EXHIBIT (c)(6)
================================================================================
Presentation to
[LOGO OF NTT COMMUNICATIONS]
Regarding Project Chaser
May 5, 2000
The information contained in this presentation was obtained solely from NTT
Communications and from other sources that Merrill Lynch believes to be
reliable. Merrill Lynch used and relied upon such information in the preparation
of this presentation and did not assume any responsibility for independently
verifying such information. Merrill Lynch makes no representation or warranty
with respect to the accuracy of such information. This presentation is prepared
as of May 17, 2000 and reflects information made available to Merrill Lynch
prior to such date and does not include information regarding all of the
assessments.
THIS PRESENTATION WAS PREPARED SOLELY FOR THE USE AND BENEFIT OF NTT
COMMUNICATIONS IN ITS EVALUATION OF THE OFFER AND THE MERGER AND MAY NOT BE USED
FOR ANY OTHER PURPOSE. THIS PRESENTATION IS NOT DIRECTED TO VERIO OR THE
STOCKHOLDERS OF VERIO AND DOES NOT REPRESENT A JUDGMENT AS TO THE FAIRNESS OF
THE CONSIDERATION TO BE PAID BY NTT COMMUNICATIONS TO VERIO OR THE STOCKHOLDERS
OF VERIO.
This presentation material is prepared for the confidential use of the board of
directors of NTT Communications Corporation. This presentation material shall be
kept confidential and shall not be disclosed to any third party.
The information contained in this presentation material is based on information
supplied or otherwise made available to us, discussed with or reviewed by or for
us, or publicly available. We have assumed and relied on the accuracy and
completeness of all such information, and we have not assumed any responsibility
for independently verifying such information or undertaken an independent
evaluation or appraisal of any of the assets or liabilities of the target
company. With respect to the financial forecast information and expected
synergies furnished to or discussed with us by you or the target company, we
have assumed that they have been reasonably prepared and reflect the best
currently available estimates and judgment of your or target company's
management as to the expected future financial performance of the target
company.
The information contained herein is necessarily based upon market, economic
and other conditions as they exist and can be evaluated on, and on the
information made available to us as of the date of this presentation material.
The information contained herein was based in part on market prices as of the
close of business May 3, 2000.
[Merrill Lynch LOGO]
Table of Contents
- --------------------------------------------------------------------------------
1. Executive Summary
2. Valuation of Chaser
3. Assessment of Synergies
4. Impact on Himawari
5. Assessment of Other Bidder
[Merrill Lynch LOGO]
- --------------------------------------------------------------------------------
Executive Summary
- --------------------------------------------------------------------------------
Executive Summary
- --------------------------------------------------------------------------------
Summary Observations
. Provide updated valuation range for Chaser
. Market volatility increases uncertainty
. Chaser transition to higher growth business
model increases range of outcomes
. Extremely strong, well-received IQ results
. Web hosting companies have traded up recently
. Assess Synergies
. Value synergies
. Compare to synergies in other similar transactions
. Summarize impact on Himawari
. Significant transaction for Himawari
. Largest cash acquisition of IP services company
. Assess price other bidder can pay
. Aspire recent stock price strength may improve
its ability to bid aggressively
[Merrill Lynch LOGO] 1
Executive Summary
================================================================================
Chaser: Strengths and Concerns
. Leading web hosting company with critical mass in U.S.
. Successful track record transitioning to higher growth IP services
. Strong U.S. and international distribution
. Significant customer base
. Sophisticated, scaleable national platform for IP services
. Dominant presence in high growth SME market
. Deep and numerous strategic partnerships
. Significant shift in business model
. Traditional business (access) commoditizing
. Historically high customer churn
. Increased competition from integrated providers
[Merrill Lynch LOGO] 2
- --------------------------------------------------------------------------------
Valuation of Chaser
- --------------------------------------------------------------------------------
Valuation of Chaser
- --------------------------------------------------------------------------------
Summary Per Share Valuation
Equity Value per Share (3)
[BAR CHART]
$80.00 $60.00 $65.00 $73.00 $81.00 $100.00 $45.00 $60.00
$23.69 $27.00 $42.00 $45.00 $53.00 $55.00 $37.00 $45.00 $33.38
Current Price
- -------------------------------------------------------------------------------------------------------------------- (5/3/00)
52 Week Public Sum of DCF(1) DCF(1) Analyst Acquisition Premium
Trading Comparables Parts(1) (No (w/ Price Comparables Analysis
Range Synergies) Synergies) Targets
2001E Revenue 9.0x - 11.0x
Multiples based 2009E EBITDA High and Low
on Public Terminal Multiple, DCF values plus
4.0x - 9.0x Comparable 14.0% - 18.0% Midpoint PV of
Methodology -- 2001E Revenue Companies WACC Synergies(2)
- -----------------------------------------------------------------------------------------------------------------------------------
Implied Multiples:
2000E Revenues (1) 5.8x - 20.2x 6.7x - 15.2x 10.4x - 16.5x 11.1x - 18.3x 13.1x - 20.3x
2001E Revenues (1) 3.4x - 12.0x 4.0x - 9.0x 6.2x - 9.8x 6.6x - 10.9x 7.8x - 12.1x
35% - 80%
Premium to
Analyst Price 5.4x - 6.6x Recent Market
Methodology Targets 2001E Revenue Price
- ------------------------------------------------------------------------------------
Implied Multiples:
2000E Revenues (1) 13.8x - 25.3x 9.1x - 11.1x 11.2x - 15.1x
2001E Revenues (1) 8.2x - 15.0x 5.4x - 6.6x 6.7x - 9.0x
(1) Based on Himawari's Base Case estimates.
(2) Midpoint PV of synergies based on 7.0x EBITDA terminal multiple and 15%
WACC.
(3) Fully diluted shares outstanding provided by Chaser. Adjusted to include
an additional 3.5 million options to be issued prior to closing.
3
A012255
Valuation of Chaser
- --------------------------------------------------------------------------------
Summary Per Share Valuation - Pricing Matrix
Price per Share $45 $50 $55 $60 $65 $70
--------- --------- --------- --------- --------- ---------
% Premium
Closing Price (5/3/00) 34.8% 49.8% 64.8% 79.8% 94.8% 109.7%
1 Week Average 34.7% 49.6% 64.6% 79.6% 94.5% 109.5%
1 Month Average 38.9% 54.3% 69.8% 85.2% 100.6% 116.1%
Implied Equity Value (EV) $4,795.0 $5,327.8 $5,860.6 $6,393.4 $6,926.2 $7,458.9
Plus: Net Debt (124.6) (124.6) (124.6) (124.6) (124.6) (124.6)
--------- --------- --------- --------- --------- ---------
Implied Firm Value (FV) $4,670.4 $5,203.2 $5,736.0 $6,268.8 $6,801.5 $7,334.3
Firm Value
2000E Revenue/(1)/ 11.2x 12.5x 13.8x 15.1x 16.3x 17.6x
2001E Revenue/(1)/ 6.7x 7.4x 8.2x 8.9x 9.7x 10.5x
- ----------------------------
(1) Based on Himawari's Base Case.
[LOGO OF MERRILL LYNCH APPEARS HERE]------------------------------------------ 4
A012255
Valuation of Chaser
- --------------------------------------------------------------------------------
Summary Implied Per Share Valuation - Pricing Matrix
Offer Price per Share $45 $50 $55 $60 $65 $70
Implied Price per Share $42 $47 $51 $56 $60 $65
--------- --------- --------- --------- --------- ---------
% Premium
Closing Price (5/3/00) 26.3% 40.0% 53.7% 67.4% 81.1% 94.9%
1 Week Average 26.1% 39.8% 53.5% 67.2% 80.9% 94.6%
1 Month Average 30.1% 44.2% 58.4% 72.5% 86.6% 100.8%
Implied Equity Value (EV) $4,490.6 $4,978.4 $5,466.3 $5,954.1 $6,442.0 $6,929.8
Plus: Net Debt (124.6) (124.6) (124.6) (124.6) (124.6) (124.6)
--------- --------- --------- --------- --------- ---------
Implied Firm Value (FV) $4,366.0 $4,853.8 $5,341.7 $5,829.5 $6,317.3 $6,805.2
Firm Value/
2000E Revenue/(1)/ 10.5x 11.7x 12.8x 14.0x 15.2x 16.3x
2001E Revenue/(1)/ 6.2x 6.9x 7.6x 8.3x 9.0x 9.7x
- ----------------------------
(1) Based on Himawari's Base Case.
[LOGO OF MERRILL LYNCH APPEARS HERE]------------------------------------------ 5
Valuation of Chaser
================================================================================
Stock Price Performance vs. Peer Group and NASDAQ (5/3/99 - 5/3/00)
. Chaser had underperformed Peer Group and NASDAQ
. Over last 12 months
. More pronounced over last 3 months
. 1Q earnings release and analyst commentary narrowed gap
[LINE GRAPH APPEARS HERE]
Data Index
+66.4%
NASDAQ
+46.2%
Chaser
-4.1%
____Chaser _____NASDAQ ____Data Index/(1)/
- -------------------------
(1) Data index includes Exodus, Digex, PSINet, Globix, Earthlink, Interliant
and Digital Island.
6
Valuation of Chaser
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Stock Price Performance (1/1/00 - 5/3/00)
[LINE CHART APPEARS HERE]
Share Price
300% 1/31/00: 2/9/00:
Chaser announces plans to Chaser teams with Oracle to
accelerate web hosting and deliver hosted database
colocation services. applications to SMEs.
250% 4/26/00:
Chaser announces 1Q
revenue of $81.1mm
(+11% seq.). Also,
announces strategic
200% alliance with Gateway.
150%
Exodus -2.2%
100% Digex -1.8%
3/1/00: 3/6/00:
Chaser announces 4Q revenue of $73.0mm Chaser announces shared web hosting Chaser -27.7%
and full-year revenue of $258.3mm (+114% and e-commerce agreement with Globix -30.0%
vs. 1998). Also, signs definitive agreement Qwest.
50% to invest $30mm for 39% of Agilera.com
0%
1/1/00 1/13/00 1/25/00 2/6/00 2/19/00 3/2/00 3/14/00 3/27/00 4/8/00 4/20/00 5/3/00
---------------------------------------------
----Chaser ----Exodus ----Digex ----Globix
---------------------------------------------
7
Valuation of Chaser
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Chaser Trading History (5/3/99 - 5/3/00)
. Approximately 85% of Chaser's stock has traded at less than $65 per
share in last year
. Majority of stock traded in $24-$40 range in the last twelve months
. Since 1Q earnings release, approximately 10.9 million shares have traded
at an average price of $33.41
[BAR CHART APPEARS HERE]
Shares Traded (000's) Percent of Volume Which Traded Within Stock Price Range
140,000
32.4%
120,000
100,000
21.7%
80,000
60,000 14.8%
10.8%
40,000 9.7%
7.3%
20,000 3.3%
0
$24-$32 $32-$40 $40-$48 $48-$56 $56-$64 $64-$72 $72-$80
[BAR CHART APPEARS HERE]
Cumulative Shares Traded Percent of Volume Which Traded Below Stock Price
(000's)
450,000
100.0%
400,000 96.7%
350,000 87.0%
300,000 79.7%
250,000 64.9%
54.2%
200,000
150,000
100,000 21.7%
50,000
0
$32.00 $40.00 $48.00 $56.00 $64.00 $72.00 $80.00
- ---------------------------
Source: FactSet Research.
8
Valuation of Chaser
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Revenue Segmentation Overview
($ in Millions)
=========================================================================
. Chaser business/revenue stream has 6 identifiable components
. Identifiable components within access and hosting are similar
but closer to certain identified publicly traded companies
=========================================================================
1st Q2000
1Q '00 Revenue Contribution Revenue Segment Revenue Public Comparables
----------------------------------- ---------------------------------- ---------- -----------------------------
Access
[PIE CHART] ------
[ ] Dial Up Access $ 5.9 Earthlink, PSINet
[ ] Dedicated Access 25.8 PSINet, Digital Island,
DSL Providers
Hosting and Enhanced Services
-----------------------------
[ ] Dedicated Hosting 5.5 Digex
[ ] Collocation 5.7 Exodus, Globix
[ ] Shared Hosting and 26.3 NaviSite, Globix,
e-Commerce Services Exodus, PSINet, Critical Path
[ ] Telco Circuits/Other 11.9 PSINet, DSL Providers
-----
$81.1
=====
[Merrill Lynch Logo]
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Valuation of Chaser
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Public Comparables/(1)/
[GRAPH APPEARS HERE]
1.9x 4.1x 6.0x 8.2x 8.5x 22.1x 25.6x 29.8x 32.0x
48.8% 40.3% 263.5% 61.1% 141.4% 342.5% 211.0% 133.2% 539.4%
[BAR GRAPH]
1.5x 3.2x 3.4x 4.7x 4.9x 9.4x 11.3x 13.4x 15.1x
25.7% 29.5% 76.1% 81.0% 68.4% 134.7% 126.2% 137.9% 97.4%
Implied Value for Chaser
- ------------------------
4.0x - 9.0x 2000E Revenues/(4)/: $16.80 - $36.33
4.0x - 9.0x 2001E Revenues/(4)/: $27.49 - $60.38
- ----------------------
(1) Price as of 5/3/00.
(2) Excludes Chaser.
(3) Pro Forma Mindspring.
(4) Based on Himawari's Base Case.
10
Valuation of Chaser
================================================================================
Sum-of-the-Parts
% Firm Value by Segment
- -----------------------
[PIE CHART APPEARS HERE]
11.5% 42.4% 6.4% 0.8% 0.9% 18.3% 19.9%
Collocation Hosting- Telco Dial-Up Access Agilera.com Access Hosting-
Shared Circuits/ Dedicated Dedicated
Other
Firm Value by Segment ($ Millions)
- ----------------------------------
[GRAPH APPEARS HERE]
$910 $987 $569 $2,094 $319 $38 $45 $4,962
Dedicated Hosting Collocation Hosting Teleco Dial-Up Agilera. Total
Access Dedicated Shared Circuits com Firm
Other Value
% Firm Value by Segment
- -----------------------
[GRAPH APPEARS HERE]
14.4% 32.6% 4.6% 0.7% 0.8% 14.1% 32.8%
Collocation Hosting- Telco Dial-Up Access Agilera.com Access Hosting-
Shared Circuits/ Dedicated Dedicated
Other
Firm Value by Segment ($ Millions)
- ----------------------------------
[GRAPH APPEARS HERE]
$790 $1,833 $804 $1,824 $253 $38 $45 $5,587
Dedicated Hosting Collocation Housing Teleco Dial-Up Agilera. Total
Access Dedicated Shared Circuits com Firm
Other Value
- ----------------------
(1) Based on Himawari's Base Case.
11
Valuation of Chaser
- --------------------------------------------------------------------------------
Sum-of-the-Parts - 2000E Revenue Multiples
Multiple Range Enterprise Value Trading Multiples
2000E -------------- ---------------------- Public -----------------
Revenue(1) Low High Low High Midpoint Comparables Low High
---------- -------------- ---------------------- -------- ----------- -----------------
Internet Access
- ---------------
Dedicated $130.0 6.0x 8.0x $780.0 $1,040.0 $910.0 PSINet 4.2x 4.4x
Digital Island 19.5x 26.0x
DSL Providers 17.2x 21.5x
Dial-Up 25.1 1.0x 2.0x 25.1 50.2 37.7 Earthlink 1.5x 2.3x
PSINet 4.2x 4.4x
Enhanced Services
- -----------------
Hosting - Shared 135.1 13.0x 18.0x 1,756.3 2,431.8 2,094.1 Navisite 28.4x 38.2x
Globix 7.4x 10.5x
Exodus 24.4x 26.6x
Critical Path 17.3x 24.5x
PSINet 4.2x 4.4x
Hosting - Dedicated 47.0 18.0x 24.0x 846.0 1,128.0 987.0 Digex 22.4x 35.2x
Collocation 33.5 15.0x 19.0x 502.5 636.5 569.5 Exodus 24.4x 26.6x
Globix 7.4x 10.5x
Telco Circuits/Other 45.6 6.0x 8.0x 273.6 364.8 319.2 PSINet 4.2x 4.4x
DSL Providers 17.2x 21.5x
Agilera.com (39%) $30.0(2) 1.0x 2.0x 30.0 60.0 45.0
--------- --------- ---------
Firm Value $4,213.5 $5,711.3 $4,962.4
Less: Net Debt ($124.6) ($124.6) ($124.6)
--------- ---------- ---------
Equity Value $4,338.1 $5,835.9 $5,087.0
Shares Outst. 106.6 106.6 106.6
Value per Share $40.71 $54.77 $47.74
----------------------------------------------------------
| Implied Revenue Multiples |
| ------------------------- |
| Internet Access 5.2x 7.0x 6.1x |
| Enhanced Services 12.9x 17.5x 15.2x |
| Total 10.1x 13.7x 11.9x |
----------------------------------------------------------
- --------------------------------------------
(1) Based on Himawari's Base Case estimates.
(2) Total amount invested.
[Merrill Lynch Appears Here]------------------------------------------------- 12
Valuation of Chaser
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Sum-of-the-Parts - 2001E Revenue Multiples
Multiple Range Enterprise Value Trading Multiples
2001E -------------- ---------------------- Public ----------------- Value
Revenue(1) Low High Low High Midpoint Comparables Low High Contrib.
---------- -------------- ---------------------- -------- ----------- ----------------- --------
Internet Access
- ---------------
Dedicated $175.5 3.0x 6.0x $526.5 $1,053.0 $789.8 PSINet 3.3x 3.4x 14.1%
Digital Island 8.3x 11.1x
DSL Providers 6.1x 7.6x
Dial-Up 25.1 1.0x 2.0x 25.1 50.2 37.7 Earthlink 1.5x 1.9x 0.7%
PSINet 3.3x 3.4x
Enhanced Services
- -----------------
Hosting - Shared 202.7 7.0x 11.0x 1,418.6 2,229.2 1,823.9 Navisite 12.0x 16.0x 32.6%
Globix 4.1x 5.8x
Exodus 10.8x 11.8x
Critical Path 8.6x 12.2x
PSINet 3.3x 3.4x
Hosting - Dedicated 141.0 11.0x 15.0x 1,551.0 2,115.0 1,833.0 Digex 11.3x 17.8x 32.8%
Collocation 100.5 6.0x 10.0x 603.0 1,005.0 804.0 Exodus 10.8x 11.8x 14.4%
Globix 4.1x 5.8x
Telco Circuits/Other 56.3 3.0x 6.0x 169.0 338.0 253.5 PSINet 3.3x 3.4x 4.5%
DSL Providers 6.1x 7.6x
Agilera.com (39%) $30.0(2) 1.0x 2.0x 30.0 60.0 45.0 0.8%
--------- --------- ---------
Firm Value $4,323.1 $6,850.3 $5,586.7 100.0%
Less: Net Debt ($124.6) ($124.6) ($124.6)
--------- ---------- ---------
Equity Value $4,447.8 $6,974.9 $5,711.3
Shares Outst. 106.6 106.6 106.6
Value per Share $41.74 $65.46 $53.60
----------------------------------------------------------
| Implied Revenue Multiples |
| ------------------------- |
| Internet Access 2.7x 5.5x 4.1x |
| Enhanced Services 7.5x 11.4x 9.4x |
| Total 6.2x 9.8x 8.0x |
----------------------------------------------------------
- --------------------------------------------
(1) Himawari's Base Case estimates.
(2) Amount invested.
13
Valuation of Chaser
- --------------------------------------------------------------------------------
Discounted Cash Flow Analysis Summary Per Share Valuation
[GRAPH APPEARS HERE]
. DCF values vary widely based on underlying projections
. One Wall Street analyst (Wasserstein Perella) has extremely high projected
growth
. Chaser management has pointed towards these projections for guidance
. Merrill Lynch has analyzed Himawari's Base Case with more moderate growth
scenarios
E
q
u $180.00
i
t $160.00 $161.02
y
$140.00
V ____________
a $120.00
l
u $100.00 $99.51
e $80.52
$80.00 ----------
p | $72.67 |
e $60.00 __________
r $44.67
$40.00
S __________________________________________________________________________________ $33.28
h $20.00 Current Price
a (5/3/00)
r $0.00 -------------------------------------------|-----------------------------------|
e Wasserstein Perella Himawari's Base Case
------
| | With Synergies/(2)/
______
- --------------------------------------------------------------------------------------------
9.0x - 11.0x 2009 EBITDA 9.0x - 11.0x 2009 EBITDA
Methodology Terminal Multiple, Terminal Multiple,
14.0% - 18.0% WACC 14.0% - 18.0% WACC
- --------------------------------------------------------------------------------------------
Implied Multiples:
2000E Revenue/(1)/ 25.2x - 40.9x 11.1x - 18.3x
2001E Revenue/(1)/ 14.9x - 24.3x 6.6x - 10.9x
- -------------------------------------------------------------------------------------------
- ----------------
(1) Based on Himawari's Base Case estimates.
(2) Midpoint of synergies calculated using 6.0x-8.0x EBITDA terminal multiple
and 13.0%-17.0% WACC.
14
A012255
Valuation of Chaser
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Summary of Projections
($ in Millions)
Wasserstein Perella Himawari's Base Case
--------------------- ---------------------
2000 Revenue $411.3 $416.3
2001 Revenue $699.5 $701.1
Peak EBITDA Margin 32% 32%
'00-'09
1999P 2000P 2001P 2005P 2009P CAGR
------ ------ ------ ------- ------- --------
Internet Access
- ---------------
Dedicated $ 96.3 $130.0 $175.5 $481.2 $923.9 24.3%
year % growth 35.0% 35.0% 24.0% 14.0%
Dial-Up 25.1 25.1 25.1 25.1 25.1 0.0%
year % growth 0.0% 0.0% 0.0% 0.0%
Enhanced Services
- -----------------
Total Enhanced Services $136.9 $261.2 $500.5 $2,187.7 $5,576.4 40.5%
year % growth 90.8% 91.6% 33.6% 21.9%
------ ------ ------ -------- --------
Total Revenue $258.3 $416.3 $701.1 $2,694.0 $6,525.4 35.8%
====== ====== ====== ======== ========
year % growth 61.2% 68.4% 31.4% 20.6%
Revenue Contribution
Dedicated Access 37.3% 31.2% 25.0% 17.9% 14.2%
Dial-Up Access 9.7% 6.0% 3.6% 0.9% 0.4%
Enhanced Services 53.0% 62.7% 71.4% 81.2% 85.5%
------ ------ ------ -------- --------
Total 100.0% 100.0% 100.0% 100.0% 100.0%
15
Valuation of Chaser
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DCF Assumptions and Summary
($ in Millions, Except per Share Amounts)
Benchmarking Comparison of Growth Assumptions for Hosting and Enhanced Services
- -------------------------------------------------------------------------------
Hosting Revenue (2000E)/(1)/ Growth ('00-'04)/(1)/ 1Q Seq. Rev. Growth
---------------------------- --------------------- -------------------
Exodus $752.7 76.8% 32%
Digex 140.2 52.9% 29%
Globix 100.2 63.9% 11%
--------------------- -------------------
Mean: 64.5% 24%
Chaser
Himawari's Base Case 261.2 58.2% 16%/(2)/
- ----------------------------
(1) Merrill Lynch Research.
(2) Hosting and enhanced services only.
[Merrill Lynch LOGO] 16
Valuation of Chaser
- --------------------------------------------------------------------------------
DCF Sensitivity Analysis
. DCF values most sensitive to changes in the WACC
- ----------------------------------------------------------------------
Per Share
Change in DCF Value
--------------------
Sensitivity Analysis Himawari's Base Case
- ---------------------------------------------- --------------------
(+-)1% Revenue CAGR $3.78
(+-)1% Peak EBITDA Margin $1.76
(+-)1 Year Attaining Base Case $4.15
(+-)1.0x Terminal EBITDA Multiple $4.61
(+-)1.0% WACC $4.85
+$75mm Annually in Incremental Capex ('01-'09) $2.21
- ----------------------------------------------------------------------
[Merrill Lynch LOGO] 17
Valuation of Chaser
- --------------------------------------------------------------------------------
Chaser Discounted Cash Flow Analysis - Himawari's Base Case /(1)/
($ in Millions, Except per Share Amounts)
------------- ------------------------- -------------------------
A + B = C
------------- ------------------------- -------------------------
PV of Terminal Value Firm Value with 2009 Implied FCF Growth
PV or FCF Multiple of 2009 EBITDA EBITDA Terminal Multiple of 2009 EBITDA Multiple
Cash Flows ------------------------- ------------------------- -----------------------
Discount Rate (2000-2009) 9.0x 10.0x 11.0x 9.0x 10.0x 11.0x 9.0x 10.0x 11.0x
- --------------- ------------- ========================= ========================= =======================
14.0% $1,216 $5,238 $5,820 $6,402 $6,455 $7,037 $7,619 7.8% 8.4% 8.9%
15.0% 1,126 4,811 5,345 5,880 5,936 6,471 7,005 8.8% 9.4% 9.9%
16.0% 1,042 4,421 4,912 5,404 5,463 5,954 6,446 9.7% 10.3% 10.8%
17.0% 964 4,066 4,518 4,970 5,031 5,482 5,934 10.7% 11.3% 11.8%
18.0% 892 3,742 4,158 4,574 4,635 5,051 5,467 11.6% 12.2% 12.7%
------------------------- ------------------------- -----------------------
------------- -------------------------
D = E
------------- ------------------------- Private Market Valuation PV of Terminal Value
Net Debt/(2)/ Equity Value Equity Value per Share Over Firm Value
------------------------- ------------------------- -----------------------
Discount Rate 9.0x 10.0x 11.0x 9.0x 10.0x 11.0x 9.0x 10.0x 11.0x
- --------------- ------------- ========================= ========================= =======================
14.0% ($125) $6,579 $7,161 $7,743 $61.74 $67.21 $72.67 81.2% 82.7% 84.0%
15.0% (125) 6,061 6,595 7,130 56.88 61.90 66.91 81.0% 82.6% 83.9%
16.0% (125) 5,588 6,079 6,570 52.44 57.05 61.66 80.9% 82.5% 83.8%
17.0% (125) 5,155 5,607 6,059 48.38 52.62 56.86 80.8% 82.4% 83.7%
18.0% (125) 4,760 5,175 5,591 44.67 48.57 52.47 80.7% 82.3% 83.7%
------------- ------------------------- ------------------------- -----------------------
- ---------------------------------------------------------------
(1) Based on Himawari Base Case. DCF value as of 3/31/00.
(2) Provided by Chaser as of 3/31/00.
18
Valuation of Chaser
- --------------------------------------------------------------------------------
DCF Methodologies for Chaser
Company Target Price Methodology
- ------------------------------------ ------------ --------------------------------------------------------
Robert W. Baird & Co. $70.00 11.0x EBITDA; 16% WACC; 7 year model
Thomas Weisel Partners $77.00 DCF: 12.0x 2009 FCF Terminal Multiple and 14% WACC
Wasserstein Perella Securities, Inc. $85.00 DCF: 9.0x 2008 EV/EBITDA Terminal Multiple and 15% WACC
Deutsche Banc Alex. Brown $90.00 13.0x 2008E EBITDA; 15% WACC
ING Barings (11/19/99) $53.00 5.0x FCF; 15% WACC; terminal year not disclosed
Lazard Freres (12/13/99) $63.00 6% perpetual growth rate in FCF; 12% WACC
H&Q (11/30/99) NA 30.0x 2005E cash flow; 15-20% WACC
- --------------------------------------------------------------------------------
Merrill Lynch Observations
- --------------------------
. WACC analysis of peer group indicates 17% - 20% range
. Perpetual free cash flow growth of 9-11% implies 9-12x EBITDA multiple
+ Aggressive but reasonable
+ Business relatively mature by 2009
+ Implies 3% inflation rate, 6-8% real growth
+ Current trading multiples of mature telcos range from 7.0x - 9.0x
2000E EBITDA
- --------------------------------------------------------------------------------
[Merrill Lynch LOGO] 19
Valuation of Chaser
- --------------------------------------------------------------------------------
Summary Analyst Price Targets
Publication Price at Time
Firm Date Recommendation Price Target of Report
------------------------------------ ----------- ----------------- ------------ -------------
Lehman Brothers 5/1/00 Buy $88.00 $37.56
CIBC World Markets 5/1/00 Buy 90.00 37.56
PaineWebber, Inc. 5/1/00 Attractive 75.00 37.56
Robert W. Baird & Co. 4/28/00 Buy 70.00 29.00
Credit Suisse First Boston 4/28/00 Market Outperform 95.00 29.00
Deutsche Banc Alex. Brown 4/28/00 Strong Buy 90.00 29.00
Morgan Stanley Dean Witter 4/28/00 Outperform 66.00 29,00
Wasserstein Perella Securities, Inc. 4/28/00 Strong Buy 85.00 29.00
Donaldson, Lufkin & Jenrette 4/28/00 Buy 80.00 29,00
Pacific Crest 4/28/00 Strong Buy 100.00 29.00
First Albany 4/28/00 Strong Buy 60.00 29.00
First Union 4/28/00 Top Rating 85.00 29.00
Hibernia Southcoast 4/28/00 Strong Buy 55.00 29.00
Janney Montgomery Scott 4/27/00 Accumulate 86.00 26.44
Thomas Weisel Partners 4/27/00 Strong Buy 77.00 26.44
Salomon Smith Barney 4/27/00 Buy 85.00 26.44
---------------------------------------
Range $55.00 - $100.00
---------------------------------------
20
Valuation of Chaser
- --------------------------------------------------------------------------------
Comparable Transactions Analysis
2.9x 3.1x 5.6x 5.6x 6.0x 6.2x 6.3x
Tax Acquirer: DIGEX PSINet Ebone Earthlink TABNet Voyager.net Earthlink
Intermedia Matamor GTS Mindspring Verio CoreComm Sprint
Date Announced: 6/5/97 3/22/00 5/14/98 9/23/99 7/7/98 3/13/00 2/11/98
6.4x 9.1x 9.6x 9.9x 10.9x 28.6x 62.1x
Tax Acquirer: Verio Concentric Netscape UUNet SplitRock IXNet AboveNet
NTT NEXTLINK AOL MFS McLeodUSA Global MFN
Crossing
Date Announced: 4/8/98 1/10/00 11/24/98 4/29/96 1/7/00 2/22/00 6/23/99
MCLD/
NXLK/ Split
High Low Mean/(2)/ Median Concentric Rock
---- --- --------- ------ ---------- -----
Metric/(1)/ 62.1x 2.9x 6.8x 6.4x 9.1x 10.9x
Implied Share Value $243.79 $12.50 $27.74 $26.17 $36.72 $43.75
N/A N/A 1.3x 2.5x 3.1x 3.2x 4.0x
Tax Acquirer: Ebone TABNet DIGEX PSINet Verio Earthlink Earthlink
GTS Verio Intermedia Matamor NTT Mindspring Sprint
Date Announced: 5/14/98 7/7/98 6/5/97 3/22/00 4/8/98 9/23/99 2/11/98
4.2x 5.4x 5.6x 5.8x 6.6x 18.7x 20.8x
Tax Acquirer: Voyager.net Concentric UUNet Netscape SplitRock IXNet AboveNet
CoreComm NEXTLINK MFS AOL McLeodUSA Global MFN
Crossing
Date Announced: 3/13/00 1/10/00 4/29/96 11/24/98 1/7/00 2/22/00 6/23/99
MCLD/
NXLK/ Split
High Low Mean/(2)/ Median Concentric Rock
---- --- --------- ------ ---------- -----
Metric/(1)/ 20.8x 1.3x 4.2x 4.8x 5.4x 6.6x
Implied Share Value $138.02 $9.72 $28.80 $32.75 $36.70 $44.59
- -------------
(1) Based on Himawari's Base Case 2000 and 2001 revenue estimates.
(2) Excludes IXNet/Global Crossing and AboveNet/MFN.
21
Valuation of Chaser
- --------------------------------------------------------------------------------
Premiums Paid in Selected Comparable M&A Transactions
($ in Billions)
Premium to Price
---------------------------------
Announcement Est Transaction One Month One Week One Day
Date Acquirer Target Size Prior Prior Prior
- ------------ -------------------------------- -------------------------- --------------- --------- -------- -------
3/22/00 PSINet Metamor $1.9 167.9% 163.7% 138.9%
3/13/00 CoreComm Voyager.net $0.6 30.6% 37.9% 42.2%
2/29/00 Telecorp Tritel $5.3 63.9% 66.5% 39.2%
2/23/00 Global Crossing IXNet $3.6 12.7% 19.3% 36.3%
2/22/00 SBC Commun. Sterling Commerce $3.6 40.2% 36.7% 58.0%
2/15/00 BCE Teleglobe $6.7 5.6% 3.4% 28.8%
1/10/00 NEXTLINK Concentric 2.9 63.3% 46.0% 50.0%
1/7/00 McLeod USA SplitRock Services 2.1 64.3% 53.5% 37.9%
10/5/99 MCI WorldCom Sprint 127.1 55.0% 31.4% 20.1%
7/21/99 Cincinati Bell IXC Communications 3.1 27.1% 32.4% 36.3%
7/15/99 Qwest U S West 40.5 26.2% 25.6% 10.8%
6/23/99 Voicestream Omnipoint 4.7 90.3% 77.8% 54.2%
6/23/99 Metromedia Fiber Network Inc. AboveNet Communications Inc. 1.6 47.7% 94.9% 35.9%
4/22/99 AT&T MediaOne 62.1 53.3% 41.1% 39.9%
3/17/99 Global Crossing Ltd. Frontier Corp. 12.5 79.1% 70.7% 61.0%
1/15/99 Vodafone Airtouch 62.1 58.6% 56.3% 56.9%
12/18/98 ALLTEL Corp. Aliant Commun. 1.6 33.0% 26.0% 27.0%
10/5/98 AT&T Vanguard Cellular 1.5 22.0% 24.0% 18.0%
7/2/98 Welsh, Carson, Anderson & Stowe Centennial Cell. Corp. 1.2 25.3% 24.5% 24.9%
6/24/98 AT&T TCI 42.7 61.0% 61.0% 44.0%
6/14/98 Teleglobe Excel 3.7 2.0% -6.0% -17.0%
5/11/98 SBC Common. Ameritech Corp. 69.1 21.0% 26.0% 27.0%
4/15/98 Fonorola Call-Net 1.2 25.5% 30.4% 30.1%
3/16/98 ALLTEL Corp. 360 Communications 6.0 50.0% 30.0% 15.0%
3/9/98 Prime Cellular American Cellular 0.8 12.1% 12.0% 13.0%
3/9/98 Qwest Commun. LCI Int'l Inc. 4.4 55.0% 24.0% 22.0%
1/9/98 AT&T Teleport Commun. 12.9 2.0% 7.0% 9.0%
1/5/98 SBC Common. Southern N.E. Tel. 5.8 43.0% 36.0% 33.0%
11/28/97 Teleport Communications ACC Corp. 1.0 27.1% 42.0% 43.5%
11/10/97 WorldCom MCI 41.9 58.0% 64.0% 65.0%
10/1/97 WorldCom Brooks Fiber 2.5 84.0% 58.0% 36.0%
6/6/97 Excel Communications Telco Communications Group 1.2 23.1% 23.6% 22.0%
8/23/96 WorldCom MFS 14.0 87.0% 60.0% 59.0%
4/l/96 SBC Commun. Pacific Telesis 22.4 37.0% 42.0% 39.0%
-------------------------------------------------------------------------------
Maximum $127.1 167.9% 163.7% 138.9%
Mean 16.9 45.7% 42.5% 37.0%
Median 4.1 41.6% 36.4% 36.2%
Minimum 0.6 2.0% -6.0% -17.0%
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Implied Maximum $113.19 $76.47 $79.73
Chaser Price Mean 61.56 41.31 45.71
Median 59.83 39.54 45.44
Minimum 43.10 27.26 27.70
-------------------------------------------------------------------------------
22
================================================================================
Assessment of Synergies
================================================================================
Assessment of Synergies
- --------------------------------------------------------------------------------
Synergy Analysis(1)
$ in Millions
[BAR GRAPH]
$35.4 $83.1 $139.3 $203.1 $219.7
2001(3) 2002 2003 2004 2005
$ in Millions
[BAR GRAPH]
$189.0 $111.2 $142.3 $394.7 $837.2
Implied
Per Share
Value(4): $1.77 $1.04 $1.33 $3.70 $7.86
. IP Sales to Asia . End-to-End VPN . Existing Chaser Customers
. e-Commerce . Cumulative
- -------------
(1) Source: Himawari
(2) Terminal EBITDA multiple of 7.0x and discount rate of 15.0%. Discounted to
3/31/00.
(3) Does not reflect estimated transaction expenses.
(4) Midpoint of Synergy PV values.
23
Assessment of Synergies
================================================================================
Potential Synergies Benchmark Analysis
($ in Billions, Except Per Share Data)
Chaser Synergy Value Range: $0.7 - $1.1
Aggregate
Aggregrate Premium to Market for Chaser /(1)/: Offer Price Premium
----------- ----------
$45 $1.2
$55 $2.3
$65 $3.4
[GRAPH APPEARS HERE]
$0.6 $0.7 $0.9 $0.8 $1.0 $1.0 $0.8 [$ ] $1.5 $3.1 $2.4 $0.6 $6.0 $0.0
ALLTEL/ WorldCom/ NEXTLINK/ Himawari/ Global Qwest/ Bell
360 (degrees) Brooks Concentric Chaser Crossing/ LCI Atlantic/
Comm. Fiber Frontier NYNEX
$6.6 $0.6 $7.0 $3.7 $9.0 $4.7 $10.5 $7.3 $10.5 $13.2 $13.5 $0.0
AT&T/ SBC/ WorldCom/ AT&T/ SBC/ Bell
Teleport Pactel MFS TCI AIT Atlantic/
GTE
$14.2 $12.0 $15.2 $6.0 $19.5 $18.9 $28.5 $14.1
AT&T/ Qwest/ MCI WorldCom/
Media One U S West WorldCom/ MCI
Sprint
. PV of Synergies . Premium Paid
PV as % of
Combined
Firm Value 9.7% 2.2% 5.1% 0.3% 4.2% 17.5% 8.9% 5.6% 11.9% 36.0% 6.2%
6.2% 8.1% 5.0% 20.4% 7.3% 41.7%
PV as % of
Target
Firm Value 11.3% 37.5% 54.7% 24.4% 12.0% 52.2% 18.1% 58.0% 34.8% 95.3% 31.2%
18.5% 18.0% 29.1% 33.1% 18.1% 105.5%
First Yr. Pre-Tax
Synergies
($mm) $80 $80 $40 $35 $83 $30 $600 $1,000 $300 $460 $1,000 $630
$800 $2,188 $180 $1,900 $2,450
- -------------------------
(1) Based on stock price of $33.38 as of 5/3/00.
24
================================================================================
Impact on Himawari
================================================================================
Impact on Himawari
- --------------------------------------------------------------------------------
Side-by-Side Financial and Trading Analysis
($ in Millions, Except per Share Amounts)
-----------------------------------------------------------------
Himawari/(1)/ Chaser/(2)/
--------------- -----------
Share Price (5/3/00) $13,063.48/(3)/ $33.38
Market Value/(4)/ $207,225.9 $3,556.3
Net Debt 42,616.0 (124.6)
---------- --------
Market Capitalization $249,841.9 $3,431.7
========== ========
Market Value/Net Income
2000E 84.3x NM
2001E 54.8x NM
Market Cap./EBITDA
2000E 6.7x NM
2001E 6.3x 53.3x
Market Cap./Revenue
2000E 4.2x 8.2x
2001E 4.1x 4.9x
Financial Statistics:
---------------------
Revenue:
2000E $58,877.6 $416.3
2001E 61,453.5 701.1
2000E-2004E Revenue CAGR 2.8% 49.0%
2000E EBITDA $37,019.8 $2.5
-----------------------------------------------------------------
- ----------------------------------------
(1) Based on Merrill Lynch research.
(2) Chaser projections based on Himawari Base Case.
(3) Based on exchange rate of 108.7 Yen/$.
(4) Based on fully diluted shares, including conversion of convertible debt.
25
Impact on Himawari
- --------------------------------------------------------------------------------
Accretion/Dilution Analysis
($ in Millions, Except per Share Data)
- --------------------------------------------------------------------------------
In 2001, for Himawari's share price to remain at current trading levels,
analysts would have to believe growth accelerates and reward Himawari with the
following higher multiples.
Breakeven
Current Multiple
--------- -----------
. At $55 offer price,
P/E multiple: 54.8x 67.0x
EBITDA multiple: 6.34x 6.46x
. At $60 offer price,
P/E multiple: 54.8x 68.0x
EBITDA multiple: 6.34x 6.47x
. At $65 offer price,
P/E multiple: 54.8x 69.0x
EBITDA multiple: 6.34x 6.48x
- --------------------------------------------------------------------------------
00-'05
2000E/(1)/ 2001E 2002E 2003E 2004E 2005E CAGR
----------------------------------------------------------------- ---------
Standalone Himawari Net Income/(2)/ $2,458.9 $3,784.0 $5,094.8 $5,707.1 $6,290.7 $6,826.5 22.7%
Fully Diluted Shares Outstanding (mm) 15.9 15.9 15.9 15.9 15.9 15.9
- -------------------------------------------------------------------------------------------------------
Fully Diluted Recurring EPS $ 155.01 $ 238.54 $ 321.17 $ 359.77 $ 396.56 $ 430.34 22.7%
- -------------------------------------------------------------------------------------------------------
Current P/E 84.3x 54.8x 40.7x 36.3x 32.9x 30.4x
Himawari EBITDA Multiple 6.75x 6.34x 6.05x 6.02x 5.81x 5.74x
Chaser Net Income/(3)/ $ (295.6) $ (290.5) $ (159.3) $ (26.6) $ 225.5 $ 511.3 NM
$55/Share Offer Price
- ---------------------
Adjustments (431.0) (402.4) (368.7) (330.4) (320.5) (317.3)
Pro Forma Himawari Net Income $1,732.2 $3,091.1 $4,566.7 $5,350.1 $6,195.7 $7,020.5 32.3%
- -------------------------------------------------------------------------------------------------------
Pro Forma EPS $ 109.20 $ 194.86 $ 287.89 $ 337.27 $ 390.58 $ 442.57 32.3%
Accretion/(Dilution) $ (45.81) $ (43.68) $ (33.29) $ (22.50) $ (5.99) $ 12.23
Accretion/(Dilution) (29.6)% (18.3)% (10.4)% (6.3)% (1.5)% 2.8%
Pre-Tax Synergies to Breakeven $1,397.4 $1,332.4 $1,015.4 $ 686.5 $ 182.6 $ 0.0
Breakeven P/E Multiple 119.6x 67.0x 45.4x 38.7x 33.4x 29.5x
Breakeven EBITDA Multiple 6.89x 6.46x 6.13x 6.07x 5.83x 5.73x
- -------------------------------------------------------------------------------------------------------
$60/Share Offer Price
- ---------------------
Adjustments (474.6) (446.0) (412.3) (374.0) (364.0) (360.8)
Pro Forma Himawari Net Income $1,688.7 $3,047.6 $4,523.2 $5,306.6 $6,152.2 $6,977.0 32.8%
- -------------------------------------------------------------------------------------------------------
Pro Forma EPS $ 106.46 $ 192.12 $ 285.14 $ 334.52 $ 387.83 $ 439.83 32.8%
Accretion/(Dilution) $ (48.55) $ (46.42) $ (36.03) $ (25.25) $ (8.73) $ 9.48
Accretion/(Dilution) (31.3)% (19.5)% (11.2)% (7.0)% (2.2)% 2.2%
Pre-Tax Synergies to Breakeven $1,481.1 $1,416.2 $1,099.2 $ 770.2 $ 266.4 $ 0.0
Breakeven P/E Multiple 122.7x 68.0x 45.8x 39.1x 33.7x 29.7x
Breakeven EBITDA Multiple 6.90x 6.47x 6.15x 6.08x 5.84x 5.74x
- -------------------------------------------------------------------------------------------------------
$65/Share Offer Price
- ---------------------
Adjustments (518.1) (489.5) (455.8) (417.5) (407.6) (404.4)
Pro Forma Himawari Net Income $1,645.2 $3,004.0 $4,479.7 $5,263.0 $6,108.7 $6,933.4 33.3%
- -------------------------------------------------------------------------------------------------------
Pro Forma EPS $ 103.71 $ 189.37 $ 282.40 $ 331.78 $ 385.09 $ 437.08 33.3%
Accretion/(Dilution) $ (51.30) $ (49.17) $ (38.78) $ (27.99) $ (11.48) $6.74
Accretion/(Dilution) (33.1)% (20.6)% (12.1)% (7.8)% (2.9)% 1.6%
Pre-Tax Synergies to Breakeven $1,564.9 $1,499.9 $1,182.9 $ 854.0 $ 350.1 $ 0.0
Breakeven P/E Multiple 126.0x 69.0x 46.3x 39.4x 33.9x 29.9x
Breakeven EBITDA Multiple 6.92x 6.48x 6.16x 6.09x 5.85x 5.75x
- -------------------------------------------------------------------------------------------------------
(1) Represents Himawari's FY2000 which is March 31, 2001 and Chaser FY2000
which is December 31, 2000.
(2) Merrill Lynch research estimates.
(3) Deutsche Bank research estimates dated March 16, 2000.
26
================================================================================
Assessment of Other Bidder
================================================================================
Assessment of Other Bidder
- --------------------------------------------------------------------------------
Assessment of Aspire
. Recent stock price strength increases likelihood it will compete
aggressively for Chaser
- Improvement in equity capital market over past several days has
recharged Aspire currency
- Aspire analyst meeting on May 3rd received well by Wall Street
- Implied offer price based on earlier 0.802x exchange rate is
- As of 5/3/00: $60.95
- 1-Week Avg.: $57.83
- 1-Month Avg.: $53.80
. Ability to pay affected by several factors:
- Significant value creation through cost and revenue synergies
- Aspire's need to acquire data capabilities and skills immediately,
rather than develop them organically
- Dwindling number of players that provide scale and scope
. Chaser represents critical acquisition for Aspire
- Ability to leverage existing network
- Complementary customer base
- Significantly enhanced ability to provide bundled service package
- Acquire large direct and indirect salesforce and channels
. Based on NEXTLINK/Concentric transaction, Aspire could generate
synergies with NPV of $1.3 - $1.9 billion or $12 - $18 per Chaser share
27
Assessment of Other Bidder
- -------------------------------------------------------------------------------
Chaser/Aspire Historical Exchange Ratio (5/3/99 - 5/3/00)
Implied Chaser
Ex. Ratio Offer Price/(2)/
--------- ----------------
Current/(1)/ 0.439x $33.38
1-Week 0.447x 33.98
1-Month 0.477x 36.23
3-Month 0.619x 47.01
6-Month 0.730x 55.45
Max 1.174x 89.22
Min 0.358x 27.22
Mean 0.852x 64.72
Offer 0.802x 60.95
At time of offer (3/31) 0.559x 42.48
Original Offer
of 0.802x
Historical Exchange Ratio
[Line Chart]
- ----------------
(1) As of 5/3/00.
(2) Based on Aspire closing price of $76.00 on 5/3/00.
28
Assessment of Other Bidder
- --------------------------------------------------------------------------------
Aspire
Stock Price
-----------
Current $ 76.00
52-Week High 105.75
52-Week Low 22.83
1-Week Avg. 72.10
1-Month Avg. 67.19
Exchange Ratio
-------------------------------------------------------------------------------
0.6500x 0.7000x 0.7500x 0.8020x 0.8500x 0.9000x 0.9500x
-------------------------------------------------------------------------------
Implied Offer Price $ 49.40 $ 53.20 $ 57.00 $ 60.95 $ 64.60 $ 68.40 $ 72.20
New Issued Aspire Shares 69.26 74.59 79.92 85.46 90.57 95.90 101.23
Pro Forma Shares Outstanding 164.65 169.98 175.31 180.85 185.96 191.29 196.62
Ownership
- --------------------
Aspire Shareholders 57.9% 56.1% 54.4% 52.7% 51.3% 49.9% 48.5%
Chaser Shareholders 42.1% 43.9% 45.6% 47.3% 48.7% 50.1% 51.5%
Implied Offer Price @ Ex. Ratio of
---------------------------------------------------------------
Premium/(Disc.) Aspire
to Current Price Stock Price 0.6500x 0.7000x 0.7500x 0.8020x 0.8500x 0.9000x 0.9500x
------------------------------------------------------------------------------------------------
40.0% $106.40 $69.16 $74.48 $79.80 $85.33 $90.44 $95.76 $101.08
30.0% 98.80 64.22 69.16 74.10 79.24 83.98 88.92 93.86
20.0% 91.20 59.28 63.84 68.40 73.14 77.52 82.08 86.64
10.0% 83.60 54.34 58.52 62.70 67.05 71.06 75.24 79.42
- ----------------------------------------------------------------------------------------------------------------------
Current Share Price 0.0% 76.00 49.40 53.20 57.00 60.95 64.60 68.40 72.20
- ----------------------------------------------------------------------------------------------------------------------
-10.0% 68.40 44.46 47.88 51.30 54.86 58.14 61.56 64.98
-20.0% 60.80 39.52 42.56 45.60 48.76 51.68 54.72 57.76
-30.0% 53.20 34.58 37.24 39.90 42.67 45.22 47.88 50.54
-40.0% 45.60 29.64 31.92 34.20 36.57 38.76 41.04 43.32
- ----------------------------------------------------------------------------------------------------------------------
29