<PAGE>
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
---------------
SCHEDULE 13E-3
RULE 13E-3 TRANSACTION STATEMENT
(PURSUANT TO SECTION 13(e)
OF THE SECURITIES EXCHANGE ACT OF 1934)
AST RESEARCH, INC.
(NAME OF THE ISSUER)
SAMSUNG ELECTRONICS CO., LTD.
AST RESEARCH, INC.
(NAME OF PERSONS FILING STATEMENT)
COMMON STOCK, PAR VALUE $.01 PER SHARE
(INCLUDING THE ASSOCIATED RIGHTS)
(TITLE OF CLASS OF SECURITIES)
001907104
(CUSIP NUMBER OF CLASS OF SECURITIES)
---------------
<TABLE>
<S> <C>
JAE CHANG LEE, ESQ. RANDALL G. WICK, ESQ.
SAMSUNG ELECTRONICS CO., LTD. VICE PRESIDENT AND GENERAL COUNSEL
SAMSUNG MAIN BUILDING AST RESEARCH, INC.
250, 2-KA, TAEPYUNG-RO, CHUNG-KU 16215 ALTON PARKWAY
SEOUL, KOREA 100-742 IRVINE, CALIFORNIA 92718
011-82-2-727-7100 (714) 727-7777
</TABLE>
(NAME, ADDRESS AND TELEPHONE NUMBER OF PERSON AUTHORIZED TO RECEIVE NOTICES
AND COMMUNICATIONS ON BEHALF OF PERSONS FILING STATEMENT)
COPIES TO:
<TABLE>
<S> <C> <C>
THOMAS D. MAGILL, ESQ. HENRY LESSER, ESQ. GARY J. SINGER, ESQ.
GIBSON, DUNN & CRUTCHER LLP IRELL & MANELLA LLP O'MELVENY & MYERS LLP
JAMBOREE CENTER, 4 PARK PLAZA 333 SOUTH HOPE STREET, SUITE 3300 616 NEWPORT CENTER DRIVE, SUITE 1700
IRVINE, CALIFORNIA 92714 LOS ANGELES, CALIFORNIA 90071 NEWPORT BEACH, CALIFORNIA 92660
(714) 451-3800 (213) 620-1555 (714) 760-9600
</TABLE>
This statement is filed in connection with a tender offer.
CALCULATION OF FILING FEE
<TABLE>
- --------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------
<CAPTION>
TRANSACTION VALUATION AMOUNT OF FILING FEE
- --------------------------------------------------------------------------------------
<S> <C>
$170,507,667.60* $34,102**
- --------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------
</TABLE>
* For purposes of fee calculation only. The total transaction value is based
on 57,964,830 Shares outstanding as of April 21, 1997 less 26,389,336
Shares owned by Purchaser and its subsidiaries, multiplied by the offer
price of $5.40 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)
and identify the filing with which the offsetting fee was previously paid.
Identify the previous filing by registration statement number, or the form
or schedule and the date of its filing.
<TABLE>
<C> <C> <C> <S>
Amount Previously Paid: $34,102 Filing Party: Samsung Electronics Co.,
Ltd.
Form or Registration No.: Schedule 14D-1 Date Filed: April 21, 1997
</TABLE>
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- -------------------------------------------------------------------------------
<PAGE>
INTRODUCTION
This Rule 13e-3 Transaction Statement on Schedule 13E-3 (the "Schedule 13E-
3") is being filed by Samsung Electronics Co., Ltd., a Korean corporation
("Purchaser"), and AST Research, 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 $.01 per share (the
"Common Stock"), of the Company, and the associated preferred stock purchase
rights (the "Rights" and, together with the Common Stock, the "Shares") issued
pursuant to the Amended and Restated Rights Agreement dated as of January 28,
1994 between the Company and American Stock Transfer and Trust Company, as
amended, upon the terms and subject to the conditions set forth in the Offer
to Purchase dated April 21, 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 April 14,
1997, by and among Purchaser, the Company and AST Acquisition, Inc., a
Delaware corporation and a wholly owned subsidiary of Purchaser ("Sub"), which
provides, among other things, that as promptly as practicable after the
satisfaction or waiver of the conditions set forth therein (including, without
limitation, the purchase of Shares pursuant to the Offer), Sub 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 or any subsidiary of
Purchaser 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. Purchaser takes 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 (the "Schedule 14D-1"), filed by Purchaser with
the Securities and Exchange Commission (the "Commission") on the date hereof,
of the information required to be included in this Schedule 13E-3. The
information set forth in the Schedule 14D-1, including all exhibits thereto,
is hereby expressly incorporated herein by reference as set forth in the Cross
Reference Sheet and the responses in this Schedule 13E-3, and such responses
are qualified in their entirety by reference to the information contained in
the Offer to Purchase and the Schedules and Annexes thereto.
2
<PAGE>
CROSS REFERENCE SHEET
<TABLE>
<CAPTION>
ITEM IN WHERE LOCATED
SCHEDULE 13E-3 IN SCHEDULE14D-1
- --------------- ----------------
<S> <C>
Item 1(a)-(c).................................................... Item 1(a)-(c)
Item 1(d)........................................................ *
Item 1(e)........................................................ **
Item 1(f)........................................................ *
Item 2........................................................... Item 2
Item 3........................................................... Item 3
Item 4(a)........................................................ *
Item 4(b)........................................................ **
Item 5........................................................... Item 5
Item 6(a)........................................................ Item 4(a)-(b)
Item 6(b)........................................................ *
Item 6(c)........................................................ Item 4(a)-(b)
Item 6(d)........................................................ **
Item 7(a)........................................................ Item 5
Item 7(b)........................................................ *
Item 7(c)........................................................ *
Item 7(d)........................................................ *
Item 8........................................................... *
Item 9........................................................... *
Item 10(a)....................................................... Item 6(a)
Item 10(b)....................................................... **
Item 11.......................................................... Item 7
Item 12.......................................................... *
Item 13(a)....................................................... *
Item 13(b)-(c)................................................... **
Item 14(a)....................................................... *
Item 14(b)....................................................... **
Item 15(a)....................................................... *
Item 15(b)....................................................... Item 8
Item 16.......................................................... Item 10(f)
Item 17.......................................................... Item 11
</TABLE>
- --------
* The Item is located in the Schedule 13E-3 only.
** The Item is inapplicable or the answer thereto is in the negative.
3
<PAGE>
ITEM 1. ISSUER AND CLASS OF SECURITY SUBJECT TO THE TRANSACTION.
(a)-(c) The response to Item 1(a)-(c) of the Schedule 14D-1 is incorporated
herein by reference.
(d) The information set forth in the Offer to Purchase under "THE TENDER
OFFER--11. Dividends and Distributions" 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 TENDER OFFER--6.
Price Range of Shares" is incorporated herein by reference.
ITEM 2. IDENTITY AND BACKGROUND.
(a)-(d) This Statement is being filed by Purchaser and the Company. The
response to Item 2 of the Schedule 14D-1 is incorporated herein by reference.
The name, business or residence address, principal occupation or employment at
the present time and during the last five years, and the name of any
corporation or other organization in which such employment or occupation was
conducted, 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.
(e)-(f) The response to Item 2 of the Schedule 14D-1 is incorporated herein
by reference with respect to Purchaser. During the last five years, neither
the Company nor, to the best knowledge of the Company or Purchaser, any
director or executive officer of the Company, (i) has been convicted in a
criminal proceeding (excluding traffic violations or similar misdemeanors) or
(ii) was 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 Purchaser. The citizenships of the directors and
executive officers of the Company are set forth in Schedule II to the Offer to
Purchase and are incorporated herein by reference.
ITEM 3. PAST CONTACTS, TRANSACTIONS OR NEGOTIATIONS.
(a)-(b) The response to Item 3 of the Schedule 14D-1 is incorporated herein
by reference.
ITEM 4. TERMS OF THE TRANSACTION.
(a) The information set forth in the Offer to Purchase on the cover page
thereof and under "INTRODUCTION", "SPECIAL FACTORS--Background of the Offer
and the Merger", "SPECIAL FACTORS--The Merger Agreement", "THE TENDER OFFER--
1. Terms of the Offer; Expiration Date", "THE TENDER OFFER--2. Procedure for
Accepting the Offer and Tendering Shares", "THE TENDER OFFER--3. Withdrawal
Rights", "THE TENDER OFFER--4. Acceptance for Payment and Payment for Shares",
"THE TENDER OFFER--11. Dividends and Distributions", "THE TENDER OFFER--13.
Certain Conditions of the Offer", "THE TENDER OFFER--14. Certain Legal
Matters; Regulatory Approvals" and "THE TENDER OFFER--16. 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.
4
<PAGE>
ITEM 6. SOURCE AND AMOUNT 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 TENDER
OFFER--15. Fees and Expenses" is incorporated herein by reference.
(c) The response to Item 4(a)-(b) of the Schedule 14D-1 is incorporated
herein by reference.
(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 Board; Fairness of
the Offer and the Merger" and "SPECIAL FACTORS--Purpose and Structure of the
Offer and the Merger; Reasons of 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--Recommendations of the Special Committee and the Board;
Fairness of the Offer and the Merger", "SPECIAL FACTORS--Purpose and Structure
of the Offer and the Merger; Reasons of Purchaser for the Offer and the
Merger", "SPECIAL FACTORS--Plans for the Company After the Offer and the
Merger; Certain Effects of the Offer and the Merger", "THE TENDER OFFER--5.
Certain Federal Income Tax Consequences" and "THE TENDER OFFER--12. Effects of
the Offer on the Market for Shares; NASDAQ National Market System 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--Recommendations of the Special Committee and the Board;
Fairness of the Offer and the Merger", "SPECIAL FACTORS--Opinion of Financial
Advisor to the Special Committee", "SPECIAL FACTORS--Position of Purchaser
Regarding the Fairness of the Offer and the Merger", "SPECIAL FACTORS--
Analysis of Financial Advisor to Purchaser", "SPECIAL FACTORS--Purpose and
Structure of the Offer and the Merger; Reasons of Purchaser for the Offer and
the Merger" and Annex B is incorporated herein by reference.
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--
Recommendations of the Special Committee and the Board; Fairness of the Offer
and the Merger", "SPECIAL FACTORS--Opinion of Financial Advisor to the Special
Committee", "SPECIAL FACTORS--Position of Purchaser Regarding the Fairness of
the Offer and the Merger", "SPECIAL FACTORS--Analysis of Financial Advisor to
Purchaser" and in Annex B 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--Interests of Certain
Persons in the Offer and the Merger" and "SPECIAL FACTORS--Beneficial
Ownership of Shares" are incorporated herein by reference.
(b) Not applicable.
5
<PAGE>
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--The Merger Agreement,"
"SPECIAL FACTORS--Interests of Certain Persons in the Offer and the Merger"
and "SPECIAL FACTORS--Beneficial Ownership of Shares" are incorporated herein
by reference.
ITEM 12. PRESENT INTENTION AND RECOMMENDATION OF CERTAIN PERSONS WITH REGARD
TO THE TRANSACTION.
(a)-(b) The information set forth in the Offer to Purchase under
"INTRODUCTION", "SPECIAL FACTORS--Background of the Offer and the Merger",
"SPECIAL FACTORS--Recommendations of the Special Committee and the Board;
Fairness of the Offer and the Merger", "SPECIAL FACTORS--Position of Purchaser
Regarding the Fairness of the Offer and the Merger", "SPECIAL FACTORS--
Interests of Certain Persons in the Offer and the Merger" and "SPECIAL
FACTORS--Beneficial Ownership of Shares" is incorporated herein by reference.
ITEM 13. OTHER PROVISIONS OF THE TRANSACTION.
(a) The information set forth in the Offer to Purchase under "SPECIAL
FACTORS--Rights of Stockholders in the Merger" and Annex C is incorporated
herein by reference.
(b) Not applicable.
(c) Not applicable.
ITEM 14. FINANCIAL INFORMATION.
(a) The information set forth in the Offer to Purchase under "THE TENDER
OFFER--7. Certain Information Concerning the Company" is incorporated herein
by reference. In addition, the Company's audited financial statements for the
fiscal year ended December 28, 1996, the six-month period ended December 30,
1995, and the fiscal year ended July 1, 1995, 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--Plans for the Company After the Offer and the Merger; Certain Effects
of the Offer and the Merger" and "THE TENDER OFFER--12. Effects of the Offer
on the Market for Shares; NASDAQ National Market System 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.
6
<PAGE>
ITEM 17. MATERIAL TO BE FILED AS EXHIBITS.
<TABLE>
<CAPTION>
EXHIBIT
NO. DESCRIPTION
------- -----------
<C> <S>
(a) Not applicable.
(b)(1) Opinion of Morgan Stanley & Co. Incorporated dated April 14, 1997
(included as Annex B to Exhibit (d)(1)).
(b)(2) Presentation materials prepared by Morgan Stanley & Co. Incorporated,
presented to the Special Committee of the Board of Directors of the
Company on April 14, 1997.
(b)(3) Presentation materials prepared by Salomon Brothers Inc, presented to
senior executives of Purchaser on January 27, 1997.
(c)(1) Agreement and Plan of Merger, dated as of April 14, 1997, by and among
the Company, Purchaser, and AST Acquisition, Inc. (included as Annex A
to Exhibit (d)(1)).
(d)(1) Offer to Purchase, dated April 21, 1997 (incorporated herein by
reference to Exhibit (a)(1) to the Schedule 14D-1).
(d)(2) Letter of Transmittal (incorporated herein by reference to Exhibit
(a)(2) to the Schedule 14D-1).
(d)(3) Notice of Guaranteed Delivery (incorporated herein by reference to
Exhibit (a)(3) to the Schedule 14D-1).
(d)(4) Letter to Brokers, Dealers, Commercial Banks, Trust Companies and
Other Nominees (incorporated herein by reference to Exhibit (a)(4) to
the Schedule 14D-1).
(d)(5) Letter to Clients for use by Brokers, Dealers, Commercial Banks, Trust
Companies and Other Nominees (incorporated herein by reference to
Exhibit (a)(5) to the Schedule 14D-1).
(d)(6) 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, dated April 21, 1997 (incorporated herein by
reference to Exhibit (a)(7) to the Schedule 14D-1).
(d)(8) Press Release, dated April 21, 1997, issued by Purchaser (incorporated
herein by reference to Exhibit (a)(10) to the Schedule 14D-1).
(e) Description of Appraisal Rights (included as Annex C to Exhibit
(d)(1)).
(f) Not applicable.
</TABLE>
7
<PAGE>
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.
AST RESEARCH, INC.
/s/ Young Soo Kim
By: _________________________________
Name: Young Soo Kim
Title: President and Chief Executive
Officer
SAMSUNG ELECTRONICS CO., LTD.
/s/ Jae Chang Lee
By: _________________________________
Name: Jae Chang Lee
Title: Director/General Legal Counsel
Dated: April 21, 1997
8
<PAGE>
EXHIBIT INDEX
<TABLE>
<CAPTION>
EXHIBIT
NO. DESCRIPTION
------- -----------
<C> <S>
(a) Not applicable.
(b)(1) Opinion of Morgan Stanley & Co. Incorporated dated April 14, 1997
(included as Annex B to Exhibit (d)(1)).
(b)(2) Presentation materials prepared by Morgan Stanley & Co. Incorporated,
presented to the Special Committee of the Board of Directors of the
Company on April 14, 1997.
(b)(3) Presentation materials prepared by Salomon Brothers Inc, presented to
senior executives of Purchaser on January 27, 1997.
(c)(1) Agreement and Plan of Merger, dated as of April 14, 1997, by and among
the Company, Purchaser, and AST Acquisition, Inc. (included as Annex A
to Exhibit (d)(1)).
(d)(1) Offer to Purchase, dated April 21, 1997 (incorporated herein by
reference to Exhibit (a)(1) to the Schedule 14D-1).
(d)(2) Letter of Transmittal (incorporated herein by reference to Exhibit
(a)(2) to the Schedule 14D-1).
(d)(3) Notice of Guaranteed Delivery (incorporated herein by reference to
Exhibit (a)(3) to the Schedule 14D-1).
(d)(4) Letter to Brokers, Dealers, Commercial Banks, Trust Companies and
Other Nominees (incorporated herein by reference to Exhibit (a)(4) to
the Schedule 14D-1).
(d)(5) Letter to Clients for use by Brokers, Dealers, Commercial Banks, Trust
Companies and Other Nominees (incorporated herein by reference to
Exhibit (a)(5) to the Schedule 14D-1).
(d)(6) 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, dated April 21, 1997 (incorporated herein by
reference to Exhibit (a)(7) to the Schedule 14D-1).
(d)(8) Press Release, dated April 21, 1997, issued by Purchaser (incorporated
herein by reference to Exhibit (a)(10) to the Schedule 14D-1).
(e) Description of Appraisal Rights (included as Annex C to Exhibit
(d)(1)).
(f) Not applicable.
</TABLE>
9
<PAGE>
EXHIBIT (b)(2)
Presentation materials prepared by Morgan Stanley & Co. Incorporated, presented
to the Special Committee of the Board of Directors of the Company on April 14,
1997.
<PAGE>
AST RESEARCH
Special Committee Presentation Materials
April 14, 1997
<PAGE>
AST RESEARCH
- --------------------------------------------------------------------------------
Special Committee Presentation Materials
Table of Contents -- April 14, 1997
<TABLE>
<S> <C> <C>
SECTION I EXECUTIVE SUMMARY
SECTION II SITUATION REVIEW
Tab A AST Stock Price Analysis
Tab B AST Stock Price and Chronology of Samsung
Transactions
Tab C AST Financial Performance and Chronology
of Samsung Transactions
Tab D AST Stock Ownership Basis Analysis
Tab E Summary of Alternatives
SECTION III POTENTIAL VALUATION METHODOLOGIES
Tab F Summary Transaction Matrix
Tab G Comparable Company/Precedent Transaction
Valuation
Tab H Trading Statistics of Selected Comparable
Companies
Tab I Premiums Paid in Selected Precedent
Transactions
Tab J Assumptions Underlying 1998 Breakeven
Forecast
Tab K Financial Performance Analysis
Tab L Potential Earnings Analysis
Tab M Discounted Equity Analyses
Tab N Summary of Q1 1997 Results versus Budget
Tab O AST Liquidity Need Analysis
Tab P Liquidation Valuation
SECTION IV SUMMARY OF PROPOSED TRANSACTION TERMS
SECTION V SUMMARY OF DUE DILIGENCE REVIEW
</TABLE>
-1-
<PAGE>
AST RESEARCH
- --------------------------------------------------------------------------------
Executive Summary
. STATUS REPORT
- Morgan Stanley has continued (limited) diligence since March 26, 1997
meeting with Special Committee
- Several interviewees still not made available, despite repeated contact
efforts
- Morgan Stanley has interacted extensively with Salomon Brothers, financial
advisor to Samsung (the "Control Shareholder"), regarding Control
Shareholder's intentions in certain scenarios, including the following:
. Control Shareholder would not sell shares of Company to third party
. Control Shareholder will honor current credit guarantees, but will not
contribute additional capital beyond the guarantees
. Control Shareholder will not dilute its equity stake in Company for
third party provider of capital
. Control Shareholder will not turn over any of its current board
directorships
. Control Shareholder will not allow its management team at Company to be
replaced by a new management team
. RECENT DEVELOPMENTS
- Company delivered AST Research Reorganization Plan, April 14, 1997
- Reorganization Plan not yet reviewed or adopted by AST Board
- Although no 1998 financial forecast provided, Reorganization Plan refers to
"breakeven" in 1998
-2-
<PAGE>
AST RESEARCH
- --------------------------------------------------------------------------------
AST Stock Price Volume Analysis
January 1, 1994 to April 11, 1997
GRAPH 2
31/Dec/93 22.75 93200
03/Jan/94 23.125 409000
04/Jan/94 24 611900
05/Jan/94 23.875 489500
06/Jan/94 23.75 243400
07/Jan/94 23.625 379900
10/Jan/94 24.75 1074100
11/Jan/94 24.25 576800
12/Jan/94 24.75 510200
13/Jan/94 25 1326400
14/Jan/94 25.875 1205100
17/Jan/94 25.875 365000
18/Jan/94 26 350600
19/Jan/94 24.75 644000
20/Jan/94 29.125 5019000
21/Jan/94 29 1489400
24/Jan/94 28.875 1034200
25/Jan/94 28.625 1390400
26/Jan/94 28.625 1149500
27/Jan/94 30.125 1405400
28/Jan/94 30.5 1215600
31/Jan/94 30.25 935400
01/Feb/94 30 1067600
02/Feb/94 30 698200
03/Feb/94 30.25 599600
04/Feb/94 28.75 864500
07/Feb/94 29.5 873000
08/Feb/94 30.875 819700
09/Feb/94 32.25 1488900
10/Feb/94 31.375 863100
11/Feb/94 31 738400
14/Feb/94 30.75 350000
15/Feb/94 31.5 402700
16/Feb/94 30.75 644400
17/Feb/94 31.125 449000
18/Feb/94 31.25 482500
21/Feb/94 31.25 0
22/Feb/94 32.25 614200
23/Feb/94 31.75 570300
24/Feb/94 31.5 844500
25/Feb/94 31.625 949100
28/Feb/94 31.5 978600
01/Mar/94 28.75 2934000
02/Mar/94 23.5 7799500
03/Mar/94 23.75 3279100
04/Mar/94 24 1942700
07/Mar/94 23.75 1249200
08/Mar/94 21.875 2274700
09/Mar/94 21.375 1157400
10/Mar/94 22.25 1472900
11/Mar/94 23.25 1046800
14/Mar/94 23.125 509200
15/Mar/94 23.875 1727900
16/Mar/94 23.75 998400
17/Mar/94 23.75 650500
18/Mar/94 23.625 437200
21/Mar/94 23.5 458500
22/Mar/94 23.5 491600
23/Mar/94 23.25 409400
24/Mar/94 22.75 728100
25/Mar/94 21.75 535700
28/Mar/94 21.75 524000
29/Mar/94 21.75 327600
30/Mar/94 20.875 958400
31/Mar/94 21.25 541300
01/Apr/94 21.25 0
04/Apr/94 20.875 608000
05/Apr/94 21.625 649100
06/Apr/94 19.5 3000700
07/Apr/94 21.75 2626500
08/Apr/94 21.25 685400
11/Apr/94 21.25 110200
12/Apr/94 19.875 838900
13/Apr/94 18.75 714100
14/Apr/94 19 529400
15/Apr/94 19 173100
18/Apr/94 18.75 189200
19/Apr/94 17.75 302100
20/Apr/94 16.75 968000
21/Apr/94 17.125 1190100
22/Apr/94 17.75 949400
25/Apr/94 18.25 719100
26/Apr/94 19 1877300
27/Apr/94 19 0
28/Apr/94 18.75 363400
29/Apr/94 18 1357400
02/May/94 18.5 456300
03/May/94 18.813 621000
04/May/94 18.5 374200
05/May/94 18.625 353700
06/May/94 18.25 346500
09/May/94 17.5 422200
10/May/94 17.75 502400
11/May/94 16.75 495200
12/May/94 16 1200800
13/May/94 15 1924900
16/May/94 15.5 598600
17/May/94 14.75 1226400
18/May/94 15.25 2390400
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11/Dec/96 5.469 235000
12/Dec/96 5.5 184800
13/Dec/96 5.375 160400
16/Dec/96 5.5 192400
17/Dec/96 5.25 236600
18/Dec/96 5.375 196400
19/Dec/96 5 125000
20/Dec/96 5 179700
23/Dec/96 4.688 225100
24/Dec/96 4.688 116600
25/Dec/96 4.688 0
26/Dec/96 4.5 177200
27/Dec/96 4.563 371100
30/Dec/96 4.313 292400
31/Dec/96 4.188 512500
01/Jan/97 4.188 0
02/Jan/97 4.5 99200
03/Jan/97 4.688 92800
06/Jan/97 4.938 388600
07/Jan/97 5.125 96200
08/Jan/97 5.063 151700
09/Jan/97 4.875 151800
10/Jan/97 4.938 105900
13/Jan/97 4.813 123000
14/Jan/97 4.875 114500
15/Jan/97 4.875 69500
16/Jan/97 4.75 91900
17/Jan/97 4.625 75900
20/Jan/97 5.063 204800
21/Jan/97 5 202300
22/Jan/97 5.063 96400
23/Jan/97 5 88400
24/Jan/97 4.75 75400
27/Jan/97 4.625 49900
28/Jan/97 4.563 77500
29/Jan/97 4.625 37400
30/Jan/97 4.75 154200
31/Jan/97 5.063 1457500
03/Feb/97 5 379900
04/Feb/97 5 917900
05/Feb/97 5 185400
06/Feb/97 4.781 245800
07/Feb/97 4.75 203400
10/Feb/97 4.625 89400
11/Feb/97 4.75 92400
12/Feb/97 4.75 181100
13/Feb/97 4.813 135100
14/Feb/97 4.75 142700
17/Feb/97 4.75 0
18/Feb/97 4.75 145200
19/Feb/97 4.625 46800
20/Feb/97 4.531 143700
21/Feb/97 4.75 148200
24/Feb/97 4.688 87800
25/Feb/97 4.75 91000
26/Feb/97 4.688 139300
27/Feb/97 4.813 84500
28/Feb/97 4.688 117200
03/Mar/97 4.688 295700
04/Mar/97 4.688 110300
05/Mar/97 4.625 98500
06/Mar/97 4.719 177500
07/Mar/97 4.813 88400
10/Mar/97 4.813 139300
11/Mar/97 4.688 196200
12/Mar/97 4.688 154000
13/Mar/97 4.75 137000
14/Mar/97 4.75 125400
17/Mar/97 4.719 185400
18/Mar/97 4.75 194700
19/Mar/97 4.5 135500
20/Mar/97 4.563 113200
21/Mar/97 4.438 136500
24/Mar/97 4.688 136900
25/Mar/97 4.688 104000
26/Mar/97 4.813 212900
27/Mar/97 4.75 159900
28/Mar/97 4.75 0
31/Mar/97 4.75 109100
01/Apr/97 4.438 97800
02/Apr/97 4.438 148300
03/Apr/97 4.375 76100
04/Apr/97 4.438 290600
07/Apr/97 4.406 80200
08/Apr/97 4.5 73200
09/Apr/97 4.5 87900
10/Apr/97 4.813 276100
11/Apr/97 4.625 124000
-3-
<PAGE>
AST RESEARCH
- --------------------------------------------------------------------------------
Indexed Price Performance Comparison
January 1, 1994 to April 11, 1997
INDEX 2
COMPUTER
AST APPLE COMPOSITE (1) S&P 500 INDEX
31/DEC/93 100 100 100 100
03/JAN/94 101.6483516 102.1367521 98.32776624 99.7834709
04/JAN/94 105.4945055 107.6923077 99.08992034 100.0943295
05/JAN/94 104.9450549 115.3846154 101.2123915 100.2358238
06/JAN/94 104.3956044 111.965812 101.215853 100.1436381
07/JAN/94 103.8461538 113.2478632 102.2024228 100.7396291
10/JAN/94 108.7912088 114.957265 102.0639911 101.8908779
11/JAN/94 106.5934066 108.974359 100.8203124 101.6464787
12/JAN/94 108.7912088 104.2735043 102.1153882 101.6550541
13/JAN/94 109.8901099 104.7008547 102.9318703 101.2905992
14/JAN/94 113.7362637 105.982906 104.1268702 101.8136992
17/JAN/94 113.7362637 103.8461538 103.4857794 101.468539
18/JAN/94 114.2857143 100.4273504 103.7830146 101.672205
19/JAN/94 108.7912088 100 102.234334 101.6829242
20/JAN/94 128.021978 102.1367521 103.9064582 101.8287062
21/JAN/94 127.4725275 114.1025641 106.8780029 101.772966
24/JAN/94 126.9230769 119.6581197 104.5974455 101.1834066
25/JAN/94 125.8241758 115.8119658 105.3492274 100.9583021
26/JAN/94 125.8241758 114.5299145 104.4274763 101.4471004
27/JAN/94 132.4175824 116.6666667 104.3736542 102.2724837
28/JAN/94 134.0659341 116.2393162 106.1328923 102.6262193
31/JAN/94 132.967033 111.965812 108.3569362 103.2500804
01/FEB/94 131.8681319 113.6752137 107.4798007 102.8234537
02/FEB/94 131.8681319 112.8205128 107.5721134 103.3336906
03/FEB/94 132.967033 114.5299145 108.1982419 103.0571337
04/FEB/94 126.3736264 114.5299145 103.1958367 100.7203344
07/FEB/94 129.6703297 124.7863248 104.3253457 101.1383857
08/FEB/94 135.7142857 122.2222222 105.6108642 100.9861722
09/FEB/94 141.7582418 123.9316239 106.4984225 101.3549148
10/FEB/94 137.9120879 124.7863248 105.3953402 100.5316754
11/FEB/94 136.2637363 126.4957265 104.0680396 100.799657
14/FEB/94 135.1648352 126.4957265 106.7838772 100.8103762
15/FEB/94 138.4615385 126.9230769 105.6796507 101.3013185
16/FEB/94 135.1648352 125.6410256 106.1760249 101.3592025
17/FEB/94 136.8131868 126.4957265 104.2927852 100.8339586
18/FEB/94 137.3626374 123.9316239 103.6873984 100.2658377
21/FEB/94 137.3626374 123.9316239 103.6873984 100.2658377
22/FEB/94 141.7582418 127.3504274 106.165229 101.0740701
23/FEB/94 139.5604396 127.3504274 108.7766038 100.9089935
24/FEB/94 138.4615385 125.2136752 108.2798094 99.5304963
25/FEB/94 139.010989 123.0769231 108.8936108 99.9185336
28/FEB/94 138.4615385 124.7863248 109.908085 100.1479258
01/MAR/94 126.3736264 123.9316239 108.050048 99.56908565
02/MAR/94 103.2967033 121.7948718 107.9369121 99.64840819
03/MAR/94 104.3956044 122.2222222 110.9187475 99.26251474
04/MAR/94 105.4945055 125.6410256 112.7449485 99.63340122
07/MAR/94 104.3956044 129.4871795 112.2006442 100.0986172
08/MAR/94 96.15384615 126.4957265 110.6085935 99.87780041
09/MAR/94 93.95604396 128.2051282 111.79511 100.130775
10/MAR/94 97.8021978 127.3504274 112.3697765 99.45331761
11/MAR/94 102.1978022 127.3504274 115.1882526 99.99785615
14/MAR/94 101.6483516 130.3418803 119.9185772 100.2015221
15/MAR/94 104.9450549 128.6324786 121.0364102 100.1200557
16/MAR/94 104.3956044 125.6410256 123.7865269 100.6367242
17/MAR/94 104.3956044 124.7863248 122.2705434 100.9540144
18/MAR/94 103.8461538 124.3589744 122.811896 100.988316
21/MAR/94 103.2967033 121.3675214 122.1788622 100.4480652
22/MAR/94 103.2967033 119.6581197 118.2589057 100.5038053
23/MAR/94 102.1978022 120.0854701 122.5681566 100.4480652
24/MAR/94 100 117.9487179 121.0552615 99.54979097
25/MAR/94 95.6043956 111.965812 118.2976735 98.74155858
28/MAR/94 95.6043956 113.6752137 112.1597904 98.61721514
29/MAR/94 95.6043956 111.965812 110.4332319 97.00503805
30/MAR/94 91.75824176 111.1111111 109.9580263 95.51934827
31/MAR/94 93.40659341 113.6752137 111.3976357 95.56651302
01/APR/94 93.40659341 113.6752137 111.3976357 95.56651302
04/APR/94 91.75824176 113.6752137 107.6148779 94.09797406
05/APR/94 95.05494505 114.5299145 114.1766144 96.10676385
06/APR/94 85.71428571 114.5299145 112.5782231 96.05531139
07/APR/94 95.6043956 113.4632479 114.0541715 96.66202165
08/APR/94 93.40659341 114.5299145 114.0207429 95.85164541
11/APR/94 93.40659341 114.5299145 114.1145384 96.44549255
12/APR/94 87.36263736 109.4017094 110.8228187 95.95240647
13/APR/94 82.41758242 108.5470085 110.0748578 95.6715618
14/APR/94 83.51648352 107.6923077 111.0048408 95.69728803
15/APR/94 83.51648352 103.4188034 109.939532 95.65441098
18/APR/94 82.41758242 101.2820513 108.5092002 94.85689785
19/APR/94 78.02197802 99.14529915 108.1691243 94.87404867
20/APR/94 73.62637363 96.58119658 107.0361986 94.74970522
21/APR/94 75.27472527 101.2820513 109.0210714 96.20109336
22/APR/94 78.02197802 101.7094017 110.5542585 95.96526959
25/APR/94 80.21978022 105.982906 110.3907808 97.05434666
26/APR/94 83.51648352 106.8376068 109.1481872 96.87426305
27/APR/94 83.51648352 106.8376068 109.1481872 96.87426305
28/APR/94 82.41758242 103.4188034 108.4889265 96.28041591
29/APR/94 79.12087912 102.5641026 104.8397587 96.66845321
02/MAY/94 81.31868132 105.982906 106.1098256 97.12080609
03/MAY/94 82.69450549 103.4188034 107.8078025 97.12294994
04/MAY/94 81.31868132 112.8205128 109.3478091 96.84210526
05/MAY/94 81.86813187 112.3931624 107.8257954 96.76921428
06/MAY/94 80.21978022 110.4717949 106.0463767 96.00600279
09/MAY/94 76.92307692 106.8376068 105.6604353 94.82688391
10/MAY/94 78.02197802 105.982906 104.995082 95.61796548
11/MAY/94 73.62637363 103.4188034 101.8699424 94.64894415
12/MAY/94 70.32967033 101.4974359 100.7920562 95.13345482
13/MAY/94 65.93406593 102.5641026 100.0323457 95.21706507
16/MAY/94 68.13186813 100.8547009 100.3811535 95.2920999
17/MAY/94 64.83516484 100.4273504 99.21625476 96.33829992
18/MAY/94 67.03296703 104.7008547 103.2535134 97.26444421
19/MAY/94 68.13186813 109.8290598 105.2952631 97.86257905
20/MAY/94 67.58241758 106.1982906 104.3838835 97.52813806
23/MAY/94 67.03296703 104.2735043 106.4682909 97.15939543
24/MAY/94 73.62637363 105.1282051 108.3338187 97.50455569
25/MAY/94 74.45274725 106.8376068 109.6376146 97.83256512
26/MAY/94 73.62637363 104.2735043 108.4603526 97.9869225
27/MAY/94 77.47252747 102.3521368 107.0418364 98.04480652
30/MAY/94 77.47252747 102.3521368 107.0418364 98.04480652
31/MAY/94 77.2 100 107.5373122 97.86686676
01/JUN/94 74.17582418 96.58119658 105.8409736 98.10912209
02/JUN/94 71.97802198 93.58974359 107.3297318 98.1134098
03/JUN/94 69.78021978 94.44444444 106.1548641 98.64508522
06/JUN/94 68.13186813 93.58974359 105.4546645 98.37710366
07/JUN/94 71.42857143 94.01709402 103.6266399 98.23346554
08/JUN/94 65.38461538 89.31623932 100.0699338 97.9869225
09/JUN/94 65.93406593 92.30769231 99.87363055 98.1584307
10/JUN/94 66.21098901 90.5982906 102.6236666 98.33208275
13/JUN/94 67.30989011 92.30769231 102.9724083 98.42426841
14/JUN/94 68.13186813 92.52307692 101.7468001 99.12530818
15/JUN/94 67.03296703 95.08717949 106.7206892 98.74799014
16/JUN/94 61.53846154 90.17094017 103.8397908 99.03097867
17/JUN/94 62.91428571 90.5982906 101.8104328 98.284918
20/JUN/94 61.53846154 92.73504274 99.63401178 97.6481938
21/JUN/94 58.79120879 88.88888889 97.5186166 96.76063887
22/JUN/94 56.59340659 89.74358974 100.7356607 97.13581306
23/JUN/94 57.14285714 85.8974359 98.44259081 96.39404009
24/JUN/94 56.59340659 87.55213675 95.61944165 94.92978883
27/JUN/94 61.53846154 89.74358974 97.36456167 95.89666631
28/JUN/94 63.18681319 91.45299145 99.23329549 95.6308286
29/JUN/94 61.53846154 89.31623932 98.5308863 95.96526959
30/JUN/94 62.63736264 90.5982906 99.3799282 95.24493515
01/JUL/94 62.63736264 88.03418803 95.46313652 95.65869868
04/JUL/94 62.63736264 88.03418803 95.46313652 95.65869868
05/JUL/94 64.83516484 90.5982906 93.87857266 95.69514417
06/JUL/94 63.73626374 89.31623932 93.91444104 95.64369171
07/JUL/94 64.83516484 91.66837607 96.57633491 96.12605853
08/JUL/94 65.38461538 92.52307692 98.72490028 96.37688927
11/JUL/94 62.63736264 92.30769231 99.23747422 96.05745525
12/JUL/94 63.18681319 97.00854701 100.1737314 96.03387287
13/JUL/94 69.23076923 101.4974359 102.3931702 96.20109336
14/JUL/94 67.03296703 97.86324786 100.3497773 97.20441634
15/JUL/94 67.30989011 96.58119658 97.61299337 97.36520527
18/JUL/94 68.13186813 97.00854701 98.39729482 97.59245364
19/JUL/94 65.11208791 94.65982906 96.42604026 97.3008897
20/JUL/94 63.73626374 91.02564103 93.92276879 96.81637903
21/JUL/94 65.38461538 95.72649573 96.23344429 97.03290814
22/JUL/94 63.73626374 105.982906 96.00254454 97.14010076
25/JUL/94 65.93406593 108.3350427 97.75450774 97.38449995
26/JUL/94 64.83516484 107.2649573 97.1680219 97.19369707
27/JUL/94 65.93406593 106.1982906 96.01781967 97.02433273
28/JUL/94 60.43956044 108.974359 96.76110436 97.38021224
29/JUL/94 65.38461538 115.1726496 100.7007342 98.2441848
01/AUG/94 67.03296703 114.1025641 102.060049 98.83374424
02/AUG/94 68.68131868 111.3264957 102.0165759 98.73727088
03/AUG/94 69.23076923 113.2478632 102.2852736 98.92807375
04/AUG/94 68.40879121 113.6752137 102.1738139 98.27419874
05/AUG/94 68.13186813 113.6752137 102.7609083 97.99335406
08/AUG/94 70.87912088 115.3846154 105.2693488 98.16486226
09/AUG/94 74.72527473 114.957265 106.6000431 98.17343767
10/AUG/94 76.92307692 118.3760684 108.8713168 98.68153071
11/AUG/94 75.82417582 117.3094017 109.6120853 98.37710366
12/AUG/94 77.74945055 118.8034188 110.0971408 99.03312252
15/AUG/94 79.12087912 118.3760684 109.7640981 98.88090899
16/AUG/94 80.21978022 118.8034188 112.7841911 99.69128524
17/AUG/94 81.31868132 119.6581197 114.8829191 99.72558688
18/AUG/94 78.02197802 118.3760684 114.1586594 99.29681638
19/AUG/94 74.72527473 119.2307692 113.2916517 99.40615286
22/AUG/94 74.72527473 119.2307692 113.6480205 99.11458892
23/AUG/94 74.45274725 119.6581197 112.6556731 99.58409261
24/AUG/94 74.72527473 119.2307692 113.536496 100.5531139
25/AUG/94 74.72527473 119.8735043 114.4334599 100.349448
26/AUG/94 74.45274725 122.2222222 115.9842698 101.5757316
29/AUG/94 74.72527473 120.9401709 114.1028176 101.7450959
30/AUG/94 78.02197802 123.9316239 116.0514409 102.0623861
31/AUG/94 79.12087912 123.7196581 113.2188708 101.9380427
01/SEP/94 57.41978022 119.6581197 110.7399532 101.4406689
02/SEP/94 58.24175824 120.9401709 112.0588151 100.973309
05/SEP/94 58.24175824 120.9401709 112.0588151 100.973309
06/SEP/94 59.61758242 121.582906 112.7492322 101.1598242
07/SEP/94 62.08791209 123.5042735 112.6625915 100.9668775
08/SEP/94 63.73626374 123.5042735 113.8964108 101.4342373
09/SEP/94 61.53846154 122.2222222 113.8772758 100.3708865
12/SEP/94 61.53846154 122.2222222 113.2352142 99.94854754
13/SEP/94 60.98901099 122.4376068 113.9554848 100.4952299
14/SEP/94 61.26593407 120.0854701 114.3496019 100.5038053
15/SEP/94 62.08791209 123.0769231 117.2500422 101.7922607
16/SEP/94 61.53846154 124.3589744 118.8680647 101.0161861
19/SEP/94 62.08791209 121.3675214 118.4987651 100.9432951
20/SEP/94 61.26593407 118.1641026 115.9536428 99.33754958
21/SEP/94 61.26593407 116.6666667 116.9228032 98.9302176
22/SEP/94 61.53846154 115.8119658 119.699259 98.8894844
23/SEP/94 60.98901099 116.0273504 119.6236993 98.546468
26/SEP/94 60.43956044 116.0273504 117.7549364 98.79301104
27/SEP/94 59.06813187 115.8119658 118.3706442 99.0567049
28/SEP/94 58.51868132 115.8119658 117.554133 99.65483975
29/SEP/94 57.69230769 116.6666667 116.0031403 99.0974381
30/SEP/94 57.69230769 115.1726496 116.8461719 99.19819916
03/OCT/94 58.51868132 113.2478632 116.7587912 98.99024547
04/OCT/94 57.69230769 115.3846154 114.2695016 97.45739093
05/OCT/94 54.94505495 129.4871795 116.1260811 97.22799871
06/OCT/94 54.12307692 123.9316239 115.462534 96.97931182
07/OCT/94 54.94505495 126.4957265 117.2095984 97.56672741
10/OCT/94 56.59340659 132.9059829 121.3222418 98.4114053
11/OCT/94 56.04395604 135.4700855 123.6054538 99.85850573
12/OCT/94 54.67252747 144.017094 124.4641623 99.78990245
13/OCT/94 53.84615385 140.5982906 122.7235499 100.2829885
14/OCT/94 47.25274725 140.5982906 123.1111986 100.5681209
17/OCT/94 49.45054945 135.8974359 126.059724 100.538107
18/OCT/94 52.74725275 141.025641 126.2110165 100.2594062
19/OCT/94 52.74725275 141.025641 128.9805557 100.8210955
20/OCT/94 51.64835165 140.1709402 128.1542868 100.0857541
21/OCT/94 51.92527473 145.7264957 130.5027369 99.66555901
24/OCT/94 51.64835165 144.4444444 128.9136745 98.79515489
25/OCT/94 51.0989011 145.7264957 129.77305 98.94522457
26/OCT/94 50.27692308 147.8632479 132.0176558 99.17890449
27/OCT/94 53.2967033 145.2991453 132.7431451 99.87136885
28/OCT/94 54.94505495 144.017094 136.6886981 101.5693
31/OCT/94 55.63076923 147.6512821 137.0687424 101.264873
01/NOV/94 56.04395604 147.4358974 137.4768239 100.4223389
02/NOV/94 56.59340659 141.4529915 137.1692432 100.0107193
03/NOV/94 57.14285714 141.8803419 137.2140232 100.3130025
04/NOV/94 56.04395604 138.034188 134.5412034 99.10601351
07/NOV/94 55.49450549 139.3162393 133.6129582 99.27537785
08/NOV/94 58.24175824 144.4444444 135.1136689 99.8284918
09/NOV/94 56.04395604 142.3076923 136.9308489 99.77489549
10/NOV/94 56.04395604 141.2410256 135.9557717 99.54979097
11/NOV/94 55.49450549 140.5982906 134.4692586 99.12102047
14/NOV/94 55.49450549 145.2991453 137.7738395 99.91210205
15/NOV/94 56.59340659 141.4529915 140.5754273 99.69557294
16/NOV/94 56.59340659 139.9589744 140.9035871 99.81777254
17/NOV/94 56.59340659 136.7521368 138.5651301 99.38042663
18/NOV/94 57.00659341 136.7521368 138.6993514 98.93236145
21/NOV/94 62.36483516 130.3418803 139.6930378 98.25276021
22/NOV/94 61.53846154 127.7777778 134.2496304 96.49265731
23/NOV/94 61.53846154 126.0683761 132.2434862 96.45835567
24/NOV/94 61.53846154 126.0683761 132.2434862 96.45835567
25/NOV/94 61.53846154 129.0598291 135.1790999 96.96430486
28/NOV/94 62.08791209 129.2752137 136.7620624 97.36520527
29/NOV/94 63.73626374 130.7692308 139.636804 97.58173438
30/NOV/94 66.48351648 127.3504274 136.1541101 97.26444421
01/DEC/94 64.01318681 123.7196581 129.2468987 96.24182656
02/DEC/94 65.93406593 125.0017094 133.2534238 97.18083396
05/DEC/94 65.93406593 127.1384615 135.5413928 97.18512166
06/DEC/94 69.78021978 128.4205128 136.5394425 97.14010076
07/DEC/94 69.78021978 125.2136752 133.9868257 96.73705649
08/DEC/94 64.83516484 122.6495726 129.0255793 95.49790974
09/DEC/94 67.03296703 123.9316239 131.3741853 95.82163147
12/DEC/94 67.03296703 124.7863248 131.300894 96.35973845
13/DEC/94 65.38461538 124.3589744 128.3377613 96.50552042
14/DEC/94 66.21098901 129.4871795 129.9453277 97.53885733
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26/DEC/94 66.48351648 132.9059829 135.0532526 98.58076964
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02/JAN/95 64.28571429 133.3333333 133.2148254 98.4607139
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04/JAN/95 63.18681319 134.6153846 133.4287312 98.76942866
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09/JAN/95 59.34065934 140.8649573 142.2174931 98.79515489
10/JAN/95 60.43956044 149.3606838 143.9203346 98.97738236
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16/JAN/95 68.13186813 152.1367521 148.2707029 100.6281488
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01/FEB/95 65.93406593 137.1794872 131.0836508 100.8468217
02/FEB/95 66.48351648 142.3076923 132.1514529 101.3570586
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07/FEB/95 65.11208791 139.5316239 128.4723588 103.0785722
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13/FEB/95 69.78021978 149.5726496 135.2955157 103.2586558
14/FEB/95 67.85934066 146.7965812 135.9023888 103.4516025
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20/FEB/95 66.76043956 145.2991453 135.6872481 103.3272591
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22/FEB/95 66.76043956 139.5316239 135.040165 103.9918534
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24/FEB/95 62.63736264 133.3333333 132.564314 104.6435845
27/FEB/95 62.36483516 130.7692308 128.4304472 103.7217279
28/FEB/95 70.32967033 135.042735 128.5538354 104.4892271
01/MAR/95 67.58241758 136.7521368 127.0898677 104.1161968
02/MAR/95 68.40879121 136.7521368 125.9158921 104.0047165
03/MAR/95 67.58241758 137.6068376 129.070452 104.0668882
06/MAR/95 67.58241758 135.8974359 130.2326113 104.1119091
07/MAR/95 68.68131868 130.9846154 128.1010223 103.3594169
08/MAR/95 67.03296703 135.2581197 127.6112772 103.5780898
09/MAR/95 65.11208791 135.8974359 129.5137433 103.5823775
10/MAR/95 65.93406593 135.042735 130.1418147 104.956587
13/MAR/95 67.58241758 130.3418803 133.6809978 105.0594919
14/MAR/95 68.13186813 119.6581197 130.5343643 105.668346
15/MAR/95 68.13186813 119.6581197 131.9579321 105.4518169
16/MAR/95 68.13186813 120.5128205 133.0825595 106.2085968
17/MAR/95 66.48351648 120.0854701 133.6104927 106.2321792
20/MAR/95 70.32967033 120.5128205 133.0877306 106.3672419
21/MAR/95 70.32967033 123.9316239 132.419295 106.1357059
22/MAR/95 68.95824176 130.1299145 132.7447301 106.2613356
23/MAR/95 70.87912088 126.9230769 131.5877006 106.3243649
24/MAR/95 71.42857143 129.0598291 135.2091961 107.4005788
27/MAR/95 71.97802198 127.1384615 132.6268528 107.8786579
28/MAR/95 72.52747253 117.5213675 134.0731282 108.0287276
29/MAR/95 73.07692308 117.5213675 131.6991829 107.8615071
30/MAR/95 70.87912088 120.9401709 132.4059043 107.6685604
31/MAR/95 69.78021978 120.5128205 132.3583973 107.3448387
03/APR/95 69.23076923 121.3675214 131.657632 107.5892379
04/APR/95 70.87912088 115.8119658 130.2912985 108.3160039
05/APR/95 71.42857143 118.8034188 130.1990393 108.386751
06/APR/95 71.97802198 125.6410256 129.3368946 108.4960875
07/APR/95 71.42857143 125.6410256 129.4195742 108.5689785
10/APR/95 71.97802198 125.2136752 129.9014613 108.6954658
11/APR/95 74.17582418 129.0598291 129.8798049 108.3781756
12/APR/95 75.82417582 133.3333333 131.3586607 108.7297674
13/APR/95 76.37362637 130.7692308 134.9881631 109.171401
14/APR/95 76.37362637 130.7692308 134.9881631 109.171401
17/APR/95 75.27472527 131.1965812 137.8720692 108.5068067
18/APR/95 71.15604396 128.2051282 139.4652912 108.3438739
19/APR/95 70.87912088 124.3589744 136.4967204 108.2474006
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21/APR/95 74.72527473 133.7606838 139.8011633 109.0127559
24/APR/95 78.57142857 133.3333333 142.3869676 109.956051
25/APR/95 76.37362637 129.0598291 145.1805141 109.7866867
26/APR/95 79.12087912 130.7692308 148.6615829 109.9067424
27/APR/95 78.57142857 129.4871795 149.9768573 110.0975453
28/APR/95 78.02197802 130.7692308 148.2971205 110.3462322
01/MAY/95 78.02197802 130.7692308 144.8324131 110.2497588
02/MAY/95 78.02197802 130.3418803 145.9550312 110.37839
03/MAY/95 78.02197802 130.3418803 148.8953228 111.5832351
04/MAY/95 78.02197802 131.6239316 147.4411962 111.5960982
05/MAY/95 76.92307692 132.9059829 147.4081391 111.5060564
08/MAY/95 76.92307692 138.4615385 148.1746711 112.3292957
09/MAY/95 76.92307692 141.025641 147.9409616 112.2435416
10/MAY/95 75.27472527 141.6683761 146.964958 112.4150498
11/MAY/95 75.82417582 140.1709402 147.4788859 112.4171937
12/MAY/95 77.47252747 149.1452991 150.0138111 112.6701683
15/MAY/95 80.76923077 149.1452991 151.5288255 113.139672
16/MAY/95 82.41758242 149.5726496 154.5319749 113.2361454
17/MAY/95 82.41758242 150.4273504 155.5621368 112.9960339
18/MAY/95 81.31868132 148.2905983 151.9073546 111.3902883
19/MAY/95 79.94725275 146.1538462 152.7466141 111.3066781
22/MAY/95 82.14505495 150.8547009 152.9345741 112.2628363
23/MAY/95 83.24395604 150 156.2230612 113.3218995
24/MAY/95 81.5956044 148.7179487 154.5584483 113.3261872
25/MAY/95 81.31868132 148.2905983 153.8704688 113.3218995
26/MAY/95 79.94725275 145.9418803 151.6613596 112.2628363
29/MAY/95 79.94725275 145.9418803 151.6613596 112.2628363
30/MAY/95 79.67032967 143.5897436 146.8235212 112.2478293
31/MAY/95 81.31868132 142.0957265 148.3448462 114.3530925
01/JUN/95 81.31868132 144.2324786 149.8177984 114.3723872
02/JUN/95 79.67032967 144.017094 150.2939986 114.1622896
05/JUN/95 79.3978022 148.7179487 151.8717053 114.8247401
06/JUN/95 76.37362637 150.4273504 152.0630789 114.8140208
07/JUN/95 77.47252747 147.4358974 153.1340116 114.2952085
08/JUN/95 78.02197802 146.7965812 154.6752869 114.127988
09/JUN/95 76.65054945 148.7179487 155.3152264 113.182549
12/JUN/95 75.27472527 151.0153846 157.0446898 113.8128417
13/JUN/95 75.27472527 150.4273504 157.4506306 114.9212134
14/JUN/95 73.62637363 149.1452991 159.475219 115.0112552
15/JUN/95 75.82417582 149.1452991 159.0953426 115.1506056
16/JUN/95 76.37362637 150 158.8661424 115.7315897
19/JUN/95 78.84835165 151.7094017 165.1799844 116.8871262
20/JUN/95 79.94725275 161.965812 169.7150088 116.8356737
21/JUN/95 80.21978022 168.8034188 169.8036174 116.6212885
22/JUN/95 78.57142857 167.9487179 172.9593528 118.1412799
23/JUN/95 77.47252747 166.6666667 173.6963994 117.8497159
26/JUN/95 75.27472527 164.5299145 167.3623943 116.6534462
27/JUN/95 73.07692308 158.5470085 166.0947942 116.2889913
28/JUN/95 73.35384615 159.4017094 165.8610139 116.7820774
29/JUN/95 69.23076923 161.5384615 167.4412304 116.5977061
30/JUN/95 68.13186813 158.7623932 167.9064512 116.7863651
03/JUL/95 68.13186813 160.4717949 169.3426094 117.2880266
04/JUL/95 68.13186813 160.4717949 169.3426094 117.2880266
05/JUL/95 70.32967033 158.974359 168.6087381 117.3244721
06/JUL/95 68.68131868 160.6837607 172.2322258 118.7672848
07/JUL/95 71.97802198 166.2393162 177.2768068 119.2775217
10/JUL/95 70.87912088 166.2393162 178.5655848 119.4533176
11/JUL/95 70.32967033 161.1111111 176.8484707 118.9366492
12/JUL/95 70.32967033 160.6837607 179.8964946 120.246543
13/JUL/95 69.23076923 162.8205128 181.736216 120.2701254
14/JUL/95 68.68131868 166.6666667 180.1635141 120.0321578
17/JUL/95 70.32967033 167.5213675 185.9735418 120.638868
18/JUL/95 70.87912088 164.5299145 179.7145504 119.7255869
19/JUL/95 68.68131868 155.5555556 169.1865903 118.1219852
20/JUL/95 68.13186813 160.8991453 173.4560626 118.6708114
21/JUL/95 67.58241758 149.5726496 172.2792594 118.6879623
24/JUL/95 68.68131868 155.1282051 182.0187637 119.3332619
25/JUL/95 69.23076923 156.4102564 188.5551572 120.2915639
26/JUL/95 69.23076923 155.1282051 186.8267228 120.4009004
27/JUL/95 70.87912088 160.0444444 191.4080255 121.1748312
28/JUL/95 69.78021978 155.5555556 191.5014546 120.6838889
31/JUL/95 67.58241758 153.8461538 188.4515486 120.4973738
01/AUG/95 66.48351648 148.7179487 182.9562234 119.9785615
02/AUG/95 65.93406593 151.7094017 178.7768133 119.7984779
03/AUG/95 65.93406593 153.8461538 183.3533504 119.7877586
04/AUG/95 65.93406593 151.2820513 187.2387534 119.8284918
07/AUG/95 68.68131868 148.2905983 185.6981258 120.0621717
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10/AUG/95 60.43956044 146.1538462 186.9621828 119.5090578
11/AUG/95 59.89010989 147.2239316 189.4076452 119.0073963
14/AUG/95 59.34065934 148.2905983 193.7438034 120
15/AUG/95 61.53846154 150.642735 195.3628659 119.7491693
16/AUG/95 62.91428571 152.1367521 199.4298788 120.0493086
17/AUG/95 62.08791209 152.5641026 200.2051203 119.8499303
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21/AUG/95 59.34065934 150.8547009 194.5135283 119.650552
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23/AUG/95 57.69230769 155.5555556 199.8958229 119.4425983
24/AUG/95 57.14285714 156.4102564 198.8411562 119.5112016
25/AUG/95 60.43956044 152.991453 197.9863007 120.0771787
28/AUG/95 58.24175824 147.008547 193.8915031 119.8520742
29/AUG/95 57.41978022 147.4358974 190.4683409 120.0557402
30/AUG/95 59.34065934 148.2905983 195.4930021 120.2529746
31/AUG/95 58.24175824 147.008547 198.6765759 120.4587844
01/SEP/95 58.51868132 146.7965812 197.3213241 120.8789795
04/SEP/95 58.51868132 146.7965812 197.3213241 120.8789795
05/SEP/95 57.14285714 148.7179487 206.1775129 122.0216529
06/SEP/95 56.59340659 149.5726496 210.6955727 122.2360382
07/SEP/95 56.04395604 152.991453 210.128166 122.2617644
08/SEP/95 57.14285714 152.991453 210.6440933 122.7741451
11/SEP/95 56.04395604 151.2820513 211.451341 123.037839
12/SEP/95 50.54945055 146.7965812 215.620852 123.5952406
13/SEP/95 52.1978022 144.8717949 212.6550074 124.0797513
14/SEP/95 50.54945055 136.7521368 210.7267855 125.1173759
15/SEP/95 50 122.6495726 207.3196394 125.0616358
18/SEP/95 48.07912088 125.4290598 208.1104791 124.9372923
19/SEP/95 47.25274725 125.6410256 214.8585165 125.2438632
20/SEP/95 46.7032967 125.2136752 216.0598685 125.7948333
21/SEP/95 46.15384615 126.4957265 211.8346829 124.9866009
22/SEP/95 44.78241758 126.7111111 206.7242972 124.7143317
25/SEP/95 43.95604396 128.2598291 205.0447903 124.7314825
26/SEP/95 45.6043956 127.7777778 198.2936526 124.6457284
27/SEP/95 45.05494505 123.9316239 194.6734321 124.5664058
28/SEP/95 45.05494505 129.0598291 204.8911093 125.6018866
29/SEP/95 43.95604396 127.3504274 203.9192929 125.2888841
02/OCT/95 44.23296703 128.6324786 201.4638407 124.7121878
03/OCT/95 43.95604396 128.6324786 202.4710251 124.8451067
04/OCT/95 42.85714286 124.3589744 194.9942356 124.6585915
05/OCT/95 42.30769231 124.7863248 198.4433348 124.9072784
06/OCT/95 39.56043956 122.0102564 192.924992 124.8772644
09/OCT/95 34.61538462 119.0188034 186.4820773 123.9939972
10/OCT/95 37.91208791 118.591453 183.6371956 123.8117698
11/OCT/95 41.20879121 119.2307692 189.1744563 124.2276771
12/OCT/95 39.56043956 120.7282051 192.472804 125.0080394
13/OCT/95 39.01098901 123.0769231 197.6966349 125.3081788
16/OCT/95 38.46153846 123.5042735 198.085696 124.9930325
17/OCT/95 37.91208791 125.2136752 209.805442 125.7969772
18/OCT/95 38.73846154 127.7777778 215.8521479 125.9384714
19/OCT/95 39.56043956 118.8034188 213.3370324 126.6266481
20/OCT/95 41.75824176 120.0854701 208.5946412 125.9427591
23/OCT/95 42.30769231 120.0854701 216.6746735 125.4282345
24/OCT/95 42.85714286 120.0854701 213.8614598 125.7455247
25/OCT/95 42.85714286 118.8034188 206.7113608 124.8729767
26/OCT/95 41.20879121 119.2307692 205.9593429 123.6402616
27/OCT/95 41.75824176 118.8034188 209.496259 124.2791296
30/OCT/95 40.58901099 120.5128205 217.3762023 125.0401972
31/OCT/95 39.01098901 124.1470085 217.6596138 124.665023
01/NOV/95 37.91208791 125.2136752 217.6375014 125.2481509
02/NOV/95 41.20879121 125.2136752 226.0483563 126.4272698
03/NOV/95 43.40659341 124.7863248 232.1307276 126.6094973
06/NOV/95 43.68351648 130.3418803 227.9381024 126.1571444
07/NOV/95 41.75824176 135.4700855 218.9796754 125.69836
08/NOV/95 42.03516484 132.9059829 219.7044223 126.8538965
09/NOV/95 41.75824176 134.6153846 225.3549541 127.1861936
10/NOV/95 40.93626374 135.8974359 227.8152885 127.0704256
13/NOV/95 39.83736264 139.7435897 222.2623246 126.9803837
14/NOV/95 39.56043956 141.8803419 213.5972228 126.3350841
15/NOV/95 39.56043956 140.1709402 215.6735023 127.3362633
16/NOV/95 39.56043956 136.5401709 218.8162032 128.0608854
17/NOV/95 41.20879121 137.1794872 217.5235733 128.6461571
20/NOV/95 39.01098901 132.0512821 209.0881925 127.9558366
21/NOV/95 38.46153846 132.0512821 204.7005528 128.6826026
22/NOV/95 37.91208791 132.0512821 200.24128 128.2881338
23/NOV/95 37.91208791 132.0512821 200.24128 128.2881338
24/NOV/95 40.10989011 137.3948718 201.8882152 128.6247186
27/NOV/95 39.01098901 134.6153846 199.7944487 128.9141387
28/NOV/95 39.01098901 136.7521368 212.6395448 130.013935
29/NOV/95 40.38681319 134.1880342 214.1023691 130.2690535
30/NOV/95 40.10989011 130.3418803 210.3243024 129.782399
01/DEC/95 42.85714286 128.6324786 205.3828067 130.1275592
04/DEC/95 43.40659341 135.042735 209.8966581 131.5639404
05/DEC/95 41.20879121 135.042735 204.5530791 132.4214814
06/DEC/95 41.75824176 132.4786325 201.0409462 132.9574445
07/DEC/95 40.65934066 131.8393162 201.1518193 132.0977597
08/DEC/95 40.10989011 134.6153846 207.8440185 132.3786044
11/DEC/95 39.83736264 132.0512821 204.4546987 132.8159503
12/DEC/95 39.56043956 129.9145299 200.881473 132.6573052
13/DEC/95 39.01098901 131.1965812 201.1527391 133.2811663
14/DEC/95 39.01098901 130.7692308 186.7505913 132.2585486
15/DEC/95 37.91208791 120.5128205 184.2145939 132.1342052
18/DEC/95 36.81318681 110.2564103 176.4209407 130.0911137
19/DEC/95 37.36263736 111.965812 196.6127442 131.1887662
20/DEC/95 36.81318681 111.5384615 190.9305156 129.9045986
21/DEC/95 36.54065934 111.1111111 192.5439262 130.8800515
22/DEC/95 39.01098901 110.2564103 194.8540958 131.1951978
25/DEC/95 39.01098901 110.2564103 194.8540958 131.1951978
26/DEC/95 39.01098901 109.617094 194.6793308 131.6968593
27/DEC/95 38.73846154 110.6837607 191.0961637 131.7461679
28/DEC/95 37.36263736 109.4017094 183.2167288 131.6582699
29/DEC/95 37.36263736 108.974359 187.3292741 132.0463072
01/JAN/96 37.36263736 108.974359 187.3292741 132.0463072
02/JAN/96 37.36263736 109.8290598 186.1238333 133.0753564
03/JAN/96 37.91208791 109.8290598 178.1354314 133.2018437
04/JAN/96 37.63956044 107.9076923 174.3268033 132.4257691
05/JAN/96 37.36263736 117.0940171 178.7199592 132.2135277
08/JAN/96 37.91208791 118.3760684 180.2860276 132.5887019
09/JAN/96 38.46153846 111.965812 171.5509083 130.6570908
10/JAN/96 37.36263736 117.0940171 173.5392698 128.3052846
11/JAN/96 38.18901099 119.6581197 180.9627049 129.2078465
12/JAN/96 38.46153846 115.8119658 168.6161578 129.0191875
15/JAN/96 38.46153846 116.6666667 160.0854003 128.5925608
16/JAN/96 39.01098901 118.1641026 168.6051345 130.4405617
17/JAN/96 38.46153846 116.2393162 166.6729618 129.9967842
18/JAN/96 38.46153846 109.1897436 169.0261352 130.3976846
19/JAN/96 38.73846154 102.1367521 177.3619492 131.1673277
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20/FEB/97 19.91648352 58.11965812 414.5809205 172.1084789
21/FEB/97 20.87912088 55.98290598 409.9472168 171.8876621
24/FEB/97 20.60659341 56.83760684 413.7561092 173.7120806
25/FEB/97 20.87912088 57.69230769 412.3220214 174.1022618
26/FEB/97 20.60659341 58.54700855 424.3074169 172.7259085
27/FEB/97 21.15604396 58.11965812 402.8800003 170.451281
28/FEB/97 20.60659341 55.55555556 401.1703459 169.5401436
03/MAR/97 20.60659341 55.12820513 402.7344326 170.5027334
04/MAR/97 20.60659341 56.41025641 406.6768637 169.5680137
05/MAR/97 20.32967033 58.11965812 410.3192971 171.9348269
06/MAR/97 20.74285714 56.83760684 404.9577781 171.1994855
07/MAR/97 21.15604396 56.41025641 397.1482343 172.5736949
10/MAR/97 21.15604396 56.83760684 399.6765233 174.4345589
11/MAR/97 20.60659341 55.98290598 398.84447 173.939329
12/MAR/97 20.60659341 55.55555556 395.6182759 172.4214814
13/MAR/97 20.87912088 55.98290598 393.3895316 169.2700182
14/MAR/97 20.87912088 56.62564103 386.3476422 170.043949
17/MAR/97 20.74285714 56.41025641 376.1548128 170.5884875
18/MAR/97 20.87912088 55.55555556 362.0623403 169.2914567
19/MAR/97 19.78021978 55.12820513 349.7946664 168.4574981
20/MAR/97 20.05714286 58.97435897 369.6233715 167.7886161
21/MAR/97 19.50769231 56.83760684 362.4013152 168.0994748
24/MAR/97 20.60659341 56.41025641 365.0612697 169.5551506
25/MAR/97 20.60659341 56.41025641 369.0189319 169.1649695
26/MAR/97 21.15604396 57.26495726 386.6235632 169.4715404
27/MAR/97 20.87912088 63.67521368 377.4450431 165.9084575
28/MAR/97 20.87912088 63.67521368 377.4450431 165.9084575
31/MAR/97 20.87912088 62.39316239 371.4329307 162.3153607
01/APR/97 19.50769231 59.82905983 368.0860252 162.8556115
02/APR/97 19.50769231 61.53846154 368.7752084 160.8125201
03/APR/97 19.23076923 64.52991453 374.5173821 160.857541
04/APR/97 19.50769231 65.81196581 393.3437496 162.4825812
07/APR/97 19.36703297 66.66666667 393.2925597 163.3894308
08/APR/97 19.78021978 65.38461538 408.4534973 164.244828
09/APR/97 19.78021978 64.95726496 402.7889498 163.0614214
10/APR/97 21.15604396 64.52991453 390.041768 162.5769107
11/APR/97 20.32967033 62.39316239 375.9164037 158.1412799
-4-
<PAGE>
AST RESEARCH
- --------------------------------------------------------------------------------
AST Stock Price and Chronology of Samsung Transactions
January 1, 1995 to April 11, 1997
<TABLE>
<CAPTION>
MSGET ASTA.1
PRICEHIS VOLHIST
<S> <C> <C>
30-Dec-94 14.625 478900
02-Jan-95 14.625 0
03-Jan-95 14.375 622800
04-Jan-95 14.375 260300
05-Jan-95 13.625 663600
06-Jan-95 13.5 570200
09-Jan-95 13.5 340100
10-Jan-95 13.75 566600
11-Jan-95 14.25 583100
12-Jan-95 13.875 476900
13-Jan-95 15.375 1559300
16-Jan-95 15.5 2593400
17-Jan-95 15.375 289700
18-Jan-95 15.188 278700
19-Jan-95 15.25 483000
20-Jan-95 16.125 1342700
23-Jan-95 16.5 2441700
24-Jan-95 16.375 1334000
25-Jan-95 15.75 2069100
26-Jan-95 14.625 2406600
27-Jan-95 13.875 1159900
30-Jan-95 14.75 1551500
31-Jan-95 15 469700
01-Feb-95 15 614000
02-Feb-95 15.125 196900
03-Feb-95 14.875 385800
06-Feb-95 14.625 266900
07-Feb-95 14.813 378200
08-Feb-95 15 141100
09-Feb-95 15.438 2380800
10-Feb-95 16.063 1450400
13-Feb-95 15.875 495200
14-Feb-95 15.438 414600
15-Feb-95 15.5 400500
16-Feb-95 15.375 226400
17-Feb-95 15.188 1130300
20-Feb-95 15.188 0
21-Feb-95 15.25 319700
22-Feb-95 15.188 212400
23-Feb-95 14.563 606200
24-Feb-95 14.25 558200
27-Feb-95 14.188 834500
28-Feb-95 16 4441800
01-Mar-95 15.375 1590100
02-Mar-95 15.563 721000
03-Mar-95 15.375 498600
06-Mar-95 15.375 627900
07-Mar-95 15.625 309400
08-Mar-95 15.25 330900
09-Mar-95 14.813 536200
10-Mar-95 15 304300
13-Mar-95 15.375 201500
14-Mar-95 15.5 353000
15-Mar-95 15.5 111800
16-Mar-95 15.5 225800
17-Mar-95 15.125 481000
20-Mar-95 16 697200
21-Mar-95 16 525800
22-Mar-95 15.688 355300
23-Mar-95 16.125 366500
24-Mar-95 16.25 526200
27-Mar-95 16.375 339400
28-Mar-95 16.5 256400
29-Mar-95 16.625 374200
30-Mar-95 16.125 288900
31-Mar-95 15.875 139200
03-Apr-95 15.75 61200
04-Apr-95 16.125 365000
05-Apr-95 16.25 454900
06-Apr-95 16.375 221100
07-Apr-95 16.25 115000
10-Apr-95 16.375 177100
11-Apr-95 16.875 640300
12-Apr-95 17.25 471700
13-Apr-95 17.375 113400
14-Apr-95 17.375 0
17-Apr-95 17.125 174500
18-Apr-95 16.188 368600
19-Apr-95 16.125 210400
20-Apr-95 17 375800
21-Apr-95 17 719500
24-Apr-95 17.875 1378900
25-Apr-95 17.375 493000
26-Apr-95 18 379300
27-Apr-95 17.875 415300
28-Apr-95 17.75 208800
01-May-95 17.75 124700
02-May-95 17.75 221100
03-May-95 17.75 258200
04-May-95 17.75 191800
05-May-95 17.5 108900
08-May-95 17.5 48500
09-May-95 17.5 67300
10-May-95 17.125 130700
11-May-95 17.25 113400
12-May-95 17.625 254700
15-May-95 18.375 631000
16-May-95 18.75 437500
17-May-95 18.75 699500
18-May-95 18.5 306800
19-May-95 18.188 299100
22-May-95 18.688 423300
23-May-95 18.938 489800
24-May-95 18.563 317900
25-May-95 18.5 151900
26-May-95 18.188 146300
29-May-95 18.188 0
30-May-95 18.125 97100
31-May-95 18.5 268600
01-Jun-95 18.5 173100
02-Jun-95 18.125 117000
05-Jun-95 18.063 212700
06-Jun-95 17.375 276100
07-Jun-95 17.625 389900
08-Jun-95 17.75 166000
09-Jun-95 17.438 231700
12-Jun-95 17.125 289600
13-Jun-95 17.125 81200
14-Jun-95 16.75 301600
15-Jun-95 17.25 277900
16-Jun-95 17.375 91500
19-Jun-95 17.938 350600
20-Jun-95 18.188 315600
21-Jun-95 18.25 199200
22-Jun-95 17.875 156600
23-Jun-95 17.625 131300
26-Jun-95 17.125 410900
27-Jun-95 16.625 330800
28-Jun-95 16.688 280800
29-Jun-95 15.75 585900
30-Jun-95 15.5 1041900
03-Jul-95 15.5 139400
04-Jul-95 15.5 0
05-Jul-95 16 594600
06-Jul-95 15.625 92800
07-Jul-95 16.375 387800
10-Jul-95 16.125 199800
11-Jul-95 16 183800
12-Jul-95 16 54000
13-Jul-95 15.75 150200
14-Jul-95 15.625 63400
17-Jul-95 16 168800
18-Jul-95 16.125 169200
19-Jul-95 15.625 183000
20-Jul-95 15.5 116700
21-Jul-95 15.375 104100
24-Jul-95 15.625 137500
25-Jul-95 15.75 125400
26-Jul-95 15.75 126000
27-Jul-95 16.125 607000
28-Jul-95 15.875 287300
31-Jul-95 15.375 179400
01-Aug-95 15.125 259000
02-Aug-95 15 93600
03-Aug-95 15 201600
04-Aug-95 15 86500
07-Aug-95 15.625 345700
08-Aug-95 15 370000
09-Aug-95 14.188 491200
10-Aug-95 13.75 786600
11-Aug-95 13.625 368200
14-Aug-95 13.5 403500
15-Aug-95 14 643000
16-Aug-95 14.313 216900
17-Aug-95 14.125 241400
18-Aug-95 14 241500
21-Aug-95 13.5 448000
22-Aug-95 13 376900
23-Aug-95 13.125 397400
24-Aug-95 13 273000
25-Aug-95 13.75 483700
28-Aug-95 13.25 195600
29-Aug-95 13.063 266200
30-Aug-95 13.5 107900
31-Aug-95 13.25 90700
01-Sep-95 13.313 274800
04-Sep-95 13.313 0
05-Sep-95 13 211800
06-Sep-95 12.875 221300
07-Sep-95 12.75 276300
08-Sep-95 13 119700
11-Sep-95 12.75 133300
12-Sep-95 11.5 3117000
13-Sep-95 11.875 780500
14-Sep-95 11.5 347800
15-Sep-95 11.375 539900
18-Sep-95 10.938 553900
19-Sep-95 10.75 772800
20-Sep-95 10.625 881400
21-Sep-95 10.5 977400
22-Sep-95 10.188 261200
25-Sep-95 10 398200
26-Sep-95 10.375 418100
27-Sep-95 10.25 353000
28-Sep-95 10.25 281900
29-Sep-95 10 251300
02-Oct-95 10.063 131400
03-Oct-95 10 103500
04-Oct-95 9.75 360800
05-Oct-95 9.625 262900
06-Oct-95 9 508000
09-Oct-95 7.875 939900
10-Oct-95 8.625 1511600
11-Oct-95 9.375 859300
12-Oct-95 9 410600
13-Oct-95 8.875 352000
16-Oct-95 8.7 201000
17-Oct-95 8.625 229300
18-Oct-95 8.813 179100
19-Oct-95 9 147300
20-Oct-95 9.5 442900
23-Oct-95 9.625 210000
24-Oct-95 9.75 214000
25-Oct-95 9.75 126600
26-Oct-95 9.375 108500
27-Oct-95 9.5 168700
30-Oct-95 9.234 123100
31-Oct-95 8.875 152500
01-Nov-95 8.625 223500
02-Nov-95 9.375 246800
03-Nov-95 9.875 845800
06-Nov-95 9.938 267900
07-Nov-95 9.5 234900
08-Nov-95 9.563 120200
09-Nov-95 9.5 130500
10-Nov-95 9.313 168700
13-Nov-95 9.063 201100
14-Nov-95 9 207800
15-Nov-95 9 148000
16-Nov-95 9 72600
17-Nov-95 9.375 211000
20-Nov-95 8.875 222000
21-Nov-95 8.75 195300
22-Nov-95 8.625 115500
23-Nov-95 8.625 0
24-Nov-95 9.125 183400
27-Nov-95 8.875 166200
28-Nov-95 8.875 103300
29-Nov-95 9.188 279900
30-Nov-95 9.125 91600
01-Dec-95 9.75 632000
04-Dec-95 9.875 385800
05-Dec-95 9.375 298400
06-Dec-95 9.5 186500
07-Dec-95 9.25 186800
08-Dec-95 9.125 278400
11-Dec-95 9.063 133400
12-Dec-95 9 198600
13-Dec-95 8.875 160300
14-Dec-95 8.875 80300
15-Dec-95 8.625 238500
18-Dec-95 8.375 332200
19-Dec-95 8.5 175500
20-Dec-95 8.375 327600
21-Dec-95 8.313 492900
22-Dec-95 8.875 317400
25-Dec-95 8.875 0
26-Dec-95 8.875 189400
27-Dec-95 8.813 800600
28-Dec-95 8.5 324900
29-Dec-95 8.5 687200
</TABLE>
<TABLE>
<CAPTION>
MSGET ASTA.1
PRICEHIS VOLHIST
<S> <C> <C>
01-Jan-96 8.5 0
02-Jan-96 8.5 232200
03-Jan-96 8.625 121500
04-Jan-96 8.563 355600
05-Jan-96 8.5 102900
08-Jan-96 8.625 32600
09-Jan-96 8.75 42000
10-Jan-96 8.5 266900
11-Jan-96 8.688 107500
12-Jan-96 8.75 202100
15-Jan-96 8.75 188500
16-Jan-96 8.875 138700
17-Jan-96 8.75 113000
18-Jan-96 8.75 119600
19-Jan-96 8.813 74500
22-Jan-96 8.75 161600
23-Jan-96 8.875 124700
24-Jan-96 8.75 216700
25-Jan-96 8.5 294000
26-Jan-96 8.5 200500
29-Jan-96 8.25 113800
30-Jan-96 8 178000
31-Jan-96 7.875 140000
01-Feb-96 8.125 97300
02-Feb-96 8.25 100000
05-Feb-96 8.188 113900
06-Feb-96 8.125 82600
07-Feb-96 7.75 144300
08-Feb-96 8 205500
09-Feb-96 8 119900
12-Feb-96 7.625 77900
13-Feb-96 7.5 116200
14-Feb-96 7.5 140800
15-Feb-96 7.375 98300
16-Feb-96 7.25 224000
19-Feb-96 7.25 0
20-Feb-96 6.875 220800
21-Feb-96 6.625 161800
22-Feb-96 6.875 459800
23-Feb-96 6.75 112700
26-Feb-96 6.688 132500
27-Feb-96 6.75 166900
28-Feb-96 6.625 134100
29-Feb-96 6.641 109500
01-Mar-96 6.5 107400
04-Mar-96 6.625 103300
05-Mar-96 6.313 189300
06-Mar-96 5.875 267100
07-Mar-96 5.5 377700
08-Mar-96 5.875 321800
11-Mar-96 6.25 368800
12-Mar-96 6 161200
13-Mar-96 5.75 149500
14-Mar-96 5.75 149600
15-Mar-96 5.875 200200
18-Mar-96 6 317200
19-Mar-96 5.75 257100
20-Mar-96 5.688 656400
21-Mar-96 5.5 486100
22-Mar-96 5 906500
25-Mar-96 5.125 155100
26-Mar-96 5 352500
27-Mar-96 4.813 233000
28-Mar-96 4.875 54700
29-Mar-96 4.766 117700
01-Apr-96 5.25 372200
02-Apr-96 5.063 115000
03-Apr-96 5.125 402800
04-Apr-96 5 1946600
05-Apr-96 5 0
08-Apr-96 5.125 251100
09-Apr-96 5.25 287600
10-Apr-96 4.875 333900
11-Apr-96 4.875 192500
12-Apr-96 4.875 249400
15-Apr-96 4.875 116200
16-Apr-96 4.875 258900
17-Apr-96 4.875 262700
18-Apr-96 4.859 118600
19-Apr-96 4.75 293300
22-Apr-96 4.75 464400
23-Apr-96 5.375 669800
24-Apr-96 7.25 2352700
25-Apr-96 7.875 1682900
26-Apr-96 7.5 705300
29-Apr-96 7.875 535600
30-Apr-96 7.5 253500
01-May-96 7.5 188100
02-May-96 7.188 748000
03-May-96 6.75 631800
06-May-96 6.188 390700
07-May-96 6 472300
08-May-96 6.5 225500
09-May-96 6.938 843900
10-May-96 6.875 434100
13-May-96 6.75 220100
14-May-96 6.688 110700
15-May-96 6.875 326600
16-May-96 7 721800
17-May-96 7.688 1881700
20-May-96 8.125 1148000
21-May-96 8.125 810800
22-May-96 8.25 297000
23-May-96 7.75 263100
24-May-96 7.563 188300
27-May-96 7.563 0
28-May-96 7.438 187600
29-May-96 7.5 134300
30-May-96 7.813 145600
31-May-96 8.125 161800
03-Jun-96 7.625 158200
04-Jun-96 7.875 71800
05-Jun-96 7.625 96900
06-Jun-96 7.25 239800
07-Jun-96 7.188 196500
10-Jun-96 7.25 69800
11-Jun-96 7.25 255300
12-Jun-96 7.25 69000
13-Jun-96 8.25 894200
14-Jun-96 7.875 336100
17-Jun-96 7.625 99400
18-Jun-96 7.5 234800
19-Jun-96 7.375 111500
20-Jun-96 7.375 195300
21-Jun-96 7.25 196800
24-Jun-96 7 152500
25-Jun-96 7 228600
26-Jun-96 6.625 327700
27-Jun-96 6.688 223300
28-Jun-96 6.75 691900
01-Jul-96 7.125 1018100
02-Jul-96 6.875 473200
03-Jul-96 6.875 190400
04-Jul-96 6.875 0
05-Jul-96 6.75 48700
08-Jul-96 6.375 300100
09-Jul-96 6.375 262100
10-Jul-96 6.25 233800
11-Jul-96 6 211500
12-Jul-96 5.875 154300
15-Jul-96 5.313 215700
16-Jul-96 5.063 328100
17-Jul-96 5.75 413100
18-Jul-96 5.625 265300
19-Jul-96 5.375 246500
22-Jul-96 5.125 221800
23-Jul-96 4.875 269600
24-Jul-96 4.5 567900
25-Jul-96 5 1798500
26-Jul-96 5.125 552100
29-Jul-96 5.375 316500
30-Jul-96 5.25 221600
31-Jul-96 5.375 353900
01-Aug-96 4.875 421100
02-Aug-96 4.875 219700
05-Aug-96 4.875 195400
06-Aug-96 4.938 188900
07-Aug-96 4.875 250400
08-Aug-96 4.75 93700
09-Aug-96 4.938 84900
12-Aug-96 5 470900
13-Aug-96 4.938 240600
14-Aug-96 5 109300
15-Aug-96 5 131500
16-Aug-96 5.125 185200
19-Aug-96 5.063 171600
20-Aug-96 4.875 63100
21-Aug-96 4.875 153800
22-Aug-96 5.125 110100
23-Aug-96 5 122500
26-Aug-96 5.063 310900
27-Aug-96 5.563 446900
28-Aug-96 5.375 427200
29-Aug-96 5.375 132600
30-Aug-96 5.375 73000
02-Sep-96 5.375 0
03-Sep-96 5.063 59000
04-Sep-96 5.125 108100
05-Sep-96 5 77400
06-Sep-96 5.188 198700
09-Sep-96 4.5 1763200
10-Sep-96 4.5 289900
11-Sep-96 4.625 153300
12-Sep-96 4.875 77300
13-Sep-96 4.625 219900
16-Sep-96 4.625 154800
17-Sep-96 4.625 144800
18-Sep-96 4.516 93200
19-Sep-96 4.813 221400
20-Sep-96 4.75 371300
23-Sep-96 4.625 423100
24-Sep-96 4.75 282600
25-Sep-96 4.75 138300
26-Sep-96 4.75 201900
27-Sep-96 4.875 143100
30-Sep-96 5 96700
01-Oct-96 5 115600
02-Oct-96 5.234 170900
03-Oct-96 4.875 143200
04-Oct-96 5 76300
07-Oct-96 5.125 199700
08-Oct-96 4.875 88000
09-Oct-96 4.875 56600
10-Oct-96 5 76400
11-Oct-96 4.875 48000
14-Oct-96 4.875 51200
15-Oct-96 4.813 186300
16-Oct-96 4.875 143500
17-Oct-96 4.75 223300
18-Oct-96 4.75 141200
21-Oct-96 4.5 173500
22-Oct-96 4.5 257800
23-Oct-96 4.75 83500
24-Oct-96 4.625 123200
25-Oct-96 4.625 71400
28-Oct-96 4.625 122200
29-Oct-96 4.5 127900
30-Oct-96 4.5 108600
31-Oct-96 4.625 75600
01-Nov-96 4.375 98600
04-Nov-96 4.625 93300
05-Nov-96 4.625 73400
06-Nov-96 4.438 95800
07-Nov-96 4.313 268400
08-Nov-96 4.125 347300
11-Nov-96 4.313 146800
12-Nov-96 4.188 158700
13-Nov-96 4.125 179300
14-Nov-96 4 172100
15-Nov-96 4 222300
18-Nov-96 4.125 170700
19-Nov-96 4.234 107300
20-Nov-96 4.125 155400
21-Nov-96 4.125 101100
22-Nov-96 4.125 137600
25-Nov-96 4.125 231600
26-Nov-96 4.063 310600
27-Nov-96 4.188 138100
28-Nov-96 4.188 0
29-Nov-96 4.438 142500
02-Dec-96 5.25 690600
03-Dec-96 5.438 1343100
04-Dec-96 5.625 416900
05-Dec-96 5.375 241400
06-Dec-96 5.25 354400
09-Dec-96 5.75 316000
10-Dec-96 5.625 356700
11-Dec-96 5.469 235000
12-Dec-96 5.5 184800
13-Dec-96 5.375 160400
16-Dec-96 5.5 192400
17-Dec-96 5.25 236600
18-Dec-96 5.375 196400
19-Dec-96 5 125000
20-Dec-96 5 179700
23-Dec-96 4.688 225100
24-Dec-96 4.688 116600
25-Dec-96 4.688 0
26-Dec-96 4.5 177200
27-Dec-96 4.563 371100
30-Dec-96 4.313 292400
31-Dec-96 4.188 512500
01-Jan-97 4.188 0
02-Jan-97 4.5 99200
03-Jan-97 4.688 92800
06-Jan-97 4.938 388600
07-Jan-97 5.125 96200
08-Jan-97 5.063 151700
09-Jan-97 4.875 151800
10-Jan-97 4.938 105900
13-Jan-97 4.813 123000
14-Jan-97 4.875 114500
15-Jan-97 4.875 69500
16-Jan-97 4.75 91900
17-Jan-97 4.625 75900
20-Jan-97 5.063 204800
21-Jan-97 5 202300
22-Jan-97 5.063 96400
23-Jan-97 5 88400
24-Jan-97 4.75 75400
27-Jan-97 4.625 49900
28-Jan-97 4.563 77500
29-Jan-97 4.625 37400
30-Jan-97 4.75 154200
31-Jan-97 5.063 1457500
03-Feb-97 5 379900
04-Feb-97 5 917900
05-Feb-97 5 185400
06-Feb-97 4.781 245800
07-Feb-97 4.75 203400
10-Feb-97 4.625 89400
11-Feb-97 4.75 92400
12-Feb-97 4.75 181100
13-Feb-97 4.813 135100
14-Feb-97 4.75 142700
17-Feb-97 4.75 0
18-Feb-97 4.75 145200
19-Feb-97 4.625 46800
20-Feb-97 4.531 143700
21-Feb-97 4.75 148200
24-Feb-97 4.688 87800
25-Feb-97 4.75 91000
26-Feb-97 4.688 139300
27-Feb-97 4.813 84500
28-Feb-97 4.688 117200
03-Mar-97 4.688 295700
04-Mar-97 4.688 110300
05-Mar-97 4.625 98500
06-Mar-97 4.719 177500
07-Mar-97 4.813 88400
10-Mar-97 4.813 139300
11-Mar-97 4.688 196200
12-Mar-97 4.688 154000
13-Mar-97 4.75 137000
14-Mar-97 4.75 125400
17-Mar-97 4.719 185400
18-Mar-97 4.75 194700
19-Mar-97 4.5 135500
20-Mar-97 4.563 113200
21-Mar-97 4.438 136500
24-Mar-97 4.688 136900
25-Mar-97 4.688 104000
26-Mar-97 4.813 212900
27-Mar-97 4.75 159900
28-Mar-97 4.75 0
31-Mar-97 4.75 109100
01-Apr-97 4.438 97800
02-Apr-97 4.438 148300
03-Apr-97 4.375 76100
04-Apr-97 4.438 290600
07-Apr-97 4.406 80200
08-Apr-97 4.5 73200
09-Apr-97 4.5 87900
10-Apr-97 4.813 276100
11-Apr-97 4.625 124000
</TABLE>
<TABLE>
<S> <C> <C> <C> <C>
DATE: 2/27/95 12/21/95 2/22/96 2/27/96
Transaction: Stock Purchase Agreement: Additional Credit Support Strategic Consulting Purchase of AST
Samsung agrees to acquire for Options: Information: Patents:
40.25% of AST - $200MM Credit Line - $5MM - $15MM
- 17.89MM shares Guarantee
- $21.10 blended price - $100MM Vendor Credit Server Technology
per share - 4.4MM options Transfer:
$0.01 exercise price - $5MM
IMPLIED FULLY-DILUTED
OWNERSHIP LEVEL: 40.25% 45.36% 45.36% 45.36%
CUMULATIVE INVESTMENT/
COMMITMENT: $378MM $641MM $651MM $666MM
</TABLE>
<TABLE>
<S> <C> <C> <C>
DATE: 7/11/96 12/13/96 12/13/96
Transaction: Repayment of $90MM Purchase of AST Patents: Additional Credit Support
Tandy Note - $10MM for Preferred Stock
- $60MM cash for - $200MM Credit Line
8.5MM shares ($7.06 Guarantee
per share) - 6.555MM shares upon
conversion of preferred
stock
IMPLIED FULLY-DILUTED
OWNERSHIP LEVEL: 49.55% 49.55% 54.36%
CUMULATIVE INVESTMENT/
COMMITMENT: $726MM $736MM $904MM
</TABLE>
-5-
<PAGE>
AST RESEARCH
- --------------------------------------------------------------------------------
AST Financial Performance and Chronology of Samsung Transactions
<TABLE>
<CAPTION>
GRAPH 3
<S> <C> <C>
Q1 21.5 591.3
Q2 18 584.5
Q3 -45.8 495.4
Q4 -22.4 640.2
Q1 -3 670.2
Q2 -34.4 662
Q3 -91.5 403.4
Q4 -110.7 612.9
Q1 -107.1 530
Q2 -77.3 553.8
Q3 -105.7 408.5
Q4 -69.7 601.4
</TABLE>
<TABLE>
<S> <C> <C> <C> <C>
DATE: 2/27/95 12/21/95 2/22/96 2/27/96
Transaction: Stock Purchase Agreement: Additional Credit Support Strategic Consulting Purchase of AST
Samsung agrees to acquire for Options: Information: Patents:
40.25% of AST - $200MM Credit Line - $5MM - $15MM
- 17.89MM shares Guarantee
- $21.10 blended price - $100MM Vendor Credit Server Technology
per share - 4.4MM options Transfer:
$0.01 exercise price - $5MM
IMPLIED FULLY-DILUTED
OWNERSHIP LEVEL: 40.25% 45.36% 45.36% 45.36%
CUMULATIVE INVESTMENT/
COMMITMENT: $378MM $641MM $651MM $666MM
</TABLE>
<TABLE>
<S> <C> <C> <C>
DATE: 7/11/96 12/13/96 12/13/96
Transaction: Repayment of $90MM Purchase of AST Patents: Additional Credit Support
Tandy Note - $10MM for Preferred Stock
- $60MM cash for - $200MM Credit Line
8.5MM shares ($7.06 Guarantee
per share) - 6.555MM shares upon
conversion of preferred
stock
IMPLIED FULLY-DILUTED
OWNERSHIP LEVEL: 49.55% 49.55% 54.36%
CUMULATIVE INVESTMENT/
COMMITMENT: $726MM $736MM $904MM
</TABLE>
-6-
<PAGE>
AST RESEARCH
- --------------------------------------------------------------------------------
AST STOCK OWNERSHIP BASIS ANALYSIS
($MM)
<TABLE>
<CAPTION>
1995 1996 1997 YTD '95-'97 YTD
----------------------------------------------------------------------------------- % OF TOTAL VOLUME
SHARES % OF SHARES % OF SHARES % OF SHARES ------------------------
TRADED TOTAL TRADED TOTAL TRADED TOTAL TRADED '95-'97 YTD '96-'97 YTD
----------------------------------------------------------------------------------- ------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
$19.00 - $18.50 2,368.0 100.0% 2,368.0 100.0%
18.50 - 18.00 2,918.4 97.8% 2,918.4 98.8%
18.00 - 17.50 4,627.2 95.1% 4,627.2 97.2%
17.50 - 17.00 3,380.3 90.9% 3,380.3 94.8%
17.00 - 16.50 3,023.0 87.7% 3,023.0 93.1%
16.50 - 16.00 11,622.1 85.0% 11,622.1 91.5%
16.00 - 15.50 12,913.6 74.2% 12,913.6 85.4%
15.50 - 15.00 16,746.8 62.3% 16,746.8 78.7%
15.00 - 14.50 8,412.2 46.9% 8,412.2 69.9%
14.50 - 14.00 3,808.4 39.1% 3,808.4 65.6%
14.00 - 13.50 5,390.0 35.6% 5,390.0 63.6%
13.50 - 13.00 3,094.4 30.7% 3,094.4 60.8%
13.00 - 12.50 1,612.3 27.8% 1,612.3 59.1%
12.50 - 12.00 0.0 % 0.0 %
12.00 - 11.50 780.5 26.3% 780.5 58.3%
11.50 - 11.00 4,004.7 25.6% 4,004.7 57.9%
11.00 - 10.50 2,208.1 21.9% 2,208.1 55.8%
10.50 - 10.00 2,423.0 19.9% 2,423.0 54.7%
10.00 - 9.50 4,179.0 17.6% 4,179.0 53.4%
9.50 - 9.00 4,533.9 13.8% 4,533.9 51.2%
9.00 - 8.50 7,130.7 9.6% 1,998.6 100.0% 9,129.3 48.8% 100.0%
8.50 - 8.00 2,340.3 3.0% 4,915.9 97.2% 7,256.2 44.1% 97.6%
8.00 - 7.50 939.9 0.9% 6,325.2 90.3% 7,265.1 40.3% 91.7%
7.50 - 7.00 7,735.7 81.4% 7,735.7 36.5% 84.1%
7.00 - 6.50 7,226.7 70.6% 7,226.7 32.5% 74.8%
6.50 - 6.00 2,077.7 60.5% 2,077.7 28.7% 66.1%
6.00 - 5.50 5,533.1 57.6% 5,533.1 27.6% 63.6%
5.50 - 5.00 11,555.7 49.8% 2,006.6 100.0% 13,562.3 24.7% 57.0%
5.00 - 4.50 16,523.6 33.6% 8,614.3 83.1% 25,137.9 17.6% 40.7%
4.50 - 4.00 7,066.7 10.5% 1,225.3 10.3% 8,292.0 4.5% 10.4%
4.00 - 3.50 394.4 0.6% 394.4 0.2% 0.5%
------------ ----------- --------- -------- -------- ------- ---------
TOTAL 108,456.8 71,353.3 11,846.2 191,656.3
% of Total Shares (1) 187.9% 123.6% 20.5% 332.0%
</TABLE>
Note:(1) Shares traded as % of 57,735,000 total shares outstanding on 3/31/97.
-7-
<PAGE>
AST RESEARCH
- --------------------------------------------------------------------------------
SUMMARY OF ALTERNATIVES
<TABLE>
<S> <C> <C>
CSH Does Not
Restructure Co.
------------------------------------------------------------------ Bankruptcy
Unsuccessful
Negotiations with CSH Refuses to Adequately Capitalize Co.
Control Shareholder CSH Restructures Co. -------------------------------------------------- Bankruptcy
("CSH")
CY99 EPS Less than $0.68
CY00 EPS Less than $0.80
CSH Adequately Capitalizes Co. --------------------------------- Value Less than $5.40
CY99 EPS Greater than $0.68
CY00 EPS Greater than $0.80
--------------------------------- Value Greater than $5.40
Negotiations with CSH No Agreement CSH Does Not Restructure Co.
---------------------------------------------------------------------- Bankruptcy
CSH Restructures Co. CSH Refuses to Adequately
Capitalize Co.
---------------------------------------------------------------------- Bankruptcy
CSH Adequately CY99 EPS Less than $0.68
Capitalizes Co. CY00 EPS Less than $0.80
---------------------------------------------------------------------- Value Less than $5.40
CY99 EPS Less than $0.68
CY00 EPS Less than $0.80
---------------------------------------------------------------------- Value Greater than $5.40
Agreement
- -------------------------------------------------------------------------------------------------- $5.40
</TABLE>
-8-
<PAGE>
AST RESEARCH
- --------------------------------------------------------------------------------
Summary Transaction Matrix
($MM)
<TABLE>
<CAPTION>
IMPLIED PREMIUM/DISCOUNT
---------------------------------------------
SHARE CURRENT LTM LTM UNAFFECTED INITIAL EQUITY AGGREGATE AGG. VALUE/ BOOK
PRICE PRICE (1) HIGH LOW PRICE (2) OFFER 1/30/97 VALUE (3) VALUE (4) CY 96 REV. VALUE (5)
- ----- -------- --------- ---------- ---------- ------------- --------- --------- ----------- ---------
(6/13/96) (11/14/96)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
$4.63 $8.50 $3.94 $5.00 $5.10 $2,103.7 $51.2
$3.00 -35.1% -64.7% -23.8% -40.0% -41.2% $186.4 $547.3 0.26 x 3.6 x
3.20 -30.8% -62.4% -18.7% -36.0% -37.3% 198.8 559.8 0.27 3.9
3.40 -26.5% -60.0% -13.7% -32.0% -33.3% 211.2 572.2 0.27 4.1
3.60 -22.2% -57.6% -8.6% -28.0% -29.4% 223.6 584.6 0.28 4.4
3.80 -17.8% -55.3% -3.5% -24.0% -25.5% 236.1 597.0 0.28 4.6
4.00 -13.5% -52.9% 1.6% -20.0% -21.6% 248.5 609.5 0.29 4.9
4.20 -9.2% -50.6% 6.7% -16.0% -17.6% 260.9 621.9 0.30 5.1
4.40 -4.9% -48.2% 11.7% -12.0% -13.7% 273.3 634.3 0.30 5.3
4.60 -0.5% -45.9% 16.8% -8.0% -9.8% 285.8 646.7 0.31 5.6
4.80 3.8% -43.5% 21.9% -4.0% -5.9% 298.8 659.8 0.31 5.8
5.00 8.1% -41.2% 27.0% 0.0% -2.0% 312.3 673.3 0.32 6.1
5.20 12.4% -38.8% 32.0% 4.0% 2.0% 325.9 686.8 0.33 6.4
- ------------------------------------------------------------------------------------------------------------------------
5.40 16.8% -36.5% 37.1% 8.0% 5.9% 339.4 700.4 0.33 6.6
- ------------------------------------------------------------------------------------------------------------------------
5.60 21.1% -34.1% 42.2% 12.0% 9.8% 352.9 713.9 0.34 6.9
5.80 25.4% -31.8% 47.3% 16.0% 13.7% 366.5 727.4 0.35 7.2
6.00 29.7% -29.4% 52.4% 20.0% 17.6% 380.0 741.0 0.35 7.4
6.20 34.1% -27.1% 57.4% 24.0% 21.6% 393.5 754.5 0.36 7.7
6.40 38.4% -24.7% 62.5% 28.0% 25.5% 407.1 768.0 0.37 7.9
6.60 42.7% -22.4% 67.6% 32.0% 29.4% 420.6 781.6 0.37 8.2
6.80 47.0% -20.0% 72.7% 36.0% 33.3% 434.1 795.1 0.38 8.5
</TABLE>
- -------------------
Notes:
(1) Share price as of 4/11/97.
(2) Share price as of 12/20/96, 30 days prior to the announcement of $5.10
proposal.
(3) Assumes fully diluted shares, based on the treasury stock method of
calculation.
(4) Equity value plus net debt of $361.0MM according to AST Research Worldwide
Consolidated Balance Sheet for February 28, 1997.
(5) Book value according to AST Research Worldwide Consolidated Balance Sheet
for February 28, 1997.
-9-
<PAGE>
AST RESEARCH
Comparable Company/Precedent Transactions Valuation
($MM)
<TABLE>
<CAPTION>
FINANCIAL FULLY DILUTED
VALUATION ESTIMATE STATISTIC MULTIPLE RANGE EQUITY VALUE (1) VALUE PER SHARE
- ------------------ --------- -------------- ---------------- ---------------
($MM) ($MM)
<S> <C> <C> <C> <C>
TRADING
1996 Revenues
With Consumer Business $2,103.7 0.20 x - 0.30 x $59.8 - $270.1 $0.96 - $4.35
Without Consumer Business 1,227.0 0.20 - 0.30 (115.6) - 7.1 (1.86) - 0.12
CY 1998E EPS (2) $0.20 8.0 x - 10.0 x $99.4 - $124.2 $1.60 - $2.00
-----------------------------------------
IMPLIED VALUE RANGE: $1.00 - $4.00
-----------------------------------------
ACQUISITION VALUE BASED ON
PRECEDENT TRANSACTIONS
1996 Revenues
With Consumer Business $2,103.7 0.30 x - 0.40 x $270.1 - $480.5 $4.35 - $7.49
Without Consumer Business 1,227.0 0.30 - 0.40 7.1 - 129.8 0.12 - 2.09
-----------------------------------------
IMPLIED VALUE RANGE: $3.00 - $7.50
-----------------------------------------
</TABLE>
Notes:
(1) Assumes fully-diluted shares outstanding and $361.0MM in net debt.
(2) Based on I/B/E/S EPS estimates as of 4/11/97.
-10-
<PAGE>
<TABLE>
<CAPTION>
AST RESEARCH
- ---------------------------------------------------------------------------------------------------------------------------
Trading Statistics of Selected Comparable Companies
Price Per Share/
--------------------------------------
EPS (3) Aggregate Value/LTM
Price Per Equity Aggregate ---------------------- LTM LTM --------------------
Company Share (1) Value Value (2) LTM 97E 98E CFPS BVPS Sales EBITDA EBIT
- ---------------------- -------- -------- -------- ------ ------ ------ ------ ------ ------ ------ ------
($MM) ($MM)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Advanced Logic Research Inc. $ 8.375 $ 103 $ 42 9.7 x 7.8 x 6.6 x 10.1 x 1.1 x 0.19 x 3.3 x 3.7 x
Apple Computer, Inc 18.250 2,274 1,597 NM NM 35.6 NM 1.2 0.18 NM NM
COMPAQ Computer Corporation 72.875 19,735 16,844 18.6 12.0 10.1 11.2 3.6 0.97 8.4 9.6
Dell Computer Corporation 70.250 12,353 11,366 33.2 18.4 14.2 25.7 14.5 1.65 17.9 19.2
Gateway 2000 Inc. 59.250 4,543 4,163 21.0 14.6 11.9 17.6 6.3 0.88 10.6 12.3
AST Research Inc. $ 4.625 $ 287 $ 648 NM NM 23.1 x NM 5.6 x 0.3 x NM NM
</TABLE>
Notes: (1) Share prices as of April 11, 1997.
(2) Equity Value plus Debt less Cash.
(3) Estimates are calendarized and based on I/B/E/S median estimates as
of April 11, 1997.
-11-
<PAGE>
AST RESEARCH
- --------------------------------------------------------------------------------
Premiums Paid in Selected Hardware Transactions
($MM)
<TABLE>
<CAPTION>
Date Acquiree/Acquiror Transaction Equity Aggregate
Ann. Business Description Summary Value (1) Value (2)
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
07/06/95 Packard Bell (19.99% Interest)/NEC * $170MM in cash for 19.99% interest $850.4 $ 850.4
Computers, microcomputers and in Packard Bell
computer peripheral equipment
02/09/95 AST Reseach (40.25%)/Samsung $22 per share for 5.82MM shares of 937.8 1,162.7
Manufactures desktop and notebook AST (18% stake); to buy 6.44MM new
computers and network servers issued shares for $19.50 per share and
5.63MM new shares at $22 per share
08/19/93 Maxtor / Hyundai Electronics Industries (4) Paid $150MM for 40% of Maxtor's 389.2 415.6
Manufactures Winchester disc drives outstanding stock at a price of $7.70
per share
05/29/91 Nokia Data/Fujitsu $86MM in cash, 398.4 571.6
Produces IBM compatible pcs and networks $310MM in preferred stock
12/11/89 Wyse Technology/Channel Intl. (5) Negotiated tender offer of $149.6 $ 251.2
Manufacturer of microprocessor-based video $10 cash per share
display products, which include monitors,
terminals, graphics displays, personal
computers, and applications workstations
10/02/89 Zenith Computer Group/ Groupe Bull $511.4MM in cash 511.2 511.4
Group includes Zenith data systems personal
computer unit, and Heath, a maker of
electronic kits
- -------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
Aggregate Value/ Premium Paid
------------------- -----------------------
Date 1 Year Eq. Value/ LTM LTM 1 Month 1 Day
Ann. L12M P/E For. P/E Book Val. Revenue Op. Inc. Prior (3) Prior (3)
- --------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
07/06/95 NM NM NM 0.30 x NM NM NM
02/09/95 NM NM 3.1 x 0.50 NM 56.3 % 40.7 %
08/19/93 NM NM 6.5 0.34 NM 43.3 43.3
05/29/91 NA NA 1.1 0.45 NA NA NA
12/11/89 NM NM 1.1 0.51 NM (4.8) 11.1
10/02/89 NA NA NA 0.40 13.0 x NA NA
- --------------------------------------------------------------------------------------------------
</TABLE>
Notes: (1) Equity value includes exercise of options.
(2) Aggregate value is defined as equity value plus total debt and
minority interest, less cash and equivalents.
(3) Premium to price one month prior to, and as of market close on
day prior to announcement of transaction.
(4) Equity and aggregate values reflect values implied for whole
company based on price paid for the remaining 40%.
(5) Wyse disclosed a $10 share bid on November 9, 1989; the
unaffected price is from September 1989.
*=Transaction Pending; NA=Not Available; NM=Not Meaningful
-12-
<PAGE>
AST RESEARCHAST RESEARCH
- --------------------------------------------------------------------------------
Assumptions Underlying 1998 Breakeven Forecast
. COMPANY DELIVERED DRAFT OF AST RESEARCH REORGANIZATION PLAN OUTLINE
("REORGANIZATION PLAN") ON APRIL 12, 1997
. REORGANIZATION PLAN INCORPORATES THE FOLLOWING FORECASTS AND TARGETS:
- 1997E 3Q and 4Q income statements
- 1998 gross margin target of 15%
- 1998 operating expense margin target of 12.5% (operating income margin of
2.5%)
- Breakeven 1998 PFO
. ACHIEVING TARGETS REQUIRES $158 MILLION COST REDUCTION; COMPANY ESTIMATES $98
MILLION IS ACHIEVABLE THROUGH DEFOCUSING CONSUMER BUSINESS
. 1Q RESULTS AND 2Q ESTIMATES WERE DISCUSSED WITH COMPANY TO ARRIVE AT COMPANY
RESTRUCTURING PLAN FOR 1997
. ACHIEVING BREAKEVEN 1998 PFO FROM 1997 MODEL WILL REQUIRE
- More revenues at targeted 2.5% operating margin
- Higher operating margin at industry growth rate
-13-
<PAGE>
AST RESEARCH
- --------------------------------------------------------------------------------
Financial Performance Analysis
<TABLE>
<CAPTION>
As Reported Company Company
---------------------------------------- Budget Reorg. Plan
1994 1995 1996 CAGR/AVG 1997 Roll-Up 1997 (1)
---------- ---------- ---------- -------- --------- ----------------
<S> <C> <C> <C> <C> <C> <C>
Revenues
Consumer -- -- $ 876.7 $ 768.3 $ 350.0
Non-Consumer -- -- 1,227.0 1,839.8 1,362.0
% Growth 50.0% 11.0%
-------- -------- -------- -------- --------
Total Revenues $2,311.5 $2,348.5 2,103.6 2,608.1 1,712.0
% Growth 17.3% 1.6% -10.4% -4.6% 24.0% -18.6%
Gross Profit 284.4 125.2 24.9 311.8 118.0
% of Revenues 12.3% 5.3% 1.2% 6.3% 12.0% 6.9%
Operating Expense 313.2 364.8 410.0 398.7 306.0
% of Revenues 13.5% 15.5% 19.5% 16.2% 15.3% 17.9%
Operating Income (28.8) (239.6) (385.1) (86.9) (188.0)
% of Revenues -1.2% -10.2% -18.3% -9.9% -3.3% -11.0%
Net Income $ (33.8) $ (263.2) $ (417.7) $ (145.0) $ (244.0)
% of Revenues -1.5% -11.2% -19.9% -10.8% -5.6% -14.3%
EPS $ (1.06) $ (6.42) $ (8.22) $ (2.51) $ (4.23)
</TABLE>
Notes:(1) Forecast for FY 1997 according to AST Research
Reorganization Plan 4/14/97 based on Q1 preliminary results and
Company estimates for Q2 1997 through Q4 1997.
-14-
<PAGE>
AST RESEARCH
- --------------------------------------------------------------------------------
1998 Breakeven Calculus
<TABLE>
<CAPTION>
----------------------------------
1998 Breakeven Scenarios
Company ----------------------------------
Reorg. Plan Hold Margin/ Hold Revenue/
Roll-Up 1997 (1) Grow Revenue Expand Margin
---------------- ------------ -------------
<S> <C> <C> <C>
Revenues
Consumer $ 350.0 $ 0.0 $ 0.0
Non-Consumer 1,362.0 2,240.0 1,634.4
------------
% Growth 11.0% 64.5% 20.0%
------------ ------------ ------------
Total Revenues 1,712.0 2,240.0 1,634.4
% Growth -18.6% 30.8% -4.5%
Gross Profit 118.0 336.0 245.2
% of Revenues 6.9% 15.0% (2) 15.0%
Operating Expense 306.0 280.0 189.2
% of Revenues 17.9% 12.5% 11.6%
Operating Income (188.0) 56.0 56.0
------------
% of Revenues -11.0% 2.5% (2) 3.4%
------------
Net Income $ (244.0) $ 0.0 $ 0.0
% of Revenues -14.3% 0.0% 0.0%
EPS $ (4.23) $ 0.00 $ 0.00
---------------------------------
</TABLE>
Notes: (1) Forecast for FY 1997 according to AST Research
Reorganization Plan 4/14/97 based on Q1 preliminary
results and Company estimates for Q2 1997 through Q4 1997.
(2) Based on targeted margins from AST Research Reorganization
Plan 4/14/97.
-15-
<PAGE>
<TABLE>
<CAPTION>
AST RESEARCH
- -----------------------------------------------------------------------------------------------------------------------------------
COMPARISON OF POTENTIAL LONG-TERM EARNINGS MODEL
BASED ON BASED ON
HOLD MARGIN/ GROW REVENUE HOLD REVENUE/ EXPAND MRRGIN
1998 BREAKEVEN SCENARIO (1) 1998 BREAKEVEN SCENARIO (2)
1999 2000 1999 2000
<S> <C> <C> <C> <C>
REVENUES
CONSUMER $0.0 $0.0 $0.0 $0.0
NON-CONSUMER 2,479.7 2,700.4 1,809.3 1,970.3
% GROWTH 10.7% 8.9% 10.7% 8.9%
------- -------- ------- -------
TOTAL REVENUES 2,479.7 2,700.4 1,809.3 1,970.3
% GROWTH 10.7% (3) 8.9% (3) 10.7% (3) 8.9% (3)
GROSS PROFIT 372.0 405.1 271.4 295.5
% OF REVENUES 15.0% 15.0% 15.0% 15.0%
OPERATING EXPENSE 310.0 337.5 209.4 228.0
% OF REVENUES 12.5% 12.5% 11.6% 11.6%
OPERATING INCOME 62.0 67.5 62.0 67.5
% OF REVENUES 2.5% 2.5% 3.4% 3.4%
NET INCOME (4) $6.0 $11.5 $6.0 $11.5
% OF REVENUES 0.2% 0.4% 0.3% 0.6%
EPS $0.10 $0.19 $0.10 $0.19
</TABLE>
Notes: (1) Breakeven model implied by AST Reorganization Plan, assuming
target 15.0% gross margin and 2.5% operating income margin.
(2) Breakeven model implied by AST Reorganization Plan, 20.0%
growth of non-consumer revenues in 1998 and target 15.0%
gross margin.
(3) Revenue growth rates based on IDC 12/96 PC industry growth
estimates.
(4) Net income calculated assuming 0.0% tax rate due to tax
benefit of prior losses.
-16-
<PAGE>
AST RESEARCH
- --------------------------------------------------------------------------------
Estimated Shareholder Indifference Point
<TABLE>
<CAPTION>
Based on
Hold Margin/
Grow Revenue Hold Revenue / Expand Margin Hold Margin / Grow Revenue
1998 Breakeven ---------------------------- --------------------------
Scenario (1) 1999 2000 1999 2000
----------- --------- --------- --------- --------
<S> <C> <C> <C> <C> <C>
Revenues
Consumer $ 0.0 $ 0.0 $ 0.0 $ 0.0 $ 0.0
Non-Consumer 2,240.0 2,479.7 2,700.4 3,922.1 4,216.5
% Growth 64.5% 10.7% 8.9% 75.1% 7.5%
---------- ------- ------- ------- -------
Total Revenues 2,240.0 2,479.7 2,700.4 3,922.1 4,216.5
% Growth 30.8% 10.7%(2) 8.9%(2) 75.1% 7.5%
----------------------------
Gross Profit 336.0 372.0 405.1 588.3 632.5
% of Revenues 15.0% 15.0% 15.0% 15.0% 15.0%
Operating Expense 280.0 273.9 299.6 490.3 527.1
% of Revenues 12.5% 11.0% 11.1% 12.5% 12.5%
--------------------------
Operating Income 56.0 98.1 105.4 98.1 105.4
% of Revenues 2.5% 4.0% 3.9% 2.5% 2.5%
--------------------------
Net Income (4) $ 0.0 $ 42.1 $ 49.4 $ 42.1 $ 49.4
% of Revenues 0.0% 1.7% 1.8% 1.1% 1.2%
EPS $ 0.00 $ 0.68(3) $ 0.80(3) $ 0.68(3) $ 0.80(3)
---------------------------- ----------------------------
</TABLE>
Notes: (1) Breakeven model implied by AST Reorganization Plan, assuming target
15.0% gross margin and 2.5% operating income margin.
(2) Revenue growth rates based on IDC 12/96 PC industry growth
estimates.
(3) EPS required to achieve current share price of $5.40, assuming
discount rate 17.5% and forward P/E multiple of 11.0x.
(4) Net income calculated assuming 0.0% tax rate due to tax benefit of
prior losses.
-17-
<PAGE>
AST RESEARCH
-------------------------------------------------------------------------------
Estimated Shareholder Indifference Point
<TABLE>
<CAPTION>
BASED ON
HOLD REVENUE/
EXPAND MARGIN HOLD REVENUE / EXPAND MARGIN HOLD MARGIN / GROW REVENUE
1998 BREAKEVEN ---------------------------- --------------------------
SCENARIO (1) 1999 2000 1999 2000
-------------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C>
Revenues
Consumer $0.0 $0.0 $0.0 $0.0 $0.0
Non-Consumer 1,634.4 1,809.3 1,970.3 2,861.8 3,076.6
% Growth 20.0% 10.7% 8.9% 75.1% 7.5%
------- ------- ------- ------- -------
Total Revenues 1,634.4 1,809.3 1,970.3 2,861.8 3,076.6
-------------------------
% Growth -4.5% 10.7% (2) 8.9% (2) 75.1% 7.5%
-------------------------
Gross Profit 245.2 271.4 295.5 429.3 461.5
% of Revenues 15.0% 15.0% 15.0% 15.0% 15.0%
Operating Expense 189.2 173.3 190.1 331.2 356.1
-------------------------
% of Revenues 11.6% 9.6% 9.6% 11.6% 11.6%
-------------------------
Operating Income 56.0 98.1 105.4 98.1 105.4
-------- -------------------------
% of Revenues 3.4% 5.4% 5.4% 3.4% 3.4%
-------- -------------------------
Net Income (4) $0.0 $42.1 $49.4 $42.1 $49.4
% of Revenues 0.0% 2.3% 2.5% 1.5% 1.6%
EPS $0.00 $0.68 (3) $0.80 (3) $0.68 (3) $0.80 (3)
------------------------- -------------------------
</TABLE>
Notes:(1) Breakeven model implied by AST Reorganization Plan, 20.0% growth of
non-consumer revenues in 1998 and target 15.0% gross margin.
(2) Revenue growth rates based on IDC 12/96 PC industry growth estimates.
(3) EPS required to achieve current share price of $5.40, assuming
discount rate 17.5% and forward P/E multiple of 11.0x.
(4) Net income calculated assuming 0.0% tax rate due to tax benefit of
prior losses.
-18-
<PAGE>
AST RESEARCH
- --------------------------------------------------------------------------------
Discounted Equity Value Analysis (1)
CY 1999E EPS / 17.5% Discount Rate
<TABLE>
<CAPTION>
Range of Potential CY 1999 EPS Estimates
Forward --------------------------------------------------------------------------------------
P/E $0.10 $0.20 $0.30 $0.40 $0.50 $0.60 $0.70 $0.80
------- --------- --------- --------- --------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
---------
10.0 x $0.73 $1.46 $2.19 $2.92 $3.65 $4.38 $5.11 $5.84
10.5 0.77 1.53 2.30 3.07 3.84 4.60 5.37 6.14
---------
11.0 0.80 1.61 2.41 3.21 4.02 4.82 5.62 6.43
11.5 0.84 1.68 2.52 3.36 4.20 5.04 5.88 6.72
12.0 0.88 1.75 2.63 3.51 4.38 5.26 6.14 7.01
---------
12.5 0.91 1.83 2.74 3.65 4.57 5.48 6.39 7.31
13.0 0.95 1.90 2.85 3.80 4.75 5.70 6.65 7.60
--------- --------- ---------
</TABLE>
-19-
<PAGE>
AST RESEARCH
- --------------------------------------------------------------------------------
Discounted Equity Value Analysis (1)
CY 2000E EPS / 17.5% Rate
<TABLE>
<CAPTION>
Range of Potential CY 2000 EPS Estimates
Forward --------------------------------------------------------------------------------------------------
P/E $0.20 $0.30 $0.40 $0.50 $0.60 $0.70 $0.80 $0.90 $1.00 $1.10 $1.20
------- -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
-------- -------- -------- --------
10.0 x $1.25 $1.87 $2.50 $3.12 $3.75 $4.37 $4.99 $5.62 $6.24 $6.87 $7.49
10.5 1.31 1.97 2.62 3.28 3.93 4.59 5.24 5.90 6.56 7.21 7.87
--------
11.0 1.37 2.06 2.75 3.43 4.12 4.81 5.49 6.18 6.87 7.55 8.24
11.5 1.44 2.15 2.87 3.59 4.31 5.03 5.74 6.46 7.18 7.90 8.62
12.0 1.50 2.25 3.00 3.75 4.50 5.24 5.99 6.74 7.49 8.24 8.99
--------
12.5 1.56 2.34 3.12 3.90 4.68 5.46 6.24 7.02 7.80 8.59 9.37
13.0 1.62 2.44 3.25 4.06 4.87 5.68 6.49 7.31 8.12 8.93 9.74
-------- -------- -------- -------- -------- --------
</TABLE>
-20-
<PAGE>
AST RESEARCH
- -------------------------------------------------------------------------------
Summary of Q1 1997 Results versus Budget
($MM)
<TABLE>
<CAPTION>
Q1 1997 PRELIMINARY REVISED (JAN.) Q1 1997
RESULTS (1) BUDGET VARIANCE
------------------- -------------- ------------
<S> <C> <C> <C>
NET TRADE SALES $345.0 $523.0 ($178.0)
GROSS PROFIT (6.0) 50.0 (56.0)
% Net Trade Sales -1.7% 9.6%
OPERATING INCOME (97.0) (46.3) (50.7)
% Net Trade Sales -28.1% -8.8%
PROFIT FROM OPERATIONS (109.0) (67.2) (41.8)
% Net Trade Sales -31.6% -12.8%
</TABLE>
Note: (1) Preliminary indications of Q1 1997 provided by AST Research Finance
and Treasury Departments.
-21-
<PAGE>
AST RESEARCH
- --------------------------------------------------------------------------------
AST Liquidity Need Analysis
<TABLE>
<CAPTION>
FY 1997 (1) FY 1998 (1)
---------------------------------------------------------------------------------------------------------
3/97 (2) 6/97 9/97 12/97 Total 3/98 6/98 9/98 12/98 Total
---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Net Sales $ 345.0 $ 392.0 $ 425.0 $ 543.0 $1,705.0 $ 346.4 $ 398.4 $ 450.4 $ 537.0 $1,732.1
Gross Profit (6.0) 10.0 20.0 54.3 78.3 39.8 45.8 56.3 67.1 209.0
% Margin -1.7% 2.6% 4.7% 10.0% 4.6% 11.5% 11.5% 12.5% 12.5% 12.1%
Operating Income (97.0) (65.0) (50.0) (20.0) (232.0) (30.0) (19.2) (17.1) (10.4) (76.7)
% Margin -28.1% -16.6% -11.8% -3.7% -13.6% -8.7% -4.8% -3.8% -1.9% -4.4%
Cash Interest Expense (5.4) (6.0) (7.3) (8.1) (26.8) (8.8) (9.8) (10.6) (11.2) (40.2)
Cash Requirement (109.0) (71.0) (57.3) (28.1) (265.4) (38.8) (29.0) (27.7) (21.5) (116.9)
Net Investment 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
(Capex less Depreciation)
Working Capital 4.0 4.6 5.0 6.4 20.0 6.1 7.0 7.9 9.4 30.0
Cash Needed $(105.0) $ (66.4) $ (52.3) $ (21.7) $ (245.4) $ (32.7) $ (22.0) $ (19.7) $ (12.1) $ (86.9)
Bank Debt $ 250.0 $ 316.4 $ 368.7 $ 390.4 $ 390.4 $ 423.1 $ 445.0 $ 464.8 $ 476.8 $ 476.8
</TABLE>
Notes: (1) Forecast based on Q1 1997 preliminary results and Q2-Q4
1997 estimates from AST Finance and Treasury Department,
slightly more conservative than those included in AST
Reorganization Plan.
(2) Preliminary indications of Q1 1997 provided by AST Research
Finance and Treasury Departments.
-22-
<PAGE>
AST RESEARCH
- --------------------------------------------------------------------------------
Liquidation Valuation
<TABLE>
<CAPTION>
Undiscounted Recovery
------------------------------------------
Equity Recovery
--------------------------
Book Control Non-Control Disc. to Net Liq.
Balance Sheet Category Value (1) Shareholder Shareholder Book Val. Estimate
---------------------- --------- ----------- ----------- -------- --------
<S> <C> <C> <C> <C> <C>
Assets
Cash $25.2 0.0% $25.2
Net Accounts Receivable 273.3 10.0% 246.0
Net Inventory 175.9 30.0% 123.2
----------- -----------
Current Assets 474.5 394.3
Land and Buildings 50.8 20.0% 40.6
Machinery and Equipment 93.1 20.0% 74.5
Furniture and Fixtures 12.3 30.0% 8.6
Leasehold Improvements 14.1 50.0% 7.1
----------- -----------
Net PP&E 170.3 130.8
----------- -----------
TOTAL ASSETS $644.8 $525.1
Liabilities
Accounts Payable (non-Control Shareholder) ($125.7) ------------------------- 0.0% ($125.7)
Accounts Payable (Control Shareholder "Vendor Credit") (58.4) $58.4 0.0% (58.4)
Short-Term Borrowings (250.0) 250.0 0.0% (250.0)
Long-Term Debt -- LYONS (131.9) 0.0% (131.9)
Preferred Stock (32.5) 32.5 0.0% (32.5)
Common Equity 22.9 23.3
------------------------- -------
No Equitable Subordination
Total Recovery (2) $340.9 $23.3
----------------------------------------------------------------------------------------------------------------------------
Recovery Per Common Share (3) $ 0.74 $0.74
----------------------------------------------------------------------------------------------------------------------------
Equitable Subordination
Total Recovery (2) $192.1 $195.0
----------------------------------------------------------------------------------------------------------------------------
Recovery Per Common Share (3) $ 6.24 $ 6.24
----------------------------------------------------------------------------------------------------------------------------
<CAPTION>
Discounted (Balance Sheet) Recovery Scenarios
------------------------------------------------------
Equity Recovery
-------------------------
Control Non-Control Disc. to Net Liq.
Balance Sheet Category Shareholder Shareholder Book Val. Estimate
---------------------- ----------- ----------- --------- --------
<S> <C> <C> <C> <C>
Assets
Cash 0.0% $25.2
Net Accounts Receivable 30.0% 191.3
Net Inventory 50.0% 88.0
-----------
Current Assets 304.5
Land and Buildings 50.0% 25.4
Machinery and Equipment 50.0% 46.5
Furniture and Fixtures 50.0% 6.2
Leasehold Improvements 100.0% 0.0
-----------
Net PP&E 78.1
-----------
TOTAL ASSETS $382.6
Liabilities
Accounts Payable (non-Control Shareholder) ------------------------- 0.0% ($125.7)
Accounts Payable (Control Shareholder "Vendor Credit") $58.4 0.0% (58.4)
Short-Term Borrowings 250.0 0.0% (250.0)
Long-Term Debt -- LYONS 0.0% (131.9)
Preferred Stock 0.0 0.0% (32.5)
Common Equity 0.0 0.0
------------------------- ---------
No Equitable Subordination
Total Recovery (2) $308.4 $0.0
Recovery Per Common Share (3) $0.00 $0.00
-------------------------------------------------------- ------------------------------------------------------
Equitable Subordination
Total Recovery (2) $132.5 $135.0
Recovery Per Common Share (3) $4.30 $4.30
-------------------------------------------------------- ------------------------------------------------------
<CAPTION>
Equity Recovery
-----------------------
Control Non-Control
Balance Sheet Category Shareholder Shareholder
---------------------- ---------- -----------
<S> <C> <C>
Assets
Cash
Net Accounts Receivable
Net Inventory
Current Assets
Land and Buildings
Machinery and Equipment
Furniture and Fixtures
Leasehold Improvements
Net PP&E
TOTAL ASSETS
Liabilities
Accounts Payable (non-Control Shareholder) -----------------------
Accounts Payable (Control Shareholder "Vendor Credit") $58.4
Short-Term Borrowings 198.5
Long-Term Debt -- LYONS
Preferred Stock 0.0
Common Equity 0.0 0.0
-----------------------
No Equitable Subordination
Total Recovery (2) $256.9 $ 0.0
-----------------------------------------------------------------------------------
Recovery Per Common Share (3) $ 0.00 $0.00
-----------------------------------------------------------------------------------
Equitable Subordination
Total Recovery (2) $61.9 $63.1
-----------------------------------------------------------------------------------
Recovery Per Common Share (3) $2.01 $2.01
-----------------------------------------------------------------------------------
</TABLE>
Notes: (1) According to AST Research Worldwide Regional Consolidated Balance
Sheet for February 28, 1997. Excludes book depreciation.
(2) Total recovery does not include non-Control Shareholder accounts
payable and long-term debt (LYONS).
(3) Based on 30.8MM shares of Control Shareholder ownership and 31.4MM
shares of non-Control Shareholder ownership (assumes exercise of
4.4MM options (exercise price of $0.01) held by Control
Shareholder.
-23-
<PAGE>
AST RESEARCH
- --------------------------------------------------------------------------------
Transaction Summary
Summary of Proposed Transaction Terms
TRANSACTION DESCRIPTION: Cash tender offer by Samsung (the "Control
Shareholder") for any and all of the 31.3MM
AST Research shares Control Shareholder does
not already own
PURCHASE PRICE: $5.40 per share net to the seller in cash
CONDITIONS TO THE OFFER: Customary conditions to the offer plus
necessary Korean approvals and market
conditions
COMPANY ACTIONS: Special Committee to recommend to the Board of
Directors and the Board of Directors to:
- Determine the Agreement to be in the best
interest of the stockholders of the Company
- Approve the Agreement, the Offer and the
Merger
- Resolve to recommend that the Stockholders
accept the Offer, tender their shares, and
approve and adopt the Agreement and the
Merger
Special Committee has reviewed the opinion of
Morgan Stanley & Co. that as of April 14, 1997
the Offer and the Merger are fair from a
financial point of view
REPRESENTATIONS AND WARRANTIES: Customary representations and warranties
Independent Directors as defined in the
Stockholder Agreement have approved the Offer
and the Merger for all purposes of the
Stockholder Agreement
TAX TREATMENT: Taxable transaction
OTHER ISSUES: - Settlement of Delaware shareholder
litigation
- Vested and non-vested outstanding
(non-Control Shareholder) options to be
cashed in, if in
-24-
<PAGE>
AST RESEARCH
- --------------------------------------------------------------------------------
(continued)
Multiples Paid: - Equity Value/Net Income: NM
- Aggregate Value/EBIT: NM
- Aggregate Value/1996A Revenue: 0.24x
- Aggregate Value/1997E Revenue: 0.30/(1)/
- Premium to Market/(2)/: 16.8%
- Premium to Unaffected Price/(3)/: 8.0%
Note: (1) Based on AST Research Reorganization Plan dated April 14, 1997.
(2) AST share price of $4.625 as of 4/11/97.
(3) AST share price of $5.00, as of 30 days prior to the announcement of
the offer.
-25-
<PAGE>
AST RESEARCH
- --------------------------------------------------------------------------------
Summary of Due Diligence Review
<TABLE>
<CAPTION>
INTERVIEWS
AST LEGAL AND REQUESTED
AST FINANCIAL OPERATIONAL FINANCIAL INTERVIEWS BUT NOT AST/SAMSUNG CORPORATE
DOCUMENTS DOCUMENTS STUDIES CONDUCTED CONDUCTED DOCUMENTS DOCUMENTS
- ---------------------------- -------------- ----------- -------------- ------------ -------------- -------------
<S> <C> <C> <C> <C> <C> <C>
AST Internal Income 1997 Product Bain -- Y.S. Kim N.B. Park Stock Purchase SEC Filings
Statements, Balance Sheets Development America's (President & (SVP, Agreement (Annual
& Cash Flows (1995-1997) Strategy Winning CEO) Worldwide (and all Reports, 10Q,
Strategy Operations) amendments) 10K, 8-K,
AST Internal Management AST Product (Drafts & Scott L. Bower Prospectus,
Financial Reports (Monthly, Information Final) (SVP, Sales & Won Yang Letter of Proxy
Quarterly & Annually, Marketing, (CFO) Credit Statement,
1995-1997) Intellectual Equity Americas) Agreement etc.)
Property and Research Ian Diery
Documentation on US and Licensing Reports Mark P. de (Former CEO) Registration Publicly
Worldwide Sales (spread Agreements Raad Rights Disclosed News
sheets, geographical, BCG Study -- (VP. Finance Agreement Announcements
product line and customers, Documentation Summer 1995 & Treasurer) and Press
1995-1997) Associated Strategic Releases
with Tandy AST/Samsung Randall Wick Alliance
1997 AST Budget -- both Acquisition Chronology (Counsel) Agreement Organization
initial draft and BOD Charts
approved (Jan. 1997) Summary Gerry E. Stockholder
Memorandum Hammarth Agreement AST Stock
Planning Department Regarding (Manager, Option Plans
Preliminary Forecast for AST/Samsung Worldwide Common and Amendments
1998 Agreements Business Options for
(Irell & Planning) Additional Certificates
Summary of LYONS Offering Manella) Support of
Safi U. Incorporation,
AST Reorganization Plan H&Q Fairness Qureshey Strategic By-Laws (and
(April 14, 1997) Presentation (Founder) Consulting amendments)
Regarding Agreement
Preferred Daniel Sigler
Issuance to (Shareholder) Server
Samsung Technology
(12/11/96) Saeid Hariri Transfer
(Shareholder)
Ernst & Young Intellectual
Patent Kam Patel Property
Validations (Director, Assignment
(12/7/95) and Finance &
(1/16/96) Corporate Tandy Note
Reporting) Documentation
American
Appraisal Kevin Lee Preferred
Associates (Purchasing) Stock for
Patent Second
Valuation Additional
(5/31/96) Support
Bear Stearns First
Fairness Intellectual
Property
Merrill Lynch Option Exercise
Fairness
Samsung
DLJ Fairness Proposal of
January 30,
1997
</TABLE>
-26-
<PAGE>
EXHIBIT (b)(3)
Presentation materials prepared by Salomon Brothers Inc, presented to senior
executives of Purchaser on January 27, 1997.
<PAGE>
PROJECT STAR
Preliminary Valuation
January 27, 1997
Confidential
- ------------------
Salomon Brothers
------------------
<PAGE>
SUMMARY
This memorandum summarizes Salomon Brothers' preliminary valuation of Star.
1. Salomon Brothers' preliminary valuation of Star yields a range of
$2.10 - $5.34;
2. For a number of reasons, including primarily the relative lack of
information on which the valuation is based and the absence of due
diligence, Salomon Brothers' preliminary valuation does not reflect a
pure fundamental value of Star;
3. Salomon Brothers' preliminary valuation indicates that Star may
currently trade at a level significantly above its fundamental value
on a stand-alone basis; and
4. No strategic value or synergies that might result from a combination
between Tiger and Star have been assumed in our valuation analysis and
could represent potential upside on the valuation.
1
- ------------------
Salomon Brothers
------------------
<PAGE>
PRELIMINARY VALUATION
OVERVIEW
In conducting our valuation of Star, Salomon Brothers used three separate
valuation methodologies: public market, private market and discounted cash
flow ("DCF"). Star's current operating losses and projected 1997 net
losses, together with the historic volatility of the PC industry, lower the
reliability of any valuation methodology. In our public and private market
valuations, we discounted below median industry multiples to reflect Star's
current and projected operating performance. The reliability of our
valuation as a pure fundamental valuation of Star is further impaired by
the relative lack of forward revenue and earnings projections, which form
the basis of the public market and DCF valuations, and by the absence of
due diligence or internal projections. Ultimately, the fundamental value of
Star will be determined by Star's ability to turn its operations around.
Our discounted cash flow model is based on industry projections for unit
growth and price movements, and assumes that Star turns its operations
around and gradually becomes profitable over a 24-month period. Should the
business not turn around within the next 24 months, the valuation range
given here could be overly optimistic.
Partly as a result of the low reliability of any valuation as a measure of
the fundamental value of Star, it is critical for Tiger to form an
independent view regarding the value of Star to Tiger.
<TABLE>
<CAPTION>
EQUITY VALUE
VALUATION METHODOLOGY FIRM VALUE ($ MM) EQUITY VALUE ($ MM) PER SHARE (a)
- --------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Public Market $374 - $607 $151 - $384 $2.10 - $5.34
Private Market $421 - $632 $198 - $409 $2.75 - $5.69
Discounted Cash Flow - Base Case $331 - $562 $108 - $339 $1.50 - $4.72
- --------------------------------------------------------------------------------------------------------------------
Discounted Cash Flow - Upside Case $542 - $821 $319 - $598 $4.44 - $8.32
- --------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Mean (b) $375 - $600 $152 - $377 $2.12 - $5.25
Median (b) $374 - $607 $151 - $384 $2.10 - $5.34
-------------------------------------------------------------------------------
</TABLE>
(a) Equity Value per Share on a fully diluted basis.
(b) Using the Base Case DCF valuation.
(Continued on next page)
2
- ------------------
Salomon Brothers
- ------------------
<PAGE>
PRELIMINARY VALUATION
PUBLIC MARKET VALUATION
Our public market valuation indicated a value for Star of $2.10 - $5.34.
Salomon Brothers' public market valuation valued Star on the basis of the
1998E earnings and Firm Value/1997E revenues multiples of Star's public
comparables. As comparables, we used Compaq, Dell and Gateway 2000. Forward
estimates of Star's 1997 revenue and 1998 earnings were not widely
available. The public market valuation is based on single estimates of
Star's 1997E revenue ($2,453 MM - from a November 1996 Oppenheimer research
report) and 1998E earnings ($39MM - from an August 1996 Dean Witter
research report). These estimates are extracted from external research
sources.
PRIVATE MARKET VALUATION
Our private market valuation indicated a value for Star of $2.75 - $5.69.
Salomon Brothers' private market valuation analysis values Star on the
basis of multiples implied by private transactions in the personal computer
sector over the recent past. In our private market valuation, we applied a
selected range of Firm Value/LTM revenues multiples to Star's LTM revenue
($2,105 MM). The four transactions we analyzed in conducting our private
market valuation were Packard Bell/Zenith Data Systems, Tiger/Star,
NEC/Packard Bell, and Star/Tandy.
Information was available for only three of the four transactions, of which
one was an asset purchase (Star/Tandy) and another was the 1995 Tiger/Star
transaction. The relative lack of data makes the private market valuation
less useful as a measure of Star's value than would be the case if a larger
number of transactions and/or transaction multiples were available.
DISCOUNTED CASH FLOW VALUATION
Our DCF valuation indicated a value of $1.50 - $4.72 for Star. Salomon
Brothers' DCF valuation assumes that Star's business will gradually develop
and become profitable over a 24 month period. Salomon Brothers has not
performed any due diligence and has not had access to internal Star
projections. The operating assumptions about the development of Star's
business over the term of our projections were made primarily with
reference to the conservative end of industry projections made by
independent industry research and analysis firms. The dynamics of the
personal computer industry have historically made industry projections over
a period of more than 1-2 years relatively unreliable. The industry
experiences high levels of competition, large swings in component pricing
and frequent new product introductions (leading to inventory obsolescence).
As a result of this, the projections on which the DCF valuation is based do
not reflect results that Star will actually achieve. Additionally, the
reliability of the DCF valuation is negatively affected by the fact that
the terminal value, which is based on a multiple of year 5 EBITDA,
represents greater than 100% of the NPV of Star.
3
- ------------------
Salomon Brothers
------------------
<PAGE>
PRELIMINARY VALUATION (Continued)
<TABLE>
<CAPTION>
Comparables Analysis
- -----------------------------------------------------------------------------------------------------------------------
Valuation Multiples Equity Firm Firm Value/LTM Firm Value/1997E Cal.(c)
------------------------------------------------------------
(Dollars in millions) Value(a) Value(b) Revenues EBITDA EBIT Revenues EBITDA EBIT
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Dell Computer (DELL) $12,195 $11,030 1.6x 18.1x 19.6x 1.2x 13.7x 14.5x
Gateway 2000 (GATE) 5,063 4,683 1.0 11.9 13.9 0.7 9.4 10.6
Compaq Computer (CPQ) 22,713 19,822 1.1 10.1 11.7 0.9 8.1 9.1
Apple Computer (AAPL) 2,147 1,537 0.2 NM NM 0.2 4.6 8.5
AST Research (ASTA)(d) 311 534 0.3 NM NM 0.2 NM NM
- -----------------------------------------------------------------------------------------------------------------------
High 1.6x 18.1x 19.6x 1.2x 13.7x 14.5x
Mean 0.8 13.4 15.0 0.6 8.9 10.7
Median 1.0 11.9 13.9 0.7 8.8 9.9
Low 0.2 10.1 11.7 0.2 4.6 8.5
- -----------------------------------------------------------------------------------------------------------------------
</TABLE>
LTM: Latest Twelve Months.
NM: Not Meaningful.
Note: EBITDA, EBIT, Net Income to Common, and EPS adjusted for unusual and
nonrecurring items.
(a) Stock price as of January 23, 1997.
(b) Firm Value equals equity value (all fully diluted shares at the stock price
less any option proceeds) plus straight debt, minority interest, straight
preferred stock, all out-of-the-money convertibles, less investments in
unconsolidated affiliates and cash.
(c) 1997 Revenue and EBIT estimates are Calendarized for December 31, year end;
Source: Wall Street research reports. 1997 D&A figures are Salomon
estimates for all comparables.
(d) Due to fiscal year change, LTM figures are estimated from annualized nine
month data, period ended September 30, 1996.
................................................................................
<TABLE>
<CAPTION>
Valuation Multiples Stock Equity Price(b)/ 5-Yr Est. EPS
-------------------------------------------
(Dollars in millions) Price(a) Value 1996 Cal. EPS 1997 Cal. EPS 1998 Cal. EPS Growth(b)
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Gateway 2000 (GATE) $63.63 $ 5,063 19.8x 16.4x 14.1x 20.0%
Dell Computer (DELL) 69.25 12,195 26.8 20.5 16.6 23.0
Compaq Computer (CPQ) 83.75 22,713 18.0 14.0 11.6 20.0
Apple Computer (APPL) 17.25 2,147 NM NM NM 13.0
AST Research (ASTA) 5.00 311 NM NM 7.9(c) 10.0
- -----------------------------------------------------------------------------------------------------------------------
High 26.8x 20.5x 16.6x 23.0%
Mean 21.5 17.0 12.6 17.2
Median 19.8 16.4 12.9 20.0
Low 18.0 14.0 7.9 10.0
- -----------------------------------------------------------------------------------------------------------------------
</TABLE>
LTM: Latest Twelve Months.
NM: Not Meaningful.
Note: EBITDA, EBIT, Net Income to Common, and EPS adjusted for unusual and
nonrecurring items.
(a) Stock price as of January 23, 1997.
(b) First Call estimates used in forward P/E multiples are as of January 24,
1997.
(c) 1998 Calendarized EPS for AST is from a Dean Witter Research Report dated
August 12, 1996, and is the only 1998 earnings projection available.
................................................................................
4
