<PAGE> 1
AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON APRIL 7, 1997
================================================================================
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)
CALGENE, INC.
(NAME OF ISSUER)
CALGENE, INC.
MONSANTO ACQUISITION COMPANY, INC.
MONSANTO COMPANY
(NAME OF PERSONS FILING STATEMENT)
COMMON STOCK, PAR VALUE $.001 PER SHARE
(TITLE OF CLASS OF SECURITIES)
129598 10 8
(CUSIP NUMBER OF CLASS OF SECURITIES)
------------------------
<TABLE>
<S> <C>
R. WILLIAM IDE, III, ESQ. LLOYD M. KUNIMOTO
MONSANTO COMPANY & CALGENE, INC.
MONSANTO ACQUISITION COMPANY, INC. 1920 FIFTH STREET
800 N. LINDBERGH BOULEVARD DAVIS, CALIFORNIA 95616
ST. LOUIS, MISSOURI 63167 (916) 753-6313
(314) 694-1000
</TABLE>
(NAME, ADDRESS AND TELEPHONE NUMBER OF PERSONS AUTHORIZED TO RECEIVE NOTICES
AND COMMUNICATIONS ON BEHALF OF PERSONS FILING STATEMENT)
COPIES TO:
<TABLE>
<S> <C> <C>
MARK G. BORDEN, ESQ. ERIC S. ROBINSON, ESQ. STEVEN J. TONSFELDT, ESQ.
HALE AND DORR WACHTELL, LIPTON, ROSEN & KATZ VENTURE LAW GROUP
60 STATE STREET 51 WEST 52ND STREET A PROFESSIONAL CORPORATION
BOSTON, MASSACHUSETTS 02109 NEW YORK, NEW YORK 10019 2800 SAND HILL ROAD
(617) 526-6000 (212) 403-1000 MENLO PARK, CALIFORNIA 94025
(415) 854-4488
</TABLE>
------------------------
APRIL 7, 1997
(DATE TENDER OFFER FIRST PUBLISHED, SENT OR GIVEN TO SECURITY HOLDERS)
THIS STATEMENT IS FILED IN CONNECTION WITH A TENDER OFFER.
<TABLE>
<S> <C>
- ------------------------------------------------------------------------------------------------------------------
CALCULATION OF FILING FEE
- ------------------------------------------------------------------------------------------------------------------
TRANSACTION VALUATION AMOUNT OF FILING FEE
$242,759,368* $48,553**
- ------------------------------------------------------------------------------------------------------------------
</TABLE>
* For purposes of fee calculation only. The total transaction value is based on
66,741,035 Shares outstanding as of April 2, 1997 less 36,396,114 Shares
owned by Parent and Purchaser, multiplied by the offer price of $8.00 per
Share.
** The amount of the filing fee calculated in accordance with Regulation
240.0-11 of the Securities Exchange Act of 1934 equals 1/50 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).
<TABLE>
<S> <C> <C> <C>
Amount of Previously Paid: $48,553 Filing Parties: Monsanto Company, Monsanto Ac-
quisition Company, Inc.
Form of Registration No.: Schedule 14D-1 Date Filed: April 7, 1997
</TABLE>
================================================================================
<PAGE> 2
INTRODUCTION
This Rule 13e-3 Transaction Statement on Schedule 13E-3 (the "Schedule
13E-3") is being filed by (i) Monsanto Company, a Delaware corporation
("Parent"), (ii) Monsanto Acquisition Company, Inc. ("Purchaser"), a Delaware
corporation and a wholly owned subsidiary of Parent, and (iii) Calgene, Inc., a
Delaware corporation (the "Company"), pursuant to Section 13(e) of the
Securities Exchange Act of 1934, as amended, and Rule 13e-3 thereunder in
connection with the tender offer by Purchaser to purchase all outstanding shares
of common stock, par value $.001 per share (the "Shares"), of the Company, upon
the terms and subject to the conditions set forth in the Offer to Purchase dated
April 7, 1997 (the "Offer to Purchase") and the related Letter of Transmittal
(which together constitute the "Offer"), copies of which are filed as Exhibits
(d)(1) and (d)(2) hereto, respectively. The Offer is being made pursuant to an
Agreement and Plan of Merger, dated as of March 31, 1997, by and among Parent,
Purchaser and the Company, which provides, among other things, that as promptly
as practicable after the satisfaction or, if permissible, waiver of the
conditions set forth therein, Purchaser will be merged with and into the
Company, with the Company continuing as the surviving corporation, and each
issued and outstanding Share (other than any Shares held in the treasury of the
Company or owned by Purchaser, Parent or any subsidiary of Parent or the
Company, and other than Shares held by stockholders who shall not have voted in
favor of the Merger or consented thereto in writing and who shall have demanded
properly in writing appraisal for such Shares in accordance with Section 262 of
the General Corporation Law of the State of Delaware) will be converted into the
right to receive in cash, without interest, an amount equal to the price paid
per Share in the Offer.
The information contained in this Schedule 13E-3 concerning the Company,
including, without limitation, information concerning the background of the
transaction, the deliberations, approvals and recommendations of the Special
Committee (as such term is defined in the Offer to Purchase) and of the Board of
Directors of the Company in connection with the transaction, the opinion of the
Special Committee's financial advisor, and the Company's capital structure and
projected and historical financial information, was supplied by the Company.
Parent and Purchaser take no responsibility for the accuracy of such
information.
The following Cross Reference Sheet, prepared pursuant to General
Instruction F to Schedule 13E-3, shows the location in the Tender Offer
Statement on Schedule 14D-1 filed by Parent and Purchaser (the "Schedule 14D-1")
with the Securities and Exchange Commission (the "SEC") on the date hereof of
the information required to be included in this Schedule 13E-3. The information
set forth in the Schedule 14D-1, including all exhibits thereto, is hereby
expressly incorporated herein by reference as set forth in the Cross Reference
Sheet and the responses in this Schedule 13E-3, and such responses are qualified
in their entirety by reference to the information contained in the Offer to
Purchase and the annexes thereto.
<PAGE> 3
CROSS REFERENCE SHEET
<TABLE>
<CAPTION>
ITEM IN WHERE LOCATED IN
SCHEDULE 13E-3 SCHEDULE 14D-1
- ---------------------------------------------------------------------- ---------------------
<S> <C>
Item 1(a)-(c)......................................................... Item 1(a)
Item 1(d)............................................................. *
Item 1(e)............................................................. *
Item 1(f)............................................................. *
Item 2................................................................ Item 2, Schedule II
Item 3(a)............................................................. Item 3(a)-(b)
Item 3(b)............................................................. Item 3(b)
Item 4................................................................ *
Item 5................................................................ Item 5
Item 6(a)............................................................. Item 4(a)-(b)
Item 6(b)............................................................. *
Item 6(c)............................................................. **
Item 6(d)............................................................. **
Item 7(a)............................................................. Item 5
Item 7(b)............................................................. *
Item 7(c)............................................................. *
Item 7(d)............................................................. *
Item 8................................................................ *
Item 9................................................................ *
Item 10(a)............................................................ Item 6(a)
Item 10(b)............................................................ **
Item 11............................................................... Item 7
Item 12............................................................... *
Item 13............................................................... *
Item 14............................................................... *
Item 15(a)............................................................ *
Item 15(b)............................................................ Item 8
Item 16............................................................... Item 10(f)
Item 17............................................................... Item 11
</TABLE>
- ---------------
* The Item is located in the Schedule 13E-3 only.
** The Item is inapplicable or the answer thereto is in the negative.
<PAGE> 4
ITEM 1. ISSUER AND CLASS OF SECURITY SUBJECT TO THE TRANSACTION.
(a)-(c) The response to Item 1(a)-(c) of the Schedule 14D-1 is incorporated
herein by reference.
(d) The information set forth in the Offer to Purchase under "THE
OFFER -- Price Range of Shares" is incorporated herein by reference.
(e) Not applicable.
(f) The information set forth in the Offer to Purchase under "SPECIAL
FACTORS -- Background of the Offer and the Merger" and "THE OFFER -- Certain
Information Concerning Purchaser and Parent" is incorporated herein by
reference.
ITEM 2. IDENTITY AND BACKGROUND.
(a)-(d) This Statement is being filed by Purchaser, Parent and the Company.
The response to Item 2 of the Schedule 14D-1 is incorporated herein by
reference.
(e)-(f) The response to Item 2 of the Schedule 14D-1 is incorporated herein
by reference with respect to Parent and Purchaser. During the last five years,
neither the Company nor, to the best knowledge of the Company, Parent or
Purchaser or any director or executive officer of the Company (i) has been
convicted in a criminal proceeding (excluding traffic violations or similar
misdemeanors) or (ii) was party to a civil proceeding of a judicial or
administrative body of competent jurisdiction and as a result of such proceeding
was or is subject to a judgment, decree or final order enjoining further
violations of, or prohibiting activities subject to, federal or state securities
laws or finding any violation of such laws.
(g) The response to Item 2 of the Schedule 14D-1 is incorporated herein by
reference with respect to Parent and Purchaser. The citizenship of the directors
and executive officers of the Company are set forth in Schedule II to the Offer
to Purchase and are incorporated herein by reference.
ITEM 3. PAST CONTACTS, TRANSACTIONS OR NEGOTIATIONS.
(a)-(b) The response to Item 3 of the Schedule 14D-1 is incorporated herein
by reference.
ITEM 4. TERMS OF THE TRANSACTION.
(a) The information set forth in the Offer to Purchase on the cover page
thereof and under "INTRODUCTION", "SPECIAL FACTORS -- Background of the Offer
and the Merger", "SPECIAL FACTORS -- The Merger Agreement", "THE OFFER -- Terms
of the Offer", "THE OFFER -- Procedure for Accepting the Offer and Tendering
Shares", "THE OFFER -- Acceptance for Payment and Payment for Shares", "THE
OFFER -- Withdrawal Rights", "THE OFFER -- Dividends and Distributions", "THE
OFFER -- Certain Conditions of the Offer", "THE OFFER -- Certain Legal Matters"
and "THE OFFER -- Miscellaneous" is incorporated herein by reference.
(b) Not applicable.
ITEM 5. PLANS OR PROPOSALS OF THE ISSUER OR AFFILIATE.
(a)-(e) The response to Item 5(a)-(e) of the Schedule 14D-1 is incorporated
herein by reference.
(f)-(g) The response to Item 5(f)-(g) of the Schedule 14D-1 is incorporated
herein by reference.
ITEM 6. SOURCE AND AMOUNTS OF FUNDS OR OTHER CONSIDERATION.
(a) The response to Item 4(a)-(b) of the Schedule 14D-1 is incorporated
herein by reference.
(b) The information set forth in the Offer to Purchase under "THE
OFFER -- Fees and Expenses" is incorporated herein by reference.
(c) Not applicable.
<PAGE> 5
(d) Not applicable.
ITEM 7. PURPOSE(S), ALTERNATIVES, REASONS AND EFFECTS.
(a) The response to Item 5 of the Schedule 14D-1 is incorporated herein by
reference.
(b) The information set forth in the Offer to Purchase under "SPECIAL
FACTORS -- Recommendations of the Special Committee and the Company Board;
Fairness of the Offer and the Merger" and "SPECIAL FACTORS -- Purpose and
Structure of the Offer and the Merger; Reasons of Parent and Purchaser for the
Offer and the Merger" is incorporated herein by reference.
(c)-(d) The information set forth in the Offer to Purchase under
"INTRODUCTION", "SPECIAL FACTORS -- Background of the Offer and the Merger",
"SPECIAL FACTORS -- Recommendation of the Special Committee and the Company
Board; Fairness of the Offer and the Merger", "SPECIAL FACTORS -- Purpose and
Structure of the Offer and the Merger; Reasons of Parent and Purchaser for the
Offer and the Merger", "SPECIAL FACTORS -- Plans for the Company After the Offer
and the Merger; Certain Effects of the Offer, "THE OFFER -- Certain Federal
Income Tax Consequences" and "THE OFFER -- Effect of the Offer on the Market for
the Shares; NASDAQ Quotation and Exchange Act Registration" is incorporated
herein by reference.
ITEM 8. FAIRNESS OF THE TRANSACTION.
(a)-(f) The information set forth in the Offer to Purchase under
"INTRODUCTION", "SPECIAL FACTORS -- Background of the Offer and the Merger",
"SPECIAL FACTORS -- Recommendation of the Special Committee and the Company
Board; Fairness of the Offer and the Merger", "SPECIAL FACTORS -- Opinion of
Financial Advisor to the Special Committee", "SPECIAL FACTORS -- Purpose and
Structure of the Offer and the Merger; Reasons of Parent and Purchaser for the
Offer and the Merger" is incorporated herein by reference. In recognition of
Parent's interest in the Offer and the Merger, directors Patrick J. Fortune,
Robert T. Fraley, Michael R. Hogan, John E. Robson and Hendrik A. Verfaillie,
each of whom is a designee of Parent on the Company's Board of Directors, each
abstained from voting on the Offer and the Merger.
ITEM 9. REPORTS, OPINIONS, APPRAISALS AND CERTAIN NEGOTIATIONS.
(a)-(c) The information set forth in the Offer to Purchase under "SPECIAL
FACTORS -- Background of the Offer and the Merger", "SPECIAL
FACTORS -- Recommendation of the Special Committee and the Company Board;
Fairness of the Offer and the Merger", "SPECIAL FACTORS -- Opinion of Financial
Advisor to the Special Committee", "SPECIAL FACTORS -- Position of Parent and
Purchaser Regarding the Fairness of the Offer and the Merger" and in Annex A is
incorporated herein by reference.
ITEM 10. INTEREST IN SECURITIES OF THE ISSUER.
(a) The response to Item 6(a) of the Schedule 14D-1 and the information set
forth in the Offer to Purchase under "SPECIAL FACTORS -- Beneficial Ownership of
Shares" and "SPECIAL FACTORS -- Interests of Certain Persons in the Offer and
the Merger" are incorporated herein by reference.
(b) Not applicable.
ITEM 11. CONTRACTS, ARRANGEMENTS OR UNDERSTANDINGS WITH RESPECT TO THE ISSUER'S
SECURITIES.
The response to Item 7 of the Schedule 14D-1 and the information set forth
in the Offer to Purchase under "SPECIAL FACTORS -- Beneficial Ownership of
Shares" are incorporated herein by reference.
ITEM 12. PRESENT INTENTION AND RECOMMENDATION OF CERTAIN PERSONS WITH REGARD TO
THE OFFER AND THE MERGER.
<PAGE> 6
(a)-(b) The information set forth in the Offer to Purchase under
"INTRODUCTION", "SPECIAL FACTORS -- Background of the Offer and the Merger",
"SPECIAL FACTORS -- Recommendation of the Special Committee and the Company
Board; Fairness of the Offer and the Merger", "SPECIAL FACTORS -- Interests of
Certain Persons in the Offer and the Merger" and "SPECIAL FACTORS -- Beneficial
Ownership of Shares" is incorporated herein by reference.
ITEM 13. OTHER PROVISIONS OF THE OFFER AND THE MERGER.
(a) The information set forth in the Offer to Purchase under "SPECIAL
FACTORS -- Rights of Stockholders in the Merger", "SPECIAL FACTORS -- The Merger
Agreement" and Annex B is incorporated herein by reference.
(b) Not applicable.
(c) Not applicable.
ITEM 14. FINANCIAL INFORMATION.
(a) The information set forth in the Offer to Purchase under "THE
OFFER -- Certain Information Concerning the Company" is incorporated herein by
reference. In addition, the Company's audited financial statements for the
fiscal years ended June 30, 1996 and June 30, 1995, and for the six-month period
ended December 31, 1996, are attached to the Offer to Purchase as Schedule III
thereto, and are incorporated herein by reference.
(b) Not applicable.
ITEM 15. PERSONS AND ASSETS EMPLOYED, RETAINED OR UTILIZED.
(a) The information set forth in the Offer to Purchase under "SPECIAL
FACTORS -- Background of the Offer and the Merger", "SPECIAL
FACTORS -- Recommendation of the Special Committee and the Company Board;
Fairness of the Offer and the Merger", "SPECIAL FACTORS -- Plans for the Company
After the Offer and the Merger; Certain Effects of the Merger" and "THE
OFFER -- Effect of the Offer on the Market for the Shares; NASDAQ Quotation and
Exchange Act Registration" is incorporated herein by reference.
(b) The response to Item 8 of the Schedule 14D-1 is incorporated herein by
reference.
ITEM 16. ADDITIONAL INFORMATION.
The response to Item 10(f) of the Schedule 14D-1 is incorporated herein by
reference.
ITEM 17. MATERIAL TO BE FILED AS EXHIBITS.
<TABLE>
<S> <C>
(a) Not applicable.
(b)(1) Opinion of Montgomery Securities, dated March 31, 1997 (included as Annex A to
Exhibit(d)(1)).
(b)(2) Presentation of Montgomery Securities, dated March 31, 1997.
(c)(1) Agreement and Plan of Merger, dated as of March 31, 1997, by and among Monsanto
Company, Monsanto Acquisition Company, Inc. and Calgene, Inc. (incorporated herein
by reference to Exhibit 1 to the Schedule 13D (Amendment No. 5) filed by Monsanto
Company with the SEC on April 2, 1997).
(c)(2) Amendment to the Amended and Restated Stockholders Agreement, dated as of March 31,
1997, by and between Monsanto Company and Calgene, Inc. (incorporated herein by
reference to Exhibit 2 to the Schedule 13D (Amendment No. 5) filed by Monsanto
Company with the SEC on April 2, 1997).
</TABLE>
<PAGE> 7
<TABLE>
<S> <C>
(c)(3) Agreement and Plan of Reorganization, dated as of October 13, 1995, between Monsanto
Company and Calgene, Inc.(A)
(c)(4) Stock Purchase Agreement, dated as of September 27, 1996, between Monsanto Company
and Calgene, Inc.(B)
(c)(5) Amended and Restated Stockholders Agreement, dated as of November 12, 1996, between
Monsanto Company and Calgene, Inc.(B)
(c)(6) Stockholders Agreement, dated as of March 31, 1996, between Monsanto Company and
Calgene, Inc. (A)
(c)(7) Calgene Credit Facility Agreement, dated as of March 31, 1996, between Calgene, Inc.
and Monsanto Company. (A)
(c)(8) Gargiulo Credit Facility Agreement, dated as of March 31, 1996, between Calgene,
Inc. and Monsanto Company. (A)
(c)(9) Complaint filed January 29, 1997, in Obstfeld v. Salquist, et al. (incorporated
herein by reference to Exhibit(c)(10) to the Schedule 14D-1).
(c)(10) Complaint filed January 29, 1997, in Siegel v. Calgene, Inc., et al. (incorporated
herein by reference to Exhibit(c)(11) to the Schedule 14D-1).
(c)(11) Complaint filed January 29, 1997, in Susser v. Kunimoto, et al. (incorporated herein
by reference to Exhibit(c)(12) to the Schedule 14D-1).
(c)(12) Complaint filed January 29, 1997, in Elstein v. Monsanto Company, et al.
(incorporated herein by reference to Exhibit(c)(13) to the Schedule 14D-1).
(c)(13) Complaint filed January 29, 1997, in Manson v. Fortune, et al. (incorporated herein
by reference to Exhibit(c)(14) to the Schedule 14D-1).
(c)(14) Complaint filed January 30, 1997, in Settle v. Monsanto Company, et al.
(incorporated herein by reference to Exhibit(c)(15) to the Schedule 14D-1).
(c)(15) Complaint filed January 31, 1997, in Glickberg v. Monsanto Company, et al.
(incorporated herein by reference to Exhibit(c)(16) to the Schedule 14D-1).
(c)(16) Complaint filed February 5, 1997, in Lewis v. Monsanto Company, et al. (incorporated
herein by reference to Exhibit(c)(17) to the Schedule 14D-1).
(c)(17) Order of Consolidation, dated March 10, 1997 (incorporated herein by reference to
Exhibit(c)(18) to the Schedule 14D-1).
(c)(18) Memorandum of Understanding, dated March 31, 1997 (incorporated herein by reference
to Exhibit(c)(19) to the Schedule 14D-1).
(d)(1) Form of Offer to Purchase, dated April 7, 1997 (incorporated herein by reference to
Exhibit(a)(1) to the Schedule 14D-1).
(d)(2) Form of Letter of Transmittal (incorporated herein by reference to Exhibit(a)(2) to
the Schedule 14D-1).
(d)(3) Form of Letter from Goldman, Sachs & Co. to Brokers, Dealers, Commercial Banks,
Trust Companies and Other Nominees (incorporated herein by reference to
Exhibit(a)(3) to the Schedule 14D-1).
(d)(4) Form of Letter from Brokers, Dealers, Commercial Banks, Trust Companies and Other
Nominees to Clients (incorporated herein by reference to Exhibit(a)(4) to the
Schedule 14D-1).
(d)(5) Form of Notice of Guaranteed Delivery (incorporated herein by reference to
Exhibit(a)(5) to the Schedule 14D-1).
</TABLE>
<PAGE> 8
<TABLE>
<S> <C>
(d)(6) Form of Guidelines for Certification of Taxpayer Identification Number on Substitute
Form W-9 (incorporated herein by reference to Exhibit(a)(6) to the Schedule 14D-1).
(d)(7) Summary Advertisement as published in The Wall Street Journal on April 7, 1997
(incorporated herein by reference to Exhibit(a)(7) to the Schedule 14D-1).
(d)(8) Text of Joint Press Release, dated April 1, 1997, issued by Calgene, Inc. and
Monsanto Company (incorporated herein by reference to Exhibit 3 to the Schedule 13D
(Amendment No. 5) filed by Monsanto Company with the SEC on April 2, 1997).
(d)(9) Text of Press Release, dated April 7, 1997, issued by Monsanto Company (incorporated
herein by reference to Exhibit (a)(9) to the Schedule 14D-1).
(e) Description of Appraisal Rights (included as Annex B to Exhibit(d)(1)).
(f) Not applicable.
</TABLE>
- ---------------
<TABLE>
<S> <C>
(A) Incorporated herein by reference to the Registration Statement on Form S-4, filed by
the Company with the SEC on February 6, 1996.
(B) Incorporated herein by reference to the Transition Report on Form 10-K for the
six-month period ended December 31, 1996, filed by the Company with the SEC on March
31, 1997.
</TABLE>
<PAGE> 9
SIGNATURES
After due inquiry and to the best of his knowledge and belief, each of the
undersigned certifies that the information set forth in this statement is true,
complete and correct.
CALGENE, INC.
By: /s/ LLOYD M. KUNIMOTO
------------------------------------
Name: Lloyd M. Kunimoto
Title: President and Acting Chief
Executive Officer
MONSANTO COMPANY
By: /s/ HENDRIK A. VERFAILLIE
------------------------------------
Name: Hendrik A. Verfaillie
Title: Executive Vice President
MONSANTO ACQUISITION COMPANY, INC.
By: /s/ HENDRIK A. VERFAILLIE
------------------------------------
Name: Hendrik A. Verfaillie
Title: President
Dated: April 7, 1997
<PAGE> 10
EXHIBIT INDEX
<TABLE>
<CAPTION>
EXHIBIT
NO. DESCRIPTION
- ------- ------------------------------------------------------------------------------------
<S> <C>
(a) Not applicable.
(b)(1) Opinion of Montgomery Securities, Inc., dated March 31, 1997 (included as Annex A to
Exhibit(d)(1)).
(b)(2) Presentation of Montgomery Securities, Inc., dated March 31, 1997.
(c)(1) Agreement and Plan of Merger, dated as of March 31, 1997, by and among Monsanto
Company, Monsanto Acquisition Company, Inc. and Calgene, Inc. (incorporated herein
by reference to Exhibit 1 to the Schedule 13D (Amendment No. 5) filed by Monsanto
Company with the SEC on April 2, 1997).
(c)(2) Amendment to the Amended and Restated Stockholders Agreement, dated as of March 31,
1997, by and between Monsanto Company and Calgene, Inc. (incorporated herein by
reference to Exhibit 2 to the Schedule 13D (Amendment No. 5) filed by Monsanto
Company with the SEC on April 2, 1997).
(c)(3) Agreement and Plan of Reorganization, dated as of October 13, 1995, between Monsanto
Company and Calgene, Inc. (A)
(c)(4) Stock Purchase Agreement, dated as of September 27, 1996, between Monsanto Company
and Calgene, Inc. (B)
(c)(5) Amended and Restated Stockholders Agreement, dated as of November 12, 1996, between
Monsanto Company and Calgene, Inc. (B)
(c)(6) Stockholders Agreement, dated as of March 31, 1996, between Monsanto Company and
Calgene, Inc. (A)
(c)(7) Calgene Credit Facility Agreement, dated as of March 31, 1996, between Calgene, Inc.
and Monsanto Company. (A)
(c)(8) Gargiulo Credit Facility Agreement, dated as of March 31, 1996, between Calgene,
Inc. and Monsanto Company. (A)
(c)(9) Complaint filed January 29, 1997, in Obstfeld v. Salquist, et al. (incorporated
herein by reference to Exhibit(c)(10) to the Schedule 14D-1).
(c)(10) Complaint filed January 29, 1997, in Siegel v. Calgene, Inc., et al. (incorporated
herein by reference to Exhibit(c)(11) to the Schedule 14D-1).
(c)(11) Complaint filed January 29, 1997, in Susser v. Kunimoto, et al. (incorporated herein
by reference to Exhibit(c)(12) to the Schedule 14D-1).
(c)(12) Complaint filed January 29, 1997, in Elstein v. Monsanto Company, et al.
(incorporated herein by reference to Exhibit(c)(13) to the Schedule 14D-1).
(c)(13) Complaint filed January 29, 1997, in Manson v. Fortune, et al. (incorporated herein
by reference to Exhibit(c)(14) to the Schedule 14D-1).
(c)(14) Complaint filed January 30, 1997, in Settle v. Monsanto Company, et al.
(incorporated herein by reference to Exhibit(c)(15) to the Schedule 14D-1).
(c)(15) Complaint filed January 31, 1997, in Glickberg v. Monsanto Company, et al.
(incorporated herein by reference to Exhibit(c)(16) to the Schedule 14D-1).
(c)(16) Complaint filed February 5, 1997, in Lewis v. Monsanto Company, et al. (incorporated
herein by reference to Exhibit(c)(17) to the Schedule 14D-1).
(c)(17) Order of Consolidation, dated March 10, 1997 (incorporated herein by reference to
Exhibit(c)(18) to the Schedule 14D-1).
(c)(18) Memorandum of Understanding, dated March 31, 1997 (incorporated herein by reference
to Exhibit(c)(19) to the Schedule 14D-1).
</TABLE>
<PAGE> 11
<TABLE>
<CAPTION>
EXHIBIT
NO. DESCRIPTION
- ------- ------------------------------------------------------------------------------------
<S> <C>
(d)(1) Form of Offer to Purchase, dated April 7, 1997 (incorporated herein by reference to
Exhibit(a)(1) to the Schedule 14D-1).
(d)(2) Form of Letter of Transmittal (incorporated herein by reference to Exhibit(a)(2) to
the Schedule 14D-1).
(d)(3) Form of Letter from Goldman, Sachs & Co. to Brokers, Dealers, Commercial Banks,
Trust Companies and Other Nominees (incorporated herein by reference to
Exhibit(a)(3) to the Schedule 14D-1).
(d)(4) Form of Letter from Brokers, Dealers, Commercial Banks, Trust Companies and Other
Nominees to Clients (incorporated herein by reference to Exhibit(a)(4) to the
Schedule 14D-1).
(d)(5) Form of Notice of Guaranteed Delivery (incorporated herein by reference to
Exhibit(a)(5) to the Schedule 14D-1).
(d)(6) Form of Guidelines for Certification of Taxpayer Identification Number on Substitute
Form W-9 (incorporated herein by reference to Exhibit (a)(6) to the Schedule 14D-1).
(d)(7) Summary Advertisement as published in The Wall Street Journal on April 7, 1997
(incorporated herein by reference to Exhibit (a)(7) to the Schedule 14D-1).
(d)(8) Text of Joint Press Release, dated April 1, 1997, issued by Monsanto Company
(incorporated herein by reference to Exhibit 3 to the Schedule 13D (Amendment No. 5)
filed by Calgene, Inc. and Monsanto Company with the SEC on April 2, 1997).
(d)(9) Text of Press Release, dated April 7, 1997 issued by Monsanto Company (incorporated
herein by reference to Exhibit(a)(9) to the Schedule 14D-1).
(e) Description of Appraisal Rights (included as Annex B to Exhibit(d)(1)).
(f) Not applicable.
</TABLE>
- ---------------
(A) Incorporated herein by reference to the Registration Statement on Form S-4,
filed by the Company with the SEC on February 6, 1996.
(B) Incorporated herein by reference to the Transition Report on Form 10-K for
the six-month period ended December 31, 1996, filed by the Company with the
SEC on March 31, 1997.
<PAGE> 1
EXHIBIT (b)(2)
Project Art
Presentation to the Van Gogh Special Committee
MONTGOMERY SECURITIES
The Power of Growth(SM)
INVESTMENT BANKING, BROKERAGE, ASSET MANAGEMENT
March 31, 1997
<PAGE> 2
Table of Contents
================================================================================
Section
-------
Executive Summary....................................................... I
Valuation Summary ...................................................... II
Discounted Cash Flow Analysis........................................... III
Comparable Transaction Analysis......................................... IV
Common Stock Price Analysis............................................. V
Common Stock Trading Volume Analysis.................................... VI
Comparable Public Company Analysis...................................... VII
<PAGE> 3
EXHIBIT I
================================
Executive Summary
<PAGE> 4
Executive Summary
================================================================================
Van Gogh Company Profile
Business: Van Gogh ("the Company") is a biotechnology company
that is developing a portfolio of genetically
engineered plants and plant products for the food, seed
and oleochemical industries. The Company's research and
business efforts are focused in three core crop areas:
(a) fresh produce (tomato and strawberry); (b) edible
and industrial plant oils (canola); and (c) cotton and
fibers. The Company believes that in these areas,
biotechnology can provide substantial added commercial
value in consumer, industrial and seed markets.
Operations: Headquartered in Davis, CA, Van Gogh has over 1,300
regular employees in the United States, Mexico and
Puerto Rico. In addition, the Company employs
approximately 3,000 seasonal workers.
Market Performance: 52 Week
-----------------
Current High Low
------- ------ -----
Share Price (3/27/97) $7.56 $7.63 $4.25
Shares (MM) 66.7
Market Cap ($MM) $504.3
Net Debt ($MM) $32.4
Aggregate Value $536.7
Montgomery Securities - Confidential 4
<PAGE> 5
Executive Summary
================================================================================
Matisse Company Profile
Business: Matisse Company ("the Company") and its subsidiaries
conduct business activity under four industry segments:
(a) Agricultural Products; (b) Chemicals; (c)
Pharmaceuticals; and (d) Food Ingredients. The
Company's products are marketed under such notable
brand names as "Lasso," "Roundup," "Nutrasweet," and
"Searle."
Operations: Headquartered in St. Louis, MO, Matisse has over 28,500
employees in the United States, Europe, Canada, Latin
America, Australia, Asia and Africa.
Market Performance: 52 Week
-----------------
Current High Low
------- ------ ------
Share Price (3/27/97) $38.00 $43.25 $26.13
Shares (MM) 588.0
Market Cap ($MM) $22,344.8
Net Debt ($MM) $2,335.0
Aggregate Value $24,679.8
Montgomery Securities - Confidential 5
<PAGE> 6
Executive Summary
================================================================================
Historical Transaction Summary
Transaction Date
- ----------------
3/96 Matisse and Van Gogh entered into a transaction under
which Matisse contributed Gargiulo, Inc.(a produce
company) and $30 million, as well as certain oils and
produce related technology in exchange for a 49.9%
equity interest in Van Gogh. This transaction was
completed at $5.75 per share.
11/96 Matisse purchased 6.25 million shares of Van Gogh at
$8.00 per share for a total transaction value of $50
million. As of the closing of this transaction,
Matisse's ownership rose to approximately 55%.
Montgomery Securities - Confidential 6
<PAGE> 7
Executive Summary
================================================================================
Current Transaction Summary
Transaction Date
- ----------------
1/28/97 Van Gogh was notified that Matisse was planning to
publicly announce an offer to acquire the remaining 45%
of Van Gogh for $7.25 per share. The Independent
Directors immediately hired Montgomery Securities and
Venture Law Group as financial and legal advisors,
respectively.
1/29/97 Matisse publicly announced an offer of $7.25 per share.
The Independent Directors announced that a Special
Committee had been formed to consider this initial
offer.
2/2/97-3/5/97 The Special Committee, Montgomery, and Venture Law
Group held multiple discussions and meetings as part of
negotiations with Matisse and its financial advisor,
Goldman, Sachs & Co.
3/6/97 The Special Committee decided to recommend Matisse's
offer to acquire the remaining shares of Van Gogh it
does not already own for $8.00 per share (subject to
agreement of certain contractual terms). Closing of the
transaction is contingent on a majority of the minority
shares being tendered.
Montgomery Securities - Confidential 7
<PAGE> 8
Executive Summary
================================================================================
Rationale for the Transaction
o Realize Substantial Value for Van Gogh Shareholders
At the $8.00 offer price, Van Gogh shareholders (other than Matisse)
recognize a 45%, 60%, and 60% premium over the stock price one day, one
week and one month preceding this offer, respectively. These premiums
fall at the high end of the ranges or above the ranges as determined by
substantially all of Montgomery's analyses.
o Standstill Clause in Effect until 9/30/98
As a result of the 3/96 transaction between Matisse and Van Gogh, a
standstill clause is in place which requires that the Independent
Directors of Van Gogh approve any additional acquisition of Van Gogh
shares by Matisse. This clause is in effect until 9/30/98. As such, the
Special Committee offers some degree of protection to minority
shareholders if a transaction occurs before 9/30/98. Monsanto's interest
in acquiring the remaining shares of Calgene is to simplify its
ownership in Calgene to operate the business unencumbered by the
constraints of the standstill clause
o Secure Future Financial Resources for Van Gogh
Since inception, Van Gogh has been unable to sustain profitability for
any significant period of time and has accumulated losses of
approximately $200 million. Van Gogh anticipates that it will require
additional financing in order to continue its operations. At this point
in time, the equity and debt markets are not a viable option for Van
Gogh. As such, the significant financial resources of Matisse provide an
avenue by which Van Gogh can secure the capital necessary to maintain
solvency.
Montgomery Securities - Confidential 8
<PAGE> 9
Executive Summary
================================================================================
Rationale for the Transaction
o Matisse's Recent Focus on Biotechnology
A recent Forbes article [Matisse] v. Malthus, dated March 10, 1997,
discusses Matisse's recent focus on biotechnology with respect to food
and nutrition. In support of this argument, the authors cite that
Matisse has made significant equity investments totaling over $750
million in a number of agricultural biotechnology companies including
DeKalb Genetics (40%), Ecogen (10%), Agracetus (100%), and Calgene
(55%). These recent actions support the conclusion that Matisse's
business platform is central to Matisse's business strategy.
o Matisse's Proprietary Property in Biotechnology
As a leader in agriculture and bioengineering, and as a result of the
recent equity investments mentioned above, Matisse has access to, and in
many cases, ownership of, proprietary property which may be leveraged in
the future development of products by Van Gogh.
Montgomery Securities - Confidential 9
<PAGE> 10
Executive Summary
================================================================================
Summary Term Sheet
Structure of Proposed Transaction: Cash tender offer by Matisse for stock of
Van Gogh contingent on a majority of the
minority shares tendering.
Accounting Treatment: Purchase accounting
Consideration: $8.00 per share in cash for all Van Gogh
stock, issued and outstanding.
Treatment of Calgene Options: All Van Gogh options are accelerated upon
change of control and are cashed out upon
closing.
Representations and Warranties: Customary for Van Gogh and do not survive
after closing.
Timing: 1/29/97 Public Announcement of $7.25 Offer
3/14/97 Van Gogh Special Committee Approval
3/17/97 Press Release
TBD Commence Tender Offer
TBD Closing
Montgomery Securities - Confidential 10
<PAGE> 11
EXHIBIT II
============================
Valuation Summary
<PAGE> 12
Valuation Summary
================================================================================
Methodologies and Implied Prices Per Share
Implied
Methodology Price Per Share
- ----------- ---------------
Discounted Cash Flow Analysis $4.81 - $7.62
Comparable Transactions
- Control Combinations $7.01 - $8.43
- Biotechnology Control Premiums $8.10 - $8.65
- Squeeze-Out Premiums $6.24 - $6.61
- Seed/Ag Transaction Revenue Multiple $4.68
Comparable Trading Multiples $7.08
Montgomery Securities - Confidential 12
<PAGE> 13
Valuation Summary
================================================================================
Historical Parameters
Ann. Purchase Van Gogh
Date Price Share Price Per Share Premium
---- ----------- --------------- -------
49.9% Monsanto Acquisition 3/31/96 $5.75 $5.75 NA
$50MM Monsanto Investment 7/31/96 $8.00 $4.88 63.9%
Stock Price Analysis
- From 1/1/95 to 1/28/97, Van Gogh traded as high as $9.63, had an average
trading price of $6.08 for an average premium to offer of 31.6%.
- From 3/31/96 to 1/28/97, Van Gogh did not trade above $7.25, had an average
trading price of $5.48 for an average premium to offer price of 46.0%.
- From 1/1/95 to 1/28/97, 127 million shares representing 210% of the total
float outstanding traded and from 3/31/96 to 1/28/97, 51% traded.
- The percentage of shares traded with certain price ranges are as follows:
(1/1/95 - 1/28/97) (3/31/96 - 1/28/97)
Price % Traded Price % Traded
----- -------- ----- --------
<$5 10.1% <$5 19.7%
$5-6 23.6% $5-6 57.4%
$6-7 38.6% $6-7 22.9%
$7-8 20.5%
$8-9 7.2%
<$9 0.0%
Montgomery Securities - Confidential 13
<PAGE> 14
EXHIBIT III
===========================
Discounted Cash Flow Analysis
<PAGE> 15
Discounted Cash Flow Analysis
================================================================================
Van Gogh DCF Summary
($ in thousands)
------------------------------------------------------------
Summary
------------------------------------------------------------
Division Value Range
--------------------- --------------------------
Produce $82,360 - $116,919
Cotton $69,336 - $109,997
Oils $198,163 - $313,944
Corporate $(26,219) - $(31,742)
-------- --------
Total Aggregate Value $323,640 - $509,119
Less Net Debt $5,970 - $5,970
-------- --------
Total Equity Value $317,670 - $503,149
------------------------------------------------------------
Value per Share* $4.81 - $7.62
============================================================
* Assumes 66.71 million shares outstanding.
Montgomery Securities - Confidential 15
<PAGE> 16
Discounted Cash Flow Analysis
================================================================================
Discount Rate Justification by Division
Discount Rate
Division Applied Reasoning
- --------------- ---------------- ---------------------------------------------
Produce 30.0% - 35.0% Risks associated with agriculture (growing
tomatoes and strawberries)
Dependent on branded strategy
Cotton 17.5% - 22.5% Risks associated with introduction and market
penetration of BT product
Fibers 40.0% - 45.0% Risks associated with development of product
with desired attributes (color)
Oils/Food 30.0% - 35.0% Dependent on signing of customer contracts
Risks associated with penetration of multiple
markets with different needs
Oils/PUFAs 40.0% - 45.0% Risks associated with development of second
construct
Risks associated with introduction of
products and market acceptance
Oils/Consumer 40.0% - 45.0% Risks associated with development of products
Risks associated with introduction of
products and market acceptance
Oils/Industrial 27.5% - 32.5% Risks associated with development of products
Risks associated with introduction of
commodity products and market acceptance
Corporate 12.5% - 17.5% Not Applicable
Montgomery Securities - Confidential 16
<PAGE> 17
Discounted Cash Flow Analysis
================================================================================
Van Gogh Summary Income Statement and Cash Flow Data
($ in thousands)
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------
Year Ended
-------------------------------------------------------------------------------------------------
1997 1998 1999 2000 2001 2002 2003
------------ ------------ ------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C> <C>
Revenues $ 194,531.0 $ 258,459.3 $ 299,058.7 $ 390,528.6 $ 627,224.0 $ 687,253.6 $ 892,064.9
EBIT (485.4) 21,467.1 24,841.3 57,456.7 213,650.7 177,012.0 243,334.2
------------ ------------ ------------ ------------ ------------ ------------ ------------
Net Income $ (2,692.2) $ 6,814.4 $ 8,402.8 $ 34,343.8 $ 118,338.1 $ 93,386.6 $ 124,831.0
============ ============ ============ ============ ============ ============ ============
Net Unlevered Free Cashflow $ (4,063.2) $ 8,636.3 $ 9,851.1 $ 15,633.3 $ 144,829.4 $ 40,003.5 $ 78,513.8
</TABLE>
----------------------------------------
Year Ended
----------------------------------------
2004 2005 2006
------------ ------------ ------------
Revenues $1,133,700.4 $1,356,339.9 $1,593,236.1
EBIT 329,924.8 405,992.3 479,481.7
------------ ------------ ------------
Net Income $ 179,924.6 $ 222,962.6 $ 264,489.2
============ ============ ============
Net Unlevered Free Cashflow $ 116,849.9 $ 151,502.2 $ 178,874.1
Montgomery Securities - Confidential 17
<PAGE> 18
Discounted Cash Flow Analysis
================================================================================
Van Gogh Produce Division - Income Statement & Assumptions*
($ in thousands)
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------
Year Ended
--------------------------------------------------------------------------------------------
1997 1998 1999 2000 2001 2002 2003
---------- ---------- ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
Revenues $163,302.0 $196,125.7 $215,738.3 $237,312.1 $272,908.9 $300,199.8 $330,219.8
Cost of Sales 139,296.6 151,997.4 168,275.9 185,103.4 212,869.0 234,155.8 257,571.4
---------- ---------- ---------- ---------- ---------- ---------- ----------
Gross Profit 24,005.4 44,128.3 47,462.4 52,208.7 60,040.0 66,044.0 72,648.4
Operating Expenses
Sales & Marketing 3,429.3 3,922.5 6,040.7 8,068.6 9,006.0 9,006.0 9,906.6
General & Administrative 6,236.3 11,597.8 10,538.7 10,776.0 10,491.3 9,809.0 7,857.7
Research & Development 2,776.1 2,353.5 2,373.1 2,373.1 2,729.1 3,002.0 3,302.2
---------- ---------- ---------- ---------- ---------- ---------- ----------
Total Operating Expense 12,441.8 17,873.8 18,952.5 21,217.8 22,226.3 21,817.0 21,066.5
Amortization of Goodwill 2,582.0 3,700.0 3,700.0 3,700.0 3,700.0 3,700.0 3,700.0
---------- ---------- ---------- ---------- ---------- ---------- ----------
Operating Profit 8,981.6 22,554.5 24,809.9 27,290.9 34,113.6 40,527.0 47,881.9
Interest Expense (4,228.0) (4,559.9) (5,048.3) (5,553.1) (6,386.1) (7,024.7) (7,727.1)
Income (loss) minority/uncons subs 437.0 (5,800.0) (8,100.0) (9,300.0) (10,200.0) (10,200.0) (10,200.0)
Other Income (expense) 2,392.0 (2,500.0) 0.0 0.0 (1,000.0) (1,000.0) (1,000.0)
---------- ---------- ---------- ---------- ---------- ---------- ----------
Net Income $ 7,582.6 $ 9,694.5 $ 11,661.6 $ 12,437.8 $ 16,527.5 $ 22,302.3 $ 28,954.7
========== ========== ========== ========== ========== ========== ==========
Assumptions
Gross Margin 14.7% 22.5% 22.0% 22.0% 22.0% 22.0% 22.0%
Operating Margin 5.5% 11.5% 11.5% 11.5% 12.5% 13.5% 14.5%
Net Margin 4.6% 4.9% 5.4% 5.2% 6.1% 7.4% 8.8%
S&M as a % of Revenue 2.1% 2.0% 2.8% 3.4% 3.3% 3.0% 3.0%
G&A as a % of Revenue 3.8% 5.9% 4.9% 4.5% 3.8% 3.3% 2.4%
R&D as a % of Revenue 1.7% 1.2% 1.1% 1.0% 1.0% 1.0% 1.0%
Revenue Growth Rate Base 20.1% 10.0% 10.0% 15.0% 10.0% 10.0%
Interest Expense as a % Revenue 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0%
</TABLE>
--------------------------------------
Year Ended
--------------------------------------
2004 2005 2006
---------- ---------- ----------
Revenues $363,241.8 $399,565.9 $439,522.5
Cost of Sales 283,328.6 311,661.4 342,827.6
---------- ---------- ----------
Gross Profit 79,913.2 87,904.5 96,695.0
Operating Expenses
Sales & Marketing 10,897.3 11,987.0 13,185.7
General & Administrative 5,381.0 6,289.1 7,288.1
Research & Development 3,632.4 3,995.7 4,395.2
---------- ---------- ----------
Total Operating Expense 19,910.7 22,271.8 24,869.0
Amortization of Goodwill 3,700.0 3,700.0 3,700.0
---------- ---------- ----------
Operating Profit 56,302.5 61,932.7 68,126.0
Interest Expense (8,499.9) (9,349.8) (10,284.8)
Income (loss) minority/uncons subs (10,200.0) (10,200.0) (10,200.0)
Other Income (expense) (1,000.0) (1,000.0) (1,000.0)
---------- ---------- ----------
Net Income $ 36,602.6 $ 41,382.9 $ 46,641.2
========== ========== ==========
Assumptions
Gross Margin 22.0% 22.0% 22.0%
Operating Margin 15.5% 15.5% 15.5%
Net Margin 10.1% 10.4% 10.6%
S&M as a % of Revenue 3.0% 3.0% 3.0%
G&A as a % of Revenue 1.5% 1.6% 1.7%
R&D as a % of Revenue 1.0% 1.0% 1.0%
Revenue Growth Rate 10.0% 10.0% 10.0%
Interest Expense as a % Revenue 3.0% 3.0% 3.0%
* Projections are from management through 2004 and extrapolated by Montgomery
through 2006.
Montgomery Securities - Confidential 18
<PAGE> 19
Discounted Cash Flow Analysis
================================================================================
Van Gogh Cotton Division - Income Statement & Assumptions
($ in thousands)
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------
Year Ended
----------------------------------------------------------------------------------------
1997 1998 1999 2000 2001 2002 2003
--------- --------- --------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
Revenue
Domestic Traditional Sales $ 9,649.5 $ 5,109.1 $ 4,010.7 $ 2,894.4 $ 2,339.8 $ 2,362.9 $ 2,386.6
Gaucho Sales 1,601.0 1,601.0 1,601.0 1,601.0 1,601.0 1,601.0 1,601.0
International Sales 4,664.9 4,698.3 3,902.5 3,153.0 3,248.0 3,344.0 3,438.0
Herbicide Sales 2,219.6 6,252.8 9,379.2 10,942.4 11,724.0 11,724.0 11,724.0
Insecticide/Combo Sales 0.0 10,346.4 15,288.0 18,566.7 21,843.2 23,071.9 24,027.5
Other 688.0 788.0 936.0 1,027.0 1,107.0 1,176.0 1,195.0
--------- --------- --------- --------- --------- --------- ---------
Total Revenues 18,823.0 28,795.6 35,117.4 38,184.5 41,863.0 43,279.8 44,372.1
Cost of Goods Sold 12,794.0 17,019.0 19,349.0 20,685.0 22,011.0 22,522.0 23,019.0
--------- --------- --------- --------- --------- --------- ---------
Gross Margin 6,029.0 11,776.6 15,768.4 17,499.5 19,852.0 20,757.8 21,353.1
Operating Expenses
Research & Development 2,863.0 2,951.0 2,882.0 2,961.0 3,140.0 3,433.0 3,526.0
Sales & Marketing 2,453.0 3,241.0 3,884.0 4,115.0 4,292.0 4,325.0 4,330.0
General & Administrative 1,605.0 2,061.0 2,107.0 2,214.7 2,344.3 2,337.1 2,311.8
Total Operating Expenses 6,921.0 8,253.0 8,873.0 9,290.7 9,776.3 10,095.1 10,167.8
--------- --------- --------- --------- --------- --------- ---------
Operating Profit (892.0) 3,523.6 6,895.4 8,208.8 10,075.7 10,662.7 11,185.3
Interest Expense 293.0 344.0 344.0 344.0 344.0 344.0 344.0
Other (Income) Expense (15.0) (15.0) (15.0) (15.0) (15.0) (15.0) (15.0)
Loss (Profit) on Sale of Assets
State Income Tax Expense 30.0 30.0 322.0 417.0 490.0 523.0 654.0
--------- --------- --------- --------- --------- --------- ---------
Total Other Income & Expenses 308.0 359.0 651.0 746.0 819.0 852.0 983.0
--------- --------- --------- --------- --------- --------- ---------
Net Income (loss) ($1,200.0) $ 3,164.6 $ 6,244.4 $ 7,462.8 $ 9,256.7 $ 9,810.7 $10,202.3
========= ========= ========= ========= ========= ========= =========
Margins
Gross Margin 32.0% 40.9% 44.9% 45.8% 47.4% 48.0% 48.1%
Operating Margin -4.7% 12.2% 19.6% 21.5% 24.1% 24.6% 25.2%
Net Margin -6.4% 11.0% 17.8% 19.5% 22.1% 22.7% 23.0%
COGS as a % of Revenue 68.0% 59.1% 55.1% 54.2% 52.6% 52.0% 51.9%
R&D as a % of Revenue 15.2% 10.2% 8.2% 7.8% 7.5% 7.9% 7.9%
G&A as a % of Revenue 8.5% 7.2% 6.0% 5.8% 5.6% 5.4% 5.2%
Revenue Growth Rate Base 53.0% 22.0% 8.7% 9.6% 3.4% 2.5%
</TABLE>
-----------------------------------
Year Ended
-----------------------------------
2004 2005 2006
--------- --------- ---------
Revenue
Domestic Traditional Sales $ 2,409.6 $ 2,434.6 $ 2,458.9
Gaucho Sales 1,601.0 1,601.0 1,601.0
International Sales 3,525.0 3,551.0 3,578.0
Herbicide Sales 13,287.2 14,850.4 15,632.0
Insecticide/Combo Sales 26,211.8 27,304.0 28,532.7
Other 1,271.0 1,327.0 1,355.0
--------- --------- ---------
Total Revenues 48,305.6 51,068.0 53,157.6
Cost of Goods Sold 24,948.0 26,365.0 27,272.0
--------- --------- ---------
Gross Margin 23,357.6 24,703.0 25,885.6
Operating Expenses
Research & Development 3,817.0 4,048.0 4,216.0
Sales & Marketing 4,555.0 4,555.0 4,555.0
General & Administrative 2,415.3 2,553.4 2,657.9
Total Operating Expenses 10,787.3 11,156.4 11,428.9
--------- --------- ---------
Operating Profit 12,570.4 13,546.6 14,456.7
Interest Expense 344.0 344.0 344.0
Other (Income) Expense (15.0) (15.0) (15.0)
Loss (Profit) on Sale of Assets
State Income Tax Expense 628.0 684.0 727.0
--------- --------- ---------
Total Other Income & Expenses 957.0 1,013.0 1,056.0
--------- --------- ---------
Net Income (loss) $11,613.4 $12,533.6 $13,400.7
========= ========= =========
Margins
Gross Margin 48.4% 48.4% 48.7%
Operating Margin 26.0% 26.5% 27.2%
Net Margin 24.0% 24.5% 25.2%
COGS as a % of Revenue 51.6% 51.6% 51.3%
R&D as a % of Revenue 7.9% 7.9% 7.9%
G&A as a % of Revenue 5.0% 5.0% 5.0%
Revenue Growth Rate 8.9% 5.7% 4.1%
Montgomery Securities - Confidential 19
<PAGE> 20
Discounted Cash Flow Analysis
================================================================================
Van Gogh Cotton Division - Income Statement & Assumptions
($ in thousands)
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------
Year Ended
-------------------------------------------------------------------------------------------------
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006
------- ------- ------- ------ ------ ------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Assumptions
Volume
Domestic International 274,680 144,000 112,000 80,000 64,000 64,000 64,000 64,000 64,000 64,000
International 152,000 152,000 125,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000
Herbicides 40,000 128,000 192,000 224,000 240,000 240,000 240,000 272,000 304,000 320,000
Insecticides/Combo 0 144,000 224,000 272,000 320,000 338,000 352,000 384,000 400,000 418,000
Price/Bag
Domestic International $ 35.13 $ 35.48 $ 35.81 $ 36.18 $ 36.56 $ 36.92 $ 37.29 $ 37.65 $ 38.04 $ 38.42
International $ 30.69 $ 30.91 $ 31.22 $ 31.53 $ 32.48 $ 33.44 $ 34.38 $ 35.25 $ 35.51 $ 35.78
Herbicide $ 55.49 $ 48.85 $ 48.85 $ 48.85 $ 48.85 $ 48.85 $ 48.85 $ 48.85 $ 48.85 $ 48.85
Insecticide $ 71.85 $ 71.85 $ 68.25 $ 68.26 $ 68.26 $ 68.26 $ 68.26 $ 68.26 $ 68.26 $ 68.26
</TABLE>
Montgomery Securities - Confidential 20
<PAGE> 21
Discounted Cash Flow Analysis
================================================================================
Van Gogh Fibers Division - Income Statement & Assumptions
($ in thousands)
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------
Year Ended
---------------------------------------------------------------------------------------
1997 1998 1999 2000 2001 2002 2003
---------- ---------- ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
Revenues
Fiber Sales NA NA NA NA $ 792.0 $ 15,840.0 $ 41,184.0
Miscellaneous Revenues 1,500.0 1,500.0 1,500.0 1,500.0 1,250.0 1,000.0 1,250.0
---------- ---------- ---------- ---------- ---------- ---------- ----------
Total Revenues 1,500.0 1,500.0 1,500.0 1,500.0 2,042.0 16,840.0 42,434.0
---------- ---------- ---------- ---------- ---------- ---------- ----------
Cost of Goods Sold
Fiber COGS 528.0 10,560.0 27,456.0
Delinting Costs 85.0 85.0 138.0
Field Production 75.0 150.0 300.0
Royalty Payments 41.6 831.6 2,621.0
---------- ---------- ---------- ---------- ---------- ---------- ----------
Total COGS 729.6 11,626.6 30,515.0
---------- ---------- ---------- ---------- ---------- ---------- ----------
Gross Profit 1,500.0 1,500.0 1,500.0 1,500.0 1,312.4 5,213.4 11,919.0
---------- ---------- ---------- ---------- ---------- ---------- ----------
Operating Expenses
Research 1,312.0 1,508.0 1,508.0 1,508.0 1,523.0 1,671.0 1,798.0
Product Development 274.0 689.0 689.0 689.0 821.0 1,074.0 1,228.0
Sales & Marketing 72.0 72.0 72.0 72.0 72.0 72.0 100.0
General & Administrative 335.0 371.0 371.0 371.0 449.0 470.0 499.0
---------- ---------- ---------- ---------- ---------- ---------- ----------
Total Operating Expenses 1,993.0 2,640.0 2,640.0 2,640.0 2,865.0 3,287.0 3,625.0
---------- ---------- ---------- ---------- ---------- ---------- ----------
Operating Profit $ (493.0) $ (1,140.0) $ (1,140.0) $ (1,140.0) $ (1,552.6) $ 1,926.4 $ 8,294.0
========== ========== ========== ========== ========== ========== ==========
Assumptions
Fiber Sold (000 lbs.) 0 0 0 0 480 9600 24960
Fiber Sold Growth Rate NA NA NA NA NA 1900% 160%
Price/lb ($) NA NA NA NA $1.65 $1.65 $1.65
COGS - Fiber COS 0.0% 0.0% 0.0% 0.0% 25.9% 62.7% 64.7%
COGS - Delinting Costs 0.0% 0.0% 0.0% 0.0% 4.2% 0.5% 0.3%
COGS - Field Production 0.0% 0.0% 0.0% 0.0% 3.7% 0.9% 0.7%
COGS - Royalty Payments 0.0% 0.0% 0.0% 0.0% 2.0% 4.9% 6.2%
Gross Margin 100.0% 100.0% 100.0% 100.0% 64.3% 31.0% 28.1%
Research 87.5% 100.5% 100.5% 100.5% 74.6% 9.9% 4.2%
Product Development as a % of Revenue 18.3% 45.9% 45.9% 45.9% 40.2% 6.4% 2.9%
Sales & Marketing as a % of Revenue 4.8% 4.8% 4.8% 4.8% 3.5% 0.4% 0.2%
G&A as a % of Revenue 22.3% 24.7% 24.7% 24.7% 22.0% 2.8% 1.2%
Operating Margin NM NM NM NM NM 11.4% 19.5%
</TABLE>
-----------------------------------
Year Ended
----------------------------------
2004 2005 2006
---------- ---------- ----------
Revenues
Fiber Sales $102,480.0 $134,400.0 $168,000.0
Miscellaneous Revenues 1,500.0 1,500.0 1,500.0
---------- ---------- ----------
Total Revenues 103,980.0 135,900.0 169,500.0
---------- ---------- ----------
Cost of Goods Sold
Fiber COGS 64,416.0 84,480.0 105,600.0
Delinting Costs 279.0 350.0 425.0
Field Production 375.0 450.0 525.0
Royalty Payments 6,149.0 7,056.0 8,820.0
---------- ---------- ----------
Total COGS 71,219.0 92,336.0 115,370.0
---------- ---------- ----------
Gross Profit 32,761.0 43,564.0 54,130.0
---------- ---------- ----------
Operating Expenses
Research 1,845.0 1,942.0 1,942.0
Product Development 1,547.0 1,379.0 1,371.0
Sales & Marketing 100.0 150.0 150.0
General & Administrative 514.0 514.0 514.0
---------- ---------- ----------
Total Operating Expenses 4,006.0 3,985.0 3,977.0
---------- ---------- ----------
Operating Profit $ 28,755.0 $ 39,579.0 $ 50,153.0
========== ========== ==========
Assumptions
Fiber Sold (000 lbs.) 58560 76800 96000
Fiber Sold Growth Rate 135% 31% 25%
Price/lb ($) $1.75 $1.75 $1.75
COGS - Fiber COS 62.0% 62.2% 62.3%
COGS - Delinting Costs 0.3% 0.3% 0.3%
COGS - Field Production 0.4% 0.3% 0.3%
COGS - Royalty Payments 5.9% 5.2% 5.2%
Gross Margin 31.5% 32.1% 31.9%
Research 1.8% 1.4% 1.1%
Product Development as a % of Revenue 1.5% 1.0% 0.8%
Sales & Marketing as a % of Revenue 0.1% 0.1% 0.1%
G&A as a % of Revenue 0.5% 0.4% 0.3%
Operating Margin 27.7% 29.1% 29.6%
Montgomery Securities - Confidential 21
<PAGE> 22
Discounted Cash Flow Analysis
================================================================================
Van Gogh Oils Division/Food - Income Statement & Assumptions
($ in thousands)
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------
Year Ended
------------------------------------------------------------------------------------------
1997 1998 1999 2000 2001 2002 2003
---------- ---------- ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
Sales Revenues $ 4,455.0 $ 22,106.0 $ 30,987.0 $ 76,268.0 $131,838.0 $210,262.0 $312,659.0
Planting Seed Net Revenue 51.0 241.0 326.0 553.0 992.0 1,609.0 2,560.0
---------- ---------- ---------- ---------- ---------- ---------- ----------
Total Revenue 4,506.0 22,347.0 31,313.0 76,821.0 132,830.0 211,871.0 315,219.0
Cost of Good Sold 2,950.0 14,159.0 19,517.0 44,852.0 79,212.0 126,151.0 195,977.0
---------- ---------- ---------- ---------- ---------- ---------- ----------
Gross Margin 1,556.0 8,188.0 11,796.0 31,969.0 53,618.0 85,720.0 119,242.0
Research 2,058.0 2,140.0 2,226.0 2,315.0 2,408.0 2,504.0 2,604.0
Applications/Sales/Tech Service 1,775.0 2,211.0 3,099.0 5,339.0 9,229.0 14,718.0 21,886.0
General and Administrative 1,491.0 1,363.0 1,361.0 2,084.0 3,354.0 5,053.0 7,098.0
---------- ---------- ---------- ---------- ---------- ---------- ----------
Operating Income (3,768.0) 2,474.0 5,110.0 22,231.0 38,627.0 63,445.0 87,654.0
Interest Expense 53.0 259.0 359.0 848.0 1,485.0 2,366.0 3,612.0
---------- ---------- ---------- ---------- ---------- ---------- ----------
Pretax Income (3,821.0) 2,215.0 4,751.0 21,383.0 37,142.0 61,079.0 84,042.0
Income Tax 24,432.0 33,616.0 42,653.0 47,375.0 51,835.0
---------- ---------- ---------- ---------- ---------- ---------- ----------
Subtotal (3,821.0) 2,215.0 4,751.0 21,383.0 37,142.0 36,647.0 50,426.0
Monsanto 20% $ 443.0 $ 950.2 $ 4,276.6 $ 7,428.4 $ 7,329.4 $ 10,085.2
---------- ---------- ---------- ---------- ---------- ---------- ----------
Net Income ($ 3,821.0) $ 1,772.0 $ 3,800.8 $ 17,106.4 $ 29,713.6 $ 29,317.6 $ 40,340.8
========== ========== ========== ========== ========== ========== ==========
Assumptions
Revenue Growth Rate Base 395.9% 40.1% 145.3% 72.9% 59.5% 48.8%
Gross Margin as a % of Revenue 34.5% 36.6% 37.7% 41.6% 40.4% 40.5% 37.8%
Operating Income as a % of Revenue -83.6% 11.1% 16.3% 28.9% 29.1% 29.9% 27.8%
Net Income as a % of Revenue -84.8% 7.9% 12.1% 22.3% 22.4% 13.8% 12.8%
</TABLE>
------------------------------------
Year Ended
------------------------------------
2004 2005 2006
---------- ---------- ----------
Sales Revenues $397,957.0 $469,185.0 $542,662.0
Planting Seed Net Revenue 3,365.0 4,181.0 5,136.0
---------- ---------- ----------
Total Revenue 401,322.0 473,366.0 547,798.0
Cost of Good Sold 251,009.0 304,349.0 361,034.0
---------- ---------- ----------
Gross Margin 150,313.0 169,017.0 186,764.0
Research 2,708.0 2,817.0 2,929.0
Applications/Sales/Tech Service 27,857.0 32,843.0 37,986.0
General and Administrative 8,499.0 9,384.0 9,756.0
---------- ---------- ----------
Operating Income 111,249.0 123,973.0 136,093.0
Interest Expense 4,615.0 5,536.0 6,504.0
---------- ---------- ----------
Pretax Income 106,634.0 118,437.0 129,589.0
Income Tax
---------- ---------- ----------
Subtotal 63,981.0 71,062.0 77,754.0
Monsanto 20% $ 12,796.2 $ 14,212.4 $ 15,550.8
---------- ---------- ----------
Net Income $ 51,184.8 $ 56,849.6 $ 62,203.2
========== ========== ==========
Assumptions
Revenue Growth Rate 27.3% 18.0% 15.7%
Gross Margin as a % of Revenue 37.5% 35.7% 34.1%
Operating Income as a % of Revenue 27.7% 26.2% 24.8%
Net Income as a % of Revenue 12.8% 12.0% 11.4%
Montgomery Securities - Confidential 22
<PAGE> 23
Discounted Cash Flow Analysis
================================================================================
Van Gogh Oils Division/PUFA - Income Statement & Assumptions
($ in thousands)
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------
Year Ended
-----------------------------------------------------------------------------------------
1997 1998 1999 2000 2001 2002 2003
---------- ---------- ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
Sales Revenues $ 3,736.0 $ 12,648.0 $ 22,915.0 $ 38,589.0
Contract Revenue 2,800.0 2,500.0 2,500.0 2,000.0 1,250.0 0.0 0.0
---------- ---------- ---------- ---------- ---------- ---------- ----------
Total Revenue 2,800.0 2,500.0 2,500.0 5,736.0 13,898.0 22,915.0 38,589.0
COGS 416.0 1,210.0 1,944.0 3,136.0
---------- ---------- ---------- ---------- ---------- ---------- ----------
Gross Margin 2,800.0 2,500.0 2,500.0 5,320.0 12,688.0 20,971.0 35,453.0
Research 2,058.0 2,140.0 2,140.0 2,226.0 2,315.0 2,408.0 2,504.0
Applications/Sales/Tech Service 0.0 150.0 150.0 150.0 150.0 300.0 300.0
General and Administrative 0.0 0.0 0.0 124.0 174.0 255.0 553.0
---------- ---------- ---------- ---------- ---------- ---------- ----------
Operating Income 742.0 210.0 210.0 2,820.0 10,049.0 18,008.0 32,096.0
Interest Expense 0.0 0.0 0.0 22.0 71.0 126.0 210.0
---------- ---------- ---------- ---------- ---------- ---------- ----------
Pretax Income 742.0 210.0 210.0 2,798.0 9,978.0 17,882.0 31,886.0
Income Tax 0.0 0.0 0.0 0.0 0.0 0.0 12,755.0
---------- ---------- ---------- ---------- ---------- ---------- ----------
Subtotal 742.0 210.0 210.0 2,798.0 9,978.0 17,882.0 19,131.0
Monsanto 20% 148.4 42.0 42.0 559.6 1,995.6 3,576.4 3,826.2
---------- ---------- ---------- ---------- ---------- ---------- ----------
Net Income $ 593.6 $ 168.0 $ 168.0 $ 2,238.4 $ 7,982.4 $ 14,305.6 $ 15,304.8
========== ========== ========== ========== ========== ========== ==========
Assumptions
Revenue Growth Rate Base -10.7% 0.0% 129.4% 142.3% 64.9% 68.4%
Gross Margin as a % of Revenue 100.0% 100.0% 100.0% 92.7% 91.3% 91.5% 91.9%
Operating Income as a % of Revenue 26.5% 8.4% 8.4% 49.2% 72.3% 78.6% 83.2%
Net Income as a % of Revenue 21.2% 6.7% 6.7% 39.0% 57.4% 62.4% 39.7%
</TABLE>
------------------------------------
Year Ended
------------------------------------
2004 2005 2006
---------- ---------- ----------
Sales Revenues $ 54,890.0 $ 81,024.0 $100,203.0
Contract Revenue 0.0 0.0 0.0
---------- ---------- ----------
Total Revenue 54,890.0 81,024.0 100,203.0
COGS 4,398.0 6,422.0 7,818.0
---------- ---------- ----------
Gross Margin 50,492.0 74,602.0 92,385.0
Research 2,604.0 2,708.0 2,817.0
Applications/Sales/Tech Service 300.0 300.0 300.0
General and Administrative 800.0 1,245.0 1,346.0
---------- ---------- ----------
Operating Income 46,788.0 70,349.0 87,922.0
Interest Expense 298.0 439.0 542.0
---------- ---------- ----------
Pretax Income 46,490.0 69,910.0 87,380.0
Income Tax 18,596.0 27,964.0 34,952.0
---------- ---------- ----------
Subtotal 27,894.0 41,946.0 52,428.0
Monsanto 20% 5,578.8 8,389.2 10,485.6
---------- ---------- ----------
Net Income $ 22,315.2 $ 33,556.8 $ 41,942.4
========== ========== ==========
Assumptions
Revenue Growth Rate 42.2% 47.6% 23.7%
Gross Margin as a % of Revenue 92.0% 92.1% 92.2%
Operating Income as a % of Revenue 85.2% 86.8% 87.7%
Net Income as a % of Revenue 40.7% 41.4% 41.9%
Montgomery Securities - Confidential 23
<PAGE> 24
Discounted Cash Flow Analysis
================================================================================
Van Gogh Oils Division/Industrial - Income Statement & Assumptions
($ in thousands)
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------
Year Ended
------------------------------------------------------------------------------------------
1997 1998 1999 2000 2001 2002 2003
---------- ---------- ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
Sales Revenues $ 0.0 $ 3,049.0 $ 9,421.0 $ 18,194.0 $ 41,621.0 $ 52,434.0 $ 73,473.0
Planting Seed Net Revenue 0.0 42.0 131.0 253.0 567.0 709.0 937.0
Contract Revenue 3,000.0 3,500.0 2,500.0 1,500.0 1,500.0
CalChem non GE Product Revenue 600.0 600.0 838.0 1,028.0 1,244.0 1,505.0 1,821.0
---------- ---------- ---------- ---------- ---------- ---------- ----------
Total Revenue 3,600.0 7,191.0 12,890.0 20,975.0 44,932.0 54,648.0 76,231.0
COGS 0.0 2,266.0 7,002.0 13,522.0 30,738.0 38,355.0 52,296.0
---------- ---------- ---------- ---------- ---------- ---------- ----------
Gross Margin 3,600.0 4,925.0 5,888.0 7,453.0 14,194.0 16,293.0 23,935.0
Research 2,058.0 2,140.0 2,226.0 2,315.0 2,408.0 2,504.0 2,604.0
Applications/Sales/Tech Service 50.0 152.0 283.0 546.0 1,249.0 1,573.0 2,204.0
General and Administrative 0.0 188.0 423.0 546.0 1,249.0 1,573.0 2,204.0
---------- ---------- ---------- ---------- ---------- ---------- ----------
Operating Income 1,492.0 2,445.0 2,956.0 4,046.0 9,288.0 10,643.0 16,923.0
Interest Expense 0.0 39.0 121.0 234.0 533.0 667.0 919.0
Partner Profit Sharing 0.0 212.0 750.0 1,014.0 2,367.0 2,842.0 3,848.0
Pre-tax Income 1,492.0 2,194.0 2,085.0 2,798.0 6,388.0 7,134.0 12,156.0
Income Tax 2,854.0 4,863.0
---------- ---------- ---------- ---------- ---------- ---------- ----------
Subtotal 1,492.0 2,194.0 2,085.0 2,798.0 6,388.0 4,280.0 7,293.0
Monsanto 20% $ 298.4 $ 438.8 $ 417.0 $ 559.6 $ 1,277.6 $ 856.0 $ 1,458.6
---------- ---------- ---------- ---------- ---------- ---------- ----------
Net Income $ 1,193.6 $ 1,755.2 $ 1,668.0 $ 2,238.4 $ 5,110.4 $ 3,424.0 $ 5,834.4
========== ========== ========== ========== ========== ========== ==========
Assumptions
Revenue Growth Rate Base 99.8% 79.3% 62.7% 114.2% 21.6% 39.5%
Gross Margin as a % of Revenue 100.0% 68.5% 45.7% 35.5% 31.6% 29.8% 31.4%
Operating Income as a % of Revenue 41.4% 34.0% 22.9% 19.3% 20.7% 19.5% 22.2%
Net Income as a % of Revenue 33.2% 24.4% 12.9% 10.7% 11.4% 6.3% 7.7%
</TABLE>
------------------------------------
Year Ended
------------------------------------
2004 2005 2006
---------- ---------- ----------
Sales Revenues $104,509.0 $146,259.0 $202,069.0
Planting Seed Net Revenue 1,249.0 1,691.0 0.0
Contract Revenue
CalChem non GE Product Revenue 2,203.0 2,666.0 3,226.0
---------- ---------- ----------
Total Revenue 107,961.0 150,616.0 205,295.0
COGS 73,495.0 102,727.0 142,075.0
---------- ---------- ----------
Gross Margin 34,466.0 47,889.0 63,220.0
Research 2,708.0 2,817.0 2,929.0
Applications/Sales/Tech Service 2,899.0 3,780.0 4,810.0
General and Administrative 2,899.0 3,780.0 4,810.0
---------- ---------- ----------
Operating Income 25,960.0 37,512.0 50,671.0
Interest Expense 1,297.0 1,814.0 2,507.0
Partner Profit Sharing 5,427.0 7,246.0 9,572.0
Pre-tax Income 19,236.0 28,452.0 38,592.0
Income Tax 7,694.0 11,381.0 15,437.0
---------- ---------- ----------
Subtotal 11,542.0 17,071.0 23,155.0
Monsanto 20% $ 2,308.4 $ 3,414.2 $ 4,631.0
---------- ---------- ----------
Net Income $ 9,233.6 $ 13,656.8 $ 18,524.0
========== ========== ==========
Assumptions
Revenue Growth Rate 41.6% 39.5% 36.3%
Gross Margin as a % of Revenue 31.9% 31.8% 30.8%
Operating Income as a % of Revenue 24.0% 24.9% 24.7%
Net Income as a % of Revenue 8.6% 9.1% 9.0%
Montgomery Securities - Confidential 24
<PAGE> 25
Discounted Cash Flow Analysis
================================================================================
Van Gogh Oils Division/Consumer - Income Statement & Assumptions
($ in thousands)
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------
Year Ended
------------------------------------------------------------------------------------
1997 1998 1999 2000 2001 2002 2003
--------- --------- --------- ---------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
Sales - Beverage $25,000.0 $150,000.0 $300,000.0 $360,000.0
Sales - Snack Food 15,000.0 100,000.0 200,000.0 240,000.0
--------- --------- --------- --------- ---------- ---------- ----------
Total Sales 40,000.0 250,000.0 500,000.0 600,000.0
Margin from Product Sales 10,000.0
Sale of Product Lines 100,000.0
Royalty Revenue @7.5% 18,750.0 37,500.0 45,000.0
--------- --------- --------- --------- ---------- ---------- ----------
Total Revenues 10,000.0 118,750.0 37,500.0 45,000.0
Operating Expense
Research & Breeding 1,000.0 1,000.0 1,000.0
Product Development - Beverage 1,000.0 1,000.0
Product Development - Snack Food 1,000.0 1,000.0
Test Market - Beverage 2,500.0 5,000.0
Test Market - Snack Food 2,500.0 5,000.0
--------- --------- --------- --------- ---------- ---------- ----------
Total Operating Expenses 1,000.0 3,000.0 8,000.0 10,000.0
--------- --------- --------- --------- ---------- ---------- ----------
Operating Income (1,000.0) (3,000.0) (8,000.0) 0.0 118,750.0 37,500.0 45,000.0
Income Tax 47,500.0 15,000.0 18,000.0
--------- --------- --------- --------- ---------- ---------- ----------
Subtotal (1,000.0) (3,000.0) (8,000.0) 0.0 71,250.0 22,500.0 27,000.0
Monsanto (20%) 14,250.0 4,500.0 5,400.0
--------- --------- --------- --------- ---------- ---------- ----------
Net Income $(1,000.0) $(3,000.0) $(8,000.0) $0.0 $ 57,000.0 $ 18,000.0 $ 21,600.0
========= ========= ========= ========= ========== ========== ==========
Assumptions
Revenue Growth Rate 525.0% 100.0% 20.0%
Operating Income as a % of Revenue 47.5% 7.5% 7.5%
Net Income as a % of Revenue 22.8% 3.6% 3.6%
</TABLE>
-----------------------------------
Year Ended
-----------------------------------
2004 2005 2006
--------- --------- ---------
Sales - Beverage $432,000.0 $518,400.0 $ 622,080.0
Sales - Snack Food 288,000.0 345,600.0 414,720.0
---------- ---------- ------------
Total Sales 720,000.0 864,000.0 1,036,800.0
Margin from Product Sales
Sale of Product Lines
Royalty Revenue @7.5% 54,000.0 64,800.0 77,760.0
---------- ---------- ------------
Total Revenues 54,000.0 64,800.0 77,760.0
Operating Expense
Research & Breeding
Product Development - Beverage
Product Development - Snack Food
Test Market - Beverage
Test Market - Snack Food
---------- ---------- ------------
Total Operating Expenses
---------- ---------- ------------
Operating Income 54,000.0 64,800.0 77,760.0
Income Tax 21,600.0 25,920.0 31,104.0
---------- ---------- ------------
Subtotal 32,400.0 38,880.0 46,656.0
Monsanto (20%) 6,480.0 7,776.0 9,331.2
---------- ---------- ------------
Net Income $ 25,920.0 $ 31,104.0 $ 37,324.8
========== ========== ============
Assumptions
Revenue Growth Rate 20.0% 20.0% 20.0%
Operating Income as a % of Revenue 7.5% 7.5% 7.5%
Net Income as a % of Revenue 3.6% 3.6% 3.6%
Montgomery Securities - Confidential 25
<PAGE> 26
Discounted Cash Flow Analysis
================================================================================
Van Gogh Corporate - Income Statement
($ in thousands)
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------
Year Ended
---------------------------------------------------------------------------------------
1997 1998 1999 2000 2001 2002 2003
--------- --------- --------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
Technology License $ 1,000.0 $ 1,000.0 $ 1,000.0 $ 1,000.0 $ 1,000.0 $ 1,000.0 $ 1,000.0
Sales General & Administrative (6,548.0) (6,600.0) (7,000.0) (7,000.0) (6,700.0) (6,700.0) (6,700.0)
--------- --------- --------- --------- --------- --------- ---------
EBIT $(5,548.0) $(5,600.0) $(6,000.0) $(6,000.0) $(5,700.0) $(5,700.0) $(5,700.0)
</TABLE>
-----------------------------------
Year Ended
-----------------------------------
2004 2005 2006
--------- --------- ---------
Technology License $ 1,000.0 $ 1,000.0 $ 1,000.0
Sales General & Administrative (6,700.0) (6,700.0) (6,700.0)
--------- --------- ---------
EBIT $(5,700.0) $(5,700.0) $(5,700.0)
Montgomery Securities - Confidential 26
<PAGE> 27
Discounted Cash Flow Analysis
================================================================================
Van Gogh Produce Division - Cash Flow Statement
($ in thousands)
<TABLE>
<CAPTION>
---------------------------------------------------------------------------
Year Ended
---------------------------------------------------------------------------
1997 1998 1999 2000 2001 2002
--------- --------- --------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
Cash flow from operations
Net Income $ 7,582.6 $ 9,694.5 $11,661.6 $ 12,437.8 $ 16,527.5 $ 22,302.3
Depreciation 5,300.0 6,500.0 6,500.0 6,500.0 6,500.0 6,500.0
Amortization 3,700.0 3,700.0 3,700.0 3,700.0 3,700.0 3,700.0
Working Capital
Accounts Receivable 0.0 (6,000.0) (3,000.0) (3,000.0) (3,000.0) (3,000.0)
Inventory 0.0 (4,500.0) (3,900.0) (3,900.0) (1,800.0) (1,800.0)
Accounts payable and accured liabilities (1,000.0) 5,400.0 2,700.0 2,700.0 2,700.0 2,700.0
Deferred Interest - Monsanto LT Debt 2,500.0 2,500.0 2,500.0 2,500.0 2,500.0 2,500.0
Other current assets and liabilities (5,700.0) (5,100.0) (5,000.0) (5,000.0) (5,000.0) (5,000.0)
--------- --------- --------- ---------- ---------- ----------
Net cash provided by (used in) operations 12,382.6 12,194.5 15,161.6 15,937.8 22,127.5 27,902.3
Investing Activities
Capital Equipment (3,000.0) (3,000.0) (3,000.0) (3,000.0) (3,000.0) (3,000.0)
Investment in subs or JVs 0.0 0.0 0.0 (9,000.0) (11,000.0) (11,000.0)
--------- --------- --------- ---------- ---------- ----------
Net cash used in investing (3,000.0) (3,000.0) (3,000.0) (12,000.0) (14,000.0) (14,000.0)
Net cash before financing 9,382.6 9,194.5 12,161.6 3,937.8 8,127.5 13,902.3
<CAPTION>
------------------------------------------------
Year Ended
------------------------------------------------
2003 2004 2005 2006
--------- --------- --------- ---------
<S> <C> <C> <C> <C>
Cash flow from operations
Net Income $28,954.7 $36,602.6 $41,382.9 $46,641.2
Depreciation 6,500.0 6,500.0 6,500.0 6,500.0
Amortization 3,700.0 3,700.0 3,700.0 3,700.0
Working Capital
Accounts Receivable (3,000.0) (3,000.0) (3,000.0) (3,000.0)
Inventory (1,800.0) (1,800.0) (1,800.0) (1,800.0)
Accounts payable and accured liabilities 2,700.0 2,700.0 2,700.0 2,700.0
Deferred Interest - Monsanto LT Debt 2,500.0 2,500.0 2,500.0 2,500.0
Other current assets and liabilities (5,000.0) (5,000.0) (5,000.0) (5,000.0)
--------- --------- --------- ---------
Net cash provided by (used in) operations 34,554.7 42,202.6 46,982.9 52,241.2
Investing Activities
Capital Equipment (3,000.0) (3,000.0) (3,000.0) (3,000.0)
Investment in subs or JVs (4,000.0) (4,000.0) (4,000.0) (4,000.0)
--------- --------- --------- ---------
Net cash used in investing (7,000.0) (7,000.0) (7,000.0) (7,000.0)
Net cash before financing 27,554.7 35,202.6 39,982.9 45,241.2
</TABLE>
* Projections are from management through 2004 and extrapolated by Montgomery
through 2006.
Montgomery Securities - Confidential 27
<PAGE> 28
Discounted Cash Flow Analysis
================================================================================
Van Gogh Cotton Division - Cash Flow Statement
($ in thousands)
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------
Year Ended
-------------------------------------------------------------------------------
1997 1998 1999 2000 2001 2002 2003
--------- --------- --------- --------- --------- -------- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
Net Income $(1,200.0) $ 3,164.6 $ 6,244.4 $ 7,462.8 $ 9,256.7 $9,810.7 $10,202.3
Cash Flows from Operating Activities
Receivables (968.0) (1,050.0) (788.0) (295.0) (360.0) (133.0) (132.0)
Inventory (1,260.0) (3,795.0) (2,095.0) (1,170.0) (1,185.0) (432.0) (431.0)
Prepaid Expenses (45.0) (21.0) (5.0) (5.0) (5.0) (5.0) (5.0)
Accrued Customer Incentives 85.0 63.0 47.0 18.0 21.0 8.0 8.0
Other Current Liabilities 304.0 793.0 444.0 241.0 222.0 89.0 82.0
Depreciation & Goodwill 1,011.0 1,098.0 933.0 888.0 888.0 888.0 888.0
--------- --------- --------- --------- --------- -------- ---------
Total Net Operating Cash Flows (873.0) (2,912.0) (1,464.0) (323.0) (419.0) 415.0 410.0
Cash Flows from Investing Activities
Capital Expenditures (1,236.0) (852.0) (489.0) (412.0) (490.0) (621.0) (440.0)
Product Patent Rights 118.0 118.0 118.0 118.0 118.0 118.0 118.0
Germplasm, net 225.0 165.0 127.0 97.0 97.0 97.0 97.0
--------- --------- --------- --------- --------- -------- ---------
Total Net Investing Cash Flows (893.0) (569.0) (244.0) (197.0) (275.0) (406.0) (225.0)
Net Cash Flows before Financing Activities (2,966.0) (316.4) 4,536.4 6,942.8 8,562.7 9,819.7 10,387.3
</TABLE>
-------------------------------
Year Ended
-------------------------------
2004 2005 2006
--------- --------- ---------
Net Income $11,613.4 $12,533.6 $13,400.7
Cash Flows from Operating Activities
Receivables (428.0) (307.0) (218.0)
Inventory (1,703.0) (1,272.0) (852.0)
Prepaid Expenses (5.0) (5.0) (5.0)
Accrued Customer Incentives 25.0 18.0 18.0
Other Current Liabilities 291.0 236.0 149.0
Depreciation & Goodwill 798.0 798.0 798.0
--------- --------- ---------
Total Net Operating Cash Flows (1,022.0) (532.0) (110.0)
Cash Flows from Investing Activities
Capital Expenditures (700.0) (782.0) (812.0)
Product Patent Rights 118.0 118.0 118.0
Germplasm, net 97.0 97.0 97.0
--------- --------- ---------
Total Net Investing Cash Flows (485.0) (567.0) (597.0)
Net Cash Flows before Financing Activities 10,106.4 11,434.6 12,693.7
Montgomery Securities - Confidential 28
<PAGE> 29
Discounted Cash Flow Analysis
================================================================================
Van Gogh Oils Division/Food - Balance Sheet and Working Capital Changes
($ in thousands)
<TABLE>
<CAPTION>
------------------------------------------------------------------------------
Year Ended
------------------------------------------------------------------------------
1997 1998 1999 2000 2001 2002
--------- --------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
Current Assets
Cash & Cash Equivalents $(4,950.0) $(3,844.0) $ (2,077.0) $ 11,773.0 $ 37,133.0 $ 60,038.0
Accounts Receivable 446.0 2,211.0 3,099.0 7,627.0 13,184.0 21,026.0
Inventory 7,080.0 9,759.0 22,426.0 39,606.0 63,076.0 97,989.0
--------- --------- ---------- ---------- ---------- ----------
Total Current Assets 2,576.0 8,126.0 23,448.0 59,006.0 113,393.0 179,053.0
Total Assets 2,576.0 8,126.0 23,448.0 59,006.0 113,393.0 179,053.0
Current Liabilities
Deferred Grower Payments 3,540.0 4,880.0 11,213.0 19,803.0 31,538.0 48,995.0
Line of Credit 2,857.0 5,295.0 10,483.0 20,345.0 33,283.0 52,168.0
--------- --------- ---------- ---------- ---------- ----------
Total Current Liabilities 6,397.0 10,175.0 21,696.0 40,148.0 64,821.0 101,163.0
--------- --------- ---------- ---------- ---------- ----------
Stockholders' Equity (3,821.0) (2,049.0) 1,752.0 18,858.0 48,572.0 77,890.0
Total Liabilities & Stockholders' Equity $ 2,576.0 $ 8,126.0 $ 23,448.0 $ 59,006.0 $113,393.0 $179,053.0
========= ========= ========== ========== ========== ==========
Working Capital Changes
Accounts Receivable $(1,765.0) $ (888.0) $ (4,528.0) $ (5,557.0) $ (7,842.0)
Inventory $(2,679.0) $(12,667.0) $(17,180.0) $(23,470.0) $(34,913.0)
Grower Advances $ 1,340.0 $ 6,333.0 $ 8,590.0 $ 11,735.0 $ 17,457.0
Net Change $(3,104.0) $ (7,222.0) $(13,118.0) $(17,292.0) $(25,298.0)
<CAPTION>
-----------------------------------------------------
Year Ended
-----------------------------------------------------
2003 2004 2005 2006
---------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
Current Assets
Cash & Cash Equivalents $ 94,715.0 $140,619.0 $192,149.0 $253,250.0
Accounts Receivable 31,266.0 39,796.0 46,919.0 54,266.0
Inventory 125,505.0 152,175.0 180,517.0 214,137.6
---------- ---------- ---------- ----------
Total Current Assets 251,486.0 332,590.0 419,585.0 521,653.6
Total Assets 251,486.0 332,590.0 419,585.0 521,653.6
Current Liabilities
Deferred Grower Payments 62,753.0 76,088.0 90,259.0 107,069.3
Line of Credit 70,503.0 87,088.0 103,062.0 109,307.0
---------- ---------- ---------- ----------
Total Current Liabilities 133,256.0 163,176.0 193,321.0 216,376.3
---------- ---------- ---------- ----------
Stockholders' Equity 118,230.0 169,414.0 226,264.0 305,277.3
Total Liabilities & Stockholders' Equity $251,486.0 $332,590.0 $419,585.0 $521,653.6
========== ========== ========== ==========
Working Capital Changes
Accounts Receivable $(10,240.0) $ (8,530.0) $ (7,123.0) $ (7,347.0)
Inventory $(27,516.0) $(26,670.0) $(28,342.0) $(33,620.6)
Grower Advances $ 13,758.0 $ 13,335.0 $ 14,171.0 $ 16,810.3
Net Change $(23,998.0) $(21,865.0) $(21,294.0) $(24,157.3)
</TABLE>
Montgomery Securities - Confidential 29
<PAGE> 30
Discounted Cash Flow Analysis
================================================================================
Van Gogh Oils Division/PUFA - Balance Sheet and Working Capital Changes
($ in thousands)
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------
Year Ended
-----------------------------------------------------------------------------------------
1997 1998 1999 2000 2001 2002 2003
---------- ---------- ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
Current Assets
Cash & Cash Equivalents $ 594.0 $ 731.0 $ 2,854.0 $ 10,648.0 $ 24,710.0 $ 39,686.0 $ 61,605.0
Accounts Receivable 0.0 0.0 374.0 1,265.0 2,292.0 3,859.0 5,489.0
Inventory 0.0 208.0 605.0 972.0 1,568.0 2,199.0 3,211.0
---------- ---------- ---------- ---------- ---------- ---------- ----------
Total Current Assets 594.0 939.0 3,833.0 12,885.0 28,570.0 45,744.0 70,305.0
---------- ---------- ---------- ---------- ---------- ---------- ----------
Total Assets 594.0 939.0 3,833.0 12,885.0 28,570.0 45,744.0 70,305.0
Current Liabilities
Deferred Grower Payments 0.0 104.0 303.0 486.0 784.0 1,100.0 1,606.0
Line of Credit 0.0 73.0 529.0 1,415.0 2,497.0 4,049.0 5,789.0
---------- ---------- ---------- ---------- ---------- ---------- ----------
Total Current Liabilities 0.0 177.0 832.0 1,901.0 3,281.0 5,149.0 7,395.0
Stockholders' Equity 594.0 762.0 3,001.0 10,984.0 25,289.0 40,595.0 62,910.0
---------- ---------- ---------- ---------- ---------- ---------- ----------
Total Liabilities & Stockholders' Equity $ 594.0 $ 939.0 $ 3,833.0 $ 12,885.0 $ 28,570.0 $ 45,744.0 $ 70,305.0
========== ========== ========== ========== ========== ========== ==========
Working Capital Changes
Accounts Receivable $ 0.0 $ (374.0) $ (891.0) $ (1,027.0) $ (1,567.0) $ (1,630.0)
Inventory $ (208.0) $ (397.0) $ (367.0) $ (596.0) $ (631.0) $ (1,012.0)
Grower Advances $ 104.0 $ 199.0 $ 183.0 $ 298.0 $ 316.0 $ 506.0
Net Change $ (104.0) $ (572.0) $ (1,075.0) $ (1,325.0) $ (1,882.0) $ (2,136.0)
</TABLE>
------------------------------------
Year Ended
------------------------------------
2004 2005 2006
---------- ---------- ----------
Current Assets
Cash & Cash Equivalents $ 94,666.0 $136,181.0 $189,054.0
Accounts Receivable 8,102.0 10,020.0 12,600.0
Inventory 3,909.0 4,841.0 5,995.2
---------- ---------- ----------
Total Current Assets 106,677.0 151,042.0 207,649.2
---------- ---------- ----------
Total Assets 106,677.0 151,042.0 207,649.2
Current Liabilities
Deferred Grower Payments 1,955.0 2,421.0 2,998.1
Line of Credit 8,255.0 10,211.0 12,404.0
---------- ---------- ----------
Total Current Liabilities 10,210.0 12,632.0 15,402.1
Stockholders' Equity 96,467.0 138,410.0 192,247.1
---------- ---------- ----------
Total Liabilities & Stockholders' Equity $106,677.0 $151,042.0 $207,649.2
========== ========== ==========
Working Capital Changes
Accounts Receivable $ (2,613.0) $ (1,918.0) $ (2,580.0)
Inventory $ (698.0) $ (932.0) $ (1,154.2)
Grower Advances $ 349.0 $ 466.0 $ 577.1
Net Change $ (2,962.0) $ (2,384.0) $ (3,157.1)
Montgomery Securities - Confidential 30
<PAGE> 31
Discounted Cash Flow Analysis
================================================================================
Van Gogh Oils Division/Industrial - Balance Sheet and Cash Flow Data
($ in thousands)
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------
Year Ended
----------------------------------------------------------------------------------
1997 1998 1999 2000 2001 2002 2003
---------- ---------- ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
Current Assets
Cash & Cash Equivalents $ 3,233.0 $ 5,126.0 $ 6,775.0 $ 8,180.0 $ 12,984.0 $ 15,840.0 $ 20,435.0
Accounts Receivable 1,884.0 2,188.0 2,826.0 3,703.0 6,046.0 7,127.0 9,231.0
Inventory 8,936.0 11,304.0 14,564.0 23,172.0 26,980.0 33,951.0 44,550.0
Other Current Assets 150.0 150.0 150.0 150.0 150.0 150.0 150.0
---------- ---------- ---------- ---------- ---------- ---------- ----------
Total Current Assets 14,203.0 18,768.0 24,315.0 35,205.0 46,160.0 57,068.0 74,366.0
Fixed Assets
PP&E 4,122.0 4,272.0 4,422.0 4,572.0 4,722.0 4,872.0 5,022.0
Less Accumulated Depreciation 1,209.0 1,534.0 1,884.0 2,259.0 2,659.0 3,084.0 3,534.0
---------- ---------- ---------- ---------- ---------- ---------- ----------
Net Fixed Assets 2,913.0 2,738.0 2,538.0 2,313.0 2,063.0 1,788.0 1,488.0
Other Assets 3,037.0 2,827.0 2,617.0 2,407.0 2,197.0 1,987.0 1,777.0
Total Assets 20,153.0 24,333.0 29,470.0 39,925.0 50,420.0 60,843.0 77,631.0
========== ========== ========== ========== ========== ========== ==========
Current Liabilities
Accounts Payable 1,200.0 1,250.0 1,300.0 1,350.0 1,400.0 1,450.0 1,500.0
Grower Advances 4,468.0 5,652.0 7,282.0 11,586.0 13,490.0 16,976.0 22,275.0
Line of Credit 4,729.0 5,816.0 7,500.0 11,258.0 14,582.0 17,940.0 23,439.0
Other Current Liabilities 1,370.0 1,400.0 1,430.0 1,460.0 1,490.0 1,520.0 1,550.0
---------- ---------- ---------- ---------- ---------- ---------- ----------
Total Current Liabilities 11,767.0 14,118.0 17,512.0 25,654.0 30,962.0 37,886.0 48,764.0
Due to Parent 5,600.0 5,600.0 5,600.0 5,600.0 5,600.0 5,600.0 5,600.0
Long Term Debt 204.0 279.0 354.0 429.0 504.0 579.0 654.0
---------- ---------- ---------- ---------- ---------- ---------- ----------
Total Liabilities 17,571.0 19,997.0 23,466.0 31,683.0 37,066.0 44,065.0 55,018.0
Stockholders' Equity 2,582.0 4,336.0 6,004.0 8,242.0 13,354.0 16,778.0 22,613.0
Total Liabilities & Stockholders' Equity $ 20,153.0 $ 24,333.0 $ 29,470.0 $ 39,925.0 $ 50,420.0 $ 60,843.0 $ 77,631.0
========== ========== ========== ========== ========== ========== ==========
</TABLE>
----------------------------------
Year Ended
----------------------------------
2004 2005 2006
---------- ---------- ----------
Current Assets
Cash & Cash Equivalents $ 27,700.0 $ 38,496.0 $ 56,923.0
Accounts Receivable 12,334.0 16,509.0 22,090.0
Inventory 59,166.0 78,840.0 105,056.0
Other Current Assets 150.0 150.0 150.0
---------- ---------- ----------
Total Current Assets 99,350.0 133,995.0 184,219.0
Fixed Assets
PP&E 5,172.0 5,322.0 5,472.0
Less Accumulated Depreciation 4,009.0 4,509.0 5,034.0
---------- ---------- ----------
Net Fixed Assets 1,163.0 813.0 438.0
Other Assets 1,567.0 1,357.0 1,147.0
Total Assets 102,080.0 136,165.0 185,804.0
========== ========== ==========
Current Liabilities
Accounts Payable 1,550.0 1,600.0 1,650.0
Grower Advances 29,583.0 39,420.0 52,528.0
Line of Credit 31,192.0 41,627.0 46,371.0
Other Current Liabilities 1,580.0 1,610.0 1,640.0
---------- ---------- ----------
Total Current Liabilities 63,905.0 84,257.0 102,189.0
Due to Parent 5,600.0 5,600.0 5,600.0
Long Term Debt 729.0 804.0 879.0
---------- ---------- ----------
Total Liabilities 70,234.0 90,661.0 108,668.0
Stockholders' Equity 31,846.0 45,504.0 64,028.0
Total Liabilities & Stockholders' Equity $102,080.0 $136,165.0 $172,696.0
========== ========== ==========
Montgomery Securities - Confidential 31
<PAGE> 32
Discounted Cash Flow Analysis
================================================================================
Van Gogh Oils Division/Consumer - Balance Sheet and Working Capital Changes
($ in thousands)
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------
Year Ended
--------------------------------------------------------------------------------------
1997 1998 1999 2000 2001 2002 2003
---------- ---------- ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
Current Assets
Cash & Cash Equivalents $ (1,000.0) $ (4,000.0) $(12,000.0) $(12,600.0) $ 44,719.0 $ 62,438.0 $ 83,925.0
Accounts Receivable 0.0 0.0 0.0 4,000.0 1,875.0 3,750.0 4,500.0
Inventory 0.0 0.0 0.0 0.0 0.0 0.0 0.0
---------- ---------- ---------- ---------- ---------- ---------- ----------
Total Current Assets (1,000.0) (4,000.0) (12,000.0) (8,600.0) 46,594.0 66,188.0 88,425.0
Total Assets (1,000.0) (4,000.0) (12,000.0) (8,600.0) 46,594.0 66,188.0 88,425.0
Current Liabilities
Deferred Grower Payments 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Line of Credit 0.0 0.0 0.0 3,400.0 1,594.0 3,188.0 3,825.0
---------- ---------- ---------- ---------- ---------- ---------- ----------
Total Current Liabilities 0.0 0.0 0.0 3,400.0 1,594.0 3,188.0 3,825.0
---------- ---------- ---------- ---------- ---------- ---------- ----------
Stockholders' Equity (1,000.0) (4,000.0) (12,000.0) (12,000.0) 45,000.0 63,000.0 84,600.0
Total Liabilities & Stockholders' Equity $ (1,000.0) $ (4,000.0) $(12,000.0) $ (8,600.0) $ 46,594.0 $ 66,188.0 $ 88,425.0
========== ========== ========== ========== ========== ========== ==========
Working Capital Changes
Accounts Receivable $ (4,000.0) $ 2,125.0 $ (1,875.0) $ (750.0)
---------- ---------- ---------- ----------
Net Change $ (4,000.0) $ 2,125.0 $ (1,875.0) $ (750.0)
</TABLE>
----------------------------------
Year Ended
----------------------------------
2004 2005 2006
---------- ---------- ----------
Current Assets
Cash & Cash Equivalents $109,710.0 $140,652.0 $177,783.0
Accounts Receivable 5,400.0 6,480.0 7,776.0
Inventory 0.0 0.0 0.0
---------- ---------- ----------
Total Current Assets 115,110.0 147,132.0 185,559.0
Total Assets 115,110.0 147,132.0 185,559.0
Current Liabilities
Deferred Grower Payments 0.0 0.0 0.0
Line of Credit 4,590.0 5,508.0 6,610.0
---------- ---------- ----------
Total Current Liabilities 4,590.0 5,508.0 6,610.0
---------- ---------- ----------
Stockholders' Equity 110,520.0 141,624.0 178,949.0
Total Liabilities & Stockholders' Equity $115,110.0 $147,132.0 $185,559.0
========== ========== ==========
Working Capital Changes
Accounts Receivable $ (900.0) $ (1,080.0) $ (1,296.0)
---------- ---------- ----------
Net Change $ (900.0) $ (1,080.0) $ (1,296.0)
Montgomery Securities - Confidential 32
<PAGE> 33
EXHIBIT IV
===========================
Comparable Transaction Analysis
<PAGE> 34
Comparable Transaction Analysis
================================================================================
Valuation Summary
<TABLE>
<CAPTION>
Premium Over Implied Valuation Per Share*
---------------------------------- ----------------------------------
Premiums One Day One Week One Month One Day One Week One Month
- ------------------------------- ------- -------- --------- ------- -------- ---------
<S> <C> <C> <C> <C> <C> <C>
Control Combinations 53.2% 46.4% 38.4% $8.43 $7.32 $7.01
Biotechnology Control Premiums 57.2% 61.9% 68.9% $8.65 $8.10 $8.55
Squeeze-Out Premiums 20.2% 24.8% 29.4% $6.61 $6.24 $6.55
Agg. Value/
Revenue LTM Revenue Implied Valuation Per Share**
- ------------------------------- ----------- -----------------------------
Seed/Ag Trans. Revenue Multiple 2.6x $4.68
</TABLE>
* Assumes stock price of $5.50 on 1/28/97 (date of announcement), $5.00 on
1/21/97, & $5.06 on 12/28/96.
** Assumes LTM Revenue for Van Gogh of $132.85 MM and 66.71 MM shares
outstanding.
Montgomery Securities - Confidential 34
<PAGE> 35
Comparable Transaction Analysis
================================================================================
Premiums Paid in Selected Control Combinations
<TABLE>
<CAPTION>
- --------------------------------------
Complete Acquisitions Premium Paid
- -------------------------------------- over Stock Price
Agg. % Held -----------------------------
Announced Value Prior to 1 Day 1 Week 1 Month
Date Acquiror Target ($ mil) Offer Terms Trans. Prior Prior Prior
- --------- ----------------------- ----------------------- -------- ------------------- -------- -----------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
5/24/96 Novartis SyStemix $80.0 $19.50 Cash 73.2% 69.3% 55.2% 44.7%
12/17/96 American Home Products Genetics Institute $1,200.0 $85.00 Cash 60.0% 37.0% 37.6% 32.2%
10/18/95 Rhone-Poulenc Rorer Applied Immune Sciences $84.4 $11.75 Cash 46.0% 64.9% 48.9% 44.3%
------------------------------------------------------------
Average 53.2% 46.4% 38.4%
------------------------------------------------------------
- ------------------------------------
Partial Acquisitions Premium Paid
- ------------------------------------ over Stock Price
Agg. -----------------------------
Announced Value 1 Day 1 Week 1 Month
Date Acquiror Target ($ mil) Offer Terms Prior Prior Prior
- --------- ----------------------- ----------------------- -------- ------------------- -----------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
11/21/94 Ciba-Geigy Chiron $2,100.0 $117 Cash & Assets 49.5% 63.6% 86.4%
6/3/93 Rhone-Poulenc Rorer Applied Immune Sciences $113.0 $26.24 Cash & Stock 38.1% 46.8% 77.9%
12/15/92 American Cyanamid Immunex $1,202.0 $57.35 Cash & Stock 29.6% 29.2% 5.7%
12/16/91 Sandoz SyStemix $392.0 $62.50 Cash & Stock 59.4% 58.2% 52.5%
9/19/91 American Home Products Genetics Institute $667.0 $39.56 Cash & Stock 3.6% 3.3% 19.9%
2/2/90 Roche Genentech $2,100.0 $31.34 Cash & Stock 44.1% 48.4% 43.3%
--------------------------------------------------
Average 37.4% 41.6% 47.6%
--------------------------------------------------
</TABLE>
Montgomery Securities - Confidential 35
<PAGE> 36
Comparable Transaction Analysis
================================================================================
Premiums Paid in Selected Biotechnology Takeovers
<TABLE>
<CAPTION>
Premium Paid
over Stock Price
------------------------
Announced Aggregate Technology 1 Day 1 Week 1 Month
Date Acquiror Target Value Value (1) Prior Prior Prior
- ----------- ---------------------- --------------- ---------- ------------ ------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
- -----------
Cash Deals
- -----------
11/18/94 Amgen Synergen $262.0 $162.0 68.0% 70.0% 68.0%
1/26/95 Glaxo Affymax $484.3 $394.7 66.7% 76.5% 62.2%
3/20/95 Chiron (2) Viagene $84.2 $69.3 56.5% 60.0% 50.0%
7/10/95 Sandoz Genetic Therapy $274.3 $210.7 37.7% 41.2% 95.3%
- -----------
Stock Deals
- -----------
2/7/95 Ligand Pharmaceuticals Glycomed $40.8 $27.3 31.5% 31.5% 46.0%
2/21/95 NeXagen Vestar $76.2 $71.2 28.8% 26.9% 21.2%
---------------------------------------------------------------------
AVERAGES Cash 57.2% 61.9% 68.9%
Stock 30.2% 29.2% 33.6%
Overall 48.2% 51.0% 57.1%
---------------------------------------------------------------------
</TABLE>
- ----------
(1) Technology value reflects aggregate value plus debt minus cash and cash
equivalents.
(2) Chiron offered stock as well as cash.
Montgomery Securities - Confidential 36
<PAGE> 37
Comparable Transaction Analysis
================================================================================
Premiums Paid in Selected Cash Minority Acquisition Transactions
<TABLE>
<CAPTION>
Trans. % Held
Ann. Value Prior to
Date Acquirer Target (MM) Trans.
- -------- ----------------------------------------- ------------------------------------------- -------- --------
<S> <C> <C> <C> <C>
11/20/96 Andrews Group Toy Biz Inc. $174.0 67.0%
10/10/96 Renco Group Inc. WCI Steel Inc. $56.5 84.5%
08/26/96 Conseco Inc. Bankers Life Holding Corp. $117.2 90.5%
08/08/96 Chemed Corp. Roto-Rooter Inc. $88.3 58.0%
03/29/96 Equity Holdings Ltd. Great American Management & Investment Inc. $55.6 87.9%
09/26/95 Societe Commerciale de Reassurance (SCOR) SCOR US Corp. $50.9 80.0%
08/25/95 Berkshire Hathaway Inc. GEICO Corp. $2,322.8 51.0%
07/14/95 COBE Laboratories Inc. (Gambro AB) REN Corp.-USA $177.7 53.0%
05/22/95 MCI Communications Corp. Nationwide Cellular Service Inc. $101.3 26.5%
05/19/95 BIC SA Bic Corp. $191.6 78.0%
04/07/95 McCaw Cellular Comm. Inc. (AT&T) LIN Broadcasting Corp. $3,262.0 52.0%
04/05/95 Club Mediterranee SA Club Med Inc. $111.1 70.8%
02/07/95 WMX Technologies Inc. Rust Int'l Inc. (Chem. Waste Mgmt.) $42.0 96.4%
12/28/94 Fleet Financial Group Inc. Fleet Mortgage Group Inc. $188.1 81.0%
11/02/94 PacifiCorp Pacific Telecom Inc. $159.0 87.0%
09/08/94 GTE Contel Cellular Inc. $223.9 90.0%
08/24/94 Dole Food Co. Castle & Cooke Homes $81.5 83.0%
01/07/94 Holderbank Financiere Gloris Ltd. Holnam Inc. $54.0 95.0%
10/13/93 Medco Containment Services Medical Marketing Group $157.0 54.2%
09/20/93 Westpoint-Pepperell Inc. Valley Fashions Inc. $64.4 95.0%
03/02/92 WR Grace & Co. Grace Energy Corp. $77.3 83.4%
02/06/91 BHP Holdings Hamilton Oil $527.9 50.1%
08/16/90 Academy MergerCo Inc. Academy Insurance $46.0 50.1%
07/19/90 Caesar World, Inc. Caeser New Jersey, Inc. $48.4 86.6%
07/10/90 Paramount Communications Inc. TVX Broadcast Group $46.6 74.8%
07/06/90 Renault Vehicles Industrials Mack Trucks Inc. $86.6 60.6%
05/17/90 Kansas City Southern DST Systems, Inc. $39.0 87.1%
01/24/90 Imetal SA Copperweld Corp. $78.0 55.6%
<CAPTION>
Premium Paid
Over Stock Price
Ann. -----------------------------
Date Acquirer 1 Day 1 Week 1 Month
- -------- ----------------------------------------- ----- ------ -------
<S> <C> <C> <C> <C>
11/20/96 Andrews Group 9.4% 6.3% 1.3%
10/10/96 Renco Group Inc. 17.6% 29.0% 77.8%
08/26/96 Conseco Inc. 10.0% 14.0% 9.0%
08/08/96 Chemed Corp. 12.0% 12.0% 11.0%
03/29/96 Equity Holdings Ltd. 11.0% 11.0% 11.0%
09/26/95 Societe Commerciale de Reassurance (SCOR) 25.8% 25.8% 27.3%
08/25/95 Berkshire Hathaway Inc. 25.6% 24.4% 24.7%
07/14/95 COBE Laboratories Inc. (Gambro AB) 23.1% 24.0% 31.7%
05/22/95 MCI Communications Corp. 6.0% 8.0% 19.0%
05/19/95 BIC SA 2.0% 1.0% 17.0%
04/07/95 McCaw Cellular Comm. Inc. (AT&T) 4.9% 4.7% -0.6%
04/05/95 Club Mediterranee SA 16.0% 14.8% 18.0%
02/07/95 WMX Technologies Inc. 8.7% 19.2% 21.7%
12/28/94 Fleet Financial Group Inc. 19.4% 18.5% 23.1%
11/02/94 PacifiCorp 15.5% 15.5% 13.7%
09/08/94 GTE 26.8% 21.6% 15.4%
08/24/94 Dole Food Co. 35.5% 41.6% 51.1%
01/07/94 Holderbank Financiere Gloris Ltd. 13.3% 15.5% 5.5%
10/13/93 Medco Containment Services -22.6% -12.2% -7.6%
09/20/93 Westpoint-Pepperell Inc. -7.8% -7.1% -4.2%
03/02/92 WR Grace & Co. 11.8% 55.1% 60.0%
02/06/91 BHP Holdings 18.5% 21.2% 21.2%
08/16/90 Academy MergerCo Inc. 24.6% 32.5% 41.3%
07/19/90 Caesar World, Inc. 40.0% 49.3% 41.1%
07/10/90 Paramount Communications Inc. 81.0% 90.0% 90.0%
07/06/90 Renault Vehicles Industrials 14.3% 14.3% 17.1%
05/17/90 Kansas City Southern 24.3% 40.9% 54.6%
01/24/90 Imetal SA 47.8% 43.2% 31.4%
---------------------------------------------------------------------------
AVERAGES
------------
Overall 18.4% 22.6% 25.8%
Excluding 90% Ownership Cases 20.2% 24.8% 29.4%
---------------------------------------------------------------------------
</TABLE>
Montgomery Securities - Confidential 37
<PAGE> 38
Comparable Transaction Analysis
================================================================================
Selected Comparable Bioagricultural Acquisitions
<TABLE>
<CAPTION>
Target
Equity/ --------------------------
% Agg. LTM LTM LTM
Date Target/Acquiror Acquired Value (1) Year Revs EBIT Net Inc
- ---- --------------- -------- --------- ---- ----- ---- -------
<S> <C> <C> <C> <C> <C> <C> <C>
1/97 Holden's Seeds & Corn States/ 100.0% $1,020.0 LTM $45.0 NA NA
Monsanto (MTC) $1,020.0 12/96
9/96 Asgrow Agronomics (Division of ELM)/ 100.0% $240.0 LTM $246.0 $3.4 NA
Monsanto (MTC) $240.0 12/95
8/96 Plant Genetic Systems (PGS)/ 75.0% $733.3 LTM $5.0 NA NA
Hoechst Schering AgrEvo $883.5 12/95
5/96 Agracetus (Division of W.R. Grace)/ 100.0% $150.0 LTM NA NA NA
Monsanto (MTC) $150.0 12/95
2/96 DEKALB Genetics (SEEDB)/ 40.0% $395.0 LTM $324.3 $27.5 $10.3
Monsanto (MTC) $545.2 11/95
1/96 United AgriSeeds (Division of DowElanco)/ 100.0% $72.0 LTM $34.1 NA NA
Mycogen (MYCO) $45.6 11/95
10/95 Gargiulo (Division of Monsanto)/ 100.0% $214.0 LTM $115.2 ($8.2) ($7.0)
Calgene (CGNE) $184.0 9/95
12/94 Asgrow Seed Co. (Division of Upjohn)/ 100.0% $300.0 LTM $306.0 NA NA
Empresas La Moderna (ELM) $300.0 12/94
1/94 Fresh World (JV with DuPont)/ 50.0% $39.8 LTM $10.5 ($26.7) ($26.7)
DNA Plant Technology (DNAP) $39.8 12/93
12/92 Agrigenetics (Division of Lubrizol)/ 51.0% $132.4 LTM $92.2 ($1.7) ($1.7)
Mycogen (MYCO) $132.4 6/92
12/89 Del Monte Fresh Fruit Division/ 100.0% $875.0 LTM $600.0 $79.0 NA
Polly Peck International PLC $875.0 12/88
<CAPTION>
Aggregate Value (2)/ Equity Value (3)/
-------------------- -----------------
Date Target/Acquiror LTM Revs LTM EBIT LTM Net Inc.
- ---- --------------- -------- -------- ------------
<S> <C> <C> <C> <C>
1/97 Holden's Seeds & Corn States/ NM NA NA
Monsanto (MTC)
9/96 Asgrow Agronomics (Division of ELM)/ 1.0x 70.6x NA
Monsanto (MTC)
8/96 Plant Genetic Systems (PGS)/ NM NA NA
Hoechst Schering AgrEvo
5/96 Agracetus (Division of W.R. Grace)/ NA NA NA
Monsanto (MTC)
2/96 DEKALB Genetics (SEEDB)/ 4.2x 49.6x 95.9x
Monsanto (MTC)
1/96 United AgriSeeds (Division of DowElanco)/ 1.3x NA NA
Mycogen (MYCO)
10/95 Gargiulo (Division of Monsanto)/ 1.6x NM NM
Calgene (CGNE)
12/94 Asgrow Seed Co. (Division of Upjohn)/ 1.0x NA NA
Empresas La Moderna (ELM)
1/94 Fresh World (JV with DuPont)/ 7.6x NM NM
DNA Plant Technology (DNAP)
12/92 Agrigenetics (Division of Lubrizol)/ 2.8x NM NM
Mycogen (MYCO)
12/89 Del Monte Fresh Fruit Division/ 1.5x 11.1x NA
Polly Peck International PLC
----------------------------------------------------------------------------------
AVERAGES 2.6x NM NM
----------------------------------------------------------------------------------
</TABLE>
- ----------
(1) Reflects equity/aggregate value purchased, not overall equity/aggregate
value.
(2) Extrapolated aggregate value used in multiple calculations.
(3) Extrapolated equity value used in multiple calculations.
Montgomery Securities - Confidential 38
<PAGE> 39
EXHIBIT V
===========================
Common Stock Price Analysis
<PAGE> 40
Common Stock Price Analysis
================================================================================
Van Gogh vs. BTK Index
12/30/94 - 3/27/97
[THE FOLLOWING TABLE WAS DEPICTED AS A LINE GRAPH IN THE PRINTED MATERIAL]
DATE Calgene BTK
-------- ------- -------
12/30/94 100.000 100.000
1/03/95 90.000 98.501
1/04/95 86.667 98.087
1/05/95 87.507 96.771
1/06/95 93.333 99.037
1/09/95 86.667 97.356
1/10/95 81.667 96.917
1/11/95 80.840 93.748
1/12/95 79.173 93.005
1/13/95 81.667 93.432
1/16/95 85.840 94.053
1/17/95 83.333 93.371
1/18/95 83.333 92.981
1/19/95 80.000 91.640
1/20/95 76.667 89.885
1/23/95 76.667 92.323
1/24/95 78.333 93.359
1/25/95 76.667 91.409
1/26/95 78.333 95.321
1/27/95 80.000 97.161
1/30/95 83.333 97.343
1/31/95 90.000 98.586
2/01/95 93.333 98.440
2/02/95 96.667 98.915
2/03/95 96.667 101.048
2/06/95 108.333 102.059
2/07/95 110.000 102.913
2/08/95 113.333 105.581
2/09/95 110.000 105.569
2/10/95 106.667 104.290
2/13/95 108.333 102.413
2/14/95 108.333 101.584
2/15/95 115.000 103.875
2/16/95 110.840 103.936
2/17/95 100.000 99.976
2/21/95 96.667 99.330
2/22/95 98.333 100.256
2/23/95 100.000 100.305
2/24/95 100.840 101.340
2/27/95 96.667 99.318
2/28/95 100.000 101.097
3/01/95 95.000 99.878
3/02/95 95.000 99.976
3/03/95 88.333 98.136
3/06/95 85.840 96.442
3/07/95 85.000 94.126
3/08/95 85.000 95.223
3/09/95 94.173 96.393
3/10/95 96.667 95.686
3/13/95 97.080 95.442
3/14/95 93.333 95.808
3/15/95 93.333 93.748
3/16/95 90.000 91.445
3/17/95 94.173 92.993
3/20/95 96.667 93.322
3/21/95 96.667 93.139
3/22/95 91.667 91.726
3/23/95 91.667 93.029
3/24/95 90.000 93.541
3/27/95 87.507 93.029
3/28/95 93.333 94.821
3/29/95 90.840 94.967
3/30/95 90.840 94.784
3/31/95 92.507 94.516
4/03/95 92.080 93.164
4/04/95 90.000 94.163
4/05/95 90.000 93.651
4/06/95 91.667 93.627
4/07/95 91.667 95.321
4/10/95 90.000 94.199
4/11/95 88.333 95.162
4/12/95 88.333 96.990
4/13/95 91.667 97.027
4/17/95 90.000 97.453
4/18/95 88.333 96.698
4/19/95 88.333 96.332
4/20/95 86.667 95.820
4/21/95 83.333 96.113
4/24/95 86.667 97.027
4/25/95 93.333 96.149
4/26/95 93.333 97.075
4/27/95 95.000 97.916
4/28/95 95.000 97.685
5/01/95 90.000 98.720
5/02/95 93.333 98.672
5/03/95 94.173 96.076
5/04/95 93.333 95.333
5/05/95 93.333 95.381
5/08/95 95.000 94.979
5/09/95 95.000 93.554
5/10/95 95.840 95.321
5/11/95 95.000 95.552
5/12/95 95.000 95.077
5/15/95 91.667 95.930
5/16/95 86.667 95.016
5/17/95 86.667 96.783
5/18/95 88.333 97.246
5/19/95 86.667 97.112
5/22/95 78.333 94.090
5/23/95 83.333 93.748
5/24/95 81.667 93.895
5/25/95 84.173 94.918
5/26/95 80.000 94.321
5/30/95 83.333 94.577
5/31/95 80.000 94.760
6/01/95 90.840 95.150
6/02/95 91.667 97.087
6/05/95 87.507 99.988
6/06/95 90.000 99.659
6/07/95 82.507 99.013
6/08/95 87.507 99.537
6/09/95 88.333 98.964
6/12/95 93.333 111.345
6/13/95 98.333 117.183
6/14/95 98.333 110.858
6/15/95 95.840 109.542
6/16/95 98.333 110.017
6/19/95 103.333 111.102
6/20/95 93.333 109.639
6/21/95 91.667 110.078
6/22/95 95.000 111.077
6/23/95 96.667 108.664
6/26/95 100.000 107.165
6/27/95 103.333 107.165
6/28/95 110.000 109.396
6/29/95 101.667 109.700
6/30/95 92.507 109.603
7/03/95 85.000 105.910
7/05/95 89.173 108.896
7/06/95 91.667 108.750
7/07/95 90.000 108.908
7/10/95 93.333 109.176
7/11/95 91.667 109.883
7/12/95 95.000 110.285
7/13/95 93.333 108.543
7/14/95 93.333 109.371
7/17/95 93.333 109.347
7/18/95 90.000 107.409
7/19/95 92.507 105.886
7/20/95 88.333 107.775
7/21/95 88.333 110.249
7/24/95 86.667 110.663
7/25/95 86.667 110.809
7/26/95 86.667 112.905
7/27/95 90.000 115.635
7/28/95 89.173 115.842
7/31/95 90.000 118.950
8/01/95 93.333 118.828
8/02/95 94.173 119.145
8/03/95 93.333 120.534
8/04/95 91.667 120.997
8/07/95 92.920 121.545
8/08/95 91.667 123.203
8/09/95 96.667 128.894
8/10/95 104.173 129.990
8/11/95 96.667 131.514
8/14/95 96.667 132.452
8/15/95 97.507 134.000
8/16/95 95.840 133.622
8/17/95 97.507 135.035
8/18/95 98.333 136.169
8/21/95 96.667 136.851
8/22/95 95.000 137.497
8/23/95 96.667 138.655
8/24/95 97.507 136.510
8/25/95 95.000 135.852
8/28/95 93.333 133.293
8/29/95 90.000 129.978
8/30/95 93.333 132.769
8/31/95 93.333 134.731
9/01/95 92.507 136.217
9/05/95 95.000 137.083
9/06/95 100.840 137.814
9/07/95 100.000 137.070
9/08/95 98.333 138.886
9/11/95 96.667 140.434
9/12/95 101.667 140.531
9/13/95 98.333 142.079
9/14/95 98.333 140.726
9/15/95 95.840 137.850
9/18/95 96.667 140.324
9/19/95 88.333 140.080
9/20/95 91.667 141.628
9/21/95 92.507 139.422
9/22/95 94.173 139.447
9/25/95 91.667 137.765
9/26/95 95.000 139.081
9/27/95 90.000 135.706
9/28/95 93.333 140.544
9/29/95 90.000 139.154
10/02/95 91.667 135.986
10/03/95 87.507 132.281
10/04/95 87.507 129.491
10/05/95 90.000 130.770
10/06/95 87.507 130.344
10/09/95 88.120 126.517
10/10/95 88.333 124.750
10/11/95 85.000 126.164
10/12/95 85.000 128.516
10/13/95 87.507 128.967
10/16/95 90.000 129.868
10/17/95 93.333 130.429
10/18/95 91.667 131.904
10/19/95 93.333 134.109
10/20/95 95.000 133.561
10/23/95 95.000 132.367
10/24/95 93.333 130.137
10/25/95 91.667 127.882
10/26/95 86.667 124.970
10/27/95 86.667 126.066
10/30/95 88.333 126.944
10/31/95 85.000 127.736
11/01/95 86.667 127.906
11/02/95 86.667 130.197
11/03/95 85.000 131.855
11/06/95 85.000 130.831
11/07/95 86.667 130.965
11/08/95 83.333 131.428
11/09/95 80.840 132.099
11/10/95 79.173 131.136
11/13/95 78.333 131.233
11/14/95 75.000 131.185
11/15/95 71.667 131.696
11/16/95 70.000 130.551
11/17/95 65.000 130.027
11/20/95 68.333 127.736
11/21/95 66.667 126.115
11/22/95 65.000 124.762
11/24/95 65.000 126.395
11/27/95 66.667 128.345
11/28/95 66.667 128.918
11/29/95 68.333 131.660
11/30/95 68.333 132.744
12/01/95 68.333 134.402
12/04/95 68.333 137.412
12/05/95 70.000 138.643
12/06/95 69.173 137.668
12/07/95 66.667 137.205
12/08/95 65.000 136.510
12/11/95 65.840 134.463
12/12/95 65.000 132.562
12/13/95 68.333 133.183
12/14/95 65.000 129.771
12/15/95 65.000 136.132
12/18/95 63.333 130.892
12/19/95 61.667 135.450
12/20/95 66.667 139.812
12/21/95 63.333 150.658
12/22/95 63.333 153.376
12/26/95 62.507 157.470
12/27/95 61.667 162.186
12/28/95 61.667 161.869
12/29/95 61.667 163.015
1/02/96 68.333 164.892
1/03/96 81.667 166.512
1/04/96 78.333 162.637
1/05/96 73.333 162.576
1/08/96 76.667 164.319
1/09/96 73.333 158.482
1/10/96 70.000 154.984
1/11/96 75.000 157.239
1/12/96 71.667 155.130
1/15/96 66.667 153.510
1/16/96 67.507 158.104
1/17/96 70.000 158.738
1/18/96 68.333 158.664
1/19/96 69.173 153.851
1/22/96 71.667 159.079
1/23/96 70.000 158.140
1/24/96 81.667 164.977
1/25/96 76.667 164.818
1/26/96 76.667 167.902
1/29/96 75.000 169.681
1/30/96 75.000 171.777
1/31/96 83.333 175.847
2/01/96 85.000 175.384
2/02/96 91.667 174.494
2/05/96 88.333 172.947
2/06/96 81.667 171.606
2/07/96 78.333 171.167
2/08/96 76.667 170.107
2/09/96 75.000 169.510
2/12/96 75.000 170.144
2/13/96 80.000 168.426
2/14/96 80.840 169.498
2/15/96 75.000 166.610
2/16/96 78.333 171.874
2/20/96 73.333 168.389
2/21/96 76.667 170.583
2/22/96 76.667 175.396
2/23/96 76.667 173.934
2/26/96 77.507 171.216
2/27/96 76.667 169.145
2/28/96 77.507 171.728
2/29/96 78.747 168.694
3/01/96 83.333 167.731
3/04/96 85.000 170.022
3/05/96 86.667 173.617
3/06/96 87.507 175.835
3/07/96 90.000 180.039
3/08/96 85.000 169.961
3/11/96 81.667 170.132
3/12/96 81.667 170.180
3/13/96 80.000 171.460
3/14/96 75.000 172.301
3/15/96 73.333 170.059
3/18/96 76.667 169.864
3/19/96 75.000 165.148
3/20/96 72.507 163.929
3/21/96 75.000 164.697
3/22/96 75.840 166.232
3/25/96 80.000 165.452
3/26/96 83.333 162.844
3/27/96 78.333 160.041
3/28/96 75.000 161.650
3/29/96 76.667 164.307
4/01/96 75.000 165.537
4/02/96 75.000 175.213
4/03/96 76.667 178.443
4/04/96 75.000 175.774
4/08/96 74.173 173.081
4/09/96 74.173 173.349
4/10/96 75.000 169.998
4/11/96 75.000 168.499
4/12/96 75.000 172.593
4/15/96 76.667 172.216
4/16/96 80.840 174.567
4/17/96 78.333 171.107
4/18/96 81.667 176.968
4/19/96 78.333 175.750
4/22/96 76.667 177.139
4/23/96 75.840 176.322
4/24/96 78.333 176.359
4/25/96 75.000 179.028
4/26/96 75.000 180.197
4/29/96 76.667 181.611
4/30/96 75.000 182.342
5/01/96 83.333 185.693
5/02/96 80.840 180.234
5/03/96 80.000 180.673
5/06/96 78.333 180.941
5/07/96 78.333 179.235
5/08/96 76.667 179.613
5/09/96 78.333 181.026
5/10/96 79.173 182.537
5/13/96 78.333 185.352
5/14/96 80.000 187.302
5/15/96 76.667 181.794
5/16/96 76.667 185.523
5/17/96 80.000 188.886
5/20/96 85.840 190.921
5/21/96 85.000 189.435
5/22/96 85.000 190.251
5/23/96 86.667 192.481
5/24/96 89.173 192.213
5/28/96 85.000 191.421
5/29/96 83.333 188.240
5/30/96 83.333 190.653
5/31/96 80.000 189.678
6/03/96 80.000 189.593
6/04/96 79.173 190.093
6/05/96 83.333 187.619
6/06/96 82.507 188.569
6/07/96 83.333 186.144
6/10/96 80.000 186.108
6/11/96 81.667 186.108
6/12/96 80.000 184.950
6/13/96 79.173 182.476
6/14/96 80.000 181.197
6/17/96 81.667 178.382
6/18/96 81.667 172.593
6/19/96 78.333 165.123
6/20/96 78.333 163.965
6/21/96 78.333 164.758
6/24/96 79.173 167.999
6/25/96 78.333 169.230
6/26/96 76.667 164.099
6/27/96 78.333 163.490
6/28/96 88.333 171.436
7/01/96 85.840 171.009
7/02/96 81.667 167.219
7/03/96 76.667 164.526
7/05/96 76.667 160.054
7/08/96 76.667 156.873
7/09/96 79.173 157.470
7/10/96 77.507 152.973
7/11/96 70.000 145.162
7/12/96 68.333 146.564
7/15/96 65.000 138.728
7/16/96 65.000 137.070
7/17/96 66.667 145.966
7/18/96 68.333 152.096
7/19/96 68.333 148.989
7/22/96 63.333 142.103
7/23/96 65.000 137.363
7/24/96 59.173 136.205
7/25/96 68.333 139.459
7/26/96 65.000 142.079
7/29/96 65.840 138.959
7/30/96 65.000 138.265
7/31/96 82.507 141.579
8/01/96 81.667 142.018
8/02/96 78.333 146.198
8/05/96 74.173 143.895
8/06/96 71.667 142.774
8/07/96 75.000 144.638
8/08/96 71.880 146.551
8/09/96 73.333 146.917
8/12/96 74.173 146.819
8/13/96 77.507 147.563
8/14/96 78.333 149.866
8/15/96 76.667 148.233
8/16/96 73.333 147.965
8/19/96 74.173 146.746
8/20/96 74.173 146.722
8/21/96 74.173 148.891
8/22/96 72.507 153.254
8/23/96 72.507 153.900
8/26/96 72.507 154.411
8/27/96 72.507 157.056
8/28/96 74.173 160.870
8/29/96 79.173 158.591
8/30/96 75.000 156.727
9/03/96 73.333 156.361
9/04/96 73.333 155.484
9/05/96 71.667 151.365
9/06/96 71.667 155.216
9/09/96 72.507 156.837
9/10/96 71.667 156.215
9/11/96 71.667 155.520
9/12/96 71.667 158.396
9/13/96 70.000 160.273
9/16/96 71.667 159.444
9/17/96 71.667 157.434
9/18/96 70.000 155.423
9/19/96 65.000 152.584
9/20/96 70.000 155.191
9/23/96 69.173 155.191
9/24/96 68.333 157.056
9/25/96 68.333 164.831
9/26/96 66.667 167.804
9/27/96 68.333 169.547
9/30/96 66.667 170.631
10/01/96 65.000 168.511
10/02/96 66.667 169.595
10/03/96 65.840 170.193
10/04/96 66.667 172.410
10/07/96 66.667 169.644
10/08/96 66.667 168.876
10/09/96 66.667 167.231
10/10/96 70.000 168.755
10/11/96 73.333 170.912
10/14/96 76.667 171.631
10/15/96 77.507 169.449
10/16/96 71.667 167.280
10/17/96 74.173 166.269
10/18/96 75.000 167.963
10/21/96 72.507 167.280
10/22/96 68.333 162.089
10/23/96 66.667 162.454
10/24/96 65.000 164.075
10/25/96 65.000 163.856
10/28/96 65.000 161.516
10/29/96 64.173 158.067
10/30/96 66.667 159.981
10/31/96 65.840 161.528
11/01/96 64.173 158.616
11/04/96 61.667 154.716
11/05/96 64.173 156.532
11/06/96 66.667 162.174
11/07/96 63.333 161.772
11/08/96 61.667 164.489
11/11/96 61.667 163.332
11/12/96 60.000 161.455
11/13/96 61.667 162.552
11/14/96 62.507 160.224
11/15/96 65.000 158.335
11/18/96 61.667 155.399
11/19/96 61.667 156.788
11/20/96 62.507 156.434
11/21/96 66.667 159.493
11/22/96 70.000 162.345
11/25/96 70.840 161.224
11/26/96 70.000 161.516
11/27/96 71.667 161.833
11/29/96 73.333 164.343
12/02/96 70.840 164.892
12/03/96 74.173 171.509
12/04/96 73.333 170.704
12/05/96 75.000 173.702
12/06/96 75.000 172.861
12/09/96 76.667 175.762
12/10/96 79.173 174.580
12/11/96 75.840 172.398
12/12/96 80.000 169.461
12/13/96 74.173 167.390
12/16/96 72.507 165.562
12/17/96 73.333 167.597
12/18/96 75.000 174.348
12/19/96 78.333 178.199
12/20/96 73.333 177.468
12/23/96 66.667 174.080
12/24/96 69.173 174.799
12/26/96 66.667 175.213
12/27/96 67.507 174.775
12/30/96 66.667 174.945
12/31/96 66.667 175.847
1/02/97 66.667 173.276
1/03/97 69.173 176.164
1/06/97 67.507 178.723
1/07/97 70.840 183.049
1/08/97 73.333 183.354
1/09/97 75.000 183.658
1/10/97 74.173 186.473
1/13/97 73.333 184.511
1/14/97 70.840 183.683
1/15/97 68.333 183.926
1/16/97 68.333 187.314
1/17/97 66.667 186.863
1/20/97 65.000 187.241
1/21/97 66.667 188.167
1/22/97 65.840 189.617
1/23/97 65.840 187.034
1/24/97 67.507 187.156
1/27/97 65.840 187.777
1/28/97 73.333 192.518
1/29/97 99.587 199.025
1/30/97 98.747 200.877
1/31/97 97.920 202.449
2/03/97 98.333 202.523
2/04/97 98.747 202.839
2/05/97 100.000 201.938
2/06/97 98.747 203.144
2/07/97 98.747 202.657
2/10/97 99.173 201.060
2/11/97 98.747 201.060
2/12/97 98.747 199.147
2/13/97 99.173 201.804
2/14/97 98.333 203.315
2/18/97 98.547 204.887
2/19/97 98.747 204.814
2/20/97 97.507 204.436
2/21/97 98.333 204.777
2/24/97 97.507 204.180
2/25/97 97.507 207.044
2/26/97 97.507 205.167
2/27/97 97.507 200.390
2/28/97 98.333 199.549
3/03/97 97.080 192.323
3/04/97 97.507 192.030
3/05/97 97.507 191.311
3/06/97 97.707 190.288
3/07/97 99.173 193.517
3/10/97 100.000 193.237
3/11/97 100.840 191.933
3/12/97 100.000 186.754
3/13/97 100.000 185.852
3/14/97 99.173 186.193
3/17/97 100.000 182.415
3/18/97 99.173 181.221
3/19/97 99.173 176.237
3/20/97 99.173 181.075
3/21/97 99.173 183.122
3/24/97 100.840 183.293
3/25/97 100.000 182.123
3/26/97 100.000 181.258
3/27/97 100.840 177.309
Montgomery Securities - Confidential 40
<PAGE> 41
Common Stock Price Analysis
================================================================================
Van Gogh vs. BTK Index
3/29/96 - 3/27/97
[THE FOLLOWING TABLE WAS DEPICTED AS A LINE GRAPH IN THE PRINTED MATERIAL]
DATE Calgene BTK
-------- ------- -------
3/29/96 100.000 100.000
4/01/96 97.826 100.749
4/02/96 97.826 106.638
4/03/96 100.000 108.603
4/04/96 97.826 106.979
4/08/96 96.748 105.340
4/09/96 96.748 105.503
4/10/96 97.826 103.464
4/11/96 97.826 102.551
4/12/96 97.826 105.043
4/15/96 100.000 104.813
4/16/96 105.443 106.245
4/17/96 102.174 104.139
4/18/96 106.522 107.706
4/19/96 102.174 106.964
4/22/96 100.000 107.810
4/23/96 98.922 107.313
4/24/96 102.174 107.335
4/25/96 97.826 108.959
4/26/96 97.826 109.671
4/29/96 100.000 110.532
4/30/96 97.826 110.977
5/01/96 108.696 113.016
5/02/96 105.443 109.694
5/03/96 104.348 109.961
5/06/96 102.174 110.124
5/07/96 102.174 109.086
5/08/96 100.000 109.315
5/09/96 102.174 110.176
5/10/96 103.270 111.095
5/13/96 102.174 112.809
5/14/96 104.348 113.995
5/15/96 100.000 110.643
5/16/96 100.000 112.913
5/17/96 104.348 114.960
5/20/96 111.965 116.198
5/21/96 110.870 115.293
5/22/96 110.870 115.790
5/23/96 113.043 117.148
5/24/96 116.313 116.984
5/28/96 110.870 116.502
5/29/96 108.696 114.566
5/30/96 108.696 116.035
5/31/96 104.348 115.442
6/03/96 104.348 115.390
6/04/96 103.270 115.694
6/05/96 108.696 114.188
6/06/96 107.617 114.767
6/07/96 108.696 113.291
6/10/96 104.348 113.269
6/11/96 106.522 113.269
6/12/96 104.348 112.564
6/13/96 103.270 111.058
6/14/96 104.348 110.280
6/17/96 106.522 108.566
6/18/96 106.522 105.043
6/19/96 102.174 100.497
6/20/96 102.174 99.792
6/21/96 102.174 100.274
6/24/96 103.270 102.247
6/25/96 102.174 102.996
6/26/96 100.000 99.874
6/27/96 102.174 99.503
6/28/96 115.217 104.339
7/01/96 111.965 104.079
7/02/96 106.522 101.773
7/03/96 100.000 100.133
7/05/96 100.000 97.412
7/08/96 100.000 95.476
7/09/96 103.270 95.839
7/10/96 101.096 93.102
7/11/96 91.304 88.348
7/12/96 89.130 89.201
7/15/96 84.783 84.432
7/16/96 84.783 83.424
7/17/96 86.957 88.838
7/18/96 89.130 92.568
7/19/96 89.130 90.677
7/22/96 82.609 86.487
7/23/96 84.783 83.602
7/24/96 77.183 82.897
7/25/96 89.130 84.877
7/26/96 84.783 86.472
7/29/96 85.878 84.573
7/30/96 84.783 84.150
7/31/96 107.617 86.168
8/01/96 106.522 86.435
8/02/96 102.174 88.979
8/05/96 96.748 87.577
8/06/96 93.478 86.895
8/07/96 97.826 88.029
8/08/96 93.757 89.194
8/09/96 95.652 89.416
8/12/96 96.748 89.357
8/13/96 101.096 89.809
8/14/96 102.174 91.211
8/15/96 100.000 90.217
8/16/96 95.652 90.054
8/19/96 96.748 89.312
8/20/96 96.748 89.298
8/21/96 96.748 90.618
8/22/96 94.574 93.273
8/23/96 94.574 93.666
8/26/96 94.574 93.978
8/27/96 94.574 95.587
8/28/96 96.748 97.908
8/29/96 103.270 96.522
8/30/96 97.826 95.387
9/03/96 95.652 95.164
9/04/96 95.652 94.630
9/05/96 93.478 92.123
9/06/96 93.478 94.467
9/09/96 94.574 95.454
9/10/96 93.478 95.075
9/11/96 93.478 94.653
9/12/96 93.478 96.403
9/13/96 91.304 97.545
9/16/96 93.478 97.041
9/17/96 93.478 95.817
9/18/96 91.304 94.593
9/19/96 84.783 92.865
9/20/96 91.304 94.452
9/23/96 90.226 94.452
9/24/96 89.130 95.587
9/25/96 89.130 100.319
9/26/96 86.957 102.129
9/27/96 89.130 103.189
9/30/96 86.957 103.849
10/01/96 84.783 102.559
10/02/96 86.957 103.219
10/03/96 85.878 103.582
10/04/96 86.957 104.932
10/07/96 86.957 103.249
10/08/96 86.957 102.781
10/09/96 86.957 101.780
10/10/96 91.304 102.707
10/11/96 95.652 104.020
10/14/96 100.000 104.457
10/15/96 101.096 103.130
10/16/96 93.478 101.810
10/17/96 96.748 101.194
10/18/96 97.826 102.225
10/21/96 94.574 101.810
10/22/96 89.130 98.650
10/23/96 86.957 98.873
10/24/96 84.783 99.859
10/25/96 84.783 99.726
10/28/96 84.783 98.302
10/29/96 83.704 96.203
10/30/96 86.957 97.367
10/31/96 85.878 98.309
11/01/96 83.704 96.536
11/04/96 80.435 94.163
11/05/96 83.704 95.268
11/06/96 86.957 98.702
11/07/96 82.609 98.457
11/08/96 80.435 100.111
11/11/96 80.435 99.407
11/12/96 78.261 98.264
11/13/96 80.435 98.932
11/14/96 81.530 97.515
11/15/96 84.783 96.366
11/18/96 80.435 94.578
11/19/96 80.435 95.424
11/20/96 81.530 95.209
11/21/96 86.957 97.070
11/22/96 91.304 98.806
11/25/96 92.400 98.124
11/26/96 91.304 98.302
11/27/96 93.478 98.494
11/29/96 95.652 100.022
12/02/96 92.400 100.356
12/03/96 96.748 104.383
12/04/96 95.652 103.894
12/05/96 97.826 105.718
12/06/96 97.826 105.207
12/09/96 100.000 106.972
12/10/96 103.270 106.252
12/11/96 98.922 104.925
12/12/96 104.348 103.137
12/13/96 96.748 101.876
12/16/96 94.574 100.764
12/17/96 95.652 102.003
12/18/96 97.826 106.111
12/19/96 102.174 108.455
12/20/96 95.652 108.010
12/23/96 86.957 105.948
12/24/96 90.226 106.386
12/26/96 86.957 106.638
12/27/96 88.052 106.371
12/30/96 86.957 106.475
12/31/96 86.957 107.024
1/02/97 86.957 105.459
1/03/97 90.226 107.216
1/06/97 88.052 108.774
1/07/97 92.400 111.407
1/08/97 95.652 111.592
1/09/97 97.826 111.778
1/10/97 96.748 113.491
1/13/97 95.652 112.297
1/14/97 92.400 111.793
1/15/97 89.130 111.941
1/16/97 89.130 114.003
1/17/97 86.957 113.728
1/20/97 84.783 113.958
1/21/97 86.957 114.522
1/22/97 85.878 115.405
1/23/97 85.878 113.832
1/24/97 88.052 113.906
1/27/97 85.878 114.285
1/28/97 95.652 117.170
1/29/97 129.896 121.130
1/30/97 128.800 122.258
1/31/97 127.722 123.214
2/03/97 128.261 123.259
2/04/97 128.800 123.452
2/05/97 130.435 122.903
2/06/97 128.800 123.637
2/07/97 128.800 123.341
2/10/97 129.357 122.369
2/11/97 128.800 122.369
2/12/97 128.800 121.204
2/13/97 129.357 122.821
2/14/97 128.261 123.741
2/18/97 128.539 124.698
2/19/97 128.800 124.653
2/20/97 127.183 124.423
2/21/97 128.261 124.631
2/24/97 127.183 124.268
2/25/97 127.183 126.011
2/26/97 127.183 124.868
2/27/97 127.183 121.961
2/28/97 128.261 121.449
3/03/97 126.626 117.051
3/04/97 127.183 116.873
3/05/97 127.183 116.436
3/06/97 127.443 115.813
3/07/97 129.357 117.778
3/10/97 130.435 117.607
3/11/97 131.530 116.814
3/12/97 130.435 113.662
3/13/97 130.435 113.113
3/14/97 129.357 113.320
3/17/97 130.435 111.021
3/18/97 129.357 110.294
3/19/97 129.357 107.261
3/20/97 129.357 110.205
3/21/97 129.357 111.451
3/24/97 131.530 111.555
3/25/97 130.435 110.843
3/26/97 130.435 110.317
3/27/97 131.530 107.914
Montgomery Securities - Confidential 41
<PAGE> 42
Common Stock Price Analysis
================================================================================
Van Gogh vs. Ag Biotech Peers
12/30/94 - 3/27/97
[THE FOLLOWING TABLE WAS DEPICTED AS A LINE GRAPH IN THE PRINTED MATERIAL]
DATE Calgene Peers*
-------- ------- -------
12/30/94 100.000 100.000
1/02/95 100.000 100.000
1/03/95 90.000 95.901
1/04/95 86.667 96.560
1/05/95 87.507 100.156
1/06/95 93.333 99.460
1/09/95 86.667 103.549
1/10/95 81.667 109.581
1/11/95 80.840 116.346
1/12/95 79.173 120.908
1/13/95 81.667 125.127
1/16/95 85.840 117.739
1/17/95 83.333 117.043
1/18/95 83.333 114.143
1/19/95 80.000 110.631
1/20/95 76.667 112.907
1/23/95 76.667 113.956
1/24/95 78.333 124.160
1/25/95 76.667 120.638
1/26/95 78.333 118.788
1/27/95 80.000 120.991
1/30/95 83.333 116.855
1/31/95 90.000 120.721
2/01/95 93.333 117.011
2/02/95 96.667 120.523
2/03/95 96.667 121.760
2/06/95 108.333 118.591
2/07/95 110.000 120.830
2/08/95 113.333 120.830
2/09/95 110.000 120.523
2/10/95 106.667 122.654
2/13/95 108.333 125.470
2/14/95 108.333 122.301
2/15/95 115.000 127.403
2/16/95 110.840 123.141
2/17/95 100.000 123.267
2/20/95 100.000 123.267
2/21/95 96.667 111.400
2/22/95 98.333 111.400
2/23/95 100.000 107.534
2/24/95 100.840 106.994
2/27/95 96.667 104.447
2/28/95 100.000 101.195
3/01/95 95.000 105.757
3/02/95 95.000 106.380
3/03/95 88.333 108.313
3/06/95 85.840 103.824
3/07/95 85.000 103.824
3/08/95 85.000 104.790
3/09/95 94.173 101.278
3/10/95 96.667 103.980
3/13/95 97.080 106.453
3/14/95 93.333 104.520
3/15/95 93.333 101.278
3/16/95 90.000 104.213
3/17/95 94.173 100.041
3/20/95 96.667 105.913
3/21/95 96.667 97.521
3/22/95 91.667 98.181
3/23/95 91.667 100.503
3/24/95 90.000 93.079
3/27/95 87.507 96.331
3/28/95 93.333 100.197
3/29/95 90.840 98.534
3/30/95 90.840 95.365
3/31/95 92.507 98.877
4/03/95 92.080 98.877
4/04/95 90.000 97.641
4/05/95 90.000 97.027
4/06/95 91.667 100.893
4/07/95 91.667 94.164
4/10/95 90.000 97.723
4/11/95 88.333 97.258
4/12/95 88.333 99.033
4/13/95 91.667 97.100
4/14/95 91.667 97.100
4/17/95 90.000 97.723
4/18/95 88.333 97.723
4/19/95 88.333 93.858
4/20/95 86.667 93.235
4/21/95 83.333 90.688
4/24/95 86.667 93.317
4/25/95 93.333 95.167
4/26/95 93.333 93.393
4/27/95 95.000 93.235
4/28/95 95.000 91.302
5/01/95 90.000 97.184
5/02/95 93.333 99.418
5/03/95 94.173 100.114
5/04/95 93.333 94.705
5/05/95 93.333 95.708
5/08/95 95.000 90.262
5/09/95 95.000 91.716
5/10/95 95.840 91.229
5/11/95 95.000 93.162
5/12/95 95.000 93.079
5/15/95 91.667 92.736
5/16/95 86.667 93.702
5/17/95 86.667 90.803
5/18/95 88.333 86.667
5/19/95 86.667 91.842
5/22/95 78.333 87.363
5/23/95 83.333 86.044
5/24/95 81.667 86.044
5/25/95 84.173 87.280
5/26/95 80.000 91.842
5/29/95 80.000 91.842
5/30/95 83.333 84.194
5/31/95 80.000 85.160
6/01/95 90.840 84.537
6/02/95 91.667 85.503
6/05/95 87.507 85.196
6/06/95 90.000 89.369
6/07/95 82.507 88.755
6/08/95 87.507 89.992
6/09/95 88.333 88.059
6/12/95 93.333 95.012
6/13/95 98.333 93.162
6/14/95 98.333 89.992
6/15/95 95.840 91.842
6/16/95 98.333 88.755
6/19/95 103.333 90.729
6/20/95 93.333 90.335
6/21/95 91.667 89.369
6/22/95 95.000 91.302
6/23/95 96.667 90.688
6/26/95 100.000 87.436
6/27/95 103.333 84.573
6/28/95 110.000 85.196
6/29/95 101.667 86.823
6/30/95 92.507 83.570
7/03/95 85.000 85.196
7/04/95 85.000 85.196
7/05/95 89.173 90.995
7/06/95 91.667 87.278
7/07/95 90.000 87.166
7/10/95 93.333 90.065
7/11/95 91.667 86.199
7/12/95 95.000 84.963
7/13/95 93.333 84.266
7/14/95 93.333 84.890
7/17/95 93.333 83.030
7/18/95 90.000 80.754
7/19/95 92.507 81.097
7/20/95 88.333 79.943
7/21/95 88.333 77.387
7/24/95 86.667 81.253
7/25/95 86.667 80.556
7/26/95 86.667 84.266
7/27/95 90.000 83.653
7/28/95 89.173 88.755
7/31/95 90.000 85.233
8/01/95 93.333 83.600
8/02/95 94.173 82.146
8/03/95 93.333 84.422
8/04/95 91.667 83.726
8/07/95 92.920 86.282
8/08/95 91.667 83.113
8/09/95 96.667 91.114
8/10/95 104.173 95.946
8/11/95 96.667 95.946
8/14/95 96.667 91.457
8/15/95 97.507 86.978
8/16/95 95.840 89.561
8/17/95 97.507 91.457
8/18/95 98.333 89.831
8/21/95 96.667 92.694
8/22/95 95.000 95.250
8/23/95 96.667 95.250
8/24/95 97.507 94.627
8/25/95 95.000 94.284
8/28/95 93.333 95.250
8/29/95 90.000 96.560
8/30/95 93.333 97.183
8/31/95 93.333 95.323
9/01/95 92.507 95.323
9/04/95 92.507 95.323
9/05/95 95.000 94.013
9/06/95 100.840 92.777
9/07/95 100.000 95.593
9/08/95 98.333 95.593
9/11/95 96.667 93.120
9/12/95 101.667 94.627
9/13/95 98.333 92.694
9/14/95 98.333 94.357
9/15/95 95.840 91.883
9/18/95 96.667 101.901
9/19/95 88.333 115.430
9/20/95 91.667 113.498
9/21/95 92.507 109.009
9/22/95 94.173 112.874
9/25/95 91.667 112.531
9/26/95 95.000 120.606
9/27/95 90.000 117.706
9/28/95 93.333 121.229
9/29/95 90.000 118.979
10/02/95 91.667 120.262
10/03/95 87.507 117.093
10/04/95 87.507 116.275
10/05/95 90.000 117.977
10/06/95 87.507 115.774
10/09/95 88.120 111.908
10/10/95 88.333 111.024
10/11/95 85.000 113.300
10/12/95 85.000 114.267
10/13/95 87.507 111.367
10/16/95 90.000 108.894
10/17/95 93.333 110.131
10/18/95 91.667 115.774
10/19/95 93.333 114.194
10/20/95 95.000 121.572
10/23/95 95.000 116.740
10/24/95 93.333 116.740
10/25/95 91.667 110.671
10/26/95 86.667 112.334
10/27/95 86.667 109.091
10/30/95 88.333 113.227
10/31/95 85.000 115.160
11/01/95 86.667 113.841
11/02/95 86.667 112.874
11/03/95 85.000 116.855
11/06/95 85.000 119.754
11/07/95 86.667 115.971
11/08/95 83.333 116.241
11/09/95 80.840 113.342
11/10/95 79.173 116.584
11/13/95 78.333 116.584
11/14/95 75.000 112.719
11/15/95 71.667 113.685
11/16/95 70.000 112.448
11/17/95 65.000 113.415
11/20/95 68.333 115.348
11/21/95 66.667 113.144
11/22/95 65.000 114.734
11/23/95 65.000 114.734
11/24/95 65.000 112.531
11/27/95 66.667 109.009
11/28/95 66.667 113.841
11/29/95 68.333 113.841
11/30/95 68.333 115.077
12/01/95 68.333 108.395
12/04/95 68.333 109.091
12/05/95 70.000 108.702
12/06/95 69.173 106.109
12/07/95 66.667 107.616
12/08/95 65.000 109.242
12/11/95 65.840 108.936
12/12/95 65.000 117.010
12/13/95 68.333 120.397
12/14/95 65.000 118.979
12/15/95 65.000 117.047
12/18/95 63.333 119.026
12/19/95 61.667 123.162
12/20/95 66.667 120.262
12/21/95 63.333 120.876
12/22/95 63.333 132.047
12/25/95 63.333 132.047
12/26/95 62.507 133.710
12/27/95 61.667 132.203
12/28/95 61.667 137.658
12/29/95 61.667 145.660
1/01/96 61.667 145.660
1/02/96 68.333 142.064
1/03/96 81.667 139.778
1/04/96 78.333 134.333
1/05/96 73.333 128.878
1/08/96 76.667 124.398
1/09/96 73.333 128.264
1/10/96 70.000 126.331
1/11/96 75.000 138.895
1/12/96 71.667 138.542
1/15/96 66.667 136.339
1/16/96 67.507 142.137
1/17/96 70.000 142.444
1/18/96 68.333 135.995
1/19/96 69.173 135.372
1/22/96 71.667 135.372
1/23/96 70.000 135.995
1/24/96 81.667 137.928
1/25/96 76.667 136.032
1/26/96 76.667 137.232
1/29/96 75.000 136.266
1/30/96 75.000 131.012
1/31/96 83.333 139.733
2/01/96 85.000 139.733
2/02/96 91.667 140.475
2/05/96 88.333 142.160
2/06/96 81.667 137.552
2/07/96 78.333 139.238
2/08/96 76.667 143.598
2/09/96 75.000 148.902
2/12/96 75.000 151.801
2/13/96 80.000 150.588
2/14/96 80.840 159.285
2/15/96 75.000 161.937
2/16/96 78.333 161.690
2/19/96 78.333 161.690
2/20/96 73.333 156.858
2/21/96 76.667 158.543
2/22/96 76.667 164.133
2/23/96 76.667 162.432
2/26/96 77.507 158.072
2/27/96 76.667 160.004
2/28/96 77.507 160.971
2/29/96 78.747 163.870
3/01/96 83.333 161.690
3/04/96 85.000 160.004
3/05/96 86.667 159.285
3/06/96 87.507 159.510
3/07/96 90.000 159.757
3/08/96 85.000 149.846
3/11/96 81.667 151.778
3/12/96 81.667 157.082
3/13/96 80.000 156.588
3/14/96 75.000 159.959
3/15/96 73.333 159.487
3/18/96 76.667 161.644
3/19/96 75.000 159.464
3/20/96 72.507 135.528
3/21/96 75.000 137.461
3/22/96 75.840 143.259
3/25/96 80.000 141.574
3/26/96 83.333 135.528
3/27/96 78.333 137.461
3/28/96 75.000 134.809
3/29/96 76.667 143.259
4/01/96 75.000 142.905
4/02/96 75.000 138.552
4/03/96 76.667 133.348
4/04/96 75.000 141.079
4/05/96 75.000 141.079
4/08/96 74.173 140.584
4/09/96 74.173 134.786
4/10/96 75.000 133.572
4/11/96 75.000 138.652
4/12/96 75.000 136.471
4/15/96 76.667 139.618
4/16/96 80.840 140.709
4/17/96 78.333 140.709
4/18/96 81.667 146.151
4/19/96 78.333 144.450
4/22/96 76.667 147.125
4/23/96 75.840 147.002
4/24/96 78.333 145.687
4/25/96 75.000 144.496
4/26/96 75.000 146.429
4/29/96 76.667 146.923
4/30/96 75.000 145.238
5/01/96 83.333 141.125
5/02/96 80.840 141.125
5/03/96 80.000 140.755
5/06/96 78.333 144.991
5/07/96 78.333 148.486
5/08/96 76.667 148.609
5/09/96 78.333 148.833
5/10/96 79.173 149.800
5/13/96 78.333 151.261
5/14/96 80.000 154.879
5/15/96 76.667 145.687
5/16/96 76.667 145.439
5/17/96 80.000 149.305
5/20/96 85.840 149.305
5/21/96 85.000 148.810
5/22/96 85.000 147.721
5/23/96 86.667 147.844
5/24/96 89.173 148.711
5/27/96 89.173 148.711
5/28/96 85.000 147.620
5/29/96 83.333 146.406
5/30/96 83.333 149.430
5/31/96 80.000 151.363
6/03/96 80.000 150.991
6/04/96 79.173 150.149
6/05/96 83.333 147.125
6/06/96 82.507 146.406
6/07/96 83.333 146.878
6/10/96 80.000 146.878
6/11/96 81.667 148.563
6/12/96 80.000 146.878
6/13/96 79.173 146.878
6/14/96 80.000 146.630
6/17/96 81.667 144.822
6/18/96 81.667 142.270
6/19/96 78.333 141.551
6/20/96 78.333 142.270
6/21/96 78.333 143.484
6/24/96 79.173 141.675
6/25/96 78.333 135.752
6/26/96 76.667 126.088
6/27/96 78.333 126.335
6/28/96 88.333 125.369
7/01/96 85.840 124.403
7/02/96 81.667 125.122
7/03/96 76.667 122.941
7/04/96 76.667 122.941
7/05/96 76.667 123.436
7/08/96 76.667 122.941
7/09/96 79.173 123.908
7/10/96 77.507 116.896
7/11/96 70.000 114.963
7/12/96 68.333 113.030
7/15/96 65.000 118.334
7/16/96 65.000 123.143
7/17/96 66.667 122.896
7/18/96 68.333 126.761
7/19/96 68.333 127.009
7/22/96 63.333 126.761
7/23/96 65.000 122.896
7/24/96 59.173 123.492
7/25/96 68.333 121.559
7/26/96 65.000 124.581
7/29/96 65.840 123.120
7/30/96 65.000 127.705
7/31/96 82.507 125.053
8/01/96 81.667 129.390
8/02/96 78.333 127.110
8/05/96 74.173 124.334
8/06/96 71.667 120.468
8/07/96 75.000 121.435
8/08/96 71.880 121.906
8/09/96 73.333 120.221
8/12/96 74.173 125.772
8/13/96 77.507 127.705
8/14/96 78.333 131.571
8/15/96 76.667 139.774
8/16/96 73.333 136.999
8/19/96 74.173 134.942
8/20/96 74.173 132.777
8/21/96 74.173 129.638
8/22/96 72.507 130.380
8/23/96 72.507 132.111
8/26/96 72.507 129.931
8/27/96 72.507 129.684
8/28/96 74.173 136.865
8/29/96 79.173 130.920
8/30/96 75.000 132.126
9/02/96 75.000 132.126
9/03/96 73.333 131.887
9/04/96 73.333 136.719
9/05/96 71.667 134.539
9/06/96 71.667 134.044
9/09/96 72.507 132.236
9/10/96 71.667 130.178
9/11/96 71.667 124.132
9/12/96 71.667 116.154
9/13/96 70.000 118.211
9/16/96 71.667 116.401
9/17/96 71.667 115.906
9/18/96 70.000 117.839
9/19/96 65.000 119.772
9/20/96 70.000 117.839
9/23/96 69.173 117.716
9/24/96 68.333 119.277
9/25/96 68.333 119.772
9/26/96 66.667 123.143
9/27/96 68.333 123.143
9/30/96 66.667 119.309
10/01/96 65.000 124.672
10/02/96 66.667 123.805
10/03/96 65.840 119.109
10/04/96 66.667 119.776
10/07/96 66.667 122.074
10/08/96 66.667 118.792
10/09/96 66.667 115.574
10/10/96 70.000 115.623
10/11/96 73.333 115.241
10/14/96 76.667 113.906
10/15/96 77.507 115.307
10/16/96 71.667 113.173
10/17/96 74.173 114.149
10/18/96 75.000 112.472
10/21/96 72.507 112.171
10/22/96 68.333 110.837
10/23/96 66.667 113.033
10/24/96 65.000 115.270
10/25/96 65.000 119.731
10/28/96 65.000 120.331
10/29/96 64.173 122.697
10/30/96 66.667 123.315
10/31/96 65.840 125.663
11/01/96 64.173 124.732
11/04/96 61.667 127.597
11/05/96 64.173 125.431
11/06/96 66.667 126.996
11/07/96 63.333 128.762
11/08/96 61.667 125.631
11/11/96 61.667 129.344
11/12/96 60.000 128.992
11/13/96 61.667 128.761
11/14/96 62.507 129.393
11/15/96 65.000 132.924
11/18/96 61.667 131.359
11/19/96 61.667 129.794
11/20/96 62.507 130.625
11/21/96 66.667 127.094
11/22/96 70.000 124.559
11/25/96 70.840 127.956
11/26/96 70.000 128.423
11/27/96 71.667 130.024
11/28/96 71.667 130.024
11/29/96 73.333 130.024
12/02/96 70.840 128.258
12/03/96 74.173 129.988
12/04/96 73.333 134.684
12/05/96 75.000 141.711
12/06/96 75.000 141.510
12/09/96 76.667 145.272
12/10/96 79.173 159.924
12/11/96 75.840 163.653
12/12/96 80.000 161.369
12/13/96 74.173 170.947
12/16/96 72.507 161.356
12/17/96 73.333 152.395
12/18/96 75.000 153.960
12/19/96 78.333 157.192
12/20/96 73.333 153.760
12/23/96 66.667 154.392
12/24/96 69.173 153.221
12/25/96 69.173 153.221
12/26/96 66.667 155.226
12/27/96 67.507 154.858
12/30/96 66.667 153.825
12/31/96 66.667 151.692
1/01/97 66.667 151.692
1/02/97 66.667 154.726
1/03/97 69.173 169.215
1/06/97 67.507 163.555
1/07/97 70.840 162.224
1/08/97 73.333 157.328
1/09/97 75.000 160.494
1/10/97 74.173 170.317
1/13/97 73.333 166.923
1/14/97 70.840 169.356
1/15/97 68.333 185.012
1/16/97 68.333 210.774
1/17/97 66.667 201.965
1/20/97 65.000 187.311
1/21/97 66.667 186.076
1/22/97 65.840 182.946
1/23/97 65.840 181.581
1/24/97 67.507 180.899
1/27/97 65.840 176.786
1/28/97 73.333 176.885
1/29/97 99.587 176.585
1/30/97 98.747 181.014
1/31/97 97.920 184.942
2/03/97 98.333 195.599
2/04/97 98.747 186.572
2/05/97 100.000 201.860
2/06/97 98.747 198.578
2/07/97 98.747 190.469
2/10/97 99.173 189.472
2/11/97 98.747 183.942
2/12/97 98.747 187.654
2/13/97 99.173 184.191
2/14/97 98.333 188.989
2/17/97 98.333 188.989
2/18/97 98.547 188.107
2/19/97 98.747 185.476
2/20/97 97.507 192.720
2/21/97 98.333 186.975
2/24/97 97.507 190.123
2/25/97 97.507 188.255
2/26/97 97.507 188.255
2/27/97 97.507 193.934
2/28/97 98.333 188.055
3/03/97 97.080 187.601
3/04/97 97.507 189.153
3/05/97 97.507 188.903
3/06/97 97.707 191.869
3/07/97 99.173 191.465
3/10/97 100.000 198.660
3/11/97 100.840 190.683
3/12/97 100.000 192.048
3/13/97 100.000 193.734
3/14/97 99.173 193.631
3/17/97 100.000 192.267
3/18/97 99.173 191.034
3/19/97 99.173 192.600
3/20/97 99.173 187.969
3/21/97 99.173 183.239
3/24/97 100.840 176.145
3/25/97 100.000 176.675
3/26/97 100.000 180.989
3/27/97 100.840 175.110
- ----------
* Peers Include: MYCO, DNAP, EECN
Montgomery Securities - Confidential 42
<PAGE> 43
Common Stock Price Analysis
================================================================================
Van Gogh vs. Ag Biotech Peers
3/29/96 - 3/27/97
[THE FOLLOWING TABLE WAS DEPICTED AS A LINE GRAPH IN THE PRINTED MATERIAL]
DATE Calgene Peers*
-------- ------- -------
3/29/96 100.000 100.000
4/01/96 97.826 99.752
4/02/96 97.826 96.714
4/03/96 100.000 93.081
4/04/96 97.826 98.478
4/05/96 97.826 98.478
4/08/96 96.748 98.133
4/09/96 96.748 94.085
4/10/96 97.826 93.238
4/11/96 97.826 96.784
4/12/96 97.826 95.262
4/15/96 100.000 97.458
4/16/96 105.443 98.220
4/17/96 102.174 98.220
4/18/96 106.522 102.018
4/19/96 102.174 100.831
4/22/96 100.000 102.698
4/23/96 98.922 102.613
4/24/96 102.174 101.694
4/25/96 97.826 100.863
4/26/96 97.826 102.212
4/29/96 100.000 102.558
4/30/96 97.826 101.381
5/01/96 108.696 98.510
5/02/96 105.443 98.510
5/03/96 104.348 98.252
5/06/96 102.174 101.209
5/07/96 102.174 103.649
5/08/96 100.000 103.734
5/09/96 102.174 103.891
5/10/96 103.270 104.566
5/13/96 102.174 105.585
5/14/96 104.348 108.111
5/15/96 100.000 101.694
5/16/96 100.000 101.522
5/17/96 104.348 104.220
5/20/96 111.965 104.220
5/21/96 110.870 103.875
5/22/96 110.870 103.115
5/23/96 113.043 103.200
5/24/96 116.313 103.805
5/27/96 116.313 103.805
5/28/96 110.870 103.044
5/29/96 108.696 102.196
5/30/96 108.696 104.307
5/31/96 104.348 105.656
6/03/96 104.348 105.397
6/04/96 103.270 104.809
6/05/96 108.696 102.698
6/06/96 107.617 102.196
6/07/96 108.696 102.526
6/10/96 104.348 102.526
6/11/96 106.522 103.702
6/12/96 104.348 102.526
6/13/96 103.270 102.526
6/14/96 104.348 102.353
6/17/96 106.522 101.091
6/18/96 106.522 99.309
6/19/96 102.174 98.807
6/20/96 102.174 99.309
6/21/96 102.174 100.157
6/24/96 103.270 98.894
6/25/96 102.174 94.760
6/26/96 100.000 88.014
6/27/96 102.174 88.187
6/28/96 115.217 87.512
7/01/96 111.965 86.837
7/02/96 106.522 87.339
7/03/96 100.000 85.818
7/04/96 100.000 85.818
7/05/96 100.000 86.163
7/08/96 100.000 85.818
7/09/96 103.270 86.492
7/10/96 101.096 81.597
7/11/96 91.304 80.248
7/12/96 89.130 78.899
7/15/96 84.783 82.601
7/16/96 84.783 85.958
7/17/96 86.957 85.786
7/18/96 89.130 88.484
7/19/96 89.130 88.657
7/22/96 82.609 88.484
7/23/96 84.783 85.786
7/24/96 77.183 86.202
7/25/96 89.130 84.853
7/26/96 84.783 86.962
7/29/96 85.878 85.942
7/30/96 84.783 89.143
7/31/96 107.617 87.291
8/01/96 106.522 90.319
8/02/96 102.174 88.728
8/05/96 96.748 86.789
8/06/96 93.478 84.091
8/07/96 97.826 84.766
8/08/96 93.757 85.095
8/09/96 95.652 83.918
8/12/96 96.748 87.793
8/13/96 101.096 89.143
8/14/96 102.174 91.841
8/15/96 100.000 97.567
8/16/96 95.652 95.630
8/19/96 96.748 94.194
8/20/96 96.748 92.683
8/21/96 96.748 90.492
8/22/96 94.574 91.010
8/23/96 94.574 92.218
8/26/96 94.574 90.696
8/27/96 94.574 90.524
8/28/96 96.748 95.537
8/29/96 103.270 91.387
8/30/96 97.826 92.229
9/02/96 97.826 92.229
9/03/96 95.652 92.062
9/04/96 95.652 95.434
9/05/96 93.478 93.913
9/06/96 93.478 93.567
9/09/96 94.574 92.305
9/10/96 93.478 90.869
9/11/96 93.478 86.649
9/12/96 93.478 81.079
9/13/96 91.304 82.516
9/16/96 93.478 81.252
9/17/96 93.478 80.907
9/18/96 91.304 82.256
9/19/96 84.783 83.605
9/20/96 91.304 82.256
9/23/96 90.226 82.170
9/24/96 89.130 83.260
9/25/96 89.130 83.605
9/26/96 86.957 85.958
9/27/96 89.130 85.958
9/30/96 86.957 83.282
10/01/96 84.783 87.026
10/02/96 86.957 86.420
10/03/96 85.878 83.142
10/04/96 86.957 83.608
10/07/96 86.957 85.212
10/08/96 86.957 82.921
10/09/96 86.957 80.675
10/10/96 91.304 80.709
10/11/96 95.652 80.442
10/14/96 100.000 79.511
10/15/96 101.096 80.488
10/16/96 93.478 78.998
10/17/96 96.748 79.680
10/18/96 97.826 78.510
10/21/96 94.574 78.299
10/22/96 89.130 77.368
10/23/96 86.957 78.901
10/24/96 84.783 80.463
10/25/96 84.783 83.576
10/28/96 84.783 83.996
10/29/96 83.704 85.647
10/30/96 86.957 86.078
10/31/96 85.878 87.717
11/01/96 83.704 87.067
11/04/96 80.435 89.067
11/05/96 83.704 87.555
11/06/96 86.957 88.648
11/07/96 82.609 89.880
11/08/96 80.435 87.695
11/11/96 80.435 90.287
11/12/96 78.261 90.041
11/13/96 80.435 89.880
11/14/96 81.530 90.321
11/15/96 84.783 92.786
11/18/96 80.435 91.693
11/19/96 80.435 90.601
11/20/96 81.530 91.181
11/21/96 86.957 88.716
11/22/96 91.304 86.947
11/25/96 92.400 89.318
11/26/96 91.304 89.644
11/27/96 93.478 90.762
11/28/96 93.478 90.762
11/29/96 95.652 90.762
12/02/96 92.400 89.528
12/03/96 96.748 90.737
12/04/96 95.652 94.014
12/05/96 97.826 98.919
12/06/96 97.826 98.779
12/09/96 100.000 101.405
12/10/96 103.270 111.633
12/11/96 98.922 114.236
12/12/96 104.348 112.641
12/13/96 96.748 119.327
12/16/96 94.574 112.632
12/17/96 95.652 106.377
12/18/96 97.826 107.470
12/19/96 102.174 109.725
12/20/96 95.652 107.330
12/23/96 86.957 107.771
12/24/96 90.226 106.953
12/25/96 90.226 106.953
12/26/96 86.957 108.353
12/27/96 88.052 108.097
12/30/96 86.957 107.375
12/31/96 86.957 105.886
1/01/97 86.957 105.886
1/02/97 86.957 108.004
1/03/97 90.226 118.118
1/06/97 88.052 114.167
1/07/97 92.400 113.238
1/08/97 95.652 109.821
1/09/97 97.826 112.030
1/10/97 96.748 118.887
1/13/97 95.652 116.518
1/14/97 92.400 118.217
1/15/97 89.130 129.145
1/16/97 89.130 147.128
1/17/97 86.957 140.979
1/20/97 84.783 130.750
1/21/97 86.957 129.888
1/22/97 85.878 127.703
1/23/97 85.878 126.750
1/24/97 88.052 126.274
1/27/97 85.878 123.403
1/28/97 95.652 123.472
1/29/97 129.896 123.263
1/30/97 128.800 126.354
1/31/97 127.722 129.096
2/03/97 128.261 136.535
2/04/97 128.800 130.234
2/05/97 130.435 140.905
2/06/97 128.800 138.615
2/07/97 128.800 132.954
2/10/97 129.357 132.258
2/11/97 128.800 128.398
2/12/97 128.800 130.990
2/13/97 129.357 128.572
2/14/97 128.261 131.921
2/17/97 128.261 131.921
2/18/97 128.539 131.305
2/19/97 128.800 129.469
2/20/97 127.183 134.526
2/21/97 128.261 130.515
2/24/97 127.183 132.713
2/25/97 127.183 131.409
2/26/97 127.183 131.409
2/27/97 127.183 135.373
2/28/97 128.261 131.269
3/03/97 126.626 130.952
3/04/97 127.183 132.036
3/05/97 127.183 131.861
3/06/97 127.443 133.931
3/07/97 129.357 133.650
3/10/97 130.435 138.672
3/11/97 131.530 133.103
3/12/97 130.435 134.056
3/13/97 130.435 135.233
3/14/97 129.357 135.162
3/17/97 130.435 134.209
3/18/97 129.357 133.349
3/19/97 129.357 134.441
3/20/97 129.357 131.209
3/21/97 129.357 127.907
3/24/97 131.530 122.955
3/25/97 130.435 123.325
3/26/97 130.435 126.336
3/27/97 131.530 122.233
- ----------
* Peers Include: MYCO, DNAP, EECN
Montgomery Securities - Confidential 43
<PAGE> 44
Common Stock Price Analysis
================================================================================
Van Gogh Stock Price Graph
12/30/94 - 3/27/97
[THE FOLLOWING TABLE WAS DEPICTED AS A LINE GRAPH IN THE PRINTED MATERIAL]
DATE Calgene
-------- -------
12/30/94 7.500
1/02/95 7.500
1/03/95 6.750
1/04/95 6.500
1/05/95 6.563
1/06/95 7.000
1/09/95 6.500
1/10/95 6.125
1/11/95 6.063
1/12/95 5.938
1/13/95 6.125
1/16/95 6.438
1/17/95 6.250
1/18/95 6.250
1/19/95 6.000
1/20/95 5.750
1/23/95 5.750
1/24/95 5.875
1/25/95 5.750
1/26/95 5.875
1/27/95 6.000
1/30/95 6.250
1/31/95 6.750
2/01/95 7.000
2/02/95 7.250
2/03/95 7.250
2/06/95 8.125
2/07/95 8.250
2/08/95 8.500
2/09/95 8.250
2/10/95 8.000
2/13/95 8.125
2/14/95 8.125
2/15/95 8.625
2/16/95 8.313
2/17/95 7.500
2/20/95 7.500
2/21/95 7.250
2/22/95 7.375
2/23/95 7.500
2/24/95 7.563
2/27/95 7.250
2/28/95 7.500
3/01/95 7.125
3/02/95 7.125
3/03/95 6.625
3/06/95 6.438
3/07/95 6.375
3/08/95 6.375
3/09/95 7.063
3/10/95 7.250
3/13/95 7.281
3/14/95 7.000
3/15/95 7.000
3/16/95 6.750
3/17/95 7.063
3/20/95 7.250
3/21/95 7.250
3/22/95 6.875
3/23/95 6.875
3/24/95 6.750
3/27/95 6.563
3/28/95 7.000
3/29/95 6.813
3/30/95 6.813
3/31/95 6.938
4/03/95 6.906
4/04/95 6.750
4/05/95 6.750
4/06/95 6.875
4/07/95 6.875
4/10/95 6.750
4/11/95 6.625
4/12/95 6.625
4/13/95 6.875
4/14/95 6.875
4/17/95 6.750
4/18/95 6.625
4/19/95 6.625
4/20/95 6.500
4/21/95 6.250
4/24/95 6.500
4/25/95 7.000
4/26/95 7.000
4/27/95 7.125
4/28/95 7.125
5/01/95 6.750
5/02/95 7.000
5/03/95 7.063
5/04/95 7.000
5/05/95 7.000
5/08/95 7.125
5/09/95 7.125
5/10/95 7.188
5/11/95 7.125
5/12/95 7.125
5/15/95 6.875
5/16/95 6.500
5/17/95 6.500
5/18/95 6.625
5/19/95 6.500
5/22/95 5.875
5/23/95 6.250
5/24/95 6.125
5/25/95 6.313
5/26/95 6.000
5/29/95 6.000
5/30/95 6.250
5/31/95 6.000
6/01/95 6.813
6/02/95 6.875
6/05/95 6.563
6/06/95 6.750
6/07/95 6.188
6/08/95 6.563
6/09/95 6.625
6/12/95 7.000
6/13/95 7.375
6/14/95 7.375
6/15/95 7.188
6/16/95 7.375
6/19/95 7.750
6/20/95 7.000
6/21/95 6.875
6/22/95 7.125
6/23/95 7.250
6/26/95 7.500
6/27/95 7.750
6/28/95 8.250
6/29/95 7.625
6/30/95 6.938
7/03/95 6.375
7/04/95 6.375
7/05/95 6.688
7/06/95 6.875
7/07/95 6.750
7/10/95 7.000
7/11/95 6.875
7/12/95 7.125
7/13/95 7.000
7/14/95 7.000
7/17/95 7.000
7/18/95 6.750
7/19/95 6.938
7/20/95 6.625
7/21/95 6.625
7/24/95 6.500
7/25/95 6.500
7/26/95 6.500
7/27/95 6.750
7/28/95 6.688
7/31/95 6.750
8/01/95 7.000
8/02/95 7.063
8/03/95 7.000
8/04/95 6.875
8/07/95 6.969
8/08/95 6.875
8/09/95 7.250
8/10/95 7.813
8/11/95 7.250
8/14/95 7.250
8/15/95 7.313
8/16/95 7.188
8/17/95 7.313
8/18/95 7.375
8/21/95 7.250
8/22/95 7.125
8/23/95 7.250
8/24/95 7.313
8/25/95 7.125
8/28/95 7.000
8/29/95 6.750
8/30/95 7.000
8/31/95 7.000
9/01/95 6.938
9/04/95 6.938
9/05/95 7.125
9/06/95 7.563
9/07/95 7.500
9/08/95 7.375
9/11/95 7.250
9/12/95 7.625
9/13/95 7.375
9/14/95 7.375
9/15/95 7.188
9/18/95 7.250
9/19/95 6.625
9/20/95 6.875
9/21/95 6.938
9/22/95 7.063
9/25/95 6.875
9/26/95 7.125
9/27/95 6.750
9/28/95 7.000
9/29/95 6.750
10/02/95 6.875
10/03/95 6.563
10/04/95 6.563
10/05/95 6.750
10/06/95 6.563
10/09/95 6.609
10/10/95 6.625
10/11/95 6.375
10/12/95 6.375
10/13/95 6.563
10/16/95 6.750
10/17/95 7.000
10/18/95 6.875
10/19/95 7.000
10/20/95 7.125
10/23/95 7.125
10/24/95 7.000
10/25/95 6.875
10/26/95 6.500
10/27/95 6.500
10/30/95 6.625
10/31/95 6.375
11/01/95 6.500
11/02/95 6.500
11/03/95 6.375
11/06/95 6.375
11/07/95 6.500
11/08/95 6.250
11/09/95 6.063
11/10/95 5.938
11/13/95 5.875
11/14/95 5.625
11/15/95 5.375
11/16/95 5.250
11/17/95 4.875
11/20/95 5.125
11/21/95 5.000
11/22/95 4.875
11/23/95 4.875
11/24/95 4.875
11/27/95 5.000
11/28/95 5.000
11/29/95 5.125
11/30/95 5.125
12/01/95 5.125
12/04/95 5.125
12/05/95 5.250
12/06/95 5.188
12/07/95 5.000
12/08/95 4.875
12/11/95 4.938
12/12/95 4.875
12/13/95 5.125
12/14/95 4.875
12/15/95 4.875
12/18/95 4.750
12/19/95 4.625
12/20/95 5.000
12/21/95 4.750
12/22/95 4.750
12/25/95 4.750
12/26/95 4.688
12/27/95 4.625
12/28/95 4.625
12/29/95 4.625
1/01/96 4.625
1/02/96 5.125
1/03/96 6.125
1/04/96 5.875
1/05/96 5.500
1/08/96 5.750
1/09/96 5.500
1/10/96 5.250
1/11/96 5.625
1/12/96 5.375
1/15/96 5.000
1/16/96 5.063
1/17/96 5.250
1/18/96 5.125
1/19/96 5.188
1/22/96 5.375
1/23/96 5.250
1/24/96 6.125
1/25/96 5.750
1/26/96 5.750
1/29/96 5.625
1/30/96 5.625
1/31/96 6.250
2/01/96 6.375
2/02/96 6.875
2/05/96 6.625
2/06/96 6.125
2/07/96 5.875
2/08/96 5.750
2/09/96 5.625
2/12/96 5.625
2/13/96 6.000
2/14/96 6.063
2/15/96 5.625
2/16/96 5.875
2/19/96 5.875
2/20/96 5.500
2/21/96 5.750
2/22/96 5.750
2/23/96 5.750
2/26/96 5.813
2/27/96 5.750
2/28/96 5.813
2/29/96 5.906
3/01/96 6.250
3/04/96 6.375
3/05/96 6.500
3/06/96 6.563
3/07/96 6.750
3/08/96 6.375
3/11/96 6.125
3/12/96 6.125
3/13/96 6.000
3/14/96 5.625
3/15/96 5.500
3/18/96 5.750
3/19/96 5.625
3/20/96 5.438
3/21/96 5.625
3/22/96 5.688
3/25/96 6.000
3/26/96 6.250
3/27/96 5.875
3/28/96 5.625
3/29/96 5.750
4/01/96 5.625
4/02/96 5.625
4/03/96 5.750
4/04/96 5.625
4/05/96 5.625
4/08/96 5.563
4/09/96 5.563
4/10/96 5.625
4/11/96 5.625
4/12/96 5.625
4/15/96 5.750
4/16/96 6.063
4/17/96 5.875
4/18/96 6.125
4/19/96 5.875
4/22/96 5.750
4/23/96 5.688
4/24/96 5.875
4/25/96 5.625
4/26/96 5.625
4/29/96 5.750
4/30/96 5.625
5/01/96 6.250
5/02/96 6.063
5/03/96 6.000
5/06/96 5.875
5/07/96 5.875
5/08/96 5.750
5/09/96 5.875
5/10/96 5.938
5/13/96 5.875
5/14/96 6.000
5/15/96 5.750
5/16/96 5.750
5/17/96 6.000
5/20/96 6.438
5/21/96 6.375
5/22/96 6.375
5/23/96 6.500
5/24/96 6.688
5/27/96 6.688
5/28/96 6.375
5/29/96 6.250
5/30/96 6.250
5/31/96 6.000
6/03/96 6.000
6/04/96 5.938
6/05/96 6.250
6/06/96 6.188
6/07/96 6.250
6/10/96 6.000
6/11/96 6.125
6/12/96 6.000
6/13/96 5.938
6/14/96 6.000
6/17/96 6.125
6/18/96 6.125
6/19/96 5.875
6/20/96 5.875
6/21/96 5.875
6/24/96 5.938
6/25/96 5.875
6/26/96 5.750
6/27/96 5.875
6/28/96 6.625
7/01/96 6.438
7/02/96 6.125
7/03/96 5.750
7/04/96 5.750
7/05/96 5.750
7/08/96 5.750
7/09/96 5.938
7/10/96 5.813
7/11/96 5.250
7/12/96 5.125
7/15/96 4.875
7/16/96 4.875
7/17/96 5.000
7/18/96 5.125
7/19/96 5.125
7/22/96 4.750
7/23/96 4.875
7/24/96 4.438
7/25/96 5.125
7/26/96 4.875
7/29/96 4.938
7/30/96 4.875
7/31/96 6.188
8/01/96 6.125
8/02/96 5.875
8/05/96 5.563
8/06/96 5.375
8/07/96 5.625
8/08/96 5.391
8/09/96 5.500
8/12/96 5.563
8/13/96 5.813
8/14/96 5.875
8/15/96 5.750
8/16/96 5.500
8/19/96 5.563
8/20/96 5.563
8/21/96 5.563
8/22/96 5.438
8/23/96 5.438
8/26/96 5.438
8/27/96 5.438
8/28/96 5.563
8/29/96 5.938
8/30/96 5.625
9/02/96 5.625
9/03/96 5.500
9/04/96 5.500
9/05/96 5.375
9/06/96 5.375
9/09/96 5.438
9/10/96 5.375
9/11/96 5.375
9/12/96 5.375
9/13/96 5.250
9/16/96 5.375
9/17/96 5.375
9/18/96 5.250
9/19/96 4.875
9/20/96 5.250
9/23/96 5.188
9/24/96 5.125
9/25/96 5.125
9/26/96 5.000
9/27/96 5.125
9/30/96 5.000
10/01/96 4.875
10/02/96 5.000
10/03/96 4.938
10/04/96 5.000
10/07/96 5.000
10/08/96 5.000
10/09/96 5.000
10/10/96 5.250
10/11/96 5.500
10/14/96 5.750
10/15/96 5.813
10/16/96 5.375
10/17/96 5.563
10/18/96 5.625
10/21/96 5.438
10/22/96 5.125
10/23/96 5.000
10/24/96 4.875
10/25/96 4.875
10/28/96 4.875
10/29/96 4.813
10/30/96 5.000
10/31/96 4.938
11/01/96 4.813
11/04/96 4.625
11/05/96 4.813
11/06/96 5.000
11/07/96 4.750
11/08/96 4.625
11/11/96 4.625
11/12/96 4.500
11/13/96 4.625
11/14/96 4.688
11/15/96 4.875
11/18/96 4.625
11/19/96 4.625
11/20/96 4.688
11/21/96 5.000
11/22/96 5.250
11/25/96 5.313
11/26/96 5.250
11/27/96 5.375
11/28/96 5.375
11/29/96 5.500
12/02/96 5.313
12/03/96 5.563
12/04/96 5.500
12/05/96 5.625
12/06/96 5.625
12/09/96 5.750
12/10/96 5.938
12/11/96 5.688
12/12/96 6.000
12/13/96 5.563
12/16/96 5.438
12/17/96 5.500
12/18/96 5.625
12/19/96 5.875
12/20/96 5.500
12/23/96 5.000
12/24/96 5.188
12/25/96 5.188
12/26/96 5.000
12/27/96 5.063
12/30/96 5.000
12/31/96 5.000
1/01/97 5.000
1/02/97 5.000
1/03/97 5.188
1/06/97 5.063
1/07/97 5.313
1/08/97 5.500
1/09/97 5.625
1/10/97 5.563
1/13/97 5.500
1/14/97 5.313
1/15/97 5.125
1/16/97 5.125
1/17/97 5.000
1/20/97 4.875
1/21/97 5.000
1/22/97 4.938
1/23/97 4.938
1/24/97 5.063
1/27/97 4.938
1/28/97 5.500
1/29/97 7.469
1/30/97 7.406
1/31/97 7.344
2/03/97 7.375
2/04/97 7.406
2/05/97 7.500
2/06/97 7.406
2/07/97 7.406
2/10/97 7.438
2/11/97 7.406
2/12/97 7.406
2/13/97 7.438
2/14/97 7.375
2/17/97 7.375
2/18/97 7.391
2/19/97 7.406
2/20/97 7.313
2/21/97 7.375
2/24/97 7.313
2/25/97 7.313
2/26/97 7.313
2/27/97 7.313
2/28/97 7.375
3/03/97 7.281
3/04/97 7.313
3/05/97 7.313
3/06/97 7.328
3/07/97 7.438
3/10/97 7.500
3/11/97 7.563
3/12/97 7.500
3/13/97 7.500
3/14/97 7.438
3/17/97 7.500
3/18/97 7.438
3/19/97 7.438
3/20/97 7.438
3/21/97 7.438
3/24/97 7.563
3/25/97 7.500
3/26/97 7.500
3/27/97 7.563
Montgomery Securities - Confidential 44
<PAGE> 45
Common Stock Price Analysis
================================================================================
Van Gogh Stock Price Graph
3/29/96 - 3/27/97
[THE FOLLOWING TABLE WAS DEPICTED AS A LINE GRAPH IN THE PRINTED MATERIAL]
DATE Calgene
-------- -------
3/29/96 5.750
4/01/96 5.625
4/02/96 5.625
4/03/96 5.750
4/04/96 5.625
4/05/96 5.625
4/08/96 5.563
4/09/96 5.563
4/10/96 5.625
4/11/96 5.625
4/12/96 5.625
4/15/96 5.750
4/16/96 6.063
4/17/96 5.875
4/18/96 6.125
4/19/96 5.875
4/22/96 5.750
4/23/96 5.688
4/24/96 5.875
4/25/96 5.625
4/26/96 5.625
4/29/96 5.750
4/30/96 5.625
5/01/96 6.250
5/02/96 6.063
5/03/96 6.000
5/06/96 5.875
5/07/96 5.875
5/08/96 5.750
5/09/96 5.875
5/10/96 5.938
5/13/96 5.875
5/14/96 6.000
5/15/96 5.750
5/16/96 5.750
5/17/96 6.000
5/20/96 6.438
5/21/96 6.375
5/22/96 6.375
5/23/96 6.500
5/24/96 6.688
5/27/96 6.688
5/28/96 6.375
5/29/96 6.250
5/30/96 6.250
5/31/96 6.000
6/03/96 6.000
6/04/96 5.938
6/05/96 6.250
6/06/96 6.188
6/07/96 6.250
6/10/96 6.000
6/11/96 6.125
6/12/96 6.000
6/13/96 5.938
6/14/96 6.000
6/17/96 6.125
6/18/96 6.125
6/19/96 5.875
6/20/96 5.875
6/21/96 5.875
6/24/96 5.938
6/25/96 5.875
6/26/96 5.750
6/27/96 5.875
6/28/96 6.625
7/01/96 6.438
7/02/96 6.125
7/03/96 5.750
7/04/96 5.750
7/05/96 5.750
7/08/96 5.750
7/09/96 5.938
7/10/96 5.813
7/11/96 5.250
7/12/96 5.125
7/15/96 4.875
7/16/96 4.875
7/17/96 5.000
7/18/96 5.125
7/19/96 5.125
7/22/96 4.750
7/23/96 4.875
7/24/96 4.438
7/25/96 5.125
7/26/96 4.875
7/29/96 4.938
7/30/96 4.875
7/31/96 6.188
8/01/96 6.125
8/02/96 5.875
8/05/96 5.563
8/06/96 5.375
8/07/96 5.625
8/08/96 5.391
8/09/96 5.500
8/12/96 5.563
8/13/96 5.813
8/14/96 5.875
8/15/96 5.750
8/16/96 5.500
8/19/96 5.563
8/20/96 5.563
8/21/96 5.563
8/22/96 5.438
8/23/96 5.438
8/26/96 5.438
8/27/96 5.438
8/28/96 5.563
8/29/96 5.938
8/30/96 5.625
9/02/96 5.625
9/03/96 5.500
9/04/96 5.500
9/05/96 5.375
9/06/96 5.375
9/09/96 5.438
9/10/96 5.375
9/11/96 5.375
9/12/96 5.375
9/13/96 5.250
9/16/96 5.375
9/17/96 5.375
9/18/96 5.250
9/19/96 4.875
9/20/96 5.250
9/23/96 5.188
9/24/96 5.125
9/25/96 5.125
9/26/96 5.000
9/27/96 5.125
9/30/96 5.000
10/01/96 4.875
10/02/96 5.000
10/03/96 4.938
10/04/96 5.000
10/07/96 5.000
10/08/96 5.000
10/09/96 5.000
10/10/96 5.250
10/11/96 5.500
10/14/96 5.750
10/15/96 5.813
10/16/96 5.375
10/17/96 5.563
10/18/96 5.625
10/21/96 5.438
10/22/96 5.125
10/23/96 5.000
10/24/96 4.875
10/25/96 4.875
10/28/96 4.875
10/29/96 4.813
10/30/96 5.000
10/31/96 4.938
11/01/96 4.813
11/04/96 4.625
11/05/96 4.813
11/06/96 5.000
11/07/96 4.750
11/08/96 4.625
11/11/96 4.625
11/12/96 4.500
11/13/96 4.625
11/14/96 4.688
11/15/96 4.875
11/18/96 4.625
11/19/96 4.625
11/20/96 4.688
11/21/96 5.000
11/22/96 5.250
11/25/96 5.313
11/26/96 5.250
11/27/96 5.375
11/28/96 5.375
11/29/96 5.500
12/02/96 5.313
12/03/96 5.563
12/04/96 5.500
12/05/96 5.625
12/06/96 5.625
12/09/96 5.750
12/10/96 5.938
12/11/96 5.688
12/12/96 6.000
12/13/96 5.563
12/16/96 5.438
12/17/96 5.500
12/18/96 5.625
12/19/96 5.875
12/20/96 5.500
12/23/96 5.000
12/24/96 5.188
12/25/96 5.188
12/26/96 5.000
12/27/96 5.063
12/30/96 5.000
12/31/96 5.000
1/01/97 5.000
1/02/97 5.000
1/03/97 5.188
1/06/97 5.063
1/07/97 5.313
1/08/97 5.500
1/09/97 5.625
1/10/97 5.563
1/13/97 5.500
1/14/97 5.313
1/15/97 5.125
1/16/97 5.125
1/17/97 5.000
1/20/97 4.875
1/21/97 5.000
1/22/97 4.938
1/23/97 4.938
1/24/97 5.063
1/27/97 4.938
1/28/97 5.500
1/29/97 7.469
1/30/97 7.406
1/31/97 7.344
2/03/97 7.375
2/04/97 7.406
2/05/97 7.500
2/06/97 7.406
2/07/97 7.406
2/10/97 7.438
2/11/97 7.406
2/12/97 7.406
2/13/97 7.438
2/14/97 7.375
2/17/97 7.375
2/18/97 7.391
2/19/97 7.406
2/20/97 7.313
2/21/97 7.375
2/24/97 7.313
2/25/97 7.313
2/26/97 7.313
2/27/97 7.313
2/28/97 7.375
3/03/97 7.281
3/04/97 7.313
3/05/97 7.313
3/06/97 7.328
3/07/97 7.438
3/10/97 7.500
3/11/97 7.563
3/12/97 7.500
3/13/97 7.500
3/14/97 7.438
3/17/97 7.500
3/18/97 7.438
3/19/97 7.438
3/20/97 7.438
3/21/97 7.438
3/24/97 7.563
3/25/97 7.500
3/26/97 7.500
3/27/97 7.563
Montgomery Securities - Confidential 45
<PAGE> 46
EXHIBIT VI
===========================
Common Stock Trading Volume Analysis
<PAGE> 47
Common Stock Trading Volume Analysis
================================================================================
Van Gogh Trading Volume Price Range
(1/1/95 - 1/29/97)
[THE FOLLOWING TABLE WAS DEPICTED AS A LINE GRAPH IN THE PRINTED MATERIAL]
Price Volume
----- ------
$4.40 100%
$4.60 100%
$4.80 99%
$5.00 97%
$5.20 92%
$5.40 87%
$5.60 84%
$5.80 79%
$6.00 72%
$6.20 69%
$6.40 61%
$6.60 54%
$6.80 46%
$7.00 39%
$7.20 31%
$7.40 22%
$7.60 15%
$7.80 12%
$8.00 10%
$8.20 8%
$8.40 5%
$8.60 5%
$8.80 3%
$9.00 0%
Montgomery Securities - Confidential 47
<PAGE> 48
Common Stock Trading Volume Analysis
================================================================================
Van Gogh Trading Volume Price Range
(3/31/96 - 1/29/97)
[THE FOLLOWING TABLE WAS DEPICTED AS A LINE GRAPH IN THE PRINTED MATERIAL]
Price Volume
----- ------
$4.40 100%
$4.60 100%
$4.80 99%
$5.00 94%
$5.20 83%
$5.40 71%
$5.60 63%
$5.80 48%
$6.00 35%
$6.20 27%
$6.40 15%
$6.60 4%
$6.80 3%
$7.00 0%
Montgomery Securities - Confidential 48
<PAGE> 49
EXHIBIT VII
===========================
Comparable Public Company Analysis
<PAGE> 50
Comparable Public Company Analysis
================================================================================
Valuation Summary
Agg. Value/ Implied Valuation
Multiple LTM Revenue* Per Share**
- ----------------------------------------- ------------ -------------------
Publicly Trading Aggregate Value/ Revenue 3.8x $7.08
* Multiple determined by the following companies: DLP, PHB, SEEDB, MYCO.
** Assumes LTM Revenue for Van Gogh of $132.85 MM, net debt of $32.4MM and
66.71 MM shares outstanding.
Montgomery Securities - Confidential 50
<PAGE> 51
Comparable Public Company Analysis
================================================================================
Analysis of Comparable Seed, Produce & Agricultural Companies
($ in Millions, except per share amounts)
<TABLE>
<CAPTION>
52 Week Calendar EPS (a)
Ticker Stock Price -------------------- ----------------------------- Secular
Company Symbol 4/3/97 Low - High 1996E 1997E 1998E Growth Rate
- --------------------------------- ------ ----------- -------- ------- ------ ------ ------ -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Delta & Pine Land Co. DLP $31.50 $23.50 - $49.50 $0.65 $1.10 $1.41 30.9%
Pioneer Hi Bred International PHB 64.38 $49.75 - $74.00 2.72 2.96 3.60 14.9%
Dekalb Genetics Corp. SEEDB 53.25 $23.83 - $67.75 1.16 1.32 1.61 19.8%
Chiquita Brands International (c) CQB 15.75 $11.13 - $16.13 0.51 0.85 0.95 11.3%
Dole Food Co. (d) DOL 39.50 $30.88 - $43.75 2.12 2.73 3.35 16.9%
Orange Company, Inc. OJ 7.75 $6.63 - $9.25 0.98 NA NA NA
Northland Cranberries CBRYA 18.38 $10.88 - $27.50 0.13 0.80 0.97 38.3%
Mycogen Corp.(e) MYCO 24.75 $13.00 - $29.25 (1.12) 0.08 0.10 23.0%
Ecogen EECN 3.25 $2.50 - $6.13 (0.40) 0.00 NA NA
- ---------------------------------------------------------------------------------------------------------------------------------
Van Gogh (f) CGNE 7.56 $4.25 - $7.63 (0.59) (0.52) NA 20%
- ---------------------------------------------------------------------------------------------------------------------------------
DNA Plant Technology DNAP 4.00 $3.06 - $7.00 (0.32) NA NA NA
Monsanto (g) MTC 38.00 $26.13 - $43.25 1.48 1.72 2.10 16.8%
Zeneca Group ADR (h) ZEN 85.13 $60.75 - $92.25 3.40 3.90 4.38 NA
- ---------------------------------------------------------------------------------------------------------------------------------
Seed Averages (DLP, PHB & SEEDB) 21.9%
Produce Averages (CQB, DOL, OJ & CBRYA) 22.2%
AgBiotech Averages (MYCO, EECN, CGNE & DNAP) 21.5%
AgChem Averages (MTC & ZEN) 16.8%
- ---------------------------------------------------------------------------------------------------------------------------------
Shares O/S Mkt. Cap. Agg. LTM LTM Agg. Val./ LTM
Company Ticker (MM) (MM) Value (b) Ended Rev. LTM Rev. EBIT
- --------------------------------- ------ ----------- --------- -------- ----- ------ --------- -----------
Delta & Pine Land Co. DLP 21.1 $665.9 $708.6 11/30/96 $154.3 4.6 x $25.2
Pioneer Hi Bred International PHB 82.4 5,302.9 5,486.9 11/30/96 1,719.0 3.2 352.0
Dekalb Genetics Corp. SEEDB 17.3 919.7 981.4 8/31/96 387.5 2.5 32.8
Chiquita Brands International (c ) CQB 55.7 877.0 1,807.7 9/30/96 2,475.3 0.7 152.9
Dole Food Co. (d) DOL 60.1 2,373.2 3,138.2 10/5/96 3,786.5 0.8 206.4
Orange Company, Inc. OJ 10.3 79.8 128.7 9/30/96 119.1 1.1 16.6
Northland Cranberries CBRYA 13.8 253.4 328.5 11/30/96 26.8 12.2 5.9
Mycogen Corp.(e) MYCO 30.8 762.0 763.9 9/30/96 160.7 4.8 (27.7)
Ecogen EECN 7.8 25.4 18.9 10/31/96 15.7 1.2 (3.5)
- ---------------------------------------------------------------------------------------------------------------------------------
Van Gogh (f) CGNE 66.7 504.5 536.9 9/30/96 132.9 4.0 (25.0)
- ---------------------------------------------------------------------------------------------------------------------------------
DNA Plant Technology DNAP 45.7 182.7 187.2 6/30/96 14.2 13.2 (13.2)
Monsanto (g) MTC 588.0 22,344.8 24,679.8 9/30/96 9,173.0 2.7 1,153.0
Zeneca Group ADR (h) ZEN 315.3 26,842.8 26,908.8 12/31/96 7,885.8 3.4 1,334.7
- ---------------------------------------------------------------------------------------------------------------------------------
Seed Averages (DLP, PHB & SEEDB) 3.4 x
Produce Averages (CQB, DOL, OJ & CBRYA) 0.9
AgBiotech Averages (MYCO, EECN, CGNE & DNAP) 5.8
AgChem Averages (MTC & ZEN) 3.1
- ---------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
Calendar P/E Ratios 1998 P/E
--------------------------- as % of
Company 1996E 1997E 1998E Growth Rate
- ------------------------------------------- ----- ----- ----- -----------
<S> <C> <C> <C> <C>
Delta & Pine Land Co. 48.5x 28.6x 22.x 72.4%
Pioneer Hi Bred International 23.7 21.7 17.9 120.1%
Dekalb Genetics Corp. 45.9 40.3 33.1 167.0%
Chiquita Brands International (c) 30.9 18.5 16.6 147.4%
Dole Food Co. (d) 18.6 14.5 11.8 69.8%
Orange Company, Inc. 7.9 NA NA NA
Northland Cranberries NM 23.1 19.0 49.5%
Mycogen Corp.(e) NM NM NM NM
Ecogen NM NM NA NA
- -----------------------------------------------------------------------------------------
Van Gogh (f) NM NM NA NA
- -----------------------------------------------------------------------------------------
DNA Plant Technology NM NA NA NA
Monsanto (g) 25.7 22.1 18.1 107.6%
Zeneca Group ADR (h) 25.0 21.8 19.4 NA
- -----------------------------------------------------------------------------------------
Seed Averages (DLP, PHB & SEEDB) 39.3 x 30.2 x 24.4 x 119.8%
Produce Averages (CQB, DOL, OJ & CBRYA) 19.1 18.7 15.8 88.9%
AgBiotech Averages (MYCO, EECN, CGNE & DNAP) NM NM NA NM
AgChem Averages (MTC & ZEN) 25.4 22.0 18.8 107.6%
- -----------------------------------------------------------------------------------------
LTM Margins
Agg. Val./ -----------------------------
Company LTM EBIT Gross EBIT Pretax
- ------------------------------------------- --------- ----- ---- ------
Delta & Pine Land Co. 28.1 x 36.7% 16.3% 14.9%
Pioneer Hi Bred International 15.6 57.9% 20.5% 21.1%
Dekalb Genetics Corp. 29.9 47.8% 8.5% 7.3%
Chiquita Brands International (c ) 11.8 22.6% 6.2% 1.1%
Dole Food Co. (d) 15.2 14.9% 5.5% 2.3%
Orange Company, Inc. 7.8 18.3% 13.9% 12.2%
Northland Cranberries 55.5 55.6% 22.1% 11.5%
Mycogen Corp.(e) NM 40.4% NM NM
Ecogen NM 63.7% NM NM
- -----------------------------------------------------------------------------------------
Van Gogh (f) NM 11.9% NM NM
- -----------------------------------------------------------------------------------------
DNA Plant Technology NM 3.4% NM NM
Monsanto (g) 21.4 46.8% 12.6% 11.8%
Zeneca Group ADR (h) 20.2 57.1% 16.9% 16.5%
- -----------------------------------------------------------------------------------------
Seed Averages (DLP, PHB & SEEDB) 24.5 x 47.5% 15.1% 14.4%
Produce Averages (CQB, DOL, OJ & CBRYA) 11.6 18.6% 8.5% 5.2%
AgBiotech Averages (MYCO, EECN, CGNE & DNAP) NM 29.8% NM NM
AgChem Averages (MTC & ZEN) 20.8 52.0% 14.7% 14.2%
- -----------------------------------------------------------------------------------------
</TABLE>
Montgomery Securities - Confidential 51
<PAGE> 52
Comparable Public Company Analysis
================================================================================
Analysis of Comparable Seed, Produce & Agricultural Companies
($ in Millions, except per share amounts)
(a) Earnings estimates from Montgomery, First Call, Zack's, and other sources.
(b) Aggregate value defined as total market capitalization plus total debt less
cash and cash equivalents.
(c) Excludes loss from discontinued operations of $11.2 MM in 1995, loss from
debt refinancing of $7.560 MM in 1995 & a second loss from debt refinancing
in 1996.
(d) Excludes $61.7 MM gain on sale of juice business in 1995, loss from
discontinued operations of $93.5 MM in 1995 & distribution expenses of $2.9
MM in 1995.
(e) Excludes special charges of $25.2 MM in 1996.
(f) Excludes in-process R&D acquisition of $59.2 MM in 1995 and write-off of
assets of $15.6 MM in 1995. Includes 6.25 MM shares issued to Monsanto in
November 1996.
(g) Excludes gain on sale of plastics business of $189.0 MM in 1995.
(h) Excludes loss on sale or closure of operations of $312 MM in 1995 and
extraordinary items totaling $105 MM in 1995.
Montgomery Securities - Confidential 52
