1
EXHIBIT (b)(4)
Preliminary Materials Presented
at
Special Committee Meeting
on
December 18, 1997
2
- -------
Goldman Highly Confidential
Sachs
- -------
FINA, Inc.
Discussion Materials
Goldman, Sachs & Co.
December 18, 1997
3
Table of Exhibits
Exhibit
Summary of Revised Proposal 1
Market Trading History 2
Comparison of Original and Revised Corporate Plan 3
Summary of Valuation Analysis 4
Summary of Merger Plans with PetroFina 5
Appendices
Summary Financial information A
Pricing Forecasts B
Common Stock Comparisons C
Detailed Valuation Analysis D
4
- -------
Goldman
Sachs
- -------
Exhibit 1
5
- -------
Goldman
Sachs
- -------
Revised Proposal
Summary of Valuation Scenarios
Proposal: $60 per share in cash plus:
o 4,420,000 warrants issued
o Convertible into 3,635,000 Petrofina ADRs
o 100 warrants exchangeable into 82.24 ADRs
o At 10 ADRs per Petrofina SA share, warrants equivalent to
363,500 SA shares
o Exercise price of $42.24 per ADR
o Warrants exerciseable at any time (American style) for 3
years
o Registered upon issuance on New York Stock Exchange or
American Stock Exchange
o Anti-dilution provisions - to be determined
Valuation:
Underlying ADR Stock Price
-------------------------------------------
(US dollar per share) $37 $38 $39 $40 $41
- --------------------------------------------------------------------------------
Volatility Assumption 18% $3.53 $4.04 $4.58 $5.19 $5.81
20 4.00 4.52 5.07 5.69 6.31
22 4.47 5.00 5.55 6.18 6.80
24 4.94 5.47 6.04 6.67 7.30
26 5.41 5.95 6.52 7.16 7.80
- --------------------------------------------------------------------------------
Assumptions:
1. American style option valued using Black Scholes
2. Current dividend of $1.11 assumed level
3. Interest rate of 5.69% assumed
Morgan Stanley Assumptions:
1. Stock price of $39 per share
2. Volatility of 24%
3. Interest rate of 5.76%
6
- -------
Goldman
Sachs
- -------
Exhibit 2
7
Trading Histories
Market Benchmarks
20% Premium
% Growth Implied to Implied
2/24/97 to 12/11/97 Stock Price(a) Stock Price(b)
- --------------------------------------------------------------------------------
Dow Jones 12.0% $ 56.14 $67.37
S&P 400 16.9 58.62 70.34
Domestic Integrateds 11.2 55.72 66.87
Exploration & Production 0.9 50.57 60.69
Refining & Marketing 16.4 58.33 69.99
Commodity Chemicals 5.3 52.80 63.36
Current Stock Price (12/11/97) $64.38
(a) FINA's closing share price of $50.13 as of February 24, 1997, one day
prior to PetroFina's announcement adjusted by relevant stock appreciation
since 2/24/97.
(b) Represents the initial premium placed upon the Company's undisturbed share
price by PetroFina on February 24, 1997.
8
Composite Group:
- ----------------
Amoco
ARCO
Ashland
Kerr-McGee
Murphy Oil
Occidental
Phillips Petroleum
Sun Co.
Unocal
USX-Marathon
FINA
Indexed Stock Price History
- ------------------------------------- -----------------------------------------
Since June 1997 One Year
- ------------------------------------- -----------------------------------------
[PLOT POINTS NEXT PAGE] [PLOT POINTS NEXT PAGE]
- ------------------------------------- -----------------------------------------
Three Year Five Year
- ------------------------------------- -----------------------------------------
[PLOT POINTS NEXT PAGE] [PLOT POINTS NEXT PAGE]
9
Since June 1997
Composite SP.400
Group INDEX INDEX
04/06/97 04/06/97
DATE Values Values
19-Nov-96
20-Nov-96
21-Nov-96
22-Nov-96
25-Nov-96
26-Nov-96
27-Nov-96
28-Nov-96
29-Nov-96
02-Dec-96
03-Dec-96
04-Dec-96
05-Dec-96
06-Dec-96
09-Dec-96
10-Dec-96
11-Dec-96
12-Dec-96
13-Dec-96
16-Dec-96
17-Dec-96
18-Dec-96
19-Dec-96
20-Dec-96
23-Dec-96
24-Dec-96
25-Dec-96
26-Dec-96
27-Dec-96
30-Dec-96
31-Dec-96
01-Jan-97
02-Jan-97
03-Jan-97
06-Jan-97
07-Jan-97
08-Jan-97
09-Jan-97
10-Jan-97
13-Jan-97
14-Jan-97
15-Jan-97
16-Jan-97
17-Jan-97
20-Jan-97
21-Jan-97
22-Jan-97
23-Jan-97
24-Jan-97
27-Jan-97
28-Jan-97
Page 1
10
29-Jan-97
30-Jan-97
31-Jan-97
03-Feb-97
04-Feb-97
05-Feb-97
06-Feb-97
07-Feb-97
10-Feb-97
11-Feb-97
12-Feb-97
13-Feb-97
14-Feb-97
17-Feb-97
18-Feb-97
19-Feb-97
20-Feb-97
21-Feb-97
24-Feb-97
25-Feb-97
26-Feb-97
27-Feb-97
28-Feb-97
03-Mar-97
04-Mar-97
05-Mar-97
06-Mar-97
07-Mar-97
10-Mar-97
11-Mar-97
12-Mar-97
13-Mar-97
14-Mar-97
17-Mar-97
18-Mar-97
19-Mar-97
20-Mar-97
21-Mar-97
24-Mar-97
25-Mar-97
26-Mar-97
27-Mar-97
28-Mar-97
31-Mar-97
01-Apr-97
02-Apr-97
03-Apr-97
04-Apr-97
07-Apr-97
08-Apr-97
09-Apr-97
10-Apr-97
11-Apr-97
14-Apr-97
15-Apr-97
16-Apr-97
Page 2
11
17-Apr-97
18-Apr-97
21-Apr-97
22-Apr-97
23-Apr-97
24-Apr-97
25-Apr-97
28-Apr-97
29-Apr-97
30-Apr-97
01-May-97
02-May-97
05-May-97
06-May-97
07-May-97
08-May-97
09-May-97
12-May-97
13-May-97
14-May-97
15-May-97
16-May-97
19-May-97
20-May-97
21-May-97
22-May-97
23-May-97
26-May-97
27-May-97
28-May-97
29-May-97
30-May-97
02-Jun-97
03-Jun-97
04-Jun-97 100 100
05-Jun-97 99.27426352 100.32
06-Jun-97 99.59443291 102.053
09-Jun-97 98.82661023 102.8
10-Jun-97 98.91807716 102.964
11-Jun-97 98.50031016 103.448
12-Jun-97 99.00222348 105.095
13-Jun-97 100.3180315 106.284
16-Jun-97 101.2750084 106.35
17-Jun-97 100.6079813 106.435
18-Jun-97 99.93803421 105.519
19-Jun-97 99.08866009 106.605
20-Jun-97 98.85741565 106.714
23-Jun-97 98.23920965 104.343
24-Jun-97 98.7564212 106.502
25-Jun-97 98.24737952 105.719
26-Jun-97 98.21819644 105.151
27-Jun-97 97.98686462 105.581
30-Jun-97 98.04168481 105.518
01-Jul-97 99.1579323 106.037
02-Jul-97 100.8143789 107.488
03-Jul-97 101.8188431 108.965
Page 3
12
04-Jul-97 101.8188431 108.965
07-Jul-97 100.9590848 108.517
08-Jul-97 100.9847057 109.45
09-Jul-97 99.05975134 108.159
10-Jul-97 98.99216878 108.879
11-Jul-97 99.68584988 109.245
14-Jul-97 98.72998136 109.623
15-Jul-97 99.0717989 110.632
16-Jul-97 99.68441231 111.957
17-Jul-97 100.3612632 111.385
18-Jul-97 99.53155406 109.411
21-Jul-97 99.55617442 109.066
22-Jul-97 100.7580337 111.618
23-Jul-97 100.3235953 111.914
24-Jul-97 100.7139771 112.163
25-Jul-97 100.7362524 112.012
28-Jul-97 101.7451222 111.659
29-Jul-97 104.0932863 112.069
30-Jul-97 104.4911036 113.109
31-Jul-97 104.7691429 113.191
01-Aug-97 104.066033 112.528
04-Aug-97 104.8640459 113.072
05-Aug-97 105.8158674 113.522
06-Aug-97 107.3479755 114.4
07-Aug-97 106.7505288 113.506
08-Aug-97 104.8145 111.445
11-Aug-97 105.7654738 111.626
12-Aug-97 105.4066906 110.422
13-Aug-97 104.7727051 109.743
14-Aug-97 104.3884211 110.085
15-Aug-97 102.4456036 107.08
18-Aug-97 103.1032984 108.518
19-Aug-97 104.0235055 110.198
20-Aug-97 105.6782244 111.829
21-Aug-97 104.5270995 110.132
22-Aug-97 105.4251928 109.966
25-Aug-97 105.0401407 109.555
26-Aug-97 104.7904419 108.636
27-Aug-97 106.1149973 108.798
28-Aug-97 105.490568 107.511
29-Aug-97 105.0850246 106.971
01-Sep-97 105.0850246 106.971
02-Sep-97 107.3810753 110.362
03-Sep-97 107.9047537 110.341
04-Sep-97 108.6898667 110.669
05-Sep-97 108.5215233 110.458
08-Sep-97 109.4401826 110.431
09-Sep-97 110.286202 110.746
10-Sep-97 110.0168068 108.996
11-Sep-97 108.7122049 108.346
12-Sep-97 109.9160204 109.64
15-Sep-97 110.3133486 108.994
16-Sep-97 112.7950922 111.935
17-Sep-97 112.2690767 111.498
18-Sep-97 113.8904802 112.041
19-Sep-97 114.6207342 112.494
Page 4
13
22-Sep-97 114.0170821 113.073
23-Sep-97 113.5450015 112.738
24-Sep-97 113.8248378 111.703
25-Sep-97 114.634286 111.064
26-Sep-97 114.6435994 111.827
29-Sep-97 116.1504764 112.9
30-Sep-97 115.4273004 112.134
01-Oct-97 116.5128176 113.052
02-Oct-97 116.4139258 113.597
03-Oct-97 116.0903258 113.937
06-Oct-97 118.664806 114.737
07-Oct-97 119.0537257 116.024
08-Oct-97 117.1066021 115.059
09-Oct-97 116.3533627 114.695
10-Oct-97 115.9044208 114.41
13-Oct-97 115.1412819 114.427
14-Oct-97 114.3196834 114.523
15-Oct-97 114.6310497 114.049
16-Oct-97 113.5512497 112.59
17-Oct-97 113.2557132 111.297
20-Oct-97 114.1969158 112.758
21-Oct-97 115.4984314 114.611
22-Oct-97 115.1646418 114.172
23-Oct-97 113.2177716 112.036
24-Oct-97 112.4444353 110.818
27-Oct-97 107.7506384 103.102
28-Oct-97 109.0284186 108.712
29-Oct-97 109.3791331 108.119
30-Oct-97 109.375449 106.485
31-Oct-97 111.0259087 107.802
03-Nov-97 113.0248945 110.778
04-Nov-97 112.6337798 110.944
05-Nov-97 112.0991021 111.122
06-Nov-97 111.8068747 110.518
07-Nov-97 111.0136917 109.318
10-Nov-97 110.7414654 108.64
11-Nov-97 111.4312819 109.115
12-Nov-97 109.6972181 107.049
13-Nov-97 108.7283569 108.472
14-Nov-97 111.2147926 109.988
17-Nov-97 112.6136861 111.886
18-Nov-97 112.2527165 110.973
19-Nov-97 112.0401131 111.541
20-Nov-97 113.3762351 113.153
21-Nov-97 113.6617248 113.724
24-Nov-97 113.0710212 111.748
25-Nov-97 110.9594425 112.233
26-Nov-97 109.8285112 112.291
27-Nov-97 109.8285112 112.291
28-Nov-97 109.7250739 112.342
01-Dec-97 108.0264694 114.567
02-Dec-97 108.4833918 114.077
03-Dec-97 109.9649285 114.662
04-Dec-97 109.3156434 114.009
05-Dec-97 111.5041564 115.342
08-Dec-97 110.5318718 115.102
Page 5
14
09-Dec-97 109.9221338 114.224
10-Dec-97 109.5662787 113.632
11-Dec-97 109.2362537 111.845
Page 6
15
Plot Daily
ONE YEAR
SP.400 Composite
Fl INDEX INDEX Group INDEX
11/12/96 11/12/96 11/12/96
DATE Values Values Values
19-Nov-96
20-Nov-96
21-Nov-96
22-Nov-96
25-Nov-96
26-Nov-96
27-Nov-96
28-Nov-96
29-Nov-96
02-Dec-96
03-Dec-96
04-Dec-96
05-Dec-96
06-Dec-96
09-Dec-96
10-Dec-96
11-Dec-96 100 100 100
12-Dec-96 97.9003 98.6044 99.05829182
13-Dec-96 98.4252 98.4093 98.62151386
16-Dec-96 98.4252 97.2846 98.99926002
17-Dec-96 99.2126 97.7816 99.60767956
18-Dec-98 98.9501 98.7135 100.5214329
19-Dec-96 99.2126 100.488 101.9866783
20-Dec-96 99.7375 100.775 103.3623348
23-Dec-96 99.7375 100.574 103.9810453
24-Dec-96 100 101.133 103.9353474
25-Dec-96 100 101.133 103.9353474
26-Dec-96 101.05 101.801 104.4669401
27-Dec-96 101.312 101.906 104.5163974
30-Dec-96 101.312 101.433 104.3996221
31-Dec-96 101.312 99.8428 102.702311
01-Jan-97 101.312 99.8428 102.702311
02-Jan-97 101.312 99.4927 101.519979
03-Jan-97 101.837 101.025 102.104094
06-Jan-97 102.1 101.066 102.5813029
07-Jan-97 103.412 101.905 103.3928716
08-Jan-97 105.512 101.066 102.7833977
09-Jan-97 106.824 101.914 106.1898056
10-Jan-97 107.874 102.773 107.1052711
13-Jan-97 108.924 102.717 106.0074424
14-Jan-97 109.449 103.825 106.2717503
15-Jan-97 108.924 103.49 106.9101915
16-Jan-97 108.661 103.98 107.6499038
17-Jan-97 108.661 104.812 107.3054312
20-Jan-97 108.136 104.81 107.3621123
21-Jan-97 108.661 105.643 107.3312522
22-Jan-97 108.661 105.901 106.6017157
23-Jan-97 107.874 104.697 107.1193892
24-Jan-97 106.562 103.818 105.7733132
27-Jan-97 105.512 103.078 105.0138824
28-Jan-97 103.675 103.079 104.0603041
Page 1
16
Plot Daily
29-Jan-97 106.037 104.082 105.008947
30-Jan-97 107.612 105.714 105.699216
31-Jan-97 106.562 105.928 105.0785423
03-Feb-97 108.136 105.881 105.4280011
04-Feb-97 107.087 106.155 106.0246676
05-Feb-97 107.612 104.54 105.8367649
06-Feb-97 106.824 104.741 105.0993003
07-Feb-97 105.512 105.94 104.5095127
10-Feb-97 105.249 105.247 102.850548
11-Feb-97 105.249 105.843 103.8408335
12-Feb-97 105.774 107.756 104.9832925
13-Feb-97 105.774 108.721 105.4249889
14-Feb-97 107.612 108.135 104.8114976
17-Feb-97 107.612 108.135 104.8114976
18-Feb-97 106.299 109.138 104.3159444
19-Feb-97 106.037 108.653 103.4981382
20-Feb-97 105.512 107.5 102.4018351
21-Feb-97 104.724 107.319 103.5757584
24-Feb-97 105.249 108.492 103.0118158
25-Feb-97 131.234 108.629 103.6059852
26-Feb-97 130.709 107.941 102.5658564
27-Feb-97 130.709 106.482 101.0508087
28-Feb-97 130.971 106.031 101.0898305
03-Mar-97 130.709 106.47 100.2870378
04-Mar-97 131.234 105.798 101.4443825
05-Mar-97 132.283 107.29 102.1631695
06-Mar-97 131.496 106.71 102.3074354
07-Mar-97 134.383 107.311 102.5220821
10-Mar-97 132.808 108.508 104.0829775
11-Mar-97 132.546 108.311 103.1310667
12-Mar-97 132.808 107.449 102.1923104
13-Mar-97 132.546 105.796 100.8745289
14-Mar-97 132.546 106.311 101.6942312
17-Mar-97 132.546 106.761 102.3034304
18-Mar-97 134.908 106.056 101.6520724
19-Mar-97 133.858 105.415 102.0730683
20-Mar-97 134.646 104.991 102.2408613
21-Mar-97 135.433 105.051 103.2531804
24-Mar-97 135.433 105.776 103.2766328
25-Mar-97 137.008 105.601 103.0837285
26-Mar-97 138.583 106.203 103.73947
27-Mar-97 135.433 104.14 101.8190107
28-Mar-97 135.433 104.14 101.8190107
31-Mar-97 133.333 102.057 101.1777504
01-Apr-97 133.858 102.179 101.0580753
02-Apr-97 133.333 101.052 100.6959548
03-Apr-97 133.333 100.938 98.37728991
04-Apr-97 133.333 102.125 98.66023648
07-Apr-97 133.333 102.661 99.32638879
08-Apr-97 134.383 103.006 99.56763185
09-Apr-97 134.121 102.332 99.29181588
10-Apr-97 133.858 102.019 97.50645317
11-Apr-97 136.483 99.3206 96.09153898
14-Apr-97 136.22 100.202 96.46340233
15-Apr-97 136.22 101.727 96.70774944
16-Apr-97 135.958 103.202 96.63607196
Page 2
17
Plot Daily
17-Apr-97 135.958 102.764 95.98198974
18-Apr-97 135.958 103.594 97.04221926
21-Apr-97 136.22 102.904 97.35810216
22-Apr-97 135.958 104.87 97.87413961
23-Apr-97 135.958 104.806 98.4887043
24-Apr-97 135.958 104.498 98.25419853
25-Apr-97 135.958 103.602 97.74391343
28-Apr-97 135.958 104.369 97.50611755
29-Apr-97 136.22 107.084 98.80396417
30-Apr-97 135.433 108.11 99.78955822
01-May-97 136.483 107.739 99.40101323
02-May-97 136.483 109.534 101.0827257
05-May-97 137.008 112.076 102.6269545
06-May-97 136.483 111.503 103.2404699
07-May-97 136.483 110.156 102.4744199
08-May-97 137.008 110.764 103.8247566
09-May-97 136.483 111.319 104.9199818
12-May-97 137.27 113.109 106.5794285
13-May-97 137.27 112.597 105.1069096
14-May-97 137.008 112.814 105.4175784
15-May-97 137.008 113.827 105.591475
16-May-97 136.745 112.182 105.1388224
19-May-97 136.22 112.765 106.4523208
20-May-97 136.483 113.758 106.3327881
21-May-97 138.058 113.759 106.6819674
22-May-97 138.583 113.164 106.8342067
23-May-97 139.108 114.714 107.1962828
26-May-97 139.108 114.714 107.1962828
27-May-97 137.795 115.484 106.9334517
28-May-97 139.37 115.064 106.4726019
29-May-97 139.37 114.634 106.5557967
30-May-97 138.452 114.827 107.5943065
02-Jun-97 139.633 114.66 108.1523569
03-Jun-97 141.207 114.216 109.4194733
04-Jun-97 139.633 113.438 109.3439498
05-Jun-97 139.633 113.801 108.5434052
06-Jun-97 139.37 115.767 108.8596485
09-Jun-97 136.483 116.615 107.9989457
10-Jun-97 135.433 116.801 108.1220835
11-Jun-97 135.958 117.349 107.7287409
12-Jun-97 136.483 119.218 108.2680446
13-Jun-97 136.483 120.566 109.6645572
16-Jun-97 135.958 120.642 110.7238297
17-Jun-97 137.008 120.738 109.9712295
18-Jun-97 135.171 119.698 109.2852138
19-Jun-97 133.858 120.931 108.383808
20-Jun-97 132.283 121.054 108.0886593
23-Jun-97 132.283 118.365 107.4027014
24-Jun-97 133.333 120.814 108.0009584
25-Jun-97 133.596 119.926 107.4173351
26-Jun-97 133.596 119.281 107.3956107
27-Jun-97 134.908 119.768 107.1021515
30-Jun-97 133.858 119.697 107.106313
01-Jul-97 134.908 120.286 108.3293335
02-Jul-97 135.433 121.932 110.1459845
03-Jul-97 135.433 123.607 111.3163879
Page 3
18
Plot Daily
04-Jul-97 135.433 123.607 111.3163879
07-Jul-97 135.585 123.099 110.2851301
08-Jul-97 136.483 124.158 110.348578
09-Jul-97 138.483 122.694 108.2591795
10-Jul-97 135.958 123.51 1082085017
11-Jul-97 138.583 123.925 108.9923435
14-Jul-97 137.008 124.354 107.9234045
15-Jul-97 136.745 125.499 108.2911531
16-Jul-97 136.745 127.002 108.9244093
17-Jul-97 137.008 126.353 109.5509166
18-Jul-97 136.745 124.113 108.6327122
21-Jul-97 137.27 123.722 108.6643623
22-Jul-97 136.745 126.618 109.9732265
23-Jul-97 138.583 126.953 109.5238897
24-Jul-97 137.795 127.235 110.077676
25-Jul-97 139.108 127.064 110.0739852
28-Jul-97 138.058 126.664 111.2932199
29-Jul-97 137.533 127.128 114.0507362
30-Jul-97 137.533 128.308 114.4737841
31-Jul-97 137.533 128.401 114.8153792
01-Aug-97 138.583 127.649 113.9918513
04-Aug-97 137.795 128.267 114.8773204
05-Aug-97 138.845 128.778 115.8872358
06-Aug-97 139.502 129.773 117.7222494
07-Aug-97 139.37 128.759 116.992949
08-Aug-97 138.058 126.421 114.8779132
11-Aug-97 138.058 126.626 115.898661
12-Aug-97 138.32 125.26 115.5314937
13-Aug-97 138.583 124.49 114.8262956
14-Aug-97 138.32 124.878 114.415791
15-Aug-97 139.633 121.469 112.357414
18-Aug-97 138.058 123.1 113.08036
19-Aug-97 138.583 125.006 114.1151175
20-Aug-97 139.37 126.858 115.9336328
21-Aug-97 139.37 124.932 114.6467734
22-Aug-97 139.502 124.743 115.671951
25-Aug-97 139.24 124.276 115.3189532
26-Aug-97 138.32 123.234 115.0599258
27-Aug-97 139.502 123.418 116.5101801
28-Aug-97 139.502 121.958 115.8369991
29-Aug-97 138.583 121.345 115.342575
01-Sep-97 138.583 121.345 115.342575
02-Sep-97 138.845 125.192 117.9194095
03-Sep-97 136.483 125.168 118.5150781
04-Sep-97 137.27 125.541 119.3334276
05-Sep-97 137.14 125.301 119.2378751
08-Sep-97 136.615 125.27 120.2501159
09-Sep-97 137.008 125.628 121.1305804
10-Sep-97 137.008 123.643 120.8664947
11-Sep-97 137.008 122.905 119.4420142
12-Sep-97 137.008 124.373 120.7519422
15-Sep-97 138.483 123.641 121.1564635
16-Sep-97 136.22 126.977 123.9149605
17-Sep-97 136.09 126.481 123.3810982
18-Sep-97 137.008 127.097 125.1625239
19-Sep-97 136.22 127.61 125.9549644
Page 4
19
Plot Daily
22-Sep-97 136.22 128.268 125.3926085
23-Sep-97 136.09 127.888 124.9020331
24-Sep-97 139.633 126.714 125.124813
25-Sep-97 140.157 125.989 125.9707648
26-Sep-97 139.633 126.854 125.9820266
29-Sep-97 140.682 128.072 127.6074243
30-Sep-97 139.633 127.203 126.8163117
01-Oct-97 141.207 128.244 127.9940114
02-Oct-97 140.682 128.862 127.8763863
03-Oct-97 139.108 129.248 127.4594534
06-Oct-97 140.682 130.155 130.2150008
07-Oct-97 141.47 131.616 130.6344761
08-Oct-97 140.157 130.521 128.4250467
09-Oct-97 139.895 130.108 127.3882824
10-Oct-97 139.895 129.784 126.9188552
13-Oct-97 139.37 129.804 126.0032546
14-Oct-97 139.24 129.913 125.1702243
15-Oct-97 138.583 129.374 125.5987185
16-Oct-97 138.583 127.719 124.3403211
17-Oct-97 136.483 126.253 124.0677292
20-Oct-97 136.878 127.91 125.0461932
21-Oct-97 136.483 130.012 126.5739572
22-Oct-97 136.483 129.514 126.1639255
23-Oct-97 135.433 127.092 124.0836016
24-Oct-97 135.433 125.71 123.2558093
27-Oct-97 135.565 116.957 117.9812778
28-Oct-97 132.283 123.32 119.4830816
29-Oct-97 133.333 122.648 119.8684869
30-Oct-97 133.333 120.794 119.8930887
31-Oct-97 133.333 122.289 121.7511541
03-Nov-97 134.383 125.664 123.9145968
04-Nov-97 135.433 125.852 123.4976197
05-Nov-97 135.958 126.054 122.8932645
06-Nov-97 136.483 125.369 122.5775259
07-Nov-97 136.483 124.008 121.761062
10-Nov-97 136.483 123.239 121.4431383
11-Nov-97 135.433 123.778 122.2637984
12-Nov-97 135.433 121.434 120.2821536
13-Nov-97 135.958 123.048 119.2453158
14-Nov-97 135.958 124.768 122.0346436
17-Nov-97 135.958 126.921 123.5735136
18-Nov-97 135.958 125.885 123.2788502
19-Nov-97 135.433 126.529 123.0688846
20-Nov-97 135.433 128.359 124.4675945
21-Nov-97 137.008 129.006 124.7567519
24-Nov-97 137.008 126.765 124.1838314
25-Nov-97 137.27 127.314 121.7409424
26-Nov-97 137.27 127.381 120.4584107
27-Nov-97 137.27 127.381 120.4584107
28-Nov-97 137.533 127.438 120.3396789
01-Dec-97 135.433 129.962 118.4833206
02-Dec-97 135.828 129.406 118.973232
03-Dec-97 135.433 130.07 120.5685731
04-Dec-97 135.696 129.33 119.9255136
05-Dec-97 135.433 130.841 122.3068801
08-Dec-97 135.04 130.569 121.2354975
Page 5
20
Plot Daily
09-Dec-97 135.171 129.573 120.607788
10-Dec-97 135.696 128.901 120.2104565
11-Dec-97 135.171 126.875 119.8372325
Page 6
21
Plot Weekly
THREE YEAR
SP.400 Composite
FI INDEX INDEX Group INDEX
09/12/94 09/12/94 09/12/94
DATE CAT Values Values Values
11-Nov-94 1
18-Nov-94 2
25-Nov-94 3
02-Dec-94 4
09-Dec-94 5 100 100 100
16-Dec-94 6 102.273 102.699 102.023018
23-Dec-94 7 102.273 103.279 101.7700894
30-Dec-94 8 103.6 103.249 101.4660235
06-Jan-95 9 104.167 103.236 101.9799436
13-Jan-95 10 104.545 104.413 100.5002271
20-Jan-95 11 107.576 104.139 102.1484123
27-Jan-95 12 112.879 104.603 103.4996169
03-Feb-95 13 113.448 106.338 101.4429531
10-Feb-95 14 112.121 107.311 101.7676175
17-Feb-95 15 116.667 107.49 102.0879925
24-Feb-95 16 116.858 108.682 104.4482136
03-Mar-95 17 117.803 108.467 104.7791757
10-Mar-95 18 117.424 109.695 105.9866818
17-Mar-95 19 118.561 111.147 104.2045948
24-Mar-95 20 118.561 112.567 106.2442621
31-Mar-95 21 124.433 112.524 109.2655211
07-Apr-95 22 123.485 113.218 107.8245393
14-Apr-95 23 124.242 114.053 107.6809043
21-Apr-95 24 129.545 114.047 112.0506474
28-Apr-95 25 134.848 115.554 111.6823822
05-May-95 26 134.282 116.608 113.6238767
12-May-95 27 132.767 117.791 113.9415894
19-May-95 28 128.409 116.542 112.8407166
26-May-95 29 124.621 117.391 113.3377391
02-Jun-95 30 128.03 118.882 113.3693159
09-Jun-95 31 131.061 118.573 111.8387427
16-Jun-95 32 135.227 121.306 111.6465176
23-Jun-95 33 140.152 123.41 109.6175812
30-Jun-95 34 141.288 122.513 109.1895991
07-Jul-95 35 143.561 125.126 110.3961011
14-Jul-95 36 149.621 126.309 111.333488
21-Jul-95 37 153.409 124.745 110.70701
28-Jul-95 38 151.894 126.693 111.1213543
04-Aug-95 39 148.864 125.473 111.3898551
11-Aug-95 40 149.621 124.67 108.5307183
18-Aug-95 41 147.727 125.36 107.0745177
25-Aug-95 42 141.288 125.094 107.4768298
01-Sep-95 43 138.636 125.575 109.8460398
08-Sep-95 44 148.485 127.699 109.9799805
15-Sep-95 45 147.727 129.498 112.388267
22-Sep-95 46 147.348 129.492 109.5574534
29-Sep-95 47 146.591 129.464 107.1141382
06-Oct-95 48 145.076 128.698 105.0835846
13-Oct-95 49 139.394 128.717 105.1368559
20-Oct-95 50 137.879 129.792 105.4668076
27-Oct-95 51 135.606 128.383 103.0956831
Page 1
22
Plot Weekly
03-Nov-95 52 134.47 130.784 105.0425391
10-Nov-95 53 135.227 131.376 105.1275596
17-Nov-95 54 137.121 133.132 109.7042058
24-Nov-95 55 138.636 133.12 108.9183317
01-Dec-95 56 146.212 134.305 109.3173139
08-Dec-95 57 150 136.979 110.1823892
15-Dec-95 58 153.03 136.592 111.1128083
22-Dec-95 59 151.894 135.483 111.7417269
29-Dec-95 60 153.03 136.002 112.2912623
05-Jan-96 61 155.303 136.405 114.7879506
12-Jan-96 62 155.303 132.973 110.7459496
19-Jan-96 63 156.061 135.034 110.2914551
26-Jan-96 64 147.727 137.624 111.9744726
02-Feb-96 65 144.697 140.86 113.8431309
09-Feb-96 66 144.697 145.071 144.4647368
16-Feb-96 67 147.727 143.573 116.1016175
23-Feb-96 68 146.591 146.36 116.2241684
01-Mar-96 69 145.833 142.689 113.7495864
08-Mar-96 70 144.697 141.086 112.5017602
15-Mar-96 71 145.455 143.722 118.3847054
22-Mar-96 72 143.939 144.954 119.5034525
29-Mar-96 73 146.591 143.66 121.0324031
05-Apr-96 74 156.061 146.147 122.7049466
12-Apr-96 75 152.273 142.368 121.419382
19-Apr-96 76 153.03 144.194 122.3203308
26-Apr-96 77 158.712 146.296 125.2797252
03-May-96 78 157.197 144.152 122.0474658
10-May-96 79 159.848 145.749 122.5528645
17-May-96 80 161.364 150.143 124.4405174
24-May-96 81 164.773 152.244 126.9895291
31-May-96 82 161.364 150.541 123.7758968
07-Jun-96 83 164.394 151.529 122.3079466
14-Jun-96 84 166.288 149.804 119.0655231
21-Jun-96 85 166.667 150.126 120.6119828
28-Jun-96 86 167.424 150.177 122.2411842
05-Jul-96 87 167.424 147.426 122.2473017
12-Jul-96 88 160.606 144.558 122.7728486
19-Jul-96 89 156.061 142.764 118.6413181
26-Jul-96 90 153.409 141.957 115.6345001
02-Aug-96 91 154.167 147.663 116.0045794
09-Aug-96 92 153.03 147.62 117.1290177
16-Aug-96 93 151.136 148.067 118.6459388
23-Aug-96 94 154.545 148.503 118.1671167
30-Aug-96 95 152.652 145.208 116.6210241
06-Sep-96 96 156.061 146.238 118.8523803
13-Sep-96 97 157.955 151.635 121.4928604
20-Sep-96 98 158.712 153.63 122.0026936
27-Sep-96 99 159.848 152.963 121.1132427
04-Oct-96 100 157.576 156.106 125.5886574
11-Oct-96 101 158.333 156.157 126.4065777
18-Oct-96 102 164.394 158.322 129.0428635
25-Oct-96 103 163.638 155.618 126.4118201
01-Nov-96 104 155.303 155.648 123.5280191
08-Nov-96 105 154.545 161.82 126.4935423
15-Nov-96 106 156.439 163.436 127.6780434
22-Nov-96 107 157.197 165.675 132.5983987
Page 2
23
Plot Weekly
29-Nov-96 108 143.182 167.2 134.2135483
06-Dec-96 l09 147.348 163.776 134.0558943
13-Dec-96 110 142.045 161.703 128.7922861
20-Dec-96 111 143.939 165.59 134.9160804
27-Dec-96 112 146.212 167.449 136.5405967
03-Jan-97 113 145.97 166.001 133.5052161
10-Jan-97 114 155.682 168.873 140.2529517
17-Jan-97 115 156.818 172.224 140.2134004
24-Jan-97 116 153.788 170.591 137.7771426
31-Jan-97 117 153.788 174.057 136.8285065
07-Feb-97 118 152.273 174.078 135.9962229
14-Feb-97 119 155.303 177.683 136.1060305
21-Feb-97 120 151.136 176.322 134.4052728
28-Feb-97 121 189.015 174.248 131.1389695
07-Mar-97 122 193.939 176.329 132.9651863
14-Mar-97 123 191.288 174.687 131.9636162
21-Mar-97 124 195.455 172.616 133.9435892
28-Mar-97 125 195.455 171.119 132.1334954
04-Apr-97 126 192.424 167.809 128.3029998
11-Apr-97 127 196.97 163.201 124.9390681
18-Apr-97 128 196.212 170.223 126.3028706
25-Apr-97 129 196.212 170.236 127.0207849
02-May-97 130 196.97 179.982 131.3113074
09-May-97 131 196.97 182.917 136.2314007
16-May-97 132 197.348 184.335 136.6197698
23-May-97 133 200.758 188.495 139.1700402
30-May-97 134 199.812 188.68 139.8007888
06-Jun-97 135 201.136 190.224 141.3415471
13-Jun-97 136 196.97 198.11 142.1578404
20-Jun-97 137 190.909 198.912 139.942591
27-Jun-97 138 194.697 196.8 138.4124647
04-Jul-97 139 195.455 203.108 143.9344969
11-Jul-97 140 200 203.63 140.6589965
18-Jul-97 141 197.348 203.939 140.610684
25-Jul-97 142 200.758 208.788 142.201623
01-Aug-97 143 200 209.75 146.843746
08-Aug-97 144 199.242 207.732 147.7418352
15-Aug-97 145 201.515 199.595 144.2842342
22-Aug-97 146 201.327 204.975 148.6789422
29-Aug-97 147 200 199.391 148.1175185
05-Sep-97 148 197.918 205.891 152.9026264
12-Sep-97 149 197.727 204.366 154.8485202
19-Sep-97 150 196.591 209.685 161.5222981
26-Sep-97 151 201.515 208.443 161.6208923
03-Oct-97 152 200.758 212.376 163.7786715
10-Oct-97 153 201.894 213.257 163.6718769
17-Oct-97 154 196.97 207.455 159.7019311
24-Oct-97 155 195.455 206.563 158.3846538
31-Oct-97 156 192.424 200.941 156.4136903
07-Nov-97 157 196.97 203.766 156.2637742
14-Nov-97 158 196.212 205.014 156.481709
21-Nov-97 159 197.727 211.979 160.0089861
28-Nov-97 160 198.485 209.403 154.2449546
05-Dec-97 161 195.455 214.994 156.6623115
Page 3
24
5 YEAR
SP.400 Composite
FI INDEX INDEX Group INDEX
30/11/92 30/11/92 30/11/92
DATE CAT Values Values Values
31-Aug-92 1
30-Sep-92 2
31-Oct-92 3
30-Nov-92 4 100 100 100
31-Dec-92 5 96.0159 100.316 101.8700424
31-Jan-93 6 97.6096 100.534 105.6435809
28-Feb-93 7 102.789 100.668 109.8715547
31-Mar-93 8 106.575 102.339 114.032226
30-Apr-93 9 102.39 99.7707 115.7368146
31-May-93 10 101.594 102.922 116.7222927
30-Jun-93 11 97.6096 101.661 109.6580157
31-Jul-93 12 97.6096 100.215 113.4573329
31-Aug-93 13 100.797 103.679 119.2837369
30-Sep-93 14 110.757 102.147 118.7609819
31-Oct-93 15 111.554 105.857 115.4533714
30-Nov-93 16 110.161 105.507 107.9762048
31-Dec-93 17 109.562 106.786 106.1787228
31-Jan-94 18 109.163 110.345 111.008804
28-Feb-94 19 112.351 108.071 107.5596273
31-Mar-94 20 111.554 103.025 102.6446165
30-Apr-94 21 113.348 103.784 110.5202421
31-May-94 22 118.725 105.189 110.9426017
30-Jun-94 23 121.316 102.084 109.7626621
31-Jul-94 24 121.912 105.581 114.4120007
31-Aug-94 25 120.918 110.345 115.9870881
30-Sep-94 26 121.514 108.366 114.7778046
31-Oct-94 27 116.733 110.975 122.2194482
30-Nov-94 28 104.781 106.682 113.6088993
31-Dec-94 29 108.966 108.234 110.7726829
31-Jan-95 30 118.926 109.609 110.2036877
28-Feb-95 31 121.514 113.852 113.7200757
31-Mar-95 32 130.878 117.956 119.405839
30-Apr-95 33 141.833 121.132 121.8782618
31-May-95 34 131.873 125.1 125.6092821
30-Jun-95 35 148.606 128.427 119.134211
31-Jul-95 36 158.167 132.59 122.0057672
31-Aug-95 37 147.41 131.208 117.7984445
30-Sep-95 38 154.183 135.713 116.7629066
31-Oct-95 39 142.231 135.213 114.0579911
30-Nov-95 40 155.378 140.665 118.2629594
31-Dec-95 41 160.956 142.567 122.5475127
31-Jan-96 42 150.996 147.278 122.533976
29-Feb-96 43 153.386 148.923 123.4393685
31-Mar-96 44 154.183 150.595 132.2063872
30-Apr-96 45 165.737 153.602 135.9778233
31-May-96 46 169.721 157.808 135.3407425
30-Jun-96 47 176.096 157.427 133.7357308
31-Jul-96 48 161.355 149.83 125.5714462
31-Aug-96 49 160.558 152.216 127.6144723
30-Sep-96 50 167.331 160.687 133.7497528
31-Oct-96 51 162.948 163.417 136.9595781
Page 1
25
30-Nov-96 52 150.598 175.272 146.6930172
31-Dec-96 53 153.785 171.978 146.6600193
31-Jan-97 54 161.753 182.46 149.613802
28-Feb-97 55 198.805 182.659 143.3569807
31-Mar-97 56 202.39 175.792 143.5310323
30-Apr-97 57 205.578 186.22 141.3731185
31-May-97 58 210.161 197.788 152.4493502
30-Jun-97 59 203.187 206.178 151.2644323
31-Jul-97 60 208.765 221.17 161.6259062
31-Aug-97 61 210.359 209.016 161.8641462
30-Sep-97 62 211.952 219.106 177.4827514
31-Oct-97 63 202.39 210.641 170.3805952
30-Nov-97 64 208.765 219.511 168.0192918
Page 2
26
FINA
Indexed Stock Price History
E+P Composite: ----------------------- -----------------------
Barrett Resources Since June 1997 One Year
Belco Oil & Gas ----------------------- -----------------------
Cabot Oil & Gas
Cross Timbers Oil [PLOT POINTS NEXT PAGE] [PLOT POINTS NEXT PAGE]
Devon Energy
Forcenergy Inc. ----------------------- -----------------------
Newfieid Exploration Three Year Five Year
Pogo Producing ----------------------- -----------------------
United Meridian
Vintage Petroleum [PLOT POINTS NEXT PAGE] [PLOT POINTS NEXT PAGE]
R+M Composite:
Ashland Inc.
Sun Company
Tosco Corporation
Ultramar Diamond
Valero Energy
Chemicals Composite:
Dow Chemical
Geon Company
Georgia Gulf
Lyondell Petrochemical
Millennium Chemicals
Union Carbide
Methanex Corporation
Wellman Inc.
27
SINCE JUNE
E&P R&M Chemicals
Composite Composite Composite
FI INDEX INDEX INDEX INDEX
04/06/97 04/06/97 04/06/97 04/06/97
DATE Values Values Values Values
19-Nov-96
20-Nov-96
21-Nov-96
22-Nov-96
25-Nov-96
26-Nov-96
27-Nov-96
28-Nov-96
29-Nov-96
02-Dec-96
03-Dec-96
04-Dec-96
05-Dec-96
06-Dec-96
09-Dec-96
10-Dec-96
11-Dec-96
12-Dec-96
13-Dec-96
16-Dec-96
17-Dec-96
18-Dec-96
19-Dec-96
20-Dec-96
23-Dec-96
24-Dec-96
25-Dec-96
26-Dec-96
27-Dec-96
30-Dec-96
31-Dec-96
01-Jan-97
02-Jan-97
03-Jan-97
06-Jan-97
07-Jan-97
08-Jan-97
09-Jan-97
10-Jan-97
13-Jan-97
14-Jan-97
15-Jan-97
16-Jan-97
17-Jan-97
20-Jan-97
21-Jan-97
22-Jan-97
23-Jan-97
24-Jan-97
27-Jan-97
28-Jan-97
Page 1
28
29-Jan-97
30-Jan-97
31-Jan-97
03-Feb-97
04-Feb-97
05-Feb-97
06-Feb-97
07-Feb-97
10-Feb-97
11-Feb-97
12-Feb-97
13-Feb-97
14-Feb-97
17-Feb-97
18-Feb-97
19-Feb-97
20-Feb-97
21-Feb-97
24-Feb-97
25-Feb-97
26-Feb-97
27-Feb-97
28-Feb-97
03-Mar-97
04-Mar-97
05-Mar-97
06-Mar-97
07-Mar-97
10-Mar-97
11-Mar-97
12-Mar-97
13-Mar-97
14-Mar-97
17-Mar-97
18-Mar-97
19-Mar-97
20-Mar-97
21-Mar-97
24-Mar-97
25-Mar-97
26-Mar-97
27-Mar-97
28-Mar-97
31-Mar-97
01-Apr-97
02-Apr-97
03-Apr-97
04-Apr-97
07-Apr-97
08-Apr-97
09-Apr-97
10-Apr-97
11-Apr-97
14-Apr-97
15-Apr-97
16-Apr-97
Page 2
29
17-Apr-97
18-Apr-97
21-Apr-97
22-Apr-97
23-Apr-97
24-Apr-97
25-Apr-97
28-Apr-97
29-Apr-97
30-Apr-97
01-May-97
02-May-97
05-May-97
06-May-97
07-May-97
08-May-97
09-May-97
12-May-97
13-May-97
14-May-97
15-May-97
16-May-97
19-May-97
20-May-97
21-May-97
22-May-97
23-May-97
26-May-97
27-May-97
28-May-97
29-May-97
30-May-97
02-Jun-97
03-Jun-97
04-Jun-97 100 100 100 100
05-Jun-97 100 100.6225845 99.18012185 100.3494729
06-Jun-97 99.812 100.324276 100.0389392 102.1767585
09-Jun-97 97.7444 98.19599571 100.1953512 102.3248987
10-Jun-97 96.9925 95.81403824 100.0488698 102.6381446
11-Jun-97 97.3684 95.25839066 99.41411145 103.0516864
12-Jun-97 97.7444 94.24612612 99.55437495 103.2737107
13-Jun-97 97.7444 95.63079669 99.81369888 103.652513
16-Jun-97 97.3684 95.10997188 100.2486519 102.5322066
17-Jun-97 98.1203 94.63230824 99.47754813 102.7114362
18-Jun-97 96.8045 94.68981904 99.13423851 103.5685537
19-Jun-97 95.8647 94.52057149 98.9819092 103.7715687
20-Jun-97 94.7368 93.41967642 97.5866251 103.12306
23-Jun-97 94.7368 92.95755475 96.1095022 100.7709071
24-Jun-97 95.4887 93.36457207 96.76589584 101.9762856
25-Jun-97 95.6767 92.35900502 95.53897808 100.9667638
26-Jun-97 95.6767 91.76152202 96.04980265 100.8876537
27-Jun-97 96.6165 91.18496871 97.07398304 101.3064206
30-Jun-97 95.8647 91.58469911 97.98011943 102.6510965
01-Jul-97 96.6165 92.08657258 98.13698122 102.579016
02-Jul-97 96.9925 95.03671745 99.50477268 102.3536205
03-Jul-97 96.9925 96.05944775 100.559878 102.5988037
Page 3
30
04-Jul-97 96.9925 96.05944775 100.559878 102.5988037
07-Jul-97 97.0872 95.57713411 100.3400664 102.8329389
08-Jul-97 97.7444 94.45235333 100.4789972 104.9230515
09-Jul-97 97.7444 91.93199804 99.60041039 104.3520796
10-Jul-97 97.3684 92.82038808 100.4370562 105.5995395
11-Jul-97 99.2481 93.01631813 101.1708592 105.4317711
14-Jul-97 98.1203 91.49573592 100.7132291 106.7862379
15-Jul-97 97.9323 91.78760971 99.9634952 108.4754955
16-Jul-97 97.9323 92.92939171 100.5200985 109.5723348
17-Jul-97 98.1203 94.94471586 99.77382554 108.1151046
18-Jul-97 97.9323 93.68267556 99.76610844 106.7894761
21-Jul-97 98.3083 92.53012123 101.0431134 105.5423533
22-Jul-97 97.9323 93.4562527 102.7522248 107.094574
23-Jul-97 99.2481 93.37619898 102.8612383 106.2873414
24-Jul-97 98.6842 94.04813739 103.9435365 106.7489456
25-Jul-97 99.6241 93.84118338 103.5580584 107.408355
28-Jul-97 98.8722 93.42996396 103.6345555 108.6350185
29-Jul-97 98.4962 94.74599007 108.2082685 109.8603812
30-Jul-97 98.4962 96.44253305 109.2026025 110.8852892
31-Jul-97 98.4962 96.92623064 108.9083269 110.8778174
01-Aug-97 99.2481 96.68455719 105.9804682 110.4864
04-Aug-97 98.6842 98.10825516 101.0937228 110.1299622
05-Aug-97 99.4361 102.0721219 101.8287842 111.1294082
06-Aug-97 99.9068 102.0370538 104.8453325 111.6326683
07-Aug-97 99.812 103.9595463 103.9307493 111.4541385
08-Aug-97 98.8722 101.7363854 102.8966921 110.5926149
11-Aug-97 98.8722 101.8182885 102.2866563 110.9155611
12-Aug-97 99.0602 101.8363575 102.4746593 110.3809049
13-Aug-97 99.2481 101.2400008 102.3246807 109.3175355
14-Aug-97 99.0602 101.3324155 101.7689616 109.4456471
15-Aug-97 100 100.0354528 101.4441017 107.5178224
18-Aug-97 98.8722 99.63492069 100.4559865 107.3322625
19-Aug-97 99.2481 102.1446781 102.3211801 109.2768718
20-Aug-97 99.812 104.1166832 104.7503412 109.6286524
21-Aug-97 99.812 102.175869 103.5694933 108.9310404
22-Aug-97 99.9068 102.2869361 103.8058979 107.6679251
25-Aug-97 99.7188 104.1447452 104.960912 108.2075821
26-Aug-97 99.0602 103.8021318 104.2169046 108.2970908
27-Aug-97 99.9068 105.5648428 105.0839778 108.5367326
28-Aug-97 99.9068 107.5584723 105.6155125 108.1190929
29-Aug-97 99.2481 109.4542641 105.0049617 106.4769154
01-Sep-97 99.2481 109.4542641 105.0049617 106.4769154
02-Sep-97 99.4361 111.3584177 107.2803154 107.9920859
03-Sep-97 97.7444 112.4995659 108.5721804 107.3400406
04-Sep-97 98.3083 111.772266 108.5554885 106.1725605
05-Sep-97 98.215 113.2838285 108.1579954 106.4860327
08-Sep-97 97.8391 113.0993286 109.527112 108.3183553
09-Sep-97 98.1203 113.2280342 109.8505456 108.3907745
10-Sep-97 98.1203 111.851324 109.4065518 107.4076004
11-Sep-97 98.1203 110.8353162 107.6584711 106.8841843
12-Sep-97 98.1203 111.7382169 108.2495998 109.0064564
15-Sep-97 97.7444 112.0016688 108.7859541 108.7471404
16-Sep-97 97.5564 112.0573998 110.2453202 109.8890979
17-Sep-97 97.4632 111.1370823 109.1503947 111.7351416
18-Sep-97 98.1203 111.5755961 109.7240277 111.8489379
19-Sep-97 97.5564 110.8664532 110.1030161 109.5063284
Page 4
31
22-Sep-97 97.5564 111.5690454 110.6875552 109.2353752
23-Sep-97 97.4632 111.0184339 109.8202987 109.7544782
24-Sep-97 100 111.2123582 109.8227822 110.1211018
25-Sep-97 100.376 112.8592244 109.5247542 109.0531785
26-Sep-97 100 113.7417293 109.7412934 109.3671178
29-Sep-97 100.752 114.4186669 111.0629967 109.668436
30-Sep-97 100 116.324117 110.6260728 109.2990943
01-Oct-97 101.128 118.5242831 110.8325919 110.7377505
02-Oct-97 100.752 119.1970418 111.3100388 111.6698773
03-Oct-97 99.6241 120.2176063 111.1422911 111.5504405
06-Oct-97 100.752 122.3365119 112.1616424 110.7737691
07-Oct-97 101.316 123.442637 111.6916494 111.7819934
08-Oct-97 100.376 121.0091879 108.9006302 111.1998996
09-Oct-97 100.188 122.3075029 107.3957131 110.7431197
10-Oct-97 100.188 120.4085121 106.6310874 110.6319984
13-Oct-97 99.812 118.8901156 104.3699141 110.3117474
14-Oct-97 99.7188 116.4729144 105.6897818 109.698187
15-Oct-97 99.2481 115.4263784 107.1714652 110.2342789
16-Oct-97 99.2481 113.6711221 106.3952999 110.1122431
17-Oct-97 97.7444 110.8382606 105.0744452 109.7504268
20-Oct-97 98.0271 114.4781318 103.7590495 110.7596703
21-Oct-97 97.7444 116.4995694 103.6809438 111.8371332
22-Oct-97 97.7444 116.8429593 103.4820889 112.5579621
23-Oct-97 96.9925 113.5799369 101.8329432 111.35241
24-Oct-97 96.9925 114.0791947 101.7660998 111.696995
27-Oct-97 97.0872 106.757035 98.94292408 106.0972508
28-Oct-97 94.7368 108.2906219 97.74007689 107.882618
29-Oct-97 95.4887 109.2267823 98.80497747 109.1865306
30-Oct-97 95.4887 108.6823023 99.59710055 109.0467764
31-Oct-97 95.4887 111.2305486 101.7415678 108.2343949
03-Nov-97 96.2406 113.4595517 102.1916557 110.1944472
04-Nov-97 96.9925 112.7574581 102.9199159 112.0750669
05-Nov-97 97.3684 111.9229095 100.6789074 112.1193306
06-Nov-97 97.7444 111.1248615 100.8096215 111.9301859
07-Nov-97 97.7444 108.0728877 100.6439704 110.5609641
10-Nov-97 97.7444 109.3026314 101.5220039 110.1026094
11-Nov-97 96.9925 108.7467345 101.2276941 109.9310519
12-Nov-97 96.9925 106.4000718 99.41454175 108.8069842
13-Nov-97 97.3684 104.6328779 97.73248659 109.12175
14-Nov-97 97.3684 105.7145096 100.6759197 109.575548
17-Nov-97 97.3684 107.7062221 102.4405427 111.6253176
18-Nov-97 97.3684 105.1959254 102.8731938 112.0259202
19-Nov-97 96.9925 104.0637968 103.4053327 111.7607262
20-Nov-97 96.9925 104.1056079 103.9422016 112.8322838
21-Nov-97 98.1203 102.0596989 104.3274163 111.8368604
24-Nov-97 98.1203 98.39373091 103.8334592 110.4283936
25-Nov-97 98.3083 97.28757464 101.2155787 110.50676
26-Nov-97 98.3083 96.51360345 101.7445182 109.5673829
27-Nov-97 98.3083 96.51380345 101.7445182 109.6164026
28-Nov-97 98.4962 97.5624547 101.8733765 110.4583577
01-Dec-97 96.9925 94.82304362 101.3772603 112.5345863
02-Dec-97 97.2752 95.57946123 101.826333 112.7942224
03-Dec-97 96.9925 97.3023469 103.7244556 113.2430812
04-Dec-97 97.1805 96.30033649 103.5497944 113.0830789
05-Dec-97 96.9925 98.15447762 105.3384648 113.6549466
08-Dec-97 96.7113 99.60065767 104.3983817 113.1535565
Page 5
32
09-Dec-97 96.8045 97.38178592 104.441265 113.2627578
10-Dec-97 97.1805 94.8485545 104.986705 112.4080918
11-Dec-97 96.8045 93.25869998 105.0276724 110.3552035
Page 6
33
Plot Daily
1 YEAR
E&P R&M Chemicals
Composite Composite Composite
FI INDEX INDEX INDEX INDEX
11/12/96 11/12/96 11/12/96 11/12/96
DATE Values Values Values Values
19-Nov-96
20-Nov-96
21-Nov-96
22-Nov-96
25-Nov-96
26-Nov-96
27-Nov-96
28-Nov-96
29-Nov-96
02-Dec-96
03-Dec-96
04-Dec-96
05-Dec-96
06-Dec-96
09-Dec-96
10-Dec-96
11-Dec-96 100 100 100 100
12-Dec-96 97.9003 98.76495109 99.22550198 99.92408502
13-Dec-96 98.4252 99.46349181 98.61641934 99.38634625
16-Dec-96 98.4252 100.9588126 96.98873228 97.29935047
17-Dec-98 99.2126 101.8092337 95.85350723 96.8491838
18-Dec-96 98.9501 102.651596 96.14503225 96.40534249
19-Dec-96 99.2126 104.5059316 97.61078677 97.3369396
20-Dec-96 99.7375 105.3184814 97.72817703 98.14309511
23-Dec-96 99.7375 104.9468034 98.4307004 97.82833989
24-Dec-96 100 105.5844365 98.20718049 97.65382806
25-Dec-96 100 105.5844365 98.20718049 97.65382806
26-Dec-96 101.05 105.9058791 98.48237519 97.68472334
27-Dec-96 101.312 106.2310994 99.38238597 97.64176933
30-Dec-96 101.312 106.5554994 98.87554681 97.67229616
31-Dec-96 101.312 107.1973828 99.45631837 98.01835705
01-Jan-97 101.312 107.1973828 99.45631837 98.01835705
02-Jan-97 101.312 105.226278 99.59103564 98.14937662
03-Jan-97 101.837 105.5625722 99.58176604 99.79265815
06-Jan-97 102.1 106.6618413 101.3834627 100.5684935
07-Jan-97 103.412 106.9704043 101.9577656 101.222382
08-Jan-97 105.512 106.2011094 103.5640253 100.060599
09-Jan-97 106.824 109.3596962 105.7578103 100.2722401
10-Jan-97 107.874 110.2549539 104.8105246 101.6560946
13-Jan-97 108.924 111.4099764 103.7901116 103.3652146
14-Jan-97 109.449 111.1952861 103.7663545 104.4496755
15-Jan-97 108.924 111.6884534 104.0512927 103.9795171
16-Jan-97 108.661 111.1335088 104.0879663 104.7373349
17-Jan-97 108.661 110.2260961 104.136593 104.9129911
20-Jan-97 108.136 109.2360508 105.3760239 104.8956505
21-Jan-97 108.661 106.990287 106.3547033 104.3051972
22-Jan-97 108.661 103.2837514 106.2233229 103.4118744
23-Jan-97 107.874 103.77476 106.0313875 103.2535469
24-Jan-97 106.562 103.3498446 104.5323917 103.4960116
27-Jan-97 105.512 102.2359718 103.6043565 103.0149462
28-Jan-97 103.675 102.1766493 103.2844511 103.1891685
Page 1
34
Plot Daily
29-Jan-97 106.037 103.2170424 103.6986421 102.9166106
30-Jan-97 107.612 103.6057484 104.9206921 102.6793051
31-Jan-97 106.562 103.3084942 105.2915627 101.9079481
03-Feb-97 108.136 102.6875729 102.7625932 102.9326786
04-Feb-97 107.087 101.9067197 103.8813589 101.9772229
05-Feb-97 107.612 101.5407587 103.6728818 102.3626327
06-Feb-97 106.824 100.3759849 104.318019 102.4241508
07-Feb-97 105.512 98.12601408 104.2076039 102.7217365
10-Feb-97 105.249 91.48739035 102.5719612 102.8367751
11-Feb-97 105.249 90.8570631 102.6389931 102.5028215
12-Feb-97 105.774 93.18685198 103.7621609 103.8520793
13-Feb-97 105.774 93.61978237 105.4785784 105.1468173
14-Feb-97 107.612 93.32357267 105.295052 105.7499489
17-Feb-97 107.612 93.32357267 105.295052 105.5598348
18-Feb-97 106.299 92.56078711 104.8665059 106.3346411
19-Feb-97 106.037 93.27487713 105.1154494 106.2680542
20-Feb-97 105.512 91.88218359 103.5466508 105.2727656
21-Feb-97 104.724 91.26857501 104.6239751 104.6402739
24-Feb-97 105.249 90.82095811 105.5532845 105.1996183
25-Feb-97 131.234 88.42310037 106.487644 104.7344092
26-Feb-97 130.709 87.4678716 106.6293218 104.8445825
27-Feb-97 130.709 87.29855641 104.3583879 104.7350189
28-Feb-97 130.971 86.30800421 103.269397 104.4904776
03-Mar-97 130.709 85.13522642 103.0790516 104.9833522
04-Mar-97 131.234 87.18429847 102.9427717 104.5197017
05-Mar-97 132.283 87.9994353 104.102368 104.5787052
06-Mar-97 131.496 88.97793029 104.5450449 104.5205918
07-Mar-97 134.383 89.46576908 104.392253 104.8796594
10-Mar-97 132.808 90.05656843 105.7572689 106.1197456
11-Mar-97 132.546 89.57191729 105.1236019 106.812762
12-Mar-97 132.808 88.37396532 105.011878 106.3218991
13-Mar-97 132.546 88.02223876 104.8882794 104.425032
14-Mar-97 132.546 88.14947697 104.6556774 105.0670439
17-Mar-97 132.546 87.39944183 105.5938872 104.7216839
18-Mar-97 134.908 86.9052861 104.1118595 103.5384742
19-Mar-97 133.858 86.14675764 103.9357777 103.0852546
20-Mar-97 134.646 85.80037427 105.2986996 102.9040558
21-Mar-97 135.433 86.11606741 106.1474685 102.0748874
24-Mar-97 135.433 85.08865063 106.7830531 101.716905
25-Mar-97 137.008 85.56644703 107.9059844 101.7809665
26-Mar-97 138.583 87.07733398 109.359205 101.9658214
27-Mar-97 135.433 86.0412533 107.6809191 100.7975803
28-Mar-97 135.433 86.0412533 107.6809191 100.7975803
31-Mar-97 133.333 84.6902146 106.3286763 101.3381986
01-Apr-97 133.858 86.07511105 106.3464986 100.2734271
02-Apr-97 133.333 85.76629388 106.2052878 99.10695842
03-Apr-97 133.333 83.43100619 104.9947732 98.08418344
04-Apr-97 133.333 82.69279847 107.1762829 97.50779818
07-Apr-97 133.333 82.84499268 107.5489734 97.59610883
08-Apr-97 134.383 83.38313336 106.6446025 97.06994359
09-Apr-97 134.121 84.66365925 106.5803694 96.8791683
10-Apr-97 133.858 82.90706114 105.4766499 97.86013724
11-Apr-97 136.483 80.73357488 104.3868845 96.54742236
14-Apr-97 136.22 80.30429209 104.2131619 96.8579066
15-Apr-97 136.22 80.6788605 103.7035544 98.74198327
16-Apr-97 135.958 80.99397391 104.2252047 99.04936623
Page 2
35
Plot Daily
17-Apr-97 135.958 80.28863318 103.9780517 98.92834997
18-Apr-97 135.958 81.25164084 105.1145799 98.47479823
21-Apr-97 136.22 82.4387088 104.8751301 97.85906415
22-Apr-97 135.958 84.97026531 105.5698132 98.39988624
23-Apr-97 135.958 86.12195852 106.5387004 97.52977042
24-Apr-97 135.958 86.60444931 106.7890359 97.75553104
25-Apr-97 135.958 85.94852341 106.5879215 96.73819119
28-Apr-97 135.958 84.58695663 106.3029588 98.67944337
29-Apr-97 136.22 85.86996468 108.5594216 99.43974634
30-Apr-97 135.433 86.68928548 109.5491296 100.3647466
01-May-97 136.483 87.07024287 108.9836209 100.6550019
02-May-97 136.483 91.01334298 110.6170609 100.9596711
05-May-97 137.008 92.28507632 111.7945259 102.2529055
06-May-97 136.483 92.53894534 112.2337095 103.5375514
07-May-97 136.483 92.51021564 111.8579011 102.622434
08-May-97 137.008 94.48638657 113.0816999 102.9455714
09-May-97 136.483 95.62163112 115.2267497 102.8120537
12-May-97 137.27 97.97511731 115.5107844 104.4365358
13-May-97 137.27 95.97240256 113.46777 103.9430198
14-May-97 137.008 95.65930856 113.432061 104.5937538
15-May-97 137.008 94.87790001 112.8653309 104.1758869
16-May-97 136.745 95.0873813 112.2499543 103.243471
19-May-97 136.22 96.21159395 113.5900615 102.8278216
20-May-97 136.483 96.59424807 113.5310943 103.3802817
21-May-97 138.058 96.89932929 113.534136 102.1541146
22-May-97 138.583 97.40432203 114.5521645 101.8786896
23-May-97 139.108 97.82200653 114.8340132 102.6858156
26-May-97 139.108 97.82200653 114.8340132 102.6858156
27-May-97 137.795 97.64002472 114.7981605 102.7965255
28-May-97 139.37 97.9711594 115.5590398 102.5654407
29-May-97 139.37 98.52659662 115.4702423 102.9080758
30-May-97 138.452 99.07776198 116.3487167 103.7488164
02-Jun-97 139.633 101.0307726 116.6593846 104.5413538
03-Jun-97 141.207 100.7995728 117.2215342 104.3240757
04-Jun-97 139.633 100.0912652 117.1693133 103.7360132
05-Jun-97 139.633 100.7656409 116.1417038 104.0842341
06-Jun-97 139.37 100.4174415 117.0330883 105.9354624
09-Jun-97 136.483 98.37989124 117.2420202 106.1080823
10-Jun-97 135.433 96.01163891 117.1281208 106.4516895
11-Jun-97 135.958 95.33745704 116.4127809 106.8570295
12-Jun-97 136.483 94.42445001 116.5928691 107.0864788
13-Jun-97 136.483 95.81345819 116.8690536 107.4751128
16-Jun-97 135.958 95.29533949 117.3474434 106.2923502
17-Jun-97 137.008 94.81944135 116.5441041 106.4871281
18-Jun-97 135.171 94.71430088 116.2146854 107.3744134
19-Jun-97 133.858 94.63754064 115.9656058 107.5740516
20-Jun-97 132.283 93.53047423 114.2819282 106.8917352
23-Jun-97 132.283 93.16242264 112.4874127 104.4347509
24-Jun-97 133.333 93.56474184 113.335526 105.6795911
25-Jun-97 133.596 92.5354574 111.8858265 104.635942
26-Jun-97 133.596 92.01864088 112.430777 104.5454597
27-Jun-97 134.908 91.5596021 113.5455931 104.9800033
30-Jun-97 133.858 92.04999199 114.6443961 106.3143399
01-Jul-97 134.908 92.63971024 114.5735523 106.2868142
02-Jul-97 135.433 95.5831981 116.3363261 106.0614211
03-Jul-97 135.433 96.62010254 117.6016401 106.3136652
Page 3
36
Plot Daily
04-Jul-97 135.433 96.62010254 117.6016401 106.3136652
07-Jul-97 135.565 96.27041312 117.4321561 106.55442
08-Jul-97 136.483 95.24184537 117.6772514 108.7222101
09-Jul-97 136.483 92.78586652 116.5795105 108.1310935
10-Jul-97 135.958 93.5238258 117.4682486 109.4395428
11-Jul-97 138.583 93.58367781 118.28634 109.2681009
14-Jul-97 137.008 92.19958081 117.7863064 110.6976955
15-Jul-97 136.745 92.50557161 116.8859508 112.4288352
16-Jul-97 136.745 93.70861941 117.6049292 113.5888765
17-Jul-97 137.008 95.60456828 116.6199445 112.0383811
18-Jul-97 136.745 94.32228927 116.721479 110.6553778
21-Jul-97 137.27 93.21469276 118.1811531 109.4088233
22-Jul-97 136.745 94.08731761 120.1694355 111.0071881
23-Jul-97 138.583 93.95852738 120.4158449 110.1935242
24-Jul-97 137.795 94.60582104 121.7687229 110.6413037
25-Jul-97 139.108 94.38568986 121.2590046 111.3113077
28-Jul-97 138.058 93.91924017 121.3390364 112.5733726
29-Jul-97 137.533 95.27662674 126.8185194 113.901983
30-Jul-97 137.533 96.99547666 128.0164798 114.9717397
31-Jul-97 137.533 97.44329906 127.7023102 114.9767688
01-Aug-97 138.583 97.29936884 121.9960765 114.5991348
04-Aug-97 137.795 98.64436423 117.9767632 114.2426763
05-Aug-97 138.845 102.491713 118.918075 115.2634389
06-Aug-97 139.502 102.494537 122.5460811 115.7866559
07-Aug-97 139.37 104.3722544 121.5612731 115.5744454
08-Aug-97 138.058 102.0895601 120.396375 114.6732048
11-Aug-97 136.058 102.1663293 119.6355418 115.0089585
12-Aug-97 138.32 102.1743208 119.8764779 114.4795349
13-Aug-97 138.583 101.5253182 119.7536856 113.401482
14-Aug-97 138.32 101.6781286 119.1265049 113.5769351
15-Aug-97 139.633 100.3877353 118.8104281 111.5289426
18-Aug-97 138.058 100.0040368 117.5547665 111.3248288
19-Aug-97 138.583 102.5254255 119.8255205 113.3596487
20-Aug-97 139.37 104.5372344 122.7557583 113.7431953
21-Aug-97 139.37 102.6371956 121.4733247 113.0118251
22-Aug-97 139.502 102.7573705 121.7698876 111.6937092
25-Aug-97 139.24 104.7264441 123.1349122 112.2631798
26-Aug-97 138.32 104.4617481 122.2959501 112.3636673
27-Aug-97 139.502 106.1047726 123.2864202 112.6139185
28-Aug-97 139.502 108.1308218 123.9703639 112.1825347
29-Aug-97 138.583 110.1053417 123.2006287 110.506201
01-Sep-97 138.583 110.1053417 123.2006287 110.506201
02-Sep-97 138.845 112.0397203 125.904234 112.1004634
03-Sep-97 136.483 113.1373409 127.5322675 111.4379068
04-Sep-97 137.27 112.3851534 127.4683074 110.2369527
05-Sep-97 137.14 113.9162072 127.0107027 110.5373209
08-Sep-97 136.615 113.7700077 128.6302151 112.4050711
09-Sep-97 137.008 113.7142533 128.8933197 112.5116967
10-Sep-97 137.008 112.247952 128.2961833 111.4832114
11-Sep-97 137.008 111.2283466 126.1713687 110.9426992
12-Sep-97 137.008 112.2207656 126.991198 113.1550917
15-Sep-97 136.483 112.5427087 127.631317 112.8898536
16-Sep-97 136.22 112.6407175 129.3666949 114.0603255
17-Sep-97 136.09 111.7997132 128.1630397 115.9537368
18-Sep-97 137.008 112.2046854 128.8400136 116.0792316
19-Sep-97 136.22 111.5077794 129.3307499 113.5817711
Page 4
37
Plot Daily
22-Sep-97 136.22 112.3609532 130.0736968 113.2375819
23-Sep-97 136.09 111.7508674 129.0441941 113.7810379
24-Sep-97 139.633 112.1148665 129.0495094 114.144185
25-Sep-97 140.157 113.6411541 128.5685197 113.0416658
26-Sep-97 139.633 114.5377723 128.909479 113.3661994
29-Sep-97 140.682 115.3007476 130.4827967 113.7170037
30-Sep-97 139.633 117.2570617 129.9734475 113.3725318
01-Oct-97 141.207 119.5496685 130.1846788 114.8263394
02-Oct-97 140.682 120.2316851 130.7064621 115.804321
03-Oct-97 139.108 121.0644754 130.5500665 115.7001061
06-Oct-97 140.682 123.3717543 131.7393034 114.8415265
07-Oct-97 141.47 124.3123347 131.2111664 115.8929964
08-Oct-97 140.157 121.8735184 127.8400147 115.2802767
09-Oct-97 139.895 123.2510483 125.931876 114.8068151
10-Oct-97 139.895 121.5316608 125.0283467 114.6930108
13-Oct-97 139.37 120.043826 122.3291508 114.3574533
14-Oct-97 139.24 117.5507473 123.8830955 113.7093344
15-Oct-97 138.583 116.6238678 125.7168331 114.3145945
16-Oct-97 138.583 114.7719465 124.8293369 114.2043524
17-Oct-97 136.483 111.8937021 123.2368767 113.8155696
20-Oct-97 136.878 115.6891017 121.7438515 114.8894634
21-Oct-97 136.483 117.7448496 121.6543991 115.9985051
22-Oct-97 136.483 118.0665303 121.4007735 116.7345443
23-Oct-97 135.433 114.7555051 119.5281272 115.4852556
24-Oct-97 135.433 115.2136588 119.5467489 115.8553484
27-Oct-97 135.565 107.8127664 113.6648367 110.0120897
28-Oct-97 132.283 109.3215042 114.6991078 111.8311368
29-Oct-97 133.333 110.3403925 116.0215082 113.1754457
30-Oct-97 133.333 109.7055167 117.0528509 113.011765
31-Oct-97 133.333 112.4514113 119.5685473 112.1551448
03-Nov-97 134.383 114.6135624 120.0019889 114.1863719
04-Nov-97 135.433 113.8499303 120.9454451 116.1513415
05-Nov-97 135.958 113.0045096 118.282223 116.1962128
06-Nov-97 136.483 112.236854 118.4333656 115.9872263
07-Nov-97 136.483 109.1144078 118.2734067 114.5627656
10-Nov-97 136.483 110.3636121 119.3240538 114.1115439
11-Nov-97 135.433 109.7852116 118.9968892 113.9221081
12-Nov-97 135.433 107.4443388 116.8635029 112.7702999
13-Nov-97 135.958 105.695112 114.938597 113.1102513
14-Nov-97 135.958 106.7564274 118.4920623 113.5755659
17-Nov-97 135.958 108.7610681 120.6267862 115.7589078
18-Nov-97 135.958 106.2290823 121.0696639 116.1432816
19-Nov-97 135.433 104.9979451 121.8344334 115.8891123
20-Nov-97 135.433 105.150519 122.4345265 116.9962392
21-Nov-97 137.008 102.9240072 122.877146 115.9487252
24-Nov-97 137.008 99.26804055 122.2999675 114.5259568
25-Nov-97 137.27 98.26164039 119.0298555 114.6032544
26-Nov-97 137.27 97.51329724 119.7264223 113.6405699
27-Nov-97 137.27 97.51329724 119.7264223 113.6880984
28-Nov-97 137.533 98.63192771 119.8732474 114.5559952
01-Dec-97 135.433 95.85172741 119.303775 116.7002799
02-Dec-97 135.828 96.68098407 119.8523851 116.9573824
03-Dec-97 135.433 98.46141561 122.1462153 117.4183992
04-Dec-97 135.696 97.59406169 121.9166139 117.2874071
05-Dec-97 135.433 99.4207204 123.914063 117.8916515
08-Dec-97 135.04 100.8459816 122.8032599 117.3585584
Page 5
38
Plot Daily
09-Dec-97 135.171 98.58528985 122.9091944 117.4692648
10-Dec-97 135.696 96.07120577 123.5824947 116.6075041
11-Dec-97 135.171 94.36976694 123.6588678 114.4339628
Page 6
39
3 YEAR
E&P R&M Chemicals
Composite Composite Composite
FI INDEX INDEX INDEX INDEX
09/12/94 09/12/94 09/12/94 09/12/94
DATE CAT Values Values Values Values
11-Nov-94 1
18-Nov-94 2
25-Nov-94 3
02-Dec-94 4
09-Dec-94 5 100 100 100 100
16-Dec-94 6 102.273 102.4877988 100.1905366 106.2809189
23-Dec-94 7 102.273 100.4059966 101.392267 104.6428947
30-Dec-94 8 103.6 104.4055415 101.697736 104.2469786
06-Jan-95 9 104.167 99.14343111 102.3029388 104.5732802
13-Jan-95 10 104.545 96.85473883 102.026836 106.4237257
20-Jan-95 11 107.576 97.51991341 102.4509585 104.5813794
27-Jan-95 12 112.879 97.11896903 102.5839537 96.97575722
03-Feb-95 13 113.448 96.25800608 102.8836875 96.40468674
10-Feb-95 14 112.121 98.32924975 102.1931276 98.41422314
17-Feb-95 15 116.667 96.42628206 102.4356086 96.86154253
24-Feb-95 16 116.858 96.79236465 103.7438519 95.84761313
03-Mar-95 17 117.803 100.6979835 103.0919223 93.84522846
10-Mar-95 18 117.424 105.649719 101.9954215 93.88463084
17-Mar-95 19 118.561 107.7539815 100.2111632 96.3866471
24-Mar-95 20 118.561 108.1404679 103.4517763 97.26902512
31-Mar-95 21 124.433 111.8972762 107.6993401 97.11667669
07-Apr-95 22 123.485 112.407242 106.8420604 96.19676365
14-Apr-95 23 124.242 112.4817839 105.0729906 97.270823
21-Apr-95 24 129.545 116.1627576 115.3908187 97.2001992
28-Apr-95 25 134.848 119.8451179 117.561778 99.09045562
05-May-95 26 134.282 118.3763164 118.6378809 98.55879818
12-May-95 27 132.767 120.4832933 120.0880537 98.02591144
19-May-95 28 128.409 119.8671266 118.4183147 95.85055054
26-May-95 29 124.621 122.4123573 118.5812908 93.30826431
02-Jun-95 30 128.03 121.1611842 119.3676853 93.43807266
09-Jun-95 31 131.061 121.535087 114.3744515 93.94699554
16-Jun-95 32 135.227 125.8373278 110.8577399 94.81680778
23-Jun-95 33 140.152 119.0787083 111.0294414 98.68003033
30-Jun-95 34 141.288 119.6122071 109.5090033 99.98262828
07-Jul-95 35 143.561 118.8483306 108.8483 107.0656203
14-Jul-95 36 149.621 117.7140923 110.9638134 106.4030042
21-Jul-95 37 153.409 115.5753326 113.0919805 104.7913723
28-Jul-95 38 151.894 114.6252369 115.2102529 101.9750954
04-Aug-95 39 148.864 115.4715962 115.1912008 102.9260616
11-Aug-95 40 149.621 115.1837527 112.216232 103.6361803
18-Aug-95 41 147.727 116.7372749 111.7986332 101.9607255
25-Aug-95 42 141.288 118.0548774 110.1806877 99.31705364
01-Sep-95 43 138.636 125.1657024 111.7056433 100.0847396
08-Sep-95 44 148.485 127.1402601 113.9015493 103.7223745
15-Sep-95 45 147.727 128.2604082 116.5202033 104.908691
22-Sep-95 46 147.348 125.0360245 116.2203359 100.4456426
29-Sep-95 47 146.591 122.3270534 113.9947893 99.58321155
06-Oct-95 48 145.076 122.6750104 112.2434967 96.25998097
13-Oct-95 49 139.394 120.1860859 111.8099356 96.58104531
20-Oct-95 50 137.879 120.1128488 114.9788982 95.84777255
27-Oct-95 51 135.608 119.6294651 114.7531331 94.11422784
Page 1
40
03-Nov-95 52 134.47 119.2688407 115.9055176 93.46245346
10-Nov-95 53 135.227 120.6639091 115.9882289 95.40663041
17-Nov-95 54 137.121 124.3164857 118.6837427 96.38057922
24-Nov-95 55 138.636 125.194397 121.3222226 99.72558609
01-Dec-95 56 146.212 126.7146597 123.0185354 99.39845692
08-Dec-95 57 150 129.2155416 122.345554 99.58537003
15-Dec-95 58 153.03 132 2462942 121.8647738 95.92652103
22-Dec-95 59 151.894 133.1061647 120.9882116 93.4757854
29-Dec-95 60 153.03 135.2717474 121.0654861 93.23838688
05-Jan-96 61 155.303 135.47646 122.7697273 98.05620838
12-Jan-96 62 155.303 131.7840002 119.2101605 95.11511201
19-Jan-96 63 156.061 126.5107125 117.4221099 92.96218169
26-Jan-96 64 147.727 126.9845596 123.7715367 94.122559
02-Feb-96 65 144.697 133.9667672 129.070877 98.64233863
09-Feb-96 68 144.697 130.8873002 129.9894491 102.0011699
16-Feb-96 67 147.727 133.8292151 129.3349047 100.9696324
23-Feb-96 68 146.591 138.00898 135.6381336 103.6490942
01-Mar-96 69 145.833 134.7593248 129.1109829 103.6473782
08-Mar-96 70 144.697 129.9723514 126.6518227 104.3519871
15-Mar-96 71 145.455 131.1948238 132.5755204 112.3083079
22-Mar-96 72 143.939 138.6411323 131.8765143 111.290348
29-Mar-96 73 146.591 140.5464204 133.2844409 111.4163518
05-Apr-96 74 156.061 143.6487845 134.4089293 110.0705656
12-Apr-96 75 152.273 149.2994646 135.5557896 108.123049
19-Apr-96 76 153.03 156.0862149 139.6614291 112.3508544
26-Apr-96 77 158.712 166.3139174 146.908729 110.7415291
03-May-96 78 157.197 164.3183704 146.2879872 112.3490824
10-May-96 79 159.848 164.2988708 147.5235102 109.0362333
17-May-96 80 161.364 166.0069802 147.2098057 106.572241
24-May-96 81 164.773 168.3504548 148.234619 105.9460718
31-May-96 82 161.364 167.7054806 144.6270027 103.7731196
07-Jun-96 83 164.394 166.8817334 139.329344 101.1523527
14-Jun-96 84 166.288 166.0459741 138.1164116 99.68695174
21-Jun-96 85 166.667 170.109028 137.0659092 98.77540627
28-Jun-96 86 167.424 187.9461392 139.2812735 95.50913144
05-Jul-96 87 167.424 186.0736049 137.9678526 95.47481056
12-Jul-96 88 160.606 194.6724311 137.0785736 94.03522236
19-Jul-96 89 156.061 188.1554287 131.5421717 91.47923965
26-Jul-96 90 153.409 180.5483151 126.8590098 92.70092665
02-Aug-96 91 154.167 176.7043101 125.1101049 95.34432295
09-Aug-96 92 153.03 174.5332279 126.5865334 96.95338168
16-Aug-96 93 151.136 180.6939317 127.3706491 98.16679124
23-Aug-96 94 154.545 188.6384182 127.5304389 97.84151039
30-Aug-96 95 152.652 187.72551 123.8104706 96.79263773
06-Sep-96 96 156.061 188.5137328 124.47869 97.03160825
13-Sep-96 97 157.955 197.2850858 128.1843796 98.53740534
20-Sep-96 98 158.712 196.3405872 131.7217338 97.35148401
27-Sep-96 99 159.848 202.5304893 132.7211848 97.04805138
04-Oct-96 100 157.576 203.2935196 134.2059712 95.48430877
11-Oct-96 101 158.333 202.7366396 140.5963784 93.64896463
18-Oct-96 102 164.394 217.6693402 139.1875584 93.73899688
25-Oct-96 103 163.636 218.911177 139.4052723 90.77903157
01-Nov-96 104 155.303 215.2934311 136.9618474 88.99881649
08-Nov-96 105 154.545 218.7020741 138.1898028 89.77524789
15-Nov-96 106 156.439 217.331424 144.9867765 93.27407759
22-Nov-96 107 157.197 234.3448826 167.6837748 93.38309818
Page 2
41
29-Nov-96 108 143.182 235.5979084 171.7051589 93.21664819
06-Dec-96 109 147.348 238.7134783 171.808996 91.79854614
13-Dec-96 110 142.045 225.3566647 167.6671188 88.99796561
20-Dec-96 111 143.939 239.6434144 165.408806 88.20636125
27-Dec-96 112 146.212 241.0315104 169.1835615 87.74981048
03-Jan-97 113 146.97 240.7965006 169.6425014 89.67758705
10-Jan-97 114 155.682 247.4515906 180.1033386 91.42962935
17-Jan-97 115 156.818 246.1570206 179.7363978 94.24681585
24-Jan-97 116 153.788 227.3254139 179.3077031 92.9413848
31-Jan-97 117 153.788 227.7614932 180.604022 91.87836256
07-Feb-97 118 152.273 215.394271 179.2753436 92.78734012
14-Feb-97 119 155.303 206.2499438 179.9854878 95.35778388
21-Feb-97 120 151.136 200.2578912 178.4842768 94.29014056
28-Feb-97 121 189.015 188.8247542 175.6045168 94.56649138
07-Mar-97 122 193.939 196.2836401 177.2858302 95.21940386
14-Mar-97 123 191.288 192.3482465 177.6042486 95.57874776
21-Mar-97 124 195.455 188.7280016 180.8256013 93.09039779
28-Mar-97 125 195.455 190.4355559 184.2998255 91.52281897
04-Apr-97 126 192.424 182.2882145 184.1177222 88.46262676
11-Apr-97 127 196.97 177.8913605 178.0182414 87.93242127
18-Apr-97 128 196.212 178.753057 180.6359316 90.02896549
25-Apr-97 129 196.212 189.8490884 182.4586397 88.67053029
02-May-97 130 196.97 202.0401429 188.8478375 92.46253735
09-May-97 131 196.97 211.1863674 199.3273195 94.29180638
16-May-97 132 197.348 211.7275043 191.7518474 94.44607986
23-May-97 133 200.758 216.2705454 195.4758853 93.54621873
30-May-97 134 199.812 219.8947174 199.2235696 93.95797087
06-Jun-97 135 201.136 222.9560472 199.7458312 95.41999539
13-Jun-97 136 196.97 211.2379196 196.8976932 97.42072904
20-Jun-97 137 190.909 206.0420183 193.1731243 96.93670528
27-Jun-97 138 194.697 201.1240734 189.3746525 95.47355176
04-Jul-97 139 195.455 211.4034063 195.9446251 96.69431754
11-Jul-97 140 200 204.366682 196.6547629 99.35024414
18-Jul-97 141 197.348 205.4262025 194.0469163 100.2392768
25-Jul-97 142 200.758 205.317416 201.5291567 101.5222344
01-Aug-97 143 200 211.4739577 210.5523589 104.5752157
08-Aug-97 144 199.242 224.9152788 201.1644539 104.6951436
15-Aug-97 145 201.515 220.9992044 197.8945663 101.5443345
22-Aug-97 146 201.327 227.4575654 204.3306875 101.6495646
29-Aug-97 147 200 242.89932 205.1667388 100.1831491
05-Sep-97 148 197.918 251.369196 210.626872 100.0148076
12-Sep-97 149 197.727 247.9357125 209.5151175 102.7124833
19-Sep-97 150 196.591 244.1543943 211.9520607 102.4703253
26-Sep-97 151 201.515 251.186084 211.7903069 101.7363491
03-Oct-97 152 200.758 264.5346815 216.3569287 103.5705997
10-Oct-97 153 201.894 264.8335665 208.6828119 102.6048495
17-Oct-97 154 196.97 241.8661637 204.7335837 102.6325798
24-Oct-97 155 195.455 249.3544527 197.9642793 104.3106836
31-Oct-97 156 192.424 241.4543335 198.4670153 100.5553829
07-Nov-97 157 196.97 235.8885594 194.2762248 101.6007641
14-Nov-97 158 196.212 230.9279566 194.7073683 101.3399985
21-Nov-97 159 197.727 223.7718914 204.2812323 103.7446693
28-Nov-97 160 198.485 212.8899499 198.5764028 102.5956069
05-Dec-97 161 195.455 197.6266521 215.3150878 105.9032588
Page 3
42
5 YEAR
E&P R&M Chemicals
Composite Composite Composite
FI INDEX INDEX INDEX INDEX
30/11/92 30/11/92 30/11/92 30/11/92
DATE CAT Values Values Values Values
31-Aug-92 1
30-Sep-92 2
31-Oct-92 3
30-Nov-92 4 100 100 100 100
31-Dec-92 5 96.0159 107.3824221 108.5148579 100.856686
31-Jan-93 6 97.6096 110.977851 111.1518229 98.14605109
28-Feb-93 7 102.789 126.607879 106.9248446 98.05373236
31-Mar-93 8 106.575 155.6421332 112.0692126 93.96127205
30-Apr-93 9 102.39 160.8823851 112.0698891 99.04636214
31-May-93 10 101.594 164.4095099 116.8764751 102.4727957
30-Jun-93 11 97.6096 164.8824804 105.9420529 97.4422235
31-Jul-93 12 97.6096 150.180101 116.0427152 95.82099795
31-Aug-93 13 100.797 165.5294106 123.9145148 100.4962169
30-Sep-93 14 110.757 165.1214564 122.7454737 96.39889871
31-Oct-93 15 111.554 158.793124 129.689313 99.87100965
30-Nov-93 16 110.161 136.532125 133.2570204 103.4566315
31-Dec-93 17 109.562 138.1085188 122.9815871 106.2592204
31-Jan-94 18 109.163 148.3033355 132.8868589 115.9201915
28-Feb-94 19 112.351 148.8297203 138.4112455 119.6075241
31-Mar-94 20 111.554 141.871123 127.9165471 117.8324345
30-Apr-94 21 113.348 151.6691004 132.5155513 129.0179613
31-May-94 22 118.725 154.3766506 120.5278172 138.8616667
30-Jun-94 23 121.316 164.1914201 115.1929421 138.1131178
31-Jul-94 24 121.912 161.9561957 119.6305232 148.6261833
31-Aug-94 25 120.918 164.933837 121.0851395 167.7921646
30-Sep-94 26 121.514 162.6407543 119.4506306 173.4310214
31-Oct-94 27 116.733 168.7162038 131.9523438 162.3914628
30-Nov-94 28 104.781 152.7309439 119.9510236 144.5070154
31-Dec-94 29 108.966 149.6487229 115.4126873 149.0641814
31-Jan-95 30 118.926 139.0725107 115.9829261 133.6766293
28-Feb-95 31 121.514 142.7661855 116.5463067 135.9598599
31-Mar-95 32 130.878 160.333135 122.4870945 137.0682831
30-Apr-95 33 141.833 172.492896 133.3512699 140.4328537
31-May-95 34 131.873 174.0399336 135.8796433 130.6531999
30-Jun-95 35 148.606 174.5399757 124.0453451 140.5596653
31-Jul-95 36 158.167 168.5430086 130.233245 142.8715192
31-Aug-95 37 147.41 175.286186 124.9105003 139.2214428
30-Sep-95 38 154.183 177.4695919 129.0526199 140.5436149
31-Oct-95 39 142.231 172.269254 129.8974226 132.3429111
30-Nov-95 40 155.378 184.1586415 139.5559334 140.4812916
31-Dec-95 41 160.956 198.4906681 137.7793036 132.2468096
31-Jan-96 42 150.996 192.6714382 144.4728594 141.1573054
29-Feb-96 43 153.386 197.3795168 148.4923893 147.1436308
31-Mar-96 44 154.183 202.7570166 154.0509551 157.4579128
30-Apr-96 45 165.737 237.5075477 172.5310328 155.5407299
31-May-96 46 169.721 240.2100199 166.5726834 146.9295213
30-Jun-96 47 176.096 269.0560933 161.5800195 135.2091029
31-Jul-96 48 161.355 250.7908976 147.4811211 135.0928781
31-Aug-96 49 160.558 270.3918078 145.3390014 138.3175221
30-Sep-96 50 167.331 289.9562656 157.4244307 139.1785778
31-Oct-96 51 162.948 314.8541653 163.2986064 128.3915637
Page 1
43
30-Nov-96 52 150.598 337.3015574 204.92877 135.2173769
31-Dec-96 53 153.785 352.4004263 206.2233088 126.8389491
31-Jan-97 54 161.753 330.5849237 219.1240239 132.9297863
28-Feb-97 55 198.805 272.8849481 213.0133992 136.7781193
31-Mar-97 56 202.39 268.6673487 219.450086 131.4122779
30-Apr-97 57 205.578 277.0806551 226.4694104 134.2962588
31-May-97 58 210.161 315.1386751 242.1967891 135.8209781
30-Jun-97 59 203.187 290.1292383 233.2214108 139.2698305
31-Jul-97 60 208.765 302.9367216 253.42715 151.3320539
31-Aug-97 61 210.359 346.4654538 249.123873 144.0662932
30-Sep-97 62 211.952 368.0655054 260.6195838 145.8802249
31-Oct-97 63 202.39 344.0884707 241.7927586 143.999059
30-Nov-97 64 208.765 303.0424243 241.3499515 146.1620612
Page 2
44
FINA
Indexed Stock Price History
- ---------------------------------- ----------------------------------
Since June 1997 One Year
- ---------------------------------- ----------------------------------
[PLOT POINTS NEXT PAGE] [PLOT POINTS NEXT PAGE]
- ---------------------------------- ----------------------------------
Three Year Five Year
- ---------------------------------- ----------------------------------
[PLOT POINTS NEXT PAGE] [PLOT POINTS NEXT PAGE]
45
SINCE JUNE
4684002
FI INDEX INDEX
04/06/97 04/06/97
DATE Values Values
19-Nov-96
20-Nov-96
21-Nov-96
22-Nov-96
25-Nov-96
26-Nov-96
27-Nov-96
28-Nov-96
29-Nov-96
02-Dec-96
03-Dec-96
04-Dec-96
05-Dec-96
06-Dec-96
09-Dec-96
10-Dec-96
11-Dec-96
12-Dec-96
13-Dec-96
16-Dec-96
17-Dec-96
18-Dec-96
19-Dec-96
20-Dec-96
23-Dec-96
24-Dec-96
25-Dec-96
26-Dec-96
27-Dec-96
30-Dec-96
31-Dec-96
01-Jan-97
02-Jan-97
03-Jan-97
06-Jan-97
07-Jan-97
08-Jan-97
09-Jan-97
10-Jan-97
13-Jan-97
14-Jan-97
15-Jan-97
16-Jan-97
17-Jan-97
20-Jan-97
21-Jan-97
22-Jan-97
23-Jan-97
24-Jan-97
27-Jan-97
28-Jan-97
Page 1
46
29-Jan-97
30-Jan-97
31-Jan-97
03-Feb-97
04-Feb-97
05-Feb-97
06-Feb-97
07-Feb-97
10-Feb-97
11-Feb-97
12-Feb-97
13-Feb-97
14-Feb-97
17-Feb-97
18-Feb-97
19-Feb-97
20-Feb-97
21-Feb-97
24-Feb-97
25-Feb-97
26-Feb-97
27-Feb-97
28-Feb-97
03-Mar-97
04-Mar-97
05-Mar-97
06-Mar-97
07-Mar-97
10-Mar-97
11-Mar-97
12-Mar-97
13-Mar-97
14-Mar-97
17-Mar-97
18-Mar-97
19-Mar-97
20-Mar-97
21-Mar-97
24-Mar-97
25-Mar-97
26-Mar-97
27-Mar-97
28-Mar-97
31-Mar-97
01-Apr-97
02-Apr-97
03-Apr-97
04-Apr-97
07-Apr-97
08-Apr-97
09-Apr-97
10-Apr-97
11-Apr-97
14-Apr-97
15-Apr-97
16-Apr-97
Page 2
47
17-Apr-97
18-Apr-97
21-Apr-97
22-Apr-97
23-Apr-97
24-Apr-97
25-Apr-97
28-Apr-97
29-Apr-97
30-Apr-97
01-May-97
02-May-97
05-May-97
06-May-97
07-May-97
08-May-97
09-May-97
12-May-97
13-May-97
14-May-97
15-May-97
16-May-97
19-May-97
20-May-97
21-May-97
22-May-97
23-May-97
26-May-97
27-May-97
28-May-97
29-May-97
30-May-97
02-Jun-97
03-Jun-97
04-Jun-97 100 100
05-Jun-97 100 100.61
06-Jun-97 99.812 101.423
09-Jun-97 97.7444 102.033
10-Jun-97 96.9925 103.049
11-Jun-97 97.3684 103.862
12-Jun-97 97.7444 104.675
13-Jun-97 97.7444 105.081
16-Jun-97 97.3684 105.285
17-Jun-97 98.1203 104.675
18-Jun-97 96.8045 104.472
19-Jun-97 95.8647 104.472
20-Jun-97 94.7368 103.862
23-Jun-97 94.7368 105.488
24-Jun-97 95.4887 107.52
25-Jun-97 95.6767 111.382
26-Jun-97 95.6767 112.398
27-Jun-97 96.6165 110.976
30-Jun-97 95.8647 110.772
01-Jul-97 96.6165 111.992
02-Jul-97 96.9925 111.789
03-Jul-97 96.9925 113.008
Page 3
48
04-Jul-97 96.9925 111.789
07-Jul-97 97.0872 111.992
08-Jul-97 97.7444 111.789
09-Jul-97 97.7444 111.585
10-Jul-97 97.3684 110.163
11-Jul-97 99.2481 110.163
14-Jul-97 98.1203 108.333
15-Jul-97 97.9323 108.943
16-Jul-97 97.9323 112.602
17-Jul-97 98.1203 115.244
18-Jul-97 97.9323 115.65
21-Jul-97 98.3083 115.65
22-Jul-97 97.9323 118.293
23-Jul-97 99.2481 119.715
24-Jul-97 98.6842 118.089
25-Jul-97 99.6241 118.496
28-Jul-97 98.8722 121.545
29-Jul-97 98.4962 121.545
30-Jul-97 98.4962 122.561
31-Jul-97 98.4962 121.951
01-Aug-97 99.2481 125.203
04-Aug-97 98.6842 122.154
05-Aug-97 99.4361 118.089
06-Aug-97 99.9068 119.106
07-Aug-97 99.812 119.309
08-Aug-97 98.8722 114.634
11-Aug-97 98.8722 113.821
12-Aug-97 99.0602 116.057
13-Aug-97 99.2481 113.415
14-Aug-97 99.0602 113.415
15-Aug-97 100 113.415
18-Aug-97 98.8722 113.008
19-Aug-97 99.2481 113.415
20-Aug-97 99.812 114.837
21-Aug-97 99.812 115.65
22-Aug-97 99.9068 113.008
25-Aug-97 99.7188 113.008
26-Aug-97 99.0602 109.35
27-Aug-97 99.9068 108.537
28-Aug-97 99.9068 108.333
29-Aug-97 99.2481 107.927
01-Sep-97 99.2481 110.772
02-Sep-97 99.4361 113.618
03-Sep-97 97.7444 115.041
04-Sep-97 98.3083 114.634
05-Sep-97 98.215 116.26
08-Sep-97 97.8391 115.041
09-Sep-97 98.1203 114.228
10-Sep-97 98.1203 112.195
11-Sep-97 98.1203 110.569
12-Sep-97 98.1203 111.382
15-Sep-97 97.7444 113.008
16-Sep-97 97.5564 113.211
17-Sep-97 97.4632 112.398
18-Sep-97 98.1203 113.211
19-Sep-97 97.5564 113.821
Page 4
49
22-Sep-97 97.5564 115.447
23-Sep-97 97.4632 115.244
24-Sep-97 100 114.634
25-Sep-97 100.376 114.634
26-Sep-97 100 116.057
29-Sep-97 100.752 115.854
30-Sep-97 100 116.057
01-Oct-97 101.128 118.496
02-Oct-97 100.752 119.715
03-Oct-97 99.6241 121.138
06-Oct-97 100.752 122.358
07-Oct-97 101.316 120.325
08-Oct-97 100.376 119.919
09-Oct-97 100.188 115.854
10-Oct-97 100.188 114.837
13-Oct-97 99.812 117.683
14-Oct-97 99.7188 118.902
15-Oct-97 99.2481 116.87
16-Oct-97 99.2481 117.683
17-Oct-97 97.7444 114.837
20-Oct-97 98.0271 112.805
21-Oct-97 97.7444 112.805
22-Oct-97 97.7444 115.041
23-Oct-97 96.9925 112.602
24-Oct-97 96.9925 111.789
27-Oct-97 97.0872 109.146
28-Oct-97 94.7368 107.114
29-Oct-97 95.4887 109.959
30-Oct-97 95.4887 105.488
31-Oct-97 95.4887 106.301
03-Nov-97 96.2406 110.569
04-Nov-97 96.9925 109.553
05-Nov-97 97.3684 111.585
06-Nov-97 97.7444 109.35
07-Nov-97 97.7444 106.301
10-Nov-97 97.7444 107.317
11-Nov-97 96.9925 107.317
12-Nov-97 96.9925 106.098
13-Nov-97 97.3684 109.35
14-Nov-97 97.3684 110.366
17-Nov-97 97.3684 112.602
18-Nov-97 97.3684 112.602
19-Nov-97 96.9925 112.602
20-Nov-97 96.9925 114.228
21-Nov-97 98.1203 115.65
24-Nov-97 98.1203 112.195
25-Nov-97 98.3083 112.195
26-Nov-97 98.3083 113.618
27-Nov-97 98.3083 113.415
28-Nov-97 98.4962 114.228
01-Dec-97 96.9925 117.276
02-Dec-97 97.2752 117.073
03-Dec-97 96.9925 117.683
04-Dec-97 97.1805 117.683
05-Dec-97 96.9925 117.48
08-Dec-97 96.7113 117.683
Page 5
50
09-Dec-97 96.8045 115.65
10-Dec-97 97.1805 114.431
11-Dec-97 96.8045 113.008
Page 6
51
ONE YEAR
4684002
FI INDEX INDEX
11/12/96 11/12/96
DATE Values Values
19-Nov-96
20-Nov-96
21-Nov-96
22-Nov-96
25-Nov-96
26-Nov-96
27-Nov-96
28-Nov-96
29-Nov-96
02-Dec-96
03-Dec-96
04-Dec-96
05-Dec-96
06-Dec-96
09-Dec-96
10-Dec-96
11-Dec-96 100 100
12-Dec-96 97.9003 98.9109
13-Dec-96 98.4252 99.0099
16-Dec-96 98.4252 100.99
17-Dec-96 99.2126 99.7525
18-Dec-96 98.9501 101.733
19-Dec-96 99.2126 102.723
20-Dec-96 99.7375 102.723
23-Dec-96 99.7375 101.238
24-Dec-96 100 100.99
25-Dec-96 100 100.99
26-Dec-96 101.05 100.99
27-Dec-96 101.312 100.99
30-Dec-96 101.312 100
31-Dec-96 101.312 100
01-Jan-97 101.312 100
02-Jan-97 101.312 100
03-Jan-97 101.837 101.733
06-Jan-97 102.1 102.97
07-Jan-97 103.412 104.208
08-Jan-97 105.512 106.188
09-Jan-97 106.824 108.416
10-Jan-97 107.874 108.911
13-Jan-97 108.924 111.139
14-Jan-97 109.449 110.891
15-Jan-97 108.924 110.891
16-Jan-97 108.661 109.653
17-Jan-97 108.661 110.396
20-Jan-97 108.136 110.396
21-Jan-97 108.661 110.396
22-Jan-97 108.661 112.129
23-Jan-97 107.874 113.366
24-Jan-97 106.562 113.614
27-Jan-97 105.512 111.881
28-Jan-97 103.675 112.376
Page 1
52
29-Jan-97 106.037 114.109
30-Jan-97 107.612 117.574
31-Jan-97 106.562 118.069
03-Feb-97 108.136 118.564
04-Feb-97 107.087 116.832
05-Feb-97 107.612 117.079
06-Feb-97 106.824 116.832
07-Feb-97 105.512 117.327
10-Feb-97 105.249 117.822
11-Feb-97 105.249 117.822
12-Feb-97 105.774 118.069
13-Feb-97 105.774 121.535
14-Feb-97 107.612 121.782
17-Feb-97 107.612 121.04
18-Feb-97 106.299 123.515
19-Feb-97 106.037 124.01
20-Feb-97 105.512 123.02
21-Feb-97 104.724 121.535
24-Feb-97 105.249 121.535
25-Feb-97 131.234 122.525
26-Feb-97 130.709 122.772
27-Feb-97 130.709 123.515
28-Feb-97 130.971 123.515
03-Mar-97 130.709 123.762
04-Mar-97 131.234 125.743
05-Mar-97 132.283 125.495
06-Mar-97 131.496 126.238
07-Mar-97 134.383 125.99
10-Mar-97 132.808 125.99
11-Mar-97 132.546 125.495
12-Mar-97 132.808 122.277
13-Mar-97 132.546 119.307
14-Mar-97 132.546 119.802
17-Mar-97 132.546 117.822
18-Mar-97 134.908 116.832
19-Mar-97 133.858 116.832
20-Mar-97 134.646 116.337
21-Mar-97 135.433 116.832
24-Mar-97 135.433 117.327
25-Mar-97 137.008 117.574
26-Mar-97 138.583 119.307
27-Mar-97 135.433 118.812
28-Mar-97 135.433 118.812
31-Mar-97 133.333 118.812
01-Apr-97 133.858 116.089
02-Apr-97 133.333 116.089
03-Apr-97 133.333 115.099
04-Apr-97 133.333 115.842
07-Apr-97 133.333 117.574
08-Apr-97 134.383 118.069
09-Apr-97 134.121 119.059
10-Apr-97 133.858 118.564
11-Apr-97 136.483 117.822
14-Apr-97 136.22 118.812
15-Apr-97 136.22 124.257
16-Apr-97 135.958 126.485
Page 2
53
17-Apr-97 135.958 125.99
18-Apr-97 135.958 125.495
21-Apr-97 136.22 126.485
22-Apr-97 135.958 126.238
23-Apr-97 135.958 122.772
24-Apr-97 135.958 123.762
25-Apr-97 135.958 123.362
28-Apr-97 135.958 124.505
29-Apr-97 136.22 123.762
30-Apr-97 135.433 125.99
01-May-97 136.483 125.99
02-May-97 136.483 126.733
05-May-97 137.008 126.733
06-May-97 136.483 125.743
07-May-97 136.483 124.505
08-May-97 137.008 124.505
09-May-97 136.483 126.485
12-May-97 137.27 126.733
13-May-97 137.27 127.97
14-May-97 137.008 127.97
15-May-97 137.008 128.465
16-May-97 136.745 128.218
19-May-97 136.22 128.218
20-May-97 136.483 127.228
21-May-97 138.058 126.98
22-May-97 138.583 127.228
23-May-97 139.108 127.723
26-May-97 139.108 127.723
27-May-97 137.795 126.733
28-May-97 139.37 122.277
29-May-97 139.37 122.772
30-May-97 138.452 122.772
02-Jun-97 139.633 123.267
03-Jun-97 141.207 123.267
04-Jun-97 139.633 121.782
05-Jun-97 139.633 122.525
06-Jun-97 139.37 123.515
09-Jun-97 136.483 124.257
10-Jun-97 135.433 125.495
11-Jun-97 135.958 126.485
12-Jun-97 136.483 127.475
13-Jun-97 136.483 127.97
16-Jun-97 135.958 128.218
17-Jun-97 137.008 127.475
18-Jun-97 135.171 127.228
19-Jun-97 133.858 127.228
20-Jun-97 132.283 126.485
23-Jun-97 132.283 128.485
24-Jun-97 133.333 130.941
25-Jun-97 133.596 135.644
26-Jun-97 133.596 136.881
27-Jun-97 134.908 135.149
30-Jun-97 133.858 134.901
01-Jul-97 134.908 136.386
02-Jul-97 135.433 136.139
03-Jul-97 135.433 137.624
Page 3
54
04-Jul-97 135.433 136.139
07-Jul-97 135.565 136.386
08-Jul-97 136.483 136.139
09-Jul-97 136.483 135.891
10-Jul-97 135.958 134.158
11-Jul-97 138.583 134.158
14-Jul-97 137.008 131.931
15-Jul-97 136.745 132.673
16-Jul-97 136.745 137.129
17-Jul-97 137.008 140.347
18-Jul-97 136.745 140.842
21-Jul-97 137.27 140.842
22-Jul-97 136.745 144.059
23-Jul-97 138.583 145.792
24-Jul-97 137.795 143.812
25-Jul-97 139.108 144.307
28-Jul-97 136.058 148.02
29-Jul-97 137.533 148.02
30-Jul-97 137.533 149.257
31-Jul-97 137.533 148.515
01-Aug-97 138.583 152.475
04-Aug-97 137.795 148.762
05-Aug-97 138.845 143.812
06-Aug-97 139.502 145.05
07-Aug-97 139.37 145.297
08-Aug-97 138.058 139.604
11-Aug-97 138.058 138.614
12-Aug-97 136.32 141.337
13-Aug-97 138.583 138.119
14-Aug-97 138.32 138.119
15-Aug-97 139.633 138.119
18-Aug-97 138.058 137.624
19-Aug-97 138.583 138.119
20-Aug-97 139.37 139.851
21-Aug-97 139.37 140.842
22-Aug-97 139.502 137.624
25-Aug-97 139.24 137.624
26-Aug-97 138.32 133.168
27-Aug-97 139.502 132.178
28-Aug-97 139.502 131.931
29-Aug-97 138.583 131.436
01-Sep-97 138.583 134.901
02-Sep-97 138.845 138.366
03-Sep-97 136.483 140.099
04-Sep-97 137.27 139.604
05-Sep-97 137.14 141.584
08-Sep-97 136.615 140.099
09-Sep-97 137.008 139.109
10-Sep-97 137.008 136.634
11-Sep-97 137.008 134.653
12-Sep-97 137.008 135.644
15-Sep-97 136.483 137.624
16-Sep-97 136.22 137.871
17-Sep-97 136.09 136.881
18-Sep-97 137.008 137.871
19-Sep-97 136.22 138.614
Page 4
55
22-Sep-97 136.22 140.594
23-Sep-97 136.09 140.347
24-Sep-97 139.633 139.604
25-Sep-97 140.157 139.604
26-Sep-97 139.633 141.337
29-Sep-97 140.682 141.089
30-Sep-97 139.633 141.337
01-Oct-97 141.207 144.307
02-Oct-97 140.682 145.792
03-Oct-97 139.108 147.525
06-Oct-97 140.682 149.01
07-Oct-97 141.47 146.535
08-Oct-97 140.157 146.04
09-Oct-97 139.895 141.089
10-Oct-97 139.895 139.851
13-Oct-97 139.37 143.317
14-Oct-97 139.24 144.802
15-Oct-97 138.583 142.327
16-Oct-97 138.583 143.317
17-Oct-97 136.483 139.851
20-Oct-97 136.878 137.376
21-Oct-97 136.483 137.376
22-Oct-97 136.483 140.099
23-Oct-97 135.433 137.129
24-Oct-97 135.433 136.139
27-Oct-97 135.565 132.921
28-Oct-97 132.283 130.446
29-Oct-97 133.333 133.911
30-Oct-97 133.333 128.465
31-Oct-97 133.333 129.455
03-Nov-97 134.383 134.653
04-Nov-97 135.433 133.416
05-Nov-97 135.958 135.891
06-Nov-97 136.483 133.168
07-Nov-97 136.483 129.455
10-Nov-97 136.483 130.693
11-Nov-97 135.433 130.693
12-Nov-97 135.433 129.208
13-Nov-97 135.958 133.168
14-Nov-97 135.958 134.406
17-Nov-97 135.958 137.129
18-Nov-97 135.958 137.129
19-Nov-97 135.433 137.129
20-Nov-97 135.433 139.109
21-Nov-97 137.008 140.842
24-Nov-97 137.008 136.634
25-Nov-97 137.27 136.634
26-Nov-97 137.27 138.366
27-Nov-97 137.27 138.119
28-Nov-97 137.533 139.109
01-Dec-97 135.433 142.822
02-Dec-97 135.828 142.574
03-Dec-97 135.433 143.317
04-Dec-97 135.696 143.317
05-Dec-97 135.433 143.069
08-Dec-97 135.04 143.317
Page 5
56
09-Dec-97 135.171 140.842
10-Dec-97 135.696 139.356
11-Dec-97 135.171 137.624
Page 6
57
Plot Weekly
THREE YEAR
4684002
FI INDEX INDEX
09/12/94 09/12/94
DATE CAT Values Values
FINA PETROFINA
11-Nov-94 1
18-Nov-94 2
25-Nov-94 3
02-Dec-94 4
09-Dec-94 5 100 100
16-Dec-94 6 102.273 100.215
23-Dec-94 7 102.273 100.753
30-Dec-94 8 103.6 101.292
06-Jan-95 9 104.167 100.753
13-Jan-95 10 104.545 98.7083
20-Jan-95 11 107.576 99.3541
27-Jan-95 12 112.879 100.431
03-Feb-95 13 113.448 100.646
10-Feb-95 14 112.121 100.108
17-Feb-95 15 116.667 97.9548
24-Feb-95 16 116.858 96.6631
03-Mar-95 17 117.803 92.8956
10-Mar-95 18 117.424 89.5587
17-Mar-95 19 118.561 93.972
24-Mar-95 20 118.561 88.267
31-Mar-95 21 124.433 89.0205
07-Apr-95 22 123.485 91.9268
14-Apr-95 23 124.242 94.8332
21-Apr-95 24 129.545 95.0484
28-Apr-95 25 134.848 95.479
05-May-95 26 134.282 100.215
12-May-95 27 132.767 100.753
19-May-95 28 128.409 96.986
26-May-95 29 124.621 93.4338
02-Jun-95 30 128.03 94.8332
09-Jun-95 31 131.061 93.1109
16-Jun-95 32 135.227 91.4962
23-Jun-95 33 140.152 92.1421
30-Jun-95 34 141.288 92.465
07-Jul-95 35 143.561 92.5727
14-Jul-95 36 149.621 93.6491
21-Jul-95 37 153.409 92.3574
28-Jul-95 38 151.894 95.8019
04-Aug-95 39 148.864 95.3714
11-Aug-95 40 149.621 94.8332
18-Aug-95 41 147.727 94.8332
25-Aug-95 42 141.288 96.7707
01-Sep-95 43 138.636 96.7707
08-Sep-95 44 148.485 96.7707
15-Sep-95 45 147.727 97.7395
22-Sep-95 46 147.348 98.1701
29-Sep-95 47 146.591 97.9548
06-Oct-95 48 145.076 96.986
13-Oct-95 49 139.394 96.5554
20-Oct-95 50 137.879 94.1873
27-Oct-95 51 135.606 95.2637
Page 1
58
Plot Weekly
03-Nov-95 52 134.47 97.2013
10-Nov-95 53 135.227 95.8019
17-Nov-95 54 137.121 94.2949
24-Nov-95 55 138.636 95.8019
01-Dec-95 56 146.212 95.3714
08-Dec-95 57 150 96.0172
15-Dec-95 58 153.03 96.3402
22-Dec-95 59 151.894 96.4478
29-Dec-95 60 153.03 96.986
05-Jan-96 61 155.303 100.646
12-Jan-96 62 155.303 98.1701
19-Jan-96 63 156.061 98.6006
26-Jan-96 64 147.727 95.479
02-Feb-96 65 144.697 96.2325
09-Feb-96 66 144.697 92.7879
16-Feb-96 67 147.727 91.3886
23-Feb-96 68 146.591 90.0969
01-Mar-96 69 145.833 95.2637
08-Mar-96 70 144.697 93.2185
15-Mar-96 71 145.455 91.4962
22-Mar-96 72 143.939 91.9268
29-Mar-96 73 146.591 91.7115
05-Apr-96 74 156.061 94.0797
12-Apr-96 75 152.273 94.7255
19-Apr-96 76 153.03 96.8784
26-Apr-96 77 158.712 99.0312
03-May-96 78 157.197 97.4166
10-May-96 79 159.848 97.7395
17-May-96 80 161.364 102.368
24-May-96 81 164.773 102.368
31-May-96 82 161.364 100.431
07-Jun-96 83 164.394 100.108
14-Jun-96 84 166.288 105.49
21-Jun-96 85 166.667 104.736
28-Jun-96 86 167.424 105.705
05-Jul-96 87 167.424 107.212
12-Jul-96 88 160.606 103.229
19-Jul-96 89 156.061 102.799
26-Jul-96 90 153.409 101.184
02-Aug-96 91 154.167 100.323
09-Aug-96 92 153.03 102.26
16-Aug-96 93 151.136 102.476
23-Aug-96 94 154.545 105.705
30-Aug-96 95 152.652 103.337
06-Sep-96 96 156.061 104.198
13-Sep-96 97 157.955 107.104
20-Sep-96 98 158.712 106.566
27-Sep-96 99 159.848 104.736
04-Oct-96 100 157.576 104.844
11-Oct-96 101 158.333 101.399
18-Oct-96 102 164.394 105.597
25-Oct-96 103 163.636 105.49
01-Nov-96 104 155.303 103.229
08-Nov-96 105 154.545 105.49
15-Nov-96 106 156.439 106.028
22-Nov-96 107 157.197 106.459
Page 2
59
Plot Weekly
29-Nov-96 108 143.182 106.781
06-Dec-96 109 147.348 111.679
13-Dec-96 110 142.045 107.643
20-Dec-96 111 143.939 111.679
27-Dec-98 112 146.212 109.795
03-Jan-97 113 146.97 110.603
10-Jan-97 114 155.682 118.407
17-Jan-97 115 156.818 120.022
24-Jan-97 116 153.788 123.52
31-Jan-97 117 153.788 128.364
07-Feb-97 118 152.273 127.557
14-Feb-97 119 155.303 132.4
21-Feb-97 120 151.136 132.131
28-Feb-97 121 189.015 134.284
07-Mar-97 122 193.939 136.975
14-Mar-97 123 191.288 130.248
21-Mar-97 124 195.455 127.018
28-Mar-97 125 195.455 129.171
04-Apr-97 126 192.424 125.942
11-Apr-97 127 196.97 128.095
18-Apr-97 128 196.212 136.437
25-Apr-97 129 196.212 134.553
02-May-97 130 196.97 137.783
09-May-97 131 196.97 137.513
16-May-97 132 197.348 139.397
23-May-97 133 200.758 138.859
30-May-97 134 199.812 133.477
06-Jun-97 135 201.136 134.284
13-Jun-97 136 196.97 139.128
20-Jun-97 137 190.909 137.513
27-Jun-97 136 194.697 146.932
04-Jul-97 139 195.455 148.009
11-Jul-97 140 200 145.856
18-Jul-97 141 197.348 153.122
25-Jul-97 142 200.758 156.889
01-Aug-97 143 200 165.77
08-Aug-97 144 199.242 151.776
15-Aug-97 145 201.515 150.161
22-Aug-97 146 201.327 149.623
29-Aug-97 147 200 142.896
05-Sep-97 148 197.918 153.929
12-Sep-97 149 197.727 147.47
19-Sep-97 150 196.591 150.7
26-Sep-97 151 201.515 153.66
03-Oct-97 152 200.758 160.388
10-Oct-97 153 201.894 152.045
17-Oct-97 154 196.97 152.045
24-Oct-97 155 195.455 148.009
31-Oct-97 156 192.424 140.743
07-Nov-97 157 196.97 140.743
14-Nov-97 158 196.212 146.125
21-Nov-97 159 197.727 153.122
28-Nov-97 160 198.485 151.238
05-Dec-97 161 195.455 155.813
Page 3
60
Plot Monthly
FIVE YEAR
4684002
FI INDEX INDEX
30/11/92 30/11/92
DATE CAT Values Values
FINA PETROFINA
31-Aug-92 1
30-Sep-92 2
31-Oct-92 3
30-Nov-92 4 100 100
31-Dec-92 5 96.0159 90.373
31-Jan-93 6 97.6096 88.929
28-Feb-93 7 102.789 95.3069
31-Mar-93 8 106.575 105.656
30-Apr-93 9 102.39 102.888
31-May-93 10 101.594 100.481
30-Jun-93 11 97.6096 108.424
31-Jul-93 12 97.6096 115.523
31-Aug-93 13 100.797 109.747
30-Sep-93 14 110.757 109.507
31-Oct-93 15 111.554 117.329
30-Nov-93 16 110.161 117.208
31-Dec-93 17 109.562 118.412
31-Jan-94 18 109.163 129.061
28-Feb-94 19 112.351 123.646
31-Mar-94 20 111.554 121.54
30-Apr-94 21 113.348 128.159
31-May-94 22 118.725 129.964
30-Jun-94 23 121.316 121.54
31-Jul-94 24 121.912 125.15
31-Aug-94 25 120.918 125.451
30-Sep-94 26 121.514 118.051
31-Oct-94 27 116.733 114.32
30-Nov-94 28 104.781 113.117
31-Dec-94 29 108.966 113.237
31-Jan-95 30 118.926 111.432
28-Feb-95 31 121.514 106.137
31-Mar-95 32 130.878 99.5187
30-Apr-95 33 141.833 106.739
31-May-95 34 131.873 104.813
30-Jun-95 35 148.606 103.369
31-Jul-95 36 158.167 106.017
31-Aug-95 37 147.41 108.785
30-Sep-95 38 154.183 109.507
31-Oct-95 39 142.231 108.683
30-Nov-95 40 155.378 106.017
31-Dec-95 41 160.956 108.424
31-Jan-96 42 150.996 108.303
29-Feb-96 43 153.386 105.295
31-Mar-96 44 154.183 102.527
30-Apr-96 45 165.737 112.154
31-May-96 46 169.721 112.274
30-Jun-96 47 176.096 118.171
31-Jul-96 48 161.355 113.718
31-Aug-96 49 160.558 115.523
30-Sep-96 50 167.331 116.968
31-Oct-96 51 162.948 115.403
Page 1
61
Plot Monthly
30-Nov-96 52 150.598 119.374
31-Dec-96 53 153.785 121.54
31-Jan-97 54 161.753 143.502
28-Feb-97 55 198.805 150.12
31-Mar-97 56 202.39 144.404
30-Apr-97 57 205.578 153.129
31-May-97 58 210.161 149.218
30-Jun-97 59 203.187 163.959
31-Jul-97 60 208.765 180.505
31-Aug-97 61 210.359 159.747
30-Sep-97 62 211.952 171.781
31-Oct-97 63 202.39 157.341
30-Nov-97 64 208.765 169.073
Page 2
62
Comparison of Selected Trading Multiples
By Industry Segment
Median Multiples, Excluding FINA
[The following table was depicted as a bar chart in the printed material.]
- --------------------------------------------------------------------------------
Domestic Integrated Oils
- --------------------------------------------------------------------------------
P/DCF-1997E
April (a) June (b) December (c)
5.2x 5.9x 6.2x
% Change 13.5% 19.2%
[The following table was depicted as a bar chart in the printed material.]
- --------------------------------------------------------------------------------
Domestic Integrated Oils
- --------------------------------------------------------------------------------
P/E-1997E
April (a) June (b) December (c)
13.9x 15.7x 15.1x
% Change 12.9% 8.6%
[The following table was depicted as a bar chart in the printed material.]
- --------------------------------------------------------------------------------
Independent Refining Companies
- --------------------------------------------------------------------------------
P/DCF-1997E
April (a) June (b) December (c)
6.1x 6.6x 7.4x
% Change 8.2% 21.3%
[The following table was depicted as a bar chart in the printed material.]
- --------------------------------------------------------------------------------
Independent Refining Companies
- --------------------------------------------------------------------------------
P/E-1997E
April (a) June (b) December (c)
18.7x 19.0x 14.4x
% Change 1.6% (23.0)%
(a) As of Apr 4, 1997.
(b) As of June 3, 1997.
(c) As of December 11, 1997.
63
Comparison of Selected Trading Multiples
By Industry Segment
Median Multiples, Excluding FINA
[The following table was depicted as a bar chart in the printed material.]
- --------------------------------------------------------------------------------
Exploration and Production Companies
- --------------------------------------------------------------------------------
P/DCF-1997E
April (a) June (b) December (c)
4.8x 5.7x 5.5x
% Change 18.8% 14.6%
[The following table was depicted as a bar chart in the printed material.]
- --------------------------------------------------------------------------------
Commodity Chemicals
- --------------------------------------------------------------------------------
Enterprise Value/EBITDA-Normalized
April (a) June (b) December (c)
5.2x 4.9x 5.5x
% Change (5.8)% 5.8%
(a) As of April 4, 1997.
(b) As of June 3, 1997.
(c) As of December ll, 1997.
64
- ---------
Goldman
Sachs
- ---------
Exhibit 3
65
Comparison of April and November Projections
FINA Consolidated
1997E 1998E 1999E 2000E 2001E CAGR
--------- --------- --------- --------- --------- ---------
EBITDA
April 97 $474.0 $547.5 $650.9 $746.0 $860.7 16.1%
November 97 455.9 457.5 554.0 626.6 861.3 17.2
Variance (3.8)% (16.4)% (14.9)% (16.0)% 0.1%
DCF
April 97 $364.3 $403.5 $488.1 $590.6 $700.9 17.8%
November 97 369.1 349.0 415.2 485.0 596.8 12.8
Variance 1.3% (13.5)% (14.9)% (17.9)% (14.9)%
EPS
April 97 $5.10 $6.13 $7.42 $9.27 $11.63 22.9%
November 97 4.65 4.43 6.01 7.28 11.02 24.1
Variance (9.0)% (27.7)% (19.0)% (21.5)% (5.2)%
Source: Management projections.
66
Comparison of April and November Projections
(dollars in millions)
1997E 1998E 1999E
--------------------------- --------------------------- ---------------------------
Apr-97 Nov-97 % Var. Apr-97 Nov-97 % Var. Apr-97 Nov-97 % Var.
------ ------ ------ ------ ------ ------ ------ ------ ------
EBITDA
Chemicals $ 205.8 $ 153.2 (25.6)% $ 243.0 $ 162.7 (33.0)% $ 271.8 $ 257.5 (5.3)%
E&P 157.5 170.2 8.1% 156.0 156.9 0.6% 212.6 164.5 (22.6)%
R&M 123.6 146.9 18.9% 162.1 150.2 (7.3)% 180.6 145.4 (19.5)%
Corporate (12.9) (14.4) -5.2% (13.6) (12.3) 23.4% (14.1) (13.4) 32.5%
Total 474.0 455.9 (3.8)% 547.5 457.5 (16.4)% 650.9 554.0 (14.9)%
EBIT
Chemicals $ 176.5 $ 123.7 (29.9)% $ 208.0 $ 128.4 (38.3)% $ 230.6 $ 208.3 (9.7)%
E&P 64.1 72.3 12.8% 57.7 67.4 16.8% 95.9 79.8 (16.8)%
R&M 55.3 78.6 42.1% 89.3 77.8 (12.9)% 104.9 71.1 (32.2)%
Corporate (17.8) (22.1) 24.2% (18.6) (21.3) 14.5% (19.0) (22.3) 17.4%
Total 278.1 252.5 (9.2)% 336.4 252.3 (25.0)% 412.4 336.9 (18.3)%
DCF
Chemicals $ 132.7 $ 130.9 (1.4)% $ 131.5 $ 104.2 (20.8)% $ 155.4 $ 145.4 (6.4)%
E&P 122.3 144.6 18.2% 128.1 115.9 (9.5)% 169.7 129.8 (23.5)%
R&M 80.7 75.8 (6.1)% 107.1 99.7 (6.9)% 118.5 97.9 (17.4)%
Total 364.3 369.1 1.3% 403.5 349.0 (13.5)% 488.1 415.2 (14.9)%
Net income $ 159.3 $ 145.0 (9.0)% $ 191.3 $ 138.4 (27.7)% $ 231.5 $ 187.5 (19.0)%
EPS $ 5.10 $ 4.64 (9.0)% $ 6.13 $ 4.43 (27.7)% $ 7.42 $ 6.01 (19.0)%
2000E 2001E
--------------------------- ---------------------------
Apr-97 Nov-97 % Var. Apr-97 Nov-97 % Var.
------ ------ ------ ------ ------ ------
EBITDA
Chemicals $ 319.4 $ 302.7 (5.2)% $ 376.2 $ 469.2 24.7%
E&P 247.5 141.1 (43.0)% 289.4 182.8 (36.8)%
R&M 193.6 149.9 (22.6)% 209.8 158.4 (24.5)%
Corporate (14.5) 32.9 54.8% (14.7) 50.9 36.7%
Total 746.0 626.6 (16.0)% 860.7 861.3 0.1%
EBIT
Chemicals $ 278.2 $ 253.5 (8.9)% $ 335.1 $ 394.1 17.6%
E&P 122.4 95.9 (21.7)% 159.2 142.1 (10.7)%
R&M 114.1 72.4 (36.5)% 127.4 79.6 (37.5)%
Corporate (19.4) (24.8) 27.8% (19.8) (25.3) 27.8%
Total 495.3 397.0 (19.8)% 601.9 590.6 (1.9)%
DCF
Chemicals $ 203.3 $ 196.8 (3.2)% $ 253.1 $ 288.4 13.9%
E&P 196.2 141.1 (28.1)% 226.4 182.8 (19.3)%
R&M 132.8 102.1 (23.1)% 159.7 105.8 (33.7)%
Total 590.6 485.0 (17.9)% 700.9 596.8 (14.9)%
Net income $ 289.4 $ 227.2 (21.5)% $ 363.0 $ 343.9 (5.3)%
EPS $ 9.27 $ 7.28 (21.5)% $ 11.63 $ 11.02 (5.3)%
Notes:
Projections based on 1997 Five Year Financial Plan updated in April and November
1997. Financial data based on projections prepared by FINA management.
67
Comparison of April and November Projections
1997E 1998E 1999E
--------------------------- --------------------------- ---------------------------
(dollars in millions) Apr-97 Nov-97 % Var. Apr-97 Nov-97 % Var. Apr-97 Nov-97 % Var.
------ ------ ------ ------ ------ ------ ------ ------ ------
Principal Factors Behind Revised Estimates
- ------------------------------------------
Chemicals
Styrene Margin (cents/lb) 2.17 2.30 6.0% 2.63 1.90 (27.8)% 3.70 3.50 (5.4)%
Styrene Volumes (MMLbs) 1,306 1,354 3.6% 1,350 1,399 3.6% 1,300 1,319 1.5%
Polystyrene Margin (cents/lb) 2.35 1.10 (53.2)% 2.80 2.00 (28.6)% 3.13 3.00 (4.2)%
Polystyrene Volumes (MMLbs) 1,050 983 (6.4)% 1,100 1,107 0.6% 1,100 1,120 1.8%
Polypropylene Margin (cents/lb) 6.00 3.55 (40.8)% 6.00 3.25 (45.8)% 4.80 3.80 (20.8)%
Polypropylene Volumes (MMLbs) 1,438 1,390 (3.3)% 1,600 1,540 (3.8)% 1,750 1,850 5.7%
HDPE Margin (cents/lb) 7.50 5.95 (20.7)% 6.25 4.25 (32.0)% 6.60 5.40 (18.2)%
Polyethylene Volumes (MMLbs) 400 375 (6.3)% 590 460 (22.0)% 825 825 0.0%
Refining & Marketing
SEBU
Throughput (MBD) 178 176 (1.1)% 178 178 0.0% 178 181 1.7%
Gross Margin ($/Bbl) $3.28 $3.80 15.9% $3.50 $3.50 0.0% $3.69 $3.50 (5.1)%
SWBU
Throughput (MBD) 53 57 8.3% 57 61 6.1% 59 61 3.1%
Gross Margin ($/Bbl) $4.00 $4.90 22.5% $4.11 $4.60 11.9% $4.23 $4.60 8.7%
Exploration and Production
Crude Oil Price ($/Bbl) $18.64 $17.95 (3.7)% $17.45 $16.70 (4.3)% $18.08 $17.25 (4.6)%
Natural Gas Price ($/Mcf) 2.25 2.60 15.6% 2.14 2.45 14.5% 2.18 2.40 10.1%
Crude Oil Volume (MBD) 10.5 10.0 (4.8)% 13.4 9.5 (29.1)% 17.1 9.4 (45.0)%
Natural Gas Volume (MMcf/D) 195.3 186.0 (4.8)% 220.5 197.0 (10.7)% 265.2 219.4 (17.3)%
2000E 2001E
--------------------------- ---------------------------
Apr-97 Nov-97 % Var. Apr-97 Nov-97 % Var.
------ ------ ------ ------ ------ ------
Chemicals
Styrene Margin (cents/lb) 3.49 4.00 14.6% 3.75 4.75 26.7%
Styrene Volumes (MMLbs) 1,360 1,300 (4.4)% 1,610 1,300 (19.3)%
Polystyrene Margin (cents/lb) 5.00 5.00 0.0% 6.00 5.50 (8.3)%
Polystyrene Volumes (MMLbs) 1,125 1,145 1.8% 1,125 1,145 1.8%
Polypropylene Margin (cents/lb) 5.70 3.80 (33.3)% 7.20 5.20 (27.8)%
Polypropylene Volumes (MMLbs) 1,825 1,950 6.8% 1,900 2,050 7.9%
HDPE Margin (cents/lb) 7.00 6.40 (8.6)% 7.00 6.70 (4.3)%
Polyethylene Volumes (MMLbs) 850 850 0.0% 850 850 0.0%
Refining & Marketing
SEBU
Throughput (MBD) 178 176 (1.1)% 178 176 (1.1)%
Gross Margin ($/Bbl) $3.90 $3.55 (9.0)% $3.94 $3.55 (9.9)%
SWBU
Throughput (MBD) 52 61 18.1% 59 61 3.4%
Gross Margin ($/Bbl) $4.36 $4.70 7.8% $4.49 $4.70 4.7%
Exploration and Production
Crude Oil Price ($/Bbl) $18.68 $17.90 (4.2)% $19.46 $18.60 (4.4)%
Natural Gas Price ($/Mcf) 2.28 2.35 3.1% 2.39 2.40 0.4%
Crude Oil Volume (MBD) 17.7 9.6 (45.8)% 19.4 14.3 (26.3)%
Natural Gas Volume (MMcf/D) 302.4 257.2 (14.9)% 331.8 291.1 (12.3)%
Notes:
Projections based on 1997 Five Year Financial Plan updated in April and November
1997. Financial data based on projections prepared by FINA management.
68
Comparison of April and November Projections
Capital Expenditures
(dollars in millions)
1997E 1998E 1999E
--------------------------- ------------------------ ------------------------
Apr-97 Nov-97 % Var. Apr-97 Nov-97 % Var. Apr-97 Nov-97 % Var.
------ ------ ------ ------ ------ ------ ------ ------ ------
Upstream $101.2 $132.7 31.1% $135.5 $ 75.8 (44.1)% $165.2 $122.0 (26.2)%
Downstream
SEBU $ 37.0 $ 31.8 (14.1)% $ 47.6 $ 17.7 (62.8)% $ 44.4 $ 28.0 (36.9)%
SWBU 16.4 13.5 (17.7)% 21.1 20.4 (3.3)% 21.6 15.6 (27.8)%
Investment (a) 0.0 2.9 NM 14.0 1.7 (87.9)% 0.0 0.5 NM
Total $ 53.4 $ 48.2 (9.7)% $ 82.7 $ 39.8 (51.9)% $ 66.0 $ 44.1 (33.2)%
Chemicals
Styrene $ 9.6 $ 8.9 (7.3)% $ 9.5 $ 2.9 (69.5)% $ 19.5 $ 12.4 (36.4)%
Polystyrene 6.4 3.0 (53.1)% 8.0 1.2 (85.0)% 13.0 5.0 (61.5)%
Polypropylene 62.5 54.8 (12.3)% 94.1 112.1 19.1% 7.5 7.0 (6.7)%
Polyethylene 65.9 66.9 1.5% 63.2 56.1 (11.2)% 3.2 2.5 (21.9)%
Other 0.1 3.9 NM 0.1 11.4 NM 0.1 3.1 NM
R&D 5.9 5.1 (13.6)% 3.2 1.3 (59.4)% 2.7 2.0 (25.9)%
Total $150.4 $142.6 (5.2)% $178.1 $185.0 3.9% $ 46.0 $ 32.0 (30.4)%
Olefins 0.0 0.0 NM 0.0 73.9 NM 0.0 175.0 NM
General & Administrative $ 9.3 $ 10.3 10.8% $ 15.0 $ 12.0 (20.0)% $ 10.0 $ 15.0 50.0%
Capitalized Interest $ 8.2 $ 8.2 0.0% $ 11.1 $ 9.1 (18.0)% $ 7.8 $ 10.7 37.2%
Total Capital Expenditures $322.5 $342.0 6.0% $422.4 $395.6 (6.3)% $295.0 $398.8 35.2%
1997-01 Capital Expenditures $ 1,805.1 $ 1,917.8 6.2%
2000E 2001E
------------------------- -------------------------
Apr-97 Nov-97 % Var. Apr-97 Nov-97 % Var.
------ ------ ------ ------ ------ ------
Upstream $200.3 $145.3 (27.5)% $234.8 $160.5 (31.6)%
Downstream
SEBU $ 41.4 $ 35.0 (15.5)% $ 32.4 $ 40.0 23.5%
SWBU 11.6 22.8 96.6% 11.6 15.0 29.3%
Investment (a) 0.0 1.2 NM 0.0 16.2 NM
Total $ 53.0 $ 59.0 11.3% $ 44.0 $ 71.2 61.8%
Chemicals
Styrene $ 47.5 $ 51.4 8.2% $ 97.5 $ 35.4 (63.7)%
Polystyrene 18.0 14.0 (22.2)% 3.0 31.0 933.3%
Polypropylene 7.5 7.0 (6.7)% 7.5 7.0 (6.7)%
Polyethylene 3.2 2.0 (37.5)% 3.2 20.0 525.0%
Other 0.1 0.1 0.0% 0.1 0.1 0.0%
R&D 2.7 3.0 11.1% 2.7 3.0 11.1%
Total $ 79.0 $ 77.5 (1.9)% $114.0 $ 96.5 (15.4)%
Olefins 0.0 114.6 NM 0.0 3.0 NM
General & Administrative $ 10.0 $ 10.0 0.0% $ 10.0 $ 15.0 50.0%
Capitalized Interest $ 9.2 $ 19.1 107.6% $ 10.9 $ 9.7 (11.0)%
Total Capital Expenditures $351.5 $425.5 21.1% $413.7 $355.9 (14.0)%
Notes:
Projections based on 1997 Five Year Financial Plan updated in April and
November 1997. Financial data based on projections prepared by FINA management.
(a) Represents investment in CSC and Circle K.
69
FINA
Steam Cracker Investment
o Purpose: Produce ethylene/propylene for internal consumption as chemical
feedstocks
o Ownership: 60% BASF (JV operator); 40% FINA (JV feedstock acquisition;
refinery operator)
o Operating Facilities:
- Steam cracker (Lummus)
- POCT - Phillips olefins conversion technology
o Products: - 1.8 Blbs/yr ethylene
- 1.9 Blbs/yr propylene
o Location: FINA Port Arthur refinery
o Synergies: $60 million annually ($42 mm from cracker; $17 mm from condensate
splitter)
o Cost: - $910 mm estimated
- $60 mm working capital
- $100 mm construction interest
o Economics: 19.1% IRR, 6-year payout (base case)
Source: FINA management presentation.
70
FINA
Steam Cracker DCF Analysis
($ In Millons) 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
- ------------------------------------------------------------------------------------------------------------------
Operating Income $0 $0 $0 $0 $189 $236 $222 $250 $370 $247 $247 $247
Synergies 0 0 0 59 59 59 59 59 59 59 59 59
--- ----- ----- ----- ---- ---- ---- ---- ---- ---- ---- ----
Gross Income 0 0 0 0 248 295 281 309 429 306 306 306
Depreciation 0 0 0 0 197 315 189 113 113 57 0 0
--- ----- ----- ----- ---- ---- ---- ---- ---- ---- ---- ----
EBIT 0 0 0 0 51 (20) 92 196 315 250 306 306
Interest on Investment (6.50%) 0 0 23 51 64 56 38 24 10 0 0 0
--- ----- ----- ----- ---- ---- ---- ---- ---- ---- ---- ----
Taxable Income 0 (0) (23) (51) (13) (76) 53 172 306 250 306 306
Income Taxes (39%) 0 0 0 0 (5) (30) 21 67 119 97 120 120
--- ----- ----- ----- ---- ---- ---- ---- ---- ---- ---- ----
Net Income $0 ($0) ($23) ($51) ($8) ($46) $33 $105 $187 $152 $187 $187
EBIT $0 $0 $0 $0 $51 ($20) $92 $196 $315 $250 $306 $306
Income Taxes (39% of EBIT) 0 0 0 0 20 (8) 36 76 123 97 120 120
Depreciation 0 0 0 0 197 315 189 113 113 57 0 0
Investment (6) (344) (435) (125) 0 0 0 0 0 0 0 0
--- ----- ----- ----- ---- ---- ---- ---- ---- ---- ---- ----
Free Cash Flow ($6) ($344) ($435) ($125) $228 $303 $245 $233 $306 $209 $187 $187
($ in millons) 2009 2010 2011 2012 2013 2014 2015
- ----------------------------------------------------------------------
Operating Income $247 $247 $247 $247 $247 $247 $247
Synergies 59 59 59 59 59 59 59
---- ---- ---- ---- ---- ---- ----
Gross Income 306 306 306 306 306 306 306
Depreciation 0 0 0 0 0 0 0
---- ---- ---- ---- ---- ---- ----
EBIT 306 306 306 306 306 306 306
Interest on Investment (6.50%) 0 0 0 0 0 0 0
---- ---- ---- ---- ---- ---- ----
Taxable Income 306 306 306 306 306 306 306
Income Taxes (39%) 120 120 120 120 120 120 120
---- ---- ---- ---- ---- ---- ----
Net Income $187 $187 $187 $187 $187 $187 $187
EBIT $306 $306 $306 $306 $306 $306 $306
Income Taxes (39% of EBIT) 120 120 120 120 120 120 120
Depreciation 0 0 0 0 0 0 0
Investment 0 0 0 0 0 0 0
---- ---- ---- ---- ---- ---- ----
Free Cash Flow $187 $187 $187 $187 $187 $187 $187
NPV per Share 1997-2001(a) NPV per Share 1997-2015(b)
Discount Rates (FINA's 40% share of project) Discount Rates (FINA's 40% share of project)
-------------- ----------------------------- -------------- -----------------------------
Yrs 1-3 Yrs 3-5 4.5x 5.0x 5.5x 6.0x 6.5x Yrs 1-3 Yrs 3-19 4.5x 5.0x 5.5x 6.0x 6.5x
- ----------------------------------------------------------------- -------------------------------------------------------------
9.0% 12.0% (1.18) (0.41) 0.36 1.12 1.89 9.0% 12.0% 5.58 5.74 5.89 6.05 6.21
10.0% 13.0% (1.33) (0.59) 0.15 0.89 1.63 10.0% 13.0% 4.51 4.64 4.78 4.91 5.04
11.0% 14.0% (1.48) (0.76) (0.05) 0.67 1.38 11.0% 14.0% 3.56 3.68 3.79 3.90 4.02
Note: Based on company esimates; values discounted to 12/31/97.
(a) Management projections for 1997-1999 discounted at a range between 9% and
11%; projections for 2000-01 discounted at a range between 12% and 14%;
terminal value calculated as 4.5-6.5 times 2001 DCF.
(b) Management projections for 1997-1999 discounted at a range between 9% and
11%; projections for 2000-15 discounted at a range between 12% and 14%;
terminal value calculated as 4.5-6.5 times 2015 DCF.
71
FINA
Breakdown Of E&P Production Decline
1997 1998 1999 2000 2001
---------- ---------- ---------- ---------- ----------
April Plan Projections
Crude Oil (MBD) 10.5 13.4 17.1 17.7 19.4
Natural Gas (MMCFD) 195.3 220.5 265.2 302.4 331.8
MBOED 43.1 50.2 61.3 68.1 74.7
November Plan Projections
Crude Oil (MBD) 10.0 9.5 9.4 9.6 14.3
Natural Gas (MMCFD) 186.0 197.0 219.4 257.2 291.1
MBOED 41.0 42.3 46.0 52.5 62.8
Differential (MBOED) (2.1) (7.7) (15.3) (15.6) (11.9)
1997 1998 1999 2000 2001
-------------- ------------- ------------- ------------- --------------
Change % of Change % of Change % of Change % of Change % of
(MBOED) Total (MBOED) Total (MBOED) Total (MBOED) Total (MBOED) Total
- ------------------------------------------------------------------------------------------------------------------------
Breakdown of Differential
Dry Hole (0.7) 33.3% (3.2) 41.6% (6.0) 39.2% (9.6) 61.5% (7.7) 64.7%
Capex Reductions 0.7 (33.3) (2.5) 32.5 (8.8) 57.5 (5.7) 36.5 (4.1) 34.5
Shift in Base Production (2.5) 119.0 (3.3) 42.9 (0.7) 4.6 0.2 (1.3) 0.8 (6.7)
Other 0.4 (19.0) 1.3 (16.9) 0.2 (1.3) (0.5) 3.2 (0.9) 7.6
---- ----- ---- ----- ----- ----- ----- ----- ----- -----
TOTAL (2.1) 100.0 (7.7) 100.0 (15.3) 100.0 (15.6) 100.0 (11.9) 100.0
- ------------------------------------------------------------------------------------------------------------------------
Source: FINA management estimates.
72
- --------
Goldman
Sachs
- --------
Exhibit 4
73
Fina, Inc.
Daily Common Stock Price History
[PLOT POINTS NEXT PAGE]
(a) Assumes underlying ADR price of $39.00, volatility of 24% and 5.69% interest
rate ($66.04).
74
Plot Daily
DATE CAT FI PRICE
20-Feb-97 1
21-Feb-97 2
24-Feb-97 3 50.125
25-Feb-97 4 62.5
26-Feb-97 5 62.25
27-Feb-97 6 62.25
28-Feb-97 7 62.375
03-Mar-97 8 62.25
04-Mar-97 9 62.5
05-Mar-97 10 63
06-Mar-97 11 62.625
07-Mar-97 12 64
10-Mar-97 13 63.25
11-Mar-97 14 63.125
12-Mar-97 15 63.25
13-Mar-97 16 63.125
14-Mar-97 17 63.125
17-Mar-97 18 63.125
18-Mar-97 19 64.25
19-Mar-97 20 63.75
20-Mar-97 21 64.125
21-Mar-97 22 64.5
24-Mar-97 23 64.5
25-Mar-97 24 65.25
26-Mar-97 25 66
27-Mar-97 26 64.5
28-Mar-97 27 64.5
31-Mar-97 28 63.5
01-Apr-97 29 63.75
02-Apr-97 30 63.5
03-Apr-97 31 63.5
04-Apr-97 32 63.5
07-Apr-97 33 63.5
08-Apr-97 34 64
09-Apr-97 35 63.875
10-Apr-97 36 63.75
11-Apr-97 37 65
14-Apr-97 38 64.875
15-Apr-97 39 64.875
16-Apr-97 40 64.75
17-Apr-97 41 64.75
18-Apr-97 42 64.75
21-Apr-97 43 64.875
22-Apr-97 44 64.75
23-Apr-97 45 64.75
24-Apr-97 46 64.75
25-Apr-97 47 64.75
28-Apr-97 48 64.75
29-Apr-97 49 64.875
30-Apr-97 50 64.5
01-May-97 51 65
Page 1
75
Plot Daily
02-May-97 52 65
05-May-97 53 65.25
06-May-97 54 65
07-May-97 55 65
08-May-97 56 65.25
09-May-97 57 65
12-May-97 58 65.375
13-May-97 59 65.375
14-May-97 60 65.25
15-May-97 61 65.25
16-May-97 62 65.125
19-May-97 63 64.875
20-May-97 64 65
21-May-97 65 65.75
22-May-97 66 66
23-May-97 67 66.25
26-May-97 68 66.25
27-May-97 69 65.625
28-May-97 70 66.375
29-May-97 71 66.375
30-May-97 72 65.938
02-Jun-97 73 66.5
03-Jun-97 74 67.25
04-Jun-97 75 66.5
05-Jun-97 76 66.5
06-Jun-97 77 66.375
09-Jun-97 78 65
10-Jun-97 79 64.5
11-Jun-97 80 64.75
12-Jun-97 81 65
13-Jun-97 82 65
16-Jun-97 83 64.75
17-Jun-97 84 65.25
18-Jun-97 85 64.375
19-Jun-97 86 63.75
20-Jun-97 87 63
23-Jun-97 88 63
24-Jun-97 89 63.5
25-Jun-97 90 63.625
26-Jun-97 91 63.625
27-Jun-97 92 64.25
30-Jun-97 93 63.75
01-Jul-97 94 64.25
02-Jul-97 95 64.5
03-Jul-97 96 64.5
04-Jul-97 97 64.5
07-Jul-97 98 64.563
08-Jul-97 99 65
09-Jul-97 100 65
10-Jul-97 101 64.75
11-Jul-97 102 66
14-Jul-97 103 65.25
15-Jul-97 104 65.125
16-Jul-97 105 65.125
17-Jul-97 106 65.25
18-Jul-97 107 65.125
Page 2
76
Plot Daily
21-Jul-97 108 65.375
22-Jul-97 109 65.125
23-Jul-97 110 66
24-Jul-97 111 65.625
25-Jul-97 112 66.25
28-Jul-97 113 65.75
29-Jul-97 114 65.5
30-Jul-97 115 65.5
31-Jul-97 116 65.5
01-Aug-97 117 66
04-Aug-97 118 65.625
05-Aug-97 119 66.125
06-Aug-97 120 66.438
07-Aug-97 121 66.375
08-Aug-97 122 65.75
11-Aug-97 123 65.75
12-Aug-97 124 65.875
13-Aug-97 125 66
14-Aug-97 126 65.875
15-Aug-97 127 66.5
18-Aug-97 128 65.75
19-Aug-97 129 66
20-Aug-97 130 66.375
21-Aug-97 131 66.375
22-Aug-97 132 66.438
25-Aug-97 133 66.313
26-Aug-97 134 65.875
27-Aug-97 135 66.438
28-Aug-97 136 66.438
29-Aug-97 137 66
01-Sep-97 138 66
02-Sep-97 139 66.125
03-Sep-97 140 65
04-Sep-97 141 65.375
05-Sep-97 142 65.313
08-Sep-97 143 65.063
09-Sep-97 144 65.25
10-Sep-97 145 65.25
11-Sep-97 146 65.25
12-Sep-97 147 65.25
15-Sep-97 148 65
16-Sep-97 149 64.875
17-Sep-97 150 64.813
18-Sep-97 151 65.25
19-Sep-97 152 64.875
22-Sep-97 153 64.875
23-Sep-97 154 64.813
24-Sep-97 155 66.5
25-Sep-97 156 66.75
26-Sep-97 157 66.5
29-Sep-97 158 67
30-Sep-97 159 66.5
01-Oct-97 160 67.25
02-Oct-97 161 67
03-Oct-97 162 66.25
06-Oct-97 163 67
Page 3
77
Plot Daily
07-Oct-97 164 67.375
08-Oct-97 165 66.75
09-Oct-97 166 66.625
10-Oct-97 167 66.625
13-Oct-97 168 66.375
14-Oct-97 169 66.313
15-Oct-97 170 66
16-Oct-97 171 66
17-Oct-97 172 65
20-Oct-97 173 65.188
21-Oct-97 174 65
22-Oct-97 175 65
23-Oct-97 176 64.5
24-Oct-97 177 64.5
27-Oct-97 178 64.563
28-Oct-97 179 63
29-Oct-97 180 63.5
30-Oct-97 181 63.5
31-Oct-97 182 63.5
03-Nov-97 183 64
04-Nov-97 184 64.5
05-Nov-97 185 64.75
06-Nov-97 186 65
07-Nov-97 187 65
10-Nov-97 188 65
11-Nov-97 189 64.5
12-Nov-97 190 64.5
13-Nov-97 191 64.75
14-Nov-97 192 64.75
17-Nov-97 193 64.75
18-Nov-97 194 64.75
19-Nov-97 195 64.5
20-Nov-97 196 64.5
21-Nov-97 197 65.25
24-Nov-97 198 65.25
25-Nov-97 199 65.375
26-Nov-97 200 65.375
27-Nov-97 201 65.375
28-Nov-97 202 65.5
01-Dec-97 203 64.5
02-Dec-97 204 64.688
03-Dec-97 205 64.5
04-Dec-97 206 64.625
05-Dec-97 207 64.5
08-Dec-97 208 64.313
09-Dec-97 209 64.375
10-Dec-97 210 64.625
11-Dec-97 211 64.375
Page 4
78
Trading Histories
Market Benchmarks
20% Premium
% Growth Implied to implied
2/24/97 to 12/11/97 Stock Price (a) Stock Price (b)
- -------------------------------------------------------------------------------------------
Dow Jones 12.0% $ 56.14 $ 67.37
S&P 400 16.9 58.62 70.34
Domestic Integrateds 11.2 55.72 66.87
Exploration & Production 0.9 50.57 60.69
Refining & Marketing 16.4 58.33 69.99
Commodity Chemicals 5.3 52.80 63.36
Current Stock Price (12/11/97) $ 64.38
(a) FINA's closing share price of $50.13 as of February 24, 1997, one day
prior to PetroFina's announcement adjusted by relevant stock price
appreciation since 2/24/97.
(b) Represents the initial premium placed upon the Company's undisturbed share
price by PetroFina on February 24,1997.
79
Summary of Valuation Benchmarks
November Plan
[The following table was represented by a bar chart in the printed material.]
Undisturbed Market Price (a) $50
Offer Price $60
Market Price (b) $64.38
Revised Offer (c) $66.04
- --------------------------------------------------------------------------------
Share Price Multiple
----------- --------
Low High Low High
--- ---- --- ----
Domestic Integrated
Public Companies (d)
Multiple of 1997E DCF $51 $78 4.3x 6.6x
P/E 1997E $59 $84 12.7x 18.1x
Multiple of 1998E DCF $53 $75 4.7x 6.7x
P/E 1998E $55 $73 12.4x 16.5x
Weighted-Average Public
Companies (e)
Multiple of 1997E DCF $62 $97 5.2x 8.2x
P/E 1997E $57 $82 12.3x 17.5x
Multiple of 1998E DCF $56 $86 5.0x 7.7x
P/E 1998E $60 $91 13.6x 20.6x
DCF Analysis (f) $53 $60
PV of Future
Stock Prices (g)
Year 2000 $47 $57
Year 2001 $63 $77
100% Cash Purchase
1998 EPS Breakeven (h) $53 $73
100% Stock Purchase
1998 EPS Breakeven (h) $48 $59
Note: All estimates based on management's projections from the November plan.
(a) Based on FINA's closing share price of $50.00 as of February 24, 1997, one
day prior to the PetroFina announcement.
(b) Based on closing share price as of December 11, 1997 ($64.38).
(c) Assumes underlying ADR price of $39.00, volatility of 24% and 5.69%
interest rate ($66.04).
(d) Based on domestic integrated common stock comparison multiples. The
valuation range extends from low to high multiple for each valuation
parameter.
(e) Calculated with public market multiples weighted by earnings/cash flows
from E&P, R&M and chemical segments. The valuation range extends from low
to high multiple for each valuation parameter.
(f) Low end of range reflects the present value, at an 11.0% discount rate, of
FINA's projected free cash flows for the period 1997-1999 and 14.0% for
the period 2000-2001. Cash flows and terminal value based on a multiple of
5.5x LTM DCF. High end of range reflects the present value of the same
cash flows and terminal value assumption discounted at rates of 9.0% and
12.0%, respectively, adjusted by net impact of Steam Cracker investment
over 1997-2015 period, using same assumptions (approximately $4.00 to
$6.00 per share).
(g) Low end of range represents the present value, at a 12.0% discount rate,
of FINA's projected year 2000 and 2001 share prices based on a multiple of
9.0x LTM net income. High end of range reflects the present value, at a
12.0% discount rate, of FINA's projected year 2000 and 2001 share prices
based on a multiple of 11.0x LTM net income.
(h) Low end of range represents the price at which there is no dilution to
PetroFina's 1998E EPS assuming no synergies and a goodwill amortization
period of 5 years. High end of range reflects the price at which there is
no dilution to PetroFina's 1998E EPS assuming no synergies and a goodwill
amortization period of 20 years.
80
Summary of Valuation Benchmarks
April Plan November Plan
-------------------------- ----------------------------
June 5, 1997 Update (a) December 11, 1997 Update (b)
Stock Price (c) $ 67.25 $ 64.38
Valuation Benchmarks Low Median High Low Median High
================================================================================================================
Domestic Integrated Companies
1997E DCF $63 $70 $76 $51 $73 $78
1997E P/E $73 $81 $88 $59 $70 $84
1998E DCF $62 $69 $75 $53 $66 $75
1998E P/E $78 $86 $94 $55 $66 $73
Weighted-Average Public Companies
1997E DCF $65 $72 $78 $62 $76 $97
1997E P/E $72 $80 $87 $57 $68 $82
1998E DCF NA NA NA $56 $66 $86
1998E P/E NA NA NA $60 $77 $91
DCF Analysis $60 NM $68 $53 NM $60
PV of Future Stock Prices
2000E $56 NM $69 $47 NM $57
2001E $67 NM $81 $63 NM $77
100% Cash Purchase l998 EPS Breakeven $55 NM $80 $53 NM $73
100% Stock Purchase l998 EPS Breakeven $51 NM $66 $48 NM $59
(a) Based on April 1997 projections and prior Special Committee presentation.
(b) Based on November 1997 projections.
(c) As of June 3, 1997, and December 11, 1997, respectively.
81
- -------
Goldman
Sachs
- -------
Exhibit 5
82
Summary Transaction Analysis
Impact on PetroFina EPS and Discretionary Cash Flow
($ in millions)
Price Per FINA Share
------------------------------------------------------------------------
$60.00 $62.50 $65.00 $67.50 $70.00 $72.50 $75.00
------------------------------------------------------------------------
100% Stock
- ------------------------
EPS Accretion/(Dilution)
1997 0.0% (0.2)% (0.4)% (0.6)% (0.9)% (1.1)% (1.3)%
1998 (0.1)% (0.3)% (0.6)% (0.8)% (1.0)% (1.2)% (1.4)%
1999 0.8% 0.6% 0.4% 0.2% (0.0)% (0.2)% (0.5)%
DCF Accretion/(Dilution)
1997 (2.9)% (3.0)% (3.1)% (3.2)% (3.3)% (3.5)% (3.6)%
1998 (2.9)% (3.0)% (3.1)% (3.2)% (3.3)% (3.5)% (3.6)%
1999 (2.9)% (3.0)% (3.1)% (3.2)% (3.3)% (3.5)% (3.6)%
100% Cash
- ------------------------
EPS Accretion/(Dilution)
1997 1.1% 0.9% 0.7% 0.5% 0.4% 0.2% 0.0%
1998 0.9% 0.7% 0.6% 0.4% 0.2% 0.0% (0.2)%
1999 2.0% 1.8% 1.7% 1.5% 1.3% 1.2% 1.0%
DCF Accretion/(Dilution)
1997 (0.7)% (0.8)% (0.8)% (0.8)% (0.9)% (0.9)% (0.9)%
1998 (0.7)% (0.8)% (0.8)% (0.8)% (0.9)% (0.9)% (0.9)%
1999 (0.7)% (0.7)% (0.7)% (0.8)% (0.8)% (0.8)% (0.9)%
Notes
- ----------
PetroFina estimates based on median IBES estimates. FINA estimates based on
management projections.
Analysis assumes 20 year amortization period. If the amortization period was
reduced to five years, a transaction at $65.00 per share would be 2.2% dilutive
to 1997 earnings on a cash basis, and 3.3% dilutive on a stock basis.
83
- -------
Goldman
Sachs
- -------
A
84
FINA
Historical Income Statements
(dollars in millions) For the Year Ended December 31,
-------------------------------------------------------------- CAGR
1992 1993 1994 1995 1996 1992-96
-------------------------------------------------------------- -------
Revenues $3,397.5 $3,416.2 $3,421.1 $3,606.6 $4,081.2 4.7%
Cost of Materials (2,619.5) (2,637.8) (2,525.1) (2,673.5) (3,099.7)
-------- -------- -------- -------- --------
Gross Profit 778.0 778.4 896.0 933.1 981.5 6.0%
Operating Expenses (522.7) (532.6) (529.0) (503.1) (541.3)
Depreciation & Amortization (194.8) (198.3) (186.0) (156.2) (171.0)
------ ------ ------ ------ ------
Operating Income 60.5 47.5 181.0 273.8 269.2 45.2%
Non-Operating Inc/(Exp) 13.4 100.4 10.2 (12.9) (4.5)
---- ----- ---- ----- ----
EBIT 73.9 147.9 191.2 260.9 264.8 37.6%
Interest (53.7) (51.7) (38.8) (41.0) (36.5)
----- ----- ----- ----- -----
Pre-Tax Income 20.2 96.2 152.4 219.9 228.3
Taxes 4.0 (25.8) (50.3) (77.2) (75.1)
--- ----- ----- ----- -----
Net Income Before Accounting Charge $24.2 $70.4 $102.0 $142.7 $153.2 58.6%
Accounting Change (34.3) 0.0 0.0 (38.2) 0.0
----- --- --- ----- ---
Net income $(10.1) $70.4 $102.0 $104.5 $153.2
------ ------ ------ ------ ------
Shares Outstanding 31.2 31.2 31.2 31.2 31.2
EPS $(0.32) $2.26 $3.27 $3.35 $4.91 NM
Discretionary Cash Flow (a) $151.1 $366.6 $271.3 $328.0 $304.1 19.1%
EBITDA 268.7 346.2 377.2 417.1 435.8 12.8%
Growth & Margin Analysis
Sales Growth (y-o-y) 0.6% 0.1% 5.4% 13.2%
Operating Income Growth (y-o-y) (21.5)% 281.1% 51.3% (1.7)%
Net Income Growth (y-o-y) 190.9% 44.9% 39.9% 7.4%
Gross Profit Margin 22.9% 22.8% 26.2% 25.9% 24.0%
EBITDA Margin 7.9% 10.1% 11.0% 11.6% 10.7%
EBIT Margin 2.2% 4.3% 5.6% 7.2% 6.5%
Notes:
Historical financial data based on internal company numbers.
(a) Excludes impact of accounting changes.
85
FINA
Projected Income Statements
(dollars in millions)
For the Year Ended December 31,
------------------------------------------------------- CAGR
1997E 1998E 1999E 2000E 2001E 1997-01
------------------------------------------------------- -------
EBIT 252.5 252.2 336.9 397.0 590.6 23.7%
Interest (34.5) (40.9) (44.8) (42.2) (51.2)
----- ----- ----- ----- -----
Pre-Tax Income 218.0 211.3 292.1 354.8 539.4
Taxes (72.9) (72.9) (104.6) (127.6) (195.5)
----- ----- ------ ------ ------
Net income $145.1 $138.4 $187.5 $227.2 $343.9 24.1%
====== ====== ====== ====== ======
Shares Outstanding 31.2 31.2 31.2 31.2 31.2
EPS $4.65 $4.43 $6.01 $7.28 $11.02 24.1%
Discretionary Cash Flow $369.1 $349.0 $415.2 $485.0 $596.8 12.8%
EBITDA 455.9 457.5 554.0 626.6 861.3 17.2%
Growth & Margin Analysis
Net income Growth (y-o-y) (5.3)% (4.6)% 35.5% 21.2% 51.4%
Notes:
Projected financial data based on management projections.
Financial data normalized to exclude non-recurring charges.
86
FINA
Segment Breakdown
(dollars in millions)
For the Year Ended December 31,
1994 1995 1996 1997E 1998E 1999E 2000E 2001E
EBIT
Chemicals $164.4 $290.6 $231.2 $123.7 $128.4 $208.3 $253.5 $394.1
Refining & Marketing 47.2 1.5 (17.2) 78.6 77.8 71.1 72.4 79.6
Exploration & Production (3.4) (14.4) 69.3 72.3 67.4 79.8 95.9 142.1
Corporate / Eliminations (17.0) (16.8) (18.6) (22.1) (21.4) (22.3) (24.8) (25.2)
----- ----- ----- ----- ---- ----- ---- -----
Whole Company 191.2 260.9 264.8 252.5 252.2 336.9 397.0 590.6
===== ===== ===== ===== ===== ===== ===== =====
Discretionary Cash Flow
Chemicals $129.3 $192.3 $160.6 $130.9 $104.2 $145.4 $196.8 $288.4
Refining & Marketing 62.0 57.6 27.4 75.8 99.7 97.9 102.1 105.8
Exploration & Production 72.5 75.7 76.5 144.6 115.9 129.8 141.1 182.8
Corporate / Eliminations 7.5 2.4 39.6 17.7 29.2 42.1 45.0 19.8
--- --- ---- ---- ---- ---- ---- ----
Whole Company 271.3 328.0 304.1 369.1 349.0 415.2 485.0 596.8
===== ===== ===== ===== ===== ===== ===== =====
Notes:
Projected financial data based on November 1997 management projections.
Financial data normalized to exclude non-recurring charges.
87
FINA
Actual vs. Budget Analysis
1994 1995 1996
(US$ millions) Budget (a) Actual Variance Budget (b) Actual Variance Budget (c) Actual Variance
=============================================================================================================================
FINA
EDIT $154.6 $191.2 23.7% $281.6 $260.8 (7.4)% $254.7 $264.8 4.0%
Net Income 73.1 102.0 39.5 142.1 142.6 0.4 140.1 153.2 9.4
Cash from Operations 252.4 275.4 9.1 303.7 366.2 20.6 299.3 221.6 (26.0)
Capital Expenditures 164.8 133.9 (18.8) 221.0 213.1 (3.6) 208.7 235.0 12.6
E&P
Oil Production (Mbbls/d) 13.7 12.2 (10.9)% 11.2 9.8 (12.5)% 9.5 9.8 3.2%
Oil Prices ($/Bbl) $16.25 $14.27 (12.2) $14.91 $15.53 4.2 $15.58 $19.33 24.1
Gas Production (MMCI/d) 149.4 129.8 (13.1) 147.8 133.3 (9.8) 145.0 148.6 2.5
Gas Prices ($/MCl) $2.25 $1.85 (17.8) $1.85 $1.57 (15.1) $1.69 $2.45 45.0
EBIT 36.9 (3.4) N.M. 18.4 (14.4) N.M. (10.1) 69.3 N.M.
R&M
Port Arthur
Total Throughput (Mbbl/d) 152.6 157.1 2.9% 161.9 165.3 2.1% 179 163.5 (8.7)%
Gross Margin ($/Bbl) $3.77 $3.66 (2.9) $3.65 $3.06 (16.2) $3.30 $2.66 (19.4)
Big Spring
Total Throughput (Mbbl/d) 56.2 57.6 2.5% 57.5 54.7 (4.9)% 58.5 47.9 (18.1)%
Gross Margin ($/Bbl) $3.77 $3.41 (9.5) $3.88 $3.50 (9.8) $4.27 $3.91 (8.4)
EBIT $57.7 $47.2 (18.2) $59.6 $1.5 (97.5) $60.3 $(16.8) N.M.
Chemicals
Styrene
Sales VoIumes (MMlbs) 929.9 1,020.7 9.8% 1,050.0 1,026.9 (2.2)% 1,140.0 1,162.6 3.8%
Gross Margin (cents/Lb) 5.9 4.6 (22.8) 7.0 9.2 31.1 5.9 4.1 (30.9)
Polystyrene
Sales Volumes (MMlbs) 677.0 713.5 5.4% 735.0 687.1 (6.5)% 830.0 829.7 (0.0)%
Gross Margin (cents/Lb) 9.5 6.7 (29.3) 7.5 11.4 51.7 6.1 4.6 (21.2)
Polypropylene
Sales Volumes (MMlbs) 960.0 995.7 3.7% 975.0 929.5 (4.7)% 1,280.0 1,311.5 2.5%
Gross Margin (cents/Lb) 10.4 5.7 (45.1) 9.0 10.3 14.6 7.1 8.7 22.3
HDPE
Sales Volumes (MMlbs) 380.0 370.0 (2.8)% 400.0 315.5 (21.1)% 370.0 384.8 4.0%
Gross Margin (cents/Lb) 9.5 (0.1) N.M. 3.0 2.7 (11.7) 1.9 3.5 89.6
EBIT $77.4 $164.4 112.4 $220.5 $290.6 31.8 $221.5 $231.2 4.4
1997 Mean
(US$ millions) Budget (c) Actual (d) Variance Variance
======================================================================
FINA
EDIT $271.3 $252.5 (69)% 3.3%
Net Income 155.1 145.0 (6.5) 10.7
Cash from Operations 337.6 369.0 9.3 3.3
Capital Expenditures 261.6 342.0 30.7 5.3
E&P
Oil Production (Mbbls/d) 10.5 10.0 (4.8)% (6.2)%
Oil Prices ($/Bbl) $16.20 $17.95 10.8 6.7
Gas Production (MMCI/d) 178.0 186.0 4.5 (4.0)
Gas Prices ($/MCl) $2.09 $2.60 24.4 9.1
EBIT 37.6 72.3 92.3 $92.3
R&M
Port Arthur
Total Throughput (Mbbl/d) 178 176.1 (1.1)% (1.2)%
Gross Margin ($/Bbl) $3.28 $3.80 15.9 (5.7)
Big Spring
Total Throughput (Mbbl/d) 53 57.4 8.3% (3.0)%
Gross Margin ($/Bbl) $4.00 $4.90 22.5 (1.3)
EBIT $55.1 $78.6 42.6 (24.3)
Chemicals
Styrene
Sales VoIumes (MMlbs) 1,306.4 1353.8 3.6% 3.7%
Gross Margin (cents/Lb) 3.1 2.3 (25.1) (11.9)
Polystyrene
Sales Volumes (MMlbs) 1,050.0 963.0 (6.4)% (1.9)%
Gross Margin (cents/Lb) 3.4 1.1 (67.4) (16.5)
Polypropylene
Sales Volumes (MMlbs) 1,450.0 1,389.9 (4.1)% (07)%
Gross Margin (cents/Lb) 6.6 3.6 (45.9) (13.5)
HDPE
Sales Volumes (MMlbs) 400.0 374.6 (6.3)% (6.5)%
Gross Margin (cents/Lb) 6.3 6.0 (4.8) 24.4
EBIT $196.5 $123.7 (37.0) 27.9
(a) Source: FINA's 1994 Corporate Plan: Low Scenario with Enhanced Earnings
and Sustained Investments.
(b) Source: FINA's 1995 Corporate Plan: Base Case with Limited Investments.
(c) Source: FINA's 1996 Corporate Plan: Base Case.
(d) Source: FINA's November 1997 Corporate Plan: Base Case.
88
- -------
Goldman
Sachs
- -------
B
89
Commodity Prices Over Time
- --------------------------------------------------------------------------------
West Texas Intermediate
- --------------------------------------------------------------------------------
[PLOT POINTS ON NEXT PAGE]
- --------------------------------------------------------------------------------
Natural Gas - Henry Hub
- --------------------------------------------------------------------------------
[PLOT POINTS ON NEXT PAGE]
90
Henry Hub
Spot Price Forward Price WTI Oil Spot Price Forward Price
28-Feb-97 1.79 28-Feb-97 20.3
7-Mar-97 1.88 7-Mar-97 21.28
14-Mar-97 1.96 14-Mar-97 21.29
21-Mar-97 1.9 21-Mar-97 21.69
28-Mar-97 1.85 28-Mar-97 20.7
4-Apr-97 1.9 4-Apr-97 19.12
11-Apr-97 1.98 11-Apr-97 19.61
18-Apr-97 2.07 18-Apr-97 19.91
25-Apr-97 2.11 25-Apr-97 19.82
2-May-97 2.2 2-May-97 19.6
9-May-97 2.3 9-May-97 20.43
16-May-97 2.19 16-May-97 22.12
23-May-97 2.02 23-May-97 21.23
30-May-97 2.2 30-May-97 20.88
6-Jun-97 2.18 6-Jun-97 18.79
13-Jun-97 2.15 13-Jun-97 18.83
20-Jun-97 2.23 20-Jun-97 18.55
27-Jun-97 2.17 27-Jun-97 19.46
4-Jul-97 2.1 4-Jul-97 19.56
11-Jul-97 2.15 11-Jul-97 19.33
18-Jul-97 2.21 18-Jul-97 19.27
25-Jul-97 2.22 25-Jul-97 19.69
1-Aug-97 2.24 1-Aug-97 20.28
8-Aug-97 2.38 8-Aug-97 19.54
15-Aug-97 2.53 15-Aug-97 20.07
22-Aug-97 2.44 22-Aug-97 19.52
29-Aug-97 2.7 29-Aug-97 19.61
5-Sep-97 2.72 5-Sep-97 19.63
12-Sep-97 2.82 12-Sep-97 19.32
19-Sep-97 2.93 19-Sep-97 19.35
26-Sep-97 3.2 26-Sep-97 20.87
3-Oct-97 2.96 3-Oct-97 22.76
10-Oct-97 2.78 10-Oct-97 22.1
17-Oct-97 2.98 17-Oct-97 20.59
24-Oct-97 3.24 24-Oct-97 20.79
31-Oct-97 3.27 31-Oct-97 21.08
7-Nov-97 3.05 7-Nov-97 20.77
14-Nov-97 3.2 14-Nov-97 21
21-Nov-97 2.56 21-Nov-97 19.41 19.41
Nov-97 3.266 3.266 Nov-97
Dec-97 2.762 Dec-97
Jan-98 2.767 Jan-98 19.76
Feb-98 2.597 Feb-98 19.9
Mar-98 2.423 Mar-98 19.97
Apr-98 2.25 Apr-98 20
May-98 2.195 May-98 19.99
Jun-98 2.19 Jun-98 19.96
Jul-98 2.195 Jul-98 19.92
Aug-98 2.2 Aug-98 19.88
Sep-98 2.207 Sep-98 19.83
Page 1
91
DATA
Oct-98 2.245 Oct-98 19.79
Nov-98 2.383 Nov-98 19.75
Dec-98 2.535 Dec-98 19.71
Jan-99 2.562 Jan-99 19.67
Feb-99 2.456 Feb-99 19.63
Mar-99 2.318 Mar-99 19.59
Apr-99 2.195 Apr-99 19.55
May-99 2.155 May-99 19.51
Jun-99 2.15 Jun-99 19.48
Jul-99 2.165 Jul-99 19.46
Aug-99 2.18 Aug-99 19.45
Sep-99 2.195 Sep-99 19.44
Oct-99 2.233 Oct-99 19.42
Nov-99 2.363 Nov-99 19.4
Dec-99 2.504 Dec-99 19.38
Jan-00 2.524 Jan-00 19.37
Feb-00 2.414 Feb-00 19.37
Mar-00 2.319 Mar-00 19.37
Apr-00 2.204 Apr-00 19.37
May-00 2.179 May-00 19.37
Jun-00 2.169 Jun-00 19.37
Jul-00 2.169 Jul-00
Aug-00 2.169 Aug-00
Sep-00 2.169 Sep-00
Oct-00 2.184 Oct-00
Nov-00 2.316 Nov-00
Dec-00 19.38
Page 2
92
Comparison of Selected Budget Assumptions
FINA - November 1997 Plan
WTI Spot:
April: $20.30
December: $18.15
% Change: (10.6)%
FINA Plan: Apr-Nov
1997: (3.7)%
1998: (4.3)
1999: (4.6)
2000: (4.2)
2001: (4.4)
- --------------------------------------------------------------------------------
West Texas Intermediate - Price $/Bbl
- --------------------------------------------------------------------------------
[The following table was originally a bar chart.]
April Plan November Plan Current Forward Curve (Spot)
1997 $18.64 $17.95 $18.15
1998 $17.45 $16.70 $19.11
1999 $18.08 $17.25 $18.95
2000 $18.68 $17.90 $18.93
2001 $19.46 $18.60 $18.93
93
Comparison of Selected Budget Assumptions
FINA - November 1997 Plan
Henry Hub Spot:
April: $1.79
December: $2.30
% Change: 28.5%
FINA Plan: Apr-Nov
1997: 15.6%
1998: 14.5
1999: 10.1
2000: 3.1
2001: 0.4
- --------------------------------------------------------------------------------
Henry Hub - Natural Gas Spot Price $/Mcf
- --------------------------------------------------------------------------------
[The following table was originally a bar chart.]
April Plan November Plan Current Forward Curve
1997 $2.25 $2.60 $2.30
1998 $2.14 $2.45 $2.48
1999 $2.18 $2.40 $2.48
2000 $2.28 $2.35 $2.47
2001 $2.39 $2.40 --
94
Comparison of Selected Budget Assumptions
Chemical Margins (cents per lb.)
FINA - November 1997 Plan
- --------------------------------------------------------------------------------
Styrene
- --------------------------------------------------------------------------------
[The following table was originally a bar chart.]
June Plan November Plan
1997 $2.17 $2.30
1998 $2.63 $1.90
1999 $3.70 $3.50
2000 $3.49 $4.00
2001 $3.75 $4.75
- --------------------------------------------------------------------------------
Polystyrene
- --------------------------------------------------------------------------------
[The following table was originally a bar chart.]
June Plan November Plan
1997 $2.35 $1.10
1998 $2.80 $2.00
1999 $3.13 $3.00
2000 $5.00 $5.00
2001 $6.00 $5.50
- --------------------------------------------------------------------------------
Polypropylene
- --------------------------------------------------------------------------------
[The following table was originally a bar chart.]
June Plan November Plan
1997 $6.00 $3.55
1998 $6.00 $3.25
1999 $4.80 $3.80
2000 $5.70 $3.80
2001 $7.20 $5.20
- --------------------------------------------------------------------------------
Polyethylene
- --------------------------------------------------------------------------------
[The following table was originally a bar chart.]
June Plan November Plan
1997 $7.50 $5.95
1998 $6.25 $4.25
1999 $6.60 $5.40
2000 $7.00 $6.40
2001 $7.00 $6.70
95
Comparison of Publicly-Traded Companies
Domestic Integrated Oils
Current Price Levered P/E Multiple (b) Price/DCF Multiple (b) Chemicals as % of EBIT
Stock as % 52-Week Market Market --------------- --------------------- ----------------------
Price(a) High Cap Cap 1997E 1998E 1997E 1998E 1997E 1998E
====================================================================================================================================
FINA (C) $64.38 95.4% $2,010 $2,709 13.0 x 13.6 x 5.4 x 5.5 x 81.5% 59.6%
FINA Undisturbed (d) $50.00 90.1% $1,561 $2,260 10.1 x 10.5 x 4.2 x 4.3 x 81.5% 59.6%
Amoco Corp. $87.25 88.1% $42,485 $45,790 16.6 x 16.3 x NM NM 24.6% 19.9%
Ashland, Inc. 47.25 85.9 3,508 5,296 14.7 13.5 4.3 x 5.5 x 35.2 29.3
Atlantic Richfield 76.69 87.9 24,707 30,170 14.6 16.0 6.6 6.7 19.2 18.4
Kerr-McGee 63.75 85.0 3,093 3,399 16.8 14.7 5.5 4.7 24.5 29.0
Murphy Oil 56.81 90.8 2,549 2,695 NM NM 5.9 5.9 0.0 0.0
Phillips Petroleum 49.13 94.0 12,926 15,312 13.3 14.0 6.5 6.5 30.6 33.7
Sun Company 42.06 90.7 3,070 3,497 12.7 12.4 6.4 6.4 47.6 28.2
Unocal Corp. 38.06 83.0 9,531 12,135 18.1 16.5 5.6 5.1 0.0 0.0
USX-Marathon 33.94 87.3 9,760 13,223 15.4 15.1 6.4 6.0 0.0 0.0
- ------------------------------------------------------------------------------------------------------------------------------------
Median 87.9% 15.1 x 14.9x 6.2x 5.9 x 24.5% 19.9%
Mean 88.1 15.3 14.8 5.9 5.8 20.2 17.6
High 94.0 18.1 16.5 6.6 6.7 47.6 33.7
Low 83.0 12.7 12.4 4.3 4.7 0 0
====================================================================================================================================
(a) Latest stock price as of 12/11/97.
(b) Based on GS Research estimates as of 12/11/97. Estimates for companies
with non-calendar fiscal year ends have been calendarized.
(c) FINA estimates based on management projections.
(d) FINA's closing share price as of February 24, 1997, one day prior to
PetroFina announcement.
96
- -------
Goldman
Sachs
- -------
C
97
Comparison of Publicly-Traded Companies
Exploration and Production Companies
Current Price Levered P/E Multiple (b) Price / DCF Multiple (b)
Current as % 52-Week Market Market ----------------- ------------------------
Price(a) High Cap Cap 1997E 1998E 1997E 1998E
====================================================================================================================================
FINA (c) $64.38 95.4 % $2,010 $2,709 13.0 x 13.6 x 5.4 x 5.5 x
FINA Undisturbed (d) $50.00 90.1 % $1,561 $2,260 10.1 x 10.5 x 4.2 x 4.3 x
Barrett Resources $28.00 59.7 % $877 $1,033 23.3 x 26.9 x 7.1 x 6.1 x
Cabot Oil & Gas 20.19 80.1 497 728 22.4 N.M. 5.2 5.2
Cross Timbers Oil 23.19 80.9 622 1,246 24.9 28.6 6.9 5.8
Devon Energy 36.25 73.8 1,165 1,256 N.M. N.M. 6.1 6.3
Forcenergy 29.94 76.2 757 1,222 25.4 30.5 4.8 4.3
Newfield Exploration 20.19 61.2 711 806 18.2 19.8 4.9 4.6
Pogo Producing 28.88 57.9 963 1,232 19.8 18.6 5.3 4.8
Houston Exploration 21.19 76.0 494 580 20.6 25.2 5.7 5.1
United Meridian 30.13 57.5 1,062 1,308 N.M. N.M. 6.8 5.7
Vintage Petroleum 18.75 72.5 968 1,416 N.M. N.M. 5.2 5.0
Median 73.1 % 22.4 x 26.1 x 5.5 x 5.2X
Mean 69.6 22.1 25.0 5.8 5.3
High 80.9 25.4 30.5 7.1 6.3
Low 57.5 18.2 18.6 4.8 4.3
====================================================================================================================================
(a) Latest stock price as of 12/11/97.
(b) Based on GS Research estimates as of 12/11/97. Estimates for companies with
non-calendar fiscal year ends have been calendarized.
(c) FINA estimates based on management projections.
(d) FINA's closing share price as of Februaty 24, 1997, one day prior to
PetroFina announcement.
98
Comparison of Publicly-Traded Companies
Independent Refining Companies
Current Price Levered P/E Multiple (b)
Current as % 52-Week Market Market ----------------
Price(a) High Cap Cap 1997E 1998E
============================================================================================
FINA (a) $64.38 95.4% $2,010 $2,709 13.0 x 13.6 x
FINA Undisturbed (d) $50.00 90.1% $1,561 $2,260 10.1 x 10.5 x
Ashland Inc. $47.25 85.9% $3,591 $5,421 14.7 x 13.5 x
Sun Company 42.06 90.7 3,070 3,497 12.7 12.4
Tosco Corp. 34.50 95.2 5,390 6,924 NM 15.7
Ultramar Diamond Shamrock 31.50 90.6 2,759 4,304 15.8 11.8
Valero Energy 31.13 72.4 1,743 2,189 14.1 10.6
Median 90.6% 14.4x 12.4 x
Mean 87.0 14.3 12.8
High 95.2 15.8 15.7
Low 72.4 12.7 10.6
============================================================================================
Price / DCF Multiple (b) Enterprise Value / EBITDA (b)
------------------------ -----------------------------
1997E 1998E 1997E 1998E
=================================================================================
FINA (a) 5.4 x 5.5 x 5.9 x 5.9 x
FINA Undisturbed (d) 4.2 x 4.3 x 5.0 x 4.9 x
Ashland Inc. NM 5.5 x 5.0 x 5.9 x
Sun Company 6.4 x 6.4 6.1 5.7
Tosco Corp. 9.5 7.9 8.0 6.2
Ultramar Diamond Shamrock 5.6 5.4 6.4 5.7
Valero Energy 8.3 6.4 6.9 5.6
Median 7.4 x 6.4 x 6.4 x 5.7 x
Mean 7.5 6.3 6.5 5.8
High 9.5 7.9 8.0 6.2
Low 5.5 5.4 5.0 5.6
=================================================================================
(a) Latest stock price as of 12/11/97.
(b) Based on GS Research estimates as of 12/11/97. Estimates for companies with
non-calendar fiscal year ends have been calendarized.
(c) FINA estimates based on management projections.
(d) FINA's closing share price as of February 24, 1997, one day prior to
PetroFina announcement.
99
Comparison of Publicly-Traded Companies
Commodity Chemicals
Current Price Levered Price/Earnings Multiple (b)
Current as % 52-Week Market Market ---------------------------
Price(a) High Cap Cap 1997E 1998E Norm (c)
========================================================================================================
FINA (d) $64.38 95.4 % $2,010 $2,709 13.0 x 13.6 x 12.9 x
FINA Undisturbed (e) 50.00 90.1 $1,561 $2,260 10.1 10.5 10.0
Dow Chemical $99.00 97.1 % $22,449 $25,737 13.1 x 16.2 x 12.6 x
Geon 22.81 94.3 533 698 NM 16.0 8.7
Georgia Gulf 30.38 90.7 1,030 1,401 14.4 15.2 7.7
Lyondell Petrochemical 26.38 96.3 2,110 3,137 8.9 17.6 10.8
Millenium Chemicals 24.00 98.0 1,852 3,864 10.2 12.6 8.1
Union Carbide 46.38 81.6 6,396 7,857 10.5 12.9 10.4
- --------------------------------------------------------------------------------------------------------
Median 95.3% 10.5 x 15.6 x 9.5 x
Mean 93.0 11.4 15.1 9.7
High 98.0 14.4 17.6 12.6
Low 81.6 8.9 12.6 7.7
========================================================================================================
Price / DCF Multiple (b) Enterprise Value / EBITDA (b)
------------------------ -----------------------------
1997E 1998E 1997E 1998E Norm (c)
====================================================================================
FINA (d) 5.4 x 5.5 x 5.9 x 5.9 x 5.8 x
FINA Undisturbed (e) 4.2 4.3 5.0 4.9 4.9
Dow Chemical 7.2 x 7.6 x 6.1 x 6.7 x 5.8 x
Geon 7.0 5.5 6.3 5.5 4.1
Georgia Gulf 8.9 9.2 7.9 8.1 5.0
Lyondell Petrochemical 7.1 NM 5.3 7.4 5.7
Millenium Chemicals NM 6.0 5.8 8.3 5.2
Union Carbide 5.6 6.2 5.8 6.6 5.9
- ------------------------------------------------------------------------------------
Median 7.1 x 6.2 x 6.0 x 7.1 x 5.5 x
Mean 7.2 6.9 6.2 7.1 5.3
High 8.9 9.2 7.9 8.3 5.9
Low 5.6 5.5 5.3 5.5 4.1
====================================================================================
(a) Latest stock price as of 12/11/97.
(b) Based on GS Research estimates as of 12/11/97. Estimates for companies with
non-calendar fiscal year ends have been calendarized.
(c) FINA's normalized financial data reflects a five-year average based on two
years of historical data and three years of projected data.
(d) FINA estimates based on management projections.
(e) FINA's closing share price as of February 24.1997, one day prior to
PetroFina announcement
100
Comparison of Publicly-Traded Companies
Domestic Integrated Oils
Current Price Levered P/E Multiple (b)
Stock as % 52-Week Market Market ----------------
Price(a) High Cap Cap 1997E 1998E
============================================================================================
FINA (c) $64.38 95.4% $2,010 $2,709 13.0 x 13.6 x
FINA Undisturbed (d) $50.00 90.1% $1,561 $2,260 10.1 x 10.5 x
Amoco Corp. $87.25 88.1% $42,485 $45,790 16.6 x 16.3 x
Ashland, Inc. 47.25 85.9 3,508 5,296 14.7 13.5
Atlantic Richfield 76.69 87.9 24,707 30,170 14.6 16.0
Kerr-McGee 63.75 85.0 3,093 3,399 16.8 14.7
Murphy Oil 56.81 90.8 2,549 2,695 NM NM
Philrips Petroleum 49.13 94.0 12,926 15,312 13.3 14.0
Sun Company 42.06 90.7 3,070 3,497 12.7 12.4
Unocal Corp. 38.06 83.0 9,531 12,135 18.1 16.5
USX-Marathon 33.94 87.3 9,760 13,223 15.4 15.1
- --------------------------------------------------------------------------------------------
Median 87.9% 15.l x 14.9 x
Mean 88.1 15.3 14.8
High 94.0 18.1 16.5
Low 83.0 12.7 12.4
============================================================================================
Price / DCF Multiple (b) Chemicals as % of EBIT
------------------------ ----------------------
1997E 1998E 1997E 1998E
==========================================================================
FINA (c) 5.4 x 5.5 x 81.5% 59.6%
FINA Undisturbed (d) 4.2 x 4.3 x 81.5% 59.6%
Amoco Corp. NM NM 24.6% 19.9%
Ashland, Inc. 4.3 x 5.5 x 35.2 29.3
Atlantic Richfield 6.6 6.7 19.2 18.4
Kerr-McGee 5.5 4.7 24.5 29.0
Murphy OIl 5.9 5.9 0.0 0.0
Philrips Petroleum 6.5 6.5 30.6 33.7
Sun Company 6.4 6.4 47.6 28.2
Unocal Corp. 5.6 5.1 0.0 0.0
USX-Marathon 6.4 6.0 0.0 0.0
- --------------------------------------------------------------------------
Median 6.2 x 5.9 x 24.5% 19.9%
Mean 5.9 5.8 20.2 17.6
High 6.6 6.7 47.6 33.7
Low 4.3 4.7 0 0
==========================================================================
(a) Latest stock price as of 12/11/97.
(b) Based on GS Research estimates as of 12/11/97. Estimates for companies with
non-calendar fiscal year ends have been calendarized.
(c) FINA estimates based on management projections.
(d) FINA's closing share price as of February 24,1997, one day prior to
PetroFina announcement.
101
- ---------------
Goldman
Sachs
- ---------------
D
102
Weighted Average Public Companies Multiple Valuation
November Plan
P/E Multiple Analysis
- --------------------------------------------------------------------------------------------------------------------
(US$ in millions) 1998E 1998 P/E Multiple Public Market Value
----------------- -------------------
Net Income (a) Low Median High Low Median High
--------------
Chemicals $73.0 12.6x 15.6x 17.6x $921.9 $1,136.4 $1,283.4
Exploration & Production 36.7 18.6 26.1 30.5 683.6 956.8 1,121.1
Refining & Marketing 40.6 10.6 12.4 15.7 428.4 502.3 636.7
Corporate / Eliminations (11.9) 12.4(b) 14.9 16.5(b) (147.1) (176.8) (196.7)
------ -------- -------- --------
Total Equity Company $138.4 $1,886.9 $2,418.8 $2,844.4
Equity Value Per Share $60.44 $77.48 $91.11
Weighted Average P/E Multiple 13.6x 17.5x 20.6x
P/DCF Multiple Analysis
- --------------------------------------------------------------------------------------------------------------
1998E 1998 P/DCF Multiple Public Market Value
------------------- -------------------
DCF(a) Low Median High Low Median High
------
Chemicals $104.2 5.5x 6.2x 9.2x $570.0 $645.1 $959.0
Exploration & Production 115.9 4.3 5.2 6.3 496.4 597.2 726.9
Refining & Marketing 99.7 5.4 6.4 7.9 535.0 638.3 792.6
Corporatef Eliminations 29.2 4.7(b) 5.9(b) 6.7(b) 137.4 173.4 195.7
------ -------- -------- --------
Total Equity Company $349.0 $1,738.8 $2,054.1 $2,674.1
Equity Value Per Share $55.70 $65.79 $85.65
Weighted Average P/DCF Multiple 5.0x 5.9x 7.7x
- --------------------------------------------------------------------------------------------------------------
Note: Estimates based on management's projections from the November plan.
(a) Assumes interest expense is allocated on the basis of capital employed.
Assumes 36.0% tax rate for all segments.
(b) Corporate / Eliminations valued at the median multiple for the domestic
integrated composite.
103
- -------
GOLDMAN
SACHS
- -------
Present Value of Potential Future Stock Price (a)
November Plan
[The following table was depicted as a line graph in the printed material.]
Stock Price($)
---------------------------------------
LTM EPS 9.0x 10.0x 11.0x
1997 $ 4.65 $ 41.83 $ 46.48 $ 51.13
1998 $ 4.44 $ 35.65 $ 39.61 $ 43.57
1999 $ 6.01 $ 43.09 $ 47.88 $ 52.67
2000 $ 7.28 $ 46.62 $ 51.80 $ 56.98
2001 $ 11.01 $ 62.99 $ 69.99 $ 76.99
Original Offer $60.00
Revised Offer (b) $66.00
Note: Represents the present value of an implied future stock price based on
management's projections from the November plan at multiples of 9, 10 and
11x earnings.
(a) Assumes discount rate of 12%. Share prices discounted to December 31,
1997.
(b) Warrant valuation assumes underlying ADR price of $39.00, volatility of
24% and 5.69% interest rate ($66.04).
104
FINA Cash Flow Statement
November Plan
($ in millions)
Projections for Discounted Cash Flow Analysis
---------------------------------------------
1994 1995 1996 1997E 1998E 1999E 2000E 2001E
========================================================================================================
EBIT $191.2 $260.9 $264.8 $252.5 $252.2 $336.9 $397.0 $590.6
Taxes (a) (68.8) (93.9) (95.3) (90.9) (90.8) (121.3) (142.9) (212.6)
Capital Expenditures (133.9) (213.1) (263.3) (342.0) (395.5) (398.8) (425.5) (355.9)
Depreciation & Amortization 186.0 156.2 171.0 203.4 205.3 217.1 229.6 270.7
Other Cash Flow (16.7) 67.3 (20.1) 20.6 5.3 10.6 28.2 (17.8)
------ ------ ------ ------ ------ ------ ------ ------
Free Cash Flow $157.8 $177.4 $57.0 $43.6 ($23.5) $44.5 $86.4 $275.0
====== ====== ===== ===== ====== ===== ===== ======
Discretionary Cash Flow (b) $271.3 $328.0 $304.1 $369.1 $349.0 $415.2 $485.0 $596.8
- ----------
Projected financial data based on management projections from the November plan.
(a) Assumes a 36.0% tax rate.
(b) Defined as Net Income + D&A + Other Cash Flow.
105
FINA DCF Analysis
Five Years of Projections from the November Plan
($ in millions)
Discount Rates Multiple of Terminal DCF
- ----------------------- ----------------------------------------------------------
Yrs 1-3 Yrs 4-5,TV 4.5x 5.0x 5.5x 6.0x 6.5x 7.0x
=========================================================================================================
9.0% 12.0% PV of Cash Flows $ 296 $ 296 $ 296 $ 296 $ 296 $ 296
PV of Terminal Value 1,707 1,896 2,086 2,276 2,465 2,655
------ ------ ------ ------ ------ ------
Enterprise Value $2,003 $2,192 $2,382 $2,571 $2,761 $2,951
10.0% 13.0% PV of Cash Flows $ 288 $ 288 $ 288 $ 288 $ 288 $ 288
PV of Terminal Value 1,647 1,830 2,013 2,196 2,198 2,562
------ ------ ------ ------ ------ ------
Enterprise Value $1,935 $2,118 $2,301 $2,484 $2,667 $2,850
11.0% 14.0% PV of Cash Flows $ 280 $ 280 $ 280 $ 280 $ 280 $ 280
PV of Terminal Value 1,590 1,767 1,943 2,120 2,297 2,473
------ ------ ------ ------ ------ ------
Enterprise Value $1,870 $2,046 $2,223 $2,400 $2,576 $2,753
Net Debt $ (699) $ (699) $ (699) $ (699) $ (699) $ (699)
Equity Value Per Share
----------------------------------------------------------
9.0% 12.0% $41.75 $47.83 $53.90 $59.98 $66.05 $72.12
10.0% 13.0% $39.58 $45.44 $51.30 $57.17 $63.03 $68.89
11.0% 14.0% $37.50 $43.16 $48.82 $54.48 $60.14 $65.80
----------------------------------------------------------
- ----------
Note: Assumes all cash flows occur at year end; cash flows discounted to
December 31,1997, consistent with prior valuation analyses. Projected
financial data based on management projections from the November plan.
106
Analysis at Various Prices
November Plan
($ in millions)
------------------------------------------------------------------------
Price Per Share $60.00 $62.50 $65.00 $67.50 $70.00 $72.50 $75.00
------------------------------------------------------------------------
Equity Value (a) $1,873 $1,951 $2,029 $2,107 $2,185 $2,263 $2,341
------------------------------------------------------------------------
Total Enterprise Value (a) $2,572 $2,650 $2,728 $2,806 $2,884 $2,962 $3,040
------------------------------------------------------------------------
Premium To:
Undisturbed Share Price $50.00 20.0% 25.0% 30.0% 35.0% 40.0% 45.0% 50.0%
Current Share Price (b) 64.38 (6.8)% (2.9)% 1.0% 4.9% 8.7% 12.6% 16.5%
52-Week High 67.50 (11.1)% (7.4)% (3.7)% 0.0% 3.7% 7.4% 11.1%
Enterprise Value - EBITDA
1996E $436 5.9x 6.1x 6.3x 6.4x 6.6x 6.8x 7.0x
1997E (c) 456 5.6 5.8 6.0 6.2 6.3 6.5 6.7
1998E (c) 458 5.6 5.8 6.0 6.1 6.3 6.5 6.6
Equity Value / DCF
1996 $304 6.2x 6.4x 6.7x 6.9x 7.2x 7.4x 7.7x
1997E (c) 369 5.1 5.3 5.5 5.7 5.9 6.1 6.3
1998E (c) 349 5.4 5.6 5.8 6.0 6.3 6.5 6.7
Equity Value / Net Income
1996 $153 12.2x 12.7x 13.2x 13.8x 14.3x 14.8x 15.3x
1997E (c) 145 12.9 13.4 14.0 14.5 15.1 15.6 16.1
1998E(c) 138 13.5 14.1 14.7 15.2 15.8 16.4 16.9
Notes
- --------
(a) Value of 100% of FINA.
(b) As of December 11, 1997.
(c) Estimates based on management projections from November plan.
107
PetroFina Acquires Remaining 14.2% of FINA
100% Stock/0% Debt - Purchase Accounting - Impact on EPS
Amortization Period: 20 years
---------------------------------------------------------------------------------
Price Per Share $60.00 $62.50 $65.00 $67.50 $70.00 $72.50 $75.00
---------------------------------------------------------------------------------
Publicly Held Shares Outstanding (mm) 4.42 4.42 4.42 4.42 4.42 4.42 4.42
---------------------------------------------------------------------------------
Equity Consideration $265.3 $276.3 $287.4 $298.4 $309.5 $320.5 $331.6
---------------------------------------------------------------------------------
- ---------------------------------------
1997E
- ---------------------------------------
PetroFina Net Income (a) $559.3 $559.3 $559.3 $559.3 $559.3 $559.3 $559.3
Incremental FINA Net Income (b) 20.6 20.6 20.6 20.6 20.6 20.6 20.6
After-Tax Interest Expense (c) 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Goodwill Amortization (c)(d) (4.0) (4.6) (5.1) (5.7) (6.3) (6.8) (7.4)
After-Tax Synergies (e) 0.0 0.0 0.0 0.0 0.0 0.0 0.0
---------------------------------------------------------------------------------
Pro Forma Net Income $575.9 $575.3 $574.7 $574.2 $573.6 $573.1 $572.5
PetroFina 1997E EPS (Pre-Transaction) $23.88 $23.88 $23.88 $23.88 $23.88 $23.88 $23.88
Pro Forma 1997E EPS $23.88 $23.83 $23.78 $23.73 $23.68 $23.63 $23.57
Accretion/(Dilution) 1997E 0.0% (0.2)% (0.4)% (0.6)% (0.9)% (1.1)% (1.3)%
PT Synergies to Breakeven -1997(e) $ (0.0) $ 1.9 $ 3.8 $ 5.7 $ 7.6 $ 9.5 $ 11.4
- ---------------------------------------
1998E
- ---------------------------------------
PetroFina Net Income (a) $550.3 $550.3 $550.3 $550.3 $550.3 $550.3 $550.3
Incremental FINA Net Income (b) 19.7 19.7 19.7 19.7 19.7 19.7 19.7
After-Tax Interest Expense (c) 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Goodwill Amortization (c)(d) (4.0) (4.6) (5.1) (5.7) (6.3) (6.8) (7.4)
After-Tax Synergies (e) 0.0 0.0 0.0 0.0 0.0 0.0 0.0
---------------------------------------------------------------------------------
Pro Forma Net Income $565.9 $565.3 $564.8 $564.2 $563.7 $563.1 $562.6
PetroFina 1998E EPS (Pre-Transaction) $23.50 $23.50 $23.50 $23.50 $23.50 $23.50 $23.50
Pro Forma 1998E EPS $23.47 $23.42 $23.37 $23.32 $23.26 $23.21 $23.16
Accretion/(Dilution) 1998E (0.1)% (0.3)% (0.6)% (0.8)% (1.0)% (1.2)% (1.4)%
PT Synergies to Breakeven -1998(e) $ 1.0 $ 2.9 $ 4.8 $ 6.7 $ 8.6 $ 10.5 $ 12.4
- ---------------------------------------
Shares Outstanding
- ---------------------------------------
PetroFina Shares Outstanding 23.42 23.42 23.42 23.42 23.42 23.42 23.42
New Shares Issued 0.69 0.72 0.75 0.78 0.81 0.84 0.87
---------------------------------------------------------------------------------
Pro Forma Shares Outstanding 24.11 24.14 24.17 24.20 24.23 24.26 24.29
Notes
- ----------
(a) PetroFina earnings estimates based on median IBES estimates.
(b) FINA earnings estimates based on management projections.
(c) Assumes PetroFina interest rate of 7.80% and Belgian tax rate of 50.0%.
(d) Assumes that goodwill is not tax deductible and is amortized over 20 years.
(e) Assumes US tax rate of 35.0%.
108
PetroFina Acquires Remaining 14.2% of FINA
100% Stock/0% Debt - Purchase Accounting - impact on DCF
Amortization Period: 20 years
---------------------------------------------------------------------------------
Price Per Share $60.00 $62.50 $65.00 $67.50 $70.00 $72.50 $75.00
---------------------------------------------------------------------------------
Publicly Held Shares Outstanding (mm) 4.42 4.42 4.42 4.42 4.42 4.42 4.42
---------------------------------------------------------------------------------
Equity Consideration $265.3 $276.3 $287.4 $298.4 $309.5 $320.5 $331.6
---------------------------------------------------------------------------------
- ---------------------------------------
1997E
- ---------------------------------------
PetroFina Discretionary Cash Flow (a) $1,383.7 $1,383.7 $1,383.7 $1,383.7 $1,383.7 $1,383.7 $1,383.7
Incremental FINA Net Income (b) 0.0 0.0 0.0 0.0 0.0 0.0 0.0
After-Tax Interest Expense (c) 0.0 0.0 0.0 0.0 0.0 0.0 0.0
After-Tax Synergies (d) 0.0 0.0 0.0 0.0 0.0 0.0 0.0
---------------------------------------------------------------------------------
Pro Forma Net Income $1,383.7 $1,383.7 $1,383.7 $1,383.7 $1,383.7 $1,383.7 $1,383.7
PetroFina 1997E DCF (Pre-Transaction) $59.08 $59.08 $59.08 $59.08 $59.08 $59.08 $59.08
Pro Forma 1997E DCF $57.39 $57.32 $57.25 $57.18 $57.11 $57.04 $56.98
Accretion/(Dilution) 1997E (2.9)% (3.0)% (3.1)% (3.2)% (3.3)% (3.5)% (3.6)%
PT Synergies to Breakeven -1997(d) $63.0 $65.6 $68.2 $70.8 $73.5 $76.1 $78.7
- ---------------------------------------
1998E
- ---------------------------------------
PetroFina Discretionary Cash Flow (a) $1,380.5 $1,380.5 $1,380.5 $1,380.5 $1,380.5 $1,380.5 $1,380.5
Incremental FINA Net Income (b) 0.0 0.0 0.0 0.0 0.0 0.0 0.0
After-Tax Interest Expense (c) 0.0 0.0 0.0 0.0 0.0 0.0 0.0
After-Tax Synergies (d) 0.0 0.0 0.0 0.0 0.0 0.0 0.0
---------------------------------------------------------------------------------
Pro Forma Net Income $1,380.5 $1,380.5 $1,380.5 $1,380.5 $1,380.5 $1,380.5 $1,380.5
PetroFina 1998E DCF (Pre-Transaction) $58.95 $58.95 $58.95 $58.95 $58.95 $58.95 $58.95
Pro Forma 1998E DCF $57.25 $57.18 $57.11 $57.05 $56.98 $56.91 $56.84
Accretion/(Dilution) 1998E (2.9)% (3.0)% (3.1)% (3.2)% (3.3)% (3.5)% (3.6)%
PT Synergies to Breakeven -1998(d) $62.8 $65.4 $68.1 $70.7 $73.3 $75.9 $78.5
- ---------------------------------------
Shares Outstanding
- ---------------------------------------
PetroFina Shares Outstanding 23.42 23.42 23.42 23.42 23.42 23.42 23.42
New Shares Issued 0.69 0.72 0.75 0.78 0.81 0.84 0.87
---------------------------------------------------------------------------------
Pro Forma Shares Outstanding 24.11 24.14 24.17 24.20 24.23 24.26 24.29
Notes
- ----------
(a) PetroFina DCF estimates based on median IBES estimates.
(b) FINA earnings estimates based on management projections.
(c) Assumes PetroFina interest rate of 7.80% and Belgian tax rate of 50.0%.
(d) Assumes US tax rate of 35.0%.
109
PetroFina Acquires Remaining 14.2% of FINA
0% Stock/100% Debt - Purchase Accounting - impact on EPS
Amortization Period: 20 years
---------------------------------------------------------------------------------
Price Per Share $60.00 $62.50 $65.00 $67.50 $70.00 $72.50 $75.00
---------------------------------------------------------------------------------
Publicly Held Shares Outstanding (mm) 4.42 4.42 4.42 4.42 4.42 4.42 4.42
---------------------------------------------------------------------------------
Equity Consideration $265.3 $276.3 $287.4 $298.4 $309.5 $320.5 $331.6
---------------------------------------------------------------------------------
- ---------------------------------------
1997E
- ---------------------------------------
PetroFina Net Income (a) $559.3 $559.3 $559.3 $559.3 $559.3 $559.3 $559.3
Incremental FINA Net Income (b) 20.6 20.6 20.6 20.6 20.6 20.6 20.6
After-Tax Interest Expense (c) (10.3) (10.8) (11.2) (11.6) (12.1) (12.5) (12.9)
Goodwill Amortization (c)(d) (4.3) (4.8) (5.4) (5.9) (6.5) (7.0) (7.6)
After-Tax Synergies (e) 0.0 0.0 0.0 0.0 0.0 0.0 0.0
---------------------------------------------------------------------------------
Pro Forma Net Income $565.3 $564.3 $563.3 $562.3 $561.3 $560.3 $559.4
PetroFina 1997E EPS (Pre-Transaction) $23.88 $23.88 $23.88 $23.88 $23.88 $23.88 $23.88
Pro Forma 1997E EPS $24.14 $24.09 $24.05 $24.01 $23.97 $23.93 $23.88
Accretion/(Dilution) 1997E 1.1% 0.9% 0.7% 0.5% 0.4% 0.2% 0.0%
PT Synergies to Breakeven -1997(e) $(9.2) $(7.7) $(6.2) $(4.7) $(3.1) $(1.6) $(0.1)
- ---------------------------------------
1998E
- ---------------------------------------
PetroFina Net Income (a) $550.3 $550.3 $550.3 $550.3 $550.3 $550.3 $550.3
Incremental FINA Net Income (b) 19.7 19.7 19.7 19.7 19.7 19.7 19.7
After-Tax Interest Expense (c) (10.3) (10.8) (11.2) (11.6) (12.1) (12.5) (12.9)
Goodwill Amortization (c)(d) (4.3) (4.8) (5.4) (5.9) (6.5) (7.0) (7.6)
After-Tax Synergies (e) 0.0 0.0 0.0 0.0 0.0 0.0 0.0
---------------------------------------------------------------------------------
Pro Forma Net Income $555.3 $554.3 $553.3 $552.3 $551.4 $550.4 $549.4
PetroFina 1998E EPS (Pre-Transaction) $23.50 $23.50 $23.50 $23.50 $23.50 $23.50 $23.50
Pro Forma 1998E EPS $23.71 $23.67 $23.63 $23.58 $23.54 $23.50 $23.46
Accretion/(Dilution) 1998E 0.9% 0.7% 0.6% 0.4% 0.2% 0.0% (0.2)%
PT Synergies to Breakeven -1998(e) $(7.7) $(6.2) $(4.7) $(3.2) $(1.7) $(0.2) $1.4
- ---------------------------------------
Shares Outstanding
- ---------------------------------------
PetroFina Shares Outstanding 23.42 23.42 23.42 23.42 23.42 23.42 23.42
New Shares Issued 0.00 0.00 0.00 0.00 0.00 0.00 0.00
---------------------------------------------------------------------------------
Pro Forma Shares Outstanding 23.42 23.42 23.42 23.42 23.42 23.42 23.42
Notes
- ----------
(a) PetroFina earnings estimates based on median IBES estimates.
(b) FINA earnings estimates based on management projections.
(c) Assumes PetroFina interest rate of 7.80% and Belgian tax rate of 50.0%.
(d) Assumes that goodwill is not tax deductible and is amortized over 20 years.
(e) Assumes US tax rate of 35.0%.
110
PetroFina Acquires Remaining 14.2% of FINA
0% Stock/100% Debt - Purchase Accounting - Impact on DCF
Amortization Period: 20 years
---------------------------------------------------------------------------------
Price Per Share $60.00 $62.50 $65.00 $67.50 $70.00 $72.50 $75.00
---------------------------------------------------------------------------------
Publicly Held Shares Outstanding (mm) 4.42 4.42 4.42 4.42 4.42 4.42 4.42
---------------------------------------------------------------------------------
Equity Consideration $265.3 $276.3 $287.4 $298.4 $309.5 $320.5 $331.6
---------------------------------------------------------------------------------
- ---------------------------------------
1997E
- ---------------------------------------
PetroFina Discretionary Cash Flow (a) $1,383.7 $1,383.7 $1,383.7 $1,383.7 $1,383.7 $1,383.7 $1,383.7
Incremental FINA Net Income (b) 0.0 0.0 0.0 0.0 0.0 0.0 0.0
After-Tax Interest Expense (c) (10.3) (10.8) (11.2) (11.6) (12.1) (12.5) (12.9)
After-Tax Synergies (d) 0.0 0.0 0.0 0.0 0.0 0.0 0.0
---------------------------------------------------------------------------------
Pro Forma Net Income $1,373.4 $1,372.9 $1,372.5 $1,372.1 $1,371.6 $1,371.2 $1,370.8
PetroFina 1997E DCF (Pre-Transaction) $59.08 $59.08 $59.08 $59.08 $59.08 $59.08 $59.08
Pro Forma 1997E DCF $58.64 $58.62 $58.60 $58.59 $58.57 $58.55 $58.53
Accretion/(Dilution) 1997E (0.7)% (0.8)% (0.8)% (0.8)% (0.9)% (0.9)% (0.9)%
PT Synergies to Breakeven -1997(d) $15.9 $16.6 $17.2 $17.9 $18.6 $19.2 $19.9
- ---------------------------------------
1998E
- ---------------------------------------
PetroFina Discretionary Cash Flow (a) $1,380.5 $1,380.5 $1,380.5 $1,380.5 $1,380.5 $1,380.5 $1,380.5
Incremental FINA Net Income (b) 0.0 0.0 0.0 0.0 0.0 0.0 0.0
After-Tax Interest Expense (c) (10.3) (10.8) (11.2) (11.6) (12.1) (12.5) (12.9)
After-Tax Synergies (d) 0.0 0.0 0.0 0.0 0.0 0.0 0.0
---------------------------------------------------------------------------------
Pro Forma Net Income $1,370.1 $1,369.7 $1,369.3 $1,368.9 $1,368.4 $1,368.0 $1,367.6
PetroFina 1998E DCF (Pre-Transaction) $58.95 $58.95 $58.95 $58.95 $58.95 $58.95 $58.95
Pro Forma 1998E DCF $58.50 $58.48 $58.47 $58.45 $58.43 $58.41 $58.39
Accretion/(Dilution) 1995E (0.7)% (0.8)% (0.8)% (0.8)% (0.9)% (0.9)% (0.9)%
PT Synergies to Breakeven -1998(d) $15.9 $16.6 $17.2 $17.9 $18.6 $19.2 $19.9
- ---------------------------------------
Shares Outstanding
- ---------------------------------------
PetroFina Shares Outstanding 23.42 23.42 23.42 23.42 23.42 23.42 23.42
New Shares Issued 0.00 0.00 0.00 0.00 0.00 0.00 0.00
---------------------------------------------------------------------------------
Pro Forma Shares Outstanding 23.42 23.42 23.42 23.42 23.42 23.42 23.42
Notes
- ----------
(a) PetroFina DCF estimates based on median IBES estimates.
(b) FINA earnings estimates based on management projections.
(c) Assumes PetroFina interest rate of 7.80% and Belgian tax rate of 50.0%.
(d) Assumes US tax rate of 35.0%.
111
PetroFina Acquires Remaining 14.2% of FINA
100% Stock 10% Debt- Purchase Accounting - Impact on EPS
Amortization Period: 5 years
---------------------------------------------------------------------------------
Price Per Share $60.00 $62.50 $65.00 $67.50 $70.00 $72.50 $75.00
---------------------------------------------------------------------------------
Publicly Held Shares Outstanding (mm) 4.42 4.42 4.42 4.42 4.42 4.42 4.42
---------------------------------------------------------------------------------
Equity Consideration $265.3 $276.3 $287.4 $298.4 $309.5 $320.5 $331.6
---------------------------------------------------------------------------------
- ---------------------------------------
1997E
- ---------------------------------------
PetroFina Net Income (a) $559.3 $559.3 $559.3 $559.3 $559.3 $559.3 $559.3
Incremental FINA Net Income (b) 20.6 20.6 20.6 20.6 20.6 20.6 20.6
After-Tax Interest Expense (a) 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Goodwill Amortization (c)(d) (17.1) (19.3) (21.6) (23.8) (26.0) (28.2) (30.4)
After-Tax Synergies (e) 0.0 0.0 0.0 0.0 0.0 0.0 0.0
---------------------------------------------------------------------------------
Pro Forma Net Income $562.8 $560.5 $558.3 $556.1 $553.9 $551.7 $549.5
PetroFina 1997E EPS (Pre-Transaction) $23.88 $23.88 $23.88 $23.88 $23.88 $23.88 $23.88
Pro Forma 1997E EPS $23.34 $23.22 $23.10 $22.98 $22.86 $22.74 $22.63
Accretion/(Dilution) 1997E (2.3)% (2.8)% (3.3)% (3.8)% (4.3)% (4.8)% (5.3)%
PT Synergies to Breakeven -1997(e) $20.1 $24.6 $29.0 $33.5 $38.0 $42.4 $46.9
- ---------------------------------------
1998E
- ---------------------------------------
PetroFina Net Income (a) $550.3 $550.3 $550.3 $550.3 $550.3 $550.3 $550.3
Incremental FINA Net Income (b) 19.7 19.7 19.7 19.7 19.7 19.7 19.7
After-Tax Interest Expense (c) 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Goodwill Amortization (c)(d) (17.1) (19.3) (21.6) (23.8) (26.0) (28.2) (30.4)
After-Tax Synergies (e) 0.0 0.0 0.0 0.0 0.0 0.0 0.0
---------------------------------------------------------------------------------
Pro Forma Net Income $552.8 $550.6 $548.4 $546.1 $543.9 $541.7 $539.5
PetroFina 1998E EPS (Pre-Transaction) $23.50 $23.50 $23.50 $23.50 $23.50 $23.50 $23.50
Pro Forma 1998E EPS $22.92 $22.81 $22.69 $22.57 $22.45 $22.33 $22.22
Accretion/(Dilution) 1998E (2.4)% (2.9)% (3.4)% (3.9)% (4.4)% (4.9)% (5.4)%
PT Synergies to Breakeven -1998(e) $21.2 $25.6 $30.1 $34.5 $39.0 $43.4 $47.8
- ---------------------------------------
Shares Outstanding
- ---------------------------------------
PetroFina Shares Outstanding 23.42 23.42 23.42 23.42 23.42 23.42 23.42
New Shares Issued 0.69 0.72 0.75 0.78 0.81 0.84 0.87
---------------------------------------------------------------------------------
Pro Forma Shares Outstanding 24.11 24.14 24.17 24.20 24.23 24.26 24.29
Notes
- ----------
(a) PetroFina earnings estimates based on median IBES estimates.
(b) FINA earnings estimates based on management projections.
(c) Assumes PetroFina interest rate of 7.80% and Belgian tax rate of 50.0%.
(d) Assumes that goodwill is not tax deductible and is amortized over 5 years.
(e) Assumes US tax rate of 35.0%.
112
PetroFina Acquires Remaining 14.2% of FINA
100% Stock / 0% Debt - Purchase Accounting - Impact on DCF
Amortization Period: 5 years
---------------------------------------------------------------------------------
Price Per Share $60.00 $62.50 $65.00 $67.50 $70.00 $72.50 $75.00
---------------------------------------------------------------------------------
Publicly Held Shares Outstanding (mm) 4.42 4.42 4.42 4.42 4.42 4.42 4.42
---------------------------------------------------------------------------------
Equity Consideration $265.3 $276.3 $287.4 $298.4 $309.5 $320.5 $331.6
---------------------------------------------------------------------------------
- ---------------------------------------
1997E
- ---------------------------------------
PetroFina Discretionary Cash Flow (a) $1,383.7 $1,383.7 $1,383.7 $1,383.7 $1,383.7 $1,383.7 $1,383.7
Incremental FINA Net Income (b) 0.0 0.0 0.0 0.0 0.0 0.0 0.0
After-Tax Interest Expense (c) 0.0 0.0 0.0 0.0 0.0 0.0 0.0
After-Tax Synergies (d) 0.0 0.0 0.0 0.0 0.0 0.0 0.0
---------------------------------------------------------------------------------
Pro Forma Net Income $1,383.7 $1,383.7 $1,383.7 $1,383.7 $1,383.7 $1,383.7 $1,383.7
PetroFina 1997E DCF (Pre-Transaction) $59.08 $59.08 $59.08 $59.08 $59.08 $59.08 $59.08
Pro Forma 1997E DCF $57.39 $57.32 $57.25 $57.18 $57.11 $57.04 $56.98
Accretion/(Dilution) 1997E (2.9)% (3.0)% (3.1)% (3.2)% (3.3)% (3.5)% (3.6)%
PT Synergies to Breakeven -1997(d) $63.0 $65.6 $68.2 $70.8 $73.5 $76.1 $78.7
- ---------------------------------------
1998E
- ---------------------------------------
PetroFina Discretionary Cash Flow (a) $1,380.5 $1,380.5 $1,380.5 $1,380.5 $1,380.5 $1,380.5 $1,380.5
Incremental FINA Net Income (b) 0.0 0.0 0.0 0.0 0.0 0.0 0.0
After-Tax Interest Expense (c) 0.0 0.0 0.0 0.0 0.0 0.0 0.0
After-Tax Synergies (d) 0.0 0.0 0.0 0.0 0.0 0.0 0.0
---------------------------------------------------------------------------------
Pro Forma Net Income $1,380.5 $1,380.5 $1,380.5 $1,380.5 $1,380.5 $1,380.5 $1,380.5
PetroFina 1998E DCF (Pre-Transaction) $58.95 $58.95 $58.95 $58.95 $58.95 $58.95 $58.95
Pro Forma 1998E DCF $57.25 $57.18 $57.11 $57.05 $56.98 $56.91 $56.84
Accretion/(Dilution) 1998E (2.9)% (3.0)% (3.1)% (3.2)% (3.3)% (3.5)% (3.8)%
PT Synergies to Breakeven -1998 (d) $62.8 $65.4 $68.1 $70.7 $73.3 $75.9 $78.5
- ---------------------------------------
Shares Outstanding
- ---------------------------------------
PetroFina Shares Outstanding 23.42 23.42 23.42 23.42 23.42 23.42 23.42
New Shares Issued 0.69 0.72 0.75 0.78 0.81 0.84 0.87
---------------------------------------------------------------------------------
Pro Forma Shares Outstanding 24.11 24.14 24.17 24.20 24.23 24.26 24.29
Notes
- ----------
(a) PetroFina DCF estimates based on median IBES estimates.
(b) FINA earnings estimates based on management projections.
(c) Assumes PetroFina interest rate of 7.80% and Belgian tax rate of 50.0%.
(d) Assumes US tax rate of 35.0%.
113
PetroFina Acquires Remaining 14.2% of FINA
0% Stock/100% Debt - Purchase Accounting - Impact on EPS
Amortization Period: 5 years
---------------------------------------------------------------------------------
Price Per Share $60.00 $62.50 $65.00 $67.50 $70.00 $72.50 $75.00
---------------------------------------------------------------------------------
Publicly Held Shares Outstanding (mm) 4.42 4.42 4.42 4.42 4.42 4.42 4.42
---------------------------------------------------------------------------------
Equity Consideration $265.3 $276.3 $287.4 $298.4 $309.5 $320.5 $331.6
---------------------------------------------------------------------------------
- ---------------------------------------
1997E
- ---------------------------------------
PetroFina Net Income (a) $559.3 $559.3 $559.3 $559.3 $559.3 $559.3 $559.3
Incremental FINA Net Income (b) 20.6 20.6 20.6 20.6 20.6 20.6 20.6
After-Tax Interest Expense (c) (10.3) (10.8) (11.2) (11.6) (12.1) (12.5) (12.9)
Goodwill Amortization (c)(d) (17.1) (19.3) (21.6) (23.8) (26.0) (28.2) (30.4)
After-Tax Synergies (e) 0.0 0.0 0.0 0.0 0.0 0.0 0.0
---------------------------------------------------------------------------------
Pro Forma Net Income $552.4 $549.8 $547.1 $544.5 $541.8 $539.2 $536.6
PetroFina 1997E EPS (Pre-Transaction) $23.88 $23.88 $23.88 $23.88 $23.88 $23.88 $23.88
Pro Forma 1997E EPS $23.59 $23.47 $23.36 $23.25 $23.14 $23.02 $22.91
Accretion/(Dilution) 1997E (1.2)% (1.7)% (2.2)% (2.6)% (3.1)% (3.6)% (4.1)%
PT Synergies to Breakeven -1997(e) $10.6 $14.6 $18.7 $22.8 $26.8 $30.9 $35.0
- ---------------------------------------
1998E
- ---------------------------------------
PetroFina Net Income (a) $550.3 $550.3 $550.3 $550.3 $550.3 $550.3 $550.3
Incremental FINA Net Income (b) 19.7 19.7 19.7 19.7 19.7 19.7 19.7
After-Tax Interest Expense (c) (10.3) (10.8) (11.2) (11.6) (12.1) (12.5) (12.9)
Goodwill Amortization (c)(d) (17.1) (19.3) (21.6) (23.8) (26.0) (28.2) (30.4)
After-Tax Synergies (e) 0.0 0.0 0.0 0.0 0.0 0.0 0.0
---------------------------------------------------------------------------------
Pro Forma Net Income $542.4 $539.8 $537.1 $534.5 $531.9 $529.2 $526.6
PetroFina 1998E EPS (Pre-Transaction) $23.50 $23.50 $23.50 $23.50 $23.50 $23.50 $23.50
Pro Forma 1998E EPS $23.16 $23.05 $22.94 $22.82 $22.71 $22.60 $22.48
Accretion/(Dilution) 1998E (1.4)% (1.9)% (2.4)% (2.9)% (3.3)% (3.8)% (4.3)%
PT Synergies to Breakeven -1998(e) $12.0 $16.1 $20.2 $24.2 $28.3 $32.4 $36.4
- ---------------------------------------
Shares Outstanding
- ---------------------------------------
PetroFina Shares Outstanding 23.42 23.42 23.42 23.42 23.42 23.42 23.42
New Shares Issued 0.00 0.00 0.00 0.00 0.00 0.00 0.00
---------------------------------------------------------------------------------
Pro Forma Shares Outstanding 23.42 23.42 23.42 23.42 23.42 23.42 23.42
Notes
- ----------
(a) PetroFina earnings estimates based on median IBES estimates.
(b) FINA earnings estimates based on management projections.
(c) Assumes PetroFina interest rate of 7.80% and Belgian tax rate of 50.0%.
(d) Assumes that goodwill is not tax deductible and is amortized over 5 years.
(e) Assumes US tax rate of 35.0%.
114
PetroFina Acquires Remaining 14.2% of FINA
0% Stock/100% Debt - Purchase Accounting - Impact on DCF
Amortization Period: 5 years
---------------------------------------------------------------------------------
Price Per Share $60.00 $62.50 $65.00 $67.50 $70.00 $72.50 $75.00
---------------------------------------------------------------------------------
Publicly Held Shares Outstanding (mm) 4.42 4.42 4.42 4.42 4.42 4.42 4.42
---------------------------------------------------------------------------------
Equity Consideration $265.3 $276.3 $287.4 $298.4 $309.5 $320.5 $331.6
---------------------------------------------------------------------------------
- ---------------------------------------
1997E
- ---------------------------------------
PetroFina Discretionary Cash Flow (a) $1,383.7 $1,383.7 $1,383.7 $1,383.7 $1,383.7 $1,363.7 $1,383.7
Incremental FINA Net Income (b) 0.0 0.0 0.0 0.0 0.0 0.0 0.0
After--Tax Interest Expense (c) (10.3) (10.8) (11.2) (11.6) (12.1) (12.5) (12.9)
After-Tax Synergies (d) 0.0 0.0 0.0 0.0 0.0 0.0 0.0
---------------------------------------------------------------------------------
Pro Forma Net Income $1,373.4 $1,372.9 $1,372.5 $1,372.1 $1,371.6 $1,371.2 $1,370.8
PetroFina 1997E DCF (Pre-Transaction) $59.08 $59.08 $59.08 $59.08 $59.08 $59.08 $59.08
Pro Forma 1997E DCF $58.64 $58.62 $58.60 $58.59 $58.57 $58.55 $58.53
Accretion/(Dilution) 1997E (0.7)% (0.8)% (0.8)% (0.8)% (0.9)% (0.9)% (0.9)%
PT Synergies to Breakeven -1997(d) $15.9 $16.6 $17.2 $17.9 $18.6 $19.2 $19.9
- ---------------------------------------
1998E
- ---------------------------------------
PetroFina Discretionary Cash Flow (a) $1,380.5 $1,380.5 $1,380.5 $1,380.5 $1,380.5 $1,380.5 $1,380.5
Incremental FINA Net Income (b) 0.0 0.0 0.0 0.0 0.0 0.0 0.0
After-Tax Interest Expense (c) (10.3) (10.8) (11.2) (11.6) (12.1) (12.5) (12.9)
After-Tax Synergies (d) 0.0 0.0 0.0 0.0 0.0 0.0 0.0
---------------------------------------------------------------------------------
Pro Forma Net Income $1,370.1 $1,369.7 $1,369.3 $1,368.9 $1,368.4 $1,368.0 $1,367.6
PetroFina 1998E DCF (Pre-Transaction) $58.95 $58.95 $58.95 $58.95 $58.95 $58.95 $58.95
Pro Forma 1998E DCF $58.50 $58.48 $58.47 $58.45 $58.43 $58.41 $58.39
Accretion/(Dilution) 1998E (0.7)% (0.8)% (0.8)% (0.8)% (0.9)% (0.9)% (0.9)%
PT Synergies to Breakeven - 1998(d) $15.9 $16.6 $17.2 $17.9 $18.6 $19.2 $19.9
- ---------------------------------------
Shares Outstanding
- ---------------------------------------
PetroFina Shares Outstanding 23.42 23.42 23.42 23.42 23.42 23.42 23.42
New Shares Issued 0.00 0.00 0.00 0.00 0.00 0.00 0.00
---------------------------------------------------------------------------------
Pro Forma Shares Outstanding 23.42 23.42 23.42 23.42 23.42 23.42 23.42
Notes
- ----------
(a) PetroFina DCF estimates based on median IBES estimates.
(b) FINA earnings estimates based on management projections.
(c) Assumes PetroFina interest rate of 7.80% and Belgian tax rate of 50.0%.
(d) Assumes US tax rate of 35.0%.
115
Weighted Average Public Companies Multiple Valuation
November Plan
P/E Multiple Analysis
- -----------------------------------------------------------------------------------------------
(US$ In millions) 1997E 1997 P/E Multiple Public Market Value
----------------- -------------------
Net Income (a) Low Median High Low Median High
--------------
Chemicals $72.9 8.9x 10.5x 14.4x $651.7 $768.3 $1,049.4
Exploration & Production 40.3 18.2 22.4 25.4 733.3 904.5 1,023.0
Refining & Marketing 44.0 12.7 14.4 15.8 559.5 634.5 693.5
Corporate/Eliminations (12.2) 12.7(b) 15.1(b) 18.1(b) (154.4) (182.9) (220.2)
------ -------- -------- --------
Total Equity Company $145.1 $1,790.2 $2,124.4 $2,545.7
Equity Value Per Share $57.34 $68.05 $81.54
Weighted Average P/E Multiple 12.3x 14.6x 17.5x
P/DCF Multiple Analysis
- -----------------------------------------------------------------------------------------------
1997E 1997 P/DCF Multiple Public Market Value
------------------- -------------------
DCF(a) Low Median High Low Median High
------
Chemicals $130.9 5.6x 7.1x 8.9x $734.9 $923.1 $1,169.4
Exploration & Production 144.6 4.8 5.5 7.1 695.0 794.9 1,020.0
Refining & Marketing 75.8 5.6 7.4 9.5 428.1 559.4 720.7
Corporate/Eliminations 17.7 4.3(b) 6.2(b) 6.6(b) 76.9 109.6 116.3
------ -------- -------- --------
Total Equity Company $369.1 $1,934.8 $2,387.0 $3,026.5
Equity Value Per Share $61.97 $76.46 $96.94
Weighted Average P/DCF Multiple 5.2x 6.5x 8.2x
- --------------------------------------------------------------------------------
Note: Estimates based on management's projections from the November plan.
(a) Assumes interest expense is allocated on the basis of capital employed.
Assumes 36.0% tax rate for all segments.
(b) Corporate/Eliminations valued at the median multiple for the domestic
integrated composite.