.7 22.3
HDPE
Sales Volumes (MMlbs) 380.0 370.0 (2.8)% 400.0 315.5 (21.1)% 370.0 384.8 4.0%
Gross Margin (cents/Lb) 9.5 (0.1) N.M. 3.0 2.7 (11.7) 1.9 3.5 89.6
EBIT $77.4 $164.4 112.4 $220.5 $290.6 31.8 $221.5 $231.2 4.4
<CAPTION>
1997 Mean
(US$ millions) Budget (c) Actual (d) Variance Variance
======================================================================
<S> <C> <C> <C> <C>
FINA
EDIT $271.3 $252.5 (69)% 3.3%
Net Income 155.1 145.0 (6.5) 10.7
Cash from Operations 337.6 369.0 9.3 3.3
Capital Expenditures 261.6 342.0 30.7 5.3
E&P
Oil Production (Mbbls/d) 10.5 10.0 (4.8)% (6.2)%
Oil Prices ($/Bbl) $16.20 $17.95 10.8 6.7
Gas Production (MMCI/d) 178.0 186.0 4.5 (4.0)
Gas Prices ($/MCl) $2.09 $2.60 24.4 9.1
EBIT 37.6 72.3 92.3 $92.3
R&M
Port Arthur
Total Throughput (Mbbl/d) 178 176.1 (1.1)% (1.2)%
Gross Margin ($/Bbl) $3.28 $3.80 15.9 (5.7)
Big Spring
Total Throughput (Mbbl/d) 53 57.4 8.3% (3.0)%
Gross Margin ($/Bbl) $4.00 $4.90 22.5 (1.3)
EBIT $55.1 $78.6 42.6 (24.3)
Chemicals
Styrene
Sales VoIumes (MMlbs) 1,306.4 1353.8 3.6% 3.7%
Gross Margin (cents/Lb) 3.1 2.3 (25.1) (11.9)
Polystyrene
Sales Volumes (MMlbs) 1,050.0 963.0 (6.4)% (1.9)%
Gross Margin (cents/Lb) 3.4 1.1 (67.4) (16.5)
Polypropylene
Sales Volumes (MMlbs) 1,450.0 1,389.9 (4.1)% (07)%
Gross Margin (cents/Lb) 6.6 3.6 (45.9) (13.5)
HDPE
Sales Volumes (MMlbs) 400.0 374.6 (6.3)% (6.5)%
Gross Margin (cents/Lb) 6.3 6.0 (4.8) 24.4
EBIT $196.5 $123.7 (37.0) 27.9
</TABLE>
(a) Source: FINA's 1994 Corporate Plan: Low Scenario with Enhanced Earnings
and Sustained Investments.
(b) Source: FINA's 1995 Corporate Plan: Base Case with Limited Investments.
(c) Source: FINA's 1996 Corporate Plan: Base Case.
(d) Source: FINA's November 1997 Corporate Plan: Base Case.
<PAGE> 88
- -------
Goldman
Sachs
- -------
B
<PAGE> 89
Commodity Prices Over Time
- --------------------------------------------------------------------------------
West Texas Intermediate
- --------------------------------------------------------------------------------
[PLOT POINTS ON NEXT PAGE]
- --------------------------------------------------------------------------------
Natural Gas - Henry Hub
- --------------------------------------------------------------------------------
[PLOT POINTS ON NEXT PAGE]
<PAGE> 90
<TABLE>
<CAPTION>
Henry Hub
Spot Price Forward Price WTI Oil Spot Price Forward Price
<S> <C> <C> <C> <C> <C>
28-Feb-97 1.79 28-Feb-97 20.3
7-Mar-97 1.88 7-Mar-97 21.28
14-Mar-97 1.96 14-Mar-97 21.29
21-Mar-97 1.9 21-Mar-97 21.69
28-Mar-97 1.85 28-Mar-97 20.7
4-Apr-97 1.9 4-Apr-97 19.12
11-Apr-97 1.98 11-Apr-97 19.61
18-Apr-97 2.07 18-Apr-97 19.91
25-Apr-97 2.11 25-Apr-97 19.82
2-May-97 2.2 2-May-97 19.6
9-May-97 2.3 9-May-97 20.43
16-May-97 2.19 16-May-97 22.12
23-May-97 2.02 23-May-97 21.23
30-May-97 2.2 30-May-97 20.88
6-Jun-97 2.18 6-Jun-97 18.79
13-Jun-97 2.15 13-Jun-97 18.83
20-Jun-97 2.23 20-Jun-97 18.55
27-Jun-97 2.17 27-Jun-97 19.46
4-Jul-97 2.1 4-Jul-97 19.56
11-Jul-97 2.15 11-Jul-97 19.33
18-Jul-97 2.21 18-Jul-97 19.27
25-Jul-97 2.22 25-Jul-97 19.69
1-Aug-97 2.24 1-Aug-97 20.28
8-Aug-97 2.38 8-Aug-97 19.54
15-Aug-97 2.53 15-Aug-97 20.07
22-Aug-97 2.44 22-Aug-97 19.52
29-Aug-97 2.7 29-Aug-97 19.61
5-Sep-97 2.72 5-Sep-97 19.63
12-Sep-97 2.82 12-Sep-97 19.32
19-Sep-97 2.93 19-Sep-97 19.35
26-Sep-97 3.2 26-Sep-97 20.87
3-Oct-97 2.96 3-Oct-97 22.76
10-Oct-97 2.78 10-Oct-97 22.1
17-Oct-97 2.98 17-Oct-97 20.59
24-Oct-97 3.24 24-Oct-97 20.79
31-Oct-97 3.27 31-Oct-97 21.08
7-Nov-97 3.05 7-Nov-97 20.77
14-Nov-97 3.2 14-Nov-97 21
21-Nov-97 2.56 21-Nov-97 19.41 19.41
Nov-97 3.266 3.266 Nov-97
Dec-97 2.762 Dec-97
Jan-98 2.767 Jan-98 19.76
Feb-98 2.597 Feb-98 19.9
Mar-98 2.423 Mar-98 19.97
Apr-98 2.25 Apr-98 20
May-98 2.195 May-98 19.99
Jun-98 2.19 Jun-98 19.96
Jul-98 2.195 Jul-98 19.92
Aug-98 2.2 Aug-98 19.88
Sep-98 2.207 Sep-98 19.83
</TABLE>
Page 1
<PAGE> 91
DATA
<TABLE>
<S> <C> <C> <C> <C> <C>
Oct-98 2.245 Oct-98 19.79
Nov-98 2.383 Nov-98 19.75
Dec-98 2.535 Dec-98 19.71
Jan-99 2.562 Jan-99 19.67
Feb-99 2.456 Feb-99 19.63
Mar-99 2.318 Mar-99 19.59
Apr-99 2.195 Apr-99 19.55
May-99 2.155 May-99 19.51
Jun-99 2.15 Jun-99 19.48
Jul-99 2.165 Jul-99 19.46
Aug-99 2.18 Aug-99 19.45
Sep-99 2.195 Sep-99 19.44
Oct-99 2.233 Oct-99 19.42
Nov-99 2.363 Nov-99 19.4
Dec-99 2.504 Dec-99 19.38
Jan-00 2.524 Jan-00 19.37
Feb-00 2.414 Feb-00 19.37
Mar-00 2.319 Mar-00 19.37
Apr-00 2.204 Apr-00 19.37
May-00 2.179 May-00 19.37
Jun-00 2.169 Jun-00 19.37
Jul-00 2.169 Jul-00
Aug-00 2.169 Aug-00
Sep-00 2.169 Sep-00
Oct-00 2.184 Oct-00
Nov-00 2.316 Nov-00
Dec-00 19.38
</TABLE>
Page 2
<PAGE> 92
Comparison of Selected Budget Assumptions
FINA - November 1997 Plan
<TABLE>
<CAPTION>
WTI Spot:
<S> <C>
April: $20.30
December: $18.15
% Change: (10.6)%
FINA Plan: Apr-Nov
1997: (3.7)%
1998: (4.3)
1999: (4.6)
2000: (4.2)
2001: (4.4)
</TABLE>
- --------------------------------------------------------------------------------
West Texas Intermediate - Price $/Bbl
- --------------------------------------------------------------------------------
[The following table was originally a bar chart.]
<TABLE>
<CAPTION>
April Plan November Plan Current Forward Curve (Spot)
<S> <C> <C> <C>
1997 $18.64 $17.95 $18.15
1998 $17.45 $16.70 $19.11
1999 $18.08 $17.25 $18.95
2000 $18.68 $17.90 $18.93
2001 $19.46 $18.60 $18.93
</TABLE>
<PAGE> 93
Comparison of Selected Budget Assumptions
FINA - November 1997 Plan
<TABLE>
<CAPTION>
Henry Hub Spot:
<S> <C>
April: $1.79
December: $2.30
% Change: 28.5%
FINA Plan: Apr-Nov
1997: 15.6%
1998: 14.5
1999: 10.1
2000: 3.1
2001: 0.4
</TABLE>
- --------------------------------------------------------------------------------
Henry Hub - Natural Gas Spot Price $/Mcf
- --------------------------------------------------------------------------------
[The following table was originally a bar chart.]
<TABLE>
<CAPTION>
April Plan November Plan Current Forward Curve
<S> <C> <C> <C>
1997 $2.25 $2.60 $2.30
1998 $2.14 $2.45 $2.48
1999 $2.18 $2.40 $2.48
2000 $2.28 $2.35 $2.47
2001 $2.39 $2.40 --
</TABLE>
<PAGE> 94
Comparison of Selected Budget Assumptions
Chemical Margins (cents per lb.)
FINA - November 1997 Plan
- --------------------------------------------------------------------------------
Styrene
- --------------------------------------------------------------------------------
[The following table was originally a bar chart.]
<TABLE>
<CAPTION>
June Plan November Plan
<S> <C> <C>
1997 $2.17 $2.30
1998 $2.63 $1.90
1999 $3.70 $3.50
2000 $3.49 $4.00
2001 $3.75 $4.75
</TABLE>
- --------------------------------------------------------------------------------
Polystyrene
- --------------------------------------------------------------------------------
[The following table was originally a bar chart.]
<TABLE>
<CAPTION>
June Plan November Plan
<S> <C> <C>
1997 $2.35 $1.10
1998 $2.80 $2.00
1999 $3.13 $3.00
2000 $5.00 $5.00
2001 $6.00 $5.50
</TABLE>
- --------------------------------------------------------------------------------
Polypropylene
- --------------------------------------------------------------------------------
[The following table was originally a bar chart.]
<TABLE>
<CAPTION>
June Plan November Plan
<S> <C> <C>
1997 $6.00 $3.55
1998 $6.00 $3.25
1999 $4.80 $3.80
2000 $5.70 $3.80
2001 $7.20 $5.20
</TABLE>
- --------------------------------------------------------------------------------
Polyethylene
- --------------------------------------------------------------------------------
[The following table was originally a bar chart.]
<TABLE>
<CAPTION>
June Plan November Plan
<S> <C> <C>
1997 $7.50 $5.95
1998 $6.25 $4.25
1999 $6.60 $5.40
2000 $7.00 $6.40
2001 $7.00 $6.70
</TABLE>
<PAGE> 95
Comparison of Publicly-Traded Companies
Domestic Integrated Oils
<TABLE>
<CAPTION>
Current Price Levered P/E Multiple (b) Price/DCF Multiple (b) Chemicals as % of EBIT
Stock as % 52-Week Market Market --------------- --------------------- ----------------------
Price(a) High Cap Cap 1997E 1998E 1997E 1998E 1997E 1998E
====================================================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
FINA (C) $64.38 95.4% $2,010 $2,709 13.0 x 13.6 x 5.4 x 5.5 x 81.5% 59.6%
FINA Undisturbed (d) $50.00 90.1% $1,561 $2,260 10.1 x 10.5 x 4.2 x 4.3 x 81.5% 59.6%
Amoco Corp. $87.25 88.1% $42,485 $45,790 16.6 x 16.3 x NM NM 24.6% 19.9%
Ashland, Inc. 47.25 85.9 3,508 5,296 14.7 13.5 4.3 x 5.5 x 35.2 29.3
Atlantic Richfield 76.69 87.9 24,707 30,170 14.6 16.0 6.6 6.7 19.2 18.4
Kerr-McGee 63.75 85.0 3,093 3,399 16.8 14.7 5.5 4.7 24.5 29.0
Murphy Oil 56.81 90.8 2,549 2,695 NM NM 5.9 5.9 0.0 0.0
Phillips Petroleum 49.13 94.0 12,926 15,312 13.3 14.0 6.5 6.5 30.6 33.7
Sun Company 42.06 90.7 3,070 3,497 12.7 12.4 6.4 6.4 47.6 28.2
Unocal Corp. 38.06 83.0 9,531 12,135 18.1 16.5 5.6 5.1 0.0 0.0
USX-Marathon 33.94 87.3 9,760 13,223 15.4 15.1 6.4 6.0 0.0 0.0
- ------------------------------------------------------------------------------------------------------------------------------------
Median 87.9% 15.1 x 14.9x 6.2x 5.9 x 24.5% 19.9%
Mean 88.1 15.3 14.8 5.9 5.8 20.2 17.6
High 94.0 18.1 16.5 6.6 6.7 47.6 33.7
Low 83.0 12.7 12.4 4.3 4.7 0 0
====================================================================================================================================
</TABLE>
(a) Latest stock price as of 12/11/97.
(b) Based on GS Research estimates as of 12/11/97. Estimates for companies
with non-calendar fiscal year ends have been calendarized.
(c) FINA estimates based on management projections.
(d) FINA's closing share price as of February 24, 1997, one day prior to
PetroFina announcement.
<PAGE> 96
- -------
Goldman
Sachs
- -------
C
<PAGE> 97
Comparison of Publicly-Traded Companies
Exploration and Production Companies
<TABLE>
<CAPTION>
Current Price Levered P/E Multiple (b) Price / DCF Multiple (b)
Current as % 52-Week Market Market ----------------- ------------------------
Price(a) High Cap Cap 1997E 1998E 1997E 1998E
====================================================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C> <C>
FINA (c) $64.38 95.4 % $2,010 $2,709 13.0 x 13.6 x 5.4 x 5.5 x
FINA Undisturbed (d) $50.00 90.1 % $1,561 $2,260 10.1 x 10.5 x 4.2 x 4.3 x
Barrett Resources $28.00 59.7 % $877 $1,033 23.3 x 26.9 x 7.1 x 6.1 x
Cabot Oil & Gas 20.19 80.1 497 728 22.4 N.M. 5.2 5.2
Cross Timbers Oil 23.19 80.9 622 1,246 24.9 28.6 6.9 5.8
Devon Energy 36.25 73.8 1,165 1,256 N.M. N.M. 6.1 6.3
Forcenergy 29.94 76.2 757 1,222 25.4 30.5 4.8 4.3
Newfield Exploration 20.19 61.2 711 806 18.2 19.8 4.9 4.6
Pogo Producing 28.88 57.9 963 1,232 19.8 18.6 5.3 4.8
Houston Exploration 21.19 76.0 494 580 20.6 25.2 5.7 5.1
United Meridian 30.13 57.5 1,062 1,308 N.M. N.M. 6.8 5.7
Vintage Petroleum 18.75 72.5 968 1,416 N.M. N.M. 5.2 5.0
Median 73.1 % 22.4 x 26.1 x 5.5 x 5.2X
Mean 69.6 22.1 25.0 5.8 5.3
High 80.9 25.4 30.5 7.1 6.3
Low 57.5 18.2 18.6 4.8 4.3
====================================================================================================================================
</TABLE>
(a) Latest stock price as of 12/11/97.
(b) Based on GS Research estimates as of 12/11/97. Estimates for companies with
non-calendar fiscal year ends have been calendarized.
(c) FINA estimates based on management projections.
(d) FINA's closing share price as of Februaty 24, 1997, one day prior to
PetroFina announcement.
<PAGE> 98
Comparison of Publicly-Traded Companies
Independent Refining Companies
<TABLE>
<CAPTION>
Current Price Levered P/E Multiple (b)
Current as % 52-Week Market Market ----------------
Price(a) High Cap Cap 1997E 1998E
============================================================================================
<S> <C> <C> <C> <C> <C> <C>
FINA (a) $64.38 95.4% $2,010 $2,709 13.0 x 13.6 x
FINA Undisturbed (d) $50.00 90.1% $1,561 $2,260 10.1 x 10.5 x
Ashland Inc. $47.25 85.9% $3,591 $5,421 14.7 x 13.5 x
Sun Company 42.06 90.7 3,070 3,497 12.7 12.4
Tosco Corp. 34.50 95.2 5,390 6,924 NM 15.7
Ultramar Diamond Shamrock 31.50 90.6 2,759 4,304 15.8 11.8
Valero Energy 31.13 72.4 1,743 2,189 14.1 10.6
Median 90.6% 14.4x 12.4 x
Mean 87.0 14.3 12.8
High 95.2 15.8 15.7
Low 72.4 12.7 10.6
============================================================================================
<CAPTION>
Price / DCF Multiple (b) Enterprise Value / EBITDA (b)
------------------------ -----------------------------
1997E 1998E 1997E 1998E
=================================================================================
<S> <C> <C> <C> <C>
FINA (a) 5.4 x 5.5 x 5.9 x 5.9 x
FINA Undisturbed (d) 4.2 x 4.3 x 5.0 x 4.9 x
Ashland Inc. NM 5.5 x 5.0 x 5.9 x
Sun Company 6.4 x 6.4 6.1 5.7
Tosco Corp. 9.5 7.9 8.0 6.2
Ultramar Diamond Shamrock 5.6 5.4 6.4 5.7
Valero Energy 8.3 6.4 6.9 5.6
Median 7.4 x 6.4 x 6.4 x 5.7 x
Mean 7.5 6.3 6.5 5.8
High 9.5 7.9 8.0 6.2
Low 5.5 5.4 5.0 5.6
=================================================================================
</TABLE>
(a) Latest stock price as of 12/11/97.
(b) Based on GS Research estimates as of 12/11/97. Estimates for companies with
non-calendar fiscal year ends have been calendarized.
(c) FINA estimates based on management projections.
(d) FINA's closing share price as of February 24, 1997, one day prior to
PetroFina announcement.
<PAGE> 99
Comparison of Publicly-Traded Companies
Commodity Chemicals
<TABLE>
<CAPTION>
Current Price Levered Price/Earnings Multiple (b)
Current as % 52-Week Market Market ---------------------------
Price(a) High Cap Cap 1997E 1998E Norm (c)
========================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C>
FINA (d) $64.38 95.4 % $2,010 $2,709 13.0 x 13.6 x 12.9 x
FINA Undisturbed (e) 50.00 90.1 $1,561 $2,260 10.1 10.5 10.0
Dow Chemical $99.00 97.1 % $22,449 $25,737 13.1 x 16.2 x 12.6 x
Geon 22.81 94.3 533 698 NM 16.0 8.7
Georgia Gulf 30.38 90.7 1,030 1,401 14.4 15.2 7.7
Lyondell Petrochemical 26.38 96.3 2,110 3,137 8.9 17.6 10.8
Millenium Chemicals 24.00 98.0 1,852 3,864 10.2 12.6 8.1
Union Carbide 46.38 81.6 6,396 7,857 10.5 12.9 10.4
- --------------------------------------------------------------------------------------------------------
Median 95.3% 10.5 x 15.6 x 9.5 x
Mean 93.0 11.4 15.1 9.7
High 98.0 14.4 17.6 12.6
Low 81.6 8.9 12.6 7.7
========================================================================================================
<CAPTION>
Price / DCF Multiple (b) Enterprise Value / EBITDA (b)
------------------------ -----------------------------
1997E 1998E 1997E 1998E Norm (c)
====================================================================================
<S> <C> <C> <C> <C> <C>
FINA (d) 5.4 x 5.5 x 5.9 x 5.9 x 5.8 x
FINA Undisturbed (e) 4.2 4.3 5.0 4.9 4.9
Dow Chemical 7.2 x 7.6 x 6.1 x 6.7 x 5.8 x
Geon 7.0 5.5 6.3 5.5 4.1
Georgia Gulf 8.9 9.2 7.9 8.1 5.0
Lyondell Petrochemical 7.1 NM 5.3 7.4 5.7
Millenium Chemicals NM 6.0 5.8 8.3 5.2
Union Carbide 5.6 6.2 5.8 6.6 5.9
- ------------------------------------------------------------------------------------
Median 7.1 x 6.2 x 6.0 x 7.1 x 5.5 x
Mean 7.2 6.9 6.2 7.1 5.3
High 8.9 9.2 7.9 8.3 5.9
Low 5.6 5.5 5.3 5.5 4.1
====================================================================================
</TABLE>
(a) Latest stock price as of 12/11/97.
(b) Based on GS Research estimates as of 12/11/97. Estimates for companies with
non-calendar fiscal year ends have been calendarized.
(c) FINA's normalized financial data reflects a five-year average based on two
years of historical data and three years of projected data.
(d) FINA estimates based on management projections.
(e) FINA's closing share price as of February 24.1997, one day prior to
PetroFina announcement
<PAGE> 100
Comparison of Publicly-Traded Companies
Domestic Integrated Oils
<TABLE>
<CAPTION>
Current Price Levered P/E Multiple (b)
Stock as % 52-Week Market Market ----------------
Price(a) High Cap Cap 1997E 1998E
============================================================================================
<S> <C> <C> <C> <C> <C> <C>
FINA (c) $64.38 95.4% $2,010 $2,709 13.0 x 13.6 x
FINA Undisturbed (d) $50.00 90.1% $1,561 $2,260 10.1 x 10.5 x
Amoco Corp. $87.25 88.1% $42,485 $45,790 16.6 x 16.3 x
Ashland, Inc. 47.25 85.9 3,508 5,296 14.7 13.5
Atlantic Richfield 76.69 87.9 24,707 30,170 14.6 16.0
Kerr-McGee 63.75 85.0 3,093 3,399 16.8 14.7
Murphy Oil 56.81 90.8 2,549 2,695 NM NM
Philrips Petroleum 49.13 94.0 12,926 15,312 13.3 14.0
Sun Company 42.06 90.7 3,070 3,497 12.7 12.4
Unocal Corp. 38.06 83.0 9,531 12,135 18.1 16.5
USX-Marathon 33.94 87.3 9,760 13,223 15.4 15.1
- --------------------------------------------------------------------------------------------
Median 87.9% 15.l x 14.9 x
Mean 88.1 15.3 14.8
High 94.0 18.1 16.5
Low 83.0 12.7 12.4
============================================================================================
<CAPTION>
Price / DCF Multiple (b) Chemicals as % of EBIT
------------------------ ----------------------
1997E 1998E 1997E 1998E
==========================================================================
<S> <C> <C> <C> <C>
FINA (c) 5.4 x 5.5 x 81.5% 59.6%
FINA Undisturbed (d) 4.2 x 4.3 x 81.5% 59.6%
Amoco Corp. NM NM 24.6% 19.9%
Ashland, Inc. 4.3 x 5.5 x 35.2 29.3
Atlantic Richfield 6.6 6.7 19.2 18.4
Kerr-McGee 5.5 4.7 24.5 29.0
Murphy OIl 5.9 5.9 0.0 0.0
Philrips Petroleum 6.5 6.5 30.6 33.7
Sun Company 6.4 6.4 47.6 28.2
Unocal Corp. 5.6 5.1 0.0 0.0
USX-Marathon 6.4 6.0 0.0 0.0
- --------------------------------------------------------------------------
Median 6.2 x 5.9 x 24.5% 19.9%
Mean 5.9 5.8 20.2 17.6
High 6.6 6.7 47.6 33.7
Low 4.3 4.7 0 0
==========================================================================
</TABLE>
(a) Latest stock price as of 12/11/97.
(b) Based on GS Research estimates as of 12/11/97. Estimates for companies with
non-calendar fiscal year ends have been calendarized.
(c) FINA estimates based on management projections.
(d) FINA's closing share price as of February 24,1997, one day prior to
PetroFina announcement.
<PAGE> 101
- ---------------
Goldman
Sachs
- ---------------
D
<PAGE> 102
Weighted Average Public Companies Multiple Valuation
November Plan
<TABLE>
<CAPTION>
P/E Multiple Analysis
- --------------------------------------------------------------------------------------------------------------------
(US$ in millions) 1998E 1998 P/E Multiple Public Market Value
----------------- -------------------
Net Income (a) Low Median High Low Median High
--------------
<S> <C> <C> <C> <C> <C> <C> <C>
Chemicals $73.0 12.6x 15.6x 17.6x $921.9 $1,136.4 $1,283.4
Exploration & Production 36.7 18.6 26.1 30.5 683.6 956.8 1,121.1
Refining & Marketing 40.6 10.6 12.4 15.7 428.4 502.3 636.7
Corporate / Eliminations (11.9) 12.4(b) 14.9 16.5(b) (147.1) (176.8) (196.7)
------ -------- -------- --------
Total Equity Company $138.4 $1,886.9 $2,418.8 $2,844.4
Equity Value Per Share $60.44 $77.48 $91.11
Weighted Average P/E Multiple 13.6x 17.5x 20.6x
<CAPTION>
P/DCF Multiple Analysis
- --------------------------------------------------------------------------------------------------------------
1998E 1998 P/DCF Multiple Public Market Value
------------------- -------------------
DCF(a) Low Median High Low Median High
------
<S> <C> <C> <C> <C> <C> <C> <C>
Chemicals $104.2 5.5x 6.2x 9.2x $570.0 $645.1 $959.0
Exploration & Production 115.9 4.3 5.2 6.3 496.4 597.2 726.9
Refining & Marketing 99.7 5.4 6.4 7.9 535.0 638.3 792.6
Corporatef Eliminations 29.2 4.7(b) 5.9(b) 6.7(b) 137.4 173.4 195.7
------ -------- -------- --------
Total Equity Company $349.0 $1,738.8 $2,054.1 $2,674.1
Equity Value Per Share $55.70 $65.79 $85.65
Weighted Average P/DCF Multiple 5.0x 5.9x 7.7x
- --------------------------------------------------------------------------------------------------------------
</TABLE>
Note: Estimates based on management's projections from the November plan.
(a) Assumes interest expense is allocated on the basis of capital employed.
Assumes 36.0% tax rate for all segments.
(b) Corporate / Eliminations valued at the median multiple for the domestic
integrated composite.
<PAGE> 103
- -------
GOLDMAN
SACHS
- -------
Present Value of Potential Future Stock Price (a)
November Plan
[The following table was depicted as a line graph in the printed material.]
<TABLE>
<CAPTION>
Stock Price($)
---------------------------------------
LTM EPS 9.0x 10.0x 11.0x
<S> <C> <C> <C> <C>
1997 $ 4.65 $ 41.83 $ 46.48 $ 51.13
1998 $ 4.44 $ 35.65 $ 39.61 $ 43.57
1999 $ 6.01 $ 43.09 $ 47.88 $ 52.67
2000 $ 7.28 $ 46.62 $ 51.80 $ 56.98
2001 $ 11.01 $ 62.99 $ 69.99 $ 76.99
Original Offer $60.00
Revised Offer (b) $66.00
</TABLE>
Note: Represents the present value of an implied future stock price based on
management's projections from the November plan at multiples of 9, 10 and
11x earnings.
(a) Assumes discount rate of 12%. Share prices discounted to December 31,
1997.
(b) Warrant valuation assumes underlying ADR price of $39.00, volatility of
24% and 5.69% interest rate ($66.04).
<PAGE> 104
FINA Cash Flow Statement
November Plan
($ in millions)
<TABLE>
<CAPTION>
Projections for Discounted Cash Flow Analysis
---------------------------------------------
1994 1995 1996 1997E 1998E 1999E 2000E 2001E
========================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C> <C>
EBIT $191.2 $260.9 $264.8 $252.5 $252.2 $336.9 $397.0 $590.6
Taxes (a) (68.8) (93.9) (95.3) (90.9) (90.8) (121.3) (142.9) (212.6)
Capital Expenditures (133.9) (213.1) (263.3) (342.0) (395.5) (398.8) (425.5) (355.9)
Depreciation & Amortization 186.0 156.2 171.0 203.4 205.3 217.1 229.6 270.7
Other Cash Flow (16.7) 67.3 (20.1) 20.6 5.3 10.6 28.2 (17.8)
------ ------ ------ ------ ------ ------ ------ ------
Free Cash Flow $157.8 $177.4 $57.0 $43.6 ($23.5) $44.5 $86.4 $275.0
====== ====== ===== ===== ====== ===== ===== ======
Discretionary Cash Flow (b) $271.3 $328.0 $304.1 $369.1 $349.0 $415.2 $485.0 $596.8
</TABLE>
- ----------
Projected financial data based on management projections from the November plan.
(a) Assumes a 36.0% tax rate.
(b) Defined as Net Income + D&A + Other Cash Flow.
<PAGE> 105
FINA DCF Analysis
Five Years of Projections from the November Plan
($ in millions)
<TABLE>
<CAPTION>
Discount Rates Multiple of Terminal DCF
- ----------------------- ----------------------------------------------------------
Yrs 1-3 Yrs 4-5,TV 4.5x 5.0x 5.5x 6.0x 6.5x 7.0x
=========================================================================================================
<C> <C> <S> <C> <C> <C> <C> <C> <C>
9.0% 12.0% PV of Cash Flows $ 296 $ 296 $ 296 $ 296 $ 296 $ 296
PV of Terminal Value 1,707 1,896 2,086 2,276 2,465 2,655
------ ------ ------ ------ ------ ------
Enterprise Value $2,003 $2,192 $2,382 $2,571 $2,761 $2,951
10.0% 13.0% PV of Cash Flows $ 288 $ 288 $ 288 $ 288 $ 288 $ 288
PV of Terminal Value 1,647 1,830 2,013 2,196 2,198 2,562
------ ------ ------ ------ ------ ------
Enterprise Value $1,935 $2,118 $2,301 $2,484 $2,667 $2,850
11.0% 14.0% PV of Cash Flows $ 280 $ 280 $ 280 $ 280 $ 280 $ 280
PV of Terminal Value 1,590 1,767 1,943 2,120 2,297 2,473
------ ------ ------ ------ ------ ------
Enterprise Value $1,870 $2,046 $2,223 $2,400 $2,576 $2,753
Net Debt $ (699) $ (699) $ (699) $ (699) $ (699) $ (699)
Equity Value Per Share
----------------------------------------------------------
9.0% 12.0% $41.75 $47.83 $53.90 $59.98 $66.05 $72.12
10.0% 13.0% $39.58 $45.44 $51.30 $57.17 $63.03 $68.89
11.0% 14.0% $37.50 $43.16 $48.82 $54.48 $60.14 $65.80
----------------------------------------------------------
</TABLE>
- ----------
Note: Assumes all cash flows occur at year end; cash flows discounted to
December 31,1997, consistent with prior valuation analyses. Projected
financial data based on management projections from the November plan.
<PAGE> 106
Analysis at Various Prices
November Plan
($ in millions)
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C>
------------------------------------------------------------------------
Price Per Share $60.00 $62.50 $65.00 $67.50 $70.00 $72.50 $75.00
------------------------------------------------------------------------
Equity Value (a) $1,873 $1,951 $2,029 $2,107 $2,185 $2,263 $2,341
------------------------------------------------------------------------
Total Enterprise Value (a) $2,572 $2,650 $2,728 $2,806 $2,884 $2,962 $3,040
------------------------------------------------------------------------
Premium To:
Undisturbed Share Price $50.00 20.0% 25.0% 30.0% 35.0% 40.0% 45.0% 50.0%
Current Share Price (b) 64.38 (6.8)% (2.9)% 1.0% 4.9% 8.7% 12.6% 16.5%
52-Week High 67.50 (11.1)% (7.4)% (3.7)% 0.0% 3.7% 7.4% 11.1%
Enterprise Value - EBITDA
1996E $436 5.9x 6.1x 6.3x 6.4x 6.6x 6.8x 7.0x
1997E (c) 456 5.6 5.8 6.0 6.2 6.3 6.5 6.7
1998E (c) 458 5.6 5.8 6.0 6.1 6.3 6.5 6.6
Equity Value / DCF
1996 $304 6.2x 6.4x 6.7x 6.9x 7.2x 7.4x 7.7x
1997E (c) 369 5.1 5.3 5.5 5.7 5.9 6.1 6.3
1998E (c) 349 5.4 5.6 5.8 6.0 6.3 6.5 6.7
Equity Value / Net Income
1996 $153 12.2x 12.7x 13.2x 13.8x 14.3x 14.8x 15.3x
1997E (c) 145 12.9 13.4 14.0 14.5 15.1 15.6 16.1
1998E(c) 138 13.5 14.1 14.7 15.2 15.8 16.4 16.9
</TABLE>
Notes
- --------
(a) Value of 100% of FINA.
(b) As of December 11, 1997.
(c) Estimates based on management projections from November plan.
<PAGE> 107
PetroFina Acquires Remaining 14.2% of FINA
100% Stock/0% Debt - Purchase Accounting - Impact on EPS
Amortization Period: 20 years
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Price Per Share $60.00 $62.50 $65.00 $67.50 $70.00 $72.50 $75.00
---------------------------------------------------------------------------------
Publicly Held Shares Outstanding (mm) 4.42 4.42 4.42 4.42 4.42 4.42 4.42
---------------------------------------------------------------------------------
Equity Consideration $265.3 $276.3 $287.4 $298.4 $309.5 $320.5 $331.6
---------------------------------------------------------------------------------
- ---------------------------------------
1997E
- ---------------------------------------
PetroFina Net Income (a) $559.3 $559.3 $559.3 $559.3 $559.3 $559.3 $559.3
Incremental FINA Net Income (b) 20.6 20.6 20.6 20.6 20.6 20.6 20.6
After-Tax Interest Expense (c) 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Goodwill Amortization (c)(d) (4.0) (4.6) (5.1) (5.7) (6.3) (6.8) (7.4)
After-Tax Synergies (e) 0.0 0.0 0.0 0.0 0.0 0.0 0.0
---------------------------------------------------------------------------------
Pro Forma Net Income $575.9 $575.3 $574.7 $574.2 $573.6 $573.1 $572.5
PetroFina 1997E EPS (Pre-Transaction) $23.88 $23.88 $23.88 $23.88 $23.88 $23.88 $23.88
Pro Forma 1997E EPS $23.88 $23.83 $23.78 $23.73 $23.68 $23.63 $23.57
Accretion/(Dilution) 1997E 0.0% (0.2)% (0.4)% (0.6)% (0.9)% (1.1)% (1.3)%
PT Synergies to Breakeven -1997(e) $ (0.0) $ 1.9 $ 3.8 $ 5.7 $ 7.6 $ 9.5 $ 11.4
- ---------------------------------------
1998E
- ---------------------------------------
PetroFina Net Income (a) $550.3 $550.3 $550.3 $550.3 $550.3 $550.3 $550.3
Incremental FINA Net Income (b) 19.7 19.7 19.7 19.7 19.7 19.7 19.7
After-Tax Interest Expense (c) 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Goodwill Amortization (c)(d) (4.0) (4.6) (5.1) (5.7) (6.3) (6.8) (7.4)
After-Tax Synergies (e) 0.0 0.0 0.0 0.0 0.0 0.0 0.0
---------------------------------------------------------------------------------
Pro Forma Net Income $565.9 $565.3 $564.8 $564.2 $563.7 $563.1 $562.6
PetroFina 1998E EPS (Pre-Transaction) $23.50 $23.50 $23.50 $23.50 $23.50 $23.50 $23.50
Pro Forma 1998E EPS $23.47 $23.42 $23.37 $23.32 $23.26 $23.21 $23.16
Accretion/(Dilution) 1998E (0.1)% (0.3)% (0.6)% (0.8)% (1.0)% (1.2)% (1.4)%
PT Synergies to Breakeven -1998(e) $ 1.0 $ 2.9 $ 4.8 $ 6.7 $ 8.6 $ 10.5 $ 12.4
- ---------------------------------------
Shares Outstanding
- ---------------------------------------
PetroFina Shares Outstanding 23.42 23.42 23.42 23.42 23.42 23.42 23.42
New Shares Issued 0.69 0.72 0.75 0.78 0.81 0.84 0.87
---------------------------------------------------------------------------------
Pro Forma Shares Outstanding 24.11 24.14 24.17 24.20 24.23 24.26 24.29
</TABLE>
Notes
- ----------
(a) PetroFina earnings estimates based on median IBES estimates.
(b) FINA earnings estimates based on management projections.
(c) Assumes PetroFina interest rate of 7.80% and Belgian tax rate of 50.0%.
(d) Assumes that goodwill is not tax deductible and is amortized over 20 years.
(e) Assumes US tax rate of 35.0%.
<PAGE> 108
PetroFina Acquires Remaining 14.2% of FINA
100% Stock/0% Debt - Purchase Accounting - impact on DCF
Amortization Period: 20 years
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Price Per Share $60.00 $62.50 $65.00 $67.50 $70.00 $72.50 $75.00
---------------------------------------------------------------------------------
Publicly Held Shares Outstanding (mm) 4.42 4.42 4.42 4.42 4.42 4.42 4.42
---------------------------------------------------------------------------------
Equity Consideration $265.3 $276.3 $287.4 $298.4 $309.5 $320.5 $331.6
---------------------------------------------------------------------------------
- ---------------------------------------
1997E
- ---------------------------------------
PetroFina Discretionary Cash Flow (a) $1,383.7 $1,383.7 $1,383.7 $1,383.7 $1,383.7 $1,383.7 $1,383.7
Incremental FINA Net Income (b) 0.0 0.0 0.0 0.0 0.0 0.0 0.0
After-Tax Interest Expense (c) 0.0 0.0 0.0 0.0 0.0 0.0 0.0
After-Tax Synergies (d) 0.0 0.0 0.0 0.0 0.0 0.0 0.0
---------------------------------------------------------------------------------
Pro Forma Net Income $1,383.7 $1,383.7 $1,383.7 $1,383.7 $1,383.7 $1,383.7 $1,383.7
PetroFina 1997E DCF (Pre-Transaction) $59.08 $59.08 $59.08 $59.08 $59.08 $59.08 $59.08
Pro Forma 1997E DCF $57.39 $57.32 $57.25 $57.18 $57.11 $57.04 $56.98
Accretion/(Dilution) 1997E (2.9)% (3.0)% (3.1)% (3.2)% (3.3)% (3.5)% (3.6)%
PT Synergies to Breakeven -1997(d) $63.0 $65.6 $68.2 $70.8 $73.5 $76.1 $78.7
- ---------------------------------------
1998E
- ---------------------------------------
PetroFina Discretionary Cash Flow (a) $1,380.5 $1,380.5 $1,380.5 $1,380.5 $1,380.5 $1,380.5 $1,380.5
Incremental FINA Net Income (b) 0.0 0.0 0.0 0.0 0.0 0.0 0.0
After-Tax Interest Expense (c) 0.0 0.0 0.0 0.0 0.0 0.0 0.0
After-Tax Synergies (d) 0.0 0.0 0.0 0.0 0.0 0.0 0.0
---------------------------------------------------------------------------------
Pro Forma Net Income $1,380.5 $1,380.5 $1,380.5 $1,380.5 $1,380.5 $1,380.5 $1,380.5
PetroFina 1998E DCF (Pre-Transaction) $58.95 $58.95 $58.95 $58.95 $58.95 $58.95 $58.95
Pro Forma 1998E DCF $57.25 $57.18 $57.11 $57.05 $56.98 $56.91 $56.84
Accretion/(Dilution) 1998E (2.9)% (3.0)% (3.1)% (3.2)% (3.3)% (3.5)% (3.6)%
PT Synergies to Breakeven -1998(d) $62.8 $65.4 $68.1 $70.7 $73.3 $75.9 $78.5
- ---------------------------------------
Shares Outstanding
- ---------------------------------------
PetroFina Shares Outstanding 23.42 23.42 23.42 23.42 23.42 23.42 23.42
New Shares Issued 0.69 0.72 0.75 0.78 0.81 0.84 0.87
---------------------------------------------------------------------------------
Pro Forma Shares Outstanding 24.11 24.14 24.17 24.20 24.23 24.26 24.29
</TABLE>
Notes
- ----------
(a) PetroFina DCF estimates based on median IBES estimates.
(b) FINA earnings estimates based on management projections.
(c) Assumes PetroFina interest rate of 7.80% and Belgian tax rate of 50.0%.
(d) Assumes US tax rate of 35.0%.
<PAGE> 109
PetroFina Acquires Remaining 14.2% of FINA
0% Stock/100% Debt - Purchase Accounting - impact on EPS
Amortization Period: 20 years
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Price Per Share $60.00 $62.50 $65.00 $67.50 $70.00 $72.50 $75.00
---------------------------------------------------------------------------------
Publicly Held Shares Outstanding (mm) 4.42 4.42 4.42 4.42 4.42 4.42 4.42
---------------------------------------------------------------------------------
Equity Consideration $265.3 $276.3 $287.4 $298.4 $309.5 $320.5 $331.6
---------------------------------------------------------------------------------
- ---------------------------------------
1997E
- ---------------------------------------
PetroFina Net Income (a) $559.3 $559.3 $559.3 $559.3 $559.3 $559.3 $559.3
Incremental FINA Net Income (b) 20.6 20.6 20.6 20.6 20.6 20.6 20.6
After-Tax Interest Expense (c) (10.3) (10.8) (11.2) (11.6) (12.1) (12.5) (12.9)
Goodwill Amortization (c)(d) (4.3) (4.8) (5.4) (5.9) (6.5) (7.0) (7.6)
After-Tax Synergies (e) 0.0 0.0 0.0 0.0 0.0 0.0 0.0
---------------------------------------------------------------------------------
Pro Forma Net Income $565.3 $564.3 $563.3 $562.3 $561.3 $560.3 $559.4
PetroFina 1997E EPS (Pre-Transaction) $23.88 $23.88 $23.88 $23.88 $23.88 $23.88 $23.88
Pro Forma 1997E EPS $24.14 $24.09 $24.05 $24.01 $23.97 $23.93 $23.88
Accretion/(Dilution) 1997E 1.1% 0.9% 0.7% 0.5% 0.4% 0.2% 0.0%
PT Synergies to Breakeven -1997(e) $(9.2) $(7.7) $(6.2) $(4.7) $(3.1) $(1.6) $(0.1)
- ---------------------------------------
1998E
- ---------------------------------------
PetroFina Net Income (a) $550.3 $550.3 $550.3 $550.3 $550.3 $550.3 $550.3
Incremental FINA Net Income (b) 19.7 19.7 19.7 19.7 19.7 19.7 19.7
After-Tax Interest Expense (c) (10.3) (10.8) (11.2) (11.6) (12.1) (12.5) (12.9)
Goodwill Amortization (c)(d) (4.3) (4.8) (5.4) (5.9) (6.5) (7.0) (7.6)
After-Tax Synergies (e) 0.0 0.0 0.0 0.0 0.0 0.0 0.0
---------------------------------------------------------------------------------
Pro Forma Net Income $555.3 $554.3 $553.3 $552.3 $551.4 $550.4 $549.4
PetroFina 1998E EPS (Pre-Transaction) $23.50 $23.50 $23.50 $23.50 $23.50 $23.50 $23.50
Pro Forma 1998E EPS $23.71 $23.67 $23.63 $23.58 $23.54 $23.50 $23.46
Accretion/(Dilution) 1998E 0.9% 0.7% 0.6% 0.4% 0.2% 0.0% (0.2)%
PT Synergies to Breakeven -1998(e) $(7.7) $(6.2) $(4.7) $(3.2) $(1.7) $(0.2) $1.4
- ---------------------------------------
Shares Outstanding
- ---------------------------------------
PetroFina Shares Outstanding 23.42 23.42 23.42 23.42 23.42 23.42 23.42
New Shares Issued 0.00 0.00 0.00 0.00 0.00 0.00 0.00
---------------------------------------------------------------------------------
Pro Forma Shares Outstanding 23.42 23.42 23.42 23.42 23.42 23.42 23.42
</TABLE>
Notes
- ----------
(a) PetroFina earnings estimates based on median IBES estimates.
(b) FINA earnings estimates based on management projections.
(c) Assumes PetroFina interest rate of 7.80% and Belgian tax rate of 50.0%.
(d) Assumes that goodwill is not tax deductible and is amortized over 20 years.
(e) Assumes US tax rate of 35.0%.
<PAGE> 110
PetroFina Acquires Remaining 14.2% of FINA
0% Stock/100% Debt - Purchase Accounting - Impact on DCF
Amortization Period: 20 years
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Price Per Share $60.00 $62.50 $65.00 $67.50 $70.00 $72.50 $75.00
---------------------------------------------------------------------------------
Publicly Held Shares Outstanding (mm) 4.42 4.42 4.42 4.42 4.42 4.42 4.42
---------------------------------------------------------------------------------
Equity Consideration $265.3 $276.3 $287.4 $298.4 $309.5 $320.5 $331.6
---------------------------------------------------------------------------------
- ---------------------------------------
1997E
- ---------------------------------------
PetroFina Discretionary Cash Flow (a) $1,383.7 $1,383.7 $1,383.7 $1,383.7 $1,383.7 $1,383.7 $1,383.7
Incremental FINA Net Income (b) 0.0 0.0 0.0 0.0 0.0 0.0 0.0
After-Tax Interest Expense (c) (10.3) (10.8) (11.2) (11.6) (12.1) (12.5) (12.9)
After-Tax Synergies (d) 0.0 0.0 0.0 0.0 0.0 0.0 0.0
---------------------------------------------------------------------------------
Pro Forma Net Income $1,373.4 $1,372.9 $1,372.5 $1,372.1 $1,371.6 $1,371.2 $1,370.8
PetroFina 1997E DCF (Pre-Transaction) $59.08 $59.08 $59.08 $59.08 $59.08 $59.08 $59.08
Pro Forma 1997E DCF $58.64 $58.62 $58.60 $58.59 $58.57 $58.55 $58.53
Accretion/(Dilution) 1997E (0.7)% (0.8)% (0.8)% (0.8)% (0.9)% (0.9)% (0.9)%
PT Synergies to Breakeven -1997(d) $15.9 $16.6 $17.2 $17.9 $18.6 $19.2 $19.9
- ---------------------------------------
1998E
- ---------------------------------------
PetroFina Discretionary Cash Flow (a) $1,380.5 $1,380.5 $1,380.5 $1,380.5 $1,380.5 $1,380.5 $1,380.5
Incremental FINA Net Income (b) 0.0 0.0 0.0 0.0 0.0 0.0 0.0
After-Tax Interest Expense (c) (10.3) (10.8) (11.2) (11.6) (12.1) (12.5) (12.9)
After-Tax Synergies (d) 0.0 0.0 0.0 0.0 0.0 0.0 0.0
---------------------------------------------------------------------------------
Pro Forma Net Income $1,370.1 $1,369.7 $1,369.3 $1,368.9 $1,368.4 $1,368.0 $1,367.6
PetroFina 1998E DCF (Pre-Transaction) $58.95 $58.95 $58.95 $58.95 $58.95 $58.95 $58.95
Pro Forma 1998E DCF $58.50 $58.48 $58.47 $58.45 $58.43 $58.41 $58.39
Accretion/(Dilution) 1995E (0.7)% (0.8)% (0.8)% (0.8)% (0.9)% (0.9)% (0.9)%
PT Synergies to Breakeven -1998(d) $15.9 $16.6 $17.2 $17.9 $18.6 $19.2 $19.9
- ---------------------------------------
Shares Outstanding
- ---------------------------------------
PetroFina Shares Outstanding 23.42 23.42 23.42 23.42 23.42 23.42 23.42
New Shares Issued 0.00 0.00 0.00 0.00 0.00 0.00 0.00
---------------------------------------------------------------------------------
Pro Forma Shares Outstanding 23.42 23.42 23.42 23.42 23.42 23.42 23.42
</TABLE>
Notes
- ----------
(a) PetroFina DCF estimates based on median IBES estimates.
(b) FINA earnings estimates based on management projections.
(c) Assumes PetroFina interest rate of 7.80% and Belgian tax rate of 50.0%.
(d) Assumes US tax rate of 35.0%.
<PAGE> 111
PetroFina Acquires Remaining 14.2% of FINA
100% Stock 10% Debt- Purchase Accounting - Impact on EPS
Amortization Period: 5 years
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Price Per Share $60.00 $62.50 $65.00 $67.50 $70.00 $72.50 $75.00
---------------------------------------------------------------------------------
Publicly Held Shares Outstanding (mm) 4.42 4.42 4.42 4.42 4.42 4.42 4.42
---------------------------------------------------------------------------------
Equity Consideration $265.3 $276.3 $287.4 $298.4 $309.5 $320.5 $331.6
---------------------------------------------------------------------------------
- ---------------------------------------
1997E
- ---------------------------------------
PetroFina Net Income (a) $559.3 $559.3 $559.3 $559.3 $559.3 $559.3 $559.3
Incremental FINA Net Income (b) 20.6 20.6 20.6 20.6 20.6 20.6 20.6
After-Tax Interest Expense (a) 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Goodwill Amortization (c)(d) (17.1) (19.3) (21.6) (23.8) (26.0) (28.2) (30.4)
After-Tax Synergies (e) 0.0 0.0 0.0 0.0 0.0 0.0 0.0
---------------------------------------------------------------------------------
Pro Forma Net Income $562.8 $560.5 $558.3 $556.1 $553.9 $551.7 $549.5
PetroFina 1997E EPS (Pre-Transaction) $23.88 $23.88 $23.88 $23.88 $23.88 $23.88 $23.88
Pro Forma 1997E EPS $23.34 $23.22 $23.10 $22.98 $22.86 $22.74 $22.63
Accretion/(Dilution) 1997E (2.3)% (2.8)% (3.3)% (3.8)% (4.3)% (4.8)% (5.3)%
PT Synergies to Breakeven -1997(e) $20.1 $24.6 $29.0 $33.5 $38.0 $42.4 $46.9
- ---------------------------------------
1998E
- ---------------------------------------
PetroFina Net Income (a) $550.3 $550.3 $550.3 $550.3 $550.3 $550.3 $550.3
Incremental FINA Net Income (b) 19.7 19.7 19.7 19.7 19.7 19.7 19.7
After-Tax Interest Expense (c) 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Goodwill Amortization (c)(d) (17.1) (19.3) (21.6) (23.8) (26.0) (28.2) (30.4)
After-Tax Synergies (e) 0.0 0.0 0.0 0.0 0.0 0.0 0.0
---------------------------------------------------------------------------------
Pro Forma Net Income $552.8 $550.6 $548.4 $546.1 $543.9 $541.7 $539.5
PetroFina 1998E EPS (Pre-Transaction) $23.50 $23.50 $23.50 $23.50 $23.50 $23.50 $23.50
Pro Forma 1998E EPS $22.92 $22.81 $22.69 $22.57 $22.45 $22.33 $22.22
Accretion/(Dilution) 1998E (2.4)% (2.9)% (3.4)% (3.9)% (4.4)% (4.9)% (5.4)%
PT Synergies to Breakeven -1998(e) $21.2 $25.6 $30.1 $34.5 $39.0 $43.4 $47.8
- ---------------------------------------
Shares Outstanding
- ---------------------------------------
PetroFina Shares Outstanding 23.42 23.42 23.42 23.42 23.42 23.42 23.42
New Shares Issued 0.69 0.72 0.75 0.78 0.81 0.84 0.87
---------------------------------------------------------------------------------
Pro Forma Shares Outstanding 24.11 24.14 24.17 24.20 24.23 24.26 24.29
</TABLE>
Notes
- ----------
(a) PetroFina earnings estimates based on median IBES estimates.
(b) FINA earnings estimates based on management projections.
(c) Assumes PetroFina interest rate of 7.80% and Belgian tax rate of 50.0%.
(d) Assumes that goodwill is not tax deductible and is amortized over 5 years.
(e) Assumes US tax rate of 35.0%.
<PAGE> 112
PetroFina Acquires Remaining 14.2% of FINA
100% Stock / 0% Debt - Purchase Accounting - Impact on DCF
Amortization Period: 5 years
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Price Per Share $60.00 $62.50 $65.00 $67.50 $70.00 $72.50 $75.00
---------------------------------------------------------------------------------
Publicly Held Shares Outstanding (mm) 4.42 4.42 4.42 4.42 4.42 4.42 4.42
---------------------------------------------------------------------------------
Equity Consideration $265.3 $276.3 $287.4 $298.4 $309.5 $320.5 $331.6
---------------------------------------------------------------------------------
- ---------------------------------------
1997E
- ---------------------------------------
PetroFina Discretionary Cash Flow (a) $1,383.7 $1,383.7 $1,383.7 $1,383.7 $1,383.7 $1,383.7 $1,383.7
Incremental FINA Net Income (b) 0.0 0.0 0.0 0.0 0.0 0.0 0.0
After-Tax Interest Expense (c) 0.0 0.0 0.0 0.0 0.0 0.0 0.0
After-Tax Synergies (d) 0.0 0.0 0.0 0.0 0.0 0.0 0.0
---------------------------------------------------------------------------------
Pro Forma Net Income $1,383.7 $1,383.7 $1,383.7 $1,383.7 $1,383.7 $1,383.7 $1,383.7
PetroFina 1997E DCF (Pre-Transaction) $59.08 $59.08 $59.08 $59.08 $59.08 $59.08 $59.08
Pro Forma 1997E DCF $57.39 $57.32 $57.25 $57.18 $57.11 $57.04 $56.98
Accretion/(Dilution) 1997E (2.9)% (3.0)% (3.1)% (3.2)% (3.3)% (3.5)% (3.6)%
PT Synergies to Breakeven -1997(d) $63.0 $65.6 $68.2 $70.8 $73.5 $76.1 $78.7
- ---------------------------------------
1998E
- ---------------------------------------
PetroFina Discretionary Cash Flow (a) $1,380.5 $1,380.5 $1,380.5 $1,380.5 $1,380.5 $1,380.5 $1,380.5
Incremental FINA Net Income (b) 0.0 0.0 0.0 0.0 0.0 0.0 0.0
After-Tax Interest Expense (c) 0.0 0.0 0.0 0.0 0.0 0.0 0.0
After-Tax Synergies (d) 0.0 0.0 0.0 0.0 0.0 0.0 0.0
---------------------------------------------------------------------------------
Pro Forma Net Income $1,380.5 $1,380.5 $1,380.5 $1,380.5 $1,380.5 $1,380.5 $1,380.5
PetroFina 1998E DCF (Pre-Transaction) $58.95 $58.95 $58.95 $58.95 $58.95 $58.95 $58.95
Pro Forma 1998E DCF $57.25 $57.18 $57.11 $57.05 $56.98 $56.91 $56.84
Accretion/(Dilution) 1998E (2.9)% (3.0)% (3.1)% (3.2)% (3.3)% (3.5)% (3.8)%
PT Synergies to Breakeven -1998 (d) $62.8 $65.4 $68.1 $70.7 $73.3 $75.9 $78.5
- ---------------------------------------
Shares Outstanding
- ---------------------------------------
PetroFina Shares Outstanding 23.42 23.42 23.42 23.42 23.42 23.42 23.42
New Shares Issued 0.69 0.72 0.75 0.78 0.81 0.84 0.87
---------------------------------------------------------------------------------
Pro Forma Shares Outstanding 24.11 24.14 24.17 24.20 24.23 24.26 24.29
</TABLE>
Notes
- ----------
(a) PetroFina DCF estimates based on median IBES estimates.
(b) FINA earnings estimates based on management projections.
(c) Assumes PetroFina interest rate of 7.80% and Belgian tax rate of 50.0%.
(d) Assumes US tax rate of 35.0%.
<PAGE> 113
PetroFina Acquires Remaining 14.2% of FINA
0% Stock/100% Debt - Purchase Accounting - Impact on EPS
Amortization Period: 5 years
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Price Per Share $60.00 $62.50 $65.00 $67.50 $70.00 $72.50 $75.00
---------------------------------------------------------------------------------
Publicly Held Shares Outstanding (mm) 4.42 4.42 4.42 4.42 4.42 4.42 4.42
---------------------------------------------------------------------------------
Equity Consideration $265.3 $276.3 $287.4 $298.4 $309.5 $320.5 $331.6
---------------------------------------------------------------------------------
- ---------------------------------------
1997E
- ---------------------------------------
PetroFina Net Income (a) $559.3 $559.3 $559.3 $559.3 $559.3 $559.3 $559.3
Incremental FINA Net Income (b) 20.6 20.6 20.6 20.6 20.6 20.6 20.6
After-Tax Interest Expense (c) (10.3) (10.8) (11.2) (11.6) (12.1) (12.5) (12.9)
Goodwill Amortization (c)(d) (17.1) (19.3) (21.6) (23.8) (26.0) (28.2) (30.4)
After-Tax Synergies (e) 0.0 0.0 0.0 0.0 0.0 0.0 0.0
---------------------------------------------------------------------------------
Pro Forma Net Income $552.4 $549.8 $547.1 $544.5 $541.8 $539.2 $536.6
PetroFina 1997E EPS (Pre-Transaction) $23.88 $23.88 $23.88 $23.88 $23.88 $23.88 $23.88
Pro Forma 1997E EPS $23.59 $23.47 $23.36 $23.25 $23.14 $23.02 $22.91
Accretion/(Dilution) 1997E (1.2)% (1.7)% (2.2)% (2.6)% (3.1)% (3.6)% (4.1)%
PT Synergies to Breakeven -1997(e) $10.6 $14.6 $18.7 $22.8 $26.8 $30.9 $35.0
- ---------------------------------------
1998E
- ---------------------------------------
PetroFina Net Income (a) $550.3 $550.3 $550.3 $550.3 $550.3 $550.3 $550.3
Incremental FINA Net Income (b) 19.7 19.7 19.7 19.7 19.7 19.7 19.7
After-Tax Interest Expense (c) (10.3) (10.8) (11.2) (11.6) (12.1) (12.5) (12.9)
Goodwill Amortization (c)(d) (17.1) (19.3) (21.6) (23.8) (26.0) (28.2) (30.4)
After-Tax Synergies (e) 0.0 0.0 0.0 0.0 0.0 0.0 0.0
---------------------------------------------------------------------------------
Pro Forma Net Income $542.4 $539.8 $537.1 $534.5 $531.9 $529.2 $526.6
PetroFina 1998E EPS (Pre-Transaction) $23.50 $23.50 $23.50 $23.50 $23.50 $23.50 $23.50
Pro Forma 1998E EPS $23.16 $23.05 $22.94 $22.82 $22.71 $22.60 $22.48
Accretion/(Dilution) 1998E (1.4)% (1.9)% (2.4)% (2.9)% (3.3)% (3.8)% (4.3)%
PT Synergies to Breakeven -1998(e) $12.0 $16.1 $20.2 $24.2 $28.3 $32.4 $36.4
- ---------------------------------------
Shares Outstanding
- ---------------------------------------
PetroFina Shares Outstanding 23.42 23.42 23.42 23.42 23.42 23.42 23.42
New Shares Issued 0.00 0.00 0.00 0.00 0.00 0.00 0.00
---------------------------------------------------------------------------------
Pro Forma Shares Outstanding 23.42 23.42 23.42 23.42 23.42 23.42 23.42
</TABLE>
Notes
- ----------
(a) PetroFina earnings estimates based on median IBES estimates.
(b) FINA earnings estimates based on management projections.
(c) Assumes PetroFina interest rate of 7.80% and Belgian tax rate of 50.0%.
(d) Assumes that goodwill is not tax deductible and is amortized over 5 years.
(e) Assumes US tax rate of 35.0%.
<PAGE> 114
PetroFina Acquires Remaining 14.2% of FINA
0% Stock/100% Debt - Purchase Accounting - Impact on DCF
Amortization Period: 5 years
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Price Per Share $60.00 $62.50 $65.00 $67.50 $70.00 $72.50 $75.00
---------------------------------------------------------------------------------
Publicly Held Shares Outstanding (mm) 4.42 4.42 4.42 4.42 4.42 4.42 4.42
---------------------------------------------------------------------------------
Equity Consideration $265.3 $276.3 $287.4 $298.4 $309.5 $320.5 $331.6
---------------------------------------------------------------------------------
- ---------------------------------------
1997E
- ---------------------------------------
PetroFina Discretionary Cash Flow (a) $1,383.7 $1,383.7 $1,383.7 $1,383.7 $1,383.7 $1,363.7 $1,383.7
Incremental FINA Net Income (b) 0.0 0.0 0.0 0.0 0.0 0.0 0.0
After--Tax Interest Expense (c) (10.3) (10.8) (11.2) (11.6) (12.1) (12.5) (12.9)
After-Tax Synergies (d) 0.0 0.0 0.0 0.0 0.0 0.0 0.0
---------------------------------------------------------------------------------
Pro Forma Net Income $1,373.4 $1,372.9 $1,372.5 $1,372.1 $1,371.6 $1,371.2 $1,370.8
PetroFina 1997E DCF (Pre-Transaction) $59.08 $59.08 $59.08 $59.08 $59.08 $59.08 $59.08
Pro Forma 1997E DCF $58.64 $58.62 $58.60 $58.59 $58.57 $58.55 $58.53
Accretion/(Dilution) 1997E (0.7)% (0.8)% (0.8)% (0.8)% (0.9)% (0.9)% (0.9)%
PT Synergies to Breakeven -1997(d) $15.9 $16.6 $17.2 $17.9 $18.6 $19.2 $19.9
- ---------------------------------------
1998E
- ---------------------------------------
PetroFina Discretionary Cash Flow (a) $1,380.5 $1,380.5 $1,380.5 $1,380.5 $1,380.5 $1,380.5 $1,380.5
Incremental FINA Net Income (b) 0.0 0.0 0.0 0.0 0.0 0.0 0.0
After-Tax Interest Expense (c) (10.3) (10.8) (11.2) (11.6) (12.1) (12.5) (12.9)
After-Tax Synergies (d) 0.0 0.0 0.0 0.0 0.0 0.0 0.0
---------------------------------------------------------------------------------
Pro Forma Net Income $1,370.1 $1,369.7 $1,369.3 $1,368.9 $1,368.4 $1,368.0 $1,367.6
PetroFina 1998E DCF (Pre-Transaction) $58.95 $58.95 $58.95 $58.95 $58.95 $58.95 $58.95
Pro Forma 1998E DCF $58.50 $58.48 $58.47 $58.45 $58.43 $58.41 $58.39
Accretion/(Dilution) 1998E (0.7)% (0.8)% (0.8)% (0.8)% (0.9)% (0.9)% (0.9)%
PT Synergies to Breakeven - 1998(d) $15.9 $16.6 $17.2 $17.9 $18.6 $19.2 $19.9
- ---------------------------------------
Shares Outstanding
- ---------------------------------------
PetroFina Shares Outstanding 23.42 23.42 23.42 23.42 23.42 23.42 23.42
New Shares Issued 0.00 0.00 0.00 0.00 0.00 0.00 0.00
---------------------------------------------------------------------------------
Pro Forma Shares Outstanding 23.42 23.42 23.42 23.42 23.42 23.42 23.42
</TABLE>
Notes
- ----------
(a) PetroFina DCF estimates based on median IBES estimates.
(b) FINA earnings estimates based on management projections.
(c) Assumes PetroFina interest rate of 7.80% and Belgian tax rate of 50.0%.
(d) Assumes US tax rate of 35.0%.
<PAGE> 115
Weighted Average Public Companies Multiple Valuation
November Plan
<TABLE>
<CAPTION>
P/E Multiple Analysis
- -----------------------------------------------------------------------------------------------
(US$ In millions) 1997E 1997 P/E Multiple Public Market Value
----------------- -------------------
Net Income (a) Low Median High Low Median High
--------------
<S> <C> <C> <C> <C> <C> <C> <C>
Chemicals $72.9 8.9x 10.5x 14.4x $651.7 $768.3 $1,049.4
Exploration & Production 40.3 18.2 22.4 25.4 733.3 904.5 1,023.0
Refining & Marketing 44.0 12.7 14.4 15.8 559.5 634.5 693.5
Corporate/Eliminations (12.2) 12.7(b) 15.1(b) 18.1(b) (154.4) (182.9) (220.2)
------ -------- -------- --------
Total Equity Company $145.1 $1,790.2 $2,124.4 $2,545.7
Equity Value Per Share $57.34 $68.05 $81.54
Weighted Average P/E Multiple 12.3x 14.6x 17.5x
P/DCF Multiple Analysis
- -----------------------------------------------------------------------------------------------
1997E 1997 P/DCF Multiple Public Market Value
------------------- -------------------
DCF(a) Low Median High Low Median High
------
Chemicals $130.9 5.6x 7.1x 8.9x $734.9 $923.1 $1,169.4
Exploration & Production 144.6 4.8 5.5 7.1 695.0 794.9 1,020.0
Refining & Marketing 75.8 5.6 7.4 9.5 428.1 559.4 720.7
Corporate/Eliminations 17.7 4.3(b) 6.2(b) 6.6(b) 76.9 109.6 116.3
------ -------- -------- --------
Total Equity Company $369.1 $1,934.8 $2,387.0 $3,026.5
Equity Value Per Share $61.97 $76.46 $96.94
Weighted Average P/DCF Multiple 5.2x 6.5x 8.2x
</TABLE>
- --------------------------------------------------------------------------------
Note: Estimates based on management's projections from the November plan.
(a) Assumes interest expense is allocated on the basis of capital employed.
Assumes 36.0% tax rate for all segments.
(b) Corporate/Eliminations valued at the median multiple for the domestic
integrated composite.
<PAGE> 1
EXHIBIT (b)(5)
Preliminary Materials Presented
at
Special Committee Meeting
on
December 2, 1997
<PAGE> 2
- -------
Goldman Highly Confidential
Sachs
- -------
FINA, Inc.
Discussion Materials
Goldman, Sachs & Co.
December 2, 1997
<PAGE> 3
Table of Exhibits
Exhibit
Comparison of Original and Revised Corporate Plan 1
Trading History of Comparable Companies 2
Summary of Valuation Analysis 3
Appendix
Supplementary Information A
Goldman, Sachs & Co.
<PAGE> 4
Exhibit 1
<PAGE> 5
Observations on Revised Projections
o "Goal-oriented" v. "Realistic"
-- balance sheet constraints
o Chemicals
-- volumes relatively unchanged
-- significant margin pressure in 1998
-- cyclical downturn longer and more severe than previously anticipated
-- capital spending modestly lower
o Exploration & Production
-- volumes significantly reduced beginning in 1998
-- net pricing relatively unchanged
-- capital spending reduced by $230 million over plan period
o Refining & Marketing
-- modest increases in throughput
-- net margins show modest improvement in 1998, decline thereafter
-- capital spending reduced and delayed until 1999
o Steam Cracker Project
-- over $350 million in capital spending
-- attractive investment justified by conservative economics
Goldman, Sachs & Co.
<PAGE> 6
Comparison of Original and Revised Projections
FINA Consolidated
<TABLE>
<CAPTION>
1997E 1998E 1999E 2000E 2001E CAGR
--------- --------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C>
EBITDA
April 97 $474.0 $547.5 $650.9 $746.0 $860.7 16.1%
November 97 455.9 458.2 554.0 626.6 861.3 17.2
Variance (3.8)% (16.3)% (14.9)% (16.0)% 0.1%
DCF
April 97 $364.3 $403.5 $488.1 $590.6 $700.9 17.8%
November 97 369.1 349.7 415.2 485.0 596.8 12.8
Variance 1.3% (13.3)% (14.9)% (17.9)% (14.9)%
EPS
April 97 $5.10 $6.13 $7.42 $9.27 $11.63 22.9%
November 97 4.64 4.43 6.01 7.28 11.02 24.1
Variance (9.0)% (27.7)% (19.0)% (21.5)% (5.2)%
</TABLE>
Goldman, Sachs & Co.
<PAGE> 7
Exhibit 2
<PAGE> 8
Trading Histories
Market Benchmarks
<TABLE>
<CAPTION>
20% Premium
% Growth Implied to Implied
2/24/97 to 11/28/97 Stock Price (a) Stock Price
- --------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Dow Jones 11.6% $55.95 $67.14
S&P 400 17.8 59.07 70.88
Domestic Integrateds 12.9 56.60 67.92
Exploration & Production 0.4 50.31 60.37
Refining & Marketing 23.3 61.79 74.15
Commodity Chemicals 15.7 58.01 69.61
Current Stock Price (11/28/97) $65.50
</TABLE>
(a) FINA's closing share price of $50.13 as of February 24, 1997, one day prior
to PetroFina's announcement and adjusted by relevant stock price
appreciation since 2/24/97.
<PAGE> 9
Comparison of Selected Trading Multiples
By Industry Segment
Median Multiples, Excluding FINA
[The following table was depicted as a bar chart in the printed material.]
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
Domestic Integrated Oils
- --------------------------------------------------------------------------------
P/DCF-1997E
April (a) June (b) November (c)
<S> <C> <C> <C>
5.2x 5.9x 6.2x
% Change 13.5% 19.2%
</TABLE>
[The following table was depicted as a bar chart in the printed material.]
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
Domestic Integrated Oils
- --------------------------------------------------------------------------------
P/E-1997E
April (a) June (b) November (c)
<S> <C> <C> <C>
13.9x 15.7x 15.6x
% Change 12.9% 12.2%
</TABLE>
[The following table was depicted as a bar chart in the printed material.]
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
Independent Refining Companies
- --------------------------------------------------------------------------------
P/DCF-1997E
April (a) June (b) November (c)
<S> <C> <C> <C>
6.1x 6.6x 6.2x
% Change 8.2% 1.6%
</TABLE>
[The following table was depicted as a bar chart in the printed material.]
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
Independent Refining Companies
- --------------------------------------------------------------------------------
P/E-1997E
April (a) June (b) November (c)
<S> <C> <C> <C>
18.7x 19.0x 14.3x
% Change 1.6% (23.5)%
</TABLE>
(a) As of April 4, 1997.
(b) As of June 3, 1997.
(c) As of November 28, 1997.
<PAGE> 10
Comparison of Selected Trading Multiples
By Industry Segment
Median Multiples, Excluding FINA
[The following table was depicted as a bar chart in the printed material.]
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
Exploration and Production Companies
- --------------------------------------------------------------------------------
P/DCF-1997E
April (a) June (b) November (c)
<S> <C> <C> <C>
4.8x 5.7x 5.7x
% Change 18.8% 18.8%
</TABLE>
[The following table was depicted as a bar chart in the printed material.]
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
Commodity Chemicals
- --------------------------------------------------------------------------------
Enterprise Value/EBITDA-Normalized
April (a) June (b) November (c)
<S> <C> <C> <C>
5.2x 4.9x 5.3x
% Change (5.8)% 1.9%
</TABLE>
(a) As of April 4, 1997.
(b) As of June 3,1997.
(c) As of November 28, 1997.
<PAGE> 11
Exhibit 3
<PAGE> 12
Summary of Valuation Benchmarks
<TABLE>
<CAPTION>
June 5, 1997 December 2, 1997
Update (a) Update (b)
------------------- -------------------
Stock Price (c) $67.25 $65.50
Valuation Benchmarks (d) Low High Low High
- -------------------------- ------- ------- ------- -------
<S> <C> <C> <C> <C>
Domestic Integrated Comps
1997E DCF $63 $76 $66 $80
P/E 73 88 65 80
1998E DCF 62 75 59 72
-------------------
P/E 78 94 58 70
-------------------
Weighted-Average Comps
1997E DCF $65 $78 $64 $78
-------------------
P/E 72 87 56 69
-------------------
-------------------
Asset Valuation $52 $60 $44 $52
-------------------
-------------------
DCF Analysis $60 $68 $40 $46
PV of Future Stock Prices $56 $69 $47 $57
-------------------
Cash EPS Breakeven $55 $80 $55 $80
Stock EPS Breakeven $51 $66 $51 $65
</TABLE>
(a) Based on April 1997 projections and prior Special Committee presentation.
(b) Based on November 1997 projections and a valuation methodology consistent
with June 5, 1997 Special Committee presentation.
(c) As of June 3, 1997 and November 28, 1997, respectively.
(d) Valuation methodology consistently applied.
Goldman, Sachs & Co.
<PAGE> 13
FINA
Summary of Sensitivity Analysis
<TABLE>
<CAPTION>
$ Change in $ Change in
1998 EBIT (mm) Value per Share (a)
- --------------------------------------------------------------------------------
<S> <C> <C>
Exploration & Production
CERA crude oil prices (b) $(1.2) $(1.27)
CERA natural gas prices (b) (18.7) (4.07)
Refining & Marketing
Original Big Spring margins (c) $(11.5) $(0.48)
Chemicals (d)
Styrene $8.4 $(0.36)
Polystyrene 31.0 2.56
Polypropylene 45.4 2.92
Polyethylene 10.8 (0.20)
Steam Cracker (e) $0.0 $ 2.32
</TABLE>
(a) Value per share represents the present value, at a 10% discount rate, of
FINA's projected free cash flows for the period 1997-1999 and 13% for the
period 2000-2001.
(b) Source: Cambridge Energy Research Associates' Oil and Natural Gas Outlook
as of 11/18/97 (Boom/Bust Scenario).
(c) Source: FINA 1997 Corporate Plan as of April 4, 1997.
(d) Source: Chem Systems margin projections based on Petroleum and
Petrochemical Economics Executive Report "Price Forecasts for U.S.
Petrochemicals and Polymers" (Base Cycle Case/Leader).
(e) Based on FINA's projections as of November 1997; represents the present
value, at a 13% discount rate, of 1997-2001 cash flows, with terminal
value of 5.5 times 2002 estimated discretionary cash flow discounted back
to year-end 2001.
<PAGE> 14
Appendix A
<PAGE> 15
Comparison of Original and Revised Projections
(dollars in millions)
<TABLE>
<CAPTION>
1997E 1998E 1999E
---------------------- ---------------------- ----------------------
Apr-97 Nov-97 % Var. Apr-97 Nov-97 % Var. Apr-97 Nov-97 % Var.
------ ------ ------ ------ ------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
EBITDA ------- ------- -------
Chemicals $205.8 $153.2 (25.6)% $243.0 $162.7 (33.0)% $271.8 $257.5 (5.3)%
E&P 157.5 170.2 8.1% 158.0 156.9 0.6% 212.6 164.5 (22.6)%
R&M 123.6 146.9 18.9% 162.1 150.2 (7.3)% 180.6 145.4 (19.5)%
Total 474.0 455.9 (3.8)% 547.5 457.5 (16.4)% 650.9 554.0 (14.9)%
EBIT
Chemicals $176.5 $123.7 (29.9)% $208.0 $128.4 (38.3)% $230.6 $208.3 (9.7)%
E&P 64.1 72.3 12.8% 57.7 67.4 16.8% 95.9 79.8 (16.8)%
R&M 55.3 78.6 42.1% 89.3 77.8 (12.9)% 104.9 71.1 (32.2)%
Corporate (17.8) (22.1) 24.2% (18.6) (21.3) 14.5% (19.0) (22.3) 17.4%
Total 278.1 252.5 (9.2)% 336.4 252.3 (25.0)% 412.4 336.9 (18.3)%
DCF
Chemicals $132.7 $130.9 (1.4)% $131.5 $104.2 (20.8)% $155.4 $145.4 (6.4)%
E&P 122.3 144.6 18.2% 128.1 115.9 (9.5)% 169.7 129.8 (23.5)%
R&M 80.7 75.8 (6.1)% 107.1 99.7 (6.9)% 118.5 97.9 (17.4)%
Total 364.3 369.1 1.3% 403.5 349.7 (13.3)% 488.1 415.2 (14.9)%
Net Income $159.3 $145.0 (9.0)% $191.3 $138.4 (27.7)% $231.5 $187.5 (19.0)%
EPS $5.10 $4.64 (9.0)% $6.13 $4.43 (27.7)% $7.42 $6.01 (19.0)%
------- ------- -------
<CAPTION>
2000E 2001E
---------------------- ----------------------
Apr-97 Nov-97 % Var. Apr-97 Nov-97 % Var.
------ ------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C> <C>
------- -------
EBITDA
Chemicals $319.4 $302.7 (5.2)% $376.2 $469.2 24.7%
E&P 247.5 141.1 (43.0)% 289.4 182.8 (36.8)%
R&M 193.6 149.9 (22.6)% 209.8 158.4 (24.5)%
Total 746.0 626.6 (16.0)% 860.7 861.3 0.1%
EBIT
Chemicals $278.2 $253.5 (8.9)% $335.1 $394.1 17.6%
E&P 122.4 95.9 (21.7)% 159.2 142.1 (10.7)%
R&M 114.1 72.4 (36.5)% 127.4 79.6 (37.5)%
Corporate (19.4) (24.8) 27.8% (19.8) (25.3) 27.8%
Total 495.3 397.0 (19.8)% 601.9 590.6 (1.9)%
DCF
Chemicals $203.3 $196.8 (3.2)% $253.1 $288.4 13.9%
E&P 196.2 141.1 (28.1)% 226.4 182.8 (19.3)%
R&M 132.8 102.1 (23.1)% 159.7 105.8 (33.7)%
Total 590.6 485.0 (17.9)% 700.9 596.8 (14.9)%
Net Income $289.4 $227.2 (21.5)% $363.0 $343.9 (5.3)%
EPS $9.27 $7.28 (21.5)% $11.63 $11.02 (5.3)%
------- -------
</TABLE>
Notes:
Original projections based on FINA, Inc. 1997 Corporate Plan finalized in
November/December 1996.
Revised projections based on 1997 Five Year Financial Plan updated in April and
November 1997.
Financial data based on management projections.
<PAGE> 16
Comparison of Original and Revised Projections
<TABLE>
<CAPTION>
1997E 1998E 1999E
----------------------- ----------------------- -----------------------
(dollars in millions) Apr-97 Nov-97 % Var. Apr-97 Nov-97 % Var. Apr-97 Nov-97 % Var.
------ ------ ------ ------ ------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Principal Factors Behind Revised Estimates
------- ------- -------
Chemicals
Styrene Margin (cents/lb) 2.17 2.30 6.0% 2.63 1.90 (27.8)% 3.70 3.50 (5.4)%
Styrene Volumes (MMLbs) 1,306 1,354 3.6% 1,350 1,399 3.6% 1,300 1,319 1.5%
Polystyrene Margin (cents/lb) 2.35 1.10 (53.2)% 2.80 2.00 (28.6)% 3.13 3.00 (4.2)%
Polystyrene Volumes (MMLbs) 1,050 983 (6.4)% 1,100 1,107 0.6% 1,100 1,120 1.8%
Polypropylene Margin (cents/lb) 6.00 3.55 (40.8)% 6.00 3.25 (45.8)% 4.80 3.80 (20.8)%
Polypropylene Volumes (MMLbs) 1,438 1,390 (3.3)% 1,600 1,540 (3.8)% 1,750 1,850 5.7%
HDPE Margin (cents/lb) 7.50 5.95 (20.7)% 6.25 4.25 (32.0)% 6.60 5.40 (18.2)%
Polyethylene Volumes (MMLbs) 400 375 (6.3)% 590 460 (22.0)% 825 825 0.0%
Refining & Marketing
SEBU
Throughput (MBD) 178 176 (1.1)% 178 178 0.0% 178 181 1.7%
Gross Margin ($/Bbl) $3.28 $3.80 15.9% $3.50 $3.50 0.0% $3.69 $3.50 (5.1)%
SWBU
Throughput (MBD) 53 57 8.3% 57 61 6.1% 59 61 3.1%
Gross Margin ($/Bbl) $4.00 $4.90 22.5% $4.11 $4.60 11.9% $4.23 $4.60 8.7%
Exploration and Production
Crude Oil Price ($/Bbl) $18.64 $17.95 (3.7)% $17.45 $16.70 (4.3)% $18.08 $17.25 (4.6)%
Natural Gas Price ($/Mcf) 2.25 2.60 15.6% 2.14 2.45 14.5% 2.18 2.40 10.1%
Crude Oil Volume (MBD) 10.5 10.0 (4.8)% 13.4 9.5 (29.1)% 17.1 9.4 (45.0)%
Natural Gas Volume (MMcf/D) 195.3 186.0 (4.8)% 220.5 197.0 (10.7)% 265.2 219.4 (17.3)%
------- ------- -------
<CAPTION>
2000E 2001E
----------------------- -----------------------
(dollars in millions) Apr-97 Nov-97 % Var. Apr-97 Nov-97 % Var.
------ ------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C> <C>
Principal Factors Behind Revised Estimates
------- -------
Chemicals
Styrene Margin (cents/lb) 3.49 4.00 14.6% 3.75 4.75 26.7%
Styrene Volumes (MMLbs) 1,360 1,300 (4.4)% 1,610 1,300 (19.3)%
Polystyrene Margin (cents/lb) 5.00 5.00 0.0% 6.00 5.50 (8.3)%
Polystyrene Volumes (MMLbs) 1,125 1,145 1.8% 1,125 1,145 1.8%
Polypropylene Margin (cents/lb) 5.70 3.80 (33.3)% 7.20 5.20 (27.8)%
Polypropylene Volumes (MMLbs) 1,825 1,950 6.8% 1,900 2,050 7.9%
HDPE Margin (cents/lb) 7.00 6.40 (8.6)% 7.00 6.70 (4.3)%
Polyethylene Volumes (MMLbs) 850 850 0.0% 850 850 0.0%
Refining & Marketing
SEBU
Throughput (MBD) 178 176 (1.1)% 178 176 (1.1)%
Gross Margin ($/Bbl) $3.90 $3.55 (9.0)% $3.94 $3.55 (9.9)%
SWBU
Throughput(MBD) 52 61 18.1% 59 61 3.4%
Gross Margin ($/Bbl) $4.36 $4.70 7.8% $4.49 $4.70 4.7%
Exploration and Production
Crude Oil Price ($/Bbl) $18.68 $17.90 (4.2)% $19.46 $18.60 (4.4)%
Natural Gas Price ($/Mcf) 2.28 2.35 3.1% 2.39 2.40 0.4%
Crude Oil Volume (MBD) 17.7 9.6 (45.8)% 19.4 14.3 (26.3)%
Natural Gas Volume (MMcf/D) 302.4 257.2 (14.9)% 331.8 291.1 (12.3)%
------- -------
</TABLE>
Notes:
Original projections based on FINA, Inc. 1997 Corporate Plan finalized in
November/December 1996.
Revised projections based on 1997 Five Year Financial Plan updated in April
and November 1997
Financial data based on management projections.
<PAGE> 1
EXHIBIT (b)(6)
Preliminary Materials Presented
at
Special Committee Meeting
on
June 5 1997
<PAGE> 2
- -------
Goldman
Sachs
- -------
Highly Confidential
===================
FINA, Inc.
Discussion Materials
Goldman, Sachs & Co.
June 5, 1997
<PAGE> 3
Table of Exhibits
Exhibit
Stock Trading History 1
Summary Financial Information 2
Summary of Preliminary Valuation Analysis 3
Pro Forma Merger Plans with Parent 4
Appendix
Preliminary Valuation Analysis A
Goldman, Sachs & Co.
<PAGE> 4
- -------
Goldman
Sachs
- -------
Exhibit 1
<PAGE> 5
Composite Group:
Amoco
ARCO
Ashland
Kerr-McGee
Murphy Oil
Occidental
Phillips Petroleum
Sun Co.
Unocal
USX-Marathon
FINA
Indexed Stock Price History
- ------------------------------------ ----------------------------------------
Since Offer One Year
- ------------------------------------ ----------------------------------------
[PLOT POINTS NEXT PAGE] [PLOT POINTS NEXT PAGE]
- ------------------------------------ ----------------------------------------
Three Year Five Year
- ------------------------------------ ----------------------------------------
[PLOT POINTS NEXT PAGE] [PLOT POINTS NEXT PAGE]
<PAGE> 6
SINCE OFFER
<TABLE>
<CAPTION>
Composite SP.400
Group INDEX INDEX
24/02/97 24/02/97
<S> <C> <C>
21-Feb-97 Values Values
24-Feb-97 100 100
25-Feb-97 100.5405468 100.127
26-Feb-97 99.5512992 99.4922
27-Feb-97 98.09112846 98.1477
28-Feb-97 98.08579394 97.732
3-Mar-97 97.31080504 98.1372
4-Mar-97 98.41289076 97.5173
5-Mar-97 99.10368559 98.8925
6-Mar-97 99.24163246 98.3582
7-Mar-97 99.43845178 98.9115
10-Mar-97 100.9661877 100.015
11-Mar-97 100.0239403 99.8339
12-Mar-97 99.12857311 99.0395
13-Mar-97 97.86849538 97.5152
14-Mar-97 98.69862712 97.9901
17-Mar-97 99.27057085 98.4048
18-Mar-97 98.6631504 97.7553
19-Mar-97 99.11712571 97.164
20-Mar-97 99.26367261 96.7736
21-Mar-97 100.2000289 96.8286
24-Mar-97 100.2055697 97.4972
25-Mar-97 100.0515207 97.3353
26-Mar-97 100.6742593 97.8907
27-Mar-97 98.82065092 95.9887
28-Mar-97 98.82065092 95.9887
31-Mar-97 98.21035283 94.0687
1-Apr-97 98.11152547 94.1819
2-Apr-97 97.78079916 93.1431
3-Apr-97 95.56568598 93.0374
4-Apr-97 95.82952035 94.1322
7-Apr-97 96.44068064 94.6262
8-Apr-97 96.70489183 94.9436
9-Apr-97 96.41367876 94.3226
10-Apr-97 94.63791494 94.0338
11-Apr-97 93.34834895 91.5469
14-Apr-97 93.69212553 92.3593
15-Apr-97 93.98030065 93.7651
16-Apr-97 93.91797467 95.1245
17-Apr-97 93.29080591 94.7204
18-Apr-97 94.32257805 95.4862
21-Apr-97 94.64813787 94.8494
22-Apr-97 95.1763111 96.6615
23-Apr-97 95.75659163 96.6033
24-Apr-97 95.5446998 96.3187
25-Apr-97 95.01947165 95.4936
28-Apr-97 94.76172278 96.2003
29-Apr-97 96.00205138 98.7031
30-Apr-97 96.91655417 99.6488
1-May-97 96.56329062 99.3061
2-May-97 98.22613177 100.961
5-May-97 99.72024523 103.304
</TABLE>
Page 1
<PAGE> 7
<TABLE>
<S> <C> <C>
6-May-97 100.2788566 102.776
7-May-97 99.54238894 101.534
8-May-97 100.8749673 102.095
9-May-97 101.9514125 102.606
12-May-97 103.5584436 104.256
13-May-97 102.0973781 103.784
14-May-97 102.4360745 103.984
15-May-97 102.5962754 104.918
16-May-97 102.1358282 103.402
19-May-97 103.3786753 103.939
20-May-97 103.2502104 104.854
21-May-97 103.623561 104.855
22-May-97 103.7419182 104.306
23-May-97 104.0885003 105.736
26-May-97 104.0885003 105.736
27-May-97 103.7801787 106.445
28-May-97 103.353533 106.058
29-May-97 103.4485179 105.662
30-May-97 104.4885514 105.839
2-Jun-97 105.0286669 105.686
3-Jun-97 106.2513682 105.276
4-Jun-97 106.1831845 104.559
</TABLE>
Page 2
<PAGE> 8
1 YEAR
<TABLE>
<CAPTION>
Composite SP.400
FI INDEX Group INDEX INDEX
03/06/96 03/06/96 03/06/96
DATE Values Values Values
<S> <C> <C> <C>
3-Jun-96 100 100 100
4-Jun-96 100.467 100.6489757 100.635
5-Jun-96 99.7664 100.5220276 101.375
6-Jun-96 100.701 98.69503013 100.511
7-Jun-96 101.402 99.47723707 100.829
10-Jun-96 101.869 98.45671735 100.696
11-Jun-96 100.935 98.0143096 100.504
12-Jun-96 101.636 98.02751654 100.3
13-Jun-96 101.869 97.27227841 100.036
14-Jun-96 102.57 96.90985619 99.6813
17-Jun-96 102.57 97.43117132 99.5759
18-Jun-96 103.037 97.19851107 98.9924
19-Jun-96 103.037 97.15217889 99.0513
20-Jun-96 103.037 97.63572066 99.1304
21-Jun-96 102.804 98.16084092 99.8958
24-Jun-96 101.869 98.6389208 100.139
25-Jun-96 102.336 98.71337329 99.9875
26-Jun-96 102.103 98.67927207 99.3048
27-Jun-96 102.336 98.93029508 99.7541
28-Jun-96 103.271 99.48908021 99.9297
1-Jul-96 103.738 99.92019009 100.666
2-Jul-96 103.505 100.5660037 100.328
3-Jul-96 103.271 100.6286573 100.107
4-Jul-96 103.271 100.6286573 100.107
5-Jul-96 103.271 99.43352727 98.0989
8-Jul-96 102.336 99.3781822 97.4916
9-Jul-98 102.103 100.1718407 97.7162
10-Jul-96 101.636 100.2186437 97.8505
11-Jul-96 99.5327 99.55169646 96.2531
12-Jul-96 99.0654 99.87616888 96.1903
15-Jul-96 98.8318 98.07830809 93.5665
16-Jul-96 98.3645 96.30544731 93.323
17-Jul-96 96.9626 96.1865064 94.2529
18-Jul-96 96.4953 96.80812376 95.6771
19-Jul-96 96.2617 96.48815792 94.997
22-Jul-96 96.4953 95.75381078 94.209
23-Jul-96 95.0935 95.23982453 93.0169
24-Jul-96 94.6262 94.19659305 92.9792
25-Jul-96 94.6262 94.1647761 93.6882
26-Jul-96 94.6262 94.04786405 94.4599
29-Jul-96 95.5607 93.74941824 93.6807
30-Jul-96 95.0935 93.04164678 94.3231
31-Jul-96 94.6262 93.43068244 95.1074
1-Aug-96 95.0935 93.63118128 96.5655
2-Aug-96 95.0935 94.34311552 98.257
5-Aug-96 98.028 94.74360909 98.0312
6-Aug-96 96.028 95.19101419 98.4365
7-Aug-96 95.7944 94.78809667 98.7226
8-Aug-96 95.0935 95.02697849 98.4151
9-Aug-96 94.3925 95.20697544 98.2282
12-Aug-96 91.8224 95.64768042 98.7477
</TABLE>
Page 1
<PAGE> 9
<TABLE>
<S> <C> <C> <C>
13-Aug-96 92.5234 95.52254948 97.9345
14-Aug-96 92.0561 95.63107094 98.2018
15-Aug-96 92.2897 95.77806258 98.2495
16-Aug-96 93.2243 96.46950835 98.5256
19-Aug-96 94.3925 97.06668347 98.6962
20-Aug-96 94.3925 97.20997846 98.5193
21-Aug-96 94.6262 96.55948602 98.4189
22-Aug-96 94.8598 96.71122754 99.2772
23-Aug-96 95.3271 96.03846163 98.8154
26-Aug-96 95.0935 95.52372134 98.3411
27-Aug-96 95.0935 96.18945664 98.7238
28-Aug-96 95.5607 95.95918825 98.5469
29-Aug-96 95.5607 95.0315708 97.4401
30-Aug-96 94.1589 94.78244763 96.6709
2-Sep-96 94.1589 94.78244763 96.6709
3-Sep-96 93.6916 96.93641543 97.1302
4-Sep-96 95.5607 96.23515943 97.3247
5-Sep-96 96.2617 95.72404896 96.4037
6-Sep-96 96.2617 96.60999159 97.3084
9-Sep-96 96.2617 97.44577712 98.4754
10-Sep-96 96.729 96.962607 98.5155
11-Sep-96 96.028 98.87027125 98.9761
12-Sep-96 96.2617 98.72578931 99.5395
13-Sep-96 97.4299 98.81758654 100.9
16-Sep-96 98.3645 98.73247508 101.452
17-Sep-96 97.8972 98.09834898 101.479
18-Sep-96 98.1308 98.37400417 101.335
19-Sep-96 98.1308 98.60060371 101.648
20-Sep-96 97.8972 99.21441302 102.227
23-Sep-96 97.8972 98.70166946 102.047
24-Sep-96 99.0654 98.79097492 101.895
25-Sep-96 98.8318 98.5829178 101.909
26-Sep-96 99.0654 98.60614596 101.796
27-Sep-96 98.5981 98.51884354 101.783
30-Sep-96 98.1308 99.40921026 101.999
1-Oct-96 97.8972 99.4542544 102.142
2-Oct-96 97.8972 100.4218476 102.869
3-Oct-96 97.6636 100.4562006 102.702
4-Oct-96 97.1963 102.1260991 103.875
7-Oct-96 97.1963 103.2230967 104.238
8-Oct-96 97.6636 102.9257471 103.818
9-Oct-96 97.4299 102.0483286 103.258
10-Oct-96 97.8972 102.2590802 102.999
11-Oct-96 97.6636 102.823265 103.909
14-Oct-96 98.1308 103.5895253 104.389
15-Oct-96 98.3645 103.537633 104.229
16-Oct-96 99.0654 103.5924042 104.588
17-Oct-96 100.701 103.7549702 104.829
18-Oct-96 101.402 104.9470553 105.349
21-Oct-96 101.869 104.6667837 105.056
22-Oct-96 101.402 104.2787658 104.629
23-Oct-96 101.168 104.0672784 104.679
24-Oct-96 101.402 102.7594482 103.865
25-Oct-96 100.935 102.7682133 103.55
28-Oct-96 100.467 101.8063079 102.984
29-Oct-96 98.5981 103.2427696 103.386
</TABLE>
Page 2
<PAGE> 10
<TABLE>
<CAPTION>
<S> <C> <C> <C>
30-Oct-96 98.3645 102.6657606 103.103
31-Oct-96 95.5607 101.8857894 103.732
1-Nov-96 95.7944 100.4034183 103.57
4-Nov-96 96.028 100.5072052 103.938
5-Nov-96 96.4953 100.3925603 104.972
6-Nov-96 96.4953 101.6697095 106.628
7-Nov-96 96.028 102.3182975 107.126
8-Nov-96 95.3271 102.7682932 107.677
11-Nov-96 95.7944 102.4634067 107.926
12-Nov-96 96.028 102.5681608 107.518
13-Nov-96 96.028 102.4099137 107.855
14-Nov-96 96.2617 103.6188613 108.504
15-Nov-96 96.4953 103.6773894 108.752
18-Nov-96 96.729 104.9771452 108.581
19-Nov-96 96.4953 105.8292049 109.257
20-Nov-96 96.9626 105.5416219 109.498
21-Nov-96 97.1963 105.881578 109.389
22-Nov-96 96.9626 107.7104481 110.242
25-Nov-96 96.4953 109.3019187 111.291
26-Nov-96 93.9252 108.4223089 111.173
27-Nov-96 89.486 108.4477966 110.989
28-Nov-96 89.486 108.4477966 110.989
29-Nov-96 88.3178 109.0480711 111.257
2-Dec-96 89.486 110.4267197 111.365
3-Dec-96 90.6542 109.9316255 110.211
4-Dec-96 91.1215 109.1866022 109.818
5-Dec-96 90.6542 110.1133857 109.844
6-Dec-96 90.8879 108.9670836 108.978
9-Dec-96 89.7196 109.0942861 110.605
10-Dec-96 89.486 108.3937451 110.203
11-Dec-96 89.0187 106.1696598 109.338
12-Dec-96 87.1495 105.2005986 107.813
13-Dec-96 87.6168 104.7067172 107.599
16-Dec-96 87.6168 105.1813002 106.37
17-Dec-96 88.3178 105.7907399 106.913
18-Dec-96 88.0841 106.7794555 107.932
19-Dec-96 88.3178 108.3173058 109.872
20-Dec-96 88.785 109.7906101 110.185
23-Dec-96 88.785 110.4541917 109.966
24-Dec-96 89.0187 110.4016327 110.577
25-Dec-96 89.0187 110.4016327 110.577
26-Dec-96 89.9533 110.9719884 111.307
27-Dec-96 90.1869 111.0686118 111.423
30-Dec-96 90.1869 110.9548531 110.906
31-Dec-96 90.1869 109.0984384 109.167
1-Jan-97 90.1869 109.0984384 109.167
2-Jan-97 90.1869 107.7886408 108.784
3-Jan-97 90.6542 108.4095524 110.459
6-Jan-97 90.8879 108.8999594 110.504
7-Jan-97 92.0561 109.7649176 111.421
8-Jan-97 93.9252 109.0895447 110.504
9-Jan-97 95.0935 112.839161 111.432
10-Jan-97 96.028 113.8453356 112.37
13-Jan-97 96.9626 112.6111073 112.309
14-Jan-97 97.4299 112.8473579 113.521
15-Jan-97 96.9626 113.5065331 113.154
</TABLE>
Page 3
<PAGE> 11
<TABLE>
<S> <C> <C> <C>
16-Jan-97 96.729 114.3669653 113.69
17-Jan-97 96.729 113.8854396 114.6
20-Jan-97 96.2617 113.8485456 114.597
21-Jan-97 96.729 113.7279755 115.508
22-Jan-97 96.729 112.8756885 115.791
23-Jan-97 96.028 113.4143923 114.474
24-Jan-97 94.8598 111.9468742 113.513
27-Jan-97 93.9252 111.1676613 112.704
28-Jan-97 92.2897 110.1334158 112.705
29-Jan-97 94.3925 111.1823253 113.802
30-Jan-97 95.7944 111.9061304 115.586
31-Jan-97 94.8598 111.1980543 115.82
3-Feb-97 96.2617 111.6329547 115.768
4-Feb-97 95.3271 112.2464413 116.068
5-Feb-97 95.7944 112.0976719 114.303
6-Feb-97 95.0935 111.2598024 114.522
7-Feb-97 93.9252 110.5740422 115.833
10-Feb-97 93.6916 108.7794695 115.076
11-Feb-97 93.6916 109.9040455 115.727
12-Feb-97 94.1589 111.0806239 117.819
13-Feb-97 94.1589 111.3685434 118.874
14-Feb-97 95.7944 110.6065915 118.233
17-Feb-97 95.7944 110.6065915 118.233
18-Feb-97 94.6262 110.061708 119.329
19-Feb-97 94.3925 109.1640417 118.8
20-Feb-97 93.9252 108.0034777 117.539
21-Feb-97 93.2243 109.2095229 117.341
24-Feb-97 93.6916 108.6566344 118.623
25-Feb-97 116.822 109.2737335 118.774
26-Feb-97 116.355 108.1028949 118.021
27-Feb-97 116.355 108.5005934 116.426
28-Feb-97 116.589 106.5621743 115.933
3-Mar-97 116.355 105.6888925 116.413
4-Mar-97 116.822 106.8945069 115.678
5-Mar-97 117.757 107.6705737 117.309
6-Mar-97 117.056 107.9009413 116.675
7-Mar-97 119.626 108.1107084 117.332
10-Mar-97 118.224 109.8535279 118.641
11-Mar-97 117.991 108.777052 118.426
12-Mar-97 118.224 107.8046289 117.484
13-Mar-97 117.991 106.3661321 115.675
14-Mar-97 117.991 107.3434122 116.239
17-Mar-97 117.991 107.9342941 116.731
18-Mar-97 120.093 107.2757002 115.96
19-Mar-97 119.159 107.7784991 115.259
20-Mar-97 119.86 107.9244225 114.796
21-Mar-97 120.561 108.9765537 114.861
24-Mar-97 120.561 109.0253202 115.654
25-Mar-97 121.963 108.865984 115.462
26-Mar-97 123.364 109.5478632 116.121
27-Mar-97 120.561 107.4919053 113.865
28-Mar-97 120.561 107.4919053 113.865
31-Mar-97 118.692 106.8842851 111.587
1-Apr-97 119.159 106.8386974 111.721
2-Apr-97 118.692 106.5292437 110.489
3-Apr-97 118.692 104.1027958 110.364
</TABLE>
Page 4
<PAGE> 12
<TABLE>
<S> <C> <C> <C>
4-Apr-97 118.692 104.3575529 111.662
7-Apr-97 118.692 105.0056493 112.248
8-Apr-97 119.626 105.3003603 112.625
9-Apr-97 119.393 105.0164863 111.888
10-Apr-97 119.159 103.0479509 111.546
11-Apr-97 121.495 101.5873035 108.596
14-Apr-97 121.262 101.9277677 109.559
15-Apr-97 121.262 102.2918972 111.227
16-Apr-97 121.028 102.2066772 112.839
17-Apr-97 121.028 101.5308251 112.36
18-Apr-97 121.028 102.6974311 113.269
21-Apr-97 121.262 103.0218315 112.513
22-Apr-97 121.028 103.6749719 114.663
23-Apr-97 121.028 104.3120793 114.594
24-Apr-97 121.028 104.0003864 114.256
25-Apr-97 121.028 103.3040893 113.277
28-Apr-97 121.028 102.984416 114.116
29-Apr-97 121.262 104.3417358 117.085
30-Apr-97 120.561 105.4185205 118.206
1-May-97 121.495 104.9743229 117.8
2-May-97 121.495 106.8276364 119.762
5-May-97 121.963 108.3997567 122.542
6-May-97 121.495 108.9417529 121.916
7-May-97 121.495 108.1805118 120.442
8-May-97 121.963 109.6578438 121.108
9-May-97 121.495 110.8419323 121.715
12-May-97 122.196 112.682621 123.671
13-May-97 122.196 111.0854654 123.111
14-May-97 121.963 111.3952094 123.349
15-May-97 121.963 111.5738838 124.457
16-May-97 121.729 111.125427 122.658
19-May-97 121.262 112.4975107 123.296
20-May-97 121.495 112.3808506 124.381
21-May-97 122.897 112.7726355 124.383
22-May-97 123.364 112.8281863 123.731
23-May-97 123.832 113.2128747 125.427
26-May-97 123.832 113.2128747 125.427
27-May-97 122.664 112.8852654 126.269
28-May-97 124.065 112.3957592 125.809
29-May-97 124.065 112.4984103 125.339
30-May-97 123.249 113.7120974 125.55
2-Jun-97 124.299 114.3200471 125.368
</TABLE>
Page 5
<PAGE> 13
3 YEAR
<TABLE>
<CAPTION>
Composite SP.400
FI INDEX Group INDEX INDEX
03/06/94 03/06/94 03/06/94
DATE Values Values Values
<S> <C> <C> <C>
8-Apr-94
15-Apr-94
22-Apr-94
29-Apr-94
6-May-94
13-May-94
20-May-94
27-May-94
3-Jun-94 100 100 100
10-Jun-94 99.3266 100.4945914 99.3
17-Jun-94 99.6633 102.1403766 99.4923
24-Jun-94 100 98.7753505 96.1977
1-Jul-94 105.051 99.10747694 96.81
8-Jul-94 106.734 100.9443875 97.6779
15-Jul-94 105.357 103.0197861 98.7382
22-Jul-94 102.357 103.0981657 98.6486
29-Jul-94 103.03 102.8010305 99.6939
5-Aug-94 103.367 102.1695334 99.3374
12-Aug-94 103.367 103.0173063 100.498
19-Aug-94 102.02 101.4419904 101.34
26-Aug-94 102.694 103.0222598 103.823
2-Sep-94 102.19 102.9794372 103.274
9-Sep-94 101.684 103.8777856 103.028
16-Sep-94 103.03 102.738025 103.974
23-Sep-94 102.19 101.3048619 101.51
30-Sep-94 102.694 102.8004775 102.324
7-Oct-94 102.19 102.9643852 100.713
14-Oct-94 103.03 103.4273292 103.944
21-Oct-94 102.694 103.8316337 103.19
28-Oct-94 100.673 109.5608283 105.088
4-Nov-94 95.6229 106.3012551 102.561
11-Nov-94 94.2761 104.6389761 102.826
18-Nov-94 94.2761 103.2782741 103.041
25-Nov-94 87.5421 100.9297251 100.276
2-Dec-94 88.5522 100.4650943 100.579
9-Dec-94 88.8889 97.55467005 98.9827
16-Dec-94 90.9091 99.63206903 101.654
23-Dec-94 90.9091 99.52891168 102.229
30-Dec-94 92.0889 99.33799798 102.199
6-Jan-95 92.5926 99.44039696 102.186
13-Jan-95 92.9293 98.0889232 103.351
20-Jan-95 95.6229 99.6187146 103.08
27-Jan-95 100.337 100.7478583 103.539
3-Feb-95 100.843 98.90883693 105.256
10-Feb-95 99.6633 99.24423122 106.22
17-Feb-95 103.704 99.58100494 106.397
24-Feb-95 103.873 101.8544541 107.577
3-Mar-95 104.714 102.1920474 107.364
10-Mar-95 104.377 103.4289799 108.579
17-Mar-95 105.387 101.6930904 110.016
24-Mar-95 105.387 103.6373974 111.422
</TABLE>
Page 1
<PAGE> 14
<TABLE>
<S> <C> <C> <C>
31-Mar-95 110.607 106.5801617 111.379
7-Apr-95 109.764 105.2154895 112.066
14-Apr-95 110.438 105.0845996 112.893
21-Apr-95 115.152 109.2452094 112.887
28-Apr-95 119.865 108.9423397 114.379
5-May-95 119.362 110.8547133 115.422
12-May-95 118.015 111.1313827 116.592
19-May-95 114.141 110.0641403 115.357
26-May-95 110.774 110.5818359 116.187
2-Jun-95 113.805 110.6343517 117.673
9-Jun-95 116.498 109.1924333 117.367
16-Jun-95 120.202 109.0434486 120.072
23-Jun-95 124.579 107.0372188 122.155
30-Jun-95 125.589 106.6224647 121.266
7-Jul-95 127.609 107.8242538 123.853
14-Jul-95 132.997 108.7593537 125.024
21-Jul-95 136.364 108.138599 123.476
28-Jul-95 135.017 108.5289747 125.405
4-Aug-95 132.323 108.8002606 124.197
11-Aug-95 132.997 105.9762814 123.402
18-Aug-95 131.313 104.54152 124.085
25-Aug-95 125.589 104.9870285 123.822
1-Sep-95 123.232 107.2951154 124.298
8-Sep-95 131.987 107.4314923 126.399
15-Sep-95 131.313 109.7668235 128.18
22-Sep-95 130.976 106.9960668 128.175
29-Sep-95 130.303 104.609073 128.147
6-Oct-95 128.956 102.660074 127.389
13-Oct-95 123.906 102.6783359 127.407
20-Oct-95 122.559 103.0085474 128.471
27-Oct-95 120.539 100.7216733 127.077
3-Nov-95 119.529 102.6564187 129.453
10-Nov-95 120.202 102.7600309 130.039
17-Nov-95 121.886 107.1884847 131.777
24-Nov-95 123.232 106.3941039 131.766
1-Dec-95 129.966 106.7611668 132.938
8-Dec-95 133.333 107.6027863 135.585
15-Dec-95 136.027 108.5389038 135.202
22-Dec-95 135.017 109.1376973 134.105
29-Dec-95 136.027 109.7132706 134.618
5-Jan-96 138.047 112.1401886 135.018
12-Jan-96 138.047 108.2000565 131.62
19-Jan-96 138.721 107.7435551 133.661
26-Jan-96 131.313 109.3537881 136.223
2-Feb-96 128.62 111.1732459 139.427
9-Feb-96 128.62 111.6983365 143.595
16-Feb-96 131.313 113.2875489 142.113
23-Feb-96 130.303 113.3962121 144.871
1-Mar-96 129.63 111.0135212 141.237
8-Mar-96 128.62 109.8452074 139.651
15-Mar-96 129.293 115.4915405 142.26
22-Mar-96 127.946 116.5855238 143.479
29-Mar-96 130.303 118.1037485 142.198
5-Apr-96 138.721 119.7868984 144.661
12-Apr-96 135.354 118.4611436 140.92
19-Apr-96 136.027 119.314496 142.727
</TABLE>
Page 2
<PAGE> 15
<TABLE>
<S> <C> <C> <C>
26-Apr-96 141.077 122.1802603 144.808
3-May-96 139.731 119.031426 142.686
10-May-96 142.088 119.5388107 144.267
17-May-96 143.434 121.3566699 148.616
24-May-96 146.465 123.8097719 150.695
31-May-96 143.434 120.6705179 149.01
7-Jun-96 146.128 119.2890791 149.988
14-Jun-96 147.811 116.1809137 148.28
21-Jun-96 148.148 117.6973903 148.599
28-Jun-96 148.822 119.2212867 148.65
5-Jul-96 148.822 119.2208681 145.926
12-Jul-96 142.761 119.7777422 143.087
19-Jul-96 138.721 115.7765414 141.312
26-Jul-96 136.364 112.8679481 140.513
2-Aug-96 137.037 113.2010542 146.161
9-Aug-96 136.027 114.2594342 146.118
16-Aug-96 134.343 115.7301731 146.561
23-Aug-96 137.374 115.313194 146.992
30-Aug-96 135.69 113.8154761 143.729
6-Sep-96 138.721 115.9878475 144.75
13-Sep-96 140.404 118.5735029 150.092
20-Sep-96 141.077 119.040208 152.067
27-Sep-96 142.088 118.1931116 151.406
4-Oct-96 140.067 122.5426409 154.518
11-Oct-96 140.741 123.285023 154.569
18-Oct-96 146.128 125.9098416 156.711
25-Oct-96 145.455 123.4014541 154.035
1-Nov-96 138.047 120.5267484 154.065
8-Nov-96 137.374 123.4419205 160.174
15-Nov-96 139.057 124.5125818 161.774
22-Nov-96 139.731 129.2908709 163.989
29-Nov-96 127.273 130.8067633 165.499
6-Dec-96 130.976 130.726107 162.11
13-Dec-96 126.263 125.6361711 160.058
20-Dec-96 127.946 131.6886291 163.905
27-Dec-96 129.966 133.2788754 165.746
3-Jan-97 130.64 130.2719149 164.312
10-Jan-97 138.384 136.9098033 167.155
17-Jan-97 139.394 136.9203606 170.472
24-Jan-97 136.7 134.597589 168.856
31-Jan-97 136.7 133.651279 172.286
7-Feb-97 135.354 132.83331 172.307
14-Feb-97 138.047 132.9131524 175.876
21-Feb-97 134.343 131.2790685 174.528
28-Feb-97 168.013 128.1028595 172.475
7-Mar-97 172.391 129.9638344 174.536
14-Mar-97 170.034 129.0117543 172.91
21-Mar-97 173.737 131.0013083 170.86
28-Mar-97 173.737 129.2297234 169.378
4-Apr-97 171.044 125.3450029 166.102
11-Apr-97 175.084 122.0141778 161.54
18-Apr-97 174.411 123.3318251 168.492
25-Apr-97 174.411 124.0177012 168.505
2-May-97 175.084 128.2130912 178.151
9-May-97 175.084 132.9953024 181.056
16-May-97 175.421 133.3574778 182.459
</TABLE>
Page 3
<PAGE> 16
<TABLE>
<S> <C> <C> <C>
23-May-97 178.451 135.8575218 186.577
30-May-97 177.611 136.4866957 186.76
</TABLE>
Page 4
<PAGE> 17
5 YEAR
<TABLE>
<CAPTION>
Composite SP.400
FI INDEX Group INDEX INDEX
31/05/92 31/05/92 31/05/92
DATE Values Values Values
<S> <C> <C> <C>
31-Jan-92
29-Feb-92
31-Mar-92
30-Apr-92
31-May-92 100 100 100
30-Jun-92 99.4978 92.23022213 97.5308
31-Jul-92 98.1623 96.01924574 101.145
31-Aug-92 90.4829 96.0697462 98.9441
30-Sep-92 89.4813 95.26179612 99.5979
31-Oct-92 84.473 92.30089359 99.6528
30-Nov-92 83.8052 90.61920428 102.719
31-Dec-92 80.4664 92.60041395 103.044
31-Jan-93 81.8019 95.95192141 103.267
28-Feb-93 86.1424 99.22220975 103.405
31-Mar-93 89.3157 102.6299573 105.121
30-Apr-93 85.8085 104.0310513 102.483
31-May-93 85.1408 104.9663268 105.72
30-Jun-93 81.8019 98.91796379 104.425
31-Jul-93 81.8019 103.159646 102.94
31-Aug-93 84.473 109.3336214 106.498
30-Sep-93 92.8201 108.9758089 104.924
31-Oct-93 93.4879 106.631093 108.736
30-Nov-93 92.3206 99.99957216 108.376
31-Dec-93 91.8185 98.87528 109.69
31-Jan-94 91.4846 103.6979611 113.345
28-Feb-94 94.1557 101.9722727 111.01
31-Mar-94 93.4879 97.94403026 105.826
30-Apr-94 94.9917 103.9476493 106.605
31-May-94 99.4978 103.6683631 108.049
30-Jun-94 101.669 101.6625794 104.859
31-Jul-94 102.169 106.2617229 108.451
31-Aug-94 101.336 108.102024 113.345
30-Sep-94 101.835 106.2495837 111.312
31-Oct-94 97.8284 113.5281114 113.993
30-Nov-94 87.8118 104.9132495 109.582
31-Dec-94 91.319 102.8579454 111.176
31-Jan-95 99.6661 101.9831285 112.59
28-Feb-95 101.835 105.1809432 116.947
31-Mar-95 109.683 110.2322617 121.163
30-Apr-95 118.863 112.3319569 124.426
31-May-95 110.516 115.7684262 128.501
30-Jun-95 124.539 109.6325713 131.919
31-Jul-95 132.552 112.365958 136.195
31-Aug-95 123.538 108.3198648 134.776
30-Sep-95 129.214 107.4716191 139.403
31-Oct-95 119.197 105.2082292 138.89
30-Nov-95 130.215 109.1317865 144.49
31-Dec-95 134.89 113.2231029 146.443
31-Jan-96 126.543 113.3022918 151.282
29-Feb-96 128.546 113.9742575 152.972
31-Mar-96 129.214 121.9657714 154.69
</TABLE>
Page 1
<PAGE> 18
<TABLE>
<S> <C> <C> <C>
30-Apr-96 138.896 125.2048543 157.778
31-May-96 142.235 124.4932119 162.099
30-Jun-96 147.577 123.3832669 161.707
31-Jul-96 135.224 115.6817398 153.904
31-Aug-96 134.556 117.5325944 156.355
30-Sep-96 140.232 123.3346924 165.056
31-Oct-96 136.559 126.3443636 167.86
30-Nov-96 126.209 135.5250529 180.037
31-Dec-96 128.88 135.5453422 176.654
31-Jan-97 135.557 137.6797569 187.421
28-Feb-97 166.609 131.5901858 187.626
31-Mar-97 169.614 131.6888585 180.571
30-Apr-97 172.285 129.7498627 191.283
31-May-97 176.126 139.9042632 203.166
</TABLE>
Page 2
<PAGE> 19
FINA
Indexed Stock Price History
E+P Composite:
Barrett Resources
Belco Oil & Gas
Cabot 0i1 & Gas
Cross Timbers Oil
Devon Energy
Forcenergy Inc.
Montery Resources
Newfield Exploration
Pogo Producing
United Meridian
Vintage Petroleum
R+M Composite:
Ashland Inc.
Sun Company
Tosco Corporation
Total Petroleum
Ultramar Diamond
Valero Energy
Chemicals Composite:
Dow Chemical
Geon Company
Georgia Gulf
Lyondell Petrochemical
Millennium Chemicals
Union Carbide
Methanex Corporation
Wellman Inc.
- ------------------------------------- ---------------------------------------
Since Offer One Year
- ------------------------------------- ---------------------------------------
[PLOT POINTS NEXT PAGE] [PLOT POINTS NEXT PAGE]
- ------------------------------------- ---------------------------------------
Three Year Five Year
- ------------------------------------- ---------------------------------------
[PLOT POINTS NEXT PAGE] [PLOT POINTS NEXT PAGE]
<PAGE> 20
SINCE OFFER
<TABLE>
<CAPTION>
Chemicals
E+P Composite R+M Composite Composite
INDEX 24/02/97 INDEX 24/02/97 INDEX 24/02/97
DATE CAT Values Values Values
<S> <C> <C> <C> <C>
24-Feb-97 1 100 100 100
25-Feb-97 2 97.48792751 101.5676823 99.55808751
26-Feb-97 3 96.47422163 101.5095077 99.67977218
27-Feb-97 4 96.10154792 99.33761483 99.56669333
28-Feb-97 5 94.94050013 97.91574092 99.32212459
3-Mar-97 6 93.63338505 97.93815288 99.78495335
4-Mar-97 7 96.00413231 97.66505649 99.3523545
5-Mar-97 8 96.93959346 99.11916239 99.39094846
6-Mar-97 9 97.93708716 99.50692924 99.34261542
7-Mar-97 10 98.2755037 99.39861686 99.69426106
10-Mar-97 11 98.84445368 100.2740436 100.8640426
11-Mar-97 12 98.29034259 99.84094107 101.529235
12-Mar-97 13 97.12344502 99.92311327 101.0433712
13-Mar-97 14 96.81972839 100.0113038 99.23634728
14-Mar-97 15 96.93804049 100.0938505 99.82966591
17-Mar-97 16 96.09094265 101.3822468 99.50414178
18-Mar-97 17 95.63200055 99.76584598 98.38227148
19-Mar-97 18 95.01368642 99.67216762 97.94410801
20-Mar-97 19 94.70954887 100.6640895 97.75933345
21-Mar-97 20 94.95275806 100.8980215 96.97992386
24-Mar-97 21 93.95732354 101.4295544 96.65104782
25-Mar-97 22 94.43112865 102.5241241 96.68563483
26-Mar-97 23 96.12076992 103.8612591 96.87791999
27-Mar-97 24 95.16991668 102.9542293 95.77393216
28-Mar-97 25 95.16991668 102.9542293 95.77393216
31-Mar-97 26 93.77565876 101.0705417 96.29973915
1-Apr-97 27 94.97034222 101.2965095 95.28625676
2-Apr-97 28 94.58817389 100.8255414 94.19661388
3-Apr-97 29 92.0650118 99.97792251 93.2104493
4-Apr-97 30 91.28129106 101.5144836 92.67669789
7-Apr-97 31 91.75187814 102.2508178 92.74558121
8-Apr-97 32 92.2155511 101.5512092 92.2665782
9-Apr-97 33 93.53948903 101.8508757 92.0959473
10-Apr-97 34 91.67255332 100.1772371 93.02419821
11-Apr-97 35 89.27534317 99.37528452 91.77000336
14-Apr-97 36 88.85550622 100.8246416 92.05454999
15-Apr-97 37 89.21926906 100.8689297 93.83190501
16-Apr-97 38 89.5339525 98.12056591 94.13124854
17-Apr-97 39 88.77509948 98.21535709 94.00121015
18-Apr-97 40 89.89847391 99.05513419 93.58384251
21-Apr-97 41 91.09076911 98.47221508 93.00419179
22-Apr-97 42 93.64651747 99.19663124 93.50397832
23-Apr-97 43 94.80282533 99.85717285 92.67708344
24-Apr-97 44 95.36846958 99.9178191 92.91148945
25-Apr-97 45 94.71665822 99.62529762 91.95586191
28-Apr-97 46 93.2484774 99.49998138 93.80616172
29-Apr-97 47 94.5243949 101.9816617 94.51607548
30-Apr-97 48 95.25503612 102.6788331 95.38950348
1-May-97 49 95.76034832 102.0606333 95.66053962
2-May-97 50 99.70470242 103.265393 95.97612265
5-Mar-97 51 101.1664352 104.1458756 97.2223463
</TABLE>
Page 1
<PAGE> 21
<TABLE>
<S> <C> <C> <C> <C>
6-May-97 52 101.5456971 104.1887102 98.42775866
7-May-97 53 101.5269684 104.0501434 97.55730749
8-May-97 54 103.3866866 105.287657 97.88021651
9-May-97 55 104.4994148 106.684921 97.75102946
12-May-97 56 106.9402509 107.1014961 99.3096275
13-May-97 57 104.9809005 105.5702892 98.81984169
14-May-97 58 104.7596629 105.2191294 99.43345041
15-May-97 59 104.1212018 104.9420553 99.01812117
16-May-97 60 104.3754523 104.4098376 98.14466548
19-May-97 61 105.4068069 105.2114171 97.7527673
20-May-97 62 105.6290583 105.272752 98.29167881
21-May-97 63 105.8933195 105.3241518 97.13391753
22-May-97 64 106.3261563 106.1893321 96.88716329
23-May-97 65 106.7761712 106.5628831 97.63014007
26-May-97 66 106.7761712 106.5628831 97.63014007
27-May-97 67 106.5235077 107.0470858 97.75789098
28-May-97 68 106.834224 107.617555 97.54708079
29-May-97 69 107.4679687 107.8239105 97.87615514
30-May-97 70 107.9118406 108.75563 98.66033954
2-Jun-97 71 109.8161919 108.9898459 99.42281715
3-Jun-97 72 109.9841209 109.1703364 99.21121972
4-Jun-97 73 109.2890333 108.7807087 98.64715138
</TABLE>
Page 2
<PAGE> 22
1 YEAR
<TABLE>
<CAPTION>
Chemicals
FI INDEX E+P Composite R+M Composite Composite
03/06/96 INDEX 03/06/96 INDEX 03/06/96 INDEX 03/06/96
DATE CAT Values Values Values Values
<S> <C> <C> <C> <C> <C>
3-Jun-96 43 100 100 100 100
4-Jun-96 44 100.467 100.5596159 100.4881875 100.1716001
5-Jun-96 45 99.7664 100.1219659 100.5549876 99.31516895
6-Jun-96 46 100.701 99.34602963 99.48596093 98.146016
7-Jun-96 47 101.402 98.90562509 98.7614207 98.02779338
10-Jun-96 48 101.869 98.59058647 98.19248618 97.44068987
11-Jun-96 49 100.935 98.15722684 97.96819923 97.42929517
12-Jun-96 50 101.636 98.28672633 98.43140257 97.68498118
13-Jun-96 51 101.869 97.94163536 98.27795281 97.46006131
14-Jun-96 52 102.57 98.24826724 97.91099281 96.64046983
17-Jun-96 53 102.57 98.49361519 97.8891866 96.19459483
18-Jun-96 54 103.037 98.91667786 97.24372732 96.14836319
19-Jun-96 55 103.037 99.7771329 96.97297241 95.42421095
20-Jun-96 56 103.037 99.67683294 97.2539821 95.5997068
21-Jun-96 57 102.804 100.5608697 96.71237312 95.8540239
24-Jun-96 58 101.869 102.1003421 97.79322751 95.88687966
25-Jun-96 59 102.336 102.4837644 97.45310132 95.29031724
26-Jun-96 60 102.103 104.4008842 97.07079024 94.16726733
27-Jun-96 61 102.336 107.3529722 96.68195533 93.18235466
28-Jun-96 62 103.271 110.3997202 95.51550446 93.48948135
1-Jul-96 63 103.738 111.1532749 96.57947191 94.48862822
2-Jul-96 64 103.505 110.6766463 96.50930225 94.56112716
3-Jul-96 65 103.271 110.8168239 96.56161093 94.39599376
4-Jul-96 66 103.271 110.8168239 96.56161093 94.46742233
5-Jul-96 67 103.271 109.498945 95.4827367 93.34779812
8-Jul-96 68 102.336 109.7556473 95.6429948 93.439001
9-Jul-96 69 102.103 112.2194324 95.78384863 93.66418712
10-Jul-96 70 101.636 114.3732703 94.68075833 92.89147168
11-Jul-96 71 99.5327 113.6667376 93.79969056 91.72575596
12-Jul-96 72 99.0654 114.4123751 94.44028342 91.60803773
15-Jul-96 73 98.8318 113.7549295 93.70782005 89.89320406
16-Jul-96 74 98.3645 109.4759529 90.13162544 90.26808501
17-Jul-96 75 96.9626 111.1090411 90.79845316 89.50246256
18-Jul-96 76 96.4953 111.2166426 91.70535667 89.55182687
19-Jul-96 77 96.2617 110.6862886 90.93259832 89.82052276
22-Jul-96 78 96.4953 107.7920099 90.62831653 88.77809477
23-Jul-96 79 95.0935 105.7891766 89.75563032 87.41080085
24-Jul-96 80 94.6262 103.9554297 89.26651348 87.28893667
25-Jul-96 81 94.6262 105.621688 88.87628137 88.143029
26-Jul-96 82 94.6262 106.1597791 88.34772812 90.15368113
29-Jul-96 83 95.5607 106.6955167 88.43012491 90.13665225
30-Jul-96 84 95.0935 103.4018958 87.99121453 91.1885886
31-Jul-96 85 94.6262 102.633281 88.20361973 91.71746089
1-Aug-96 86 95.0935 104.1283604 88.07890744 91.64119834
2-Aug-96 87 95.0935 104.1753533 88.50348759 92.62884356
5-Aug-96 88 96.028 102.5011685 88.50839993 92.49807845
6-Aug-96 89 96.028 102.4756443 89.16747537 92.68608206
7-Aug-96 90 95.7944 102.8919534 89.75393277 93.17941842
8-Aug-96 91 95.0935 102.5044257 89.58177054 93.54263488
9-Aug-96 92 94.3925 102.5243412 90.12614284 94.15372656
12-Aug-96 93 91.8224 102.9727733 89.09560187 94.422574
</TABLE>
Page 1
<PAGE> 23
<TABLE>
<S> <C> <C> <C> <C> <C>
13-Aug-96 94 92.5234 102.0396661 89.23146647 94.16412067
14-Aug-96 95 92.0561 102.7633635 89.67318609 94.13681566
15-Aug-96 96 92.2897 104.6017487 90.29569551 94.35636523
16-Aug-96 97 93.2243 105.4862061 90.52579283 95.18753441
19-Aug-96 98 94.3925 107.7656989 91.05829056 95.24221673
20-Aug-96 99 94.3925 109.283157 91.50583605 95.65363959
21-Aug-96 100 94.6262 110.33491 90.23227932 94.8261426
22-Aug-96 101 94.8598 109.8826152 90.37139067 95.42217738
23-Aug-96 102 95.3271 110.2359327 89.61178064 95.14636049
26-Aug-96 103 95.0935 110.7061866 88.74899601 93.84869543
27-Aug-96 104 95.0935 111.4744869 88.13446878 94.17322304
28-Aug-96 105 95.5607 111.3091064 88.10141791 94.49249709
29-Aug-96 106 95.5607 110.1336653 87.88928122 94.02696664
30-Aug-96 107 94.1589 109.8231659 87.46410226 93.88770977
2-Sep-96 108 94.1589 109.8231659 87.46410226 93.88770977
3-Sep-96 109 93.6916 112.0811954 88.43481265 93.54461259
4-Sep-96 110 95.5607 110.6165761 87.64589678 93.71917099
5-Sep-96 111 96.2617 110.4011856 87.22132318 93.34139751
6-Sep-96 112 96.2617 109.9735563 88.31533407 94.07189802
9-Sep-96 113 96.2617 110.9693326 88.96641159 94.61198242
10-Sep-96 114 96.729 113.1884323 88.53842337 94.62845098
11-Sep-96 115 96.028 116.0361178 89.10063425 94.46288552
12-Sep-96 116 96.2617 114.9972726 89.48765786 94.6941977
13-Sep-96 117 97.4299 115.0684945 89.32968015 95.09076132
16-Sep-96 118 98.3645 115.7309358 89.78821676 95.15490387
17-Sep-96 119 97.8972 115.4024111 89.94002321 94.7528424
18-Sep-96 120 98.1308 115.4558337 89.98799558 94.48709141
19-Sep-96 121 98.1308 114.4100769 90.8378775 93.49990474
20-Sep-96 122 97.8972 114.3936719 91.16142465 93.78043822
23-Sep-96 123 97.8972 114.3463587 90.86162562 93.18132596
24-Sep-96 124 99.0654 115.5366712 90.4168203 93.06975055
25-Sep-96 125 98.8318 116.7851898 91.29883203 93.90092264
26-Sep-96 126 99.0654 117.1723799 91.08251255 94.32104772
27-Sep-96 127 98.5981 117.6451458 91.51060785 95.19980736
30-Sep-96 128 98.1308 117.7287554 91.17669872 94.91286488
1-Oct-96 129 97.8972 117.2840398 91.09017186 93.95420834
2-Oct-96 130 97.8972 118.0765372 91.10106383 92.98832271
3-Oct-96 131 97.6636 118.104797 91.2631487 93.69679586
4-Oct-96 132 97.1963 118.0943471 91.81624846 94.10832679
7-Oct-96 133 97.1963 118.5854784 92.87960224 93.64262833
8-Oct-96 134 97.6636 117.6178041 94.20239756 92.82725241
9-Oct-96 135 97.4299 117.6886912 94.25816816 91.90837817
10-Oct-96 136 97.8972 117.8367408 95.45582966 92.273637
11-Oct-96 137 97.6636 117.8296771 95.26601172 92.63685269
14-Oct-96 138 98.1308 119.1668288 95.45957469 92.19008847
15-Oct-96 139 98.3645 119.1267293 94.67088217 92.58115523
16-Oct-96 140 99.0654 120.3622845 94.02887752 93.02727904
17-Oct-96 141 100.701 124.2614606 93.63624162 93.12405389
18-Oct-96 142 101.402 126.2548274 94.83197715 92.68764775
21-Oct-96 143 101.869 126.1874904 94.18132921 91.6596456
22-Oct-96 144 101.402 125.2020571 92.61118183 90.62882958
23-Oct-96 145 101.168 125.6918788 95.89512319 90.23231006
24-Oct-96 146 101.402 127.0271189 94.67048141 90.73446218
25-Oct-96 147 100.935 127.2694892 94.38434497 90.16898186
28-Oct-96 148 100.467 127.2019782 93.24428767 89.13562651
29-Oct-96 149 98.5981 126.8167739 92.74682098 88.49825744
</TABLE>
Page 2
<PAGE> 24
<TABLE>
<S> <C> <C> <C> <C> <C>
30-Oct-96 150 98.3645 126.8195737 92.34432471 87.64787353
31-Oct-96 151 95.5607 127.5377728 93.15100831 87.97748299
1-Nov-96 152 95.7944 125.3605686 92.001918 87.92254532
4-Nov-96 153 96.028 125.7429166 92.50930225 87.89707143
5-Nov-96 154 96.4953 126.6110504 92.27367904 88.16699019
6-Nov-96 155 96.4953 126.7173791 92.16032655 88.67269816
7-Nov-96 156 96.028 127.2106397 92.36062608 88.53476646
8-Nov-96 157 95.3271 127.340394 92.37495631 88.5772355
11-Nov-96 158 95.7944 129.1457462 93.49486359 89.5212389
12-Nov-96 159 96.028 127.9077295 94.13328427 90.69478628
13-Nov-96 160 96.028 126.9777169 95.35292899 91.81683777
14-Nov-96 161 96.2617 123.784271 95.90071727 91.94238428
15-Nov-96 162 96.4953 124.0729287 96.78142244 92.00445387
18-Nov-96 163 96.729 125.542487 103.014024 92.65613767
19-Nov-96 164 96.4953 127.7612164 102.8550775 92.78208135
20-Nov-96 165 96.9626 129.7514499 107.4429875 93.19598685
21-Nov-96 166 97.1963 129.9467173 105.6693321 92.713259
22-Nov-96 167 96.9626 132.6554293 110.4939159 92.52576157
25-Nov-96 168 96.4953 134.444872 111.8824441 92.99119126
26-Nov-96 169 93.9252 134.4777676 111.7333847 92.31530803
27-Nov-96 170 89.486 134.1138167 111.8559475 92.21677998
28-Nov-96 171 89.486 134.1138167 111.8559475 92.46677998
29-Nov-96 172 88.3178 134.0284112 112.7608477 92.60503849
2-Dec-96 173 89.486 134.2189133 113.2947352 92.37289484
3-Dec-96 174 90.6542 135.6446526 112.9051321 92.76435919
4-Dec-96 175 91.1215 135.0354629 110.3154212 91.6675606
5-Dec-96 176 90.6542 137.1675287 110.5244817 91.73196523
6-Dec-96 177 90.8879 135.4460324 110.0492282 91.25454808
9-Dec-96 178 89.7196 135.6090276 111.2622779 91.26535832
10-Dec-96 179 89.486 133.3641157 110.1956414 91.54822675
11-Dec-96 180 89.0187 128.6550311 108.9457423 89.77327759
12-Dec-96 181 87.1495 127.1366658 108.0843367 89.58432909
13-Dec-96 182 87.6168 128.7203087 106.9197526 89.08125713
16-Dec-96 183 87.6168 130.7123145 105.1097844 87.25610752
17-Dec-96 184 88.3178 132.0194068 103.7759806 86.75023955
18-Dec-96 185 88.0841 133.495998 104.4307235 86.24664528
19-Dec-96 186 88.3178 135.4381555 105.4253395 87.06293071
20-Dec-96 187 88.785 136.35159 105.900143 87.92562512
23-Dec-96 188 88.785 135.6695224 106.9276546 87.6281109
24-Dec-96 189 89.0187 136.3184287 106.31472 87.4412215
25-Dec-96 190 89.0187 136.3184287 106.31472 87.4412215
26-Dec-96 191 89.9533 136.5761929 106.9802322 87.46737675
27-Dec-96 192 90.1869 136.9409865 108.1320054 87.42174738
30-Dec-96 193 90.1869 137.5124017 107.1765743 87.37147676
31-Dec-96 194 90.1869 138.5274502 107.692329 87.67767114
1-Jan-97 195 90.1869 138.5274502 107.692329 87.67767114
2-Jan-97 196 90.1869 136.0445232 107.7028271 87.71089
3-Jan-97 197 90.6542 136.3632136 107.5903091 89.23103684
6-Jan-97 198 90.8879 137.6096026 109.2474191 90.07935131
7-Jan-97 199 92.0561 137.4047543 109.9855511 90.69861428
8-Jan-97 200 93.9252 135.9274518 111.9958943 89.54858621
9-Jan-97 201 95.0935 139.8298142 114.3798882 89.81124505
10-Jan-97 202 96.028 141.4245846 113.0121828 91.27322615
13-Jan-97 203 96.9626 142.660733 112.3032636 92.71688497
14-Jan-97 204 97.4299 142.314917 112.277993 93.61754519
15-Jan-97 205 96.9626 142.944892 112.6192777 93.28612204
</TABLE>
Page 3
<PAGE> 25
<TABLE>
<S> <C> <C> <C> <C> <C>
16-Jan-97 206 96.729 142.0226251 112.5882311 93.76237668
17-Jan-97 207 96.729 140.8667663 112.6340211 93.83576256
20-Jan-97 208 96.2617 139.6437171 114.3207947 93.8042719
21-Jan-97 209 96.729 136.4541492 114.6159112 93.32319295
22-Jan-97 210 96.729 131.2541933 114.7119078 92.65076411
23-Jan-97 211 96.028 131.7464123 114.1012316 92.46093087
24-Jan-97 212 94.8598 130.9381458 112.3941337 92.64881323
27-Jan-97 213 93.9252 129.6519408 111.2795547 92.0926681
28-Jan-97 214 92.2897 129.6590614 111.6047873 92.35543364
29-Jan-97 215 94.3925 131.0603346 112.7270686 92.05515286
30-Jan-97 216 95.7944 131.6081121 114.1601709 91.85438929
31-Jan-97 217 94.8598 131.4926267 114.2799905 91.24786635
3-Feb-97 218 96.2617 131.5039335 111.533468 92.05660347
4-Feb-97 219 95.3271 130.3144687 112.2917327 91.30278034
5-Feb-97 220 95.7944 129.4719249 111.8972332 91.58737807
6-Feb-97 221 95.0935 127.9944284 112.2679629 91.53298966
7-Feb-97 222 93.9252 125.1105671 111.9446917 91.99846621
10-Feb-97 223 93.6916 117.3704518 110.9719532 92.27313605
11-Feb-97 224 93.6916 116.6947455 110.7209291 92.20141999
12-Feb-97 225 94.1589 120.3228736 111.4702634 93.58528809
13-Feb-97 226 94.1589 121.0090178 113.2157821 94.72677414
14-Feb-97 227 95.7944 120.8586415 112.9988749 95.09418626
17-Feb-97 228 95.7944 120.8586415 112.9988749 94.84418626
18-Feb-97 229 94.6262 119.5482548 112.5898592 95.44220796
19-Feb-97 230 94.3925 120.0129663 113.0520108 95.32905251
20-Feb-97 231 93.9252 118.561544 111.3653062 94.32430255
21-Feb-97 232 93.2243 117.4853841 112.4349103 93.84067447
24-Feb-97 233 93.6916 116.9704162 113.5212495 94.35423059
25-Feb-97 234 116.822 114.7565649 115.0549622 93.94047991
26-Feb-97 235 116.355 113.2256101 115.1563197 94.05599702
27-Feb-97 236 116.355 112.6669934 112.4653625 93.8846678
28-Feb-97 237 116.589 111.1287736 110.6186019 93.6878877
3-Mar-97 238 116.355 109.4984854 110.7431108 94.24173369
4-Mar-97 239 116.822 112.008967 110.0112336 93.86963341
5-Mar-97 240 117.757 113.392961 111.7378093 93.81235573
6-Mar-97 241 117.056 114.7427511 112.286866 93.82667052
7-Mar-97 242 119.626 115.1357194 112.0308154 94.24165201
10-Mar-97 243 118.224 115.8855184 113.1572169 95.21028336
11-Mar-97 244 117.991 115.2404207 112.2986012 95.82841742
12-Mar-97 245 118.224 113.702289 112.3645865 95.41577989
13-Mar-97 246 117.991 113.2882655 112.652324 93.53276645
14-Mar-97 247 117.991 113.3254613 112.5005687 94.30939023
17-Mar-97 248 117.991 112.3259028 113.6859241 94.00893281
18-Mar-97 249 120.093 112.0115151 112.0496073 93.09182392
19-Mar-97 250 119.159 111.0564586 111.7134195 92.65376052
20-Mar-97 251 119.86 110.8955017 113.5672534 92.46024524
21-Mar-97 252 120.561 111.2236376 114.013937 91.78339056
24-Mar-97 253 120.561 109.8592983 114.6556407 91.34024949
25-Mar-97 254 121.963 110.4999022 115.936186 91.20928148
26-Mar-97 255 123.364 112.6984954 117.7255824 91.34204784
27-Mar-97 256 120.561 111.7979903 116.4289041 90.0605623
28-Mar-97 257 120.561 111.7979903 116.4289041 90.0605623
31-Mar-97 258 118.692 110.2030597 114.3998235 90.00335017
1-Apr-97 259 119.159 111.982739 114.6350169 89.45809374
2-Apr-97 260 118.692 111.1804535 114.5050163 88.398758
3-Apr-97 261 118.692 108.1483869 113.2155038 87.61112408
</TABLE>
Page 4
<PAGE> 26
<TABLE>
<S> <C> <C> <C> <C> <C>
4-Apr-97 262 118.692 107.323993 115.1275331 87.16341769
7-Apr-97 263 118.692 107.883192 115.7287946 87.23032648
8-Apr-97 264 119.626 108.5432875 114.8996035 86.64545292
9-Apr-97 265 119.393 110.1625844 115.2069429 86.44210574
10-Apr-97 266 119.159 107.7200928 113.4846069 87.39373813
11-Apr-97 267 121.495 104.6339309 112.1188778 86.27029619
14-Apr-97 268 121.262 104.2170972 113.4025599 86.57142638
15-Apr-97 269 121.262 104.5202984 113.2932588 88.48130074
16-Apr-97 270 121.028 104.8637769 110.8453182 88.69735385
17-Apr-97 271 121.028 103.987952 111.3207547 88.62984523
18-Apr-97 272 121.028 105.3426564 112.6306626 88.23441024
21-Apr-97 273 121.262 106.937587 111.8914262 87.77627964
22-Apr-97 274 121.028 110.4459712 112.9222382 88.3143468
23-Apr-97 275 121.028 112.0727881 113.8638636 87.59421378
24-Apr-97 276 121.028 112.4759305 113.8313275 87.78183743
25-Apr-97 277 121.028 111.7472186 113.3424805 86.945143
28-Apr-97 278 121.028 109.9982767 112.8433694 88.7367757
29-Apr-97 279 121.262 111.4412223 115.5096431 89.5032355
30-Apr-97 280 120.561 112.3292366 116.5173556 90.45079748
1-May-97 281 121.495 112.9099856 115.4133958 90.60451855
2-May-97 282 121.495 117.8239612 117.3876695 90.77465276
5-May-97 283 121.963 119.4483289 118.5712317 91.9365724
6-May-97 284 121.495 119.7930548 118.7840498 93.17189112
7-May-97 285 121.495 119.7839734 118.6047793 92.24995728
8-May-97 286 121.963 121.94914 120.3245333 92.41689415
9-May-97 287 121.495 123.0636809 122.6770437 92.32568076
12-May-97 288 122.196 126.2147466 122.8350323 93.67388367
13-May-97 289 122.196 123.8858909 120.4894255 93.11845247
14-May-97 290 121.963 123.7217231 120.0093994 93.72626044
15-May-97 291 121.963 122.9302154 119.2824897 93.28094351
16-May-97 292 121.729 123.1741261 119.0481 92.26196969
19-May-97 293 121.262 124.3048352 120.2841693 91.873674
20-May-97 294 121.495 124.5365552 120.4367758 92.24443844
21-May-97 295 122.897 124.923704 120.2563047 91.19760252
22-May-97 296 123.364 125.4279618 121.1373249 91.03478348
23-May-97 297 123.832 125.9609853 121.3523253 91.66126819
26-May-97 298 123.832 125.9609853 121.3523253 91.66126819
27-May-97 299 122.664 125.6958648 121.6974668 91.94063285
28-May-97 300 124.065 125.9839868 122.8200622 91.59162891
29-May-97 301 124.065 126.8141641 123.0038293 91.82175998
30-May-97 302 12.3249 127.5090982 123.912803 92.58918016
2-Jun-97 303 124.299 129.7064795 124.1814778 93.32047415
</TABLE>
Page 5
<PAGE> 27
3 YEAR
<TABLE>
<CAPTION>
Chemicals
FI INDEX E+P Composite R+M Composite Composite
03/06/94 INDEX 03/06/94 INDEX 03/06/94 INDEX 03/06/94
DATE CAT Values Values Values Values
<S> <C> <C> <C> <C> <C>
25-Mar-94 -1
1-Apr-94 0
8-Apr-94 1
15-Apr-94 2
22-Apr-94 3
29-Apr-94 4
6-May-94 5
13-May-94 6
20-May-94 7
27-May-94 8
3-Jun-94 9 100 100 100 100
10-Jun-94 10 99.3266 101.7451812 98.25000665 99.91627731
17-Jun-94 11 99.6633 106.7066762 99.29203914 103.4160683
24-Jun-94 12 100 104.9750408 90.39384685 97.24777669
1-Jul-94 13 105.051 105.9824771 89.88765167 99.83701487
8-Jul-94 14 106.734 106.8283552 93.52109223 103.6890853
15-Jul-94 15 105.387 108.6272966 94.43918962 106.0275041
22-Jul-94 16 102.357 108.6628742 92.76851132 104.4536594
29-Jul-94 17 103.03 104.015795 91.44312757 106.39373
5-Aug-94 18 103.367 104.8456817 92.020841 112.3231204
12-Aug-94 19 103.367 107.9731261 95.60028672 111.8844855
19-Aug-94 20 102.02 104.348738 95.78480477 113.5640285
26-Aug-94 21 102.694 105.1039775 96.27242047 116.0812229
2-Sep-94 22 102.19 105.5278764 94.25844795 119.9746293
9-Sep-94 23 101.684 107.7741372 94.14840019 121.4469321
16-Sep-94 24 103.03 108.8349215 93.71826877 124.1679522
23-Sep-94 25 102.19 106.3659432 93.37464541 122.230648
30-Sep-94 26 102.694 104.1486445 96.20260613 124.4120728
7-Oct-94 27 102.19 105.4325326 99.88943104 116.9695603
14-Oct-94 28 103.03 107.0173295 98.81749131 122.3676523
21-Oct-94 29 102.694 104.5342201 102.1113076 120.5906494
28-Oct-94 30 100.673 107.8776638 105.2122108 119.4885941
4-Nov-94 31 95.6229 107.4126291 103.0097764 109.8034462
11-Nov-94 32 94.2761 103.2008766 100.3900545 107.8839908
18-Nov-94 33 94.2761 100.9205004 99.12760084 101.6033931
25-Nov-94 34 87.5421 97.75566434 95.48034856 98.64628912
2-Dec-94 35 88.5522 96.74244839 93.72654498 103.4521152
9-Dec-94 36 88.8889 93.09791034 89.17007742 102.7299108
16-Dec-94 37 90.9091 95.0124176 89.68789864 109.1620822
23-Dec-94 38 90.9091 93.86092609 91.30427546 107.4432592
30-Dec-94 39 92.0889 96.36755381 91.10145719 107.0119709
6-Jan-95 40 92.5926 91.74708695 90.31733794 107.3225395
13-Jan-95 41 92.9293 88.78559507 90.09130562 109.3347329
20-Jan-95 42 95.6229 89.61941436 90.20337485 107.2924889
27-Jan-95 43 100.337 89.6487948 90.08928975 99.31618543
3-Feb-95 44 100.843 88.91644719 91.77168026 98.60513625
10-Feb-95 45 99.6633 90.58339714 91.40844202 100.6509981
17-Feb-95 46 103.704 88.47706279 90.89873821 98.93615378
24-Feb-95 47 103.873 89.4109226 91.71573991 97.63830379
3-Mar-95 48 104.714 93.60606073 90.74929993 95.4660563
10-Mar-95 49 104.377 97.73461655 90.03405248 95.4790075
</TABLE>
Page 1
<PAGE> 28
<TABLE>
<S> <C> <C> <C> <C> <C>
17-Mar-95 50 105.387 98.91547115 89.0302997 98.03983847
24-Mar-95 51 105.387 99.96929133 91.1612939 98.95063621
31-Mar-95 52 110.607 102.8239885 98.80334205 98.69477804
7-Apr-95 53 109.764 103.8674791 95.63549837 97.68995444
14-Apr-95 54 110.438 104.0072377 94.15554148 98.87727266
21-Apr-95 55 115.152 107.1757593 103.5539695 99.00607629
28-Apr-95 56 119.865 110.5201053 104.4520359 101.0732441
5-May-95 57 119.362 108.1930508 105.074521 100.4350486
12-May-95 58 118.015 110.4736302 106.4995859 99.76787576
19-May-95 59 114.141 109.982577 105.0631864 97.52981426
26-May-95 60 110.774 112.2295212 105.5178516 94.82995458
2-Jun-95 61 113.805 111.210229 106.413544 94.98905517
9-Jun-95 62 116.498 111.9314209 101.9359991 95.50103893
16-Jun-95 63 120.202 116.673983 98.77532894 96.38408737
23-Jun-95 64 124.579 110.6796586 97.59944126 100.2591157
30-Jun-95 65 125.589 111.0910361 96.45395432 101.6329937
7-Jul-95 66 127.609 110.5962799 94.97819021 108.873013
14-Jul-95 67 132.997 109.1116492 97.71025713 108.142435
21-Jul-95 68 136.364 106.8180889 99.80520398 106.6367113
28-Jul-95 69 135.017 105.3235478 101.3553671 103.703971
4-Aug-95 70 132.323 105.9825771 100.4629391 104.6543979
11-Aug-95 71 132.997 105.7183349 98.44279945 105.290719
18-Aug-95 72 131.313 106.9140222 98.32120905 103.5208799
25-Aug-95 73 125.589 107.4566546 96.76324175 100.932941
1-Sep-95 74 123.232 114.3503176 98.04358873 101.6761869
8-Sep-95 75 131.987 116.559931 99.84546214 105.4608021
15-Sep-95 76 131.313 117.8144814 101.2704559 106.7133655
22-Sep-95 77 130.976 114.862812 101.1756889 102.1842857
29-Sep-95 78 130.303 112.1622386 98.83081194 101.3280517
6-Oct-95 79 128.956 112.1026826 97.45371467 97.98141689
13-Oct-95 80 123.906 110.3652874 97.69283005 98.31527976
20-Oct-95 81 122.559 110.5976841 99.92600026 97.57415094
27-Oct-95 82 120.539 110.2086899 99.07937516 95.90109695
3-Nov-95 83 119.529 110.0895096 100.5311398 95.37242726
10-Nov-95 84 120.202 111.2956391 100.0950776 97.41469568
17-Nov-95 85 121.886 114.7339557 102.152151 98.36849188
24-Nov-95 86 123.232 115.6242467 104.2544927 101.8414246
1-Dec-95 87 129.966 117.1526859 105.0136583 101.3961713
8-Dec-95 88 133.333 119.0173987 104.0312033 101.6401127
15-Dec-95 89 136.027 122.4315395 104.0159533 97.78224924
22-Dec-95 90 135.017 123.5964974 102.6943543 95.18078843
29-Dec-95 91 136.027 125.2025565 103.2194271 94.85668246
5-Jan-96 92 138.047 125.0911428 104.3484055 99.79236801
12-Jan-96 93 138.047 121.6030334 101.6815769 96.82472249
19-Jan-96 94 138.721 116.8393833 99.16791572 94.52086777
26-Jan-96 95 131.313 116.4409648 104.0188867 95.67196092
2-Feb-96 96 128.62 122.5232398 107.8777144 100.2052258
9-Feb-96 97 128.62 119.2441429 108.3055388 103.6290025
16-Feb-96 98 131.313 122.3306768 107.4907904 102.6976681
23-Feb-96 99 130.303 125.9498331 111.9680123 105.4096629
1-Mar-96 100 129.63 122.5234384 107.7051156 105.2228507
8-Mar-96 101 128.62 118.3068658 106.4758213 105.8922254
15-Mar-96 102 129.293 119.0591469 112.1187763 114.041815
22-Mar-96 103 127.946 125.630158 111.7724433 113.0100376
29-Mar-96 104 130.203 125.1673712 112.1257166 113.2375659
5-Apr-96 105 138.721 127.7588869 113.2809221 111.8161763
</TABLE>
Page 2
<PAGE> 29
<TABLE>
<S> <C> <C> <C> <C> <C>
12-Apr-96 106 135.354 132.8635322 115.3353224 109.8757365
19-Apr-96 107 136.027 138.642189 120.0428526 114.1865868
26-Apr-96 108 141.077 147.1117307 125.3893474 112.5137928
3-May-96 109 139.731 145.0250781 125.5156595 114.0725447
10-May-96 110 142.088 144.8774916 126.4692941 110.7177274
17-May-96 111 143.434 145.9769155 127.0072794 108.2003311
24-May-96 112 146.465 148.3160635 126.7901627 107.5432083
31-May-96 113 143.434 148.4182888 122.4579085 105.3668554
7-Jun-96 114 146.128 148.090991 118.8987759 102.6867188
14-Jun-96 115 147.811 147.2143634 118.0329058 101.2728531
21-Jun-96 116 148.148 151.2280703 116.749877 100.3234891
28-Jun-96 117 148.822 166.0120536 116.5332964 97.07771199
5-Jul-96 118 148.822 164.2776343 116.165918 96.99858718
12-Jul-96 119 142.761 171.8061608 115.1089787 95.52513909
19-Jul-96 120 138.721 166.6880021 110.7802926 93.03387972
26-Jul-96 121 136.364 160.630881 107.4194651 94.36922283
2-Aug-96 122 137.037 157.5611193 106.8852646 96.90669216
9-Aug-96 123 136.027 155.4361079 108.548782 98.57382899
16-Aug-96 124 134.343 161.2604003 109.1246177 99.78003438
23-Aug-96 125 137.374 169.2160437 108.6744942 99.56411696
30-Aug-96 126 135.69 168.1134878 105.8881911 98.52135654
6-Sep-96 127 138.721 168.4589566 106.8548654 98.76764157
13-Sep-96 128 140.404 176.4009326 108.889949 100.34476
20-Sep-96 129 141.077 175.8301676 111.4963177 99.01375831
27-Sep-96 130 142.088 181.0163274 112.163112 98.77358909
4-Oct-96 131 140.067 181.0656409 112.8178865 97.25883933
11-Oct-96 132 140.741 180.7742497 117.4928312 95.3990339
18-Oct-96 133 146.128 193.9121014 116.5950456 95.56405725
25-Oct-96 134 145.455 194.9390017 116.6473499 92.57589671
1-Nov-96 135 138.047 192.3821558 114.0684671 90.69092916
8-Nov-96 136 137.374 195.2998485 114.7063079 91.42114246
15-Nov-96 137 139.057 185.4222863 120.3626349 95.04126559
22-Nov-96 138 139.731 198.4043096 138.5225681 95.19957418
29-Nov-96 139 127.273 200.3845164 141.6068162 95.06181027
6-Dec-96 140 130.976 202.5637496 133.6348047 93.60943052
13-Dec-96 141 126.263 191.7131239 130.155733 90.73165143
20-Dec-96 142 127.946 203.6368648 128.7761048 89.8173631
27-Dec-96 143 129.966 205.066212 131.6850006 89.35158322
3-Jan-97 144 130.64 204.8506263 131.4563823 91.42779486
10-Jan-97 145 138.384 211.4358964 139.1488378 93.17426838
17-Jan-97 146 139.394 210.1224972 139.335047 96.0391472
24-Jan-97 147 136.7 194.8892265 138.820075 94.80495862
31-Jan-97 148 136.7 194.9877198 140.9724489 93.78944136
7-Feb-97 149 135.354 183.8307152 138.6632963 94.59269477
14-Feb-97 150 138.047 178.3852866 139.7002882 97.22417553
21-Feb-97 151 134.343 172.9029711 138.7941999 96.11934435
28-Feb-97 152 168.013 163.3187198 136.0037409 96.32133326
7-Mar-97 153 172.391 169.8568437 137.3170683 96.93971154
14-Mar-97 154 170.034 166.7501678 137.5362928 97.22892786
21-Mar-97 155 173.737 163.4609128 140.0998804 94.64804758
28-Mar-97 156 173.737 164.6830453 143.054649 92.98761091
4-Apr-97 157 171.044 156.7561406 142.0860825 89.79302837
11-Apr-97 158 175.084 152.3455794 137.893827 89.27050255
18-Apr-97 159 174.411 154.0977409 139.4552191 91.47993128
25-Apr-97 160 174.411 163.9077931 140.5592281 90.15231923
2-May-97 161 175.084 172.9236343 145.4890126 93.92148985
</TABLE>
Page 3
<PAGE> 30
<TABLE>
<S> <C> <C> <C> <C> <C>
9-May-97 162 175.084 180.1361295 153.2703636 95.79188326
16-May-97 163 175.421 180.5115276 147.8693751 95.94633748
23-May-97 164 178.451 184.4857541 150.7359867 95.15187137
30-May-97 165 177.611 188.9640013 153.6726417 95.64052276
</TABLE>
Page 4
<PAGE> 31
5 YEAR
<TABLE>
<CAPTION>
Chemicals
E+P Composite R+M Composite Composite
FI INDEX INDEX INDEX INDEX
31/05/92 31/05/92 31/05/92 31/05/92
DATE CAT Values Values Values Values
<S> <C> <C> <C> <C> <C>
31-Jan-92 -1
29-Feb-92 0
31-Mar-92 1
30-Apr-92 2
31-May-92 3 100 100 100 100
30-Jun-92 4 99.4978 96.02765129 86.21108934 89.54120704
31-Jul-92 5 98.1623 125.1548792 86.39960011 85.28637281
31-Aug-92 6 90.4829 133.8273374 81.79191857 80.43297393
30-Sep-92 7 89.4813 146.5371397 77.02653648 79.00579772
31-Oct-92 8 84.473 159.1467783 71.73751517 82.47719873
30-Nov-92 9 83.8052 171.1091423 71.58207927 85.39083588
31-Dec-92 10 80.4664 181.9652136 80.40972058 85.98148475
31-Jan-93 11 81.8019 190.0666081 84.29762958 83.83400729
28-Feb-93 12 86.1424 210.8848627 80.90670659 83.83571292
31-Mar-93 13 89.3157 261.4257803 82.83612593 79.72994166
30-Apr-93 14 85.8085 273.818445 83.72702477 85.96437937
31-May-93 15 85.1408 251.0410739 90.6453707 89.19810985
30-Jun-93 16 81.8019 246.9598183 82.33796067 83.99905775
31-Jul-93 17 81.8019 229.3291672 90.10886714 82.66746331
31-Aug-93 18 84.473 250.5115216 98.71526024 86.85831163
30-Sep-93 19 92.8201 251.3483974 96.18664679 82.60087365
31-Oct-93 20 93.4879 242.690496 109.3770471 85.88220877
30-Nov-93 21 92.3206 197.6004496 110.4410008 88.90583531
31-Dec-93 22 91.8185 196.2844848 103.3332487 91.18096405
31-Jan-94 23 91.4846 210.2190264 115.5514281 99.17047087
28-Feb-94 24 94.1557 214.1929371 124.7734412 102.900304
31-Mar-94 25 93.4879 203.9892171 120.7642971 101.3471831
30-Apr-94 26 94.9917 220.67867 127.955955 110.4363191
31-May-94 27 99.4978 223.8128817 113.6062828 119.2866133
30-Jun-94 28 101.669 241.5841016 101.7968374 118.2303933
31-Jul-94 29 102.169 236.967249 101.5584115 126.6795612
31-Aug-94 30 101.336 242.4333107 107.6447891 142.5126593
30-Sep-94 31 101.835 240.1098221 108.4541617 147.7072601
31-Oct-94 32 97.8284 249.3950718 118.7144806 138.1172411
30-Nov-94 33 87.8118 228.179205 106.9752838 122.7430964
31-Dec-94 34 91.319 225.167052 103.8237136 127.0754065
31-Jan-95 35 99.6661 208.6420543 100.3613347 114.2106542
28-Feb-95 36 101.835 214.9624733 98.55115504 116.1144113
31-Mar-95 37 109.683 243.5506242 106.6225953 116.4489948
30-Apr-95 38 118.863 261.8236981 113.6848707 118.9465235
31-May-95 39 110.516 258.5681735 116.8460489 111.2227172
30-Jun-95 40 124.539 260.3940727 104.3309845 119.1718537
31-Jul-95 41 132.552 238.0955666 109.37188 121.0276992
31-Aug-95 42 123.538 245.099924 104.2411475 117.5645096
30-Sep-95 43 129.214 247.8025586 104.9784572 117.2433131
31-Oct-95 44 119.197 241.5326435 105.1554357 109.9561515
30-Nov-95 45 130.215 257.2341866 110.4565444 116.9377723
31-Dec-95 46 134.89 286.2956212 108.8600892 110.0417336
31-Jan-98 47 126.543 274.1032146 110.5503958 116.9803684
29-Feb-96 48 128.546 279.6164028 112.105096 121.6968465
31-Mar-96 49 129.214 268.6378182 118.6488615 129.9487056
</TABLE>
Page 1
<PAGE> 32
<TABLE>
<S> <C> <C> <C> <C> <C>
30-Apr-96 50 138.896 313.3019899 135.5894443 129.1526945
31-May-96 51 142.235 311.3425303 129.6994915 121.936704
30-Jun-96 52 147.577 344.3056776 123.2775235 111.9761461
31-Jul-96 53 135.224 320.0626397 115.5308745 111.0921916
31-Aug-96 54 134.556 350.728041 114.5954369 113.4139463
30-Sep-96 55 140.232 379.5956974 120.6780874 111.575665
31-Oct-96 56 136.559 417.3751339 122.992333 102.9547409
30-Nov-96 57 126.209 413.1299167 150.5943914 107.8921428
31-Dec-96 58 128.88 427.7159478 139.6095527 102.3252776
31-Jan-97 59 135.557 390.4250913 148.6703048 106.3591232
28-Feb-97 60 166.609 328.0154966 143.3138852 109.5742385
31-Mar-97 61 169.614 322.1583411 147.3224109 105.8657253
30-Apr-97 62 172.285 329.7367583 150.7071472 106.5803301
31-May-97 63 176.126 370.4256306 161.3308578 108.7483548
</TABLE>
Page 2
<PAGE> 33
FINA
Indexed Stock Price History
- ------------------------------------ ------------------------------------
One Year Three Year
- ------------------------------------ ------------------------------------
[PLOT POINTS NEXT PAGE] [PLOT POINTS NEXT PAGE]
------------------------------------
Five Year
------------------------------------
[PLOT POINTS NEXT PAGE]
<PAGE> 34
ONE YEAR
<TABLE>
<CAPTION>
4684002
FI INDEX INDEX
31/05/92 31/05/92
DATE CAT Values Values
<S> <C> <C> <C>
31-Jan-92 -1
29-Feb-92 0
31-Mar-92 1
30-Apr-92 2
31-May-92 3 100 100
30-Jun-92 4 99.4978 98.6047
31-Jul-92 5 98.1623 101.628
31-Aug-92 6 90.4829 79.7209
30-Sep-92 7 89.4813 81.0233
31-Oct-92 8 84.473 72.3721
30-Nov-92 9 83.8052 77.3023
31-Dec-92 10 80.4664 69.8605
31-Jan-93 11 81.8019 68.7442
28-Feb-93 12 86.1424 73.6744
31-Mar-93 13 89.3157 81.6744
30-Apr-93 14 85.8085 79.5349
31-May-93 15 85.1408 77.6744
30-Jun-93 16 81.8019 83.814
31-Jul-93 17 81.8019 89.3023
31-Aug-93 18 84.473 84.8372
30-Sep-93 19 92.8201 84.6512
31-Oct-93 20 93.4879 90.6977
30-Nov-93 21 92.3206 90.6047
31-Dec-93 22 91.8185 91.5349
31-Jan-94 23 91.4846 99.7674
28-Feb-94 24 94.1557 95.5814
31-Mar-94 25 93.4879 93.9535
30-Apr-94 26 94.9917 99.0698
31-May-94 27 99.4978 100.465
30-Jun-94 28 101.669 93.9535
31-Jul-94 29 102.169 96.7442
31-Aug-94 30 101.336 96.9767
30-Sep-94 31 101.835 91.2558
31-Oct-94 32 97.8284 88.3721
30-Nov-94 33 87.8118 87.4419
31-Dec-94 34 91.319 87.5349
31-Jan-95 35 99.6661 86.1395
28-Feb-95 36 101.835 82.0465
31-Mar-95 37 109.683 76.9302
30-Apr-95 38 118.863 82.5116
31-May-95 39 110.516 81.0233
30-Jun-95 40 124.539 79.907
31-Jul-95 41 132.552 81.9535
31-Aug-95 42 123.538 84.093
30-Sep-95 43 129.214 84.6512
31-Oct-95 44 119.197 83.5349
30-Nov-95 45 130.215 81.9535
31-Dec-95 46 134.89 83.814
31-Jan-96 47 126.543 83.7209
29-Feb-96 48 128.546 81.3953
31-Mar-96 49 129.214 79.2558
</TABLE>
Page 1
<PAGE> 35
<TABLE>
<S> <C> <C> <C>
30-Apr-96 50 138.896 86.6977
31-May-96 51 142.235 86.7907
30-Jun-96 52 147.577 91.3488
31-Jul-96 53 135.224 87.907
31-Aug-96 54 134.556 89.3023
30-Sep-96 55 140.232 90.4186
31-Oct-96 56 136.559 89.2093
30-Nov-96 57 126.209 92.2791
31-Dec-96 58 128.88 93.9535
31-Jan-97 59 135.557 110.93
28-Feb-97 60 166.609 116.047
31-Mar-97 61 169.614 111.628
30-Apr-97 62 172.285 118.372
31-May-97 63 176.126 115.349
</TABLE>
Page 2
<PAGE> 36
<TABLE>
<CAPTION>
4684002
FI INDEX INDEX
03/06/94 03/06/94
DATE CAT Values Values
<S> <C> <C> <C>
8-Apr-94 -1
15-Apr-94 0
22-Apr-94 1
29-Apr-94 2
6-May-94 3
13-May-94 4
20-May-94 5
27-May-94 6
3-Jun-94 7 100 100
10-Jun-94 8 99.3266 96.9907
17-Jun-94 9 99.6633 96.2963
24-Jun-94 10 100 94.4444
1-Jul-94 11 105.051 93.9815
8-Jul-94 12 106.734 93.287
15-Jul-94 13 105.387 93.287
22-Jul-94 14 102.357 94.6759
29-Jul-94 15 103.03 96.2963
5-Aug-94 16 103.367 97.6852
12-Aug-94 17 103.367 95.3704
19-Aug-94 18 102.02 95.1389
26-Aug-94 19 102.694 96.5278
2-Sep-94 20 102.19 97.2222
9-Sep-94 21 101.684 95.8333
16-Sep-94 22 103.03 93.75
23-Sep-94 23 102.19 92.2222
30-Sep-94 24 102.694 90.8333
7-Oct-94 25 102.19 87.037
14-Oct-94 26 103.03 89.4444
21-Oct-94 27 102.694 86.7593
28-Oct-94 28 100.673 87.1296
4-Nov-94 29 95.6229 88.7037
11-Nov-94 30 94.2761 88.0556
18-Nov-94 31 94.2761 86.2037
25-Nov-94 32 87.5421 86.4815
2-Dec-94 33 88.5522 86.7593
9-Dec-94 34 88.8889 86.0185
16-Dec-94 35 90.9091 86.2037
23-Dec-94 36 90.9091 86.6667
30-Dec-94 37 92.0889 87.1296
6-Jan-95 38 92.5926 88.6667
13-Jan-95 39 92.9293 84.9074
20-Jan-95 40 95.6229 85.463
27-Jan-95 41 100.337 86.3889
3-Feb-95 42 100.843 86.5741
10-Feb-95 43 99.6633 86.1111
17-Feb-95 44 103.704 84.2593
24-Feb-95 45 103.873 83.1481
3-Mar-95 46 104.714 79.9074
10-Mar-95 47 104.377 77.037
17-Mar-95 48 105.387 80.8333
24-Mar-95 49 105.387 75.9259
</TABLE>
Page 1
<PAGE> 37
<TABLE>
<S> <C> <C> <C>
31-Mar-95 50 110.607 76.5741
7-Apr-95 51 109.764 79.0741
14-Apr-95 52 110.438 81.5741
21-Apr-95 53 115.152 81.7593
28-Apr-95 54 119.865 82.1296
5-May-95 55 119.362 86.2037
12-May-95 56 118.015 86.6667
19-May-95 57 114.141 83.4259
26-May-95 58 110.774 80.3704
2-Jun-95 59 113.805 81.5741
9-Jun-95 60 116.498 80.0926
16-Jun-95 61 120.202 78.7037
23-Jun-95 62 124.579 79.2593
30-Jun-95 63 125.589 79.537
7-Jul-95 64 127.609 79.6296
14-Jul-95 65 132.997 80.5556
21-Jul-95 66 136.364 79.4444
28-Jul-95 67 135.017 82.4074
4-Aug-95 68 132.323 82.037
11-Aug-95 69 132.997 81.5741
18-Aug-95 70 131.313 81.5741
25-Aug-95 71 125.589 83.2407
1-Sep-95 72 123.232 83.2407
8-Sep-95 73 131.987 83.2407
15-Sep-95 74 131.313 84.0741
22-Sep-95 75 130.976 84.4444
29-Sep-95 76 130.303 84.2593
6-Oct-95 77 128.956 83.4259
13-Oct-95 78 123.906 83.0556
20-Oct-95 79 122.559 81.0185
27-Oct-95 80 120.539 81.9444
3-Nov-95 81 119.529 83.6111
10-Nov-95 82 120.202 82.4074
17-Nov-95 83 121.886 81.1111
24-Nov-95 84 123.232 82.4074
1-Dec-95 85 129.966 82.037
8-Dec-95 86 133.333 82.5926
15-Dec-95 87 136.027 82.8704
22-Dec-95 88 135.017 82.963
29-Dec-95 89 136.027 83.4259
5-Jan-96 90 138.047 86.5741
12-Jan-96 91 138.047 84.4444
19-Jan-96 92 138.721 84.8148
26-Jan-96 93 131.313 82.1296
2-Feb-96 94 128.62 82.7778
9-Feb-96 95 128.82 79.8148
16-Feb-96 96 131.313 78.6111
23-Feb-96 97 130.303 77.5
1-Mar-96 98 129.63 81.9444
8-Mar-96 99 128.82 80.1852
15-Mar-96 100 129.293 78.7037
22-Mar-96 101 127.946 79.0741
29-Mar-96 102 130.303 78.8889
5-Apr-96 103 138.721 80.9259
12-Apr-96 104 135.354 81.4815
19-Apr-96 105 136.027 83.3333
</TABLE>
Page 2
<PAGE> 38
<TABLE>
<S> <C> <C> <C>
26-Apr-96 106 141.077 85.1852
3-May-96 107 139.731 83.7963
10-May-96 108 142.088 84.0741
17-May-96 109 143.434 88.0556
24-May-96 110 146.465 88.0556
31-May-96 111 143.434 86.3889
7-Jun-96 112 146.128 86.1111
14-Jun-96 113 147.811 90.7407
21-Jun-96 114 148.148 90.0926
28-Jun-96 115 148.822 90.9259
5-Jul-96 116 148.822 92.2222
12-Jul-96 117 142.761 88.7983
19-Jul-96 118 138.721 88.4259
26-Jul-96 119 136.364 87.037
2-Aug-96 120 137.037 86.2963
9-Aug-96 121 136.027 87.963
16-Aug-96 122 134.343 88.1481
23-Aug-96 123 137.374 90.9259
30-Aug-96 124 135.69 88.8889
6-Sep-96 125 138.721 89.6296
13-Sep-96 126 140.404 92.1296
20-Sep-96 127 141.077 91.6667
27-Sep-96 128 142.088 90.0926
4-Oct-96 129 140.067 90.1852
11-Oct-96 130 140.741 87.2222
18-Oct-96 131 146.128 90.8333
25-Oct-96 132 145.455 90.7407
1-Nov-96 133 138.047 88.7963
8-Nov-96 134 137.374 90.7407
15-Nov-96 135 139.057 91.2037
22-Nov-96 136 139.731 91.5741
29-Nov-96 137 127.273 91.8519
6-Dec-96 138 130.976 96.0648
13-Dec-96 139 126.263 92.5926
20-Dec-96 140 127.946 96.0648
27-Dec-96 141 129.966 94.4444
3-Jan-97 142 130.64 95.1389
10-Jan-97 143 138.384 101.852
17-Jan-97 144 139.394 103.241
24-Jan-97 145 136.7 106.25
31-Jan-97 146 136.7 110.417
7-Feb-97 147 135.354 109.722
14-Feb-97 148 138.047 113.889
21-Feb-97 149 134.343 113.657
28-Feb-97 150 168.013 115.509
7-Mar-97 151 172.391 117.824
14-Mar-97 152 170.034 112.037
21-Mar-97 153 173.737 109.259
28-Mar-97 154 173.737 111.111
4-Apr-97 155 171.044 108.333
11-Apr-97 156 175.084 110.185
18-Apr-97 157 174.411 117.361
25-Apr-97 158 174.411 115.741
2-May-97 159 175.084 118.519
9-May-97 160 175.084 118.287
16-May-97 161 175.421 119.907
</TABLE>
Page 3
<PAGE> 39
<TABLE>
<S> <C> <C> <C>
23-May-97 162 178.451 119.444
30-May-97 163 177.611 114.815
</TABLE>
Page 4
<PAGE> 40
5 YEAR
<TABLE>
<CAPTION>
4684002
FI INDEX INDEX
03/06/96 03/06/96
DATE CAT Values Values
<S> <C> <C> <C>
18-Apr-96 -1
19-Apr-96 0
22-Apr-96 1
23-Apr-96 2
24-Apr-96 3
25-Apr-96 4
26-Apr-96 5
29-Apr-96 6
30-Apr-96 7
1-May-96 8
2-May-96 9
3-May-96 10
6-May-96 11
7-May-96 12
8-May-96 13
9-May-96 14
10-May-96 15
13-May-96 16
14-May-96 17
15-May-96 18
16-May-96 19
17-May-96 20
20-May-96 21
21-May-96 22
22-May-96 23
23-May-96 24
24-May-96 25
27-May-96 26
28-May-96 27
29-May-96 28
30-May-96 29
31-May-96 30
3-Jun-96 31 100 100
4-Jun-96 32 100.467 99.893
5-Jun-96 33 99.7664 100.535
6-Jun-96 34 100.701 101.283
7-Jun-96 35 101.402 99.4652
10-Jun-96 36 101.869 101.925
11-Jun-96 37 100.935 102.246
12-Jun-96 38 101.636 103.102
13-Jun-96 39 101.869 103.529
14-Jun-96 40 102.57 104.813
17-Jun-96 41 102.57 105.882
18-Jun-96 42 103.037 105.348
19-Jun-96 43 103.037 103.957
20-Jun-96 44 103.037 103.102
21-Jun-96 45 102.804 104.064
24-Jun-96 46 101.869 104.171
25-Jun-96 47 102.336 104.385
26-Jun-96 48 102.103 104.278
27-Jun-96 49 102.336 105.241
</TABLE>
Page 1
<PAGE> 41
<TABLE>
<S> <C> <C> <C>
28-Jun-96 50 103.271 105.027
1-Jul-96 51 103.738 105.027
2-Jul-96 52 103.505 106.845
3-Jul-96 53 103.271 108.556
4-Jul-96 54 103.271 108.021
5-Jul-96 55 103.271 106.524
8-Jul-96 56 102.336 106.096
9-Jul-96 57 102.103 106.096
10-Jul-96 58 101.636 104.813
11-Jul-96 59 99.5327 103.422
12-Jul-96 60 99.0654 102.567
15-Jul-96 61 98.8318 101.176
16-Jul-96 62 98.3645 99.893
17-Jul-96 63 96.9626 100.107
18-Jul-96 64 96.4953 101.07
19-Jul-96 65 96.2617 102.139
22-Jul-96 66 96.4953 100.535
23-Jul-96 67 95.0935 100.963
24-Jul-96 68 94.6262 98.9305
25-Jul-96 69 94.6262 100.428
26-Jul-96 70 94.6262 100.535
29-Jul-96 71 95.5607 100.963
30-Jul-96 72 95.0935 101.176
31-Jul-96 73 94.6262 101.07
1 -Aug-96 74 95.0935 101.07
2-Aug-96 75 95.0935 99.6791
5-Aug-96 76 96.028 100.642
6-Aug-96 77 96.028 100.428
7-Aug-96 78 95.7944 100.963
8-Aug-96 79 95.0935 101.497
9-Aug-96 80 94.3925 101.604
12-Aug-96 81 91.8224 101.176
13-Aug-96 82 92.5234 101.818
14-Aug-96 83 92.0561 101.39
15-Aug-96 84 92.2897 101.39
16-Aug-96 85 93.2243 101.818
19-Aug-96 86 94.3925 102.674
20-Aug-96 87 94.3925 103.102
21-Aug-96 88 94.6262 102.781
22-Aug-96 89 94.8598 105.241
23-Aug-96 90 95.3271 105.027
26-Aug-96 91 95.0935 104.492
27-Aug-96 92 95.0935 103.316
28-Aug-96 93 95.5607 102.781
29-Aug-96 94 95.5607 102.781
30-Aug-96 95 94.1589 102.674
2-Sep-96 96 94.1589 102.781
3-Sep-96 97 93.6916 102.674
4-Sep-96 98 95.5607 103.209
5-Sep-96 99 96.2617 103.102
6-Sep-96 100 96.2617 103.529
9-Sep-96 101 96.2617 105.348
10-Sep-96 102 96.729 105.882
11-Sep-96 103 96.028 106.203
12-Sep-96 104 96.2617 106.952
13-Sep-96 105 97.4299 106.417
</TABLE>
Page 2
<PAGE> 42
<TABLE>
<S> <C> <C> <C>
16-Sep-96 106 98.3645 105.989
17-Sep-96 107 97.8972 106.417
18-Sep-96 108 98.1308 106.096
19-Sep-96 109 98.1308 105.241
20-Sep-96 110 97.8972 105.882
23-Sep-96 111 97.8972 103.743
24-Sep-96 112 99.0654 103.102
25-Sep-96 113 98.8318 103.422
26-Sep-96 114 99.0654 104.064
27-Sep-96 115 98.5981 104.064
30-Sep-96 116 98.1308 103.957
1-Oct-96 117 97.8972 104.492
2-Oct-96 118 97.8972 103.957
3-Oct-96 119 97.6636 105.882
4-Oct-96 120 97.1963 104.171
7-Oct-96 121 97.1963 102.888
8-Oct-96 122 97.6636 102.139
9-Oct-96 123 97.4299 101.176
10-Oct-96 124 97.8972 100.428
11-Oct-96 125 97.6636 100.749
14-Oct-96 126 98.1308 100.749
15-Oct-96 127 98.3645 101.283
16-Oct-96 128 99.0654 103.102
17-Oct-96 129 100.701 104.385
18-Oct-96 130 101.402 104.92
21-Oct-96 131 101.869 105.455
22-Oct-96 132 101.402 105.668
23-Oct-96 133 101.168 105.027
24-Oct-96 134 101.402 105.134
25-Oct-96 135 100.935 104.813
28-Oct-96 136 100.467 103.85
29-Oct-96 137 98.5981 102.674
30-Oct-96 138 98.3645 102.567
31-Oct-96 139 95.5607 102.567
1-Nov-96 140 95.7944 102.567
4-Nov-96 141 96.028 103.209
5-Nov-96 142 96.4953 103.316
6-Nov-96 143 96.4953 104.385
7-Nov-96 144 96.028 104.492
8-Nov-96 145 95.3271 104.813
11-Nov-96 146 95.7944 104.813
12-Nov-96 147 96.028 104.492
13-Nov-96 148 96.028 105.134
14-Nov-96 149 96.2617 105.668
15-Nov-96 150 96.4953 105.348
18-Nov-96 151 96.729 105.668
19-Nov-96 152 96.4953 105.241
20-Nov-96 153 96.9626 105.027
21-Nov-96 154 97.1963 105.455
22-Nov-96 155 96.9626 105.775
25-Nov-96 156 96.4953 105.775
26-Nov-96 157 93.9252 106.203
27-Nov-96 158 89.486 106.096
28-Nov-96 159 89.486 105.989
29-Nov-96 160 88.3178 106.096
2-Dec-96 161 89.486 106.738
</TABLE>
Page 3
<PAGE> 43
<TABLE>
<S> <C> <C> <C>
3-Dec-96 162 90.6542 108.289
4-Dec-96 163 91.1215 109.893
5-Dec-96 164 90.6542 114.439
6-Dec-96 165 90.8879 110.963
9-Dec-96 166 89.7196 111.23
10-Dec-96 167 89.486 108.824
11-Dec-96 168 89.0187 106.021
12-Dec-96 169 87.1495 106.845
13-Dec-96 170 87.6168 106.952
16-Dec-96 171 87.6168 109.091
17-Dec-96 172 88.3178 107.754
18-Dec-96 173 88.0841 109.893
19-Dec-96 174 88.3178 110.963
20-Dec-96 175 88.785 110.963
23-Dec-96 176 88.785 109.358
24-Dec-96 177 89.0187 109.091
25-Dec-96 178 89.0187 109.091
26-Dec-96 179 89.9533 109.091
27-Dec-96 180 90.1869 109.091
30-Dec-96 181 90.1869 108.021
31-Dec-96 182 90.1869 108.021
1-Jan-97 183 90.1869 108.021
2-Jan-97 184 90.1869 108.021
3-Jan-97 185 90.6542 109.893
6-Jan-97 186 90.8879 111.23
7-Jan-97 187 92.0561 112.567
8-Jan-97 188 93.9252 114.706
9-Jan-97 189 95.0935 117.112
10-Jan-97 190 96.028 117.647
13-Jan-97 191 96.9626 120.053
14-Jan-97 192 97.4299 119.786
15-Jan-97 193 96.9626 119.786
16-Jan-97 194 96.729 118.449
17-Jan-97 195 96.729 119.251
20-Jan-97 196 96.2617 119.251
21-Jan-97 197 96.729 119.251
22-Jan-97 198 96.729 121.123
23-Jan-97 199 96.028 122.46
24-Jan-97 200 94.8598 122.727
27-Jan-97 201 93.9252 120.856
28-Jan-97 202 92.2897 121.39
29-Jan-97 203 94.3925 123.262
30-Jan-97 204 95.7944 127.005
31-Jan-97 205 94.8598 127.54
3-Feb-97 206 96.2617 128.075
4-Feb-97 207 95.3271 126.203
5-Feb-97 208 95.7944 126.471
6-Feb-97 209 95.0935 126.203
7-Feb-97 210 93.9252 126.738
10-Feb-97 211 93.6916 127.273
11-Feb-97 212 93.6916 127.273
12-Feb-97 213 94.1589 127.54
13-Feb-97 214 94.1589 131.283
14-Feb-97 215 95.7944 131.551
17-Feb-97 216 95.7944 130.749
18-Feb-97 217 94.6262 133.422
</TABLE>
Page 4
<PAGE> 44
<TABLE>
<S> <C> <C> <C>
19-Feb-97 218 94.3925 133.957
20-Feb-97 219 93.9252 132.888
21-Feb-97 220 93.2243 131.283
24-Feb-97 221 93.6916 131.283
25-Feb-97 222 116.822 132.353
26-Feb-97 223 116.355 132.62
27-Feb-97 224 116.355 133.422
28-Feb-97 225 116.589 133.422
3-Mar-97 226 116.355 133.69
4-Mar-97 227 116.822 135.829
5-Mar-97 228 117.757 135.561
6-Mar-97 229 117.056 136.364
7-Mar-97 230 119.626 136.096
10-Mar-97 231 118.224 136.096
11-Mar-97 232 117.991 135.561
12-Mar-97 233 118.224 132.086
13-Mar-97 234 117.991 128.877
14-Mar-97 235 117.991 129.412
17-Mar-97 236 117.991 127.273
18-Mar-97 237 120.093 126.203
19-Mar-97 238 119.159 126.203
20-Mar-97 239 119.86 125.668
21-Mar-97 240 120.561 126.203
24-Mar-97 241 120.561 126.738
25-Mar-97 242 121.963 127.005
26-Mar-97 243 123.364 128.877
27-Mar-97 244 120.561 128.342
28-Mar-97 245 120.561 128.342
31-Mar-97 246 118.692 128.342
1-Apr-97 247 119.159 125.401
2-Apr-97 248 118.692 125.401
3-Apr-97 249 118.692 124.332
4-Apr-97 250 118.692 125.134
7-Apr-97 251 118.692 127.005
8-Apr-97 252 119.626 127.54
9-Apr-97 253 119.393 128.61
10-Apr-97 254 119.159 128.075
11-Apr-97 255 121.495 127.273
14-Apr-97 256 121.262 128.342
15-Apr-97 257 121.262 134.225
16-Apr-97 258 121.028 136.631
17-Apr-97 259 121.028 136.096
18-Apr-97 260 121.028 135.561
21-Apr-97 261 121.262 136.631
22-Apr-97 262 121.028 136.364
23-Apr-97 263 121.028 132.62
24-Apr-97 264 121.028 133.69
25-Apr-97 285 121.028 133.69
28-Apr-97 266 121.028 134.492
29-Apr-97 267 121.262 133.69
30-Apr-97 268 120.561 136.096
1-May-97 269 121.495 136.096
2-May-97 270 121.495 136.898
5-May-97 271 121.963 136.898
6-May-97 272 121.495 135.829
7-May-97 273 121.495 134.492
</TABLE>
Page 5
<PAGE> 45
<TABLE>
<S> <C> <C> <C>
8-May-97 274 121.963 134.492
9-May-97 275 121.495 136.631
12-May-97 276 122.196 136.898
13-May-97 277 122.196 138.235
14-May-97 278 121.963 138.235
15-May-97 279 121.963 138.77
16-May-97 280 121.729 138.503
19-May-97 281 121.262 138.503
20-May-97 282 121.495 137.433
21-May-97 283 122.897 137.166
22-May-97 284 123.364 137.433
23-May-97 285 123.832 137.968
26-May-97 286 123.832 137.968
27-May-97 287 122.664 136.898
28-May-97 288 124.065 132.086
29-May-97 289 124.065 132.62
30-May-97 290 123.249 132.62
2-Jun-97 291 124.299 133.155
</TABLE>
Page 6
<PAGE> 46
- -------
Goldman
Sachs
- -------
Exhibit 2
<PAGE> 47
FINA
Historical Income Statements
(dollars in millions)
<TABLE>
<CAPTION>
For the Year Ended December 31,
------------------------------------------------------------ CAGR
1992 1993 1994 1995 1996 1992-96
-------- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
Revenues $3,397.5 $3,416.2 $3,421.1 $3,606.6 $4,081.2 4.7%
Cost of Materials (2,619.5) (2,637.8) (2,525.1) (2,673.5) (3,099.7)
-------- -------- -------- -------- --------
Gross Profit 778.0 778.4 896.0 933.1 981.5 6.0%
Operating Expenses (522.7) (532.6) (529.0) (503.1) (541.3)
Depreciation & Amortization (194.8) (198.3) (186.0) (156.2) (171.0)
-------- -------- -------- -------- --------
Operating Income 60.5 47.5 181.0 273.8 269.2 45.2%
Non-Operating Inc/(Exp) 13.4 100.4 10.2 (12.9) (4.5)
-------- -------- -------- -------- --------
EBIT 73.9 147.9 191.2 260.9 264.8 37.6%
Interest (53.7) (51.7) (38.8) (41.0) (36.5)
-------- -------- -------- -------- --------
Pre-Tax Income 20.2 96.2 152.4 219.9 228.3
Taxes 4.0 (25.8) (50.3) (77.2) (75.1)
-------- -------- -------- -------- --------
Net Income Before Accounting Charge $24.2 $70.4 $102.0 $142.7 $153.2 58.6%
Accounting Change (34.3) 0.0 0.0 (38.2) 0.0
-------- -------- -------- -------- --------
Net Income $(10.1) $70.4 $102.0 $104.5 $153.2
======== ======== ======== ======== ========
Shares Outstanding 31.2 31.2 31.2 31.2 31.2
EPS $(0.32) $2.26 $3.27 $3.35 $4.91 NM
Discretionary Cash Flow(a) $151.1 $366.6 $271.3 $386.7 $304.1 19.1%
EBITDA 268.7 346.2 377.2 417.1 435.8 12.8%
Growth & Margin Analysis
- ------------------------
Sales Growth (y-o-y) 0.6% 0.1% 5.4% 13.2%
Operating Income Growth (y-o-y) (21.5)% 281.1% 51.3% (1.7)%
Net Income Growth (y-o-y) 190.9% 44.9% 39.9% 7.4%
Gross Profit Margin 22.9% 22.8% 26.2% 25.9% 24.0%
EBITDA Margin 7.9% 10.1% 11.0% 11.6% 10.7%
EBIT Margin 2.2% 4.3% 5.6% 7.2% 6.5%
</TABLE>
Notes:
- ------
Historical financial data based on internal company numbers.
(a) Excludes Impact of accounting changes.
4
<PAGE> 48
FINA
Projected Income Statements
(dollars in millions)
<TABLE>
<CAPTION>
For the Year Ended December 31,
---------------------------------------------------------------- CAGR
1997E 1998E 1999E 2000E 2001E 1997-01
-------- -------- -------- -------- -------- ---------
<S> <C> <C> <C> <C> <C> <C>
Revenues $4,290.2 $4,903.3 $5,302.2 $5,587.7 $5,965.2 8.6%
Cost of Materials (3,237.4) (3,731.0) (3,996.3) (4,157.5) (4,405.4)
-------- -------- -------- -------- --------
Gross Profit 1,052.8 1,172.3 1,305.9 1,430.2 1,559.8 10.3%
Operating Expenses (576.8) (620.4) (651.0) (680.7) (707.0)
Depreciation & Amortization (195.8) (211.1) (238.5) (250.7) (258.8)
-------- -------- -------- -------- --------
Operating Income 280.2 340.8 416.4 498.8 594.0 20.7%
Non-Operating Inc/(Exp) (2.0) (4.4) (4.0) (3.5) 7.9
-------- -------- -------- -------- --------
EBIT 278.2 336.4 412.4 495.3 601.9 21.3%
Interest (36.5) (40.4) (45.2) (36.4) (26.2)
-------- -------- -------- -------- --------
Pre-Tax income 241.7 296.0 367.2 459.0 575.7
Taxes (82.4) (104.7) (135.7) (169.6) (212.7)
-------- -------- -------- -------- --------
Net Income $159.3 $191.3 $231.5 $289.4 $363.0 22.9%
======== ======== ======== ======== ========
Shares Outstanding 31.2 31.2 31.2 31.2 31.2
EPS $5.10 $6.13 $7.42 $9.27 $11.63 22.9%
Discretionary Cash Flow $364.3 $403.5 $488.1 $590.6 $700.9 17.8%
EBITDA 474.0 547.5 650.9 746.0 860.7 16.1%
Growth & Margin Analysis
- ------------------------
Sales Growth (y-o-y) 5.1% 14.3% 8.1% 5.4% 6.8%
Operating Income Growth (y-o-y) 4.1% 21.6% 22.2% 19.8% 19.1%
Net Income Growth (y-o-y) 4.0% 20.1% 21.0% 25.0% 25.4%
Gross Profit Margin 24.5% 23.9% 24.6% 25.6% 26.1%
EBITDA Margin 11.0% 11.2% 12.3% 13.4% 14.4%
EBIT Margin 6.5% 6.9% 7.8% 8.9% 10.1%
</TABLE>
Notes:
- ------
Projected financial data based on management projections.
Financial data normalized to exclude non-recurring charges.
5
<PAGE> 49
Comparison of Original and Revised Projections
(dollars in millions)
<TABLE>
<CAPTION>
1997E 1998E
---------------------------------------- ----------------------------------------
Original Revised Var. % Var. Original Revised Var. % Var.
-------- ------- ---- ------ -------- ------- ---- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
EBIT
------- -------
Chemicals $196.5 $176.5 $(20.0) (10.2)% $236.7 $208.0 $(28.7) (12.1)%
E&P 37.6 64.1 26.5 70.5% 56.0 57.7 1.7 3.0%
R&M 55.1 55.3 0.2 0.4% 89.7 89.3 (0.4) (0.4)%
Total 271.3 278.2 6.9 2.5% 363.8 336.4 (27.4) (7.5)%
Net Income $155.1 $159.3 $4.2 2.7% $210.1 $191.3 $(18.8) (8.9)%
EPS $4.97 $5.10 $0.13 2.7% $6.73 $6.13 $(0.60) (8.9)%
------- -------
Principal Factors Behind Revised Estimates
- ------------------------------------------
Chemical Margins
------- -------
Styrene Margin (cents/lb) $3.07 $2.17 $(0.90) (29.3)% $3.88 $2.63 $(1.25) (32.2)%
Polystyrene Margin (cents/lb) 3.37 2.35 (1.02) (30.3)% 3.71 2.80 (0.91) (24.5)%
Polypropylene Margin (cents/lb) 6.56 6.00 (0.56) (8.5)% 6.98 6.00 (0.98) (14.0)%
HDPE Margin (cents/lb) 6.25 7.50 1.25 20.0% 5.96 6.25 0.29 4.9%
Oil & Gas Prices
Crude Oil Price ($/Bbl) $16.20 $18.64 $2.44 15.1% $16.85 $17.45 $0.60 3.6%
Natural Gas Price ($/Mcf) 2.09 25.2 0.16 7.7% 2.07 2.14 0.07 3.4%
Oil & Gas Production Volumes
Crude Oil Volume (MBD) 10.5 10.5 0.0 0.0% 13.4 13.4 0.0 0.0%
Natural Gas Volume (MMcf/D) 178.0 195.3 17.3 9.7% 220.5 220.5 0.0 0.0%
------- -------
<CAPTION>
1999E
----------------------------------------
Original Revised Var. % Var.
-------- ------- ---- ------
<S> <C> <C> <C> <C>
EBIT
-------
Chemicals $262.2 $230.6 $(31.6) (12.1)%
E&P 96.0 95.9 (0.1) (0.1)%
R&M 108.2 104.9 (3.3) (3.0)%
Total 447.4 412.4 (35.0) (7.8)%
Net Income $255.4 $231.5 $(23.9) (9.4)%
EPS $8.18 $7.42 $(0.77) (9.4)%
-------
Principal Factors Behind Revised Estimates
- ------------------------------------------
Chemical Margins
-------
Styrene Margin (cents/lb) $4.46 $3.70 $(0.76) (17.0)%
Polystyrene Margin (cents/lb) 5.21 3.13 (2.08) (39.9)%
Polypropylene Margin (cents/lb) 5.87 4.80 (1.07) (18.2)%
HDPE Margin (cents/lb) 5.30 6.60 1.30 24.5%
Oil & Gas Prices
Crude Oil Price ($/Bbl) $17.48 $18.08 $0.60 3.4%
Natural Gas Price ($/Mcf) 2.11 2.18 0.07 3.3%
Oil & Gas Production Volumes
Crude Oil Volume (MBD) 17.1 17.1 0.0 0.0%
Natural Gas Volume (MMcf/D) 265.2 265.2 0.0 0.0%
-------
</TABLE>
Notes:
- ------
Original projections based on FINA, Inc. 1997 Corporate Plan finalized in
November/December 1996.
Revised projections based on updated 1997 Five Year Financial Plan (4/16/97).
Financial data based on management projections.
6
<PAGE> 50
FINA
Actual vs. Budget Analysis
<TABLE>
<CAPTION>
1994 1995 1996
--------------------------------- ---------------------------------- ------------------------------------
(US$ millions) Budget (a) Actual Variance Budget (b) Actual Variance Budget (c) Actual Variance
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
FINA
EBIT $154.6 $191.2 23.7% $281.6 $260.8 (7.4)% $254.7 $264.8 4.0%
E&P
EBIT 36.9 (3.4) N.M. 18.4 (14.4) N.M. (10.1) 69.3 N.M.
R&M
EBIT $57.7 $47.2 (18.2) $59.6 $1.5 (97.5) $60.3 $(16.8) N.M
Chemicals
EBIT $77.4 $164.4 112.4 $220.5 $290.6 31.8 $221.5 $231.2 4.4
- ---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(a) Source: FINA's 1994 Corporate Plan: Low Scenario with Enhanced Earnings and
Sustained Investments.
(b) Source: FINA's 1995 Corporate Plan: Base Case with Limited Investments.
(c) Source: FINA's 1996 Corporate Plan: Base Case.
7
<PAGE> 51
FINA
Segment Breakdown
(dollars in millions)
<TABLE>
<CAPTION>
For the Year Ended December 31,
-------------------------------------------------------------------------------------------
1994 1995 1996 1997E 1998E 1999E 2000E 2001E
------- ------- ------- ------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Revenues
Chemicals $904.8 $1,071.1 $1,058.1 $1,407.5 $1,531.8 $1,642.4 $1,761.0 $1,999.8
Refining & Marketing 2,136.4 2,492.5 2,765.1 2,746.7 3,137.9 3,338.8 3,449.8 3,540.3
Exploration & Production 661.3 462.2 744.6 780.1 903.6 1,041.1 1,127.1 1,212.2
Eliminations (281.4) (419.2) (486.6) (644.1) (670.0) (720.1) (750.2) (787.1)
------- ------- ------- ------- ------- ------- ------- -------
Whole Company 3,421.1 3,606.6 4,081.2 4,290.2 4,903.3 5,302.2 5,587.7 5,965.2
======= ======= ======= ======= ======= ======= ======= =======
EBIT
Chemicals $164.4 $290.6 $231.2 $176.5 $208.0 $230.6 $278.2 $335.1
Refining & Marketing 47.2 (4.6) (16.8) 55.3 89.3 104.9 114.1 127.4
Exploration & Production (3.5) (66.8) 69.3 64.1 57.7 95.9 122.4 159.2
Corporate / Eliminations (17.0) (17.1) (18.9) (17.7) (18.5) (19.0) (19.4) (19.8)
------- ------- ------- ------- ------- ------- ------- -------
Whole Company 191.2 202.1 264.8 278.2 336.4 412.4 495.3 601.9
======= ======= ======= ======= ======= ======= ======= =======
Discretionary Cash flow
Chemicals $129.3 $192.3 $160.6 $132.7 $131.5 $155.4 $203.3 $253.1
Refining & Marketing 62.0 59.8 27.3 80.7 107.1 118.5 132.8 145.2
Exploration & Production 68.4 94.7 76.5 122.3 128.1 169.7 196.2 226.4
Corporate / Eliminations 11.6 39.9 39.7 28.6 36.8 44.6 58.2 76.2
------- ------- ------- ------- ------- ------- ------- -------
Whole Company 271.3 386.7 304.1 364.3 403.5 488.1 590.6 700.9
======= ======= ======= ======= ======= ======= ======= =======
</TABLE>
Notes:
- ------
Projected financial data based on managment projections.
Financial data normalized to exclude non-recurring charges.
8
<PAGE> 52
FINA
1Q1997 Performance
(US$ in millions)
<TABLE>
<CAPTION>
Variance
1Q 1997 vs.
Actual Budget Actual --------------------
1Q1996 1Q1997 1Q1997 1Q1996 Budget
- ------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
FINA
Revenues $1,106.6 $1,183.0 $1,293.2 16.9% 9.3%
EBITDA 108.1 114.0 116.3 7.6 2.0
EBIT 67.0 68.1 67.4 0.6 (1.0)
Net Income 38.0 39.2 39.2 3.2 0.0
E&P
Revenues $176.2 $188.0 $273.2 55.1 45.3%
EBITDA 34.5 32.2 57.5 66.7 78.6
EBIT 18.5 13.1 35.5 91.9 171.0
R&M
Revenues $605.7 $627.9 $647.7 3.2% 6.9%
EBITDA 15.0 20.2 18.7 24.7 (7.4)
EBIT (1.3) 3.2 2.0 N.M. (37.5)
Chemicals
Revenues $324.7 $367.1 $372.3 14.7% 1.4%
EBITDA 62.2 64.9 43.8 (29.6) (32.5)
EBIT 54.4 56.2 35.1 (35.5) (37.5)
- ------------------------------------------------------------------------------------------
</TABLE>
9
<PAGE> 53
- -------
Goldman
Sachs
- -------
Exhibit 3
<PAGE> 54
Summary of Valuation Benchmarks
[The following table was originally a bar chart in the printed materials.]
<TABLE>
<CAPTION>
Undisturbed Offer Market
Market Price (a) Price Price (b) -------------------------------------------
$50 $60 $64.75 Comments
- ------------------------------------------------------------------- -------------------------------------------
<S> <C> <C> <C> <C> <C>
Domestic Integrated Update stock prices, 1997 estimates and
Public Companies (c) financials for recent quarterly results.
Multiple of 1996 DCF $49 5.0x 6.1x $59.50
Multiple of 1997E DCF $55 4.7x 5.7x $66.50
P/E 1996 $66 13.4x 16.4x $80.50
P/E 1997E $57 11.2x 13.8x $70
Commodity Chemical Same as above. In addition, adjust
Public Companies (c) comparison on a weighted-average
Multiple of 1996 EBITDA $64 6.2x 7.6x $84 multiple basis. Based on financial
Multiple of 1997E EBITDA $70 6.1x 7.5x $92 contribution of each business segment.
P/E 1997E $62 12.2x 15.0x $76.50 Debt allocated on a capital-employed basis.
Asset Valuation (d) $47 $75 Adjust for chemicals as public, going
concern and after-tax values of E&P and
R&M sales.
DCF Analysis (e) $70 $78 Adjust for higher discount rate in years
2000 and 2001.
PV of Future No adjustments.
Stock Prices (f) $56 $69
Cash Update PetroFina stock price.
EPS Breakeven (g) $55 $80
Stock Update PetroFina stock price.
EPS Breakeven (g) $51 $66
</TABLE>
Share Price
(a) Based on FINA's closing share price of $50.00 as of February 24, 1997, one
day prior to the PetroFina announcement.
(b) Based on closing share price as of April 18, 1997 ($64.75).
(c) Based on median common stock comparison multiples. The valuation range
extends from 10% below the median to 10% above.
(d) Reflects a break-up value for FINA's three business segments. Valuation
range based on public and private market multiples and replacement cost
analysis. Pre-tax values. Includes a range of working capital values of $0
to $270 million dependent upon going concern vs. asset value disposition.
Investments valued at book.
(e) Low end of range reflects the present value, at an 11.0% discount rate, of
FINA's projected free cash flows for the period 1997-2001 as well as the
present value of a terminal value based on a multiple of 5.5x LTM DCF. High
end of range reflects the present value of the same cash flows and terminal
value discounted at a rate of 9.0%.
(f) Low end of range represents the present value, at a 12.0% discount rate, of
FINA's projected year 2000 share price based on a multiple of 9.0x LTM net
income. High end of range relects the present value, at a 12.0% discount
rate, of FINA's projected year 2000 share price based on a multiple of
11.0x LTM net income.
(g) Low end of range represents the price at which there is no dilution to
PetroFina's 1997E EPS assuming no synergies and a goodwill amortization
period of 5 years. High end of range reflects the prices at which there is
no dilution to PetroFino's 1998 EPS assuming no synergies and a goodwill
amortization period of 20 years.
10
<PAGE> 55
Summary of Valuation Benchmarks
[The following table was originally a bar chart in the printed materials.]
<TABLE>
<CAPTION>
Undisturbed Offer Market
Market Price (a) Price Price (b)
$50 $60 $67.25
- -----------------------------------------------------------------------
<S> <C> <C> <C> <C>
Domestic Integrated
Public Companies (c)
Multiple of 1997E DCF $63 5.4x 6.5x $76
P/E 1997E $73 14.3x 17.3 $88
Weighted-Average Public
Companies
Multiple of 1997E DCF $65 5.6x 6.7x $78
P/E 1997E $72 14.1x 17.1x $87
Asset Valuation (d) $52 $60
DCF Analysis
5-Year (e) $60 $66
PV of Future
Stock Prices (f) $56 $69
Cash
EPS Breakeven (g) $55 $80
Stock
EPS Breakeven (g) $51 $66
</TABLE>
Share Price
(a) Based on FINA's closing share price of $50.00 as of February 24, 1997, one
day prior to the PetroFina announcement.
(b) Based on closing share price as of June 3, 1997 ($67.25).
(c) Based on median common stock comparison multiples. The valuation range
extends from 10% below the median to 10% above.
(d) Reflects a break-up value for FINA's three business segments. Valuation
range based on public and private market multiples. Assumes sales of E&P
and R&M assets and public trading value for chemicals. After-tax values.
(e) Low end of range reflects the present value, at an 11.0% discount rate, of
FINA's projected free cash flows for the period 1997-1999 and 14.0% for the
period 2000-2001. Cash flows and the terminal value based on a multiple of
5.5x LTM DCF. High end of range reflects the present value of the same cash
flows and terminal value discounted at a rate of 9.0% and 12.0%,
respectively.
(f) Low end of range represents the present value, at a 12.0% discount rate, of
FINA's projected year 2000 share price based on a multiple of 9.0x LTM net
income. High end of range reflects the present value, at a 12.0% discount
rate, of FINA's projected year 2000 share price based on a multiple of
11.0x LTM net income.
(g) Low end of range represents the price at which there is no dilution to
PetroFina's 1997E EPS assuming no synergies and a goodwill amortization
period of 5 years. High end of range reflects the prices at which there is
no dilution to PetroFino's 1998 EPS assuming no synergies and a goodwill
amortization period of 20 years.
11
<PAGE> 56
- --------
Goldman
Sachs
- --------
Exhibit 4
<PAGE> 57
Summary Transaction Analysis
Impact on PetroFina EPS and Discretionary Cash Flow
($ in millions)
<TABLE>
<CAPTION>
Price Per FINA Share
-----------------------------------------------------------------------
$60.00 $62.50 $65.00 $67.50 $70.00 $72.60 $75.00
-----------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
- ------------------------
100% Stock
- ------------------------
EPS Accretion/(Dilution)
1997 0.5% 0.3% 0.1% (0.2)% (0.4)% (0.7)% (0.9)%
1998 1.0% 0.7% 0.5% 0.3% 0.1% (0.2)% (0.4)%
DCF Accretion/(Dilution)
1997 (1.4)% (1.5)% (1.6)% (1.7)% (1.9)% (2.0)% (2.1)%
1998 (1.2)% (1.3)% (1.4)% (1.6)% (1.7)% (1.8)% (1.9)%
- ------------------------
100% Cash
- ------------------------
EPS Accretion/(Dilution)
1997 1.7% 1.5% 1.3% 1.0% 0.8% 0.6% 0.4%
1998 2.3% 2.2% 2.0% 1.8% 1.6% 1.4% 1.2%
DCF Accretion/(Dilution)
1997 1.0% 1.0% 1.0% 0.9% 0.9% 0.8% 0.8%
1998 1.3% 1.3% 1.2% 1.2% 1.2% 1.1% 1.1%
</TABLE>
Notes
- ------------------------
Analysis shows full-year 1997 earnings Impact of transaction.
Analysis assumes 20 year amortization period. If the amortization period was
reduced to five years, a transaction at $65.00 per share would be 2.1%
dilutive to 1997 earnings on a cash basis, and 3.2% dilutive on a stock basis.
12
<PAGE> 58
- -------
Goldman
Sachs
- -------
Exhibit A
<PAGE> 59
Comparison of Publicly-Traded Companies
Median Multiples
<TABLE>
<CAPTION>
Price / Earnings Multiple (a) Price / DCF Multiple (a) Enterprise Value / EBITDA (a)
----------------------------- ------------------------ -----------------------------
1997E Norm (b) 1997E 1997E Norm (b)
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
FINA (c) 13.2 x 12.5 x 5.8 x 5.8 x 5.4 x
FINA Undisturbed (c) (d) 9.8 9.3 4.3 4.7 4.4
Composite Medians:
Domestic Integrated 15.7 x NA 5.9 x NA NA
Commodity Chemicals 13.2 8.6 x 6.4 6.4 x 4.9 x
Exploration & Production 20.0 NA 5.7 NA NA
Refining & Marketing 19.0 NA 6.6 7.6 NA
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(a) Based on GS Research estimates as of June 1997. Estimates for companies with
non-calendar fiscal year ends have been calendarized.
(b) FINA's normalized financial data reflects a five year average based on two
years of historical data and three years of projected data.
(c) FINA estimates based on management projections.
(d) Based on FINA's closing share price as of February 24, 1997, one day prior
to PetroFina announcement.
14
<PAGE> 60
Comparison of Publicly-Traded Companies
Domestic Integrated Oils
<TABLE>
<CAPTION>
Chemicals
Current Price Levered P/E Multiple (b) Price / DCF Multiple (b) as % of EBIT
Stock as % 52-Week Market Market ---------------- ------------------------ ------------
Price(a) High Cap Cap 1997E 1997E 1997E
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
FINA (c) $67.25 100.0 % $2,099.3 $2,786.7 132 x 5.8 x 81.5 %
FINA Undisturbed (d) $50.00 90.9% $1,550.9 $2,248.2 9.8 x 4.3 x 81.5 %
Amoco Corp. $91.00 99.3 % $45,194.6 $50,472.6 17.0 x 8.2 x 24.6 %
Ashland, Inc. 47.63 97.4 3,535.8 5,782.8 18.3 5.3 35.2
Atlantic Richfield 149.13 100.0 24,021.4 30,950.4 14.5 6.7 19.2
Kerr-McGee 65.88 87.8 3,195.6 3,689.0 15.7 5.8 24.5
Murphy Oil 47.38 87.3 2,125.6 2,258.8 16.9 5.3 0.0
Phillips Petroleum 43.88 93.6 11,544.3 14,229.3 11.7 5.5 30.6
Sun Company 30.50 99.2 2,226.2 3,087.2 19.1 7.4 47.6
Unocal Corp. 42.75 93.2 10,705.2 12,698.2 15.3 6.1 0.0
USX-Marathon 30.50 100.0 8,771.9 11,889.9 15.3 5.9 0.0
- --------------------------------------------------------------------------------------------------------------------------------
Median 97.4 % 15.7x 5.9x 24.5%
Mean 95.3 16.0 6.2 20.2
High 100.0 19.1 8.2 47.6
Low 87.3 11.7 5.3 0
- --------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(a) Latest stock price as of 06/03/97.
(b) Based on GS Research estimates as of 06/03/97. Estimates for companies
with non-calendar fiscal year ends have been calendarized.
(c) FINA estimates based on management projections.
(d) FINA's closing share price as of February 24, 1997, one day prior to
PetroFina announcement.
15
<PAGE> 61
Comparison of Publicly-Traded Companies
Commodity Chemicals
<TABLE>
<CAPTION>
Current Price Levered Price / Earnings Multiple (b) Price / DCF Multiple (b)
Current as % 52-Week Market Market ----------------------------- ------------------------
Price (a) High Cap Cap 1997E Norm (c) 1997E
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
FINA (d) $67.25 100.0% 2,099.3 $2,749.2 13.2 x 12.5 x 5.8 x
FINA Undisturbed (e) 50.00 74.3 1,560.9 2,210.8 9.8 9.3 4.3
Dow Chemical $84.13 93.3% $19,626.4 $25,530.4 11.8 x 10.7 x 6.3 x
Geon 22.00 81.1 514.4 669.2 23.2 8.0 6.5
Georgia Gulf 27.75 80.7 940.7 1,338.7 14.6 7.2 9.1
Lyondell Petrochemical 22.75 86.7 1,820.0 2,754.0 10.3 9.3 7.8
Millenium Chemicals 19.13 72.5 1,478.7 3,471.7 17.4 6.8 4.1
Union Carbide 46.25 91.4 5,803.5 7,577.5 11.3 10.2 6.0
Methanex 9.25 87.1 1,749.8 1,739.6 9.8 NA NA
Wellman 17.63 73.8 548.3 874.1 17.5 NA NA
- -------------------------------------------------------------------------------------------------------------------------------
Median 83.9 % 13.2x 8.6 x 6.4 x
Mean 83.3 14.5 8.7 6.6
High 93.3 23.2 10.7 9.1
Low 72.5 9.8 6.8 4.1
- -------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
Enterprise Value/EBITDA (b)
---------------------------
1997E Norm (c)
- ---------------------------------------------------
<S> <C> <C>
FINA (d) 5.8 x 5.4 x
FINA Undisturbed (e) 4.7 4.4
Dow Chemical 6.2 x 5.8 x
Geon 6.6 3.9
Georgia Gulf 7.8 4.8
Lyondell Petrochemical 5.4 5.0
Millenium Chemicals 6.9 4.8
Union Carbide 5.9 5.7
Methanex NA NA
Wellman NA NA
- ---------------------------------------------------
Median 6.4 x 4.9 x
Mean 6.5 5.0
High 7.5 5.8
Low 5.4 3.9
- ---------------------------------------------------
</TABLE>
(a) Latest stock price as of 08/03/97.
(b) Based on GS Research estimates as of 06/03/97. Estimates for companies with
non-calendar fiscal year ends have been calendarized.
(c) FINN's normalized financial data reflects a five-year average based on two
years of historical data and three years of projected data.
(d) FINA estimates based on management projections.
(e) FINA's closing share price as of February 24, 1997, one day prior to
PetroFina announcement.
16
<PAGE> 62
Comparison of Publicly-Traded Companies
Exploration and Production Companies
<TABLE>
<CAPTION>
Current Price Levered P/E Multiple (b) Price / DCF Multiple (b)
Current as % 52-Week Market Market ---------------- -----------------------
Price(a) High Cap Cap 1997E 1997E
- --------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
FINA (c) 67.25 100.0 % $2,099.3 $2,786.3 13.2 x 5.8 x
FINA Undisturbed (d) 50.00 90.9 % $1,560.9 $2,248.2 9.8 x 4.3 x
Barrett Resources 33.50 71.5 % $1,049.5 $1,145.4 35.3 x 9.2 x
Belco Oil & Gas 23.38 62.8 738.2 706.4 12.6 5.4
Cabot Oil & Gas 18.50 93.1 422.9 639.2 33.6 5.0
Cross Timbers Oil 19.38 94.2 519.6 851.1 18.5 5.5
Devon Energy 37.00 95.2 1,189.2 1,313.9 18.5 6.7
Forcenergy 35.00 92.4 790.2 1,115.3 31.8 5.4
Monterey Resources 15.75 92.6 862.6 1,022.7 13.1 7.3
Newfield Exploration 21.50 76.8 757.6 804.9 21.5 6.0
Pogo Producing 40.00 80.2 1,334.4 1,631.1 29.6 7.1
Houston Exploration 15.00 76.9 350.0 420.0 20.0 4.5
United Meridian 36.00 67.3 1,269.0 1,368.0 N.M. 7.5
Vintage Petroleum 34.00 91.0 874.3 1,234.9 13.6 5.0
Median 85.6 % 20.0 x 5.7 x
Mean 82.8 22.6 6.2
High 95.2 35.3 9.2
Low 62.8 12.6 4.5
- --------------------------------------------------------------------------------------------------------------------
</TABLE>
(a) Latest stock price as of 06/03/97.
(b) Based on GS Research estimates as of 06/02/97. Estimates for companies with
non-calendar fiscal year ends have been calendarized.
(c) FINA estimates based on management projections.
(d) FINA's closing share price as of February 24, 1997, one day prior to
PetroFina announcement.
17
<PAGE> 63
Comparison of Publicly-Traded Companies
Independent Refining Companies
<TABLE>
<CAPTION>
Current Price Levered P/E Multiple (b) Price / DCF Multiple (b)
Current as % 52-Week Market Market ---------------- ------------------------
Price(a) High Cap Cap 1997E 1997E
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
FINA (c) $67.25 100.0 % $2,099.3 $2,786.7 13.2 x 5.8 x
FINA Undisturbed (d) $50.00 90.9 % $1,560.9 $2,248.2 9.8 x 4.3 x
Ashland Inc. $47.63 97.4 % $3,097.1 $5,344.1 18.3 x 5.3 x
Sun Company 30.50 99.2 2,226.2 3,087.2 19.1 7.4
Tosco Corp. 33.00 96.4 5,155.3 7,115.7 22.0 9.2
Total Petroleum 10.25 87.2 398.9 872.6 20.5 5.1
Ultramar Diamond Shamrock 32.88 98.9 2,457.8 3.948.1 13.2 5.7
Valero Energy 36.13 98.0 1,748.5 2,728.1 19.0 9.6
Median 97.7 % 19.0 x 6.6 x
Mean 96.2 18.7 7.1
High 99.2 22.0 9.6
Low 87.2 13.2 5.1
- ------------------------------------------------------------------------------------------------------------------------
<CAPTION>
Enterprise Value / EBITDA (b)
-----------------------------
1997E
- ----------------------------------------------------------
<S> <C>
FINA (c) 5.9 x
FINA Undisturbed (d) 4.7 x
Ashland Inc. 7.3 x
Sun Company 7.6
Tosco Corp. 7.9
Total Petroleum 7.5
Ultramar Diamond Shamrock 6.8
Valero Energy 11.0
Median 7.6 x
Mean 8.0
High 11.0
Low 6.8
- ----------------------------------------------------------
</TABLE>
(a) Latest stock price as of 06/03/97.
(b) Based on GS Research estimates as of 06/02/97. Estimates for companies with
non-calendar fiscal year ends have been calendarized.
(c) FINA estimates based on management projections.
(d) FINA's closing share price as of February 24, 1997, one day prior to
PetroFina announcement.
18
<PAGE> 64
Asset Valuation (a)
(US$ in millions)
<TABLE>
<CAPTION>
Valuation Range
----------------------- ----------------------------------------------------
Low High Valuation Basis
-------- -------- ----------------------------------------------------
<S> <C> <C> <C>
Chemicals $ 1,300 $ 1,400 Value as going concern; 1997 median EBITDA and net
income multiples
Exploration & Production 560 625 After-tax value; $5 to $6 per BOE of proved reserves
plus book value of undeveloped acreage
Refining & Marketing 425 500 After-tax value: 1997 median DCF and P/E multiples
------- -------
Total Enterprise Value $ 2,285 $ 2,525
Net Debt (650) (650)
------- -------
Total Equity Value $ 1,635 $ 1,875
Equity Value Per Share $ 52.37 $ 60.06
</TABLE>
Notes
- ----------
(a) Working capital and investments are assumed to be transferred with the
business, and hence reflected in the above value ranges.
19
<PAGE> 65
Public Market Valuation
(US$ in millions)
<TABLE>
<CAPTION>
P/E Multiple Analysis
- --------------------------------------------------------------------------------
1997 Median Industry Public Market
Net Income (a) 1997 P/E Multiple Value
-------------- ----------------- -------------
<S> <C> <C> <C>
Chemicals $ 105.9 13.2x $ 1,395.8
Exploration & Production 34.8 20.0 696.9
Refining & Marketing 28.3 19.0 538.7
Corporate / Eliminations (9.7) 15.7 (b) (152.2)
---------
Total Equity Company $ 2,479.3
Equity Value Per Share $ 79.41
<CAPTION>
P/DCF Multiple Analysis
- --------------------------------------------------------------------------------
1997 Median Industry Public Market
DCF(a) 1997 P/DCF Multiple Value
-------------- ----------------- -------------
<S> <C> <C> <C>
Chemicals $ 132.7 6.4x $842.5
Exploration & Production 122.3 5.7 699.2
Refining & Marketing 80.7 6.6 528.8
Corporate / Eliminations 28.6 5.9 (b) 169.4
----------
Total Equity Company $ 2,239.9
Equity value Per Share $ 71.75
</TABLE>
Notes
- ----------
(a) Assumes interest expense is allocated on the basis of capital employed.
Assumes 36.0% tax rate for all segments.
(b) Corporate / Eliminations valued at the median multiple for the domestic
integrated composite.
20
<PAGE> 66
FINA Cash Flow Statement
($ in millions)
<TABLE>
<CAPTION>
Projections for Discounted Cash Flow Analysis
-----------------------------------------------------------
1994 1995 1996 1997E 1998E 1999E 2000E 2001E
================================================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Revenues $3,421.1 $3,606.6 $4,081.2 $4.290.2 $4,903.3 $5,302.2 $5,587.7 $5,965.2
======== ======== ======== ======== ======== ======== ======== ========
EBIT $191.2 $202.1 $264.8 $278.2 $336.4 $412.4 $495.3 $601.9
Taxes (a) (68.8) (72.8) (95.3) (100.2) (121.1) (148.5) (178.3) (216.7)
Capital Expenditures (133.9) (213.1) (263.3) (322.4) (422.3) (294.9) (351.5) (413.6)
Depreciation & Amortization 186.0 215.0 171.0 195.8 211.1 238.5 250.7 258.8
Other Cash Flow (16.7) 67.3 (20.1) 9.2 1.1 18.1 50.5 79.1
----- ---- ----- --- --- ---- ---- ----
Free Cash Flow (b) $157.8 $198.5 $57.0 $60.6 $5.2 $225.6 $266.7 $309.5
====== ====== ===== ===== ==== ====== ====== ======
Discretionary Cash Flow (b) $271.3 $386.7 $304.1 $364.3 $403.5 $488.1 $590.6 $700.9
Revenue Growth 5.4% 13.2% 5.1% 14.3% 8.1% 5.4% 6.8%
EBIT Margin 5.6% 5.6% 6.5% 6.5% 6.9% 7.8% 8.9% 10.1%
</TABLE>
- ----------
Projected financial data based on management projections.
(a) Assumes a 36.0% tax rate.
(b) Defined as Net Income + D&A + Other Cash Flow.
21
<PAGE> 67
FINA DCF Analysis
Five Years of Projections
($ in millions)
<TABLE>
<CAPTION>
Discount Rates Multiple of Terminal DCF
- -------------------- ---------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Yrs 1-3 Yrs 4-5,TV 4.5x 5.0x 5.5x 6.0x 6.5x 7.0x
=======================================================================================================
9.0% 12.0% PV of Cash Flows $579 $579 $579 $579 $579 $579
PV of Terminal Value 1,790 1,989 2,187 2,386 2,585 2,784
----- ----- ----- ----- ----- -----
Enterprise Value $2,369 $2,568 $2,767 $2,966 $3,164 $3,363
10.0% 13.0% PV of Cash Flows $561 $561 $561 $561 $561 $561
PV of Terminal Value 1,712 1,902 2,092 2,283 2,473 2,663
----- ----- ----- ----- ----- -----
Enterprise Value $2,272 $2,463 $2,653 $2,843 $3,033 $3,223
11.0% 14.0% PV of Cash Flows $542 $542 $542 $542 $542 $542
PV of Terminal Value 1,638 1,820 2,002 2,184 2,366 2,548
----- ----- ----- ----- ----- -----
Enterprise Value $2,181 $2,363 $2,545 $2,727 $2,909 $3,091
Equity Value Per Share
------------------------------------------------------------
9.0% 12.0% $ 55.07 $ 61.44 $ 67.80 $ 74.17 $ 80.54 $ 86.91
10.0% 13.0% $ 51.97 $ 58.06 $ 64.16 $ 70.25 $ 76.34 $ 82.43
11.0% 14.0% $ 49.03 $ 54.86 $ 60.69 $ 66.52 $ 72.35 $ 78.18
------------------------------------------------------------
</TABLE>
- ----------
Note: Cash flows discounted to December 31, 1996.
22
<PAGE> 68
Potential Future Stock Price
[The following table was depicted in a line graph in the printed material.]
<TABLE>
<CAPTION>
Stock Price($)
1997 1998 1999 2000 2001
---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C>
9.0x $45.90 $55.17 $66.78 $ 83.43 $104.67
10.0x $51.00 $61.30 $74.20 $ 92.70 $116.30
11.0x $56.10 $67.43 $81.62 $101.97 $127.93
LTM EPS $5.10 $6.13 $7.42 $9.27 $11.63
</TABLE>
23
<PAGE> 69
Present Value of Potential Stock Price (a)
[The following table was depicted in a line graph in the printed material.]
<TABLE>
<CAPTION>
Stock Price($)
1997 1998 1999 2000 2001
---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C>
9.0x $43.37 $46.55 $50.30 $56.11 $62.86
10.0x $48.19 $51.72 $55.89 $62.35 $69.84
11.0x $53.01 $56.89 $61.48 $68.58 $76.82
Offer $60.00 $60.00 $60.00 $60.00 $60.00
Undistributed (b) $50.00 $50.00 $50.00 $50.00 $50.00
LTM EPS $5.10 $6.13 $7.42 $9.27 $11.63
</TABLE>
(a) Assumes discount rate of 12%. Share prices discounted to June 1, 1997.
(b) FaceOff's closing share price as of February 24, 1997, one day prior to
Parent announcement.
24
<PAGE> 70
PetroFina Acquires Remaining 14.2% of FINA
0% Stock/100% Debt - Purchase Accounting - Impact on EPS
Amortization Period: 20 years
<TABLE>
<CAPTION>
--------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Price Per Share $60.00 $62.50 $65.00 $67.50 $70.00 $72.50 $75.00
--------------------------------------------------------------------------
Publicly Held Shares Outstanding (mm) 4.42 4.42 4.42 4.42 4.42 4.42 4.42
--------------------------------------------------------------------------
Equity Consideration $265.3 $276.3 $287.4 $298.4 $309.5 $320.5 $331.6
--------------------------------------------------------------------------
- -------------------------------------
1997E
- -------------------------------------
PetroFina Net Income (a) $480.9 $480.9 $480.9 $480.9 $480.9 $480.9 $480.9
Incremental FINA Net Income (b) 22.6 22.6 22.6 22.6 22.6 22.6 22.6
After-Tax Interest Expense (c) (10.3) (10.8) (11.2) (11.6) (12.1) (12.5) (12.9)
Goodwill Amortization (c)(d) (4.3) (4.8) (5.4) (5.9) (6.5) (7.0) (7.6)
After-Tax Synergies (e) 0.0 0.0 0.0 0.0 0.0 0.0 0.0
--------------------------------------------------------------------------
Pro Forma Net Income $488.9 $487.9 $486.9 $485.9 $484.9 $484.0 $483.0
PetroFina 1997E EPS (Pre-Transaction) $20.79 $20.79 $20.79 $20.79 $20.79 $20.79 $20.79
Pro Forma 1997E EPS $21.14 $21.10 $21.05 $21.01 $20.97 $20.93 $20.88
Accretion/(Dilution) 1997E 1.7% 1.5% 1.3% 1.0% 0.8% 0.6% 0.4%
PT Synergies to Breakeven - 1997(e) $(12.3) $(10.8) $(9.3) $(7.8) $(6.2) $(4.7) $(3.2)
- -------------------------------------
1998E
- -------------------------------------
PetroFina Net Income (a) $537.2 $537.2 $537.2 $537.2 $537.2 $537.2 $537.2
Incremental FINA Net Income (b) 27.2 27.2 27.2 27.2 27.2 27.2 27.2
After-Tax Interest Expense (c) (10.3) (10.8) (11.2) (11.6) (12.1) (12.5) (12.9)
Goodwill Amortization (c)(d) (4.3) (4.8) (5.4) (5.9) (6.5) (7.0) (7.6)
After-Tax Synergies (e) 0.0 0.0 0.0 0.0 0.0 0.0 0.0
--------------------------------------------------------------------------
Pro Forma Net Income $549.8 $548.8 $547.8 $546.8 $545.8 $544.8 $543.9
PetroFina 1998E EPS (Pre-Transaction) $23.23 $23.23 $23.23 $23.23 $23.23 $23.23 $23.23
Pro Forma 1998E EPS $23.77 $23.73 $23.69 $23.64 $23.60 $23.56 $23.52
Accretion/(Dilution) 1998E 2.3% 2.2% 2.0% 1.8% 1.6% 1.4% 1.2%
PT Synergies to Breakeven - 1998(e) $(19.3) $(17.8) $(16.3) $(14.7) $(13.2) $(11.7) $(10.2)
- -------------------------------------
Shares Outstanding
- -------------------------------------
PetroFina Shares Outstanding 23.13 23.13 23.13 23.13 23.13 23.13 23.13
New Shares Issued 0.00 0.00 0.00 0.00 0.00 0.00 0.00
--------------------------------------------------------------------------
Pro Forma Shares Outstanding 23.13 23.13 23.13 23.13 23.13 23.13 23.13
</TABLE>
Notes
- ----------
In order to show full-year 1997 earnings impact, analysis assumes transaction
occured 12/31/96.
(a) PetroFina earnings estimates based on GS Research (January 1997).
(b) FINA earnings estimates based on management projections.
(c) Assumes PetroFina interest rate of 7.80% and Belgian tax rate of 50.0%.
(d) Assumes that goodwill is not tax deductible and is amortized over 20 years.
(e) Assumes US tax rate of 35.0%.
25
<PAGE> 71
PetroFina Acquires Remaining 14.2% of FINA
0% Stock/100% Debt - Purchase Accounting - Impact on DCF
Amortization Period: 20 years
<TABLE>
<CAPTION>
--------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Price Per Share $60.00 $62.50 $65.00 $67.50 $70.00 $72.50 $75.00
--------------------------------------------------------------------------
Publicly Held Shares Outstanding (mm) 4.42 4.42 4.42 4.42 4.42 4.42 4.42
--------------------------------------------------------------------------
Equity Consideration $265.3 $276.3 $287.4 $298.4 $309.5 $320.5 $331.6
--------------------------------------------------------------------------
- -------------------------------------
1997E
- -------------------------------------
PetroFina Discretionary Cash Flow (a) $1,201.1 $1,201.1 $1,201.1 $1,201.1 $1,201.1 $1,201.1 $1,201.1
Incremental FINA Net Income (b) 22.6 22.6 22.6 22.6 22.6 22.6 22.6
After-Tax Interest Expense (c) (10.3) (10.8) (11.2) (11.6) (12.1) (12.5) (12.9)
After-Tax Synergies (d) 0.0 0.0 0.0 0.0 0.0 0.0 0.0
--------------------------------------------------------------------------
Pro Forma Net Income $1.213.4 $1,213.0 $1,212.5 $1,212.1 $1,211.7 $1,211.3 $1,210.8
Petrofina 1997E DCF (Pre-Transaction) $51.94 $51.94 $51.94 $51.94 $51.94 $51.94 $51.94
Pro Forma 1997E DCF $52.47 $52.45 $52.43 $52.41 $52.39 $52.37 $52.36
Accretion/(Dilution) 1997E 1.0% 1.0% 1.0% 0.9% 0.9% 0.8% 0.8%
PT Synergies to Breakeven - 1997 (d) $(18.9) $(18.2) $(17.6) $(16.9) $(16.2) $(15.6) $(14.9)
- -------------------------------------
1998E
- -------------------------------------
PetroFina Discretionary Cash Flow (a) $1,303.1 $1,303.1 $1,303.1 $1,301.1 $1,303.1 $1,303.1 $1,303.1
Incremental FINA Net income (b) 27.2 27.2 27.2 27.2 27.2 27.2 27.2
After-Tax Interest Expense (c) (10.3) (10.8) (11.2) (11.6) (12.1) (12.5) (12.9)
After-Tax Synergies (d) 0.0 0.0 0.0 0.0 0.0 0.0 0.0
--------------------------------------------------------------------------
Pro Forma Net Income $1,319.8 $1,319.5 $1,319.1 $1,318.6 $1,318.2 $1,317.6 $1,317.3
PetroFina 1998E DCF (Pre-Transaction) $56.35 $56.35 $56.35 $56.35 $56.35 $56.35 $56.35
Pro Forma 1998E DCF $57.07 $57.05 $57.04 $57.02 $57.00 $56.98 $56.96
Accretion/(Dilution) 1998E 1.3% 1.3% 1.2% 1.2% 1.2% 1.1% 1.1%
PT Synergies to Breakeven - 1998 (d) $(25.9) $(25.2) $(24.5) $(23.9) $(23.2) $(22.6) $(21.9)
- -------------------------------------
Shares Outstanding
- -------------------------------------
PetroFina Shares Outstanding 23.13 23.13 23.13 23.13 23.13 23.13 23.13
New Shares Issued 0.00 0.00 0.00 0.00 0.00 0.00 0.00
--------------------------------------------------------------------------
Pro Forma Shares Outstanding 23.13 23.13 23.13 23.13 23.13 23.13 23.13
</TABLE>
Notes
- ----------
In order to show full-year 1997 earnings impact, analysis assumes transaction
occured 12/31/96.
(a) PetroFina DCF estimates based on GS Research (January 1997).
(b) FINA earnings estimates based on management projections.
(c) Assumes PetroFina interest rate of 7.80% and Belgian tax rate of 50.0%.
(d) Assumes US tax rate of 35.0%.
26
<PAGE> 72
PetroFina Acquires Remaining 14.2% of FINA
100% Stock/0% Debt - Purchase Accounting - Impact on EPS
Amortization Period: 20 years
<TABLE>
<CAPTION>
--------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Price Per Share $60.00 $62.50 $65.00 $67.50 $70.00 $72.50 $75.00
--------------------------------------------------------------------------
Publicly Held Shares Outstanding (mm) 4.42 4.42 4.42 4.42 4.42 4.42 4.42
--------------------------------------------------------------------------
Equity Consideration $265.3 $276.3 $287.4 $298.4 $309.5 $320.5 $331.6
--------------------------------------------------------------------------
- -------------------------------------
1997E
- -------------------------------------
PetroFina Net Income (a) $476.2 $476.2 $476.2 $476.2 $476.2 $476.2 $476.2
Incremental FINA Net Income (b) 22.6 22.6 22.6 22.6 22.6 22.6 22.6
After-Tax Interest Expense (c) 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Goodwill Amortization (c)(d) (4.3) (4.8) (5.4) (5.9) (6.5) (7.0) (7.6)
After-Tax Synergies (e) 0.0 0.0 0.0 0.0 0.0 0.0 0.0
--------------------------------------------------------------------------
Pro Forma Net Income $494.6 $494.0 $493.5 $492.9 $492.4 $491.6 $491.3
PetroFina 1997E EPS (Pre-Transaction) $20.59 $20.59 $20.59 $20.59 $20.59 $20.59 $20.59
Pro Forma 1997E EPS $20.70 $20.65 $20.60 $20.55 $20.50 $20.45 $20.40
Accretion/(Dilution) 1997E 0.5% 0.3% 0.1% (0.2)% (0.4)% (0.7)% (0.9)%
PT Synergies to Breakeven - 1998(e) $(4.1) $(2.3) $(0.4) $1.4 $3.3 $5.1 $7.0
- -------------------------------------
1998E
- -------------------------------------
PetroFina Net Income (a) $532.0 $532.0 $532.0 $532.0 $532.0 $532.0 $532.0
Incremental FINA Net Income (b) 27.2 27.2 27.2 27.2 27.2 27.2 27.2
After-Tax Interest Expense (c) 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Goodwill Amortization (c)(d) (4.3) (4.8) (5.4) (5.9) (6.5) (7.0) (7.6)
After-Tax Synergies (e) 0.0 0.0 0.0 0.0 0.0 0.0 0.0
--------------------------------------------------------------------------
Pro Forma Net Income $554.9 $554.4 $553.8 $553.3 $552.7 $552.1 $551.6
PetroFina 1998E EPS (Pre-Transaction) $23.00 $23.00 $23.00 $23.00 $23.00 $23.00 $23.00
Pro Forma 1998E EPS $23.23 $23.18 $23.12 $23.07 $23.02 $22.96 $22.91
Accretion/(Dilution) 1998E 1.0% 0.7% 0.5% 0.3% 0.1% (0.2)% (0.4)%
PT Synergies to Breakeven - 1998(e) $(8.3) $(6.3) $(4.4) $(2.4) $(0.4) $1.5 $3.5
- -------------------------------------
Shares Outstanding
- -------------------------------------
PetroFina Shares Outstanding 23.13 23.13 23.13 23.13 23.13 23.13 23.13
New Shares Issued 0.76 0.79 0.82 0.85 0.89 0.92 0.95
--------------------------------------------------------------------------
Pro Forma Shares Outstanding 23.89 23.92 23.95 23.98 24.01 24.04 24.08
</TABLE>
Notes
- ----------
In order to show full-year 1997 earnings impact, analysis assumes transaction
occured 12/31/96.
(a) PetroFina earnings estimates based on GS Research (January 1997).
(b) FINA earnings estimates based on management projections.
(c) Assumes PetroFina interest rate of 7.80% and Belgian tax rate of 50.0%.
(d) Assumes that goodwill is not tax deductible and is amortized over 20 years.
(e) Assumes US tax rate of 35.0%.
27
<PAGE> 73
PetroFina Acquires Remaining 14.2% of FINA
100% Stock/0% Debt - Purchase Accounting - Impact on DCF
Amortization Period: 20 years
<TABLE>
<CAPTION>
--------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Price Per Share $60.00 $62.50 $65.00 $67.50 $70.00 $72.50 $75.00
--------------------------------------------------------------------------
Publicly Held Shares Outstanding (mm) 4.42 4.42 4.42 4.42 4.42 4.42 4.42
--------------------------------------------------------------------------
Equity Consideration $265.3 $276.3 $287.4 $298.4 $309.5 $320.5 $331.6
--------------------------------------------------------------------------
- -------------------------------------
1997E
- -------------------------------------
PetroFina Discretionary Cash Flow (a) $1,201.1 $1,201.1 $1,201.1 $1,201.1 $1,201.1 $1,201.1 $1,201.1
Incremental FINA Net Income (b) 22.6 22.6 22.6 22.6 22.6 22.6 22.6
After-Tax Interest Expense (c) 0.0 0.0 0.0 0.0 0.0 0.0 0.0
After-Tax Synergies (d) 0.0 0.0 0.0 0.0 0.0 0.0 0.0
--------------------------------------------------------------------------
Pro Forma Net Income $1,223.8 $1,223.8 $1,223.8 $1,223.8 $1,223.8 $1,223.8 $1,223.8
PetroFina 1997E DCF (Pre-Transaction) $51.94 $51.94 $51.94 $51.94 $51.94 $51.94 $51.94
Pro Forma 1997E DCF $51.23 $51.16 $51.10 $51.03 $50.96 $50.89 $50.83
Accretion/(Dilution) 1997E (1.4)% (1.5)% (1.6)% (1.7)% (1.9)% (2.0)% (2.1)%
PT Synergies to Breakeven - 1997(d) $25.9 $28.4 $30.9 $33.5 $36.0 $38.5 $41.1
- -------------------------------------
1998E
- -------------------------------------
PetroFina Discretionary Cash Flow (a) $1,303.1 $1,303.1 $1,303.1 $1,303.1 $1,303.1 $1,303.1 $1,303.1
Incremental FINA Net income (b) 27.2 27.2 27.2 27.2 27.2 27.2 27.2
After-Tax Interest Expense (c) 0.0 0.0 0.0 0.0 0.0 0.0 0.0
After-Tax Synergies (d) 0.0 0.0 0.0 0.0 0.0 0.0 0.0
--------------------------------------------------------------------------
Pro Forma Net income $1,330.3 $1,330.3 $1,330.3 $1,330.3 $1,330.3 $1,330.3 $1,330.3
PetroFina 1998E DCP (Pre-Transaction) $56.35 $56.35 $56.35 $56.35 $56.35 $56.35 $56.35
Pro Forma 1998E DCF $55.69 $55.62 $55.54 $55.47 $55.40 $55.33 $55.25
Accretion/(Dilution) 1998E (1.2)% (1.3)% (1.4)% (1.6)% (1.7)% (1.8)% (1.9)%
PT Synergies to Breakeven - 1998 (d) $24.1 $26.8 $29.5 $32.3 $35.0 $37.8 $40.5
- -------------------------------------
Shares Outstanding
- -------------------------------------
PetroFina Shares Outstanding 23.13 23.13 23.13 23.13 23.13 23.13 23.13
New Shares Issued 0.76 0.79 0.82 0.85 0.89 0.92 0.95
--------------------------------------------------------------------------
Pro Forma Shares Outstanding 23.89 23.92 23.95 23.98 24.01 24.04 24.08
</TABLE>
Notes
- ----------
In order to show full-year 1997 earnings impact, analysis assumes transaction
occured 12/31/96.
(a) PetroFina DCF estimates based on GS Research (January 1997).
(b) FINA earnings estimates based on management projections.
(c) Assumes PetroFina interest rate of 7.80% and Belgian tax rate of 50.0%.
(d) Assumes US tax rate of 35.0%.
28
<PAGE> 74
PetroFina Acquires Remaining 14.2% of FINA
100% Stock/0% Debt - Purchase Accounting - Impact on EPS
Amortization Period: 5 years
<TABLE>
<CAPTION>
--------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Price Per Share $60.00 $62.50 $65.00 $67.50 $70.00 $72.50 $75.00
--------------------------------------------------------------------------
Publicly Held Shares Outstanding (mm) 4.42 4.42 4.42 4.42 4.42 4.42 4.42
--------------------------------------------------------------------------
Equity Consideration $265.3 $276.3 $287.4 $298.4 $309.5 $320.5 $331.6
--------------------------------------------------------------------------
- -------------------------------------
1997E
- -------------------------------------
PetroFina Net Income (a) $480.9 $480.9 $480.9 $480.9 $480.9 $480.9 $480.9
Incremental FINA Net Income (b) 22.6 22.6 22.6 22.6 22.6 22.6 22.6
After-Tax Interest Expense (c) 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Goodwill Amortization (c)(d) (17.1) (19.3) (21.6) (23.8) (26.0) (28.2) (30.4)
After-Tax Synergies (e) 0.0 0.0 0.0 0.0 0.0 0.0 0.0
--------------------------------------------------------------------------
Pro Forma Net Income $486.4 $484.2 $461.9 $479.7 $477.5 $475.3 $473.1
PetroFina 1997E EPS (Pre-Transaction) $20.79 $20.79 $20.79 $20.79 $20.79 $20.79 $20.79
Pro Forma 1997E EPS $20.36 $20.24 $20.12 $20.00 $19.89 $19.77 $19.65
Accretion/(Dilution) 1997E (2.1)% (2.6)% (3.2)% (3.8)% (4.4)% (4.9)% (5.5)%
PT Synergies to Breakeven - 1997(e) $15.9 $20.3 $24.7 $29.1 $33.5 $37.9 $42.3
- -------------------------------------
1998E
- -------------------------------------
PetroFina Net Income (a) $537.2 $537.2 $537.2 $537.2 $537.2 $537.2 $537.2
Incremental FINA Net Income (b) 27.2 27.2 27.2 27.2 27.2 27.2 27.2
After-Tax Interest Expense (c) 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Goodwill Amortization (c)(d) (17.1) (19.3) (21.6) (23.6) (26.0) (28.2) (30.4)
After-Tax Synergies (e) 0.0 0.0 0.0 0.0 0.0 0.0 0.0
--------------------------------------------------------------------------
Pro Forma Net Income $547.3 $545.0 $542.8 $540.6 $538.4 $536.2 $534.0
PetroFina 1998E EPS (Pre-Transaction) $23.23 $23.23 $23.23 $23.23 $23.23 $23.23 $23.23
Pro Forma 1998E EPS $22.91 $22.79 $22.67 $22.54 $22.42 $22.30 $22.18
Accretion/(Dilution) 1998E (1.4)% (1.9)% (2.4)% (3.0)% (3.5)% (4.0)% (4.5)%
PT Synergies to Breakeven - 1998(e) $11.7 $16.3 $20.8 $25.3 $29.8 $34.4 $38.9
- -------------------------------------
Shares Outstanding
- -------------------------------------
PetroFina Stares Outstanding 23.13 23.13 23.13 23.13 23.13 23.13 23.13
New Shares Issued 0.76 0.79 0.82 0.85 0.89 0.92 0.95
--------------------------------------------------------------------------
Pro Forma Shares Outstanding 23.89 23.92 23.95 23.98 24.01 24.04 24.08
</TABLE>
Notes
- ----------
In order to show full-year 1997 earnings impact, analysis assumes transaction
occured 12/31/96.
(a) PetroFina earnings estimates based on GS Research (January 1997).
(b) FINA earnings estimates based on management projections.
(c) Assumes PetroFina interest rate of 7.80% and Belgian tax rate of 50.0%.
(d) Assumes that goodwill is not tax deductible and is amortized over 5 years.
(e) Assumes US tax rate of 35.0%.
29
<PAGE> 75
PetroFina Acquires Remaining 14.2% of FINA
100% Stock/0% Debt - Purchase Accounting - Impact on DCF
Amortization Period: 5 years
<TABLE>
<CAPTION>
--------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Price Per Share $60.00 $62.50 $65.00 $67.50 $70.00 $72.50 $75.00
--------------------------------------------------------------------------
Publicly Held Shares Outstanding (mm) 4.42 4.42 4.42 4.42 4.42 4.42 4.42
--------------------------------------------------------------------------
Equity Consideration $265.3 $276.3 $287.4 $298.4 $309.5 $320.5 $331.6
--------------------------------------------------------------------------
- -------------------------------------
1997E
- -------------------------------------
PetroFina Discretionary Cash Flow (a) $1,201.1 $1,201.1 $1,201.1 $1,201.1 $1,201.1 $1,201.1 $1,201.1
Incremental FINA Net Income (b) 22.6 22.6 22.6 22.6 22.6 22.6 22.6
After-Tax Interest Expense (c) 0.0 0.0 0.0 0.0 0.0 0.0 0.0
After-Tax Synergies (d) 0.0 0.0 0.0 0.0 0.0 0.0 0.0
--------------------------------------------------------------------------
Pro Forma Net Income $1,223.8 $1,223.8 $1,223.8 $1,223.8 $1,223.8 $1,223.8 $1,223.8
PetroFina 1997E DCF (Pre-Transaction) $51.94 $51.94 $51.94 $51.94 $51.94 $51.94 $51.94
Pro Forma 1997E DCF $51.23 $51.16 $51.10 $51.03 $50.96 $50.89 $50.83
Accretion/(Dilution) 1997E (1.4)% (1.5)% (1.6)% (1.7)% (1.9)% (2.0)% (2.1)%
PT Synergies to Breakeven - 1997(d) $25.9 $28.4 $30.9 $33.5 $36.0 $38.5 $41.1
- -------------------------------------
1998E
- -------------------------------------
PetroFina Discretionary Cash Flow (a) $1,303.1 $1,303.1 $1,303.1 $1,303.1 $1,303.1 $1,303.1 $1,303.1
Incremental FINA Net Income (b) 27.2 27.2 27.2 27.2 27.2 27.2 27.2
After-Tax Interest Expense (c) 0.0 0.0 0.0 0.0 0.0 0.0 0.0
After-Tax Synergies (d) 0.0 0.0 0.0 0.0 0.0 0.0 0.0
--------------------------------------------------------------------------
Pro Forma Net Income $1,330.3 $1,330.3 $1,330.3 $1,330.3 $1,330.3 $1,330.3 $1,330.3
PetroFina 1998E DCF (Pre-Transaction) $56.35 $56.35 $56.35 $56.35 $56.35 $56.35 $56.35
Pro Forma 1998E DCF $55.69 $55.62 $55.54 $55.47 $55.40 $55.33 $55.25
Accretion/(Dilution) 1998E (1.2)% (1.3)% (1.4)% (1.6)% (1.7)% (1.8)% (1.9)%
PT Synergies to Breakeven - 1998 (d) $24.1 $26.8 $29.5 $32.3 $35.0 $37.8 $40.5
- -------------------------------------
Shares Outstanding
- -------------------------------------
PetroFina Shares Outstanding 23.13 23.13 23.13 23.13 23.13 23.13 23.13
New Shares Issued 0.76 0.79 0.82 0.85 0.89 0.92 0.95
--------------------------------------------------------------------------
Pro Forma Shares Outstanding 23.89 23.92 23.95 23.98 24.01 24.04 24.08
</TABLE>
Notes
- ----------
In order to show full-year 1997 earnings impact, analysis assumes transaction
occured 12/31/96.
(a) PetroFina DCF estimates based on GS Research (January 1997).
(b) FINA earnings estimates based on management projections.
(c) Assumes PetroFina interest rate of 7.80% and Belgian tax rate of 50.0%.
(d) Assumes US tax rate of 35.0%.
30
<PAGE> 76
PetroFina Acquires Remaining 14.2% of FINA
0% Stock/100% Debt - Purchase Accounting - Impact on EPS
Amortization Period: 5 years
<TABLE>
<CAPTION>
--------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Price Per Share $60.00 $62.50 $65.00 $67.50 $70.00 $72.50 $75.00
--------------------------------------------------------------------------
Publicly Held Shares Outstanding (mm) 4.42 4.42 4.42 4.42 4.42 4.42 4.42
--------------------------------------------------------------------------
Equity Consideration $265.3 $276.3 $287.4 $298.4 $309.5 $320.5 $331.6
--------------------------------------------------------------------------
- -------------------------------------
1997E
- -------------------------------------
PetroFina Net Income (a) $480.9 $480.9 $480.9 $480.9 $480.9 $480.9 $480.9
Incremental FINA Net Income (b) 22.6 22.6 22.6 22.6 22.6 22.6 22.6
After-Tax Interest Expense (c) (10.3) (10.8) (11.2) (11.6) (12.1) (12.5) (12.9)
Goodwill Amortization (c)(d) (17.1) (19.3) (21.6) (23.8) (26.0) (28.2) (30.4)
After-Tax Synergies (e) 0.0 0.0 0.0 0.0 0.0 0.0 0.0
--------------------------------------------------------------------------
Pro Forma Net Income $476.0 $473.4 $470.7 $468.1 $465.5 $462.8 $460.2
PetroFina 1997E EPS (Pre-Transaction) $20.79 $20.79 $20.79 $20.79 $20.79 $20.79 $20.79
Pro Forma 1997E EPS $20.58 $20.47 $20.35 $20.24 $20.13 $20.01 $19.90
Accretion/(Dilution) 1997E (1.0)% (1.6)% (2.1)% (2.7)% (3.2)% (3.8)% (4.3)%
PT Synergies to Breakeven - 1997(e) $7.5 $11.5 $15.6 $19.7 $23.7 $27.8 $31.9
- -------------------------------------
1998E
- -------------------------------------
PetroFina Net Income (a) $537.2 $537.2 $537.2 $537.2 $537.2 $537.2 $537.2
Incremental FINA Net Income (b) 27.2 27.2 27.2 27.2 27.2 27.2 27.2
After-Tax Interest Expense (c) (10.3) (10.8) (11.2) (11.6) (12.1) (12.5) (12.9)
Goodwill Amortization (c)(d) (17.1) (19.3) (21.6) (23.8) (26.0) (28.2) (30.4)
After-Tax Synergies (e) 0.0 0.0 0.0 0.0 0.0 0.0 0.0
--------------------------------------------------------------------------
Pro Forma Net Income $536.9 $534.3 $531.6 $529.0 $526.3 $523.7 $521.1
PetroFina 1998E EPS (Pre-Transaction) $23.23 $23.23 $23.23 $23.23 $23.23 $23.23 $23.23
Pro Forma 1998E EPS $23.22 $23.10 $22.99 $22.87 $22.76 $22.64 $22.53
Accretion/(Dilution) 1998E (0.1)% (0.6)% (1.0)% (1.5)% (2.0)% (2.5)% (3.0)%
PT Synergies to Breakeven - 1998(e) $0.5 $4.6 $8.6 $12.7 $16.7 $20.8 $24.9
- -------------------------------------
Shares Outstanding
- -------------------------------------
PetroFina Shares Outstanding 23.13 23.13 23.13 23.13 23.13 23.13 23.13
New Shares Issued 0.00 0.00 0.00 0.00 0.00 0.00 0.00
--------------------------------------------------------------------------
Pro Forma Shares Outstanding 23.13 23.13 23.13 23.13 23.13 23.13 23.13
</TABLE>
Notes
- ----------
In order to show full-year 1997 earnings impact, analysis assumes transaction
occured 12/31/96.
(a) PetroFina earnings estimates based on GS Research (January 1997).
(b) FINA earnings estimates based on management projections.
(c) Assumes PetroFina interest rate of 7.80% and Belgian tax rate of 50.0%.
(d) Assumes that goodwill is not tax deductible and is amortized over 5 years.
(e) Assumes US tax rate of 35.0%.
31
<PAGE> 77
PetroFina Acquires Remaining 14.2% of FINA
0% Stock/100% Debt - Purchase Accounting - Impact on DCF
Amortization Period: 5 years
<TABLE>
<CAPTION>
--------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Price Per Share $60.00 $62.50 $65.00 $67.50 $70.00 $72.50 $75.00
--------------------------------------------------------------------------
Publicly Held Shares Outstanding (mm) 4.42 4.42 4.42 4.42 4.42 4.42 4.42
--------------------------------------------------------------------------
Equity Consideration $265.3 $276.3 $287.4 $298.4 $309.5 $320.5 $331.6
--------------------------------------------------------------------------
- -------------------------------------
1997E
- -------------------------------------
PetroFina Discretionary Cash Flow (a) $1,201.1 $1,201.1 $1,201.1 $1,201.1 $1,201.1 $1,201.1 $1,201.1
Incremental FINA Net Income (b) 22.6 22.6 22.6 22.6 22.6 22.6 22.6
After-Tax Interest Expense (c) (10.3) (10.8) (11.2) (11.6) (12.1) (12.5) (12.9)
After-Tax Synergies (d) 0.0 0.0 0.0 0.0 0.0 0.0 0.0
--------------------------------------------------------------------------
Pro Forma Net Income $1,213.4 $1,213.0 $1,212.5 $1,212.1 $1,211.7 $1,211.3 $1,210.8
PetroFina 1997E DCF (Pre-Transaction) $51.94 $51.94 $51.94 $51.94 $51.94 $51.94 $51.94
Pro Forma 1997E DCF $52.47 $52.45 $52.43 $52.41 $52.39 $52.37 $52.36
Accretion/(Dilution) 1997E 1.0% 1.0% 1.0% 0.9% 0.9% 0.8% 0,8%
PT Synergies to Breakeven - 1997(d) $(18.9) $(18.2) $(17.6) $(16.9) $(16.2) $(15.6) $(14.9)
- -------------------------------------
1998E
- -------------------------------------
PetroFina Discretionary Cash Flow (a) $1,303.1 $1,303.1 $1,303.1 $1,303.1 $1,303.1 $1,303.1 $1,303.1
Incremental FINA Net Income (b) 27.2 27.2 27.2 27.2 27.2 27.2 27.2
After-Tax Interest Expense (c) (10.3) (10.8) (11.2) (11.6) (12.1) (12.5) (12.9)
After-Tax Synergies (d) 0.0 0.0 0.0 0.0 0.0 0.0 0.0
--------------------------------------------------------------------------
Pro Forma Net Income $1,319.9 $1,319.5 $1,319.1 $1,318.6 $1,318.2 $1,317.8 $1,317.3
PetroFina 1998E DCF (Pre-Transaction) $56.35 $56.35 $56.35 $56.35 $56.35 $56.35 $56.35
Pro Forma 1998E DCF $57.07 $57.05 $57.04 $57.02 $57.00 $56.98 $56.96
Accretion/(Dilution) 1998E 1.3% 1.3% 1.2% 1.2% 1.2% 1.1% 1.1%
PT Synergies to Breakeven - 1998 (d) $(25.9) $(25.2) $(24.5) $(23.9) $(23.2) $(22.6) $(21.9)
- -------------------------------------
Shares Outstanding
- -------------------------------------
PetroFina Shares Outstanding 23.13 23.13 23.13 23.13 23.13 23.13 23.13
New Shares Issued 0.00 0.00 0.00 0.00 0.00 0.00 0.00
--------------------------------------------------------------------------
Pro Forma Shares Outstanding 23.13 23.13 23.13 23.13 23.13 23.13 23.13
</TABLE>
Notes
- ----------
In order to show full-year 1997 earnings impact, analysis assumes transaction
occured 12/31/96.
(a) PetroFina DCF estimates based on GS Research (January 1997).
(b) FINA earnings estimates based on management projections.
(c) Assumes PetroFina interest rate of 7.80% and Belgian tax rate of 50.0%.
(d) Assumes US tax rate of 35.0%.
32
<PAGE> 78
Analysis at Various Prices
FINA
($ in millions)
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Price Per Share $57.50 $60.00 $62.50 $65.00 $67.50 $70.00 $72.50
---------------------------------------------------------------------------------------
Equity Value (a) $1,795 $1,873 $1,951 $2,029 $2,107 $2,185 $2,263
---------------------------------------------------------------------------------------
Total Enterprise Value (a) $2,490 $2,568 $2,646 $2,724 $2,802 $2,880 $2,958
---------------------------------------------------------------------------------------
Premium To:
Undisturbed Share Price $50.00 15.0% 20.0% 25.0% 30.0% 35.0% 40.0% 45.0%
Current Share Price(b) 67.25 (14.5)% (10.8)% (7.1)% (3.3)% 0.4% 4.1% 7.8%
52-Week High 67.25 (14.5)% (10.8)% (7.1)% (3.3)% 0.4% 4.1% 7.8%
Enterprise Value / EBITDA
1996 $436 5.7x 5.9x 6.1x 6.2x 6.4x 6.6x 6.8x
1997E(c) 474 5.3 5.4 5.6 5.7 5.9 6.1 6.2
1998E(c) 548 4.5 4.7 4.8 5.0 5.1 5.3 5.4
Equity Value / DCF
1996 $304 5.9x 6.2x 6.4x 6.7x 6.9x 7.2x 7.4x
1997E(c) 364 4.9 5.1 5.4 5.6 5.8 6.0 6.2
1998E(c) 404 4.4 4.6 4.8 5.0 5.2 5.4 5.6
Equity Value / Net Income
1996 $153 11.7x 12.2x 12.7x 13.2x 13.8x 14.3x 14.8X
1997E(c) 159 11.3 11.8 12.2 12.7 13.2 13.7 14.2
1998E(c) 191 9.4 9.8 10.2 10.6 11.0 11.4 11.8
</TABLE>
Notes
- -----
(a) Value of 100% of FINA.
(b) As of June 3,1997.
(c) Estimates based on management projections.
33
<PAGE> 79
-------
Goldman
Sachs
-------
Summary FINA Valuation Analysis
1. $60 per share is not an appropriate offer given the stock performance of
FINA and its comparable companies
o PetroFina's offer represents a premium of only 8% to FINA's 52-week
high pre-announcement and a discount of more than 7% to FINA's current
share price.
o The public market value of the companies in the Morgan Stanley Equity
Research composite of domestic integrated oil companies has increased
by over 10% since February 24, 1997, suggesting that FINA's share
price today would be approximately $55 per share in the absence of
PetroFina's offer.
2. Relevant trading multiples support a price well in excess of $60 per share
o Morgan Stanley Research analysts cover 7 of the 9 companies chosen by
Morgan Stanley as comparables for FINA. In valuing these companies,
Morgan Stanley analysts consistently use P/E and P/DCF multiples, not
EV/EBITDA multiples.
o Using recalculated P/E and P/DCF multiples from the Morgan Stanley
composite (based on MS Equity Research earnings estimates, where
available), FINA's value ranges from $70 to $77 per share.
o Even if EV/EBITDA multiples are used, FINA's value exceeds $70 per
share based on 1997E internal plan numbers and recalculated multiples
from the Morgan Stanley composite.
3. Volatile recent performance of the E&P and R&M segments does not justify a
multiple discount relative to comparables
o Although FINA's E&P and R&M businesses have suffered losses in recent
years, it should be noted that 4 of the 15 companies in the Morgan
Stanley Equity Research E&P composite also suffered losses in 1995,
and 2 of the 5 companies in the Morgan Stanley Equity Research R&M
composite lost money in 1996. In short, the volatile performance of
FINA's E&P and R&M businesses reflects industry-wide trends.
4. Precedent minority interest transactions justify a premium greater than 20%
o In over a quarter of the minority buyout transactions that have
occurred since 1990, the final offer price has represented a premium
of more than 30% to the target's undisturbed trading price.
o In transactions with initial offer premiums of more than 20%, the
final offer premium has averaged 39%. A premium of 39% implies of
value for FINA of $69 using $50 as the undisturbed price, or $76 using
$55 as the undisturbed price.
5. The current PetroFina offer is inconsistent with valuations based on
discounted cash flow analysis
o WACC calculations based on Morgan Stanley composite support a discount
rate range of 9-11%.
o According to Morgan Stanley's own calculations, the median EV/EBITDA
multiple is 6.0x based the FINA composite and 5.5x based on the Morgan
Stanley composite. These benchmarks suggest that a terminal multiple
range of 5.5x to 6.0x EBITDA.
o Even if Morgan Stanley's sensitivities are applied to the FINA
internal plan, values well in excess of $70 per share are achieved
using an 11% discount rate and a terminal EBITDA multiple of 5.5x.
<PAGE> 1
EXHIBIT (b)(7)
Preliminary Materials Presented
at
Special Committee Meeting
on
April 23, 1997
<PAGE> 2
- -------
Goldman Highly Confidential
Sachs
- -------
FINA, Inc.
Discussion Materials
Goldman, Sachs & Co.
April 23, 1997
<PAGE> 3
Table of Exhibits
Exhibit
Summary of Work-to-Date 1
Preliminary Conclusions and Observations 2
Stock Trading History 3
Summary Financial Information 4
Summary of Preliminary Valuation Analysis 5
Pro Forma Merger Plans with Parent 6
Preliminary View on Cash/Stock Consideration 7
Next Steps 8
Appendix
Preliminary Valuation Analysis A
Goldman, Sachs & Co.
<PAGE> 4
- -------
Goldman
Sachs
- -------
Exhibit 1
<PAGE> 5
Summary of Work-to-Date
o Review of corporate plan, 1997 to 1999
-- Revised 5-year projections
-- YTD results
o Senior management presentation
-- Comprehensive business overview
o Follow-up data requests
-- Valuation-related
-- Operations-related
o Remaining items
-- Satisfy outstanding due diligence requests
-- Finalize valuation analysis
-- Complete cash/stock consideration work
-- Confirm recommendation to Special Committee
Goldman, Sachs & Co.
<PAGE> 6
- -------
Goldman
Sachs
- -------
Exhibit 2
<PAGE> 7
Preliminary Conclusions and Observations
o FINA's historic stock performance exhibits some correlation with
comparables and market benchmarks; however, prior to offer, FINA traded at
a discount to its comparables.
o Today, FINA trades more in-line with its comparable peer group
o FINA's corporate plan involves a higher level of capital expenditures in
future
-- Balance sheet can support capex
-- Volume increases drive future profitability
o Preliminary analysis indicates that $60 per share is at the low end of a
value range
-- Achieveability of corporate plan
-- Public market comparables
-- Asset valuation, premier chemical facilities
-- Parent's ability to pay more
o Cash v. stock consideration
-- Uncertain tax-free status of stock deal
-- Very different business profiles
-- North America only v. Europe and ROW
-- Chemical emphasis v. E&P emphasis
-- In general, analysts are neutral on the outlook for Parent's equity
o Next steps
-- Complete remaining segment due diligence
-- Finalize valuation analysis
-- Confirm recommendation to Special Committee
Goldman, Sachs & Co.
<PAGE> 8
- -------
Goldman
Sachs
- -------
Exhibit 3
<PAGE> 9
FINA, Inc.
Indexed Stock Price History
Composite Group:
Amoco
ARCO
Ashland
Kerr-McGee
Murphy Oil
Occidental
Phillips Petroleum
Sun Co.
Unocal
USX-Marathon
- ------------------------------ --------------------------------
One Year Three Year
- ------------------------------ --------------------------------
[PLOT POINTS NEXT PAGE] [PLOT POINTS NEXT PAGE]
-------------------------------
Five Year
-------------------------------
[PLOT POINTS NEXT PAGE]
Source: Muller.
<PAGE> 10
1 YEAR
<TABLE>
<CAPTION>
Composite SP. 400
FI INDEX Group INDEX INDEX
22/04/96 22/04/96 22/04/96
Date Values Values Values
<S> <C> <C> <C>
22-Apr-96 100 100 100
23-Apr-96 100 102.008454 100.723
24-Apr-96 99.5074 102.5780223 100.55
25-Apr-96 100 102.0546721 100.984
26-Apr-96 103.202 102.3964605 101.074
29-Apr-96 102.956 102.8817375 101.223
30-Apr-96 102.463 102.0707754 101.234
1-May-96 101.97 101.1113224 101.316
2-May-96 101.97 100.0904121 99.8046
3-May-96 102.217 99.99862185 99.5922
6-May-96 102.463 99.40009101 99.557
7-May-96 102.709 98.4461849 99.0398
8-May-96 101.478 99.57750943 99.7616
9-May-96 102.217 100.0189017 99.858
10-May-96 103.941 100.3825979 100.696
13-May-96 104.433 101.219209 102.309
14-May-96 104.926 101.8201926 103.05
15-May-96 104.926 102.6304419 103.116
16-May-96 104.68 101.5043604 103.092
17-May-96 104.926 102.1055092 103.731
20-May-96 106.65 104.0817333 104.55
21-May-96 106.404 103.1624058 104.327
22-May-96 107.143 104.3179993 105.105
23-May-96 107.143 104.231556 104.881
24-May-96 107.143 104.0610901 105.183
27-May-96 107.143 104.0610901 105.183
28-May-96 107.143 102.5087698 104.242
29-May-96 106.897 101.6097752 103.563
30-May-96 105.419 102.0027443 104.34
31-May-96 104.926 101.5448452 104.006
3-Jun-96 105.419 100.9607333 103.828
4-Jun-96 105.911 101.6970098 104.487
5-Jun-96 105.172 101.5011426 105.256
6-Jun-96 106.158 99.9395368 104.358
7-Jun-96 106.897 100.429597 104.689
10-Jun-96 107.389 99.33871042 104.551
11-Jun-96 106.404 98.90379196 104.352
12-Jun-96 107.143 98.73536445 104.139
13-Jun-96 107.389 98.10561757 103.866
14-Jun-96 108.128 97.73925733 103.497
17-Jun-96 108.128 98.22491036 103.387
18-Jun-96 108.621 97.99611876 102.782
19-Jun-96 108.621 98.0956257 102.843
20-Jun-96 108.621 98.5335908 102.925
21-Jun-96 108.374 99.07260586 103.72
24-Jun-96 107.389 99.55347768 103.972
25-Jun-96 107.882 99.63260337 103.815
26-Jun-96 107.635 99.53944452 103.106
27-Jun-96 107.882 99.83697315 103.572
28-Jun-96 108.867 100.611707 103.755
1-Jul-96 109.36 101.0009069 104.52
</TABLE>
Page 1
<PAGE> 11
<TABLE>
<S> <C> <C> <C>
2-Jul-96 109.113 101.6212594 104.168
3-Jul-96 108.867 101.6379386 103.939
4-Jul-96 108.867 101.6379386 103.939
5-Jul-96 108.867 100.3963958 101.854
8-Jul-96 107.882 100.6196848 101.223
9-Jul-96 107.635 101.5631787 101.457
10-Jul-96 107.143 101.6199672 101.596
11-Jul-96 104.926 101.0786192 99.9375
12-Jul-96 104.433 101.5114548 99.8723
15-Jul-96 104.187 99.70377626 97.148
16-Jul-96 103.695 97.77452451 96.8953
17-Jul-96 102.217 97.69951556 97.8607
18-Jul-96 101.724 98.34484702 99.3394
19-Jul-96 101.478 97.99007467 98.6333
22-Jul-96 101.724 97.3279369 97.8151
23-Jul-96 100.246 96.97871396 96.5774
24-Jul-96 99.7537 95.98646523 96.5383
25-Jul-96 99.7537 95.87518291 97.2744
26-Jul-96 99.7537 95.63149321 98.0757
29-Jul-96 100.739 95.34462477 97.2666
30-Jul-96 100.246 94.52864509 97.9337
31-Jul-96 99.7537 94.92169336 98.7479
1-Aug-96 100.246 95.07078824 100.262
2-Aug-96 100.246 95.63888505 102.018
5-Aug-96 101.232 96.10275857 101.784
6-Aug-96 101.232 96.55371399 102.204
7-Aug-96 100.985 96.11493341 102.501
8-Aug-96 100.246 96.3283468 102.182
9-Aug-96 99.5074 96.42815296 101.988
12-Aug-96 96.798 96.75727249 102.528
13-Aug-96 97.5369 96.72085754 101.683
14-Aug-96 97.0443 97.0083876 101.961
15-Aug-96 97.2906 97.21812052 102.01
16-Aug-96 98.2759 97.88514591 102.297
19-Aug-96 99.5074 98.32732382 102.474
20-Aug-96 99.5074 98.38063064 102.29
21-Aug-96 99.7537 97.70950933 102.186
22-Aug-96 100 97.92904838 103.077
23-Aug-96 100.493 97.12293619 102.598
26-Aug-96 100.246 96.7116951 102.105
27-Aug-96 100.246 97.52163369 102.503
28-Aug-96 100.739 97.15110926 102.319
29-Aug-96 100.739 96.28662402 101.17
30-Aug-96 99.2611 96.05904083 100.371
2-Sep-96 99.2611 96.05904083 100.371
3-Sep-96 98.7685 98.3061797 100.848
4-Sep-96 100.739 97.40699494 101.05
5-Sep-96 101.478 96.88114634 100.094
6-Sep-96 101.478 98.042201 101.033
9-Sep-96 101.478 98.87575663 102.245
10-Sep-96 101.97 98.42741123 102.287
11-Sep-96 101.232 100.3444411 102.765
12-Sep-96 101.478 100.305414 103.35
13-Sep-96 102.709 100.5813972 104.762
16-Sep-96 103.695 100.4179652 105.335
17-Sep-96 103.202 99.83162131 105.364
</TABLE>
Page 2
<PAGE> 12
<TABLE>
<S> <C> <C> <C>
18-Sep-96 103.448 100.2204693 105.214
19-Sep-96 103.448 100.4237 105.538
20-Sep-96 103.202 101.056825 106.14
23-Sep-96 103.202 100.4821133 105.953
24-Sep-96 104.433 100.4721688 105.795
25-Sep-96 104.187 100.2547713 105.809
26-Sep-96 104.433 100.3422441 105.692
27-Sep-96 103.941 100.3030638 105.679
30-Sep-96 103.448 101.1934645 105.903
1-Oct-96 103.202 101.0642676 106.052
2-Oct-96 103.202 102.0762241 106.806
3-Oct-96 102.956 102.102125 106.633
4-Oct-96 102.463 103.7627764 107.851
7-Oct-96 102.463 105.059982 108.228
8-Oct-96 102.956 104.6090879 107.792
9-Oct-96 102.709 103.6687048 107.21
10-Oct-96 103.202 103.9484029 106.942
11-Oct-96 102.956 104.5685613 107.886
14-Oct-96 103.448 105.3207477 108.385
15-Oct-96 103.695 105.3402681 108.218
16-Oct-96 104.433 105.2188717 108.591
17-Oct-96 106.158 105.2487066 108.841
18-Oct-96 106.897 106.649912 109.382
21-Oct-96 107.389 106.2864316 109.077
22-Oct-96 106.897 105.800397 108.634
23-Oct-96 106.65 105.8425948 108.686
24-Oct-96 106.897 104.5343935 107.841
25-Oct-96 106.404 104.6703019 107.514
28-Oct-96 105.911 103.6129901 106.926
29-Oct-96 103.941 105.0012976 107.343
30-Oct-96 103.695 104.2977102 107.05
31-Oct-96 100.739 103.4444287 107.703
1-Nov-96 100.985 101.9442721 107.534
4-Nov-96 101.232 102.0623363 107.916
5-Nov-96 101.724 102.0668766 108.99
6-Nov-96 101.724 103.1661692 110.71
7-Nov-96 101.232 103.9316306 111.227
8-Nov-96 100.493 104.5334735 111.799
11-Nov-96 100.985 104.2450103 112.057
12-Nov-96 101.232 104.2343069 111.633
13-Nov-96 101.232 104.1637911 111.984
14-Nov-96 101.478 105.3992698 112.657
15-Nov-96 101.724 105.4685088 112.915
18-Nov-96 101.97 106.7541583 112.737
19-Nov-96 101.724 107.7544952 113.439
20-Nov-96 102.217 107.4011978 113.689
21-Nov-96 102.463 107.7016205 113.576
22-Nov-96 102.217 110.1623603 114.462
25-Nov-96 101.724 111.9057803 115.551
26-Nov-96 99.0148 111.0124338 115.429
27-Nov-96 94.335 111.0226006 115.237
28-Nov-96 94.335 111.0226006 115.237
29-Nov-96 93.1034 111.6385093 115.516
2-Dec-96 94.335 113.198082 115.628
3-Dec-96 95.5665 112.7978273 114.429
4-Dec-96 96.0591 111.8686043 114.021
</TABLE>
Page 3
<PAGE> 13
<TABLE>
<S> <C> <C> <C>
5-Dec-96 95.5665 112.7322972 114.049
6-Dec-96 95.8128 111.7402099 113.15
9-Dec-96 94.5813 112.0956339 114.838
10-Dec-96 94.335 111.3871632 114.421
11-Dec-96 93.8424 109.1928029 113.524
12-Dec-96 91.8719 108.2641828 111.939
13-Dec-96 92.3645 107.5942297 111.718
16-Dec-96 92.3645 108.2286579 110.441
17-Dec-96 93.1034 108.9317132 111.005
18-Dec-96 92.8571 109.8503598 112.063
19-Dec-96 93.1034 111.3716869 114.077
20-Dec-96 93.5961 112.6733547 114.403
23-Dec-96 93.5961 113.2819088 114.175
24-Dec-96 93.8424 113.2412817 114.81
25-Dec-96 93.8424 113.2412817 114.81
26-Dec-96 94.8278 113.9107337 115.568
27-Dec-96 95.0739 114.0149111 115.688
30-Dec-96 95.0739 113.8145062 115.151
31-Dec-96 95.0739 111.8993363 113.345
1-Jan-97 95.0739 111.8993363 113.345
2-Jan-97 95.0739 110.448817 112.948
3-Jan-97 95.5665 111.003722 114.687
6-Jan-97 95.8128 111.6306723 114.734
7-Jan-97 97.0443 112.4540813 115.686
8-Jan-97 99.0148 111.7681258 114.734
9-Jan-97 100.246 115.5863054 115.697
10-Jan-97 101.232 116.6015668 116.671
13-Jan-97 102.217 115.2941076 116.608
14-Jan-97 102.709 115.4489905 117.866
15-Jan-97 102.217 116.1290739 117.486
16-Jan-97 101.97 117.1048054 118.042
17-Jan-97 101.97 116.3651516 118.987
20-Jan-97 101.478 116.0347793 118.984
21-Jan-97 101.97 115.9692261 119.93
22-Jan-97 101.97 114.9828202 120.223
23-Jan-97 101.232 115.6784334 118.856
24-Jan-97 100 114.1064855 117.858
27-Jan-97 99.0148 113.3945533 117.018
28-Jan-97 97.2906 112.150642 117.019
29-Jan-97 99.5074 113.4650796 118.158
30-Jan-97 100.985 114.229467 120.011
31-Jan-97 100 113.4386177 120.253
3-Feb-97 101.478 113.8770939 120.2
4-Feb-97 100.493 114.5172507 120.511
5-Feb-97 100.985 114.4040317 118.678
6-Feb-97 100.246 113.5213945 118.906
7-Feb-97 99.0148 112.9134127 120.267
10-Feb-97 98.7685 111.0152891 119.48
11-Feb-97 98.7685 112.2664295 120.157
12-Feb-97 99.2611 113.3599361 122.328
13-Feb-97 99.2611 113.5340217 123.424
14-Feb-97 100.985 112.6203383 122.758
17-Feb-97 100.985 112.6203383 122.758
18-Feb-97 99.7537 112.1966607 123.897
19-Feb-97 99.5074 111.2080134 123.347
20-Feb-97 99.0148 109.894908 122.038
</TABLE>
Page 4
<PAGE> 14
<TABLE>
<S> <C> <C> <C>
21-Feb-97 98.2759 111.1953924 121.832
24-Feb-97 98.7685 110.8059424 123.164
25-Feb-97 123.153 111.332181 123.32
26-Feb-97 122.66 109.9304171 122.538
27-Feb-97 122.66 108.2544206 120.882
28-Feb-97 122.906 108.2902408 120.37
3-Mar-97 122.66 107.3720636 120.869
4-Mar-97 123.153 108.5371724 120.106
5-Mar-97 124.138 109.5789135 121.8
6-Mar-97 123.399 109.9449599 121.142
7-Mar-97 126.108 110.1237017 121.823
10-Mar-97 124.631 111.9547397 123.182
11-Mar-97 124.384 110.7471788 122.959
12-Mar-97 124.631 110.036818 121.981
13-Mar-97 124.384 108.4073621 120.103
14-Mar-97 124.384 109.4422289 120.688
17-Mar-97 124.384 110.1678291 121.199
18-Mar-97 126.601 109.3547932 120.399
19-Mar-97 125.616 109.9878546 119.671
20-Mar-97 126.355 110.1717455 119.19
21-Mar-97 127.094 111.2606868 119.258
24-Mar-97 127.094 111.3451451 120.081
25-Mar-97 128.571 111.2585314 119.882
26-Mar-97 130.049 111.8821639 120.566
27-Mar-97 127.094 109.6681037 118.223
28-Mar-97 127.094 109.6681037 118.223
31-Mar-97 125.123 109.1502858 115.858
1-Apr-97 125.616 109.1776044 115.998
2-Apr-97 125.123 109.0303215 114.718
3-Apr-97 125.123 106.7633855 114.588
4-Apr-97 125.123 106.9314763 115.937
7-Apr-97 125.123 107.5362855 116.545
8-Apr-97 126.108 107.7664705 116.936
9-Apr-97 125.862 107.4946663 116.171
10-Apr-97 125.616 105.3734568 115.815
11-Apr-97 128.079 104.0782457 112.752
14-Apr-97 127.833 104.413939 113.753
15-Apr-97 127.833 104.8621315 115.485
16-Apr-97 127.586 104.8842981 117.159
17-Apr-97 127.586 104.1347577 116.661
18-Apr-97 127.586 105.5551878 117.604
21-Apr-97 127.833 105.9084489 116.82
</TABLE>
Page 5
<PAGE> 15
3 YEAR
<TABLE>
<CAPTION>
Composite SP.400
FI INDEX Group INDEX INDEX
22/04/94 22/04/94 22/04/94
Date Values Values Values
<S> <C> <C> <C>
8-Apr-94
15-Apr-94
22-Apr-94 100 100 100
29-Apr-94 101.426 98.65338722 101.139
6-May-94 102.316 100.1824383 100.734
13-May-94 102.672 96.79845061 100.085
20-May-94 104.811 98.2256732 102.213
27-May-94 106.95 98.37420269 102.739
3-Jun-94 105.881 97.72956028 103.206
10-Jun-94 105.168 98.47114581 102.483
17-Jun-94 105.524 100.2171207 102.682
24-Jun-94 105.881 98.48346486 99.2814
1-Jul-94 111.228 97.10441919 99.9133
8-Jul-94 113.011 98.95234723 100.809
15-Jul-94 111.585 101.0644256 101.903
22-Jul-94 108.376 101.054376 101.811
29-Jul-94 109.089 100.6335748 102.89
5-Aug-94 109.446 99.15089692 102.522
12-Aug-94 109.446 99.9452158 103.72
19-Aug-94 108.02 98.61337713 104.589
26-Aug-94 108.733 100.2626129 107.151
2-Sep-94 108.2 99.8421437 106.585
9-Sep-94 107.663 100.8986611 106.33
16-Sep-94 109.089 99.74197206 107.307
23-Sep-94 108.2 98.35310957 104.764
30-Sep-94 108.733 99.92575819 105.604
7-Oct-94 108.2 100.1979101 103.942
14-Oct-94 109.089 100.6531111 107.276
21-Oct-94 108.733 100.7967867 106.498
28-Oct-94 106.594 106.6715344 108.457
4-Nov-94 101.246 103.6580661 105.849
11-Nov-94 99.8203 102.3789384 106.122
18-Nov-94 99.8203 100.9861159 106.344
25-Nov-94 92.6903 98.88620818 103.491
2-Dec-94 93.7598 98.2592395 103.803
9-Dec-94 94.1163 95.43284687 102.156
16-Dec-94 96.2553 97.37979814 104.912
23-Dec-94 96.2553 97.16776221 105.506
30-Dec-94 97.5045 97.13684697 105.475
6-Jan-95 98.0378 97.07077979 105.461
13-Jan-95 98.3943 95.61925823 106.664
20-Jan-95 101.246 97.20926006 106.384
27-Jan-95 106.237 98.2768705 106.858
3-Feb-95 106.774 96.77010963 108.63
10-Feb-95 105.524 97.18433834 109.625
17-Feb-95 109.802 97.59261876 109.808
24-Feb-95 109.982 99.53055005 111.025
3-Mar-95 110.872 100.0780673 110.805
10-Mar-95 110.515 101.0936326 112.06
17-Mar-95 111.585 99.17704313 113.543
24-Mar-95 111.585 101.2033152 114.994
</TABLE>
Page 1
<PAGE> 16
<TABLE>
<S> <C> <C> <C>
31-Mar-95 117.112 103.7446096 114.949
7-Apr-95 116.219 101.8680585 115.658
14-Apr-95 116.932 101.455068 116.512
21-Apr-95 121.923 105.2972408 116.506
28-Apr-95 126.914 105.5388194 118.045
5-May-95 126.381 107.514622 119.122
12-May-95 124.955 107.3092068 120.33
19-May-95 120.854 106.632798 119.054
26-May-95 117.289 107.5334396 119.921
2-Jun-95 120.497 107.497345 121.445
9-Jun-95 123.349 106.2113694 121.129
16-Jun-95 127.271 106.5771565 123.921
23-Jun-95 131.905 103.9827178 126.071
30-Jun-95 132.975 103.1803192 125.154
7-Jul-95 135.114 104.1769875 127.824
14-Jul-95 140.818 105.1415119 129.032
21-Jul-95 144.383 104.6366609 127.435
28-Jul-95 142.957 105.4629185 129.425
4-Aug-95 140.105 105.7984936 128.178
11-Aug-95 140.818 102.9871853 127.357
18-Aug-95 139.035 101.6028073 128.063
25-Aug-95 132.975 101.9930346 127.791
1-Sep-95 130.479 104.2619726 128.282
8-Sep-95 139.748 104.3890499 130.451
15-Sep-95 139.035 106.6739071 132.289
22-Sep-95 138.679 104.0008503 132.283
29-Sep-95 137.966 101.6210057 132.255
6-Oct-95 136.54 99.93151087 131.472
13-Oct-95 131.192 100.0060304 131.492
20-Oct-95 129.766 100.5111879 132.59
27-Oct-95 127.627 97.75844735 131.151
3-Nov-95 126.558 99.74649141 133.603
10-Nov-95 127.271 99.32067036 134.208
17-Nov-95 129.053 103.4790822 136.001
24-Nov-95 130.479 102.9836398 135.99
1-Dec-95 137.609 103.7311741 137.2
8-Dec-95 141.174 105.1595577 139.931
15-Dec-95 144.026 106.6096014 139.536
22-Dec-95 142.957 106.5997954 138.404
29-Dec-95 144.026 107.4851593 138.934
5-Jan-96 146.165 109.8461114 139.346
12-Jan-96 146.165 106.0964243 135.84
19-Jan-96 146.878 105.9081695 137.945
26-Jan-96 139.035 107.1090246 140.59
2-Feb-96 136.183 108.5974353 143.896
9-Feb-96 136.183 109.2370676 148.198
16-Feb-96 139.035 109.9657817 146.668
23-Feb-96 137.966 109.9560767 149.515
1-Mar-96 137.253 107.8021113 145.765
8-Mar-96 136.183 106.6696412 144.127
15-Mar-96 136.896 111.476527 146.82
22-Mar-96 135.47 112.6296683 148.078
29-Mar-96 137.966 113.7755478 146.757
5-Apr-96 146.878 115.771688 149.298
12-Apr-96 143.313 115.0634394 145.437
19-Apr-96 144.026 114.9521071 147.302
</TABLE>
Page 2
<PAGE> 17
<TABLE>
<S> <C> <C> <C>
26-Apr-96 149.374 118.0253284 149.45
3-May-96 147.948 115.1384036 147.26
10-May-96 150.443 115.4728255 148.891
17-May-96 151.869 117.3981684 153.38
24-May-96 155.078 119.7222094 155.526
31-May-96 151.869 116.8156547 153.786
7-Jun-96 154.722 115.6638259 154.796
14-Jun-96 156.504 112.5676564 153.033
21-Jun-96 156.861 114.178498 153.363
28-Jun-96 157.574 115.9766065 153.415
5-Jul-96 157.574 115.7972085 150.604
12-Jul-96 151.156 117.2319848 147.674
19-Jul-96 146.878 113.2369251 145.842
26-Jul-96 144.383 110.6052549 145.017
2-Aug-96 145.096 110.5527186 150.847
9-Aug-96 144.026 111.4088243 150.802
16-Aug-96 142.244 113.1275764 151.259
23-Aug-96 145.452 112.4113252 151.704
30-Aug-96 143.67 111.2194677 148.337
6-Sep-96 146.878 113.5664171 149.39
13-Sep-96 148.661 116.4939346 154.904
20-Sep-96 149.374 116.9663079 156.942
27-Sep-96 150.443 116.1170321 156.26
4-Oct-96 148.304 120.1668424 159.471
11-Oct-96 149.017 120.8563511 159.523
18-Oct-96 154.722 123.3179789 161.735
25-Oct-96 154.008 121.2145767 158.972
1-Nov-96 146.165 118.1006873 159.003
8-Nov-96 145.452 121.2680512 165.309
15-Nov-96 147.235 122.3266109 166.959
22-Nov-96 147.948 127.7177351 169.246
29-Nov-96 134.757 129.3464262 170.805
6-Dec-96 138.679 129.470052 167.306
13-Dec-96 133.688 124.6888695 165.189
20-Dec-96 135.47 130.6945898 169.159
27-Dec-96 137.609 132.3176251 171.059
3-Jan-97 138.322 129.0948453 169.579
10-Jan-97 146.522 135.6863407 172.513
17-Jan-97 147.591 135.2079297 175.937
24-Jan-97 144.739 132.4542257 174.268
31-Jan-97 144.739 131.644357 177.809
7-Feb-97 143.313 130.8635485 177.83
14-Feb-97 146.165 130.4724231 181.514
21-Feb-97 142.244 128.8265849 180.123
28-Feb-97 177.894 125.3737482 178.004
7-Mar-97 182.529 127.5919359 180.131
14-Mar-97 180.033 128.8134685 178.453
21-Mar-97 183.955 128.9653928 176.337
28-Mar-97 183.955 127.1326875 174.808
4-Apr-97 181.103 123.7478685 171.427
11-Apr-97 185.381 120.3352389 166.719
18-Apr-97 184.668 122.0751217 173.893
</TABLE>
Page 3
<PAGE> 18
5 YEAR
<TABLE>
<CAPTION>
Composite SP 400
FI INDEX Group INDEX INDEX
31/03/92 31/03/92 31/03/92
Date Values Values Values
<S> <C> <C> <C>
31-Jan-92
29-Feb-92
31-Mar-92 100 100 100
30-Apr-92 100.704 109.5266833 102.543
31-May-92 105.459 112.3632609 102.566
30-Jun-92 104.93 104.2203477 100.033
31-Jul-92 103.521 108.5561606 103.74
31-Aug-92 95.4225 109.138533 101.483
30-Sep-92 94.3682 109.2791442 102.153
31-Oct-92 89.0845 105.6926764 102.21
30-Nov-92 88.3803 103.0637846 105.355
31-Dec-92 84.8592 105.9952858 105.688
31-Jan-93 86.2676 109.2130088 105.917
28-Feb-93 90.8451 112.6087213 106.059
31-Mar-93 94.1915 115.9002427 107.818
30-Apr-93 90.493 117.7408094 105.113
31-May-93 89.7887 119.1550707 108.433
30-Jun-93 86.2676 111.9704037 107.104
31-Jul-93 86.2676 116.8929212 105.582
31-Aug-93 89.0845 124.1824379 109.23
30-Sep-93 97.8873 124.084769 107.616
31-Oct-93 98.5915 122.2231551 111.526
30-Nov-93 97.3606 114.3566657 111.157
31-Dec-93 96.831 113.4483693 112.504
31-Jan-94 98.4789 118.849001 116.253
28-Feb-94 99.2958 116.1962728 113.858
31-Mar-94 98.5915 112.1823486 108.541
30-Apr-94 100.177 118.9022456 109.341
31-May-94 104.93 117.9056265 110.822
30-Jun-94 107.22 115.9830118 107.55
31-Jul-94 107.746 121.0788891 111.234
31-Aug-94 106.868 121.8284858 116.253
30-Sep-94 107.394 120.3285011 114.168
31-Oct-94 103.169 128.7182839 116.918
30-Nov-94 92.6056 119.4084797 112.394
31-Dec-94 96.3042 117.0540481 114.029
31-Jan-95 105.107 116.3090945 115.478
28-Feb-95 107.394 119.8432899 119.948
31-Mar-95 115.67 124.8797639 124.272
30-Apr-95 125.352 126.7884319 127.618
31-May-95 116.549 131.1418833 131.798
30-Jun-95 131.338 123.6594967 135.304
31-Jul-95 139.789 127.3092221 139.69
31-Aug-95 130.282 122.8061568 138.234
30-Sep-95 136.268 121.7204103 142.98
31-Oct-95 125.704 118.9249125 142.453
30-Nov-95 137.324 123.3930033 148.197
31-Dec-95 142.254 129.1009918 150.201
31-Jan-96 133.451 129.0935339 155.164
29-Feb-96 135.563 128.9260826 156.897
31-Mar-96 136.268 137.0768635 158.659
</TABLE>
Page 1
<PAGE> 19
<TABLE>
<S> <C> <C> <C>
30-Apr-96 146.479 141.4419121 161.827
31-May-96 150 140.376119 166.258
30-Jun-96 155.634 139.7904108 165.857
31-Jul-96 142.606 131.7747819 157.853
31-Aug-96 141.901 133.7360088 160.367
30-Sep-96 147.887 140.908542 169.291
31-Oct-96 144.014 143.9948284 172.167
30-Nov-96 133.099 155.6853115 184.657
31-Dec-96 135.915 156.2560438 181.187
31-Jan-97 142.958 157.9512432 192.23
28-Feb-97 175.704 150.108983 192.44
31-Mar-97 178.873 150.9606027 185.205
</TABLE>
Page 2
<PAGE> 20
FINA, Inc.
Indexed Stock Price History
E&P Composite:
Barrett Resources
Belco Oil & Gas
Cabot Oi1 & Gas
Cross Timbers Oil
Devon Energy
Forcenergy Inc.
Montery Resources
Newfield Exploration
Pogo Producing
United Meridian
Vintage Petroleum
R&M Composite:
Ashland Inc.
Sun Company
Tosco Corporation
Total Petroleum
Ultramar Diamond
Valero Energy
Chemicals Composite:
Dow Chemical
Geon Company
Georgia Gulf
Lyondell Petrochemical
Millennium Pharmaceutical
Union Carbide
Methanex Corporation
Wellman Inc.
- ------------------------------ --------------------------------
One Year Three Year
- ------------------------------ --------------------------------
[PLOT POINTS NEXT PAGE] [PLOT POINTS NEXT PAGE]
-------------------------------
Five Year
-------------------------------
[PLOT POINTS NEXT PAGE]
<PAGE> 21
Comp 1 Year
<TABLE>
<CAPTION>
FINA E&P R&M Chem
<S> <C> <C> <C> <C>
4/18/96 100.000 100.000 100.000 100.000
4/19/96 100.248 101.537 100.807 99.850
4/22/96 100.744 103.122 102.280 99.220
4/23/96 100.744 105.450 104.385 98.248
4/24/96 100.248 106.403 105.900 97.877
4/25/96 100.744 107.285 105.932 97.755
4/26/96 103.970 107.684 105.207 97.797
4/29/96 103.722 108.419 106.747 98.431
4/30/96 103.226 107.555 105.898 98.748
5/01/96 102.730 107.432 105.079 98.668
5/02/96 102.730 106.562 104.571 101.397
5/03/96 102.978 106.563 104.402 100.927
5/06/96 103.226 108.214 104.610 100.051
5/07/96 103.474 105.312 104.256 99.728
5/08/96 102.233 105.048 104.403 99.179
5/09/96 102.978 105.120 105.519 97.207
5/10/96 104.715 106.011 105.975 97.118
5/13/96 105.211 106.491 106.091 96.447
5/14/96 105.707 106.544 106.560 94.130
5/15/96 105.707 106.931 106.553 94.272
5/16/96 105.459 106.072 105.962 94.172
5/17/96 105.707 106.341 106.766 95.299
5/20/96 107.444 105.943 107.532 96.465
5/21/96 107.196 106.271 108.000 95.625
5/22/96 107.940 106.039 109.140 94.440
5/23/96 107.940 107.134 107.369 94.450
5/24/96 107.940 107.702 107.341 94.450
5/27/96 107.940 107.702 107.341 94.356
5/28/96 107.940 107.088 106.119 93.442
5/29/96 107.692 106.779 105.440 93.344
5/30/96 107.593 106.805 105.663 92.468
5/31/96 107.090 107.293 105.310 91.954
6/03/96 107.593 108.132 103.418 92.189
6/04/96 108.096 108.820 104.053 91.882
6/05/96 107.342 108.335 104.200 90.617
6/06/96 108.347 107.533 102.800 90.728
6/07/96 109.101 107.104 101.828 89.855
6/10/96 109.604 106.972 101.039 89.766
6/11/96 108.599 106.403 100.339 90.820
6/12/96 109.353 106.542 100.462 91.065
6/13/96 109.604 106.205 100.159 90.215
6/14/96 110.358 106.477 100.672 89.672
6/17/96 110.358 106.549 100.165 89.078
6/18/96 110.861 106.804 100.503 88.281
6/19/96 110.861 107.511 99.438 88.451
6/20/96 110.861 107.417 99.755 88.772
6/21/96 110.610 108.119 99.592 89.373
6/24/96 109.604 109.456 100.957 89.261
6/25/96 110.107 109.657 100.539 87.363
6/26/96 109.856 111.052 100.044 85.906
6/27/96 110.107 114.354 99.291 85.339
6/28/96 111.112 118.426 99.799 87.319
</TABLE>
Page 1
<PAGE> 22
Comp 1 Year
<TABLE>
<S> <C> <C> <C> <C>
7/01/96 111.615 118.554 99.778 87.361
7/02/96 111.364 117.868 100.308 87.363
7/03/96 111.112 118.233 100.143 87.383
7/04/96 111.112 118.233 100.143 86.019
7/05/96 111.112 116.775 99.250 86.229
7/08/96 110.107 117.395 99.445 87.085
7/09/96 109.856 120.102 99.697 87.428
7/10/96 109.353 121.618 98.751 87.471
7/11/96 107.090 120.820 97.483 86.959
7/12/96 106.587 121.571 97.397 84.491
7/15/96 106.336 120.841 95.878 84.670
7/16/96 105.833 116.741 92.777 82.745
7/17/96 104.325 118.165 93.678 82.163
7/18/96 103.822 118.678 94.756 81.547
7/19/96 103.571 118.050 94.153 80.585
7/22/96 103.822 115.527 93.445 79.800
7/23/96 102.314 114.058 92.559 79.725
7/24/96 101.811 112.246 91.751 81.379
7/25/96 101.686 113.580 91.836 83.451
7/26/96 101.811 113.937 91.056 83.730
7/29/96 102.817 113.922 91.092 84.706
7/30/96 102.314 110.635 90.863 84.402
7/31/96 101.811 109.585 90.840 84.704
8/01/96 102.314 111.331 90.659 85.073
8/02/96 102.314 111.308 90.802 85.634
8/05/96 103.319 109.369 90.808 86.302
8/06/96 103.319 109.760 91.705 87.137
8/07/96 103.068 109.796 92.457 87.161
8/08/96 102.314 109.522 92.335 87.333
8/09/96 101.560 109.510 92.366 88.180
8/12/96 98.795 110.206 91.762 87.781
8/13/96 99.549 109.299 91.844 87.826
8/14/96 99.046 110.182 92.367 88.538
8/15/96 99.297 112.842 93.001 88.789
8/16/96 100.303 113.788 92.974 89.045
8/19/96 101.560 116.051 93.545 89.590
8/20/96 101.435 117.107 94.138 89.320
8/21/96 101.811 117.927 92.700 89.885
8/22/96 102.063 117.068 93.295 89.498
8/23/96 102.565 117.379 92.643 88.546
8/26/96 102.314 117.811 92.372 88.771
8/27/96 102.565 118.441 92.159 88.907
8/28/96 102.817 118.607 91.693 88.982
8/29/96 102.843 117.412 91.579 89.187
8/30/96 102.714 116.884 91.142 89.187
9/02/96 102.714 116.884 91.142 88.918
9/03/96 102.205 119.360 91.551 88.919
9/04/96 104.244 117.577 90.506 88.138
9/05/96 105.008 117.814 89.851 88.997
9/06/96 105.008 117.667 90.918 90.015
9/09/96 105.008 118.516 91.540 90.492
9/10/96 105.518 120.525 90.895 90.256
9/11/96 104.753 123.398 91.842 90.450
9/12/96 105.008 122.447 92.673 90.780
9/13/96 106.283 122.427 93.210 90.893
9/16/96 107.302 123.022 93.886 91.497
</TABLE>
Page 2
<PAGE> 23
Comp 1 Year
<TABLE>
<S> <C> <C> <C> <C>
9/17/96 106.792 122.786 93.661 91.753
9/18/96 107.047 122.685 94.081 91.113
9/19/96 106.921 121.429 94.954 91.522
9/20/96 106.792 121.726 95.666 90.758
9/23/96 106.792 121.892 96.288 91.377
9/24/96 108.067 122.557 96.435 91.400
9/25/96 107.812 123.558 96.650 91.337
9/26/96 108.067 124.012 96.944 91.379
9/27/96 107.557 124.682 97.342 90.807
9/30/96 107.047 124.701 97.323 90.918
10/01/96 106.792 124.780 97.346 91.350
10/02/96 106.792 125.789 97.301 91.655
10/03/96 106.537 125.660 97.316 91.208
10/04/96 106.028 125.833 97.957 91.031
10/07/96 106.028 126.510 98.765 90.751
10/08/96 106.537 125.614 99.759 90.181
10/09/96 106.283 125.281 99.863 89.782
10/10/96 106.792 124.966 100.721 89.520
10/11/96 106.537 124.936 100.793 88.598
10/14/96 107.047 126.516 100.367 88.787
10/15/96 107.302 126.443 100.251 89.588
10/16/96 108.067 127.277 99.769 89.731
10/17/96 109.851 131.006 100.081 89.495
10/18/96 110.615 132.680 100.809 88.239
10/21/96 111.125 132.957 100.225 87.423
10/22/96 110.615 132.127 98.759 87.471
10/23/96 110.361 132.610 101.086 88.137
10/24/98 110.615 134.427 99.758 87.858
10/25/96 110.106 134.648 99.648 87.640
10/28/96 109.596 134.547 99.036 87.613
10/29/96 107.557 134.477 99.237 87.047
10/30/96 107.302 134.532 98.542 87.206
10/31/96 104.244 135.612 98.882 87.583
11/01/96 104.498 133.403 97.905 87.680
11/04/96 104.753 133.780 98.180 88.229
11/05/96 105.263 134.390 98.084 89.256
11/06/96 104.882 134.375 98.169 89.385
11/07/96 104.753 135.147 98.224 89.323
11/08/96 103.989 135.338 98.567 89.505
11/11/96 104.498 137.355 99.418 91.826
11/12/96 104.753 135.994 100.261 93.749
11/13/96 104.753 135.142 101.751 94.364
11/14/96 105.008 135.954 101.627 93.860
11/15/96 105.263 136.122 102.502 94.237
11/18/96 105.518 137.587 109.338 93.828
11/19/96 105.263 139.854 109.086 93.848
11/20/96 105.773 142.350 111.624 93.381
11/21/96 106.028 142.887 110.902 93.114
11/22/96 105.773 145.964 115.663 94.451
11/25/96 105.263 147.495 116.956 93.902
11/26/96 102.459 147.010 116.629 93.971
11/27/96 97.617 146.461 116.770 93.971
11/28/96 97.617 146.481 116.770 93.975
11/29/96 97.770 146.290 118.005 94.129
12/02/96 99.063 146.558 118.639 93.400
12/03/96 100.356 146.346 118.302 92.551
</TABLE>
Page 3
<PAGE> 24
Comp 1 Year
<TABLE>
<S> <C> <C> <C> <C>
12/04/96 100.874 147.606 117.412 92.578
12/05/96 100.356 149.032 117.802 91.927
12/06/96 100.615 146.821 117.565 92.115
12/09/96 99.322 147.141 118.480 92.569
12/10/96 99.063 143.837 117.390 90.461
12/11/96 98.546 138.736 115.838 89.715
12/12/96 96.477 136.973 114.875 88.531
12/13/96 96.994 137.193 114.118 87.736
12/16/96 96.994 139.404 112.483 87.403
12/17/96 97.770 140.434 110.945 86.703
12/18/96 97.511 141.575 111.400 87.333
12/19/96 97.770 144.104 112.710 88.600
12/20/96 98.287 145.425 113.043 87.923
12/23/96 98.287 145.283 114.135 87.949
12/24/96 98.546 146.348 113.760 87.949
12/25/96 98.546 146.348 113.760 88.092
12/26/96 99.580 147.086 114.266 88.392
12/27/96 99.839 147.346 115.361 88.661
12/30/96 99.839 148.056 114.631 88.127
12/31/96 99.839 149.527 115.204 88.127
1/01/97 99.839 149.527 115.204 88.351
1/02/97 99.839 146.802 115.091 89.983
1/03/97 100.356 147.000 115.045 91.046
1/06/97 100.615 148.052 116.958 91.530
1/07/97 101.908 146.569 117.799 90.972
1/08/97 103.977 144.826 119.416 91.486
1/09/97 105.271 149.302 121.822 92.722
1/10/97 106.305 151.092 120.675 93.543
1/13/97 107.340 152.173 119.772 93.991
1/14/97 107.857 151.987 119.615 93.270
1/15/97 107.340 152.470 119.975 92.857
1/16/97 107.081 151.314 120.182 93.862
1/17/97 107.081 149.956 120.230 93.018
1/20/97 106.564 148.878 121.951 92.626
1/21/97 107.081 145.909 122.344 92.341
1/22/97 107.081 141.134 122.230 91.142
1/23/97 106.305 141.767 121.824 90.833
1/24/97 105.012 140.457 119.964 90.861
1/27/97 103.977 138.791 118.769 90.664
1/28/97 102.167 138.540 118.839 90.618
1/29/97 104.495 139.149 119.164 90.832
1/30/97 106.047 139.362 120.739 89.637
1/31/97 105.012 138.705 120.470 90.404
2/03/97 106.564 137.636 118.486 90.469
2/04/97 105.529 136.303 119.590 90.154
2/05/97 106.047 135.223 119.383 90.305
2/06/97 105.271 133.365 120.224 91.336
2/07/97 103.977 130.316 119.956 91.467
2/10/97 103.719 122.293 118.307 91.406
2/11/97 103.719 121.729 118.217 92.958
2/12/97 104.236 125.805 119.160 93.235
2/13/97 104.236 126.771 121.112 93.568
2/14/97 106.047 127.392 120.953 93.568
2/17/97 106.047 127.392 120.953 93.742
2/18/97 104.753 126.457 120.703 93.398
2/19/97 104.495 126.441 121.209 92.630
</TABLE>
Page 4
<PAGE> 25
Comp 1 Year
<TABLE>
<S> <C> <C> <C> <C>
2/20/97 103.977 125.985 119.284 92.094
2/21/97 103.201 125.366 120.397 93.647
2/24/97 103.719 124.380 121.538 93.246
2/25/97 129.325 121.424 122.658 93.851
2/26/97 128.808 120.317 122.973 93.831
2/27/97 128.808 119.302 120.119 93.552
2/28/97 129.066 117.336 118.432 94.425
3/03/97 128.808 115.393 118.147 94.098
3/04/97 130.774 118.489 117.587 93.981
3/05/97 131.820 119.845 118.934 94.007
3/06/97 131.035 121.249 119.566 95.199
3/07/97 133.912 122.078 119.297 95.753
3/10/97 132.343 122.700 120.700 96.601
3/11/97 132.081 121.813 119.812 96.880
3/12/97 132.343 120.345 119.563 95.614
3/13/97 132.081 119.683 119.602 95.748
3/14/97 132.081 119.994 119.235 96.136
3/17/97 132.081 118.542 119.776 95.144
3/18/97 134.435 117.826 117.894 95.203
3/19/97 133.389 117.059 117.622 94.823
3/20/97 134.174 117.115 119.825 94.533
3/21/97 134.958 117.235 120.631 94.576
3/24/97 134.958 116.089 121.335 94.398
3/25/97 136.528 116.961 122.438 94.198
3/26/97 138.097 119.804 124.350 92.080
3/27/97 134.958 118.554 122.283 92.080
3/28/97 134.958 118.554 122.283 91.157
3/31/97 132.866 115.861 120.421 91.362
4/01/97 133.389 117.190 120.638 90.653
4/02/97 132.866 116.182 121.254 89.896
4/03/97 132.866 113.200 119.998 89.744
4/04/97 132.866 112.041 122.442 90.327
4/07/97 132.866 113.241 123.049 90.227
4/08/97 133.912 113.941 122.083 89.954
4/09/97 133.651 115.355 121.893 90.958
4/10/97 133.389 113.040 120.692 89.642
4/11/97 136.005 110.343 119.108 89.631
4/14/97 135.743 109.875 119.393 92.332
4/15/97 135.743 110.030 118.962 91.796
4/16/97 135.481 110.224 118.793 91.693
4/17/97 135.481 109.087 119.121 92.051
4/18/97 135.481 110.933 120.672
</TABLE>
Page 5
<PAGE> 26
Comp 3 Years
<TABLE>
<CAPTION>
FINA E&P R&M Chem
<S> <C> <C> <C> <C>
4/22/94 100.000 100.000 100.000 100.000
4/29/94 101.426 101.739 100.595 105.550
5/06/94 102.317 103.223 97.514 105.945
5/13/94 102.674 104.142 93.228 111.057
5/20/94 104.813 103.863 92.603 112.367
5/27/94 108.093 103.751 92.960 115.020
6/03/94 107.012 103.522 94.230 114.247
6/10/94 106.291 105.728 94.298 114.398
6/17/94 106.651 110.442 95.638 116.595
6/24/94 107.012 108.318 87.289 109.700
7/01/94 112.416 109.177 88.254 111.816
7/08/94 114.218 109.411 88.249 114.602
7/15/94 112.777 110.805 89.929 118.679
7/22/94 109.534 110.425 90.158 115.446
7/29/94 110.255 106.162 91.314 118.659
8/05/94 111.155 106.933 91.221 124.458
8/12/94 110.615 109.417 93.891 124.060
8/19/94 109.174 105.976 94.407 124.649
8/26/94 110.074 106.787 94.764 127.782
9/02/94 110.793 107.036 92.048 132.842
9/09/94 110.245 109.369 92.082 134.018
9/16/94 111.705 110.477 92.463 135.431
9/23/94 110.793 108.225 90.717 134.122
9/30/94 111.340 105.924 92.012 138.928
10/07/94 111.067 107.219 95.070 130.394
10/14/94 111.705 108.702 94.943 135.283
10/21/94 111.340 106.569 97.276 132.858
10/28/94 109.150 109.099 99.833 131.747
11/04/94 103.674 108.029 96.757 119.744
11/11/94 102.031 104.207 96.178 119.574
11/18/94 102.031 101.992 95.238 115.165
11/25/94 94.913 99.290 91.081 110.132
12/02/94 97.485 98.932 88.853 114.518
12/09/94 97.856 94.933 85.738 112.112
12/16/94 100.450 96.815 87.195 121.062
12/23/94 100.080 95.758 88.239 119.472
12/30/94 101.377 98.471 90.744 118.727
1/06/95 101.933 94.614 88.784 122.059
1/13/95 102.304 92.218 87.998 120.749
1/20/95 105.640 92.821 88.720 119.016
1/27/95 110.458 92.588 88.474 109.769
2/03/95 111.014 91.829 89.031 111.257
2/10/95 109.717 93.753 89.886 113.772
2/17/95 114.165 92.178 89.723 112.120
2/24/95 113.980 92.798 89.817 110.910
3/03/95 116.789 96.630 89.333 110.635
3/10/95 116.601 100.087 88.809 110.973
3/17/95 117.540 101.770 87.812 115.788
3/24/95 117.540 102.021 90.198 118.339
3/31/95 123.361 105.355 94.122 121.791
4/07/95 122.422 105.987 92.298 119.967
4/14/95 123.173 106.091 90.939 121.006
</TABLE>
Page 1
<PAGE> 27
Comp 3 Years
<TABLE>
<S> <C> <C> <C> <C>
4/21/95 128.430 109.252 98.298 118.475
4/28/95 133.688 111.339 99.405 119.768
5/05/95 132.749 109.328 102.471 120.216
5/12/95 131.622 111.523 103.226 123.247
5/19/95 127.304 110.801 101.307 120.513
5/26/95 125.351 113.192 101.444 119.012
6/02/95 128.780 112.156 101.366 118.274
6/09/95 131.828 112.998 98.351 117.746
6/16/95 136.019 116.641 96.048 117.197
6/23/95 140.972 111.033 95.110 123.034
6/30/95 142.115 111.648 93.862 122.937
7/07/95 144.401 111.131 93.156 129.986
7/14/95 150.497 109.974 94.578 130.948
7/21/95 154.307 108.226 96.268 129.073
7/28/95 152.783 106.940 97.210 126.161
8/04/95 149.735 107.427 97.040 128.315
8/11/95 150.497 107.041 95.434 130.143
8/18/95 148.592 108.361 94.424 127.603
8/25/95 142.115 109.168 92.302 125.261
9/01/95 141.277 115.862 93.107 126.913
9/08/95 151.313 117.724 94.310 131.942
9/15/95 150.541 118.382 95.547 133.458
9/22/95 150.155 115.781 94.862 128.438
9/29/95 149.383 113.185 93.489 128.539
10/06/95 147.839 113.218 92.122 125.540
10/13/95 142.049 111.431 92.441 125.002
10/20/95 140.505 111.717 95.404 124.193
10/27/95 138.189 111.283 94.271 121.789
11/03/95 137.031 111.296 95.366 117.660
11/10/95 137.803 112.543 95.232 120.568
11/17/95 139.733 114.917 96.927 121.518
11/24/95 141.277 115.424 99.983 124.756
12/01/95 150.909 117.289 100.430 125.545
12/08/95 154.819 119.547 99.964 125.764
12/15/95 157.947 122.420 100.480 122.765
12/22/95 156.774 123.287 100.127 121.335
12/29/95 157.947 125.727 100.031 122.189
1/05/96 160.292 125.276 102.030 127.213
1/12/96 160.292 121.491 100.129 124.569
1/19/96 161.074 117.154 98.346 121.833
1/26/96 152.473 117.717 102.794 124.161
2/02/96 149.346 123.727 105.895 130.016
2/09/96 149.346 120.715 106.851 135.933
2/16/96 152.473 123.438 107.379 133.497
2/23/96 151.300 127.416 111.796 139.490
3/01/96 150.518 124.553 107.759 138.852
3/08/96 151.217 119.990 105.500 141.233
3/15/96 152.009 120.866 110.308 152.801
3/22/96 150.426 127.255 109.847 150.126
3/29/96 153.197 128.805 110.889 151.937
4/05/96 163.093 131.930 112.066 152.109
4/12/96 159.134 135.943 114.631 150.089
4/19/96 159.926 140.669 116.718 154.546
4/26/96 165.864 149.185 121.812 151.076
5/03/96 164.281 147.632 120.881 156.706
5/10/96 167.052 146.867 122.702 150.229
</TABLE>
Page 2
<PAGE> 28
Comp 3 Years
<TABLE>
<S> <C> <C> <C> <C>
5/17/96 168.635 147.324 123.617 145.539
5/24/96 172.198 149.210 124.283 145.968
5/31/96 170.841 148.644 121.932 142.905
6/07/96 174.050 148.382 117.900 140.217
6/14/96 176.055 147.513 116.561 139.424
6/21/96 176.456 149.787 115.311 137.194
6/28/96 177.258 164.067 115.550 131.888
7/05/96 177.258 161.780 114.915 132.939
7/12/96 170.039 168.424 112.770 134.392
7/19/96 165.227 163.545 109.013 126.028
7/26/96 162.420 157.847 105.427 128.971
8/02/96 163.222 154.206 105.133 131.477
8/09/96 162.019 151.714 106.945 134.970
8/16/96 160.013 157.641 107.648 137.220
8/23/96 163.623 162.616 107.265 138.316
8/30/96 163.861 161.931 105.528 137.835
9/06/96 167.520 163.016 105.268 137.541
9/13/96 169.553 169.610 107.921 140.297
9/20/96 170.366 168.639 110.768 141.444
9/27/96 171.586 172.734 112.705 141.223
10/04/96 169.146 174.328 113.417 140.959
10/11/96 169.959 173.086 116.701 138.350
10/18/96 176.465 183.814 116.720 138.312
10/25/96 175.652 186.537 115.375 135.781
11/01/96 166.707 184.816 113.358 135.356
11/08/96 165.893 187.497 114.124 138.045
11/15/96 167.926 188.583 118.681 145.057
11/22/96 168.740 202.217 133.918 143.904
11/29/96 155.972 202.669 136.630 145.234
12/06/96 160.511 203.405 136.121 142.069
12/13/96 154.734 190.066 132.130 136.821
12/20/96 156.798 201.472 130.885 136.928
12/27/96 159.273 204.133 133.569 136.606
1/03/97 160.099 203.653 133.202 139.066
1/10/97 169.589 209.322 139.722 143.298
1/17/97 170.827 207.748 139.207 145.060
1/24/97 167.526 194.588 138.898 140.379
1/31/97 167.526 192.161 139.484 138.530
2/07/97 165.875 180.538 138.889 141.156
2/14/97 169.176 176.488 140.044 144.605
2/21/97 164.637 173.682 139.399 142.329
2/28/97 205.900 162.556 137.125 144.582
3/07/97 213.630 169.125 138.126 147.127
3/14/97 210.710 166.239 138.055 147.975
3/21/97 215.299 162.417 139.671 146.097
3/28/97 215.299 164.244 141.583 142.306
4/04/97 211.961 155.221 141.767 138.697
4/11/97 216.968 152.868 137.907 138.538
4/18/97 216.134 153.686 139.718 142.261
</TABLE>
Page 3
<PAGE> 29
Comp 5 Years
<TABLE>
<CAPTION>
FINA E&P R&M Chem
<S> <C> <C> <C> <C>
4/30/92 100.000 100.000 100.000 100.000
5/29/92 105.852 103.530 99.965 97.101
6/30/92 105.322 100.842 99.082 90.806
7/31/92 104.262 116.278 102.564 95.117
8/31/92 96.906 122.117 97.014 91.159
9/30/92 95.834 128.341 97.136 91.085
10/30/92 90.470 129.725 95.897 92.772
11/30/92 90.915 129.567 97.170 91.573
12/31/92 87.293 134.617 104.664 98.411
1/29/93 88.742 138.455 106.774 91.684
2/26/93 93.723 150.825 106.934 93.564
3/31/93 98.071 172.080 109.252 90.016
4/30/93 94.221 174.806 108.286 95.717
5/31/93 94.677 178.727 111.502 99.827
6/30/93 90.964 181.774 107.387 98.573
7/30/93 90.964 171.715 117.606 100.211
8/31/93 95.132 185.443 128.797 100.568
9/30/93 104.533 186.641 129.438 100.961
10/29/93 105.285 178.472 137.742 99.214
11/30/93 105.170 157.931 139.130 103.004
12/31/93 104.599 159.900 132.885 104.071
1/31/94 104.219 168.704 146.567 115.463
2/28/94 107.262 169.293 156.892 115.576
3/31/94 107.736 160.711 148.132 112.131
4/29/94 109.467 172.585 150.407 120.471
5/31/94 115.885 174.558 138.562 129.791
6/30/94 118.412 184.312 131.406 127.007
7/29/94 118.996 180.087 136.529 135.662
8/31/94 119.577 182.531 140.645 152.511
9/30/94 120.168 179.684 137.574 158.568
10/31/94 115.440 185.607 149.130 147.606
11/30/94 105.214 169.431 135.776 130.341
12/30/94 109.415 167.040 135.678 135.511
1/31/95 119.416 156.378 131.967 123.373
2/28/95 123.616 160.326 134.463 130.307
3/31/95 133.141 178.718 140.729 139.008
4/28/95 144.287 188.869 148.628 136.699
5/31/95 136.112 189.997 152.849 136.793
6/30/95 153.382 189.391 140.339 140.316
7/31/95 163.252 184.136 146.303 144.686
8/31/95 152.149 190.853 137.904 143.753
9/29/95 161.227 192.001 139.782 146.711
10/31/95 148.522 187.209 141.454 135.894
11/30/95 164.562 197.914 150.104 142.601
12/29/95 170.469 213.277 149.564 139.463
1/31/96 159.920 208.466 156.374 149.054
2/29/96 162.452 212.687 160.603 159.397
3/29/96 165.342 218.498 165.798 173.416
4/30/96 177.732 252.767 183.326 173.627
5/31/96 184.386 252.151 182.309 163.108
6/28/96 191.311 278.315 172.767 150.533
7/31/96 175.297 257.537 157.258 148.880
</TABLE>
Page 1
<PAGE> 30
Comp 5 Years
<TABLE>
<S> <C> <C> <C> <C>
8/30/96 176.852 274.691 157.782 157.320
9/30/96 184.312 293.062 168.481 160.179
10/31/96 179.485 318.704 171.181 153.827
11/29/96 168.338 343.796 204.285 165.766
12/31/96 171.901 351.404 199.436 155.451
1/31/97 180.808 325.972 208.553 158.115
2/28/97 222.224 275.751 205.025 165.021
3/31/97 228.766 272.285 208.468 160.796
4/18/97 233.269 260.704 208.903 162.372
</TABLE>
Page 2
<PAGE> 31
FINA, Inc.
Indexed Stock Price History
- ------------------------------ --------------------------------
One Year Three Year
- ------------------------------ --------------------------------
[PLOT POINTS NEXT PAGE] [PLOT POINTS NEXT PAGE]
-------------------------------
Five Year
-------------------------------
[PLOT POINTS NEXT PAGE]
<PAGE> 32
1 YEAR
<TABLE>
<CAPTION>
4684002
FI INDEX INDEX
22/04/96 22/04/96
DATE CAT Values Values
<S> <C> <C> <C>
18-Apr-96 -1
19-Apr-96 0
22-Apr-96 1 100 100
23-Apr-96 2 100 99.7778
24-Apr-96 3 99.5074 100
25-Apr-96 4 100 100.889
26-Apr-96 5 103.202 102.222
29-Apr-96 6 102.956 103.333
30-Apr-96 7 102.483 103.556
1-May-96 8 101.97 103.556
2-May-96 9 101.97 103.556
3-May-96 10 102.217 100.556
6-May-96 11 102.463 100.222
7-May-96 12 102.709 99.4444
8-May-96 13 101.478 98.4444
9-May-96 14 102.217 99.3333
10-May-96 15 103.941 100.889
13-May-96 16 104.433 104
14-May-96 17 104.926 104.444
15-May-96 18 104.926 105.556
16-May-96 19 104.68 105.556
17-May-96 20 104.926 105.667
20-May-96 21 106.65 105.556
21-May-96 22 106.404 106.111
22-May-96 23 107.143 106.111
23-May-96 24 107.143 105.667
24-May-96 25 107.143 105.667
27-May-96 26 107.143 105.667
28-May-96 27 107.143 105.778
29-May-96 28 106.897 104.556
30-May-96 29 105.419 102.222
31-May-96 30 104.926 103.667
3-Jun-96 31 105.419 103.889
4-Jun-96 32 105.911 103.778
5-Jun-96 33 105.172 104.444
6-Jun-96 34 106.158 105.222
7-Jun-96 35 106.897 103.333
10-Jun-96 36 107.389 105.889
11-Jun-96 37 106.404 106.222
12-Jun-96 38 107.143 107.111
13-Jun-96 39 107.389 107.556
14-Jun-96 40 108.128 108.889
17-Jun-96 41 108.128 110
18-Jun-96 42 108.621 109.444
19-Jun-96 43 108.621 108
20-Jun-96 44 108.621 107.111
21-Jun-96 45 108.374 108.111
24-Jun-96 46 107.389 108.222
25-Jun-96 47 107.882 108.444
26-Jun-96 48 107.635 108.333
27-Jun-96 49 107.882 109.333
</TABLE>
Page 1
<PAGE> 33
<TABLE>
<S> <C> <C> <C>
28-Jun-96 50 108.867 109.111
1-Jul-96 51 109.36 109.111
2-Jul-96 52 109.113 111
3-Jul-96 53 108.867 112.778
4-Jul-96 54 108.867 112.222
5-Jul-96 55 108.867 110.667
8-Jul-96 56 107.882 110.222
9-Jul-96 57 107.635 110.222
10-Jul-96 58 107.143 108.889
11-Jul-96 59 104.926 107.444
12-Jul-96 60 104.433 106.556
15-Jul-96 61 104.187 105.111
16-Jul-96 62 103.695 103.778
17-Jul-96 63 102.217 104
18-Jul-96 64 101.724 105
19-Jul-96 65 101.478 106.111
22-Jul-96 66 101.724 104.444
23-Jul-96 67 100.246 104.889
24-Jul-96 68 99.7537 102.778
25-Jul-96 69 99.7537 104.333
26-Jul-96 70 99.7537 104.444
29-Jul-96 71 100.739 104.889
30-Jul-96 72 100.246 105.111
31-Jul-96 73 99.7537 105
1-Aug-96 74 100.246 105
2-Aug-96 75 100.246 103.556
5-Aug-96 76 101.232 104.556
6-Aug-96 77 101.232 104.333
7-Aug-96 78 100.985 104.889
8-Aug-96 79 100.246 105.444
9-Aug-96 80 99.5074 105.556
12-Aug-96 81 96.798 105.111
13-Aug-96 82 97.5369 105.778
14-Aug-96 83 97.0443 105.333
15-Aug-96 84 97.2906 105.333
16-Aug-96 85 98.2759 105.778
19-Aug-96 86 99.5074 106.667
20-Aug-96 87 99.5074 107.111
21-Aug-96 88 99.7537 106.778
22-Aug-96 89 100 109.333
23-Aug-96 90 100.493 109.111
26-Aug-96 91 100.246 108.556
27-Aug-96 92 100.246 107.333
28-Aug-96 93 100.739 106.778
29-Aug-96 94 100.739 106.778
30-Aug-96 95 99.2611 106.667
2-Sep-96 96 99.2611 106.778
3-Sep-96 97 98.7685 106.667
4-Sep-96 98 100.739 107.222
5-Sep-96 99 101.478 107.111
6-Sep-96 100 101.478 107.556
9-Sep-96 101 101.478 109.444
10-Sep-96 102 101.97 110
11-Sep-96 103 101.232 110.333
12-Sep-96 104 101.478 111.111
13-Sep-96 105 102.709 110.556
</TABLE>
Page 2
<PAGE> 34
<TABLE>
<S> <C> <C> <C>
16-Sep-96 106 103.695 110.111
17-Sep-96 107 103.202 110.556
18-Sep-96 108 103.448 110.222
19-Sep-96 109 103.448 109.333
20-Sep-96 110 103.202 110
23-Sep-96 111 103.202 107.778
24-Sep-96 112 104.433 107.111
25-Sep-96 113 104.187 107.444
26-Sep-96 114 104.433 108.111
27-Sep-96 115 103.941 108.111
30-Sep-96 116 103.448 108
1-Oct-96 117 103.202 108.556
2-Oct-96 118 103.202 108
3-Oct-96 119 102.956 110
4-Oct-96 120 102.463 108.222
7-Oct-96 121 102.463 106.889
8-Oct-96 122 102.956 106.111
9-Oct-96 123 102.709 105.111
10-Oct-96 124 103.202 104.333
11-Oct-96 125 102.956 104.667
14-Oct-96 126 103.448 104.667
15-Oct-96 127 103.695 105.222
16-Oct-96 128 104.433 107.111
17-Oct-96 129 106.158 108.444
18-Oct-96 130 106.897 109
21-Oct-96 131 107.389 109.556
22-Oct-96 132 106.897 109.778
23-Oct-96 133 106.65 109.111
24-Oct-96 134 106.897 109.222
25-Oct-96 135 106.404 108.889
28-Oct-96 136 105.911 107.889
29-Oct-96 137 103.941 106.667
30-Oct-96 138 103.695 106.556
31-Oct-96 139 100.739 106.556
1-Nov-96 140 100.985 106.556
4-Nov-96 141 101.232 107.222
5-Nov-96 142 101.724 107.333
6-Nov-96 143 101.724 108.444
7-Nov-96 144 101.232 108.556
8-Nov-96 145 100.493 108.889
11-Nov-96 146 100.985 108.889
12-Nov-96 147 101.232 108.556
13-Nov-96 148 101.232 109.222
14-Nov-96 149 101.478 109.778
15-Nov-96 150 101.724 109.444
18-Nov-96 151 101.97 109.778
19-Nov-96 152 101.724 109.333
20-Nov-96 153 102.217 109.111
21-Nov-96 154 102.463 109.556
22-Nov-96 155 102.217 109.889
25-Nov-96 156 101.724 109.889
26-Nov-96 157 99.0148 110.333
27-Nov-96 158 94.335 110.222
28-Nov-96 159 94.335 110.111
29-Nov-96 160 93.1034 110.222
2-Dec-96 161 94.335 110.889
</TABLE>
Page 3
<PAGE> 35
<TABLE>
<S> <C> <C> <C>
3-Dec-96 162 95.5665 112.5
4-Dec-96 163 96.0591 114.167
5-Dec-96 164 95.5665 118.889
6-Dec-96 165 95.8128 115.278
9-Dec-96 166 94.5813 115.556
10-Dec-96 167 94.335 113.056
11-Dec-96 168 93.8424 112.222
12-Dec-96 169 91.8719 111
13-Dec-96 170 92.3645 111.111
16-Dec-96 171 92.3645 113.333
17-Dec-96 172 93.1034 111.944
18-Dec-96 173 92.8571 114.167
19-Dec-96 174 93.1034 115.278
20-Dec-96 175 93.5961 115.278
23-Dec-96 176 93.5961 113.611
24-Dec-96 177 93.8424 113.333
25-Dec-96 178 93.8424 113.333
26-Dec-96 179 94.8276 113.333
27-Dec-96 180 95.0739 113.333
30-Dec-96 181 95.0739 112.222
31-Dec-96 182 95.0739 112.222
1-Jan-97 183 95.0739 112.222
2-Jan-97 184 95.0739 112.222
3-Jan-97 185 95.5665 114.167
6-Jan-97 186 95.8128 115.556
7-Jan-97 187 97.0443 116.944
8-Jan-97 188 99.0148 119.167
9-Jan-97 189 100.246 121.667
10-Jan-97 190 101.232 122.222
13-Jan-97 191 102.217 124.722
14-Jan-97 192 102.709 124.444
15-Jan-97 193 102.217 124.444
16-Jan-97 194 101.97 123.056
17-Jan-97 195 101.97 123.889
20-Jan-97 196 101.478 123.889
21-Jan-97 197 101.97 123.889
22-Jan-97 198 101.97 125.833
23-Jan-97 199 101.232 127.222
24-Jan-97 200 100 127.5
27-Jan-97 201 99.0148 125.556
28-Jan-97 202 97.2906 126.111
29-Jan-97 203 99.5074 128.056
30-Jan-97 204 100.985 131.944
31-Jan-97 205 100 132.5
3-Feb-97 206 101.478 133.056
4-Feb-97 207 100.493 131.111
5-Feb-97 208 100.985 131.389
6-Feb-97 209 100.246 131.111
7-Feb-97 210 99.0148 131.667
10-Feb-97 211 98.7685 132.222
11-Feb-97 212 98.7685 132.222
12-Feb-97 213 99.2611 132.5
13-Feb-97 214 99.2611 136.389
14-Feb-97 215 100.985 136.667
17-Feb-97 216 100.985 135.833
18-Feb-97 217 99.7537 138.611
</TABLE>
Page 4
<PAGE> 36
<TABLE>
<S> <C> <C> <C>
19-Feb-97 218 99.5074 139.167
20-Feb-97 219 99.0148 138.056
21-Feb-97 220 98.2759 136.389
24-Feb-97 221 98.7685 136.389
25-Feb-97 222 123.153 137.5
26-Feb-97 223 122.66 137.778
27-Feb-97 224 122.66 138.611
28-Feb-97 225 122.906 138.611
3-Mar-97 226 122.66 138.889
4-Mar-97 227 123.153 141.111
5-Mar-97 228 124.138 140.833
6-Mar-97 229 123.399 141.667
7-Mar-97 230 126.108 141.389
10-Mar-97 231 124.631 141.389
11-Mar-97 232 124.384 140.833
12-Mar-97 233 124.631 137.222
13-Mar-97 234 124.384 133.889
14-Mar-97 235 124.384 134.444
17-Mar-97 236 124.384 132.222
18-Mar-97 237 126.601 131.111
19-Mar-97 238 125.616 131.111
20-Mar-97 239 126.355 130.556
21-Mar-97 240 127.094 131.111
24-Mar-97 241 127.094 131.667
25-Mar-97 242 128.571 131.944
26-Mar-97 243 130.049 133.889
27-Mar-97 244 127.094 133.333
28-Mar-97 245 127.094 133.333
31-Mar-97 246 125.123 133.333
1-Apr-97 247 125.616 130.278
2-Apr-97 248 125.123 130.278
3-Apr-97 249 125.123 129.167
4-Apr-97 250 125.123 130
7-Apr-97 251 125.123 131.944
8-Apr-97 252 126.108 132.5
9-Apr-97 253 125.862 133.611
10-Apr-97 254 125.616 133.056
11-Apr-97 255 128.079 132.222
14-Apr-97 256 127.833 133.333
15-Apr-97 257 127.833 139.444
16-Apr-97 258 127.586 141.944
17-Apr-97 259 127.586 141.389
18-Apr-97 260 127.586 140.833
21-Apr-97 261 127.833 141.944
</TABLE>
Page 5
<PAGE> 37
3 YEAR
<TABLE>
<CAPTION>
4684002
FI INDEX INDEX
22/04/94 22/04/94
DATE CAT Values Values
<S> <C> <C> <C>
8-Apr-94 -1
15-Apr-94 0
22-Apr-94 1 100 100
29-Apr-94 2 101.426 100.472
6-May-94 3 102.316 101.415
13-May-94 4 102.672 100.236
20-May-94 5 104.811 104.009
27-May-94 6 106.95 102.83
3-Jun-94 7 105.881 101.887
10-Jun-94 8 105.168 98.8208
17-Jun-94 9 105.524 98.1132
24-Jun-94 10 105.881 96.2264
1-Jul-94 11 111.228 95.7547
8-Jul-94 12 113.011 95.0472
15-Jul-94 13 111.585 95.0472
22-Jul-94 14 108.376 96.4623
29-Jul-94 15 109.089 98.1132
5-Aug-94 16 109.446 99.5283
12-Aug-94 17 109.446 97.1698
19-Aug-94 18 108.02 96.934
26-Aug-94 19 108.733 98.3491
2-Sep-94 20 108.2 99.0566
9-Sep-94 21 107.663 97.6415
16-Sep-94 22 109.089 95.5189
23-Sep-94 23 108.2 93.9623
30-Sep-94 24 108.733 92.5472
7-Oct-94 25 108.2 88.6792
14-Oct-94 26 109.089 91.1321
21-Oct-94 27 108.733 88.3962
28-Oct-94 28 106.594 88.7736
4-Nov-94 29 101.246 90.3774
11-Nov-94 30 99.8203 89.717
18-Nov-94 31 99.8203 87.8302
25-Nov-94 32 92.6903 88.1132
2-Dec-94 33 93.7598 88.3962
9-Dec-94 34 94.1163 87.6415
16-Dec-94 35 96.2553 87.8302
23-Dec-94 36 96.2553 88.3019
30-Dec-94 37 97.5045 88.7736
6-Jan-95 38 98.0378 88.3019
13-Jan-95 39 98.3943 86.5094
20-Jan-95 40 101.246 87.0755
27-Jan-95 41 106.237 88.0189
3-Feb-95 42 106.774 88.2075
10-Feb-95 43 105.524 87.7358
17-Feb-95 44 109.802 85.8491
24-Feb-95 45 109.982 84.717
3-Mar-95 46 110.872 81.4151
10-Mar-95 47 110.515 78.4906
17-Mar-95 48 111.585 82.3585
24-Mar-95 49 111.585 77.3585
</TABLE>
Page 1
<PAGE> 38
<TABLE>
<S> <C> <C> <C>
31-Mar-95 50 117.112 78.0189
7-Apr-95 51 116.219 80.566
14-Apr-95 52 116.932 83.1132
21-Apr-95 53 121.923 83.3019
28-Apr-95 54 126.914 83.6792
5-May-95 55 126.381 87.8302
12-May-95 56 124.955 88.3019
19-May-95 57 120.854 85
26-May-95 58 117.289 81.8868
2-Jun-95 59 120.497 83.1132
9-Jun-95 60 123.349 81.6038
16-Jun-95 61 127.271 80.1887
23-Jun-95 62 131.905 80.7547
30-Jun-95 63 132.975 81.0377
7-Jul-95 64 135.114 81.1321
14-Jul-95 65 140.818 82.0755
21-Jul-95 66 144.383 80.9434
28-Jul-95 67 142.957 83.9623
4-Aug-95 68 140.105 83.5849
11-Aug-95 69 140.818 83.1132
18-Aug-95 70 139.035 83.1132
25-Aug-95 71 132.975 84.8113
1-Sep-95 72 130.479 84.8113
8-Sep-95 73 139.748 84.8113
15-Sep-95 74 139.035 85.6604
22-Sep-95 75 138.679 86.0377
29-Sep-95 76 137.966 85.8491
6-Oct-95 77 136.54 85
13-Oct-95 78 131.192 84.6226
20-Oct-95 79 129.766 82.5472
27-Oct-95 80 127.627 83.4906
3-Nov-95 81 126.558 85.1887
10-Nov-95 82 127.271 83.9623
17-Nov-95 83 129.053 82.6415
24-Nov-95 84 130.479 83.9623
1-Dec-95 85 137.609 83.5849
8-Dec-95 86 141.174 84.1509
15-Dec-95 87 144.026 84.434
22-Dec-95 88 142.957 84.5283
29-Dec-95 89 144.026 85
5-Jan-96 90 146.165 88.2075
12-Jan-96 91 146.165 86.0377
19-Jan-96 92 146.878 86.4151
26-Jan-96 93 139.035 83.6792
2-Feb-96 94 136.183 84.3396
9-Feb-96 95 136.183 81.3208
16-Feb-96 96 139.035 80.0943
23-Feb-96 97 137.966 78.9623
1-Mar-96 98 137.253 83.4906
8-Mar-96 99 136.183 81.6981
15-Mar-96 100 136.896 80.1887
22-Mar-96 101 135.47 80.566
29-Mar-96 102 137.966 80.3774
5-Apr-96 103 146.878 82.4528
12-Apr-96 104 143.313 83.0189
19-Apr-96 105 144.026 84.9057
</TABLE>
Page 2
<PAGE> 39
<TABLE>
<S> <C> <C> <C>
26-Apr-96 106 149.374 86.7925
3-May-96 107 147.948 85.3774
10-May-96 108 150.443 85.6604
17-May-96 109 151.869 89.717
24-May-96 110 155.078 89.717
31-May-96 111 151.869 88.0189
7-Jun-96 112 154.722 87.7358
14-Jun-96 113 156.504 92.4528
21-Jun-96 114 156.861 91.7925
28-Jun-96 115 157.574 92.6415
5-Jul-96 116 157.574 93.9623
12-Jul-96 117 151.156 90.4717
19-Jul-96 118 146.878 90.0943
26-Jul-96 119 144.383 88.6792
2-Aug-96 120 145.096 87.9245
9-Aug-96 121 144.026 89.6226
16-Aug-96 122 142.244 89.8113
23-Aug-96 123 145.452 92.6415
30-Aug-96 124 143.67 90.566
6-Sep-96 125 146.878 91.3208
13-Sep-96 126 148.661 93.8679
20-Sep-96 127 149.374 93.3962
27-Sep-96 128 150.443 91.7925
4-Oct-96 129 148.304 91.8868
11-Oct-96 130 149.017 88.8679
18-Oct-96 131 154.722 92.5472
25-Oct-96 132 154.008 92.4528
1-Nov-96 133 146.165 90.4717
8-Nov-96 134 145.452 92.4528
15-Nov-96 135 147.235 92.9245
22-Nov-96 136 147.948 93.3019
29-Nov-96 137 134.757 93.5849
6-Dec-96 138 138.679 97.8774
13-Dec-96 139 133.688 94.3396
20-Dec-96 140 135.47 97.8774
27-Dec-96 141 137.609 96.2264
3-Jan-97 142 138.322 96.934
10-Jan-97 143 146.522 103.774
17-Jan-97 144 147.591 105.189
24-Jan-97 145 144.739 108.255
31-Jan-97 146 144.739 112.5
7-Feb-97 147 143.313 111.792
14-Feb-97 148 146.165 116.038
21-Feb-97 149 142.244 115.802
28-Feb-97 150 177.894 117.689
7-Mar-97 151 182.529 120.047
14-Mar-97 152 180.033 114.151
21-Mar-97 153 183.955 111.321
28-Mar-97 154 183.955 113.208
4-Apr-97 155 181.103 110.377
11-Apr-97 156 185.381 112.264
18-Apr-97 157 184.668 119.575
</TABLE>
Page 3
<PAGE> 40
5 YEAR
<TABLE>
<CAPTION>
4684002
FI INDEX INDEX
31/03/92 31/03/92
DATE CAT Values Values
<S> <C> <C> <C>
31-Jan-92 -1
29-Feb-92 0
31-Mar-92 1 100 100
30-Apr-92 2 100.704 103.341
31-May-92 3 105.459 102.625
30-Jun-92 4 104.93 101.193
31-Jul-92 5 103.521 104.296
31-Aug-92 6 95.4225 81.8138
30-Sep-92 7 94.3662 83.1504
31-Oct-92 8 89.0845 74.2721
30-Nov-92 9 88.3803 79.3317
31-Dec-92 10 84.8592 71.6945
31-Jan-93 11 86.2676 70.5489
28-Feb-93 12 90.8451 75.6086
31-Mar-93 13 94.1915 83.8186
30-Apr-93 14 90.493 81.6229
31-May-93 15 89.7887 79.7136
30-Jun-93 16 86.2676 86.0143
31-Jul-93 17 86.2676 91.6468
31-Aug-93 18 89.0845 87.0644
30-Sep-93 19 97.8873 86.8735
31-Oct-93 20 98.5915 93.0788
30-Nov-93 21 97.3606 92.9833
31-Dec-93 22 96.831 93.9379
31-Jan-94 23 96.4789 102.387
28-Feb-94 24 99.2958 98.0907
31-Mar-94 25 98.5915 96.42
30-Apr-94 26 100.177 101.671
31-May-94 27 104.93 103.103
30-Jun-94 28 107.22 96.42
31-Jul-94 29 107.746 99.284
31-Aug-94 30 106.868 99.5227
30-Sep-94 31 107.394 93.6516
31-Oct-94 32 103.169 90.6921
30-Nov-94 33 92.6056 89.7375
31-Dec-94 34 96.3042 89.8329
31-Jan-95 35 105.107 88.401
28-Feb-95 36 107.394 84.2005
31-Mar-95 37 115.67 78.9499
30-Apr-95 38 125.352 84.6778
31-May-95 39 116.549 83.1504
30-Jun-95 40 131.338 82.0048
31-Jul-95 41 139.789 84.105
31-Aug-95 42 130.282 86.3007
30-Sep-95 43 136.268 86.8735
31-Oct-95 44 125.704 85.7279
30-Nov-95 45 137.324 84.105
31-Dec-95 46 142.254 86.0143
31-Jan-96 47 133.451 85.9189
29-Feb-96 48 135.563 83.5322
31-Mar-96 49 136.268 81.3365
</TABLE>
Page 1
<PAGE> 41
<TABLE>
<S> <C> <C> <C>
30-Apr-96 50 146.479 88.9737
31-May-96 51 150 89.0692
30-Jun-96 52 155.634 93.747
31-Jul-96 53 142.606 90.2148
31-Aug-96 54 141.901 91.6468
30-Sep-96 55 147.887 92.7924
31-Oct-96 56 144.014 91.5513
30-Nov-96 57 133.099 94.7017
31-Dec-96 58 135.915 96.42
31-Jan-97 59 142.958 113.842
28-Feb-97 60 175.704 119.093
31-Mar-97 61 178.873 114.558
</TABLE>
Page 2
<PAGE> 42
- -------
Goldman
Sachs
- -------
Exhibit 4
<PAGE> 43
FINA
Historical Income Statements
<TABLE>
<CAPTION>
(dollars in millions)
For the Year Ended December 31, CAGR
-----------------------------------------------------------------
1992 1993 1994 1995 1996 1992-96
----------------------------------------------------------------- -------
<S> <C> <C> <C> <C> <C> <C>
Revenues $ 3,397.5 $ 3,416.2 $ 3,421.1 $ 3,606.6 $ 4,081.2 4.7%
Cost of Materials (2,619.5) (2,637.8) (2,525.1) (2,673.5) (3,099.7)
--------- --------- --------- --------- ---------
Gross Profit 778.0 778.4 898.0 933.1 981.5 6.0%
Operating Expenses (522.7) (532.6) (529.0) (503.1) (541.3)
Depreciation & Amortization (194.8) (198.3) (186.0) (156.2) (171.0)
--------- --------- --------- --------- ---------
Operating Income 60.5 47.5 181.0 273.8 269.2 45.2%
Non-Operating Inc/(Exp) 13.4 100.4 10.2 12.9 (4.5)
--------- --------- --------- --------- ---------
EBIT 73.9 147.9 191.2 260.9 264.8 37.6%
Interest (53.7) (51.7) (38.8) (41.0) (36.5)
--------- --------- --------- --------- ---------
Pre-Tax Income 20.2 96.2 152.4 219.9 228.3
Taxes 4.0 (25.8) (50.3) (77.2) (75.1)
--------- --------- --------- --------- ---------
Net Income Before Accounting Charge $ 24.2 $ 70.4 $ 102.0 $ 142.7 $ 153.2 58.6%
Accounting Change (34.3) 0.0 0.0 (38.2) 0.0
--------- --------- --------- --------- ---------
Net Income $ (10.1) $ 70.4 $ 102.0 $ 104.5 $ 153.2
========= ========= ========= ========= =========
Shares Outstanding 31.2 31.2 31.2 42.6 31.2
EPS $ 0.78 $ 2.26 $ 3.27 $ 3.35 $ 4.91 58.6%
Discretionary Cash Flow (a) $ 151.1 $ 366.6 $ 271.3 $ 386.7 $ 304.1 19.1%
EBITDA 288.7 346.2 377.2 417.1 435.8 12.8%
Growth & Margin Analysis
Sales Growth (y-o-y) 0.6% 0.1% 5.4% 13.2%
Operating Income Growth (y-o-y) (21.5)% 281.1% 51.3% (1.7)%
Net Income Growth (y-o-y) 190.9% 44.9% 39.9% 7.4%
Gross Profit Margin 22.9% 22.8% 26.2% 25.9% 24.0%
EBITDA Margin 7.9% 10.1% 11.0% 11.6% 10.7%
EBIT Margin 2.2% 4.3% 5.6% 7.2% 6.5%
</TABLE>
Notes:
Historical financial data based on internal company numbers.
(a) Excludes impact of accounting changes.
<PAGE> 44
FINA
Projected Income Statements
<TABLE>
<CAPTION>
(dollars in millions)
For the Year Ended December 31,
------------------------------------------------------------------------------- CAGR
1997E 1998E 1999E 2000E 2001E 1997-01
------------------------------------------------------------------------------- -------
<S> <C> <C> <C> <C> <C> <C>
Revenues $ 4,290.2 $ 4,903.3 $ 5,302.2 $ 5,587.7 $ 5,965.2 8.6%
Cost of Materials (3,237.4) (3,731.0) (3,996.3) (4,157.5) (4,405.4)
--------- --------- --------- --------- ---------
Gross Profit 1,052.8 1,172.3 1,305.9 1,430.2 1,559.8 10.3%
Operating Expenses (576.8) (620.4) (651.0) (680.7) (707.0)
Depreciation & Amortization (195.8) (211.1) (238.5) (250.7) (258.8)
--------- --------- --------- --------- ---------
Operating income 280.2 340.8 416.4 498.8 594.0 20.7%
Non-Operating Inc/(Exp) (2.0) (4.4) (4.0) (3.5) 7.9
--------- --------- --------- --------- ---------
EBIT 278.2 336.4 412.4 495.3 601.9 21.3%
Interest (36.5) (40.4) (45.2) (36.4) (26.2)
--------- --------- --------- --------- ---------
Pre-Tax Income 241.7 296.0 367.2 459.0 575.7
Taxes (82.4) (104.7) (135.7) (169.6) (212.7)
--------- --------- --------- --------- ---------
Net Income $ 159.3 $ 191.3 $ 231.5 $ 289.4 $ 363.0 22.9%
--------- --------- --------- --------- ---------
Shares Outstanding 31.2 31.2 31.2 31.2 31.2
EPS $ 5.10 $ 6.13 $ 7.42 $ 9.27 $ 11.63 22.9%
Discretionary Cash Flow $ 364.3 $ 403.5 $ 488.1 $ 590.6 $ 700.9 17.8%
EBITDA 474.0 547.5 650.9 746.0 860.7 16.1%
Growth & Margin Analysis
- ------------------------
Sales Growth (y-o-y) 5.1% 14.3% 8.1% 5.4% 6.8%
Operating Income Growth (y-o-y) 4.1% 21.6% 22.2% 19.8% 19.1%
Net Income Growth (y-o-y) 4.0% 20.1% 21.0% 25.0% 25.4%
Gross Profit Margin 24.5% 23.9% 24.6% 25.6% 26.1%
EBITDA Margin 11.0% 11.2% 12.3% 13.4% 14.4%
EBIT Margin 6.5% 6.9% 7.8% 8.9% 10.1%
</TABLE>
Notes:
Projected financial data based on management projections.
Financial data normalized to exclude non-recurring charges.
<PAGE> 45
Comparison of Original and Revised Projections
(dollars in millions)
<TABLE>
<CAPTION>
1997E 1998E
------------------------------------- -------------------------------------
Original Revised Var. % Var. Original Revised Var. % Var.
-------- ------- ---- ------ -------- ------- ---- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
EBIT
Chemicals $ 196.5 $ 176.5 $ (20.0) (10.2)% $ 236.7 $ 208.0 $ (28.7) (12.1)%
E&P 37.6 64.1 26.5 70.5% 56.0 62.9 6.9 12.3%
R&M 55.1 55.4 0.3 0.5% 89.7 89.3 (0.4) (0.4)%
Total 271.3 278.2 6.9 2.5% 363.8 336.4 (27.4) (7.5)%
Net Income $ 155.1 $ 159.3 $ 4.2 2.7% $ 210.1 $ 191.3 $ (18.8) (8.9)%
EPS $ 4.97 $ 5.10 $ 0.13 2.7% $ 6.73 $ 6.13 $ 0.60 (8.9)%
Principal Factors Behind Revised Estimates
- ------------------------------------------
Chemical Margins
Styrene Margin (cents/lb) $ 3.07 $ 2.17 $ (0.90) (29.3)% $ 3.88 $ 2.63 $ (1.25) (32.2)%
Polystyrene Margin (cents/lb) 3.37 2.35 (1.02) (30.3)% 3.71 2.80 (0.91) (24.5)%
Polypropylene Margin (cents/lb) 6.56 6.00 (0.56) (8.5)% 6.98 6.00 (0.98) (14.0)%
HDPE Margin (cents/lb) 6.25 7.50 1.25 20.0% 5.96 6.25 0.29 4.9%
Oil & Gas Prices
Crude Oil Price ($/Bbl) $ 16.20 $ 18.64 $ 2.44 15.1% $ 16.85 $ 17.45 $ 0.60 3.6%
Natural Gas Price ($/Mcf) 2.09 2.25 0.16 7.7% 2.07 2.14 0.07 3.4%
Oil & Gas Production Volumes
Crude Oil Volume (MBD) 10.5 10.5 0.0 0.0% 13.4 14.4 1.0 7.5%
Natural Gas Volume (MMcf/D) 178.0 195.3 17.3 9.7% 220.5 220.9 0.4 0.2%
<CAPTION>
1999E
------------------------------------
Original Revised Var. % Var.
-------- ------- ---- ------
<S> <C> <C> <C> <C>
EBIT
Chemicals $ 262.2 $ 230.6 $ (31.6) (12.1)%
E&P 96.0 138.5 42.5 44.3%
R&M 108.2 104.9 (3.3) (3.0)%
Total 447.4 412.4 (35.0) (7.8)%
Net Income $ 255.4 $ 231.5 $ (23.9) (9.4)%
EPS $ 8.18 $ 7.42 $ (0.77) (9.4)%
Principal Factors Behind Revised Estimates
- ------------------------------------------
Chemical Margins
Styrene Margin (cents/lb) $ 4.46 $ 3.70 $ (0.76) (17.0)%
Polystyrene Margin (cents/lb) 5.21 3.13 (2.08) (39.9)%
Polypropylene Margin (cents/lb) 5.87 4.80 (1.07) (18.2)%
HDPE Margin (cents/lb) 5.30 6.60 1.30 24.5%
Oil & Gas Prices
Crude Oil Price ($/Bbl) $ 17.48 $ 18.08 $ 0.60 3.4%
Natural Gas Price ($/Mcf) 2.11 2.18 0.07 3.3%
Oil & Gas Production Volumes
Crude Oil Volume (MBD) 17.1 24.5 7.4 43.3%
Natural Gas Volume (MMcf/D) 265.2 268.6 3.4 1.3%
</TABLE>
Notes:
- ------
Original projections based on FINA, Inc. 1997 Corporate Plan finalized in
November/December 1998.
Revised projections based on updated 1997 Five Year Financial Plan (4/16/97).
Financial data based on management projections.
<PAGE> 46
FINA
Actual vs. Budget Analysis
<TABLE>
<CAPTION>
1994 1995 1996
---------------------------- ---------------------------- -------------------------------
(US$ millions) Budget (a) Actual Variance Budget (b) Actual Variance Budget (a) Actual Variance
================================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
FINA
EBIT $154.6 $191.2 23.7 % $281.6 $260.8 (7.4)% $254.7 $264.8 4.0%
E&P
EBIT 36.9 (3.4) N.M. 18.4 (14.4) N.M. (10.1) 69.3 N.M.
R&M
EBIT $ 57.7 $ 47.2 (18.2) $ 59.6 $ 1.5 (97.5) $ 60.3 $(16.8) N.M.
Chemicals
EBIT $ 77.4 $164.4 112.4 $220.5 $290.6 31.8 $221.5 $231.2 4.4
================================================================================================================
</TABLE>
(a) Source: FINA's 1994 Corporate Plan: Low Scenario with Enhanced Earnings
and Sustained Investments.
(b) Source: FINA's 1995 Corporate Plan: Base Case with Limited Investments.
(c) Source: FINA's 1996 Corporate Plan: Base Case.
<PAGE> 47
FINA
Segment Breakdown
(dollars in millions)
<TABLE>
<CAPTION>
For the Year Ended December 31,
--------------------------------------------------------------------------------------------
1994 1995 1996 1997E 1998E 1999E 2000E 2001E
-------------------------------- ---------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Revenues
Chemicals $ 904.8 $1,071.1 $1,058.1 $1,407.5 $1,531.8 $1,642.4 $1,761.0 $1,999.8
Refining & Marketing 2,136.4 2,492.5 2,765.1 2,746.7 3,137.9 3,338.8 3,449.8 3,540.3
Exploration & Production 661.3 462.2 744.6 780.1 910.3 1,093.6 1,224.6 1,277.2
Eliminations (281.4) (419.2) (486.6) (644.1) (676.7) (772.6) (847.7) (852.1)
-------- -------- -------- -------- -------- -------- -------- --------
Whole Company 3,421.1 3,606.6 4,081.2 4,290.2 4,903.3 5,302.2 5,587.7 5,965.2
======== ======== ======== ======== ======== ======== ======== ========
EBIT
Chemicals $ 164.4 $ 290.6 $ 231.2 $ 176.5 $ 208.0 $ 230.6 $ 278.2 $ 335.1
Refining & Marketing 47.2 (4.6) (16.8) 55.3 89.3 104.9 114.1 127.4
Exploration & Production (3.5) (66.8) 69.3 64.1 62.9 138.5 202.6 212.9
Corporate / Eliminations (17.0) (17.1) (18.9) (17.7) (23.7) (61.6) (99.6) (73.5)
-------- -------- -------- -------- -------- -------- -------- --------
Whole Company 191.2 202.1 264.8 278.2 336.4 412.4 495.3 601.9
======== ======== ======== ======== ======== ======== ======== ========
Discretionary Cash Flow
Chemicals $ 129.3 $ 192.3 $ 160.6 $ 132.7 $ 131.5 $ 155.4 $ 203.3 $ 253.1
Refining & Marketing 62.0 59.8 27.3 80.7 107.1 118.5 132.8 145.2
Exploration & Production 68.4 94.7 76.5 122.3 132.7 206.3 264.6 271.6
Corporate / Eliminations 11.6 39.9 39.7 28.6 32.2 8.0 (10.1) 31.0
-------- -------- -------- -------- -------- -------- -------- --------
Whole Company 271.3 386.7 304.1 364.3 403.5 488.1 590.6 700.9
======== ======== ======== ======== ======== ======== ======== ========
</TABLE>
Notes:
Projected financial data based on management projections.
Financial data normalized to exclude non-recurring charges.
<PAGE> 48
FINA
1Q1997 Performance
<TABLE>
<CAPTION>
(US$ in millions) Variance
1Q 1997 vs.
Actual Budget Actual -----------------
1Q1996 1Q1997 1Q1997 1Q1996 Budget
=================================================================================
<S> <C> <C> <C> <C> <C>
FINA
Revenues $1,106.6 $1,183.0 $1,293.2 16.9% 9.3%
EBITDA 108.1 114.0 116.3 7.6 2.0
EBIT 67.0 68.1 67.4 0.6 (1.0)
Net Income 38.0 39.2 39.2 3.2 0.0
E&P
Revenues $ 176.2 $ 188.0 $ 273.2 55.1% 45.3%
EBITDA 34.5 32.2 57.5 66.7 78.6
EBIT 18.5 13.1 35.5 91.9 171.0
R&M
Revenues $ 605.7 $ 627.9 $ 647.7 3.2% 6.9%
EBITDA 15.0 20.2 18.7 24.7 (7.4)
EBIT (1.3) 3.2 2.0 N.M. (37.5)
Chemicals
Revenues $ 324.7 $ 367.1 $ 372.3 14.7% 1.4%
EBITDA 62.2 64.9 43.8 (29.6) (32.5)
EBIT 54.4 56.2 35.1 (35.5) (37.5)
==================================================================================
</TABLE>
<PAGE> 49
- -------
Goldman
Sachs
- -------
Exhibit 5
<PAGE> 50
Summary of Valuation Benchmarks
Undisturbed Market Price (a) $50
Offer Price $60
Market Price (b) $64.75
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
Share Price Multiple
----------- --------
Low High Low High
--- ---- --- ----
<S> <C> <C> <C> <C>
Domestic Integrated
Public Companies (c)
Multiple of 1996 DCF $49 $59.50 5.0x 6.1x
Multiple of 1997E DCF $55 $66.50 4.7x 5.7x
P/E 1996 $66 $80.50 13.4x 16.4x
P/E 1997E $64 $78 12.5x 15.3x
Commodity Chemical
Public Companies (c)
Multiple of 1996 EBITDA $64 $84 6.2x 7.6x
Multiple of 1997 EBITDA $70 $92 6.1x 7.5x
P/E 1997E $62 $76.50 12.2x 15.0x
Asset Valuation (d) $47 $75
DCF Analysis (e) $70 $78
PV of Future
Stock Prices (f) $56 $69
Cash
EPS Breakeven (g) $55 $80
Stock
EPS Breakeven (g) $51 $66
</TABLE>
Share Price
(a) Based on FINA's closing share price, of $50.00 as of February 24,1997, one
day prior to the PetroFina announcement.
(b) Based on closing share price as of April 18, 1997 ($64.75).
(c) Based on median common stock comparison multiples. The valuation range
extends from 10% below the median to 10% above.
(d) Reflects a breakup value for FINA's three business segments. Valuation
range based on public and private market multiples and replacement cost
analysis. Pre-tax values. Includes a range of working capital values of $0
to $270 million dependent upon going concern vs. asset value disposition.
Investments valued at book.
(e) Low end of range reflects the present value, at an 11.0% discount rate, of
FINA's projected free cash flows for the period 1997-2001 as well as the
present value of a terminal value based on a multiple of 5.5x LTM DCF.
High end of range reflects the present value of the same cash flows and
terminal value discounted at a rate of 9.0%.
(f) Low end of range represents the present value, at a 12.0% discount rate,
of FINA's projected year 2000 share price based on a multiple of 9.0x LTM
net income. High end of range reflects the present value, at a 12.0%
discount rate, of FINA's projected year 2000 share price based on a
multiple of 11.0x LTM net Income.
(g) Low end of range represents the price at which there is no dilution to
PetroFina's 1997E EPS assuming no synergies and a goodwill amortization
period of 5 years. High end of range reflects the price at which there is
no dilution to PertroFina's 1997E EPS assuming no synergies and a goodwill
amortization period of 20 years.
<PAGE> 51
- -------
Goldman
Sachs
- -------
Exhibit 6
<PAGE> 52
Summary Transaction Analysis
Impact on PetroFina EPS and Discretionary Cash Flow
($ in millions)
<TABLE>
<CAPTION>
Price Per FINA Share
------------------------------------------------------------------
$57.50 $60.00 $62.50 $65.00 $67.50 $70.00 $72.50
------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
- ------------------------
100% Stock
- ------------------------
EPS Accretion/(Dilution)
1997 0.8% 0.6% 0.3% 0.1% (0.1)% (0.4)% (0.6)%
1998 1.2% 1.0% 0.8% 0.6% 0.3% 0.1% (0.1)%
DCF Accretion/(Dilution)
1997 (1.1)% (1.3)% (1.4)% (1.5)% (1.7)% (1.8)% (1.9)%
1998 (0.9)% (1.1)% (1.2)% (1.3)% (1.5)% (1.6)% (1.7)%
- ------------------------
100% Cash
- ------------------------
EPS Accretion/(Dilution)
1997 1.8% 1.6% 1.4% 1.2% 1.0% 0.8% 0.6%
1998 2.5% 2.3% 2.1% 1.9% 1.8% 1.6% 1.4%
DCF Accretion/(Dilution)
1997 1.1% 1.0% 1.0% 1.0% 0.9% 0.9% 0.8%
1998 1.3% 1.3% 1.3% 1.2% 1.2% 1.2% 1.1%
</TABLE>
Notes
Analysis shows full-year 1997 earnings impact of transaction.
Analysis assumes 20 year amortization period. If the amortization period was
reduced to five years, a transaction at $65.00 per share would be 2.2% dilutive
to 1997 earnings on a cash basis, and 3.2% dilutive on a stock basis.
<PAGE> 53
- -------
Goldman
Sachs
- -------
Exhibit 7
<PAGE> 54
Preliminary Views on Cash/Stock Consideration
o Tax-free status of stock deal?
o Issues to consider
-- Relative valuation
-- Business and geographic profile
-- Commodity chemical cycle
-- Potential synergy benefits
o If stock, need for additional due diligence on Parent and its prospects
Goldman, Sachs & Co.
<PAGE> 55
Comparison of Publicly-Traded Companies
European Integrated Oil Companies
<TABLE>
<CAPTION>
Current Price Levered Unlevered
Current as % 52-Week Market Market P/E Multiple(b) Price/DCF Multiple(b)
Price(a) High Cap Cap 1996E 1997E 1997E 1998E
==================================================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C> <C>
PetroFina $359.07 98.4% $ 8,258 $10,561 17.3x 15.5x 7.7x 7.2x
BP $ 11.20 89.9% $63,196 $63,708 14.6x 14.3x 7.9x 7.5x
Elf Acquitaine 95.38 91.6 25,658 33,736 17.0 16.5 6.1 6.0
ENI 5.28 94.1 42,218 48,957 14.4 13.0 6.3 5.8
Norsk Hydro 49.20 92.0 11,266 12,958 12.9 11.7 6.4 6.3
OMV 110.31 91.5 2,978 3,533 13.7 10.0 4.9 4.3
Repsol N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.
Royal Dutch 177.19 95.5 94,974 92,751 19.6 18.0 9.7 9.0
Shell T&T 17.20 95.0 57,034 56,932 17.2 15.8 8.0 7.5
Total 80.70 92.9 19,691 21,662 21.3 18.7 8.6 7.8
Median 92.5% 15.8x 15.0x 7.1x 6.9x
Mean 92.8 16.3 14.7 7.2 6.8
High 95.5 21.3 18.7 9.7 9.0
Low 89.9 12.9 10.0 4.9 4.3
==================================================================================================================================
</TABLE>
(a) Latest stock price as of 04/18/97.
(b) Based on GS Research estimates as of 04/18/97. Estimates for companies
with non-calendar fiscal year ends have been calendarized.
<PAGE> 56
Review of Research Analyst Comments
PetroFina
<TABLE>
<CAPTION>
- ------------------ --------------------- ------------------ ---------------- ----------------------------------------
Date 2 Company/Analyst Price/l997E EPS Rating Comments
- ------------------ --------------------- ------------------ ---------------- ----------------------------------------
<S> <C> <C> <C> <C>
January 31, 1997 Merrill Lynch Bfr 11,875/Bfr 724 Neutral o "Surprise" stock for 1997
Susan Graham
o Chemicals was a touch disappointing.
A weakening trend seen in refining
as new ethylene capacity is brought
onstream over the next two years.
PetroFina's leadership position,
combined with its high degree of
integration with its refining
activities will act as a buffer to
the downturn.
January 17, 1997 Goldman Sachs Bfr 11,075/Bfr 734 Market Performer o Now trading in line with the group
Peter Nicol
o Despite a flat production profile,
costs should decline over the next
few years and the prospects in the
Gulf of Mexico, the North Sea and
offshore Angola offer scope for
faster production growth.
o Refining and marketing remains the
key area for the company's fortunes.
PetroFina has insufficient marketing
outlets in relation to its refinery
output.
November 4, 1996 Dewaay Servais Bfr 9,600/Bfr 650 Hold/Sell o High exposure to low return on
capital employed businesses like
refining and petrochemicals will
generate unappealing returns over a
full cycle. Stock does not seem
compellingly cheap.
o Sell PetroFina as soon as the share
price approaches the Bfrl0,000
benchmark.
o Even if the refining overcapacity
problems were solved, the industry
economics are deteriorating
steadily.
November 1, 1996 SBC Warburg Bfr 9,810/Bfr 678 Reduce o Lower earnings and cash flow momentum
than the oil sector average between
1996 and 2000. We see little to
justify the continued premium of
PetroFina to the European oil sector
average on debt adjusted cash flow
multiples.
</TABLE>
Goldman, Sachs & Co.
<PAGE> 57
Research Analyst Comments
FINA
- --------------------------------------------------------------------------------
Fitch Investors Service
- --------------------------------------------------------------------------------
Mary Anne Sudol
o FINA's commercial paper rating of F-1 reflects its excellent chemicals
business position and performance, strengthened credit protection
measurements, and consistent free cash flow generation. In recent years,
the company has substantially refocused all operations and upgraded asset
quality while continuing to lower costs. After completing required
environmental spending and refinery upgrading, rising capital outlays are
now focused on growth projects in exploration and production and
chemicals. FINA now funds itself independently of its parent company,
PetroFina, having developed access to diverse funding sources.
o FINA's challenges are to achieve solid profitability in its upstream and
downstream businesses while maintaining reasonable chemicals margins in
cyclical downturns. Fitch expects FINA to be able to generate free cash
flows, even with higher capital expenditures.
Strengths
-- Operations upgraded and tightly focused; constant cost reduction
-- Chemicals operations are world scale and low cost, with strong
market shares in key products
-- Consistent free cash flow generation and positive cash flow adequacy
ratio
-- Diverse funding sources are in place
-- Improving profitability remains the highest corporate priority
Concerns
-- Commodity price risk exists in all areas of the business
-- Reserve replacement must be done at competitive costs
-- New environmental regulations may require additional spending
-- Capital expenditures are still highly selective, possibly missing
growth opportunities
- --------------------------------------------------------------------------------
Goldman, Sachs & Co.
<PAGE> 58
Comparison of Profit Breakdown by Business Segment
FINA vs. PetroFina
[The following table was depicted as a pie chart in the printed material.]
<TABLE>
<CAPTION>
- --------------------------------- ---------------------------------
1992-96 Average 1996
- --------------------------------- ---------------------------------
FINA EBITDA by Segment
<S> <C> <C>
Chemicals 48% 57%
E&P 35% 31%
R&M 17% 11%
PetroFina Operating Profit by Segment
Chemicals 30% 27%
E&P 51% 59%
R&M 14% 11%
Paints 5% 3%
</TABLE>
<PAGE> 59
FINA vs PetroFina
Geographic Breakdown of Fixed Assets
[The following table was depicted as a pie chart in the printed material.]
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
1996
- --------------------------------------------------------------------------------
FINA PetroFina
<S> <C> <C>
North America 100% 23%
Belgium - 39%
Other Europe - 37%
Africa and Other 1%
</TABLE>
<PAGE> 60
- -------
Goldman
Sachs
- -------
Exhibit 8
<PAGE> 61
Next Steps
o Satisfy outstanding due diligence requests
o Finalize valuation analysis
o Finalize assessment of cash v. stock
o Confirm recommendation to Special Committee
o Initiate discussions with Parent
Goldman, Sachs & Co.
<PAGE> 62
- -------
Goldman
Sachs
- -------
<PAGE> 63
Comparison of Publicly-Traded Companies
Median Multiples
<TABLE>
<CAPTION>
Price/Earnings Multiple (a) Price/DCF Multiple (a) Enterprise Value/EBITDA (a)
------------------------------- ---------------------- ------------------------------
1996E 1997E Norm(b) 1996E 1997E 1996E 1997E Norm(b)
===========================================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C> <C>
FINA(c) 13.2x 12.7x 12.0x 6.6x 5.5x 6.2x 5.7x 5.4x
FINA Undisturbed (c) (d) 10.2 9.8 9.3 5.1 4.3 5.2 4.8 4.5
Composite Medians:
Domestic Integrated 14.9x 13.9x NA 5.5x 5.2x NA NA NA
Commodity Chemicals 14.6 13.6 8.0x 6.9 6.6 6.9x 6.8x 5.2x
Exploration & Production 19.4 16.8 NA 6.3 4.8 NA NA NA
Refining & Marketing 24.2 18.7 NA 9.3 6.1 8.9 7.2 7.2
===========================================================================================================================
</TABLE>
(a) Based on GB Research estimates as of 4/4/97. Estimates for companies with
non-calendar fiscal year ends have been calendarized.
(b) FINA's normalized financial data reflects a five-year average based on two
years of historical data and three years of projected data.
(c) FINA 1998 figures are actual. FINA estimates based on management
projections.
(d) Based on FINA's closing share price as of February 24, 1997, one day prior
to PetroFina announcement.
<PAGE> 64
Comparison of Publicly-Traded Companies
Domestic Integrated Oils
<TABLE>
<CAPTION>
Current Price Levered P/E Multiple (b) Price/DCF Multiple (b) Chemicals as % of EBIT
Stock as % 52-Week Market Market ---------------- --------------------- ----------------------
Price(a) High Cap Cap 1996E 1997E 1996E 1997E 1996E 1997E
====================================================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
FINA (c) $64.75 98.1% $2,021.3 $2,715.9 13.2x 12.7x 6.6x 5.5x 81.5% 59.6%
FINA Undisturbed (d) $50.00 90.9% $1,560.9 $2,255.5 10.2x 9.8x 5.1x 4.3x 81.5% 59.6%
Amoco Corp. $81.38 90.4% $40,414.4 $45,558.4 15.6x 14.5x 7.4x 7.2x 24.6% 19.9%
Ashland, Inc. 44.00 90.0 3,266.6 5,086.3 19.8 16.9 5.5 5.3 35.2 29.3
Atlantic Richfield 131.63 92.4 21,202.4 28,279.4 12.9 12.8 5.9 5.9 19.2 18.4
Kerr-McGee 57.88 77.2 2,807.5 3,350.5 12.6 13.9 4.8 5.2 24.5 29.0
Murphy Oil 44.00 77.9 1,974.1 2,079.9 19.1 15.7 5.5 5.1 0.0 0.0
Phillips Petroleum 38.50 82.1 10,130.0 13,294.0 11.3 10.7 5.2 4.9 30.6 33.7
Sun Company 24.63 75.5 1,797.4 2,374.8 -58.6 22.4 11.5 6.8 47.6 28.2
Unocal Corp. 37.50 81.7 9,390.6 12,753.6 15.3 13.4 5.1 5.2 0.0 0.0
USX-Marathon 26.75 93.9 7,693.4 8,846.4 14.9 13.4 5.2 5.2 0.0 0.0
- ------------------------------------------------------------------------------------------------------------------------------------
Median 82.1% 14.9x 13.9x 5.5x 5.2x 24.5% 19.9%
Mean 84.6 7.0 14.9 6.2 5.7 20.2 17.6
High 93.9 19.8 22.4 11.5 7.2 47.6 33.7
Low 75.5 (58.6) 10.7 4.8 4.9 0 0
====================================================================================================================================
</TABLE>
(a) Latest stock price as of 04/18/97.
(b) Based on GS Research estimates as of 04/11/97. Estimates for companies with
non-calendar fiscal year ends have been calendarized.
(c) FINA 1996 figures are actual. FINA 1997 figures based on FINA management
estimates.
(d) FINA's closing share price as of February 24, 1997, one day prior to
PetroFina announcement.
<PAGE> 65
Comparison of Publicly-Traded Companies
Commodity Chemicals
<TABLE>
<CAPTION>
Current Price/Earnings Price/DCF Enterprise Value/
Price as Levered Multiple (b) Multiple (b) EBITDA (b)
Current % 52-Week Market Market ---------------------- ------------ ----------------------
Price(a) High Cap Cap 1996E 1997E Norm(c) 1996E 1997E 1996E 1997E Norm(c)
================================================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
FINA (d) $64.75 98.1% $2,021.3 $2,715.9 13.2x 12.7x 12.0x 6.6x 5.5x 6.2x 5.7x 5.4x
FINA Undisturbed (e) 50.00 90.9 1,560.9 2,255.5 10.2 9.8 9.3 5.1 4.3 5.2 4.8 4.5
Dow Chemical $80.50 87.0% $20,125.0 $24,391.0 10.7x 11.9x 10.7x 6.0x 6.3x 5.5x 5.8x 5.4x
Geon 21.50 74.8 533.2 672.2 47.8 22.6 7.8 7.0 6.3 8.1 6.7 3.9
Georgia Gulf 23.63 61.0 822.2 1,217.2 12.8 13.5 6.2 7.7 7.8 7.4 7.2 4.3
Lyondell 20.63 67.9 1,650.0 2.948.0 16.5 13.8 8.3 8.5 8.4 8.6 7.8 5.9
Millenium 18.25 69.2 1,396.1 3.546.1 12.0 16.6 6.5 3.3 3.9 6.4 6.9 4.9
Union Carbide 47.38 95.9 6,253.5 7,758.5 12.0 12.3 10.4 6.8 6.9 6.4 6.5 5.8
Methanex 8.81 82.9 1,665.6 1,721.6 24.5 24.5 NA NA NA NA NA NA
Wellman 16.25 65.3 526.5 835.5 20.6 11.6 NA NA NA NA NA NA
---------------------------------------------------------------------------------------------------------
Median 72.0% 14.6x 13.6x 8.0x 6.9x 6.6x 6.9x 6.8x 5.2x
Mean 75.5 19.6 15.8 8.3 6.5 6.6 7.1 6.8 5.0
High 95.9 47.8 24.5 10.7 8.5 8.4 8.6 7.8 5.9
Low 61.0 10.7 11.6 6.2 3.3 3.9 5.5 5.8 3.9
================================================================================================================================
</TABLE>
(a) Latest stock price as of 04/18/97.
(b) Based on GS Research estimates as of 04/04/97. Estimates for companies with
non-calendar fiscal year ends have been calendarized.
(c) FINA's normalized financial data reflects a five-year average based on two
years of historical data and three years of projected data.
(d) FINA 1996 figures are actual. FINA estimates based on management
projections.
(e) FINA's closing share price as of February 24, 1997, one day prior to
PetroFina announcement.
<PAGE> 66
Asset Valuation
(US$ in millions)
<TABLE>
<CAPTION>
Valuation Range
================ ==============================================================
Low High Valuation Basis
====== ====== ==============================================================
<S> <C> <C> <C>
Chemicals $1,200 $1,600 1997 EBITDA and net income multiples; Replacement costs
Exploration & Production 500 575 $5 to $6 per BOE of Proved Reserves; DCF multiples
Refining & Marketing 400 500 LTM DCF and EBITDA multiples
Working Capital 0 270 Range dependent upon going concern vs. asset value disposition
Investments 78 78 Valued at book
------ ------
Total Enterprise Value $2,178 $3,023
Net Debt (696) (696)
------ ------
Total Equity Value $1,482 $2,327
Equity Value Per Share $47.47 $74.54
</TABLE>
<PAGE> 67
FINA Cash Flow Statement
($ in millions)
<TABLE>
<CAPTION>
Projections for Discounted Cash Flow Analysis
----------------------------------------------------
1994 1995 1996 1997E 1998E 1999E 2000E 2001E
===================================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Revenues $3,421.1 $3,606.6 $4,081.2 $4,290.2 $4,903.3 $5,302.2 $5,587.7 $5,965.2
======== ======== ======== ======== ======== ======== ======== ========
EBIT $191.2 $202.1 $264.8 $278.2 $336.4 $412.4 495.3 $601.9
Taxes (a) (68.8) (72.8) (95.3) (100.2) (121.1) (148.5) (178.3) (216.7)
Capital Expenditures (133.9) (213.1) (263.3) (322.4) (422.3) (294.9) (351.5) (413.6)
Depreciation & Amortization 186.0 215.0 171.0 195.8 211.1 238.5 250.7 258.8
Other Cash Flow (16.7) 67.3 (20.1) 9.2 1.1 18.1 50.5 79.1
-------- -------- -------- -------- -------- -------- -------- --------
Free Cash Flow $ 157.8 $ 198.5 $ 57.0 $ 60.6 $ 5.2 $ 225.6 $ 266.7 $ 309.5
======== ======== ======== ======== ======== ======== ======== ========
Discretionary Cash Flow (b) $ 271.3 $ 386.7 $ 304.1 $ 364.3 $ 403.5 $ 488.1 $ 590.6 $ 700.9
Revenue Growth 5.4% 13.2% 5.1% 14.3% 8.1% 5.4% 6.8%
EBIT Margin 5.6% 5.6% 6.5% 6.5% 6.9% 7.8% 8.9% 10.1%
</TABLE>
- ----------
Projected financial data based on management projections.
(a) Assumes a 36.0% tax rate.
(b) Defined as Net Income + D&A + Other Cash Flow.
<PAGE> 68
FINA DCF Analysis
($ in millions)
<TABLE>
<CAPTION>
Multiple of Terminal DCF
---------------------------------------------------
Discount Rate 4.5x 5.0x 5.5x 6.0x 6.5x 7.0x
=================================================================================
<C> <S> <C> <C> <C> <C> <C> <C>
9.0% PV of Cash Flows $ 624 $ 624 $ 624 $ 624 $ 624 $ 624
PV of Terminal Value 2,050 2,278 2,505 2,733 2,961 3,189
------ ------ ------ ------ ------ ------
Enterprise Value $2,674 $2,902 $3,130 $3,358 $3,558 $3,813
10.0% PV of Cash Flows $ 603 $ 603 $ 603 $ 603 $ 603 $ 603
PV of Terminal Value 1,958 2,176 2,394 2,611 2,829 3,046
------ ------ ------ ------ ------ ------
Enterprise Value $2,562 $2,779 $2,997 $3,215 $3,432 $3,650
11.0% PV of Cash Flows $ 583 $ 583 $ 583 $ 583 $ 583 $ 583
PV of Terminal Value 1,872 2,080 2,288 2,496 2,704 2,912
------ ------ ------ ------ ------ ------
Enterprise Value $2,455 $2,663 $2,871 $3,079 $3,287 $3,495
<CAPTION>
Equity Value Per Share
---------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
9.0% $63.41 $70.71 $78.00 $85.30 $92.59 $99.89
10.0% $59.80 $66.77 $73.74 $80.71 $87.68 $94.65
11.0% $56.39 $63.05 $69.71 $76.37 $83.03 $89.69
---------------------------------------------------
</TABLE>
- ----------
Note: Cash flows discounted to December 31, 1996.
<PAGE> 69
Potential Future Stock Price
[The following table was represented as a line graph in the printed material]
<TABLE>
<CAPTION>
Stock Price ($)
1997 1998 1999 2000 2001
---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C>
9.0x $45.90 $55.17 $66.78 $ 83.43 $104.67
10.0x $51.00 $61.30 $74.20 $ 92.70 $116.30
11.0x $56.10 $67.43 $81.62 $101.97 $127.93
LTM EPS $ 5.10 $ 6.13 $ 7.42 $ 9.27 $ 11.63
</TABLE>
<PAGE> 70
Present Value of Potential Stock Price (a)
[The following table was represented as a line graph in the printed material]
<TABLE>
<CAPTION>
Stock Price ($)
1997 1998 1999 2000 2001
---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C>
9.0x $43.37 $46.55 $50.30 $56.11 $62.86
10.0x $48.19 $51.72 $55.89 $62.35 $69.84
11.0x $53.01 $56.89 $61.48 $68.58 $76.82
Offer $60.00 $60.00 $60.00 $60.00 $60.00
Undisturbed (b) $50.00 $50.00 $50.00 $50.00 $50.00
LTM EPS $ 5.10 $ 6.13 $ 7.42 $ 9.27 $11.63
</TABLE>
(a) Assumes discount rate of 12%. Share prices discounted to June 1, 1997.
(b) FINA's closing share price as of February 24, 1997, one day prior to
PetroFina announcement.
<PAGE> 71
PetroFina Acquires Remaining 14.2% of FINA
100% Stock/0% Debt - Purchase Accounting - Impact on EPS
Amortization Period: 20 years
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C>
-------------------------------------------------------------------------------
Price Per Share $57.50 $60.00 $62.50 $65.00 $67.50 $70.00 $72.50
-------------------------------------------------------------------------------
Publicly Held Shares Outstanding (mm) 4.42 4.42 4.42 4.42 4.42 4.42 4.42
-------------------------------------------------------------------------------
Equity Consideration $254.2 $265.3 $276.3 $287.4 $298.4 $309.5 $320.5
-------------------------------------------------------------------------------
- -------------------------------------
1997E
- -------------------------------------
PetroFina Net Income (a) $480.9 $480.9 $480.9 $480.9 $480.9 $480.9 $480.9
Incremental FINA Net Income (b) 22.6 22.6 22.6 22.6 22.6 22.6 22.6
After-Tax Interest Expense (c) 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Goodwill Amortization (c)(d) (3.9) (4.4) (5.0) (5.5) (6.1) (6.6) (7.2)
After-Tax Synergies (e) 0.0 0.0 0.0 0.0 0.0 0.0 0.0
-------------------------------------------------------------------------------
Pro Forma Net Income $499.7 $499.1 $498.5 $498.0 $497.4 $496.9 $496.3
PetroFina 1997E EPS (Pre-Transaction) $20.79 $20.79 $20.79 $20.79 $20.79 $20.79 $20.79
Pro Forma 1997E EPS $20.96 $20.91 $20.86 $20.81 $20.76 $20.71 $20.66
Accretion/(Dilution) 1997E 0.8% 0.6% 0.3% 0.1% (0.1)% (0.4)% (0.6)%
PT Synergies to Breakeven - 1997(e) $ (6.2) $ (4.4) $ (2.6) $ (0.7) $ 1.1 $ 3.0 $ 4.8
- -------------------------------------
1998E
- -------------------------------------
PetroFina Net Income(a) $537.2 $537.2 $537.2 $537.2 $537.2 $537.2 $537.2
Incremental FINA Net Income(b) 27.2 27.2 27.2 27.2 27.2 27.2 27.2
After-Tax Interest Expense(c) 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Goodwill Amortization(c)(d) (3.9) (4.4) (5.0) (5.5) (6.1) (6.6) (7.2)
After-Tax Synergies(a) 0.0 0.0 0.0 0.0 0.0 0.0 0.0
-------------------------------------------------------------------------------
Pro Forma Net Income $560.5 $560.0 $559.4 $558.9 $558.3 $557.8 $557.2
PetroFina 1998E EPS (Pre-Transaction) $23.23 $23.23 $23.23 $23.23 $23.23 $23.23 $23.23
Pro Forma 1998E EPS $23.52 $23.46 $23.41 $23.36 $23.30 $23.25 $23.20
Accretion/(Dilution) 1998E 1.2% 1.0% 0.8% 0.6% 0.3% 0.1% (0.1)%
PT Synergies to Breakeven - 1998(e) $(10.6) $ (8.6) $ (6.7) $ (4.7) $ (2.8) $ (0.8) $ 1.1
- -------------------------------------
Shares Outstanding
- -------------------------------------
PetroFina Shares Outstanding 23.13 23.13 23.13 23.13 23.13 23.13 23.13
New Shares Issued 0.71 0.74 0.77 0.80 0.83 0.86 0.89
-------------------------------------------------------------------------------
Pro Forma Shares Outstanding 23.83 23.87 23.90 23.93 23.96 23.99 24.02
</TABLE>
Notes
- ----------
In order to show full-year 1997 earnings impact, analysis assumes transaction
occured 12/31/96.
(a) PetroFina earnings estimates based on GS Research (January 1997).
(b) FINA earnings estimates based on management projections.
(c) Assumes PetroFina interest rate of 7.80% and Belgian tax rate of 50.0%
(d) Assumes that goodwill is not tax deductible and is amortized over 20 years.
(e) Assumes US tax rate of 35.0%.
<PAGE> 72
PetroFina Acquires Remaining 14.2% of FINA
100% Stock/0% Debt - Purchase Accounting - Impact on DCF
Amortization Period: 20 years
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C>
---------------------------------------------------------------------------------
Price Per Share $ 57.50 $ 60.00 $ 62.50 $ 65.00 $ 67.50 $ 70.00 $ 72.50
---------------------------------------------------------------------------------
Publicly Held Shares Outstanding (mm) 4.42 4.42 4.42 4.42 4.42 4.42 4.42
---------------------------------------------------------------------------------
Equity Consideration $ 254.2 $ 265.3 $ 276.3 $ 287.4 $ 298.4 $ 309.5 $ 320.5
---------------------------------------------------------------------------------
- -------------------------------------
1997E
- -------------------------------------
PetroFina Discretionary Cash Flow(a) $1,201.1 $1,201.1 $1,201.1 $1,201.1 $1,201.1 $1,201.1 $1,201.1
Incremental FINA Net Income (b) 22.6 22.6 22.6 22.6 22.6 22.6 22.6
After-Tax Interest Expense (c) 0.0 0.0 0.0 0.0 0.0 0.0 0.0
After-Tax Synergies (d) 0.0 0.0 0.0 0.0 0.0 0.0 0.0
---------------------------------------------------------------------------------
Pro Forma Net Income $1,223.8 $1,223.8 $1,223.8 $1,223.8 $1,223.8 $1,223.8 $1,223.8
PetroFina 1997E DCF (Pre-Transaction) $ 51.94 $ 51.94 $ 51.94 $ 51.94 $ 51.94 $ 51.94 $ 51.94
Pro Forma 1997E DCF $ 51.34 $ 51.28 $ 51.21 $ 51.14 $ 51.08 $ 51.01 $ 50.95
Accretion/(Dilution) 1997E (1.1)% (1.3)% (1.4)% (1.5)% (1.7)% (1.8)% (1.9)%
PT Synergies to Breakeven -1997(d) $ 21.8 $ 24.2 $ 26.7 $ 29.1 $ 31.6 $ 34.1 $ 36.5
- -------------------------------------
1998E
- -------------------------------------
PetroFina Discretionary Cash Flow (a) $1,303.1 $1,303.1 $1,303.1 $1,303.1 $1,303.1 $1,303.1 $1,303.1
Incremental FINA Net income (b) 27.2 27.2 27.2 27.2 27.2 27.2 27.2
After-Tax Interest Expense (c) 0.0 0.0 0.0 0.0 0.0 0.0 0.0
After-Tax Synergies (d) 0.0 0.0 0.0 0.0 0.0 0.0 0.0
---------------------------------------------------------------------------------
Pro Forma Net Income $1,330.3 $1,330.3 $1,330.3 $1,330.3 $1,330.3 $1,330.3 $1,330.3
PetroFina 1998E DCF (Pre-Transaction) $ 56.35 $ 56.35 $ 56.35 $ 56.35 $ 56.35 $ 56.35 $ 56.35
Pro Forma 1998E DCF $ 55.81 $ 55.74 $ 55.67 $ 55.60 $ 55.53 $ 55.45 $ 55.38
Accretion/(Dilution) 1998E (0.9)% (1.1)% (1.2)% (1.3)% (1.5)% (1.6)% (1.7)%
PT Synergies to Breakeven -1998(d) $ 19.6 $ 22.2 $ 24.9 $ 27.6 $ 30.3 $ 32.9 $ 35.6
- -------------------------------------
Shares Outstanding
- -------------------------------------
PetroFina Shares Outstanding 23.13 23.13 23.13 23.13 23.13 23.13 23.13
New Shares Issued 0.71 0.74 0.77 0.80 0.83 0.86 0.89
---------------------------------------------------------------------------------
Pro Forma Shares Outstanding 23.83 23.87 23.90 23.93 23.96 23.99 24.02
</TABLE>
Notes
- ----------
In order to show full-year 1997 earnings impact, analysis assumes transaction
occurred 12/31/96
(a) PetroFina DCF estimates based an GS Research (January 1997).
(b) FINA earnings estimates based on management projections.
(c) Assumes PetroFina interest rate of 7.80% and Belgian tax rate of 50.0%.
(d) Assumes US tax rate of 35.0%.
<PAGE> 73
PetroFina Acquires Remaining 14.2% of FINA
0% Stock/l00% Debt - Purchase Accounting - Impact on EPS
Amortization Period: 20 years
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C>
-------------------------------------------------------------------------------
Price Per Share $57.50 $60.00 $62.50 $65.00 $67.50 $70.00 $72.50
-------------------------------------------------------------------------------
Publicly Held Shares Outstanding (mm) 4.42 4.42 4.42 4.42 4.42 4.42 4.42
-------------------------------------------------------------------------------
Equity Consideration $254.2 $265.3 $276.3 $287.4 $298.4 $309.5 $320.5
-------------------------------------------------------------------------------
- -------------------------------------
1997E
- -------------------------------------
PetroFina Net Income (a) $480.9 $480.9 $480.9 $480.9 $480.9 $480.9 $480.9
Incremental FINA Net Income (b) 22.6 22.6 22.6 22.6 22.6 22.6 22.6
After-Tax Interest Expense (c) (9.9) (10.3) (10.8) (11.2) (11.6) (12.1) (12.5)
Goodwill Amortization (c)(d) (3.9) (4.4) (5.0) (5.5) (6.1) (6.6) (7.2)
After-Tax Synergies (e) 0.0 0.0 0.0 0.0 0.0 0.0 0.0
-------------------------------------------------------------------------------
Pro Forma Net Income $489.7 $488.8 $487.8 $486.8 $485.8 $484.8 $483.8
PetroFina 1997E EPS (Pre-Transaction) $20.79 $20.79 $20.79 $20.79 $20.79 $20.79 $20.79
Pro Forma 1997E EPS $21.18 $21.13 $21.09 $21.05 $21.01 $20.96 $20.92
Accretion/(Dilution) 1997E 1.8% 1.6% 1.4% 1.2% 1.0% 0.8% 0.6%
PT Synergies to Breakeven - 1997(e) $(13.6) $(12.1) $(10.6) $(9.1) $(7.6) $(6.1) $(4.5)
- -------------------------------------
1998E
- -------------------------------------
PetroFina Net Income (a) $537.2 $537.2 $537.2 $537.2 $537.2 $537.2 $537.2
Incremental FINA Net Income (b) 27.2 27.2 27.2 27.2 27.2 27.2 27.2
After-Tax Interest Expense (c) (9.9) (10.3) (10.8) (11.2) (11.6) (12.1) (12.5)
Goodwill Amortization (c)(d) (3.9) (4.4) (5.0) (5.5) (6.1) (6.6) (7.2)
After-Tax Synergies (e) 0.0 0.0 0.0 0.0 0.0 0.0 0.0
-------------------------------------------------------------------------------
Pro Forma Net Income $550.6 $549.6 $548.7 $547.7 $546.7 $545.7 $544.7
PetroFina 1998E EPS (Pro-Transaction) $23.23 $23.23 $23.23 $23.23 $23.23 $23.23 $23.23
Pro Forma 1998E EPS $23.81 $23.77 $23.72 $23.68 $23.64 $23.60 $23.55
Accretion/(Dilution) 1998E 2.5% 2.3% 2.1% 1.9% 1.8% 1.6% 1.4%
PT Synergies to Breakeven - 1998(e) $(20.6) $(19.1) $(17.6) $(16.1) $(14.6) $(13.0) $(11.5)
- -------------------------------------
Shares Outstanding
- -------------------------------------
PetroFina Shares Outstanding 23.13 23.13 23.13 23.13 23.13 23.13 23.13
New Shares Issued 0.00 0.00 0.00 0.00 0.00 0.00 0.00
-------------------------------------------------------------------------------
Pro Forma Shares Outstanding 23.13 23.13 23.13 23.13 23.13 23.13 23.13
</TABLE>
Notes
- ----------
In order to show full-year 1997 earnings impact, analysis assumes transaction
occured 12/31/96.
(a) PetroFina earnings estimates based on GS Research (January 1997).
(b) FINA earnings estimates based on management projections.
(c) Assumes PetroFina interest rate of 7.80% and Belgian tax rate of 50.0%
(d) Assumes that goodwill is not tax deductible and is amortized over 20 years.
(e) Assumes US tax rate of 35.0%.
<PAGE> 74
PetroFina Acquires Remaining 14.2% of FINA
0% Stock/l00% Debt - Purchase Accounting - Impact on DCF
Amortization Period: 20 years
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C>
---------------------------------------------------------------------------------
Price Per Share $ 57.50 $ 60.00 $ 62.50 $ 65.00 $ 67.50 $ 70.00 $ 72.50
---------------------------------------------------------------------------------
Publicly Held Shares Outstanding (mm) 4.42 4.42 4.42 4.42 4.42 4.42 4.42
---------------------------------------------------------------------------------
Equity Consideration $ 254.2 $ 265.3 $ 276.3 $ 287.4 $ 298.4 $ 309.5 $ 320.5
---------------------------------------------------------------------------------
- -------------------------------------
1997E
- -------------------------------------
PetroFina Discretionary Cash Flow(a) $1,201.1 $1,201.1 $1,201.1 $1,201.1 $1,201.1 $1,201.1 $1,201.1
Incremental FINA Net Income (b) 22.6 22.6 22.6 22.6 22.6 22.6 22.6
After-Tax Interest Expense (c) (9.9) (10.3) (10.8) (11.2) (11.6) (12.1) (12.5)
After-Tax Synergies (d) 0.0 0.0 0.0 0.0 0.0 0.0 0.0
---------------------------------------------------------------------------------
Pro Forma Net Income $1,213.8 $1,213.4 $1,213.0 $1,212.5 $1,212.1 $1,211.7 $1,211.3
PetroFina 1997E DCF (Pre-Transaction) $ 51.94 $ 51.94 $ 51.94 $ 51.94 $ 51.94 $ 51.94 $ 51.94
Pro Forma 1997E DCF $ 52.49 $ 52.47 $ 52.45 $ 52.43 $ 52.41 $ 52.39 $ 52.37
Accretion/(Dilution) 1997E (1.1)% (1.0)% (1.0)% (1.0)% (0.9)% (0.9)% (0.8)%
PT Synergies to Breakeven -1997(d) $ (19.5) $ (18.9) $ (18.2) $ (17.6) $ (16.9) $ (16.2) $ (15.6)
- -------------------------------------
1998E
- -------------------------------------
PetroFina Discretionary Cash Flow (a) $1,303.1 $1,303.1 $1,303.1 $1,303.1 $1,303.1 $1,303.1 $1,303.1
Incremental FINA Net Income (b) 27.2 27.2 27.2 27.2 27.2 27.2 27.2
After-Tax Interest Expense (c) (9.9) (10.3) (10.8) (11.2) (11.6) (12.1) (12.5)
After-Tax Synergies (d) 0.0 0.0 0.0 0.0 0.0 0.0 0.0
---------------------------------------------------------------------------------
Pro Forma Net Income $1,320.4 $1,319.9 $1,319.5 $1,319.1 $1,318.6 $1,318.2 $1,317.8
PetroFina 1998E DCF (Pre-Transaction) $ 56.35 $ 56.35 $ 56.35 $ 56.35 $ 56.35 $ 56.35 $ 56.35
Pro Forma 1998E DCF $ 57.09 $ 57.07 $ 57.05 $ 57.04 $ 57.02 $ 57.00 $ 56.98
Accretion/(Dilution) 1998E 1.3% 1.3% 1.3% 1.2% 1.2% 1.2% 1.1%
PT Synergies to Breakeven -1998(d) $ (26.5) $ (25.9) $ (25.2) $ (24.5) $ (23.9) $ (23.2) $ (22.6)
- -------------------------------------
Shares Outstanding
- -------------------------------------
Petrofina Shares Outstanding 23.13 23.13 23.13 23.13 23.13 23.13 23.13
New Shares Issued 0.00 0.00 0.00 0.00 0.00 0.00 0.00
---------------------------------------------------------------------------------
Pro Forma Shares Outstanding 23.13 23.13 23.13 23.13 23.13 23.13 23.13
</TABLE>
Notes
- ----------
In order to show full-year 1997 earnings impact, analysis assumes transaction
occurred 12/31/96
(a) PetroFina DCF estimates based on GS Research (January 1997).
(b) FINA earnings estimates based on management projections.
(c) Assumes PetroFina interest rate of 7.80% and Belgian tax rate of 50.0%.
(d) Assumes US tax rate of 35.0%.
<PAGE> 75
PetroFina Acquires Remaining 14.2% of FINA
100% Stock/0% Debt - Purchase Accounting - Impact on EPS
Amortization Period: 5 years
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C>
-------------------------------------------------------------------------------
Price Per Share $57.50 $60.00 $62.50 $65.00 $67.50 $70.00 $72.50
-------------------------------------------------------------------------------
Publicly Held Shares Outstanding (mm) 4.42 4.42 4.42 4.42 4.42 4.42 4.42
-------------------------------------------------------------------------------
Equity Consideration $254.2 $265.3 $276.3 $287.4 $298.4 $309.5 $320.5
-------------------------------------------------------------------------------
- -------------------------------------
1997E
- -------------------------------------
PetroFina Net income (a) $480.9 $480.9 $480.9 $480.9 $480.9 $480.9 $480.9
Incremental FINA Net Income (b) 22.6 22.6 22.6 22.6 22.6 22.6 22.6
After-Tax Interest Expense (c) 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Goodwill Amortization (c)(d) (15.4) (17.6) (19.8) (22.0) (24.3) (26.5) (28.7)
After-Tax Synergies (e) 0.0 0.0 0.0 0.0 0.0 0.0 0.0
-------------------------------------------------------------------------------
Pro Forma Net Income $488.1 $485.9 $483.7 $481.5 $479.2 $477.0 $474.8
PetroFina 1997E EPS (Pre-Transaction) $20.79 $20.79 $20.79 $20.79 $20.79 $20.79 $20.79
Pro Forma 1997E EPS $20.48 $20.36 $20.24 $20.12 $20.00 $19.89 $19.77
Accretion/(Dilution) 1997E (1.5)% (2.1)% (2.7)% (3.2)% (3.8)% (4.4)% (4.9)%
PT Synergies to Breakeven - 1997(e) $ 11.6 $ 16.0 $ 20.3 $ 24.7 $ 29.1 $ 33.5 $ 37.9
- -------------------------------------
1998E
- -------------------------------------
PetroFina Net Income (a) $537.2 $537.2 $537.2 $537.2 $537.2 $537.2 $537.2
Incremental FINA Net Income (b) 27.2 27.2 27.2 27.2 27.2 27.2 27.2
After-Tax Interest Expense (c) 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Goodwill Amortization (c)(d) (15.4) (17.6) (19.8) (22.0) (24.3) (26.5) (28.7)
After-Tax Synergies (e) 0.0 0.0 0.0 0.0 0.0 0.0 0.0
-------------------------------------------------------------------------------
Pro Forma Net Income $549.0 $546.8 $544.6 $542.3 $540.1 $537.9 $535.7
Petrofina 1998E EPS (Pre-Transaction) $23.23 $23.23 $23.23 $23.23 $23.23 $23.23 $23.23
Pro Forma 1998E EPS $23.03 $22.91 $22.79 $22.67 $22.54 $22.42 $22.30
Accretion/(Dilution) 1998E (0.8)% (1.4)% (1.9)% (2.4)% (2.9)% (3.5)% (4.0)%
PT Synergies to Breakeven - 1998(e) $ 7.2 $ 11.7 $ 16.2 $ 20.7 $ 25.2 $ 29.7 $ 34.2
- -------------------------------------
Shares Outstanding
- -------------------------------------
PetroFina Shares Outstanding 23.13 23.13 23.13 23.13 23.13 23.13 23.13
New Shares Issued 0.71 0.74 0.77 0.80 0.83 0.86 0.89
-------------------------------------------------------------------------------
Pro Forma Shares Outstanding 23.83 23.87 23.90 23.93 23.96 23.99 24.02
</TABLE>
Notes
- ----------
In order to show full-year 1997 earnings impact, analysis assumes transaction
occured 12/31/96.
(a) PetroFina earnings estimates based on GS Research (January 1997).
(b) FINA earnings estimates based on management projections.
(c) Assumes PetroFina interest rate of 7.80% and Belgian tax rate of 50.0%
(d) Assumes that goodwill is not tax deductible and is amortized over 5 years.
(e) Assumes US tax rate of 35.0%.
<PAGE> 76
PetroFina Acquires Remaining 14.2% of FINA
100% Stock/O% Debt - Purchase Accounting - Impact on DCF
Amortization Period: 20 years
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C>
---------------------------------------------------------------------------------
Price Per Share $ 57.50 $ 60.00 $ 62.50 $ 65.00 $ 67.50 $ 70.00 $ 72.50
---------------------------------------------------------------------------------
Publicly Held Shares Outstanding (mm) 4.42 4.42 4.42 4.42 4.42 4.42 4.42
---------------------------------------------------------------------------------
Equity Consideration $ 254.2 $ 265.3 $ 276.3 $ 287.4 $ 298.4 $ 309.5 $ 320.5
---------------------------------------------------------------------------------
- -------------------------------------
1997E
- -------------------------------------
PetroFina Discretionary Cash Flow (a) $1,201.1 $1,201.1 $1,201.1 $1,201.1 $1,201.1 $1,201.1 $1,201.1
Incremental FINA Net Income (b) 22.6 22.6 22.6 22.6 22.6 22.6 22.6
After-Tax Interest Expense (c) 0.0 0.0 0.0 0.0 0.0 0.0 0.0
After-Tax Synergies (d) 0.0 0.0 0.0 0.0 0.0 0.0 0.0
---------------------------------------------------------------------------------
Pro Forma Net Income $1,223.8 $1,223.8 $1,223.8 $1,223.8 $1,223.8 $1,223.8 $1,223.8
PetroFina 1997E DCF (Pre-Transaction) $ 51.94 $ 51.94 $ 51.94 $ 51.94 $ 51.94 $ 51.94 $ 51.94
Pro Forma 1997E DCF $ 51.34 $ 51.28 $ 51.21 $ 51.14 $ 51.08 $ 51.01 $ 50.95
Accretion/(Dilution) 1997E (1.1)% (1.3)% (1.4)% (1.5)% (1.7)% (1.8)% (1.9)%
PT Synergies to Breakeven - 1997(d) $ 21.8 $ 24.2 $ 26.7 $ 29.1 $ 31.6 $ 34.1 $ 36.5
- -------------------------------------
1998E
- -------------------------------------
PetroFina Discretionary Cash Flow (a) $1,303.1 $1,303.1 $1,303.1 $1,303.1 $1,303.1 $1,303.1 $1,303.1
Incremental FINA Net Income (b) 27.2 27.2 27.2 27.2 27.2 27.2 27.2
After-Tax Interest Expense (c) 0.0 0.0 0.0 0.0 0.0 0.0 0.0
After-Tax Synergies (d) 0.0 0.0 0.0 0.0 0.0 0.0 0.0
---------------------------------------------------------------------------------
Pro Forma Net Income $1,330.3 $1,330.3 $1,330.3 $1,330.3 $1,330.3 $1,330.3 $1,330.3
PetroFina 1998E DCF (Pre-Transaction) $ 56.35 $ 56.35 $ 56.35 $ 56.35 $ 56.35 $ 56.35 $ 56.35
Pro Forma 1998E DCF $ 55.81 $ 55.74 $ 55.67 $ 55.60 $ 55.53 $ 55.45 $ 55.38
Accretion/(Dilution) 1998E (0.9)% (1.1)% (1.2)% (1.3)% (1.5)% (1.6)% (1.7)%
PT Synergies to Breakeven - 1998(d) $ 19.6 $ 22.2 $ 24.9 $ 27.6 $ 30.3 $ 32.9 $ 35.6
- -------------------------------------
Shares Outstanding
- -------------------------------------
PetroFina Shares Outstanding 23.13 23.13 23.13 23.13 23.13 23.13 23.13
New Shares Issued 0.71 0.74 0.77 0.80 0.83 0.86 0.89
---------------------------------------------------------------------------------
Pro Forma Shares Outstanding 23.83 23.87 23.90 23.93 23.96 23.99 24.02
</TABLE>
Notes
- ----------
In order to show full-year 1997 earnings impact, analysis assumes transaction
occurred 12/31/96
(a) PetroFina DCF estimates based on GS Research (January 1997).
(b) FINA earnings estimates based on management projections.
(c) Assumes PetroFina interest rate of 7.80% and Belgian tax rate of 50.0%.
(d) Assumes US tax rate of 35.0%.
<PAGE> 77
PetroFina Acquires Remaining 14.2% of FINA
0% Stock/100% Debt - Purchase Accounting - Impact on EPS
Amortization Period: 5 years
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C>
-------------------------------------------------------------------------------
Price Per Share $57.50 $60.00 $62.50 $65.00 $67.50 $70.00 $72.50
-------------------------------------------------------------------------------
Publicly Held Shares Outstanding (mm) 4.42 4.42 4.42 4.42 4.42 4.42 4.42
-------------------------------------------------------------------------------
Equity Consideration $254.2 $265.3 $276.3 $287.4 $298.4 $309.5 $320.5
-------------------------------------------------------------------------------
- -------------------------------------
1997E
- -------------------------------------
PetroFina Net Income (a) $480.9 $480.9 $480.9 $480.9 $480.9 $480.9 $480.9
Incremental FINA Net Income (b) 22.6 22.6 22.6 22.6 22.6 22.6 22.6
After-Tax Interest Expense (c) (9.9) (10.3) (10.8) (11.2) (11.6) (12.1) (12.5)
Goodwill Amortization (c)(d) (3.9) (4.4) (19.8) (22.0) (24.3) (26.5) (28.7)
After-Tax Synergies (e) 0.0 0.0 0.0 0.0 0.0 0.0 0.0
-------------------------------------------------------------------------------
Pro Forma Net Income $489.7 $488.8 $472.9 $470.2 $467.6 $465.0 $462.3
PetroFina 1997E EPS (Pre-Transaction) $20.79 $20.79 $20.79 $20.79 $20.79 $20.79 $20.79
Pro Forma 1997E EPS $20.18 $20.13 $20.45 $20.33 $20.22 $20.10 $19.99
Accretion/(Dilution) 1997E (1.8)% (1.6)% (1.7)% (2.2)% (2.8)% (3.3)% (3.9)%
PT Synergies to Breakeven - 1997(e) $(13.6) $ 12.1 $ 12.3 $ 16.4 $ 20.4 $ 24.5 $ 28.6
- -------------------------------------
1998E
- -------------------------------------
PetroFina Net Income (a) $537.2 $537.2 $537.2 $537.2 $537.2 $537.2 $537.2
Incremental FINA Net Income (b) 27.2 27.2 27.2 27.2 27.2 27.2 27.2
After-Tax Interest Expense(c) (9.9) (10.3) (10.8) (11.2) (11.6) (12.1) (12.5)
Goodwill Amortization (c)(d) (3.9) (4.4) (19.8) (22.0) (24.3) (26.5) (28.7)
After-Tax Synergies (e) 0.0 0.0 0.0 0.0 0.0 0.0 0.0
-------------------------------------------------------------------------------
Pro Forma Net Income $550.6 $549.6 $533.8 $531.1 $528.5 $525.9 $523.2
PetroFina 1998E EPS (Pre-Transaction) $23.23 $23.23 $23.23 $23.23 $23.23 $23.23 $23.23
Pro Forma 1998E EPS $23.81 $23.77 $23.08 $22.97 $22.85 $22.74 $22.62
Accretion/(Dilution) 1998E 2.5% (2.3)% (0.6)% (1.1)% (1.6)% (2.1)% (2.6)%
PT Synergies to Breakeven - 1998(e) $(20.6) $(19.1) $ 5.3 $ 9.4 $ 13.4 $ 17.5 $ 21.6
- -------------------------------------
Shares Outstanding
- -------------------------------------
PetroFina Shares Outstanding 23.13 23.13 23.13 23.13 23.13 23.13 23.13
New Shares Issued 0.00 0.00 0.00 0.00 0.00 0.00 0.00
-------------------------------------------------------------------------------
Pro Forma Shares Outstanding 23.13 23.13 23.13 23.13 23.13 23.13 23.13
</TABLE>
Notes
- ----------
In order to show full-year 1997 earnings impact, analysis assumes transaction
occured 12/31/96.
(a) PetroFina earnings estimates based on GS Research (January 1997).
(b) FINA earnings estimates based on management projections.
(c) Assumes PetroFina interest rate of 7.80% and Belgian tax rate of 50.0%
(d) Assumes that goodwill is not tax deductible and is amortized over 5 years.
(e) Assumes US tax rate of 35.0%.
<PAGE> 78
PetroFina Acquires Remaining 14.2% of FINA
0% Stock/100% Debt - Purchase Accounting - Impact on DCF
Amortization Period: 5 years
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C>
------------------------------------------------------------------------------------
Price Per Share $ 57.50 $ 60.00 $ 62.50 $ 65.00 $ 67.50 $ 70.00 $ 72.50
------------------------------------------------------------------------------------
Publicly Held Shares Outstanding (mm) 4.42 4.42 4.42 4.42 4.42 4.42 4.42
------------------------------------------------------------------------------------
Equity Consideration $ 254.2 $ 265.3 $ 276.3 $ 287.4 $ 298.4 $ 309.5 $ 320.5
------------------------------------------------------------------------------------
- ------------------------------------
1997E
- ------------------------------------
PetroFina Discretionary Cash Flow (a) $ 1,201.1 $ 1,201.1 $ 1,201.1 $ 1,201.1 1,201.1 1,201.1 1,201.1
Incremental FINA Net Income (b) 22.6 22.6 22.6 22.6 22.6 22.6 22.6
After-Tax Interest Expense (c) (9.9) (10.3) (10.8) (11.2) (11.6) (12.1) (12.5)
After-Tax Synergies (d) 0.0 0.0 0.0 0.0 0.0 0.0 0.0
------------------------------------------------------------------------------------
Pro Forma Net Income $ 1,213.8 $ 1,213.4 $ 1,213.0 $ 1,212.5 $ 1,212.1 $ 1,212.7 $ 1,228.5
PetroFina 1997E DCF (Pre-Transaction) $ 51.94 $ 51.94 $ 51.94 $ 51.94 $ 51.94 $ 51.94 $ 51.94
Pro Forma 1997E DCF $ 52.49 $ 52.47 $ 52.45 $ 52.43 $ 52.41 $ 52.39 $ 52.37
Accretion/(Dilution) 1997E 1.1% 1.0% 1.0% 1.0% 0.9% 0.9% 0.8%
PT Synergies to Breakeven - 1997(d) $ (19.5) $ (18.9) $ (18.2) $ (17.6) $ (16.9) $ (16.2) $ (15.6)
- ------------------------------------
1998E
- ------------------------------------
PetroFina Discretionary Cash Flow (a) $ 1,303.1 $ 1,303.1 $ 1,303.1 $ 1,303.1 $ 1,303.1 $ 1,303.1 $ 1,303.1
Incremental FINA Net Income (b) 27.2 27.2 27.2 27.2 27.2 27.2 27.2
After-Tax Interest Expense (c) (9.9) (10.3) (10.8) (11.2) (11.6) (12.1) (12.5)
After-Tax Synergies (d) 0.0 0.0 0.0 0.0 0.0 0.0 0.0
------------------------------------------------------------------------------------
Pro Forma Net Income $ 1,320.4 $ 1,319.9 $ 1,319.5 $ 1,319.1 $ 1,318.6 $ 1,318.2 $ 1,317.8
PetroFina 1998E DCF (Pre-Transaction) $ 56.35 $ 56.35 $ 56.35 $ 56.35 $ 56.35 $ 56.35 $ 56.35
Pro Forma 1998E DCF $ 57.09 $ 57.07 $ 57.05 $ 57.04 $ 57.02 $ 57.00 $ 56.98
Accretion/(Dilution) 1998E 1.3% 1.3% 1.3% 1.2% 1.2% 1.2% 1.1%
PT Synergies to Breakeven -1998 (d) $ (26.5) $ (25.9) $ (25.2) $ (24.5) $ (23.9) $ (23.2) $ (22.6)
- ------------------------------------
Shares Outstanding
- ------------------------------------
PetroFina Shares Outstanding 23.13 23.13 23.13 23.13 23.13 23.13 23.13
New Shares Issued 0.00 0.00 0.00 0.00 0.00 0.00 0.00
------------------------------------------------------------------------------------
Pro Forma Shares Outstanding 23.13 23.13 23.13 23.13 23.13 23.13 23.13
</TABLE>
Notes
- ----------
In order to show full-year 1997 earnings impact, analysis assumes transaction
occurred 12/31/96
(a) PetroFina DCF estimates based an GS Research (January 1997).
(b) FINA earnings estimates based on management projections.
(c) Assumes PetroFina interest rate of 7.80% and Belgian tax rate of 50.0%.
(d) Assumes US tax rate of 35.0%.
<PAGE> 79
Analysis at Various Prices
FINA
($ in millions)
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C>
-------------------------------------------------------------------------------
Price Per Share $57.50 $60.00 $62.50 $65.00 $67.50 $70.00 $72.50
-------------------------------------------------------------------------------
Equity Value (a) $1,795 $1,873 $1,951 $2,029 $2,107 $2,185 $2,263
-------------------------------------------------------------------------------
Total Enterprise Value (a) $2,490 $2,568 $2,646 $2,724 $2,802 $2,880 $2,958
-------------------------------------------------------------------------------
Premium To:
Undisturbed Share Price $50.00 15.0% 20.0% 25.0% 30.0% 35.0% 40.0% 45.0%
Current Share Price (b) 64.75 (11.2)% (7.3)% (3.5)% 0.4% 4.2% 8.1% 12.0%
52-Week High 66.00 (12.9)% (9.1)% (5.3)% (1.5)% 2.3% 6.1% 9.8%
Enterprise Value/EBITDA
1996 $436 5.7x 5.9x 6.1x 6.2x 6.4x 6.6x 6.8x
1997E (c) 474 5.3 5.4 5.6 5.7 5.9 6.1 6.2
1998E (c) 548 4.5 4.7 4.8 5.0 5.1 5.3 5.4
Equity Value/DCF
1996 $304 5.9x 6.2x 6.4x 6.7x 6.9x 7.2x 7.4x
1997E (c) 364 4.9 5.1 5.4 5.6 5.8 6.0 6.2
1998E (c) 404 4.4 4.6 4.8 5.0 5.2 5.4 5.6
Equity Value/Net Income
1996 $153 11.7x 12.2x 12.7x 13.2x 13.8x 14.3x 14.8x
1997E(c) 159 11.3 11.8 12.2 12.7 13.2 13.7 14.2
1998E(c) 191 9.4 9.8 10.2 10.6 11.0 11.4 11.8
</TABLE>
Notes
- -----
(a) Value of 100% of FINA.
(b) As of April 18,1997.
(c) Estimates based on management projections.
<PAGE> 1
EXHIBIT (b)(8)
PROJECT ORANGE
BOARD OF DIRECTORS MEETING
JUNE 24, 1997
<PAGE> 2
PROJECT ORANGE
- --------------------------------------------------------------------------------
TABLE OF CONTENTS
JUNE 24, 1997
<TABLE>
<S> <C> <C>
SECTION I EXECUTIVE SUMMARY
SECTION II FINANCIAL ANALYSIS
SECTION III VALUATION
SECTION IV TRANSACTION ISSUES
</TABLE>
<PAGE> 3
- --------------------------------------------------------------------------------
EXECUTIVE SUMMARY
- --------------------------------------------------------------------------------
<PAGE> 4
PROJECT ORANGE
- --------------------------------------------------------------------------------
OVERVIEW OF PRESENTATION
- Overview of process to date
- Announcement
- Formation of Independent Committee
- Formulation of Revised Plan
- Due diligence meeting and discussions
- Independent Committee's response to Proposal
- Summary of market reaction to Proposal
- Valuation update
- Changes in stock market
- Revised Management Plan
- Results of due diligence
- Business unit performance
- Process issues
- Next steps
-1-
<PAGE> 5
- --------------------------------------------------------------------------------
FINANCIAL ANALYSIS
- --------------------------------------------------------------------------------
<PAGE> 6
PROJECT ORANGE
- --------------------------------------------------------------------------------
FRESH CLOSING STOCK PRICE AND VOLUME PRIOR TO ANNOUNCEMENT - 5 YEARS(1)
- --------------------------------------------------------------------------------
FRESH'S SHARE PRICE APPRECIATED SIGNIFICANTLY IN 1995 AFTER 3 YEARS OF FLAT
PERFORMANCE
[GRAPHIC]
Graph depicts daily trading volume and per share price from 2/21/92 to 2/24/97.
Share price is initially approximately $38 per share, ranging from approximately
$30 to approximately $55 per share and ending at approximately $50 per share.
Note: (1) Historical prices adjusted for 2-for-1 stock split as of 05/02/95.
<PAGE> 7
PROJECT ORANGE
- --------------------------------------------------------------------------------
FRESH STOCK PRICE AND VOLUME PERFORMANCE - LAST ONE YEAR
UPON ANNOUNCEMENT, FRESH TRADED ABOVE THE PROPOSAL PRICE
[GRAPHIC]
Graph depicts daily trading volume and per share price from 6/17/96 to 6/20/97.
Share price is initially approximately $55 per share, ranging from approximately
$47 to approximately $67 per share and ending at approximately $63 per share.
<PAGE> 8
PROJECT ORANGE
- --------------------------------------------------------------------------------
FRESH RELATIVE STOCK PRICE PERFORMANCE - LAST FIVE YEARS PRIOR TO ANNOUNCEMENT
OVER THE LAST 5 YEARS, FRESH HAS TRADED IN LINE WITH THE COMMODITY CHEMICALS
PEER GROUP
[GRAPHIC]
Graph depicts indexed trading prices for Fina, S&P 500, and three indices
comprised of diversified refining and marketing companies, commodity chemical
companies and exploration and production companies.
Graph depicts share prices for Fina, S&P 500 and three indices from 2/19/92 to
2/14/97.
<PAGE> 9
PROJECT ORANGE
- --------------------------------------------------------------------------------
PEER GROUP RELATIVE STOCK PRICE PERFORMANCE SINCE ANNOUNCEMENT
SINCE THE TRANSACTION ANNOUNCEMENT, THE COMPARABLES HAVE RISEN 5-10%, IN LINE
WITH THE OVERALL MARKET
[GRAPHIC]
Graph depicts S&P 500 and three indices (diversified refining and marketing,
commodity chemicals and exploration & production) from 2/25/97 through 6/13/97.
Such indices show varying levels of increase ranging from approximately 5% to
approximately 12%.
<PAGE> 10
PROJECT ORANGE
- --------------------------------------------------------------------------------
CHANGE IN STOCK PRICES - FEBRUARY 25, 1997 TO JUNE 20, 1997
<TABLE>
<CAPTION>
COMPARABLE COMPANIES 2/25/97 6/20/97 % CHANGE
- ----------------------------------------------- --------------- -------------- ---------------
<S> <C> <C> <C>
Dow Chemical $80.50 $88.88 10.4%
Union Carbide 47.00 47.75 1.6%
Phillips Petroleum 42.50 43.38 2.1%
Murphy Oil 47.25 49.13 4.0%
Kerr-McGee 63.75 63.38 -0.6%
Ashland 43.50 47.38 8.9%
---------
Average: 4.4%
---------
<CAPTION>
RELEVANT INDUSTRY GROUPS (1)
- ---------------------------------------------
Large Cap. Energy Companies 9.0%
Commodity Chemicals Companies 5.1%
Large Cap. Exploration & Production Companies 5.1%
Refining & Marketing Companies 10.3%
</TABLE>
Note:
(1) Composites of relevant industry participants.
<PAGE> 11
PROJECT ORANGE
- --------------------------------------------------------------------------------
FRESH HISTORICAL AND PROJECTED FINANCIAL PERFORMANCE(1)
($MM)
- - Fresh's operating performance has improved the last 5 years and is
expected to continue to grow
- - Revised Plan in May reflects lower expectations of profitability for 1998
and 1999
EBITDA = OPERATING INCOME + BOOK CHARGES
- -----------------
CAGR(4)
----
'92 - '96: 14.4%
'96 - '99: 15.9%
'96 - '99: 14.4%
- -----------------
<TABLE>
<CAPTION>
ACTUAL ($ MILLIONS)
- ------ ------------
<S> <C>
1992 (2) $255.0
1993 $246.0
1994 $367.0
1995(3) $429.0
1996 $436.4
<CAPTION>
PROJECTED ($ MILLIONS)
- --------- ------------
<S> <C> <C>
1997 $456.2 $476.1
1998 $569.6 $549.7
1999 $679.9 $653.3
</TABLE>
EBIT = OPERATING INCOME
- -----------------
CAGR(4)
----
'92 - '96: 40.5%
'96 - '99: 19.1%
'96 - '99: 15.9%
- -----------------
<TABLE>
<CAPTION>
ACTUAL ($ MILLIONS)
- ------ ------------
<S> <C>
1992 (2) $ 68.0
1993 $ 48.0
1994 $181.0
1995(3) $274.0
1996 $265.1
<CAPTION>
PROJECTED ($ MILLIONS)
- --------- ------------
<S> <C> <C>
1997 $271.3 $278.1
1998 $363.9 $336.4
1999 $447.5 $412.4
</TABLE>
NET INCOME
- -----------------
CAGR(4)
----
'92 - '96: 58.8%
'96 - '99: 18.6%
'96 - '99: 14.7%
- -----------------
<TABLE>
<CAPTION>
ACTUAL ($ MILLIONS)
- ------ ------------
<S> <C>
1992 (2) $ 24.1
1993 $ 28.4
1994 $ 86.0
1995(3) $142.6
1996 $153.2
<CAPTION>
PROJECTED ($ MILLIONS)
- --------- ------------
<S> <C> <C>
1997 $155.1 $159.3
1998 $209.9 $191.3
1999 $255.5 $231.3
</TABLE>
NOTES: (1) For fiscal years ending December 31, adjusted to exclude
extraordinary items.
(2) Excludes charge for adoption of FASB 106 OF $52.0MM pretax, $34.3MM
after-tax.
(3) Excludes charge for adoption of SFAS 121 of $58.7MM pretax, $38.2MM
after-tax.
(4) Compound Annual Growth Rate.
<PAGE> 12
PROJECT ORANGE
- --------------------------------------------------------------------------------
FRESH HISTORICAL AND PROJECTED EBITDA BY SEGMENT
($MM)
- --------------------------------------------------------------------------------
- Chemicals business exptected to rebound slowly after a down 1997
- Upstream performance expected to rebound in 1999
- Downstream projections expect sizable turnaround
- --------------------------------------------------------------------------------
CHEMICALS
- -----------------
CAGR(2)
----
[S] [C]
'92 - '96: 21.0%
'96 - '99: 5.5%
'96 - '99: 1.6%
- -----------------
<TABLE>
<CAPTION>
ACTUAL ($MILLIONS)
- ------
<S> <C>
1992 $120.7
1993 $ 73.2
1994 $183.3
1995(1) $309.8
1996 $258.6
<CAPTION>
PROJECTED ($MILLIONS)
- ---------
<S> <C> <C>
1997 $225.8 $205.9
1988 $270.3 $243.0
1999 $303.9 $271.6
</TABLE>
UPSTREAM
- -----------------
CAGR(2)
----
[S] [C]
'92 - '96: (1.1)%
'96 - '99: 12.7%
'96 - '99: 14.6%
- -----------------
<TABLE>
<CAPTION>
ACTUAL ($MILLIONS)
- ------
<S> <C>
1992 $148.2
1993 $227.5
1994 $ 83.1
1995(1) $ 50.0
1996 $141.3
<CAPTION>
PROJECTED
- ---------
<S> <C> <C>
1997 $118.2 $157.5
1988 $147.8 $156.0
1999 $202.4 $212.6
</TABLE>
DOWNSTREAM
- -----------------
CAGR(2)
----
[S] [C]
'92 - '96: 34.0%
'96 - '99: 54.8%
'96 - '99: 53.5%
- -----------------
<TABLE>
<CAPTION>
ACTUAL ($MILLIONS)
- ------
<S> <C>
1992 $ 15.7
1993 $ 71.1
1994 $127.7
1995(1) $ 70.8
1996 $ 50.6
<CAPTION>
PROJECTED
- ---------
<S> <C> <C>
1997 $125.2 $125.7
1988 $165.1 $164.3
1999 $187.6 $183.0
</TABLE>
Notes: (1) Adjusted for SFAS 121 charge allocation of $52.7MM to upstream and
$6.2MM to downstream.
(2) Compound Annual Growth Rate.
-8-
<PAGE> 13
- --------------------------------------------------------------------------------
VALUATION
- --------------------------------------------------------------------------------
<PAGE> 14
PROJECT ORANGE
- --------------------------------------------------------------------------------
SUMMARY OF VALUATION APPROACHES
VALUE PER SHARE - JUNE 20, 1997
<TABLE>
<CAPTION>
Pre
Announcement Adjusted February 25
Price(1) Price(2) Range
--------------- --------------- ---------------
<S> <C> <C>
TRADING VALUE $57-$62 $52-$60
PRECEDENT INDUSTRY TRANSACTIONS $59-$72 $58-$70
PRECEDENT MINORITY SQUEEZEOUTS (3) $63-$66 $60-$62
DISCOUNTED CASH FLOW
-MANAGEMENT REVISED CASE $67-$75 NA
-SENSITIVITY CASES $60-$63 NA
$63-$66
$66-$69
$69-$73
</TABLE>
Notes: (1) Based on closing price of $50.13 as of February 25, 1997.
(2) Adjusted price of $53 reflects increase in overall stock market of
approximately 5%.
(3) Based on a 20-25% premium to Adjusted price.
-9-
<PAGE> 15
PROJECT ORANGE
- --------------------------------------------------------------------------------
FRESH PUBLIC MARKET TRADING VALUATION ANALYSIS
<TABLE>
<CAPTION>
COMPANY PRICE PER
CRITERIA STATISTIC(1) TRADING MULITIPLE RANGE IMPLIED EQUITY VALUE(2)(3) FULLY DULUTED SHARE (2)
- ------------------ ------------ ----------------------- -------------------------- ----------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
1997E
EBITDA $476 5.25 x - 5.50 x $1,811 - $1,930 $57.95 - $61.76
Cash Flow (4) 357 5.0 - 5.75 1,785 - 2,053 57.12 - 65.69
Net Income 159 11.0 - 12.0 1,751 - 1,910 56.04 - 61.14
------- ------- ------ ------
IMPLIED MEAN VALUES: $1,782 - $1,964 $57.04 - $62.86
IMPLIED MEDIAN VALUES: 1,785 - 1,930 57.12 - 61.76
</TABLE>
<TABLE>
<S> <C>
----------------------------------------------------------------
CURRENT MARKET PRICE (5): $50.13
MEDIAN VALUE PREMIUM (DISCOUNT) TO MARKET: 13.9% - 23.2%
----------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
MEDIAN TRADING MULTIPLES
------------------------------------
1997E 1997E 1997E
EBITDA NET INCOME CASH FLOW
------ ------------ -----------
<S> <C> <C> <C>
Large Cap. Energy Companies 5.7 x 17.1 x 6.0 x
Commodity chemicals Companies N/A 13.8 7.1
Large Cap. Exploration & Production Companies 6.2 28.6 5.6
Refining & Marketing Companies 6.9 16.7 6.3
Dow Chemical 6.1 12.0 6.8
Union Carbide 6.5 10.4 6.7
Phillips Petroleum 5.3 13.4 5.7
Murphy Oil 4.7 21.5 5.8
Kerr-McGee 4.9 15.8 5.2
Ashland 6.4 17.9 5.2
-----------------------------------------------------------------------------------------------
Chosen Fresh Multiples 5.25-5.5 11.0-12.0 5.0-5.75
-----------------------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
Notes: (1) Adjusted for extraordinary items.
(2) 31.250MM fully diluted shares outstanding. Assumes 29.217MM Class
A and 2.000MM Class B common shares outstanding as of 4/28/97 from
the 3/31/97 10-Q and 0.032MM options outstanding at an average
exercise price of $35.25 as of 12/31/96 from the 12/1/96 10-K.
(3) Assumes debt of $695.5 MM and cash & equivalents of $8.2MM, as of
3/31/97.
(4) Cash flow defined as net income plus depreciation, depletion and
amortization.
(5) Closing share price as of 2/24/97.
-10-
<PAGE> 16
PROJECT ORANGE
- --------------------------------------------------------------------------------
FRESH PRECEDENT TRANSACTION TRADING VALUATION ANALYSIS
<TABLE>
<CAPTION>
COMPANY PRICE PER
CRITERIA STATISTIC(1) TRADING MULITIPLE RANGE IMPLIED EQUITY VALUE(2)(3) FULLY DULUTED SHARE (2)
- ------------------ ------------ ----------------------- -------------------------- ----------------------------
<S> <C> <C> <C> <C>
Last 12 Months
EBITDA $437 5.5 x - 6.5 x $1,713 - $2,149 $54.81 - $68.78
Cash Flow (4) 333 6.0 - 7.0 1,999 - 2,333 63.98 - 74.65
------ ------ ------ ------
IMPLIED MEAN VALUES: $1,856 - $2,241 $59.40 - $71.72
IMPLIED MEDIAN VALUES: 1,856 - 2,241 59.40 - 71.72
</TABLE>
<TABLE>
<S> <C>
----------------------------------------------------------------
CURRENT MARKET PRICE (5): $50.13
MEDIAN VALUE PREMIUM (DISCOUNT) TO MARKET: 18.5% - 43.1%
----------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
REPRESENTATIVE PRECENDENT
TRANSACTION MULTIPLES
-------------------------
EBITDA CASH FLOW
------ -----------
<S> <C> <C>
Energy Companies 6-7 x 7-8 x
Commodity Chemicals Companies 5-6 5-7
-----------------------------------------------------------------------------------------------
Chosen Fresh Multiples 5.5 - 6.5 x 6.0 - 7.0 x
-----------------------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
Notes: (1) Adjusted for extraordinary items.
(2) 31.250MM fully diluted shares outstanding. Assumes 29.217MM Class
A and 2.000MM Class B common shares outstanding as of 4/28/97 from
the 3/31/97 10-Q and 0.032MM options outstanding at an average
exercise price of $35.25 as of 12/31/96 from the 12/31/96 10-K.
(3) Assumes debt of $695.5 MM and cash & equivalents of $8.2MM, as of
3/31/97.
(4) Cash flow defined as net income plus depreciation, depletion and
amortization.
(5) Closing share price as of 2/24/97.
-11-
<PAGE> 17
PROJECT ORANGE
- --------------------------------------------------------------------------------
DISCOUNTED CASH FLOW APPROACH
METHODOLOGY
- Standard Disounted Cash Flow (DCF) methodology utilized
- Assumes Revised Plan performance for 1997-1999; Sensitivity cases applied
to Revised Plan
- 2000-2001 estimates developed by growing 1999 EBIT by 10% annually versus
Revised Plan growth estimates of 20.1% in 2000 and 21.5% in 2001
- Discounted 5 years of free cash flows and calculated terminal value based
on a range of terminal year EBITDA multiples of 5.25-5.75x
- Weighted Average Cost of Capital (WACC) range of 10-12%, which is
developed from comparable WACCs of Commodity Chemicals, R&M, and E&P
companies
- Analyzed sensitivities to Revised Plan to reflect the risks inherent in
meeting Plan figures
- Highly volatile financial performance due to commodity businesses
- Historical results have varied significantly from Plan
- Uncontrollable elements of the Plan, which are volatile, have a large
part in determining the Company's future performance
- Exploration success in the Upstream business
- Refining margins in the Downstream business
- Margins in the Chemical business
-12-
<PAGE> 18
PROJECT ORANGE
- --------------------------------------------------------------------------------
DISCOUNTED CASH FLOW ANALYSIS - CONSOLIDATED
UPDATED MANAGEMENT CASE
($MM, EXCEPT PER SHARE DATA)
<TABLE>
<CAPTION>
EBITDA MULTIPLE 5.25x 5.50x 5.75x
------------------------ ------------------------ ------------------------
DISCOUNT RATE 10.0% 11.0% 12.0% 10.0% 11.0% 12.0% 10.0% 11.0% 12.0%
------ ------ ------ ------ ------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Present Value of
Cash Flows - Year 1 $ 57 $ 57 $ 57 $ 57 $ 57 $ 57 $ 57 $ 57 $ 57
Cash Flows - Years 2-5 506 490 475 506 490 475 506 490 475
Terminus 2,360 2,255 2,156 2,477 2,368 2,264 2,595 2,481 2,372
------ ------ ------ ------ ------ ------ ------ ------ ------
AGGREGATE VALUE $2,922 $2,802 $2,688 $3,040 $2,915 $2,796 $3,158 $3,028 $2,904
Cash $8 $8 $8 $8 $8 $8 $8 $8 $8
Preferred Stock 0 0 0 0 0 0 0 0 0
Total Debt(1) (696) (696) (696) (696) (696) (696) (696) (696) (696)
------ ------ ------ ------ ------ ------ ------ ------ ------
EQUITY VALUE $2,235 $2,115 $2,001 $2,353 $2,228 $2,109 $2,471 $2,340 $2,216
====== ====== ====== ====== ====== ====== ====== ====== ======
PRICE PER SHARE(2) $71.52 $67.67 $64.02 $75.29 $71.28 $67.47 $79.07 $74.89 $70.92
Premium (Discount) to Market(3) 42.7% 35.0 27.7% 50.2% 42.2% 34.6% 57.7% 49.4% 41.5%
1997E P/E Implied 14.0 x 13.3 x 12.6 x 14.8 x 14.0 x 13.2 x 15.5 x 14.7 x 13.9 x
TERMINAL VALUE ANALYSIS
% Value Terminus 80.7% 80.5% 80.2% 81.5% 81.2% 81.0% 82.2% 81.9% 81.7%
% Value in Cash Flows 19.3% 19.5% 19.8% 18.5% 18.8% 19.0% 17.8% 18.1% 18.1%
Implied Terminal P/E 12.7 x 12.7 x 12.7 x 13.3 x 13.3 x 13.3 x 13.9 x 13.9 x 13.9 x
</TABLE>
Notes: (1) Debt as of March 31, 1997.
(2) Based on 31.2MM common shares outstanding on 04/28/97 from the
03/31/97 10-Q and 0.03MM options outstanding at an average exercise
price of $35.25 on 12/31/96 from the 12/31/96 10-K.
(3) Based on the closing share price of $50.13 on 2/24/97.
-13-
<PAGE> 19
PROJECT ORANGE
- --------------------------------------------------------------------------------
DISCOUNTED CASH FLOW APPROACH - SENSITIVITY CASES
- - Sensitivity cases were analyzed to view the impact on profitability of
various perceived areas of risk to the Plan such as:
- Overall EBIT growth of the business
- Profitability of the Downstream business (Return on Capital Employed)
- Growth rate of Upstream EBIT (success of long-term Exploration
activities)
- - Each sensitivity case reflects a discrete change to Revised Plan and is
based on discount rates of 10-12%
SENSITIVITY CASE #1
- ----------------------------------------
- - Overall 1998-2001 EBIT growth
of 9.0% annually versus plan
growth of 21.3%
- Approximates median long-term
projected growth rate for
comparables
REPRESENTATIVE RANGE
- ----------------------------------------
$60-63 / Share
SENSITIVITY CASE #2
- ----------------------------------------
- - Profitability of Downstream business
reduced to 5.0% ROCE annually in
1998-2001 versus plan of 6.1% in 1998
increasing to 9.9% in 2001
- In line with comps median of 5.2%
historical ROCE
- Management admitted that achieving
Plan in Downstream is a "challenge"
REPRESENTATIVE RANGE
- ----------------------------------------
$63-69 / Share
SENSITIVITY CASE #3
- ----------------------------------------
- - EBIT growth of Upstream businesses
reduced to 10.0% annually from 1999-
2001 versus plan growth of 25.5%
- Sensitivity for the success rate
of exploration activities
REPRESENTATIVE RANGE
- ----------------------------------------
$66-73 / Share
-14-
<PAGE> 20
PROJECT ORANGE
- --------------------------------------------------------------------------------
COMPARISON OF EBITDA PROJECTIONS (1)
($MM)
<TABLE>
<CAPTION>
PROJECTED COMPOUNDED
--------------------------------------------------- GROWTH
1997 1998 1999 2000 2001 1996 - 2001
-------- -------- -------- -------- -------- ---------------
<S> <C> <C> <C> <C> <C> <C>
FRESH MANAGEMENT CASES
Management Plan (December 1996) $456.2 $569.6 $679.9 NA NA NA
Revised 5-Year Plan (May 1997) 476.1 549.7 653.2 746.3 859.7 14.5%
MORGAN STANLEY ADJUSTED CASES
Updated Management Case $476.1 $549.7 $653.2 $706.2 $760.0 11.7%
Sensitivity Case 1 476.1 517.3 573.5 614.9 655.8 8.5%
Sensitivity Case 2 476.1 533.6 620.2 659.5 697.4 9.8%
Sensitivity Case 3 476.1 549.7 620.8 670.5 720.8 10.6%
</TABLE>
NOTE:
(1) EBITDA = Operating income + Book Charges
-15-
<PAGE> 21
- --------------------------------------------------------------------------------
TRANSACTION ISSUES
- --------------------------------------------------------------------------------
<PAGE> 22
PROJECT ORANGE
- --------------------------------------------------------------------------------
TRANSACTION FINANCIAL ISSUES
- - Transaction premium in relation to historical price
- Historical minority squeeze out transactions typically range from 20 to 25%
over the unaffected stock price of the target, average transaction premium
is 27% over the unaffected price
- - Value of dividend paid to minority shareholders
- - Impact of transaction on Pure earnings and cash flow
- Financing costs
- Amortization of goodwill
- Fresh dividends
- - Stock vs. cash transaction
<PAGE> 23
PROJECT ORANGE
- --------------------------------------------------------------------------------
FRESH VALUATION MATRIX (1)
($MM, EXCEPT PER SHARE DATA)
<TABLE>
<CAPTION>
EQUITY VALUE/
PURCHASE ------------------------------------------------------
SHARE EQUITY AGGREGATE VALUE OF 1996 1997E 1996 1997E
PRICE VALUE (2) VALUE (3) MINORITY (4) EARNINGS EARNINGS CASH FLOW CASH FLOW
- ------- ----------- ------------ -------------- ---------- ---------- ----------- -----------
<C> <C> <C> <C> <C> <C> <C> <C>
$153 $159 $325 $357
$48.00 $1,499 $2,186 $213 9.8 x 9.4 x 4.6 x 4.2 x
- -----------------------------------------------------------------------------------------------------------------------
50.00 1,561 2,249 221 10.2 9.8 4.8 4.4
- -----------------------------------------------------------------------------------------------------------------------
52.00 1,624 2,311 230 10.6 10.2 5.0 4.5
54.00 1,686 2,374 239 11.0 10.6 5.2 4.7
56.00 1,749 2,436 248 11.4 11.0 5.4 4.9
58.00 1,811 2,499 257 11.8 11.4 5.6 5.1
- -----------------------------------------------------------------------------------------------------------------------
60.00 1,874 2,561 266 12.2 11.8 5.8 5.2
- -----------------------------------------------------------------------------------------------------------------------
62.00 1,936 2,624 275 12.6 12.2 6.0 5.4
64.00 1,999 2,686 284 13.0 12.6 6.2 5.6
66.00 2,061 2,749 293 13.5 13.0 6.4 5.8
68.00 2,124 2,811 302 13.9 13.3 6.5 5.9
70.00 2,186 2,874 311 14.3 13.7 6.7 6.1
72.00 2,249 2,936 319 14.7 14.1 6.9 6.3
74.00 2,311 2,999 328 15.1 14.5 7.1 6.5
76.00 2,374 3,061 337 15.5 14.9 7.3 6.6
78.00 2,436 3,124 346 15.9 15.3 7.5 6.8
80.00 2,499 3,186 355 16.3 15.7 7.7 7.0
</TABLE>
<TABLE>
<CAPTION>
AGGREGATE VALUE/ PREMIUM TO
- ----------------------------------------------- -------------------------------
1996 1997E 1996 1997E UNAFFECTED ALL TIME
EBITDA EBITDA EBIT EBIT PRICE (6) HIGH (7)
- -------- -------- ------ ------- ---------- ----------
<C> <C> <C> <C> <C> <C>
$436 $476 $265 $278 $50.13 $55.50
5.0 x 4.6 x 8.3 x 7.9 x -4.2% -13.5%
- --------------------------------------------------------------------------------------
5.2 4.7 8.5 8.1 -0.2% -9.9%
- --------------------------------------------------------------------------------------
5.3 4.9 8.7 8.3 3.7% -6.3%
5.4 5.0 9.0 8.5 7.7% -2.7%
5.6 5.1 9.2 8.8 11.7% 0.9%
5.7 5.2 9.4 9.0 15.7% 4.5%
- --------------------------------------------------------------------------------------
5.9 5.4 9.7 9.2 19.7% 8.1%
- --------------------------------------------------------------------------------------
6.0 5.5 9.9 9.4 23.7% 11.7%
6.2 5.6 10.1 9.7 27.7% 15.3%
6.3 5.8 10.4 9.9 31.7% 18.9%
6.4 5.9 10.6 10.1 35.7% 22.5%
6.6 6.0 10.9 10.3 39.7% 26.1%
6.7 6.2 11.1 10.6 43.6% 29.7%
6.9 6.3 11.3 10.8 47.6% 33.3%
7.0 6.4 11.6 11.0 51.6% 36.9%
7.2 6.6 11.8 11.2 55.6% 40.5%
7.3 6.7 12.0 11.5 59.6% 44.1%
</TABLE>
Notes: (1) Fresh financial information adjusted to exclude extraordinary items.
(2) Based on 29.2MM Class A and 2.0MM Class B common shares outstanding
on 4/28/97 from the 3/31/97 10-Q and 0.032MM options outstanding
with an average exercise price of $35.25 on 12/31/96 from the
12/31/96 10-K.
(3) Includes total debt of $695.5MM less cash of $8.2MM as of March 31,
1997.
(4) Based on public float of 4.420MM Class A shares, 0.032MM options and
options proceeds of $1.1MM.
(5) Cash flow defined as net income plus depreciation, depletion and
amortization.
(6) Based on share price as of February 24, 1997.
(7) All-time high achieved on July 1, 1996.
<PAGE> 24
PROJECT ORANGE
- -------------------------------------------------------------------------------
PRO FORMA IMAPCT ON PURE
A TRANSACTION WOULD LIKELY BE SLIGHTLY ACCRETIVE TO PURE'S E.P.S.
<TABLE>
<CAPTION>
1996 ACTUAL
-----------------------------
EXAMPLE: $60.00 OFFER PRICE
(19% PREMIUM) 100% CASH 100 STOCK
- --------------------------- --------- ---------
(MM) (MM)
<S> <C> <C>
Pure Net Income (BEF) 16,000 16,000
Pure Net Income (US$)(1) $470.6 $470.0
Pure EPS(2) $20.24 $20.24
Plus: Fresh Minority Interest(3) 21.7 21.7
Less: Goodwill(4) (6.0) (6.0)
Less: A/T Interest Expense(3) (12.1) (0.0)
----------- -----------
Pro Foma Net Income(US$) $474.2 $486.3
Shares(6) 23,252,863 23,951,815
PRO FORMA EPS $20.39 20.30
- ---------------------------------------------------------------
% ACCRETION/(DILUTION) 0.8% 0.3%
- ---------------------------------------------------------------
</TABLE>
[GRAPHIC]
Notes: (1) Assumes an exchange rate of 34.00 BEF/$US.
(2) Based on 23,252,863 Pure shares outstanding as of 12/31/96.
(3) Based on Fresh net income of $153.2 and minority interest of 14.2%.
(4) Purchase accounting assumed for pro rata portion of Fresh. Goodwill
is amortized over 15 years.
(5) Assumes a cost of debt of 7.0% and a tax rate of 35%. Total funding
equals $266MM.
(6) In 100% stock case, assumes shares issued at Pure share price of
12,950 BEF (US $380.88) as of 6/16/97.
-18-
<PAGE> 1
EXHIBIT (b)(9)
PROJECT ORANGE
BOARD OF DIRECTORS MEETING
February 25, 1997
<PAGE> 2
PROJECT ORANGE
- --------------------------------------------------------------------------------
TABLE OF CONTENTS
February 25, 1997
SECTION I TRANSACTION OVERVIEW
SECTION II PRELIMINARY VALUATION
SECTION III TRANSACTION ANALYSES
SECTION IV TRANSACTION ISSUES/NEXT STEPS
<PAGE> 3
- --------------------------------------------------------------------------------
TRANSACTION OVERVIEW
- --------------------------------------------------------------------------------
<PAGE> 4
PROJECT ORANGE
- --------------------------------------------------------------------------------
OVERVIEW OF PROPOSED TRANSACTION
* Repurchase 100% of minority interest outstanding (4.4MM shares)
* Propose transaction as a negotiated merger to be approved by shareholders
- Tender offer structure (direct proposal to shareholders) contemplated
should merger negotiations fail
* Choice of cash or stock offered to shareholders
- Pure shares offered will be listed on the NYSE
* Transaction timeframe estimated to last 150 days
- Initiate transaction as soon as possible to allow time for
negotiations
- If tender offer structure is ultimately used, timeframe should last
approximately 100 days
-1-
<PAGE> 5
- --------------------------------------------------------------------------------
PRELIMINARY VALUATION
- --------------------------------------------------------------------------------
<PAGE> 6
PROJECT ORANGE
- --------------------------------------------------------------------------------
FRESH CLOSING SHARE PRICE AND VOLUME ANALYSIS - LAST YEAR
--------------------------------------------------------------------
FRESH'S SHARE PRICE REMAINED FLAT IN 1996, TRADING NEAR $50 ALL YEAR
--------------------------------------------------------------------
[GRAPHIC]
Graph depicts daily trading volume and per share prices for Fina from 2/21/96 to
2/21/97. Share price is initially approximately $48 per share, ranging from
approximately $46 to approximately $55 per share and ending at approximately $50
per share.
-2-
<PAGE> 7
PROJECT ORANGE
- --------------------------------------------------------------------------------
FRESH CLOSING SHARE PRICE AND VOLUME ANALYSIS - 5 YEARS(1)
--------------------------------------------------------------------
FRESH'S SHARE PRICE APPRECIATED SIGNIFICANTLY IN 1995
AFTER 3 YEARS OF FLAT PERFORMANCE
--------------------------------------------------------------------
[GRAPHIC]
Graph depicts daily trading volume and per share prices for Fina from 2/21/92 to
2/21/97. Share price is initially approximately $38 per share, ranging from
approximately $30 to approximately $55 per share and ending at approximately $50
per share.
Note: (1)Historical prices adjusted for 2-for-1 stock split as of 05/02/95.
-3-
<PAGE> 8
PROJECT ORANGE
- --------------------------------------------------------------------------------
FRESH RELATIVE STOCK PRICE PERFORMANCE - LAST YEAR
IN THE LAST YEAR, FRESH HAS UNDERPERFORMED ITS PEERS AND THE MARKET
[GRAPHIC]
Graph depicts indexed trading prices for Fina, S&P 500, and three indices
comprised of diversified refining and marketing companies, commodity chemical
companies and exploration and production companies.
Graph depicts share prices for Fina, S&P 500 and three indices from 2/19/96 to
2/14/97.
-4-
<PAGE> 9
PROJECT ORANGE
- --------------------------------------------------------------------------------
FRESH RELATIVE STOCK PRICE PERFORMANCE - LAST FIVE YEARS
OVER THE LAST 5 YEARS, FRESH HAS TRADED IN LINE WITH THE COMMODITY CHEMICALS
PEER GROUP
[GRAPHIC]
Graph depicts indexed trading prices for Fina, S&P 500, and three indices
comprised of diversified refining and marketing companies, commodity chemical
companies and exploration and production companies.
Graph depicts share prices for Fina, S&P 500 and three indices from 2/19/92 to
2/14/97.
-5-
<PAGE> 10
PROJECT ORANGE
- --------------------------------------------------------------------------------
TRADING ANALYSIS
* Fresh trading volume is very thin
- Average trading volume as a percentage of total shares is
significantly lower than that of its peer group
- Only 525,000 shares traded in 1996
- Minor changes in volume move the stock price
* Fresh is not followed by the research analyst community
- Only 2 analysts from small firms write research on Fresh, compared to
39 for Phillips Petroleum
* Fresh's dividend yield is significantly higher than that of its peer group
- 1996 dividend yield of 5.5% is nearly twice the yield of Phillips
Petroleum (2.8%) and above the average S&P 500 dividend of 1.9%
- High dividend yield on the stock provides price support
-6-
<PAGE> 11
PROJECT ORANGE
- --------------------------------------------------------------------------------
ANALYSIS OF FINANCIAL PERFORMANCE
* Segment EBIT has been volatile over the last two years with significant
variance to Plan
* Downstream has consistently underperformed Plan; Chemicals has met or
exceeded Plan
* In depth due diligence is required to assess viability of projected
earnings growth
* As a result of the above factors, two projection cases have been prepared:
- Management Case - based on Fresh 1997 Corporate Plan
- Adjusted Case - based on Management Case with adjustments to reflect
historical operating performance and past results vs. Plan
<TABLE>
<CAPTION>
1995 1996 ACTUAL
------------------------------------------ ------------------------------------------
PLAN ACTUAL DIFFERENCE % DIFFERENCE PLAN ACTUAL DIFFERENCE % DIFFERENCE
------- ------- ---------- ------------ ------- ------- ---------- ------------
($MM) ($MM) ($MM) ($MM) ($MM) ($MM)
<S> <C> <C> <C> <C> <C> <C> <C> <C>
EBIT by Segment:
Upstream $18.4 ($14.4) ($32.8) -178% ($10.1) $69.3 $79.4 786%
Downstream 59.6 1.5 (58.1) -97% 60.3 (16.8) (77.1) -128%
Chemicals 220.5 290.6 70.1 32% 221.5 231.2 9.7 4%
------ ------ ------ ------ ------ -----
Total EBIT $298.5 $277.7 ($20.8) -7% $271.7 $283.7 $12.0 4%
Net Income $142.1 $104.4 ($37.7) -27% $140.1 $153.2 $13.1 9%
</TABLE>
-7-
<PAGE> 12
PROJECT ORANGE
- --------------------------------------------------------------------------------
FRESH HISTORICAL AND PROJECTED FINANCIAL PERFORMANCE(1)
($MM)
------------------------------------------------------------------------------
FRESH'S OPERATING PERFORMANCE HAS IMPROVED SIGNIFICANTLY OVER THE LAST 5 YEARS
AND IS EXPECTED TO CONTINUE TO GROW
------------------------------------------------------------------------------
EBIT = OPERATING INCOME
- --------------
CAGR(4)
----
`92-`96: 40.5%
`96-`99: 19.1%
`96-`99: 10.1%
- --------------
<TABLE>
<CAPTION>
ACTUAL ($ MILLIONS)
- ------
<S> <C>
1992(2) $68.0
1993 $48.0
1994 $181.0
1995(3) $274.0
1996 $265.1
PROJECTED
- ---------
1997 $271.3
$265.5
1998 $363.9
$332.5
1999 $447.5
$354.1
</TABLE>
EBITDA = OPERATING INCOME + BOOK CHARGES
- --------------
CAGR(4)
----
`92-`96: 14.4%
`96-`99: 15.9%
`96-`99: 10.4%
- --------------
<TABLE>
<CAPTION>
ACTUAL ($ MILLIONS)
- ------
<S> <C>
1992(2) $255.0
1993 $246.0
1994 $367.0
1995(3) $429.0
1996 $436.4
PROJECTED
- ---------
1997 $456.2
$450.4
1998 $569.6
$538.3
1999 $679.9
$586.5
</TABLE>
NET INCOME
- --------------
CAGR(4)
----
`92-`96: 58.8%
`96-`99: 18.6%
`96-`99: 8.7%
- --------------
<TABLE>
<CAPTION>
ACTUAL ($ MILLIONS)
- ------
<S> <C>
1992(2) $24.1
1993 $28.4
1994 $86.0
1995(3) $142.6
1996 $153.2
PROJECTED
- ---------
1997 $155.1
$151.2
1998 $209.9
$189.6
1999 $255.5
$196.5
</TABLE>
Notes: (1) For fiscal years ending December 31, adjusted to exclude
extraordinary items.
(2) Excludes charge for adoption of FASB 106 of $52.0MM pretax,
$34.3MM after-tax.
(3) Excludes charge for adoption of SFAS 121 of $58.7MM pretax,
$38.2MM after-tax.
(4) Compound Annual Growth Rate.
-8-
<PAGE> 13
PROJECT ORANGE
- --------------------------------------------------------------------------------
FRESH HISTORICAL AND PROJECTED EBITDA BY SEGMENT
($MM)
------------------------------------------------------------------------
* CHEMICALS BUSINESS EXPECTED TO GROW SLOWLY
* UPSTREAM PERFORMANCE REBOUNDS IN 1999
* DOWNSTREAM PROJECTIONS EXPECT TURNAROUND
------------------------------------------------------------------------
CHEMICALS
- --------------
CAGR(2)
----
`92-`96: 21.0%
`96-`99: 5.5%
`96-`99: 3.7%
- --------------
<TABLE>
<CAPTION>
ACTUAL ($ MILLIONS)
- ------
<S> <C>
1992 $120.7
1993 $73.2
1994 $183.3
1995(1) $309.8
1996 $258.6
PROJECTED
- ---------
1997 $225.8
$225.8
1998 $270.3
$270.3
1999 $303.9
$288.5
</TABLE>
UPSTREAM
- ---------------
CAGR(2)
----
`92-`96: (1.1)%
`96-`99: 12.7%
`96-`99: 3.5%
- ---------------
<TABLE>
<CAPTION>
ACTUAL ($ MILLIONS)
- ------
<S> <C>
1992 $148.2
1993 $227.5
1994 $83.1
1995(1) $50.0
1996 $141.3
PROJECTED
- ---------
1997 $118.2
$118.2
1998 $147.8
$136.6
1999 $202.4
$156.6
</TABLE>
DOWNSTREAM
- --------------
CAGR(2)
----
`92-`96: 34.0%
`96-`99: 54.8%
`96-`99: 45.4%
- --------------
<TABLE>
<CAPTION>
ACTUAL ($ MILLIONS)
- ------
<S> <C>
1992 $15.7
1993 $71.1
1994 $127.7
1995(1) $70.8
1996 $50.6
PROJECTED
- ---------
1997 $125.2
$119.4
1998 $165.1
$145.0
1999 $187.6
$155.4
</TABLE>
Notes: (1) Adjusted for SFAS 121 charge allocation of $52.7MM to upstream and
$6.2MM to downstream.
(2) Compound Annual Growth Rate.
-9-
<PAGE> 14
PROJECT ORANGE
- --------------------------------------------------------------------------------
SUMMARY OF VALUATION APPROACHES
<TABLE>
<CAPTION>
Current(1)
Price
<S> <C>
TRADING VALUE $52 $60
PRECEDENT INDUSTRY TRANSACTIONS $58 $70
PRECEDENT MINORITY SQUEEZEOUTS(2) $60 $62
DISCOUNTED CASH FLOW
- Management Case $64 $71
- Adjusted Case $49 $56
</TABLE>
Notes: (1) Based on closing price of $49.88 as of February 21, 1997.
(2) Based on a 20-25% premium to current price.
-10-
<PAGE> 15
PROJECT ORANGE
----------------------------------------------
FRESH PUBLIC MARKET TRADING VALUATION ANALYSIS
<TABLE>
<CAPTION>
COMPANY PRICE PER
CRITERIA STATISTIC(1) TRADING MULTIPLE RANGE IMPLIED EQUITY VALUE(2)(3) FULLY DILUTED SHARES(2)
- -------- ----------- ---------------------- ------------------------- -----------------------
<S> <C> <C> <C> <C>
1996
EBITDA $436 5.5 x - 5.75 x $1,704 - $1,813 $54.52 - $58.01
EBIT 265 8.0 - 9.5 1,425 - 1,822 45.58 - 58.30
Cash Flow(4) 325 5.0 - 6.0 1,623 - 1,948 51.93 - 62.32
1997E
Net Income 155 11.0 - 12.0 1,705 - 1,860 54.54 - 59.50
----- ----- ----- -----
IMPLIED MEAN VALUE: $1,614 - $1,861 $51.64 - $59.53
IMPLIED MEDIAN VALUES: 1,664 - 1,841 53.22 - 58.90
---------------------------------------------------------------------------
CURRENT MARKET PRICE(5): $49.88
MEDIAN VALUE PREMIUM (DISCOUNT) TO MARKET: 6.7% 18.1%
---------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
MEDIAN TRADING MULTIPLES
--------------------------------------------------------------
EBITDA EBIT 1997E NET INCOME CASH FLOW
------ ---- ---------------- ---------
<S> <C> <C> <C> <C>
Large Cap. Energy Companies 5.9 x 11.9 x 15.8 x 5.8 x
Commodity Chemicals Companies 6.3 8.5 13.1 6.9
Large Cap. Exploration & Production
Companies 8.8 NA 20.9 6.6
Refining & Marketing Companies 6.5 NA 16.1 5.6
Phillips Petroleum 5.2 8.0 12.7 5.3
Kerr-McGee 5.7 13.2 15.6 5.0
-----------------------------------------------------------------------------------------------------------
Chosen Fresh Multiplies 5.5 - 5.75 8.0 - 9.5 11.0 - 12.0 5.0 - 6.0
-----------------------------------------------------------------------------------------------------------
</TABLE>
- -------------------------------------------------------------------------
Notes: (1) Adjusted for extraordinary items.
(2) 31.257MM fully diluted shares outstanding. Assumes 29.216MM
Class A and 2.000MM Class B common shares outstanding as
of 10/21/96 from the 9/30/96 10-Q and 0.041MM options
outstanding at an average exercise price of $35.25 as of
12/31/95 from the 12/31/95 10-K.
(3) Assumes debt of $696.2 MM and cash & equivalents of $1.6 MM, as of
12/31/96.
(4) Cash flow defined as net income plus depreciation, depletion and
amortization.
(5) Closing share price as of 2/21/97.
-11-
<PAGE> 16
PROJECT ORANGE
- --------------------------------------------------------------------------------
FRESH PRECEDENT TRANSACTION TRADING VALUATION ANALYSIS
<TABLE>
<CAPTION>
COMPANY PRICE PER
CRITERIA STATISTIC(1) TRADING MULTIPLE RANGE IMPLIED EQUITY VALUE(2)(3) FULLY DILUTED SHARE(2)
- -------------- -------------- ------------------------ ---------------------------- ------------------------
<S> <C> <C> <C> <C>
1996
EBITDA $436 5.5 x - 6.5 x $1,704 - $2,141 $54.52 - $68.48
Cash Flow(4) 325 6.0 - 7.0 1,948 - 2,273 62.32 - 72.71
------- ------- ------- -------
IMPLIED MEAN VALUES: $1,826 - $2,207 $58.42 - $70.60
IMPLIED MEDIAN VALUES: 1,826 - 2,207 58.42 - 70.60
---------------------------------------------------------------------
CURRENT MARKET PRICE(5): $49.88
MEDIAN VALUE PREMIUM (DISCOUNT) TO MARKET: 17.1% - 41.5%
---------------------------------------------------------------------
<CAPTION>
REPRESENTATIVE PRECENDENT
TRANSACTION MULTIPLES
-------------------------
EBITDA CASH FLOW
------ ---------
<S> <C> <C>
Energy Companies 6-7 x 7-8 x
Commodity Chemicals Companies 5-6 5-7
---------------------------------------------------------------
Chosen Fresh Multiples 5.5 - 6.5 x 6.0 - 7.0 x
---------------------------------------------------------------
</TABLE>
Notes: (1) Adjusted for extraordinary items.
(2) 31.257MM fully diluted shares outstanding. Assumes 29.216MM Class A
and 2.000MM Class B common shares outstanding as of 10/21/96 from the
09/30/96 10-Q and 0.041MM options outstanding at an average exercise
price of $35.25 as of 12/31/95 from the 12/31/95 10-K.
(3) Assumes debt of $696.2 MM and cash & equivalents of $1.6 MM, as of
12/31/96.
(4) Cash flow defined as net income plus depreciation, depletion and
amortization.
(5) Closing share price as of 2/21/97.
-12-
<PAGE> 17
PROJECT ORANGE
- --------------------------------------------------------------------------------
DISCOUNTED CASH FLOW ANALYSIS - CONSOLIDATED
MANAGEMENT CASE
($MM, EXCEPT PER SHARE DATA)
<TABLE>
<CAPTION>
EBITDA MULTIPLE 5.00x 5.25x 5.50x
---------------------- ---------------------- ----------------------
DISCOUNT RATE 10.0% 11.0% 12.0% 10.0% 11.0% 12.0% 10.0% 11.0% 12.0%
------ ------ ------ ------ ------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Present Value of
Cash Flows - Year 1 $101 $100 $100 $101 $100 $100 $101 $100 $100
Cash Flows - Years 2-5 419 406 394 419 406 394 419 406 394
Terminus 2,293 2,191 2,095 2,407 2,301 2,200 2,522 2,410 2,305
------ ------ ------ ------ ------ ------ ------ ------ ------
AGGREGATE VALUE $2,813 $2,698 $2,589 $2,927 $2,807 $2,694 $3,042 $2,917 $2,799
Cash $2 $2 $2 $2 $2 $2 $2 $2 $2
Preferred Stock 0 0 0 0 0 0 0 0 0
Total Debt(1) (696) (696) (696) (696) (696) (696) (696) (696) (696)
------ ------ ------ ------ ------ ------ ------ ------ ------
EQUITY VALUE $2,118 $2,003 $1,894 $2,233 $2,113 $1,999 $2,347 $2,222 $2,104
====== ====== ====== ====== ====== ====== ====== ====== ======
PRICE PER SHARE(2) $67.76 $64.09 $60.61 $71.42 $67.59 $63.96 $75.09 $71.10 $67.31
Premium (Discount) to Market(3) 35.9% 28.5 21.5% 43.2% 35.5% 28.2% 50.6% 42.6% 35.0%
1997E P/E Implied 13.7 x 12.9 x 12.2 x 14.4 x 13.6 x 12.9 x 15.1 x 14.3 x 13.6 x
TERMINAL VALUE ANALYSIS
% Value Terminus 81.5% 81.2% 80.9% 82.2% 82.0% 81.7% 82.9% 82.6% 82.4%
% Value in Cash Flows 18.5% 18.8% 19.1% 17.8% 18.0% 18.3% 17.1% 17.4% 17.6%
Implied Terminal P/E 12.3 x 12.3 x 12.3 x 12.9 x 12.9 x 12.9 x 13.5 x 13.5 x 13.5 x
</TABLE>
Notes: (1) Debt as of December 31, 1996.
(2) Based on 31.3MM common shares outstanding on 09/30/96 from the
09/30/96 10-Q and 0.04MM options outstanding at an average exercise
price of $35.25 on 12/31/95 from the 12/31/95 10-K.
(3) Based on the closing share price of $49.88 on 2/21/97.
-13-
<PAGE> 18
PROJECT ORANGE
- -------------------------------------------------------------------------------
DISCOUNTED CASH FLOW ANALYSIS - CONSOLIDATED
ADJUSTED CASE
($MM, EXCEPT PER SHARE DATA)
<TABLE>
<CAPTION>
EBITDA MULTIPLE 5.00x 5.25x 5.50x
---------------------------- -------------------------- --------------------------
DISCOUNT RATE 10.0% 11.0% 12.0% 10.0% 11.0% 12.0% 10.0% 11.0% 12.0%
------- -------- -------- ------- -------- -------- ------- -------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Present Value of
Cash Flows - Year 1 $97 $97 $96 $97 $97 $96 $97 $97 $96
Cash Flows - Years 2-5 264 256 248 264 256 248 264 256 248
Terminus 1,973 1,886 1,803 2,072 1,980 1,893 2,171 2,075 1,984
------- -------- -------- ------- -------- -------- ------- -------- --------
AGGREGATE VALUE $2,335 $2,239 $2,148 $2,433 $2,333 $2,238 $2,532 $2,427 $2,328
Cash $2 $2 $2 $2 $2 $2 $2 $2 $2
Preferred Stock 0 0 0 0 0 0 0 0 0
Total Debt (1) (696) (696) (696) (696) (696) (696) (696) (696) (696)
------- -------- -------- ------- -------- -------- ------- -------- --------
EQUITY VALUE $1,640 $1,544 $1,453 $1,739 $1,638 $1,543 $1,837 $1,733 $1,633
======= ======== ======== ======= ======== ======== ======= ======== ========
PRICE PER SHARE (2) $52.47 $49.40 $46.48 $55.63 $52.42 $49.37 $58.78 $55.43 $52.25
Premium (Discount) to Market (3) 5.2% -1.0% -6.8% 11.5% 5.1% -1.0% 17.9% 11.1% 4.8%
1997 P/E Implied 10.6 x 10.0 x 9.4 x 11.2 x 10.6 x 9.9 x 11.8 x 11.2 x 10.5 x
TERMINAL VALUE ANALYSIS
% Value in Terminus 84.5% 84.2% 84.0% 85.1% 84.9% 84.6% 85.7% 85.5% 85.2%
% Value in Cash Flows 15.5% 15.8% 16.0% 14.9% 15.1% 15.4% 14.3% 14.5% 14.8%
Implied Terminal P/E 13.6 x 13.6 x 13.6 x 14.2 x 14.2 x 14.2 x 14.9 x 14.9 x 14.9 x
</TABLE>
Notes: (1) Debt as of December 31, 1996.
(2) Based on 31.3MM common shares outstanding on 09/30/96 from the
09/30/96 10-Q and 0.04MM options outstanding at an average
exercise price of $35.25 on 12/31/95 from the 12/31/95 10-K.
(3) Based on the closing share price of $49.88 on 2/21/97.
-14-
<PAGE> 19
- --------------------------------------------------------------------------------
TRANSACTION ANALYSIS
- --------------------------------------------------------------------------------
<PAGE> 20
PROJECT ORANGE
- --------------------------------------------------------------------------------
PREMIUMS PAID IN PRECEDENT MINORITY SQUEEZE-OUT TRANSACTIONS
% OWNERSHIP VS. PREMIUM*
1987 TO PRESENT
[GRAPHIC]
Chart depicts premiums paid based on percent owned by parent company, with such
premiums ranging from approximately -10% to approximately 65%
-15-
<PAGE> 21
PROJECT ORANGE
- --------------------------------------------------------------------------------
PREMIUMS PAID IN PRECEDENT MINORITY SQUEEZE-OUT TRANSACTIONS
YEAR VS. PREMIUM*
1987 TO PRESENT
[GRAPHIC]
Chart depicts premiums paid from 1987 to 1997, ranging from approximately -20%
to 65%
-16-
<PAGE> 22
PROJECT ORANGE
- --------------------------------------------------------------------------------
FRESH ACQUISITION MATRIX (1)
($MM, EXCEPT PER SHARE DATA)
<TABLE>
<CAPTION>
EQUITY VALUE/
PURCHASE -----------------------------
OFFER EQUITY AGGREGATE VALUE OF 1996 1996 BOOK
PRICE VALUE (2) VALUE (3) MINORITY (4) EARNINGS CF (5) VALUE
--------- ------------ ------------- ---------------- -------- --------- --------
<S> <C> <C> <C> <C> <C> <C>
$154 $325 $1,247
$44.00 $1,374 $2,068 $195 8.9 x 4.2 x 1.1 x
46.00 1,436 2,131 204 9.4 4.4 1.2
48.00 1,499 2,194 213 9.8 4.6 1.2
49.88 1,558 2,252 221 10.1 4.8 1.2
50.00 1,561 2,256 222 10.2 4.8 1.3
52.00 1,624 2,319 231 10.6 5.0 1.3
54.00 1,686 2,381 239 11.0 5.2 1.4
56.00 1,749 2,444 248 11.4 5.4 1.4
58.00 1,811 2,506 257 11.8 5.6 1.5
60.00 1,874 2,569 266 12.2 5.8 1.5
62.00 1,936 2,631 275 12.6 6.0 1.6
64.00 1,999 2,694 284 13.0 6.2 1.6
66.00 2,062 2,756 293 13.4 6.3 1.7
68.00 2,124 2,819 302 13.8 6.5 1.7
70.00 2,187 2,881 311 14.2 6.7 1.8
<CAPTION>
PREMIUM TO
AGGREGATE VALUE / 1996 -----------------------------
---------------------------- CURRENT L12M ALL TIME
SALES EBITDA EBIT PRICE (6) AVG (6) HIGH (7)
--------- ------- -------- --------- -------- ---------
<S> <C> <C> <C> <C> <C>
$4,965 $436 $265 $49.88 $51.13 $55.50
0.4 x 4.7 x 7.8 x -11.8% -13.9% -20.7%
0.4 4.9 8.0 -7.8% -10.0% -17.1%
0.4 5.0 8.3 -3.8% -6.1% -13.5%
0.5 5.2 8.5 0.0% -2.5% -10.1%
0.5 5.2 8.5 0.3% -2.2% -9.9%
0.5 5.3 8.7 4.3% 1.7% -6.3%
0.5 5.5 9.0 8.3% 5.6% -2.7%
0.5 5.6 9.2 12.3 9.5% 0.9%
0.5 5.7 9.5 16.3 13.4% 4.5%
0.5 5.9 9.7 20.3 17.3% 8.1%
0.5 6.0 9.9 24.3 21.3% 11.7%
0.5 6.2 10.2 28.3 25.2% 15.3%
0.6 6.3 10.4 32.3 29.1% 18.9%
0.6 6.5 10.6 36.3 33.0% 22.5%
0.6 6.6 10.9 40.4 36.9% 26.1%
</TABLE>
Notes: (1)Fresh financial information adjusted to exclude extraordinary items.
(2)Based on 29.2MM Class A and 2.0MM Class B common shares
outstanding on 10/21/96 from the 09/30/96 10-Q and 0.041MM options
outstanding with an average exercise price of $35.25 on 12/31/95
from the 12/31/95 10-K.
(3)Includes total debt of $696.2MM less cash of $1.6MM.
(4)Based on public float of 4.420MM Class A shares, 0.041MM options and
options proceeds of $1.4MM.
(5)Cash flow defined as net income plus depreciation, depletion and
amortization.
(6)Based on market information as of 02/21/97.
(7)All time high stock price achieved on 07/01/96.
-17-
<PAGE> 23
PROJECT ORANGE
- --------------------------------------------------------------------------------
ANALYSIS OF CLASS A PUBLICLY FLOATED SHAREHOLDINGS - FRESH
<TABLE>
<CAPTION>
CUMULATIVE CUMULATIVE
CURRENT % OF % OF % OF
SHAREHOLDERS HOLDINGS PUBLIC FLOAT PUBLIC FLOAT CLASS A (5)
- ------------------------------- ------------ ------------ ------------ -----------
<S> <C> <C> <C> <C>
Employee Investment Plan (1)(2) 1,538,142 34.8% 34.8% 90.1%
All Directors and Officers (1) 31,463 0.7% 35.5% 90.2%
Bearer Deposit Receipts (1)(3) 992,225 22.4% 58.0% 93.6%
30 Institutional Holders (4) 963,472 21.8% 79.8% 96.9%
Other Holdings 894,758 20.2% 100.0% 100.0%
------------ ------------
TOTAL PUBLICLY FLOATED CLASS A
SHARES 4,420,060 100.0%
============ ============
</TABLE>
Notes: (1)As of 03/06/96 from the 03/13/96 proxy.
(2)Shares held by Boston Safe Deposit and Trust Company as Trustee for
the Fresh Capital Accumulation Plan and Anidel Inc. Employee
Investment Plan.
(3)Shares against which there are outstanding, publicly-held bearer
deposit receipts. These shares are voted according to the
instructions of various beneficial owners. In the absence of such
instructions, Pure will vote the shares at its discretion.
(4)Based on most recent 13-F filings.
(5)Based on 29.2MM Class A common shares, 84.9% owned by Pure.
-18-
<PAGE> 24
PROJECT ORANGE
- --------------------------------------------------------------------------------
FRESH PRICE/VOLUME ANALYSIS - LAST 4 YEARS
<TABLE>
<CAPTION>
Cumulative
% of Stock Traded CURRENT PRICE(1)
at or Below $49.88
<S> <C>
100%
75% of stock
traded below
$48.25
75%
50% of stock
traded below
$35.75
50%
25%
0%
$30 $35 $40 $45 $50 $55
</TABLE>
<TABLE>
<CAPTION>
Stock Price
- ------------------------------------------------------------
4 YEAR AVERAGE/YEAR
---------- ----------------
<S> <C> <C>
Total Volume 2,906,800 716,925
% of Public Float(2) 65.8% 16.2%
% of Traded Shares(3) 100.9% 24.9%
- ------------------------------------------------------------
</TABLE>
Notes: (1) Closing price as of February 21, 1997.
(2) Based on 4.420MM class A shares not held by Pure.
(3) Based on 2.882MM of the 4.420MM publicly floated class A shares.
Excludes 1.538MM shares held by Employee Investment Plan.
-19-
<PAGE> 25
PROJECT ORANGE
- -------------------------------------------------------------------------------
PRO FORMA IMPACT ON PURE
------------------------------------------------------------------------
A TRANSACTION WOULD LIKELY BE SLIGHTLY ACCRETIVE TO PURE'S E.P.S.
------------------------------------------------------------------------
<TABLE>
<CAPTION>
1996 ACTUAL
------------------------
EXAMPLE: $60 OFFER PRICE 50% CASH/
(19% PREMIUM) 100% CASH 50% STOCK
- ---------------------------- ----------- ---------
(MM) (MM)
<S> <C> <C>
Pure Net Income (BEF) 16,000 16,000
Pure Net Income (US$)(1) $470.6 $470.6
Pure EPS (2) $20.24 $20.24
Plus: Fresh Minority Interest(3) 21.7 21.7
Less: Goodwill(4) (6.0) (6.0)
Less: A/T Interest Expense(5) (12.1) (6.1)
---------- -----------
Pro Forma Net Income (US$) $474.2 $480.3
Shares(6) 23,252,863 23,615,646
PRO FORMA EPS $20.39 $20.34
- -----------------------------------------------------------------------
% ACCRETION / (DILUTION) 0.8% 0.5%
- -----------------------------------------------------------------------
</TABLE>
Notes: (1) Assumes an exchange rate of 34.00 BEF/$US.
(2) Based on 23,252,863 Pure shares outstanding as of 12/31/96.
(3) Based on Fresh net income of $153.2 and minority interest of 14.2%.
(4) Purchase accounting assumed for pro rata portion of Fresh.
Goodwill is amortized over 15 years.
(5) Assumes a cost of debt of 7.0% and a tax of 35%. Total funding
equals $266MM.
(6) In 50% cash/50% stock case, assumes shares issued at Pure share
price of 12,475 BEF (US $366.91) as of 2/18/97.
-20-
<PAGE> 26
- --------------------------------------------------------------------------------
TRANSACTION ISSUES / NEXT STEPS
- --------------------------------------------------------------------------------
<PAGE> 27
PROJECT ORANGE
- --------------------------------------------------------------------------------
LEGAL ISSUES
* Fairness issues
- Transaction structure and process
- Valuation
* Creation of Independent Committee of target's Board to review transaction
- Will hire own advisors
* Potential shareholder lawsuits
- Are typical but rarely become a material obstacle to a transaction
* Level of approval required to approve transaction
* Voting issues
- Employee investment plans (trustee)
- Bearer deposit receipts
* Disclosure requirements
-21-
<PAGE> 28
PROJECT ORANGE
- --------------------------------------------------------------------------------
RATIONALE FOR ACCELERATED TIMETABLE
* Minimize the impact of information leaking to the market
- Avoid increase in Fresh stock price in reaction to leaks
- Avoid investor expectations should deal be terminated
* Minimize pricing risk of transaction
- Recent favorable news has been moving stock upward on light trading
volume
- More upside than downside in stock given strong dividend yield
* Maximize negotiating leverage by moving quickly
* Minimize disruption of Fresh's management and operations
-22-
<PAGE> 29
PROJECT ORANGE
- --------------------------------------------------------------------------------
ILLUSTRATIVE CHRONOLOGY OF EVENTS POST BOARD MEETING
<TABLE>
<CAPTION>
SIGNIFICANT EVENTS
<S> <C> <C> <C> <C> <C>
Day 1: Pure makes a
merger proposal
- - Public Day 10: Fresh
announcement appoints special
- - Fresh Directors committee, retains
alerted prior to banker and law firm
announcement
- Special committee Day 20: Fresh responds
meets to consider to merger proposal
issues; prepares - Shareholders'
for proposal - Ongoing negotiations Day 45: Pure and Meeting/Closing
- Request eligibility - Prepare for tender Fresh sign a - NYSE
for NYSE listing offer, if necessary merger agreement Listing Effective
- Pure and Fresh Day 75:
prepare proxy/ Proxy/prospectus
prospectus filed with SEC
- If merger fails,
launch tender - Receive SEC Day 120: SEC
offer comments review complete;
- NYSE listing proxy mailed
eligibility
cleared - File definitive
listing application
with NYSE
DAYS 1 10 20 45 75 120 150
</TABLE>
-23-
