<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
---------------------
AMENDMENT NO. 1
TO
SCHEDULE 13E-3
RULE 13e-3 TRANSACTION STATEMENT
(Pursuant to Section 13(e) of the Securities Exchange Act of 1934)
---------------------
CELLULAR COMMUNICATIONS, INC.
(Name of Issuer)
AIRTOUCH COMMUNICATIONS, INC
CELLULAR COMMUNICATIONS, INC.
(Name of persons filing statement)
<TABLE>
<S> <C>
SERIES A COMMON STOCK, $0.01 PAR VALUE, WITH 150917102
PREFERRED STOCK PURCHASE RIGHTS (CUSIP NUMBER OF CLASS OF SECURITIES)
(TITLE OF CLASS OF SECURITIES)
</TABLE>
---------------------
<TABLE>
<S> <C>
MARGARET G. GILL RICHARD J. LUBASCH
Senior Vice President, Legal, External Affairs and Secretary Vice President - General Counsel and Secretary
AirTouch Communications, Inc. Cellular Communications, Inc.
One California Street 110 East 59th Street
San Francisco, CA 94111 New York, New York 10022
(415) 658-2000 (212) 906-8440
</TABLE>
(Name, address and telephone number of persons authorized to receive
notices and communications on behalf of the persons filing statement)
---------------------
Copies to:
<TABLE>
<S> <C> <C>
Kristina Veaco Nathaniel M. Cartmell III Thomas H. Kennedy
Sharon A. Le Duy Katharine A. Martin Skadden, Arps, Slate, Meagher & Flom
AirTouch Communications, Inc. James M. McLaughlin, Jr. 919 Third Avenue
One California Street Pillsbury Madison & Sutro LLP New York, New York 10022
San Francisco, California 94111 P.O. Box 7880 (212) 735-3000
(415) 658-2000 San Francisco, California 94120-7880
(415) 983-1000
</TABLE>
This statement is filed in connection with (check the appropriate box):
a. /X/ The filing of solicitation materials or an information statement
subject to Regulation 14A, Regulation 14C, or Rule 13e-3(c) under the
Securities Exchange Act of 1934.
b. /X/ The filing of a registration statement under the Securities Act of
1933.
c. / / A tender offer.
d. / / None of the above.
Check the following box if the soliciting materials or information statement
referred to in checking box (a) are preliminary copies. /X/
<PAGE> 2
CROSS-REFERENCE SHEET
(Pursuant to General Instruction F to Schedule 13E-3)
<TABLE>
<CAPTION>
ITEM NUMBER AND CAPTION LOCATION IN PROXY STATEMENT-PROSPECTUS
- ----------------------- --------------------------------------
<S> <C>
17. MATERIAL TO BE FILED AS EXHIBITS.
(a).................................................... Exhibit 99.1. Credit Agreement between AirTouch, Bank
of America National Trust and Savings Association
and Other Financial Institutions Party Thereto dated
July 20, 1995 (incorporated by reference to Exhibit 10
to AirTouch's Quarterly Report on Form 10-Q for the
quarter ended June 30, 1995, File No. 1-12342)
(b).................................................... Exhibit 99.2. Opinion of Wasserstein Perella & Co.,
Inc. (to be attached as Annex F to the Proxy
Statement-Prospectus) (to be filed by amendment).
Exhibit 99.3. Opinion of Donaldson, Lufkin & Jenrette
Securities Corporation (to be attached as Annex E to
the Proxy Statement-Prospectus) (to be filed by amendment).
Exhibit 99.4. Material distributed by Wasserstein
Perella & Co., Inc. and Donaldson, Lufkin & Jenrette
Securities Corporation to the Board of Directors of
CCI dated April 5, 1996.
Exhibit 99.5. Opinion of Lehman Brothers (incorporated by
reference to Annex G to the Proxy Statement-Prospectus
included in AirTouch's Registration Statement on Form S-4
(File No. 333-03107) filed with the Commission on May 3, 1996).
(c).................................................... Exhibit 2.1. Plan of Merger among CCI, AirTouch and
AirTouch Cellular, dated as of April 5, 1996 (incorporated
by reference to Annex A to the Proxy Statement-Prospectus
included in AirTouch's Registration Statement on Form S-4
(File No. 333-03107) filed with the Commission on May 3, 1996).
(d).................................................... Exhibit 99.6. Preliminary copy of Letter to
Stockholders, Notice of Special Meeting of
Stockholders, Proxy Statement-Prospectus and form of
Proxy for the Special Meeting of Stockholders to be
held in July 1996 (incorporated by reference to AirTouch's
Registration Statement on Form S-4 (File No. 333-03107) filed
with the Commission on May 3, 1996).
(e).................................................... Exhibit 99.7. Section 262 of the General Corporation
Law of the State of Delaware (incorporated by reference to Annex B
to the Proxy Statement-Prospectus included in AirTouch's
Registration Statement on Form S-4 (File No. 333-03107) filed with
the Commission on May 3, 1996).
(f).................................................... Not applicable
</TABLE>
-2-
<PAGE> 3
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
May 10, 1996 AIRTOUCH COMMUNICATIONS, INC.
By /s/ KRISTINA VEACO
-------------------------------
Name: Kristina Veaco
Title: Assistant Secretary
May 10, 1996 CELLULAR COMMUNICATIONS, INC.
By /s/ RICHARD J. LUBASCH
--------------------------------
Name: Richard J. Lubasch
Title: Vice President --
General Counsel and
Secretary
-3-
<PAGE> 4
EXHIBIT INDEX
<TABLE>
<CAPTION>
SEQUENTIALLY
EXHIBIT NUMBERED
NUMBER EXHIBIT PAGE
- ------- ------- ------------
<S> <C> <C>
2.1....... Plan of Merger among CCI, AirTouch and AirTouch
Cellular, dated as of April 5, 1996 (incorporated
by reference to Annex A to the Proxy Statement-Prospectus
included in AirTouch's Registration Statement on Form S-4
(File No. 333-03107) filed with the Commission on May 3,
1996).
99.1...... Credit Agreement between AirTouch, Bank of
America National Trust and Savings Association
and Other Financial Institutions Party Thereto dated
July 20, 1995 (incorporated by reference to Exhibit 10
to AirTouch's Quarterly Report on Form 10-Q for the
quarter ended June 30, 1995, File No. 1-12342)
99.2...... Opinion of Wasserstein Perella & Co., Inc.
(to be attached as Annex F to the Proxy
Statement-Prospectus) (to be filed by amendment).
99.3...... Opinion of Donaldson, Lufkin & Jenrette Securities
Corporation (to be attached as Annex E to the
Proxy Statement-Prospectus) (to be filed by amendment).
99.4CE.... Material distributed by Wasserstein Perella &
Co., Inc. and Donaldson, Lufkin & Jenrette
Securities Corporation to the Board of Directors of
CCI dated April 5, 1996.
99.5...... Opinion of Lehman Brothers (incorporated by reference
to Annex G to the Proxy Statement-Prospectus
included in AirTouch's Registration Statement on Form S-4
(File No. 333-03107) filed with the Commission on May 3,
1996).
99.6...... Preliminary copy of Letter to Stockholders, Notice of
Special Meeting of Stockholders, Proxy Statement-Prospectus
and form of Proxy for the Special Meeting of
Stockholders to be held in July 1996 (incorporated by
reference to AirTouch's Registration Statement on Form S-4
(File No. 333-03107) filed with the Commission on May 3, 1996).
99.7...... Section 262 of the General Corporation Law of the State
of Delaware (incorporated by reference to Annex B
to the Proxy Statement-Prospectus included in AirTouch's
Registration Statement on Form S-4 (File No. 333-03107) filed with
the Commission on May 3, 1996).
</TABLE>
-4-
<PAGE> 1
- --------------------------------------------------------------------------------
THIS DOCUMENT IS A FULL COPY OF
A PRESENTATION TO THE BOARD
OF DIRECTORS OF CCI. A PORTION OF
WHICH WAS FILED ON MAY 3, 1996 PURSUANT
TO A RULE 201 TEMPORARY HARDSHIP EXEMPTION
PRESENTATION TO
THE BOARD OF DIRECTORS OF
C CO.
APRIL 4, 1996
DLJ WASSERSTEIN PERELLA & CO.
- --------------------------------------------------------------------------------
DONALDSON, LUFKIN & JENRETTE
<PAGE> 2
C CO.
- --------------------------------------------------------------------------------
TABLE OF CONTENTS
<TABLE>
<CAPTION>
EXHIBIT
<S> <C>
EXECUTIVE SUMMARY............................................. 1
SUMMARY TERMS OF TRANSACTION SECURITIES....................... 2
VALUATION SUMMARY............................................. 3
A CO. OVERVIEW................................................ 4
PRELIMINARY MERGER CONSEQUENCES ANALYSIS...................... 5
SUMMARY SYNOPSIS OF SELECTED RECENT A. CO. EQUITY RESEARCH.... 6
APPENDICES:
C CO. OVERVIEW............................................... 7
OVERVIEW OF C CO./A CO. 1990 AGREEMENT........................ 8
</TABLE>
Do not delete this line
DLJ WASSERSTEIN PERELLA & CO.
- --------------------------------------------------------------------------------
DONALDSON, LUFKIN & JENRETTE
<PAGE> 3
C CO.
- --------------------------------------------------------------------------------
EXECUTIVE SUMMARY
DLJ WASSERSTEIN PERELLA & CO.
- --------------------------------------------------------------------------------
DONALDSON, LUFKIN & JENRETTE
<PAGE> 4
C CO.
- --------------------------------------------------------------------------------
SUMMARY OF PROPOSED CONSIDERATION
- --------------------------------------------------------------------------------
C CO. SHARES NOT OWNED BY A CO.
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
Outstanding ...................................................... 26,047,528
Options .......................................................... 1,301,050
----------
Total ...................................................... 27,348,578
==========
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------
A CO. OFFER TO C CO.(1)
- ---------------------------------------------------------------------------------------------------------
TOTAL % OF VALUE
NOMINAL VALUE TOTAL PER
VALUE (mm) VALUE SHARE KEY TERMS
------- -------- ----- ------ -----------------------------
<S> <C> <C> <C> <C> <C> <C>
Cash(2).............................. $55.00 $ 421.2 28.0% $15.40 NA
Convertible Preferred(3)............. 55.00 583.0 38.8 21.34 - 4.25% Dividend
- 25.00% Conversion Premium
Mandatorily Convertible Preferred
("MCPS")(4) 55.00 500.0 33.2 18.26 - 6.00% Dividend
------ ------- ----- ------ - 24.00% Conversion Premium
- Contingent Value Right(5)
Total............................. $55.00 $1,504.2 100.0% $55.00
====== ======== ===== ======
</TABLE>
- --------------------
(1) Assumes no conversion of existing zero coupon convertible debt. 3.1465
million shares underlie the zero coupon convert. If the convertible debt
is converted, the total value would be $1.677 billion, with $15.40 per
share in cash, $23.20 per share in convertible preferred, and $16.40 per
share in Mandatorily Convertible Preferred.
(2) Represents 28% of the total consideration. Subject to adjustment, if
necessary, to obtain an opinion from A. Co.'s tax counsel that the
contemplated transaction will qualify as a tax-free transaction.
(3) Represents the total value less the cash and Mandatorily Convertible
Preferred consideration.
(4) Maximum nominal value designated as $500.0 million.
(5) Transaction terms provide for a payment of up to $15 million to MCPS
holders if the average trading price of MCPS shares is below $54.50 for a
30-day period beginning three months after closing.
DLJ WASSERSTEIN PERELLA & CO.
- --------------------------------------------------------------------------------
DONALDSON, LUFKIN & JENRETTE -1-
<PAGE> 5
C CO.
- --------------------------------------------------------------------------------
SUMMARY DESCRIPTION OF COLLAR MECHANISM
- - The Issue Price of the Convertible Preferred and the Mandatorily
Convertible Preferred will be based upon the volume weighted average
closing price of A Co. common stock for the 15-day period prior to the
mailing of the shareholder proxy, subject to a collar mechanism described
below.
- - If the volume weighted average closing price per share of A Co. Common
Stock for the 15-day period prior to the mailing of the shareholder proxy
is less than $29.00, then the Issue Price will be $29.00.
- - If the volume weighted average closing price per share of A Co. Common
Stock for the 15-day period prior to the mailing of the shareholder proxy
is greater than $35.00, then the Issue Price will be $35.00.
- - Example:
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------
CONVERTIBLE PREFERRED MANDATORILY CONVERTIBLE PREFERRED
-------------------------------------------- ------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
A CO. SHARE PRICE(1) $28.00 $29.00 $32.00 $35.00 $36.00 $28.00 $29.00 $32.00 $35.00 $36.00
Issue Price $29.00 $29.00 $32.00 $35.00 $35.00 $29.00 $29.00 $32.00 $35.00 $35.00
Conversion Premium 25.0% 25.0% 25.0% 25.0% 25.0% 24.0% 24.0% 24.0% 24.0% 24.0%
CONVERSION PRICE $36.25 36.25 $40.00 $43.75 $43.75 $35.96 $35.96 $39.68 $43.40 $43.40
Implied Conversion Premium
Over A Co. Share Price 29.5% 25.0% 25.0% 25.0% 21.5% 28.4% 24.0% 24.0% 24.0% 20.6%
- --------------------------------------------------------------------------------------------------------------------------
</TABLE>
- --------------------
(1) Volume weighted average closing price for the 15-day period prior to the
mailing of the shareholder proxy.
DLJ WASSERSTEIN PERELLA & CO.
- --------------------------------------------------------------------------------
DONALDSON, LUFKIN & JENRETTE -2-
<PAGE> 6
C CO.
- --------------------------------------------------------------------------------
ANALYSIS OF VALUE PER SHARE SUBJECT TO COLLAR MECHANISM
<TABLE>
<CAPTION>
COLLAR RANGE
------------------------
<S> <C> <C> <C> <C> <C>
A CO. CLOSING STOCK PRICE AVERAGE FOR 15 DAYS PRIOR TO MAILING $28.00 $29.00 $32.00 $35.00 $36.00
------ ------ ------ ------ ------
ISSUE PRICE OF CONVERTIBLE / MANDATORILY CONVERTIBLE PREFERRED $29.00 $29.00 $32.00 $35.00 $35.00
VALUE PER SHARE TO C CO. SHAREHOLDERS AT TRANSACTION CLOSING
Cash........................................................... $55.00 $55.00 $55.00 $55.00 $55.00
AS 28.0% OF CONSIDERATION............................. $15.40 $15.40 $15.40 $15.40 $15.40
Convertible Preferred Nominal Value............................ $54.04 $55.00 $55.00 $55.00 $55.83
AS 38.8% OF CONSIDERATION............................. $20.97 $21.34 $21.34 $21.34 $21.66
Mandatorily Convertible Preferred Nominal Value................ $53.64 $55.00 $55.00 $55.00 $56.13
AS 33.2% OF CONSIDERATION............................. $17.81 $18.26 $18.26 $18.26 $18.64
Contingent Value Right Payment................................. $0.22 $0.00 $0.00 $0.00 $0.00
- -------------------------------------------------------------------------------------------------------------
TOTAL VALUE PER SHARE TO C CO. SHAREHOLDERS.................... $54.40 $55.00 $55.00 $55.00 $55.70
- -------------------------------------------------------------------------------------------------------------
</TABLE>
DLJ WASSERSTEIN PERELLA & CO.
- --------------------------------------------------------------------------------
DONALDSON, LUFKIN & JENRETTE -3-
<PAGE> 7
C CO.
- --------------------------------------------------------------------------------
SUMMARY OF CONTINGENT VALUE PAYMENT ON MANDATORILY CONVERTIBLE PREFERRED
- - There will be a contingent cash payment to holders of the Mandatorily
Convertible Preferred if the securities trade below $54.50.
- - The contingent cash payment will be determined by the volume weighted
average trading price of the Mandatorily Convertible Preferred in the 30
calendar days beginning three months after transaction closing.
- - For example, if the transaction closes on August 1, 1996, the Pricing
Period will be the 30 days beginning November 1, 1996.
- - The contingent cash payment will range from $0.0 to $15.0 million as shown
below:
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------
INCREMENTAL INCREMENTAL
MANDATORILY CONVERTIBLE PREFERRED PAYMENT PAYMENT TOTAL PAYMENT
TRADING PRICE ($MM) PER SHARE(1) PER SHARE
- --------------------------------- ----------- ------------ -------------
<S> <C> <C> <C> <C>
$54.50 or above $0.0 $0.000 $0.000
$54.49 to $54.00 2.0 0.073 0.073
$53.99 to $53.75 2.0 0.073 0.146
$53.74 to $53.50 2.0 0.073 0.219
$53.49 to $53.25 2.0 0.073 0.292
$53.24 to $53.00 2.0 0.073 0.365
$52.99 to $52.75 2.5 0.091 0.456
$52.74 or below 2.5 0.091 0.548
----- ------
MAXIMUM PAYMENT $15.0 $0.548
- -------------------------------------------------------------------------------
</TABLE>
- --------------------
(1) Based on 26.048 million shares of C Co. not held by A Co. and 1.301
million options outstanding. Assumes that zero coupon bond is not
converted into common shares.
DLJ WASSERSTEIN PERELLA & CO.
- --------------------------------------------------------------------------------
DONALDSON, LUFKIN & JENRETTE -4-
<PAGE> 8
C CO.
- --------------------------------------------------------------------------------
VALUE PER SHARE BASED ON VARIOUS TRADING VALUES OF MCPS
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
NOMINAL PERCENTAGE VALUE
VALUE OF TOTAL VALUE PER SHARE
------- -------------- ---------
<S> <C> <C> <C>
Cash................................. $55.00 28.0% $15.40
Convertible Preferred................ $55.00 38.8% $21.34
Mandatorily Convertible Preferred.... $55.00 33.2% $18.26
----- ------
TOTAL............................ 100.0% $55.00
- --------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------
DISCOUNT/ MCPS TOTAL VALUE PER
MCPS (PREMIUM) CONSIDERATION SHARE PRE CONTINGENT
NOMINAL TO NOMINAL PER SHARE AT CONTINGENT PAYMENT CONSIDERATION
TRADING VALUE VALUE 33.2% OF TOTAL PAYMENT PER SHARE PER SHARE
------------- ---------- -------------- --------------- ---------- -------------
<S> <C> <C> <C> <C> <C> <C>
$56.00 (1.8%) $18.59 $55.33 $0.00 $55.33
$55.50 (0.9%) $18.43 $55.17 $0.00 $55.17
- --------------------------------------
NOMINAL VALUE......... $55.00 0.0% $18.26 $55.00 $0.00 $55.00
- --------------------------------------
$54.50 0.9% $18.09 $54.83 $0.00 $54.83
$54.00 1.8% $17.93 $54.67 $0.07 $54.74
$53.50 2.7% $17.76 $54.50 $0.22 $54.72
$53.00 3.6% $17.60 $54.34 $0.37 $54.70
$52.50 4.5% $17.43 $54.17 $0.55 $54.72
$52.00 5.5% $17.26 $54.00 $0.55 $54.55
- ---------------------------------------------------------------------------------------------------------------------
</TABLE>
DLJ WASSERSTEIN PERELLA & CO.
- --------------------------------------------------------------------------------
DONALDSON, LUFKIN & JENRETTE -5-
<PAGE> 9
C CO.
- --------------------------------------------------------------------------------
SUMMARY TERMS OF
TRANSACTION SECURITIES
DLJ WASSERSTEIN PERELLA & CO.
- --------------------------------------------------------------------------------
DONALDSON, LUFKIN & JENRETTE
<PAGE> 10
C CO.
- --------------------------------------------------------------------------------
SUMMARY OF TERMS - CONVERTIBLE PREFERRED STOCK
TOTAL AMOUNT.................... Non-cash component of transaction less $500
million Mandatorily Convertible Preferred
amount
Approximately $583 million
DIVIDEND........................ 4.25% payable quarterly, in arrears
MATURITY........................ 20 Years
ISSUE PRICE..................... $32.00 per share (for illustrative purposes
only); Issue price to be the volume
weighted average trading price per share of
A Co. common stock for the 15-day period
prior to shareholder proxy mailing, subject
to the collar mechanism.
CONVERSION FEATURE:
CONVERSION PREMIUM.......... 25.00% over Issue Price
INITIAL CONVERSION PRICE.... $40.00, based on a $32.00 Issue Price (for
illustrative purposes only)
STATED AMOUNT................... $50.00 par value
SHARES PER SECURITY............. 1.25 shares per $50.00 par value stated amount
at issuance
UNDERLYING A CO. SHARES......... 13.825 million
CALL FEATURE.................... Non-call for first three years
Provisional call at par for one year
thereafter if A Co. common stock trades at
or above 130% of Conversion Price
Callable after year 4 at par
Redeemable only in A Co. common stock before
year 10
Thereafter redeemable for cash or A Co. common
stock, at A Co.'s option
LIQUIDATION PREFERENCE.......... Pari passu with A Co. common stock
COLLAR.......................... $29.00 to $35.00 per A Co. share
DLJ WASSERSTEIN PERELLA & CO.
- --------------------------------------------------------------------------------
DONALDSON, LUFKIN & JENRETTE -6-
<PAGE> 11
C CO.
- --------------------------------------------------------------------------------
SUMMARY OF TERMS - MANDATORILY CONVERTIBLE PREFERRED STOCK
TOTAL AMOUNT................... $500 million
DIVIDEND....................... 6.00% payable quarterly, in arrears
MATURITY....................... Three Years
ISSUE PRICE.................... $32.00 per share (for illustrative purposes
only); Issue price to be the volume weighted
average trading price per share of A Co.
common stock for the 15-day period prior to
shareholder proxy mailing, subject to the
collar mechanism.
CONVERSION FEATURE:
CONVERSION PREMIUM......... 24.00% over Issue Price
INITIAL CONVERSION PRICE... $39.68, based on a $32.00 Issue Price (for
illustrative purposes only)
SHARES PER SECURITY........ If the value per share of A Co. common stock at
maturity is less than the Issue Price, 1.00
shares of A Co. common stock
If value per share of A Co. common stock at
maturity is between Issue Price and
Conversion Price, 1.00 to 0.806 of a share
of A Co. common stock, such that value of A
Co. common stock received is equal to the
Issue Price
If value per share of A Co. common stock at
maturity is greater than Conversion Price,
0.806 of a share of A Co. common stock
UNDERLYING A CO. SHARES........ Between 12.60 and 15.63 million
CALL FEATURE................... Non-call life
COLLAR......................... $29.00 to $35.00 per A Co. share
DLJ WASSERSTEIN PERELLA & CO.
- --------------------------------------------------------------------------------
DONALDSON, LUFKIN & JENRETTE -7-
<PAGE> 12
C CO.
- --------------------------------------------------------------------------------
OVERVIEW OF MANDATORILY CONVERTIBLE PREFERRED
STRUCTURE
- Pays a higher dividend than on common stock
- Investor gets no appreciation from the issue price to 24% above issue
price
- Investor receives most (80.6%) of the capital appreciation above the
strike price
COMMON SHARES ISSUED
UPON MANDATORY CONVERSION
IF STOCK PRICE [LESS THAN] ISSUE PRICE
1 Share
IF STOCK PRICE [GREATER THAN] ISSUE PRICE BUT
STOCK PRICE [LESS THAN] STRIKE PRICE
Issue price worth of common stock
IF STOCK PRICE [GREATER THAN] STRIKE PRICE
0.806 shares
<TABLE>
<CAPTION>
MANDATORILY CONVERTIBLE
PREFERRED EXAMPLE:
<S> <C> <C> <C> <C> <C>
ISSUE PRICE: $32.00
CONVERSION PREMIUM: 24.0%
CONVERSION PRICE: $39.68
FUTURE COMMON PRICE: $30.00 $32.00 $35.00 $40.00 $45.00
SHARES UPON CONVERSION: 1.000 1.000 0.914 0.806 0.806
VALUE OF COMMON RECEIVED: $30.00 $32.00 $32.00 $32.24 $36.27
</TABLE>
Chart 1 compares the rate of return to an investor in MCPS versus that to an
investor in Common Stock over an illustrative period of three years. If at the
end of three years, the underlying stock price is less than the MCPS Issue
Price, MCPS holders would have a higher return than the Common Stock holders
since MCPS pays a higher dividend than the Common Stock. The rate of return for
the Common Stock holders increases ratably with the increase in stock price. If
the underlying stock price is between the MCPS Issue Price and the MCPS Strike
Price, the rate of return would be flat for the MCPS holders since the Company
retains 100% of the capital appreciation between the MCPS Issue Price and the
MCPS Strike Price. The MCPS holders receive 80.6% of the capital appreciation
in the underlying Common Stock above the MCPS Strike Price.
Chart 2 compares the number of shares issuable upon conversion of the MCPS into
Common Stock at an illustrative maturity of three years versus the number of
shares that are issued if Common Stock is used as consideration. The chart shows
that the number of shares of Common Stock issued is 15.63 million and does not
change if A Co. stock price changes in three years. The chart also shows that
for the illustrative example, if A Co. stock price is below $32 per share, then
15.63 million shares of A Co. shares will be issued upon conversion of MCPS. If
A Co. stock price is between $32 and $39.68 per share, then the number of shares
issuable upon conversion will decrease ratably from 15.63 million shares at an A
Co. stock price of $32.00 per share to 12.60 million shares at an A Co. stock
price of $39.68 per share. If A Co. stock price is $39.68 or above, 12.60
million shares of A Co. will be issued upon conversion of the MCPS.
DLJ WASSERSTEIN PERELLA & CO.
- --------------------------------------------------------------------------------
DONALDSON, LUFKIN & JENRETTE -8-
<PAGE> 13
C CO.
- --------------------------------------------------------------------------------
SUMMARY PRICING ANALYSIS OF RECENT MANDATORILY CONVERTIBLE PREFERRED ISSUES
<TABLE>
<CAPTION>
AT ISSUE
-----------------------------------
AMOUNT ISSUE THEORETICAL ISSUE DISCOUNT
DATE ISSUER/UNDERLYING ($MM) YIELD PREMIUM MATURITY PRICE VALUE TO THEORETICAL
- -------- ----------------------- ------ ----- ------- -------- ------ ----------- --------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
12/15/95 Cooper $203 6.00% 16.0% 3.00 $13.50 $14.33 5.8%
Industries/Wyman-Gordon
12/7/95 Enron/Enron Oil & Gas $219 6.25% 21.0% 3.00 $21.75 $22.64 3.9%
11/21/95 Laidlaw / U.S. Filter $64 5.75% 22.0% 5.00 $21.25 $23.48 9.5%
5/15/95 MFS Comm. / MFS Comm. $318 8.00% 22.0% 3.00 $33.50 $36.30 7.7%
3/20/95 Sprint / SNET $137 8.25% 15.3% 5.00 $31.88 $33.45 4.7%
----------------------------------------------------------
AVERAGE DISCOUNT 6.3%
----------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
TRADING VALUE
--------------------------------
CURRENT THEORETICAL TRADING
DATE ISSUER/UNDERLYING VALUE(1) VALUE DISCOUNT
- -------- ----------------------- -------- ----------- --------
<S> <C> <C> <C> <C>
12/15/95 Cooper $16.13 $17.01 5.2%
Industries/Wyman-Gordon
12/7/95 Enron/Enron Oil & Gas $25.38 $25.90 2.0%
11/21/95 Laidlaw / U.S. Filter $26.75 $28.38 5.7%
5/15/95 MFS Comm. / MFS Comm. $55.13 $57.12 3.5%
3/20/95 Sprint / SNET $38.75 $39.50 1.9%
- ------------------------------------------------------------------------
3.7%
- ------------------------------------------------------------------------
</TABLE>
Note: All theoretical pricing based on call-spread method using Black-Scholes
methodology for valuing options.
- --------------------
(1) As of 3/29/96.
DLJ WASSERSTEIN PERELLA & CO.
- --------------------------------------------------------------------------------
DONALDSON, LUFKIN & JENRETTE -9-
<PAGE> 14
C CO.
- --------------------------------------------------------------------------------
VALUATION SUMMARY
DLJ WASSERSTEIN PERELLA & CO.
- --------------------------------------------------------------------------------
DONALDSON, LUFKIN & JENRETTE
<PAGE> 15
C CO.
- --------------------------------------------------------------------------------
C CO. VALUATION SUMMARY
<TABLE>
<CAPTION>
CURRENT MARKET
A CO. OFFER VALUATION
----------- --------------
<S> <C> <C>
Price ......................................... $ 55.00 $ 51.125
Shares Outstanding(1) ......................... 45.5 45.5
-------- --------
Equity Value .................................. $2,501.2 $2,325.0
Plus: Debt .................................... $ 355.7 $ 355.7
Less: Cash .................................... (142.0) (142.0)
Less: AT&T stock value(2) .................... (20.0) (20.0)
Less: Option Proceeds ......................... (87.0) (87.0)
-------- --------
Enterprise Value .............................. $2,607.9 $2,431.7
======== ========
</TABLE>
- --------------------
(1) Assumes no conversion of existing zero coupon convertible notes.
(2) Excludes NOL of $46 million and CCIL warrants held.
DLJ WASSERSTEIN PERELLA & CO.
- --------------------------------------------------------------------------------
DONALDSON, LUFKIN & JENRETTE -10-
<PAGE> 16
C CO.
- --------------------------------------------------------------------------------
OVERVIEW OF VALUATION
<TABLE>
<CAPTION>
CURRENT MARKET
A CO. OFFER VALUATION
----------- --------------
<S> <C> <C>
Share Price............................................ $55.00 $51.125
Enterprise Value....................................... $2,607.9 $2,431.7
======== ========
PER POP VALUATION
POPs (mm).............................................. 8.1 8.1
- -------------------------------------------------------------------------------------
Enterprise Value / POP................................. $322 $300
- -------------------------------------------------------------------------------------
EBITDA VALUATION(1)
1995E EBITDA (mm)...................................... $143.0 $143.0
LTM 6/30/96E........................................... 160.0 160.0
1996E EBITDA .......................................... 187.5 187.5
LTM 6/30/97E........................................... 205.0 205.0
1997E EBITDA........................................... 229.7 229.7
LTM 6/30/98E........................................... 250.0 250.0
1998E EBITDA........................................... 276.8 276.8
- -------------------------------------------------------------------------------------
Enterprise Value / 1995E EBITDA........................ 18.2x 17.0x
Enterprise Value / LTM 6/30/96E........................ 16.3x 15.2x
Enterprise Value / 1996E EBITDA........................ 13.9x 13.0x
Enterprise Value / LTM 6/30/97E........................ 12.7x 11.9x
Enterprise Value / 1997E EBITDA........................ 11.4x 10.6x
Enterprise Value / LTM 6/30/98E........................ 10.4x 9.7x
Enterprise Value / 1998E EBITDA........................ 9.4x 8.8x
- -------------------------------------------------------------------------------------
</TABLE>
- --------------------
(1) Approved 1996 budget and 5-Year Plan; represents C Co.'s 50% of joint
venture.
DLJ WASSERSTEIN PERELLA & CO.
- --------------------------------------------------------------------------------
DONALDSON, LUFKIN & JENRETTE -11-
<PAGE> 17
C CO.
- --------------------------------------------------------------------------------
COMPARABLE COMPANY ANALYSIS
- The following table summarizes the current public market valuations
of selected U.S. cellular operators. C Co. trades at a substantial
premium to the group which includes several companies with immature
systems.
<TABLE>
<CAPTION>
COMPARISON OF SELECTED DOMESTIC CELLULAR OPERATORS(2)
-------------------------------------------------------------------------------------------
US 360(DEGREE)
C CO.(1) AIRTOUCH CENTENNIAL COMMNET PALMER CELLULAR COMM. VANGUARD AVERAGE
-------- -------- ---------- ------- ------ -------- ----------- -------- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Ent. Value/ POP..................... $300 $209 $116 $185 $229 $131 $222 $176 $181
Ent. Value /1995E EBITDA............ 17.0x 13.1x 12.7x 25.4x 14.1x 20.3x NA 18.8x 17.4x
Ent. Value / 1996E EBITDA........... 13.0x 10.3x 10.5x NA 11.2x 14.2x NA 11.4x 11.5x
</TABLE>
- The following table summarizes the value of C Co. at various
multiples.
<TABLE>
<CAPTION>
BASED ON 1995E NP EBITDA BASED ON 1996E NP EBITDA
------------------------ ------------------------
SHARE SHARE
MULTIPLE PRICE MULTIPLE PRICE
-------- ------ -------- ------
<S> <C> <C> <C>
12.0x $35.39 10.0x $38.88
14.0 41.68 11.0 43.01
16.0 47.97 12.0 47.13
18.0 54.25 13.0 51.25
20.0 60.54
</TABLE>
- --------------------
(1) At current market valuation.
(2) As of April 2, 1996. Analysis based upon DLJ equity research estimates.
DLJ WASSERSTEIN PERELLA & CO.
- --------------------------------------------------------------------------------
DONALDSON, LUFKIN & JENRETTE -12-
<PAGE> 18
C CO.
- --------------------------------------------------------------------------------
C CO. SHARE PRICE ANALYSIS
- The following tables illustrates a range of projected share prices
at December 31, 1997, based on various NP EBITDA projections and
valuation multiples. The second table illustrates a range of
estimated 1997 C Co. share prices discounted to July 31, 1996,
based on various discount rates.
EXPECTED C CO. PRICE PER SHARE AT 12/31/97
<TABLE>
<CAPTION>
1997 NP EBITDA
------------------------------------------
$400.0 $420.0 $440.0 $460.0 $480.0
------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C> <C>
10.0X $41.63 $43.83 $46.03 $48.23 $50.43
11.0 46.03 48.45 50.87 53.29 55.71
EBITDA 12.0 50.43 53.07 55.71 58.34 60.98
MULTIPLE 13.0 54.83 57.68 60.54 63.40 66.26
14.0 59.22 62.30 65.38 68.46 71.54
15.0 63.62 66.92 70.22 73.52 76.82
16.0 68.02 71.54 75.06 78.57 82.09
</TABLE>
DISCOUNTED VALUE OF 12/31/97 C CO. PRICE PER SHARE TO JULY 31, 1996
<TABLE>
<CAPTION>
DISCOUNT RATE
------------------------------------------
10.0% 12.5% 15.0% 17.5% 20.0%
------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C> <C>
$54.00 $47.18 $45.70 $44.30 $42.97 $41.71
56.00 48.93 47.39 45.94 44.56 43.25
EXPECTED 58.00 50.67 49.09 47.58 46.15 44.80
PRICE PER 60.00 52.42 50.78 49.22 47.75 46.34
SHARE AT 62.00 54.17 52.47 50.86 49.34 47.89
12/31/97 64.00 55.92 54.16 52.50 50.93 49.43
66.00 57.66 55.86 54.14 52.52 50.98
68.00 59.41 57.55 55.79 54.11 52.52
70.00 61.16 59.24 57.43 55.70 54.07
72.00 62.91 60.93 59.07 57.29 55.61
</TABLE>
DLJ WASSERSTEIN PERELLA & CO.
- --------------------------------------------------------------------------------
DONALDSON, LUFKIN & JENRETTE -13-
<PAGE> 19
C CO.
- --------------------------------------------------------------------------------
LIN VALUATION VS. C CO. VALUATION
<TABLE>
<CAPTION>
LIN FINAL C CO.
VALUATION (A CO. OFFER)
--------- -------------
<S> <C> <C>
Price.................................... $ 129.90 $ 55.00
Shares Outstanding....................... 53.3 45.5
-------- --------
Equity Value............................. $6,923.7 $2,501.2
Plus: Debt............................... $1,618.8 $355.7
Less: Cash............................... (75.5) (142.0)
Less: Other Value(1)..................... (111.4) (20.0)
Less: Option Proceeds.................... (83.0) (87.0)
-------- --------
Enterprise Value......................... $8,272.6 $2,607.9
======== ========
VALUATION MULTIPLES:(2)
POPs (mm)................................ 26.0 8.1
Enterprise Value / POP................... $ 318 $322
LTM(3) EBITDA............................ $ 400.0 $160.0
Enterprise Value / LTM
EBITDA................................... 20.7x 16.3x
CY+1(4) EBITDA........................... $ 518.3 $187.5
Enterprise Value / CY+1
EBITDA................................... 16.0x 13.9x
LTM+1 EBITDA............................. $ 600.0 $205.0
Enterprise Value / LTM+1
EBITDA................................... 13.8x 12.7x
LTM+2 EBITDA............................. $ 739.3 $250.0
Enterprise Value / LTM+2
EBITDA................................... 11.2x 10.4x
</TABLE>
- --------------------
(1) Other value includes broadcasting/ public inv. for LIN, and AT&T stock for
C Co.
(2) EBITDA and PMV for LIN estimates are from DLJ equity research. C Co.
estimates are from the five year plan case (interim periods estimated).
(3) LTM as of 6/95 for LIN and 6/96 for C Co.
(4) Represents calendar year 1995 for LIN and 1996 for C Co.
DLJ WASSERSTEIN PERELLA & CO.
- --------------------------------------------------------------------------------
DONALDSON, LUFKIN & JENRETTE -14-
<PAGE> 20
C CO.
- --------------------------------------------------------------------------------
C CO. IMPLIED VALUE PER SHARE BASED ON LIN MULTIPLES
<TABLE>
<CAPTION>
-------------
IMPLIED C CO. IMPLIED C CO. IMPLIED C CO.
C. CO. ESTIMATED AT&T/LIN ENTERPRISE EQUITY VALUE PER
EBITDA MULTIPLE VALUE VALUE(1) SHARE(2)
---------------- -------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C>
------------------
Multiple of EBITDA
------------------
LTM 6/30/96E Proportionate EBITDA $165 20.7x $3,423 $3,316 $72.93
LTM 6/30/97E Proportionate EBITDA $205 13.8 $2,829 $2,722 $59.86
LTM 6/30/98E Proportionate EBITDA $250 11.2 $2,803 $2,696 $59.29
-------------
-------------
VALUE PER POP
-------------
No. of POPs 8.100
AT&T/LIN Per Pop Value $320
Implied Enterprise Value $2,594
Implied Equity Value(1) $2,488
----------------------------------------------------------------------------------------------------------------
IMPLIED VALUE PER SHARE(2) $54.70
----------------------------------------------------------------------------------------------------------------
</TABLE>
- --------------------
(1) Based on net debt of $106.72 million.
(2) Assumes 45.48 million fully diluted shares outstanding, and no conversion
of zero coupon bonds.
DLJ WASSERSTEIN PERELLA & CO.
- --------------------------------------------------------------------------------
DONALDSON, LUFKIN & JENRETTE -15-
<PAGE> 21
C CO.
- --------------------------------------------------------------------------------
DISCOUNTED CASH FLOW VALUATION(1)
<TABLE>
<CAPTION>
DISCOUNT RATE Terminal Exit Multiples of OCF
- ------------- ------------------------------
10.0x 11.0x 12.0x 13.0x 14.0x
----- ----- ----- ----- -----
<S> <C> <C> <C> <C> <C> <C>
9.0% Proportionate Present Value of Cash Flows $283,075 $283,075 $283,075 $283,075 $283,075
Proportionate Present Value of Terminal Value $2,392,334 $2,631,567 $2,870,801 $3,110,034 $3,349,268
---------- ---------- ---------- ---------- ----------
PROPORTIONATE ENTERPRISE VALUE $2,675,409 $2,914,642 $3,153,876 $3,393,109 $3,632,342
NET DEBT (2) $106,718 $106,718 $106,718 $106,718 $106,718
EQUITY VALUE $2,568,691 $2,807,924 $3,047,158 $3,286,391 $3,525,624
-----------------------------------------------------------------------------------------------------------------
VALUE PER SHARE $56.48 $61.74 $67.00 $72.27 $77.53
-----------------------------------------------------------------------------------------------------------------
ENTERPRISE VALUE/POP $330.30 $359.83 $389.37 $418.90 $448.44
-----------------------------------------------------------------------------------------------------------------
Implied Perpetuity Growth Rate of FCF 4.1% 4.5% 4.9% 5.2% 5.4%
11.0% Proportionate Present Value of Cash Flows $270,266 $270,266 $270,266 $270,266 $270,266
Proportionate Present Value of Terminal Value $2,248,237 $2,473,061 $2,697,885 $2,922,709 $3,147,532
---------- ---------- ---------- ---------- ----------
PROPORTIONATE ENTERPRISE VALUE $2,518,503 $2,743,327 $2,968,151 $3,192,974 $3,417,798
NET DEBT (2) $106,718 $106,718 $106,718 $106,718 $106,718
EQUITY VALUE $2,411,785 $2,636,609 $2,861,433 $3,086,256 $3,311,080
-----------------------------------------------------------------------------------------------------------------
VALUE PER SHARE $53.03 $57.98 $62.92 $67.86 $72.81
-----------------------------------------------------------------------------------------------------------------
ENTERPRISE VALUE/POP $310.93 $338.68 $366.44 $394.19 $421.95
-----------------------------------------------------------------------------------------------------------------
Implied Perpetuity Growth Rate of FCF 6.0% 6.4% 6.8% 7.1% 7.4%
13.0% Proportionate Present Value of Cash Flows $258,303 $258,303 $258,303 $258,303 $258,303
Proportionate Present Value of Terminal Value $2,115,165 $2,326,682 $2,538,198 $2,749,715 $2,961,232
---------- ---------- ---------- ---------- ----------
PROPORTIONATE ENTERPRISE VALUE $2,373,469 $2,584,985 $2,796,502 $3,008,018 $3,219,535
NET DEBT (2) $106,718 $106,718 $106,718 $106,718 $106,718
EQUITY VALUE $2,266,751 $2,478,267 $2,689,784 $2,901,300 $3,112,817
-----------------------------------------------------------------------------------------------------------------
VALUE PER SHARE $49.84 $54.50 $59.15 $63.80 $68.45
-----------------------------------------------------------------------------------------------------------------
ENTERPRISE VALUE/POP $293.02 $319.13 $345.25 $371.36 $397.47
-----------------------------------------------------------------------------------------------------------------
Implied Perpetuity Growth Rate of FCF 7.9% 8.3% 8.7% 9.0% 9.3%
15.0% Proportionate Present Value of Cash Flows $247,116 $247,116 $247,116 $247,116 $247,116
Proportionate Present Value of Terminal Value $1,992,101 $2,191,311 $2,390,521 $2,589,732 $2,788,942
---------- ---------- ---------- ---------- ----------
PROPORTIONATE ENTERPRISE VALUE $2,239,217 $2,438,428 $2,637,638 $2,836,848 $3,036,058
NET DEBT (2) $106,718 $106,718 $106,718 $106,718 $106,718
EQUITY VALUE $2,132,499 $2,331,710 $2,530,920 $2,730,130 $2,929,340
-----------------------------------------------------------------------------------------------------------------
VALUE PER SHARE $46.89 $51.27 $55.65 $60.03 $64.41
-----------------------------------------------------------------------------------------------------------------
ENTERPRISE VALUE/POP $276.45 $301.04 $325.63 $350.23 $374.82
-----------------------------------------------------------------------------------------------------------------
Implied Perpetuity Growth Rate of FCF 9.8% 10.3% 10.6% 11.0% 11.2%
</TABLE>
_________________________________
(1) Based on 45.48 million fully diluted shares outstanding. Present values as
of 8/1/96. Enterprise value per POP based on 1995 proportionate POPs of
8.10 million. Does not assume conversion of zero coupon bond. Projections
are as provided by C Co. Management for NP JV in mid-1995. Reflects 50%
ownership in JV. 1995 and 1996 EBITDA figures reflect estimates provided
by Management in 2/96 and 3/96, respectively.
(2) As of 12/31/95. Includes option proceeds.
DLJ WASSERSTEIN PERELLA & CO.
- --------------------------------------------------------------------------------
DONALDSON, LUFKIN & JENRETTE -16-
<PAGE> 22
C CO.
- --------------------------------------------------------------------------------
C CO. IMPLIED VALUATION BASED ON OTHER MAJOR TRANSACTIONS
<TABLE>
<CAPTION>
------- -------- -------
LOW MEDIAN HIGH
------- -------- -------
<S> <C> <C> <C>
- ------------------------------------------------
MULTIPLE OF LTM 6/30/96E EBITDA (LTM) 25.3X 25.4X 28.8X
- ------------------------------------------------
C Co. LTM 6/30/96E EBITDA $165 $165 $165
Implied Enterprise Value $4,186 $4,192 $4,764
Implied Equity Value(1) $4,080 $4,085 $4,657
----------------------------------------------------------------------------------
IMPLIED EQUITY VALUE PER SHARE(2) $89.71 $89.83 $102.41
----------------------------------------------------------------------------------
- ------------------------------------------------
MULTIPLE OF 6/30/97E EBITDA (1ST YEAR PROJECTED) 14.1X 19.9X 23.8X
- ------------------------------------------------
C Co. LTM 6/30/97E EBITDA $209 $209 $209
Implied Enterprise Value $2,949 $4,150 $4,975
Implied Equity Value(1) $2,842 $4,043 $4,868
----------------------------------------------------------------------------------
IMPLIED EQUITY VALUE PER SHARE(2) $62.49 $88.91 $107.05
----------------------------------------------------------------------------------
- ------------------------------------------------
PER POP VALUE $148 $191 $284
- ------------------------------------------------
C Co. Proportionate POPs 8.10 8.10 8.10
Implied Enterprise Value $1,201 $1,549 $2,300
Implied Equity Value(1) $1,094 $1,442 $2,194
----------------------------------------------------------------------------------
IMPLIED EQUITY VALUE PER SHARE(2) $24.06 $31.71 $48.24
----------------------------------------------------------------------------------
</TABLE>
- --------------------
(1) Based on net debt of $106.72 million.
(2) Assumes 45.48 million fully diluted shares outstanding, and no conversion
of zero coupon bonds.
DLJ WASSERSTEIN PERELLA & CO.
- --------------------------------------------------------------------------------
DONALDSON, LUFKIN & JENRETTE -17-
<PAGE> 23
C CO.
- --------------------------------------------------------------------------------
SELECTED MAJOR TRANSACTIONS IN THE CELLULAR INDUSTRY
<TABLE>
<CAPTION>
-------------------------------------------
PRICE/1ST PRICE/2ND
YEAR YEAR
PURCHASE EBITDA EBITDA
PRICE PRICE/LTM SINCE SINCE
DATE ANNOUNCED MARKET(S) BUYER/BIDDER SELLER/TARGET ($MM) PRICE/POP EBITDA LTM LTM
- -------------- ------------------------ --------------- --------------- ---------- --------- ---------- --------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Sep. 1994 Includes 19.5MM adjusted GTE Contel Cellular $457(1) $191.2 25.4x(2) 14.1x(2) 9.9x(2)
MSA POPs and 4.4MM (acquired
adjusted RSA POPs. remaining 10%
stake)
Feb. 1994 Buffalo, NY (75.0)% SBC Associated $680(3) $188.9 28.8x(4) 19.9x(4) 15.9x(4)
Rochester, NY (85.7%) Communications Communications
Albany, NY
Pittsburgh, PA (35.7)%
San Francisco (3.0)%
Aug. 1993 Nationwide markets AT&T McCaw $16,731(5) $284.0 25.3x(6) 18.1x(6) 13.0x(6)
including: Dallas TX, Cellular
San Francisco, CA,
Miami, FL
Nov. 1990 35 cities in the Midwest US West US West $476(7) $148.2 N.M.(8)(9) 23.8x(8) 14.1x(8)
and the Western U.S. (acquired New Vector
remaining 19%
stake)
------------------------------------------
-------------------------------------------------------------------------------------------------------------------
Low $148.2 25.3x 14.1x 9.9x
Mean $203.1 26.5x 19.0x 13.3x
Median $191.2 25.4x 19.9x 14.1x
High $284.0 28.8x 23.8x 15.9x
-------------------------------------------------------------------------------------------------------------------
</TABLE>
- --------------------
(*) Notes on the following page.
DLJ WASSERSTEIN PERELLA & CO.
- --------------------------------------------------------------------------------
DONALDSON, LUFKIN & JENRETTE -18-
<PAGE> 24
C CO.
- --------------------------------------------------------------------------------
SELECTED MAJOR TRANSACTIONS IN THE CELLULAR INDUSTRY
NOTES
(1) Purchase offer consisted of a cash offer of $25.50 per share for all
9.97MM outstanding Class B shares (10% of outstanding stock). The implied
enterprise purchase price (for 100% of the stock) includes 2.02 billion
of net debt, as per the 9/30/94 Contel 10-Q. The purchase price shown is
10% of this adjusted total price.
(2) LTM EBITDA is as of 9/30/94. 1994 EBITDA is the 12/31/94 actual fiscal
EBITDA. 1995E and 1996E EBITDA is based on management projections, as
listed in the 1/31/95 Contel Merger Proxy. All EBITDA numbers are
multiplied by the proportionate ratio of total to consolidated POPs of
1.43 (source: 1/30/95 Merger Proxy) to derive total cellular EBITDA.
EBITDA was also adjusted for minority interest to reflect average 94.1%
ownership in consolidated EBITDA. The EBITDA numbers presented represent
10% of total EBITDA. LTM EBITDA calculation are on a proportionate basis.
(3) Purchase price includes the assumption of $128MM in liabilities. In
connection with the transaction, Associated shareholders received
pro-rated shares of a new company to be formed with the non-cellular
assets that were not sold to SBC (these include holdings in TCI, Liberty
Media, General Communications, Republic Pictures, as well as Mexican
cellular (2.1MM POPs) operations.
(4) LTM 12/31/93 historical EBITDA of merged cellular assets ($19.7MM) taken
from the 7/29/94 Associated Merger Proxy. Proportional EBITDA based on
ratio of total POPs to consolidated POPs of 1.33, and 90.2% average
proportionate interest in consolidated cellular EBITDA. 1994 EBITDA
assumes a 45% growth rate over 1993. 1995 EBITDA assumes a 25% growth
rate over 1994 EBITDA.
(5) Net debt calculation excludes $1,238 million of preferred stock
exchangeable for LIN's 49.99% interest in Philadelphia, which is assumed
to be redeemed. Purchase price includes McCaw's estimated 472,500 pagers
at $500 a pager, 52% of 9.5x LTM LIN's media properties cash flow of
$69.5 million as of 6/30/93, McCaw's direct and indirect interest in
American Mobile Satellite (AMSAT) of 8.85% and AMSAT's equity value of
$506.4 million as of 12/31/93.
(6) Proportionate cellular OCF values from McCaw 10-K and 10-Q. Excludes
Philadelphia (in millions): LTM as of 6/30/93 - $13.9; 1993 - $18.0; LTM
as of 6/30/94 - $29.8. Philadelphia estimates from LIN appraisal
information, except for OCF of LTM as of 6/30/94, which is based on pro
rata CAGR from 1993 to 1994. 1994 and 1995 OCF estimates from research
analyst reports.
(7) Reflects U.S. West's acquisition of the remaining 19% of New Vector that
it did not own.
(8) EBITDA projections are based on the January 3, 1990 Merrill Lynch analyst
research report. Represent 19% of total EBITDA.
(9) Relevant multiple is 49.7x.
DLJ WASSERSTEIN PERELLA & CO.
- --------------------------------------------------------------------------------
DONALDSON, LUFKIN & JENRETTE -19-
<PAGE> 25
C CO.
- --------------------------------------------------------------------------------
A CO. OVERVIEW
DLJ WASSERSTEIN PERELLA & CO.
- --------------------------------------------------------------------------------
DONALDSON, LUFKIN & JENRETTE
<PAGE> 26
C CO.
- --------------------------------------------------------------------------------
BUSINESS OVERVIEW OF A CO.
<TABLE>
<CAPTION>
A Co.
----------------------------------------
Proportionate U.S. Cellular U.S. Paging Proportionate International Cellular
- -------------------------------------- ---------------------------------------- -----------------------------------------------
<S> <C> <C>
- - 37.508 million total POPs - 2.338 million units in service, in - 105.4 million proportionate POPs
- - 2.262 million cellular subscribers over 120 markets and 17 states - 797,000 subscribers
- - Controls or shares control over - Third largest paging company in U.S. - Country Proportionate POPs
cellular systems in 10 of the 30 - Start-up operations in Denver, Japan
largest markets including: Chicago, Ohio and mid-Atlantic - Tokyo . . . . . . . . . . . 6.3
- Los Angeles - Commercial products include: - Kansai . . . . . . . . . . . 2.7
- San Francisco - A Co. One Number(TM) - Tokai . . . . . . . . . . . 1.9
- San Diego - Display Messaging(TM) - Digital TU-KA Companies. . . 2.1
- Sacramento - PageSaver(TM) Germany . . . . . . . . . . . . 28.4
- San Jose - NewsCast(TM) Belgium . . . . . . . . . . . . . 2.5
- Atlanta Portugal . . . . . . . . . . . . . 2.3
- Kansas City Sweden . . . . . . . . . . . . . . 4.5
- Cincinnati Italy . . . . . . . . . . . . . . 6.8
- Cleveland Spain . . . . . . . . . . . . . . 6.2
- Detroit South Korea . . . . . . . . . . . 4.8
- - Currently has JVs with McCaw (San India
Francisco Bay); C Co. (Michigan - Madras . . . . . . . . 1.3
and Ohio); U S WEST, Bell Atlantic - Madhya Pradesh . . . 35.6
and NYNEX (Nationwide: PCS
PrimeCo JV in 11 markets)
Poland - Recently awarded
cellular license to A
Co.'s consortium,
Polkomtel on 2/1/96.
Poland has 40 million
POPs and [less than] 1%
cellular penetration.
</TABLE>
DLJ WASSERSTEIN PERELLA & CO.
- --------------------------------------------------------------------------------
DONALDSON, LUFKIN & JENRETTE
-20-
<PAGE> 27
C CO.
- --------------------------------------------------------------------------------
A CO. VALUATION AT VARIOUS PRICES
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C>
- ----------------------------------------------------------------------------------------------------------------------------------
Stock Price $30.88 $32.00 $33.00 $34.00 $35.00 $36.00 $37.00 $38.00
- ----------------------------------------------------------------------------------------------------------------------------------
Premium to Current Stock Price (4/2/96) 0.0% 3.6% 6.9% 10.1% 13.4% 16.6% 19.8% 23.1%
Total Fully Dilutes Shares(1) 511.25 511.25 511.25 511.25 511.25 511.25 511.25 511.25
- ----------------------------------------------------------------------------------------------------------------------------------
Firm Equity Value 15,785 16,360 16,871 17,382 17,894 18,405 18,916 19,427
- ----------------------------------------------------------------------------------------------------------------------------------
Net Debt(2) 698 698 698 698 698 698 698 698
- ----------------------------------------------------------------------------------------------------------------------------------
Total Cellular Enterprise Value 16,483 17,058 17,570 18,081 18,592 19,103 19,615 20,126
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Assumed Value of Non-Domestic Cellular
Operations(3) 8,717
- ----------------------------------------------------------------------------------------------------------------------------------
Implied Domestic Cellular Enterprise Value 7,766 8,341 8,853 9,364 9,875 10,386 10,898 11,409
- ----------------------------------------------------------------------------------------------------------------------------------
Proportionate Domestic POPs 37.7 37.7 37.7 37.7 37.7 37.7 37.7 37.7
- ----------------------------------------------------------------------------------------------------------------------------------
Implied Domestic Cellular Enterprise Value
per POP $206 $221 $235 $248 $262 $275 $289 $303
- ----------------------------------------------------------------------------------------------------------------------------------
Domestic Cellular Enterprise Value as a
Multiple of:
- ----------------------------------------------------------------------------------------------------------------------------------
1995A EBITDA $605 12.8x 13.8x 14.6x 15.5x 16.3x 17.2x 18.0x 18.9x
- ----------------------------------------------------------------------------------------------------------------------------------
1996E EBITDA $774 10.0 10.8 11.4 12.1 12.8 13.4 14.1 14.7
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Assumed Value of Non-Domestic Cellular
Operations(3) 5,000
- ----------------------------------------------------------------------------------------------------------------------------------
Implied Domestic Cellular Enterprise Value 11,483 12,058 12,570 13,081 13,592 14,103 14,615 15,126
- ----------------------------------------------------------------------------------------------------------------------------------
Proportionate Domestic POPs 37.7 37.7 37.7 37.7 37.7 37.7 37.7 37.7
- ----------------------------------------------------------------------------------------------------------------------------------
Implied Domestic Cellular Enterprise Value
per POP $305 $320 $333 $347 $361 $374 $388 $401
- ----------------------------------------------------------------------------------------------------------------------------------
Domestic Cellular Enterprise Value as a
Multiple of:
- ----------------------------------------------------------------------------------------------------------------------------------
1995A EBITDA $605 19.0x 19.9x 20.8x 21.6x 22.5x 23.3x 24.1x 25.0x
- ----------------------------------------------------------------------------------------------------------------------------------
1996E EBITDA $774 14.8 15.6 16.2 16.9 17.6 18.2 18.9 19.5
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
- ----------------------
(1) Includes 12.6 million options outstanding exercisable at an average
price of $21.49 at December 31, 1995.
(2) Net Debt includes $7.5 million short-term debt, $892.4 million
long-term debt, $82.9 million cash, $152.5 million minority interests,
and 271.1 million in option proceeds.
(3) From analyst reports.
DLJ WASSERSTEIN PERELLA & CO.
- --------------------------------------------------------------------------------
DONALDSON, LUFKIN & JENRETTE
-21-
<PAGE> 28
C CO.
- --------------------------------------------------------------------------------
STOCK PRICE & VOLUME HISTORY FOR A CO. SINCE IPO (12/03/93)
A CO.
PRICE VOLUME ANALYSIS
December 3, 1993 through April 2, 1996
The chart consists of A Co.'s weekly stock price and trading volume
history from December 3, 1993 to April 2, 1996. A Co.'s stock price closed at
$25.50 per share on December 3, 1993 with 25,273,500 shares traded, closed at
$22.75 per share on March 18, 1994 with 1,101,800 shares traded, closed at
$24.00 per share on July 1, 1994 with 675,000 shares traded, closed at $29.25
per share on October 14, 1994 with 602,300 shares traded, closed at $27.50 per
share on January 27, 1995 with 2,043,200 shares traded, closed at $26.625 per
share on May 12, 1995 with 1,378,200 shares traded, closed at $31.75 per share
on August 25, 1995 with 1,195,900 shares traded, closed at $27.375 per share on
December 8, 1995 with 708,300 shares traded, closed at $31.50 per share on
March 22, 1996 with 439,600 shares traded, and closed at $30.875 per share on
April 2, 1996 with 470,600 shares traded. A Co.'s stock reached a high of
$34.625 on September 15, 1995 with 1,313,300 shares traded, and hit a low of
$20.375 on April 4, 1994 with 1,282,400 shares traded.
A CO. STOCK PRICE HISTORY
-------------------------
December 3, 1993 through April 2, 1996
<TABLE>
<CAPTION>
DATE VOLUME HIGH LOW CLOSE
---- ------ ---- --- -----
<S> <C> <C> <C> <C>
12/03/93 25,273,500 26.50 25.38 25.50
12/10/93 12,178,200 27.25 25.13 25.50
12/17/93 4,754,900 25.88 25.00 25.25
12/23/93 4,324,900 25.13 24.38 24.75
12/31/93 1,037,300 25.38 24.75 24.88
1/07/94 3,112,600 24.75 23.50 24.38
1/14/94 2,808,300 24.63 23.63 24.25
1/21/94 2,969,300 25.75 24.00 25.75
1/28/94 2,047,400 25.50 23.75 24.63
2/04/94 2,240,800 25.38 23.50 23.50
2/11/94 1,739,200 24.00 23.38 23.75
2/18/94 2,342,800 24.63 23.50 24.00
2/25/94 1,606,600 24.50 22.88 23.63
3/04/94 4,657,700 23.63 21.00 23.38
3/11/94 5,173,400 24.25 23.50 24.13
3/18/94 4,649,000 24.63 22.38 22.75
3/25/94 3,699,700 22.75 21.63 21.88
3/31/94 5,635,500 22.63 20.38 20.88
4/08/94 16,582,700 22.88 19.88 21.75
4/15/94 17,038,500 23.88 21.38 23.63
4/22/94 7,510,300 24.13 22.50 22.88
4/29/94 7,725,200 24.88 22.75 24.63
5/06/94 8,475,300 24.88 23.88 24.00
5/13/94 5,890,500 24.88 23.25 24.25
5/20/94 5,919,100 24.63 23.63 24.63
5/27/94 4,425,700 24.63 23.13 24.13
6/03/94 6,033,200 26.25 24.00 25.75
6/10/94 5,711,700 26.75 25.13 25.25
6/17/94 4,922,500 25.25 24.13 24.13
6/24/94 4,947,500 24.75 23.50 24.00
7/01/94 4,538,900 25.13 23.63 24.00
7/08/94 2,737,600 24.88 23.38 24.75
7/15/94 4,923,500 25.00 23.75 24.63
7/22/94 5,627,700 26.50 24.25 25.88
7/29/94 7,337,400 26.50 25.50 26.00
8/05/94 4,057,700 26.50 24.88 24.88
8/12/94 5,057,100 26.75 24.88 26.63
8/19/94 4,424,000 27.25 26.13 26.63
8/26/94 3,359,500 27.50 26.00 27.25
9/02/94 11,361,800 29.38 27.63 28.38
9/09/94 4,727,100 29.25 27.75 28.25
9/16/94 5,136,000 29.13 27.75 28.63
9/23/94 3,395,100 28.63 27.50 27.75
9/30/94 3,000,300 28.88 27.38 28.63
10/07/94 4,825,200 28.88 26.75 27.50
10/14/94 5,058,400 30.13 27.38 29.25
10/21/94 3,747,600 29.38 28.50 29.00
10/28/94 3,336,700 30.13 28.50 30.13
11/04/94 3,901,400 30.63 27.88 27.88
11/11/94 3,966,500 28.38 27.63 28.13
11/18/94 4,652,500 28.88 27.63 27.75
11/25/94 4,267,300 28.00 25.88 26.38
12/02/94 4,032,300 27.63 26.38 26.88
12/09/94 4,006,200 27.13 26.13 26.25
12/16/94 4,854,600 28.25 26.38 27.88
12/23/94 2,927,800 28.75 27.75 27.88
12/30/94 2,135,200 29.50 27.88 29.13
1/06/95 2,441,800 29.50 27.88 29.13
1/13/95 3,126,500 30.00 28.38 28.75
1/20/95 3,537,100 29.00 27.63 27.75
1/27/95 4,433,700 28.38 26.50 27.50
2/03/95 7,587,500 28.38 26.75 28.13
2/10/95 4,217,100 28.50 27.75 28.13
2/17/95 7,568,600 28.25 26.50 27.13
2/24/95 2,970,500 28.25 27.00 27.75
3/03/95 3,836,000 27.50 26.38 27.25
3/10/95 7,384,300 28.25 25.88 28.00
3/17/95 6,595,600 27.88 26.25 27.63
3/24/95 5,291,400 28.00 26.63 27.75
3/31/95 6,106,900 28.50 27.13 27.25
4/07/95 6,725,400 27.38 26.25 26.50
4/13/95 7,841,300 26.75 25.50 26.00
4/21/95 19,148,200 26.50 23.88 25.38
4/28/95 5,883,100 26.88 25.00 26.88
5/05/95 4,941,000 27.38 25.00 25.38
5/12/95 5,553,400 26.75 25.25 26.63
5/19/95 4,893,200 27.38 25.75 26.25
5/26/95 4,517,900 27.75 26.38 26.88
6/02/95 3,639,200 27.25 26.38 27.25
6/09/95 4,497,500 27.38 25.88 26.13
6/16/95 6,534,900 27.75 26.25 27.75
6/23/95 4,515,700 29.25 27.75 29.13
6/30/95 4,634,700 29.00 27.13 28.50
7/07/95 5,040,400 31.38 28.25 31.25
7/14/95 4,035,000 31.13 29.75 30.00
7/21/95 4,461,100 30.63 28.63 29.88
7/28/95 5,864,300 32.75 29.88 31.50
8/04/95 4,483,500 32.63 30.75 31.75
8/11/95 3,359,100 32.13 30.13 30.88
8/18/95 3,678,800 31.38 30.13 31.13
8/25/95 3,053,600 32.00 30.50 31.75
9/01/95 3,053,400 33.38 31.50 32.88
9/08/95 2,351,700 33.25 31.63 33.13
9/15/95 3,133,100 35.63 32.63 34.63
9/22/95 3,497,800 34.63 32.00 32.50
9/29/95 6,983,400 32.63 30.38 30.63
10/06/95 2,636,900 31.00 30.38 30.50
10/13/95 5,167,700 31.13 28.75 30.63
10/20/95 4,495,700 30.75 29.00 30.00
10/27/95 4,919,900 30.25 28.13 28.63
11/03/95 4,014,700 31.50 28.50 31.13
11/10/95 4,100,600 32.25 30.75 31.25
11/17/95 4,040,400 31.38 29.88 30.00
11/24/95 7,809,400 30.13 27.88 27.88
12/01/95 8,314,300 29.88 27.75 29.00
12/08/95 7,749,900 29.00 26.50 27.38
12/15/95 7,996,600 28.38 26.63 26.75
12/22/95 6,600,900 28.00 26.25 27.63
12/29/95 3,118,100 28.25 27.50 28.13
1/05/96 4,102,700 29.25 27.25 27.75
1/12/96 5,030,800 28.25 25.63 26.38
1/19/96 4,656,200 27.13 26.00 26.50
1/26/96 4,243,000 28.00 26.25 27.75
2/02/96 5,830,800 29.75 27.13 29.25
2/09/96 10,265,300 32.50 28.88 31.88
2/16/96 4,912,700 32.63 31.13 31.38
2/23/96 5,813,000 33.63 30.88 33.63
3/01/96 4,856,300 33.13 30.63 31.50
3/08/96 4,005,000 32.25 29.25 29.50
3/15/96 4,455,300 30.50 29.25 30.25
3/22/96 3,572,300 32.88 31.00 31.50
3/29/96 3,313,600 32.88 30.25 31.13
4/2/96 1,280,600 31.38 30.63 30.88
</TABLE>
DLJ WASSERSTEIN PERELLA & CO.
- --------------------------------------------------------------------------------
DONALDSON, LUFKIN & JENRETTE
-22-
<PAGE> 29
C CO.
- --------------------------------------------------------------------------------
INDEXED PRICE HISTORY OF A CO. VS. CELLULAR INDEX(1) SINCE IPO (12/03/93)
A CO.
INDEXED PRICE HISTORY VS. CELLULAR INDEX
December 3, 1993 through April 2, 1996
The chart consists of a daily indexed price history from December 3,
1993 to April 2, 1996 of A. Co. versus that of a cellular industry index
comprised of Vanguard Cellular, CommNet Cellular, Centennial Cellular and US
Cellular. A. Co. closed at an indexed value of 100 on December 3, 1993 and
closed at an indexed value of 121.08 on April 2, 1996. A. Co. closed at a high
indexed value of 135.78 on September 15, 1995, and closed at a low indexed value
of 79.90 on April 4, 1994. The cellular industry closed at an indexed value of
100 on December 3, 1993 and closed at an indexed value of 105.64 on April 2,
1996. The cellular industry index closed at a high indexed value of 121.71 on
September 14, 1995, and closed at a low indexed value of 83.96 on April 4, 1994.
<TABLE>
<CAPTION>
INDEXED PRICE HISTORY OF A CO. VS. CELLULAR INDEX
DECEMBER 3, 1993 THROUGH APRIL 2 1996
A CO. CELLULAR INDEX
----------------------------------------------
DATE HIGH LOW CLOSE HIGH LOW CLOSE
- --------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
12/03/93 103.92 99.51 100.00 100.00 100.00 100.00
12/06/93 101.47 98.53 100.49 100.19 100.19 100.19
12/07/93 102.94 100.98 102.94 98.90 98.90 98.90
12/08/93 106.86 102.45 104.90 98.34 98.34 98.34
12/09/93 104.90 101.96 101.96 98.06 98.06 98.06
12/10/93 102.94 100.00 100.00 98.17 98.17 98.17
12/13/93 101.47 100.00 100.00 98.56 98.56 98.56
12/14/93 100.49 98.53 98.53 98.65 98.65 98.65
12/15/93 99.51 98.53 99.02 97.44 97.44 97.44
12/16/93 99.02 98.04 99.02 97.19 97.19 97.19
12/17/93 99.51 98.53 99.02 97.27 97.27 97.27
12/20/93 98.53 98.04 98.53 98.95 98.95 98.95
12/21/93 98.04 95.59 96.08 98.89 98.89 98.89
12/22/93 97.55 95.59 97.55 98.76 98.76 98.76
12/23/93 98.04 96.57 97.06 98.73 98.73 98.73
12/27/93 97.55 97.06 97.55 99.20 99.20 99.20
12/28/93 98.04 97.06 97.55 98.99 98.99 98.99
12/29/93 99.02 97.55 99.02 100.52 100.52 100.52
12/30/93 99.51 98.53 99.02 102.09 102.09 102.09
12/31/93 99.51 97.06 97.55 104.50 104.50 104.50
1/03/94 97.06 92.16 95.10 104.66 104.66 104.66
1/04/94 95.59 93.63 94.12 105.55 105.55 105.55
1/05/94 96.08 94.12 94.61 101.51 101.51 101.51
1/06/94 97.06 95.59 95.59 100.86 100.86 100.86
1/07/94 95.59 95.10 95.59 101.43 101.43 101.43
1/10/94 96.57 95.10 95.10 102.33 102.33 102.33
1/11/94 95.10 94.61 95.10 104.74 104.74 104.74
1/12/94 95.59 94.12 95.10 103.39 103.39 103.39
1/13/94 94.61 93.14 93.14 102.50 102.50 102.50
1/14/94 95.10 92.65 95.10 101.77 101.77 101.77
1/17/94 96.08 94.12 95.10 101.55 101.55 101.55
1/18/94 96.08 95.10 95.59 100.65 100.65 100.65
1/19/94 98.04 95.59 96.08 99.21 99.21 99.21
1/20/94 98.53 96.08 98.04 97.90 97.90 97.90
1/21/94 100.98 97.55 100.98 97.42 97.42 97.42
1/24/94 100.00 97.06 98.04 98.03 98.03 98.03
1/25/94 97.55 96.57 97.55 97.36 97.36 97.36
1/26/94 97.55 94.12 94.61 96.20 96.20 96.20
1/27/94 95.59 93.14 93.63 95.49 95.49 95.49
1/28/94 97.06 94.12 96.57 95.86 95.86 95.86
1/31/94 99.02 97.06 99.02 96.94 96.94 96.94
2/01/94 99.02 97.55 98.53 95.93 95.93 95.93
2/02/94 99.51 98.04 98.53 95.16 95.16 95.16
2/03/94 98.53 95.10 96.57 96.54 96.54 96.54
2/04/94 97.06 92.16 92.16 96.25 96.25 96.25
2/07/94 94.12 91.67 93.63 96.38 96.38 96.38
2/08/94 94.12 93.14 93.63 95.92 95.92 95.92
2/09/94 93.63 92.65 93.14 95.34 95.34 95.34
2/10/94 93.14 92.65 93.14 95.13 95.13 95.13
2/11/94 93.14 92.65 93.14 94.38 94.38 94.38
2/14/94 94.12 92.65 93.63 95.00 95.00 95.00
2/15/94 95.10 93.14 94.12 95.18 95.18 95.18
2/16/94 96.08 94.61 95.10 97.06 97.06 97.06
2/17/94 96.57 94.12 94.12 96.29 96.29 96.29
2/18/94 94.12 92.16 94.12 95.05 95.05 95.05
2/22/94 96.08 93.63 96.08 95.92 95.92 95.92
2/23/94 96.08 94.61 95.10 94.49 94.49 94.49
2/24/94 94.61 91.18 91.67 91.59 91.59 91.59
2/25/94 92.65 89.71 92.65 93.16 93.16 93.16
2/28/94 92.65 92.16 92.16 93.45 93.45 93.45
3/01/94 92.65 91.18 91.18 93.16 93.16 93.16
3/02/94 90.69 87.75 88.24 91.53 91.53 91.53
3/03/94 85.29 82.35 84.80 90.43 90.43 90.43
3/04/94 92.16 87.75 91.67 90.97 90.97 90.97
3/07/94 94.12 92.16 93.63 92.26 92.26 92.26
3/08/94 95.10 93.14 94.12 92.11 92.11 92.11
3/09/94 94.61 93.63 94.61 91.60 91.60 91.60
3/10/94 95.10 93.14 93.14 91.42 91.42 91.42
3/11/94 94.61 93.14 94.61 90.90 90.90 90.90
3/14/94 96.57 94.12 95.59 90.47 90.47 90.47
3/15/94 95.59 92.65 94.61 91.02 91.02 91.02
3/16/94 94.61 92.65 93.14 89.89 89.89 89.89
3/17/94 92.65 88.24 89.22 89.78 89.78 89.78
3/18/94 89.71 87.75 89.22 88.92 88.92 88.92
3/21/94 89.22 87.26 87.75 88.83 88.83 88.83
3/22/94 88.73 87.75 88.24 89.05 89.05 89.05
3/23/94 89.22 87.75 89.22 90.46 90.46 90.46
3/24/94 88.73 85.78 85.78 90.48 90.48 90.48
3/25/94 86.77 84.80 85.78 90.27 90.27 90.27
3/28/94 88.73 85.29 88.24 87.64 87.64 87.64
3/29/94 87.75 84.80 85.78 86.77 86.77 86.77
3/30/94 85.29 83.33 84.80 85.97 85.97 85.97
3/31/94 84.31 79.90 81.86 85.90 85.90 85.90
4/04/94 80.88 77.94 79.90 83.96 83.96 83.96
4/05/94 88.73 81.37 88.73 85.58 85.58 85.58
4/06/94 89.71 86.77 87.26 87.32 87.32 87.32
4/07/94 87.26 83.33 84.80 85.97 85.97 85.97
4/08/94 86.77 84.31 85.29 87.56 87.56 87.56
4/11/94 85.78 83.82 85.78 88.26 88.26 88.26
4/12/94 89.22 85.29 88.24 89.00 89.00 89.00
4/13/94 90.69 87.26 90.20 88.69 88.69 88.69
4/14/94 93.63 89.71 91.18 88.73 88.73 88.73
4/15/94 93.63 91.18 92.65 89.95 89.95 89.95
4/18/94 94.61 91.18 94.12 88.64 88.64 88.64
4/19/94 93.63 89.71 92.16 88.84 88.84 88.84
4/20/94 93.14 88.24 88.73 88.81 88.81 88.81
4/21/94 91.18 88.24 91.18 89.27 89.27 89.27
4/22/94 92.65 88.24 89.71 89.09 89.09 89.09
4/25/94 91.67 89.22 90.69 89.91 89.91 89.91
4/26/94 94.61 89.71 93.63 88.85 88.85 88.85
4/28/94 97.55 94.12 96.57 91.44 91.44 91.44
4/29/94 97.55 95.59 96.57 89.74 89.74 89.74
5/02/94 96.57 94.61 96.08 89.74 89.74 89.74
5/03/94 96.57 93.63 95.59 90.99 90.99 90.99
5/04/94 97.06 95.10 96.57 90.90 90.90 90.90
5/05/94 97.55 95.59 96.57 91.22 91.22 91.22
5/06/94 95.59 93.63 94.12 90.39 90.39 90.39
5/09/94 94.12 91.18 91.18 90.18 90.18 90.18
5/10/94 94.12 92.65 94.12 90.79 90.79 90.79
5/11/94 94.61 92.16 92.65 90.20 90.20 90.20
5/12/94 96.08 93.14 95.10 90.71 90.71 90.71
5/13/94 97.55 94.61 95.10 89.92 89.92 89.92
5/16/94 96.57 94.12 94.61 91.26 91.26 91.26
5/17/94 95.10 92.65 94.12 91.25 91.25 91.25
5/18/94 96.57 93.63 96.08 93.69 93.69 93.69
5/19/94 96.57 95.10 96.08 93.21 93.21 93.21
5/20/94 96.57 95.59 96.57 93.17 93.17 93.17
5/23/94 96.57 93.63 94.61 93.94 93.94 93.94
5/24/94 96.08 94.12 94.12 93.08 93.08 93.08
5/25/94 93.63 90.69 91.67 94.41 94.41 94.41
5/26/94 94.61 91.67 94.12 93.88 93.88 93.88
5/27/94 96.08 93.63 94.61 93.59 93.59 93.59
5/31/94 95.59 94.12 95.59 92.71 92.71 92.71
6/01/94 100.49 95.10 100.49 92.89 92.89 92.89
6/02/94 100.98 99.51 100.98 93.80 93.80 93.80
6/03/94 102.94 100.49 100.98 95.03 95.03 95.03
6/06/94 104.90 100.98 103.92 96.10 96.10 96.10
6/07/94 101.96 100.49 100.49 96.86 96.86 96.86
6/08/94 102.45 100.00 100.98 96.28 96.28 96.28
6/09/94 101.47 98.53 100.49 96.67 96.67 96.67
6/10/94 100.49 99.02 99.02 97.41 97.41 97.41
6/13/94 99.02 97.55 98.53 96.10 96.10 96.10
6/14/94 98.53 97.06 98.04 96.66 96.66 96.66
6/15/94 98.04 96.08 97.06 97.29 97.29 97.29
6/16/94 97.55 96.08 97.06 97.03 97.03 97.03
6/17/94 97.55 94.61 94.61 96.65 96.65 96.65
6/20/94 94.61 92.16 94.12 95.84 95.84 95.84
6/21/94 95.10 92.65 93.63 96.20 96.20 96.20
6/22/94 96.57 93.63 96.08 94.73 94.73 94.73
6/23/94 97.06 95.10 95.10 95.09 95.09 95.09
6/24/94 95.59 93.14 94.12 94.94 94.94 94.94
6/27/94 98.53 93.14 96.57 94.05 94.05 94.05
6/28/94 96.57 92.65 96.08 92.52 92.52 92.52
6/29/94 96.08 93.63 93.63 89.74 89.74 89.74
6/30/94 96.57 92.65 92.65 87.51 87.51 87.51
7/01/94 94.61 92.65 94.12 88.60 88.60 88.60
7/05/94 94.12 92.65 93.14 90.60 90.60 90.60
7/06/94 94.61 91.67 94.12 89.62 89.62 89.62
7/07/94 96.08 94.61 96.08 91.01 91.01 91.01
7/08/94 97.55 94.61 97.06 89.80 89.80 89.80
7/11/94 97.55 94.12 94.61 86.99 86.99 86.99
7/12/94 95.59 93.14 95.10 88.75 88.75 88.75
7/13/94 97.06 94.61 97.06 88.52 88.52 88.52
7/14/94 98.04 96.08 97.55 91.17 91.17 91.17
7/15/94 97.55 96.08 96.57 91.75 91.75 91.75
7/18/94 97.55 95.10 97.55 91.86 91.86 91.86
7/19/94 99.51 96.57 98.53 92.43 92.43 92.43
7/20/94 99.02 97.06 98.53 93.32 93.32 93.32
7/21/94 101.47 95.59 101.47 93.69 93.69 93.69
7/22/94 103.92 100.98 101.47 93.01 93.01 93.01
7/25/94 102.45 100.49 101.96 93.39 93.39 93.39
7/26/94 103.92 101.47 103.43 95.81 95.81 95.81
7/27/94 101.47 100.00 101.47 97.25 97.25 97.25
7/28/94 103.92 100.98 101.96 98.19 98.19 98.19
7/29/94 103.43 101.96 101.96 97.36 97.36 97.36
8/01/94 103.43 101.96 102.45 97.57 97.57 97.57
8/02/94 103.92 101.47 103.43 97.44 97.44 97.44
8/03/94 102.94 101.47 102.94 97.23 97.23 97.23
8/04/94 102.45 100.00 100.00 98.12 98.12 98.12
8/05/94 99.51 97.55 97.55 98.85 98.85 98.85
8/08/94 100.98 97.55 99.02 98.53 98.53 98.53
8/09/94 99.02 97.55 99.02 98.71 98.71 98.71
8/10/94 100.98 99.51 100.49 99.24 99.24 99.24
8/11/94 101.96 100.00 100.49 99.55 99.55 99.55
8/12/94 104.90 100.49 104.41 100.66 100.66 100.66
8/15/94 106.86 104.41 106.86 100.09 100.09 100.09
8/16/94 105.88 103.92 104.41 101.07 101.07 101.07
8/17/94 104.90 102.45 103.92 100.44 100.44 100.44
8/18/94 104.41 102.94 103.92 101.31 101.31 101.31
8/19/94 105.39 103.43 104.41 101.01 101.01 101.01
8/22/94 103.92 101.96 101.96 101.63 101.63 101.63
8/23/94 104.90 102.45 103.92 101.19 101.19 101.19
8/24/94 105.39 103.43 104.41 102.52 102.52 102.52
8/25/94 107.84 103.92 104.90 103.61 103.61 103.61
8/26/94 107.84 105.39 106.86 106.82 106.82 106.82
8/29/94 111.28 108.33 110.78 109.50 109.50 109.50
8/30/94 115.20 109.80 111.77 109.18 109.18 109.18
8/31/94 113.73 110.78 110.78 109.15 109.15 109.15
9/01/94 111.28 109.31 109.80 106.92 106.92 106.92
9/02/94 112.26 111.28 111.28 107.64 107.64 107.64
9/06/94 112.26 110.78 112.26 107.97 107.97 107.97
9/07/94 112.26 110.29 110.78 107.95 107.95 107.95
9/08/94 114.71 110.78 114.22 108.63 108.63 108.63
9/09/94 112.75 108.82 110.78 108.49 108.49 108.49
9/12/94 111.28 109.80 110.29 109.30 109.30 109.30
9/13/94 111.28 108.82 108.82 109.15 109.15 109.15
9/14/94 112.75 108.82 112.26 110.84 110.84 110.84
9/15/94 114.22 112.26 113.73 112.97 112.97 112.97
9/16/94 113.24 111.28 112.26 113.48 113.48 113.48
9/19/94 112.26 110.78 111.77 113.65 113.65 113.65
9/20/94 111.28 108.82 109.31 111.88 111.88 111.88
9/21/94 109.80 107.84 109.31 108.80 108.80 108.80
9/22/94 110.29 109.31 109.31 109.47 109.47 109.47
9/23/94 109.80 108.33 108.82 109.32 109.32 109.32
9/26/94 108.82 107.84 107.84 108.45 108.45 108.45
9/27/94 109.80 107.35 109.80 106.17 106.17 106.17
9/28/94 113.24 109.80 113.24 104.87 104.87 104.87
9/29/94 113.24 110.29 110.29 103.75 103.75 103.75
9/30/94 112.75 109.80 112.26 104.99 104.99 104.99
10/03/94 113.24 110.78 112.26 105.61 105.61 105.61
10/04/94 113.24 109.80 109.80 103.69 103.69 103.69
10/05/94 108.82 104.90 107.84 104.06 104.06 104.06
10/06/94 109.80 107.84 109.80 104.47 104.47 104.47
10/07/94 109.80 107.84 107.84 106.29 106.29 106.29
10/10/94 109.31 107.35 108.82 106.83 106.83 106.83
10/11/94 114.22 109.80 113.73 107.26 107.26 107.26
10/12/94 114.71 112.75 114.22 108.51 108.51 108.51
10/13/94 118.14 115.69 116.67 108.88 108.88 108.88
10/14/94 116.67 114.71 114.71 109.99 109.99 109.99
10/17/94 114.71 112.75 113.73 110.05 110.05 110.05
10/18/94 114.22 111.77 113.24 111.07 111.07 111.07
10/19/94 115.20 111.77 114.71 112.19 112.19 112.19
10/20/94 115.20 112.26 113.24 112.22 112.22 112.22
10/21/94 114.22 111.77 113.73 112.39 112.39 112.39
10/24/94 114.22 111.77 111.77 111.14 111.14 111.14
10/25/94 114.22 111.77 113.73 108.62 108.62 108.62
10/26/94 116.18 114.22 114.22 108.98 108.98 108.98
10/27/94 115.20 113.73 115.20 109.03 109.03 109.03
10/28/94 118.14 114.71 118.14 112.32 112.32 112.32
10/31/94 120.10 117.16 117.16 115.36 115.36 115.36
11/01/94 116.18 114.22 114.71 112.84 112.84 112.84
11/02/94 115.69 113.73 113.73 112.09 112.09 112.09
11/03/94 114.22 111.28 111.77 111.51 111.51 111.51
11/04/94 112.26 109.31 109.31 111.03 111.03 111.03
11/07/94 110.29 108.33 109.31 110.25 110.25 110.25
11/08/94 110.29 108.82 109.80 111.63 111.63 111.63
11/09/94 111.28 108.33 109.31 111.70 111.70 111.70
11/10/94 111.28 109.80 110.78 112.50 112.50 112.50
11/11/94 110.78 109.80 110.29 112.78 112.78 112.78
11/14/94 111.28 109.80 110.78 112.77 112.77 112.77
11/15/94 111.77 110.29 110.78 111.90 111.90 111.90
11/16/94 113.24 110.29 111.28 113.69 113.69 113.69
11/17/94 112.75 109.80 110.29 113.48 113.48 113.48
11/18/94 111.28 108.33 108.82 114.50 114.50 114.50
11/21/94 109.80 108.33 108.33 113.97 113.97 113.97
11/22/94 109.31 107.84 108.33 110.55 110.55 110.55
11/23/94 106.37 101.47 103.43 107.33 107.33 107.33
11/25/94 104.41 102.45 103.43 108.04 108.04 108.04
11/28/94 105.88 103.92 104.90 107.74 107.74 107.74
11/29/94 107.35 103.43 106.86 108.68 108.68 108.68
11/30/94 108.33 105.88 106.86 108.94 108.94 108.94
12/01/94 107.35 106.37 106.37 107.60 107.60 107.60
12/02/94 107.35 104.90 105.39 108.20 108.20 108.20
12/05/94 106.37 104.90 106.37 109.28 109.28 109.28
12/06/94 105.88 103.43 104.41 108.09 108.09 108.09
12/07/94 105.64 103.92 105.39 106.08 106.08 106.08
12/08/94 105.64 102.45 103.92 104.98 104.98 104.98
12/09/94 104.41 102.45 102.94 105.16 105.16 105.16
12/12/94 106.37 103.43 105.88 104.95 104.95 104.95
12/13/94 107.84 105.39 106.86 103.81 103.81 103.81
12/14/94 106.86 105.39 106.86 104.09 104.09 104.09
12/15/94 109.80 106.37 109.80 105.02 105.02 105.02
12/16/94 110.78 109.31 109.31 105.28 105.28 105.28
12/19/94 112.26 109.31 112.26 105.59 105.59 105.59
12/20/94 112.75 110.78 111.28 107.11 107.11 107.11
12/21/94 111.77 110.29 111.28 109.23 109.23 109.23
12/22/94 112.75 109.31 109.80 109.64 109.64 109.64
12/23/94 111.77 108.82 109.31 108.42 108.42 108.42
12/27/94 111.28 109.31 110.78 109.71 109.71 109.71
12/28/94 113.73 110.78 113.73 109.09 109.09 109.09
12/29/94 115.69 113.73 115.20 110.16 110.16 110.16
12/30/94 115.69 113.73 114.22 110.65 110.65 110.65
1/03/95 113.73 111.28 111.28 110.33 110.33 11.033
1/04/95 111.77 109.31 110.78 110.73 110.73 110.73
1/05/95 113.73 111.28 113.24 109.63 109.63 109.63
1/06/95 115.69 112.75 114.22 109.08 109.08 109.08
1/09/95 116.67 113.73 115.69 108.37 108.37 108.37
1/10/95 117.65 115.69 116.18 108.70 108.70 108.70
1/11/95 116.67 114.22 115.69 108.62 108.62 108.62
1/12/95 115.20 113.73 113.73 109.54 109.54 109.54
1/13/95 114.71 111.28 112.75 108.08 108.08 108.08
1/16/95 113.73 111.28 112.26 108.46 108.46 108.46
1/17/95 112.75 109.80 110.78 108.34 108.34 108.34
1/18/95 110.78 108.82 110.78 109.19 109.19 109.19
1/19/95 111.28 109.31 110.29 110.18 110.18 110.18
1/20/95 109.80 108.33 108.82 109.31 109.31 109.31
1/23/95 109.80 107.35 108.82 109.71 109.71 109.71
1/24/95 110.78 108.82 109.80 108.68 108.68 108.68
1/25/95 111.28 109.31 109.80 106.67 106.67 106.67
1/26/95 110.78 107.84 107.84 107.16 107.16 107.16
1/27/95 109.31 103.92 107.84 105.60 105.60 105.60
1/30/95 106.86 104.90 105.39 103.30 103.30 103.30
1/31/95 109.31 105.88 108.33 102.28 102.28 102.28
2/01/95 111.28 108.82 109.80 103.68 103.68 103.68
2/02/95 108.82 104.90 106.37 104.44 104.44 104.44
2/03/95 111.28 106.86 110.29 104.24 104.24 104.24
2/06/95 111.77 109.80 111.77 105.64 105.64 105.64
2/07/95 111.77 108.82 110.29 105.60 105.60 105.60
2/08/95 110.29 108.82 109.31 108.69 108.69 108.69
2/09/95 110.78 108.82 110.29 106.87 106.87 106.87
2/10/95 111.28 110.29 110.29 109.03 109.03 109.03
2/13/95 110.78 109.31 110.78 109.20 109.20 109.20
2/14/95 110.78 109.31 109.80 109.24 109.24 109.24
2/15/95 109.80 105.39 106.86 110.02 110.02 110.02
2/16/95 106.37 103.92 106.37 108.67 108.67 108.67
2/17/95 107.35 105.88 106.37 109.52 109.52 109.52
2/21/95 108.33 105.88 107.84 109.52 109.52 109.52
2/22/95 108.82 106.86 108.33 109.16 109.16 109.16
2/23/95 110.78 108.82 109.80 109.53 109.53 109.53
2/24/95 110.78 106.37 108.82 110.18 110.18 110.18
2/27/95 107.84 105.39 105.39 107.87 107.87 107.87
2/28/95 106.86 104.41 106.37 108.85 108.85 108.85
3/01/95 106.37 104.41 104.90 107.85 107.85 107.85
3/02/95 106.37 103.43 106.37 107.04 107.04 107.04
3/03/95 106.86 104.90 106.86 106.83 106.83 106.83
3/06/95 106.86 104.90 106.37 106.84 106.84 106.84
3/07/95 105.88 101.47 103.92 106.30 106.30 106.30
3/08/95 104.90 102.45 103.43 106.06 106.06 106.06
3/09/95 106.86 102.94 106.86 104.90 104.90 104.90
3/10/95 110.78 106.86 109.80 105.09 105.09 105.09
3/13/95 109.31 106.86 108.33 105.13 105.13 105.13
3/14/95 107.84 103.92 106.37 105.95 105.95 105.95
3/15/95 105.88 102.94 103.43 106.73 106.73 106.73
3/16/95 107.35 102.94 106.86 106.77 106.77 106.77
3/17/95 109.31 107.84 108.33 105.76 105.76 105.76
3/20/95 109.31 106.86 106.86 105.05 105.05 105.05
3/21/95 109.80 105.88 106.37 104.58 104.58 104.58
3/22/95 107.35 104.41 106.86 104.49 104.49 104.49
3/23/95 109.31 106.37 107.84 105.12 105.12 105.12
3/24/95 109.80 107.84 108.82 105.96 105.96 105.96
3/27/95 109.31 108.33 108.33 104.80 104.80 104.80
3/28/95 108.82 106.37 106.86 103.31 103.31 103.31
3/29/95 109.80 106.37 109.80 102.80 102.80 102.80
3/30/95 111.77 109.80 109.80 101.22 101.22 101.22
3/31/95 108.82 106.37 106.86 99.12 99.12 99.12
4/03/95 107.35 104.90 104.90 98.49 98.49 98.49
4/04/95 105.88 103.43 104.41 99.73 99.73 99.73
4/05/95 105.88 103.92 105.39 100.99 100.99 100.99
4/06/95 107.35 103.92 105.39 101.36 101.36 101.36
4/07/95 104.90 102.94 103.92 99.09 99.09 99.09
4/10/95 104.90 103.43 103.92 98.62 98.62 98.62
4/11/95 104.90 102.45 102.45 98.14 98.14 98.14
4/12/95 102.45 100.00 100.98 97.95 97.95 97.95
4/13/95 102.94 100.49 101.96 98.90 98.90 98.90
4/17/95 102.94 99.51 100.49 98.24 98.24 98.24
4/18/95 100.49 93.63 98.04 97.41 97.41 97.41
4/19/95 102.94 98.04 101.47 97.09 97.09 97.09
4/20/95 103.92 99.51 101.96 98.08 98.08 98.08
4/21/95 102.45 98.04 99.51 98.73 98.73 98.73
4/24/95 100.00 98.53 100.00 98.29 98.29 98.29
4/25/95 100.00 98.04 100.00 96.18 96.18 96.18
4/26/95 100.00 98.53 99.51 95.22 95.22 95.22
4/27/95 102.45 99.02 102.45 97.12 97.12 97.12
4/28/95 105.39 100.98 105.39 96.65 96.65 96.65
5/01/95 107.35 104.41 104.41 96.22 96.22 96.22
5/02/95 104.90 101.96 102.45 96.07 96.07 96.07
5/03/95 105.88 103.43 103.92 97.10 97.10 97.10
5/04/95 104.41 100.49 100.98 96.81 96.81 96.81
5/05/95 101.47 98.04 99.51 96.26 96.26 96.26
5/08/95 102.45 99.02 101.96 96.71 96.71 96.71
5/09/95 103.43 100.98 102.45 97.11 97.11 97.11
5/10/95 102.45 100.98 101.96 98.14 98.14 98.14
5/11/95 102.94 101.47 101.96 97.44 97.44 97.44
5/12/95 104.90 103.43 104.41 98.33 98.33 98.33
5/15/95 106.86 103.92 106.37 99.26 99.26 99.26
5/16/95 107.35 105.39 105.39 100.55 100.55 100.55
5/17/95 105.88 104.41 104.41 100.21 100.21 100.21
5/18/95 104.90 100.98 101.47 99.52 99.52 99.52
5/19/95 103.43 100.98 102.94 100.12 100.12 100.12
5/22/95 106.86 103.43 104.90 100.51 100.51 100.51
5/23/95 106.86 104.90 105.39 100.19 100.19 100.19
5/24/95 108.82 105.39 107.35 100.69 100.69 100.69
5/25/95 107.84 104.41 105.39 100.06 100.06 100.06
5/26/95 106.37 104.90 105.39 99.37 99.37 99.37
5/30/95 105.88 104.41 104.90 99.91 99.91 99.91
5/31/95 106.86 104.90 106.86 99.22 99.22 99.22
6/01/95 106.86 104.90 105.88 98.75 98.75 98.75
6/02/95 106.86 103.43 106.86 97.77 97.77 97.77
6/05/95 107.35 105.88 105.88 99.29 99.29 99.29
6/06/95 106.86 105.39 106.37 99.78 99.78 99.78
6/07/95 106.86 105.88 106.37 98.05 98.05 98.05
6/08/95 106.37 105.39 105.88 98.94 98.94 98.94
6/09/95 105.88 101.47 102.45 99.40 99.40 99.40
6/12/95 105.39 103.92 104.90 98.86 98.86 98.86
6/13/95 107.35 105.39 105.39 99.99 99.99 99.99
6/14/95 106.37 102.94 103.92 98.98 98.98 98.98
6/15/95 104.41 102.94 103.92 98.73 98.73 98.73
6/16/95 108.82 104.41 108.82 100.15 100.15 100.15
6/19/95 113.24 108.82 112.26 100.81 100.81 100.81
6/20/95 113.24 110.78 110.78 102.74 102.74 102.74
6/21/95 110.78 109.31 109.80 102.81 102.81 102.81
6/22/95 114.22 110.29 113.73 102.44 102.44 102.44
6/23/95 114.71 112.26 114.22 102.79 102.79 102.79
6/26/95 113.73 108.33 108.82 101.22 101.22 101.22
6/27/95 111.28 108.82 109.31 100.56 100.56 100.56
6/28/95 110.29 106.37 107.84 100.09 100.09 100.09
6/29/95 108.82 107.35 107.35 99.46 99.46 99.46
6/30/95 113.24 107.84 111.77 103.59 103.59 103.59
7/03/95 113.24 111.77 111.77 102.69 102.69 102.69
7/05/95 116.67 110.78 114.71 102.26 102.26 102.26
7/06/95 117.65 116.18 117.65 102.23 102.23 102.23
7/07/95 123.04 116.18 122.55 102.50 102.50 102.50
7/10/95 122.06 118.14 119.12 104.15 104.15 104.15
7/11/95 119.12 116.67 118.14 105.62 105.62 105.62
7/12/95 118.63 117.16 118.14 107.12 107.12 107.12
7/13/95 120.10 118.14 119.61 107.70 107.70 107.70
7/14/95 119.12 117.65 117.65 107.13 107.13 107.13
7/17/95 117.65 115.20 117.16 106.98 106.98 106.98
7/18/95 117.16 114.22 115.69 107.53 107.53 107.53
7/19/95 117.16 112.26 115.69 106.69 106.69 106.69
7/20/95 120.10 113.73 119.12 107.02 107.02 107.02
7/21/95 119.12 116.67 117.16 107.32 107.32 107.32
7/24/95 118.63 117.16 117.16 108.22 108.22 108.22
7/25/95 123.53 118.14 121.57 108.70 108.70 108.70
7/26/95 128.43 121.57 125.00 110.17 110.17 110.17
7/27/95 126.47 124.02 124.51 111.96 111.96 111.96
7/28/95 124.51 121.08 123.53 112.30 112.30 112.30
7/31/95 124.51 120.59 123.53 112.35 112.35 112.35
8/01/95 124.02 121.57 123.53 112.41 112.41 112.41
8/02/95 127.94 124.51 126.96 113.63 113.63 113.63
8/03/95 125.49 122.55 123.53 112.64 112.64 112.64
8/04/95 126.47 124.02 124.51 113.30 113.30 113.30
8/07/95 125.98 124.02 125.49 113.91 113.91 113.91
8/08/95 125.49 118.14 122.55 114.84 114.84 114.84
8/09/95 125.98 123.04 124.02 115.24 115.24 115.24
8/10/95 125.00 123.53 124.51 114.79 114.79 114.79
8/11/95 124.51 120.59 121.08 115.48 115.48 115.48
8/14/95 121.57 120.10 121.08 114.58 114.58 114.58
8/15/95 122.06 119.61 121.08 113.94 113.94 113.94
8/16/95 122.55 120.10 122.55 113.52 113.52 113.52
8/17/95 122.55 118.14 121.08 113.80 113.80 113.80
8/18/95 123.04 120.10 122.06 114.37 114.37 114.37
8/21/95 124.51 122.06 122.55 115.02 115.02 115.02
8/22/95 122.06 120.59 122.06 113.80 113.80 113.80
8/23/95 122.55 119.61 120.59 115.50 115.50 115.50
8/24/95 121.57 119.61 120.59 115.36 115.36 115.36
8/25/95 125.49 120.59 124.51 115.80 115.80 115.80
8/28/95 125.00 123.53 124.02 114.72 114.72 114.72
8/29/95 125.98 123.53 125.98 114.75 114.75 114.75
8/30/95 127.45 125.00 126.47 115.51 115.51 115.51
8/31/95 127.45 125.00 127.45 116.66 116.66 116.66
9/01/95 130.88 126.96 128.92 116.02 116.02 116.02
9/05/95 128.43 124.02 128.43 117.74 117.74 117.74
9/06/95 129.90 127.45 127.45 118.27 118.27 118.27
9/07/95 128.43 126.96 127.45 118.48 118.48 118.48
9/08/95 130.39 128.43 129.90 118.22 118.22 118.22
9/11/95 130.88 127.94 128.43 119.69 119.69 119.69
9/12/95 129.90 128.92 128.92 119.78 119.78 119.78
9/13/95 132.35 128.92 131.37 119.52 119.52 119.52
9/14/95 136.77 129.90 134.80 121.71 121.71 121.71
9/15/95 139.71 133.82 135.78 120.97 120.97 120.97
9/18/95 135.78 133.33 133.82 118.29 118.29 118.29
9/19/95 134.31 130.88 132.35 119.01 119.01 119.01
9/20/95 132.84 128.43 129.90 119.43 119.43 119.43
9/21/95 130.39 128.43 128.92 118.50 118.50 118.50
9/22/95 128.43 125.49 127.45 117.58 117.58 117.58
9/25/95 127.94 125.49 126.47 115.69 115.69 115.69
9/26/95 125.00 120.59 121.57 116.05 116.05 116.05
9/27/95 122.06 119.12 120.10 115.18 115.18 115.18
9/28/95 121.08 119.12 120.10 116.40 116.40 116.40
9/29/95 121.08 119.12 120.10 117.95 117.95 117.95
10/02/95 121.08 119.12 119.61 116.91 116.91 116.91
10/03/95 120.59 119.12 120.10 115.36 115.36 115.36
10/04/95 120.59 119.12 120.10 113.54 113.54 113.54
10/05/95 121.57 119.61 121.08 113.54 113.54 113.54
10/06/95 121.57 119.61 119.61 113.49 113.49 113.49
10/09/95 120.10 118.14 118.14 110.88 110.88 110.88
10/10/95 117.16 112.75 114.71 108.26 108.26 108.26
10/11/95 117.16 114.71 115.69 107.89 107.89 107.89
10/12/95 118.63 115.69 118.63 109.52 109.52 109.52
10/13/95 122.06 119.61 120.10 111.52 111.52 111.52
10/16/95 120.59 118.63 119.12 112.61 112.61 112.61
10/17/95 118.14 113.73 115.20 114.19 114.19 114.19
10/18/95 119.12 115.69 119.12 115.21 115.21 115.21
10/19/95 118.63 117.16 117.65 115.30 115.30 115.30
10/20/95 118.63 116.18 117.65 114.45 114.45 114.45
10/23/95 117.16 115.20 115.20 113.58 113.58 113.58
10/24/95 117.16 115.20 116.67 113.78 113.78 113.78
10/25/95 118.63 115.69 116.18 111.58 111.58 111.58
10/26/95 115.69 111.77 112.26 109.59 109.59 109.59
10/27/95 114.22 110.29 112.26 109.59 109.59 109.59
10/30/95 113.73 112.26 112.75 109.23 109.23 109.23
10/31/95 114.22 111.77 111.77 107.85 107.85 107.85
11/01/95 113.73 111.77 112.75 108.00 108.00 108.00
11/02/95 117.65 112.75 116.67 109.90 109.90 109.90
11/03/95 123.53 119.61 122.06 111.91 111.91 111.91
11/06/95 123.53 121.57 122.06 110.53 110.53 110.53
11/07/95 125.49 121.57 125.00 110.83 110.83 110.83
11/08/95 126.47 123.04 123.53 110.54 110.54 110.54
11/09/95 124.02 120.59 122.55 111.93 111.93 111.93
11/10/95 122.55 121.08 122.55 112.01 112.01 112.01
11/13/95 123.04 120.59 123.04 113.03 113.03 113.03
11/14/95 122.55 119.61 119.61 112.79 112.79 112.79
11/15/95 119.61 117.16 117.65 112.47 112.47 112.47
11/16/95 119.61 117.16 118.63 110.88 110.88 110.88
11/17/95 119.61 117.16 117.65 110.33 110.33 110.33
11/20/95 118.14 114.71 115.20 110.48 110.48 110.48
11/21/95 116.18 109.80 112.26 105.74 105.74 105.74
11/22/95 114.71 109.80 110.78 107.38 107.38 107.38
11/24/95 111.77 109.31 109.31 109.21 109.21 109.21
11/27/95 111.77 108.82 111.77 108.94 108.94 108.94
11/28/95 111.28 109.31 109.31 109.22 109.22 109.22
11/29/95 111.77 109.31 110.78 109.80 109.80 109.80
11/30/95 115.20 112.75 114.71 110.31 110.31 110.31
12/01/95 117.16 113.73 113.73 109.84 109.84 109.84
12/04/95 113.73 111.77 112.75 109.08 109.08 109.08
12/05/95 113.24 109.80 110.29 109.19 109.19 109.19
12/06/95 110.29 103.92 107.84 107.58 107.58 107.58
12/07/95 110.29 107.35 107.84 105.88 105.88 105.88
12/08/95 109.31 106.86 107.35 103.40 103.40 103.40
12/11/95 110.29 107.35 109.80 103.66 103.66 103.66
12/12/95 109.80 107.35 107.35 103.85 103.85 103.85
12/13/95 111.28 107.84 110.29 105.04 105.04 105.04
12/14/95 111.28 104.90 105.88 104.72 104.72 104.72
12/15/95 106.86 104.41 104.90 103.46 103.46 103.46
12/18/95 106.86 104.90 106.86 104.65 104.65 104.65
12/19/95 106.86 104.41 104.90 104.23 104.23 104.23
12/20/95 106.86 102.94 102.94 105.55 105.55 105.55
12/21/95 106.86 103.43 106.37 105.30 105.30 105.30
12/22/95 109.80 107.35 108.33 105.81 105.81 105.81
12/26/95 110.29 108.33 108.33 105.32 105.32 105.32
12/27/95 109.80 107.84 108.33 106.16 106.16 106.16
12/28/95 110.78 108.33 108.82 105.79 105.79 105.79
12/29/95 110.78 108.33 110.29 104.84 104.84 104.84
1/02/96 111.28 108.33 111.28 105.36 105.36 105.36
1/03/96 114.71 110.78 112.26 105.09 105.09 105.09
1/04/96 113.24 108.33 108.82 104.31 104.31 104.31
1/05/96 111.28 106.86 108.82 104.20 104.20 104.20
1/08/96 110.78 108.33 108.33 103.96 103.96 103.96
1/09/96 110.29 105.39 105.88 103.29 103.29 103.29
1/10/96 104.90 100.49 101.96 102.43 102.43 102.43
1/11/96 105.88 102.94 105.39 100.96 100.96 100.96
1/12/96 105.88 102.45 103.43 102.64 102.64 102.64
1/15/96 103.92 102.45 103.92 101.87 101.87 101.87
1/16/96 106.37 102.94 105.88 103.61 103.61 103.61
1/17/96 105.88 103.92 104.41 103.72 103.72 103.72
1/18/96 105.88 102.94 104.90 103.26 103.26 103.26
1/19/96 103.92 101.96 103.92 101.90 101.90 101.90
1/22/96 104.41 102.94 103.43 100.57 100.57 100.57
1/23/96 106.86 104.41 104.90 100.64 100.64 100.64
1/24/96 109.31 105.39 108.82 100.86 100.86 100.86
1/25/96 109.80 107.84 108.82 99.79 99.79 99.79
1/26/96 109.31 108.33 108.82 100.47 100.47 100.47
1/29/96 112.26 108.33 108.82 102.04 102.04 102.04
1/30/96 110.29 106.37 107.35 102.50 102.50 102.50
1/31/96 110.78 107.35 110.78 104.58 104.58 104.58
2/01/96 114.71 110.78 114.22 106.09 106.09 106.09
2/02/96 116.67 114.22 114.71 108.11 108.11 108.11
2/05/96 117.16 113.24 116.67 110.16 110.16 110.16
2/06/96 121.57 116.67 120.59 109.60 109.60 109.60
2/07/96 125.49 122.55 124.02 108.43 108.43 108.43
2/08/96 127.45 123.04 126.47 108.73 108.73 108.73
2/09/96 126.47 125.00 125.00 110.20 110.20 110.20
2/12/96 126.96 125.49 126.47 110.05 110.05 110.05
2/13/96 127.94 125.49 126.47 109.84 109.84 109.84
2/14/96 126.96 124.02 124.51 111.31 111.31 111.31
2/15/96 124.51 122.06 124.02 110.50 110.50 110.50
2/16/96 124.02 122.55 123.04 110.11 110.11 110.11
2/20/96 123.53 121.08 123.04 109.29 109.29 109.29
2/21/96 125.49 121.08 125.49 109.13 109.13 109.13
2/22/96 127.45 125.49 126.96 111.62 111.62 111.62
2/23/96 131.86 127.45 131.86 113.48 113.48 113.48
2/26/96 129.90 127.45 128.92 112.76 112.76 112.76
2/27/96 129.41 126.96 128.43 112.62 112.62 112.62
2/28/96 129.41 125.49 125.49 112.40 112.40 112.40
2/29/96 126.47 120.59 121.57 111.09 111.09 111.09
3/01/96 123.53 120.10 123.53 111.15 111.15 111.15
3/04/96 126.47 121.57 125.49 110.62 110.62 110.62
3/05/96 125.49 122.55 125.49 111.32 111.32 111.32
3/06/96 125.49 122.55 123.04 111.21 111.21 111.21
3/07/96 122.55 121.08 122.06 111.44 111.44 111.44
3/08/96 121.08 114.71 115.69 108.06 108.06 108.06
3/11/96 119.61 114.71 119.12 107.64 107.64 107.64
3/12/96 118.63 115.20 118.14 106.49 106.49 106.49
3/13/96 117.16 114.71 115.20 106.18 106.18 106.18
3/14/96 119.61 115.20 118.14 105.39 105.39 105.39
3/15/96 119.61 117.16 118.63 104.54 104.54 104.54
3/18/96 126.96 121.57 125.98 104.48 104.48 104.48
3/19/96 128.92 125.49 128.92 104.89 104.89 104.89
3/20/96 128.92 124.02 125.00 103.87 103.87 103.87
3/21/96 126.47 124.02 124.51 103.19 103.19 103.19
3/22/96 125.49 123.53 123.53 103.37 103.37 103.37
3/25/96 128.92 123.53 124.02 104.34 104.34 104.34
3/26/96 125.49 121.57 122.06 104.35 104.35 104.35
3/27/96 123.53 120.59 120.59 103.95 103.95 103.95
3/28/96 122.06 118.63 122.06 102.61 102.61 102.61
3/29/96 124.02 120.59 122.06 104.29 104.29 104.29
4/01/96 125.00 122.06 123.04 105.36 105.36 105.36
4/02/96 123.04 120.10 121.08 105.64 105.64 105.64
</TABLE>
DLJ WASSERSTEIN PERELLA & CO.
- --------------------------------------------------------------------------------
DONALDSON, LUFKIN & JENRETTE
-23-
<PAGE> 30
C CO.
- --------------------------------------------------------------------------------
PRELIMINARY MERGER CONSEQUENCES ANALYSIS
DLJ WASSERSTEIN PERELLA & CO.
- --------------------------------------------------------------------------------
DONALDSON, LUFKIN & JENRETTE
<PAGE> 31
C CO.
- --------------------------------------------------------------------------------
SUMMARY OF ASSUMPTIONS AND ANALYSIS OVERVIEW
- A PRELIMINARY ANALYSIS OF CONSEQUENCES OF PROPOSED MERGER OF C CO.
WITH A CO. WAS PERFORMED
- C Co. projections were obtained from C Co. management
- A Co. projections were obtained from Salomon Brothers' research
report dated February 14, 1996
- Per A Co. management, Salomon Brothers, CS First Boston and
Merrill Lynch equity analysts were among the ones who
closely followed A Co.
- Salomon Brothers' estimated cost of acquiring C Co. in 1996
and pro forma results of A Co. post acquisition of C Co.
were excluded so that A Co. standalone reflected only
current 37.6% ownership of C Co.
- Interest rate on acquisition debt for the cash portion of the
transaction was assumed to be 8.0%
- Tax rate was assumed to be 46.2% based on historical A Co.
effective tax rate
- Goodwill for the proportionate equity to be acquired is assumed
to be amortized over 40 years based on A Co. historical practice
- Issue Price for Series B and Series C preferred stock is assumed
to be $32.00 per share
- Dividends on Series B and Series C preferred stock are assumed to
be non-deductible for tax purposes
- Common equivalent shares for EPS purposes include shares issuable
upon conversion of Series B and Series C preferred stock
- Conversion shares for Series B preferred stock are based on
$32.00 stock price
DLJ WASSERSTEIN PERELLA & CO.
- --------------------------------------------------------------------------------
DONALDSON, LUFKIN & JENRETTE
-24-
<PAGE> 32
C CO.
- --------------------------------------------------------------------------------
A CO. - C CO. PRO FORMA MERGER ANALYSIS
<TABLE>
($ in millions)
<S> <C> <C>
TOTAL CONSIDERATION PER SHARE $55.00
Non-AirTouch Owned Shares & Options Acquired 27.35
EQUITY VALUE PURCHASED USING CASH/SECURITIES $1,504
Plus: Target's Net Debt (Incl. Option Proceeds) $107
Plus: Estimated Transaction Costs $20
------
AGGREGATE PURCHASE PRICE $1,631
C Co. Fully Diluted Shares 48.62
Implied CCI Total Equity Value $2,674
Plus Net Debt (incl. option proceeds) $107
------
Implied Enterprise Value $2,781
Summary of Consideration
- --------------------------------------------------------
CONVERTIBLE PREFERRED ("SERIES C") $583 38.8%
4.25% Dividend
25.0% Conversion Premium
Conv. Into 14.58 Shares [at] $32.00 Share/Issue Price
CASH (EXCL. C CO.'S DEBT) $421 28.0%
MANDATORILY CONVERTIBLE PREFERRED ("SERIES B") $500 33.2%
6.00% Dividend
24.0% Conversion Premium
Conv. Into 15.63 Shares [at] $32.00 Share/Issue Price
</TABLE>
<TABLE>
<CAPTION>
A CO. STANDALONE INCLUDING 37.64% OF C CO. PRO FORMA POST-TRANSACTION
------------------------------------------ --------------------------
1996E 1997E 1998E 1996E 1997E 1998E
DILUTION ANALYSIS ----- ----- ----- ----- ----- -----
- -----------------
<S> <C> <C> <C>
Net Income (1) $209 $354 $531 $192 $346 $533
Common Share Equivalents 507.41 507.41 507.41 537.61 537.61 537.61
EPS $0.41 $0.70 $1.05 $0.36 $0.64 $0.99
ACCRETION/DILUTION N.M. N.M. N.M. ($0.05) ($0.05) ($0.05)
%Accretion/Dilution N.M. N.M. N.M. (12.9%) (7.8%) (5.1%)
EBITDA/COMMON EQUIVALENT SHARE $2.23 $2.60 $3.19 $2.32 $2.73 $3.34
%Accretion/Dilution N.M. N.M. N.M. 4.1% 4.6% 4.4%
EBITDA-INTEREST/COMMON EQUIVALENT SHARE $2.07 $2.50 $3.21 $2.09 $2.54 $3.26
% Accretion/Dilution N.M. N.M. N.M. 0.9% 1.5% 1.6%
CREDIT STATISTICS
- -----------------
EBITDA $1,131 $1,322 $1,620 $1,248 $1,465 $1,793
% Growth 61.0% 16.9% 22.6% N.M. 17.4% 22.4%
Net Debt $1,023 $333 ($623) $1,598 $944 $10
NET DEBT/EBITDA 0.9x 0.3x N.M. 1.3x 0.6x 0.0x
Interest Expense $80 $54 ($7) $124 $102 $41
EBITDA/INTEREST 14.2x 24.4x N.M. $10.1x 14.4x 43.5x
CAPITALIZATION
- --------------
Book Equity $3,959 $4,314 $4,844 $4,971 $5,263 $5,742
Book Capitalization $4,983 $4,646 $4,222 $6,569 $6,207 $5,751
NET DEBT/BOOK CAPITALIZATION 20.5% 7.2% N.M. 24.3% 15.2% 0.2%
</TABLE>
- ---------------------------
Assumptions: A Co. information from analyst reports: 37.64% proportionate for C
Co. C Co. projections from management-provided information. Interest rate on
debt assumed/acquisition debt is 8.0%. Tax rate is assumed to be 46.2%.
Transaction goodwill amortized over 40 years. Series B and Series C are
treated as common share equivalents.
(1) Dividends of "Series B" and "Series C" Preferred Stock are added back to
net income, because "Series B" and "Series C" Conversion Shares are assumed
to be Common Equivalent Shares for EPS Calculations.
DLJ WASSERSTEIN PERELLA & CO.
- --------------------------------------------------------------------------------
DONALDSON, LUFKIN & JENRETTE
-25-
<PAGE> 33
C CO.
- --------------------------------------------------------------------------------
PRELIMINARY A CO. PRO FORMA VALUE PER SHARE
($ in millions, except per share values)
<TABLE>
<CAPTION>
-------------------------------------------------------------------------
A CO. STANDALONE INCLUDING 37.64% OF C CO.
-------------------------------------------------------------------------
1996E 1997E
------------------------------- ---------------------------------
<S> <C> <C> <C> <C> <C> <C>
EBITDA $1,131 $1,131 $1,131 $1,322 $1,322 $1,322
Valuation Multiple of Total EBITDA 13.0x 15.0x 17.0x 13.0x 15.0x 17.0x
ENTERPRISE VALUE $14,703 $16,965 $19,227 $17,183 $19,826 $22,469
Less: Net Debt $1,023 $1,023 $1,023 $333 $333 $333
------ ------ ------ ---- ---- ----
EQUITY VALUE $13,680 $15,942 $18,204 $16,850 $19,493 $22,137
Common Equivalent Shares (1) 507.41 507.41 507.41 507.41 507.41 507.41
- ----------------------------------------------------------------------------------------------------------------
VALUE PER SHARE $26.96 $31.42 $35.88 $33.21 $38.42 $43.63
- ----------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
------------------------------------------
A CO. STANDALONE INCLUDING 37.64% OF C CO.
------------------------------------------
1998E
------------------------------------------
<S> <C> <C> <C>
EBITDA $1,620 $1,620 $1,620
Valuation Multiple of Total EBITDA 13.0x 15.0x 17.0x
ENTERPRISE VALUE $21,065 $24,306 $27,547
Less: Net Debt ($623) ($623) ($623)
------ ------ ------
EQUITY VALUE $21,688 $24,928 $28,169
Common Equivalent Shares (1) 507.41 507.41 507.41
- ---------------------------------------------------------------------------------------
VALUE PER SHARE $42.74 $49.13 $55.52
- ---------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------
PRO FORMA POST - TRANSACTION
-----------------------------------------------------------------------------
1996PF 1997PF
--------------------------------- ---------------------------------
<S> <C> <C> <C> <C> <C> <C>
EBITDA $1,248 $1,248 $1,248 $1,465 $1,465 $1,465
Valuation Multiple of Total EBITDA 13.0x 15.0x 17.0x 13.0x 15.0x 17.0x
ENTERPRISE VALUE $16,223 $18,719 $21,215 $19,045 $21,975 $24,905
Less: Net Debt $1,598 $1,598 $1,598 $944 $944 $944
Less: Series C Preferred $583 $583 $583 $583 $583 $0
---- ---- ---- ---- ---- --
EQUITY VALUE $14,042 $16,538 $19,034 $17,518 $20,448 $23,961
Common Equivalent Shares (1) 523.03 523.03 521.0 522.32 520.13 534.58
- --------------------------------------------------------------------------------------------------------------------
VALUE PER SHARE $26.85 $31.62 $36.53 $33.54 $39.31 $44.82
VALUE PER SHARE ACCRETION/(DILUTION) (0.4%) 0.6% 1.8% 1.0% 2.3% 2.7%
- --------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
---------------------------------
PRO FORMA POST - TRANSACTION
---------------------------------
1998PF
---------------------------------
<S> <C> <C> <C>
EBITDA $1,793 $1,793 $1,793
Valuation Multiple of Total EBITDA 13.0x 15.0x 17.0x
ENTERPRISE VALUE $23,309 $26,895 $30,481
Less: Net Debt $10 $10 $10
Less: Series C Preferred $0 $0 $0
-- -- --
EQUITY VALUE $23,299 $26,885 $30,471
Common Equivalent Shares (1) 534.58 534.58 534.58
- -------------------------------------------------------------------------------
VALUE PER SHARE $43.58 $50.29 $57.00
VALUE PER SHARE ACCRETION/(DILUTION) 2.0% 2.4% 2.7%
- -------------------------------------------------------------------------------
</TABLE>
- --------------------
Assumptions: A Co. information from analyst reports: 37.64% proportionate for
C Co. C Co projections from management-provided information. Interest rate on
debt assumed/acquisition debt is 8.0%. Tax rate is assumed to be 46.2%.
Transaction goodwill amortized over 40 years.
(1) Series B Preferred Stock is assumed to be converted into common shares at
the stock price post-transaction. Series C Preferred Stock is assumed to
be converted into common shares if the conversion price is in-the-money.
DLJ WASSERSTEIN PERELLA & CO.
- --------------------------------------------------------------------------------
DONALDSON, LUFKIN & JENRETTE
-26-
<PAGE> 34
C CO.
- --------------------------------------------------------------------------------
SUMMARY SYNOPSIS OF SELECTED A CO.
EQUITY RESEARCH ANALYST REPORTS
DLJ WASSERSTEIN PERELLA & CO.
- --------------------------------------------------------------------------------
DONALDSON, LUFKIN & JENRETTE
<PAGE> 35
C CO.
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Analyst Estimates for:
---------------------------------------
Equity Date of Viewpoint of 1995E Total 1996E Total
Research Research A Co. Proportionate Proportionate 1995E
Broker Analyst(s) Report Stock Price Rating EBITDA EBITDA EPS
------ ----------- ------- ------------ ------ ------ ------ ---
<S> <C> <C> <C> <C> <C> <C> <C>
Dean Witter Jan Allen Klein 2/20/96 $40 (12-month target) Buy $702 $1,038 27(cent)
(Actual) (Actual)
Joe Locke
Lehman Brothers John L. Bauer, III 2/16/96 $35 (1996 year-end (2) N/A N/A 27(cent)
target)/ Outperform (Actual)
Vinton A. G. $49 (1996 PMV)(1)
Vickers
CS First Boston John M. Bensche 2/15/96 $37 (one-year target) Buy N/A N/A 27(cent)
(Actual)
Wheat First Craig Ellis 2/14/96 $41 (12- to 18-month Buy N/A N/A 27(cent)
Butcher Singer target) (Actual)
Donna Coward
Salomon Brothers Steven R. Yanis 2/14/96 $38 (1996 year-end)/ Strong Buy $747 $1,131 27(cent)
$33 (near term) (Actual)
Thomas J. Lee
<CAPTION>
Analyst Estimates Closing Stock
for: Price:
----------------- ------------------
Day Day
1996E Before After
Broker EPS Report Report Selected Comments
------ --- ------- ------ -----------------
<S> <C> <C> <C> <C>
Dean Witter 37(cent) $31.38 $32.00 - "Although A Co. has reported increasing levels
of earnings and the company's cash flow growth
is projected to increase, we are lowering our
earnings estimates due to the impact of start-up
activities."
Lehman Brothers 39(cent) $31.63 $31.38 - "We value A Co. International Cellular
properties at $11.7 billion."
CS First Boston 41(cent) $31.88 $31.38 - "International has less competition, higher
ARPUs, faster OCF growth, and broader investment
opportunities."
- ". . . think A Co. stock is the best vehicle
with which to play the bright prospects in
international wireless."
- "We have a $37 price target on the stock, and
recommend that investors buy A Co."
Wheat First 50(cent) $32.25 $31.63 - ". . . yields a 12- to 18-month target price of
Butcher Singer $41 per share."
Salomon Brothers 39(cent) $32.25 $31.63 - "Overall, domestic cellular results were
reassuring and encouraging, particularly given
the recent concern regarding slowing growth."
"International results were outstanding."
</TABLE>
- -------------
(1) Equity research analysts typically view the intrinsic DCF value of the
Company as a PMV (Private Market Value).
DLJ WASSERSTEIN PERELLA & CO.
- --------------------------------------------------------------------------------
DONALDSON, LUFKIN & JENRETTE
-27-
<PAGE> 36
C CO.
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Analyst Estimates for:
--------------------------------------
Equity Date of Viewpoint of 1995E Total 1996E Total
Research Research A Co. Proportionate Proportionate 1995E
Broker Analyst(s) Report Stock Price Rating EBITDA EBITDA EPS
------ ----------- ------- ------------ ------ ------ ------ ---
<S> <C> <C> <C> <C> <C> <C> <C>
Donaldson, Dennis H. 2/14/96 $38 (12/96 target)/ DLJ Buy $702 $1,030 27(cent)
Lufkin & Jenrette Liebowitz $42.25 (12/97 (Actual) (Actual)
target)/
John H. Whittier $47.50 (12/96
PMV)(1)/
Eric S. $52.75 (12/97 PMV)(1)
Weinstein
Cowen Susan M. Passoni 2/13/96 $40 (1996 price Strong Buy N/A N/A 27(cent)
objective) (Actual)
$39 (current PMV)(1)
$45 (1996 PMV)(1)
UBS Securities Linda B. Meltzer 2/9/96 $35-$40 (12-month Buy N/A N/A 27(cent)
price objective) (Actual)
Michael W.
Hawthorne
<CAPTION>
Analyst Estimates Closing Stock
for: Price:
----------------- ------------------
Day Day
1996E Before After
Broker EPS Report Report Selected Comments
------ --- ------- ------ -----------------
<S> <C> <C> <C> <C>
Donaldson, 41(cent) $32.25 $31.63 - "Despite the recent run-up in the price of A
Lufkin & Jenrette Co. shares, we continue to regard the stock as
undervalued."
- ". . . capital appreciation over the longer
term should be among the highest in the cellular
industry. Accordingly, we reiterate our DLJ Buy
rating with a year-end price target of $38.00."
Cowen 35(cent) $32.38 $31.88 - "At its current price of $32 per share, A Co.
is being given modest valuations for its various
operations, which include some of the most
attractive wireless franchises around the globe."
- "For those investors that want it all . . . A
Co. is the best game in town."
- "International cellular is the Crown Jewel."
UBS Securities 40(cent) $32.38 $32.38 - "A Co. is one of the best potential global
wireless companies with strong growth in its
domestic cellular and paging businesses, robust
growth in its international markets, and,
excluding start-ups, a swing to profitability in
its international systems."
</TABLE>
- -------------
(1) Equity research analysts typically view the intrinsic DCF value of the
Company as a PMV (Private Market Value).
DLJ WASSERSTEIN PERELLA & CO.
- --------------------------------------------------------------------------------
DONALDSON, LUFKIN & JENRETTE
-28-
<PAGE> 37
C CO.
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Analyst Estimates for:
---------------------------------------
Equity Date of Viewpoint of 1995E Total 1996E Total
Research Research A Co. Proportionate Proportionate 1995E
Broker Analyst(s) Report Stock Price Rating EBITDA EBITDA EPS
------ ----------- ------- ------------ ------ ------ ------ ---
<S> <C> <C> <C> <C> <C> <C> <C>
CS First Boston John M. Bensche 2/8/96 $37 (12-month Buy $702 $1,019 27(cent)
target)/ (Actual) (Actual)
$45 (PMV)(1)
Hambrecht & Quist Rakesh Sood 2/8/96 N/A Buy N/A N/A 27(cent)
(Actual)
Erik Suppiger
Merrill Lynch Linda J. Runyon 2/8/96 $34 (interim price Intermediate N/A N/A 27(cent)
objective) Term: (Actual)
Paul Wuh Above
Average(2)
Long
Term:
Buy(1)
<CAPTION>
Analyst Estimates Closing Stock
for: Price:
----------------- ------------------
Day Day
1996E Before After
Broker EPS Report Report Selected Comments
------ --- ------- ------ -----------------
<S> <C> <C> <C> <C>
CS First Boston 41(cent) $31.75 $32.00 - "1996 will be an exciting year for A Co. While
event-driven stock volatility is to be expected,
this is a name you want to own for the long
term. Buy."
- "Applying a 20% trading discount to the $45 estimated PMV
gives a $36 target at year end 1996. With the $38 target
from the OCF multiple method, we set our one year target at
$37."
Hambrecht & Quist 39(cent) $31.75 $32.00 - "To reflect the strong revenue and subscriber
growth reported, and the Company's attractive
prospects going forward, we are raising our
March quarter estimates . . . ."
Merrill Lynch 35(cent) $31.75 $32.00 - "Basically, business overall continues to be
strong, especially on the international front in
terms of growth opportunities."
- "We believe the recent telecom legislation
removes the cloud of uncertainty that was raised
last year regarding whether or not A Co. was
considered an RBOC, despite the spin-off."
</TABLE>
- -------------
(1) Equity research analysts typically view the intrinsic DCF value of the
Company as a PMV (Private Market Value).
DLJ WASSERSTEIN PERELLA & CO.
- --------------------------------------------------------------------------------
DONALDSON, LUFKIN & JENRETTE
-29-
<PAGE> 38
C CO.
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Analyst Estimates for:
--------------------------------------
Equity Date of Viewpoint of 1995E Total 1996E Total
Research Research A Co. Proportionate Proportionate 1995E
Broker Analyst(s) Report Stock Price Rating EBITDA EBITDA EPS
------ ----------- ------- ------------ ------ ------ ------ ---
<S> <C> <C> <C> <C> <C> <C> <C>
Salomon Brothers Steven R. Yanis 2/6/96 $33 (near-term Strong Buy $747 $1,131 27(cent)
target)/
Thomas J. Lee $38 (1996 year-end
target/
$39 (1995 PMV)(1)/
$45 (1996 PMV)(1)
Argus Scott A. Wright 1/22/96 $35 (12-month target) Buy N/A N/A 30(cent)
<CAPTION>
Analyst Estimates Closing Stock
for: Price:
----------------- -------------------
Day Day
1996E Before After
Broker EPS Report Report Selected Comments
------ --- ------- ------ -----------------
<S> <C> <C> <C> <C>
Salomon Brothers 39(cent) $29.88 $31.75 - "Although there are some risks and concerns
associated with A Co.'s businesses, we believe
that A. Co.'s portfolio of high quality domestic
and international mobile telephone businesses
offers investors a premiere way to participate
in what we believe will continue to be a robust
growth business."
- "We believe that A Co. has not been given
proper credit for the magnitude and success of
its outstanding international cellular
investments . . . ."
- "It is likely that A Co. will buy the rest of C
Co. either at the end of this year or in 1997.
We have confidence in A Co.'s management that
any near-term dilution will be more than
justified by the longer-term potential returns."
Argus 42(cent) $26.50 $26.88 - ". . . in our view, is one of the
best-positioned wireless companies in the world."
- "We believe that the risks from moderating subscriber growth
in the cellular market, particularly in the U.S., will be
partly offset by A Co.'s overseas cellular operations over
the next 3-to-5 years."
</TABLE>
- -------------
(1) Equity research analysts typically view the intrinsic DCF value of the
Company as a PMV (Private Market Value).
DLJ WASSERSTEIN PERELLA & CO.
- --------------------------------------------------------------------------------
DONALDSON, LUFKIN & JENRETTE
-30-
<PAGE> 39
C CO.
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Analyst Estimates for:
---------------------------------------
Equity Date of Viewpoint of 1995E Total 1996E Total
Research Research A Co. Proportionate Proportionate 1995E
Broker Analyst(s) Report Stock Price Rating EBITDA EBITDA EPS
------ ----------- ------- ------------ ------ ------ ------ ---
<S> <C> <C> <C> <C> <C> <C> <C>
Gerard Klauer Charles A. 1/19/96 $40 (1995 PMV)(1) Buy N/A N/A 27(cent)
Mattison & Co., DiSanza
LLC.
CS First Boston John M. Bensche 1/9/96 $37 (one-year target) Buy $676 $1,018 24(cent)
$40 (1995 PMV)(1)
$45 (1996 PMV)(1)
<CAPTION>
Analyst Estimates Closing Stock
for: Price:
----------------- -------------------
Day Day
1996E Before After
Broker EPS Report Report Selected Comments
------ --- ------- ------ -----------------
<S> <C> <C> <C> <C>
Gerard Klauer 35(cent) $26.63 $26.50 - "We think a strong case can be made that A
Mattison & Co., Co.'s unparalleled position in many of the best
LLC. worldwide cellular markets justifies a price
above our $40 price target . . . ."
- "The stock appears undervalued relative to its
year-end 1995 intrinsic value of $40."
- "We feel that the current stock price does not
adequately reflect A Co.'s opportunities,
especially internationally."
CS First Boston 44(cent) $27.63 $26.00 - ". . . lower our one-year target price from $39
to $37."
- "A Co. just does not appear to be pushing for
penetration as hard as others in the industry.
All the RBOCs (except NYN) . . . have higher
penetration rates than A Co."
- "However, the stock has been so beaten down in the last
few months that even with our $2 reduction in target
price, we still think there is plenty of upside for
investors."
</TABLE>
- -------------
(1) Equity research analysts typically view the intrinsic DCF value of the
Company as a PMV (Private Market Value).
DLJ WASSERSTEIN PERELLA & CO.
- --------------------------------------------------------------------------------
DONALDSON, LUFKIN & JENRETTE
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<PAGE> 40
C CO.
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Analyst Estimates for:
---------------------------------------
Equity Date of Viewpoint of 1995E Total 1996E Total
Research Research A Co. Proportionate Proportionate 1995E
Broker Analyst(s) Report Stock Price Rating EBITDA EBITDA EPS
------ ----------- ------- ------------ ------ ------ ------ ---
<S> <C> <C> <C> <C> <C> <C> <C>
Wheat First Craig Ellis 12/21/95 $38 (12-month target) Buy N/A N/A 25(cent)
Butcher Singer
Donna Coward
Oppenheimer & Steven R. Yanis 12/18/95 $33 (near-term Buy $765 $1,092 27(cent)
Co., Inc. target)/
Thomas J. Lee $38-$39 (1996
year-end target)
Gerard Klauer Charles A. 12/1/95 $40 (12-month Buy $697 $1,051 27(cent)
Mattison & Co., DiSanza target-1995 PMV)(1)
LLC.
Manuel J.
Recarey
<CAPTION>
Analyst Estimates Closing Stock
for: Price:
----------------- -----------------
Day Day
1996E Before After
Broker EPS Report Report Selected Comments
------ --- ------- ------ -----------------
<S> <C> <C> <C> <C>
Wheat First 50(cent) $26.25 $27.63 - "Adding the catalyst of the company's
Butcher Singer international cellular franchises, which are
aggressively adding customers and the
implication this holds for raising the perceived value of
these assets, we view A Co. as one of the more attractive
investment vehicles in the telecom services arena."
Oppenheimer & 39(cent) $26.75 $26.75 - ". . . we raised our rating . . . as we believe
Co., Inc. the stock offers over 25% upside to our
near-term target price of $33 and over 45% to
our $38-$39 year-end 1996 target."
- "While the Street is concerned over subscriber growth,
we are actually raising
our estimate for A Co.'s domestic operations."
Gerard Klauer 35(cent) $27.38 $27.38 - "A Co. is well situated to capitalize on this
Mattison & Co., worldwide growth."
LLC.
- "We feel that the current stock price does not
adequately reflect A Co.'s opportunities,
especially internationally."
</TABLE>
- -------------
(1) Equity research analysts typically view the intrinsic DCF value of the
Company as a PMV (Private Market Value).
DLJ WASSERSTEIN PERELLA & CO.
- --------------------------------------------------------------------------------
DONALDSON, LUFKIN & JENRETTE
-32-
<PAGE> 41
C CO.
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Analyst Estimates for:
--------------------------------------
Equity Date of Viewpoint of 1995E Total 1996E Total
Research Research A Co. Proportionate Proportionate 1995E
Broker Analyst(s) Report Stock Price Rating EBITDA EBITDA EPS
------ ----------- ------- ------------ ------ ------ ------ ---
<S> <C> <C> <C> <C> <C> <C> <C>
Lehman Brothers John L. Bauer, 12/13/95 $35 (1996 year-end (2) N/A N/A 31(cent)
III target)/ Outperform
$49 (1996 year-end
PMV)(1)
Lehman Brothers John L. Bauer, 11/30/95 $34 (1996 year-end (2) N/A N/A 31(cent)
III target)/ Outperform
$49 (1996 year-end
Vinton A. G. PMV)(1)
Vickers
Donaldson, Dennis H. 11/20/95 $32.25 (12/95 DLJ Buy N/A N/A 26(cent)
Lufkin & Jenrette Leibowitz target)/
$36.25 (12/96
John H. Whittier target)/
$40.25 (12/95
PMV)(1)/
$45.25 (12/96 PMV)(1)
<CAPTION>
Analyst Estimates Closing Stock
For: Price:
----------------- ------------------
Day Day
1996E Before After
Broker EPS Report Report Selected Comments
------ --- ------- ------ -----------------
<S> <C> <C> <C> <C>
Lehman Brothers 39(cent) $27.38 $26.88 - ". . . aggregating the asset value of the
company's domestic cellular properties ($12.3
billion), its international cellular operations
($10.7 billion), its paging operations ($1.5
billion), and its other assets ($0.7
billion) . . . ."
- "Translates into a $35 per share target price."
Lehman Brothers 39(cent) $28.25 $29.00 - ". . . $34 per share target price . . . ."
Donaldson, 35(cent) $30.13 $29.38 - ". . . the international operations account for
Lufkin & Jenrette $10.2 billion in estimated value . . . ."
- "The undervaluation of A Co. is primarily the
result of the undervaluation of the
international assets, which is the sector in
which growth will be fastest . . . ."
- ". . . we believe . . . that the market
concerns are unfounded . . . and that the
continued spectacular international results will
eventually be recognized . . . ."
</TABLE>
- -------------
(1) Equity research analysts typically view the intrinsic DCF value of the
Company as a PMV (Private Market Value).
DLJ WASSERSTEIN PERELLA & CO.
- --------------------------------------------------------------------------------
DONALDSON, LUFKIN & JENRETTE
-33-
<PAGE> 42
C CO.
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Analyst Estimates for:
----------------------------
Equity Date of Viewpoint of 1995E Total 1996E Total
Research Research A Co. Proportionate Proportionate
Broker Analyst(s) Report Stock Price Rating EBITDA EBITDA
------ ----------- ------- ------------ ------ ------ ------
<S> <C> <C> <C> <C> <C> <C>
CS First Boston John M. Bensche 11/9/95 $39 (12 month target) Reiterate N/A N/A
Buy
Merrill Lynch Linda J. Runyon 11/7/95 $35.25 (12 month Intermediate N/A N/A
target)/ Term--Above
Paul Wuh $44 (12 month PMV)(1) Average(2)
Long
Term--Buy(1)
Smith Barney Christy Phillips 11/3/95 N/A (1) Buy N/A N/A
Amy Long
<CAPTION>
Analyst Estimates Closing Stock
for: Price:
------------------------ -------------------
Day Day
1995E 1996E Before After
Broker EPS EPS Report Report Selected Comments
------ --- --- ------- ------ -----------------
<S> <C> <C> <C> <C> <C>
CS First Boston 24(cent) 38(cent) $31.50 $31.25 - "We agree with the conclusion being drawn that
the international values are under appreciated
by investors . . . ."
- ". . . our one-year target is $39 [per share]."
Merrill Lynch 26(cent) 35(cent) $31.13 $31.25 - "Although Mohan Gyani, A. Co.'s Chief Financial
Officer, seemed somewhat casual about A Co.'s
desire to buy in the rest of C Co. through the
back-end process, we believe that A Co. remains
firmly committed to exercising its option to
purchase the remainder of C Co. stock during the
appraisal process which begins in August 1996.
We did not get the sense that A Co. plans to
advance the back-end ahead of the August 1996
date."
Smith Barney 30(cent) 49(cent) $29.75 $31.13 - "We believe that the sum of the parts is worth
substantially more than the current market
price--trading at a 52% discount to 1996 estimated
private market value (PMV) of $58 per share. We recommend
purchase at current levels with a 12-month target price of
$43, based on a 25% discount to estimated 1996 PMV."
</TABLE>
- -------------
(1) Equity research analysts typically view the intrinsic DCF value of the
Company as a PMV (Private Market Value).
DLJ WASSERSTEIN PERELLA & CO.
- --------------------------------------------------------------------------------
DONALDSON, LUFKIN & JENRETTE
-34-
<PAGE> 43
C CO.
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Analyst Estimates for:
-----------------------------
Equity Date of Viewpoint of 1995E Total 1996E Total
Research Research A Co. Proportionate Proportionate
Broker Analyst(s) Report Stock Price Rating EBITDA EBITDA
------ ----------- ------- ------------ ------ ------ ------
<S> <C> <C> <C> <C> <C> <C>
CS First Boston John M. Bensche 10/27/95 $39 (12 month Buy $676 $1,056
target)/
$45.76 (1996
year-end PMV)(1)
ABN-AMRO Hoare N/A 10/26/95 $39 (12/96 target) Buy N/A N/A
Govett (ABN AMRO $80 (year 2000
Securities (USA) target)
Inc.)
CS First Boston John M. Bensche 10/12/95 $39 (12 month target) Buy N/A N/A
<CAPTION>
Analyst Estimates Closing Stock
for: Price:
------------------- ------------------
Day Day
1995E 1996E Before After
Broker EPS EPS Report Report Selected Comments
------ --- --- ------- ------ -----------------
<S> <C> <C> <C> <C> <C>
CS First Boston 24(cent) 38(cent) $28.63 $28.75 - "While we are bringing down some of our
estimates, we are retaining a Buy on the stock."
- ". . . build up to a $39 target price in one
year."
ABN-AMRO Hoare 33(cent) 50(cent) $29.63 $28.63 - "We believe A Co. is currently undervalued as a
Govett (ABN AMRO cellular firm."
Securities (USA)
Inc.) - "A Co.'s international wireless properties and
its ownership stake in PCS PrimeCo represent
tremendous upside potential. As one of the few
large cap wireless investments we believe A Co.
is well positioned to be a dominant global
wireless player."
CS First Boston 28(cent) 43(cent) $29.38 $30.63 - "A Co., with fully two-thirds of its POPs
overseas and half of its net present value from
overseas, should be seen as a haven in the
storm. We have given our reasons why we do not
believe there is some fundamental problem with
the U.S. market. If the market trades off the
stock due to sentiment, not underlying
fundamentals, investors should step in and buy.
We recommend the purchase of A Co. shares, and
we reiterate our one-year price target of $39."
</TABLE>
- -------------
(1) Equity research analysts typically view the intrinsic DCF value of the
Company as a PMV (Private Market Value).
DLJ WASSERSTEIN PERELLA & CO.
- --------------------------------------------------------------------------------
DONALDSON, LUFKIN & JENRETTE
-35-
<PAGE> 44
C CO.
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Analyst Estimates for:
-----------------------------
Equity Date of Viewpoint of 1995E Total 1996E Total
Research Research A Co. Proportionate Proportionate
Broker Analyst(s) Report Stock Price Rating EBITDA EBITDA
------ ----------- ------- ------------ ------ ------ ------
<S> <C> <C> <C> <C> <C> <C>
CS First Boston John M. Bensche 9/7/95 $39 (12 month Buy $725 $1,095
target)/
$46.22 (1996
year-end PMV)(1)
Oppenheimer & Steven R. Yanis 8/24/95 $33 (1995 target)/ Buy $775 $1,092
Co., Inc. $38 (1995 PMV)(1)
Thomas J. Lee
<CAPTION>
Analyst Estimates Closing Stock
for: Price:
--------------------- -------------------
Day Day
1995E 1996E Before After
Broker EPS EPS Report Report Selected Comments
------ --- --- ------- ------ -----------------
<S> <C> <C> <C> <C> <C>
CS First Boston 28(cent) 43(cent) $32.50 $33.25 - ". . . our price target of $33, which we think
is warranted by the faster growth and comparable
trading levels of other cellular stocks."
- "We are strong believers in the prospects for
sustained growth in the wireless industry
worldwide and A Co.'s ability to lead the growth
therein. . . . we think that A Co. should be a
core holding in any wireless and growth
portfolio. The collection of assets is superb
and the potential for the future looks bright.
We believe the upside potential in the stock
outweighs the downside risk, and we reiterate
our buy recommendation."
Oppenheimer & 28(cent) 39(cent) $31.13 $30.75 - "We are raising our PMV estimate for A Co. by
Co., Inc. $0.85 to more than $38 per share, which, at a
12.5% discount, still implies a 1995 target
price of $33."
</TABLE>
- -------------
(1) Equity research analysts typically view the intrinsic DCF value of the
Company as a PMV (Private Market Value).
DLJ WASSERSTEIN PERELLA & CO.
- --------------------------------------------------------------------------------
DONALDSON, LUFKIN & JENRETTE
-36-
<PAGE> 45
C CO.
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Analyst Estimates for:
-----------------------------
Equity Date of Viewpoint of 1995E Total 1996E Total
Research Research A Co. Proportionate Proportionate
Broker Analyst(s) Report Stock Price Rating EBITDA EBITDA
------ ----------- ------- ------------ ------ ------ ------
<S> <C> <C> <C> <C> <C> <C>
Smith Barney Christy Phillips 8/9/95 $43 (12 month Buy N/A N/A
target)/
Amy Long $47 (1995 PMV)(1)/
$58 (1996 PMV)(1)
Oppenheimer & Steven R. Yanis 7/27/95 $33 (near-term)/ Buy $783 $1,094
Co., Inc. $38-$39 (1996 target)
Thomas J. Lee
<CAPTION>
Analyst Estimates Closing Stock
for: Price:
------------------- -------------------
Day Day
1995E 1996E Before After
Broker EPS EPS Report Report Selected Comments
------ --- --- ------- ------ -----------------
<S> <C> <C> <C> <C> <C>
Smith Barney 29(cent) N/A $31.25 $31.75 - "A Co. has been selected for Smith Barney's
Silver List. A Co. is a global diversified
wireless telecommunications company that, in our
opinion, offers investors a unique package of
assets--both cash flow producing as well as
emerging market focused. We
recommend purchase at current levels with a 12-month
target price of $43--based
on a 25% discount to 1996 PMV."
Oppenheimer & 30(cent) 42(cent) $31.88 $31.50 - "Overall, A Co.'s results confirm our positive
Co., Inc. outlook for the company. We are somewhat
concerned regarding the investment community's
reaction to potential large new opportunities that the
company may pursue, which would push back by one or two
years the dramatic EPS gains we are projecting."
- "Our near-term target price for A Co. is $33,
and our 1996 target price is $38-$39 (based on a
12.5% discount for our 1996E PMV). Although A
Co. is close to our target price, we continue to
rate the stock a Buy to reflect our belief that
A Co. should be a core holding for wireless
telephone exposure."
</TABLE>
- -------------
(1) Equity research analysts typically view the intrinsic DCF value of the
Company as a PMV (Private Market Value).
DLJ WASSERSTEIN PERELLA & CO.
- --------------------------------------------------------------------------------
DONALDSON, LUFKIN & JENRETTE
-37-
<PAGE> 46
C CO.
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Analyst Estimates for:
----------------------------
Equity Date of Viewpoint of 1995E Total 1996E Total
Research Research A Co. Proportionate Proportionate
Broker Analyst(s) Report Stock Price Rating EBITDA EBITDA
------ ----------- ------- ------------ ------ ------ ------
<S> <C> <C> <C> <C> <C> <C>
Smith Barney N/A 7/20/95 $43 (12 month Fundamental N/A N/A
target)/ Analysis--Positive
$47 (1995 PMV)(1)/
$58 (1996 PMV)(1) Quantitative
Analysis--Negative
Technical
Analysis--Positive
<CAPTION>
Analyst Estimates Closing Stock
for: Price:
------------------- ------------------
Day Day
1995E 1996E Before After
Broker EPS EPS Report Report Selected Comments
------ --- --- ------- ------ -----------------
<S> <C> <C> <C> <C> <C>
Smith Barney 29(cent) 46(cent) $29.63 $29.88 - "We believe A Co. is undervalued, relative to
its accumulation of cash flow producing
assets--it possesses all four characteristics
that comprise a successful wireless strategy."
- "A Co. is very conservatively leveraged in an
industry known for higher leverage."
- "A Co.'s international interests distinguish it from other
cellular players, which have concentrated only on the U.S."
- "Our 12-month target price is $43--based on a
25% discount to 1996 PMV."
</TABLE>
- -------------
(1) Equity research analysts typically view the intrinsic DCF value of the
Company as a PMV (Private Market Value).
DLJ WASSERSTEIN PERELLA & CO.
- --------------------------------------------------------------------------------
DONALDSON, LUFKIN & JENRETTE
-38-
<PAGE> 47
C CO.
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Analyst Estimates for:
---------------------------
Equity Date of Viewpoint of 1995E Total 1996E Total
Research Research A Co. Proportionate Proportionate
Broker Analyst(s) Report Stock Price Rating EBITDA EBITDA
------ ----------- ------- ------------ ------ ------ ------
<S> <C> <C> <C> <C> <C> <C>
Dean Witter Jan Klein 6/26/95 $34 (12 month target) Buy N/A N/A
Eric Strumingher
<CAPTION>
Analyst Estimates Closing Stock
for: Price:
-------------------- ------------------
Day Day
1995E 1996E Before After
Broker EPS EPS Report Report Selected Comments
------ --- --- ------- ------ -----------------
<S> <C> <C> <C> <C> <C>
Dean Witter 33(cent) 66(cent) $29.13 $27.88 - "If A Co. should decide against purchasing any
or all of C Co., the agreement alls for C Co. to
be sold. The process under which the sale may
take place is rather involved and contains
numerous contingencies."
- "We anticipate that A Co. will buy C Co.; however we want to
note that there will be great subjectivity in the appraisal
process. The appraisal process is designed so that a
"control premium" will be built into the valuation. The
agreement stipulates that the valuation will be conducted to
arrive at a "private market value" for C Co. Although there
are generally agreed upon techniques by which these values
are determined, the assumptions upon which the valuations
are based can vary widely."
</TABLE>
- -------------
(1) Equity research analysts typically view the intrinsic DCF value of the
Company as a PMV (Private Market Value).
DLJ WASSERSTEIN PERELLA & CO.
- --------------------------------------------------------------------------------
DONALDSON, LUFKIN & JENRETTE
-39-
<PAGE> 48
C CO.
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Analyst Estimates for:
----------------------------
Equity Date of Viewpoint of 1995E Total 1996E Total
Research Research A Co. Proportionate Proportionate
Broker Analyst(s) Report Stock Price Rating EBITDA EBITDA
------ ----------- ------- ------------ ------ ------ ------
<S> <C> <C> <C> <C> <C> <C>
Oppenheimer & Steven R. Yanis 5/31/95 $33 (year-end Buy $783 $1,094
Co., Inc. target)/
Thomas J. Lee $37 (1995 PMV)(1)
<CAPTION>
Analyst Estimates Closing Stock
for: Price:
------------------- -------------------
Day Day
1995E 1996E Before After
Broker EPS EPS Report Report Selected Comments
------ --- --- ------- ------ -----------------
<S> <C> <C> <C> <C> <C>
Oppenheimer & 30(cent) 42(cent) $26.75 $27.00 - "We believe A Co.'s robust fundamentals and
Co., Inc. potential are not fully reflected in its stock
price. We are focusing on A Co.'s international
assets in this report as we believe they are not
visible enough to the investment community and
are consequently undervalued today."
"We also believe A Co. is currently undervalued due to the
absence of a current 'real P/E multiple.' It appears cash
flow and private-market valuation (PMV) are not being
embraced in the current market environment."
- "We believe A Co. has a five-year compound
annual EPS growth rate of over 50% and that
international assets account for 40% of overall
value today. We continue to rate A Co. a Buy
with a $37 PMV and a year-end target price of
$33."
</TABLE>
- -------------
(1) Equity research analysts typically view the intrinsic DCF value of the
Company as a PMV (Private Market Value).
DLJ WASSERSTEIN PERELLA & CO.
- --------------------------------------------------------------------------------
DONALDSON, LUFKIN & JENRETTE
-40-
<PAGE> 49
C CO.
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Analyst Estimates for:
----------------------------
Equity Date of Viewpoint of 1995E Total 1996E Total
Research Research A Co. Proportionate Proportionate
Broker Analyst(s) Report Stock Price Rating EBITDA EBITDA
------ ----------- ------- ------------ ------ ------ ------
<S> <C> <C> <C> <C> <C> <C>
CS First Boston John M. Bensche 5/30/95 $33 (one-year Buy $735 $1,076
target)/
$45 (end of 1997
target)
<CAPTION>
Analyst Estimates Closing Stock
for: Price:
------------------- ------------------
Day Day
1995E 1996E Before After
Broker EPS EPS Report Report Selected Comments
------ --- --- ------- ------ -----------------
<S> <C> <C> <C> <C> <C>
CS First Boston 28(cent) 42(cent) $26.88 $27.25 - "One-Year Target $33 and up to $45 by 1997."
- "A Co. is the only way for investors to achieve
significant exposure to the booming wireless
industry. Its market capitalization of $13
billion dwarfs the shrinking universe of the
pure play."
- "As wireless companies go, we think A Co. is at
the top of the heap. The company owns an
extraordinarily high-quality, diversified
portfolio of wireless properties."
- "What is frequently overlooked in the A Co.
story is the company's superb position in the
potentially explosive international market. Our
conclusion is that, overall, its international
properties are worth approximately $7 billion,
or $108 per POP, in the public market."
- "In sort, we believe the risk reward trade-off is
favorable, as we see much more upside potential ($10-15)
in the stock than downside risk ($3-5). This reinforces
our conviction in making a Buy Recommendation."
- "On the whole, we think the news coming out of
the company for the foreseeable future will be
position." If you are going to play the
wireless industry, A Co. is a must own stock."
</TABLE>
- -------------
(1) Equity research analysts typically view the intrinsic DCF value of the
Company as a PMV (Private Market Value).
DLJ WASSERSTEIN PERELLA & CO.
- --------------------------------------------------------------------------------
DONALDSON, LUFKIN & JENRETTE
-41-
<PAGE> 50
C CO.
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Analyst Estimates for:
----------------------------
Equity Date of Viewpoint of 1995E Total 1996E Total
Research Research A Co. Proportionate Proportionate
Broker Analyst(s) Report Stock Price Rating EBITDA EBITDA
------ ----------- ------- ------------ ------ ------ ------
<S> <C> <C> <C> <C> <C> <C>
NatWest Securities William D. Vogel 4/26/95 $35 (one-year target) Buy N/A N/A
Donaldson, Dennis H. 3/22/95 $37.25 (12/95 DLJ Buy N/A N/A
Lufkin & Jenrette Leibowitz target)/
$41.75 (12/96
John H. Whittier target)/
$43.75 (12/95
Geoffrey A. PMV)(1)/
Jones $49.00 (12/96 PMV)(1)
Karim Zia
<CAPTION>
Analyst Estimates Closing Stock
for: Price:
-------------------- ------------------
Day Day
1995E 1996E Before After
Broker EPS EPS Report Report Selected Comments
------ --- --- ------- ------ -----------------
<S> <C> <C> <C> <C> <C>
NatWest Securities 28(cent) 44(cent) $25.50 $26.13 - "We believe that A Co. is pursuing the correct
strategy of aggressively recruiting customers
while the industry is till in a duopoly mode."
- "In Germany, A Co. has claim to 26.5 million
POPs. In Japan the firm has 12.7 million POPs.
Therefore, A Co. has nearly 40% of its foreign
POPs in these two countries with the lowest
penetration (highest potential for growth) and
the highest per capita income."
- "Our one-year price target for A Co. is $35.
We think that worst case fears are already in
the shares."
Donaldson, 23(cent) 45(cent) $27.13 $27.63 - "We consider the A Co. shares undervalued,
Lufkin & Jenrette particularly with their recent pullback in the
face of ever stronger fundamentals."
- "A Co. sees the domestic cellular industry as
being early in the post-inflection point of the
typical "S" curve, indicating the likelihood
that accelerating subscriber growth will push
penetration to the 40% level in a decade."
</TABLE>
- -------------
(1) Equity research analysts typically view the intrinsic DCF value of the
Company as a PMV (Private Market Value).
DLJ WASSERSTEIN PERELLA & CO.
- --------------------------------------------------------------------------------
DONALDSON, LUFKIN & JENRETTE
-42-
<PAGE> 51
C CO.
- --------------------------------------------------------------------------------
APPENDICES:
C CO. OVERVIEW
WASSERSTEIN PERELLA & CO.
DLJ-----------------------------------------------------------------------------
DONALDSON, LUFKIN & JENRETTE
<PAGE> 52
C CO.
- --------------------------------------------------------------------------------
C CO. PRICE/VOLUME ANALYSIS
January 1, 1995 through April 2, 1996
The chart consists of C Co.'s daily stock price and trading volume history from
January 3, 1995 to April 2, 1996. C Co.'s stock price closed at $52.75 per
share on January 3, 1995 with 23,400 shares traded, closed at $50.75 per share
on February 1, 1995 with 8,600 shares traded, closed at $50.25 per share on
March 6, 1995 with 8,800 shares traded, closed at $45.50 per share on April 5,
1995 with 64,300 shares traded, closed at $46.00 per share on May 8, 1995 with
88,700 shares traded, closed at $48.75 per share on June 8, 1995 with 50,100
shares traded, closed at $47.625 per share on July 11, 1995 with 64,000 shares
traded, closed at $53.00 per share on August 10, 1995 with 61,300 shares
traded, closed at $54.75 per share on September 12, 1995 with 40,500 shares
traded, closed at $54.375 per share on October 12, 1995 with 50,000 shares
traded, closed at $51.875 per share on November 13, 1995 with 159,000 shares
traded, closed at $47.50 per share on December 14, 1995 with 132,500 shares
traded, closed at $49.50 per share on January 17, 1996 with 21,400 shares
traded, closed at $50.75 per share on February 16, 1996 with 25,900 shares
traded, closed at $51.00 per share on March 22, 1996 with 131,200 shares
traded, and closed at $51.125 per share on April 2, 1996 with 74,800 shares
traded. C. Co.'s stock reached a high of $54.75 on September 15, 1995 with
5,100 shares traded, and hit a low of $44.875 on April 7, 1995 with 339,300
shares traded.
C CO. STOCK PRICE HISTORY
January 1, 1995 through April 2, 1996
<TABLE>
<CAPTION>
DATE VOLUME HIGH LOW CLOSE
----------------------------------------------------------------------
<S> <C> <C> <C> <C>
12/30/94 244,800 53.75 52.00 53.50
1/03/95 23,400 53.50 52.75 52.75
1/04/95 34,000 53.50 52.00 52.50
1/05/95 87,500 52.00 51.50 51.56
1/06/95 32,600 52.00 51.00 51.25
1/09/95 18,900 51.75 51.00 51.25
1/10/95 174,700 51.50 51.00 51.50
1/11/95 12,500 51.75 51.00 51.00
1/12/95 7,300 51.50 51.00 51.00
1/13/95 25,900 51.50 50.50 50.50
1/16/95 75,700 50.50 50.00 50.13
1/17/95 168,000 51.00 50.00 51.00
1/18/95 124,000 52.50 50.75 51.75
1/19/95 13,200 52.50 51.75 51.75
1/20/95 56,400 52.25 51.50 51.63
1/23/95 21,200 51.50 50.75 51.00
1/24/95 13,400 51.50 50.75 51.00
1/25/95 184,200 51.50 50.00 50.13
1/26/95 58,400 50.75 50.00 50.50
1/27/95 54,900 50.75 50.25 50.38
1/30/95 7,500 50.75 50.25 50.25
1/31/95 139,700 50.75 50.25 50.25
2/01/95 8,600 50.75 50.50 50.75
2/02/95 36,400 50.75 50.25 50.25
2/03/95 32,000 50.75 50.25 50.75
2/06/95 20,000 50.75 50.25 50.25
2/07/95 12,800 50.75 50.25 50.38
2/08/95 5,300 50.75 50.25 50.38
2/09/95 10,200 50.75 50.25 50.25
2/10/95 236,700 50.75 48.25 48.38
2/13/95 553,200 50.00 48.25 49.63
2/14/95 752,700 50.75 50.00 50.00
2/15/95 43,900 50.75 50.00 50.25
2/16/95 435,700 50.00 47.25 48.75
2/17/95 92,700 50.00 48.75 49.63
2/21/95 31,700 50.38 49.50 50.00
2/22/95 21,000 50.25 49.75 49.75
2/23/95 39,000 50.25 49.75 50.25
2/24/95 53,400 50.50 49.75 50.25
2/27/95 33,700 50.50 49.25 49.25
2/28/95 83,500 50.75 49.50 50.75
3/01/95 17,900 50.75 50.00 50.00
3/02/95 6,300 50.75 50.00 50.75
3/03/95 68,000 50.75 50.00 50.00
3/06/95 8,800 50.50 50.00 50.25
3/07/95 3,100 50.25 49.75 49.75
3/08/95 54,300 49.81 48.75 49.25
3/09/95 66,800 49.25 48.25 48.75
3/10/95 19,000 49.25 48.25 49.25
3/13/95 12,900 49.25 48.50 49.00
3/14/95 28,900 49.00 48.50 49.00
3/15/95 17,000 49.25 48.50 49.00
3/16/95 14,600 49.25 48.75 48.75
3/17/95 40,700 49.25 48.50 48.50
3/20/95 26,600 49.25 48.50 48.50
3/21/95 60,300 48.75 48.25 48.25
3/22/95 30,600 48.75 47.25 47.38
3/23/95 47,100 47.75 46.75 47.13
3/24/95 195,500 47.50 47.00 47.00
3/27/95 52,900 47.25 46.50 46.75
3/28/95 311,800 48.50 46.50 48.50
3/29/95 48,400 48.50 47.75 48.50
3/30/95 20,300 48.25 47.50 48.13
3/31/95 17,500 48.00 47.50 47.75
4/03/95 123,700 47.75 46.00 46.00
4/04/95 87,500 46.75 46.00 46.13
4/05/95 64,300 46.75 45.50 45.50
4/06/95 45,800 46.00 45.25 46.00
4/07/95 339,300 45.75 44.75 44.88
4/10/95 164,300 46.50 44.50 46.00
4/11/95 54,200 46.25 45.75 45.75
4/12/95 202,200 46.75 45.50 46.50
4/13/95 132,400 47.50 46.00 47.25
4/17/95 80,600 47.75 47.00 47.00
4/18/95 143,200 47.25 46.38 46.38
4/19/95 302,800 46.75 45.50 45.88
4/20/95 19,300 46.50 46.25 46.38
4/21/95 49,300 46.50 45.88 46.25
4/24/95 52,300 46.25 46.00 46.25
4/25/95 70,700 46.25 45.88 46.25
4/26/95 4,400 46.25 45.50 46.25
4/27/95 101,100 46.50 45.75 46.00
4/28/95 37,100 46.75 45.75 46.63
5/01/95 85,000 46.75 45.50 46.00
5/02/95 169,200 46.00 44.50 45.25
5/03/95 86,500 45.25 44.50 45.25
5/04/95 24,800 45.50 44.50 45.50
5/05/95 146,600 46.25 45.00 46.25
5/08/95 88,700 46.50 45.50 46.00
5/09/95 117,200 46.50 45.50 45.50
5/10/95 41,000 46.25 45.50 46.13
5/11/95 14,600 46.25 45.75 45.75
5/12/95 95,300 46.25 45.75 46.13
5/15/95 8,800 46.50 45.75 46.50
5/16/95 31,900 46.50 46.00 46.25
5/17/95 175,800 46.50 45.75 46.50
5/18/95 115,200 46.50 46.00 46.50
5/19/95 92,300 46.50 45.75 45.75
5/22/95 14,600 46.50 45.75 46.50
5/23/95 112,300 46.25 45.75 46.25
5/24/95 51,500 46.75 45.75 46.75
5/25/95 60,700 47.00 46.25 47.00
5/26/95 7,300 47.25 46.75 47.25
5/30/95 49,300 47.25 46.50 47.25
5/31/95 152,700 47.25 46.00 46.38
6/01/95 63,500 47.50 46.25 46.88
6/02/95 95,800 48.00 46.75 48.00
6/05/95 27,600 48.25 47.50 48.25
6/06/95 99,800 49.00 47.50 48.38
6/07/95 55,200 50.00 48.25 48.63
6/08/95 50,100 49.25 48.25 48.75
6/09/95 32,700 49.00 47.75 47.88
6/12/95 10,400 48.25 47.75 48.00
6/13/95 67,200 48.00 47.25 47.25
6/14/95 31,700 47.63 47.00 47.25
6/15/95 104,500 47.25 46.00 46.50
6/16/95 172,200 46.50 45.50 45.50
6/19/95 54,400 46.25 45.50 46.13
6/20/95 48,000 46.50 46.00 46.13
6/21/95 66,700 46.50 45.50 45.50
6/22/95 32,900 46.25 45.75 46.13
6/23/95 20,200 46.25 45.75 45.88
6/26/95 36,600 46.25 45.00 45.25
6/27/95 65,900 45.75 44.75 45.50
6/28/95 19,700 45.50 45.00 45.50
6/29/95 30,700 45.50 45.00 45.25
6/30/95 66,500 45.50 45.00 45.50
7/03/95 5,000 45.75 45.00 45.75
7/05/95 49,200 46.00 45.25 45.25
7/06/95 22,000 45.75 45.25 45.75
7/07/95 126,300 47.13 46.00 47.00
7/10/95 109,200 48.25 46.50 48.13
7/11/95 64,000 48.50 47.50 47.63
7/12/95 177,400 48.00 47.25 48.00
7/13/95 218,300 49.50 48.00 48.75
7/14/95 196,500 49.75 48.75 48.75
7/17/95 75,500 49.00 48.25 48.25
7/18/95 117,600 48.50 47.75 48.25
7/19/95 117,100 48.25 47.75 48.25
7/20/95 13,400 48.50 48.00 48.00
7/21/95 1,400 48.50 48.00 48.25
7/24/95 318,900 50.50 49.25 50.00
7/25/95 113,600 50.00 49.75 50.00
7/26/95 297,500 52.00 49.75 52.00
7/27/95 106,000 52.00 50.75 50.75
7/28/95 80,400 52.00 50.00 51.75
7/31/95 45,700 52.00 51.00 52.00
8/01/95 50,500 52.25 51.25 52.25
8/02/95 72,200 53.00 52.25 52.50
8/03/95 79,400 53.75 52.25 53.50
8/04/95 287,400 53.50 52.50 53.25
8/07/95 128,200 53.50 52.50 53.00
8/08/95 156,200 53.00 52.50 52.63
8/09/95 37,400 52.75 52.50 52.50
8/10/95 61,300 53.25 52.50 53.00
8/11/95 119,600 54.25 52.75 54.06
8/14/95 37,600 54.00 53.50 54.00
8/15/95 18,000 54.00 53.50 54.00
8/16/95 116,900 54.75 53.50 54.50
8/17/95 33,800 54.75 54.00 54.25
8/18/95 93,300 54.50 53.75 53.75
8/21/95 46,900 54.50 53.75 54.25
8/22/95 222,400 54.25 53.75 54.25
8/23/95 276,800 54.25 53.25 53.75
8/24/95 98,200 54.00 53.25 54.00
8/25/95 23,000 54.50 53.75 53.88
8/28/95 24,000 54.50 53.75 54.50
8/29/95 321,900 54.50 53.75 53.75
8/30/95 107,200 54.25 53.75 54.00
8/31/95 900 54.50 54.00 54.50
9/01/95 35,700 54.75 53.75 54.00
9/05/95 24,800 54.75 53.75 54.25
9/06/95 60,000 54.75 53.75 53.88
9/07/95 42,400 54.50 53.75 54.25
9/08/95 24,200 54.50 53.75 54.50
9/11/95 30,300 54.75 53.75 54.75
9/12/95 40,500 54.75 53.75 54.75
9/13/95 91,000 55.00 53.75 54.25
9/14/95 32,200 54.75 54.00 54.00
9/15/95 42,300 54.50 53.88 54.50
9/18/95 33,000 54.75 53.75 54.25
9/19/95 5,700 54.75 54.25 54.75
9/20/95 25,600 54.75 54.25 54.75
9/21/95 9,700 54.75 54.25 54.25
9/22/95 5,100 54.75 54.25 54.75
9/25/95 83,000 54.75 54.00 54.50
9/26/95 59,500 54.75 53.75 54.00
9/27/95 109,300 54.25 53.88 53.88
9/28/95 125,800 54.25 53.88 54.25
9/29/95 55,900 54.50 54.00 54.50
10/02/95 9,900 54.50 54.00 54.00
10/03/95 59,200 54.50 54.00 54.50
10/04/95 27,100 54.50 53.88 53.88
10/05/95 24,400 54.50 53.88 53.94
10/06/95 70,300 54.50 53.88 54.00
10/09/95 93,200 54.50 53.88 54.25
10/10/95 223,900 54.25 53.88 54.00
10/11/95 97,200 54.50 53.88 54.50
10/12/95 50,000 54.50 54.00 54.38
10/13/95 34,600 54.38 54.00 54.00
10/16/95 8,600 54.50 54.00 54.25
10/17/95 122,300 54.50 53.88 54.00
10/18/95 3,100 54.50 54.00 54.50
10/19/95 5,600 54.75 54.00 54.00
10/20/95 12,700 54.50 54.00 54.25
10/23/95 17,400 54.25 54.00 54.25
10/24/95 87,200 54.25 53.88 54.00
10/25/95 255,300 54.25 53.88 53.94
10/26/95 269,100 54.25 53.88 54.25
10/27/95 101,200 54.00 53.63 54.00
10/30/95 161,700 54.00 53.50 54.00
10/31/95 40,600 54.00 53.50 53.63
11/01/95 358,500 54.00 51.50 51.50
11/02/95 449,400 52.00 50.50 50.75
11/03/95 894,900 52.00 50.75 51.88
11/06/95 112,300 52.50 51.88 52.00
11/07/95 327,700 52.75 51.75 52.00
11/08/95 204,900 53.75 52.00 53.00
11/09/95 112,900 53.25 52.00 52.00
11/10/95 61,100 52.25 51.88 52.25
11/13/95 159,000 52.50 51.63 51.88
11/14/95 66,200 52.25 51.63 52.00
11/15/95 60,400 52.25 51.25 51.25
11/16/95 39,000 51.75 51.00 51.38
11/17/95 102,400 51.25 50.75 51.13
11/20/95 57,200 51.25 50.75 50.88
11/21/95 61,100 51.25 50.00 50.00
11/22/95 204,800 50.00 49.75 50.00
11/24/95 22,900 50.00 49.50 50.00
11/27/95 155,800 50.00 49.50 50.00
11/28/95 295,300 50.00 48.50 48.50
11/29/95 532,300 49.00 47.75 48.25
11/30/95 692,900 48.25 47.75 47.88
12/01/95 526,800 48.50 47.88 48.50
12/04/95 405,300 48.50 48.00 48.38
12/05/95 204,100 48.25 48.00 48.25
12/06/95 1,712,600 48.50 47.75 47.75
12/07/95 99,300 48.25 47.50 47.50
12/08/95 2,327,700 48.00 47.50 48.00
12/11/95 43,700 48.00 47.50 47.88
12/12/95 40,100 48.25 47.50 47.50
12/13/95 98,200 49.75 47.50 49.25
12/14/95 132,500 49.75 47.50 47.50
12/15/95 114,200 48.00 46.38 47.00
12/18/95 114,900 49.00 47.50 48.25
12/19/95 98,100 48.75 47.75 48.00
12/20/95 80,100 48.50 47.50 47.75
12/21/95 378,400 48.25 47.25 48.25
12/22/95 76,700 48.25 47.75 48.25
12/26/95 52,200 49.00 48.50 49.00
12/27/95 122,500 49.75 48.75 48.75
12/28/95 99,300 50.00 48.75 49.75
12/29/95 55,600 50.50 49.50 49.75
1/02/96 117,000 51.50 49.75 51.50
1/03/96 85,800 52.00 51.00 51.50
1/04/96 44,500 51.50 50.00 50.13
1/05/96 18,600 50.50 50.00 50.50
1/08/96 1,400 50.50 50.00 50.50
1/09/96 71,300 51.00 50.06 50.63
1/10/96 80,700 50.50 49.50 50.00
1/11/96 182,700 50.25 49.13 49.75
1/12/96 24,000 49.75 49.25 49.75
1/15/96 42,800 50.00 49.38 50.00
1/16/96 83,400 50.00 49.50 50.00
1/17/96 21,400 49.75 49.50 49.50
1/18/96 137,900 49.75 49.00 49.50
1/19/96 263,500 49.50 48.75 49.25
1/22/96 149,200 49.25 48.75 49.25
1/23/96 17,300 49.25 48.75 48.75
1/24/96 20,700 49.25 48.75 48.75
1/25/96 65,400 49.25 48.75 49.25
1/26/96 85,100 49.25 48.75 49.25
1/29/96 98,300 49.50 49.00 49.50
1/30/96 23,800 50.00 49.00 50.00
1/31/96 101,500 50.00 49.25 49.38
2/01/96 35,100 50.00 49.25 49.75
2/02/96 77,600 50.00 49.25 49.38
2/05/96 150,200 50.00 49.00 50.00
2/06/96 149,900 50.00 49.25 49.75
2/07/96 91,500 50.50 49.50 50.25
2/08/96 46,100 51.50 50.13 51.50
2/09/96 37,800 51.50 50.50 50.75
2/12/96 201,600 51.25 50.50 50.88
2/13/96 52,100 51.00 50.50 50.88
2/14/96 48,100 51.25 50.50 51.00
2/15/96 82,200 51.00 50.50 51.00
2/16/96 25,900 50.75 50.25 50.75
2/20/96 120,500 51.00 50.25 50.50
2/21/96 79,700 51.50 50.50 51.50
2/22/96 70,400 51.50 50.75 51.38
2/23/96 32,000 51.75 51.00 51.25
2/26/96 21,700 51.25 51.00 51.23
2/27/96 114,100 51.25 50.75 51.00
2/28/96 293,000 52.25 50.75 51.13
2/29/96 24,600 51.50 50.75 51.50
3/01/96 34,300 51.25 50.75 51.25
3/04/96 104,100 51.50 50.75 51.50
3/05/96 20,600 51.50 50.75 51.25
3/06/96 74,800 51.50 50.75 50.88
3/07/96 7,700 51.50 50.75 51.00
3/08/96 264,500 51.25 50.50 50.75
3/11/96 71,500 51.75 50.75 51.75
3/12/96 78,000 51.50 50.75 51.25
3/13/96 5,900 51.25 50.75 51.00
3/14/96 33,500 51.75 50.75 51.13
3/15/96 61,000 51.25 50.75 51.00
3/18/96 16,800 51.25 50.75 51.00
3/19/96 20,200 51.75 50.75 51.00
3/20/96 131,200 51.75 51.00 51.00
3/21/96 75,500 51.75 51.00 51.50
3/22/96 112,400 51.75 51.00 51.00
3/25/96 165,700 51.50 50.75 50.88
3/26/96 217,700 51.50 50.75 50.75
3/27/96 52,100 51.25 50.75 51.00
3/28/96 315,100 51.25 50.75 51.06
3/29/96 99,300 51.25 51.00 51.13
4/01/96 225,200 51.50 50.75 51.00
4/02/96 74,800 51.25 50.75 51.13
</TABLE>
WASSERSTEIN PERELLA & CO.
DLJ-----------------------------------------------------------------------------
DONALDSON, LUFKIN & JENRETTE
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C CO.
- --------------------------------------------------------------------------------
FINANCIAL SUMMARY
(Dollars in thousands, except per subscriber amounts)
- The historical and projected operating statistics for the NP joint
venture are as follows:
<TABLE>
<CAPTION>
YEAR ENDED DECEMBER 31,
------------------------------------------------------------------------------------
1992A 1993A 1994A 1995E 1996E(1) 1997E(2) 1998E(2)
-------- -------- -------- --------- --------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
End of Year Subscribers................. 370,000 478,000 728,782 1,027,014 1,348,532 1,680,345 2,022,429
Consolidated POPS (000's)............... 14,936 14,935 15,550 16,100 NA NA NA
Penetration............................. 2.48% 3.20% 4.69% 6.37% NA NA NA
Average Revenue Per Subscriber.......... $79.18 $76.69 $68.78 $63.97 $60.27 $56.83 $53.73
% Change Year-to-Year................... (3.1)% (3.2)% (10.3)% (7.0)% (5.8)% (5.7)% (5.5)%
Service Revenues........................ $311,197 $390,181 $498,077 $673,871 $859,033 $1,032,726 $1,193,688
Operating Cash Flow (EBITDA)............ $132,868 $173,989 $199,226 $285,754 $375,000 $ 459,497 $ 553,599
% Change Year-to-Year................... 33.3% 30.9% 14.5% 43.4% 31.2% 22.5% 20.5%
% of Service Revenues................... 42.7% 44.6% 40.0% 42.4% 43.6% 44.5% 42.4%
</TABLE>
- -----------------------------
(1) Approved budget.
(2) Five-year plan.
WASSERSTEIN PERELLA & CO.
DLJ-----------------------------------------------------------------------------
DONALDSON, LUFKIN & JENRETTE
-44-
<PAGE> 54
C CO.
- --------------------------------------------------------------------------------
OVERVIEW OF CURRENT C CO. OWNERSHIP
<TABLE>
<CAPTION>
TOTAL A CO.-OWNED REMAINING
------------ --------------- --------------
<S> <C> <C> <C>
Redeemable Preferred............................ 16,770,688 - 16,770,688
Common.......................................... 13,531,840 3,450,800 10,081,040
Treasury.................................. (1,005,000) (1,005,000)
Class A Preferred............................... 2,206,410 2,206,410 -
Series C Common................................. 10,065,641 10,065,641 -
Series A Preferred.............................. 200,800 - 200,800
---------- ---------- ----------
TOTAL.................................. 41,770,379 15,722,851 26,047,528
MRO Options..................................... 2,405,193 2,405,193 -
Other Options................................... 1,301,050 - 1,301,050
TOTAL.................................. 45,476,622(1) 18,128,044 27,348,580
========== ========== ==========
% OF TOTAL............................. 100.0% 39.9% 60.1%
</TABLE>
- -----------------------------
(1) Excludes 3,146,500 shares issuable upon conversion of zero coupon
convertible notes.
WASSERSTEIN PERELLA & CO.
DLJ-----------------------------------------------------------------------------
DONALDSON, LUFKIN & JENRETTE
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C CO.
- --------------------------------------------------------------------------------
13F OWNERSHIP OF C CO.
- ------------------------------------------------
Price as of: (4/2/96) $51.125
Fully Diluted Shares Outstanding: 48,623,122(1)
- ------------------------------------------------
<TABLE>
<CAPTION>
SHARES % OF MARKET
INSTITUTION FILING DATE HELD OWNERSHIP VALUE
- ---------------------------------- ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
Spears Benzak Salomon 12/31/95 1,577,419 3.24% $80,645,546
Equitable Companies Inc. 12/31/95 1,138,451 2.34 58,203,307
Neuberger & Berman Mgmt. 12/31/95 1,000,000 2.06 51,125,000
Luther King Capital Mgmt. 9/30/95 810,637 1.67 41,443,817
Roxbury Capital Mgmt. 12/31/95 466,850 0.96 23,867,706
Liberty Mutual Ins. Co. 12/31/95 362,100 0.75 18,512,363
GE Investment Corp. 12/31/95 357,657 0.74 18,285,214
Sit Investment Assocs. 12/31/95 326,974 0.67 16,716,546
Cumberland Associates 12/31/95 283,000 0.58 14,468,375
Aster Investment Mgmt. Co. 12/31/95 277,273 0.57 14,175,582
Wanger Asset Mgmt. LP 12/31/95 240,000 0.49 12,270,000
Van Kampen Amer Capital 12/31/95 226,800 0.47 11,595,150
Fidelity Mgmt. & Res. Corp. 12/31/95 205,200 0.42 10,490,085
BZW Barclays GLBL Invts. 12/31/95 194,822 0.40 9,960,275
Suntrust Banks Inc. 12/31/95 182,300 0.38 9,320,088
Davis Selected Advs. LP 12/31/95 171,100 0.35 8,747,488
Gamco Investors Inc. 12/31/95 154,750 0.32 7,911,594
Travelers Inc. 12/31/95 137,574 0.28 7,033,471
- -------------------------------------------------------------------------------------------------------------
TOTAL 13F INSTITUTIONS 8,112,907 16.68% $414,772,204
- -------------------------------------------------------------------------------------------------------------
</TABLE>
- -----------------------------
(1) Fully diluted shares include convertible debt shares.
WASSERSTEIN PERELLA & CO.
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C CO.
- --------------------------------------------------------------------------------
CONVERTIBLE ZERO COUPON BOND ACCRETION SCHEDULE
<TABLE>
<CAPTION>
1/27/97 1/27/93 1/27/94 1/27/95 1/27/96 8/1/96 1/27/97 1/27/98 1/27/99 7/27/99
------- ------- ------- ------- ------- ------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
ACCRETED VALUE OF ZERO COUPON BOND $124.92 $134.47 $144.74 $155.80 $161.64 $174.17 $180.52 $194.31 $209.16 $217.00
CONVERSION SHARES (MILLIONS) 3.1465 3.1465 3.1465 3.1465 3.1465 3.1465 3.1465 3.1465 3.1465 3.1465
IMPLIED CONVERSION PRICE PER SHARE $39.70 $42.74 $46.00 $49.52 $53.30 $55.35 $57.37 $61.75 $66.47 $68.97
</TABLE>
WASSERSTEIN PERELLA & CO.
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C CO.
- --------------------------------------------------------------------------------
OVERVIEW OF C CO./A CO. 1990 AGREEMENT
WASSERSTEIN PERELLA & CO.
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C CO.
- --------------------------------------------------------------------------------
THE BACK-END APPRAISAL PROCESS
BASIC ELEMENTS
- The back-end process begins in August 1996.
- C Co. and A Co. each select appraisers, who then prepare valuations
of the NP joint venture, and any other C Co. assets.
- If the valuations differ by less than 10%, then the final value is
the average of each appraiser's valuation.
- If the valuations differ by more than 10%, a third appraiser will
be jointly selected by the two appraisers. The third appraiser will
prepare an appraisal report on only those components of the
valuation that are more than 10% or more apart in value.
- The final value of the components will be the average of the two
---
closest of the three valuations. However, if the value determined by
-------
the third appraiser is the highest or the lowest of the three values,
the third appraisal will be ignored and the final valuation will be
the average of the first two appraisers' valuations.
WASSERSTEIN PERELLA & CO.
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C CO.
- --------------------------------------------------------------------------------
THE BACK-END APPRAISAL PROCESS
THE REDEMPTION
- Once the valuation is determined, A Co. has the right, but not the
obligation, to cause the redemption of the remaining shares of C Co.
- A Co. has the option to defer the redemption two times (for six
months in each case). C Co. can cause deferral of only the initial
appraisal and only in the case of a "calamitous" event.
- If A Co. passes on the first two appraisals and accepts the third,
they must pay a penalty in the form of a premium of 2% of the
appraised value.
- If A Co. elects to cause the redemption, C Co. Redeemable
Participating Preferred and Series A Redeemable Common Stock
outstanding will be redeemed at the appraised price. No further
action by C Co. stockholders will be required and the equity interest
of such stockholders in C Co. will be terminated.
- If A Co. does not cause the redemption after the third party
appraisal, C Co. has the option (if approved by C Co. stockholders)
to purchase A Co.'s interest in C Co.
- If A Co. does not cause the redemption and C Co. elects not to
purchase A Co.'s interest in C Co., the Joint Venture dissolves and
the assets are returned to the contributing partner. In addition,
C Co. must commence a process to sell itself (and, if directed by A
Co., to sell A Co.'s interest in the Joint Venture).
WASSERSTEIN PERELLA & CO.
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C CO.
- --------------------------------------------------------------------------------
THE BACK-END APPRAISAL PROCESS
MAKE-WHOLE PROVISION
- In the event that A Co. does not elect to purchase C Co. at the
appraised value and the Company is put up for sale, A Co. has agreed
to make up the entire difference between the final appraised value
and the final actual sale price of the Company, up to a 20% shortfall
between realized and appraised price.
- If the difference between the appraised value and the realized price
is greater than 20%, then A Co. would be forced to make whole only a
portion of the difference, as follows:
<TABLE>
<CAPTION>
MAKE-WHOLE PROVISION TERMS
----------------------------------------------------------------------------------
PRICE AS
PERCENTAGE OF PMV SHAREHOLDER RECEIVES
------------------- -----------------------------------------------------------
<S> <C>
80 - 100% All
60 - 80% 20% of PMV + 80% of difference between Price and 80% of PMV
Below 60% 36% of PMV + 50% of difference between Price and 60% of PMV
</TABLE>
<TABLE>
<CAPTION>
APPRAISED PRIVATE MARKET VALUE = 100
----------------------------------------------------------------------------------
ULTIMATE BUYER PAYS C CO. SHAREHOLDER RECEIVES A CO. MAKES WHOLE
----------------------- ------------------------------- ---------------------
<S> <C> <C>
90 100 10
80 100 20
70 98 28
60 96 36
50 91 41
40 86 46
30 81 51
20 76 56
10 71 61
0 66 66
</TABLE>
WASSERSTEIN PERELLA & CO.
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C CO.
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THE BACK-END APPRAISAL PROCESS
<TABLE>
<S> <C> <C> <C>
C Co. Seeks
Appraisal?
[C Co. Option]
Yes
[Aug. 1996]
First Appraisal
A Co. Accepts an
Appraisal Value?
[A Co. Option]
Yes No
A Co. Pays Appraisal [Feb. 1997]
Value Second Appraisal
A Co. Accepts an
Appraisal Value?
[A Co. Option]
Yes No
A Co. Pays Appraisal [Aug. 1997]
Value Third Appraisal
A Co. Accepts an
Appraisal Value?
[A Co. Option]
Yes No
A Co. Pays Appraisal Final Back-End Option
Value
</TABLE>
WASSERSTEIN PERELLA & CO.
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C CO.
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THE BACK-END APPRAISAL PROCESS -- C CO. DELAYS APPRAISAL PROCESS
<TABLE>
<CAPTION>
AUG. 1996 FEB. 1997 AUG. 1997 FEB. 1998
- --------- --------- --------- ---------
<S> <C> <C> <C> <C>
C Co. Seeks
Appraisal?
[C Co. Option]
Yes No
First Appraisal
A Co. Accepts an
Appraisal Value?
[A Co. Option]
Yes No
A Co. Pays Appraisal Second Appraisal
Value
A Co. Accepts an
Appraisal Value?
[A Co. Option]
Yes No
A Co. Pays Appraisal Third Appraisal
Value
A Co. Accepts an
Appraisal Value?
[A Co. Option]
Yes No(1) No(2)
A Co. Pays Appraisal Fourth Appraisal
Value
A Co. Accepts an
Appraisal Value?
[A Co. Option]
Yes No
A Co. Pays Appraisal Final Back-End
Value Option
</TABLE>
- -----------------------------
(1) Only if C Co. postpones first appraisal.
(2) If C Co. does not postpone first appraisal.
WASSERSTEIN PERELLA & CO.
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DONALDSON, LUFKIN & JENRETTE
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