<PAGE> 1
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
------------------------
SCHEDULE 13E-3
RULE 13e-3 TRANSACTION STATEMENT
(PURSUANT TO SECTION 13(e) OF THE SECURITIES EXCHANGE ACT OF 1934)
------------------------
J&L SPECIALTY STEEL, INC.
(NAME OF ISSUER)
------------------------
J&L SPECIALTY STEEL, INC.
ICE ACQUISITION CORP.
USINOR
(NAME OF PERSON(S) FILING STATEMENT)
------------------------
COMMON STOCK, PAR VALUE $0.01 PER SHARE
(TITLE OF CLASS OF SECURITIES)
------------------------
466046 10 9
(CUSIP NUMBER OF CLASS OF SECURITIES)
------------------------
<TABLE>
<S> <C>
PATRICK LETOURNEUR KIRK F. VINCENT
ICE ACQUISITION CORP. J&L SPECIALTY STEEL, INC.
USINOR ONE PPG PLACE 18TH FLOOR
13, COURS VALMY P.O. BOX 3373
92070 LA DEFENSE CEDEX, FRANCE PITTSBURGH, PENNSYLVANIA 15230-3373
011-331-41-25-61-88 (412) 338-1600
</TABLE>
(Name, Address and Telephone Number of Persons Authorized to Receive Notices
and Communications on Behalf of Person(s) Filing Statement)
With Copies to:
<TABLE>
<S> <C> <C>
JOHN J. MADDEN, ESQ. ROBERT C. TREUHOLD, ESQ. JANICE C. HARTMAN, ESQ.
SHEARMAN & STERLING SHEARMAN & STERLING KIRKPATRICK & LOCKHART LLP
599 LEXINGTON AVENUE 114, AVENUE DES CHAMPS-ELYSEES 1500 OLIVER BUILDING
NEW YORK, NEW YORK 10022 75008 PARIS, FRANCE PITTSBURGH, PENNSYLVANIA 15222
(212) 848-4000 011-331-53-89-70-00 (412) 355-6500
</TABLE>
This statement is filed in connection with (check the appropriate box):
a. [ ] The filing of solicitation materials or an information statement
subject to Regulation 14A, Regulation 14C or Rule 13e-3(c) under the
Securities Exchange Act of 1934.
b. [ ] The filing of a registration statement under the Securities Act of
1933.
c. [X] A tender offer.
d. [ ] None of the above.
Check the following box if the soliciting materials or information
statement referred to in checking box (a) are preliminary copies: [ ]
CALCULATION OF FILING FEE
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------
TRANSACTION VALUATION AMOUNT OF FILING FEE
- --------------------------------------------------------------------------------------------------
<S> <C>
$114,928,500.00* $22,985.70**
- --------------------------------------------------------------------------------------------------
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</TABLE>
* Calculated by multiplying $6.375, the per share tender offer price, by
18,028,000, the number of currently outstanding shares of Common Stock sought
in the tender offer.
** Calculated as 1/50 of 1% of the transaction value.
[X] Check box if any part of the fee is offset as provided by Rule 0-11(a)(2)
and identify the filing with which the offsetting fee was previously paid.
Identify the previous filing by registration statement number, or the Form
or Schedule and the date of its filing.
Amount Previously Paid: $22,985.70 Filing Party:
Usinor and Ice Acquisition Corp.
Form or Registration No.: Schedule 14D-1 Date Filed: November
12, 1998
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<PAGE> 2
INTRODUCTION
This Rule 13e-3 Transaction Statement on Schedule 13E-3 (the "Schedule
13E-3") is being filed by (i) Usinor, a societe anonyme organized under the laws
of the Republic of France ("Parent"), (ii) Ice Acquisition Corp., a Pennsylvania
corporation ("Purchaser") and a wholly owned subsidiary of Parent, and (iii) J&L
Specialty Steel, Inc., a Pennsylvania corporation (the "Company"), pursuant to
Section 13(e) of the Securities Exchange Act of 1934, as amended, and Rule 13e-3
thereunder in connection with the tender offer by Purchaser for all the
outstanding shares (the "Shares") of common stock, $0.01 par value, of the
Company not already owned by Parent or any of its affiliates, upon the terms and
subject to the conditions set forth in the Offer to Purchase dated November 12,
1998 (the "Offer to Purchase") and the related Letter of Transmittal (which
together constitute the "Offer"), copies of which are filed as Exhibits (d)(1)
and (d)(2) hereto, respectively.
The following Cross Reference Sheet, prepared pursuant to General
Instruction F to Schedule 13E-3, shows the location in the Tender Offer
Statement on Schedule 14D-1 filed by Parent and Purchaser (the "Schedule 14D-1")
with the Securities and Exchange Commission on the date hereof of the
information required to be included in this Schedule 13E-3. The information set
forth in the Schedule 14D-1, including all exhibits thereto, is hereby expressly
incorporated herein by reference as set forth in the Cross Reference Sheet and
the responses in this Schedule 13E-3, and such responses are qualified in their
entirety by reference to the information contained in the Offer to Purchase and
the annexes thereto.
The information contained in this Schedule 13E-3 concerning the Company,
including, without limitation, the information concerning the background of the
transactions, the deliberations of the Company's Board of Directors in
connection with the transaction, the opinion of the Company's financial advisor
and the Company's capital structure and historical financial statements and
projections, was supplied by the Company. Parent and Purchaser take no
responsibility for the accuracy of such information. The information contained
in this Schedule 13E-3 concerning Parent and Purchaser was supplied by Parent
and Purchaser. The Company takes no responsibility for the accuracy of such
information.
2
<PAGE> 3
CROSS REFERENCE SHEET
ITEM IN WHERE LOCATED IN
SCHEDULE 13E-3 SCHEDULE 14D-1
- -------------- ---------------
Item 1(a)..............................................................Item 1(a)
Item 1(b)..............................................................Item 1(b)
Item 1(c)..............................................................Item 1(c)
Item 1(d)......................................................................*
Item 1(e)......................................................................*
Item 1(f)......................................................................*
Item 2(a)..............................................................Item 2(a)
Item 2(b)..............................................................Item 2(b)
Item 2(c)..............................................................Item 2(c)
Item 2(d)..............................................................Item 2(d)
Item 2(e)..............................................................Item 2(e)
Item 2(f)..............................................................Item 2(f)
Item 2(g)..............................................................Item 2(g)
Item 3(a).....................................................Item 3(a) and 3(b)
Item 3(b)..............................................................Item 3(b)
Item 4.........................................................................*
Item 5....................................................................Item 5
Item 6(a)..............................................................Item 4(a)
Item 6(b)......................................................................*
Item 6(c)..............................................................Item 4(b)
Item 6(d)......................................................................*
Item 7(a).................................................................Item 5
Item 7(b)......................................................................*
Item 7(c)......................................................................*
Item 7(d)......................................................................*
Item 8.........................................................................*
Item 9.........................................................................*
Item 10(a).............................................................Item 6(a)
Item 10(b).....................................................................*
Item 11...................................................................Item 7
Item 12(a).....................................................................*
Item 12(b).....................................................................*
Item 13........................................................................*
Item 14........................................................................*
Item 15(a).....................................................................*
Item 15(b)................................................................Item 8
Item 16...............................................................Item 10(f)
Item 17..................................................................Item 11
- ---------------
* The Item is located in the Schedule 13E-3 only.
3
<PAGE> 4
ITEM 1. ISSUER AND CLASS OF SECURITY SUBJECT TO THE TRANSACTION.
(a)-(c) The response to Item 1(a)-(c) of the Schedule 14D-1 is incorporated
herein by reference.
(d) The information set forth in the Offer to Purchase under "THE TENDER
OFFER -- Section 6. Price Range of Shares; Dividends" is incorporated herein by
reference.
(e) Not applicable.
(f) The information set forth in the Offer to Purchase under "SPECIAL
FACTORS -- Background of the Offer and the Merger" and "THE TENDER
OFFER -- Section 8. Certain Information Concerning Purchaser and Parent" is
incorporated herein by reference.
ITEM 2. IDENTITY AND BACKGROUND.
(a)-(d) and (g) This Statement is being filed by Parent, Purchaser and the
Company. The response to Item 2 of the Schedule 14D-1 is incorporated herein by
reference as to Parent and Purchaser. The information concerning the name, state
or other place of organization, principal business and address of the principal
office of Parent, Purchaser and the Company, and the information concerning the
name, business address, present principal occupation or employment and the name,
principal business and address of any corporation or other organization in which
such employment or occupation is conducted, material occupations, positions,
offices or employments during the last five years and citizenship of each of the
executive officers and directors of Parent, Purchaser and the Company is set
forth under "INTRODUCTION", "THE TENDER OFFER -- Section 7. Certain Information
Concerning the Company," "THE TENDER OFFER -- Section 8. Certain Information
Concerning Purchaser and Parent" and Schedule I of the Offer to Purchase and is
incorporated herein by reference.
(e)-(f) The response to Item 2 of the Schedule 14D-1 is incorporated herein
by reference with respect to Parent and Purchaser. During the last five years,
none of Parent, Purchaser or the Company, nor, to the best knowledge of Parent,
Purchaser or the Company, any of the persons listed in Schedule I of the Offer
to Purchase has been (i) convicted in a criminal proceeding (excluding traffic
violations or similar misdemeanors) or (ii) a party to a civil proceeding of a
judicial or administrative body of competent jurisdiction and as a result of
such proceeding was or is subject to a judgment, decree or final order enjoining
future violations of, or prohibiting activities subject to, federal or state
securities laws or finding any violation of such laws.
ITEM 3. PAST CONTACTS, TRANSACTIONS OR NEGOTIATIONS.
(a)-(b) The response to Item 3 of the Schedule 14D-1 is incorporated herein
by reference.
ITEM 4. TERMS OF THE TRANSACTION.
(a) The information set forth in the Offer to Purchase on the cover page
thereof and under "INTRODUCTION", "SPECIAL FACTORS -- Background of the Offer
and the Merger", "SPECIAL FACTORS -- The Merger Agreement", "THE TENDER
OFFER -- Section 1. Terms of the Offer; Expiration Date", "THE TENDER
OFFER -- Section 2. Acceptance for Payment and Payment for Shares", "THE TENDER
OFFER -- Section 3. Procedures for Accepting the Offer and Tendering Shares",
"THE TENDER OFFER -- Section 4. Withdrawal Rights", "THE TENDER OFFER -- Section
10. Dividends and Distributions", "THE TENDER OFFER -- Section 12. Certain
Conditions of the Offer", "THE TENDER OFFER -- Section 13. Certain Legal Matters
and Regulatory Approvals" and "THE TENDER OFFER -- Section 15. Miscellaneous" is
incorporated herein by reference.
(b) Not applicable.
ITEM 5. PLANS OR PROPOSALS OF THE ISSUER OR AFFILIATE.
(a)-(e) The response to Item 5(a)-(e) of the Schedule 14D-1 is incorporated
herein by reference.
(f)-(g) The response to Item 5(f)-(g) of the Schedule 14D-1 is incorporated
herein by reference.
4
<PAGE> 5
ITEM 6. SOURCE AND AMOUNTS OF FUNDS OR OTHER CONSIDERATION.
(a) The response to Item 4(a) of the Schedule 14D-1 is incorporated herein
by reference.
(b) The information set forth in the Offer to Purchase in "SPECIAL
FACTORS -- Fees and Expenses" and "THE TENDER OFFER -- Section 14. Fees and
Expenses" is incorporated herein by reference.
(c) Not applicable.
(d) Not applicable.
ITEM 7. PURPOSE(S), ALTERNATIVES, REASONS AND EFFECTS.
(a) The response to Item 5 of the Schedule 14D-1 is incorporated herein by
reference.
(b) The information set forth in the Offer to Purchase under "SPECIAL
FACTORS -- Recommendation of the Company's Board; Fairness of the Offer and the
Merger" and "SPECIAL FACTORS -- Purpose and Structure of the Offer and the
Merger; Reasons of Parent and Purchaser for the Offer and the Merger" is
incorporated herein by reference.
(c)-(d) The information set forth in the Offer to Purchase under
"INTRODUCTION", "SPECIAL FACTORS -- Background of the Offer and the Merger",
"SPECIAL FACTORS -- Recommendation of the Company's Board; Fairness of the Offer
and the Merger", "SPECIAL FACTORS -- Purpose and Structure of the Offer and the
Merger; Reasons of Parent and Purchaser for the Offer and the Merger", "SPECIAL
FACTORS -- Plans for the Company After the Offer and the Merger; Certain Effects
of the Offer", "THE TENDER OFFER -- Section 5. Certain U.S. Federal Income Tax
Consequences" and "THE TENDER OFFER -- Section 11. Effect of the Offer on the
Market for the Shares, the NYSE and the Exchange Act Registration" is
incorporated herein by reference.
ITEM 8. FAIRNESS OF THE TRANSACTION.
(a)-(e) The information set forth in the Offer to Purchase under
"INTRODUCTION", "SPECIAL FACTORS -- Background of the Offer and the Merger",
"SPECIAL FACTORS -- Recommendation of the Company's Board; Fairness of the Offer
and the Merger", "SPECIAL FACTORS -- Opinion of Lehman Brothers Inc.", "SPECIAL
FACTORS -- Position of Parent and Purchaser Regarding Fairness of the Offer and
the Merger" and "SPECIAL FACTORS -- Purpose and Structure of the Offer and the
Merger; Reasons of Parent and Purchaser for the Offer and the Merger" is
incorporated herein by reference.
(f) Not applicable.
ITEM 9. REPORTS, OPINIONS, APPRAISALS AND CERTAIN NEGOTIATIONS.
(a)-(c) The information set forth in the Offer to Purchase under "SPECIAL
FACTORS -- Background of the Offer and the Merger", "SPECIAL
FACTORS -- Recommendation of the Company's Board; Fairness of the Offer and the
Merger", "SPECIAL FACTORS -- Opinion of Lehman Brothers Inc.", "SPECIAL
FACTORS -- Position of Parent and Purchaser Regarding Fairness of the Offer and
the Merger", "SPECIAL FACTORS -- Analysis of Financial Advisor to Parent" and in
Schedule II is incorporated herein by reference.
ITEM 10. INTEREST IN SECURITIES OF THE ISSUER.
(a) The response to Item 6(a) of the Schedule 14D-1 is incorporated herein
by reference.
(b) Not applicable.
5
<PAGE> 6
ITEM 11. CONTRACTS, ARRANGEMENTS OR UNDERSTANDINGS WITH RESPECT TO THE ISSUER'S
SECURITIES.
The response to Item 7 of the Schedule 14D-1, the information set forth in
the Offer to Purchase under "SPECIAL FACTORS -- Beneficial Ownership of Common
Stock" and the information set forth in the Offer to Purchase under "THE TENDER
OFFER -- Section 7. Certain Information Concerning the Company" are incorporated
herein by reference.
ITEM 12. PRESENT INTENTION AND RECOMMENDATION OF CERTAIN PERSONS WITH REGARD TO
THE OFFER AND THE MERGER.
(a)-(b) The information set forth in the Offer to Purchase under
"INTRODUCTION", "SPECIAL FACTORS -- Background of the Offer and the Merger",
"SPECIAL FACTORS -- Recommendation of the Company's Board; Fairness of the Offer
and the Merger", "SPECIAL FACTORS -- Opinion of Lehman Brothers Inc.", "SPECIAL
FACTORS -- Interests of Certain Persons in the Offer and the Merger" and
"SPECIAL FACTORS -- Beneficial Ownership of Common Stock" is incorporated herein
by reference.
ITEM 13. OTHER PROVISIONS OF THE OFFER AND THE MERGER.
(a) The information set forth in the Offer to Purchase under "SPECIAL
FACTORS -- Rights of Shareholders in the Offer and Merger", "SPECIAL FACTORS
- --The Merger Agreement" and in Schedule III is incorporated herein by reference.
(b) Not applicable.
(c) Not applicable.
ITEM 14. FINANCIAL INFORMATION.
(a) The information set forth in the Offer to Purchase under "THE TENDER
OFFER -- Section 7. Certain Information Concerning the Company" is incorporated
herein by reference. In addition, the Company's audited financial statements for
the fiscal years ended December 31, 1997, 1996 and 1995, and the Company's
unaudited financial statements for the three-month and six-month periods ended
June 30, 1998 and June 30, 1997, are attached to the Offer to Purchase as
Schedules IV and V thereto, respectively.
(b) Not applicable.
ITEM 15. PERSONS AND ASSETS EMPLOYED, RETAINED OR UTILIZED.
(a) The information set forth in the Offer to Purchase under "SPECIAL
FACTORS -- Background of the Offer and the Merger", "SPECIAL
FACTORS -- Recommendation of the Company's Board; Fairness of the Offer and the
Merger", "SPECIAL FACTORS -- Plans for the Company After the Offer and the
Merger; Certain Effects of the Merger" and "THE TENDER OFFER -- Section 11.
Effect of the Offer on the Market for the Shares, the NYSE and Exchange Act
Registration" is incorporated herein by reference.
(b) The response to Item 8 of the Schedule 14D-1 is incorporated herein by
reference.
ITEM 16. ADDITIONAL INFORMATION.
The response to Item 10(f) of the Schedule 14D-1 is incorporated herein by
reference.
6
<PAGE> 7
ITEM 17. MATERIAL TO BE FILED AS EXHIBITS.
<TABLE>
<S> <C>
(a) Not applicable.
(b)(1) Opinion of Lehman Brothers Inc. dated November 5, 1998
(attached as Schedule II to the Offer to Purchase).*
(b)(2) Presentation of Lehman Brothers Inc. dated November 5,
1998.**
(b)(3) Presentation of Morgan Stanley & Co. Incorporated dated
October 29, 1998.
(c) Agreement and Plan of Merger, dated as of November 5, 1998
among Parent, Purchaser and the Company.*
(d)(1) Form of Offer to Purchase dated November 12, 1998.*
(d)(2) Form of Letter of Transmittal.*
(d)(3) Form of Notice of Guaranteed Delivery.*
(d)(4) Form of Letter from Morgan Stanley & Co. Incorporated to
Brokers, Dealers, Commercial Banks, Trust Companies and
Nominees.*
(d)(5) Form of Letter from Brokers, Dealers, Commercial Banks,
Trust Companies and Nominees to Clients.*
(d)(6) Form of Guidelines for Certification of Taxpayer
Identification Number on Substitute Form-9.*
(d)(7) Summary Advertisement as published in The Wall Street
Journal on November 12, 1998.*
(d)(8) Joint Press Release issued by Parent and the Company on
November 5, 1998.*
(e) Sections 1930(a) and 1571-80 (Subchapter D of Chapter 15) of
the Pennsylvania Business Corporation Law (attached as
Schedule III to the Offer to Purchase).*
(f) Not applicable.
</TABLE>
- ---------------
* Incorporated by reference to the Statement on Schedule 14D-1 filed by Parent
and Purchaser on November 12, 1998.
** To be filed by amendment.
7
<PAGE> 8
After due inquiry and to the best of my knowledge and belief, I certify
that the information set forth in this statement is true, complete and correct.
November 12, 1998
USINOR
By: /s/ ROBERT HUDRY
------------------------------------
Name: Robert Hudry
Title: Chief Financial Officer
8
<PAGE> 9
After due inquiry and to the best of my knowledge and belief, I certify
that the information set forth in this statement is true, complete and correct.
November 12, 1998
ICE ACQUISITION CORP.
By: /s/ ROBERT HUDRY
------------------------------------
Name: Robert Hudry
Title: Vice President
9
<PAGE> 10
After due inquiry and to the best of my knowledge and belief, I certify
that the information set forth in this statement is true, complete and correct.
November 12, 1998
J&L SPECIALTY STEEL, INC.
By: /s/ EUGENE A. SALVADORE
------------------------------------
Name: Eugene A. Salvadore
Title: President and Chief
Executive Officer
10
<PAGE> 11
EXHIBIT INDEX
<TABLE>
<CAPTION>
EXHIBIT NO. DESCRIPTION
- ----------- -----------
<S> <C>
(a) Not applicable.
(b)(1) Opinion of Lehman Brothers Inc. dated November 5, 1998
(attached as Schedule II to the Offer to Purchase).*
(b)(2) Presentation of Lehman Brothers Inc. dated November 5,
1998.**
(b)(3) Presentation of Morgan Stanley & Co. Incorporated dated
October 29, 1998.
(c) Agreement and Plan of Merger, dated as of November 5, 1998,
among Parent, Purchaser and the Company.*
(d)(1) Form of Offer to Purchase dated November 12, 1998.*
(d)(2) Form of Letter of Transmittal.*
(d)(3) Form of Notice of Guaranteed Delivery.*
(d)(4) Form of Letter from Morgan Stanley & Co. Incorporated to
Brokers, Dealers, Commercial Banks, Trust Companies and
Nominees.*
(d)(5) Form of Letter from Brokers, Dealers, Commercial Banks,
Trust Companies and Nominees to Clients.*
(d)(6) Form of Guidelines for Certification of Taxpayer
Identification Number on Substitute Form W-9.*
(d)(7) Summary Advertisement as published in The Wall Street
Journal on November 12, 1998.*
(d)(8) Joint Press Release issued by Parent and the Company on
November 5, 1998.*
(e) Sections 1930(a) and 1571-80 (Subchapter D of Chapter 15) of
the Pennsylvania Business Corporation Law (attached as
Schedule III to the Offer to Purchase).*
(f) Not applicable.
</TABLE>
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* Incorporated by reference to the Statement on Schedule 14D-1 filed by Parent
and Purchaser on November 12, 1998.
** To be filed by amendment.
11
<PAGE> 1
EXHIBIT (b)(3)
PROJECT ICE CUBE
===============================================================================
Preliminary Discussions
OCTOBER 29, 1998
MORGAN STANLEY DEAN WITTER
1
<PAGE> 2
PROJECT ICE CUBE
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Table of Contents
SECTION I EXECUTIVE SUMMARY
SECTION II VALUATION SUMMARY
SECTION III SUMMARY TRADING ANALYSIS
APPENDIX A SHAREHOLDER BASIS ANALYSIS
APPENDIX B COMPARABLE COMPANY ANALYSIS
APPENDIX C PRECEDENT TRANSACTION ANALYSIS
2
<PAGE> 3
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EXECUTIVE SUMMARY
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3
<PAGE> 4
PROJECT ICE CUBE
- --------------------------------------------------------------------------------
Summary
<TABLE>
<S> <C>
TRANSACTION: - Cash merger proposal by U Company to Ice Company Board of
Directors to acquire all outstanding shares of Ice Company
not already owned by U Company. U Company currently owns
approximately 53.5% of all outstanding shares
INITIAL OFFER/CONSIDERATION: - $5.75 per share, to be paid in cash from U Company's existing cash
reserves
NEGOTIATED PRICE: - $6.25 per share to be paid in cash from U Company's existing cash
reserves
ICE COMPANY SPECIAL COMMITTEE: - Formed subsequent to U Company announcement on September 23, 1998
of intention to acquire Ice Company
- Composed of the two independent directors of the Ice Company Board
- William S. Dietrich, II
- John S. Sheehan
SPECIAL COMMITTEE ADVISORS: - Lehman Brothers, financial advisor
- Kirkpatrick & Lockhart LLP, legal advisor
U COMPANY ADVISORS: - Morgan Stanley Dean Witter, financial advisor
- Shearman & Sterling, legal advisor
INITIAL OFFER ANNOUNCEMENT: - September 23, 1998
REVISED OFFER ANNOUNCEMENT: - [October 30, 1998]
EXPECTED TRANSACTION CLOSING DATE: - [December, 1998]
</TABLE>
4
<PAGE> 5
PROJECT ICE CUBE
- --------------------------------------------------------------------------------
Transaction Rationale
- - Ice represents core business for U Company; provides platform for US
operations
- Longer time frame provides more flexibility
- - Ice needs cash infusion to meet debt covenants; lack of liquidity
- - Cash offer vs. weak industry environment; little prospect of near term Ice
stock price appreciation
- - Continued difficulty with DRAP line puts pressure on Ice cashflow and
earnings
- - Indefinite delay in Steckel Mill project; market must understand timing and
rationale
5
<PAGE> 6
PROJECT ICE CUBE
- --------------------------------------------------------------------------------
Summary of Preliminary Valuation Parameters
<TABLE>
<S> <C>
TRADING DATA - PRIOR TO ANNOUNCEMENT (09/22/98) RANGE
- ----------------------------------------------- -----
1-Day Prior $ 3.19
1-Month Weighted Average Price $ 3.56
Weighted Average Price since Announcement $ 5.29
VALUATION DATA RANGE
- -------------- -----
One-year Trading Range $2.94 - $13.81
Based on Comparable Companies Current Trading N.M.
Based on Comparable Companies Future Trading (1) $6.20 - $7.60
Based on Precedent Minority Squeeze-Outs (2) $4.30- $4.60
Discounted Cash Flow Valuation (3) $4.35 - $7.40
</TABLE>
Notes: (1) Discounts future equity value to October 31, 1998 using weighted
average cost of capital of 12.0%
(2) Assumes 20-30% premium over 1 month weighted average price prior to
9/22/98 of $3.56.
(3) Based on a discount range of 11-13%. Valuation as of October 31,
1998.
6
<PAGE> 7
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VALUATION SUMMARY
- -------------------------------------------------------------------------------
7
<PAGE> 8
PROJECT ICE CUBE
- --------------------------------------------------------------------------------
Key Projection Assumptions
- - Projections based upon Ice Company management forecasts dated 06/03/98
- Revised 1999 first half downward on 09/03/98
- Revised 1999 second half forecast on 10/02/98
- Further slide in expectations is possible given global economic turmoil
and commodity price deflations which has resulted in a precipitous fall
in domestic metal prices
- The credibility of future years is therefore reduced
- - Building of Steckel Mill with the construction start date in 2002
- - DRAP line cost savings realized in 1999
- Project has been behind schedule and continues to face unresolved issues
- - Improved pricing environment is assumed over the life of projections
- Industry has yet to see improvements in pricing due to filing of trade
cases
- - Volume increases
8
<PAGE> 9
PROJECT ICE CUBE
- --------------------------------------------------------------------------------
Projected Financial Performance - Steckel Mill Construction Starts in 2002
SALES SALES EBIT EBIT
Growth Margin
$MM % $MM (%)
1998...... $485.8 1998...... -- 1998......($ 71.0) 1998...... -14.6
1999...... $588.5 1999...... 21.1 1999...... $ 5.6 1999...... 1.0
2000...... $718.5 2000...... 22.1 2000...... $ 58.6 2000...... 8.2
2001...... $757.4 2001...... 5.4 2001...... $ 82.1 2001...... 10.8
2002...... $810.7 2002...... 7 2002...... $107.7 2002...... 13.3
2003...... $839.3 2003...... 3.5 2003...... $107.4 2003...... 12.8
2004...... $830.9 2004...... -1 2004...... $ 82.0 2004...... 9.9
2005...... $823.7 2005...... -0.9 2005...... $ 25.6 2005...... 3.1
2006...... $836.9 2006...... 1.6 2006...... $ 65.7 2006...... 7.9
2007...... $849.6 2007...... 1.5 2007...... $104.7 2007...... 12.3
EBITDA EBITDA Net Income
Margin
$MM (%) $MM
1998....... ($36.3) 1998...... (7.5) 1998.......($57.9)
1999....... $40.1 1999...... 6.8 1999....... ($9.9)
2000....... $95.2 2000...... 13.2 2000....... $22.6
2001....... $119.3 2001...... 15.8 2001....... $39.8
2002....... $143.9 2002...... 17.7 2002....... $58.9
2003....... $140.8 2003...... 16.8 2003....... $61.8
2004....... $114.1 2004...... 13.7 2004....... $48.8
2005....... $73.5 2005...... 8.9 2005....... $3.8
2006....... $116.7 2006...... 13.9 2006....... $29.7
2007....... $158.5 2007...... 18.7 2007....... $56.4
9
<PAGE> 10
PROJECT ICE CUBE
- -------------------------------------------------------------------------------
Projected CAPEX and Free Cash Flow-Steckel Mill Construction starts in 2002
CAPEX
<TABLE>
<CAPTION>
($MM) Margin %
<S> <C> <C> <C>
1998....................$ 10.8 1998.................... 2.17
1999....................$ 20.7 1999.................... 3.33
2000....................$ 13.6 2000.................... 1.89
2001....................$ 7.9 2001.................... 1.04
2002....................$ 87.1 2002.................... 10.74
2003....................$100.3 2003.................... 11.95
2004....................$151.6 2004.................... 0.99
2005....................$ 46.8 2005.................... 0.99
2006....................$ 36.4 2006.................... 0.99
2007....................$ 12.0 2007.................... 0.99
</TABLE>
FREE CASH FLOW
<TABLE>
<CAPTION>
($MM) Margin %
<S> <C> <C> <C>
1998....................$(25.4) 1998.................... (5.2)
1999....................$ 44.0 1999.................... 7.08
2000....................$ 48.2 2000.................... 6.71
2001....................$ 71.8 2001.................... 9.48
2002....................$ 11.1 2002.................... 1.37
2003....................$(42.5) 2003.................... (5.07)
2004....................$(91.2) 2004....................(10.97)
2005....................$ (8.7) 2005.................... (1.06)
2006....................$ 54.5 2006.................... 6.51
2007....................$ 89.3 2007.................... 10.51
</TABLE>
<PAGE> 11
PROJECT ICE CUBE
- -------------------------------------------------------------------------------
Summary of Valuation Analysis
($ per share)(1)
Summary of Valuation Analysis
(this is the data to create the floating bar chart)
One-year Historical Trading Range 2.94 13.81
Comparable Company Future Tradings Analysis 6.2 7.6
Precedent Minority Squeeouts Analysis 4.3 4.6
Discounted Cash Flow Analysis 4.35 7.4
1-Day Prior 3.19
Initial Offer Price 5.75
Negotiated Price 6.25
Notes: (1) Assumes 38.8MM primary shares outstanding as of 9/8/98 as per the
interim report.
(2) Discounts future equity value to October 31, 1998 using a weighted
average cost of capital of 12.0%.
(3) Assumes 20-30% premium over 1-month weighted average price prior to
9/22/98 of $3.56.
(4) Based on a discount rate range of 11% to 13%. Valuation as of
October 31, 1998.
(5) Price as of 09/22/98.
11
<PAGE> 12
PROJECT ICE CUBE
- --------------------------------------------------------------------------------
DISCOUNTED CASH FLOW ANALYSIS
Revised Management Case - Steckel Mill Construction Starts in 2002
($MM, except per share data)
<TABLE>
<CAPTION>
------------------------------- -------------------------------
EBITDA MULTIPLE (x) 5.0 5.5
------------------------------- -------------------------------
DISCOUNT RATE 11.0% 12.0% 13.0% 11.0% 12.0% 13.0%
----- ----- ----- ----- ----- -----
<S> <C> <C> <C> <C> <C> <C>
Present Value of
Cash Flows - Year 1 .......... ($ 1) ($ 1) ($ 1) ($ 1) ($ 1) ($ 1)
Cash Flows - Years 2-10 ...... 202 196 190 202 196 190
Terminus ..................... 305 281 259 335 309 284
Other Assets (Liabs) (a/t) ... 0 0 0 0 0 0
----- ----- ----- ----- ----- -----
AGGREGATE VALUE ................. $ 506 $ 475 $ 448 $ 536 $ 503 $ 473
Cash ........................... $ 1 $ 1 $ 1 $ 1 $ 1 $ 1
Total Debt ..................... (280) (280) (280) (280) (280) (280)
Other Liabilities .............. 0 0 0 0 0 0
----- ----- ----- ----- ----- -----
EQUITY VALUE .................... $ 227 $ 196 $ 168 $ 257 $ 224 $ 194
===== ===== ===== ===== ===== =====
PRICE PER SHARE (1) ............. $5.85 $5.06 $4.34 $6.63 $5.79 $5.01
Premium/(Discount) to Market (2) 99.0% 72.3% 47.9% 125.7% 97.0% 70.6%
2000E Implied P/E ............... 10.0 x 8.7 x 7.5 x 11.4 x 9.9 x 8.6 x
PRICE PER SHARE - PRO FORMA (3) . $4.73 $4.25 $3.82 $5.21 $4.69 $4.22
Premium/(Discount) to Market (2) 61.0% 44.8% 29.9% 77.3% 59.8% 43.8%
TERMINAL VALUE ANALYSIS
% Value in Terminus ............ 60.2% 59.0% 57.8% 62.5% 61.3% 60.1%
% Value in Cash Flows .......... 39.8% 41.0% 42.2% 37.5% 38.7% 39.9%
Implied Terminal Multiples
EBIT ......................... 7.6 x 7.6 x 7.6 x 8.3 x 8.3 x 8.3 x
Net Income ................... 10.3 10.3 10.3 11.8 11.8 11.8
----- ----- ----- ----- ----- -----
</TABLE>
<TABLE>
<CAPTION>
-------------------------------
EBITDA MULTIPLE (x) 6.0
-------------------------------
DISCOUNT RATE 11.0% 12.0% 13.0%
----- ----- -----
<S> <C> <C> <C>
Present Value of
Cash Flows - Year 1 .......... ($ 1) ($ 1) ($ 1)
Cash Flows - Years 2-10 ...... 202 196 190
Terminus ..................... 365 337 310
Other Assets (Liabs) (a/t) ... 0 0 0
----- ----- -----
AGGREGATE VALUE ................. $ 567 $ 531 $ 499
Cash ........................... $ 1 $ 1 $ 1
Total Debt ..................... (280) (280) (280)
Other Liabilities .............. 0 0 0
----- ----- -----
EQUITY VALUE .................... $ 287 $ 252 $ 220
===== ===== =====
PRICE PER SHARE (1) ............. $7.42 $6.51 $5.68
Premium/(Discount) to Market (2) 152.5% 121.6% 93.3%
2000E Implied P/E ............... 12.7 x 11.2 x 9.7 x
PRICE PER SHARE - PRO FORMA (3) . $5.68 $5.13 $4.63
Premium/(Discount) to Market (2) 93.5% 74.8% 57.6%
TERMINAL VALUE ANALYSIS
% Value in Terminus ............ 64.5% 63.3% 62.2%
% Value in Cash Flows .......... 35.5% 36.7% 37.8%
Implied Terminal Multiples
EBIT ......................... 9.1 x 9.1 x 9.1 x
Net Income ................... 13.2 13.2 13.2
----- ----- -----
</TABLE>
- --------------------------------------------
Notes: (1) Based on 38.8MM common shares outstanding.
(2) Based on the closing share price of $2.94 on October 26, 1998.
(3) Based on 63.8MM common shares outstanding assuming a $75.0MM rights
offering at $3.00.
(4) Valuation as of October 31, 1998. Based upon management projections.
12
<PAGE> 13
PROJECT ICE CUBE
- --------------------------------------------------------------------------------
COMPARABLE COMPANY ANALYSIS (1)
(in US$MM except per share data)
<TABLE>
<CAPTION>
MULTIPLE RANGE EQUITY VALUE EQUITY VALUE PER SHARE
RELEVANT ------------------ ------------------ ------------------------
STATISTIC LOW HIGH LOW HIGH LOW HIGH
--------- --------- -------- -------- -------- --------- ------------
<S> <C> <C> <C> <C> <C> <C> <C>
FUTURE TRADING ANALYSIS
2000 Net Income $ 22.6 10.0 12.0 $177 $212 $4.56 $5.47
2001 Net Income 39.8 9.0 11.0 250 306 6.46 7.89
2002 Net Income 58.9 8.0 10.0 294 367 7.57 9.47
MEAN VALUE $240 $295 $6.20 $7.61
CURRENT TRADING ANALYSIS
1998 Net Income ($57.9) 12.0 14.0 NM NM NM NM
1999 Net Income (9.9) 11.0 13.0 NM NM NM NM
</TABLE>
- ----------
Note: (1) Discounts future equity value to October 31, 1998 using a Weighted
Average Cost of Capital of 12.0%.
(2) Based on 38.8MM common shares outstanding
13
<PAGE> 14
PROJECT ICE CUBE
- --------------------------------------------------------------------------------
VALUATION MATRIX - ICE COMPANY
(in US$MM, Except Per Share Data)
<TABLE>
<CAPTION>
MINORITY PRICE/ PREMIUM/(DISCOUNT) TO(1)
PRICE PER EQUITY EQUITY AGGREGATE -------------------------- ------------------------------------------------------------
SHARE VALUE VALUE VALUE 00 EARNINGS 01 EARNINGS 1 DAY PRIOR 1 MO. PR.(8/23) 1 MO. AVERAGE 3 MO. AVERAGE
- --------- ------ -------- ---------- ----------- ----------- ----------- --------------- ------------- --------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
$0.58 $1.03 $3.19 $5.06 $3.56 $5.14
$2.25 $87 $41 $366 3.9 x 2.2 x (29%) (56%) (37%) (56%)
2.75 107 50 386 4.7 2.7 (14%) (46%) (23%) (46%)
3.25 126 59 405 5.6 3.2 2% (36%) (9%) (37%)
3.75 146 68 425 6.5 3.6 18% (26%) 5% (27%)
4.25 165 77 444 7.3 4.1 33% (16%) 19% (17%)
4.75 184 86 463 8.2 4.6 49% (6%) 33% (8%)
5.25 204 95 483 9.1 5.1 65% 4% 47% 2%
- ------------------------------------------------------------------------------------------------------------------------------------
5.75 223 104 502 9.9 5.6 80% 14% 61% 12%
6.25 243 113 522 10.8 6.1 96% 23% 75% 22%
- ------------------------------------------------------------------------------------------------------------------------------------
6.75 262 122 541 11.6 6.6 112% 33% 89% 31%
</TABLE>
- ------------------
Notes: (1) All data taken one day prior to announcement, 09/22/98
14
<PAGE> 15
- -------------------------------------------------------------------------------
SUMMARY TRADING ANALYSIS
- -------------------------------------------------------------------------------
15
<PAGE> 16
PROJECT ICE CUBE
- -------------------------------------------------------------------------------
Ice Company Trading Analysis
Since Announcement (9/23/97)
<TABLE>
Weighted
Volume Price Offer Price Avg Price
------ ----- ----------- ---------
<S> <C> <C> <C> <C>
9/23/1998 1668900 5.5625 5.75 5.29
9/24/1998 706100 5.25
9/25/1998 226400 5.25
9/26/1998 65300 5.125
9/27/1998 55600 5.1875
9/28/1998 72300 5.1875
9/29/1998 71300 5.0625
9/30/1998 103200 5.125
10/1/1998 27700 5.125
10/2/1998 239100 4.957
10/3/1998 28500 5
10/4/1998 75800 5
10/5/1998 280400 4.6875
10/6/1998 347400 5.125
10/7/1998 42400 5.125
10/8/1998 8500 5.1875
10/9/1998 7700 5.25
10/10/1998 23400 5.3125
10/11/1998 13700 5.25
10/12/1998 5400 5.3125
10/13/1998 16400 5.3125
10/14/1998 39300 5.3125
10/15/1998 235100 5.25
10/16/1998 43300 5.375
10/27/1998 17000 5.4375
<CAPTION>
Date COMPGR SP
- ---- ---------
<S> <C> <C>
10/13/1998 99.07 93.31
10/14/1998 96.22 94.32
10/15/1998 101.19 98.26
10/16/1998 107.87 99.09
10/19/1998 107.9 99.65
10/20/1998 107.45 99.8
10/21/1998 104.9 100.36
10/22/1998 105.89 101.16
10/23/1998 103.07 100.43
10/26/1998 102.61 100.58
10/27/1998 100.38 99.93
</TABLE>
Note: (1) Peer Group includes: Allegheny Teledyne, Timken Co, Armco Inc,
Carpenter Technology, Quanex Corp, Special Metals Corp, Titanium
Metals Corp and RMI Titanium Company.
16
<PAGE> 17
PROJECT ICE CUBE
- --------------------------------------------------------------------------------
Comparison of Current Earnings Estimates
1998 ESTIMATE
<TABLE>
<CAPTION>
<S> <C>
Ice Company Management Projections 4-Sept-98 ($1.50)
First Call Median 27-Oct-98 ($1.26)
Goldman Sachs 26-Oct-98 ($1.29)
CS First Boston 26-Oct-98 ($1.34)
Mid West Research 9-Oct-98 ($1.27)
JP Morgan 8-Oct-98 ($1.25)
Morgan Stanley 23-Sep-98 ($1.15)
Bear Stearns 21-Jul-98 ($1.15)
</TABLE>
1999 ESTIMATE
<TABLE>
<CAPTION>
<S> <C>
Ice Company Management Projections 4-Sept-98 ($0.26)
First Call Median 27-Oct-98 $0.22
Goldman Sachs 26-Oct-98 $0.20
CS First Boston 28-Oct-98 ($0.30)
Mid West Research 9-Oct-98 $0.50
JP Morgan 8-Oct-98 $0.50
Morgan Stanley 23-Sep-98 $0.25
Bear Stearns 21-Jul-98 $0.20
</TABLE>
17
<PAGE> 18
PROJECT ICE CUBE
- -------------------------------------------------------------------------------
Ice Company Earnings Estimate History
Ice Company Earnings Estimate History
Mgt
1994 1995 1996 1997 1998 1999 Forecast
Mar-94 1.45 1.76
Apr-94 1.23 1.76
May-94 1.25 1.72
Jun-94 1.25 1.71
Jul-94 1.27 1.7
Aug-94 1.35 1.65
Sep-94 1.35 1.6
Oct-94 1.38 1.71
Nov-94 1.49 1.78
Dec-94 1.5 1.8
Jan-95 1.38 1.8 1.56
Feb-95 1.75 2.03
Mar-95 1.75 1.9
Apr-95 1.9 2.25
May-95 1.95 2.25
Jun-95 2 2.25
Jul-95 2 2.25
Aug-95 2.45 2.7
Sep-95 2.45 2.7
Oct-95 2.4 2.7
Nov-95 2.25 2.15
Dec-95 2.2 1.92
Jan-96 2.2 1.9 2.18
Feb-96 1.85 1.95
Mar-96 1.7 1.95
Apr-96 1.7 1.85
May-96 1.4 1.6
Jun-96 1.27 1.55
Jul-96 1.23 1.6
Aug-96 0.88 1.35
Sep-96 0.78 1.2
Oct-96 0.75 1.2
Nov-96 0.63 0.6
Dec-96 0.63 0.6
Jan-97 0.62 0.5 0.63
Feb-97 0.38 1.02
Mar-97 0.38 0.85
Apr-97 0.35 0.85
May-97 0.35 0.75
Jun-97 0.24 0.85
Jul-97 0.24 0.85
Aug-97 -0.2 0.7
Sep-97 -0.25 0.7
Oct-97 -0.27 0.6
Nov-97 -0.35 0.65
Dec-97 -0.36 0.5
Jan-98 -0.36 0.5 -0.48
Feb-98 0.43 0.85
Mar-98 0 0.4
Apr-98 -0.56 0.3
May-98 -0.78 0.3
Jun-98 -0.8 0.39
Jul-98 -1 0.35
Aug-98 -1.11 0.3
Sep-98 -1.13 0.3
Oct-98 -1.15 0.3
Nov-98 -1.26 0.22 -1.5
Dec-98
Jan-99
Feb-99
Mar-99
Apr-99
May-99
Jun-99
Jul-99
Aug-99
Sep-99
Oct-99
Nov-99
Dec-99 -0.26
Notes: (1) IBES median estimates.
(2) EPS before extraordinary items.
18
<PAGE> 19
PROJECT ICE CUBE
- -------------------------------------------------------------------------------
Relative Stock performance since Ice Company IPO
Relative Stock performance since Ice Company IPO
<TABLE>
<CAPTION>
(Ice) (peer) Anncmnt
JL COMPGRP SP date 9/23/98
<S> <C> <C> <C> <C> <C>
12/15/93 100 100 100
12/16/93 102.56 100.3 100.32 -----------------
12/17/93 105.98 103.04 100.98 s&p 130.7%
12/20/93 105.98 103.84 100.87 comp. Grp (10.7%)
12/21/93 105.98 102.72 100.75 Ice Comp (62.8%)
12/22/93 104.27 102.08 101.19 -----------------
12/23/93 100.85 102.67 101.2
12/27/93 103.42 102.79 101.88
12/28/93 106.84 102.53 101.97
12/29/93 105.98 102.91 101.89
12/30/93 111.11 103.39 101.47
12/31/93 111.11 103.45 101
1/3/94 106.84 103.27 100.78
1/4/94 110.26 102.32 101.09
1/5/94 111.11 103.54 101.24
1/6/94 114.53 103.97 101.14
1/7/94 115.38 104.61 101.75
1/10/94 113.68 106.65 102.91
1/11/94 115.38 106.68 102.66
1/12/94 117.09 105.93 102.67
1/13/94 114.53 105.61 102.3
1/14/94 116.24 104.79 102.83
1/17/94 111.97 104.46 102.48
1/18/94 110.26 104.41 102.69
1/19/94 116.24 105.47 102.7
1/20/94 121.37 107.62 102.85
1/21/94 123.93 106.73 102.79
1/24/94 122.22 107.65 102.19
1/25/94 120.51 107.3 101.97
1/26/94 119.66 107 102.46
1/27/94 118.8 105.29 103.29
1/28/94 121.37 106.42 103.65
1/31/94 126.5 102.45 104.28
2/1/94 119.66 97.95 103.85
2/2/94 119.66 98.1 104.37
2/3/94 118.8 99.41 104.09
2/4/94 114.53 96.69 101.73
2/7/94 113.68 95.49 102.15
</TABLE>
Note: (1) Peer Group includes: Allegheny Teledyne, Timken Co, Armco Inc,
Carpenter Technology, Quanex Corp, Special Metals Corp, Titanium
Metals Corp and RMI Titanium Company.
19
<PAGE> 20
<TABLE>
<S> <C> <C> <C>
2/8/94 116.24 95.09 101.99
2/9/94 114.53 96.59 102.37
2/10/94 116.24 96.78 101.54
2/11/94 116.24 96.25 101.81
2/14/94 115.38 95.55 101.82
2/15/94 113.68 96.48 102.31
2/16/94 115.38 97.53 102.37
2/17/94 114.53 97.75 101.84
2/18/94 111.97 95.7 101.27
2/22/94 110.26 94.61 102.08
2/23/94 105.98 94.88 101.92
2/24/94 105.98 93.21 100.52
2/25/94 105.98 94.44 100.92
2/28/94 108.55 94.47 101.15
3/1/94 105.98 93.35 100.56
3/2/94 105.98 95.23 100.64
3/3/94 105.98 95.03 100.25
3/4/94 105.98 95.46 100.63
3/7/94 106.84 96.25 101.1
3/8/94 107.69 95.92 100.87
3/9/94 108.55 96.49 101.13
3/10/94 107.69 95.48 100.45
3/11/94 106.84 94.8 101
3/14/94 109.4 94.01 101.2
3/15/94 109.4 94.4 101.12
3/16/94 109.4 95.53 101.64
3/17/94 107.69 95.98 101.96
3/18/94 107.69 95.13 102
3/21/94 106.84 93.87 101.45
3/22/94 105.98 94.33 101.51
3/23/94 104.27 95.56 101.45
3/24/94 106.84 94.43 100.54
3/25/94 108.55 94.52 99.73
3/28/94 106.84 92.96 99.6
3/29/94 102.56 91.64 97.97
3/30/94 97.44 88.61 96.47
3/31/94 94.02 87.66 96.52
4/4/94 95.73 87.51 95.04
4/5/94 101.71 87.98 97.07
4/6/94 101.71 89.06 97.01
4/7/94 100.85 91.59 97.63
4/8/94 100.85 89.84 96.81
</TABLE>
<PAGE> 21
<TABLE>
<S> <C> <C> <C>
4/11/94 101.71 88.16 97.41
4/12/94 100.85 88.61 96.91
4/13/94 99.15 87.39 96.63
4/14/94 97.44 87.04 96.65
4/15/94 99.15 87.84 96.61
4/18/94 96.58 86.86 95.8
4/19/94 93.16 85.72 95.82
4/20/94 88.89 84.04 95.7
4/21/94 94.87 85.16 97.16
4/22/94 94.02 84.79 96.92
4/25/94 94.87 84.95 98.02
4/26/94 95.73 85.89 97.84
4/28/94 99.15 88.09 97.24
4/29/94 95.73 89.11 97.63
5/2/94 95.73 89.4 98.09
5/3/94 95.73 89.42 98.09
5/4/94 94.87 90.3 97.81
5/5/94 94.87 89.36 97.74
5/6/94 94.02 89.07 96.96
5/9/94 92.31 87.68 95.77
5/10/94 92.31 88.48 96.57
5/11/94 91.45 88.17 95.59
5/12/94 96.58 87.47 96.08
5/13/94 97.44 87.14 96.17
5/16/94 94.87 85.87 96.24
5/17/94 94.02 86.22 97.3
5/18/94 93.16 86.05 98.24
5/19/94 94.02 85.46 98.84
5/20/94 99.15 86.1 98.5
5/23/94 97.44 85.45 98.13
5/24/94 96.58 85.43 98.48
5/25/94 97.44 84.62 98.81
5/26/94 101.71 85.36 98.97
5/27/94 103.42 85.92 99.02
5/31/94 103.42 85.73 98.84
6/1/94 105.98 86.99 99.09
6/2/94 106.84 88.9 99.09
6/3/94 107.69 90.83 99.63
6/6/94 106.84 92.61 99.36
6/7/94 111.11 95.03 99.21
6/8/94 111.11 93.52 98.97
6/9/94 109.4 93.02 99.14
</TABLE>
<PAGE> 22
<TABLE>
<S> <C> <C> <C>
6/10/94 109.4 93.86 99.31
6/13/94 112.82 94.99 99.41
6/14/94 110.26 94.59 100.11
6/15/94 111.11 95.02 99.73
6/16/94 111.11 95.61 100.02
6/17/94 111.97 96.1 99.27
6/20/94 111.97 95.43 98.62
6/21/94 110.26 93.16 97.73
6/22/94 113.68 93.75 98.11
6/23/94 112.82 91.77 97.36
6/24/94 110.26 90.74 95.88
6/27/94 110.26 88.65 96.85
6/28/94 112.82 87.52 96.59
6/29/94 114.53 89.08 96.92
6/30/94 117.95 87.46 96.2
7/1/94 120.51 88.23 96.61
7/5/94 115.38 88.23 96.65
7/6/94 113.68 88.76 96.6
7/7/94 112.82 89.42 97.09
7/8/94 110.26 88.01 97.34
7/11/94 111.97 88.2 97.02
7/12/94 112.82 89.27 96.99
7/13/94 115.38 90.34 97.16
7/14/94 117.95 92.5 98.17
7/15/94 117.09 92.36 98.34
7/18/94 117.95 93.03 98.57
7/19/94 118.8 93.34 98.27
7/20/94 117.95 93.33 97.78
7/21/94 117.95 93.31 98
7/22/94 117.95 94.93 98.11
7/25/94 119.66 97.43 98.36
7/26/94 117.09 95.97 98.16
7/27/94 116.24 96.1 97.99
7/28/94 117.95 95.54 98.35
7/29/94 117.95 94.54 99.22
8/1/94 119.66 97.49 99.82
8/2/94 116.24 98.35 99.72
8/3/94 120.51 98.41 99.92
8/4/94 121.37 97.29 99.26
8/5/94 122.22 97.54 98.97
8/8/94 118.8 97.58 99.14
8/9/94 121.37 97.72 99.15
</TABLE>
<PAGE> 23
<TABLE>
<S> <C> <C> <C>
8/10/94 123.08 97.62 99.67
8/11/94 123.08 97.86 99.36
8/12/94 123.08 98.49 100.02
8/15/94 122.22 98.23 99.87
8/16/94 121.37 97.23 100.69
8/17/94 116.24 95.34 100.72
8/18/94 120.51 94.77 100.29
8/19/94 121.37 94.98 100.4
8/22/94 119.66 94.35 100.1
8/23/94 117.09 95.48 100.58
8/24/94 117.95 95.95 101.56
8/25/94 117.09 96.81 101.35
8/26/94 118.8 98.17 102.59
8/29/94 116.24 99.48 102.76
8/30/94 117.95 101.72 103.08
8/31/94 122.22 101.53 102.96
9/1/94 121.37 101.74 102.45
9/2/94 120.51 100.83 101.98
9/6/94 118.8 100.79 102.17
9/7/94 122.22 100.88 101.97
9/8/94 122.22 101.87 102.45
9/9/94 122.22 99.51 101.37
9/12/94 119.66 100.41 100.95
9/13/94 118.8 100.35 101.23
9/14/94 117.95 100.8 101.51
9/15/94 119.66 101.11 102.81
9/16/94 120.51 102.27 102.02
9/19/94 120.51 101.76 101.95
9/20/94 119.66 101.95 100.33
9/21/94 120.51 102.1 99.92
9/22/94 121.37 99.41 99.88
9/23/94 120.51 100.32 99.53
9/26/94 120.51 101.68 99.78
9/27/94 123.08 101.95 100.05
9/28/94 129.91 102.95 100.65
9/29/94 129.91 100.75 100.09
9/30/94 129.91 100.6 100.18
10/3/94 127.35 100.24 99.98
10/4/94 126.5 98.92 98.43
10/5/94 125.64 98.1 98.2
10/6/94 123.08 97.61 97.95
10/7/94 123.93 98.06 98.54
</TABLE>
<PAGE> 24
<TABLE>
<S> <C> <C> <C>
10/10/94 125.64 97.31 99.39
10/11/94 129.06 97.1 100.86
10/12/94 131.62 98 100.79
10/13/94 132.48 97.2 101.28
10/14/94 128.21 96.89 101.57
10/17/94 127.35 95.48 101.54
10/18/94 129.06 95.02 101.26
10/19/94 129.06 95.04 101.83
10/20/94 125.64 94.25 101.08
10/21/94 129.91 97.07 100.66
10/24/94 129.91 99.03 99.78
10/25/94 124.79 96.39 99.93
10/26/94 123.93 95.9 100.17
10/27/94 121.37 95.59 100.87
10/28/94 120.51 96.48 102.58
10/31/94 120.51 95.46 102.28
11/1/94 118.8 94.35 101.42
11/2/94 118.8 94.04 101.01
11/3/94 118.8 94.87 101.31
11/4/94 118.8 94.15 100.1
11/7/94 117.95 93.78 100.27
11/8/94 117.95 93.79 100.83
11/9/94 121.37 93.96 100.77
11/10/94 119.66 93.88 100.55
11/11/94 117.95 94.03 100.11
11/14/94 117.95 94.11 100.91
11/15/94 115.38 94.31 100.69
11/16/94 115.38 92.17 100.81
11/17/94 109.4 91.89 100.37
11/18/94 113.68 90.91 99.92
11/21/94 112.82 90.77 99.23
11/22/94 113.68 89.82 97.46
11/23/94 109.4 88.77 97.42
11/25/94 113.68 88.82 97.93
11/28/94 114.53 89.59 98.34
11/29/94 116.24 89.83 98.56
11/30/94 115.38 89.79 98.24
12/1/94 113.68 89.44 97.2
12/2/94 111.11 89.61 98.15
12/5/94 114.53 90.03 98.16
12/6/94 115.38 89.62 98.11
12/7/94 114.53 89.22 97.7
</TABLE>
<PAGE> 25
<TABLE>
<S> <C> <C> <C>
12/8/94 114.53 88.61 96.45
12/9/94 116.24 87.4 96.78
12/12/94 117.09 87.48 97.32
12/13/94 119.66 87.72 97.47
12/14/94 122.22 89.27 98.51
12/15/94 130.77 91.31 98.59
12/16/94 129.06 92.48 99.34
12/19/94 127.35 91.67 99.15
12/20/94 127.35 90.51 98.97
12/21/94 128.21 90.79 99.52
12/22/94 136.75 92.67 99.53
12/23/94 135.9 93.39 99.56
12/27/94 135.04 91.37 100.14
12/28/94 132.48 90.86 99.79
12/29/94 133.33 91.14 99.85
12/30/94 134.19 91.74 99.44
1/3/95 130.77 90.71 99.41
1/4/95 130.77 90.87 99.76
1/5/95 132.48 90.45 99.68
1/6/95 133.33 91.07 99.75
1/9/95 133.33 93.41 99.78
1/10/95 135.9 94.18 99.97
1/11/95 135.04 93.98 99.96
1/12/95 132.48 94.33 99.96
1/13/95 134.19 95.04 100.89
1/16/95 138.46 95.82 101.63
1/17/95 139.32 96.42 101.78
1/18/95 141.88 95.08 101.71
1/19/95 141.03 95.59 101.11
1/20/95 139.32 94.25 100.64
1/23/95 136.75 94.74 100.86
1/24/95 139.32 94.34 100.87
1/25/95 138.46 94.04 101.21
1/26/95 139.32 93.63 101.4
1/27/95 138.46 93.73 101.85
1/30/95 135.04 91.34 101.44
1/31/95 133.33 90.81 101.86
2/1/95 123.93 90.93 101.85
2/2/95 122.22 90.14 102.37
2/3/95 123.08 92.28 103.64
2/6/95 123.08 93.86 104.18
2/7/95 123.08 94.04 104.11
</TABLE>
<PAGE> 26
<TABLE>
<S> <C> <C> <C>
2/8/95 125.64 92.99 104.19
2/9/95 121.37 92.92 103.97
2/10/95 117.95 93.85 104.25
2/13/95 120.51 94.29 104.29
2/14/95 125.64 94.6 104.48
2/15/95 128.21 95.85 104.92
2/16/95 130.77 96.24 105.06
2/17/95 129.91 95.21 104.36
2/21/95 129.91 95.09 104.52
2/22/95 129.91 95.8 105.03
2/23/95 129.91 96.72 105.43
2/24/95 130.77 97.83 105.69
2/27/95 129.91 97.77 104.76
2/28/95 131.62 97.91 105.53
3/1/95 130.77 97.36 105.16
3/2/95 129.91 96.2 105.04
3/3/95 128.21 95.98 105.11
3/6/95 123.08 95.94 105.15
3/7/95 120.51 96.73 104.39
3/8/95 117.09 96.33 104.61
3/9/95 116.24 95.66 104.62
3/10/95 117.95 96.12 106
3/13/95 121.37 95.26 106.11
3/14/95 122.22 95.64 106.72
3/15/95 125.64 95.78 106.5
3/16/95 128.21 94.61 107.27
3/17/95 126.5 93.71 107.29
3/20/95 122.22 92.63 107.43
3/21/95 120.51 91.65 107.2
3/22/95 119.66 93.03 107.33
3/23/95 118.8 93.64 107.39
3/24/95 119.66 94.89 108.47
3/27/95 124.79 95.22 108.96
3/28/95 122.22 94.57 109.11
3/29/95 128.21 96.89 108.94
3/30/95 134.19 99.32 108.74
3/31/95 135.9 98.3 108.42
4/3/95 133.33 98.64 108.66
4/4/95 135.04 98.85 109.4
4/5/95 131.62 98.23 109.47
4/6/95 132.48 97.65 109.58
4/7/95 127.35 98.06 109.65
</TABLE>
<PAGE> 27
<TABLE>
<S> <C> <C> <C>
4/10/95 129.06 99.57 109.78
4/11/95 131.62 98.54 109.46
4/12/95 128.21 99.58 109.82
4/13/95 128.21 100.86 110.26
4/17/95 129.91 99.93 109.59
4/18/95 133.33 102.12 109.43
4/19/95 129.06 101.77 109.33
4/20/95 129.91 102.29 109.41
4/21/95 135.04 103.96 110.1
4/24/95 135.04 106.23 111.05
4/25/95 133.33 106.24 110.88
4/26/95 124.79 103.16 111
4/27/95 124.79 104.44 111.2
4/28/95 126.5 105.54 111.45
5/1/95 128.21 105.97 111.35
5/2/95 130.77 106.11 111.48
5/3/95 131.62 106.39 112.7
5/4/95 132.48 106.43 112.71
5/5/95 129.06 105.81 112.62
5/8/95 126.5 105.19 113.45
5/9/95 125.64 104.91 113.36
5/10/95 125.64 103.88 113.54
5/11/95 124.79 105.96 113.54
5/12/95 124.79 105.07 113.79
5/15/95 129.06 106.17 114.27
5/16/95 134.19 105.97 114.37
5/17/95 135.04 105.79 114.12
5/18/95 134.19 105.52 112.5
5/19/95 132.48 104.58 112.42
5/22/95 133.33 104.38 113.38
5/23/95 132.48 104.93 114.45
5/24/95 133.33 103.27 114.46
5/25/95 131.62 101.84 114.45
5/26/95 130.77 98.97 113.38
5/30/95 129.06 98.31 113.37
5/31/95 128.21 98.21 115.49
6/1/95 126.5 98.51 115.51
6/2/95 126.5 97.79 115.3
6/5/95 123.08 97.53 115.97
6/6/95 123.08 98.31 115.96
6/7/95 122.22 99.39 115.44
6/8/95 122.22 100.85 115.27
</TABLE>
<PAGE> 28
<TABLE>
<S> <C> <C> <C>
6/9/95 123.08 100.53 114.31
6/12/95 122.22 99.86 114.95
6/13/95 123.08 100.09 116.07
6/14/95 123.08 100.08 116.16
6/15/95 123.93 100.66 116.3
6/16/95 123.08 100.38 116.89
6/19/95 123.08 100.2 118.05
6/20/95 121.37 100.01 118
6/21/95 121.37 99.08 117.79
6/22/95 123.08 100.5 119.32
6/23/95 124.79 100.12 119.03
6/26/95 126.5 100.06 117.82
6/27/95 127.35 99.12 117.45
6/28/95 124.79 99.38 117.95
6/29/95 126.5 101 117.76
6/30/95 131.62 102.9 117.95
7/3/95 132.48 104.19 118.46
7/5/95 133.33 106.68 118.5
7/6/95 133.33 107.26 119.95
7/7/95 136.75 110.82 120.47
7/10/95 139.32 110.58 120.65
7/11/95 137.61 111 120.12
7/12/95 141.03 111.45 121.45
7/13/95 137.61 111.24 121.47
7/14/95 140.17 110.29 121.23
7/17/95 140.17 110.07 121.84
7/18/95 136.75 108.88 120.92
7/19/95 133.33 106.79 119.3
7/20/95 140.17 107.24 119.86
7/21/95 146.15 106.16 119.87
7/24/95 149.57 107.63 120.52
7/25/95 151.28 108.52 121.49
7/26/95 148.72 106.03 121.6
7/27/95 148.72 107.11 122.38
7/28/95 150.43 106.34 121.89
7/31/95 150.43 106.98 121.7
8/1/95 151.28 106.87 121.18
8/2/95 150.43 106.97 120.99
8/3/95 150.43 106.58 120.98
8/4/95 152.99 105.14 121.02
8/7/95 157.27 106.01 121.26
8/8/95 166.67 105.6 121.34
</TABLE>
<PAGE> 29
<TABLE>
<S> <C> <C> <C>
8/9/95 161.54 104.89 121.19
8/10/95 162.39 104.26 120.7
8/11/95 163.25 104.1 120.2
8/14/95 163.25 104.49 121.2
8/15/95 163.25 104.29 120.94
8/16/95 159.83 105.9 121.25
8/17/95 164.96 105.69 121.05
8/18/95 169.23 106.3 121.08
8/21/95 182.91 106.23 120.85
8/22/95 178.63 107.04 121.15
8/23/95 182.05 107.11 120.64
8/24/95 182.91 106.6 120.7
8/25/95 182.91 106.72 121.28
8/28/95 185.47 106.64 121.05
8/29/95 182.91 106.12 121.25
8/30/95 180.34 105.6 121.45
8/31/95 175.21 105.69 121.66
9/1/95 172.65 105.49 122.09
9/5/95 176.92 107.66 123.24
9/6/95 174.36 108.81 123.46
9/7/95 174.36 107.81 123.48
9/8/95 176.07 107.62 124
9/11/95 174.36 109.56 124.27
9/12/95 171.79 108.6 124.83
9/13/95 166.67 109.46 125.32
9/14/95 165.81 110.27 126.37
9/15/95 166.67 108.97 126.31
9/18/95 167.52 107.97 126.18
9/19/95 159.83 107.27 126.49
9/20/95 156.41 107.54 127.05
9/21/95 154.7 105.61 126.23
9/22/95 147.01 104.58 125.96
9/25/95 143.59 104.89 125.98
9/26/95 145.3 103.84 125.89
9/27/95 140.17 103 125.81
9/28/95 139.32 103.43 126.86
9/29/95 143.59 103.78 126.54
10/2/95 143.59 102.02 125.96
10/3/95 142.74 101.05 126.09
10/4/95 141.88 99.3 125.9
10/5/95 141.03 100.77 126.15
10/6/95 144.44 99.74 126.12
</TABLE>
<PAGE> 30
<TABLE>
<S> <C> <C> <C>
10/9/95 141.88 98.99 125.23
10/10/95 140.17 99.79 125.05
10/11/95 141.88 99.7 125.47
10/12/95 141.03 100.46 126.26
10/13/95 141.03 101.53 126.56
10/16/95 141.03 100.14 126.24
10/17/95 140.17 98.66 127.05
10/18/95 138.46 99.8 127.2
10/19/95 135.9 99.33 127.89
10/20/95 117.95 96.28 127.2
10/23/95 117.95 94.62 126.68
10/24/95 114.53 95.03 127
10/25/95 114.53 93.78 126.12
10/26/95 112.82 92.69 124.87
10/27/95 105.98 92.28 125.52
10/30/95 110.26 91.78 126.29
10/31/95 111.97 91.02 125.91
11/1/95 110.26 90.54 126.5
11/2/95 109.4 91.03 127.69
11/3/95 109.4 91.33 127.87
11/6/95 108.55 90.84 127.42
11/7/95 109.4 90.78 126.95
11/8/95 107.69 91.09 128.12
11/9/95 106.84 90.35 128.46
11/10/95 107.69 90.79 128.34
11/13/95 102.56 90.68 128.25
11/14/95 106.84 90.54 127.6
11/15/95 107.69 90.66 128.61
11/16/95 105.98 91.45 129.34
11/17/95 105.13 92.82 129.93
11/20/95 105.13 92.48 129.23
11/21/95 108.55 95.75 129.97
11/22/95 114.53 98.86 129.57
11/24/95 116.24 99.27 129.91
11/27/95 113.68 99.29 130.2
11/28/95 112.82 98.04 131.31
11/29/95 113.68 98.05 131.57
11/30/95 112.82 97.1 131.08
12/1/95 114.53 96.97 131.43
12/4/95 114.53 97.04 132.88
12/5/95 112.82 96.35 133.74
12/6/95 108.55 95.27 134.28
</TABLE>
<PAGE> 31
<TABLE>
<S> <C> <C> <C>
12/7/95 110.26 94.36 133.42
12/8/95 109.4 95.38 133.7
12/11/95 108.55 95.97 134.14
12/12/95 106.84 94.77 133.98
12/13/95 107.69 95.59 134.61
12/14/95 109.4 93.88 133.58
12/15/95 108.55 94.32 133.45
12/18/95 105.98 91.86 131.39
12/19/95 106.84 93.34 132.5
12/20/95 107.69 93.05 131.2
12/21/95 105.13 93.66 132.19
12/22/95 105.13 95.05 132.5
12/26/95 109.4 92.74 133.01
12/27/95 114.53 93.72 133.06
12/28/95 117.95 94.38 132.97
12/29/95 128.21 95.41 133.36
1/2/96 128.21 97.36 134.4
1/3/96 126.5 100.89 134.53
1/4/96 120.51 98.78 133.75
1/5/96 122.22 98.99 133.53
1/8/96 121.37 99.08 133.91
1/9/96 120.51 99.03 131.96
1/10/96 117.95 96.36 129.59
1/11/96 117.95 96.59 130.5
1/12/96 116.24 97.16 130.31
1/15/96 114.53 97.74 129.88
1/16/96 112.82 97.35 131.74
1/17/96 108.55 95.91 131.29
1/18/96 111.11 94.58 131.7
1/19/96 116.24 95.62 132.48
1/22/96 116.24 96.16 132.82
1/23/96 117.09 98.09 132.68
1/24/96 118.8 98.04 134.24
1/25/96 112.82 97.53 133.6
1/26/96 112.82 100.19 134.6
1/29/96 111.11 99.71 135.16
1/30/96 117.09 102.9 136.44
1/31/96 121.37 102.04 137.71
2/1/96 123.93 103.04 138.24
2/2/96 121.37 102.27 137.68
2/5/96 118.8 102.9 138.89
2/6/96 118.8 106.52 139.95
</TABLE>
<PAGE> 32
<TABLE>
<S> <C> <C> <C>
2/7/96 117.95 105.04 140.73
2/8/96 122.22 104.68 142.06
2/9/96 123.93 104.25 142.12
2/12/96 123.93 104.95 143.22
2/13/96 122.22 104.21 143.02
2/14/96 123.93 102.66 141.95
2/15/96 122.22 102.02 141.03
2/16/96 123.93 101.05 140.3
2/20/96 121.37 99.58 138.72
2/21/96 123.08 100.33 140.33
2/22/96 122.22 100.38 142.66
2/23/96 123.08 100.47 142.71
2/26/96 122.22 99.63 140.84
2/27/96 121.37 97.58 140.14
2/28/96 120.51 98.13 139.6
2/29/96 119.66 97.08 138.67
3/1/96 118.8 97.94 139.52
3/4/96 119.66 98.77 140.92
3/5/96 117.95 98.93 142
3/6/96 119.66 99.56 141.17
3/7/96 119.66 99.77 141.53
3/8/96 117.09 97.23 137.17
3/11/96 120.51 98.94 138.58
3/12/96 118.8 97.96 137.95
3/13/96 117.09 99.64 138.26
3/14/96 116.24 101.09 138.76
3/15/96 113.68 100.02 138.89
3/18/96 115.38 100.85 141.32
3/19/96 117.09 99.77 141.11
3/20/96 116.24 99.76 140.74
3/21/96 117.09 99.6 140.57
3/22/96 118.8 99.32 140.88
3/25/96 119.66 98.91 140.75
3/26/96 119.66 99.29 141.38
3/27/96 120.51 102.7 140.51
3/28/96 119.66 100.57 140.51
3/29/96 117.09 99.88 139.77
4/1/96 117.09 101.27 141.55
4/2/96 118.8 98.65 141.88
4/3/96 117.09 97.84 142.01
4/4/96 119.66 97.35 142.01
4/8/96 119.66 96.72 139.49
</TABLE>
<PAGE> 33
<TABLE>
<S> <C> <C> <C>
4/9/96 118.8 99.09 139.05
4/10/96 117.95 99.05 137.17
4/11/96 120.51 99.27 136.67
4/12/96 120.51 100.97 137.86
4/15/96 120.51 101.1 139.12
4/16/96 121.37 102.42 139.66
4/17/96 119.66 100.92 138.92
4/18/96 117.95 102.8 139.36
4/19/96 113.68 100.93 139.67
4/22/96 111.11 100.73 140.28
4/23/96 115.38 100.58 141.08
4/24/96 117.95 101.16 140.78
4/25/96 117.09 103.21 141.36
4/26/96 117.95 101.63 141.49
4/29/96 121.37 101.79 141.64
4/30/96 123.93 101.87 141.64
5/1/96 125.64 102.56 141.73
5/2/96 122.22 102.36 139.31
5/3/96 123.08 103.17 138.93
5/6/96 121.37 103.45 138.75
5/7/96 123.08 104.16 138.2
5/8/96 123.93 105.7 139.61
5/9/96 128.21 105.37 139.75
5/10/96 128.21 105.11 141.19
5/13/96 130.77 105.95 143.23
5/14/96 130.77 105.77 144.12
5/15/96 130.77 104.84 144.08
5/16/96 129.91 105.95 143.96
5/17/96 131.62 105.52 144.84
5/20/96 130.77 104.44 145.75
5/21/96 129.91 105.4 145.67
5/22/96 124.79 104.17 146.9
5/23/96 122.22 103.5 146.37
5/24/96 120.51 104.16 146.91
5/28/96 120.51 103.42 145.55
5/29/96 119.66 101.04 144.62
5/30/96 118.8 100.79 145.44
5/31/96 118.8 101.73 144.88
6/3/96 117.09 100.74 144.57
6/4/96 117.09 101.78 145.63
6/5/96 117.95 101.78 146.9
6/6/96 113.68 100.71 145.73
</TABLE>
<PAGE> 34
<TABLE>
<S> <C> <C> <C>
6/7/96 111.11 100.78 145.79
6/10/96 112.82 100.11 145.54
6/11/96 109.4 99.37 145.28
6/12/96 106.84 99.1 144.86
6/13/96 108.55 98.01 144.62
6/14/96 109.4 97.02 144.17
6/17/96 108.55 96.31 144.02
6/18/96 109.4 96.65 143.35
6/19/96 107.69 96.68 143.33
6/20/96 105.98 97.7 143.36
6/21/96 109.4 98.43 144.39
6/24/96 106.84 98.6 144.82
6/25/96 104.27 98.87 144.74
6/26/96 100 99.29 143.86
6/27/96 100.85 98.76 144.76
6/28/96 101.71 98.66 145.21
7/1/96 102.56 99.02 146.35
7/2/96 103.42 98.83 145.85
7/3/96 102.56 100.29 145.59
7/5/96 104.27 99.05 142.35
7/8/96 102.56 98.75 141.29
7/9/96 101.71 98.86 141.77
7/10/96 102.56 98.98 142.05
7/11/96 100.85 97.62 139.8
7/12/96 100.85 98.07 139.92
7/15/96 100 96.49 136.37
7/16/96 95.73 96.1 136.06
7/17/96 94.02 96.44 137.29
7/18/96 93.16 97.61 139.35
7/19/96 92.31 97.21 138.3
7/22/96 92.31 96.85 137.23
7/23/96 92.31 94.82 135.73
7/24/96 89.74 93.61 135.69
7/25/96 90.6 94.17 136.66
7/26/96 92.31 94.45 137.69
7/29/96 94.02 94.86 136.61
7/30/96 92.31 95.22 137.55
7/31/96 92.31 95.48 138.57
8/1/96 96.58 96.79 140.75
8/2/96 96.58 97.91 143.45
8/5/96 96.58 98.68 142.96
8/6/96 95.73 99.23 143.42
</TABLE>
<PAGE> 35
<TABLE>
<S> <C> <C> <C>
8/7/96 94.02 100.73 143.81
8/8/96 93.16 99.98 143.47
8/9/96 94.87 100.65 143.36
8/12/96 94.02 99.54 144.16
8/13/96 94.87 99.72 142.95
8/14/96 94.87 100.7 143.35
8/15/96 94.02 100.97 143.4
8/16/96 93.16 100.56 144.03
8/19/96 92.31 99.76 144.33
8/20/96 93.16 99.85 144.14
8/21/96 90.6 100.53 144
8/22/96 92.31 100.67 145.22
8/23/96 93.16 100.21 144.43
8/26/96 93.16 98.97 143.75
8/27/96 94.87 100.08 144.29
8/28/96 94.87 99.93 143.95
8/29/96 94.02 99.48 142.34
8/30/96 93.16 99.49 141.17
9/3/96 94.02 99.59 141.76
9/4/96 93.16 101.63 141.96
9/5/96 92.31 102.06 140.62
9/6/96 93.16 103.03 141.97
9/9/96 94.02 105.27 143.72
9/10/96 92.31 104.41 143.73
9/11/96 92.31 103.88 144.48
9/12/96 93.16 107.1 145.32
9/13/96 94.87 109.72 147.35
9/16/96 94.02 107.81 148.1
9/17/96 94.87 105.99 147.87
9/18/96 94.02 107.72 147.56
9/19/96 92.31 109.47 147.89
9/20/96 91.45 110.62 148.76
9/23/96 89.74 109.52 148.64
9/24/96 92.31 109.39 148.45
9/25/96 92.31 108.42 148.5
9/26/96 93.16 110.3 148.51
9/27/96 94.87 110.76 148.58
9/30/96 93.16 110.75 148.82
10/1/96 94.02 112.24 149.2
10/2/96 94.02 112.02 150.27
10/3/96 94.02 111.82 150
10/4/96 93.16 111.25 151.88
</TABLE>
<PAGE> 36
<TABLE>
<S> <C> <C> <C>
10/7/96 93.16 110.62 152.29
10/8/96 94.02 112.51 151.71
10/9/96 93.16 112.14 150.86
10/10/96 94.02 111.89 150.4
10/11/96 94.87 111.55 151.71
10/14/96 94.02 111.28 152.33
10/15/96 93.16 109.82 152.12
10/16/96 92.31 109.74 152.52
10/17/96 90.6 108.42 153.08
10/18/96 90.6 108.92 153.91
10/21/96 85.47 109.8 153.7
10/22/96 82.05 111.04 152.99
10/23/96 81.2 110.09 153.14
10/24/96 79.49 108.64 152.06
10/25/96 81.2 107.23 151.77
10/28/96 79.49 105.51 150.97
10/29/96 76.92 107 151.89
10/30/96 76.07 105.76 151.76
10/31/96 80.34 108.55 152.71
11/1/96 81.2 106.97 152.38
11/4/96 80.34 108.34 153.02
11/5/96 80.34 108.35 154.63
11/6/96 76.92 109.42 156.89
11/7/96 76.92 109.62 157.55
11/8/96 75.21 110.26 158.24
11/11/96 76.07 111.11 158.47
11/12/96 76.07 111.15 157.97
11/13/96 76.92 111.01 158.31
11/14/96 77.78 110.57 159.34
11/15/96 77.78 110.67 159.71
11/18/96 79.49 110.04 159.58
11/19/96 79.49 110.35 160.7
11/20/96 79.49 111.06 161.08
11/21/96 80.34 111.96 160.82
11/22/96 82.05 112.6 162.12
11/25/96 87.18 113.35 163.92
11/26/96 84.62 113.33 163.68
11/27/96 85.47 113.87 163.48
11/29/96 82.91 116.31 163.91
12/2/96 88.03 116.21 163.81
12/3/96 88.89 114.85 162.02
12/4/96 90.6 113.8 161.33
</TABLE>
<PAGE> 37
<TABLE>
<S> <C> <C> <C>
12/5/96 94.02 114.35 161.18
12/6/96 88.89 112.02 160.14
12/9/96 87.18 114.14 162.34
12/10/96 86.32 115.14 161.86
12/11/96 83.76 112.73 160.39
12/12/96 82.91 112.93 157.92
12/13/96 83.76 112.16 157.77
12/16/96 83.76 109.66 156.11
12/17/96 81.2 111.65 157.21
12/18/96 81.2 111.35 158.4
12/19/96 80.34 113.67 161.48
12/20/96 80.34 115.14 162.15
12/23/96 78.63 114.28 161.73
12/24/96 79.49 113.09 162.62
12/26/96 79.49 113.31 163.65
12/27/96 82.05 114.47 163.86
12/30/96 82.05 115.64 163.23
12/31/96 77.78 116.36 160.39
1/2/97 79.49 115.51 159.58
1/3/97 79.49 116.01 161.97
1/6/97 79.49 114.6 161.89
1/7/97 82.05 115.55 163.09
1/8/97 83.76 114.9 162.05
1/9/97 85.47 115.1 163.44
1/10/97 83.76 115.44 164.45
1/13/97 82.05 115.6 164.45
1/14/97 83.76 116.39 166.48
1/15/97 83.76 114.03 166.12
1/16/97 83.76 113.93 166.67
1/17/97 83.76 116.04 168.06
1/20/97 83.76 113.32 168.18
1/21/97 82.91 112.47 169.48
1/22/97 82.91 113.2 170.24
1/23/97 82.05 115.07 168.36
1/24/97 82.05 116.98 166.84
1/27/97 82.05 116.81 165.65
1/28/97 82.91 116.67 165.65
1/29/97 82.05 116.88 167.27
1/30/97 81.2 119.46 169.79
1/31/97 81.2 118.56 170.22
2/3/97 82.91 118.39 170.35
2/4/97 84.62 116.77 170.89
</TABLE>
<PAGE> 38
<TABLE>
<S> <C> <C> <C>
2/5/97 83.76 115.16 168.52
2/6/97 85.47 116.23 168.92
2/7/97 83.76 118.74 170.96
2/10/97 89.74 116.42 170.07
2/11/97 94.87 117.28 170.97
2/12/97 94.02 119.46 173.82
2/13/97 92.31 118.74 175.78
2/14/97 95.73 121.82 175.06
2/18/97 96.58 121.67 176.75
2/19/97 96.58 123.95 175.92
2/20/97 95.73 123.59 173.83
2/21/97 93.16 123.43 173.6
2/24/97 90.6 123.71 175.45
2/25/97 94.02 123.39 175.84
2/26/97 95.73 123.39 174.45
2/27/97 96.58 122.57 172.15
2/28/97 94.87 121.08 171.23
3/3/97 94.87 120.77 172.2
3/4/97 94.02 121.2 171.26
3/5/97 94.02 121.82 173.65
3/6/97 93.16 124.28 172.91
3/7/97 93.16 125.1 174.3
3/10/97 92.31 124.69 176.18
3/11/97 94.02 125.54 175.68
3/12/97 94.02 124.89 174.14
3/13/97 91.45 125.06 170.96
3/14/97 88.89 129.09 171.74
3/17/97 88.89 131 172.29
3/18/97 91.45 128.58 170.98
3/19/97 93.16 128.14 170.14
3/20/97 94.87 129.4 169.46
3/21/97 94.02 130.07 169.78
3/24/97 94.87 131.15 171.25
3/25/97 94.02 129.93 170.85
3/26/97 93.16 130.14 171.16
3/27/97 91.45 129.28 167.56
3/31/97 82.05 128.01 163.94
4/1/97 89.74 127.09 164.48
4/2/97 89.74 126.3 162.42
4/3/97 88.89 125.09 162.46
4/4/97 88.89 125.9 164.1
4/7/97 88.03 129.85 165.02
</TABLE>
<PAGE> 39
<TABLE>
<S> <C> <C> <C>
4/8/97 89.74 130.47 165.88
4/9/97 88.89 129.11 164.69
4/10/97 88.89 128.99 164.2
4/11/97 88.03 125.71 159.72
4/14/97 88.03 127.51 161.04
4/15/97 88.03 128.66 163.42
4/16/97 86.32 129.53 165.32
4/17/97 88.03 128.45 164.94
4/18/97 88.89 129.87 165.93
4/21/97 89.74 127.96 164.64
4/22/97 88.89 128.07 167.72
4/23/97 87.18 125.82 167.51
4/24/97 88.89 125.99 166.98
4/25/97 88.89 123.32 165.72
4/28/97 88.03 124.26 167.37
4/29/97 86.32 124.94 171.93
4/30/97 85.47 125.91 173.51
5/1/97 88.03 127.65 172.9
5/2/97 88.89 128.59 176.03
5/5/97 89.74 131.32 179.77
5/6/97 88.89 130.08 179.23
5/7/97 87.18 129.52 176.6
5/8/97 86.32 129.69 177.61
5/9/97 85.47 129.88 178.59
5/12/97 85.47 130.92 181.37
5/13/97 83.76 131.13 180.39
5/14/97 83.76 130.24 181.02
5/15/97 82.91 130.49 182.29
5/16/97 80.34 128.1 179.66
5/19/97 80.34 129.38 180.42
5/20/97 79.49 129.43 182.24
5/21/97 78.63 129.17 181.74
5/22/97 83.76 132.4 180.94
5/23/97 82.91 131.74 183.4
5/27/97 85.47 132.23 183.98
5/28/97 86.32 132.68 183.44
5/29/97 86.32 134.1 182.76
5/30/97 87.18 132.37 183.67
6/2/97 87.18 132.54 183.26
6/3/97 88.03 133.83 183.07
6/4/97 88.89 132.88 181.9
6/5/97 90.6 132.79 182.62
</TABLE>
<PAGE> 40
<TABLE>
<S> <C> <C> <C>
6/6/97 90.6 133.9 185.78
6/9/97 89.74 135.92 186.84
6/10/97 90.6 134.17 187.35
6/11/97 90.6 135.4 188.28
6/12/97 91.45 136.23 191.3
6/13/97 90.6 136.85 193.42
6/16/97 91.45 137.26 193.55
6/17/97 88.89 137.93 193.66
6/18/97 90.6 137.98 192.5
6/19/97 89.74 139.82 194.44
6/20/97 84.62 138.96 194.59
6/23/97 82.91 136.57 190.24
6/24/97 83.33 138.06 194.08
6/25/97 81.62 134.4 192.49
6/26/97 81.2 134.49 191.34
6/27/97 80.34 135.06 192.12
6/30/97 82.05 139.39 191.66
7/1/97 82.05 137.69 192.93
7/2/97 82.05 139.41 195.75
7/3/97 80.34 139.76 198.54
7/7/97 80.34 139.6 197.51
7/8/97 80.34 139.41 198.93
7/9/97 80.34 137.49 196.51
7/10/97 80.34 139.88 197.86
7/11/97 80.77 140.73 198.48
7/14/97 82.05 142.47 198.85
7/15/97 81.62 143.48 200.45
7/16/97 82.48 147.1 202.8
7/17/97 86.32 149.78 201.72
7/18/97 85.47 147.55 198.19
7/21/97 85.47 146.53 197.67
7/22/97 89.74 149.38 202.23
7/23/97 89.32 150.54 202.79
7/24/97 88.89 149.38 203.6
7/25/97 88.03 150.53 203.27
7/28/97 86.75 149.5 202.77
7/29/97 87.61 146.11 204.03
7/30/97 93.16 150.9 206.19
7/31/97 92.31 151.45 206.63
8/1/97 92.74 150.91 205.08
8/4/97 92.74 154.56 205.76
8/5/97 94.44 155.81 206.21
</TABLE>
<PAGE> 41
<TABLE>
<S> <C> <C> <C>
8/6/97 95.3 155.42 207.93
8/7/97 95.3 154.65 205.96
8/8/97 90.6 152.13 202.13
8/11/97 91.03 152.97 202.88
8/12/97 90.6 152.47 200.62
8/13/97 93.16 152.59 199.64
8/14/97 92.31 154.94 200.24
8/15/97 88.89 150.58 195.05
8/18/97 88.03 150.94 197.58
8/19/97 85.04 154.06 200.5
8/20/97 82.05 156.19 203.39
8/21/97 81.62 154 200.3
8/22/97 82.48 153.13 199.97
8/25/97 82.48 154.13 199.24
8/26/97 83.76 154.91 197.69
8/27/97 86.75 155.33 197.84
8/28/97 86.32 153.89 195.67
8/29/97 85.47 153.47 194.76
9/2/97 86.32 156.16 200.84
9/3/97 88.03 157.12 200.91
9/4/97 88.03 156.62 201.56
9/5/97 89.32 156.11 201.16
9/8/97 89.32 156.97 201.63
9/9/97 88.46 156.45 202.15
9/10/97 88.89 154.7 198.99
9/11/97 86.75 153.19 197.6
9/12/97 88.46 157.29 200.05
9/15/97 88.03 156.94 199.15
9/16/97 88.03 160.15 204.75
9/17/97 91.03 160.22 204.18
9/18/97 88.89 160.69 205.11
9/19/97 87.61 160.64 205.81
9/22/97 83.33 160.56 206.87
9/23/97 85.04 158.51 206.12
9/24/97 83.33 154.97 204.5
9/25/97 81.2 151.65 203.08
9/26/97 82.48 152.5 204.66
9/29/97 85.47 154.88 206.42
9/30/97 91.88 153.01 205.11
10/1/97 92.31 153.76 206.87
10/2/97 93.59 154.29 207.96
10/3/97 91.45 153.51 208.95
</TABLE>
<PAGE> 42
<TABLE>
<S> <C> <C> <C>
10/6/97 85.9 153.25 210.61
10/7/97 84.62 155.74 212.87
10/8/97 88.03 153.53 210.86
10/9/97 90.6 151.83 210.16
10/10/97 90.6 151.42 209.38
10/13/97 91.03 152.12 209.62
10/14/97 94.02 152.92 210.09
10/15/97 92.74 151.87 209.1
10/16/97 91.03 151.32 206.83
10/17/97 92.31 150.02 204.43
10/20/97 92.31 149.92 206.91
10/21/97 92.31 150.99 210.52
10/22/97 94.44 150.99 209.7
10/23/97 93.16 147.83 205.85
10/24/97 91.03 147.13 203.89
10/27/97 85.9 136.77 189.89
10/28/97 87.61 140.48 199.6
10/29/97 85.9 138.49 199.02
10/30/97 82.91 136.69 195.67
10/31/97 86.32 138.09 198.04
11/3/97 91.03 144.19 203.32
11/4/97 90.17 143.19 203.7
11/5/97 87.18 143.57 204.13
11/6/97 85.04 143.41 203.11
11/7/97 84.19 140.17 200.83
11/10/97 83.33 140.15 199.45
11/11/97 81.2 140.08 200
11/12/97 79.91 137.4 196.16
11/13/97 79.06 137.92 198.48
11/14/97 78.63 138.45 201.01
11/17/97 79.49 140.53 204.88
11/18/97 73.5 138.2 203.15
11/19/97 69.66 137.6 204.53
11/20/97 70.51 139.69 207.64
11/21/97 70.51 138.34 208.53
11/24/97 68.38 137.41 204.98
11/25/97 64.53 136.67 205.88
11/26/97 66.24 136.37 206.05
11/28/97 66.67 137.22 206.87
12/1/97 67.09 138.3 211.06
12/2/97 66.67 137.24 210.39
12/3/97 65.38 137.66 211.5
</TABLE>
<PAGE> 43
<TABLE>
<S> <C> <C> <C>
12/4/97 65.38 137.7 210.7
12/5/97 63.68 137.83 213.02
12/8/97 61.54 136.92 212.71
12/9/97 61.97 136.31 211.28
12/10/97 58.12 136.05 209.98
12/11/97 61.11 134.15 206.77
12/12/97 58.97 132.69 206.43
12/15/97 64.1 131.48 208.6
12/16/97 63.68 132.03 209.61
12/17/97 68.38 131.23 209.06
12/18/97 68.8 130.4 206.85
12/19/97 66.67 128.16 205
12/22/97 63.68 131.55 206.5
12/23/97 61.54 131.5 203.35
12/24/97 61.54 130.52 201.95
12/26/97 60.26 130.75 202.77
12/29/97 64.1 132.82 206.42
12/30/97 68.38 133.2 210.21
12/31/97 68.38 134.27 210.12
1/2/98 67.95 137.16 211.12
1/5/98 69.66 136.69 211.56
1/6/98 68.38 133.06 209.29
1/7/98 65.81 133.22 208.73
1/8/98 66.24 130.95 207.01
1/9/98 61.54 125.87 200.87
1/12/98 61.54 127.03 203.36
1/13/98 59.4 127.22 206.16
1/14/98 59.4 127.95 207.42
1/15/98 58.55 126.07 205.86
1/16/98 58.12 128.16 208.19
1/20/98 58.55 128.13 211.89
1/21/98 55.98 125.51 210.2
1/22/98 55.56 124.55 208.52
1/23/98 55.13 121.7 207.34
1/26/98 55.56 122.35 207.2
1/27/98 56.41 123.85 209.82
1/28/98 56.84 124.95 211.64
1/29/98 57.69 127.9 213.38
1/30/98 56.84 126.87 212.26
2/2/98 56.41 128.83 216.8
2/3/98 57.69 129.86 217.82
2/4/98 61.11 132.4 218.02
</TABLE>
<PAGE> 44
<TABLE>
<S> <C> <C> <C>
2/5/98 60.26 132.29 217.29
2/6/98 61.11 133.19 219.22
2/9/98 61.97 132.4 218.85
2/10/98 64.1 133.34 220.64
2/11/98 64.53 132.97 220.86
2/12/98 64.1 133.28 221.75
2/13/98 62.39 133.93 220.88
2/17/98 62.82 133.64 221.45
2/18/98 61.54 135.25 223.47
2/19/98 61.54 133.69 222.65
2/20/98 61.11 133.92 223.93
2/23/98 63.68 134.3 224.78
2/24/98 62.82 134.07 223.14
2/25/98 63.68 134.36 225.81
2/26/98 61.54 136.81 227.06
2/27/98 62.82 137.96 227.21
3/2/98 64.1 139.96 226.85
3/3/98 64.53 140.16 227.79
3/4/98 63.25 140.07 226.77
3/5/98 62.82 139.5 224.11
3/6/98 67.95 140.4 228.58
3/9/98 63.68 140.21 227.85
3/10/98 63.25 142.27 230.44
3/11/98 67.09 141.84 231.35
3/12/98 66.24 141.76 231.66
3/13/98 66.24 142.86 231.38
3/16/98 66.67 140.92 233.69
3/17/98 67.52 143.55 233.94
3/18/98 68.8 143.06 235.04
3/19/98 64.96 143.55 235.96
3/20/98 64.1 144.66 238
3/23/98 65.38 145.07 237.21
3/24/98 65.38 145.99 239.4
3/25/98 65.81 146.9 238.6
3/26/98 65.81 145.86 238.35
3/27/98 66.67 144.1 237.19
3/30/98 64.96 143.37 236.78
3/31/98 64.96 141.18 238.56
4/1/98 67.09 139.78 239.94
4/2/98 66.67 142.53 242.51
4/3/98 65.38 140.26 243.09
4/6/98 65.38 137.9 242.81
</TABLE>
<PAGE> 45
<TABLE>
<S> <C> <C> <C>
4/7/98 63.68 136.59 240.25
4/8/98 64.96 137.44 238.54
4/9/98 65.81 137.29 240.49
4/13/98 65.38 136.98 240.28
4/14/98 65.38 138.1 241.59
4/15/98 67.09 142.11 242.36
4/16/98 66.67 139.79 239.95
4/17/98 65.38 141.54 243.1
4/20/98 65.81 140.77 243.3
4/21/98 64.96 141.7 243.95
4/22/98 64.53 142.78 244.79
4/23/98 61.11 139.86 242.42
4/24/98 57.69 139.91 239.89
4/27/98 57.27 140.06 235.26
4/28/98 55.98 138.93 234.95
4/29/98 56.84 140.33 237.02
4/30/98 55.56 142.17 240.72
5/1/98 55.56 143.22 242.72
5/4/98 55.98 142.89 242.96
5/5/98 54.27 142.37 241.53
5/6/98 49.57 140.13 239.24
5/7/98 48.29 140.85 237.13
5/8/98 47.01 141.67 239.94
5/11/98 48.29 140.8 239.62
5/12/98 51.28 142.01 241.6
5/13/98 54.7 141.16 242.26
5/14/98 57.27 142.43 241.94
5/15/98 58.97 142.58 240.07
5/18/98 57.27 139.1 239.44
5/19/98 56.41 139.34 240.24
5/20/98 55.56 139.69 242.3
5/21/98 55.13 140.16 241.35
5/22/98 53.42 139.18 240.44
5/26/98 50.85 135.21 236.88
5/27/98 48.72 133.91 236.5
5/28/98 47.86 131.82 237.66
5/29/98 47.86 131.2 236.19
6/1/98 47.44 132.03 236.22
6/2/98 45.73 130.1 236.71
6/3/98 47.86 131.21 234.44
6/4/98 47.86 131.46 237.06
6/5/98 47.44 133.47 241.18
</TABLE>
<PAGE> 46
<TABLE>
<S> <C> <C> <C>
6/8/98 47.44 134.8 241.58
6/9/98 47.01 133.88 242.16
6/10/98 49.15 130.53 240.84
6/11/98 49.15 124.86 237
6/12/98 47.44 122.72 237.93
6/15/98 47.01 120.6 233.2
6/16/98 47.86 124.15 235.49
6/17/98 47.44 123.9 239.72
6/18/98 47.01 123.79 239.56
6/19/98 45.73 120.13 238.32
6/22/98 44.87 122.06 238.88
6/23/98 44.87 121.36 242.4
6/24/98 43.59 122.12 245.3
6/25/98 39.74 121.92 244.52
6/26/98 40.17 123.27 245.37
6/29/98 40.17 123.45 246.51
6/30/98 40.6 124.53 245.51
7/1/98 37.61 122.27 248.69
7/2/98 40.17 122.38 248.23
7/6/98 38.89 122.28 250.59
7/7/98 38.03 124.83 250.01
7/8/98 40.6 124.22 252.55
7/9/98 41.03 123.12 250.86
7/10/98 40.17 121.28 252.11
7/13/98 40.6 119.79 252.29
7/14/98 38.89 119.91 254.98
7/15/98 38.89 118.26 254.38
7/16/98 39.32 120.32 256.36
7/17/98 39.32 120.28 256.96
7/20/98 40.17 119.68 256.39
7/21/98 41.88 118.53 252.27
7/22/98 41.45 112.72 252.05
7/23/98 41.88 111.76 246.78
7/24/98 41.45 108.75 247.01
7/27/98 43.59 109.18 248.41
7/28/98 43.59 107.67 244.73
7/29/98 43.16 108.04 243.64
7/30/98 41.88 109.55 247.48
7/31/98 38.46 106.65 242.65
8/3/98 38.03 106.12 240.87
8/4/98 37.61 102.36 232.14
8/5/98 38.89 101.82 234.16
</TABLE>
<PAGE> 47
<TABLE>
<S> <C> <C> <C> <C>
8/6/98 38.03 101.76 235.93
8/7/98 38.46 103.11 235.89
8/10/98 38.46 100.53 234.53
8/11/98 37.18 96.72 231.46
8/12/98 35.9 100.23 234.76
8/13/98 35.9 99.11 232.75
8/14/98 34.19 97.43 230.11
8/17/98 34.62 98.08 234.64
8/18/98 35.47 101.09 238.44
8/19/98 35.04 99.94 237.76
8/20/98 35.47 98.54 236.36
8/21/98 34.62 97.63 234.12
8/24/98 34.62 96.47 235.61
8/25/98 34.19 94.91 236.63
8/26/98 31.62 91.87 234.75
8/27/98 27.35 87.58 225.75
8/28/98 26.07 85.99 222.4
8/31/98 24.36 81.11 207.28
9/1/98 26.92 82.98 215.28
9/2/98 27.35 84.63 214.46
9/3/98 26.5 81.64 212.68
9/4/98 27.35 83.86 210.87
9/8/98 26.92 87.69 221.61
9/9/98 24.79 85.35 217.87
9/10/98 23.93 82.8 212.24
9/11/98 20.51 82.82 218.49
9/14/98 23.93 83.3 222.96
9/15/98 20.09 84.5 224.68
9/16/98 20.51 83.47 226.37
9/17/98 20.51 82.47 220.61
9/18/98 20.94 82.93 220.88
9/21/98 22.22 83.58 221.7
9/22/98 21.79 84.53 222.94
9/23/98 38.03 89.01 230.84
9/24/98 35.9 90.11 225.78
9/25/98 35.9 90.12 226.21
9/28/98 35.04 90.65 227.07
9/29/98 35.47 90.89 227.14
9/30/98 35.47 88.01 220.21
10/1/98 34.62 84.46 213.58
10/2/98 35.04 86.7 217.09
10/5/98 35.04 84.83 214.05
</TABLE>
<PAGE> 48
<TABLE>
<S> <C> <C> <C>
10/6/98 33.89 82.43 213.19
10/7/98 34.19 84.34 210.18
10/8/98 34.19 85.77 207.74
10/9/98 32.05 87.67 213.15
10/12/98 35.04 86.25 216.03
10/13/98 35.04 88.19 215.4
10/14/98 35.47 85.65 217.72
10/15/98 35.9 90.07 226.81
10/16/98 36.32 96.02 228.74
10/19/98 35.9 96.04 230.03
10/20/98 36.32 95.65 230.37
10/21/98 36.32 93.38 231.66
10/22/98 36.32 94.25 233.52
10/23/98 35.9 91.75 231.83
10/26/98 36.75 91.34 232.18
10/27/98 37.18 89.35 230.67
</TABLE>
<PAGE> 49
PROJECT ICE CUBE
- -------------------------------------------------------------------------------
Price/Volume History Since Ice Company IPO
<TABLE>
<S> <C> <C>
High (08/24/95) $27.25
Low (09/15/98) $2.50
Current (10/27/98) $5.44
</TABLE>
<TABLE>
<CAPTION>
Anncmnt
Price Close Volume date 9/23/98
<S> <C> <C> <C>
12/15/93 14.63 2339.6
12/16/93 15 1089.4
12/17/93 15.5 339.9
12/20/93 15.5 244.5
12/21/93 15.5 158.9
12/22/93 15.25 135
12/23/93 14.75 76.5
12/27/93 15.13 81.3
12/28/93 15.63 84.2
12/29/93 15.5 49.5
12/30/93 16.25 85.5
12/31/93 16.25 101.1
1/3/94 15.63 173.7
1/4/94 16.13 194.3
1/5/94 16.25 82.7
1/6/94 16.75 154
1/7/94 16.88 201.3
1/10/94 16.63 65.5
1/11/94 16.88 85.9
1/12/94 17.13 143.6
1/13/94 16.75 123.8
1/14/94 17 59.3
1/17/94 16.38 69
1/18/94 16.13 55.2
1/19/94 17 253.4
1/20/94 17.75 185.4
1/21/94 18.13 317.2
1/24/94 17.88 111.7
1/25/94 17.63 94.1
1/26/94 17.5 38.8
1/27/94 17.38 42.9
1/28/94 17.75 211.6
1/31/94 18.5 246.3
2/1/94 17.5 926
2/2/94 17.5 171.6
2/3/94 17.38 250.2
2/4/94 16.75 137.1
2/7/94 16.63 428
</TABLE>
20
<PAGE> 50
<TABLE>
<S> <C> <C> <C>
2/8/94 17 135.5
2/9/94 16.75 34.9
2/10/94 17 36.9
2/11/94 17 15.2
2/14/94 16.88 40
2/15/94 16.63 385.6
2/16/94 16.88 298.2
2/17/94 16.75 131.1
2/18/94 16.38 256
2/22/94 16.13 112.8
2/23/94 15.5 132.5
2/24/94 15.5 69.7
2/25/94 15.5 84.2
2/28/94 15.88 146
3/1/94 15.5 99.3
3/2/94 15.5 102.8
3/3/94 15.5 36.8
3/4/94 15.5 253.4
3/7/94 15.63 55.9
3/8/94 15.75 40.9
3/9/94 15.88 41.7
3/10/94 15.75 28.8
3/11/94 15.63 11
3/14/94 16 97.2
3/15/94 16 48.2
3/16/94 16 78.4
3/17/94 15.75 37.7
3/18/94 15.75 66
3/21/94 15.63 25.8
3/22/94 15.5 28.2
3/23/94 15.25 136.5
3/24/94 15.63 36.5
3/25/94 15.88 44.3
3/28/94 15.63 49.2
3/29/94 15 144.3
3/30/94 14.25 59.6
3/31/94 13.75 90.9
4/4/94 14 52.2
4/5/94 14.88 35.3
4/6/94 14.88 57.2
4/7/94 14.75 54
4/8/94 14.75 170.7
</TABLE>
<PAGE> 51
<TABLE>
<S> <C> <C> <C>
4/11/94 14.88 21.7
4/12/94 14.75 48.7
4/13/94 14.5 12.2
4/14/94 14.25 27.1
4/15/94 14.5 47.8
4/18/94 14.13 19
4/19/94 13.63 107.6
4/20/94 13 343.2
4/21/94 13.88 383.2
4/22/94 13.75 73.7
4/25/94 13.88 26.3
4/26/94 14 94.9
4/28/94 14.5 61.4
4/29/94 14 70.5
5/2/94 14 64.4
5/3/94 14 17.1
5/4/94 13.88 118.4
5/5/94 13.88 40.6
5/6/94 13.75 40.3
5/9/94 13.5 52
5/10/94 13.5 121.6
5/11/94 13.38 55.2
5/12/94 14.13 140.2
5/13/94 14.25 25.3
5/16/94 13.88 9.8
5/17/94 13.75 68.1
5/18/94 13.63 64.3
5/19/94 13.75 65.2
5/20/94 14.5 153.2
5/23/94 14.25 40.7
5/24/94 14.13 67.1
5/25/94 14.25 18.8
5/26/94 14.88 166.8
5/27/94 15.13 82.9
5/31/94 15.13 23
6/1/94 15.5 113
6/2/94 15.63 69.2
6/3/94 15.75 62.3
6/6/94 15.63 20.5
6/7/94 16.25 235.7
6/8/94 16.25 137.5
6/9/94 16 50.3
</TABLE>
<PAGE> 52
<TABLE>
<S> <C> <C> <C>
6/10/94 16 137.1
6/13/94 16.5 75.4
6/14/94 16.13 49.7
6/15/94 16.25 264.4
6/16/94 16.25 28.1
6/17/94 16.38 96
6/20/94 16.38 25.5
6/21/94 16.13 52.1
6/22/94 16.63 93.6
6/23/94 16.5 28.1
6/24/94 16.13 27.2
6/27/94 16.13 30.7
6/28/94 16.5 15.2
6/29/94 16.75 44.6
6/30/94 17.25 266.7
7/1/94 17.63 338.6
7/5/94 16.88 284.2
7/6/94 16.63 147.5
7/7/94 16.5 64.8
7/8/94 16.13 68.3
7/11/94 16.38 28.6
7/12/94 16.5 14.3
7/13/94 16.88 235.3
7/14/94 17.25 18.7
7/15/94 17.13 50.3
7/18/94 17.25 41.4
7/19/94 17.38 211.6
7/20/94 17.25 44.4
7/21/94 17.25 38.5
7/22/94 17.25 102.2
7/25/94 17.5 55.5
7/26/94 17.13 118.3
7/27/94 17 42.3
7/28/94 17.25 27.1
7/29/94 17.25 18
8/1/94 17.5 181.1
8/2/94 17 269.4
8/3/94 17.63 112.5
8/4/94 17.75 125.4
8/5/94 17.88 67.6
8/8/94 17.38 14.9
8/9/94 17.75 37.9
</TABLE>
<PAGE> 53
<TABLE>
<S> <C> <C> <C>
8/10/94 18 77.9
8/11/94 18 30.3
8/12/94 18 75.8
8/15/94 17.88 38.2
8/16/94 17.75 33.8
8/17/94 17 54.3
8/18/94 17.63 19.7
8/19/94 17.75 9.9
8/22/94 17.5 10.8
8/23/94 17.13 78.2
8/24/94 17.25 31.4
8/25/94 17.13 23
8/26/94 17.38 9.8
8/29/94 17 12.5
8/30/94 17.25 71.7
8/31/94 17.88 87.9
9/1/94 17.75 41.8
9/2/94 17.63 16.8
9/6/94 17.38 58.7
9/7/94 17.88 50.4
9/8/94 17.88 32.8
9/9/94 17.88 20.3
9/12/94 17.5 10.3
9/13/94 17.38 60
9/14/94 17.25 191.7
9/15/94 17.5 151.2
9/16/94 17.63 51.8
9/19/94 17.63 36.3
9/20/94 17.5 54.6
9/21/94 17.63 108.3
9/22/94 17.75 78.4
9/23/94 17.63 37.1
9/26/94 17.63 42.7
9/27/94 18 34.6
9/28/94 19 183.5
9/29/94 19 129.9
9/30/94 19 58.1
10/3/94 18.63 39
10/4/94 18.5 61.7
10/5/94 18.38 26.8
10/6/94 18 7.3
10/7/94 18.13 8.9
</TABLE>
<PAGE> 54
<TABLE>
<S> <C> <C> <C>
10/10/94 18.38 13.3
10/11/94 18.88 47
10/12/94 19.25 134.7
10/13/94 19.38 118.7
10/14/94 18.75 29.6
10/17/94 18.63 36.5
10/18/94 18.88 25.9
10/19/94 18.88 11.5
10/20/94 18.38 23.4
10/21/94 19 28.9
10/24/94 19 214.1
10/25/94 18.25 33
10/26/94 18.13 54
10/27/94 17.75 39.6
10/28/94 17.63 51.9
10/31/94 17.63 42
11/1/94 17.38 37.7
11/2/94 17.38 135.8
11/3/94 17.38 128.2
11/4/94 17.38 101
11/7/94 17.25 65.7
11/8/94 17.25 109
11/9/94 17.75 191.1
11/10/94 17.5 101.2
11/11/94 17.25 25.9
11/14/94 17.25 19.4
11/15/94 16.88 67.2
11/16/94 16.88 57.7
11/17/94 16 47.8
11/18/94 16.63 40.3
11/21/94 16.5 25.1
11/22/94 16.63 13.2
11/23/94 16 60.7
11/25/94 16.63 13.2
11/28/94 16.75 15.9
11/29/94 17 11.6
11/30/94 16.88 103.7
12/1/94 16.63 46.1
12/2/94 16.25 75.4
12/5/94 16.75 110.4
12/6/94 16.88 64.8
12/7/94 16.75 50.4
</TABLE>
<PAGE> 55
<TABLE>
<S> <C> <C> <C>
12/8/94 16.75 77.4
12/9/94 17 48.3
12/12/94 17.13 105.2
12/13/94 17.5 32.9
12/14/94 17.88 109.7
12/15/94 19.13 227.4
12/16/94 18.88 294.8
12/19/94 18.63 15.2
12/20/94 18.63 30.6
12/21/94 18.75 76.2
12/22/94 20 81.8
12/23/94 19.88 162.1
12/27/94 19.75 17
12/28/94 19.38 90.2
12/29/94 19.5 84.8
12/30/94 19.63 61.7
1/3/95 19.13 20.6
1/4/95 19.13 14.5
1/5/95 19.38 80.6
1/6/95 19.5 31.5
1/9/95 19.5 197.2
1/10/95 19.88 135.4
1/11/95 19.75 67.4
1/12/95 19.38 75.6
1/13/95 19.63 57.6
1/16/95 20.25 61.2
1/17/95 20.38 164
1/18/95 20.75 271
1/19/95 20.63 279.2
1/20/95 20.38 190
1/23/95 20 28.2
1/24/95 20.38 45
1/25/95 20.25 77.9
1/26/95 20.38 35.6
1/27/95 20.25 172.7
1/30/95 19.75 90.4
1/31/95 19.5 42.6
2/1/95 18.13 243.4
2/2/95 17.88 123.9
2/3/95 18 124.2
2/6/95 18 72.8
2/7/95 18 82.1
</TABLE>
<PAGE> 56
<TABLE>
<S> <C> <C> <C>
2/8/95 18.38 77.7
2/9/95 17.75 27.3
2/10/95 17.25 64
2/13/95 17.63 106.9
2/14/95 18.38 71
2/15/95 18.75 49.2
2/16/95 19.13 88.4
2/17/95 19 30.8
2/21/95 19 58
2/22/95 19 177.4
2/23/95 19 49.2
2/24/95 19.13 33.3
2/27/95 19 34.2
2/28/95 19.25 19.6
3/1/95 19.13 39.9
3/2/95 19 23.7
3/3/95 18.75 45.3
3/6/95 18 74.8
3/7/95 17.63 40.9
3/8/95 17.13 67.8
3/9/95 17 55.3
3/10/95 17.25 39.5
3/13/95 17.75 11.4
3/14/95 17.88 36.1
3/15/95 18.38 18.5
3/16/95 18.75 55.7
3/17/95 18.5 64.7
3/20/95 17.88 144.6
3/21/95 17.63 95.9
3/22/95 17.5 41.5
3/23/95 17.38 14.3
3/24/95 17.5 108.1
3/27/95 18.25 34.4
3/28/95 17.88 37.7
3/29/95 18.75 46.7
3/30/95 19.63 68.1
3/31/95 19.88 87.9
4/3/95 19.5 98.5
4/4/95 19.75 49.7
4/5/95 19.25 19.9
4/6/95 19.38 43.1
4/7/95 18.63 27.4
</TABLE>
<PAGE> 57
<TABLE>
<S> <C> <C> <C>
4/10/95 18.88 16.9
4/11/95 19.25 11.2
4/12/95 18.75 102.8
4/13/95 18.75 39.6
4/17/95 19 20.8
4/18/95 19.5 21.8
4/19/95 18.88 80.8
4/20/95 19 61.4
4/21/95 19.75 142.6
4/24/95 19.75 49.7
4/25/95 19.5 80.4
4/26/95 18.25 777.7
4/27/95 18.25 259.4
4/28/95 18.5 352.8
5/1/95 18.75 48.1
5/2/95 19.13 99.2
5/3/95 19.25 9.4
5/4/95 19.38 56.8
5/5/95 18.88 16.8
5/8/95 18.5 53.7
5/9/95 18.38 17.6
5/10/95 18.38 107.9
5/11/95 18.25 12.3
5/12/95 18.25 447.2
5/15/95 18.88 218.7
5/16/95 19.63 30.7
5/17/95 19.75 82.1
5/18/95 19.63 39.5
5/19/95 19.38 80.5
5/22/95 19.5 80.7
5/23/95 19.38 16.2
5/24/95 19.5 168.4
5/25/95 19.25 34.6
5/26/95 19.13 13.3
5/30/95 18.88 7.9
5/31/95 18.75 24.3
6/1/95 18.5 101.4
6/2/95 18.5 18.8
6/5/95 18 97
6/6/95 18 82.8
6/7/95 17.88 123.5
6/8/95 17.88 69.2
</TABLE>
<PAGE> 58
<TABLE>
<S> <C> <C> <C>
6/9/95 18 148.7
6/12/95 17.88 93
6/13/95 18 129.3
6/14/95 18 128.3
6/15/95 18.13 26.6
6/16/95 18 45.4
6/19/95 18 7
6/20/95 17.75 11.7
6/21/95 17.75 270.2
6/22/95 18 235
6/23/95 18.25 118.7
6/26/95 18.5 133.2
6/27/95 18.63 85.4
6/28/95 18.25 6.7
6/29/95 18.5 12.8
6/30/95 19.25 37.6
7/3/95 19.38 7.7
7/5/95 19.5 65.6
7/6/95 19.5 73
7/7/95 20 68.4
7/10/95 20.38 296.8
7/11/95 20.13 26.4
7/12/95 20.63 70.6
7/13/95 20.13 49.2
7/14/95 20.5 32.5
7/17/95 20.5 37.8
7/18/95 20 266.3
7/19/95 19.5 62.7
7/20/95 20.5 463.4
7/21/95 21.38 325.9
7/24/95 21.88 79.8
7/25/95 22.13 132.2
7/26/95 21.75 20.8
7/27/95 21.75 80.8
7/28/95 22 30.6
7/31/95 22 41.6
8/1/95 22.13 91
8/2/95 22 126.4
8/3/95 22 18.1
8/4/95 22.38 10.2
8/7/95 23 46
8/8/95 24.38 236.7
</TABLE>
<PAGE> 59
<TABLE>
<S> <C> <C> <C>
8/9/95 23.63 113.1
8/10/95 23.75 74.8
8/11/95 23.88 18.2
8/14/95 23.88 44.7
8/15/95 23.88 129.2
8/16/95 23.38 21
8/17/95 24.13 72.9
8/18/95 24.75 34.2
8/21/95 26.75 85.1
8/22/95 26.13 109.5
8/23/95 26.63 93.2
8/24/95 26.75 136.1
8/25/95 26.75 29.6
8/28/95 27.13 166.4
8/29/95 26.75 155.4
8/30/95 26.38 107.2
8/31/95 25.63 81.9
9/1/95 25.25 89.8
9/5/95 25.88 102.4
9/6/95 25.5 79.8
9/7/95 25.5 61.8
9/8/95 25.75 54.7
9/11/95 25.5 21.8
9/12/95 25.13 41.1
9/13/95 24.38 107.6
9/14/95 24.25 141.6
9/15/95 24.38 49
9/18/95 24.5 68.9
9/19/95 23.38 86.1
9/20/95 22.88 92.7
9/21/95 22.63 169.2
9/22/95 21.5 45.9
9/25/95 21 93.3
9/26/95 21.25 152.5
9/27/95 20.5 202.7
9/28/95 20.38 87.2
9/29/95 21 262.3
10/2/95 21 130
10/3/95 20.88 137.5
10/4/95 20.75 97.6
10/5/95 20.63 202.4
10/6/95 21.13 163.3
</TABLE>
<PAGE> 60
<TABLE>
<S> <C> <C> <C>
10/9/95 20.75 31.8
10/10/95 20.5 168.4
10/11/95 20.75 291.9
10/12/95 20.63 137.2
10/13/95 20.63 71.9
10/16/95 20.63 15
10/17/95 20.5 5.6
10/18/95 20.25 14.4
10/19/95 19.88 21.2
10/20/95 17.25 627.6
10/23/95 17.25 196.2
10/24/95 16.75 566.8
10/25/95 16.75 131.5
10/26/95 16.5 90.6
10/27/95 15.5 143.7
10/30/95 16.13 152
10/31/95 16.38 182.2
11/1/95 16.13 87.2
11/2/95 16 37.5
11/3/95 16 38.1
11/6/95 15.88 19.9
11/7/95 16 82.2
11/8/95 15.75 43.5
11/9/95 15.63 41.2
11/10/95 15.75 13
11/13/95 15 105.8
11/14/95 15.63 260.9
11/15/95 15.75 198.5
11/16/95 15.5 65.8
11/17/95 15.38 74.9
11/20/95 15.38 232.4
11/21/95 15.88 275.8
11/22/95 16.75 723.3
11/24/95 17 298.3
11/27/95 16.63 314.9
11/28/95 16.5 89.8
11/29/95 16.63 177.1
11/30/95 16.5 58.9
12/1/95 16.75 111.2
12/4/95 16.75 97.7
12/5/95 16.5 75.8
12/6/95 15.88 274.6
</TABLE>
<PAGE> 61
<TABLE>
<S> <C> <C> <C>
12/7/95 16.13 62.2
12/8/95 16 29.9
12/11/95 15.88 96.2
12/12/95 15.63 148.4
12/13/95 15.75 42.1
12/14/95 16 38.7
12/15/95 15.88 17.4
12/18/95 15.5 75.7
12/19/95 15.63 20.1
12/20/95 15.75 65.4
12/21/95 15.38 44.7
12/22/95 15.38 57.2
12/26/95 16 154.8
12/27/95 16.75 182.5
12/28/95 17.25 141.4
12/29/95 18.75 190.1
1/2/96 18.75 242.3
1/3/96 18.5 66.4
1/4/96 17.63 151.6
1/5/96 17.88 16.5
1/8/96 17.75 7.8
1/9/96 17.63 26
1/10/96 17.25 26
1/11/96 17.25 16.9
1/12/96 17 29.8
1/15/96 16.75 23.8
1/16/96 16.5 7.8
1/17/96 15.88 29.4
1/18/96 16.25 42.1
1/19/96 17 37.3
1/22/96 17 14.8
1/23/96 17.13 28.1
1/24/96 17.38 144.1
1/25/96 16.5 59.5
1/26/96 16.5 27.9
1/29/96 16.25 13.8
1/30/96 17.13 79
1/31/96 17.75 629.6
2/1/96 18.13 100
2/2/96 17.75 295.9
2/5/96 17.38 74.6
2/6/96 17.38 73.8
</TABLE>
<PAGE> 62
<TABLE>
<S> <C> <C> <C>
2/7/96 17.25 386.7
2/8/96 17.88 601.4
2/9/96 18.13 185
2/12/96 18.13 71.7
2/13/96 17.88 155.3
2/14/96 18.13 68.5
2/15/96 17.88 22.2
2/16/96 18.13 44.4
2/20/96 17.75 91.1
2/21/96 18 207.9
2/22/96 17.88 13.3
2/23/96 18 21.1
2/26/96 17.88 683.6
2/27/96 17.75 62.1
2/28/96 17.63 80.1
2/29/96 17.5 26.5
3/1/96 17.38 259.2
3/4/96 17.5 73
3/5/96 17.25 114.3
3/6/96 17.5 139
3/7/96 17.5 31.7
3/8/96 17.13 72.8
3/11/96 17.63 44
3/12/96 17.38 29
3/13/96 17.13 17.7
3/14/96 17 55.4
3/15/96 16.63 69.1
3/18/96 16.88 45
3/19/96 17.13 184.8
3/20/96 17 173.5
3/21/96 17.13 77.1
3/22/96 17.38 188
3/25/96 17.5 74.5
3/26/96 17.5 33.3
3/27/96 17.63 54.2
3/28/96 17.5 53.3
3/29/96 17.13 37
4/1/96 17.13 6.9
4/2/96 17.38 41.1
4/3/96 17.13 60.5
4/4/96 17.5 102
4/8/96 17.5 11.5
</TABLE>
<PAGE> 63
<TABLE>
<S> <C> <C> <C>
4/9/96 17.38 66.1
4/10/96 17.25 24.2
4/11/96 17.63 343.1
4/12/96 17.63 98.5
4/15/96 17.63 34.7
4/16/96 17.75 133
4/17/96 17.5 274.2
4/18/96 17.25 168.7
4/19/96 16.63 172.4
4/22/96 16.25 363.7
4/23/96 16.88 120
4/24/96 17.25 432.9
4/25/96 17.13 454.4
4/26/96 17.25 59.4
4/29/96 17.75 53.6
4/30/96 18.13 54.4
5/1/96 18.38 32.8
5/2/96 17.88 148.1
5/3/96 18 63.1
5/6/96 17.75 132.9
5/7/96 18 66.9
5/8/96 18.13 130.8
5/9/96 18.75 168.3
5/10/96 18.75 22.4
5/13/96 19.13 313.1
5/14/96 19.13 147.2
5/15/96 19.13 28.8
5/16/96 19 16.1
5/17/96 19.25 22.3
5/20/96 19.13 61.9
5/21/96 19 43.2
5/22/96 18.25 710.4
5/23/96 17.88 296.9
5/24/96 17.63 148.3
5/28/96 17.63 10.2
5/29/96 17.5 102.4
5/30/96 17.38 3.2
5/31/96 17.38 139.6
6/3/96 17.13 35.2
6/4/96 17.13 339.3
6/5/96 17.25 15.8
6/6/96 16.63 121.1
</TABLE>
<PAGE> 64
<TABLE>
<S> <C> <C> <C>
6/7/96 16.25 93.7
6/10/96 16.5 20.8
6/11/96 16 98.6
6/12/96 15.63 829.8
6/13/96 15.88 62.6
6/14/96 16 84.3
6/17/96 15.88 36.2
6/18/96 16 11.4
6/19/96 15.75 18.5
6/20/96 15.5 176.8
6/21/96 16 11.7
6/24/96 15.63 16.7
6/25/96 15.25 60.4
6/26/96 14.63 176.3
6/27/96 14.75 234.3
6/28/96 14.88 171.4
7/1/96 15 26.7
7/2/96 15.13 63.5
7/3/96 15 115.3
7/5/96 15.25 13.4
7/8/96 15 20.7
7/9/96 14.88 103.6
7/10/96 15 46.8
7/11/96 14.75 139.6
7/12/96 14.75 50.1
7/15/96 14.63 16.1
7/16/96 14 168.7
7/17/96 13.75 20.6
7/18/96 13.63 9.7
7/19/96 13.5 9.3
7/22/96 13.5 31.9
7/23/96 13.5 16.2
7/24/96 13.13 104.1
7/25/96 13.25 29.8
7/26/96 13.5 18.7
7/29/96 13.75 108.6
7/30/96 13.5 180.2
7/31/96 13.5 52.8
8/1/96 14.13 47.8
8/2/96 14.13 11.4
8/5/96 14.13 7.8
8/6/96 14 10.3
</TABLE>
<PAGE> 65
<TABLE>
<S> <C> <C> <C>
8/7/96 13.75 45.9
8/8/96 13.63 8.2
8/9/96 13.88 5.4
8/12/96 13.75 9.9
8/13/96 13.88 6.1
8/14/96 13.88 13.6
8/15/96 13.75 21.6
8/16/96 13.63 4.5
8/19/96 13.5 12.5
8/20/96 13.63 53.5
8/21/96 13.25 67.3
8/22/96 13.5 45.6
8/23/96 13.63 17.4
8/26/96 13.63 43.2
8/27/96 13.88 10.3
8/28/96 13.88 10.6
8/29/96 13.75 4
8/30/96 13.63 6.7
9/3/96 13.75 19.9
9/4/96 13.63 16.5
9/5/96 13.5 22.2
9/6/96 13.63 40.4
9/9/96 13.75 18.7
9/10/96 13.5 297.1
9/11/96 13.5 146
9/12/96 13.63 16.6
9/13/96 13.88 64.8
9/16/96 13.75 119.2
9/17/96 13.88 46.7
9/18/96 13.75 44.1
9/19/96 13.5 35.1
9/20/96 13.38 15.9
9/23/96 13.13 7.9
9/24/96 13.5 10
9/25/96 13.5 224.5
9/26/96 13.63 89.8
9/27/96 13.88 175.6
9/30/96 13.63 7.4
10/1/96 13.75 11.7
10/2/96 13.75 20.8
10/3/96 13.75 24.5
10/4/96 13.63 16
</TABLE>
<PAGE> 66
<TABLE>
<S> <C> <C> <C>
10/7/96 13.63 284.2
10/8/96 13.75 222.4
10/9/96 13.63 16.3
10/10/96 13.75 15.5
10/11/96 13.88 3.8
10/14/96 13.75 5.1
10/15/96 13.63 43.8
10/16/96 13.5 9.2
10/17/96 13.25 13.4
10/18/96 13.25 19.1
10/21/96 12.5 333.4
10/22/96 12 361.1
10/23/96 11.88 174.1
10/24/96 11.63 32.8
10/25/96 11.88 46.6
10/28/96 11.63 162.2
10/29/96 11.25 2936.8
10/30/96 11.13 76.2
10/31/96 11.75 143.4
11/1/96 11.88 35.2
11/4/96 11.75 26.2
11/5/96 11.75 33.2
11/6/96 11.25 41
11/7/96 11.25 30.5
11/8/96 11 38
11/11/96 11.13 118.1
11/12/96 11.13 75.4
11/13/96 11.25 238.5
11/14/96 11.38 41
11/15/96 11.38 96.6
11/18/96 11.63 71.4
11/19/96 11.63 31.3
11/20/96 11.63 39.4
11/21/96 11.75 123.3
11/22/96 12 278.3
11/25/96 12.75 68.5
11/26/96 12.38 70
11/27/96 12.5 42
11/29/96 12.13 22.5
12/2/96 12.88 24.2
12/3/96 13 22.9
12/4/96 13.25 31.7
</TABLE>
<PAGE> 67
<TABLE>
<S> <C> <C> <C>
12/5/96 13.75 39.4
12/6/96 13 71.5
12/9/96 12.75 64.2
12/10/96 12.63 124
12/11/96 12.25 52.7
12/12/96 12.13 9.7
12/13/96 12.25 20.6
12/16/96 12.25 80
12/17/96 11.88 31.4
12/18/96 11.88 11.5
12/19/96 11.75 61.1
12/20/96 11.75 122.4
12/23/96 11.5 38.6
12/24/96 11.63 27.9
12/26/96 11.63 48.1
12/27/96 12 71.7
12/30/96 12 55.3
12/31/96 11.38 173
1/2/97 11.63 129.3
1/3/97 11.63 108.6
1/6/97 11.63 9.4
1/7/97 12 76.2
1/8/97 12.25 43.4
1/9/97 12.5 78
1/10/97 12.25 57.9
1/13/97 12 290.7
1/14/97 12.25 99.9
1/15/97 12.25 20.2
1/16/97 12.25 47.5
1/17/97 12.25 98.5
1/20/97 12.25 122.7
1/21/97 12.13 91.3
1/22/97 12.13 114
1/23/97 12 41.2
1/24/97 12 27.9
1/27/97 12 243.8
1/28/97 12.13 38.7
1/29/97 12 80
1/30/97 11.88 194.5
1/31/97 11.88 89.1
2/3/97 12.13 263.2
2/4/97 12.38 68.5
</TABLE>
<PAGE> 68
<TABLE>
<S> <C> <C> <C>
2/5/97 12.25 24.2
2/6/97 12.5 47.6
2/7/97 12.25 27.2
2/10/97 13.13 199.3
2/11/97 13.88 61.5
2/12/97 13.75 21.8
2/13/97 13.5 91.8
2/14/97 14 105.3
2/18/97 14.13 60.5
2/19/97 14.13 127.6
2/20/97 14 80.1
2/21/97 13.63 56.1
2/24/97 13.25 49.8
2/25/97 13.75 36.7
2/26/97 14 48.9
2/27/97 14.13 46.3
2/28/97 13.88 27.5
3/3/97 13.88 12.5
3/4/97 13.75 80.6
3/5/97 13.75 30.8
3/6/97 13.63 217.1
3/7/97 13.63 56.6
3/10/97 13.5 8.5
3/11/97 13.75 112.5
3/12/97 13.75 45.4
3/13/97 13.38 16
3/14/97 13 47.5
3/17/97 13 31.9
3/18/97 13.38 101.3
3/19/97 13.63 15.3
3/20/97 13.88 84.1
3/21/97 13.75 18.3
3/24/97 13.88 32.8
3/25/97 13.75 74.7
3/26/97 13.63 58.1
3/27/97 13.38 18.2
3/31/97 12 94.4
4/1/97 13.13 27.7
4/2/97 13.13 26.8
4/3/97 13 33.5
4/4/97 13 34.1
4/7/97 12.88 47.6
</TABLE>
<PAGE> 69
<TABLE>
<S> <C> <C> <C>
4/8/97 13.13 23
4/9/97 13 10.5
4/10/97 13 37.6
4/11/97 12.88 16.3
4/14/97 12.88 14.5
4/15/97 12.88 7.2
4/16/97 12.63 7.8
4/17/97 12.88 44.1
4/18/97 13 44.7
4/21/97 13.13 32
4/22/97 13 40.3
4/23/97 12.75 21
4/24/97 13 19.1
4/25/97 13 12.2
4/28/97 12.88 7.9
4/29/97 12.63 26
4/30/97 12.5 21
5/1/97 12.88 10.5
5/2/97 13 14.5
5/5/97 13.13 47.9
5/6/97 13 11.3
5/7/97 12.75 18
5/8/97 12.63 13.8
5/9/97 12.5 20.4
5/12/97 12.5 29.3
5/13/97 12.25 17.9
5/14/97 12.25 25.3
5/15/97 12.13 27.6
5/16/97 11.75 46.8
5/19/97 11.75 21.4
5/20/97 11.63 27.8
5/21/97 11.5 48.8
5/22/97 12.25 63.5
5/23/97 12.13 29
5/27/97 12.5 57.4
5/28/97 12.63 22.8
5/29/97 12.63 28.2
5/30/97 12.75 42.8
6/2/97 12.75 46.8
6/3/97 12.88 27.1
6/4/97 13 22.1
6/5/97 13.25 129.9
</TABLE>
<PAGE> 70
<TABLE>
<S> <C> <C> <C>
6/6/97 13.25 44
6/9/97 13.13 7.5
6/10/97 13.25 8.3
6/11/97 13.25 19.1
6/12/97 13.38 31.1
6/13/97 13.25 92.1
6/16/97 13.38 49.1
6/17/97 13 49.7
6/18/97 13.25 30.3
6/19/97 13.13 46.6
6/20/97 12.38 108.4
6/23/97 12.13 102.7
6/24/97 12.19 27.4
6/25/97 11.94 107.2
6/26/97 11.88 44.4
6/27/97 11.75 71.1
6/30/97 12 37.9
7/1/97 12 74.2
7/2/97 12 65.4
7/3/97 11.75 29.1
7/7/97 11.75 48.9
7/8/97 11.75 42.5
7/9/97 11.75 38.9
7/10/97 11.75 51.5
7/11/97 11.81 23
7/14/97 12 26.1
7/15/97 11.94 21.9
7/16/97 12.06 61
7/17/97 12.63 110.7
7/18/97 12.5 62.6
7/21/97 12.5 49.8
7/22/97 13.13 96.6
7/23/97 13.06 46
7/24/97 13 9.2
7/25/97 12.88 12.6
7/28/97 12.69 29.7
7/29/97 12.81 19.9
7/30/97 13.63 41.7
7/31/97 13.5 86.6
8/1/97 13.56 53.8
8/4/97 13.56 44
8/5/97 13.81 34.5
</TABLE>
<PAGE> 71
<TABLE>
<S> <C> <C> <C>
8/6/97 13.94 41
8/7/97 13.94 21.3
8/8/97 13.25 32
8/11/97 13.31 14.8
8/12/97 13.25 17.6
8/13/97 13.63 23.6
8/14/97 13.5 10.8
8/15/97 13 26.2
8/18/97 12.88 34.3
8/19/97 12.44 22.5
8/20/97 12 86.5
8/21/97 11.94 48.7
8/22/97 12.06 15
8/25/97 12.06 18.1
8/26/97 12.25 14.5
8/27/97 12.69 41
8/28/97 12.63 14.4
8/29/97 12.5 12.7
9/2/97 12.63 23.1
9/3/97 12.88 66.6
9/4/97 12.88 30.7
9/5/97 13.06 44.6
9/8/97 13.06 7
9/9/97 12.94 27.2
9/10/97 13 21.4
9/11/97 12.69 5.2
9/12/97 12.94 12.1
9/15/97 12.88 6.1
9/16/97 12.88 17.8
9/17/97 13.31 17.2
9/18/97 13 18.2
9/19/97 12.81 37.4
9/22/97 12.19 39.7
9/23/97 12.44 24.5
9/24/97 12.19 89.2
9/25/97 11.88 87.8
9/26/97 12.06 120.2
9/29/97 12.5 31.7
9/30/97 13.44 78
10/1/97 13.5 68
10/2/97 13.69 135.2
10/3/97 13.38 31.6
</TABLE>
<PAGE> 72
<TABLE>
<S> <C> <C> <C>
10/6/97 12.56 44.5
10/7/97 12.38 16
10/8/97 12.88 200.3
10/9/97 13.25 21.4
10/10/97 13.25 49.8
10/13/97 13.31 24.7
10/14/97 13.75 152.8
10/15/97 13.56 15.7
10/16/97 13.31 9.3
10/17/97 13.5 47.3
10/20/97 13.5 22.2
10/21/97 13.5 8.9
10/22/97 13.81 10
10/23/97 13.63 19.1
10/24/97 13.31 19.9
10/27/97 12.56 13.6
10/28/97 12.81 50.3
10/29/97 12.56 26.1
10/30/97 12.13 58.2
10/31/97 12.63 32.4
11/3/97 13.31 28.4
11/4/97 13.19 8.8
11/5/97 12.75 31
11/6/97 12.44 27.9
11/7/97 12.31 27.5
11/10/97 12.19 29.7
11/11/97 11.88 51.7
11/12/97 11.69 30.5
11/13/97 11.56 19.5
11/14/97 11.5 7.3
11/17/97 11.63 8.9
11/18/97 10.75 100.2
11/19/97 10.19 157.4
11/20/97 10.31 598.7
11/21/97 10.31 88.6
11/24/97 10 114.7
11/25/97 9.44 121.2
11/26/97 9.69 101.2
11/28/97 9.75 13.6
12/1/97 9.81 65.2
12/2/97 9.75 21.6
12/3/97 9.56 22.1
</TABLE>
<PAGE> 73
<TABLE>
<S> <C> <C> <C>
12/4/97 9.56 43.9
12/5/97 9.31 59.7
12/8/97 9 51.7
12/9/97 9.06 271.3
12/10/97 8.5 96.5
12/11/97 8.94 206.7
12/12/97 8.63 42.4
12/15/97 9.38 109.4
12/16/97 9.31 66.3
12/17/97 10 64
12/18/97 10.06 47.6
12/19/97 9.75 30.9
12/22/97 9.31 44.4
12/23/97 9 24.8
12/24/97 9 32
12/26/97 8.81 29.3
12/29/97 9.38 45.7
12/30/97 10 85.2
12/31/97 10 47.7
1/2/98 9.94 84.5
1/5/98 10.19 22.8
1/6/98 10 7.5
1/7/98 9.63 29.3
1/8/98 9.69 16.9
1/9/98 9 71.1
1/12/98 9 9.5
1/13/98 8.69 11.7
1/14/98 8.69 19.1
1/15/98 8.56 83.5
1/16/98 8.5 123.9
1/20/98 8.56 60.1
1/21/98 8.19 34.2
1/22/98 8.13 81.2
1/23/98 8.06 442.8
1/26/98 8.13 12.3
1/27/98 8.25 12.5
1/28/98 8.31 40.7
1/29/98 8.44 46.5
1/30/98 8.31 41.6
2/2/98 8.25 63.8
2/3/98 8.44 57
2/4/98 8.94 314.9
</TABLE>
<PAGE> 74
<TABLE>
<S> <C> <C> <C>
2/5/98 8.81 50
2/6/98 8.94 38.3
2/9/98 9.06 24.9
2/10/98 9.38 16.7
2/11/98 9.44 20.6
2/12/98 9.38 21.7
2/13/98 9.13 19.6
2/17/98 9.19 14.7
2/18/98 9 20.1
2/19/98 9 17.9
2/20/98 8.94 15.2
2/23/98 9.31 29.8
2/24/98 9.19 12
2/25/98 9.31 42.8
2/26/98 9 13.8
2/27/98 9.19 24.8
3/2/98 9.38 30.3
3/3/98 9.44 8
3/4/98 9.25 13.3
3/5/98 9.19 18.7
3/6/98 9.94 70.6
3/9/98 9.31 82.7
3/10/98 9.25 96.3
3/11/98 9.81 36.8
3/12/98 9.69 28.9
3/13/98 9.69 134.1
3/16/98 9.75 21.2
3/17/98 9.88 33.9
3/18/98 10.06 315.5
3/19/98 9.5 317.9
3/20/98 9.38 92.9
3/23/98 9.56 32.1
3/24/98 9.56 25.3
3/25/98 9.63 7
3/26/98 9.63 11.5
3/27/98 9.75 52.7
3/30/98 9.5 13.1
3/31/98 9.5 57.4
4/1/98 9.81 46.4
4/2/98 9.75 49.6
4/3/98 9.56 33.8
4/6/98 9.56 17.7
</TABLE>
<PAGE> 75
<TABLE>
<S> <C> <C> <C>
4/7/98 9.31 44.2
4/8/98 9.5 56.6
4/9/98 9.63 23.6
4/13/98 9.56 13.8
4/14/98 9.56 18.5
4/15/98 9.81 106.7
4/16/98 9.75 15.5
4/17/98 9.56 17.7
4/20/98 9.63 25.2
4/21/98 9.5 14.5
4/22/98 9.44 17.2
4/23/98 8.94 51.9
4/24/98 8.44 37.2
4/27/98 8.38 8.8
4/28/98 8.19 42.8
4/29/98 8.31 18.2
4/30/98 8.13 42.2
5/1/98 8.13 60
5/4/98 8.19 41.8
5/5/98 7.94 316
5/6/98 7.25 428.5
5/7/98 7.06 189.4
5/8/98 6.88 92.6
5/11/98 7.06 98.3
5/12/98 7.5 119.2
5/13/98 8 123.5
5/14/98 8.38 87
5/15/98 8.63 86.4
5/18/98 8.38 42.5
5/19/98 8.25 27
5/20/98 8.13 9.3
5/21/98 8.06 2.9
5/22/98 7.81 10.7
5/26/98 7.44 27.8
5/27/98 7.13 46.6
5/28/98 7 24.9
5/29/98 7 84.4
6/1/98 6.94 43.8
6/2/98 6.69 57.1
6/3/98 7 137.3
6/4/98 7 6.4
6/5/98 6.94 46.8
</TABLE>
<PAGE> 76
<TABLE>
<S> <C> <C> <C>
6/8/98 6.94 22.8
6/9/98 6.88 2.2
6/10/98 7.19 753.9
6/11/98 7.19 307.7
6/12/98 6.94 197.1
6/15/98 6.88 61.3
6/16/98 7 113.4
6/17/98 6.94 93
6/18/98 6.88 19
6/19/98 6.69 37.3
6/22/98 6.56 41
6/23/98 6.56 29.7
6/24/98 6.38 40.6
6/25/98 5.81 93
6/26/98 5.88 181.6
6/29/98 5.88 40
6/30/98 5.94 39.2
7/1/98 5.5 129.4
7/2/98 5.88 57
7/6/98 5.69 20.1
7/7/98 5.56 22.8
7/8/98 5.94 1017
7/9/98 6 63.9
7/10/98 5.88 75.8
7/13/98 5.94 37.8
7/14/98 5.69 181.9
7/15/98 5.69 50.3
7/16/98 5.75 43.1
7/17/98 5.75 45.4
7/20/98 5.88 17.9
7/21/98 6.13 189.1
7/22/98 6.06 50.1
7/23/98 6.13 124.6
7/24/98 6.06 34.2
7/27/98 6.38 64.4
7/28/98 6.38 63.3
7/29/98 6.31 7.6
7/30/98 6.13 83.6
7/31/98 5.63 28.5
8/3/98 5.56 7.7
8/4/98 5.5 71.5
8/5/98 5.69 40.1
</TABLE>
<PAGE> 77
<TABLE>
<S> <C> <C> <C>
8/6/98 5.56 49.9
8/7/98 5.63 50.9
8/10/98 5.63 6.7
8/11/98 5.44 24.9
8/12/98 5.25 50.7
8/13/98 5.25 17.3
8/14/98 5 40.7
8/17/98 5.06 15.5
8/18/98 5.19 47.2
8/19/98 5.13 9.2
8/20/98 5.19 5.5
8/21/98 5.06 35.3
8/24/98 5.06 21.9
8/25/98 5 27.1
8/26/98 4.63 27.2
8/27/98 4 50
8/28/98 3.81 99.7
8/31/98 3.56 129.9
9/1/98 3.94 46.7
9/2/98 4 56.6
9/3/98 3.88 42
9/4/98 4 24.7
9/8/98 3.94 50.3
9/9/98 3.63 64.3
9/10/98 3.5 191.7
9/11/98 3 36.4
9/14/98 3.5 144.6
9/15/98 2.94 184.5
9/16/98 3 55.7
9/17/98 3 56.7
9/18/98 3.06 26.1
9/21/98 3.25 90.8
9/22/98 3.19 74.1
9/23/98 5.56 1668.9
9/24/98 5.25 706.1
9/25/98 5.25 226.4
9/28/98 5.13 65.3
9/29/98 5.19 55.6
9/30/98 5.19 72.3
10/1/98 5.06 71.3
10/2/98 5.13 103.2
10/5/98 5.13 27.7
</TABLE>
<PAGE> 78
<TABLE>
<S> <C> <C> <C>
10/6/98 4.96 239.1
10/7/98 5 28.5
10/8/98 5 75.8
10/9/98 4.69 280.4
10/12/98 5.13 347.4
10/13/98 5.13 42.4
10/14/98 5.19 8.5
10/15/98 5.25 7.7
10/16/98 5.31 23.4
10/19/98 5.25 13.7
10/20/98 5.31 5.4
10/21/98 5.31 16.4
10/22/98 5.31 39.3
10/23/98 5.25 235.1
10/26/98 5.38 43.3
10/27/98 5.44 17
</TABLE>
<PAGE> 79
PROJECT ICE CUBE
- -------------------------------------------------------------------------------
Last Twelve Months Indexed Price Graph
Last Twelve Months Indexed Price Graph
<TABLE>
<CAPTION>
Anncmnt
Ice Company Peer Group Index S&P 500 date 9/23/98
<S> <C> <C> <C> <C> <C>
10/27/97 100 100 100
10/28/97 101.99 102.71 105.12 s&p 21.5%
10/29/97 100 101.25 104.81 comp. Grp (34.7%)
10/30/97 96.52 99.94 103.04 Ice (57.7%)
10/31/97 100.5 100.97 104.29
11/3/97 105.97 105.42 107.07
11/4/97 104.98 104.7 107.27
11/5/97 101.49 104.97 107.5
11/6/97 99 104.86 106.96
11/7/97 98.01 102.49 105.76
11/10/97 97.01 102.47 105.03
11/11/97 94.53 102.42 105.32
11/12/97 93.03 100.46 103.3
11/13/97 92.04 100.84 104.52
11/14/97 91.54 101.23 105.86
11/17/97 92.54 102.75 107.89
11/18/97 85.57 101.05 106.98
11/19/97 81.09 100.6 107.71
11/20/97 82.09 102.13 109.35
11/21/97 82.09 101.15 109.82
11/24/97 79.6 100.47 107.95
11/25/97 75.12 99.93 108.42
11/26/97 77.11 99.71 108.51
11/28/97 77.61 100.33 108.94
12/1/97 78.11 101.12 111.15
12/2/97 77.61 100.34 110.8
12/3/97 76.12 100.65 111.38
12/4/97 76.12 100.68 110.96
12/5/97 74.13 100.77 112.18
12/8/97 71.64 100.11 112.02
12/9/97 72.14 99.66 111.26
12/10/97 67.66 99.47 110.58
12/11/97 71.14 98.08 108.89
12/12/97 68.66 97.01 108.71
12/15/97 74.63 96.13 109.85
12/16/97 74.13 96.54 110.38
12/17/97 79.6 95.95 110.1
12/18/97 80.1 95.34 108.93
</TABLE>
Note: (1) Peer Group includes: Allegheny Teledyne, Timken Co., Armco Inc.,
Carpenter Technology, Quanex Corp., Special Metals Corp., Titanium
Metals Corp. and RMI Titanium Company.
21
<PAGE> 80
<TABLE>
<S> <C> <C> <C> <C>
12/19/97 77.61 93.71 107.96
12/22/97 74.13 96.18 108.75
12/23/97 71.64 96.14 107.09
12/24/97 71.64 95.43 106.35
12/26/97 70.15 95.6 106.78
12/29/97 74.63 97.11 108.71
12/30/97 79.6 97.39 110.7
12/31/97 79.6 98.17 110.65
1/2/98 79.1 100.28 111.18
1/5/98 81.09 99.94 111.41
1/6/98 79.6 97.29 110.22
1/7/98 76.62 97.41 109.92
1/8/98 77.11 95.74 109.01
1/9/98 71.64 92.03 105.78
1/12/98 71.64 92.88 107.09
1/13/98 69.15 93.02 108.57
1/14/98 69.15 93.55 109.23
1/15/98 68.16 92.18 108.41
1/16/98 67.66 93.71 109.64
1/20/98 68.16 93.68 111.59
1/21/98 65.17 91.77 110.7
1/22/98 64.68 91.06 109.81
1/23/98 64.18 88.98 109.19
1/26/98 64.68 89.45 109.12
1/27/98 65.67 90.55 110.49
1/28/98 66.17 91.35 111.46
1/29/98 67.16 93.52 112.37
1/30/98 66.17 92.76 111.78
2/2/98 65.67 94.19 114.17
2/3/98 67.16 94.95 114.71
2/4/98 71.14 96.81 114.81
2/5/98 70.15 96.72 114.43
2/6/98 71.14 97.38 115.45
2/9/98 72.14 96.81 115.25
2/10/98 74.63 97.49 116.19
2/11/98 75.12 97.22 116.31
2/12/98 74.63 97.45 116.78
2/13/98 72.64 97.92 116.32
2/17/98 73.13 97.71 116.62
2/18/98 71.64 98.89 117.68
2/19/98 71.64 97.75 117.25
2/20/98 71.14 97.91 117.93
</TABLE>
<PAGE> 81
<TABLE>
<S> <C> <C> <C> <C>
2/23/98 74.13 98.19 118.38
2/24/98 73.13 98.02 117.51
2/25/98 74.13 98.24 118.92
2/26/98 71.64 100.03 119.58
2/27/98 73.13 100.87 119.65
3/2/98 74.63 102.33 119.47
3/3/98 75.12 102.48 119.96
3/4/98 73.63 102.41 119.42
3/5/98 73.13 101.99 118.02
3/6/98 79.1 102.66 120.38
3/9/98 74.13 102.51 119.99
3/10/98 73.63 104.02 121.35
3/11/98 78.11 103.71 121.83
3/12/98 77.11 103.64 122
3/13/98 77.11 104.46 121.85
3/16/98 77.61 103.04 123.07
3/17/98 78.61 104.96 123.2
3/18/98 80.1 104.6 123.78
3/19/98 75.62 104.96 124.26
3/20/98 74.63 105.77 125.33
3/23/98 76.12 106.07 124.92
3/24/98 76.12 106.74 126.07
3/25/98 76.62 107.41 125.65
3/26/98 76.62 106.64 125.52
3/27/98 77.61 105.36 124.91
3/30/98 75.62 104.83 124.69
3/31/98 75.62 103.22 125.63
4/1/98 78.11 102.2 126.36
4/2/98 77.61 104.21 127.71
4/3/98 76.12 102.55 128.02
4/6/98 76.12 100.83 127.87
4/7/98 74.13 99.87 126.52
4/8/98 75.62 100.49 125.62
4/9/98 76.62 100.38 126.65
4/13/98 76.12 100.15 126.53
4/14/98 76.12 100.97 127.23
4/15/98 78.11 103.9 127.63
4/16/98 77.61 102.21 126.36
4/17/98 76.12 103.49 128.02
4/20/98 76.62 102.93 128.13
4/21/98 75.62 103.61 128.47
4/22/98 75.12 104.4 128.91
</TABLE>
<PAGE> 82
<TABLE>
<S> <C> <C> <C> <C>
4/23/98 71.14 102.26 127.66
4/24/98 67.16 102.3 126.33
4/27/98 66.67 102.4 123.89
4/28/98 65.17 101.58 123.73
4/29/98 66.17 102.61 124.82
4/30/98 64.68 103.94 126.77
5/1/98 64.68 104.71 127.82
5/4/98 65.17 104.48 127.95
5/5/98 63.18 104.09 127.2
5/6/98 57.71 102.45 125.99
5/7/98 56.22 102.98 124.87
5/8/98 54.73 103.58 126.36
5/11/98 56.22 102.95 126.19
5/12/98 59.7 103.83 127.23
5/13/98 63.68 103.21 127.58
5/14/98 66.67 104.14 127.41
5/15/98 68.66 104.25 126.42
5/18/98 66.67 101.71 126.09
5/19/98 65.67 101.88 126.51
5/20/98 64.68 102.14 127.6
5/21/98 64.18 102.48 127.1
5/22/98 62.19 101.76 126.62
5/26/98 59.2 98.86 124.75
5/27/98 56.72 97.91 124.54
5/28/98 55.72 96.38 125.16
5/29/98 55.72 95.93 124.38
6/1/98 55.22 96.54 124.4
6/2/98 53.23 95.12 124.66
6/3/98 55.72 95.93 123.46
6/4/98 55.72 96.12 124.84
6/5/98 55.22 97.58 127.01
6/8/98 55.22 98.56 127.22
6/9/98 54.73 97.89 127.53
6/10/98 57.21 95.44 126.83
6/11/98 57.21 91.29 124.81
6/12/98 55.22 89.73 125.3
6/15/98 54.73 88.17 122.81
6/16/98 55.72 90.77 124.01
6/17/98 55.22 90.59 126.24
6/18/98 54.73 90.51 126.16
6/19/98 53.23 87.83 125.5
6/22/98 52.24 89.25 125.8
</TABLE>
<PAGE> 83
<TABLE>
<S> <C> <C> <C> <C>
6/23/98 52.24 88.73 127.65
6/24/98 50.75 89.29 129.18
6/25/98 46.27 89.14 128.77
6/26/98 46.77 90.13 129.21
6/29/98 46.77 90.26 129.82
6/30/98 47.26 91.05 129.29
7/1/98 43.78 89.4 130.97
7/2/98 46.77 89.48 130.72
7/6/98 45.27 89.41 131.97
7/7/98 44.28 91.27 131.66
7/8/98 47.26 90.82 133
7/9/98 47.76 90.02 132.11
7/10/98 46.77 88.67 132.76
7/13/98 47.26 87.58 132.86
7/14/98 45.27 87.67 134.28
7/15/98 45.27 86.46 133.96
7/16/98 45.77 87.97 135.01
7/17/98 45.77 87.94 135.32
7/20/98 46.77 87.5 135.02
7/21/98 48.76 86.66 132.85
7/22/98 48.26 82.42 132.74
7/23/98 48.76 81.71 129.96
7/24/98 48.26 79.51 130.08
7/27/98 50.75 79.83 130.82
7/28/98 50.75 78.72 128.88
7/29/98 50.25 79 128.3
7/30/98 48.76 80.1 130.33
7/31/98 44.78 77.98 127.79
8/3/98 44.28 77.59 126.85
8/4/98 43.78 74.84 122.25
8/5/98 45.27 74.44 123.31
8/6/98 44.28 74.4 124.25
8/7/98 44.78 75.39 124.23
8/10/98 44.78 73.5 123.51
8/11/98 43.28 70.72 121.89
8/12/98 41.79 73.28 123.63
8/13/98 41.79 72.46 122.57
8/14/98 39.8 71.23 121.18
8/17/98 40.3 71.71 123.57
8/18/98 41.29 73.91 125.57
8/19/98 40.8 73.07 125.21
8/20/98 41.29 72.05 124.47
</TABLE>
<PAGE> 84
<TABLE>
<S> <C> <C> <C> <C>
8/21/98 40.3 71.38 123.29
8/24/98 40.3 70.53 124.08
8/25/98 39.8 69.4 124.61
8/26/98 36.82 67.17 123.63
8/27/98 31.84 64.03 118.88
8/28/98 30.35 62.87 117.12
8/31/98 28.36 59.3 109.16
9/1/98 31.34 60.67 113.37
9/2/98 31.84 61.88 112.94
9/3/98 30.85 59.69 112
9/4/98 31.84 61.32 111.05
9/8/98 31.34 64.11 116.7
9/9/98 28.86 62.41 114.73
9/10/98 27.86 60.54 111.77
9/11/98 23.88 60.55 115.06
9/14/98 27.86 60.9 117.42
9/15/98 23.38 61.78 118.32
9/16/98 23.88 61.03 119.21
9/17/98 23.88 60.3 116.18
9/18/98 24.38 60.63 116.32
9/21/98 25.87 61.11 116.75
9/22/98 25.37 61.8 117.41
9/23/98 44.28 65.08 121.56
9/24/98 41.79 65.88 118.9
9/25/98 41.79 65.89 119.13
9/28/98 40.8 66.28 119.58
9/29/98 41.29 66.45 119.62
9/30/98 41.29 64.35 115.97
10/1/98 40.3 61.75 112.47
10/2/98 40.8 63.39 114.32
10/5/98 40.8 62.02 112.72
10/6/98 39.46 60.27 112.27
10/7/98 39.8 61.67 110.68
10/8/98 39.8 62.71 109.4
10/9/98 37.31 64.1 112.25
10/12/98 40.8 63.07 113.77
10/13/98 40.8 64.48 113.43
10/14/98 41.29 62.62 114.66
10/15/98 41.79 65.86 119.44
10/16/98 42.29 70.2 120.46
10/19/98 41.79 70.22 121.14
10/20/98 42.29 69.93 121.32
10/21/98 42.29 68.27 122
10/22/98 42.29 68.91 122.98
10/23/98 41.79 67.08 122.08
10/26/98 42.79 66.78 122.27
10/27/98 43.28 65.33 121.48
</TABLE>
<PAGE> 85
PROJECT ICE CUBE
- -------------------------------------------------------------------------------
Annotated Price/Volume Graph
October 27, 1997 - October 27, 1998
Price Close Volume
10/27/97 12.56 13.6
10/28/97 12.81 50.3
10/29/97 12.56 26.1
10/30/97 12.13 58.2
10/31/97 12.63 32.4
11/3/97 13.31 28.4
11/4/97 13.19 8.8
11/5/97 12.75 31
11/6/97 12.44 27.9
11/7/97 12.31 27.5
11/10/97 12.19 29.7
11/11/97 11.88 51.7
11/12/97 11.69 30.5
11/13/97 11.56 19.5
11/14/97 11.5 7.3
11/17/97 11.63 8.9
11/18/97 10.75 100.2
11/19/97 10.19 157.4
11/20/97 10.31 598.7
11/21/97 10.31 88.6
11/24/97 10 114.7
11/25/97 9.44 121.2
11/26/97 9.69 101.2
11/28/97 9.75 13.6
12/1/97 9.81 65.2
12/2/97 9.75 21.6
12/3/97 9.56 22.1
12/4/97 9.56 43.9
12/5/97 9.31 59.7
12/8/97 9 51.7
12/9/97 9.06 271.3
12/10/97 8.5 96.5
12/11/97 8.94 206.7
12/12/97 8.63 42.4
12/15/97 9.38 109.4
12/16/97 9.31 66.3
12/17/97 10 64
12/18/97 10.06 47.6
12/19/97 9.75 30.9
12/22/97 9.31 44.4
12/23/97 9 24.8
12/24/97 9 32
12/26/97 8.81 29.3
12/29/97 9.38 45.7
12/30/97 10 85.2
12/31/97 10 47.7
1/2/98 9.94 84.5
1/5/98 10.19 22.8
1/6/98 10 7.5
1/7/98 9.63 29.3
1/8/98 9.69 16.9
1/9/98 9 71.1
1/12/98 9 9.5
1/13/98 8.69 11.7
1/14/98 8.69 19.1
1/15/98 8.56 83.5
1/16/98 8.5 123.9
1/20/98 8.56 60.1
1/21/98 8.19 34.2
22
<PAGE> 86
1/22/98 8.13 81.2
1/23/98 8.06 442.8
1/26/98 8.13 12.3
1/27/98 8.25 12.5
1/28/98 8.31 40.7
1/29/98 8.44 46.5
1/30/98 8.31 41.6
2/2/98 8.25 63.8
2/3/98 8.44 57
2/4/98 8.94 314.9
2/5/98 8.81 50
2/6/98 8.94 38.3
2/9/98 9.06 24.9
2/10/98 9.38 16.7
2/11/98 9.44 20.6
2/12/98 9.38 21.7
2/13/98 9.13 19.6
2/17/98 9.19 14.7
2/18/98 9 20.1
2/19/98 9 17.9
2/20/98 8.94 15.2
2/23/98 9.31 29.8
2/24/98 9.19 12
2/25/98 9.31 42.8
2/26/98 9 13.8
2/27/98 9.19 24.8
3/2/98 9.38 30.3
3/3/98 9.44 8
3/4/98 9.25 13.3
3/5/98 9.19 18.7
3/6/98 9.94 70.6
3/9/98 9.31 82.7
3/10/98 9.25 96.3
3/11/98 9.81 36.8
3/12/98 9.69 28.9
3/13/98 9.69 134.1
3/16/98 9.75 21.2
3/17/98 9.88 33.9
3/18/98 10.06 315.5
3/19/98 9.5 317.9
3/20/98 9.38 92.9
3/23/98 9.56 32.1
3/24/98 9.56 25.3
3/25/98 9.63 7
3/26/98 9.63 11.5
3/27/98 9.75 52.7
3/30/98 9.5 13.1
3/31/98 9.5 57.4
4/1/98 9.81 46.4
4/2/98 9.75 49.6
4/3/98 9.56 33.8
4/6/98 9.56 17.7
4/7/98 9.31 44.2
4/8/98 9.5 56.6
4/9/98 9.63 23.6
4/13/98 9.56 13.8
4/14/98 9.56 18.5
4/15/98 9.81 106.7
4/16/98 9.75 15.5
4/17/98 9.56 17.7
4/20/98 9.63 25.2
4/21/98 9.5 14.5
4/22/98 9.44 17.2
4/23/98 8.94 51.9
4/24/98 8.44 37.2
<PAGE> 87
4/27/98 8.38 8.8
4/28/98 8.19 42.8
4/29/98 8.31 18.2
4/30/98 8.13 42.2
5/1/98 8.13 60
5/4/98 8.19 41.8
5/5/98 7.94 316
5/6/98 7.25 428.5
5/7/98 7.06 189.4
5/8/98 6.88 92.6
5/11/98 7.06 98.3
5/12/98 7.5 119.2
5/13/98 8 123.5
5/14/98 8.38 87
5/15/98 8.63 86.4
5/18/98 8.38 42.5
5/19/98 8.25 27
5/20/98 8.13 9.3
5/21/98 8.06 2.9
5/22/98 7.81 10.7
5/26/98 7.44 27.8
5/27/98 7.13 46.6
5/28/98 7 24.9
5/29/98 7 84.4
6/1/98 6.94 43.8
6/2/98 6.69 57.1
6/3/98 7 137.3
6/4/98 7 6.4
6/5/98 6.94 46.8
6/8/98 6.94 22.8
6/9/98 6.88 2.2
6/10/98 7.19 753.9
6/11/98 7.19 307.7
6/12/98 6.94 197.1
6/15/98 6.88 61.3
6/16/98 7 113.4
6/17/98 6.94 93
6/18/98 6.88 19
6/19/98 6.69 37.3
6/22/98 6.56 41
6/23/98 6.56 29.7
6/24/98 6.38 40.6
6/25/98 5.81 93
6/26/98 5.88 181.6
6/29/98 5.88 40
6/30/98 5.94 39.2
7/1/98 5.5 129.4
7/2/98 5.88 57
7/6/98 5.69 20.1
7/7/98 5.56 22.8
7/8/98 5.94 1017
7/9/98 6 63.9
7/10/98 5.88 75.8
7/13/98 5.94 37.8
7/14/98 5.69 181.9
7/15/98 5.69 50.3
7/16/98 5.75 43.1
7/17/98 5.75 45.4
7/20/98 5.88 17.9
7/21/98 6.13 189.1
7/22/98 6.06 50.1
7/23/98 6.13 124.6
7/24/98 6.06 34.2
<PAGE> 88
7/27/98 6.38 64.4
7/28/98 6.38 63.3
7/29/98 6.31 7.6
7/30/98 6.13 83.6
7/31/98 5.63 28.5
8/3/98 5.56 7.7
8/4/98 5.5 71.5
8/5/98 5.69 40.1
8/6/98 5.56 49.9
8/7/98 5.63 50.9
8/10/98 5.63 6.7
8/11/98 5.44 24.9
8/12/98 5.25 50.7
8/13/98 5.25 17.3
8/14/98 5 40.7
8/17/98 5.06 15.5
8/18/98 5.19 47.2
8/19/98 5.13 9.2
8/20/98 5.19 5.5
8/21/98 5.06 35.3
8/24/98 5.06 21.9
8/25/98 5 27.1
8/26/98 4.63 27.2
8/27/98 4 50
8/28/98 3.81 99.7
8/31/98 3.56 129.9
9/1/98 3.94 46.7
9/2/98 4 56.6
9/3/98 3.88 42
9/4/98 4 24.7
9/8/98 3.94 50.3
9/9/98 3.63 64.3
9/10/98 3.5 191.7
9/11/98 3 36.4
9/14/98 3.5 144.6
9/15/98 2.94 184.5
9/16/98 3 55.7
9/17/98 3 56.7
9/18/98 3.06 26.1
9/21/98 3.25 90.8
9/22/98 3.19 74.1
9/23/98 5.56 1668.9
9/24/98 5.25 706.1
9/25/98 5.25 226.4
9/28/98 5.13 65.3
9/29/98 5.19 55.6
9/30/98 5.19 72.3
10/1/98 5.06 71.3
10/2/98 5.13 103.2
10/5/98 5.13 27.7
10/6/98 4.96 239.1
10/7/98 5 28.5
10/8/98 5 75.8
10/9/98 4.69 280.4
10/12/98 5.13 347.4
10/27/98 5.13 42.4
10/14/98 5.19 8.5
10/15/98 5.25 7.7
10/16/98 5.31 23.4
10/19/98 5.25 13.7
10/20/98 5.31 5.4
10/21/98 5.31 16.4
10/22/98 5.31 39.3
10/23/98 5.25 235.1
10/26/98 5.38 43.3
10/27/98 5.44 17
<PAGE> 89
- -------------------------------------------------------------------------------
SHAREHOLDER BASIS ANALYSIS
- ------------------------------------------------------------------------------
23
<PAGE> 90
PROJECT ICE CUBE
------------------------------------------
Analysis of Institutional Shareholdings(1)
<TABLE>
<CAPTION>
Total Assets
Under Current Cumulative Report
Institution Equity Orientation Management %Change Change Holdings %TSO %TSO Date
- ------------------------- ---------------------------- --------- ------- ------------ ---------- ------- -------- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Scudder Kemper
Investments, Inc. Growth, Income, Value 112.3 -16.8% (613,900) 3,049,500 7.9% 7.9% 6/30/98
Spears, Benzak, Salomon &
Farrell Growth, Value 4.7 -27.4% (1,011,351) 2,675,985 6.9% 14.8% 6/30/98
Dimensional Fund
Advisors, Inc Index, Value 13.2 10.7% 148,000 1,530,200 3.9% 18.7% 6/30/98
ValueQuest Ltd, LLC Value 0.9 -0.3% (3,000) 906,200 2.3% 21.1% 3/31/98
Investment Counselors of
Maryland Value 4.3 -0.1% (1,000) 785,000 2.0% 23.1% 6/30/98
Shufro, Rose & Co, LLC Income n/a 36.8% 165,770 615,735 1.6% 24.7% 6/30/98
Eaton, Vance Management,
Inc. Growth 17.2 1.7% 7,000 424,200 1.1% 25.8% 6/30/98
Reams Asset Management
Company, LLC Value 2.5 100.0% 335,000 385,000 1.0% 26.8% 3/31/98
Pzena Investment
Management, LLC Growth 0.1 3.9% 13,750 364,075 0.9% 27.7% 6/30/98
TIAA-CREF Investment
Management Inc. Growth, Index 63.3 11.4% 34,202 333,802 0.9% 28.6% 6/30/98
TCW Group, Inc. Growth, Value 53.4 100.0% 329,800 329,800 0.9% 29.4% 6/30/98
Barclays Global
Investors, N.A. Growth, Value, Index, Quant. n/a -3.0% (9,454) 308,506 0.8% 30.2% 3/31/98
D.C. Capital Partners,
L.P. n/a n/a 49.2% 85,455 259,117 0.7% 30.9% 6/30/98
Society Asset
Management, Inc. Growth, Value, Index 18.6 -22.8% (69,500) 235,000 0.6% 31.5% 6/30/98
Mitchell Hutchins Asset
Mgmt., Inc. Growth 43.8 -2.9% (5,817) 193,715 0.5% 32.0% 6/30/98
Frontier Capital
Management Co, Inc Growth 2.5 0.0% (80) 165,920 0.4% 32.4% 6/30/98
Bankers Trust company
(Invt. Mgmt.) Index, Growth, Value n/a 10.6% 14,700 153,700 0.4% 32.8% 6/30/98
California Public
Employees Rtmnt. Growth n/a 0.0% 0 130,900 0.3% 33.1% 3/31/98
Mellon Bank, N.A. Index, Value 25.4 19.4% 20,955 128,908 0.3% 33.5% 6/30/98
Peoples's Bank (CT) Growth n/a -37.1% (65,900) 111,900 0.3% 33.8% 6/30/98
Heartland Advisors Inc. Growth, Value 2.7 -1.8% (2,000) 106,500 0.3% 34.0% 6/30/98
State Street Bank and
Tr. Co. Boston Growth, Value 232.4 -17.0% (17,000) 83,162 0.2% 34.3% 6/30/98
The Vanguard Group Growth, Value, Index 223.7 0.0% 0 78,200 0.2% 34.5% 6/30/98
The Northern Trust
Company Value, Growth 124.3 2.9% 1,900 68,000 0.2% 34.6% 6/30/98
Northern Trust
Quantitative Advisors Growth, Value 23.5 -51.2% (69,280) 65,920 0.2% 34.8% 12/31/97
MacKay-Shields
Financial Corporation Growth, Value 22.2 0.0% 0 60,000 0.2% 35.0% 6/30/98
Highbridge Capital
Management, Inc. n/a n/a 0.0% 0 60,000 0.2% 35.1% 6/30/98
Wells Fargo Bank, N.A. Index n/a 0.0% 0 56,500 0.1% 35.3% 6/30/98
Virginia Retirement
System n/a n/a 0.0% 0 53,000 0.1% 35.4% 6/30/98
Evergreen Asset
Management Corp. Diversified 0.1 0.0% 0 52,800 0.1% 35.5% 6/30/98
SC Fundamental Inc. n/a n/a 100.0% 50,600 50,600 0.1% 35.7% 6/30/98
Northern Trust Company
of Conn. Growth 6.0 939.8% 41,350 45,750 0.1% 35.8% 6/30/98
Brandywine Asset
Management, Inc. Growth 5.6 0.0% 0 40,100 0.1% 35.9% 6/30/98
World Asset Management Index 9.9 0.0% 0 35,500 0.1% 36.0% 3/31/98
Charles Schwab Investment
Management n/a n/a 0.0% 0 34,000 0.1% 36.1% 6/30/98
First Capital Group Index, Value, Growth 54.7 -5.5% (1,800) 30,900 0.1% 36.1% 6/30/98
J.P. Morgan Investment
Mgmt. (US) Growth, Value 153.8 0.0% 0 28,800 0.1% 36.2% 6/30/98
California State
Teachers Retirement Index n/a 68.8% 10,100 24,789 0.1% 36.3% 3/31/98
Glickenhaus & Company Value 4.3 0.0% 0 24,100 0.1% 36.3% 3/31/98
Innovest Capital
Management Inc. n/a n/a 100.0% 21,700 21,700 0.1% 36.4% 12/31/97
Top 40 Institutions (539,800) 14,107,484 36.4%
Remaining 16 institutions (735,582) 54,836 0.1%
----------- ---------- ------
Total Institutional
Holdings (1,295,382) 14,162,320 36.5%
===========
Other Holdings 24,600,680 63.5%
---------- ------
Total Shares Outstanding 38,763,000 100.0%
========== ======
</TABLE>
Summary of Latest 13F Reports
15 Institutions increased holdings, of which 4 were new investors or first time
filers.
13 Institutions decreased holdings, of which 0 eliminated their positions.
12 Institutions held their positions.
Index funds representing 20.7% of Total Institutional Shares Outstanding.
Source: (1) Technimetrics
24
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PROJECT ICE CUBE
- -------------------------------------------------------------------------------
1 Year-Price/Volume Trading Analysis Prior to Announcement(1)
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
Share Price $2.50-5.49 $5.50-7.49 $7.50-10.49 $10.50-14.00
Shares Traded 1,747 5,991 7,903 1,920
% of Total Volume(2)
traded at or below this
price range 10.0% 44.1% 89.1% 100.0%
</TABLE>
Notes: (1) From September 22, 1997 to September 22, 1998. The weighted average
price for the period was $8.11.
(2) Based on 17.6 MM shares traded as of September 22, 1998.
25
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PROJECT ICE CUBE
- -------------------------------------------------------------------------------
6 Month - Price/Volume Trading Analysis Prior To Announcement(1)
<TABLE>
<CAPTION>
<S> <C> <S>
Share Price Shares Traded (000s) % of Total Volume(2) traded
at or below this price range
$2.50 - 5.49 1,747 18.1%
$5.50 - 7.49 5,991 80.1%
$7.50 - 10.49 1,920 100.0%
$10.50 - 14.00 100.0%
</TABLE>
Notes: (1)From March 20, 1998 to September 22, 1998. The weighted
average price for the period was $6.44.
(2)Based on 9.7MM shares traded as of September 15, 1998.
26
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PROJECT ICE CUBE
- -------------------------------------------------------------------------------
Price Volume Analysis-Prior to Announcement
Price Volume Analysis - Prior to Announcement
(this is the data to create the floating bar chart)
<TABLE>
<CAPTION>
25% 50% 75% 100% % of Shares Outstanding:
<S> <C> <C> <C> <C> <C> <C>
1993 14 14.35 14.72 15.1 16.25 12.30%
1994 12.88 15.85 16.41 17.54 20.25 58.10%
1995 14.88 17.35 18.85 20.54 27.25 66.60%
1996 10.75 12.85 16.41 17.47 19.25 67.60%
1997 8 11.69 12.26 13.04 14.38 35.10%
1998-YTD 2.5 5.02 6.36 7.64 10.25 33.30%
1993-YTD 2.5 11.36 15.36 16.92 27.25 273.00%
</TABLE>
Price 1 day prior to announcement (9/22/98) $3.19
27
<PAGE> 94
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COMPARABLE COMPANY ANALYSIS
- -------------------------------------------------------------------------------
28
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PROJECT ICE CUBE
Trading Statistics for Specialty Steel Companies
<TABLE>
<CAPTION>
SHARE MARKET AGGREGATE PRICE/EARNINGS
COMPANY FYE LTM PRICE VALUE (1) VALUE (2) 1998E (3) 1999E (3)
- ------- ------- ------- ------- --------- --------- --------- ---------
(US$) (US$MM) (US$MM)
10/28/98
<S> <C> <C> <C> <C> <C> <C> <C>
SPECIALTY PRODUCERS
Allegheny Teledyne 12/31 6/30/98 $19.563 $ 3,854 $ 4,214 13.9 x 11.5 x
The Timken Company 12/31 6/30/98 17.000 1,060 1,496 8.4 8.2
Armco 12/31 6/30/98 4.563 492 850 6.0 5.1
Carpenter Technology 6/30 6/30/98 35.063 797 1,299 10.6 7.7
Quanex 10/31 7/31/98 16.938 240 388 8.2 6.9
Special Metals 12/31 6/30/98 9.750 151 146 6.7 5.1
------- -------
MEAN: 9.0 X 7.4 X
------- -------
Ice Company (4) 12/31 6/30/98 5.500 213 492 N.M. 18.3
Ice Company (4)(5) 12/31 6/30/98 3.188 124 403 N.M. 10.6
TITANIUM PRODUCERS
Titanium Metals 12/31 6/30/98 10.563 332 506 4.2 3.4
RTI International Metals 12/31 6/30/98 14.625 300 259 5.1 4.6
------- -------
MEAN: 4.6 X 4.0 X
------- -------
OVERALL MEAN: 7.9 X 6.6 X
------- -------
</TABLE>
<TABLE>
<CAPTION>
PRICE/ AGGREGATE VALUE (2) /
PRICE/ CASH FLOW BOOK LTM 1998E 1999E
COMPANY LTM 1998E 1999E VALUE EBITDA EBITDA EBITDA
- ------- ------- ------- ------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C> <C> <C>
SPECIALTY PRODUCERS
Allegheny Teledyne 11.4 x 10.2 x 8.8 x 3.0 x 8.1 x 7.2 x 6.2 x
The Timken Company 3.1 4.0 4.0 1.0 3.5 4.1 4.0
Armco 3.0 3.4 3.1 N.M. 4.9 3.4 3.1
Carpenter Technology 5.7 6.0 4.9 1.3 5.7 6.2 5.1
Quanex 3.3 3.4 3.2 0.8 4.2 3.9 3.6
Special Metals 5.8 5.8 4.6 1.3 3.8 3.5 2.8
------- ------- ------- ------- ------- ------- -------
MEAN: 5.4 X 5.5 X 4.8 X 1.5 X 5.0 X 4.7 X 4.1 X
------- ------- ------- ------- ------- ------- -------
Ice Company (4) N.M. N.M. 4.9 0.7 N.M. N.M. 7.6
Ice Company (4)(5) N.M. N.M. 2.8 0.4 N.M. N.M. 6.2
TITANIUM PRODUCERS
Titanium Metals 2.7 3.1 2.6 0.8 3.1 3.1 2.6
RTI International Metals 4.3 4.7 4.3 1.1 3.4 2.5 2.3
------- ------- ------- ------- ------- ------- -------
MEAN: 3.5 X 3.9 X 3.4 X 0.9 X 3.2 X 2.8 X 2.4 X
------- ------- ------- ------- ------- ------- -------
OVERALL MEAN: 4.9 X 5.1 X 4.4 X 1.3 X 4.6 X 4.2 X 3.7 X
------- ------- ------- ------- ------- ------- -------
</TABLE>
<TABLE>
<CAPTION>
AGGREGATE VALUE (2)+
UNDERFUNDED PENSIONS
LTM 1998E CURRENT
COMPANY EBITDA EBITDA YIELD
- ------- ------- ------- -------
<S> <C> <C> <C>
SPECIALTY PRODUCERS
Allegheny Teledyne 7.3 x 6.5 x 3.3%
The Timken Company 3.7 4.4 4.2%
Armco 4.9 3.4 0.0%
Carpenter Technology 5.1 5.5 3.8%
Quanex 4.2 4.0 3.8%
Special Metals 3.8 3.5 0.0%
------- ------- -------
MEAN: 4.9 X 4.6 X 2.5%
------- ------- -------
Ice Company (4) N.M. N.M. 1.8%
Ice Company (4)(5) N.M. N.M. 3.1%
TITANIUM PRODUCERS
Titanium Metals 3.1 3.1 1.5%
RTI International Metals 3.4 2.5 0.0%
------- ------- -------
MEAN: 3.2 X 2.8 X 0.8%
------- ------- -------
OVERALL MEAN: 4.5 X 4.1 X 2.1%
------- ------- -------
</TABLE>
NOTES: (1) Based on the closing share price of 10/28/98.
(2) Aggregate value equals market value of equity plus total debt,
redeemable preferred stock, and minority interest less cash.
(3) Based on I/B/E/S estimates as of 10/23/98.
(4) U Company made a cash merger proposal to Ice Company's Board of
Directors to acquire shares of Ice Company it didn't already own on
9/23/98 for $5.75 per share; the share price as of close on
10/22/98
(5) As of 9/22/98.
29
<PAGE> 96
PROJECT ICE CUBE
Operating Statistics for Specialty Steel Companies
<TABLE>
<CAPTION>
LTM MARGINS
------------------------------ TOTAL DEBT/ADJ. CAP. LTM UNDER-
LTM NET ------------------- EBDIT/ FUNDED
COMPANY REVENUES EBITDA EBIT INCOME(1) BOOK MARKET(2) INTEREST PENSIONS
- ------- -------- ------ ------ --------- ------ --------- -------- --------
($MM)
<S> <C> <C> <C> <C> <C> <C> <C> <C>
SPECIALTY PRODUCERS
- -------------------
Allegheny Teledyne $3,712 14.0% 11.3% 8.1% 27.0% 10.7% 27.0 x ($401.0)
The Timken Company 2,710 16.0% 10.9% 6.4% 30.6% 30.6% 19.0 124.7
Armco 1,796 9.7% 6.2% 5.7% N.M. 36.5% 7.5 0.0
Carpenter Technology 1,177 19.2% 14.3% 7.1% 47.6% 40.5% 8.4 (138.0)
Quanex 785 11.8% 6.6% 3.7% 45.3% 52.2% 9.5 6.1
Special Metals 185 20.7% 18.8% 11.9% 0.3% 0.2% N.M. 0.0
------ ------ ------ ------ ------
15.2% 11.4% 7.1% 30.2% 28.5%
------ ------ ------ ------ ------
J&L Specialty(3)(4) 536 -3.7% -9.7% -10.1% 47.8% 56.9% N.M. 0.0
J&L Specialty(3)(5) 536 -3.7% -9.7% -10.1% 47.8% 69.5% N.M. 0.0
TITANIUM PRODUCERS
- ------------------
Titanium Metals 763 21.7% 17.9% 10.8% 7.4% 8.9% N.M. 0.0
RTI International Metals 355 21.4% 19.9% 18.3% 0.0% 0.0% N.M. 0.0
------ ------ ------ ------ ------
21.6% 18.9% 14.5% 3.7% 4.5%
------ ------ ------ ------ ------
OVERALL MEAN: 16.8% 13.2% 9.0% 22.6% 22.5%
------ ------ ------ ------ ------
</TABLE>
- -----------------
NOTES: (1) Earnings defined as earnings available to common shareholders
excluding extraordinary items.
(2) Market value of equity plus total debt, non-redeemable preferred
stock, and minority interest. Market data as of 10/28/98.
(3) U Company made a bid for the remaining Ice Company shares it didn't
already own on 9/23/98 for $5.75 per share; the share price at the
close of the prior day was $3.19.
(4) Market data as of 10/28/98
(5) Market data as of 9/22//98
30
<PAGE> 97
- -------------------------------------------------------------------------------
PRECEDENT TRANSACTION ANALYSIS
- -------------------------------------------------------------------------------
31
<PAGE> 98
PROJECT ICE CUBE
- -------------------------------------------------------------------------------
Summary of Precedent Minority Squeeze-Outs
[Plot Points To Come]
Note: Unaffected price based on 1 month prior to announcement.
Summary of Precedent Minority Squeeze-Outs
<TABLE>
<CAPTION>
Premium Paid Size of Initial Owners Deal Size
<C> <S> <S> <S>
1998 NEWMONT GOLD 52% More than 90% 100MM-300MM
RYERSON TULL -40% 75-90% less than 100MM
FINA 15% 75-90% 100MM-300MM
PRIME 10% 55-75% Larger than 300MM
MYCOGEN 20% less than 55% Larger than 300MM
LIFE TECH 9% less than 55% Larger than 300MM
1997 GUARANTY NATIONAL 6% 75-90% 100MM-300MM
BET 60% 75-90% 100MM-300MM
RHONE 28% 75-90% 100MM-300MM
ENRON GLOBAL POWER AND PIPELINE 24% less than 55% Larger than 300MM
WHEELABRATOR TECH 18% 55-75% Larger than 300MM
Faulding 27% 55-75% less than 100MM
ZURICH 23% 55-75% Larger than 300MM
CALGENE 43% less than 55% 100MM-300MM
MAFCO 69% 75-90% 100MM-300MM
SYSTEMIX 29% less than 55% less than 100MM
1996 ALLMERICA 15% 55-75% Larger than 300MM
ROTO 11% 55-75% less than 100MM
1995 APPLIED IMMUNE SCIENCES 47% less than 55% less than 100MM
BIC CORP 30% 75-90% 100MM-300MM
CLUB MED 44% 55-75% 100MM-300MM
LIN BROADCASTING -7% less than 55% Larger than 300MM
1994 FLEET MORTGAGE 21% 75-90% 100MM-300MM
PACIFIC TELECOM 21% 75-90% 100MM-300MM
OGDEN 6% 75-90% 100MM-300MM
CONTEL 39% More than 90% 100MM-300MM
CASTLE 52% 75-90% less than 100MM
CHEMICAL 4% 75-90% Larger than 300MM
ENQUIRER 2% less than 55% Larger than 300MM
FOXMEYER -3% 75-90% less than 100MM
1993 SOUTHEASTERN PUBLIC SERVICE -5% 55-75% less than 100MM
MEDICAL MARKETING GRP -8% less than 55% 100MM-300MM
UNITED INVESTORS MANAGEMENT 13% 75-90% 100MM-300MM
1992 PHL CORP 28% 55-75% 100MM-300MM
GRACE ENERGY 60% 75-90% less than 100MM
UNOCAL EXPLORATION 18% More than 90% 100MM-300MM
</TABLE>
32
