<PAGE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
------------------------
SCHEDULE 13E-3
RULE 13E-3 TRANSACTION STATEMENT
(PURSUANT TO SECTION 13(e) OF THE SECURITIES EXCHANGE ACT OF 1934)
AQUILA GAS PIPELINE CORPORATION
(Name of the Issuer)
UTILICORP UNITED INC.
AQUILA ENERGY CORPORATION
AEC ACQUISITIONS, INC.
(Name of the Persons Filing Statement)
COMMON STOCK, PAR VALUE $.01 PER SHARE
(Title of Class of Securities)
03839B10
(Cusip Number of Class of Securities)
------------------------
ROBERT K. GREEN
PRESIDENT
AND CHIEF OPERATING OFFICER
20 WEST NINTH STREET
KANSAS CITY, MISSOURI 64105
(816) 421-6600
(Name, Address and Telephone Number of Person Authorized to
Receive Notices and Communications on Behalf of Person(s) Filing Statement)
------------------------
COPY TO:
DENNIS P. WILBERT, ESQ.
BLACKWELL SANDERS PEPER MARTIN LLP
2300 MAIN STREET, SUITE 1000
KANSAS CITY, MISSOURI 64108
(816) 983-8000
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) The filing of a registration statement under the Securities Act of 1933.
[X] (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.[ ]
CALCULATION OF FILING FEE:
<TABLE>
<CAPTION>
TRANSACTION VALUATION* AMOUNT OF FILING FEE**
<S> <C>
$43,232,000.00 $8,947.00
</TABLE>
* For purposes of calculating the fee only. The amount assumes the purchase of
5,404,000 shares of Common Stock, par value $.01 per share, of Aquila Gas
Pipeline Corporation at $8.00 net in cash per share, which represents all
outstanding shares at March 18, 1999 not owned by the persons filing this
statement and shares issuable pursuant to options that are presently
exercisable.
** the amount of the filing fee calculated in accordance with Regulation
240.0-11 of the Securities Exchange Act of 1934 equals 1/50th of 1% of the
value of the shares to be purchased.
[X] Check box if any part of the fee is offset as provided by Rule 0-11(a)(2)
and identify the filing with which the offsetting fee was previously paid.
Identify the previous filing by registration statement number, or the Form
or Schedule and the date of its filings.
<TABLE>
<S> <C> <C> <C>
Amount Previously Paid: $8,947.00 Filing Party: Utilicorp United Inc.
Aquila Energy Corporation
AEC Acquisitions, Inc.
Form or Registration No.: Schedule 14D-1 Date Filed: April 9, 1999
</TABLE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<PAGE>
INTRODUCTION
This Rule 13e-3 Transaction Statement (the "Schedule 13E-3") relates to a
tender offer by AEC Acquisitions, Inc., a Delaware corporation ("Purchaser"),
and a wholly-owned subsidiary of Aquila Energy Corporation, a Delaware
corporation ("Aquila"), which in turn is a wholly owned subsidiary of Utilicorp
United Inc., a Delaware corporation ("Parent"), to purchase all outstanding
shares of Common Stock, par value $.01 per share (the "Shares"), of Aquila Gas
Pipeline Corporation, a Delaware corporation (the "Company"), not currently
owned by Purchaser or Parent, for a purchase price of $8.00 per share, net to
the seller in cash, without interest thereon, upon the terms and subject to the
conditions set forth in the Offer to Purchase, dated April 9, 1999 (the "Offer
to Purchase") and in the related Letter of Transmittal (the "Letter of
Transmittal" and, together with the Offer to Purchase, the "Offer"), copies of
which are filed as Exhibits (a)(1) and (a)(2) respectively to the Tender Offer
Statement on Schedule 14D-1 (the "Schedule 14D-1") filed by Purchaser, Aquila
and Parent with the Securities and Exchange Commission on the date hereof. This
Schedule 13E-3 is being filed by Purchaser, Aquila and Parent.
The following cross-reference sheet is being supplied pursuant to General
Instruction F to Schedule 13E-3 and shows the location in the Schedule 14D-1 of
the information required to be included in response to the items of this
Schedule 13E-3. The information set forth in the Schedule 14D-1, including all
exhibits thereto, is hereby expressly incorporated herein by reference and the
responses to each item of this Schedule 13E-3 are qualified in their entirety by
reference to the information contained in the Schedule 14D-1 and the exhibits
thereto. All cross references in this Schedule 13E-3, other than cross
references to the Schedule 14D-1, are to the Offer to Purchase.
The information contained in this Schedule 13E-3 concerning the Company,
including, without limitation, information concerning the Company's capital
structure and historical financial statements, directors and executive officers,
was obtained from representatives of the Company and the Company's publicly
available filings with the Securities and Exchange Commission. Neither
Purchaser, Aquila nor Parent takes any responsibility for the accuracy of such
information.
2
<PAGE>
CROSS-REFERENCE SHEET TO
SCHEDULE 14D-1
<TABLE>
<CAPTION>
LOCATION OF ITEM(S)
ITEM AND CAPTION OF SCHEDULE 13E-3 IN SCHEDULE 14D-1
- --------------------------------------------------------------------------------------------- -----------------------
<S> <C> <C>
1. ISSUER AND CLASS OF SECURITY SUBJECT TO THE TRANSACTION.
(a)-(c)....................................................................... 1(a)-(c)
(d)-(f)....................................................................... *
2. IDENTITY AND BACKGROUND.
(a)-(g)....................................................................... 2
3. PAST CONTACTS, TRANSACTIONS OR NEGOTIATIONS.
(a)........................................................................... 3
(b)........................................................................... *
4. TERMS OF THE TRANSACTION.
(a)-(b)....................................................................... *
5. PLANS OR PROPOSALS OF THE ISSUER OR AFFILIATE.
(a)-(f)....................................................................... 5(a)-(g)
(g)........................................................................... *
6. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
(a)........................................................................... 4(a)
(b)........................................................................... *
(c)........................................................................... 4(b)
(d)........................................................................... 4(c)
7. PURPOSE(S), ALTERNATIVES, REASONS AND EFFECTS.
(a)........................................................................... 5
(b)-(d)....................................................................... *
8. FAIRNESS OF THE TRANSACTION.
(a)-(f)....................................................................... *
9. REPORTS, OPINIONS, APPRAISALS AND CERTAIN NEGOTIATIONS.
(a)-(c)....................................................................... *
10. INTEREST IN SECURITIES OF THE ISSUER.
(a)-(b)....................................................................... 6
11. CONTRACTS, ARRANGEMENTS OR UNDERSTANDINGS WITH RESPECT TO THE ISSUER'S
SECURITIES.................................................................. 7
12. PRESENT INTENTION AND RECOMMENDATION OF CERTAIN PERSONS WITH REGARD TO THE
TRANSACTION.
(a)-(b)....................................................................... *
13. OTHER PROVISIONS OF THE TRANSACTION.
(a)-(c)....................................................................... *
14. FINANCIAL INFORMATION.
(a)........................................................................... *
(b)........................................................................... *
15. PERSONS AND ASSETS EMPLOYED, RETAINED OR UTILIZED.
(a)........................................................................... *
(b)........................................................................... 8
16. ADDITIONAL INFORMATION........................................................ 10(f)
17. MATERIAL TO BE FILED AS EXHIBITS.............................................. separately included
herewith
</TABLE>
- ------------------------
* The item is not required by Schedule 14D-1 of the Securities Exchange Act of
1934, as amended.
3
<PAGE>
ITEM 1. ISSUER AND CLASS OF SECURITY SUBJECT TO THE TRANSACTION.
(a)-(c) The answers to Items 1(a) - (c) of the Schedule 14D-1 are
incorporated herein by reference. Information concerning the approximate number
of holders of record of the Shares is set forth in the section entitled
"Introduction" and "The Tender Offer--Certain Effects of the Transaction" of the
Offer to Purchase and is incorporated herein by reference.
(d) The information set forth in the section entitled "The Tender
Offer--Price Range of the Shares; Dividends" of the Offer to Purchase is
incorporated herein by reference.
(e) Not applicable.
(f) The information set forth in the section entitled "The Tender
Offer--Interests of Certain Persons in the Offer" of the Offer to Purchase is
incorporated herein by reference.
ITEM 2. IDENTITY AND BACKGROUND.
(a)-(g) The answers to Item 2 of the Schedule 14D-1 are incorporated herein
by reference.
ITEM 3. PAST CONTACTS, TRANSACTIONS OR NEGOTIATIONS.
(a)-(b) The answers to Items 3(a) and (b) of the Schedule 14D-1 are
incorporated herein by reference.
ITEM 4. TERMS OF THE TRANSACTION.
(a) The information set forth in the sections entitled "Introduction;"
"Special Factors--Purpose and Structure of the Offer; Plans for the Company
After the Offer;" and "The Tender Offer--Terms of the Offer;" "--Acceptance for
Payment and Payment for Shares;" "--Procedure for Tendering Shares;" "--
Withdrawal Rights;" "--Certain Effects of the Transaction;" "--Source and Amount
of Funds;" "-- Certain Conditions of the Offer;" and "--Certain Legal Matters;
Regulatory Approvals;" of the Offer to Purchase is incorporated herein by
reference.
(b) Not applicable.
ITEM 5. PLANS OR PROPOSALS OF THE ISSUER OR AFFILIATE.
(a)-(g) The answers to Item 5 of the Schedule 14D-1 are incorporated herein
by reference.
ITEM 6. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
(a) The answer to Item 4(a) of the Schedule 14D-1 is incorporated herein
by reference.
(b) The information set forth in the sections entitled "The Tender
Offer--Source and Amount of Funds" and "--Fees and Expenses" of the Offer to
Purchase is incorporated herein by reference.
(c) Not applicable.
(d) Not applicable.
ITEM 7. PURPOSE(S), ALTERNATIVES, REASONS AND EFFECTS.
(a) The answer to Item 5 of the Schedule 14D-1 is incorporated herein by
reference.
(b)-(d) The information set forth in the sections entitled "Introduction,"
"Special Factors--Background of the Offer;" "--Fairness of the Offer;"
"--Analysis of Financial Advisor to Parent;" "--Purpose and Structure of the
Offer; Plans for the Company After the Offer;" and "--Certain United States
Federal
4
<PAGE>
Income Tax Consequences;" and "The Tender Offer--Certain Effects of the
Transaction" and "--Certain Information Concerning the Company" of the Offer to
Purchase is incorporated herein by reference.
ITEM 8. FAIRNESS OF THE TRANSACTION.
(a)-(b) The information set forth in the sections entitled "Introduction"
and "Special Factors-- Fairness of the Offer" and "--Analysis of Financial
Advisor to Parent" of the Offer to Purchase is incorporated herein by reference.
(c)-(e) The information set forth in the sections entitled "Introduction,"
"Special Factors--Background of the Offer," "--Purpose and Structure of the
Offer; Plans for the Company after the Offer," "-- Fairness of the Offer" and
"--Analysis of Financial Advisor to Parent" and "The Tender Offer--Terms of the
Offer" and "--Interests of Certain Persons in the Offer" of the Offer to
Purchase is incorporated herein by reference.
(f) Not applicable.
ITEM 9. REPORTS, OPINIONS, APPRAISALS AND CERTAIN NEGOTIATIONS.
(a)-(c) The information set forth in the sections entitled "Introduction,"
"Special Factors--Background of the Offer," "--Fairness of the Offer" and
"--Analysis of Financial Advisor to Parent" of the Offer to Purchase is
incorporated herein by reference.
ITEM 10. INTEREST IN SECURITIES OF THE ISSUER.
(a)-(b) The answer to Item 6 of the Schedule 14D-1 is incorporated herein
by reference.
ITEM 11. CONTRACTS, ARRANGEMENTS OR UNDERSTANDINGS WITH RESPECT TO THE ISSUER'S
SECURITIES.
The answer to Item 7 of the Schedule 14D-1 is incorporated herein by
reference.
ITEM 12. PRESENT INTENTION AND RECOMMENDATION OF CERTAIN PERSONS WITH REGARD TO
THE TRANSACTION.
(a)-(b) The information set forth in "The Tender Offer--Interests of
Certain Persons in the Offer" of the Offer to Purchase is incorporated herein by
reference.
ITEM 13. OTHER PROVISIONS OF THE TRANSACTION.
(a) The information set forth in "Special Factors--Appraisal Rights in
the Second Step Merger" of the Offer to Purchase and in Annex A to the Offer to
Purchase is incorporated herein by reference.
(b)-(c) Not applicable.
ITEM 14. FINANCIAL INFORMATION.
(a) The information set forth in the section entitled "The Tender
Offer--Certain Information Concerning the Company" of the Offer to Purchase is
incorporated herein by reference.
(b) Not applicable.
ITEM 15. PERSONS AND ASSETS EMPLOYED, RETAINED OR UTILIZED.
(a) The information set forth in the sections entitled "Introduction"
and "Special Factors-- Background of the Offer" and "--Purpose and Structure of
the Offer; Plans for the Company after the Offer" of the Offer to Purchase is
incorporated herein by reference.
5
<PAGE>
(b) The answer to Item 8 of the Schedule 14D-1 is incorporated herein by
reference.
ITEM 16. ADDITIONAL INFORMATION.
The answer to Item 10(f) of the Schedule 14D-1 is incorporated herein by
reference.
ITEM 17. MATERIAL TO BE FILED AS EXHIBITS.
(a) Not applicable.
(b) Presentation of Donaldson, Lufkin & Jenrette Securities Corporation
to the management of UtiliCorp United Inc. dated April 6, 1999.
(c) Not applicable.
(d)(1) Offer to Purchase (previously filed as Exhibit (a)(1) to the
Schedule 14D-1 and incorporated herein by reference).
(d)(2) Letter of Transmittal (previously filed as Exhibit (a)(2) to the
Schedule 14D-1 and incorporated herein by reference).
(d)(3) Notice of Guaranteed Delivery (previously filed as Exhibit (a)(3) to
the Schedule 14D-1 and incorporated herein by reference).
(d)(4) Letter to Brokers, Dealers, Commercial Banks, Trust Companies and
Other Nominees (previously filed as Exhibit (a)(4) to the Schedule 14D-1 and
incorporated herein by reference).
(d)(5) Letter to Clients for use by Brokers, Dealers, Commercial Banks,
Trust Companies and Other Nominees (previously filed as Exhibit (a)(5) to the
Schedule 14D-1 and incorporated herein by reference).
(d)(6) Guidelines for Certification of Taxpayer Identification Number on
Substitute Form W-9 (previously filed as Exhibit (a)(6) to the Schedule 14D-1
and incorporated herein by reference).
(d)(7) Text of Press Release issued by Parent, dated April 8, 1999
(previously filed as Exhibit (a)(7) to the Schedule 14D-1 and incorporated
herein by reference).
(d)(8) Summary Advertisement, dated April 9, 1999 (previously filed as
Exhibit (a)(8) to the Schedule 14D-1 and incorporated herein by reference).
(d)(9) Letter of President of Parent to stockholders of the Company
(previously filed as Exhibit (a)(9) to the Schedule 14D-1 and incorporated
herein by reference).
(e) Appraisal Rights of Dissenting Stockholders Under Delaware Law
(included as Annex A to the Offer to Purchase and incorporated herein by
reference).
(f) Not applicable.
6
<PAGE>
SIGNATURE
After due inquiry and to the best of my knowledge and belief, I certify that
the information set forth in this statement is true, complete and correct.
<TABLE>
<S> <C> <C>
Dated: April 9, 1999 UTILICORP UNITED INC.
By: /s/ Robert K. Green
--------------------------------------------
Name: Robert K. Green
--------------------------------------------
Title: President
--------------------------------------------
AQUILA ENERGY CORPORATION
By: /s/ Robert K. Green
--------------------------------------------
Name: Robert K. Green
--------------------------------------------
Title: Authorized Representative
--------------------------------------------
AEC ACQUISITIONS INC.
By: /s/ Robert K. Green
--------------------------------------------
Name: Robert K. Green
--------------------------------------------
Title: President and Chief Operating Officer
--------------------------------------------
</TABLE>
7
<PAGE>
EXCERPT FROM RESOLUTIONS OF AQUILA ENERGY CORPORATION
RESOLVED, that the proposal to offer to purchase all of the outstanding
shares of common stock of Aquila Gas Pipeline Corporation not currently held by
UtiliCorp United Inc. ("UCU") or affiliates of UCU ("AQP Common Stock") at a
price of $8.00 per share, and on substantially the terms and conditions
presented to this meeting, with such modifications thereto as any of the
following officers or the Authorized Representative (as defined below) shall
deem to be necessary or desirable (the "Tender Offer") be, and the same hereby
is, approved and authorized, and that the Chairman, President, Vice President,
the Secretary or the Treasurer of the Company, or Robert K. Green (the
"Authorized Representative") be, and hereby are, authorized and directed to do
all things deemed necessary or desirable to carry out the Tender Offer.
RESOLVED FURTHER, that the aforementioned officers of the Company and the
Authorized Representative be, and hereby are, authorized and empowered to
prepare, execute, and file with the appropriate regulatory agencies, stock
exchanges and other bodies, all forms, schedules, and other documents (including
any and all amendments, exhibits, schedules, supplements, and other documents
and papers) which any of such officers or the Authorized Representative deems
necessary or desirable in connection with the Tender Offer, and to do such other
acts and things which in the judgment of any of such officers or the Authorized
Representative may be necessary or desirable in connection with the
commencement, extension, or consummation of the Tender Offer.
8
<PAGE>
EXHIBIT INDEX
<TABLE>
<CAPTION>
EXHIBIT
NUMBER DESCRIPTION
- --------- --------------------------------------------------------------------------------------------------------
<S> <C>
(a) Not applicable.
(b) Presentation of Donaldson, Lufkin & Jenrette Securities Corporation to the management of UtiliCorp
United Inc. dated April 6, 1999.
(c) Not applicable.
(d)(1) Offer to Purchase (previously filed as Exhibit (a)(1) to the Schedule 14D-1 and incorporated herein by
reference).
(d)(2) Letter of Transmittal (previously filed as Exhibit (a)(2) to the Schedule 14D-1 and incorporated herein
by reference).
(d)(3) Notice of Guaranteed Delivery (previously filed as Exhibit (a)(3) to the Schedule 14D-1 and incorporated
herein by reference).
(d)(4) Letter to Brokers, Dealers, Commercial Banks, Trust Companies and Other Nominees (previously filed as
Exhibit (a)(4) to the Schedule 14D-1 and incorporated heren by reference.
(d)(5) Letter to Clients for use by Brokers, Dealers, Commercial Banks, Trust Companies and Other Nominees
(previously filed as Exhibit (a)(5) to the Schedule 14D-1 and incorporated herein by reference).
(d)(6) Guidelines for Certification of Taxpayer Identification Number on Substitute Form W-9 (previously filed
as Exhibit (a)(6) to the Schedule 14D-1 and incorporated herein by reference).
(d)(7) Text of Press Release issued by Parent, dated April 8, 1999 (previously filed as Exhibit (a)(7) to the
Schedule 14D-1 and incorporated herein by reference).
(d)(8) Summary Advertisement, dated April 8, 1999 (previously filed as Exhibit (a)(8) to the Schedule 14D-1 and
incorporated herein by reference).
(d)(9) Letter of President of Parent to stockholders of the Company (previously filed as Exhibit(a)(9) to the
Schedule 14D-1 and incorporated herein by reference).
(e) Apraisal Rights of Dissenting Stockholders Under Delaware Law (included as Annex A to the Offer to
Purchase and incorporated herein by reference).
(f) Not applicable.
</TABLE>
9
<PAGE>
PRESENTATION REGARDING:
AQUILA GAS PIPELINE
APRIL 6, 1999
<PAGE>
TABLE OF CONTENTS
1 BACKGROUND
2 AQP PERFORMANCE
3 AQP VALUATION ANALYSES
<PAGE>
BACKGROUND
<PAGE>
BACKGROUND OF AQP VALUATION
- ------------------------------------------------------------------------------
NUMEROUS MARKET SECTOR AND COMPANY SPECIFIC FACTORS HAVE LED TO EROSION OF
AQP'S MARKET VALUE.
- ------------------------------------------------------------------------------
- - OPERATING PERFORMANCE CONTINUES TO DECLINE AND AQUILA'S 1998 RESULTS WERE
WELL BELOW CONSENSUS STREET ESTIMATES. IMPORTANT ISSUES WHICH IMPACTED
PERFORMANCE INCLUDE:
- The unsuccessful sale process
- Lower than expected NGL prices
- Fluctuations in production levels impacting volumes
- Decreased volumes on the SW gas pipeline
- - FIRST QUARTER 1999 RESULTS ARE EXPECTED TO BE LOWER THAN PROJECTED RESULTS.
- - AQUILA HAS A HEAVY CONCENTRATION IN THE AUSTIN CHALK.
- - THERE HAS BEEN A SUBSTANTIAL DETERIORATION IN THE VALUE OF THE OASIS
PIPELINE AS BASIS DIFFERENTIAL HAS DECLINED.
- - MUCH OF AQP'S FINANCIAL FORECAST DEPENDS ON AN UNCERTAIN OUTLOOK FOR THE NGL
AND NATURAL GAS MARKETS.
- - RECENT ORGANIZATIONAL RESTRUCTURING HAS TAKEN PLACE.
- Personnel losses have caused a setback in the strategic direction of
AQP's Gas Marketing and Trading Operation, serving as an impetus for
AQP's Gas Marketing Group to enter into an outsourcing agreement with
Aquila Energy Marketing
- Risk merchant activity was shut down in July '98 and any reopening
remains uncertain
2
<PAGE>
ANALYSIS OF OFFER
- --------------------------------------------------------------------------------
THE FOLLOWING PRESENTS AN ANALYSIS OF PARENT'S OFFER COMPARED TO AQP'S MARKET
PRICE PRIOR TO ANNOUNCEMENT OF THE OFFER ON NOVEMBER 11TH.
- --------------------------------------------------------------------------------
[GRAPHIC OMITTED]
<TABLE>
<CAPTION>
AS OF THE
($ in thousands, except per share data) NOV. 11 OFFER
- ---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Premium above November 11 closing price 0.0% 23.1%
Price per share $6.50 $8.00
Results
-------
Premium to price one week prior $6.88 (5.5%) 16.4%
Premium to price one month prior $4.94 31.6% 62.0%
Premium to price 6 months prior $17.25 (62.3%) (53.6%)
Total Purchase Price (1) $35,100 $43,200
AQUILA
Total Market Capitalization (2) $191,159 $235,273
Net Debt 207,829 207,829
-----------------------------
Enterprise Value 398,988 443,102
ENTERPRISE VALUE AS A MULTIPLE OF:
EBITDA (1998) (3) $43,013 9.3x 10.3x
EBITDA (1999E) (4) 55,072 7.2x 8.0x
EQUITY MARKET VALUE AS A MULTIPLE OF:
<CAPTION>
Per Share Total
-----------------------------
<S> <C> <C> <C> <C>
Net Income (1998) (3) $0.17 $4,869 39.3x 48.3x
Net Income (1999E) (4) $0.37 10,915 17.5x 21.6x
CFFO (12/31/98) (3)(5) $1.14 $33,443 5.7x 7.0x
CFFO (1999E) (4)(5) $1.43 41,960 4.6x 5.6x
</TABLE>
- -------------------------------------------------------------------------------
(1) Based on 5.4 mm public-owned shares.
(2) Based on 29.4 mm shares outstanding.
(3) Actual.
(4) Aquila management estimate. First quarter 1999 results are expected to
be below projected results.
(5) CFFO is defined as net income plus depreciation and amortization plus
deferred taxes.
3
<PAGE>
STOCK PRICE PERFORMANCE - GTM SECTOR
- -----------------------------------------------------------------------------
SINCE ANNOUNCEMENT OF UCU'S OFFER ON NOVEMBER 12, 1998, THE GATHERING,
TRANSMISSION AND MARKETING GROUP HAS TRADED OFF SIGNIFICANTLY DUE TO
CONTINUED WEAKNESS IN COMMODITY PRICING.
- -----------------------------------------------------------------------------
DAILY FROM NOVEMBER 12, 1998 - APRIL 1, 1999
<TABLE>
<CAPTION>
AQP WGR DYN NRG STR MND.A
<S> <C> <C> <C> <C> <C> <C>
11/12/98 100.00 100.00 100.00 100.00 100.00 100.00
11/13/98 97.08 100.00 99.12 100.65 101.94 102.78
11/16/98 97.84 99.28 99.12 100.00 102.90 99.54
11/17/98 97.84 98.56 97.81 99.35 101.61 100.00
11/18/98 99.28 92.81 97.37 96.77 102.90 100.00
11/19/98 97.84 90.65 96.93 82.58 102.26 100.00
11/20/98 97.12 92.09 97.81 92.90 101.94 98.15
11/23/98 97.12 102.16 95.61 91.61 103.23 99.07
11/24/98 97.84 107.19 95.61 90.32 102.58 94.44
11/25/98 99.28 106.47 93.86 95.48 101.61 98.15
11/27/98 98.56 105.76 94.74 90.32 102.26 97.22
11/30/98 97.84 107.19 91.23 95.48 99.03 96.30
12/01/98 97.84 103.60 88.60 98.06 100.32 90.74
12/02/98 97.12 101.44 88.16 100.65 99.35 88.43
12/03/98 97.12 94.24 89.91 107.10 98.39 77.78
12/04/98 97.84 94.24 90.79 101.94 99.35 81.48
12/07/98 97.84 95.68 94.74 103.23 98.71 83.33
12/08/98 97.12 93.53 93.86 103.87 96.13 81.02
12/09/98 98.56 86.33 94.74 108.39 95.48 81.02
12/10/98 97.84 80.58 92.11 108.39 95.16 80.56
12/11/98 97.84 75.54 91.67 107.10 90.65 78.70
12/14/98 96.40 74.10 87.72 105.81 92.26 75.93
12/15/98 96.40 64.03 84.65 113.55 96.13 75.00
12/16/98 97.12 63.31 82.89 104.52 93.87 72.69
12/17/98 97.84 61.15 82.46 109.03 95.16 74.07
12/18/98 97.12 73.38 77.63 109.03 96.13 77.31
12/21/98 96.40 73.38 73.68 103.23 95.48 73.15
12/22/98 96.40 69.06 74.56 89.35 95.48 76.85
12/23/98 97.12 63.31 72.81 90.32 97.10 73.15
12/24/98 97.84 66.19 74.12 94.19 98.06 77.31
12/28/98 97.84 62.59 73.68 95.48 96.77 81.48
12/29/98 98.56 64.75 71.93 87.74 96.77 84.72
12/30/98 97.84 66.19 71.93 89.03 96.77 77.78
12/31/98 98.56 66.19 76.75 92.90 100.00 84.72
01/04/99 100.72 74.10 87.72 98.06 97.42 83.33
01/05/99 101.44 74.10 83.33 98.06 96.45 82.41
01/06/99 98.56 75.54 81.58 95.48 97.42 87.96
01/07/99 98.56 79.14 81.58 95.48 95.81 91.67
01/08/99 100.00 76.26 81.14 82.58 97.10 100.93
01/11/99 98.56 76.26 80.70 91.61 96.45 99.07
01/12/99 101.44 69.78 80.70 89.68 95.16 97.22
01/13/99 103.60 70.50 84.21 82.58 91.61 94.91
01/14/99 101.44 69.78 84.21 80.00 92.58 91.67
01/15/99 101.44 71.22 84.21 81.29 92.90 92.13
01/19/99 101.44 74.10 85.96 82.58 91.94 92.59
01/20/99 101.44 69.06 84.21 82.58 90.97 94.91
01/21/99 101.44 68.35 84.21 80.00 90.32 92.13
01/22/99 98.56 68.35 79.82 77.42 90.97 89.81
01/25/99 100.00 67.63 80.26 81.29 91.29 88.89
01/26/99 100.72 66.19 78.07 77.42 90.32 87.96
01/27/99 98.56 65.47 73.68 69.68 88.71 86.11
01/28/99 98.56 64.03 74.56 64.52 86.13 85.65
01/29/99 100.72 63.31 74.56 77.42 86.13 87.04
02/01/99 98.56 60.43 71.93 64.52 86.45 84.26
02/02/99 98.56 59.71 81.14 64.52 84.84 78.24
02/03/99 95.68 56.83 80.70 65.81 87.10 79.63
02/04/99 96.40 56.83 81.14 65.81 86.13 81.02
02/05/99 98.56 57.55 79.82 65.81 86.45 82.41
02/08/99 97.12 54.68 79.82 65.81 88.06 82.41
02/09/99 97.84 53.96 76.32 64.52 87.74 81.94
02/10/99 97.84 48.92 77.63 65.16 87.42 81.48
02/11/99 94.96 50.36 75.44 64.52 88.39 81.02
02/12/99 95.68 47.48 74.56 65.81 89.35 79.63
02/16/99 93.53 50.36 76.32 67.10 89.03 79.63
02/17/99 94.96 51.80 76.75 72.26 88.71 79.17
02/18/99 94.96 57.55 77.19 68.39 88.71 82.41
02/19/99 95.68 64.75 78.51 82.58 89.03 81.94
02/22/99 93.53 64.75 84.21 80.00 91.94 86.11
02/23/99 93.53 64.03 83.77 81.29 91.94 87.04
02/24/99 94.96 56.83 84.21 78.71 91.29 85.19
02/25/99 95.68 58.27 85.96 77.42 90.97 83.33
02/26/99 100.72 57.55 84.21 77.42 92.26 82.41
03/01/99 99.28 58.27 88.60 76.13 91.61 82.87
03/02/99 96.40 58.99 89.04 75.48 91.94 84.26
03/03/99 95.68 64.03 89.04 74.84 90.00 83.33
03/04/99 94.96 65.47 88.16 73.55 90.97 83.33
03/05/99 94.96 66.19 88.60 72.26 91.61 83.33
03/08/99 92.09 64.03 85.96 72.26 92.90 92.59
03/09/99 90.65 62.59 85.53 69.68 92.90 95.83
03/10/99 92.09 67.63 84.65 69.68 92.26 100.93
03/11/99 90.65 69.78 85.53 72.26 92.90 100.93
03/12/99 92.81 81.29 91.67 70.97 92.90 103.70
03/15/99 92.81 75.54 91.67 73.55 91.94 101.39
03/16/99 93.53 74.82 89.91 73.55 94.52 95.83
03/17/99 92.81 74.82 91.23 72.26 93.87 96.30
03/18/99 92.81 74.82 90.35 76.13 92.58 95.37
03/19/99 91.37 81.29 87.72 77.42 90.00 94.91
03/22/99 90.65 83.45 89.04 77.42 91.29 94.44
03/23/99 90.65 79.86 90.79 77.42 90.32 93.52
03/24/99 90.65 86.33 105.26 77.42 89.03 93.52
03/25/99 91.37 87.05 101.75 77.42 89.03 93.52
03/26/99 90.65 80.58 98.68 77.42 88.39 93.52
03/29/99 92.81 88.49 100.88 77.42 90.00 101.85
03/30/99 93.53 87.77 100.88 77.42 87.74 106.48
03/31/99 83.45 86.33 98.68 77.42 87.42 92.13
04/01/99 82.73 86.33 100.00 78.71 86.45 97.69
</TABLE>
4
<PAGE>
PEERS' STOCK PERFORMANCE COMPARISON
- ------------------------------------------------------------------------------
ALL OF AQP'S PEER COMPANIES ARE TRADING AT OR BELOW THE VALUES THEY WERE
TRADING AT ON NOVEMBER 12, 1998.
- ------------------------------------------------------------------------------
(% change since November 12, 1998)
<TABLE>
<CAPTION>
PRICE ON PRICE ON
11/12/98 12/11/98 1/12/99 2/12/99 3/12/99 4/1/99 4/1/99
- -------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
AQUILA GAS PIPELINE $8.69 (2.2%) 1.4% (4.3%) (7.2%) (17.3%) $7.19
Mitchell Energy $13.50 (21.3%) (2.8%) (20.4%) 3.7% (2.3%) $13.19
Western Gas $8.69 (24.5%) (30.2%) (52.5%) (18.7%) (13.7%) $7.50
Dynegy Inc. $14.25 (8.3%) (19.3%) (25.4%) (8.3%) 0.0% $14.25
MarkWest Hydrocarbon $9.69 7.1% (10.3%) (34.2%) (29.0%) (21.3%) $7.63
Questar Corp. $19.38 (9.4%) (4.8%) (10.6%) (7.1%) (13.5%) $16.75
- -------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------
</TABLE>
5
<PAGE>
INDEXED STOCK PRICE PERFORMANCE - GAS SECTOR
- -------------------------------------------------------------------------------
ON AVERAGE, MOST OF AQP'S PEERS HAVE LOST OVER 50% OF THEIR EQUITY VALUE IN
THE PAST YEAR; SOME HAVE LOST MORE THAN 60%.
- -------------------------------------------------------------------------------
DAILY FROM APRIL 1, 1998 - APRIL 1, 1999
<TABLE>
<CAPTION>
AQP WGR DYN NRG STR MND.A
<S> <C> <C> <C> <C> <C> <C>
04/01/98 100.00 100.00 100.00 100.00 100.00 100.00
04/02/98 101.13 98.71 99.15 96.59 104.41 99.31
04/03/98 101.89 96.78 100.00 95.45 102.64 98.85
04/06/98 107.55 96.78 100.00 100.00 102.06 97.93
04/07/98 110.57 98.39 99.15 100.57 102.06 96.09
04/08/98 110.94 97.11 97.86 98.86 101.17 96.32
04/09/98 113.21 98.07 98.29 95.45 101.76 95.40
04/13/98 110.19 97.75 97.86 102.27 101.76 94.71
04/14/98 110.19 100.32 96.58 94.32 102.06 95.17
04/15/98 109.81 100.00 100.43 92.05 104.11 95.63
04/16/98 106.79 96.14 99.57 92.05 104.99 94.25
04/17/98 106.42 96.30 99.15 90.91 104.55 95.17
04/20/98 106.42 93.89 98.72 95.45 104.55 94.71
04/21/98 106.42 93.89 98.72 93.75 104.26 95.63
04/22/98 106.79 92.93 98.29 93.18 103.08 95.40
04/23/98 106.42 91.96 97.44 90.91 102.20 95.40
04/24/98 106.42 90.35 96.58 93.75 101.62 94.71
04/27/98 105.28 90.68 96.15 94.32 99.12 92.41
04/28/98 104.15 92.60 96.15 92.61 99.27 93.33
04/29/98 104.15 96.14 99.15 91.19 101.32 92.18
04/30/98 106.42 96.46 100.85 86.36 101.91 91.95
05/01/98 106.42 96.14 100.43 87.50 102.20 91.95
05/04/98 103.77 95.18 100.85 86.93 101.91 92.87
05/05/98 103.02 96.46 99.15 84.09 100.88 92.41
05/06/98 101.89 92.60 99.15 85.23 100.59 92.41
05/07/98 101.89 94.53 100.00 84.66 99.71 92.41
05/08/98 104.53 92.93 101.28 84.66 100.44 91.49
05/11/98 104.91 90.03 100.85 84.09 99.41 89.66
05/12/98 104.15 90.68 101.28 81.82 99.27 88.74
05/13/98 103.77 92.28 101.28 87.50 99.12 88.28
05/14/98 103.40 92.28 100.85 81.82 98.38 88.74
05/15/98 103.40 92.60 99.15 81.82 98.09 88.28
05/18/98 103.40 94.53 100.00 80.68 96.92 87.36
05/19/98 103.02 95.18 101.28 80.68 97.21 88.51
05/20/98 103.40 92.60 100.43 85.23 98.09 88.51
05/21/98 100.38 92.28 100.00 79.55 97.50 88.97
05/22/98 101.13 88.75 97.44 84.09 96.92 87.36
05/26/98 91.32 85.53 102.56 80.68 94.71 86.44
05/27/98 87.17 81.03 99.57 81.82 92.80 85.98
05/28/98 88.68 81.03 101.28 79.55 92.80 86.44
05/29/98 88.68 83.28 103.85 79.55 95.30 88.28
06/01/98 87.92 80.06 102.99 78.41 95.15 86.67
06/02/98 89.06 81.35 102.14 80.68 93.98 83.22
06/03/98 88.30 80.06 103.85 76.14 93.98 85.06
06/04/98 86.42 80.06 105.13 71.59 93.54 83.68
06/05/98 88.68 82.64 104.27 72.73 94.13 83.22
06/08/98 89.06 81.67 102.14 70.45 93.98 81.84
06/09/98 86.79 79.10 102.14 70.45 93.25 82.07
06/10/98 85.66 77.49 97.44 70.45 93.10 81.61
06/11/98 80.38 73.31 96.15 70.45 92.36 81.61
06/12/98 79.25 72.99 97.44 70.45 92.07 81.84
06/15/98 78.11 72.03 96.58 70.74 89.87 79.54
06/16/98 73.58 75.88 97.01 72.73 90.16 80.23
06/17/98 76.60 77.17 98.29 79.55 93.10 80.00
06/18/98 78.49 77.49 95.30 77.27 89.57 79.08
06/19/98 77.36 76.21 94.87 79.55 89.28 78.39
06/22/98 77.74 75.24 94.44 79.55 90.16 76.78
06/23/98 78.49 76.21 92.74 78.41 90.16 74.48
06/24/98 78.11 76.53 91.03 79.83 91.63 74.48
06/25/98 75.47 76.85 90.17 68.18 89.57 75.63
06/26/98 76.60 76.85 86.75 70.45 90.46 78.16
06/29/98 74.72 76.53 85.90 69.32 91.63 78.39
06/30/98 73.96 75.24 85.47 70.45 92.22 73.56
07/01/98 75.47 76.85 90.60 70.45 90.75 75.40
07/02/98 74.72 75.56 91.45 69.32 91.63 75.86
07/06/98 73.96 73.31 91.03 70.45 90.75 75.63
07/07/98 73.96 74.28 91.45 69.32 88.11 76.78
07/08/98 74.72 74.60 91.88 69.32 87.22 75.40
07/09/98 74.72 73.63 91.45 69.32 87.22 75.40
07/10/98 73.96 74.60 89.74 69.32 88.11 74.71
07/13/98 74.72 72.99 90.17 69.32 88.11 75.17
07/14/98 73.58 73.63 89.74 69.32 87.22 75.86
07/15/98 73.21 72.99 89.32 69.32 87.81 77.24
07/16/98 73.96 72.03 90.17 68.18 89.28 76.78
07/17/98 68.68 72.67 91.45 69.32 90.46 77.01
07/20/98 67.92 71.70 91.88 71.59 87.22 75.86
07/21/98 67.17 70.74 89.74 71.59 87.52 75.63
07/22/98 66.79 69.45 86.75 69.32 87.81 74.25
07/23/98 63.77 67.85 86.75 67.05 88.69 73.56
07/24/98 63.02 66.24 85.47 69.32 88.11 72.18
07/27/98 63.40 64.31 85.90 69.46 86.34 71.49
07/28/98 63.40 63.02 87.61 67.05 84.88 69.89
07/29/98 63.02 63.02 96.15 67.05 86.05 68.28
07/30/98 63.40 62.38 95.73 67.61 87.81 69.89
07/31/98 58.87 59.49 94.87 67.33 87.52 67.36
08/03/98 60.00 58.20 93.16 67.61 85.17 64.37
08/04/98 59.62 58.20 92.31 70.45 83.99 60.00
08/05/98 58.87 55.95 92.74 66.48 82.82 58.85
08/06/98 58.49 59.16 93.16 65.91 82.23 58.16
08/07/98 55.85 59.81 92.31 64.91 83.11 57.01
08/10/98 53.21 59.81 92.31 67.05 81.94 56.09
08/11/98 52.45 55.95 90.17 65.34 80.76 54.71
08/12/98 53.21 56.59 90.60 65.91 84.58 57.93
08/13/98 51.32 55.95 88.89 65.34 82.53 58.16
08/14/98 49.06 55.95 88.46 64.77 86.05 57.70
08/17/98 47.55 56.59 86.32 65.34 84.29 58.16
08/18/98 47.17 55.63 87.18 64.77 85.46 59.08
08/19/98 47.17 53.38 85.47 65.91 83.41 58.39
08/20/98 46.79 53.38 83.33 65.34 83.99 56.09
08/21/98 44.91 52.09 81.20 64.77 84.29 57.70
08/24/98 44.53 52.41 82.05 64.77 84.29 58.39
08/25/98 45.28 50.16 77.78 63.64 84.88 57.24
08/26/98 44.53 47.27 73.50 63.64 83.70 56.09
08/27/98 44.91 45.02 72.65 55.11 80.18 54.71
08/28/98 43.77 43.09 67.09 55.11 78.12 53.33
08/31/98 43.40 42.77 65.38 43.18 76.36 49.66
09/01/98 43.77 43.09 68.38 50.00 78.12 51.03
09/02/98 43.77 46.30 67.95 51.14 78.71 48.74
09/03/98 42.26 46.95 66.67 50.00 76.65 47.59
09/04/98 41.51 50.16 69.23 51.14 80.18 47.59
09/08/98 41.13 52.09 72.65 48.86 80.76 47.59
09/09/98 41.13 51.13 71.37 47.73 79.88 46.67
09/10/98 40.38 48.87 73.08 45.45 78.41 45.06
09/11/98 40.75 49.20 76.92 45.45 82.53 47.82
09/14/98 41.89 49.52 78.21 44.60 85.46 48.97
09/15/98 41.51 45.98 80.34 43.18 89.57 48.28
09/16/98 40.38 45.02 85.04 44.32 88.40 47.59
09/17/98 40.38 45.98 85.47 39.77 87.22 47.36
09/18/98 40.00 48.23 86.75 40.91 87.81 48.28
09/21/98 40.00 47.59 86.75 43.18 88.11 47.82
09/22/98 40.00 47.59 89.74 43.18 87.81 49.20
09/23/98 41.13 46.95 94.02 42.61 91.63 49.43
09/24/98 40.38 45.98 91.03 52.84 88.40 48.28
09/25/98 39.62 45.66 91.03 53.41 88.40 47.13
09/28/98 37.74 45.98 91.03 50.00 88.69 47.36
09/29/98 36.23 45.66 91.45 52.27 92.22 47.13
09/30/98 36.60 42.44 91.88 48.86 90.46 46.67
10/01/98 35.47 45.66 92.31 51.14 90.16 45.29
10/02/98 34.72 45.34 91.45 52.27 93.10 45.75
10/05/98 33.96 44.37 89.74 48.30 89.87 43.68
10/06/98 30.19 43.73 88.46 48.30 90.16 43.68
10/07/98 30.19 43.73 84.62 48.58 93.10 41.38
10/08/98 30.19 40.84 80.77 47.73 92.80 40.92
10/09/98 30.19 37.94 83.33 50.00 91.63 42.99
10/12/98 29.81 38.59 85.04 49.43 93.39 43.22
10/13/98 28.68 36.01 85.90 48.86 95.15 43.45
10/14/98 28.30 36.98 87.61 48.30 94.86 44.14
10/15/98 28.68 38.59 88.89 47.73 93.69 44.37
10/16/98 28.30 40.51 91.88 48.30 92.80 45.75
10/19/98 28.68 39.87 91.88 48.58 93.69 46.21
10/20/98 28.68 40.51 92.31 48.58 93.98 47.59
10/21/98 27.92 40.51 92.31 48.30 92.80 47.59
10/22/98 29.81 36.01 94.02 47.16 94.57 50.11
10/23/98 32.83 36.66 94.87 48.01 94.27 51.03
10/26/98 39.62 37.30 100.43 48.01 93.69 49.20
10/27/98 44.15 41.16 101.71 47.73 92.80 50.11
10/28/98 44.15 41.16 101.28 47.73 93.39 50.80
10/29/98 42.64 41.48 100.85 47.16 92.51 51.03
10/30/98 42.26 42.12 102.56 44.89 92.51 51.26
11/02/98 41.13 43.09 102.56 44.89 92.22 51.95
11/03/98 41.51 44.37 102.56 46.59 91.63 52.64
11/04/98 41.51 39.23 102.99 42.61 92.51 51.26
11/05/98 41.13 42.44 104.27 44.89 92.22 53.10
11/06/98 42.26 43.41 101.71 44.60 93.10 54.94
11/09/98 42.26 43.73 99.15 45.45 91.92 52.87
11/10/98 39.62 43.09 100.00 45.03 91.63 53.10
11/11/98 39.25 44.37 99.15 45.45 91.92 51.49
11/12/98 52.45 44.69 97.44 44.03 91.04 49.66
11/13/98 50.92 44.69 96.58 44.32 92.80 51.03
11/16/98 51.32 44.37 96.58 44.03 93.69 49.43
11/17/98 51.32 44.05 95.30 43.75 92.51 49.66
11/18/98 52.08 41.48 94.87 42.61 93.69 49.66
11/19/98 51.32 40.51 94.44 36.36 93.10 49.66
11/20/98 50.94 41.16 95.30 40.91 92.80 48.74
11/23/98 50.94 45.66 93.16 40.34 93.98 49.20
11/24/98 51.32 47.91 93.16 39.77 93.39 46.90
11/25/98 52.08 47.59 91.45 42.05 92.51 48.74
11/27/98 51.70 47.27 92.31 39.77 93.10 48.28
11/30/98 51.32 47.91 88.89 42.05 90.16 47.82
12/01/98 51.32 46.30 86.32 43.18 91.34 45.06
12/02/98 50.94 45.34 85.90 44.32 90.46 43.91
12/03/98 50.94 42.12 87.61 47.16 89.57 38.62
12/04/98 51.32 42.12 88.46 44.89 90.46 40.46
12/07/98 51.32 42.77 92.31 45.45 89.87 41.38
12/08/98 50.94 41.80 91.45 45.74 87.52 40.23
12/09/98 51.70 38.59 92.31 47.73 86.93 40.23
12/10/98 51.32 36.01 89.74 47.73 86.64 40.00
12/11/98 51.32 33.76 89.32 47.16 82.53 39.08
12/14/98 50.57 33.12 85.47 46.59 83.99 37.70
12/15/98 50.57 28.62 82.48 50.00 87.52 37.24
12/16/98 50.94 28.30 80.77 46.02 85.46 36.09
12/17/98 51.32 27.33 80.34 48.01 86.64 36.78
12/18/98 50.94 32.80 75.64 48.01 87.52 38.39
12/21/98 50.57 32.80 71.79 45.45 86.93 36.32
12/22/98 50.57 30.87 72.65 39.35 86.93 38.16
12/23/98 50.94 28.30 70.94 39.77 88.40 36.32
12/24/98 51.32 29.58 72.22 41.48 89.28 38.39
12/28/98 51.32 27.97 71.79 42.05 88.11 40.46
12/29/98 51.70 28.94 70.09 38.64 88.11 42.07
12/30/98 51.32 29.58 70.09 39.20 88.11 38.62
12/31/98 51.70 29.58 74.79 40.91 91.04 42.07
01/04/99 52.83 33.12 85.47 43.18 88.69 41.38
01/05/99 53.21 33.12 81.20 43.18 87.81 40.92
01/06/99 51.70 33.76 79.49 42.05 88.69 43.68
01/07/99 51.70 35.37 79.49 42.05 87.22 45.52
01/08/99 52.45 34.08 79.06 36.36 88.40 50.11
01/11/99 51.70 34.08 78.63 40.34 87.81 49.20
01/12/99 53.21 31.19 78.63 39.49 86.64 48.28
01/13/99 54.34 31.51 82.05 36.36 83.41 47.13
01/14/99 53.21 31.19 82.05 35.23 84.29 45.52
01/15/99 53.21 31.83 82.05 35.80 84.58 45.75
01/19/99 53.21 33.12 83.76 36.36 83.70 45.98
01/20/99 53.21 30.87 82.05 36.36 82.82 47.13
01/21/99 53.21 30.55 82.05 35.23 82.23 45.75
01/22/99 51.70 30.55 77.78 34.09 82.82 44.60
01/25/99 52.45 30.23 78.21 35.80 83.11 44.14
01/26/99 52.83 29.58 76.07 34.09 82.23 43.68
01/27/99 51.70 29.26 71.79 30.68 80.76 42.76
01/28/99 51.70 28.62 72.65 28.41 78.41 42.53
01/29/99 52.83 28.30 72.65 34.09 78.41 43.22
02/01/99 51.70 27.01 70.09 28.41 78.71 41.84
02/02/99 51.70 26.69 79.06 28.41 77.24 38.85
02/03/99 50.19 25.40 78.63 28.98 79.30 39.54
02/04/99 50.57 25.40 79.06 28.98 78.41 40.23
02/05/99 51.70 25.72 77.78 28.98 78.71 40.92
02/08/99 50.94 24.44 77.78 28.98 80.18 40.92
02/09/99 51.32 24.12 74.36 28.41 79.88 40.69
02/10/99 51.32 21.86 75.64 28.69 79.59 40.46
02/11/99 49.81 22.51 73.50 28.41 80.47 40.23
02/12/99 50.19 21.22 72.65 28.98 81.35 39.54
02/16/99 49.06 22.51 74.36 29.55 81.06 39.54
02/17/99 49.81 23.15 74.79 31.82 80.76 39.31
02/18/99 49.81 25.72 75.21 30.11 80.76 40.92
02/19/99 50.19 28.94 76.50 36.36 81.06 40.69
02/22/99 49.06 28.94 82.05 35.23 83.70 42.76
02/23/99 49.06 28.62 81.62 35.80 83.70 43.22
02/24/99 49.81 25.40 82.05 34.66 83.11 42.30
02/25/99 50.19 26.05 83.76 34.09 82.82 41.38
02/26/99 52.83 25.72 82.05 34.09 83.99 40.92
03/01/99 52.08 26.05 86.32 33.52 83.41 41.15
03/02/99 50.57 26.37 86.75 33.24 83.70 41.84
03/03/99 50.19 28.62 86.75 32.95 81.94 41.38
03/04/99 49.81 29.26 85.90 32.39 82.82 41.38
03/05/99 49.81 29.58 86.32 31.82 83.41 41.38
03/08/99 48.30 28.62 83.76 31.82 84.58 45.98
03/09/99 47.55 27.97 83.33 30.68 84.58 47.59
03/10/99 48.30 30.23 82.48 30.68 83.99 50.11
03/11/99 47.55 31.19 83.33 31.82 84.58 50.11
03/12/99 48.68 36.33 89.32 31.25 84.58 51.49
03/15/99 48.68 33.76 89.32 32.39 83.70 50.34
03/16/99 49.06 33.44 87.61 32.39 86.05 47.59
03/17/99 48.68 33.44 88.89 31.82 85.46 47.82
03/18/99 48.68 33.44 88.03 33.52 84.29 47.36
03/19/99 47.92 36.33 85.47 34.09 81.94 47.13
03/22/99 47.55 37.30 86.75 34.09 83.11 46.90
03/23/99 47.55 35.69 88.46 34.09 82.23 46.44
03/24/99 47.55 38.59 102.56 34.09 81.06 46.44
03/25/99 47.92 38.91 99.15 34.09 81.06 46.44
03/26/99 47.55 36.01 96.15 34.09 80.47 46.44
03/29/99 48.68 39.55 98.29 34.09 81.94 50.57
03/30/99 49.06 39.23 98.29 34.09 79.88 52.87
03/31/99 43.77 38.59 96.15 34.09 79.59 45.75
04/01/99 43.40 38.59 97.44 34.66 78.71 48.51
</TABLE>
6
<PAGE>
- ------------------------------------------------------------------------------
AQP PERFORMANCE
- ------------------------------------------------------------------------------
7
<PAGE>
AQP STOCK PRICE PERFORMANCE
The following chart shows AQP's stock price performance.
DAILY FROM OCTOBER 20, 1993 - APRIL 1, 1999
<TABLE>
<CAPTION>
Date Share Price Volume in Thousands
<S> <C> <C>
10/20/93 15.38 2268.90
10/21/93 15.25 503.50
10/22/93 15.25 254.00
10/25/93 15.13 145.50
10/26/93 15.00 180.30
10/27/93 15.00 58.90
10/28/93 15.00 56.70
10/29/93 15.00 119.70
11/01/93 15.00 55.80
11/02/93 14.50 256.50
11/03/93 14.00 133.10
11/04/93 13.75 112.10
11/05/93 13.75 88.20
11/08/93 14.00 78.50
11/09/93 14.13 6.70
11/10/93 14.00 32.80
11/11/93 14.00 30.10
11/12/93 13.75 54.80
11/15/93 13.63 22.60
11/16/93 12.75 64.10
11/17/93 12.50 65.40
11/18/93 12.25 18.90
11/19/93 12.13 15.20
11/22/93 12.38 60.00
11/23/93 12.25 28.40
11/24/93 12.50 3.90
11/26/93 12.38 6.70
11/29/93 11.00 75.10
11/30/93 11.38 216.10
12/01/93 11.38 154.20
12/02/93 11.50 114.80
12/03/93 11.25 13.70
12/06/93 11.13 41.50
12/07/93 10.88 89.40
12/08/93 11.25 42.90
12/09/93 11.25 42.10
12/10/93 11.75 7.30
12/13/93 11.75 44.00
12/14/93 12.00 45.20
12/15/93 12.50 41.40
12/16/93 12.88 76.80
12/17/93 13.00 41.20
12/20/93 13.38 81.10
12/21/93 13.13 12.50
12/22/93 12.88 35.20
12/23/93 13.00 5.30
12/27/93 12.75 14.00
12/28/93 12.25 27.40
12/29/93 11.88 23.90
12/30/93 11.63 83.60
12/31/93 13.38 69.10
01/03/94 12.63 45.40
01/04/94 12.63 48.70
01/05/94 12.88 12.80
01/06/94 12.75 7.80
01/07/94 12.63 5.30
01/10/94 12.38 46.60
01/11/94 12.63 6.40
01/12/94 12.50 3.20
01/13/94 12.50 4.20
01/14/94 12.63 17.80
01/17/94 12.75 4.40
01/18/94 12.88 13.50
01/19/94 12.63 2.90
01/20/94 12.63 10.30
01/21/94 13.00 12.30
01/24/94 13.25 13.90
01/25/94 13.00 19.50
01/26/94 13.00 5.50
01/27/94 12.88 23.60
01/28/94 12.63 2.80
01/31/94 13.13 8.00
02/01/94 13.00 25.90
02/02/94 13.00 0.40
02/03/94 12.63 3.50
02/04/94 12.63 6.70
02/07/94 12.75 12.90
02/08/94 12.75 0.40
02/09/94 12.88 72.10
02/10/94 12.63 10.60
02/11/94 12.38 33.30
02/14/94 12.38 16.70
02/15/94 12.00 28.40
02/16/94 12.63 37.70
02/17/94 12.88 19.80
02/18/94 12.75 11.60
02/22/94 12.75 8.00
02/23/94 12.75 7.30
02/24/94 12.38 18.50
02/25/94 12.25 21.30
02/28/94 12.63 10.50
03/01/94 12.63 26.50
03/02/94 12.13 1.70
03/03/94 11.88 4.60
03/04/94 12.00 10.10
03/07/94 11.75 20.30
03/08/94 11.88 12.10
03/09/94 11.88 1.20
03/10/94 12.00 21.60
03/11/94 12.25 21.40
03/14/94 12.38 1.70
03/15/94 12.50 10.60
03/16/94 12.38 2.00
03/17/94 12.38 2.70
03/18/94 11.88 9.20
03/21/94 11.88 0.50
03/22/94 12.25 35.70
03/23/94 12.25 27.00
03/24/94 12.00 10.00
03/25/94 12.00 8.70
03/28/94 11.75 20.50
03/29/94 11.75 7.50
03/30/94 11.50 3.50
03/31/94 11.38 6.30
04/04/94 10.88 21.80
04/05/94 10.50 54.90
04/06/94 10.38 67.70
04/07/94 10.38 1.00
04/08/94 10.38 1.00
04/11/94 10.25 1.00
04/12/94 9.50 14.10
04/13/94 9.75 14.00
04/14/94 9.75 17.80
04/15/94 9.75 31.80
04/18/94 9.75 23.80
04/19/94 9.63 5.20
04/20/94 9.88 2.10
04/21/94 9.75 2.50
04/22/94 9.63 2.20
04/25/94 9.00 60.30
04/26/94 9.00 93.20
04/28/94 9.13 3.70
04/29/94 9.00 59.40
05/02/94 8.88 8.20
05/03/94 8.75 16.40
05/04/94 9.00 15.40
05/05/94 9.38 18.10
05/06/94 9.50 56.30
05/09/94 9.75 91.50
05/10/94 10.00 9.50
05/11/94 9.88 3.50
05/12/94 10.00 4.70
05/13/94 10.25 6.70
05/16/94 10.00 45.80
05/17/94 9.88 13.90
05/18/94 9.88 0.00
05/19/94 9.88 14.80
05/20/94 9.88 22.00
05/23/94 9.75 15.60
05/24/94 9.75 10.00
05/25/94 9.75 88.40
05/26/94 9.75 14.00
05/27/94 10.00 6.80
05/31/94 10.00 8.00
06/01/94 10.00 0.90
06/02/94 10.13 9.10
06/03/94 10.00 16.00
06/06/94 10.25 14.20
06/07/94 10.25 15.10
06/08/94 10.13 6.20
06/09/94 10.25 58.00
06/10/94 10.00 7.00
06/13/94 10.00 8.90
06/14/94 10.00 45.20
06/15/94 9.88 0.60
06/16/94 10.00 7.90
06/17/94 10.00 0.60
06/20/94 9.75 3.00
06/21/94 9.88 3.90
06/22/94 10.00 21.20
06/23/94 10.00 2.00
06/24/94 9.88 0.60
06/27/94 9.75 10.90
06/28/94 9.75 0.60
06/29/94 9.75 1.10
06/30/94 9.00 33.30
07/01/94 9.00 0.20
07/05/94 9.00 19.80
07/06/94 9.25 35.70
07/07/94 9.13 34.10
07/08/94 9.25 12.10
07/11/94 9.25 15.40
07/12/94 9.13 5.60
07/13/94 9.25 9.50
07/14/94 9.50 22.30
07/15/94 9.63 0.80
07/18/94 9.63 9.70
07/19/94 9.63 0.50
07/20/94 9.38 18.50
07/21/94 9.38 79.30
07/22/94 9.38 100.20
07/25/94 9.50 1.50
07/26/94 9.50 0.40
07/27/94 9.38 50.00
07/28/94 9.38 0.80
07/29/94 9.63 46.00
08/01/94 9.50 7.00
08/02/94 9.50 2.40
08/03/94 9.38 0.60
08/04/94 9.38 11.20
08/05/94 9.50 114.10
08/08/94 9.38 61.70
08/09/94 9.38 0.50
08/10/94 9.38 12.40
08/11/94 9.38 0.20
08/12/94 9.38 10.30
08/15/94 9.50 4.30
08/16/94 9.50 1.10
08/17/94 9.38 2.20
08/18/94 9.25 4.50
08/19/94 9.25 1.10
08/22/94 9.25 0.80
08/23/94 9.38 57.40
08/24/94 9.25 1.50
08/25/94 9.31 0.00
08/26/94 9.13 12.00
08/29/94 9.25 1.60
08/30/94 9.25 8.90
08/31/94 9.25 1.30
09/01/94 9.00 12.10
09/02/94 9.00 0.50
09/06/94 9.13 5.20
09/07/94 9.00 42.80
09/08/94 8.88 12.10
09/09/94 8.88 0.50
09/12/94 8.75 6.80
09/13/94 8.75 3.80
09/14/94 8.63 6.00
09/15/94 8.88 1.70
09/16/94 8.75 2.70
09/19/94 8.75 12.70
09/20/94 8.63 15.40
09/21/94 8.63 2.10
09/22/94 8.75 0.10
09/23/94 8.75 4.70
09/26/94 8.75 3.30
09/27/94 8.75 0.50
09/28/94 8.75 12.40
09/29/94 8.63 0.60
09/30/94 8.63 0.00
10/03/94 8.75 0.10
10/04/94 8.63 0.00
10/05/94 8.50 24.30
10/06/94 8.50 0.10
10/07/94 8.38 3.00
10/10/94 8.25 4.30
10/11/94 8.25 0.40
10/12/94 8.38 1.00
10/13/94 8.50 7.20
10/14/94 8.50 2.00
10/17/94 8.50 8.80
10/18/94 8.63 0.60
10/19/94 8.63 2.50
10/20/94 8.25 3.60
10/21/94 8.13 2.00
10/24/94 8.00 1.90
10/25/94 7.88 4.10
10/26/94 7.75 14.40
10/27/94 7.75 6.80
10/28/94 7.75 4.10
10/31/94 7.63 23.30
11/01/94 7.75 4.70
11/02/94 7.63 11.60
11/03/94 8.00 36.90
11/04/94 8.00 13.00
11/07/94 8.13 0.60
11/08/94 8.13 0.00
11/09/94 8.00 2.60
11/10/94 8.13 1.90
11/11/94 8.06 0.00
11/14/94 8.00 22.30
11/15/94 7.75 3.20
11/16/94 7.75 5.30
11/17/94 7.75 14.00
11/18/94 7.63 10.30
11/21/94 7.63 3.70
11/22/94 7.63 7.40
11/23/94 7.75 2.40
11/25/94 7.75 0.00
11/28/94 7.88 3.90
11/29/94 7.88 3.50
11/30/94 7.25 77.20
12/01/94 7.25 5.80
12/02/94 7.38 5.90
12/05/94 7.25 22.20
12/06/94 7.25 7.40
12/07/94 7.38 2.00
12/08/94 7.13 15.20
12/09/94 7.13 3.90
12/12/94 6.88 9.10
12/13/94 6.75 19.10
12/14/94 6.25 32.30
12/15/94 7.00 49.30
12/16/94 7.25 51.30
12/19/94 7.75 32.20
12/20/94 7.75 2.10
12/21/94 7.75 19.70
12/22/94 7.75 6.80
12/23/94 7.88 2.50
12/27/94 7.88 4.90
12/28/94 8.13 45.40
12/29/94 8.13 3.40
12/30/94 7.88 13.90
01/03/95 8.00 1.00
01/04/95 8.00 0.50
01/05/95 8.00 3.00
01/06/95 8.00 0.10
01/09/95 8.25 3.80
01/10/95 8.00 17.00
01/11/95 8.13 5.40
01/12/95 8.06 0.00
01/13/95 8.13 2.10
01/16/95 8.13 0.30
01/17/95 8.00 3.70
01/18/95 7.75 3.00
01/19/95 7.75 1.40
01/20/95 7.75 0.60
01/23/95 7.75 5.20
01/24/95 7.50 4.20
01/25/95 7.50 5.60
01/26/95 7.38 0.90
01/27/95 7.38 0.50
01/30/95 7.38 2.20
01/31/95 7.25 16.60
02/01/95 7.25 2.50
02/02/95 7.13 2.40
02/03/95 7.13 1.00
02/06/95 7.25 10.40
02/07/95 7.25 0.00
02/08/95 7.50 3.30
02/09/95 7.75 3.10
02/10/95 7.75 0.30
02/13/95 7.63 4.10
02/14/95 7.50 13.40
02/15/95 7.63 1.40
02/16/95 7.63 0.10
02/17/95 7.50 11.40
02/21/95 7.50 14.40
02/22/95 7.38 0.30
02/23/95 7.63 4.70
02/24/95 7.75 27.50
02/27/95 7.75 0.10
02/28/95 7.50 14.70
03/01/95 7.63 11.90
03/02/95 7.63 2.70
03/03/95 7.63 3.20
03/06/95 7.25 20.00
03/07/95 7.00 7.30
03/08/95 6.75 25.00
03/09/95 6.88 1.80
03/10/95 6.63 10.20
03/13/95 6.63 4.50
03/14/95 6.75 2.40
03/15/95 7.00 5.50
03/16/95 7.00 3.20
03/17/95 7.00 6.40
03/20/95 7.00 4.10
03/21/95 6.88 5.80
03/22/95 6.88 1.70
03/23/95 7.00 4.90
03/24/95 7.00 7.30
03/27/95 7.00 0.00
03/28/95 6.88 2.30
03/29/95 7.00 1.80
03/30/95 6.88 14.50
03/31/95 6.88 5.50
04/03/95 6.88 2.60
04/04/95 7.00 13.30
04/05/95 7.13 0.10
04/06/95 7.25 7.30
04/07/95 7.50 69.30
04/10/95 7.50 52.20
04/11/95 7.75 21.20
04/12/95 7.50 34.50
04/13/95 7.75 24.20
04/17/95 7.88 3.70
04/18/95 8.13 2.60
04/19/95 9.00 62.00
04/20/95 9.00 19.90
04/21/95 8.88 12.90
04/24/95 8.75 7.80
04/25/95 8.63 3.60
04/26/95 8.63 5.10
04/27/95 8.50 28.90
04/28/95 8.50 1.60
05/01/95 8.88 30.20
05/02/95 9.00 14.20
05/03/95 9.00 29.50
05/04/95 9.00 31.90
05/05/95 9.00 10.10
05/08/95 9.00 16.40
05/09/95 8.88 51.50
05/10/95 8.88 1.00
05/11/95 9.00 28.50
05/12/95 9.50 12.20
05/15/95 9.38 2.10
05/16/95 9.25 14.20
05/17/95 9.38 0.50
05/18/95 9.25 0.10
05/19/95 9.38 0.80
05/22/95 9.25 2.80
05/23/95 9.38 2.00
05/24/95 9.25 0.70
05/25/95 9.13 0.70
05/26/95 9.13 0.20
05/30/95 9.25 0.40
05/31/95 9.13 16.30
06/01/95 9.13 14.00
06/02/95 9.25 0.20
06/05/95 9.25 0.90
06/06/95 9.38 0.90
06/07/95 9.25 1.80
06/08/95 9.50 5.40
06/09/95 9.63 4.50
06/12/95 9.75 11.90
06/13/95 9.63 2.90
06/14/95 9.63 2.10
06/15/95 9.38 5.60
06/16/95 9.25 3.10
06/19/95 9.13 0.50
06/20/95 9.13 3.40
06/21/95 9.00 2.80
06/22/95 9.00 2.60
06/23/95 9.00 0.50
06/26/95 8.88 3.60
06/27/95 8.88 8.40
06/28/95 9.00 8.60
06/29/95 9.00 15.10
06/30/95 8.88 5.20
07/03/95 8.88 0.20
07/05/95 8.88 0.90
07/06/95 8.94 82.40
07/07/95 8.88 2.30
07/10/95 8.75 11.80
07/11/95 8.88 13.00
07/12/95 9.00 1.20
07/13/95 8.75 6.40
07/14/95 8.88 6.80
07/17/95 8.75 0.10
07/18/95 8.75 4.60
07/19/95 8.75 0.10
07/20/95 8.75 0.10
07/21/95 8.38 12.00
07/24/95 7.50 40.30
07/25/95 7.75 3.90
07/26/95 7.88 4.10
07/27/95 7.88 2.00
07/28/95 8.13 21.70
07/31/95 8.13 0.70
08/01/95 7.88 9.10
08/02/95 7.75 7.80
08/03/95 8.63 39.40
08/04/95 8.75 30.00
08/07/95 8.88 6.60
08/08/95 9.00 2.80
08/09/95 9.13 1.00
08/10/95 8.88 5.30
08/11/95 9.00 1.10
08/14/95 9.00 2.80
08/15/95 8.88 6.00
08/16/95 9.00 2.80
08/17/95 8.88 14.30
08/18/95 9.13 23.20
08/21/95 9.25 45.00
08/22/95 9.13 3.60
08/23/95 9.00 8.10
08/24/95 9.25 3.90
08/25/95 9.25 13.40
08/28/95 9.25 61.90
08/29/95 9.13 48.20
08/30/95 9.38 33.10
08/31/95 9.63 61.10
09/01/95 9.88 99.40
09/05/95 10.00 52.80
09/06/95 10.00 0.60
09/07/95 10.13 69.30
09/08/95 10.13 16.60
09/11/95 10.13 5.30
09/12/95 10.13 98.70
09/13/95 10.00 2.70
09/14/95 10.00 9.30
09/15/95 10.13 9.80
09/18/95 10.63 16.60
09/19/95 10.75 62.30
09/20/95 10.75 98.30
09/21/95 10.75 4.30
09/22/95 10.75 5.40
09/25/95 10.75 2.40
09/26/95 11.13 18.00
09/27/95 11.13 35.40
09/28/95 11.13 1.10
09/29/95 11.50 122.60
10/02/95 11.75 14.40
10/03/95 11.63 339.70
10/04/95 11.75 55.10
10/05/95 11.50 7.10
10/06/95 11.13 18.20
10/09/95 10.88 7.10
10/10/95 10.88 7.00
10/11/95 10.81 0.00
10/12/95 11.00 0.10
10/13/95 11.13 10.00
10/16/95 11.25 2.60
10/17/95 11.38 5.00
10/18/95 11.63 39.10
10/19/95 11.63 29.00
10/20/95 11.63 1.30
10/23/95 11.50 0.10
10/24/95 11.50 0.50
10/25/95 11.13 4.00
10/26/95 10.50 10.80
10/27/95 11.13 10.20
10/30/95 11.38 7.50
10/31/95 11.00 7.00
11/01/95 10.88 0.70
11/02/95 10.88 0.60
11/03/95 11.25 22.50
11/06/95 11.25 0.30
11/07/95 11.25 16.50
11/08/95 11.00 65.50
11/09/95 11.25 7.80
11/10/95 11.25 0.20
11/13/95 11.00 1.40
11/14/95 10.94 0.00
11/15/95 10.88 1.50
11/16/95 10.75 9.60
11/17/95 10.75 2.40
11/20/95 10.63 6.60
11/21/95 10.63 3.50
11/22/95 10.63 11.00
11/24/95 10.50 3.40
11/27/95 10.50 15.20
11/28/95 11.13 15.70
11/29/95 11.38 5.70
11/30/95 11.50 1.60
12/01/95 11.25 0.30
12/04/95 11.50 1.40
12/05/95 11.63 258.70
12/06/95 11.75 98.80
12/07/95 11.75 85.30
12/08/95 11.50 56.20
12/11/95 11.50 40.20
12/12/95 11.50 1.60
12/13/95 11.50 32.80
12/14/95 11.75 2.70
12/15/95 12.00 3.90
12/18/95 12.50 9.40
12/19/95 12.88 18.80
12/20/95 12.88 16.40
12/21/95 12.63 3.10
12/22/95 12.50 2.40
12/26/95 12.75 3.00
12/27/95 12.63 1.00
12/28/95 13.00 42.00
12/29/95 12.88 5.30
01/02/96 12.50 5.50
01/03/96 12.50 2.90
01/04/96 12.25 2.30
01/05/96 12.38 5.40
01/08/96 12.38 0.00
01/09/96 12.38 5.80
01/10/96 12.25 0.50
01/11/96 12.00 13.00
01/12/96 11.88 0.80
01/15/96 11.75 4.30
01/16/96 11.50 27.70
01/17/96 11.50 0.40
01/18/96 11.63 0.10
01/19/96 11.63 2.00
01/22/96 11.75 9.60
01/23/96 12.13 16.70
01/24/96 12.25 35.50
01/25/96 12.25 5.80
01/26/96 12.25 0.00
01/29/96 12.63 9.80
01/30/96 13.00 80.80
01/31/96 12.75 3.10
02/01/96 12.63 7.70
02/02/96 12.50 0.70
02/05/96 13.00 24.40
02/06/96 12.63 1.50
02/07/96 12.75 18.00
02/08/96 12.63 0.20
02/09/96 12.69 0.00
02/12/96 12.63 77.50
02/13/96 12.88 23.40
02/14/96 12.88 16.10
02/15/96 12.88 31.70
02/16/96 13.00 5.30
02/20/96 12.88 6.90
02/21/96 12.75 4.80
02/22/96 12.63 9.30
02/23/96 12.50 1.00
02/26/96 12.63 6.30
02/27/96 12.25 46.50
02/28/96 12.00 8.00
02/29/96 11.25 10.50
03/01/96 11.00 134.50
03/04/96 11.38 2.90
03/05/96 11.50 2.10
03/06/96 11.50 0.00
03/07/96 11.25 7.70
03/08/96 11.25 1.70
03/11/96 11.50 5.70
03/12/96 11.38 14.60
03/13/96 12.50 12.30
03/14/96 13.13 53.80
03/15/96 13.25 31.80
03/18/96 13.25 2.00
03/19/96 13.25 2.00
03/20/96 14.00 22.00
03/21/96 14.00 13.10
03/22/96 13.88 25.90
03/25/96 13.88 7.50
03/26/96 13.63 4.50
03/27/96 14.00 3.30
03/28/96 14.00 2.10
03/29/96 13.88 5.70
04/01/96 13.88 5.30
04/02/96 13.88 4.80
04/03/96 13.88 5.70
04/04/96 14.25 8.10
04/08/96 14.38 0.90
04/09/96 14.25 17.00
04/10/96 14.25 1.50
04/11/96 14.25 5.00
04/12/96 14.13 1.80
04/15/96 14.13 16.80
04/16/96 14.13 16.80
04/17/96 14.13 0.90
04/18/96 14.13 1.20
04/19/96 13.88 12.50
04/22/96 13.63 7.50
04/23/96 13.75 12.10
04/24/96 13.75 13.80
04/25/96 13.75 9.20
04/26/96 13.88 10.40
04/29/96 13.88 1.80
04/30/96 13.88 3.40
05/01/96 13.75 3.80
05/02/96 14.13 22.30
05/03/96 14.00 6.80
05/06/96 14.38 11.50
05/07/96 14.38 4.70
05/08/96 14.00 9.30
05/09/96 14.00 12.20
05/10/96 14.00 3.60
05/13/96 14.00 2.00
05/14/96 14.38 19.70
05/15/96 14.75 7.50
05/16/96 14.88 4.70
05/17/96 14.50 8.40
05/20/96 14.13 5.00
05/21/96 14.00 317.30
05/22/96 13.75 6.20
05/23/96 13.88 5.20
05/24/96 13.75 4.20
05/28/96 13.75 3.00
05/29/96 13.25 6.00
05/30/96 13.38 0.00
05/31/96 13.25 0.10
06/03/96 13.38 0.60
06/04/96 13.25 4.80
06/05/96 13.50 6.10
06/06/96 13.13 4.00
06/07/96 13.00 2.60
06/10/96 13.00 7.70
06/11/96 12.88 0.10
06/12/96 12.88 2.80
06/13/96 12.63 6.40
06/14/96 12.75 2.20
06/17/96 12.75 5.30
06/18/96 12.75 1.30
06/19/96 12.75 5.80
06/20/96 12.75 1.70
06/21/96 12.63 2.80
06/24/96 12.50 68.80
06/25/96 12.63 3.60
06/26/96 12.63 5.60
06/27/96 12.88 13.20
06/28/96 13.00 2.90
07/01/96 13.00 13.20
07/02/96 13.13 5.50
07/03/96 13.13 2.90
07/05/96 13.00 0.50
07/08/96 13.13 5.40
07/09/96 13.00 8.70
07/10/96 13.00 25.60
07/11/96 12.88 6.10
07/12/96 13.00 3.10
07/15/96 13.25 3.30
07/16/96 13.13 9.80
07/17/96 12.75 9.30
07/18/96 12.75 10.00
07/19/96 12.63 1.50
07/22/96 12.75 2.60
07/23/96 12.63 3.80
07/24/96 12.75 1.40
07/25/96 12.75 30.20
07/26/96 12.63 36.10
07/29/96 12.50 51.00
07/30/96 12.38 2.50
07/31/96 12.63 11.00
08/01/96 12.75 14.30
08/02/96 13.00 3.90
08/05/96 13.00 6.10
08/06/96 13.13 10.40
08/07/96 13.06 0.00
08/08/96 13.13 1.70
08/09/96 13.00 1.20
08/12/96 13.00 0.10
08/13/96 13.00 31.20
08/14/96 13.13 48.40
08/15/96 13.00 3.00
08/16/96 13.00 3.60
08/19/96 13.13 1.20
08/20/96 13.00 4.80
08/21/96 12.88 1.50
08/22/96 12.88 0.00
08/23/96 12.75 0.70
08/26/96 12.75 0.70
08/27/96 12.25 6.20
08/28/96 12.25 0.30
08/29/96 12.38 4.00
08/30/96 12.25 1.80
09/03/96 12.25 0.40
09/04/96 12.13 1.20
09/05/96 12.25 1.20
09/06/96 12.25 1.00
09/09/96 12.00 2.10
09/10/96 12.25 16.30
09/11/96 12.25 0.60
09/12/96 12.75 5.10
09/13/96 13.13 5.80
09/16/96 13.25 51.90
09/17/96 13.13 8.20
09/18/96 12.88 19.80
09/19/96 12.63 2.30
09/20/96 12.38 5.60
09/23/96 12.25 10.80
09/24/96 12.38 18.50
09/25/96 12.75 13.30
09/26/96 13.00 5.30
09/27/96 13.25 19.50
09/30/96 13.50 23.10
10/01/96 13.50 25.70
10/02/96 13.38 6.10
10/03/96 13.13 12.70
10/04/96 13.25 5.10
10/07/96 13.25 1.60
10/08/96 13.13 0.90
10/09/96 13.25 20.60
10/10/96 13.13 10.70
10/11/96 13.13 0.20
10/14/96 13.25 1.70
10/15/96 13.25 7.50
10/16/96 13.63 2.70
10/17/96 13.50 7.50
10/18/96 13.13 64.50
10/21/96 13.00 19.10
10/22/96 13.13 25.60
10/23/96 13.38 24.50
10/24/96 13.38 17.80
10/25/96 13.63 18.20
10/28/96 14.00 37.10
10/29/96 14.38 27.90
10/30/96 14.13 6.30
10/31/96 14.50 15.10
11/01/96 14.88 4.10
11/04/96 14.75 5.30
11/05/96 14.50 2.60
11/06/96 14.25 4.00
11/07/96 14.13 6.70
11/08/96 14.13 40.20
11/11/96 14.25 27.50
11/12/96 14.50 16.70
11/13/96 14.75 15.20
11/14/96 14.75 30.70
11/15/96 14.63 27.70
11/18/96 14.88 42.80
11/19/96 15.00 58.50
11/20/96 14.63 3.80
11/21/96 14.75 73.90
11/22/96 14.63 10.80
11/25/96 14.75 31.30
11/26/96 14.75 20.20
11/27/96 14.88 2.80
11/29/96 14.88 6.30
12/02/96 14.75 10.00
12/03/96 14.75 3.10
12/04/96 14.75 14.80
12/05/96 14.63 4.50
12/06/96 14.88 87.30
12/09/96 14.88 11.00
12/10/96 14.88 21.60
12/11/96 15.00 12.20
12/12/96 15.38 16.00
12/13/96 15.25 89.40
12/16/96 15.88 36.50
12/17/96 15.88 41.90
12/18/96 16.00 19.30
12/19/96 16.13 21.70
12/20/96 15.88 7.10
12/23/96 16.00 1.80
12/24/96 16.00 15.30
12/26/96 16.00 0.30
12/27/96 16.50 10.40
12/30/96 16.38 9.00
12/31/96 15.88 8.90
01/02/97 15.63 1.30
01/03/97 15.63 14.20
01/06/97 15.25 10.70
01/07/97 15.50 4.10
01/08/97 15.38 4.40
01/09/97 15.63 3.80
01/10/97 15.63 6.10
01/13/97 15.50 4.40
01/14/97 15.38 102.20
01/15/97 15.38 3.60
01/16/97 15.38 3.70
01/17/97 15.00 13.30
01/20/97 15.13 5.80
01/21/97 15.50 11.40
01/22/97 15.50 7.00
01/23/97 15.63 34.80
01/24/97 15.38 1.40
01/27/97 15.00 25.60
01/28/97 15.00 1.00
01/29/97 14.88 8.10
01/30/97 15.00 4.60
01/31/97 14.88 5.10
02/03/97 14.88 1.00
02/04/97 14.63 11.90
02/05/97 14.50 41.10
02/06/97 14.25 20.10
02/07/97 14.13 9.40
02/10/97 14.13 7.50
02/11/97 13.88 8.70
02/12/97 13.88 28.00
02/13/97 14.00 4.60
02/14/97 14.00 11.70
02/18/97 13.63 63.40
02/19/97 13.50 14.70
02/20/97 13.13 96.90
02/21/97 12.88 24.10
02/24/97 12.75 4.40
02/25/97 12.63 11.40
02/26/97 12.50 38.20
02/27/97 13.13 30.80
02/28/97 13.13 12.20
03/03/97 13.63 17.50
03/04/97 13.38 23.90
03/05/97 13.13 190.50
03/06/97 13.00 5.80
03/07/97 13.00 0.60
03/10/97 13.00 1.10
03/11/97 13.25 17.30
03/12/97 13.25 32.00
03/13/97 13.25 1.30
03/14/97 13.50 20.30
03/17/97 13.63 41.50
03/18/97 13.88 17.90
03/19/97 14.25 5.00
03/20/97 14.38 7.00
03/21/97 14.50 14.70
03/24/97 14.13 23.30
03/25/97 13.38 11.50
03/26/97 13.75 33.30
03/27/97 13.88 1.00
03/31/97 14.25 10.60
04/01/97 14.50 19.20
04/02/97 14.50 7.00
04/03/97 14.50 28.00
04/04/97 14.25 5.60
04/07/97 14.50 2.40
04/08/97 14.25 1.80
04/09/97 14.38 26.70
04/10/97 14.25 73.60
04/11/97 14.25 1.20
04/14/97 14.25 4.70
04/15/97 14.00 0.80
04/16/97 14.25 11.60
04/17/97 14.38 1.80
04/18/97 14.50 0.60
04/21/97 14.88 5.20
04/22/97 14.50 4.60
04/23/97 14.38 0.00
04/24/97 14.44 0.00
04/25/97 14.38 1.80
04/28/97 13.63 37.70
04/29/97 14.00 49.60
04/30/97 14.13 6.40
05/01/97 14.50 5.00
05/02/97 14.88 3.20
05/05/97 15.25 3.90
05/06/97 14.75 15.40
05/07/97 14.75 36.30
05/08/97 14.88 1.00
05/09/97 14.75 10.30
05/12/97 14.75 3.90
05/13/97 14.63 4.50
05/14/97 14.88 13.70
05/15/97 14.50 19.00
05/16/97 14.25 2.20
05/19/97 14.50 1.30
05/20/97 14.25 4.20
05/21/97 15.00 52.30
05/22/97 15.13 62.20
05/23/97 15.25 17.70
05/27/97 15.00 1.10
05/28/97 15.13 3.60
05/29/97 14.75 5.60
05/30/97 14.75 1.60
06/02/97 14.88 6.50
06/03/97 14.88 2.70
06/04/97 14.63 9.80
06/05/97 14.88 7.00
06/06/97 14.88 3.20
06/09/97 15.00 47.30
06/10/97 14.88 9.50
06/11/97 14.88 2.50
06/12/97 14.88 10.40
06/13/97 14.88 2.90
06/16/97 15.00 18.30
06/17/97 14.88 12.60
06/18/97 14.75 11.50
06/19/97 14.88 28.40
06/20/97 14.25 37.90
06/23/97 14.13 15.40
06/24/97 14.00 44.80
06/25/97 14.25 24.10
06/26/97 14.38 6.50
06/27/97 14.38 9.10
06/30/97 13.94 13.00
07/01/97 13.94 11.50
07/02/97 14.00 5.30
07/03/97 13.94 0.50
07/07/97 13.25 11.90
07/08/97 13.38 8.00
07/09/97 13.38 10.20
07/10/97 13.63 11.70
07/11/97 13.38 5.10
07/14/97 13.31 4.90
07/15/97 13.38 1.70
07/16/97 13.38 10.30
07/17/97 13.38 19.00
07/18/97 13.50 8.60
07/21/97 13.31 8.10
07/22/97 13.38 12.10
07/23/97 13.31 30.20
07/24/97 13.25 40.50
07/25/97 13.13 2.10
07/28/97 13.06 8.10
07/29/97 13.19 7.90
07/30/97 13.44 49.30
07/31/97 13.13 18.20
08/01/97 13.13 5.50
08/04/97 13.13 21.30
08/05/97 12.56 45.50
08/06/97 11.75 117.00
08/07/97 11.44 20.60
08/08/97 11.38 53.70
08/11/97 11.38 38.10
08/12/97 10.94 133.80
08/13/97 10.56 41.20
08/14/97 10.00 72.80
08/15/97 10.00 48.90
08/18/97 10.13 25.40
08/19/97 10.00 54.00
08/20/97 9.81 57.80
08/21/97 9.94 34.10
08/22/97 9.63 54.00
08/25/97 10.00 67.70
08/26/97 10.00 33.50
08/27/97 10.00 16.40
08/28/97 10.19 38.80
08/29/97 10.44 8.80
09/02/97 10.50 25.90
09/03/97 10.63 20.70
09/04/97 10.50 53.50
09/05/97 10.69 35.20
09/08/97 10.81 23.40
09/09/97 11.06 10.50
09/10/97 12.00 37.30
09/11/97 11.94 32.20
09/12/97 11.38 43.30
09/15/97 11.50 18.80
09/16/97 12.00 21.30
09/17/97 12.13 130.20
09/18/97 12.13 10.40
09/19/97 12.06 3.70
09/22/97 12.00 6.00
09/23/97 12.31 10.10
09/24/97 13.13 127.70
09/25/97 12.63 32.70
09/26/97 12.44 66.50
09/29/97 12.50 22.80
09/30/97 12.88 11.00
10/01/97 12.81 3.80
10/02/97 12.75 12.50
10/03/97 12.69 16.30
10/06/97 12.69 14.60
10/07/97 13.00 21.80
10/08/97 12.50 20.50
10/09/97 12.63 28.90
10/10/97 12.69 22.80
10/13/97 12.88 34.80
10/14/97 12.75 9.50
10/15/97 12.88 29.90
10/16/97 12.69 7.60
10/17/97 12.56 7.90
10/20/97 12.88 48.90
10/21/97 13.06 20.00
10/22/97 13.88 38.00
10/23/97 13.50 15.80
10/24/97 13.50 5.00
10/27/97 13.19 23.80
10/28/97 13.00 24.60
10/29/97 13.00 19.20
10/30/97 12.81 12.40
10/31/97 13.00 45.30
11/03/97 13.00 47.40
11/04/97 13.00 16.50
11/05/97 13.00 18.20
11/06/97 12.94 4.80
11/07/97 12.88 8.30
11/10/97 13.00 4.50
11/11/97 12.88 1.50
11/12/97 12.94 1.40
11/13/97 12.88 2.70
11/14/97 12.94 22.00
11/17/97 13.06 6.10
11/18/97 12.94 106.80
11/19/97 12.94 15.80
11/20/97 13.00 18.90
11/21/97 13.31 21.80
11/24/97 13.44 19.00
11/25/97 13.88 28.90
11/26/97 14.19 16.20
11/28/97 14.13 13.70
12/01/97 14.06 40.20
12/02/97 14.13 20.80
12/03/97 13.88 38.60
12/04/97 13.81 2.90
12/05/97 13.69 27.40
12/08/97 13.63 25.90
12/09/97 13.63 0.50
12/10/97 13.50 18.00
12/11/97 13.25 79.60
12/12/97 13.31 12.10
12/15/97 13.00 30.20
12/16/97 13.19 12.10
12/17/97 13.00 13.50
12/18/97 12.94 2.80
12/19/97 13.00 13.50
12/22/97 12.94 4.80
12/23/97 12.94 4.40
12/24/97 12.88 8.80
12/26/97 12.94 1.00
12/29/97 12.88 1.50
12/30/97 12.88 9.30
12/31/97 12.88 5.30
01/02/98 12.81 5.90
01/05/98 12.13 9.20
01/06/98 12.19 22.50
01/07/98 11.50 32.70
01/08/98 11.06 5.20
01/09/98 11.06 6.50
01/12/98 11.00 20.60
01/13/98 11.13 14.10
01/14/98 11.13 3.20
01/15/98 11.31 2.40
01/16/98 11.44 1.00
01/20/98 11.63 16.60
01/21/98 12.19 10.10
01/22/98 12.31 12.30
01/23/98 12.06 5.20
01/26/98 11.38 6.60
01/27/98 10.25 26.20
01/28/98 10.00 19.20
01/29/98 10.31 3.40
01/30/98 10.63 26.00
02/02/98 10.50 11.80
02/03/98 10.56 2.70
02/04/98 10.44 2.90
02/05/98 10.56 1.20
02/06/98 10.63 5.90
02/09/98 10.88 1.90
02/10/98 11.44 25.20
02/11/98 11.25 68.90
02/12/98 11.19 7.40
02/13/98 11.25 9.90
02/17/98 11.31 18.00
02/18/98 11.69 9.80
02/19/98 11.75 11.40
02/20/98 11.56 22.20
02/23/98 11.50 9.30
02/24/98 11.75 14.00
02/25/98 11.88 17.20
02/26/98 11.94 14.70
02/27/98 12.06 8.10
03/02/98 12.00 12.20
03/03/98 12.00 16.30
03/04/98 12.00 25.10
03/05/98 12.06 19.60
03/06/98 12.13 10.80
03/09/98 12.31 36.40
03/10/98 15.88 357.90
03/11/98 15.69 139.70
03/12/98 16.00 205.10
03/13/98 15.94 8.80
03/16/98 15.88 44.00
03/17/98 15.88 6.10
03/18/98 15.63 16.70
03/19/98 15.75 26.80
03/20/98 15.56 11.30
03/23/98 15.75 33.60
03/24/98 15.88 35.70
03/25/98 15.94 13.00
03/26/98 15.88 23.60
03/27/98 16.25 16.50
03/30/98 16.38 8.80
03/31/98 16.25 2.40
04/01/98 16.56 7.50
04/02/98 16.75 6.00
04/03/98 16.88 11.20
04/06/98 17.81 23.90
04/07/98 18.31 53.30
04/08/98 18.38 40.70
04/09/98 18.75 113.70
04/13/98 18.25 27.20
04/14/98 18.25 52.90
04/15/98 18.19 44.90
04/16/98 17.69 112.80
04/17/98 17.63 10.10
04/20/98 17.63 54.00
04/21/98 17.63 61.30
04/22/98 17.69 140.00
04/23/98 17.63 26.30
04/24/98 17.63 8.80
04/27/98 17.44 50.80
04/28/98 17.25 29.00
04/29/98 17.25 10.30
04/30/98 17.63 50.30
05/01/98 17.63 18.50
05/04/98 17.19 31.10
05/05/98 17.06 26.00
05/06/98 16.88 17.40
05/07/98 16.88 43.40
05/08/98 17.31 32.70
05/11/98 17.38 16.10
05/12/98 17.25 65.90
05/13/98 17.19 13.80
05/14/98 17.13 6.30
05/15/98 17.13 21.90
05/18/98 17.13 4.60
05/19/98 17.06 2.00
05/20/98 17.13 23.20
05/21/98 16.63 50.20
05/22/98 16.75 17.50
05/26/98 15.13 85.10
05/27/98 14.44 69.50
05/28/98 14.69 55.40
05/29/98 14.69 13.30
06/01/98 14.56 11.40
06/02/98 14.75 16.70
06/03/98 14.63 21.20
06/04/98 14.31 18.90
06/05/98 14.69 54.60
06/08/98 14.75 32.20
06/09/98 14.38 46.60
06/10/98 14.19 10.60
06/11/98 13.31 37.40
06/12/98 13.13 31.90
06/15/98 12.94 2.90
06/16/98 12.19 187.40
06/17/98 12.69 45.10
06/18/98 13.00 6.60
06/19/98 12.81 4.90
06/22/98 12.88 9.50
06/23/98 13.00 15.50
06/24/98 12.94 10.50
06/25/98 12.50 22.80
06/26/98 12.69 5.50
06/29/98 12.38 9.40
06/30/98 12.25 23.90
07/01/98 12.50 108.80
07/02/98 12.38 34.00
07/06/98 12.25 16.80
07/07/98 12.25 0.40
07/08/98 12.38 19.00
07/09/98 12.38 10.30
07/10/98 12.25 2.80
07/13/98 12.38 23.60
07/14/98 12.19 32.00
07/15/98 12.13 26.60
07/16/98 12.25 31.40
07/17/98 11.38 27.30
07/20/98 11.25 13.60
07/21/98 11.13 51.20
07/22/98 11.06 30.10
07/23/98 10.56 2.20
07/24/98 10.44 12.60
07/27/98 10.50 14.10
07/28/98 10.50 18.00
07/29/98 10.44 5.20
07/30/98 10.50 9.70
07/31/98 9.75 17.80
08/03/98 9.94 14.40
08/04/98 9.88 22.90
08/05/98 9.75 14.10
08/06/98 9.69 10.90
08/07/98 9.25 29.10
08/10/98 8.81 27.40
08/11/98 8.69 16.60
08/12/98 8.81 5.30
08/13/98 8.50 7.50
08/14/98 8.13 11.50
08/17/98 7.88 31.00
08/18/98 7.81 2.70
08/19/98 7.81 3.40
08/20/98 7.75 4.00
08/21/98 7.44 9.70
08/24/98 7.38 18.40
08/25/98 7.50 3.60
08/26/98 7.38 13.30
08/27/98 7.44 21.90
08/28/98 7.25 38.40
08/31/98 7.19 2.00
09/01/98 7.25 8.60
09/02/98 7.25 15.00
09/03/98 7.00 11.60
09/04/98 6.88 11.10
09/08/98 6.81 8.90
09/09/98 6.81 7.80
09/10/98 6.69 6.30
09/11/98 6.75 3.40
09/14/98 6.94 7.00
09/15/98 6.88 0.60
09/16/98 6.69 2.70
09/17/98 6.69 4.10
09/18/98 6.63 8.00
09/21/98 6.63 4.60
09/22/98 6.63 6.00
09/23/98 6.81 9.60
09/24/98 6.69 4.30
09/25/98 6.56 13.90
09/28/98 6.25 6.70
09/29/98 6.00 8.40
09/30/98 6.06 5.50
10/01/98 5.88 15.20
10/02/98 5.75 5.50
10/05/98 5.63 12.60
10/06/98 5.00 586.10
10/07/98 5.00 40.00
10/08/98 5.00 51.10
10/09/98 5.00 7.30
10/12/98 4.94 17.60
10/13/98 4.75 7.00
10/14/98 4.69 3.00
10/15/98 4.75 14.70
10/16/98 4.69 6.60
10/19/98 4.75 7.90
10/20/98 4.75 21.90
10/21/98 4.63 5.20
10/22/98 4.94 13.30
10/23/98 5.44 7.20
10/26/98 6.56 18.00
10/27/98 7.31 23.00
10/28/98 7.31 9.50
10/29/98 7.06 8.00
10/30/98 7.00 11.90
11/02/98 6.81 8.40
11/03/98 6.88 0.60
11/04/98 6.88 4.50
11/05/98 6.81 3.00
11/06/98 7.00 3.40
11/09/98 7.00 10.50
11/10/98 6.56 25.00
11/11/98 6.50 5.10
11/12/98 8.69 617.10
11/13/98 8.43 241.80
11/16/98 8.50 17.40
11/17/98 8.50 7.50
11/18/98 8.63 9.50
11/19/98 8.50 9.20
11/20/98 8.44 5.60
11/23/98 8.44 3.50
11/24/98 8.50 36.40
11/25/98 8.63 15.90
11/27/98 8.56 1.40
11/30/98 8.50 8.40
12/01/98 8.50 6.90
12/02/98 8.44 10.80
12/03/98 8.44 6.80
12/04/98 8.50 19.20
12/07/98 8.50 5.90
12/08/98 8.44 3.30
12/09/98 8.56 4.80
12/10/98 8.50 1.30
12/11/98 8.50 2.30
12/14/98 8.38 7.90
12/15/98 8.38 1.80
12/16/98 8.44 22.40
12/17/98 8.50 15.00
12/18/98 8.44 10.00
12/21/98 8.38 23.20
12/22/98 8.38 23.30
12/23/98 8.44 17.40
12/24/98 8.50 2.20
12/28/98 8.50 6.60
12/29/98 8.56 39.60
12/30/98 8.50 99.80
12/31/98 8.56 105.90
01/04/99 8.75 10.00
01/05/99 8.81 20.80
01/06/99 8.56 3.70
01/07/99 8.56 1.10
01/08/99 8.69 4.50
01/11/99 8.56 0.70
01/12/99 8.81 6.40
01/13/99 9.00 3.60
01/14/99 8.81 2.10
01/15/99 8.81 5.20
01/19/99 8.81 1.70
01/20/99 8.81 3.20
01/21/99 8.81 3.20
01/22/99 8.56 20.00
01/25/99 8.69 0.50
01/26/99 8.75 6.60
01/27/99 8.56 10.30
01/28/99 8.56 3.70
01/29/99 8.75 2.30
02/01/99 8.56 1.30
02/02/99 8.56 3.80
02/03/99 8.31 51.20
02/04/99 8.38 8.20
02/05/99 8.56 3.30
02/08/99 8.44 26.10
02/09/99 8.50 3.40
02/10/99 8.50 0.20
02/11/99 8.25 7.90
02/12/99 8.31 1.60
02/16/99 8.13 5.70
02/17/99 8.25 16.60
02/18/99 8.25 0.50
02/19/99 8.31 0.90
02/22/99 8.13 17.00
02/23/99 8.13 0.00
02/24/99 8.25 4.80
02/25/99 8.31 1.20
02/26/99 8.75 14.10
03/01/99 8.63 0.30
03/02/99 8.38 3.60
03/03/99 8.31 2.70
03/04/99 8.25 12.60
03/05/99 8.25 0.00
03/08/99 8.00 14.00
03/09/99 7.88 32.90
03/10/99 8.00 17.30
03/11/99 7.88 2.40
03/12/99 8.06 1.00
03/15/99 8.06 10.10
03/16/99 8.13 6.60
03/17/99 8.06 0.40
03/18/99 8.06 0.30
03/19/99 7.94 2.40
03/22/99 7.88 0.00
03/23/99 7.88 0.20
03/24/99 7.88 2.80
03/25/99 7.94 0.00
03/26/99 7.88 3.90
03/29/99 8.06 4.20
03/30/99 8.13 0.30
03/31/99 7.25 27.40
04/01/99 7.19 43.70
</TABLE>
High: $18.75
Low: $4.63
Avg. Price: $11.33
8
<PAGE>
AQP STOCK PRICE PERFORMANCE
- ------------------------------------------------------------------------------
THE FOLLOWING CHART REFLECTS AQP'S STOCK PRICE SINCE PUBLIC ANNOUNCEMENT OF
UCU'S OFFER.
- ------------------------------------------------------------------------------
DAILY FROM NOVEMBER 11, 1998 - APRIL 1, 1999
<TABLE>
<CAPTION>
Date Share Price Volume in Thousands
<S> <C> <C>
11/11/98 6.50 5.10
11/12/98 8.69 617.10
11/13/98 8.43 241.80
11/16/98 8.50 17.40
11/17/98 8.50 7.50
11/18/98 8.63 9.50
11/19/98 8.50 9.20
11/20/98 8.44 5.60
11/23/98 8.44 3.50
11/24/98 8.50 36.40
11/25/98 8.63 15.90
11/27/98 8.56 1.40
11/30/98 8.50 8.40
12/01/98 8.50 6.90
12/02/98 8.44 10.80
12/03/98 8.44 6.80
12/04/98 8.50 19.20
12/07/98 8.50 5.90
12/08/98 8.44 3.30
12/09/98 8.56 4.80
12/10/98 8.50 1.30
12/11/98 8.50 2.30
12/14/98 8.38 7.90
12/15/98 8.38 1.80
12/16/98 8.44 22.40
12/17/98 8.50 15.00
12/18/98 8.44 10.00
12/21/98 8.38 23.20
12/22/98 8.38 23.30
12/23/98 8.44 17.40
12/24/98 8.50 2.20
12/28/98 8.50 6.60
12/29/98 8.56 39.60
12/30/98 8.50 99.80
12/31/98 8.56 105.90
01/04/99 8.75 10.00
01/05/99 8.81 20.80
01/06/99 8.56 3.70
01/07/99 8.56 1.10
01/08/99 8.69 4.50
01/11/99 8.56 0.70
01/12/99 8.81 6.40
01/13/99 9.00 3.60
01/14/99 8.81 2.10
01/15/99 8.81 5.20
01/19/99 8.81 1.70
01/20/99 8.81 3.20
01/21/99 8.81 3.20
01/22/99 8.56 20.00
01/25/99 8.69 0.50
01/26/99 8.75 6.60
01/27/99 8.56 10.30
01/28/99 8.56 3.70
01/29/99 8.75 2.30
02/01/99 8.56 1.30
02/02/99 8.56 3.80
02/03/99 8.31 51.20
02/04/99 8.38 8.20
02/05/99 8.56 3.30
02/08/99 8.44 26.10
02/09/99 8.50 3.40
02/10/99 8.50 0.20
02/11/99 8.25 7.90
02/12/99 8.31 1.60
02/16/99 8.13 5.70
02/17/99 8.25 16.60
02/18/99 8.25 0.50
02/19/99 8.31 0.90
02/22/99 8.13 17.00
02/23/99 8.13 0.00
02/24/99 8.25 4.80
02/25/99 8.31 1.20
02/26/99 8.75 14.10
03/01/99 8.63 0.30
03/02/99 8.38 3.60
03/03/99 8.31 2.70
03/04/99 8.25 12.60
03/05/99 8.25 0.00
03/08/99 8.00 14.00
03/09/99 7.88 32.90
03/10/99 8.00 17.30
03/11/99 7.88 2.40
03/12/99 8.06 1.00
03/15/99 8.06 10.10
03/16/99 8.13 6.60
03/17/99 8.06 0.40
03/18/99 8.06 0.30
03/19/99 7.94 2.40
03/22/99 7.88 0.00
03/23/99 7.88 0.20
03/24/99 7.88 2.80
03/25/99 7.94 0.00
03/26/99 7.88 3.90
03/29/99 8.06 4.20
03/30/99 8.13 0.30
03/31/99 7.25 27.40
04/01/99 7.19 43.70
</TABLE>
High: $9.00
Low: $6.50
Avg. Price: $8.37
(1) 11/12/98 - Announcement by UtiliCorp to buy publicly-owned
shares of AQP for $8.00 a share.
9
<PAGE>
AQP PRICE/VOLUME ANALYSIS
- ---------------------------------------------------------------------------
1,876,600 TOTAL SHARES OF AQP HAVE TRADED SINCE NOVEMBER 12, 1998 IN THE
PRICE RANGES SET FORTH BELOW.
- ---------------------------------------------------------------------------
AQP PRICE / VOLUME ANALYSIS
<TABLE>
<CAPTION>
- ----------------------------------
Stock Price Range Volume
- ----------------------------------
<S> <C>
less than $7.8 71,100
$7.8-$7.9 42,200
$7.9-$8.0 33,700
$8.0-$8.1 16,000
$8.1-$8.2 29,600
$8.2-$8.3 42,400
$8.3-$8.4 125,600
$8.4-$8.5 589,400
$8.5-$8.6 199,600
$8.6-$8.7 647,800
$8.7-$8.8 33,000
$8.8-$8.9 42,600
$8.9-$9.0 3,600
- ----------------------------------
</TABLE>
10
<PAGE>
AQP FINANCIAL PERFORMANCE
- ------------------------------------------------------------------------------
THE FOLLOWING TABLE SHOWS AQP'S PERFORMANCE FOR THE PAST FOUR AND PROJECTED
FOUR QUARTERS.
- ------------------------------------------------------------------------------
<TABLE>
<CAPTION>
(in thousands)
HISTORICAL 1998 PROJECTED 1999*
-------------------------------------------- --------------------------------------------
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
- ------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Revenue $237,205 $265,674 $202,689 $187,614 $239,089 $242.055 $249,777 $277,936
EBITDA 12,784 12,280 8,758 9,191 12,335 13,178 13,699 15,860
EBIT 6,277 5,700 2,135 2,484 5,741 6,543 6,827 8,947
Net Income 2,319 1 ,447 40 1,063 1,878 2,400 2,632 4,005
- ------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------
</TABLE>
- - FIRST QUARTER 1999 RESULTS ARE EXPECTED TO BE BELOW PROJECTED RESULTS
11
<PAGE>
KEY MARKET DRIVERS
- ------------------------------------------------------------------
THE FOLLOWING MARKET VARIABLES INFLUENCE THE OPERATING
PERFORMANCE OF AQP:
- ------------------------------------------------------------------
- - NATURAL GAS PRICES.
- - NATURAL GAS LIQUIDS PRICES.
- - CHANGE IN WELL HEAD VOLUMES.
- - CHANGE IN CONTRACT TERMS TO PRODUCERS.
12
<PAGE>
AQP FINANCIAL PROJECTIONS
- ----------------------------------------------------------------------------
THE FOLLOWING ARE THE PROJECTED OPERATING DATA AND KEY DRIVER ASSUMPTIONS
FROM THE COMPANY.
- ----------------------------------------------------------------------------
<TABLE>
<CAPTION>
ACTUAL PROJECTED FISCAL YEAR ENDING DECEMBER*
-------------------------------------------------------------
1998 1999 (1) 2000 2001 2002 2003
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
OPERATING DATA (000s):
Revenue $893,182 $1,008,856 $1,099,144 $1,222,936 $1,286,421 $1,307,839
EBITDA 43,013 55,072 67,216 78,780 88,519 92,332
EBIT 16,596 28,057 38,103 46,613 53,510 54,098
Net Income 4,869 10,915 17,912 23,441 27,641 28,125
E.P.S. $0.17 $0.37 $0.61 $0.80 $0.94 $0.96
CFFO per share $1.14 $1.43 $1.75 $2.03 $2.22 $2.27
KEY DRIVERS**:
Natural Gas Prices (per MMBtu) $2.03 $2.03 $2.09 $2.15 $2.21 $2.28
NGL Prices (per gallon) $0.25 $0.22 $0.24 $0.26 $0.29 $0.30
Natural Gas Throughput (MMcf/d) 475 600 641 678 664 582
Natural Gas Marketed Off-system (MMcf/d) 795 945 983 1,069 1,099 1,128
Gross NGLs production (MBbls/d) 25 22 19 18 17 16
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
* Aquila management estimate.
** Current natural gas is $1.86 per MMBtu and NGL price is $.022 per gallon.
(1) First quarter 1999 results are expected to be below projected results.
13
<PAGE>
RECENT RESTRUCTURING CHARGE AT AQUILA
- --------------------------------------------
AQUILA HAS IMPLEMENTED A PLAN TO
RESTRUCTURE ITS OPERATIONS.
- --------------------------------------------
- - AQP WILL REPORT A FIRST QUARTER, PRE-TAX CHARGE OF $1.7 MILLION TO COVER
THE RESTRUCTURING COSTS.
- - THE COMPANY PLANS TO CUT APPROXIMATELY 60 JOBS FROM BOTH ITS CORPORATE
HEADQUARTERS AND VARIOUS FIELD LOCATIONS.
- This represents a substantial portion (approximately 23%) of AQP's
existing workforce (260)
- - AQP EXPECTS TO SAVE $4 MILLION TO $5 MILLION PER YEAR ON A PRE-TAX BASIS
AS A RESULT OF THESE ACTIVITIES.
- These savings have been included in AQP's financial projections
14
<PAGE>
- ----------------------------------------------------------------------------
AQP VALUATION ANALYSES
- ----------------------------------------------------------------------------
15
<PAGE>
CURRENT VALUATION SUMMARY
- ----------------------------------------------------------------------------
THE FOLLOWING CHART PRESENTS A GRAPHIC SUMMARY OF THE PRIMARY VALUATION
METHODOLOGIES EMPLOYED IN OUR ANALYSIS, AS COMPARED TO THE OFFER PRICE OF
$8.00 PER SHARE.(1)
- ----------------------------------------------------------------------------
SUMMARY VALUATION ANALYSIS
Valuation (Dollars per Share)
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------
Industry Low High
- ---------------------------------------------------------------------------
<S> <C> <C>
Comparable Company Trading Multiples $3.93 $7.39
Comparable Company M&A Transactions $4.18 $6.64
Comparable Premiums Paid $7.81 $8.26
Discounted Cash Flow Analysis $6.22 $11.31
- ---------------------------------------------------------------------------
</TABLE>
(1) Discounted Cash Flow analysis presents a range of exit multiple and
discount rate assumptions.
16
<PAGE>
COMPARABLE COMPANY TRADING MULTIPLES
- ---------------------------------------------------------------------------
DLJ COMPARED SELECTED HISTORICAL AND PROJECTED FINANCIAL DATA, MARKET
CAPITALIZATION DATA AND TRADING MULTIPLES OF TWO COMPARABLE NATURAL GAS
GATHERING, TRANSPORTATION AND MARKETING ("GTM") COMPANIES.
- ---------------------------------------------------------------------------
<TABLE>
<CAPTION>
AQUILA GAS MITCHELL WESTERN GAS
PIPELINE(1) MEAN(2) ENERGY RESOURCES
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Enterprise Value (3) (000s) $419,142 $1,125,488 $914,591
Equity Value (3) 211,313 647,717 241,110
Enterprise Value as a Multiple of:
EBITDA (1998) (4) 9.7x 7.5x 5.5x 9.5x
EBITDA (1999E) (5) 7.6 7.7 5.6 9.9
Equity Market Value as a Multiple of:
Net Income (1998) (4) 43.4x NM NM NM
Net Income (1999E) (5) 19.4 NM NM NM
CFFO (1998) (4) 6.3x 4.3x 4.3x NM
CFFO (1999E) (5) 5.0 5.1 4.6 5.6
- -------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) First quarter 1999 results are expected to be below projected results.
(2) Excludes Aquila Gas Pipeline.
(3) Market information based on closing stock price as of 4/1/99.
(4) 1998 numbers are actual except for Mitchell Energy.
(5) Estimates for AQP from AQP management, 1998 and 1999 estimates for Mitchell
Energy from Sanders Morris Mundy research dated December 11, 1998 and 1999
estimates for Western Gas Resources from Prudential research dated February
19, 1999.
17
<PAGE>
COMPARABLE COMPANY IMPLIED VALUATION ANALYSIS
- --------------------------------------------------------------------------
THE COMPARABLE COMPANY ANALYSIS IMPLIES THE FOLLOWING PER SHARE VALUES
FOR AQP.
- --------------------------------------------------------------------------
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------------
TRADING RANGE OF IMPLIED PER SHARE
AQUILA GAS COMPARABLES(2) VALUE OF AQUILA
PIPELINE(1) ------------------------------ -----------------------------
($000S) MAXIMUM MEAN MINIMUM MAXIMUM MEAN MINIMUM
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Enterprise Value to:
1998 EBITDA $43,013 9.5x 7.5x 5.5x $6.90 $3.93 $0.95
1999P EBITDA 55,072 9.9 7.7 5.6 11.45 7.39 3.33
Equity Value to:
1998 Net Income $4,869 NM NM NM NM NM NM
1999P Net Income 10,915 NM NM NM NM NM NM
Equity Value to:
1998 CFFO $33,443 4.3x 4.3x 4.3x $4.92 $4.92 $4.92
1999P CFFO 41,960 5.6 5.1 4.6 8.05 7.29 6.54
- -------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) 1998 results are actual. 1999 results are management estimate. First
quarter 1999 results are expected to be below projected results.
(2) Excludes Aquila Gas Pipeline. 1998 and 1999 estimates for Mitchell Energy
from Sanders Morris Mundy research dated December 11, 1998 and 1999
estimates for Western Gas Resources from Prudential research dated February
19, 1999.
18
<PAGE>
PROJECT GAS GATHERING
COMPARABLE M&A TRANSACTIONS
<TABLE>
<CAPTION>
Ann: Closing:
Date Date Acquiror Target Target Business Description
- ---- ---- -------- ------ ---------------------------
<S> <C> <C> <C> <C>
11/31/98 Pending CMS Energy PanEnergy Corp. Gas gathering,processing
11/20/98 Pending Duke Energy Co. Union Pacific Resources Gas gathering,processing
3/2/98 Pending El Paso Natural Gas Co DeepTech International Oil and gas exploration,prodn
12/18/97 1/30/98 KN Energy Inc Midcon Corp (Occidental Petroleum) Provide gas transmission svcs
10/22/97 11/25/97 Koch Industries USX-Delhi Group Oil and gas exploration
10/20/97 3/6/98 Kinder Morgan Energy Partners Santa Fe Pacific Pipeline Own and operate gas pipelines
9/23/97 1/0/00 Shell Oil(Royal Dutch Petro) Tejas Gas Corp Own,op natural gas lines
3/19/97 5/30/97 Midcoast Energy Resources Inc Atrion-Natural Gas Pipeline Pvd natural gas distn svcs
3/11/97 4/15/97 PacificCorp TPC Corporation Pvd gas transmission svcs
1/31/97 7/31/97 PG&E Valero Own,operate gas refineries
1/23/97 3/3/97 TransCanada Pipelines Ltd Enron Louisiana Energy Co Oil and gas exploration,prodn
11/25/96 6/18/97 Duke Power PanEnergy Corp. Oil and gas exploration,prodn
11/20/96 1/0/00 Pacific Gas Transmission Co Teco Pipeline Co(TRT Holdings) Natural-gas pipeline
8/11/96 8/6/97 Houston Industries NorAm Energy Gas transmission,distribution
6/19/96 12/12/96 El Paso Energy Tenneco (Energy) (7) Natural gas transmission svcs
5/9/96 6/6/96 Tejas Gas Corp Transok Inc Pvd natural gas pipeline svcs
4/22/96 5/28/96 El Paso Energy Corp Cornerstone Natural Gas Gas gathering,processing
4/15/96 8/5/97 Texas Utilities ENSERCH Corp Gas transmission,distribution
1/22/96 9/3/96 NGC Corp Chevron-Gas Gathering,Process Pvd gas refining services
1/2/96 1/16/96 Williams Cos Inc Kern River Pipeline(Tenneco,W) Own,operate gas pipelines
7/31/95 9/26/95 Tejas Power Corp Seagull Energy-Gas Proc,Natl G Oil,gas expl;natural gas svcs
5/9/95 9/12/95 El Paso Natural Gas Co Eastex Energy Inc Gas transmission,distribution
2/10/95 5/15/95 LG&E Energy Corp Hadson Corp Own,operate gas pipeline
12/12/94 5/1/95 Williams Cos. Transco Energy Co (8) Oil and gas transmission, prod
10/10/94 12/15/94 Panhandle Eastern Associated Natural Gas Gas utility
8/4/94 3/14/95 Natural Gas Clearinghouse Trident NGL Holdings Natural gas liquid prodn co
3/24/94 7/13/94 KN Energy Inc American Oil and Gas Co Oil and gas drilling services
2/21/94 7/1/94 Associated Natural Gas Grand Valley Provide gas distribution svcs
8/5/93 1/0/00 ANR Pipeline Co(Coastal Corp) Arkla Inc-Natural Gas Pvd gas transmission svcs
5/5/93 6/30/93 Equitable Pipeline Co Louisiana Intrastate Gas Corp Own and operate gas pipelines
5/3/93 9/15/93 Tejas Gas Exxon 's Texas&Louisiana Gas Pipeline Natural gas transmission svcs
2/11/93 4/1/93 Enron Gas Services Corp Louisiana Resources Co Natural gas transmission svcs
7/25/91 9/30/91 Transok Inc TEX/CON-Gas Transmission Gas transmission
1/28/91 1/0/00 Sonat Inc North Carolina Natural Gas Gas transmission, distribution
12/19/90 12/28/90 Tejas Gas Acadian Gas Group Provide gas transmission svcs
2/20/89 6/28/89 Panhandle Eastern Texas Eastern Corp. Gas utility; oil, gas expl
</TABLE>
<TABLE>
<CAPTION>
Equity Value(3)
Enterprise Value(2) / LTM /LTM
------------------------- -------------
Consideration Enterprise Value Equity Value EBITDA(4) EBIT(5) Net Income(6)
- ------------- ---------------- ------------ --------- ------- -------------
<S> <C> <C> <C> <C> <C>
Cash + Liabilities $2,200.0 $1,900.0 9.0x 12.8x 20.0x
Cash $1,350.0 $1,350.0 10.4x 14.6x NA
$140 million Cash or Stock $526.6 $375.4 NA NA NA
Assets+Cash and Debt $3,695.4 $659.2 9.6x 15.7x NM
Cash $735.0 $198.0 13.1x 24.5x 38.8x
Assets+Cash and Debt $1,406.6 $942.6 10.4x 13.2x 13.6x
Cash+Assumption of Debt $2,240.6 $1,307.9 12.2x 17.3x 33.7x
Cash+Assets $41.4 NA 5.7x 6.2x 9.2x
Cash $380.9 $233.7 NA NA NA
Stock $2,434.9 $1,424.9 NA NA NA
$150 mil/stk $150.0 NA NA NA NA
Stock $9,813.5 $7,521.6 9.7x 13.5x 22.1x
$38 mil cash and com/assets $380.0 NA NA NA NA
Cash + Stock $3,687.5 $2,212.0 8.1x 11.9x 21.8x
Stock for Energy subsidiary $3,843.0 $612.5 7.9x 12.4x NA
Cash + Liabilities $890.0 NA 9.3x 14.0x NA
Cash + Debt $115.0 $98.0 12.4x 20.1x 30.2x
Stock after Enserch E&P spin-off $1,700.0 $550.0 NA 15.6x NA
Cash and Notes+Common +Pfd $1,013.4 NA NA NA NA
$205 mil/50% interest $205.0 NA NA NA NA
$154.8 mil cash/assets $159.1 NA 7.2x NA NA
Cash+Stock $32.2 $31.8 NM NM NM
Stock + Assumption of Debt $169.9 $70.6 12.5x 64.2x NM
Cash + Stock $2,916.8 $718.1 6.8x 13.5x 46.4x
Stock $772.5 $599.4 9.9x 15.6x 30.6x
Stock $585.3 $170.4 9.6x 21.0x NM
Stock $408.7 $295.1 10.6x 19.0x 45.1x
Stock $55.5 $55.5 7.2x 10.0x 18.4x
$90 mil/25% interest $90.0 NA NA NA NA
$191 mil cash/assets $191.0 NA NA NA NA
Cash $379.6 $235.1 9.1x 10.4x 9.7x
$170 mil cash/assets $170.0 NA NA NA NA
250 mil/assets $250.0 NA NA NA NA
Convertible Preferred stock $126.6 $125.2 4.3x 5.2x 16.9x
Cash + Contigent Deferred Payments $189.0 $195.9 11.0x 29.3x NM
Cash + Stock $5,323.7 $3,218.9 9.7x 18.3x 21.9x
</TABLE>
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
High 13.1x 64.2x 46.4x
Low 4.3x 5.2x 9.2x
Average 9.4x 17.3x 25.2x
Median 9.6x 14.6x 21.9x
---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
----------------------------------------------------------------
(1) Source of financial results for target are as of prior to announcement.
(2) Enterprise Value is defined as market value of equity at offer price plus
total debt plus preferred stock plus net value of options less cash.
(3) Equity Value is defined as market value of equity at offer price at
announcement.
(4) EBITDA is defined as earnings before interest, taxes, depreciation and
amortization. Excludes non-recurring items.
(5) EBIT is defined as earnings before interest and taxes. Excludes
non-recurring items.
(6) Net income excludes non-recurring items.
(7) Enterprise Value assumes discontinued liabilities of $425 million (estimated
mid-point).
(8) Enterprise Value excludes approximately $400 million of other assumed
liabilities recognized in 1Q in 1995.
19
<PAGE>
COMPARABLE M&A VALUATION ANALYSIS
- ------------------------------------------------------------------------------
THE COMPARABLE M&A TRANSACTIONS ANALYSIS IMPLIES THE FOLLOWING PER SHARE
VALUE FOR AQP.
- ------------------------------------------------------------------------------
<TABLE>
<CAPTION>
COMPARABLE M&A TRANSACTIONS IMPLIED PER SHARE VALUE OF AQUILA
- ----------------------------------------------------------------------------------------------------------------------------------
AQUILA RESULTS(1) MAXIMUM MEAN MEDIAN MINIMUM MAXIMUM MEAN MEDIAN MINIMUM
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Enterprise Value to:
LTM EBITDA $43,013 13.1x 9.4x 9.6x 4.3x $12.17 $6.64 $6.97 NM
Equity Value to:
LTM Net Income $4,869 46.4x 25.2x 21.9x 9.2x $7.68 $4.18 $3.63 $1.53
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) Actual.
20
<PAGE>
SQUEEZE-OUT PREMIUMS ANALYSIS
- -------------------------------------------------------------------------------
THE FOLLOWING GRAPHS DEMONSTRATE THAT THE IMPLIED PREMIUM OF UCU'S $8.00 PER
SHARE OFFER COMPARES FAVORABLY TO THOSE EXPERIENCED IN OTHER M&A
TRANSACTIONS.
- -------------------------------------------------------------------------------
SQUEEZE-OUT PREMIUM ANALYSIS
PREMIUM 1 DAY PRIOR TO ANNOUNCEMENT
<TABLE>
<CAPTION>
- ---------------------------------------------------------------
Heading % Premium Implied Value
- ---------------------------------------------------------------
<S> <C> <C>
AQP Implied Premium 23.1% NA
All Stock Deals 23.1% $8.00
All Cash Deals 27.0% $8.26
All Deals 26.2% $8.20
- ---------------------------------------------------------------
</TABLE>
PREMIUM 30 DAYS PRIOR TO ANNOUNCEMENT
<TABLE>
<CAPTION>
- ---------------------------------------------------------------
Heading % Premium Implied Value
- ---------------------------------------------------------------
<S> <C> <C>
AQP Implied Premium 61.9% NA
All Stock Deals 28.4% $7.54
All Cash Deals 32.9% $7.81
All Deals 31.4% $7.72
- ---------------------------------------------------------------
</TABLE>
21
<PAGE>
AQP DCF VALUATION - BUSINESS PLAN CASE
- - THE FOLLOWING DCF ANALYSIS WAS PERFORMED UTILIZING AQP'S FORECASTED
FINANCIAL INFORMATION UNDER THE SCENARIO IN WHICH AQP REINVESTS AVAILABLE
CASH INTO THE BUSINESS AT MARKET RATES OF RETURN.
Discounted Base Case
<TABLE>
<CAPTION>
Assumptions:
- ------------
<S> <C> <C> <C>
WACC 11.0% Terminal Multiple 7.Ox
Tax Rate 35.0% 2003 EBIT $54.1
2003 EBITDA $92.3
</TABLE>
<TABLE>
<CAPTION>
DCF Calculation:
- -----------------
(in thousands) 1999(1) 2000 2001 2002 2003
------ ------ ------ ------ ------
<S><C>
EBIT $ 28.1 $ 38.1 $ 46.6 $ 53.5 $ 54.1
Tax Effected EBIT 18.2 24.8 30.3 34.8 35.2
Plus: D&A 27.0 29.1 32.2 35.0 38.2
Less: Capital Expenditures (15.6) (19.8) (17.9) (17.9) (15.6)
Less: Discretionary CapEx (12.0) (28.0) (38.0) (45.0) (48.0)
Plus: Deferred Taxes 3.9 4.3 3.8 2.6 0.3
Plus: Changes in W/C (12.9) (1.1) 0.1 (0.4) (0.3)
Plus: Terminal Value 646.3
--------------------------------------------------------
Net Cash Flow $ 8.7 $ 9.2 $ 10.5 $ 9.0 $656.1
Enterprise Value $440.7
Less: Net Debt (207.8)
Equity Value $232.9
Plus: Oasis Equity Value 22.0 Shares Outstanding 29.4
------ -------
Total Equity Value $254.9 Implied DCF per share $8.67
-------
Terminal Value Sensitivity
--------------------------
EBITDA Multiple 5.Ox 6.Ox 7.Ox 8.Ox 9.Ox
Implied Terminal Value 461.7 554.0 646.3 738.7 831.0
EBIT Multiple 8.5x 10.2x 11.9x 13.7x 15.4x
Implied Share Price $ 9.38 $ 12.52 $ 15.66 $ 18.80 $ 21.94
</TABLE>
<TABLE>
<CAPTION>
Sensitivity Analysis:
- ---------------------
Earnings per share:
- -------------------------------------------------------------------------------
Terminal Value
5.0x 6.0x 7.0x 8.0x 9.0x
---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C>
9.0% $5.63 $7.77 $9.90 $12.03 $14.16
----------------------------
Discount 10.0% 5.18 7.22 9.27 11.31 13.36
Rate 11.0% 4.74 6.71 8.67 10.63 12.60
12.0% 4.33 6.22 8.10 9.99 11.87
----------------------------
13.0% 3.93 5.75 7.56 9.37 11.18
- -------------------------------------------------------------------------------
<CAPTION>
Implied Perpetuity Growth Rate
- -------------------------------------------------------------------------------
Terminal Value
5.0x 6.0x 7.0x 8.0x 9.0x
---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C>
9.0% 6.9% 7.2% 7.5% 7.7% 7.8%
----------------------------
Discount 10.0% 7.9% 8.2% 8.5% 8.7% 8.8%
Rate 11.0% 8.9% 9.2% 9.5% 9.7% 9.8%
12.0% 9.9% 10.2% 10.5% 10.7% 10.8%
----------------------------
13.0% 10.9% 11.2% 11.5% 11.7% 11.8%
- -------------------------------------------------------------------------------
<CAPTION>
PV of Terminal Value as a % of Enterprise Value
- -------------------------------------------------------------------------------
Terminal Value
5.0x 6.0x 7.0x 8.0x 9.0x
---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C>
9.0% 89.1% 90.8% 92.0% 92.9% 93.6%
----------------------------
Discount 10.0% 88.9% 90.6% 91.8% 92.8% 93.5%
Rate 11.0% 88.7% 90.4% 91.7% 92.7% 93.4%
12.0% 88.5% 90.3% 91.5% 92.5% 93.3%
----------------------------
13.0% 88.3% 90.1% 91.4% 92.4% 93.2%
- -------------------------------------------------------------------------------
</TABLE>
(1) First quarter 1999 results are expected to be below projected results.
22
