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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. ____)*
STONE & WEBSTER, INC.
________________________________________________________________________________
(Name of Issuer)
COMMON STOCK, PAR VALUE $1.00
________________________________________________________________________________
(Title of Class of Securities)
86157210
_______________________________________________________________
(CUSIP Number)
Frank J. A. Cilluffo
Cilluffo Associates, L.P.
717 Fifth Avenue, 23rd Floor
New York, New York 10022
________________________________________________________________________________
(Name, Address and Telephone Number of Person Authorized to Receive Notices and
Communications)
February 28, 1994
_______________________________________________________________
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(b)(3) or (4), check the following box [_].
Check the following box if a fee is being paid with the statement [X]. (A fee is
not required only if the reporting person: (1) has a previous statement on file
reporting beneficial ownership of more than five percent of the class of
securities described in Item 1; and (2) has filed no amendment subsequent
thereto reporting beneficial ownership of five percent or less of such class.)
(See Rule 13d-7.)
Note: Six copies of this statement, including all exhibits, should be filed
with the Commission. See Rule 13d-1(a) for other parties to whom copies are to
be sent.
* The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
<PAGE>
SCHEDULE 13D
- ----------------------- ---------------------
CUSIP NO. 86157210 PAGE 2 OF 14 PAGES
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Cilluffo Associates, L.P.
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [_]
(b) [X]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS*
4
WC
- ------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [_]
5
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
Delaware
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF
-0-
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
OWNED BY 827,700
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING
-0-
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
827,700
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
827,700
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
5.53%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
PN
- ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
SCHEDULE 13D
- ----------------------- ---------------------
CUSIP NO. 86157210 PAGE 3 OF 14 PAGES
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Zenith Associates, L.P.
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [_]
(b) [X]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS*
4
WC
- ------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [_]
5
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
Delaware
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF
-0-
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
OWNED BY 26,000
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING
-0-
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
26,000
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
26,000
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
.17%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
PN
- ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
SCHEDULE 13D
- ----------------------- ---------------------
CUSIP NO. 86157210 PAGE 4 OF 14 PAGES
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Frank and Irja Cilluffo Foundation, Inc.
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [_]
(b) [X]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS*
4
WC
- ------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [_]
5
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
Delaware
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF
-0-
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
OWNED BY 10,000
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING
-0-
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
10,000
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
10,000
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
.07%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
12
CO
- ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
SCHEDULE 13D
- ----------------------- ---------------------
CUSIP NO. 86157210 PAGE 5 OF 14 PAGES
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Frank J. A. Cilluffo
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [_]
(b) [X]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS*
4
PF/00
- ------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [_]
5
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
United States
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF
15,000
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
OWNED BY 863,700
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING
15,000
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
863,700
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
878,700
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
5.87%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
IN
- ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
SCHEDULE 13D
- ----------------------- ---------------------
CUSIP NO. 86157210 PAGE 6 OF 14 PAGES
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Marvin E. Lesser
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [_]
(b) [X]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS*
4
00
- ------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [_]
5
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
United States
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF
-0-
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
OWNED BY 827,700
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING
-0-
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
827,700
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
827,700
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
5.53%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
12
IN
- ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
SCHEDULE 13D
- ----------------------- ---------------------
CUSIP NO. 86157210 PAGE 7 OF 14 PAGES
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
General Edward C. Meyer (Ret.)
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [_]
(b) [X]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS*
4
00
- ------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [_]
5
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
United States
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF
-0-
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
OWNED BY 827,700
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING
-0-
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
827,700
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
827,700
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
5.53%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
IN
- ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION
<PAGE>
Item 1. Security and Issuer
This statement relates to the Common Stock, par value $1.00 per share (the
"Shares"), of Stone & Webster, Inc., a Delaware corporation (the "Company"),
which has its principal executive offices at 250 W. 34th Street, New York, NY
10119.
Item 2. Identify and Background
(a) and (b)
This statement is filed by Cilluffo Associates, L.P. ("Cilluffo
Associates"), Zenith Associates, L.P. ("Zenith"), Frank and Irja Cilluffo
Foundation, Inc. (the "Foundation"), Frank J. A. Cilluffo, Marvin E. Lesser and
General Edward C. Meyer (Ret.) (collectively, the "Reporting Persons"). The
principal business of each of Cilluffo Associates and Zenith is investing in
securities for its own account. Messrs. Cilluffo, Lesser and Meyer are managing
general partners of Cilluffo Associates. Mr. Cilluffo is the sole managing
general partner of Zenith. The Foundation is a not-for-profit foundation
investing for its own account. Mr. Cilluffo is the President and a Director of
the Foundation and has sole voting and dispositive power over the Shares owned
by the Foundation. Irja Cilluffo is the Vice-President and Treasurer and a
Director of the Foundation. There are no other executive officers or directors
of the Foundation.
Cilluffo Capital, L.P. ("Cilluffo Capital") is also a general partner of
Cilluffo Associates. However, the management of Cilluffo Associates is vested
in Mr. Cilluffo, and Cilluffo Capital has no voting or dispositive power over
the Shares owned by Cilluffo Associates. Moreover, the management of Cilluffo
Capital is vested exclusively in Mr. Cilluffo, who is the managing general
partner of Cilluffo Capital. Cilluffo Capital's principal business is serving
as a general partner of Cilluffo Associates.
Information with respect to each of the Reporting Persons is given solely
by such Reporting Person and no Reporting Person has responsibility for the
accuracy or completeness of information supplied by another Reporting Person
unless such Reporting Person has reason to believe that such information is
inaccurate. By its or his signature on this statement, each of the Reporting
Persons agrees that this statement is filed on behalf of it or him.
(c) The principal business address of Cilluffo Associates is 717 Fifth
Avenue, 23rd floor, New York, New York 10022. The principal business address of
each of Zenith, the Foundation, Cilluffo Capital, Mr. Cilluffo, Mr. Lesser and
Ms. Cilluffo is 439 Middle Street, Portsmouth, New Hampshire 03801. The address
Page 8 of 14
<PAGE>
of General Meyer is 1101 S. Arlington Ridge Road, Arlington, VA 22202.
(d) During the last five years, none of the Reporting Persons, Cilluffo
Capital or Ms. Cilluffo has been convicted in a criminal proceeding (excluding
traffic violations and similar misdemeanors).
(e) During the last five years, none of the Reporting Persons, Cilluffo
Capital or Ms. Cilluffo has been a party to a civil proceeding of a judicial or
administrative body of competent jurisdiction and as a result of such proceeding
was or is subject to a judgment, decree or final order enjoining future
violations of, or prohibiting or mandating activities subject to, federal or
state securities laws or finding any violation with respect to such laws.
(f) Messrs. Cilluffo, Lesser and Meyer are United States citizens, Ms.
Cilluffo is a citizen of Switzerland, each of Cilluffo Associates, Zenith and
Cilluffo Capital is a Delaware limited partnership and the Foundation is a
Delaware not-for-profit corporation.
Item 3. Source and Amount of Funds or Other Consideration.
The aggregate purchase price of the 827,700 Shares presently owned by
Cilluffo Associates was $21,595,540 (including brokerage commissions). The
aggregate purchase price of the 26,000 Shares presently owned by Zenith was
$694,458 (including brokerage commissions). The aggregate purchase price of the
10,000 Shares present owned by the Foundation was $250,500 (including brokerage
commissions). The aggregate purchase price of the 15,000 Shares presently owned
by Mr. Cilluffo was $375,750 (including brokerage commissions).
Item 4. Purpose of Transaction.
The Shares owned by Cilluffo Associates, Zenith, the Foundation and Mr.
Cilluffo were acquired for investment purposes. Such parties will periodically
review their investments in the Shares and may, from time to time or at any
time, determine to buy Shares or any other securities of the Company or sell
Shares or such other securities in the open market, in privately negotiated
transactions or otherwise.
Except as otherwise stated herein, none of the Reporting Persons, Cilluffo
Capital or Ms. Cilluffo has any present plan or proposal which relates to or
would result in (a) the acquisition by any person of additional securities of
the Company or the disposition of securities of the Company; (b) an
extraordinary corporate transaction, such as a merger, reorganization or
liquidation involving the Company or any subsidiary thereof; (c) a sale or
transfer of a material amount
Page 9 of 14
<PAGE>
of assets of the Company or any subsidiary thereof; (d) any change in the
present board of directors or management of the Company; (e) any material change
in the present capitalization or dividend policy of the Company; (f) any other
material change in the Company's business or corporate structure; (g) changes in
the Company's charter, by-laws or instruments corresponding thereto or other
actions which may impede the acquisition or control of the Company by any
person; (h) causing a class of securities of the Company to cease to be
authorized to be quoted in an inter-dealer quotation system of a registered
national securities association; (i) a class of equity securities of the Company
becoming eligible for termination of registration pursuant to Section 12(g) of
the Act; or (j) any action similar to any of those enumerated above.
Item 5. Interest in Securities of the Issuer.
<TABLE>
<CAPTION>
(a) and (b)
Number of Shares Percent of
Reporting Person Beneficially Owned Class (1)
- --------------------- ------------------ ----------
<S> <C> <C>
Mr. Cilluffo 878,700 (2)(3)(4)(5) 5.87%
Mr. Lesser 827,700 (2)(5) 5.53%
Gen. Meyer 827,700 (2)(5) 5.53%
Cilluffo Associates 827,700 (2)(5) 5.53%
Zenith 26,000 (3)(5) .17%
The Foundation 10,000 (4)(5) .07%
- -------------------
</TABLE>
(1) Based on the 14,977,866 Shares outstanding as of October 31, 1993, as
reported in the Company's 10-Q for the fiscal quarter ended September 30,
1993.
(2) 827,700 Shares are directly owned by Cilluffo Associates, Messrs. Cilluffo,
Lesser and Meyer, as managing general partners of Cilluffo Associates, are
deemed to share voting and dispositive power over Shares.
(3) 26,000 Shares are directly owned by Zenith. Mr. Cilluffo, as managing
general partner of Zenith, is deemed to share voting and dispositive power
over such Shares.
(4) 10,000 Shares are directly owned by the Foundation. Mr. Cilluffo, as
President of the Foundation, is deemed to share voting and dispositive
power over such Shares.
(5) Although each of Cilluffo Associates, Zenith, the Foundation and Mr.
Cilluffo could be deemed, by virtue of Rule 13d-5(b)(1) under the
Securities Exchange Act of 1934, as
Page 10 of 14
<PAGE>
amended (the "Act"), to be the beneficial owner of the Shares owned by each
of the others, each such party disclaims such beneficial ownership. To the
knowledge of the Reporting Persons, Ms. Cilluffo is not the beneficial
owner of Shares.
(c) Certain information concerning transactions in the Shares
effected by Cilluffo Associates during the past 60 days is set forth on Schedule
I hereto. Except as set forth on Schedule I, no transactions in the Shares were
effected by any of the Reporting Persons during such period.
(d) Not Applicable.
(e) Not Applicable.
Item 6. Contracts, Arrangements or Understandings With Respect to Securities
of the Issuer.
Not Applicable.
Item 7. Material to be Filed as Exhibits.
Exhibit 1 - Agreement Concerning Joint Filing of Schedule 13D.
Page 11 of 14
<PAGE>
SIGNATURES
After reasonable inquiry and to the best of our knowledge and belief,
the undersigned certify that the information set forth in this statement is
true, complete and correct.
March 10, 1994
CILLUFFO ASSOCIATES, L.P.
By: /s/ Frank J. A. Cilluffo
-----------------------------
Title: Managing General Partner
ZENITH ASSOCIATES, L.P.
By: /s/ Frank J. A. Cilluffo
-----------------------------
Title: Managing General Partner
FRANK AND IRJA CILLUFFO FOUNDATION
By: /s/ Frank J. A. Cilluffo
-----------------------------
Title: President
/s/ Frank J. A. Cilluffo
----------------------------------
Frank J. A. Cilluffo
/s/ Marvin E. Lesser
----------------------------------
Marvin E. Lesser
/s/ Edward C. Meyer
----------------------------------
General Edward C. Meyer (Ret.)
Page 12 of 14
<PAGE>
SCHEDULE I
Transactions by Cilluffo Associates
Stone & Webster, Inc.
<TABLE>
<CAPTION>
Number Price
Trade Date of Shares Per Share
- ------------------- --------- ---------
<S> <C> <C>
January 19, 1994 1,800 $28.63
January 19, 1994 1,000 $28.75
January 20, 1994 900 $28.88
January 21, 1994 1,300 $28.88
January 25, 1994 2,100 $29.00
January 27, 1994 400 $29.13
January 27, 1994 1,000 $29.25
January 27, 1994 1,000 $29.00
January 28, 1994 1,200 $29.25
January 28, 1994 300 $29.38
January 31, 1994 200 $29.25
February 11, 1994 900 $30.38
February 14, 1994 200 $30.00
February 14, 1994 1,000 $30.13
February 15, 1994 1,800 $30.13
February 28, 1994 32,700 $30.50
February 28, 1994 2,400 $30.63
March 1, 1994 12,200 $30.88
March 1, 1994 27,300 $31.00
March 3, 1994 200 $30.38
March 4, 1994 2,800 $30.38
March 4, 1994 1,400 $30.25
March 7, 1994 1,400 $30.25
March 7, 1994 53,300 $30.00
March 9, 1994 4,000 $30.18
- -----------
</TABLE>
All shares purchased on the New York Stock Exchange in brokerage transactions.
The price is exclusive of brokerage commissions.
Page 13 of 14
<PAGE>
AGREEMENT CONCERNING JOINT FILING
OF SCHEDULE 13D
The undersigned agree as follows:
(1) Each of them is individually eligible to use the Schedule 13D to
which this Exhibit is attached, and such Schedule 13D is filed on behalf of each
of them; and
(ii) Each of them is responsible for the timely filing of such
Schedule 13D and any amendments thereto, and for the completeness and accuracy
of the information concerning such person contained therein; but none of them is
responsible for the completeness or accuracy of the information concerning the
other persons making the filing, unless such person knows or has reason to
believe that such information is inaccurate.
March 10, 1994
CILLUFFO ASSOCIATES, L.P.
By: /s/ Frank J. A. Cilluffo
-----------------------------
Title: Managing General Partner
ZENITH ASSOCIATES, L.P.
By: /s/ Frank J. A. Cilluffo
-----------------------------
Title: Managing General Partner
FRANK AND IRJA CILLUFFO FOUNDATION
By: /s/ Frank J. A. Cilluffo
-----------------------------
Title: President
/s/ Frank J. A. Cilluffo
----------------------------------
Frank J. A. Cilluffo
/s/ Marvin E. Lesser
----------------------------------
Marvin E. Lesser
/s/ Edward C. Meyer
----------------------------------
General Edward C. Meyer (Ret.)
Page 14 of 14
