<PAGE>
As filed with the Securities and Exchange Commission on November 22, 1996
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
-------------------
AMENDMENT NO. 2
SCHEDULE 13E-3
RULE 13E-3 TRANSACTION STATEMENT
(PURSUANT TO SECTION 13(E) OF THE SECURITIES EXCHANGE ACT OF 1934)
DATALOGIX INTERNATIONAL INC.
(Name of Issuer)
-------------------
DATALOGIX INTERNATIONAL INC.
DELPHI ACQUISITION CORPORATION
ORACLE CORPORATION
(Name of Person(s) Filing Statement)
-------------------
COMMON STOCK, PAR VALUE $0.01 PER SHARE
(Title of Class of Securities)
-------------------
237923107
(CUSIP Number of Class of Securities)
-------------------
RAYMOND L. OCAMPO JR. RAYMOND V. SOZZI
SENIOR VICE PRESIDENT, PRESIDENT, CHIEF OPERATING OFFICER AND
GENERAL COUNSEL AND SECRETARY ACTING CHIEF EXECUTIVE OFFICER
ORACLE CORPORATION DATALOGIX INTERNATIONAL INC.
500 ORACLE PARKWAY 100 SUMMITT LAKE DRIVE
REDWOOD CITY, CALIFORNIA 94065 VALHALLA, NY 10595
-------------------
(Name, Address and Telephone Number of Person Authorized to Receive Notice
and Communications on Behalf of Person(s) Filing Statement)
-------------------
COPIES TO:
DONALD M. KELLER, JR. CHRISTOPHER E. MANNO
VENTURE LAW GROUP WILLKIE FARR & GALLAGHER
A PROFESSIONAL CORPORATION ONE CITICORP CENTER
2800 SAND HILL ROAD 153 53RD STREET
MENLO PARK, CALIFORNIA 94025 NEW YORK, NY 10022-4677
(415) 854-4488 (212) 821-8000
-------------------
This statement is filed in connection with (check appropriate box):
a. /X/ The filing of solicitation materials or an information statement
subject to Regulation 14A, Regulation 14C or Rule 13e-3(c) under
the Securities Exchange Act of 1934.
b. / / The filing of a registration statement under the Securities Act of
1933.
c. / / A Tender Offer
d. / / None of the above.
Check the following box if the soliciting materials or information statement
referred to in check box (a) are preliminary copies: /X/
<PAGE>
CALCULATION OF REGISTRATION FEE
- --------------------------------------------------------------------------------
TRANSACTION VALUATION (1) AMOUNT OF FILING FEE (1)
$89,468,216 $17,894
- --------------------------------------------------------------------------------
(1) ESTIMATED SOLELY FOR PURPOSES OF CALCULATING THE FILING FEE AND BASED,
PURSUANT TO RULE 0-11 UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED
(THE "ACT"), UPON THE PURCHASE OF 11,183,527 SHARES OF COMMON STOCK
OUTSTANDING AS OF SEPTEMBER 19, 1996 (CONSISTING OF 10,145,489 SHARES
ISSUED AND OUTSTANDING (EXCLUDING 1,566,287 SHARES HELD BY ORACLE
CORPORATION), 1,015,038 SHARES RESERVED FOR ISSUANCE UPON EXERCISE OF
OUTSTANDING OPTIONS, AND 23,000 SHARES TO BE ISSUED UNDER THE COMPANY'S
1995 EMPLOYEE STOCK PURCHASE PLAN), AT A PURCHASE PRICE OF $8.00 PER SHARE.
ALSO IN ACCORDANCE WITH RULE 0-11 UNDER THE ACT, THE FILING FEE IS
DETERMINED BY MULTIPLYING THE TRANSACTION VALUATION BY ONE-FIFTIETH OF ONE
PERCENT.
/X/ CHECK BOX IF ANY PART OF THE FEE IS OFFSET AS PROVIDED BY RULE O-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: $17,894 Filing Party: Datalogix International Inc.
Form or Registration No.: Proxy
Statement File No. 000-26000 Date Filed: October 10, 1996
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<PAGE>
EXPLANATORY NOTE
This Amendment No. 2 to the Transaction Statement on Schedule 13E-3 of
Datalogix International Inc., Delphi Acquisition Corporation and Oracle
Corporation is being made solely for the purpose of filing in electronic
format via EDGAR the exhibits attached thereto, which were previously filed
in paper format under Form SE pursuant to a temporary hardship exemption
under Rule 201 of Regulation S-T. No changes have been made to the content of
the Transaction Statement.
<PAGE>
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 22, 1996 ORACLE CORPORATION
By: /s/ David J. Roux
----------------------------
Name: David J. Roux
Title: Executive Vice President,
Corporate Development
November 22, 1996 DELPHI ACQUISITION CORPORATION
By: /s/ Thomas Theodores
----------------------------
Name: Thomas Theodores
Title: Vice President and Secretary
November 22, 1996 DATALOGIX INTERNATIONAL INC.
By: /s/ Raymond V. Sozzi
--------------------------------
Name: Raymond V. Sozzi
Title: President, Chief Operating
Officer and Acting Chief
Executive Officer
<PAGE>
EXHIBIT INDEX
EXHIBIT
NUMBER EXHIBIT PAGE NUMBER
-------- ------- -------------
(a).......... Not applicable
(b).......... Exhibit (b)(1) Opinion of Financial Advisor
(incorporated by reference to ANNEX B to the
Proxy Statement attached hereto as Exhibit
(d)(1))*
Exhibit (b)(2) Robertson Stephens materials
dated September 5, 1996**
Exhibit (b)(3) Robertson Stephens presentation
dated September 5, 1996**
(c).......... Exhibit (c)(1) Agreement and Plan of Merger
dated September 24, 1996, among Datalogix
International Inc., Oracle Acquisition
Corporation and Oracle Corporation, as
amended by Amendment No. 1 thereto dated as
of October 8, 1996 (incorporated by reference
to ANNEX A to the Proxy Statement attached
hereto as Exhibit (d)(1))*
Exhibit (c)(2) Purchase Agreement dated
September 6, 1994 between Oracle Corporation
and Datalogix International Inc. (incorporated
by reference to the Registration Statement
of Datalogix International Inc. on Form S-1
(File No. 33-91746) as declared effective by
the Securities and Exchange Commission on
June 15, 1995).*
Exhibit (c)(3) Registration Rights Agreement
dated October 29, 1992, as amended and
restated as of June 30, 1993 and as of
September 6, 1994, among Datalogix
International Inc. and certain of its
shareholders (incorporated by reference to the
Registration Statement of Datalogix
International Inc. on Form S-1 (File No.
33-91746) as declared effective by the
Securities and Exchange Commission on
June 15, 1995.*
Exhibit (c)(4) Employment Agreement dated as of
June 28, 1996, as amended on July 30, 1996 and
on September 13, 1996 between Datalogix
International Inc. and Raymond V. Sozzi.*
Exhibit (c)(5) The Rights Agreement dated as
of August 27, 1996 between Datalogix
International Inc. and The First National Bank
of Boston, as Rights Agent, as amended by
Amendment No. 1 thereto dated as of
September 24, 1996 (incorporated by reference
to the Current Reports on Form 8-K filed by
Datalogix International Inc. with the
Securities and Exchange Commission on
August 28, 1996 and September 26, 1996).*
(d).......... Exhibit (d)(1) Preliminary copy of Letter to
Stockholders, Notice of Special Meeting of
Stockholders, Proxy Statement and form of
Proxy for the Special Meeting of Stockholders
of Datalogix International Inc. to be held
on _________, 1996*
<PAGE>
EXHIBIT
NUMBER EXHIBIT PAGE NUMBER
-------- ------- -------------
(e).......... Exhibit (e)(1) Sections of the New York
Business Corporation Law (incorporated by
reference to ANNEX C to the Proxy Statement
attached hereto as Exhibit (d)(1))*
(f).......... Not applicable
- -------------------
* Previously filed.
** Confirming copy being filed electronically herewith; previously filed in
paper format pursuant to a temporary hardship exemption on Form SE.
<PAGE>
THIS DOCUMENT IS A COPY OF EXHIBIT (B)(2) TO AMENDMENT NO. 1 TO THE
TRANSACTION STATEMENT ON SCHEDULE 13E-3 OF DATALOGIX INTERNATIONAL INC. (FILE
NO. 5-4439) FILED ON NOVEMBER 14, 1996 PURSUANT TO A RULE 201 TEMPORARY
HARDSHIP EXEMPTION.
Exhibit (b)(2)
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
PROJECT TOUCHDOWN
September 5, 1995
CONFIDENTIAL
For Discussion Purposes Only
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
<PAGE>
OVERVIEW OF CURRENT SITUATION
- -------------------------------------------------------------------------------
- - Q3 and Q4 results below expectations
- - Significant reserves established
- - Investment required to maintain good
customer relationships / upgrade products
- - Finding strategic partner is important to
maintaining leadership position
- - RS&Co. has been engaged as financial
advisor
- -------------------------------------------------------------------------------
CONFIDENTIAL 2 9/5/96
<PAGE>
GIANT COMPANY TODAY
- -------------------------------------------------------------------------------
STRENGTHS WEAKNESSES
--------- ----------
- Global installed base - Ongoing customer
consisting of Fortune maintenance has
1O0 become burdensome
- Process expertise - - Products require work
highly competent R&D
- Competition intensifying
- Service organization
- Challenges coordinating
- Pre/Post sales partner relationships
organization
- Current business model
creating a profitability
challenge
- -------------------------------------------------------------------------------
CONFIDENTIAL 3 9/5/96
<PAGE>
BENEFITS TO GIANT OF 49ER RELATIONSHIP
- -------------------------------------------------------------------------------
- Name / reputation
- Market reach
- Database of choice
- Offers enterprise-wide solution
- Worldwide presence - sales and support
- -------------------------------------------------------------------------------
CONFIDENTIAL 4 9/5/96
<PAGE>
BENEFITS TO 49ERS OF GIANT RELATIONSHIP
- -------------------------------------------------------------------------------
- Cornerstone member of ISI program
- Gives 49ers an enterprise-wide offering in the
process manufacturing market and account
control
- Saves development $ and time-to-market
- Best-of-breed solution
- Ability to sell other products/services once the
account has been penetrated
- One-stop-shop
- -------------------------------------------------------------------------------
CONFIDENTIAL 5 9/5/96
<PAGE>
GIANT COMPANY REPORT CARD
- -------------------------------------------------------------------------------
Partner Criteria Giant's Grade
- ---------------- -------------
(ranked in order
of importance)
Feature/Functionality......... Needs work
Management Team .............. Sales-driven culture
Economics .................... Depends on deal
Technical Compatibility....... Okay - On par
Market Leadership ............ Needs work
- -------------------------------------------------------------------------------
CONFIDENTIAL 6 9/5/96
<PAGE>
GEMMS
- -------------------------------------------------------------------------------
- Large multinational enterprise solution
- 100+ Sites
- Recent CPG wins include Kellogg, First
Brands, PW-Darigold
- Needs to be ported to open toolset
- Feature/functionality improvements
necessary
- -------------------------------------------------------------------------------
CONFIDENTIAL 7 9/5/96
<PAGE>
CIMPRO
- -------------------------------------------------------------------------------
- Solution for small to medium sized discrete
manufacturers
- 1,000+ sites
- Currently competes effectively in its target
market
- Needs to be ported to NT
- -------------------------------------------------------------------------------
CONFIDENTIAL 8 9/5/96
<PAGE>
Professional Services Organization
- -------------------------------------------------------------------------------
- Product Support
- Education & training
- Implementation consulting
- Technical services
- -------------------------------------------------------------------------------
CONFIDENTIAL 9 9/5/96
<PAGE>
DISTRIBUTION
- -------------------------------------------------------------------------------
- Direct Sales & Support
- North America
- Europe (UK/France/Germany)
- Asia/Pacific (Singapore)
- Strategic Relationships
- IBM
- Hewlett Packard
- Oracle Partnership
- -------------------------------------------------------------------------------
CONFIDENTIAL 10 9/5/96
<PAGE>
R&D INITIATIVES
- -------------------------------------------------------------------------------
- Enhancing Reliability and Functionality of
GEMMS
-Version 4.0 release in August 1996
-Version 4.1 release in March 1997
- Investigating Platform Migration for CIMPRO
- -------------------------------------------------------------------------------
CONFIDENTIAL 11 9/5/96
<PAGE>
<TABLE>
<CAPTION>
<S><C>
ORGANIZATION
- --------------------------------------------------------------------------------------------------------------------------------
Ray Sozzi
President & CEO
|
|
-----------------------------------------------------------------------------------------------------------------
| | | | | |
Gordon Lindsey Peter Soblioff Pat Anderson Joe Grispo Ron Nall Marle Sutton
Acting CFO Pres. Field Oper. WW VP Human Res./Admin. Gen. Mgr. CIMPRO SVP R&D/MIS/Pdt. Mktg. Dir. of Quality
(EOC) (EOC) Officer (EOC) (EOC) Officer (EOC) Officer (EOC)
| | | | | |
VP/Controller VP Sales Worldwide Mgr. HR/Comp VP CIMPRO Devel. VP Pdt. Mktg/Corp. Mktg Corporate Quality
(EOC) Officer Susan Hey Doug Souza John Cingari
(EOC) (EOC) Officer
| | | | |
VP Contracts VP European Ops. Mgr. HR/Benefits VP CIMPRO Client GEMMS R&D
Barbara Arnold Barry Fuller Susan Ryan Svcs.
(EOC) (EOC) Officer Pat Boggs
Secty. to Board (EOC)
| | | |
VP Asia Pacific Facilities Mktg. Mgr. CIMPRO MIS
Raymond Teh Pdt. Mgr. Info. Services
(EOC) Officer Rita Curro Rick Barry
| |
VP Prod. Consulting Office Services
Fred Brown
|
VP Eastern Reg. Sales
John Wicek
|
VP Western Reg. Sales
Thomas Mackey
|
VP CIMPRO Sales
|
VP Oracle Relationship
Rick Marquardt
(EOC) Officer
|
Director GEMMS Training
Ray Rzasa
- --------------------------------------------------------------------------------------------------------------------------------
CONFIDENTIAL 12 9/5/96
</TABLE>
<PAGE>
HEADCOUNT
- -------------------------------------------------------------------------------
Sales & Marketing 70
Client Services 120
Research & Development 69
General & Administrative 41
---
Total at 8/30/96 300
- -------------------------------------------------------------------------------
CONFIDENTIAL 13 9/5/96
<PAGE>
PIPELINE ($MM)
- -------------------------------------------------------------------------------
GEMMS
North America $25
Europe 17
Asia/Pacific 7
Latin America 2
---
Total GEMMS $51
CIMPRO(North America) 8
---
TOTAL PIPELINE $59
- -------------------------------------------------------------------------------
CONFIDENTIAL 14 9/5/96
<PAGE>
REVENUES- FISCAL 1996 ($MM)
- -------------------------------------------------------------------------------
Fiscal 1996
----------------------------------
Q1 Q2 Q3 Q4
-- -- -- --
Software Licenses $ 4 $ 8 $ 5 $ 6
Services 6 6 6 8
--- --- --- ---
Total $10 $14 $11 $14
- -------------------------------------------------------------------------------
CONFIDENTIAL 15 9/5/96
<PAGE>
SUMMARY BALANCE SHEET DATA ($MM)
- -------------------------------------------------------------------------------
At 7/31/96
----------
Cash $32
Accounts Receivable (Gross) 17
Total Debt 0
Shareholders Equity 40
- -------------------------------------------------------------------------------
CONFIDENTIAL 16 9/5/96
<PAGE>
POSSIBLE SYNERGIES
- -------------------------------------------------------------------------------
- - Revenue Synergies
- Ability to Cross Sell into Installed Base
- - Cost Savings
- Overhead and Management Redundancies
- Facilities
- -------------------------------------------------------------------------------
CONFIDENTIAL 17 9/5/96
<PAGE>
PROCESS
- -------------------------------------------------------------------------------
- Introductory meetings with selected group of
interested parties
- Additional information sent after execution of
confidentiality agreement
- Follow up meeting
- Preliminary indications of interest by September 27
- Will then select one or more parties to negotiate
definitive agreement with
- -------------------------------------------------------------------------------
CONFIDENTIAL 18 9/5/96
<PAGE>
THIS DOCUMENT IS A COPY OF EXHIBIT (B)(3) TO AMENDMENT NO. 1 TO THE
TRANSACTION STATEMENT ON SCHEDULE 13E-3 OF DATALOGIX INTERNATIONAL INC. (FILE
NO. 5-4439) FILED ON NOVEMBER 14, 1996 PURSUANT TO A RULE 201 TEMPORARY
HARDSHIP EXEMPTION.
HIGHLY CONFIDENTIAL
ROBERTSON
STEPHENS &
COMPANY
PROJECT TOUCHDOWN
September 5, 1996
<PAGE>
PROJECT TOUCHDOWN
-----------------------------------------------------------------------
TABLE OF CONTENTS
I. Preliminary Valuation Analyses
Premiums to Historical Stock Prices
Valuation Matrix
Comparable Companies Analysis
Precedent Acquisitions Analysis
II. Preliminary Merger Analysis
Appendix
--------
Giants Company Price/Volume
49ers Company Price/Volume
Summary of Shares and Share Equivalents Outstanding
-----------------------------------------------------------------------------
PRELIMINARY DRAFT - FOR DISCUSSION PURPOSES ONLY
<PAGE>
I. Preliminary Valuation Analyses
-------------------------------------------------------------------------
<PAGE>
<TABLE>
<CAPTION>
PROJECT TOUCHDOWN
-------------------------------------------------------------------------------------------------
PREMIUMS TO HISTORICAL STOCK PRICES
Average Premium Represented by Selected Per Share Purchase Prices
Price ------------------------------------------------------------------------
----- $7.00 $7.50 $8.00 $8.50 $9.00 $9.50 $10.00
----- ----- ----- ----- ----- ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Historical Prices
Market Close (9/4/96) $6.25 12.0% 20.0% 28.0% 36.0% 44.0% 52.0% 60.0%
Last 30 Day Average 5.40 29.7% 38.9% 48.2% 57.4% 66.7% 76.0% 85.2%
Last 60 Day Average 5.85 19.6% 28.1% 36.7% 45.2% 53.8% 62.3% 70.9%
Last 90 Day Average 6.50 7.6% 15.3% 23.0% 30.7% 38.4% 46.1% 53.8%
Last 120 Day Average 7.01 (0.2%) 7.0% 14.1% 21.2% 28.4% 35.5% 42.6%
Last 180 Day Average 8.08 (13.4%) (7.2%) (1.0%) 5.2% 11.4% 17.5% 23.7%
</TABLE>
- ------------------------------------------------------------------------------
Page 2 PRELIMINARY DRAFT - FOR DISCUSSION PURPOSES ONLY
<PAGE>
<TABLE>
<CAPTION>
PROJECT TOUCHDOWN
- ----------------------------------------------------------------------------------------------------------------------------------
GIANTS COMPANY VALUATION MATRIX
Company Multiple Represented by Selected Per Share Purchase Prices
Statistic -----------------------------------------------------------------------
--------- $7.00 $7.50 $8.00 $8.50 $9.00 $9.50 $10.00
----- ----- ----- ----- ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Cash Adjusted Price/Share (a) 3.75 4.25 4.75 5.25 5.75 6.25 6.75
Implied Giants Equity Value ($MM) (b) 81.2 87.0 92.8 98.6 104.4 110.2 116.0
Implied Giants Aggregate Value ($MM)(c) 43.5 49.3 55.1 60.9 66.7 72.5 78.3
Income Statement Statistics
Revenue
CY95A $50.1 MM 0.87x 0.98x 1.10x 1.22x 1.33x 1.45x 1.56x
CY96E 48.7 0.89 1.01 1.13 1.25 1.37 1.49 1.61
CY97E N/A N/A N/A N/A N/A N/A N/A N/A
Operating Income
CY95A $3.0 MM 14.5x 16.4x 18.4x 20.3x 22.2x 24.2x 26.1x
CY96E (3.4) NMF NMF NMF NMF NMF NMF NMF
CY97E N/A N/A N/A N/A N/A N/A N/A N/A
EPS
CY95A $0.24 29.7x 31.8x 33.9x 36.0x 38.2x 40.3x 42.4x
CY96E (0.10) NMF NMF NMF NMF NMF NMF NMF
CY97E 0.26 26.9 28.8 30.8 32.7 34.6 36.5 38.5
Cash Adjusted EPS (d)
CY95A $0.18 20.5x 23.2x 25.9x 28.7x 31.4x 34.1x 36.8x
CY96E (0.19) NMF NMF NMF NMF NMF NMF NMF
CY97E 0.17 21.8 24.7 27.6 30.5 33.4 36.3 39.2
</TABLE>
NOTE: ESTIMATES ARE BASED ON RS & CO. RESEARCH AND DO NOT REFLECT ANNOUNCEMENT
OF FISCAL YEAR 1996 RESULTS.
(a) Per share purchase price less Giants Company's cash per share of $3.25,
as of March 31, 1996.
(b) Based on 11.6 million treasury stock Shares outstanding.
(c) Equity value less cash on balance sheet.
(d) EPS excluding interest income from cash on balance sheet.
- --------------------------------------------------------------------------------
Page 3 PRELIMINARY DRAFT - FOR DISCUSSION PURPOSES ONLY
<PAGE>
<TABLE>
<CAPTION>
PROJECT TOUCHDOWN
- ----------------------------------------------------------------------------------------------
MARKET TRADING STATISTICS OF SELECTED COMPARABLE COMPANIES
Aggregate Aggregate Value
Value as Multiple of
52 Week Shares Equity ---------------
Price High- Outs. Value (E+D-C) L12M LQA
Company (1) Ticker 9/4/96 Low (MM) (MM) (MM) Revs Revs
<S> <C> <C> <C> <C> <C> <C> <C> <C>
i2 Technologies ITWO $28.00 59-23 27.4 $782 $729 16.3x 11.7x
HNC Software (3) HNCS 32.00 51-10 17.0 544 529 17.3 15.2
Clarify (4) CLFY 42.25 53-18 10.8 456 423 13.6 9.5
Vantive VNTV 43.25 48-13 12.8 554 523 12.7 8.6
Baan BAANF 32.75 39-17 94.5 3,096 3,077 10.4 8.7
PeopleSoft PSFT 75.75 80-34 56.6 4,291 4,139 13.1 10.3
Remedy (5) RMDY 45.00 90-22 15.1 678 611 11.0 9.0
Manugistics MANU 28.41 29-9 10.5 298 281 4.2 3.8
Dendrite (6) DRTE 26.63 36-14 11.1 296 269 4.4 3.9
SAP (7) SAPOF 165.38 1650-116 101.1 16,719 16,426 8.0 8.8
Indus Group IGRP 18.50 23-17 19.4 358 342 5.4 4.9
System Software SSAX 10.66 31-8 43.0 458 517 1.3 1.7
Project Software PSDI 36.00 50-21 10.1 362 320 4.9 4.4
Marcam (8) MCAM 11.50 21-9 11.4 131 146 0.7 0.7
Scopus SCOP 18.38 29-11 12.7 234 205 6.3 5.0
Software Artistry SWRT 7.50 31-6 7.5 56 37 1.3 1.2
Hyperion (9) HYSW 14.13 29-9 34.6 489 455 2.6 1.9
Astea (10) ATEA 7.63 30-6 12.7 97 79 1.7 1.7
Catalyst (11) CLYS 4.38 14-3 8.5 37 18 0.7 0.7
Mean: 7.1x 5.9x
Median: 5.4 4.9
GIANTS COMPANY GIANTS 6.25 24-4 11.1 69 31 0.6 0.7
49ERS COMPANY (12) 49ERS 37.63 42-23 670.7 25,234 24,399 5.8 4.2
<CAPTION>
Proj 3-5
Year EPS Earnings Per Share (2) Price/Earnings Ratio (2)
Growth ---------------------- ------------------------
Company (1) L12M C1996 C1997 L12M C1996 C1997
<S> <C> <C> <C> <C> <C> <C> <C>
i2 Technologies 30% $0.15 $0.17 $0.30 186.7x 164.7x 93.3x
HNC Software (3) 33% 0.21 0.26 0.41 152.4 123.1 78.0
Clarify (4) 48% 0.23 0.33 0.59 185.3 128.0 71.6
Vantive 40% 0.51 0.59 0.67 84.8 73.3 64.6
Baan 45% 0.40 0.31 0.53 81.9 105.0 62.2
PeopleSoft 40% 0.72 0.86 1.23 105.2 88.1 61.6
Remedy (5) 40% 0.74 0.88 1.07 60.8 51.1 42.1
Manugistics 25% 0.40 0.52 0.85 71.0 54.6 33.4
Dendrite (6) 35% 0.53 0.57 0.83 50.2 46.7 32.1
SAP (7) NA 2.80 4.20 5.59 59.1 39.4 29.6
Indus Group 30% 0.39 0.48 0.61 47.4 38.5 30.3
System Software 25% 0.04 (0.40) 0.40 266.4 NMF 26.6
Project Software 30% 0.92 1.13 1.44 39.1 31.9 25.0
Marcam (8) 22% (1.59) (0.77) 0.47 NMF NMF 24.6
Scopus 47% 0.16 0.55 0.80 114.8 33.6 23.0
Software Artistry 45% 0.33 0.26 0.43 22.7 28.8 17.4
Hyperion (9) 30% 0.60 0.69 0.89 23.5 20.6 16.0
Astea (10) 30% 0.17 (0.10) 0.50 44.9 NMF 15.3
Catalyst (11) 35% 0.34 0.35 0.47 12.9 12.5 9.3
89.4x 65.0x 39.8x
65.9 48.9 30.3
GIANTS COMPANY 30% 0.07 (0.08) 0.26 89.3 NMF 24.0
49ERS COMPANY (12) 35% 0.95 1.05 1.47 39.6 35.9 25.6
</TABLE>
(1) Unless otherwise noted, financial information has been taken from
either the latest 10Q and/or 10K filed with the SEC or from Company
press releases.
(2) Earnings Per Share Estimates are the most current ones taken from RS&Co.
Research or from the First Call Database.
(3) HNCS' results reflect a 2-for-1 stock split in 3/96.
(4) CLFY's numbers exclude merger related expenses and assumes 40% tax rate.
(5) RMDY reflects a 1.5-for-1 stock split on 3/26/96.
(6) DRTE's numbers exclude write off of in process R&D Costs.
(7) SAP's numbers are in $US and are relevant to preferred shares (1Pref=3 DS)
traded on the Frankfurt exchange. Data is as of March 31, 1996.
(8) MCAM's EPS estimates excludes restructuring charges and litigation
settlement.
(9) HYSW's results exclude merger and integration charges relating to the
acquisition of Pillar Corporation. Also includes a 2-for-1 stock split in
12/95.
(10) ATEA's results are pro forma the acquisition of Bendata and exclude the
one-time expenses related to the acquisition. Data excludes effects of the
acquisition of Ablon AB.
(11) CLYS's numbers exclude write off of in process R&D Costs
(12) 49ers' results reflect a 3-for-2 stock split in April, 1996.
- --------------------------------------------------------------------------------
Page 4 PRELIMINARY DRAFT - FOR DISCUSSION PURPOSES ONLY
<PAGE>
<TABLE>
<CAPTION>
PROJECT TOUCHDOWN
OPERATING STATISTICS OF SELECTED COMPARABLE COMPANIES
- ------------------------------------------------------------------------------------------------------------------------------
Income Statement Balance Sheet
---------------------------------------------------------------------------- ----------------
L12M
Fiscal L12M LQA (2) ---------------------------------------
Year Revenues Revenues Revs Operatin Pre-Tax Net Total Total
Company (1) Ticker End (MM) (MM) Growth Margin Margin Margin Cash Debt
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
i2 Technologies ITWO DEC $44.8 $62.4 178% 12.0% 13.3% 8.7% $53.2 $0.1
HNC Software (3) HNCS DEC 30.6 34.8 52% 12.2% 18.1% 17.5% 14.8 -
Clarify (4) CLFY DEC 31.1 44.5 87% 8.2% 11.0% 7.3% 33.6 0.6
Vantive VNTV DEC 41.3 60.8 161% 18.1% 20.5% 15.2% 31.1 0.0
Baan BAANF DEC 296.4 353.9 74% 11.3% 11.6% 7.1% 20.1 1.1
PeopleSoft PSFT DEC 317.0 402.5 99% 19.4% 21.1% 12.7% 152.2 0.0
Remedy (5) RMDY DEC 55.4 68.0 31% 26.1% 29.9% 19.4% 67.5 0.5
Manugistics MANU FEB 67.7 73.8 29% 9.7% 11.2% 6.9% 17.2 0.6
Dendrite (6) DRTE DEC 61.8 69.0 31% 14.0% 15.2% 9.2% 27.0 0.0
SAP (7) SAPOF DEC 2,041.7 1,864.0 50% 22.0% 24.6% 14.8% 349.7 55.9
Indus Group IGRP DEC 63.0 70.4 46% 18.2% 18.9% 11.2% 16.1 0.0
System Software SSAX OCT 392.9 301.2 4% -0.2% 0.2% 0.2% 19.2 78.3
Project Software PSDI SEP 65.5 72.6 41% 20.2% 22.8% 14.2% 42.3 0.0
Marcam (8) MCAM SEP 204.3 204.7 8% -3.8% -6.2% -8.0% 11.4 25.4
Scopus SCOP MAR 32.8 41.2 78% 12.0% 13.4% 8.4% 29.0 0.0
Software Artistry SWRT DEC 29.3 30.1 49% 10.9% 13.7% 9.2% 18.8 0.0
Hyperion (9) HYSW JUN 172.8 234.4 26% 7.8% 8.7% 5.3% 42.4 8.3
Astea (10) ATEA DEC 46.7 46.0 70% 2.0% 4.4% 2.5% 21.8 3.6
Catalyst (11) CLYS DEC 24.9 24.7 46% 12.1% 14.3% 9.9% 19.6 0.0
Mean: 61% 12.2% 14.0% 9.0%
Median: 49% 12.0% 13.7% 9.2%
GIANTS COMPANY GIANTS JUN 49.2 44.3 40% -0.8% 2.2% 1.3% 37.7 0.0
49ERS COMPANY (12) 49ERS MAY 4,223.3 5,856.3 42% 22.6% 23.0% 15.1% 840.9 6.5
</TABLE>
(1) Unless otherwise noted, financial information has been taken from either
the latest 10Q and/or 10K filed with the SEC or from Company press
releases.
(2) Earnings Per Share Estimates are the most current ones taken from RS&Co.
Research or from the First Call Database.
(3) HNCS' results reflect a 2-for-1 stock split in 3/96.
(4) CLFY's numbers exclude merger related expenses and assumes 40% tax rate.
(5) RMDY reflects a 1.5-for-1 stock split on 3/26/96.
(6) DRTE's numbers exclude write off of in process R&D Costs.
(7) SAP's numbers are in $US and are relevant to preferred shares (1Pref=3 DS)
traded on the Frankfurt exchange. Data is as of March 31, 1996.
(8) MCAM's EPS estimates excludes restructuring charges and litigation
settlement.
(9) HYSW's results exclude merger and integration charges relating to the
acquisition of Pillar Corporation. Also includes a 2-for-1 stock split
in 12/95.
(10) ATEA's results are pro forma the acquisition of Bendata and exclude the
one-time expenses related to the acquisition. Data excludes effects of the
acquisition of Ablon AB.
(11) CLYS's numbers exclude write off of in process R&D Costs
(12) 49ers' results reflect a 3-for-2 stock split in April, 1996.
- --------------------------------------------------------------------------------
Page 5 PRELIMINARY DRAFT - FOR DISCUSSION PURPOSES ONLY
<PAGE>
<TABLE>
<CAPTION>
PROJECT TOUCHDOWN
------------------------------------------------------------------------------------------------
SELECTED PRECEDENT ACQUISITIONS IN THE SOFTWARE INDUSTRY
Consideration as Premium Paid
a Multiple of LTM: to Market:
Aggregate -----------------------------------
Date Target/ Consideration Net 1 Day 1 Mnth % Growth EBIT
Announce Acquirer Target Business Description ($MM)(a)(b) Revs Inc prior prior in Revs Margin
- -------- -------- --------------------------- ----------- ---- --- ----- ----- ------- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Datapoints 29 21 23 23 26 25
High 31.8 x 148.0 x 84.6 122.7 172.8% 33.6%
Low 1.5 19.3 (5.5) 11.6 (1.1%) 3.4%
Mean 6.9 59.6 29.3 49.5 53.2% 14.6%
Median 4.3 56.0 25.5 42.9 44.5% 14.3%
06/06/96 Atria Software/ Develops, markets and supports $954 19.9 x 135.6 x 2.0 20.2 93.3% 18.2%
Pure Software software and services that $910
facilitate the management
of complex software
development, enhancement
and maintenance.
02/20/96 Sierra On-Line/ Design entertainment and $1,016 7.4 x 63.1 x 69.4 122.7 68.1% 15.7%
CUC International Inc. educational software $954
02/20/96 Davidson & Associates/ Design educational software $1,137 7.6 x 83.8 x 72.3 87.0 58.0% 14.3%
CUC International Inc. $1,119
02/09/96 Cybernetics Systems Provide software development
International Corp/ services for workforce
EIS International Inc management
01/31/96 Tivoli Systems, Inc./ Supplier of systems and $816 15.0 x 148.0 x 25.8 40.7 84.4% 9.8%
IBM Corporation applications management software $743
and services for managing
distributed client/server
environments
11/30/95 Compton's New Media Develop and distribute interactive $121 N/A x N/A x NMF NMF N/A NA
(Tribune Co.)/SoftKey multimedia CD-ROM software $121(c)
International, Inc.
11/30/95 Papyrus Design Group Develop entertainment software $48 N/A x N/A x NMF NMF N/A NA
Inc./ Sierra On-Line $48(c)
Inc.
- ----------------------------------------------------------------------------------------------------------------------------------
PAGE 6 PRELIMINARY DRAFT - FOR DISCUSSION PURPOSES ONLY
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
PROJECT TOUCHDOWN
- ----------------------------------------------------------------------------------------------------------------
SELECTED PRECEDENT ACQUISITIONS IN THE SOFTWARE INDUSTRY
Consideration as Premium Paid
a Multiple of LTM: to Market:
Aggregate --------------------------------
Date Target/ Consideration Net 1 Day 1 Mnth
Announce Acquirer Target Business Description ($MM)(a)(b) Revs Inc prior prior
- -------- -------- --------------------------- ----------- ---- --- ----- -----
<S> <C> <C> <C> <C> <C> <C> <C>
10/30/95 The Learning Company/ Design entertainment and $519 8.7 x 70.9 x 21.6 11.6
SoftKey International, educational software $511
Inc.
10/10/95 Microtec Research Develop computer software $118 2.3 x 31.7 x 12.4 29.7
Inc./ Mentor Graphics $106
Corp.
09/21/95 Collabra Software, Provide computer programming $101 31.8 x NMF N/A N/A
Inc./ Netscape services; develop systems $99
Communications Corp. software
08/14/95 Integrated Silicon Develops and markets productivity $285 15.4 x 67.8 x 43.6 50.0
Systems, Inc./ArcSys, -enhancing software for the ICDA $253
Inc. segment of the electronic design
automation market
07/06/95 Delrina/Symantec PC communications and electronic $415(e) 5.5 x 32.8 x 10.6 44.7
forms software products $415(c)
06/22/95 Frame Technologies/ Develop and markets writing and $538 6.0 x 35.6 x 25.5 37.3
Adobe Systems publishing software $530
06/05/95 Lotus Development Develop software $3,815(i) 3.7 x NMF x 84.6 88.6
Corp./ IBM $3,463(i)
05/30/95 Saber Software Corp/ Supplies network $41 1.5 x 19.3 x 45.4 29.8
McAfee Associates, administration and management $32
Inc. software
05/25/95 Legent Corporation/ Design, develops and markets $2,016(l) 4.3 x 56.5 x 53.4 72.8
Computer Associates computer software products $1,880
International, Inc. for the management of
information systems
03/13/95 Spry Inc./Compuserve Provide internet access $100(m) 13.7 x N/A x NMF NMF
applications for the home, $100(c)(m)
office and publishing
markets
<CAPTION>
Date Target/ % Growth EBIT
Announce Acquirer in Revs Margin
- -------- -------- ------- ------
<S> <C> <C> <C>
10/30/95 The Learning Company/ 43.8% 17.6%
SoftKey International,
Inc.
10/10/95 Microtec Research 12.5% 9.8%
Inc./ Mentor Graphics
Corp.
09/21/95 Collabra Software, NMF NMF
Inc./ Netscape
Communications Corp.
08/14/95 Integrated Silicon 104.0% 31.1%
Systems, Inc./ArcSys,
Inc.
07/06/95 Delrina/Symantec 24.9%(f)(g) 26.6%(f)(g)
06/22/95 Frame Technologies/ 30.6%(h) 18.6%(h)
Adobe Systems
06/05/95 Lotus Development (1.1%)(g) 7.6%(g)
Corp./ IBM
05/30/95 Saber Software Corp/ 47.9% 11.0%(k)
McAfee Associates, Inc.
05/25/95 Legent Corporation/ (0.7%) 19.5%
Computer Associates
International, Inc.
03/13/95 Spry Inc./Compuserve 91.0%(n) N/A
- -------------------------------------------------------------
PAGE 7 PRELIMINARY DRAFT - FOR DISCUSSION PURPOSES ONLY
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
PROJECT TOUCHDOWN
- -------------------------------------------------------------------------------------------------
SELECTED PRECEDENT ACQUISITIONS IN THE SOFTWARE INDUSTRY
Consideration as
a Multiple of LTM:
Aggregate ------------------
Date Target/ Consideration Net
Announce Acquirer Target Business Description ($MM)(a)(b) Revs Inc
- -------- -------- --------------------------- ----------- ---- ---
<S> <C> <C> <C> <C> <C>
03/07/95 Trinzic Corporation/ Develops and markets software $144 3.0 x NMF x
PLATINUM technology application development tools, $136
inc. data access and connectivity
tools and related services for
client/server applications
02/07/95 Alias Research Inc./ Develops advanced computer $324 4.9 x 33.0 x
Silicon Graphics Inc. software products for digital $270
media
02/07/95 Wavefront Technologies/ Develop three-dimensional and $108 3.4 x 28.1 x
Silicon Graphics Inc. two-dimensional computer $94
graphics imaging and animated
software
11/14/94 Powersoft Corp./ Develops application software $933.3 8.1 x 81.2 x
Sybase Inc. development tools for the $920.4
client/server market
10/26/94 Digidesign, Inc./ Produces digital audio $226 6.0 x 50.6 x
Avid Technology, Inc. production software and systems $203
10/14/94 Intuit, Inc./ Develop personal financial $1,590 6.8 x 39.8 x
Microsoft Corp.(q) management software $1,503
05/13/94 Serving Software, Inc./ Develops, markets and supports $48 3.2 x 82.2 x
HBO & Company software systems for healthcare $44
resource management
03/31/94 Software Toolworks Inc/ Develop entertainment, $484 4.0 x NMF x
Pearson PLC educational, personal $478
productivity, and utility
software
03/21/94 WordPerfect Corp/ Develop business application $1,233 2.0 x 27.4 x
Novell Inc software $1,302(s)
03/15/94 Aldus Corp/ Develop desktop publishing $451 1.8 x 47.4 x
Adobe Systems software $375
<CAPTION>
Premium Paid
to Market:
------------------
Date Target/ 1 Day 1 Mnth % Growth Ebit
Announce Acquirer Prior Prior in Revs Margin
- -------- -------- ----- ----- ------- ------
<S> <C> <C> <C> <C> <C>
03/07/95 Trinzic Corporation/ 1.0 46.5 2.7% 3.4%
PLATINUM technology
inc.
02/07/95 Alias Research Inc./ 30.9 58.1 44.1%(g) 17.6%(g)
Silicon Graphics Inc.
02/07/95 Wavefront Technologies/ 9.7 36.2 55.2%(g) 13.9%(g)
Silicon Graphics Inc.
11/14/94 Powersoft Corp./ 26.1 34.0 155.0%(o) 15.6%(o)
Sybase Inc.
10/26/94 Digidesign, Inc./ 12.6 30.7 57.7%(h) 18.3%(h)
Avid Technology, Inc.
10/14/94 Intuit, Inc./ 14.1 89.1 44.9%(g) 10.9%(g)
Microsoft Corp.(q)
05/13/94 Serving Software, Inc./ 6.0 29.4 2.1% 7.5%
HBO & Company
03/31/94 Software Toolworks Inc/ 47.5 53.2 16.5%(g) 3.9%(g)
Pearson PLC
03/21/94 WordPerfect Corp/ NMF NMF 22.2%(g) 10.7%(g)
Novell Inc
03/15/94 Aldus Corp/ 18.4 62.9 18.7%(g) 5.4%(g)
Adobe Systems
- ----------------------------------------------------------------------
PAGE 8 PRELIMINARY DRAFT - FOR DISCUSSION PURPOSES ONLY
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
PROJECT TOUCHDOWN
- ---------------------------------------------------------------------------------------------------------------------------------
Selected Precedent Acquisitions in the Software Industry
Consideration as Premium Paid
a Multiple of LTM: to Market:
Aggregate --------------------------------------------
Date Target/ Consideration Net 1 Day 1 Mnth
Announce Acquirer Target Business Description ($MM)(a)(b) Revs Inc prior prior
- -------- -------- --------------------------- ----------- ---- --- ----- -----
<S> <C> <C> <C> <C> <C> <C> <C>
02/14/94 SOFTIMAGE Inc/ Develops interactive 3D $129 3.7 x 56.0 x 46.5 20.4
Microsoft Corp production software $115
09/01/93 ChipSoft Inc/ PC tax software $227 2.6 x 60.6 x (5.5) 42.9
Intuit $178 (u)
06/17/93 MicroProse Inc./ Entertainment software $51 (v) 3.8 x NMF x NMF NMF
Spectrum Holobyte, $49 (w)
Inc.
10/01/92 Origin Systems, Inc./ Interactive software games $38 (x) 2.9 x N/A x NMF NMF
Electronic Arts $38 (c)
<CAPTION>
Date Target/ % Growth EBIT
Announce Acquirer in Revs Margin
- -------- -------- ------- ------
<S> <C> <C> <C>
02/14/94 SOFTIMAGE Inc/ 97.3% (g) 18.2% (g)
Microsoft Corp
09/01/93 ChipSoft Inc/ 38.0% (g) 7.0% (g)
Intuit
06/17/93 MicroProse Inc./ 172.8% (h) 33.6% (h)
Spectrum Holobyte,
Inc.
10/01/92 Origin Systems, Inc./ N/A N/A
Electronic Arts
</TABLE>
- ------------------------------------------------------------------------------
Page 9 PRELIMINARY DRAFT - FOR DISCUSSION PURPOSES ONLY
<PAGE>
PROJECT TOUCHDOWN
------------------------------------------------------------------------
SELECTED PRECEDENT ACQUISITIONS IN THE SOFTWARE INDUSTRY
Notes:
- ------
(a) Equity consideration for acquisitions of less than 100% are adjusted to
reflect a 100% acquisition.
(b) The bottom figure represents the total consideration for the acquisition
including assumption of liabilities if disclosed. The upper figure excludes
assumption of liabilities.
(c) Assumes no debt assumed in the transaction.
(d) Percentage change in revenues based on last nine months and the previous
year's corresponding nine months.
(e) Source: Securities Data Corporation, verified against news stories.
(f) Most recent available financials for Delrina, as of June 30, 1994.
(g) Percent change in revenues is for the last twelve months and the previous
year's corresponding twelve months. Operating margin corresponds to the
last twelve months.
(h) Percent change in revenues is for the last six months and the previous
year's corresponding six months. Operating margin corresponds to the last
six months.
(i) Reflects the offer price of $60 per Lotus share and Lotus shares
outstanding equal to 48.3MM common shares outstanding and 15.2MM shares of
Treasury stock.
(j) Excludes one-time charges of $67.9MM for purchased R&D and $9.0MM for
restructuring.
(k) Excludes $962,000 in purchased technology.
(l) Transaction value based on acquisition of all Legent shares, includes
intrinsic value of approximately 9.9% of the Company previously owned by
Computer Associates.
(m) Equals roughly $60.3 million in convertible-preferred stock for management
and $39.7 million in cash to other shareholders.
(n) Source: Dun and Bradstreet.
(o) Percent change in revenues is for the last nine months and the previous
year's corresponding nine months. Operating margin represents the last nine
months.
(p) Net income excludes the effects of one-time merger expenses.
(q) Transaction has been terminated.
(r) Excludes $87,000 accumulative effect of accounting change.
(s) Assumes that debt equals long-term debt and that cash and cash equivalents
equals cash and short-term investments.
(t) Value not included in summary statistics for the premium paid to market one
day before.
(u) Assumes that cash and cash equivalents are equal to cash and short-term
investments.
(v) This value is based on the pro forma ownership of 10,191,400 shares of
MicroProse common stock by Spectrum Holobyte shareholders; assuming no
exercise of MicroProse after August 31, 1993.
(w) Total consideration value includes preferred stock outstanding as part of
debt and calculates debt and cash as of the latest public filing before
announcement, 03/31/93.
(x) Number of shares in transaction and stock price adjusted to reflect a
2-for-1 stock split.
(y) Source: news stories.
- -------------------------------------------------------------------------
Page 10 PRELIMINARY DRAFT - FOR DISCUSSION PURPOSES ONLY
<PAGE>
II. Preliminary Merger Analysis
--------------------------------------------------------------
<PAGE>
<TABLE>
<CAPTION>
PROJECT TOUCHDOWN
- -----------------------------------------------------------------------------------------------------------------------
49ers Company Purchase Merger Analysis (MM)
<S> <C> <C> <C> <C> <C> <C> <C>
Giants Company Assumptions 49ers Company Assumptions
Stock Price (9/4/96) $6.25 Stock Price (9/4/96) $37.63
Shares Outstanding 11.1 Shares Outstanding 671
Market Value $69.1 Market Value $25,234
Tangible Book Value 46.4 Tax Rate 34.0%
December Year End 95A 96E(a) 97E(a) December Year End 95A 96E(b) 97E(b)
----- ------ ------ --- ------ ------
EPS $0.23 ($0.08) $0.26 EPS $0.77 $1.04 $1.35
% Change (136%) NMF % Change 36.0% 29.5%
P/E 27.5x NMF 24.0x P/E 49.2x 36.2x 27.9x
Net Income $2.5 ($1.0) $3.4 Net Income $511 $699 $908
Shares 11.0 12.2 12.9 Shares 668 672 674
Transaction Structure Transaction Assumptions
Stock 0% PURCHASE TRANSACTION
Cash 100% Transaction Date 10/31/96 Interest Rate 5.0%
Goodwill Amortization Period 7 years
<CAPTION>
Pro Forma
Percentage
Equity Purchase Price Pro Forma Implied P/E Paid Ownership
- -------------------------- Cash Shares Shares ----------------- -------------
/ Share Premium Total Paid Issued Out. 1996 1997 Giants 49ers
- ------- ------- ----- ---- ------ ---- ---- ---- ------ -----
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
$7.00 12.0% $77.4 $77.4 0.000 671 NMF 26.9x 0.0% 100.0%
7.50 20.0% 82.9 82.9 0.000 671 NMF 28.8 0.0% 100.0%
8.00 28.0% 88.4 88.4 0.000 671 NMF 30.8 0.0% 100.0%
8.50 36.0% 93.9 93.9 0.000 671 NMF 32.7 0.0% 100.0%
9.00 44.0% 99.5 99.5 0.000 671 NMF 34.6 0.0% 100.0%
9.50 52.0% 105.0 105.0 0.000 671 NMF 36.5 0.0% 100.0%
10.00 60.0% 110.5 110.5 0.000 671 NMF 38.5 0.0% 100.0%
<CAPTION>
EPS Pickup/Dilution
- ---------------------------------------------------------
1996 1997 1997
- ----------------------------- -------------------------
PFMA Incr/(Decr) PFMA Incr/(Decr) Pre-tax
------------------ ---------------- Synergies
EPS EPS % Chg EPS EPS % Chg Required(c)
--- --- ------ --- --- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
$1.04 ($0.00) (0.2%) $1.34 ($0.00) (0.2%) $3.2
1.04 (0.00) (0.2%) 1.34 (0.00) (0.3%) 4.3
1.04 (0.00) (0.2%) 1.34 (0.01) (0.4%) 5.3
1.04 (0.00) (0.2%) 1.34 (0.01) (0.5%) 6.4
1.04 (0.00) (0.2%) 1.34 (0.01) (0.5%) 7.5
1.04 (0.00) (0.2%) 1.34 (0.01) (0.6%) 8.5
1.04 (0.00) (0.3%) 1.34 (0.01) (0.7%) 9.6
</TABLE>
(a) Based on Robertson, Stephens & Company Research estimates; does not reflect
release of fiscal year 1996 results.
(b) Based on Robertson, Stephens & Company Research estimates.
(c) Pre-tax synergies necessary to maintain 49ers' current CY97 EPS estimate
of $1.35. Assumes a 34.0% tax rate.
- ------------------------------------------------------------------------------
Page 12 PRELIMINARY DRAFT - FOR DISCUSSION PURPOSES ONLY
<PAGE>
APPENDIX
-------------------------------------------------------------
<PAGE>
PROJECT TOUCHDOWN
- --------------------------------------------------------------------------------
GIANTS COMPANY DAILY PRICE AND VOLUME
9/5/95 TO 9/4/96
<TABLE>
<CAPTION>
30 60 90 120
calendar calendar calendar calendar
DATE Volume Close day day day day
<S> <C> <C> <C> <C> <C> <C>
9/05/95 41,400 $23.38 No line No line No line No line
9/06/95 28,600 $23.25 No line No line No line No line
9/07/95 95,200 $23.50 No line No line No line No line
9/08/95 11,700 $24.00 No line No line No line No line
9/11/95 1,000 $23.63 No line No line No line No line
9/12/95 91,100 $22.25 No line No line No line No line
9/13/95 276,900 $22.88 No line No line No line No line
9/14/95 74,600 $22.75 No line No line No line No line
9/15/95 108,700 $19.50 No line No line No line No line
9/18/95 73,300 $19.38 No line No line No line No line
9/19/95 277,700 $20.50 No line No line No line No line
9/20/95 179,800 $19.75 No line No line No line No line
9/21/95 40,500 $19.63 No line No line No line No line
9/22/95 121,900 $19.13 No line No line No line No line
9/25/95 18,200 $17.88 No line No line No line No line
9/26/95 1,477,700 $15.00 No line No line No line No line
9/27/95 145,800 $15.00 No line No line No line No line
9/28/95 199,400 $15.00 No line No line No line No line
9/29/95 70,000 $14.25 No line No line No line No line
10/02/95 77,900 $13.75 No line No line No line No line
10/03/95 149,100 $13.25 No line No line No line No line
10/04/95 2,900 $13.00 No line No line No line No line
10/05/95 115,300 $14.50 No line No line No line No line
10/06/95 71,900 $16.00 No line No line No line No line
10/09/95 178,400 $10.50 No line No line No line No line
10/10/95 1,199,600 $8.63 No line No line No line No line
10/11/95 515,500 $9.00 No line No line No line No line
10/12/95 567,100 $9.75 No line No line No line No line
10/13/95 361,900 $10.25 No line No line No line No line
10/16/95 150,500 $10.50 No line No line No line No line
10/17/95 216,200 $10.75 No line No line No line No line
10/18/95 210,300 $11.88 No line No line No line No line
10/19/95 107,100 $12.00 No line No line No line No line
10/20/95 83,500 $12.38 No line No line No line No line
10/23/95 50,000 $12.25 No line No line No line No line
10/24/95 7,800 $11.75 No line No line No line No line
10/25/95 75,200 $11.75 No line No line No line No line
10/26/95 124,900 $11.00 No line No line No line No line
10/27/95 98,000 $9.75 No line No line No line No line
10/30/95 261,500 $10.00 No line No line No line No line
10/31/95 145,400 $10.00 No line No line No line No line
11/01/95 158,500 $9.00 No line No line No line No line
11/02/95 29,700 $9.25 No line No line No line No line
11/03/95 53,700 $9.38 No line No line No line No line
11/06/95 75,500 $10.50 No line No line No line No line
11/07/95 137,300 $10.00 No line No line No line No line
11/08/95 118,200 $10.25 No line No line No line No line
11/09/95 113,600 $10.25 No line No line No line No line
11/10/95 26,600 $9.75 No line No line No line No line
11/13/95 12,600 $9.75 No line No line No line No line
11/14/95 19,800 $9.75 No line No line No line No line
11/15/95 31,700 $11.25 No line No line No line No line
11/16/95 67,500 $11.75 No line No line No line No line
<PAGE>
<CAPTION>
30 60 90 120
calendar calendar calendar calendar
DATE Volume Close day day day day
<S> <C> <C> <C> <C> <C> <C>
11/17/95 20,300 $11.25 No line No line No line No line
11/20/95 43,000 $11.75 No line No line No line No line
11/21/95 50,900 $12.25 No line No line No line No line
11/22/95 65,100 $12.25 No line No line No line No line
11/24/95 3,700 $12.75 No line No line No line No line
11/27/95 62,700 $12.50 No line No line No line No line
11/28/95 62,700 $12.50 No line No line No line No line
11/29/95 44,000 $12.50 No line No line No line No line
11/30/95 326,700 $12.00 No line No line No line No line
12/01/95 307,500 $12.00 No line No line No line No line
12/04/95 34,500 $11.50 No line No line No line No line
12/05/95 20,600 $11.25 No line No line No line No line
12/06/95 6,700 $11.25 No line No line No line No line
12/07/95 9,700 $12.00 No line No line No line No line
12/08/95 10,900 $11.25 No line No line No line No line
12/11/95 42,900 $11.75 No line No line No line No line
12/12/95 327,600 $12.00 No line No line No line No line
12/13/95 39,700 $11.25 No line No line No line No line
12/14/95 37,700 $11.50 No line No line No line No line
12/15/95 9,900 $11.25 No line No line No line No line
12/18/95 25,600 $11.00 No line No line No line No line
12/19/95 53,800 $10.75 No line No line No line No line
12/20/95 26,100 $11.00 No line No line No line No line
12/21/95 62,400 $11.00 No line No line No line No line
12/22/95 40,400 $10.88 No line No line No line No line
12/26/95 91,700 $10.88 No line No line No line No line
12/27/95 76,700 $11.13 No line No line No line No line
12/28/95 104,300 $12.25 No line No line No line No line
12/29/95 16,300 $12.63 No line No line No line No line
1/02/96 70,800 $11.50 No line No line No line No line
1/03/96 36,500 $11.13 No line No line No line No line
1/04/96 7,700 $11.13 No line No line No line No line
1/05/96 18,300 $11.00 No line No line No line No line
1/08/96 3,600 $10.75 No line No line No line No line
1/09/96 29,300 $10.75 No line No line No line No line
1/10/96 6,300 $10.25 No line No line No line No line
1/11/96 67,200 $10.00 No line No line No line No line
1/12/96 38,700 $10.00 No line No line No line No line
1/15/96 58,200 $10.00 No line No line No line No line
1/16/96 200 $10.25 No line No line No line No line
1/17/96 40,100 $10.50 No line No line No line No line
1/18/96 7,300 $10.38 No line No line No line No line
1/19/96 159,700 $12.00 No line No line No line No line
1/22/96 167,100 $12.38 No line No line No line No line
1/23/96 360,200 $12.38 No line No line No line No line
1/24/96 251,000 $14.13 No line No line No line No line
1/25/96 339,800 $13.25 No line No line No line No line
1/26/96 51,800 $12.88 No line No line No line No line
1/29/96 89,500 $12.13 No line No line No line No line
1/30/96 136,800 $12.25 No line No line No line No line
1/31/96 76,700 $11.75 No line No line No line No line
2/01/96 7,700 $11.00 No line No line No line No line
2/02/96 67,600 $11.00 No line No line No line No line
<PAGE>
<CAPTION>
30 60 90 120
calendar calendar calendar calendar
DATE Volume Close day day day day
<S> <C> <C> <C> <C> <C> <C>
2/05/96 66,500 $11.50 No line No line No line No line
2/06/96 29,700 $11.00 No line No line No line No line
2/07/96 96,000 $11.13 No line No line No line No line
2/08/96 1,000 $11.50 No line No line No line No line
2/09/96 148,300 $11.00 No line No line No line No line
2/12/96 477,300 $12.50 No line No line No line No line
2/13/96 223,900 $12.25 No line No line No line No line
2/14/96 322,400 $13.50 No line No line No line No line
2/15/96 262,700 $13.38 No line No line No line No line
2/16/96 371,500 $14.00 No line No line No line No line
2/20/96 146,700 $13.63 No line No line No line No line
2/21/96 132,800 $14.00 No line No line No line No line
2/22/96 414,200 $14.50 No line No line No line No line
2/23/96 414,600 $15.00 No line No line No line No line
2/26/96 416,300 $15.00 No line No line No line No line
2/27/96 137,600 $14.75 No line No line No line No line
2/28/96 560,400 $15.25 No line No line No line No line
2/29/96 330,100 $16.00 No line No line No line No line
3/01/96 232,400 $15.38 No line No line No line No line
3/04/96 95,700 $14.00 No line No line No line No line
3/05/96 15,800 $13.63 No line No line No line No line
3/06/96 200 $13.50 No line No line No line No line
3/07/96 161,900 $14.00 No line No line No line No line
3/08/96 47,200 $13.75 No line No line No line No line
3/11/96 195,200 $15.38 No line No line No line No line
3/12/96 168,100 $15.25 No line No line No line No line
3/13/96 109,000 $15.00 No line No line No line No line
3/14/96 120,600 $15.00 No line No line No line No line
3/15/96 61,200 $15.75 No line No line No line No line
3/18/96 50,900 $15.63 No line No line No line No line
3/19/96 37,000 $15.88 No line No line No line No line
3/20/96 89,400 $16.00 No line No line No line No line
3/21/96 31,000 $15.88 No line No line No line No line
3/22/96 34,600 $15.38 No line No line No line No line
3/25/96 62,200 $14.00 No line No line No line No line
3/26/96 1,600 $13.88 No line No line No line No line
3/27/96 40,300 $14.13 No line No line No line No line
3/28/96 10,400 $13.75 No line No line No line No line
3/29/96 68,700 $13.50 No line No line No line No line
4/01/96 3,832,800 $6.88 No line No line No line No line
4/02/96 1,221,000 $7.56 No line No line No line No line
4/03/96 356,100 $7.75 No line No line No line No line
4/04/96 347,200 $7.25 No line No line No line No line
4/08/96 237,100 $7.25 No line No line No line No line
4/09/96 110,300 $7.25 No line No line No line No line
4/10/96 124,200 $7.19 No line No line No line No line
4/11/96 44,000 $7.19 No line No line No line No line
4/12/96 122,900 $6.88 No line No line No line No line
4/15/96 68,100 $7.13 No line No line No line No line
4/16/96 120,500 $7.13 No line No line No line No line
4/17/96 42,700 $7.00 No line No line No line No line
4/18/96 178,700 $7.13 No line No line No line No line
4/19/96 80,300 $7.50 No line No line No line No line
<PAGE>
<CAPTION>
30 60 90 120
calendar calendar calendar calendar
DATE Volume Close day day day day
<S> <C> <C> <C> <C> <C> <C>
4/22/96 173,900 $7.63 No line No line No line No line
4/23/96 175,600 $8.13 No line No line No line No line
4/24/96 520,500 $8.13 No line No line No line No line
4/25/96 440,600 $8.00 No line No line No line No line
4/26/96 224,900 $8.13 No line No line No line No line
4/29/96 191,500 $8.38 No line No line No line No line
4/30/96 41,500 $8.13 No line No line No line No line
5/01/96 79,900 $7.88 No line No line No line No line
5/02/96 71,700 $7.63 No line No line No line No line
5/03/96 18,000 $7.75 No line No line No line No line
5/06/96 111,900 $7.63 No line No line No line $7.02
5/07/96 175,600 $7.44 No line No line No line $7.02
5/08/96 145,600 $7.50 No line No line No line $7.02
5/09/96 56,200 $7.88 No line No line No line $7.02
5/10/96 34,600 $7.88 No line No line No line $7.02
5/13/96 48,300 $7.38 No line No line No line $7.02
5/14/96 55,600 $7.50 No line No line No line $7.02
5/15/96 315,000 $7.88 No line No line No line $7.02
5/16/96 263,300 $7.88 No line No line No line $7.02
5/17/96 255,600 $8.00 No line No line No line $7.02
5/20/96 133,900 $8.00 No line No line No line $7.02
5/21/96 141,100 $8.13 No line No line No line $7.02
5/22/96 408,600 $9.13 No line No line No line $7.02
5/23/96 558,800 $9.25 No line No line No line $7.02
5/24/96 355,200 $9.75 No line No line No line $7.02
5/28/96 239,900 $9.63 No line No line No line $7.02
5/29/96 121,600 $9.13 No line No line No line $7.02
5/30/96 105,200 $9.00 No line No line No line $7.02
5/31/96 27,600 $8.63 No line No line No line $7.02
6/03/96 36,000 $8.63 No line No line No line $7.02
6/04/96 140,200 $8.88 No line No line No line $7.02
6/05/96 140,900 $9.63 No line No line $6.59 $7.02
6/06/96 65,700 $9.00 No line No line $6.59 $7.02
6/07/96 68,000 $8.88 No line No line $6.59 $7.02
6/10/96 21,300 $9.00 No line No line $6.59 $7.02
6/11/96 81,100 $9.00 No line No line $6.59 $7.02
6/12/96 42,500 $9.00 No line No line $6.59 $7.02
6/13/96 18,800 $8.75 No line No line $6.59 $7.02
6/14/96 76,500 $8.38 No line No line $6.59 $7.02
6/17/96 17,800 $8.13 No line No line $6.59 $7.02
6/18/96 102,500 $7.88 No line No line $6.59 $7.02
6/19/96 30,600 $7.63 No line No line $6.59 $7.02
6/20/96 66,300 $7.44 No line No line $6.59 $7.02
6/21/96 51,100 $7.38 No line No line $6.59 $7.02
6/24/96 78,500 $7.13 No line No line $6.59 $7.02
6/25/96 155,900 $7.38 No line No line $6.59 $7.02
6/26/96 85,300 $7.00 No line No line $6.59 $7.02
6/27/96 88,500 $7.00 No line No line $6.59 $7.02
6/28/96 625,200 $7.25 No line No line $6.59 $7.02
7/01/96 111,700 $7.50 No line No line $6.59 $7.02
7/02/96 108,900 $8.00 No line No line $6.59 $7.02
7/03/96 55,000 $7.50 No line No line $6.59 $7.02
7/05/96 35,400 $7.25 No line $5.89 $6.59 $7.02
<PAGE>
<CAPTION>
30 60 90 120
calendar calendar calendar calendar
DATE Volume Close day day day day
<S> <C> <C> <C> <C> <C> <C>
7/08/96 20,800 $7.13 No line $5.89 $6.59 $7.02
7/09/96 38,200 $7.13 No line $5.89 $6.59 $7.02
7/10/96 50,200 $6.88 No line $5.89 $6.59 $7.02
7/11/96 110,400 $6.56 No line $5.89 $6.59 $7.02
7/12/96 33,100 $6.38 No line $5.89 $6.59 $7.02
7/15/96 57,400 $6.63 No line $5.89 $6.59 $7.02
7/16/96 124,900 $7.25 No line $5.89 $6.59 $7.02
7/17/96 23,800 $7.38 No line $5.89 $6.59 $7.02
7/18/96 27,800 $7.31 No line $5.89 $6.59 $7.02
7/19/96 38,600 $7.38 No line $5.89 $6.59 $7.02
7/22/96 31,000 $7.00 No line $5.89 $6.59 $7.02
7/23/96 38,200 $6.63 No line $5.89 $6.59 $7.02
7/24/96 69,400 $6.00 No line $5.89 $6.59 $7.02
7/25/96 45,000 $6.13 No line $5.89 $6.59 $7.02
7/26/96 60,400 $5.88 No line $5.89 $6.59 $7.02
7/29/96 61,800 $5.63 No line $5.89 $6.59 $7.02
7/30/96 127,300 $5.13 No line $5.89 $6.59 $7.02
7/31/96 354,800 $4.38 No line $5.89 $6.59 $7.02
8/01/96 502,300 $5.06 No line $5.89 $6.59 $7.02
8/02/96 257,300 $5.63 No line $5.89 $6.59 $7.02
8/05/96 66,000 $5.00 $5.38 $5.89 $6.59 $7.02
8/06/96 31,200 $4.75 $5.38 $5.89 $6.59 $7.02
8/07/96 45,500 $5.25 $5.38 $5.89 $6.59 $7.02
8/08/96 160,600 $5.38 $5.38 $5.89 $6.59 $7.02
8/09/96 267,300 $5.00 $5.38 $5.89 $6.59 $7.02
8/12/96 58,800 $5.25 $5.38 $5.89 $6.59 $7.02
8/13/96 116,400 $5.38 $5.38 $5.89 $6.59 $7.02
8/14/96 18,700 $5.50 $5.38 $5.89 $6.59 $7.02
8/15/96 40,900 $5.50 $5.38 $5.89 $6.59 $7.02
8/16/96 55,600 $5.00 $5.38 $5.89 $6.59 $7.02
8/19/96 48,200 $4.88 $5.38 $5.89 $6.59 $7.02
8/20/96 33,700 $5.00 $5.38 $5.89 $6.59 $7.02
8/21/96 86,700 $5.13 $5.38 $5.89 $6.59 $7.02
8/22/96 93,600 $5.13 $5.38 $5.89 $6.59 $7.02
8/23/96 156,200 $5.25 $5.38 $5.89 $6.59 $7.02
8/26/96 45,200 $5.13 $5.38 $5.89 $6.59 $7.02
8/27/96 45,900 $5.13 $5.38 $5.89 $6.59 $7.02
8/28/96 260,900 $5.75 $5.38 $5.89 $6.59 $7.02
8/29/96 141,400 $5.75 $5.38 $5.89 $6.59 $7.02
8/30/96 198,600 $6.38 $5.38 $5.89 $6.59 $7.02
9/03/96 260,800 $6.63 $5.38 $5.89 $6.59 $7.02
9/04/96 73,400 $6.25 $5.38 $5.89 $6.59 $7.02
</TABLE>
- --------------------------------------------------------------------------------
PAGE A1 PRELIMINARY DRAFT - FOR DISCUSSION PURPOSES ONLY
<PAGE>
PROJECT TOUCHDOWN
- --------------------------------------------------------------------------------
49ERs COMPANY DAILY PRICE AND VOLUME
9/1/95 TO 9/4/96
<TABLE>
<CAPTION>
20 50 100 200
trading trading trading trading
DATE Volume Close day day day day
<S> <C> <C> <C> <C> <C> <C>
9/01/95 4,563,522 $26.17 No line No line No line No line
9/05/95 10,921,554 $29.50 No line No line No line No line
9/06/95 7,454,027 $29.00 No line No line No line No line
9/07/95 3,635,218 $29.25 No line No line No line No line
9/08/95 2,700,615 $29.25 No line No line No line No line
9/11/95 6,555,422 $30.17 No line No line No line No line
9/12/95 3,189,141 $29.92 No line No line No line No line
9/13/95 4,526,774 $30.67 No line No line No line No line
9/14/95 5,720,714 $29.92 No line No line No line No line
9/15/95 42,770,060 $25.08 No line No line No line No line
9/18/95 12,415,779 $26.50 No line No line No line No line
9/19/95 7,899,655 $26.75 No line No line No line No line
9/20/95 6,238,788 $26.54 No line No line No line No line
9/21/95 4,851,808 $25.92 No line No line No line No line
9/22/95 3,193,940 $26.25 No line No line No line No line
9/25/95 3,233,238 $26.08 No line No line No line No line
9/26/95 4,342,283 $25.58 No line No line No line No line
9/27/95 9,330,133 $25.33 No line No line No line No line
9/28/95 5,547,323 $26.17 No line No line No line No line
9/29/95 4,898,005 $25.58 No line No line No line No line
10/02/95 2,455,677 $25.11 No line No line No line No line
10/03/95 5,850,308 $25.75 No line No line No line No line
10/04/95 4,293,986 $25.33 No line No line No line No line
10/05/95 6,302,385 $25.67 No line No line No line No line
10/06/95 5,477,576 $25.17 No line No line No line No line
10/09/95 6,881,806 $24.58 No line No line No line No line
10/10/95 8,694,765 $24.67 No line No line No line No line
10/11/95 7,591,721 $25.67 No line No line No line No line
10/12/95 6,671,967 $26.54 No line No line No line No line
10/13/95 8,405,730 $26.33 No line No line No line No line
10/16/95 4,155,092 $26.67 No line No line No line No line
10/17/95 7,745,313 $27.21 No line No line No line No line
10/18/95 16,327,583 $28.67 No line No line No line No line
10/19/95 8,374,831 $29.50 No line No line No line No line
10/20/95 7,399,130 $28.42 No line No line No line No line
10/23/95 4,480,126 $28.50 No line No line No line No line
10/24/95 5,108,145 $29.00 No line No line No line No line
10/25/95 3,325,634 $28.67 No line No line No line No line
10/26/95 3,561,722 $28.25 No line No line No line No line
10/27/95 3,637,918 $28.83 No line No line No line No line
10/30/95 4,574,172 $29.42 No line No line No line No line
10/31/95 3,456,427 $29.08 No line No line No line No line
11/01/95 4,206,540 $29.42 No line No line No line No line
11/02/95 6,332,384 $30.58 No line No line No line No line
11/03/95 4,190,941 $30.83 No line No line No line No line
11/06/95 4,373,632 $30.08 No line No line No line No line
11/07/95 5,800,660 $29.42 No line No line No line No line
11/08/95 4,265,037 $29.83 No line No line No line No line
11/09/95 6,256,637 $31.42 No line No line No line No line
11/10/95 4,700,915 $31.42 No line No line No line No line
11/13/95 4,197,390 $30.67 No line No line No line No line
11/14/95 4,846,858 $30.42 No line No line No line No line
11/15/95 5,562,022 $31.25 No line No line No line No line
<PAGE>
<CAPTION>
20 50 100 200
trading trading trading trading
DATE Volume Close day day day day
<S> <C> <C> <C> <C> <C> <C>
11/16/95 6,222,139 $31.67 No line No line No line No line
11/17/95 5,595,170 $32.08 No line No line No line No line
11/20/95 3,351,133 $30.33 No line No line No line $33.60
11/21/95 5,352,633 $30.58 No line No line No line $33.60
11/22/95 3,780,711 $29.88 No line No line No line $33.60
11/24/95 2,221,089 $30.08 No line No line No line $33.60
11/27/95 6,051,000 $30.29 No line No line No line $33.60
11/28/95 5,511,925 $31.33 No line No line No line $33.60
11/29/95 3,851,957 $31.17 No line No line No line $33.60
11/30/95 3,876,406 $30.25 No line No line No line $33.60
12/01/95 5,080,546 $29.75 No line No line No line $33.60
12/04/95 6,563,972 $30.29 No line No line No line $33.60
12/05/95 6,353,982 $30.00 No line No line No line $33.60
12/06/95 5,618,119 $29.17 No line No line No line $33.60
12/07/95 4,917,054 $29.50 No line No line No line $33.60
12/08/95 7,468,277 $31.08 No line No line No line $33.60
12/11/95 4,978,251 $30.92 No line No line No line $33.60
12/12/95 3,887,806 $29.67 No line No line No line $33.60
12/13/95 5,747,113 $28.83 No line No line No line $33.60
12/14/95 12,160,342 $27.92 No line No line No line $33.60
12/15/95 13,564,122 $28.92 No line No line No line $33.60
12/18/95 9,248,837 $27.50 No line No line No line $33.60
12/19/95 8,992,350 $29.83 No line No line No line $33.60
12/20/95 5,728,214 $28.67 No line No line No line $33.60
12/21/95 6,306,885 $28.50 No line No line No line $33.60
12/22/95 4,604,470 $29.50 No line No line No line $33.60
12/26/95 1,828,859 $29.58 No line No line No line $33.60
12/27/95 3,336,583 $29.00 No line No line No line $33.60
12/28/95 5,773,512 $28.25 No line No line No line $33.60
12/29/95 5,096,595 $28.25 No line No line No line $33.60
1/02/96 5,066,897 $28.83 No line No line No line $33.60
1/03/96 6,168,592 $27.50 No line No line No line $33.60
1/04/96 14,422,079 $27.17 No line No line No line $33.60
1/05/96 9,308,984 $28.58 No line No line No line $33.60
1/08/96 1,399,430 $28.17 No line No line No line $33.60
1/09/96 10,673,916 $26.83 No line No line No line $33.60
1/10/96 13,839,958 $27.33 No line No line No line $33.60
1/11/96 6,789,261 $27.92 No line No line No line $33.60
1/12/96 6,805,310 $28.42 No line No line No line $33.60
1/15/96 7,754,612 $26.67 No line No line No line $33.60
1/16/96 8,723,564 $27.83 No line No line No line $33.60
1/17/96 8,836,058 $28.50 No line No line No line $33.60
1/18/96 6,317,234 $29.67 No line No line No line $33.60
1/19/96 7,092,096 $30.33 No line No line No line $33.60
1/22/96 5,721,314 $30.67 No line No line No line $33.60
1/23/96 7,476,526 $30.83 No line No line No line $33.60
1/24/96 9,835,758 $32.75 No line No line No line $33.60
1/25/96 6,381,581 $31.83 No line No line No line $33.60
1/26/96 6,083,396 $31.58 No line No line No line $33.60
1/29/96 2,445,478 $31.42 No line No line No line $33.60
1/30/96 2,867,557 $31.58 No line No line No line $33.60
1/31/96 5,457,177 $31.83 No line No line No line $33.60
2/01/96 3,677,516 $31.75 No line No line No line $33.60
<PAGE>
<CAPTION>
20 50 100 200
trading trading trading trading
DATE Volume Close day day day day
<S> <C> <C> <C> <C> <C> <C>
2/02/96 6,990,100 $32.84 No line No line No line $33.60
2/05/96 6,812,510 $33.84 No line No line No line $33.60
2/06/96 7,963,402 $33.42 No line No line No line $33.60
2/07/96 5,588,421 $32.58 No line No line No line $33.60
2/08/96 6,823,909 $33.50 No line No line No line $33.60
2/09/96 10,158,392 $32.75 No line No line No line $33.60
2/12/96 4,603,120 $33.29 No line No line No line $33.60
2/13/96 6,273,137 $33.50 No line No line No line $33.60
2/14/96 6,167,392 $34.13 No line No line No line $33.60
2/15/96 8,830,208 $35.25 No line No line No line $33.60
2/16/96 6,696,415 $35.00 No line No line No line $33.60
2/20/96 4,639,568 $34.59 No line No line No line $33.60
2/21/96 3,758,362 $35.34 No line No line No line $33.60
2/22/96 6,946,003 $36.09 No line No line No line $33.60
2/23/96 5,976,001 $35.75 No line No line No line $33.60
2/26/96 5,617,369 $36.17 No line No line No line $33.60
2/27/96 6,072,897 $35.29 No line No line No line $33.60
2/28/96 4,522,424 $35.17 No line No line No line $33.60
2/29/96 4,995,500 $34.67 No line No line No line $33.60
3/01/96 8,860,957 $32.75 No line No line No line $33.60
3/04/96 5,275,236 $32.25 No line No line No line $33.60
3/05/96 7,292,336 $34.50 No line No line No line $33.60
3/06/96 13,010,649 $33.09 No line No line No line $33.60
3/07/96 6,579,421 $33.17 No line No line No line $33.60
3/08/96 7,889,006 $31.33 No line No line No line $33.60
3/11/96 6,232,939 $33.25 No line No line No line $33.60
3/12/96 7,625,769 $32.17 No line No line No line $33.60
3/13/96 6,669,117 $33.09 No line No line No line $33.60
3/14/96 8,311,385 $32.08 No line No line No line $33.60
3/15/96 11,787,461 $32.58 No line No line No line $33.60
3/18/96 5,084,296 $33.50 No line No line No line $33.60
3/19/96 4,545,523 $33.25 No line No line No line $33.60
3/20/96 3,674,666 $33.25 No line No line No line $33.60
3/21/96 4,577,171 $32.42 No line No line No line $33.60
3/22/96 9,749,962 $32.58 No line No line No line $33.60
3/25/96 7,629,519 $31.75 No line No line No line $33.60
3/26/96 5,409,180 $32.00 No line No line No line $33.60
3/27/96 2,759,562 $32.17 No line No line No line $33.60
3/28/96 4,239,538 $32.08 No line No line No line $33.60
3/29/96 3,315,734 $31.42 No line No line No line $33.60
4/01/96 5,587,521 $31.25 No line No line No line $33.60
4/02/96 3,175,041 $31.33 No line No line No line $33.60
4/03/96 9,819,859 $30.42 No line No line No line $33.60
4/04/96 7,780,561 $30.33 No line No line No line $33.60
4/08/96 21,545,822 $28.83 No line No line No line $33.60
4/09/96 43,120,444 $27.67 No line No line No line $33.60
4/10/96 16,270,736 $28.83 No line No line No line $33.60
4/11/96 10,306,435 $29.25 No line No line No line $33.60
4/12/96 5,677,216 $29.33 No line No line No line $33.60
4/15/96 4,109,194 $28.96 No line No line $36.07 $33.60
4/16/96 9,181,791 $30.54 No line No line $36.07 $33.60
4/17/96 6,317,800 $31.13 No line No line $36.07 $33.60
4/18/96 4,371,100 $31.75 No line No line $36.07 $33.60
<PAGE>
<CAPTION>
20 50 100 200
trading trading trading trading
DATE Volume Close day day day day
<S> <C> <C> <C> <C> <C> <C>
4/19/96 5,601,600 $32.00 No line No line $36.07 $33.60
4/22/96 6,025,500 $33.13 No line No line $36.07 $33.60
4/23/96 4,645,600 $34.00 No line No line $36.07 $33.60
4/24/96 6,491,300 $34.63 No line No line $36.07 $33.60
4/25/96 3,720,900 $34.38 No line No line $36.07 $33.60
4/26/96 3,026,100 $34.13 No line No line $36.07 $33.60
4/29/96 2,206,500 $34.25 No line No line $36.07 $33.60
4/30/96 2,660,100 $33.75 No line No line $36.07 $33.60
5/01/96 2,348,700 $34.13 No line No line $36.07 $33.60
5/02/96 3,269,900 $32.88 No line No line $36.07 $33.60
5/03/96 3,245,900 $33.31 No line No line $36.07 $33.60
5/06/96 2,904,300 $34.13 No line No line $36.07 $33.60
5/07/96 3,237,900 $33.50 No line No line $36.07 $33.60
5/08/96 5,111,200 $32.88 No line No line $36.07 $33.60
5/09/96 2,102,400 $33.63 No line No line $36.07 $33.60
5/10/96 3,220,200 $33.88 No line No line $36.07 $33.60
5/13/96 3,477,800 $34.88 No line No line $36.07 $33.60
5/14/96 4,392,800 $35.13 No line No line $36.07 $33.60
5/15/96 3,253,800 $34.50 No line No line $36.07 $33.60
5/16/96 4,027,700 $35.00 No line No line $36.07 $33.60
5/17/96 3,105,400 $35.13 No line No line $36.07 $33.60
5/20/96 3,377,600 $35.50 No line No line $36.07 $33.60
5/21/96 3,116,300 $35.50 No line No line $36.07 $33.60
5/22/96 6,364,900 $34.00 No line No line $36.07 $33.60
5/23/96 6,733,900 $33.88 No line No line $36.07 $33.60
5/24/96 3,470,000 $33.25 No line No line $36.07 $33.60
5/28/96 3,424,500 $33.13 No line No line $36.07 $33.60
5/29/96 3,282,600 $32.75 No line No line $36.07 $33.60
5/30/96 3,158,600 $33.25 No line No line $36.07 $33.60
5/31/96 4,915,700 $33.13 No line No line $36.07 $33.60
6/03/96 5,290,100 $32.50 No line No line $36.07 $33.60
6/04/96 4,526,000 $33.00 No line No line $36.07 $33.60
6/05/96 3,730,200 $34.00 No line No line $36.07 $33.60
6/06/96 3,981,700 $32.88 No line No line $36.07 $33.60
6/07/96 3,767,600 $33.88 No line No line $36.07 $33.60
6/10/96 2,765,600 $33.19 No line No line $36.07 $33.60
6/11/96 3,458,000 $33.88 No line No line $36.07 $33.60
6/12/96 4,452,600 $34.50 No line No line $36.07 $33.60
6/13/96 2,871,000 $34.38 No line No line $36.07 $33.60
6/14/96 3,090,500 $33.88 No line No line $36.07 $33.60
6/17/96 2,700,400 $33.88 No line No line $36.07 $33.60
6/18/96 3,213,600 $33.50 No line No line $36.07 $33.60
6/19/96 5,069,000 $34.38 No line No line $36.07 $33.60
6/20/96 6,948,600 $34.88 No line No line $36.07 $33.60
6/21/96 15,594,400 $38.00 No line No line $36.07 $33.60
6/24/96 4,653,000 $37.88 No line No line $36.07 $33.60
6/25/96 4,586,800 $38.13 No line $38.37 $36.07 $33.60
6/26/96 3,836,500 $37.38 No line $38.37 $36.07 $33.60
6/27/96 5,638,000 $39.50 No line $38.37 $36.07 $33.60
6/28/96 5,952,700 $39.44 No line $38.37 $36.07 $33.60
7/01/96 3,005,300 $39.13 No line $38.37 $36.07 $33.60
7/02/96 3,564,800 $38.25 No line $38.37 $36.07 $33.60
7/03/96 2,652,400 $38.25 No line $38.37 $36.07 $33.60
<PAGE>
<CAPTION>
20 50 100 200
trading trading trading trading
DATE Volume Close day day day day
<S> <C> <C> <C> <C> <C> <C>
7/05/96 1,566,000 $37.13 No line $38.37 $36.07 $33.60
7/08/96 5,481,700 $37.75 No line $38.37 $36.07 $33.60
7/09/96 3,277,000 $37.50 No line $38.37 $36.07 $33.60
7/10/96 3,982,000 $38.38 No line $38.37 $36.07 $33.60
7/11/96 6,900,200 $37.63 No line $38.37 $36.07 $33.60
7/12/96 3,246,200 $37.25 No line $38.37 $36.07 $33.60
7/15/96 5,620,700 $35.88 No line $38.37 $36.07 $33.60
7/16/96 11,606,000 $36.25 No line $38.37 $36.07 $33.60
7/17/96 7,344,800 $37.50 No line $38.37 $36.07 $33.60
7/18/96 4,259,800 $38.00 No line $38.37 $36.07 $33.60
7/19/96 3,554,900 $37.13 No line $38.37 $36.07 $33.60
7/22/96 2,770,000 $37.00 No line $38.37 $36.07 $33.60
7/23/96 4,701,700 $36.00 No line $38.37 $36.07 $33.60
7/24/96 5,486,200 $36.50 No line $38.37 $36.07 $33.60
7/25/96 5,882,900 $38.13 No line $38.37 $36.07 $33.60
7/26/96 3,247,200 $38.13 No line $38.37 $36.07 $33.60
7/29/96 2,460,700 $37.75 No line $38.37 $36.07 $33.60
7/30/96 1,867,100 $38.25 No line $38.37 $36.07 $33.60
7/31/96 3,474,200 $39.13 No line $38.37 $36.07 $33.60
8/01/96 3,737,100 $39.25 No line $38.37 $36.07 $33.60
8/02/96 4,136,300 $39.63 No line $38.37 $36.07 $33.60
8/05/96 2,228,800 $38.63 No line $38.37 $36.07 $33.60
8/06/96 3,161,700 $39.88 No line $38.37 $36.07 $33.60
8/07/96 6,743,200 $41.81 $38.99 $38.37 $36.07 $33.60
8/08/96 4,065,800 $40.75 $38.99 $38.37 $36.07 $33.60
8/09/96 4,690,300 $41.38 $38.99 $38.37 $36.07 $33.60
8/12/96 3,087,300 $41.25 $38.99 $38.37 $36.07 $33.60
8/13/96 3,556,100 $40.63 $38.99 $38.37 $36.07 $33.60
8/14/96 2,512,100 $40.63 $38.99 $38.37 $36.07 $33.60
8/15/96 3,068,500 $39.88 $38.99 $38.37 $36.07 $33.60
8/16/96 3,199,500 $39.75 $38.99 $38.37 $36.07 $33.60
8/19/96 2,560,400 $39.63 $38.99 $38.37 $36.07 $33.60
8/20/96 4,177,400 $39.00 $38.99 $38.37 $36.07 $33.60
8/21/96 7,382,400 $37.88 $38.99 $38.37 $36.07 $33.60
8/22/96 3,524,900 $38.13 $38.99 $38.37 $36.07 $33.60
8/23/96 3,909,600 $38.88 $38.99 $38.37 $36.07 $33.60
8/26/96 1,968,400 $38.13 $38.99 $38.37 $36.07 $33.60
8/27/96 2,353,600 $38.25 $38.99 $38.37 $36.07 $33.60
8/28/96 4,219,900 $37.38 $38.99 $38.37 $36.07 $33.60
8/29/96 4,080,100 $36.38 $38.99 $38.37 $36.07 $33.60
8/30/96 6,556,400 $35.25 $38.99 $38.37 $36.07 $33.60
9/03/96 4,753,400 $37.25 $38.99 $38.37 $36.07 $33.60
9/04/96 4,085,300 $37.63 $38.99 $38.37 $36.07 $33.60
- --------------------------------------------------------------------------------
<PAGE>
20 50 100 200
trading trading trading trading
DATE Volume Close day day day day
9/21/95 73,300 $19.38 No line No line No line No line
9/22/95 277,700 $20.50 No line No line No line No line
9/25/95 179,800 $19.75 No line No line No line No line
9/26/95 40,500 $19.63 No line No line No line No line
9/27/95 121,900 $19.13 No line No line No line No line
9/28/95 18,200 $17.88 No line No line No line No line
9/29/95 1,477,700 $15.00 No line No line No line No line
10/02/95 145,800 $15.00 No line No line No line No line
10/03/95 199,400 $15.00 No line No line No line No line
10/04/95 70,000 $14.25 No line No line No line No line
10/05/95 77,900 $13.75 No line No line No line No line
10/06/95 149,000 $13.25 No line No line No line No line
10/09/95 2,900 $13.00 No line No line No line No line
10/10/95 115,300 $14.50 No line No line No line No line
10/11/95 71,900 $16.00 No line No line No line No line
10/12/95 178,400 $10.50 No line No line No line No line
10/13/95 1,199,600 $8.63 No line No line No line No line
10/16/95 515,500 $9.00 No line No line No line No line
10/17/95 567,100 $9.75 No line No line No line No line
10/18/95 361,900 $10.25 No line No line No line No line
10/19/95 150,500 $10.50 No line No line No line No line
10/20/95 216,200 $10.75 No line No line No line No line
10/23/95 210,300 $11.88 No line No line No line No line
10/24/95 107,100 $12.00 No line No line No line No line
10/25/95 83,500 $12.38 No line No line No line No line
10/26/95 50,000 $12.25 No line No line No line No line
10/27/95 7,800 $11.75 No line No line No line No line
10/30/95 75,200 $11.75 No line No line No line No line
10/31/95 124,900 $11.00 No line No line No line No line
11/01/95 98,000 $9.75 No line No line No line No line
11/02/95 261,500 $10.00 No line No line No line No line
11/03/95 145,400 $10.00 No line No line No line No line
11/06/95 158,500 $9.00 No line No line No line No line
11/07/95 29,700 $9.25 No line No line No line No line
11/08/95 53,700 $9.38 No line No line No line No line
11/09/95 75,500 $10.50 No line No line No line No line
11/10/95 137,300 $10.00 No line No line No line No line
11/13/95 118,200 $10.25 No line No line No line No line
11/14/95 113,600 $10.25 No line No line No line No line
11/15/95 26,600 $9.75 No line No line No line No line
11/16/95 12,600 $9.75 No line No line No line No line
11/17/95 19,800 $9.75 No line No line No line No line
11/20/95 31,700 $11.25 No line No line No line No line
11/21/95 67,500 $11.75 No line No line No line No line
11/22/95 20,300 $11.25 No line No line No line No line
11/24/95 43,000 $11.75 No line No line No line No line
11/27/95 50,900 $12.25 No line No line No line No line
11/28/95 65,100 $12.25 No line No line No line No line
11/29/95 3,700 $12.75 No line No line No line No line
11/30/95 62,700 $12.50 No line No line No line No line
12/01/95 62,700 $12.50 No line No line No line No line
12/04/95 44,000 $12.50 No line No line No line No line
12/05/95 326,700 $12.00 No line No line No line No line
<PAGE>
20 50 100 200
trading trading trading trading
DATE Volume Close day day daY day
12/06/95 307,500 $12.00 No line No line No line No line
12/07/95 34,500 $11.50 No line No line No line $9.34
12/08/95 20,600 $11.25 No line No line No line $9.34
12/11/95 6,700 $11.25 No line No line No line $9.34
12/12/95 9,700 $12.00 No line No line No line $9.34
12/13/95 10,900 $11.25 No line No line No line $9.34
12/14/95 42,900 $11.75 No line No line No line $9.34
12/15/95 327,600 $12.00 No line No line No line $9.34
12/18/95 39,700 $11.25 No line No line No line $9.34
12/19/95 37,700 $11.50 No line No line No line $9.34
12/20/95 9,900 $11.25 No line No line No line $9.34
12/21/95 25,600 $11.00 No line No line No line $9.34
12/22/95 53,800 $10.75 No line No line No line $9.34
12/26/95 26,100 $11.00 No line No line No line $9.34
12/27/95 62,400 $11.00 No line No line No line $9.34
12/28/95 40,400 $10.88 No line No line No line $9.34
12/29/95 91,700 $10.88 No line No line No line $9.34
1/02/96 76,700 $11.13 No line No line No line $9.34
1/03/96 104,300 $12.25 No line No line No line $9.34
1/04/96 16,300 $12.63 No line No line No line $9.34
1/05/96 70,800 $11.50 No line No line No line $9.34
1/08/96 36,500 $11.13 No line No line No line $9.34
1/09/96 7,700 $11.13 No line No line No line $9.34
1/10/96 18,300 $11.00 No line No line No line $9.34
1/11/96 3,600 $10.75 No line No line No line $9.34
1/12/96 29,300 $10.75 No line No line No line $9.34
1/15/96 6,300 $10.25 No line No line No line $9.34
1/16/96 67,200 $10.00 No line No line No line $9.34
1/17/96 38,700 $10.00 No line No line No line $9.34
1/18/96 58,200 $10.00 No line No line No line $9.34
1/19/96 200 $10.25 No line No line No line $9.34
1/22/96 40,100 $10.50 No line No line No line $9.34
1/23/96 7,300 $10.38 No line No line No line $9.34
1/24/96 159,700 $12.00 No line No line No line $9.34
1/25/96 167,100 $12.38 No line No line No line $9.34
1/26/96 360,200 $12.38 No line No line No line $9.34
1/29/96 251,000 $14.13 No line No line No line $9.34
1/30/96 339,800 $13.25 No line No line No line $9.34
1/31/96 51,800 $12.88 No line No line No line $9.34
2/01/96 89,500 $12.13 No line No line No line $9.34
2/02/96 136,800 $12.25 No line No line No line $9.34
2/05/96 76,700 $11.75 No line No line No line $9.34
2/06/96 7,700 $11.00 No line No line No line $9.34
2/07/96 67,600 $11.00 No line No line No line $9.34
2/08/96 66,500 $11.50 No line No line No line $9.34
2/09/96 29,700 $11.00 No line No line No line $9.34
2/12/96 96,000 $11.13 No line No line No line $9.34
2/13/96 1,000 $11.50 No line No line No line $9.34
2/14/96 148,300 $11.00 No line No line No line $9.34
2/15/96 477,300 $12.50 No line No line No line $9.34
2/16/96 223,900 $12.25 No line No line No line $9.34
2/20/96 322,400 $13.50 No line No line No line $9.34
2/21/96 262,700 $13.38 No line No line No line $9.34
<PAGE>
20 50 100 200
trading trading trading trading
DATE Volume Close day day day day
2/22/96 371,500 $14.00 No line No line No line $9.34
2/23/96 146,700 $13.63 No line No line No line $9.34
2/26/96 132,800 $14.00 No line No line No line $9.34
2/27/96 414,200 $14.50 No line No line No line $9.34
2/28/96 414,600 $15.00 No line No line No line $9.34
2/29/96 416,300 $15.00 No line No line No line $9.34
3/01/96 137,600 $14.75 No line No line No line $9.34
3/04/96 560,400 $15.25 No line No line No line $9.34
3/05/96 330,100 $16.00 No line No line No line $9.34
3/06/96 232,400 $15.38 No line No line No line $9.34
3/07/96 95,700 $14.00 No line No line No line $9.34
3/08/96 15,800 $13.63 No line No line No line $9.34
3/11/96 200 $13.50 No line No line No line $9.34
3/12/96 161,900 $14.00 No line No line No line $9.34
3/13/96 47,200 $13.75 No line No line No line $9.34
3/14/96 195,200 $15.38 No line No line No line $9.34
3/15/96 168,100 $15.25 No line No line No line $9.34
3/18/96 109,000 $15.00 No line No line No line $9.34
3/19/96 120,600 $15.00 No line No line No line $9.34
3/20/96 61,200 $15.75 No line No line No line $9.34
3/21/96 50,900 $15.63 No line No line No line $9.34
3/22/96 37,000 $15.88 No line No line No line $9.34
3/25/96 89,400 $16.00 No line No line No line $9.34
3/26/96 31,000 $15.88 No line No line No line $9.34
3/27/96 34,600 $15.38 No line No line No line $9.34
3/28/96 62,200 $14.00 No line No line No line $9.34
3/29/96 1,600 $13.88 No line No line No line $9.34
4/01/96 40,300 $14.13 No line No line No line $9.34
4/02/96 10,400 $13.75 No line No line No line $9.34
4/03/96 68,700 $13.50 No line No line No line $9.34
4/04/96 3,832,800 $6.88 No line No line No line $9.34
4/08/96 1,221,000 $7.56 No line No line No line $9.34
4/09/96 356,100 $7.75 No line No line No line $9.34
4/10/96 347,200 $7.25 No line No line No line $9.34
4/11/96 237,100 $7.25 No line No line No line $9.34
4/12/96 110,300 $7.25 No line No line No line $9.34
4/15/96 124,200 $7.19 No line No line No line $9.34
4/16/96 44,000 $7.19 No line No line No line $9.34
4/17/96 122,900 $6.88 No line No line No line $9.34
4/18/96 68,100 $7.13 No line No line No line $9.34
4/19/96 120,500 $7.13 No line No line No line $9.34
4/22/96 42,700 $7.00 No line No line No line $9.34
4/23/96 178,700 $7.13 No line No line No line $9.34
4/24/96 80,300 $7.50 No line No line No line $9.34
4/25/96 173,900 $7.63 No line No line No line $9.34
4/26/96 175,600 $8.13 No line No line No line $9.34
4/29/96 520,500 $8.13 No line No line No line $9.34
4/30/96 440,600 $8.00 No line No line No line $9.34
5/01/96 224,900 $8.13 No line No line $6.97 $9.34
5/02/96 191,500 $8.38 No line No line $6.97 $9.34
5/03/96 41,500 $8.13 No line No line $6.97 $9.34
5/06/96 79,900 $7.88 No line No line $6.97 $9.34
5/07/96 71,700 $7.63 No line No line $6.97 $9.34
<PAGE>
20 50 100 200
trading trading trading trading
DATE Volume Close day day day day
5/08/96 18,000 $7.75 No line No line $6.97 $9.34
5/09/96 111,900 $7.63 No line No line $6.97 $9.34
5/10/96 175,600 $7.44 No line No line $6.97 $9.34
5/13/96 145,600 $7.50 No line No line $6.97 $9.34
5/14/96 56,200 $7.88 No line No line $6.97 $9.34
5/15/96 34,600 $7.88 No line No line $6.97 $9.34
5/16/96 48,300 $7.38 No line No line $6.97 $9.34
5/17/96 55,600 $7.50 No line No line $6.97 $9.34
5/20/96 315,000 $7.88 No line No line $6.97 $9.34
5/21/96 263,300 $7.88 No line No line $6.97 $9.34
5/22/96 255,600 $8.00 No line No line $6.97 $9.34
5/23/96 133,900 $8.00 No line No line $6.97 $9.34
5/24/96 141,100 $8.13 No line No line $6.97 $9.34
5/28/96 408,600 $9.13 No line No line $6.97 $9.34
5/29/96 558,800 $9.25 No line No line $6.97 $9.34
5/30/96 355,200 $9.75 No line No line $6.97 $9.34
5/31/96 239,900 $9.63 No line No line $6.97 $9.34
6/03/96 121,600 $9.13 No line No line $6.97 $9.34
6/04/96 105,200 $9.00 No line No line $6.97 $9.34
6/05/96 27,600 $8.63 No line No line $6.97 $9.34
6/06/96 36,000 $8.63 No line No line $6.97 $9.34
6/07/96 140,200 $8.88 No line No line $6.97 $9.34
6/10/96 140,900 $9.63 No line No line $6.97 $9.34
6/11/96 65,700 $9.00 No line No line $6.97 $9.34
6/12/96 68,000 $8.88 No line No line $6.97 $9.34
6/13/96 21,300 $9.00 No line No line $6.97 $9.34
6/14/96 81,100 $9.00 No line No line $6.97 $9.34
6/17/96 42,500 $9.00 No line No line $6.97 $9.34
6/18/96 18,800 $8.75 No line No line $6.97 $9.34
6/19/96 76,500 $8.38 No line No line $6.97 $9.34
6/20/96 17,800 $8.13 No line No line $6.97 $9.34
6/21/96 102,500 $7.88 No line No line $6.97 $9.34
6/24/96 30,600 $7.63 No line No line $6.97 $9.34
6/25/96 66,300 $7.44 No line No line $6.97 $9.34
6/26/96 51,100 $7.38 No line No line $6.97 $9.34
6/27/96 78,500 $7.13 No line No line $6.97 $9.34
6/28/96 155,900 $7.38 No line No line $6.97 $9.34
7/01/96 85,300 $7.00 No line No line $6.97 $9.34
7/02/96 88,500 $7.00 No line No line $6.97 $9.34
7/03/96 625,200 $7.25 No line No line $6.97 $9.34
7/05/96 111,700 $7.50 No line No line $6.97 $9.34
7/08/96 108,900 $8.00 No line No line $6.97 $9.34
7/09/96 55,000 $7.50 No line No line $6.97 $9.34
7/10/96 35,400 $7.25 No line No line $6.97 $9.34
7/11/96 20,800 $7.13 No line No line $6.97 $9.34
7/12/96 38,200 $7.13 No line $5.83 $6.97 $9.34
7/15/96 50,200 $6.88 No line $5.83 $6.97 $9.34
7/16/96 110,400 $6.56 No line $5.83 $6.97 $9.34
7/17/96 33,100 $6.38 No line $5.83 $6.97 $9.34
7/18/96 57,400 $6.63 No line $5.83 $6.97 $9.34
7/19/96 124,900 $7.25 No line $5.83 $6.97 $9.34
7/22/96 23,800 $7.38 No line $5.83 $6.97 $9.34
7/23/96 27,800 $7.31 No line $5.83 $6.97 $9.34
<PAGE>
20 50 100 200
trading trading trading trading
DATE Volume Close day day day day
7/24/96 38,600 $7.38 No line $5.83 $6.97 $9.34
7/25/96 31,000 $7.00 No line $5.83 $6.97 $9.34
7/26/96 38,200 $6.63 No line $5.83 $6.97 $9.34
7/29/96 69,400 $6.00 No line $5.83 $6.97 $9.34
7/30/96 45,000 $6.13 No line $5.83 $6.97 $9.34
7/31/96 60,400 $5.88 No line $5.83 $6.97 $9.34
8/01/96 61,800 $5.63 No line $5.83 $6.97 $9.34
8/02/96 127,300 $5.13 No line $5.83 $6.97 $9.34
8/05/96 354,800 $4.38 No line $5.83 $6.97 $9.34
8/06/96 502,300 $5.06 No line $5.83 $6.97 $9.34
8/07/96 257,300 $5.63 No line $5.83 $6.97 $9.34
8/08/96 66,000 $5.00 No line $5.83 $6.97 $9.34
8/09/96 31,200 $4.75 No line $5.83 $6.97 $9.34
8/12/96 45,500 $5.25 No line $5.83 $6.97 $9.34
8/13/96 160,600 $5.38 No line $5.83 $6.97 $9.34
8/14/96 267,300 $5.00 No line $5.83 $6.97 $9.34
8/15/96 58,800 $5.25 No line $5.83 $6.97 $9.34
8/16/96 116,400 $5.38 No line $5.83 $6.97 $9.34
8/19/96 18,700 $5.50 No line $5.83 $6.97 $9.34
8/20/96 40,900 $5.50 No line $5.83 $6.97 $9.34
8/21/96 55,600 $5.00 No line $5.83 $6.97 $9.34
8/22/96 48,200 $4.88 No line $5.83 $6.97 $9.34
8/23/96 33,700 $5.00 $5.71 $5.83 $6.97 $9.34
8/26/96 86,700 $5.13 $5.71 $5.83 $6.97 $9.34
8/27/96 93,600 $5.13 $5.71 $5.83 $6.97 $9.34
8/28/96 156,200 $5.25 $5.71 $5.83 $6.97 $9.34
8/29/96 45,200 $5.13 $5.71 $5.83 $6.97 $9.34
8/30/96 45,900 $5.13 $5.71 $5.83 $6.97 $9.34
9/03/96 260,900 $5.75 $5.71 $5.83 $6.97 $9.34
9/04/96 141,400 $5.75 $5.71 $5.83 $6.97 $9.34
9/05/96 198,600 $6.38 $5.71 $5.83 $6.97 $9.34
9/06/96 260,800 $6.63 $5.71 $5.83 $6.97 $9.34
9/09/96 73,400 $6.25 $5.71 $5.83 $6.97 $9.34
9/10/96 83,400 $6.50 $5.71 $5.83 $6.97 $9.34
9/11/96 23,300 $6.25 $5.71 $5.83 $6.97 $9.34
9/12/96 54,300 $5.50 $5.71 $5.83 $6.97 $9.34
9/13/96 81,900 $5.13 $5.71 $5.83 $6.97 $9.34
9/16/96 112,500 $5.63 $5.71 $5.83 $6.97 $9.34
9/17/96 56,100 $5.63 $5.71 $5.83 $6.97 $9.34
9/18/96 142,000 $5.75 $5.71 $5.83 $6.97 $9.34
9/19/96 70,200 $5.88 $5.71 $5.83 $6.97 $9.34
9/20/96 172,200 $6.38 $5.71 $5.83 $6.97 $9.34
<PAGE>
20 50 100 200
trading trading trading trading
DATE Volume Close day day day day
9/01/95 4,563,522 $26.17 No line No line No line No line
9/05/95 10,921,554 $29.50 No line No line No line No line
9/06/95 7,454,027 $29.00 No line No line No line No line
9/07/95 3,635,218 $29.25 No line No line No line No line
9/08/95 2,700,615 $29.25 No line No line No line No line
9/11/95 6,555,422 $30.17 No line No line No line No line
9/12/95 3,189,141 $29.92 No line No line No line No line
9/13/95 4,526,774 $30.67 No line No line No line No line
9/14/95 5,720,714 $29.92 No line No line No line No line
9/15/95 42,770,060 $25.08 No line No line No line No line
9/18/95 12,415,779 $26.50 No line No line No line No line
9/19/95 7,899,655 $26.75 No line No line No line No line
9/20/95 6,238,788 $26.54 No line No line No line No line
9/21/95 4,851,808 $25.92 No line No line No line No line
9/22/95 3,193,940 $26.25 No line No line No line No line
9/25/95 3,233,238 $26.08 No line No line No line No line
9/26/95 4,342,283 $25.58 No line No line No line No line
9/27/95 9,330,133 $25.33 No line No line No line No line
9/28/95 5,547,323 $26.17 No line No line No line No line
9/29/95 4,898,005 $25.58 No line No line No line No line
10/02/95 2,455,677 $25.11 No line No line No line No line
10/03/95 5,850,308 $25.75 No line No line No line No line
10/04/95 4,293,986 $25.33 No line No line No line No line
10/05/95 6,302,385 $25.67 No line No line No line No line
10/06/95 5,477,576 $25.17 No line No line No line No line
10/09/95 6,881,806 $24.58 No line No line No line No line
10/10/95 8,694,765 $24.67 No line No line No line No line
10/11/95 7,591,721 $25.67 No line No line No line No line
10/12/95 6,671,967 $26.54 No line No line No line No line
10/13/95 8,405,730 $26.33 No line No line No line No line
10/16/95 4,155,092 $26.67 No line No line No line No line
10/17/95 7,745,313 $27.21 No line No line No line No line
10/18/95 16,327,583 $28.67 No line No line No line No line
10/19/95 8,374,831 $29.50 No line No line No line No line
10/20/95 7,399,130 $28.42 No line No line No line No line
10/23/95 4,480,126 $28.50 No line No line No line No line
10/24/95 5,108,145 $29.00 No line No line No line No line
10/25/95 3,325,634 $28.67 No line No line No line No line
10/26/95 3,561,722 $28.25 No line No line No line No line
10/27/95 3,637,918 $28.83 No line No line No line No line
10/30/95 4,574,172 $29.42 No line No line No line No line
10/31/95 3,456,427 $29.08 No line No line No line No line
11/01/95 4,206,540 $29.42 No line No line No line No line
11/02/95 6,332,384 $30.58 No line No line No line No line
11/03/95 4,190,941 $30.83 No line No line No line No line
11/06/95 4,373,632 $30.08 No line No line No line No line
11/07/95 5,800,660 $29.42 No line No line No line No line
11/08/95 4,265,037 $29.83 No line No line No line No line
11/09/95 6,256,637 $31.42 No line No line No line No line
11/10/95 4,700,915 $31.42 No line No line No line No line
11/13/95 4,197,390 $30.67 No line No line No line No line
11/14/95 4,846,858 $30.42 No line No line No line No line
11/15/95 5,562,022 $31.25 No line No line No line No line
<PAGE>
20 50 100 200
trading trading trading trading
DATE Volume Close day day day day
11/16/95 6,222,139 $31.67 No line No line No line No line
11/17/95 5,595,170 $32.08 No line No line No line No line
11/20/95 3,351,133 $30.33 No line No line No line $33.60
11/21/95 5,352,633 $30.58 No line No line No line $33.60
11/22/95 3,780,711 $29.88 No line No line No line $33.60
11/24/95 2,221,089 $30.08 No line No line No line $33.60
11/27/95 6,051,000 $30.29 No line No line No line $33.60
11/28/95 5,511,925 $31.33 No line No line No line $33.60
11/29/95 3,851,957 $31.17 No line No line No line $33.60
11/30/95 3,876,406 $30.25 No line No line No line $33.60
12/01/95 5,080,546 $29.75 No line No line No line $33.60
12/04/95 6,563,972 $30.29 No line No line No line $33.60
12/05/95 6,353,982 $30.00 No line No line No line $33.60
12/06/95 5,618,119 $29.17 No line No line No line $33.60
12/07/95 4,917,054 $29.50 No line No line No line $33.60
12/08/95 7,468,277 $31.08 No line No line No line $33.60
12/11/95 4,978,251 $30.92 No line No line No line $33.60
12/12/95 3,887,806 $29.67 No line No line No line $33.60
12/13/95 5,747,113 $28.83 No line No line No line $33.60
12/14/95 12,160,342 $27.92 No line No line No line $33.60
12/15/95 13,564,122 $28.92 No line No line No line $33.60
12/18/95 9,248,837 $27.50 No line No line No line $33.60
12/19/95 8,992,350 $29.83 No line No line No line $33.60
12/20/95 5,728,214 $28.67 No line No line No line $33.60
12/21/95 6,306,885 $28.50 No line No line No line $33.60
12/22/95 4,604,470 $29.50 No line No line No line $33.60
12/26/95 1,828,859 $29.58 No line No line No line $33.60
12/27/95 3,336,583 $29.00 No line No line No line $33.60
12/28/95 5,773,512 $28.25 No line No line No line $33.60
12/29/95 5,096,595 $28.25 No line No line No line $33.60
1/02/96 5,066,897 $28.83 No line No line No line $33.60
1/03/96 6,168,592 $27.50 No line No line No line $33.60
1/04/96 14,422,079 $27.17 No line No line No line $33.60
1/05/96 9,308,984 $28.58 No line No line No line $33.60
1/08/96 1,399,430 $28.17 No line No line No line $33.60
1/09/96 10,673,916 $26.83 No line No line No line $33.60
1/10/96 13,839,958 $27.33 No line No line No line $33.60
1/11/96 6,789,261 $27.92 No line No line No line $33.60
1/12/96 6,805,310 $28.42 No line No line No line $33.60
1/15/96 7,754,612 $26.67 No line No line No line $33.60
1/16/96 8,723,564 $27.83 No line No line No line $33.60
1/17/96 8,836,058 $28.50 No line No line No line $33.60
1/18/96 6,317,234 $29.67 No line No line No line $33.60
1/19/96 7,092,096 $30.33 No line No line No line $33.60
1/22/96 5,721,314 $30.67 No line No line No line $33.60
1/23/96 7,476,526 $30.83 No line No line No line $33.60
1/24/96 9,835,758 $32.75 No line No line No line $33.60
1/25/96 6,381,581 $31.83 No line No line No line $33.60
1/26/96 6,083,396 $31.58 No line No line No line $33.60
1/29/96 2,445,478 $31.42 No line No line No line $33.60
1/30/96 2,867,557 $31.58 No line No line No line $33.60
1/31/96 5,457,177 $31.83 No line No line No line $33.60
2/01/96 3,677,516 $31.75 No line No line No line $33.60
<PAGE>
20 50 100 200
trading trading trading trading
DATE Volume Close day day day day
2/02/96 6,990,100 $32.84 No line No line No line $33.60
2/05/96 6,812,510 $33.84 No line No line No line $33.60
2/06/96 7,963,402 $33.42 No line No line No line $33.60
2/07/96 5,588,421 $32.58 No line No line No line $33.60
2/08/96 6,823,909 $33.50 No line No line No line $33.60
2/09/96 10,158,392 $32.75 No line No line No line $33.60
2/12/96 4,603,120 $33.29 No line No line No line $33.60
2/13/96 6,273,137 $33.50 No line No line No line $33.60
2/14/96 6,167,392 $34.13 No line No line No line $33.60
2/15/96 8,830,208 $35.25 No line No line No line $33.60
2/16/96 6,696,415 $35.00 No line No line No line $33.60
2/20/96 4,639,568 $34.59 No line No line No line $33.60
2/21/96 3,758,362 $35.34 No line No line No line $33.60
2/22/96 6,946,003 $36.09 No line No line No line $33.60
2/23/96 5,976,001 $35.75 No line No line No line $33.60
2/26/96 5,617,369 $36.17 No line No line No line $33.60
2/27/96 6,072,897 $35.29 No line No line No line $33.60
2/28/96 4,522,424 $35.17 No line No line No line $33.60
2/29/96 4,995,500 $34.67 No line No line No line $33.60
3/01/96 8,860,957 $32.75 No line No line No line $33.60
3/04/96 5,275,236 $32.25 No line No line No line $33.60
3/05/96 7,292,336 $34.50 No line No line No line $33.60
3/06/96 13,010,649 $33.09 No line No line No line $33.60
3/07/96 6,579,421 $33.17 No line No line No line $33.60
3/08/96 7,889,006 $31.33 No line No line No line $33.60
3/11/96 6,232,939 $33.25 No line No line No line $33.60
3/12/96 7,625,769 $32.17 No line No line No line $33.60
3/13/96 6,669,117 $33.09 No line No line No line $33.60
3/14/96 8,311,385 $32.08 No line No line No line $33.60
3/15/96 11,787,461 $32.58 No line No line No line $33.60
3/18/96 5,084,296 $33.50 No line No line No line $33.60
3/19/96 4,545,523 $33.25 No line No line No line $33.60
3/20/96 3,674,666 $33.25 No line No line No line $33.60
3/21/96 4,577,171 $32.42 No line No line No line $33.60
3/22/96 9,749,962 $32.58 No line No line No line $33.60
3/25/96 7,629,519 $31.75 No line No line No line $33.60
3/26/96 5,409,180 $32.00 No line No line No line $33.60
3/27/96 2,759,562 $32.17 No line No line No line $33.60
3/28/96 4,239,538 $32.08 No line No line No line $33.60
3/29/96 3,315,734 $31.42 No line No line No line $33.60
4/01/96 5,587,521 $31.25 No line No line No line $33.60
4/02/96 3,175,041 $31.33 No line No line No line $33.60
4/03/96 9,819,859 $30.42 No line No line No line $33.60
4/04/96 7,780,561 $30.33 No line No line No line $33.60
4/08/96 21,545,822 $28.83 No line No line No line $33.60
4/09/96 43,120,444 $27.67 No line No line No line $33.60
4/10/96 16,270,736 $28.83 No line No line No line $33.60
4/11/96 10,306,435 $29.25 No line No line No line $33.60
4/12/96 5,677,216 $29.33 No line No line No line $33.60
4/15/96 4,109,194 $28.96 No line No line $36.07 $33.60
4/16/96 9,181,791 $30.54 No line No line $36.07 $33.60
4/17/96 6,317,800 $31.13 No line No line $36.07 $33.60
4/18/96 4,371,100 $31.75 No line No line $36.07 $33.60
<PAGE>
20 50 100 200
trading trading trading trading
DATE Volume Close day day day day
4/19/96 5,601,600 $32.00 No line No line $36.07 $33.60
4/22/96 6,025,500 $33.13 No line No line $36.07 $33.60
4/23/96 4,645,600 $34.00 No line No line $36.07 $33.60
4/24/96 6,491,300 $34.63 No line No line $36.07 $33.60
4/25/96 3,720,900 $34.38 No line No line $36.07 $33.60
4/26/96 3,026,100 $34.13 No line No line $36.07 $33.60
4/29/96 2,206,500 $34.25 No line No line $36.07 $33.60
4/30/96 2,660,100 $33.75 No line No line $36.07 $33.60
5/01/96 2,348,700 $34.13 No line No line $36.07 $33.60
5/02/96 3,269,900 $32.88 No line No line $36.07 $33.60
5/03/96 3,245,900 $33.31 No line No line $36.07 $33.60
5/06/96 2,904,300 $34.13 No line No line $36.07 $33.60
5/07/96 3,237,900 $33.50 No line No line $36.07 $33.60
5/08/96 5,111,200 $32.88 No line No line $36.07 $33.60
5/09/96 2,102,400 $33.63 No line No line $36.07 $33.60
5/10/96 3,220,200 $33.88 No line No line $36.07 $33.60
5/13/96 3,477,800 $34.88 No line No line $36.07 $33.60
5/14/96 4,392,800 $35.13 No line No line $36.07 $33.60
5/15/96 3,253,800 $34.50 No line No line $36.07 $33.60
5/16/96 4,027,700 $35.00 No line No line $36.07 $33.60
5/17/96 3,105,400 $35.13 No line No line $36.07 $33.60
5/20/96 3,377,600 $35.50 No line No line $36.07 $33.60
5/21/96 3,116,300 $35.50 No line No line $36.07 $33.60
5/22/96 6,364,900 $34.00 No line No line $36.07 $33.60
5/23/96 6,733,900 $33.88 No line No line $36.07 $33.60
5/24/96 3,470,000 $33.25 No line No line $36.07 $33.60
5/28/96 3,424,500 $33.13 No line No line $36.07 $33.60
5/29/96 3,282,600 $32.75 No line No line $36.07 $33.60
5/30/96 3,158,600 $33.25 No line No line $36.07 $33.60
5/31/96 4,915,700 $33.13 No line No line $36.07 $33.60
6/03/96 5,290,100 $32.50 No line No line $36.07 $33.60
6/04/96 4,526,000 $33.00 No line No line $36.07 $33.60
6/05/96 3,730,200 $34.00 No line No line $36.07 $33.60
6/06/96 3,981,700 $32.88 No line No line $36.07 $33.60
6/07/96 3,767,600 $33.88 No line No line $36.07 $33.60
6/10/96 2,765,600 $33.19 No line No line $36.07 $33.60
6/11/96 3,458,000 $33.88 No line No line $36.07 $33.60
6/12/96 4,452,600 $34.50 No line No line $36.07 $33.60
6/13/96 2,871,000 $34.38 No line No line $36.07 $33.60
6/14/96 3,090,500 $33.88 No line No line $36.07 $33.60
6/17/96 2,700,400 $33.88 No line No line $36.07 $33.60
6/18/96 3,213,600 $33.50 No line No line $36.07 $33.60
6/19/96 5,069,000 $34.38 No line No line $36.07 $33.60
6/20/96 6,948,600 $34.88 No line No line $36.07 $33.60
6/21/96 15,594,400 $38.00 No line No line $36.07 $33.60
6/24/96 4,653,000 $37.88 No line No line $36.07 $33.60
6/25/96 4,586,800 $38.13 No line $38.37 $36.07 $33.60
6/26/96 3,836,500 $37.38 No line $38.37 $36.07 $33.60
6/27/96 5,638,000 $39.50 No line $38.37 $36.07 $33.60
6/28/96 5,952,700 $39.44 No line $38.37 $36.07 $33.60
7/01/96 3,005,300 $39.13 No line $38.37 $36.07 $33.60
7/02/96 3,564,800 $38.25 No line $38.37 $36.07 $33.60
7/03/96 2,652,400 $38.25 No line $38.37 $36.07 $33.60
<PAGE>
20 50 100 200
trading trading trading trading
DATE Volume Close day day day day
7/05/96 1,566,000 $37.13 No line $38.37 $36.07 $33.60
7/08/96 5,481,700 $37.75 No line $38.37 $36.07 $33.60
7/09/96 3,277,000 $37.50 No line $38.37 $36.07 $33.60
7/10/96 3,982,000 $38.38 No line $38.37 $36.07 $33.60
7/11/96 6,900,200 $37.63 No line $38.37 $36.07 $33.60
7/12/96 3,246,200 $37.25 No line $38.37 $36.07 $33.60
7/15/96 5,620,700 $35.88 No line $38.37 $36.07 $33.60
7/16/96 11,606,000 $36.25 No line $38.37 $36.07 $33.60
7/17/96 7,344,800 $37.50 No line $38.37 $36.07 $33.60
7/18/96 4,259,800 $38.00 No line $38.37 $36.07 $33.60
7/19/96 3,554,900 $37.13 No line $38.37 $36.07 $33.60
7/22/96 2,770,000 $37.00 No line $38.37 $36.07 $33.60
7/23/96 4,701,700 $36.00 No line $38.37 $36.07 $33.60
7/24/96 5,486,200 $36.50 No line $38.37 $36.07 $33.60
7/25/96 5,882,900 $38.13 No line $38.37 $36.07 $33.60
7/26/96 3,247,200 $38.13 No line $38.37 $36.07 $33.60
7/29/96 2,460,700 $37.75 No line $38.37 $36.07 $33.60
7/30/96 1,867,100 $38.25 No line $38.37 $36.07 $33.60
7/31/96 3,474,200 $39.13 No line $38.37 $36.07 $33.60
8/01/96 3,737,100 $39.25 No line $38.37 $36.07 $33.60
8/02/96 4,136,300 $39.63 No line $38.37 $36.07 $33.60
8/05/96 2,228,800 $38.63 No line $38.37 $36.07 $33.60
8/06/96 3,161,700 $39.88 No line $38.37 $36.07 $33.60
8/07/96 6,743,200 $41.81 $38.99 $38.37 $36.07 $33.60
8/08/96 4,065,800 $40.75 $38.99 $38.37 $36.07 $33.60
8/09/96 4,690,300 $41.38 $38.99 $38.37 $36.07 $33.60
8/12/96 3,087,300 $41.25 $38.99 $38.37 $36.07 $33.60
8/13/96 3,556,100 $40.63 $38.99 $38.37 $36.07 $33.60
8/14/96 2,512,100 $40.63 $38.99 $38.37 $36.07 $33.60
8/15/96 3,068,500 $39.88 $38.99 $38.37 $36.07 $33.60
8/16/96 3,199,500 $39.75 $38.99 $38.37 $36.07 $33.60
8/19/96 2,560,400 $39.63 $38.99 $38.37 $36.07 $33.60
8/20/96 4,177,400 $39.00 $38.99 $38.37 $36.07 $33.60
8/21/96 7,382,400 $37.88 $38.99 $38.37 $36.07 $33.60
8/22/96 3,524,900 $38.13 $38.99 $38.37 $36.07 $33.60
8/23/96 3,909,600 $38.88 $38.99 $38.37 $36.07 $33.60
8/26/96 1,968,400 $38.13 $38.99 $38.37 $36.07 $33.60
8/27/96 2,353,600 $38.25 $38.99 $38.37 $36.07 $33.60
8/28/96 4,219,900 $37.38 $38.99 $38.37 $36.07 $33.60
8/29/96 4,080,100 $36.38 $38.99 $38.37 $36.07 $33.60
8/30/96 6,556,400 $35.25 $38.99 $38.37 $36.07 $33.60
9/03/96 4,753,400 $37.25 $38.99 $38.37 $36.07 $33.60
9/04/96 4,085,300 $37.63 $38.99 $38.37 $36.07 $33.60
- ------------------------------------------------------------
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</TABLE>
<PAGE>
<TABLE>
<CAPTION>
PROJECT TOUCHDOWN
----------------------------------------------------------------------------
GIANTS COMPANY CAPITALIZATION ANALYSIS
Shares and Share Equivalents Treasury Method
------------------------------------ --------------------------------------------------------
Number Number Exercise
of Shares of Shares Price Cash Flow
------------ -------------- ---------- -------------
<S> <C> <C> <C> <C> <C>
Current Shares Outstanding (1) 11,085,341 Current Shares Outstanding (1) 11,085,341
Options Outstanding as of 9/05/96 (2) 1,721,845 Options Outstanding as of 9/05/96 (2) 1,721,845 $4.39 (2) $7,556,821
Warrants Outstanding as of 9/05/96 N/A Shares Repurchased at Current Price (1,209,091) $6.25 ($7,556,821)
------------ -------------- ------------
Dilutive Effect of Options as of 9/05/96 512,754 $0
Fully Diluted Shares Outstanding 12,807,186
------------
------------
Warrants Outstanding as of 9/05/96 N/A N/A N/A
Shares Repurchased at Current Price N/A $6.25 N/A
-------------- ------------
Dilutive Effect of Warrants as of 5/16/96 $0 $0
Treasury Method Shares Outstanding 11,598,095
------------
------------
</TABLE>
Notes:
- -----
(1) Based on Form 10-Q from the quarter ended March 31, 1996, as of
April 12, 1996
(2) Based on Giants Company internal information, September 5, 1996. NUMBER
REPRESENTS THE TOTAL NUMBER OF OPTIONS OUTSTANDING, REGARDLESS OF
WHETHER THEY ARE "IN THE MONEY."
- ------------------------------------------------------------------------------
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