1
EXHIBIT (b)(7)
Preliminary Materials Presented
at
Special Committee Meeting
on
April 23, 1997
2
- -------
Goldman Highly Confidential
Sachs
- -------
FINA, Inc.
Discussion Materials
Goldman, Sachs & Co.
April 23, 1997
3
Table of Exhibits
Exhibit
Summary of Work-to-Date 1
Preliminary Conclusions and Observations 2
Stock Trading History 3
Summary Financial Information 4
Summary of Preliminary Valuation Analysis 5
Pro Forma Merger Plans with Parent 6
Preliminary View on Cash/Stock Consideration 7
Next Steps 8
Appendix
Preliminary Valuation Analysis A
Goldman, Sachs & Co.
4
- -------
Goldman
Sachs
- -------
Exhibit 1
5
Summary of Work-to-Date
o Review of corporate plan, 1997 to 1999
-- Revised 5-year projections
-- YTD results
o Senior management presentation
-- Comprehensive business overview
o Follow-up data requests
-- Valuation-related
-- Operations-related
o Remaining items
-- Satisfy outstanding due diligence requests
-- Finalize valuation analysis
-- Complete cash/stock consideration work
-- Confirm recommendation to Special Committee
Goldman, Sachs & Co.
6
- -------
Goldman
Sachs
- -------
Exhibit 2
7
Preliminary Conclusions and Observations
o FINA's historic stock performance exhibits some correlation with
comparables and market benchmarks; however, prior to offer, FINA traded at
a discount to its comparables.
o Today, FINA trades more in-line with its comparable peer group
o FINA's corporate plan involves a higher level of capital expenditures in
future
-- Balance sheet can support capex
-- Volume increases drive future profitability
o Preliminary analysis indicates that $60 per share is at the low end of a
value range
-- Achieveability of corporate plan
-- Public market comparables
-- Asset valuation, premier chemical facilities
-- Parent's ability to pay more
o Cash v. stock consideration
-- Uncertain tax-free status of stock deal
-- Very different business profiles
-- North America only v. Europe and ROW
-- Chemical emphasis v. E&P emphasis
-- In general, analysts are neutral on the outlook for Parent's equity
o Next steps
-- Complete remaining segment due diligence
-- Finalize valuation analysis
-- Confirm recommendation to Special Committee
Goldman, Sachs & Co.
8
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Goldman
Sachs
- -------
Exhibit 3
9
FINA, Inc.
Indexed Stock Price History
Composite Group:
Amoco
ARCO
Ashland
Kerr-McGee
Murphy Oil
Occidental
Phillips Petroleum
Sun Co.
Unocal
USX-Marathon
- ------------------------------ --------------------------------
One Year Three Year
- ------------------------------ --------------------------------
[PLOT POINTS NEXT PAGE] [PLOT POINTS NEXT PAGE]
-------------------------------
Five Year
-------------------------------
[PLOT POINTS NEXT PAGE]
Source: Muller.
10
1 YEAR
Composite SP. 400
FI INDEX Group INDEX INDEX
22/04/96 22/04/96 22/04/96
Date Values Values Values
22-Apr-96 100 100 100
23-Apr-96 100 102.008454 100.723
24-Apr-96 99.5074 102.5780223 100.55
25-Apr-96 100 102.0546721 100.984
26-Apr-96 103.202 102.3964605 101.074
29-Apr-96 102.956 102.8817375 101.223
30-Apr-96 102.463 102.0707754 101.234
1-May-96 101.97 101.1113224 101.316
2-May-96 101.97 100.0904121 99.8046
3-May-96 102.217 99.99862185 99.5922
6-May-96 102.463 99.40009101 99.557
7-May-96 102.709 98.4461849 99.0398
8-May-96 101.478 99.57750943 99.7616
9-May-96 102.217 100.0189017 99.858
10-May-96 103.941 100.3825979 100.696
13-May-96 104.433 101.219209 102.309
14-May-96 104.926 101.8201926 103.05
15-May-96 104.926 102.6304419 103.116
16-May-96 104.68 101.5043604 103.092
17-May-96 104.926 102.1055092 103.731
20-May-96 106.65 104.0817333 104.55
21-May-96 106.404 103.1624058 104.327
22-May-96 107.143 104.3179993 105.105
23-May-96 107.143 104.231556 104.881
24-May-96 107.143 104.0610901 105.183
27-May-96 107.143 104.0610901 105.183
28-May-96 107.143 102.5087698 104.242
29-May-96 106.897 101.6097752 103.563
30-May-96 105.419 102.0027443 104.34
31-May-96 104.926 101.5448452 104.006
3-Jun-96 105.419 100.9607333 103.828
4-Jun-96 105.911 101.6970098 104.487
5-Jun-96 105.172 101.5011426 105.256
6-Jun-96 106.158 99.9395368 104.358
7-Jun-96 106.897 100.429597 104.689
10-Jun-96 107.389 99.33871042 104.551
11-Jun-96 106.404 98.90379196 104.352
12-Jun-96 107.143 98.73536445 104.139
13-Jun-96 107.389 98.10561757 103.866
14-Jun-96 108.128 97.73925733 103.497
17-Jun-96 108.128 98.22491036 103.387
18-Jun-96 108.621 97.99611876 102.782
19-Jun-96 108.621 98.0956257 102.843
20-Jun-96 108.621 98.5335908 102.925
21-Jun-96 108.374 99.07260586 103.72
24-Jun-96 107.389 99.55347768 103.972
25-Jun-96 107.882 99.63260337 103.815
26-Jun-96 107.635 99.53944452 103.106
27-Jun-96 107.882 99.83697315 103.572
28-Jun-96 108.867 100.611707 103.755
1-Jul-96 109.36 101.0009069 104.52
Page 1
11
2-Jul-96 109.113 101.6212594 104.168
3-Jul-96 108.867 101.6379386 103.939
4-Jul-96 108.867 101.6379386 103.939
5-Jul-96 108.867 100.3963958 101.854
8-Jul-96 107.882 100.6196848 101.223
9-Jul-96 107.635 101.5631787 101.457
10-Jul-96 107.143 101.6199672 101.596
11-Jul-96 104.926 101.0786192 99.9375
12-Jul-96 104.433 101.5114548 99.8723
15-Jul-96 104.187 99.70377626 97.148
16-Jul-96 103.695 97.77452451 96.8953
17-Jul-96 102.217 97.69951556 97.8607
18-Jul-96 101.724 98.34484702 99.3394
19-Jul-96 101.478 97.99007467 98.6333
22-Jul-96 101.724 97.3279369 97.8151
23-Jul-96 100.246 96.97871396 96.5774
24-Jul-96 99.7537 95.98646523 96.5383
25-Jul-96 99.7537 95.87518291 97.2744
26-Jul-96 99.7537 95.63149321 98.0757
29-Jul-96 100.739 95.34462477 97.2666
30-Jul-96 100.246 94.52864509 97.9337
31-Jul-96 99.7537 94.92169336 98.7479
1-Aug-96 100.246 95.07078824 100.262
2-Aug-96 100.246 95.63888505 102.018
5-Aug-96 101.232 96.10275857 101.784
6-Aug-96 101.232 96.55371399 102.204
7-Aug-96 100.985 96.11493341 102.501
8-Aug-96 100.246 96.3283468 102.182
9-Aug-96 99.5074 96.42815296 101.988
12-Aug-96 96.798 96.75727249 102.528
13-Aug-96 97.5369 96.72085754 101.683
14-Aug-96 97.0443 97.0083876 101.961
15-Aug-96 97.2906 97.21812052 102.01
16-Aug-96 98.2759 97.88514591 102.297
19-Aug-96 99.5074 98.32732382 102.474
20-Aug-96 99.5074 98.38063064 102.29
21-Aug-96 99.7537 97.70950933 102.186
22-Aug-96 100 97.92904838 103.077
23-Aug-96 100.493 97.12293619 102.598
26-Aug-96 100.246 96.7116951 102.105
27-Aug-96 100.246 97.52163369 102.503
28-Aug-96 100.739 97.15110926 102.319
29-Aug-96 100.739 96.28662402 101.17
30-Aug-96 99.2611 96.05904083 100.371
2-Sep-96 99.2611 96.05904083 100.371
3-Sep-96 98.7685 98.3061797 100.848
4-Sep-96 100.739 97.40699494 101.05
5-Sep-96 101.478 96.88114634 100.094
6-Sep-96 101.478 98.042201 101.033
9-Sep-96 101.478 98.87575663 102.245
10-Sep-96 101.97 98.42741123 102.287
11-Sep-96 101.232 100.3444411 102.765
12-Sep-96 101.478 100.305414 103.35
13-Sep-96 102.709 100.5813972 104.762
16-Sep-96 103.695 100.4179652 105.335
17-Sep-96 103.202 99.83162131 105.364
Page 2
12
18-Sep-96 103.448 100.2204693 105.214
19-Sep-96 103.448 100.4237 105.538
20-Sep-96 103.202 101.056825 106.14
23-Sep-96 103.202 100.4821133 105.953
24-Sep-96 104.433 100.4721688 105.795
25-Sep-96 104.187 100.2547713 105.809
26-Sep-96 104.433 100.3422441 105.692
27-Sep-96 103.941 100.3030638 105.679
30-Sep-96 103.448 101.1934645 105.903
1-Oct-96 103.202 101.0642676 106.052
2-Oct-96 103.202 102.0762241 106.806
3-Oct-96 102.956 102.102125 106.633
4-Oct-96 102.463 103.7627764 107.851
7-Oct-96 102.463 105.059982 108.228
8-Oct-96 102.956 104.6090879 107.792
9-Oct-96 102.709 103.6687048 107.21
10-Oct-96 103.202 103.9484029 106.942
11-Oct-96 102.956 104.5685613 107.886
14-Oct-96 103.448 105.3207477 108.385
15-Oct-96 103.695 105.3402681 108.218
16-Oct-96 104.433 105.2188717 108.591
17-Oct-96 106.158 105.2487066 108.841
18-Oct-96 106.897 106.649912 109.382
21-Oct-96 107.389 106.2864316 109.077
22-Oct-96 106.897 105.800397 108.634
23-Oct-96 106.65 105.8425948 108.686
24-Oct-96 106.897 104.5343935 107.841
25-Oct-96 106.404 104.6703019 107.514
28-Oct-96 105.911 103.6129901 106.926
29-Oct-96 103.941 105.0012976 107.343
30-Oct-96 103.695 104.2977102 107.05
31-Oct-96 100.739 103.4444287 107.703
1-Nov-96 100.985 101.9442721 107.534
4-Nov-96 101.232 102.0623363 107.916
5-Nov-96 101.724 102.0668766 108.99
6-Nov-96 101.724 103.1661692 110.71
7-Nov-96 101.232 103.9316306 111.227
8-Nov-96 100.493 104.5334735 111.799
11-Nov-96 100.985 104.2450103 112.057
12-Nov-96 101.232 104.2343069 111.633
13-Nov-96 101.232 104.1637911 111.984
14-Nov-96 101.478 105.3992698 112.657
15-Nov-96 101.724 105.4685088 112.915
18-Nov-96 101.97 106.7541583 112.737
19-Nov-96 101.724 107.7544952 113.439
20-Nov-96 102.217 107.4011978 113.689
21-Nov-96 102.463 107.7016205 113.576
22-Nov-96 102.217 110.1623603 114.462
25-Nov-96 101.724 111.9057803 115.551
26-Nov-96 99.0148 111.0124338 115.429
27-Nov-96 94.335 111.0226006 115.237
28-Nov-96 94.335 111.0226006 115.237
29-Nov-96 93.1034 111.6385093 115.516
2-Dec-96 94.335 113.198082 115.628
3-Dec-96 95.5665 112.7978273 114.429
4-Dec-96 96.0591 111.8686043 114.021
Page 3
13
5-Dec-96 95.5665 112.7322972 114.049
6-Dec-96 95.8128 111.7402099 113.15
9-Dec-96 94.5813 112.0956339 114.838
10-Dec-96 94.335 111.3871632 114.421
11-Dec-96 93.8424 109.1928029 113.524
12-Dec-96 91.8719 108.2641828 111.939
13-Dec-96 92.3645 107.5942297 111.718
16-Dec-96 92.3645 108.2286579 110.441
17-Dec-96 93.1034 108.9317132 111.005
18-Dec-96 92.8571 109.8503598 112.063
19-Dec-96 93.1034 111.3716869 114.077
20-Dec-96 93.5961 112.6733547 114.403
23-Dec-96 93.5961 113.2819088 114.175
24-Dec-96 93.8424 113.2412817 114.81
25-Dec-96 93.8424 113.2412817 114.81
26-Dec-96 94.8278 113.9107337 115.568
27-Dec-96 95.0739 114.0149111 115.688
30-Dec-96 95.0739 113.8145062 115.151
31-Dec-96 95.0739 111.8993363 113.345
1-Jan-97 95.0739 111.8993363 113.345
2-Jan-97 95.0739 110.448817 112.948
3-Jan-97 95.5665 111.003722 114.687
6-Jan-97 95.8128 111.6306723 114.734
7-Jan-97 97.0443 112.4540813 115.686
8-Jan-97 99.0148 111.7681258 114.734
9-Jan-97 100.246 115.5863054 115.697
10-Jan-97 101.232 116.6015668 116.671
13-Jan-97 102.217 115.2941076 116.608
14-Jan-97 102.709 115.4489905 117.866
15-Jan-97 102.217 116.1290739 117.486
16-Jan-97 101.97 117.1048054 118.042
17-Jan-97 101.97 116.3651516 118.987
20-Jan-97 101.478 116.0347793 118.984
21-Jan-97 101.97 115.9692261 119.93
22-Jan-97 101.97 114.9828202 120.223
23-Jan-97 101.232 115.6784334 118.856
24-Jan-97 100 114.1064855 117.858
27-Jan-97 99.0148 113.3945533 117.018
28-Jan-97 97.2906 112.150642 117.019
29-Jan-97 99.5074 113.4650796 118.158
30-Jan-97 100.985 114.229467 120.011
31-Jan-97 100 113.4386177 120.253
3-Feb-97 101.478 113.8770939 120.2
4-Feb-97 100.493 114.5172507 120.511
5-Feb-97 100.985 114.4040317 118.678
6-Feb-97 100.246 113.5213945 118.906
7-Feb-97 99.0148 112.9134127 120.267
10-Feb-97 98.7685 111.0152891 119.48
11-Feb-97 98.7685 112.2664295 120.157
12-Feb-97 99.2611 113.3599361 122.328
13-Feb-97 99.2611 113.5340217 123.424
14-Feb-97 100.985 112.6203383 122.758
17-Feb-97 100.985 112.6203383 122.758
18-Feb-97 99.7537 112.1966607 123.897
19-Feb-97 99.5074 111.2080134 123.347
20-Feb-97 99.0148 109.894908 122.038
Page 4
14
21-Feb-97 98.2759 111.1953924 121.832
24-Feb-97 98.7685 110.8059424 123.164
25-Feb-97 123.153 111.332181 123.32
26-Feb-97 122.66 109.9304171 122.538
27-Feb-97 122.66 108.2544206 120.882
28-Feb-97 122.906 108.2902408 120.37
3-Mar-97 122.66 107.3720636 120.869
4-Mar-97 123.153 108.5371724 120.106
5-Mar-97 124.138 109.5789135 121.8
6-Mar-97 123.399 109.9449599 121.142
7-Mar-97 126.108 110.1237017 121.823
10-Mar-97 124.631 111.9547397 123.182
11-Mar-97 124.384 110.7471788 122.959
12-Mar-97 124.631 110.036818 121.981
13-Mar-97 124.384 108.4073621 120.103
14-Mar-97 124.384 109.4422289 120.688
17-Mar-97 124.384 110.1678291 121.199
18-Mar-97 126.601 109.3547932 120.399
19-Mar-97 125.616 109.9878546 119.671
20-Mar-97 126.355 110.1717455 119.19
21-Mar-97 127.094 111.2606868 119.258
24-Mar-97 127.094 111.3451451 120.081
25-Mar-97 128.571 111.2585314 119.882
26-Mar-97 130.049 111.8821639 120.566
27-Mar-97 127.094 109.6681037 118.223
28-Mar-97 127.094 109.6681037 118.223
31-Mar-97 125.123 109.1502858 115.858
1-Apr-97 125.616 109.1776044 115.998
2-Apr-97 125.123 109.0303215 114.718
3-Apr-97 125.123 106.7633855 114.588
4-Apr-97 125.123 106.9314763 115.937
7-Apr-97 125.123 107.5362855 116.545
8-Apr-97 126.108 107.7664705 116.936
9-Apr-97 125.862 107.4946663 116.171
10-Apr-97 125.616 105.3734568 115.815
11-Apr-97 128.079 104.0782457 112.752
14-Apr-97 127.833 104.413939 113.753
15-Apr-97 127.833 104.8621315 115.485
16-Apr-97 127.586 104.8842981 117.159
17-Apr-97 127.586 104.1347577 116.661
18-Apr-97 127.586 105.5551878 117.604
21-Apr-97 127.833 105.9084489 116.82
Page 5
15
3 YEAR
Composite SP.400
FI INDEX Group INDEX INDEX
22/04/94 22/04/94 22/04/94
Date Values Values Values
8-Apr-94
15-Apr-94
22-Apr-94 100 100 100
29-Apr-94 101.426 98.65338722 101.139
6-May-94 102.316 100.1824383 100.734
13-May-94 102.672 96.79845061 100.085
20-May-94 104.811 98.2256732 102.213
27-May-94 106.95 98.37420269 102.739
3-Jun-94 105.881 97.72956028 103.206
10-Jun-94 105.168 98.47114581 102.483
17-Jun-94 105.524 100.2171207 102.682
24-Jun-94 105.881 98.48346486 99.2814
1-Jul-94 111.228 97.10441919 99.9133
8-Jul-94 113.011 98.95234723 100.809
15-Jul-94 111.585 101.0644256 101.903
22-Jul-94 108.376 101.054376 101.811
29-Jul-94 109.089 100.6335748 102.89
5-Aug-94 109.446 99.15089692 102.522
12-Aug-94 109.446 99.9452158 103.72
19-Aug-94 108.02 98.61337713 104.589
26-Aug-94 108.733 100.2626129 107.151
2-Sep-94 108.2 99.8421437 106.585
9-Sep-94 107.663 100.8986611 106.33
16-Sep-94 109.089 99.74197206 107.307
23-Sep-94 108.2 98.35310957 104.764
30-Sep-94 108.733 99.92575819 105.604
7-Oct-94 108.2 100.1979101 103.942
14-Oct-94 109.089 100.6531111 107.276
21-Oct-94 108.733 100.7967867 106.498
28-Oct-94 106.594 106.6715344 108.457
4-Nov-94 101.246 103.6580661 105.849
11-Nov-94 99.8203 102.3789384 106.122
18-Nov-94 99.8203 100.9861159 106.344
25-Nov-94 92.6903 98.88620818 103.491
2-Dec-94 93.7598 98.2592395 103.803
9-Dec-94 94.1163 95.43284687 102.156
16-Dec-94 96.2553 97.37979814 104.912
23-Dec-94 96.2553 97.16776221 105.506
30-Dec-94 97.5045 97.13684697 105.475
6-Jan-95 98.0378 97.07077979 105.461
13-Jan-95 98.3943 95.61925823 106.664
20-Jan-95 101.246 97.20926006 106.384
27-Jan-95 106.237 98.2768705 106.858
3-Feb-95 106.774 96.77010963 108.63
10-Feb-95 105.524 97.18433834 109.625
17-Feb-95 109.802 97.59261876 109.808
24-Feb-95 109.982 99.53055005 111.025
3-Mar-95 110.872 100.0780673 110.805
10-Mar-95 110.515 101.0936326 112.06
17-Mar-95 111.585 99.17704313 113.543
24-Mar-95 111.585 101.2033152 114.994
Page 1
16
31-Mar-95 117.112 103.7446096 114.949
7-Apr-95 116.219 101.8680585 115.658
14-Apr-95 116.932 101.455068 116.512
21-Apr-95 121.923 105.2972408 116.506
28-Apr-95 126.914 105.5388194 118.045
5-May-95 126.381 107.514622 119.122
12-May-95 124.955 107.3092068 120.33
19-May-95 120.854 106.632798 119.054
26-May-95 117.289 107.5334396 119.921
2-Jun-95 120.497 107.497345 121.445
9-Jun-95 123.349 106.2113694 121.129
16-Jun-95 127.271 106.5771565 123.921
23-Jun-95 131.905 103.9827178 126.071
30-Jun-95 132.975 103.1803192 125.154
7-Jul-95 135.114 104.1769875 127.824
14-Jul-95 140.818 105.1415119 129.032
21-Jul-95 144.383 104.6366609 127.435
28-Jul-95 142.957 105.4629185 129.425
4-Aug-95 140.105 105.7984936 128.178
11-Aug-95 140.818 102.9871853 127.357
18-Aug-95 139.035 101.6028073 128.063
25-Aug-95 132.975 101.9930346 127.791
1-Sep-95 130.479 104.2619726 128.282
8-Sep-95 139.748 104.3890499 130.451
15-Sep-95 139.035 106.6739071 132.289
22-Sep-95 138.679 104.0008503 132.283
29-Sep-95 137.966 101.6210057 132.255
6-Oct-95 136.54 99.93151087 131.472
13-Oct-95 131.192 100.0060304 131.492
20-Oct-95 129.766 100.5111879 132.59
27-Oct-95 127.627 97.75844735 131.151
3-Nov-95 126.558 99.74649141 133.603
10-Nov-95 127.271 99.32067036 134.208
17-Nov-95 129.053 103.4790822 136.001
24-Nov-95 130.479 102.9836398 135.99
1-Dec-95 137.609 103.7311741 137.2
8-Dec-95 141.174 105.1595577 139.931
15-Dec-95 144.026 106.6096014 139.536
22-Dec-95 142.957 106.5997954 138.404
29-Dec-95 144.026 107.4851593 138.934
5-Jan-96 146.165 109.8461114 139.346
12-Jan-96 146.165 106.0964243 135.84
19-Jan-96 146.878 105.9081695 137.945
26-Jan-96 139.035 107.1090246 140.59
2-Feb-96 136.183 108.5974353 143.896
9-Feb-96 136.183 109.2370676 148.198
16-Feb-96 139.035 109.9657817 146.668
23-Feb-96 137.966 109.9560767 149.515
1-Mar-96 137.253 107.8021113 145.765
8-Mar-96 136.183 106.6696412 144.127
15-Mar-96 136.896 111.476527 146.82
22-Mar-96 135.47 112.6296683 148.078
29-Mar-96 137.966 113.7755478 146.757
5-Apr-96 146.878 115.771688 149.298
12-Apr-96 143.313 115.0634394 145.437
19-Apr-96 144.026 114.9521071 147.302
Page 2
17
26-Apr-96 149.374 118.0253284 149.45
3-May-96 147.948 115.1384036 147.26
10-May-96 150.443 115.4728255 148.891
17-May-96 151.869 117.3981684 153.38
24-May-96 155.078 119.7222094 155.526
31-May-96 151.869 116.8156547 153.786
7-Jun-96 154.722 115.6638259 154.796
14-Jun-96 156.504 112.5676564 153.033
21-Jun-96 156.861 114.178498 153.363
28-Jun-96 157.574 115.9766065 153.415
5-Jul-96 157.574 115.7972085 150.604
12-Jul-96 151.156 117.2319848 147.674
19-Jul-96 146.878 113.2369251 145.842
26-Jul-96 144.383 110.6052549 145.017
2-Aug-96 145.096 110.5527186 150.847
9-Aug-96 144.026 111.4088243 150.802
16-Aug-96 142.244 113.1275764 151.259
23-Aug-96 145.452 112.4113252 151.704
30-Aug-96 143.67 111.2194677 148.337
6-Sep-96 146.878 113.5664171 149.39
13-Sep-96 148.661 116.4939346 154.904
20-Sep-96 149.374 116.9663079 156.942
27-Sep-96 150.443 116.1170321 156.26
4-Oct-96 148.304 120.1668424 159.471
11-Oct-96 149.017 120.8563511 159.523
18-Oct-96 154.722 123.3179789 161.735
25-Oct-96 154.008 121.2145767 158.972
1-Nov-96 146.165 118.1006873 159.003
8-Nov-96 145.452 121.2680512 165.309
15-Nov-96 147.235 122.3266109 166.959
22-Nov-96 147.948 127.7177351 169.246
29-Nov-96 134.757 129.3464262 170.805
6-Dec-96 138.679 129.470052 167.306
13-Dec-96 133.688 124.6888695 165.189
20-Dec-96 135.47 130.6945898 169.159
27-Dec-96 137.609 132.3176251 171.059
3-Jan-97 138.322 129.0948453 169.579
10-Jan-97 146.522 135.6863407 172.513
17-Jan-97 147.591 135.2079297 175.937
24-Jan-97 144.739 132.4542257 174.268
31-Jan-97 144.739 131.644357 177.809
7-Feb-97 143.313 130.8635485 177.83
14-Feb-97 146.165 130.4724231 181.514
21-Feb-97 142.244 128.8265849 180.123
28-Feb-97 177.894 125.3737482 178.004
7-Mar-97 182.529 127.5919359 180.131
14-Mar-97 180.033 128.8134685 178.453
21-Mar-97 183.955 128.9653928 176.337
28-Mar-97 183.955 127.1326875 174.808
4-Apr-97 181.103 123.7478685 171.427
11-Apr-97 185.381 120.3352389 166.719
18-Apr-97 184.668 122.0751217 173.893
Page 3
18
5 YEAR
Composite SP 400
FI INDEX Group INDEX INDEX
31/03/92 31/03/92 31/03/92
Date Values Values Values
31-Jan-92
29-Feb-92
31-Mar-92 100 100 100
30-Apr-92 100.704 109.5266833 102.543
31-May-92 105.459 112.3632609 102.566
30-Jun-92 104.93 104.2203477 100.033
31-Jul-92 103.521 108.5561606 103.74
31-Aug-92 95.4225 109.138533 101.483
30-Sep-92 94.3682 109.2791442 102.153
31-Oct-92 89.0845 105.6926764 102.21
30-Nov-92 88.3803 103.0637846 105.355
31-Dec-92 84.8592 105.9952858 105.688
31-Jan-93 86.2676 109.2130088 105.917
28-Feb-93 90.8451 112.6087213 106.059
31-Mar-93 94.1915 115.9002427 107.818
30-Apr-93 90.493 117.7408094 105.113
31-May-93 89.7887 119.1550707 108.433
30-Jun-93 86.2676 111.9704037 107.104
31-Jul-93 86.2676 116.8929212 105.582
31-Aug-93 89.0845 124.1824379 109.23
30-Sep-93 97.8873 124.084769 107.616
31-Oct-93 98.5915 122.2231551 111.526
30-Nov-93 97.3606 114.3566657 111.157
31-Dec-93 96.831 113.4483693 112.504
31-Jan-94 98.4789 118.849001 116.253
28-Feb-94 99.2958 116.1962728 113.858
31-Mar-94 98.5915 112.1823486 108.541
30-Apr-94 100.177 118.9022456 109.341
31-May-94 104.93 117.9056265 110.822
30-Jun-94 107.22 115.9830118 107.55
31-Jul-94 107.746 121.0788891 111.234
31-Aug-94 106.868 121.8284858 116.253
30-Sep-94 107.394 120.3285011 114.168
31-Oct-94 103.169 128.7182839 116.918
30-Nov-94 92.6056 119.4084797 112.394
31-Dec-94 96.3042 117.0540481 114.029
31-Jan-95 105.107 116.3090945 115.478
28-Feb-95 107.394 119.8432899 119.948
31-Mar-95 115.67 124.8797639 124.272
30-Apr-95 125.352 126.7884319 127.618
31-May-95 116.549 131.1418833 131.798
30-Jun-95 131.338 123.6594967 135.304
31-Jul-95 139.789 127.3092221 139.69
31-Aug-95 130.282 122.8061568 138.234
30-Sep-95 136.268 121.7204103 142.98
31-Oct-95 125.704 118.9249125 142.453
30-Nov-95 137.324 123.3930033 148.197
31-Dec-95 142.254 129.1009918 150.201
31-Jan-96 133.451 129.0935339 155.164
29-Feb-96 135.563 128.9260826 156.897
31-Mar-96 136.268 137.0768635 158.659
Page 1
19
30-Apr-96 146.479 141.4419121 161.827
31-May-96 150 140.376119 166.258
30-Jun-96 155.634 139.7904108 165.857
31-Jul-96 142.606 131.7747819 157.853
31-Aug-96 141.901 133.7360088 160.367
30-Sep-96 147.887 140.908542 169.291
31-Oct-96 144.014 143.9948284 172.167
30-Nov-96 133.099 155.6853115 184.657
31-Dec-96 135.915 156.2560438 181.187
31-Jan-97 142.958 157.9512432 192.23
28-Feb-97 175.704 150.108983 192.44
31-Mar-97 178.873 150.9606027 185.205
Page 2
20
FINA, Inc.
Indexed Stock Price History
E&P Composite:
Barrett Resources
Belco Oil & Gas
Cabot Oi1 & Gas
Cross Timbers Oil
Devon Energy
Forcenergy Inc.
Montery Resources
Newfield Exploration
Pogo Producing
United Meridian
Vintage Petroleum
R&M Composite:
Ashland Inc.
Sun Company
Tosco Corporation
Total Petroleum
Ultramar Diamond
Valero Energy
Chemicals Composite:
Dow Chemical
Geon Company
Georgia Gulf
Lyondell Petrochemical
Millennium Pharmaceutical
Union Carbide
Methanex Corporation
Wellman Inc.
- ------------------------------ --------------------------------
One Year Three Year
- ------------------------------ --------------------------------
[PLOT POINTS NEXT PAGE] [PLOT POINTS NEXT PAGE]
-------------------------------
Five Year
-------------------------------
[PLOT POINTS NEXT PAGE]
21
Comp 1 Year
FINA E&P R&M Chem
4/18/96 100.000 100.000 100.000 100.000
4/19/96 100.248 101.537 100.807 99.850
4/22/96 100.744 103.122 102.280 99.220
4/23/96 100.744 105.450 104.385 98.248
4/24/96 100.248 106.403 105.900 97.877
4/25/96 100.744 107.285 105.932 97.755
4/26/96 103.970 107.684 105.207 97.797
4/29/96 103.722 108.419 106.747 98.431
4/30/96 103.226 107.555 105.898 98.748
5/01/96 102.730 107.432 105.079 98.668
5/02/96 102.730 106.562 104.571 101.397
5/03/96 102.978 106.563 104.402 100.927
5/06/96 103.226 108.214 104.610 100.051
5/07/96 103.474 105.312 104.256 99.728
5/08/96 102.233 105.048 104.403 99.179
5/09/96 102.978 105.120 105.519 97.207
5/10/96 104.715 106.011 105.975 97.118
5/13/96 105.211 106.491 106.091 96.447
5/14/96 105.707 106.544 106.560 94.130
5/15/96 105.707 106.931 106.553 94.272
5/16/96 105.459 106.072 105.962 94.172
5/17/96 105.707 106.341 106.766 95.299
5/20/96 107.444 105.943 107.532 96.465
5/21/96 107.196 106.271 108.000 95.625
5/22/96 107.940 106.039 109.140 94.440
5/23/96 107.940 107.134 107.369 94.450
5/24/96 107.940 107.702 107.341 94.450
5/27/96 107.940 107.702 107.341 94.356
5/28/96 107.940 107.088 106.119 93.442
5/29/96 107.692 106.779 105.440 93.344
5/30/96 107.593 106.805 105.663 92.468
5/31/96 107.090 107.293 105.310 91.954
6/03/96 107.593 108.132 103.418 92.189
6/04/96 108.096 108.820 104.053 91.882
6/05/96 107.342 108.335 104.200 90.617
6/06/96 108.347 107.533 102.800 90.728
6/07/96 109.101 107.104 101.828 89.855
6/10/96 109.604 106.972 101.039 89.766
6/11/96 108.599 106.403 100.339 90.820
6/12/96 109.353 106.542 100.462 91.065
6/13/96 109.604 106.205 100.159 90.215
6/14/96 110.358 106.477 100.672 89.672
6/17/96 110.358 106.549 100.165 89.078
6/18/96 110.861 106.804 100.503 88.281
6/19/96 110.861 107.511 99.438 88.451
6/20/96 110.861 107.417 99.755 88.772
6/21/96 110.610 108.119 99.592 89.373
6/24/96 109.604 109.456 100.957 89.261
6/25/96 110.107 109.657 100.539 87.363
6/26/96 109.856 111.052 100.044 85.906
6/27/96 110.107 114.354 99.291 85.339
6/28/96 111.112 118.426 99.799 87.319
Page 1
22
Comp 1 Year
7/01/96 111.615 118.554 99.778 87.361
7/02/96 111.364 117.868 100.308 87.363
7/03/96 111.112 118.233 100.143 87.383
7/04/96 111.112 118.233 100.143 86.019
7/05/96 111.112 116.775 99.250 86.229
7/08/96 110.107 117.395 99.445 87.085
7/09/96 109.856 120.102 99.697 87.428
7/10/96 109.353 121.618 98.751 87.471
7/11/96 107.090 120.820 97.483 86.959
7/12/96 106.587 121.571 97.397 84.491
7/15/96 106.336 120.841 95.878 84.670
7/16/96 105.833 116.741 92.777 82.745
7/17/96 104.325 118.165 93.678 82.163
7/18/96 103.822 118.678 94.756 81.547
7/19/96 103.571 118.050 94.153 80.585
7/22/96 103.822 115.527 93.445 79.800
7/23/96 102.314 114.058 92.559 79.725
7/24/96 101.811 112.246 91.751 81.379
7/25/96 101.686 113.580 91.836 83.451
7/26/96 101.811 113.937 91.056 83.730
7/29/96 102.817 113.922 91.092 84.706
7/30/96 102.314 110.635 90.863 84.402
7/31/96 101.811 109.585 90.840 84.704
8/01/96 102.314 111.331 90.659 85.073
8/02/96 102.314 111.308 90.802 85.634
8/05/96 103.319 109.369 90.808 86.302
8/06/96 103.319 109.760 91.705 87.137
8/07/96 103.068 109.796 92.457 87.161
8/08/96 102.314 109.522 92.335 87.333
8/09/96 101.560 109.510 92.366 88.180
8/12/96 98.795 110.206 91.762 87.781
8/13/96 99.549 109.299 91.844 87.826
8/14/96 99.046 110.182 92.367 88.538
8/15/96 99.297 112.842 93.001 88.789
8/16/96 100.303 113.788 92.974 89.045
8/19/96 101.560 116.051 93.545 89.590
8/20/96 101.435 117.107 94.138 89.320
8/21/96 101.811 117.927 92.700 89.885
8/22/96 102.063 117.068 93.295 89.498
8/23/96 102.565 117.379 92.643 88.546
8/26/96 102.314 117.811 92.372 88.771
8/27/96 102.565 118.441 92.159 88.907
8/28/96 102.817 118.607 91.693 88.982
8/29/96 102.843 117.412 91.579 89.187
8/30/96 102.714 116.884 91.142 89.187
9/02/96 102.714 116.884 91.142 88.918
9/03/96 102.205 119.360 91.551 88.919
9/04/96 104.244 117.577 90.506 88.138
9/05/96 105.008 117.814 89.851 88.997
9/06/96 105.008 117.667 90.918 90.015
9/09/96 105.008 118.516 91.540 90.492
9/10/96 105.518 120.525 90.895 90.256
9/11/96 104.753 123.398 91.842 90.450
9/12/96 105.008 122.447 92.673 90.780
9/13/96 106.283 122.427 93.210 90.893
9/16/96 107.302 123.022 93.886 91.497
Page 2
23
Comp 1 Year
9/17/96 106.792 122.786 93.661 91.753
9/18/96 107.047 122.685 94.081 91.113
9/19/96 106.921 121.429 94.954 91.522
9/20/96 106.792 121.726 95.666 90.758
9/23/96 106.792 121.892 96.288 91.377
9/24/96 108.067 122.557 96.435 91.400
9/25/96 107.812 123.558 96.650 91.337
9/26/96 108.067 124.012 96.944 91.379
9/27/96 107.557 124.682 97.342 90.807
9/30/96 107.047 124.701 97.323 90.918
10/01/96 106.792 124.780 97.346 91.350
10/02/96 106.792 125.789 97.301 91.655
10/03/96 106.537 125.660 97.316 91.208
10/04/96 106.028 125.833 97.957 91.031
10/07/96 106.028 126.510 98.765 90.751
10/08/96 106.537 125.614 99.759 90.181
10/09/96 106.283 125.281 99.863 89.782
10/10/96 106.792 124.966 100.721 89.520
10/11/96 106.537 124.936 100.793 88.598
10/14/96 107.047 126.516 100.367 88.787
10/15/96 107.302 126.443 100.251 89.588
10/16/96 108.067 127.277 99.769 89.731
10/17/96 109.851 131.006 100.081 89.495
10/18/96 110.615 132.680 100.809 88.239
10/21/96 111.125 132.957 100.225 87.423
10/22/96 110.615 132.127 98.759 87.471
10/23/96 110.361 132.610 101.086 88.137
10/24/98 110.615 134.427 99.758 87.858
10/25/96 110.106 134.648 99.648 87.640
10/28/96 109.596 134.547 99.036 87.613
10/29/96 107.557 134.477 99.237 87.047
10/30/96 107.302 134.532 98.542 87.206
10/31/96 104.244 135.612 98.882 87.583
11/01/96 104.498 133.403 97.905 87.680
11/04/96 104.753 133.780 98.180 88.229
11/05/96 105.263 134.390 98.084 89.256
11/06/96 104.882 134.375 98.169 89.385
11/07/96 104.753 135.147 98.224 89.323
11/08/96 103.989 135.338 98.567 89.505
11/11/96 104.498 137.355 99.418 91.826
11/12/96 104.753 135.994 100.261 93.749
11/13/96 104.753 135.142 101.751 94.364
11/14/96 105.008 135.954 101.627 93.860
11/15/96 105.263 136.122 102.502 94.237
11/18/96 105.518 137.587 109.338 93.828
11/19/96 105.263 139.854 109.086 93.848
11/20/96 105.773 142.350 111.624 93.381
11/21/96 106.028 142.887 110.902 93.114
11/22/96 105.773 145.964 115.663 94.451
11/25/96 105.263 147.495 116.956 93.902
11/26/96 102.459 147.010 116.629 93.971
11/27/96 97.617 146.461 116.770 93.971
11/28/96 97.617 146.481 116.770 93.975
11/29/96 97.770 146.290 118.005 94.129
12/02/96 99.063 146.558 118.639 93.400
12/03/96 100.356 146.346 118.302 92.551
Page 3
24
Comp 1 Year
12/04/96 100.874 147.606 117.412 92.578
12/05/96 100.356 149.032 117.802 91.927
12/06/96 100.615 146.821 117.565 92.115
12/09/96 99.322 147.141 118.480 92.569
12/10/96 99.063 143.837 117.390 90.461
12/11/96 98.546 138.736 115.838 89.715
12/12/96 96.477 136.973 114.875 88.531
12/13/96 96.994 137.193 114.118 87.736
12/16/96 96.994 139.404 112.483 87.403
12/17/96 97.770 140.434 110.945 86.703
12/18/96 97.511 141.575 111.400 87.333
12/19/96 97.770 144.104 112.710 88.600
12/20/96 98.287 145.425 113.043 87.923
12/23/96 98.287 145.283 114.135 87.949
12/24/96 98.546 146.348 113.760 87.949
12/25/96 98.546 146.348 113.760 88.092
12/26/96 99.580 147.086 114.266 88.392
12/27/96 99.839 147.346 115.361 88.661
12/30/96 99.839 148.056 114.631 88.127
12/31/96 99.839 149.527 115.204 88.127
1/01/97 99.839 149.527 115.204 88.351
1/02/97 99.839 146.802 115.091 89.983
1/03/97 100.356 147.000 115.045 91.046
1/06/97 100.615 148.052 116.958 91.530
1/07/97 101.908 146.569 117.799 90.972
1/08/97 103.977 144.826 119.416 91.486
1/09/97 105.271 149.302 121.822 92.722
1/10/97 106.305 151.092 120.675 93.543
1/13/97 107.340 152.173 119.772 93.991
1/14/97 107.857 151.987 119.615 93.270
1/15/97 107.340 152.470 119.975 92.857
1/16/97 107.081 151.314 120.182 93.862
1/17/97 107.081 149.956 120.230 93.018
1/20/97 106.564 148.878 121.951 92.626
1/21/97 107.081 145.909 122.344 92.341
1/22/97 107.081 141.134 122.230 91.142
1/23/97 106.305 141.767 121.824 90.833
1/24/97 105.012 140.457 119.964 90.861
1/27/97 103.977 138.791 118.769 90.664
1/28/97 102.167 138.540 118.839 90.618
1/29/97 104.495 139.149 119.164 90.832
1/30/97 106.047 139.362 120.739 89.637
1/31/97 105.012 138.705 120.470 90.404
2/03/97 106.564 137.636 118.486 90.469
2/04/97 105.529 136.303 119.590 90.154
2/05/97 106.047 135.223 119.383 90.305
2/06/97 105.271 133.365 120.224 91.336
2/07/97 103.977 130.316 119.956 91.467
2/10/97 103.719 122.293 118.307 91.406
2/11/97 103.719 121.729 118.217 92.958
2/12/97 104.236 125.805 119.160 93.235
2/13/97 104.236 126.771 121.112 93.568
2/14/97 106.047 127.392 120.953 93.568
2/17/97 106.047 127.392 120.953 93.742
2/18/97 104.753 126.457 120.703 93.398
2/19/97 104.495 126.441 121.209 92.630
Page 4
25
Comp 1 Year
2/20/97 103.977 125.985 119.284 92.094
2/21/97 103.201 125.366 120.397 93.647
2/24/97 103.719 124.380 121.538 93.246
2/25/97 129.325 121.424 122.658 93.851
2/26/97 128.808 120.317 122.973 93.831
2/27/97 128.808 119.302 120.119 93.552
2/28/97 129.066 117.336 118.432 94.425
3/03/97 128.808 115.393 118.147 94.098
3/04/97 130.774 118.489 117.587 93.981
3/05/97 131.820 119.845 118.934 94.007
3/06/97 131.035 121.249 119.566 95.199
3/07/97 133.912 122.078 119.297 95.753
3/10/97 132.343 122.700 120.700 96.601
3/11/97 132.081 121.813 119.812 96.880
3/12/97 132.343 120.345 119.563 95.614
3/13/97 132.081 119.683 119.602 95.748
3/14/97 132.081 119.994 119.235 96.136
3/17/97 132.081 118.542 119.776 95.144
3/18/97 134.435 117.826 117.894 95.203
3/19/97 133.389 117.059 117.622 94.823
3/20/97 134.174 117.115 119.825 94.533
3/21/97 134.958 117.235 120.631 94.576
3/24/97 134.958 116.089 121.335 94.398
3/25/97 136.528 116.961 122.438 94.198
3/26/97 138.097 119.804 124.350 92.080
3/27/97 134.958 118.554 122.283 92.080
3/28/97 134.958 118.554 122.283 91.157
3/31/97 132.866 115.861 120.421 91.362
4/01/97 133.389 117.190 120.638 90.653
4/02/97 132.866 116.182 121.254 89.896
4/03/97 132.866 113.200 119.998 89.744
4/04/97 132.866 112.041 122.442 90.327
4/07/97 132.866 113.241 123.049 90.227
4/08/97 133.912 113.941 122.083 89.954
4/09/97 133.651 115.355 121.893 90.958
4/10/97 133.389 113.040 120.692 89.642
4/11/97 136.005 110.343 119.108 89.631
4/14/97 135.743 109.875 119.393 92.332
4/15/97 135.743 110.030 118.962 91.796
4/16/97 135.481 110.224 118.793 91.693
4/17/97 135.481 109.087 119.121 92.051
4/18/97 135.481 110.933 120.672
Page 5
26
Comp 3 Years
FINA E&P R&M Chem
4/22/94 100.000 100.000 100.000 100.000
4/29/94 101.426 101.739 100.595 105.550
5/06/94 102.317 103.223 97.514 105.945
5/13/94 102.674 104.142 93.228 111.057
5/20/94 104.813 103.863 92.603 112.367
5/27/94 108.093 103.751 92.960 115.020
6/03/94 107.012 103.522 94.230 114.247
6/10/94 106.291 105.728 94.298 114.398
6/17/94 106.651 110.442 95.638 116.595
6/24/94 107.012 108.318 87.289 109.700
7/01/94 112.416 109.177 88.254 111.816
7/08/94 114.218 109.411 88.249 114.602
7/15/94 112.777 110.805 89.929 118.679
7/22/94 109.534 110.425 90.158 115.446
7/29/94 110.255 106.162 91.314 118.659
8/05/94 111.155 106.933 91.221 124.458
8/12/94 110.615 109.417 93.891 124.060
8/19/94 109.174 105.976 94.407 124.649
8/26/94 110.074 106.787 94.764 127.782
9/02/94 110.793 107.036 92.048 132.842
9/09/94 110.245 109.369 92.082 134.018
9/16/94 111.705 110.477 92.463 135.431
9/23/94 110.793 108.225 90.717 134.122
9/30/94 111.340 105.924 92.012 138.928
10/07/94 111.067 107.219 95.070 130.394
10/14/94 111.705 108.702 94.943 135.283
10/21/94 111.340 106.569 97.276 132.858
10/28/94 109.150 109.099 99.833 131.747
11/04/94 103.674 108.029 96.757 119.744
11/11/94 102.031 104.207 96.178 119.574
11/18/94 102.031 101.992 95.238 115.165
11/25/94 94.913 99.290 91.081 110.132
12/02/94 97.485 98.932 88.853 114.518
12/09/94 97.856 94.933 85.738 112.112
12/16/94 100.450 96.815 87.195 121.062
12/23/94 100.080 95.758 88.239 119.472
12/30/94 101.377 98.471 90.744 118.727
1/06/95 101.933 94.614 88.784 122.059
1/13/95 102.304 92.218 87.998 120.749
1/20/95 105.640 92.821 88.720 119.016
1/27/95 110.458 92.588 88.474 109.769
2/03/95 111.014 91.829 89.031 111.257
2/10/95 109.717 93.753 89.886 113.772
2/17/95 114.165 92.178 89.723 112.120
2/24/95 113.980 92.798 89.817 110.910
3/03/95 116.789 96.630 89.333 110.635
3/10/95 116.601 100.087 88.809 110.973
3/17/95 117.540 101.770 87.812 115.788
3/24/95 117.540 102.021 90.198 118.339
3/31/95 123.361 105.355 94.122 121.791
4/07/95 122.422 105.987 92.298 119.967
4/14/95 123.173 106.091 90.939 121.006
Page 1
27
Comp 3 Years
4/21/95 128.430 109.252 98.298 118.475
4/28/95 133.688 111.339 99.405 119.768
5/05/95 132.749 109.328 102.471 120.216
5/12/95 131.622 111.523 103.226 123.247
5/19/95 127.304 110.801 101.307 120.513
5/26/95 125.351 113.192 101.444 119.012
6/02/95 128.780 112.156 101.366 118.274
6/09/95 131.828 112.998 98.351 117.746
6/16/95 136.019 116.641 96.048 117.197
6/23/95 140.972 111.033 95.110 123.034
6/30/95 142.115 111.648 93.862 122.937
7/07/95 144.401 111.131 93.156 129.986
7/14/95 150.497 109.974 94.578 130.948
7/21/95 154.307 108.226 96.268 129.073
7/28/95 152.783 106.940 97.210 126.161
8/04/95 149.735 107.427 97.040 128.315
8/11/95 150.497 107.041 95.434 130.143
8/18/95 148.592 108.361 94.424 127.603
8/25/95 142.115 109.168 92.302 125.261
9/01/95 141.277 115.862 93.107 126.913
9/08/95 151.313 117.724 94.310 131.942
9/15/95 150.541 118.382 95.547 133.458
9/22/95 150.155 115.781 94.862 128.438
9/29/95 149.383 113.185 93.489 128.539
10/06/95 147.839 113.218 92.122 125.540
10/13/95 142.049 111.431 92.441 125.002
10/20/95 140.505 111.717 95.404 124.193
10/27/95 138.189 111.283 94.271 121.789
11/03/95 137.031 111.296 95.366 117.660
11/10/95 137.803 112.543 95.232 120.568
11/17/95 139.733 114.917 96.927 121.518
11/24/95 141.277 115.424 99.983 124.756
12/01/95 150.909 117.289 100.430 125.545
12/08/95 154.819 119.547 99.964 125.764
12/15/95 157.947 122.420 100.480 122.765
12/22/95 156.774 123.287 100.127 121.335
12/29/95 157.947 125.727 100.031 122.189
1/05/96 160.292 125.276 102.030 127.213
1/12/96 160.292 121.491 100.129 124.569
1/19/96 161.074 117.154 98.346 121.833
1/26/96 152.473 117.717 102.794 124.161
2/02/96 149.346 123.727 105.895 130.016
2/09/96 149.346 120.715 106.851 135.933
2/16/96 152.473 123.438 107.379 133.497
2/23/96 151.300 127.416 111.796 139.490
3/01/96 150.518 124.553 107.759 138.852
3/08/96 151.217 119.990 105.500 141.233
3/15/96 152.009 120.866 110.308 152.801
3/22/96 150.426 127.255 109.847 150.126
3/29/96 153.197 128.805 110.889 151.937
4/05/96 163.093 131.930 112.066 152.109
4/12/96 159.134 135.943 114.631 150.089
4/19/96 159.926 140.669 116.718 154.546
4/26/96 165.864 149.185 121.812 151.076
5/03/96 164.281 147.632 120.881 156.706
5/10/96 167.052 146.867 122.702 150.229
Page 2
28
Comp 3 Years
5/17/96 168.635 147.324 123.617 145.539
5/24/96 172.198 149.210 124.283 145.968
5/31/96 170.841 148.644 121.932 142.905
6/07/96 174.050 148.382 117.900 140.217
6/14/96 176.055 147.513 116.561 139.424
6/21/96 176.456 149.787 115.311 137.194
6/28/96 177.258 164.067 115.550 131.888
7/05/96 177.258 161.780 114.915 132.939
7/12/96 170.039 168.424 112.770 134.392
7/19/96 165.227 163.545 109.013 126.028
7/26/96 162.420 157.847 105.427 128.971
8/02/96 163.222 154.206 105.133 131.477
8/09/96 162.019 151.714 106.945 134.970
8/16/96 160.013 157.641 107.648 137.220
8/23/96 163.623 162.616 107.265 138.316
8/30/96 163.861 161.931 105.528 137.835
9/06/96 167.520 163.016 105.268 137.541
9/13/96 169.553 169.610 107.921 140.297
9/20/96 170.366 168.639 110.768 141.444
9/27/96 171.586 172.734 112.705 141.223
10/04/96 169.146 174.328 113.417 140.959
10/11/96 169.959 173.086 116.701 138.350
10/18/96 176.465 183.814 116.720 138.312
10/25/96 175.652 186.537 115.375 135.781
11/01/96 166.707 184.816 113.358 135.356
11/08/96 165.893 187.497 114.124 138.045
11/15/96 167.926 188.583 118.681 145.057
11/22/96 168.740 202.217 133.918 143.904
11/29/96 155.972 202.669 136.630 145.234
12/06/96 160.511 203.405 136.121 142.069
12/13/96 154.734 190.066 132.130 136.821
12/20/96 156.798 201.472 130.885 136.928
12/27/96 159.273 204.133 133.569 136.606
1/03/97 160.099 203.653 133.202 139.066
1/10/97 169.589 209.322 139.722 143.298
1/17/97 170.827 207.748 139.207 145.060
1/24/97 167.526 194.588 138.898 140.379
1/31/97 167.526 192.161 139.484 138.530
2/07/97 165.875 180.538 138.889 141.156
2/14/97 169.176 176.488 140.044 144.605
2/21/97 164.637 173.682 139.399 142.329
2/28/97 205.900 162.556 137.125 144.582
3/07/97 213.630 169.125 138.126 147.127
3/14/97 210.710 166.239 138.055 147.975
3/21/97 215.299 162.417 139.671 146.097
3/28/97 215.299 164.244 141.583 142.306
4/04/97 211.961 155.221 141.767 138.697
4/11/97 216.968 152.868 137.907 138.538
4/18/97 216.134 153.686 139.718 142.261
Page 3
29
Comp 5 Years
FINA E&P R&M Chem
4/30/92 100.000 100.000 100.000 100.000
5/29/92 105.852 103.530 99.965 97.101
6/30/92 105.322 100.842 99.082 90.806
7/31/92 104.262 116.278 102.564 95.117
8/31/92 96.906 122.117 97.014 91.159
9/30/92 95.834 128.341 97.136 91.085
10/30/92 90.470 129.725 95.897 92.772
11/30/92 90.915 129.567 97.170 91.573
12/31/92 87.293 134.617 104.664 98.411
1/29/93 88.742 138.455 106.774 91.684
2/26/93 93.723 150.825 106.934 93.564
3/31/93 98.071 172.080 109.252 90.016
4/30/93 94.221 174.806 108.286 95.717
5/31/93 94.677 178.727 111.502 99.827
6/30/93 90.964 181.774 107.387 98.573
7/30/93 90.964 171.715 117.606 100.211
8/31/93 95.132 185.443 128.797 100.568
9/30/93 104.533 186.641 129.438 100.961
10/29/93 105.285 178.472 137.742 99.214
11/30/93 105.170 157.931 139.130 103.004
12/31/93 104.599 159.900 132.885 104.071
1/31/94 104.219 168.704 146.567 115.463
2/28/94 107.262 169.293 156.892 115.576
3/31/94 107.736 160.711 148.132 112.131
4/29/94 109.467 172.585 150.407 120.471
5/31/94 115.885 174.558 138.562 129.791
6/30/94 118.412 184.312 131.406 127.007
7/29/94 118.996 180.087 136.529 135.662
8/31/94 119.577 182.531 140.645 152.511
9/30/94 120.168 179.684 137.574 158.568
10/31/94 115.440 185.607 149.130 147.606
11/30/94 105.214 169.431 135.776 130.341
12/30/94 109.415 167.040 135.678 135.511
1/31/95 119.416 156.378 131.967 123.373
2/28/95 123.616 160.326 134.463 130.307
3/31/95 133.141 178.718 140.729 139.008
4/28/95 144.287 188.869 148.628 136.699
5/31/95 136.112 189.997 152.849 136.793
6/30/95 153.382 189.391 140.339 140.316
7/31/95 163.252 184.136 146.303 144.686
8/31/95 152.149 190.853 137.904 143.753
9/29/95 161.227 192.001 139.782 146.711
10/31/95 148.522 187.209 141.454 135.894
11/30/95 164.562 197.914 150.104 142.601
12/29/95 170.469 213.277 149.564 139.463
1/31/96 159.920 208.466 156.374 149.054
2/29/96 162.452 212.687 160.603 159.397
3/29/96 165.342 218.498 165.798 173.416
4/30/96 177.732 252.767 183.326 173.627
5/31/96 184.386 252.151 182.309 163.108
6/28/96 191.311 278.315 172.767 150.533
7/31/96 175.297 257.537 157.258 148.880
Page 1
30
Comp 5 Years
8/30/96 176.852 274.691 157.782 157.320
9/30/96 184.312 293.062 168.481 160.179
10/31/96 179.485 318.704 171.181 153.827
11/29/96 168.338 343.796 204.285 165.766
12/31/96 171.901 351.404 199.436 155.451
1/31/97 180.808 325.972 208.553 158.115
2/28/97 222.224 275.751 205.025 165.021
3/31/97 228.766 272.285 208.468 160.796
4/18/97 233.269 260.704 208.903 162.372
Page 2
31
FINA, Inc.
Indexed Stock Price History
- ------------------------------ --------------------------------
One Year Three Year
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[PLOT POINTS NEXT PAGE] [PLOT POINTS NEXT PAGE]
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Five Year
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[PLOT POINTS NEXT PAGE]
32
1 YEAR
4684002
FI INDEX INDEX
22/04/96 22/04/96
DATE CAT Values Values
18-Apr-96 -1
19-Apr-96 0
22-Apr-96 1 100 100
23-Apr-96 2 100 99.7778
24-Apr-96 3 99.5074 100
25-Apr-96 4 100 100.889
26-Apr-96 5 103.202 102.222
29-Apr-96 6 102.956 103.333
30-Apr-96 7 102.483 103.556
1-May-96 8 101.97 103.556
2-May-96 9 101.97 103.556
3-May-96 10 102.217 100.556
6-May-96 11 102.463 100.222
7-May-96 12 102.709 99.4444
8-May-96 13 101.478 98.4444
9-May-96 14 102.217 99.3333
10-May-96 15 103.941 100.889
13-May-96 16 104.433 104
14-May-96 17 104.926 104.444
15-May-96 18 104.926 105.556
16-May-96 19 104.68 105.556
17-May-96 20 104.926 105.667
20-May-96 21 106.65 105.556
21-May-96 22 106.404 106.111
22-May-96 23 107.143 106.111
23-May-96 24 107.143 105.667
24-May-96 25 107.143 105.667
27-May-96 26 107.143 105.667
28-May-96 27 107.143 105.778
29-May-96 28 106.897 104.556
30-May-96 29 105.419 102.222
31-May-96 30 104.926 103.667
3-Jun-96 31 105.419 103.889
4-Jun-96 32 105.911 103.778
5-Jun-96 33 105.172 104.444
6-Jun-96 34 106.158 105.222
7-Jun-96 35 106.897 103.333
10-Jun-96 36 107.389 105.889
11-Jun-96 37 106.404 106.222
12-Jun-96 38 107.143 107.111
13-Jun-96 39 107.389 107.556
14-Jun-96 40 108.128 108.889
17-Jun-96 41 108.128 110
18-Jun-96 42 108.621 109.444
19-Jun-96 43 108.621 108
20-Jun-96 44 108.621 107.111
21-Jun-96 45 108.374 108.111
24-Jun-96 46 107.389 108.222
25-Jun-96 47 107.882 108.444
26-Jun-96 48 107.635 108.333
27-Jun-96 49 107.882 109.333
Page 1
33
28-Jun-96 50 108.867 109.111
1-Jul-96 51 109.36 109.111
2-Jul-96 52 109.113 111
3-Jul-96 53 108.867 112.778
4-Jul-96 54 108.867 112.222
5-Jul-96 55 108.867 110.667
8-Jul-96 56 107.882 110.222
9-Jul-96 57 107.635 110.222
10-Jul-96 58 107.143 108.889
11-Jul-96 59 104.926 107.444
12-Jul-96 60 104.433 106.556
15-Jul-96 61 104.187 105.111
16-Jul-96 62 103.695 103.778
17-Jul-96 63 102.217 104
18-Jul-96 64 101.724 105
19-Jul-96 65 101.478 106.111
22-Jul-96 66 101.724 104.444
23-Jul-96 67 100.246 104.889
24-Jul-96 68 99.7537 102.778
25-Jul-96 69 99.7537 104.333
26-Jul-96 70 99.7537 104.444
29-Jul-96 71 100.739 104.889
30-Jul-96 72 100.246 105.111
31-Jul-96 73 99.7537 105
1-Aug-96 74 100.246 105
2-Aug-96 75 100.246 103.556
5-Aug-96 76 101.232 104.556
6-Aug-96 77 101.232 104.333
7-Aug-96 78 100.985 104.889
8-Aug-96 79 100.246 105.444
9-Aug-96 80 99.5074 105.556
12-Aug-96 81 96.798 105.111
13-Aug-96 82 97.5369 105.778
14-Aug-96 83 97.0443 105.333
15-Aug-96 84 97.2906 105.333
16-Aug-96 85 98.2759 105.778
19-Aug-96 86 99.5074 106.667
20-Aug-96 87 99.5074 107.111
21-Aug-96 88 99.7537 106.778
22-Aug-96 89 100 109.333
23-Aug-96 90 100.493 109.111
26-Aug-96 91 100.246 108.556
27-Aug-96 92 100.246 107.333
28-Aug-96 93 100.739 106.778
29-Aug-96 94 100.739 106.778
30-Aug-96 95 99.2611 106.667
2-Sep-96 96 99.2611 106.778
3-Sep-96 97 98.7685 106.667
4-Sep-96 98 100.739 107.222
5-Sep-96 99 101.478 107.111
6-Sep-96 100 101.478 107.556
9-Sep-96 101 101.478 109.444
10-Sep-96 102 101.97 110
11-Sep-96 103 101.232 110.333
12-Sep-96 104 101.478 111.111
13-Sep-96 105 102.709 110.556
Page 2
34
16-Sep-96 106 103.695 110.111
17-Sep-96 107 103.202 110.556
18-Sep-96 108 103.448 110.222
19-Sep-96 109 103.448 109.333
20-Sep-96 110 103.202 110
23-Sep-96 111 103.202 107.778
24-Sep-96 112 104.433 107.111
25-Sep-96 113 104.187 107.444
26-Sep-96 114 104.433 108.111
27-Sep-96 115 103.941 108.111
30-Sep-96 116 103.448 108
1-Oct-96 117 103.202 108.556
2-Oct-96 118 103.202 108
3-Oct-96 119 102.956 110
4-Oct-96 120 102.463 108.222
7-Oct-96 121 102.463 106.889
8-Oct-96 122 102.956 106.111
9-Oct-96 123 102.709 105.111
10-Oct-96 124 103.202 104.333
11-Oct-96 125 102.956 104.667
14-Oct-96 126 103.448 104.667
15-Oct-96 127 103.695 105.222
16-Oct-96 128 104.433 107.111
17-Oct-96 129 106.158 108.444
18-Oct-96 130 106.897 109
21-Oct-96 131 107.389 109.556
22-Oct-96 132 106.897 109.778
23-Oct-96 133 106.65 109.111
24-Oct-96 134 106.897 109.222
25-Oct-96 135 106.404 108.889
28-Oct-96 136 105.911 107.889
29-Oct-96 137 103.941 106.667
30-Oct-96 138 103.695 106.556
31-Oct-96 139 100.739 106.556
1-Nov-96 140 100.985 106.556
4-Nov-96 141 101.232 107.222
5-Nov-96 142 101.724 107.333
6-Nov-96 143 101.724 108.444
7-Nov-96 144 101.232 108.556
8-Nov-96 145 100.493 108.889
11-Nov-96 146 100.985 108.889
12-Nov-96 147 101.232 108.556
13-Nov-96 148 101.232 109.222
14-Nov-96 149 101.478 109.778
15-Nov-96 150 101.724 109.444
18-Nov-96 151 101.97 109.778
19-Nov-96 152 101.724 109.333
20-Nov-96 153 102.217 109.111
21-Nov-96 154 102.463 109.556
22-Nov-96 155 102.217 109.889
25-Nov-96 156 101.724 109.889
26-Nov-96 157 99.0148 110.333
27-Nov-96 158 94.335 110.222
28-Nov-96 159 94.335 110.111
29-Nov-96 160 93.1034 110.222
2-Dec-96 161 94.335 110.889
Page 3
35
3-Dec-96 162 95.5665 112.5
4-Dec-96 163 96.0591 114.167
5-Dec-96 164 95.5665 118.889
6-Dec-96 165 95.8128 115.278
9-Dec-96 166 94.5813 115.556
10-Dec-96 167 94.335 113.056
11-Dec-96 168 93.8424 112.222
12-Dec-96 169 91.8719 111
13-Dec-96 170 92.3645 111.111
16-Dec-96 171 92.3645 113.333
17-Dec-96 172 93.1034 111.944
18-Dec-96 173 92.8571 114.167
19-Dec-96 174 93.1034 115.278
20-Dec-96 175 93.5961 115.278
23-Dec-96 176 93.5961 113.611
24-Dec-96 177 93.8424 113.333
25-Dec-96 178 93.8424 113.333
26-Dec-96 179 94.8276 113.333
27-Dec-96 180 95.0739 113.333
30-Dec-96 181 95.0739 112.222
31-Dec-96 182 95.0739 112.222
1-Jan-97 183 95.0739 112.222
2-Jan-97 184 95.0739 112.222
3-Jan-97 185 95.5665 114.167
6-Jan-97 186 95.8128 115.556
7-Jan-97 187 97.0443 116.944
8-Jan-97 188 99.0148 119.167
9-Jan-97 189 100.246 121.667
10-Jan-97 190 101.232 122.222
13-Jan-97 191 102.217 124.722
14-Jan-97 192 102.709 124.444
15-Jan-97 193 102.217 124.444
16-Jan-97 194 101.97 123.056
17-Jan-97 195 101.97 123.889
20-Jan-97 196 101.478 123.889
21-Jan-97 197 101.97 123.889
22-Jan-97 198 101.97 125.833
23-Jan-97 199 101.232 127.222
24-Jan-97 200 100 127.5
27-Jan-97 201 99.0148 125.556
28-Jan-97 202 97.2906 126.111
29-Jan-97 203 99.5074 128.056
30-Jan-97 204 100.985 131.944
31-Jan-97 205 100 132.5
3-Feb-97 206 101.478 133.056
4-Feb-97 207 100.493 131.111
5-Feb-97 208 100.985 131.389
6-Feb-97 209 100.246 131.111
7-Feb-97 210 99.0148 131.667
10-Feb-97 211 98.7685 132.222
11-Feb-97 212 98.7685 132.222
12-Feb-97 213 99.2611 132.5
13-Feb-97 214 99.2611 136.389
14-Feb-97 215 100.985 136.667
17-Feb-97 216 100.985 135.833
18-Feb-97 217 99.7537 138.611
Page 4
36
19-Feb-97 218 99.5074 139.167
20-Feb-97 219 99.0148 138.056
21-Feb-97 220 98.2759 136.389
24-Feb-97 221 98.7685 136.389
25-Feb-97 222 123.153 137.5
26-Feb-97 223 122.66 137.778
27-Feb-97 224 122.66 138.611
28-Feb-97 225 122.906 138.611
3-Mar-97 226 122.66 138.889
4-Mar-97 227 123.153 141.111
5-Mar-97 228 124.138 140.833
6-Mar-97 229 123.399 141.667
7-Mar-97 230 126.108 141.389
10-Mar-97 231 124.631 141.389
11-Mar-97 232 124.384 140.833
12-Mar-97 233 124.631 137.222
13-Mar-97 234 124.384 133.889
14-Mar-97 235 124.384 134.444
17-Mar-97 236 124.384 132.222
18-Mar-97 237 126.601 131.111
19-Mar-97 238 125.616 131.111
20-Mar-97 239 126.355 130.556
21-Mar-97 240 127.094 131.111
24-Mar-97 241 127.094 131.667
25-Mar-97 242 128.571 131.944
26-Mar-97 243 130.049 133.889
27-Mar-97 244 127.094 133.333
28-Mar-97 245 127.094 133.333
31-Mar-97 246 125.123 133.333
1-Apr-97 247 125.616 130.278
2-Apr-97 248 125.123 130.278
3-Apr-97 249 125.123 129.167
4-Apr-97 250 125.123 130
7-Apr-97 251 125.123 131.944
8-Apr-97 252 126.108 132.5
9-Apr-97 253 125.862 133.611
10-Apr-97 254 125.616 133.056
11-Apr-97 255 128.079 132.222
14-Apr-97 256 127.833 133.333
15-Apr-97 257 127.833 139.444
16-Apr-97 258 127.586 141.944
17-Apr-97 259 127.586 141.389
18-Apr-97 260 127.586 140.833
21-Apr-97 261 127.833 141.944
Page 5
37
3 YEAR
4684002
FI INDEX INDEX
22/04/94 22/04/94
DATE CAT Values Values
8-Apr-94 -1
15-Apr-94 0
22-Apr-94 1 100 100
29-Apr-94 2 101.426 100.472
6-May-94 3 102.316 101.415
13-May-94 4 102.672 100.236
20-May-94 5 104.811 104.009
27-May-94 6 106.95 102.83
3-Jun-94 7 105.881 101.887
10-Jun-94 8 105.168 98.8208
17-Jun-94 9 105.524 98.1132
24-Jun-94 10 105.881 96.2264
1-Jul-94 11 111.228 95.7547
8-Jul-94 12 113.011 95.0472
15-Jul-94 13 111.585 95.0472
22-Jul-94 14 108.376 96.4623
29-Jul-94 15 109.089 98.1132
5-Aug-94 16 109.446 99.5283
12-Aug-94 17 109.446 97.1698
19-Aug-94 18 108.02 96.934
26-Aug-94 19 108.733 98.3491
2-Sep-94 20 108.2 99.0566
9-Sep-94 21 107.663 97.6415
16-Sep-94 22 109.089 95.5189
23-Sep-94 23 108.2 93.9623
30-Sep-94 24 108.733 92.5472
7-Oct-94 25 108.2 88.6792
14-Oct-94 26 109.089 91.1321
21-Oct-94 27 108.733 88.3962
28-Oct-94 28 106.594 88.7736
4-Nov-94 29 101.246 90.3774
11-Nov-94 30 99.8203 89.717
18-Nov-94 31 99.8203 87.8302
25-Nov-94 32 92.6903 88.1132
2-Dec-94 33 93.7598 88.3962
9-Dec-94 34 94.1163 87.6415
16-Dec-94 35 96.2553 87.8302
23-Dec-94 36 96.2553 88.3019
30-Dec-94 37 97.5045 88.7736
6-Jan-95 38 98.0378 88.3019
13-Jan-95 39 98.3943 86.5094
20-Jan-95 40 101.246 87.0755
27-Jan-95 41 106.237 88.0189
3-Feb-95 42 106.774 88.2075
10-Feb-95 43 105.524 87.7358
17-Feb-95 44 109.802 85.8491
24-Feb-95 45 109.982 84.717
3-Mar-95 46 110.872 81.4151
10-Mar-95 47 110.515 78.4906
17-Mar-95 48 111.585 82.3585
24-Mar-95 49 111.585 77.3585
Page 1
38
31-Mar-95 50 117.112 78.0189
7-Apr-95 51 116.219 80.566
14-Apr-95 52 116.932 83.1132
21-Apr-95 53 121.923 83.3019
28-Apr-95 54 126.914 83.6792
5-May-95 55 126.381 87.8302
12-May-95 56 124.955 88.3019
19-May-95 57 120.854 85
26-May-95 58 117.289 81.8868
2-Jun-95 59 120.497 83.1132
9-Jun-95 60 123.349 81.6038
16-Jun-95 61 127.271 80.1887
23-Jun-95 62 131.905 80.7547
30-Jun-95 63 132.975 81.0377
7-Jul-95 64 135.114 81.1321
14-Jul-95 65 140.818 82.0755
21-Jul-95 66 144.383 80.9434
28-Jul-95 67 142.957 83.9623
4-Aug-95 68 140.105 83.5849
11-Aug-95 69 140.818 83.1132
18-Aug-95 70 139.035 83.1132
25-Aug-95 71 132.975 84.8113
1-Sep-95 72 130.479 84.8113
8-Sep-95 73 139.748 84.8113
15-Sep-95 74 139.035 85.6604
22-Sep-95 75 138.679 86.0377
29-Sep-95 76 137.966 85.8491
6-Oct-95 77 136.54 85
13-Oct-95 78 131.192 84.6226
20-Oct-95 79 129.766 82.5472
27-Oct-95 80 127.627 83.4906
3-Nov-95 81 126.558 85.1887
10-Nov-95 82 127.271 83.9623
17-Nov-95 83 129.053 82.6415
24-Nov-95 84 130.479 83.9623
1-Dec-95 85 137.609 83.5849
8-Dec-95 86 141.174 84.1509
15-Dec-95 87 144.026 84.434
22-Dec-95 88 142.957 84.5283
29-Dec-95 89 144.026 85
5-Jan-96 90 146.165 88.2075
12-Jan-96 91 146.165 86.0377
19-Jan-96 92 146.878 86.4151
26-Jan-96 93 139.035 83.6792
2-Feb-96 94 136.183 84.3396
9-Feb-96 95 136.183 81.3208
16-Feb-96 96 139.035 80.0943
23-Feb-96 97 137.966 78.9623
1-Mar-96 98 137.253 83.4906
8-Mar-96 99 136.183 81.6981
15-Mar-96 100 136.896 80.1887
22-Mar-96 101 135.47 80.566
29-Mar-96 102 137.966 80.3774
5-Apr-96 103 146.878 82.4528
12-Apr-96 104 143.313 83.0189
19-Apr-96 105 144.026 84.9057
Page 2
39
26-Apr-96 106 149.374 86.7925
3-May-96 107 147.948 85.3774
10-May-96 108 150.443 85.6604
17-May-96 109 151.869 89.717
24-May-96 110 155.078 89.717
31-May-96 111 151.869 88.0189
7-Jun-96 112 154.722 87.7358
14-Jun-96 113 156.504 92.4528
21-Jun-96 114 156.861 91.7925
28-Jun-96 115 157.574 92.6415
5-Jul-96 116 157.574 93.9623
12-Jul-96 117 151.156 90.4717
19-Jul-96 118 146.878 90.0943
26-Jul-96 119 144.383 88.6792
2-Aug-96 120 145.096 87.9245
9-Aug-96 121 144.026 89.6226
16-Aug-96 122 142.244 89.8113
23-Aug-96 123 145.452 92.6415
30-Aug-96 124 143.67 90.566
6-Sep-96 125 146.878 91.3208
13-Sep-96 126 148.661 93.8679
20-Sep-96 127 149.374 93.3962
27-Sep-96 128 150.443 91.7925
4-Oct-96 129 148.304 91.8868
11-Oct-96 130 149.017 88.8679
18-Oct-96 131 154.722 92.5472
25-Oct-96 132 154.008 92.4528
1-Nov-96 133 146.165 90.4717
8-Nov-96 134 145.452 92.4528
15-Nov-96 135 147.235 92.9245
22-Nov-96 136 147.948 93.3019
29-Nov-96 137 134.757 93.5849
6-Dec-96 138 138.679 97.8774
13-Dec-96 139 133.688 94.3396
20-Dec-96 140 135.47 97.8774
27-Dec-96 141 137.609 96.2264
3-Jan-97 142 138.322 96.934
10-Jan-97 143 146.522 103.774
17-Jan-97 144 147.591 105.189
24-Jan-97 145 144.739 108.255
31-Jan-97 146 144.739 112.5
7-Feb-97 147 143.313 111.792
14-Feb-97 148 146.165 116.038
21-Feb-97 149 142.244 115.802
28-Feb-97 150 177.894 117.689
7-Mar-97 151 182.529 120.047
14-Mar-97 152 180.033 114.151
21-Mar-97 153 183.955 111.321
28-Mar-97 154 183.955 113.208
4-Apr-97 155 181.103 110.377
11-Apr-97 156 185.381 112.264
18-Apr-97 157 184.668 119.575
Page 3
40
5 YEAR
4684002
FI INDEX INDEX
31/03/92 31/03/92
DATE CAT Values Values
31-Jan-92 -1
29-Feb-92 0
31-Mar-92 1 100 100
30-Apr-92 2 100.704 103.341
31-May-92 3 105.459 102.625
30-Jun-92 4 104.93 101.193
31-Jul-92 5 103.521 104.296
31-Aug-92 6 95.4225 81.8138
30-Sep-92 7 94.3662 83.1504
31-Oct-92 8 89.0845 74.2721
30-Nov-92 9 88.3803 79.3317
31-Dec-92 10 84.8592 71.6945
31-Jan-93 11 86.2676 70.5489
28-Feb-93 12 90.8451 75.6086
31-Mar-93 13 94.1915 83.8186
30-Apr-93 14 90.493 81.6229
31-May-93 15 89.7887 79.7136
30-Jun-93 16 86.2676 86.0143
31-Jul-93 17 86.2676 91.6468
31-Aug-93 18 89.0845 87.0644
30-Sep-93 19 97.8873 86.8735
31-Oct-93 20 98.5915 93.0788
30-Nov-93 21 97.3606 92.9833
31-Dec-93 22 96.831 93.9379
31-Jan-94 23 96.4789 102.387
28-Feb-94 24 99.2958 98.0907
31-Mar-94 25 98.5915 96.42
30-Apr-94 26 100.177 101.671
31-May-94 27 104.93 103.103
30-Jun-94 28 107.22 96.42
31-Jul-94 29 107.746 99.284
31-Aug-94 30 106.868 99.5227
30-Sep-94 31 107.394 93.6516
31-Oct-94 32 103.169 90.6921
30-Nov-94 33 92.6056 89.7375
31-Dec-94 34 96.3042 89.8329
31-Jan-95 35 105.107 88.401
28-Feb-95 36 107.394 84.2005
31-Mar-95 37 115.67 78.9499
30-Apr-95 38 125.352 84.6778
31-May-95 39 116.549 83.1504
30-Jun-95 40 131.338 82.0048
31-Jul-95 41 139.789 84.105
31-Aug-95 42 130.282 86.3007
30-Sep-95 43 136.268 86.8735
31-Oct-95 44 125.704 85.7279
30-Nov-95 45 137.324 84.105
31-Dec-95 46 142.254 86.0143
31-Jan-96 47 133.451 85.9189
29-Feb-96 48 135.563 83.5322
31-Mar-96 49 136.268 81.3365
Page 1
41
30-Apr-96 50 146.479 88.9737
31-May-96 51 150 89.0692
30-Jun-96 52 155.634 93.747
31-Jul-96 53 142.606 90.2148
31-Aug-96 54 141.901 91.6468
30-Sep-96 55 147.887 92.7924
31-Oct-96 56 144.014 91.5513
30-Nov-96 57 133.099 94.7017
31-Dec-96 58 135.915 96.42
31-Jan-97 59 142.958 113.842
28-Feb-97 60 175.704 119.093
31-Mar-97 61 178.873 114.558
Page 2
42
- -------
Goldman
Sachs
- -------
Exhibit 4
43
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 778.0 778.4 898.0 933.1 981.5 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 42.6 31.2
EPS $ 0.78 $ 2.26 $ 3.27 $ 3.35 $ 4.91 58.6%
Discretionary Cash Flow (a) $ 151.1 $ 366.6 $ 271.3 $ 386.7 $ 304.1 19.1%
EBITDA 288.7 346.2 377.2 417.1 435.8 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.
44
FINA
Projected Income Statements
(dollars in millions)
For the Year Ended December 31,
------------------------------------------------------------------------------- CAGR
1997E 1998E 1999E 2000E 2001E 1997-01
------------------------------------------------------------------------------- -------
Revenues $ 4,290.2 $ 4,903.3 $ 5,302.2 $ 5,587.7 $ 5,965.2 8.6%
Cost of Materials (3,237.4) (3,731.0) (3,996.3) (4,157.5) (4,405.4)
--------- --------- --------- --------- ---------
Gross Profit 1,052.8 1,172.3 1,305.9 1,430.2 1,559.8 10.3%
Operating Expenses (576.8) (620.4) (651.0) (680.7) (707.0)
Depreciation & Amortization (195.8) (211.1) (238.5) (250.7) (258.8)
--------- --------- --------- --------- ---------
Operating income 280.2 340.8 416.4 498.8 594.0 20.7%
Non-Operating Inc/(Exp) (2.0) (4.4) (4.0) (3.5) 7.9
--------- --------- --------- --------- ---------
EBIT 278.2 336.4 412.4 495.3 601.9 21.3%
Interest (36.5) (40.4) (45.2) (36.4) (26.2)
--------- --------- --------- --------- ---------
Pre-Tax Income 241.7 296.0 367.2 459.0 575.7
Taxes (82.4) (104.7) (135.7) (169.6) (212.7)
--------- --------- --------- --------- ---------
Net Income $ 159.3 $ 191.3 $ 231.5 $ 289.4 $ 363.0 22.9%
--------- --------- --------- --------- ---------
Shares Outstanding 31.2 31.2 31.2 31.2 31.2
EPS $ 5.10 $ 6.13 $ 7.42 $ 9.27 $ 11.63 22.9%
Discretionary Cash Flow $ 364.3 $ 403.5 $ 488.1 $ 590.6 $ 700.9 17.8%
EBITDA 474.0 547.5 650.9 746.0 860.7 16.1%
Growth & Margin Analysis
- ------------------------
Sales Growth (y-o-y) 5.1% 14.3% 8.1% 5.4% 6.8%
Operating Income Growth (y-o-y) 4.1% 21.6% 22.2% 19.8% 19.1%
Net Income Growth (y-o-y) 4.0% 20.1% 21.0% 25.0% 25.4%
Gross Profit Margin 24.5% 23.9% 24.6% 25.6% 26.1%
EBITDA Margin 11.0% 11.2% 12.3% 13.4% 14.4%
EBIT Margin 6.5% 6.9% 7.8% 8.9% 10.1%
Notes:
Projected financial data based on management projections.
Financial data normalized to exclude non-recurring charges.
45
Comparison of Original and Revised Projections
(dollars in millions)
1997E 1998E
------------------------------------- -------------------------------------
Original Revised Var. % Var. Original Revised Var. % Var.
-------- ------- ---- ------ -------- ------- ---- ------
EBIT
Chemicals $ 196.5 $ 176.5 $ (20.0) (10.2)% $ 236.7 $ 208.0 $ (28.7) (12.1)%
E&P 37.6 64.1 26.5 70.5% 56.0 62.9 6.9 12.3%
R&M 55.1 55.4 0.3 0.5% 89.7 89.3 (0.4) (0.4)%
Total 271.3 278.2 6.9 2.5% 363.8 336.4 (27.4) (7.5)%
Net Income $ 155.1 $ 159.3 $ 4.2 2.7% $ 210.1 $ 191.3 $ (18.8) (8.9)%
EPS $ 4.97 $ 5.10 $ 0.13 2.7% $ 6.73 $ 6.13 $ 0.60 (8.9)%
Principal Factors Behind Revised Estimates
- ------------------------------------------
Chemical Margins
Styrene Margin (cents/lb) $ 3.07 $ 2.17 $ (0.90) (29.3)% $ 3.88 $ 2.63 $ (1.25) (32.2)%
Polystyrene Margin (cents/lb) 3.37 2.35 (1.02) (30.3)% 3.71 2.80 (0.91) (24.5)%
Polypropylene Margin (cents/lb) 6.56 6.00 (0.56) (8.5)% 6.98 6.00 (0.98) (14.0)%
HDPE Margin (cents/lb) 6.25 7.50 1.25 20.0% 5.96 6.25 0.29 4.9%
Oil & Gas Prices
Crude Oil Price ($/Bbl) $ 16.20 $ 18.64 $ 2.44 15.1% $ 16.85 $ 17.45 $ 0.60 3.6%
Natural Gas Price ($/Mcf) 2.09 2.25 0.16 7.7% 2.07 2.14 0.07 3.4%
Oil & Gas Production Volumes
Crude Oil Volume (MBD) 10.5 10.5 0.0 0.0% 13.4 14.4 1.0 7.5%
Natural Gas Volume (MMcf/D) 178.0 195.3 17.3 9.7% 220.5 220.9 0.4 0.2%
1999E
------------------------------------
Original Revised Var. % Var.
-------- ------- ---- ------
EBIT
Chemicals $ 262.2 $ 230.6 $ (31.6) (12.1)%
E&P 96.0 138.5 42.5 44.3%
R&M 108.2 104.9 (3.3) (3.0)%
Total 447.4 412.4 (35.0) (7.8)%
Net Income $ 255.4 $ 231.5 $ (23.9) (9.4)%
EPS $ 8.18 $ 7.42 $ (0.77) (9.4)%
Principal Factors Behind Revised Estimates
- ------------------------------------------
Chemical Margins
Styrene Margin (cents/lb) $ 4.46 $ 3.70 $ (0.76) (17.0)%
Polystyrene Margin (cents/lb) 5.21 3.13 (2.08) (39.9)%
Polypropylene Margin (cents/lb) 5.87 4.80 (1.07) (18.2)%
HDPE Margin (cents/lb) 5.30 6.60 1.30 24.5%
Oil & Gas Prices
Crude Oil Price ($/Bbl) $ 17.48 $ 18.08 $ 0.60 3.4%
Natural Gas Price ($/Mcf) 2.11 2.18 0.07 3.3%
Oil & Gas Production Volumes
Crude Oil Volume (MBD) 17.1 24.5 7.4 43.3%
Natural Gas Volume (MMcf/D) 265.2 268.6 3.4 1.3%
Notes:
- ------
Original projections based on FINA, Inc. 1997 Corporate Plan finalized in
November/December 1998.
Revised projections based on updated 1997 Five Year Financial Plan (4/16/97).
Financial data based on management projections.
46
FINA
Actual vs. Budget Analysis
1994 1995 1996
---------------------------- ---------------------------- -------------------------------
(US$ millions) Budget (a) Actual Variance Budget (b) Actual Variance Budget (a) Actual Variance
================================================================================================================
FINA
EBIT $154.6 $191.2 23.7 % $281.6 $260.8 (7.4)% $254.7 $264.8 4.0%
E&P
EBIT 36.9 (3.4) N.M. 18.4 (14.4) N.M. (10.1) 69.3 N.M.
R&M
EBIT $ 57.7 $ 47.2 (18.2) $ 59.6 $ 1.5 (97.5) $ 60.3 $(16.8) N.M.
Chemicals
EBIT $ 77.4 $164.4 112.4 $220.5 $290.6 31.8 $221.5 $231.2 4.4
================================================================================================================
(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.
47
FINA
Segment Breakdown
(dollars in millions)
For the Year Ended December 31,
--------------------------------------------------------------------------------------------
1994 1995 1996 1997E 1998E 1999E 2000E 2001E
-------------------------------- ---------------------------------------------------------
Revenues
Chemicals $ 904.8 $1,071.1 $1,058.1 $1,407.5 $1,531.8 $1,642.4 $1,761.0 $1,999.8
Refining & Marketing 2,136.4 2,492.5 2,765.1 2,746.7 3,137.9 3,338.8 3,449.8 3,540.3
Exploration & Production 661.3 462.2 744.6 780.1 910.3 1,093.6 1,224.6 1,277.2
Eliminations (281.4) (419.2) (486.6) (644.1) (676.7) (772.6) (847.7) (852.1)
-------- -------- -------- -------- -------- -------- -------- --------
Whole Company 3,421.1 3,606.6 4,081.2 4,290.2 4,903.3 5,302.2 5,587.7 5,965.2
======== ======== ======== ======== ======== ======== ======== ========
EBIT
Chemicals $ 164.4 $ 290.6 $ 231.2 $ 176.5 $ 208.0 $ 230.6 $ 278.2 $ 335.1
Refining & Marketing 47.2 (4.6) (16.8) 55.3 89.3 104.9 114.1 127.4
Exploration & Production (3.5) (66.8) 69.3 64.1 62.9 138.5 202.6 212.9
Corporate / Eliminations (17.0) (17.1) (18.9) (17.7) (23.7) (61.6) (99.6) (73.5)
-------- -------- -------- -------- -------- -------- -------- --------
Whole Company 191.2 202.1 264.8 278.2 336.4 412.4 495.3 601.9
======== ======== ======== ======== ======== ======== ======== ========
Discretionary Cash Flow
Chemicals $ 129.3 $ 192.3 $ 160.6 $ 132.7 $ 131.5 $ 155.4 $ 203.3 $ 253.1
Refining & Marketing 62.0 59.8 27.3 80.7 107.1 118.5 132.8 145.2
Exploration & Production 68.4 94.7 76.5 122.3 132.7 206.3 264.6 271.6
Corporate / Eliminations 11.6 39.9 39.7 28.6 32.2 8.0 (10.1) 31.0
-------- -------- -------- -------- -------- -------- -------- --------
Whole Company 271.3 386.7 304.1 364.3 403.5 488.1 590.6 700.9
======== ======== ======== ======== ======== ======== ======== ========
Notes:
Projected financial data based on management projections.
Financial data normalized to exclude non-recurring charges.
48
FINA
1Q1997 Performance
(US$ in millions) Variance
1Q 1997 vs.
Actual Budget Actual -----------------
1Q1996 1Q1997 1Q1997 1Q1996 Budget
=================================================================================
FINA
Revenues $1,106.6 $1,183.0 $1,293.2 16.9% 9.3%
EBITDA 108.1 114.0 116.3 7.6 2.0
EBIT 67.0 68.1 67.4 0.6 (1.0)
Net Income 38.0 39.2 39.2 3.2 0.0
E&P
Revenues $ 176.2 $ 188.0 $ 273.2 55.1% 45.3%
EBITDA 34.5 32.2 57.5 66.7 78.6
EBIT 18.5 13.1 35.5 91.9 171.0
R&M
Revenues $ 605.7 $ 627.9 $ 647.7 3.2% 6.9%
EBITDA 15.0 20.2 18.7 24.7 (7.4)
EBIT (1.3) 3.2 2.0 N.M. (37.5)
Chemicals
Revenues $ 324.7 $ 367.1 $ 372.3 14.7% 1.4%
EBITDA 62.2 64.9 43.8 (29.6) (32.5)
EBIT 54.4 56.2 35.1 (35.5) (37.5)
==================================================================================
49
- -------
Goldman
Sachs
- -------
Exhibit 5
50
Summary of Valuation Benchmarks
Undisturbed Market Price (a) $50
Offer Price $60
Market Price (b) $64.75
- --------------------------------------------------------------------------------
Share Price Multiple
----------- --------
Low High Low High
--- ---- --- ----
Domestic Integrated
Public Companies (c)
Multiple of 1996 DCF $49 $59.50 5.0x 6.1x
Multiple of 1997E DCF $55 $66.50 4.7x 5.7x
P/E 1996 $66 $80.50 13.4x 16.4x
P/E 1997E $64 $78 12.5x 15.3x
Commodity Chemical
Public Companies (c)
Multiple of 1996 EBITDA $64 $84 6.2x 7.6x
Multiple of 1997 EBITDA $70 $92 6.1x 7.5x
P/E 1997E $62 $76.50 12.2x 15.0x
Asset Valuation (d) $47 $75
DCF Analysis (e) $70 $78
PV of Future
Stock Prices (f) $56 $69
Cash
EPS Breakeven (g) $55 $80
Stock
EPS Breakeven (g) $51 $66
Share Price
(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 April 18, 1997 ($64.75).
(c) Based on median common stock comparison multiples. The valuation range
extends from 10% below the median to 10% above.
(d) Reflects a breakup value for FINA's three business segments. Valuation
range based on public and private market multiples and replacement cost
analysis. Pre-tax values. Includes a range of working capital values of $0
to $270 million dependent upon going concern vs. asset value disposition.
Investments valued at book.
(e) Low end of range reflects the present value, at an 11.0% discount rate, of
FINA's projected free cash flows for the period 1997-2001 as well as the
present value of a terminal value based on a multiple of 5.5x LTM DCF.
High end of range reflects the present value of the same cash flows and
terminal value discounted at a rate of 9.0%.
(f) Low end of range represents the present value, at a 12.0% discount rate,
of FINA's projected year 2000 share price based on a multiple of 9.0x LTM
net income. High end of range reflects the present value, at a 12.0%
discount rate, of FINA's projected year 2000 share price based on a
multiple of 11.0x LTM net Income.
(g) Low end of range represents the price at which there is no dilution to
PetroFina's 1997E EPS assuming no synergies and a goodwill amortization
period of 5 years. High end of range reflects the price at which there is
no dilution to PertroFina's 1997E EPS assuming no synergies and a goodwill
amortization period of 20 years.
51
- -------
Goldman
Sachs
- -------
Exhibit 6
52
Summary Transaction Analysis
Impact on PetroFina EPS and Discretionary Cash Flow
($ in millions)
Price Per FINA Share
------------------------------------------------------------------
$57.50 $60.00 $62.50 $65.00 $67.50 $70.00 $72.50
------------------------------------------------------------------
- ------------------------
100% Stock
- ------------------------
EPS Accretion/(Dilution)
1997 0.8% 0.6% 0.3% 0.1% (0.1)% (0.4)% (0.6)%
1998 1.2% 1.0% 0.8% 0.6% 0.3% 0.1% (0.1)%
DCF Accretion/(Dilution)
1997 (1.1)% (1.3)% (1.4)% (1.5)% (1.7)% (1.8)% (1.9)%
1998 (0.9)% (1.1)% (1.2)% (1.3)% (1.5)% (1.6)% (1.7)%
- ------------------------
100% Cash
- ------------------------
EPS Accretion/(Dilution)
1997 1.8% 1.6% 1.4% 1.2% 1.0% 0.8% 0.6%
1998 2.5% 2.3% 2.1% 1.9% 1.8% 1.6% 1.4%
DCF Accretion/(Dilution)
1997 1.1% 1.0% 1.0% 1.0% 0.9% 0.9% 0.8%
1998 1.3% 1.3% 1.3% 1.2% 1.2% 1.2% 1.1%
Notes
Analysis shows full-year 1997 earnings impact of transaction.
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 3.2% dilutive on a stock basis.
53
- -------
Goldman
Sachs
- -------
Exhibit 7
54
Preliminary Views on Cash/Stock Consideration
o Tax-free status of stock deal?
o Issues to consider
-- Relative valuation
-- Business and geographic profile
-- Commodity chemical cycle
-- Potential synergy benefits
o If stock, need for additional due diligence on Parent and its prospects
Goldman, Sachs & Co.
55
Comparison of Publicly-Traded Companies
European Integrated Oil Companies
Current Price Levered Unlevered
Current as % 52-Week Market Market P/E Multiple(b) Price/DCF Multiple(b)
Price(a) High Cap Cap 1996E 1997E 1997E 1998E
==================================================================================================================================
PetroFina $359.07 98.4% $ 8,258 $10,561 17.3x 15.5x 7.7x 7.2x
BP $ 11.20 89.9% $63,196 $63,708 14.6x 14.3x 7.9x 7.5x
Elf Acquitaine 95.38 91.6 25,658 33,736 17.0 16.5 6.1 6.0
ENI 5.28 94.1 42,218 48,957 14.4 13.0 6.3 5.8
Norsk Hydro 49.20 92.0 11,266 12,958 12.9 11.7 6.4 6.3
OMV 110.31 91.5 2,978 3,533 13.7 10.0 4.9 4.3
Repsol N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.
Royal Dutch 177.19 95.5 94,974 92,751 19.6 18.0 9.7 9.0
Shell T&T 17.20 95.0 57,034 56,932 17.2 15.8 8.0 7.5
Total 80.70 92.9 19,691 21,662 21.3 18.7 8.6 7.8
Median 92.5% 15.8x 15.0x 7.1x 6.9x
Mean 92.8 16.3 14.7 7.2 6.8
High 95.5 21.3 18.7 9.7 9.0
Low 89.9 12.9 10.0 4.9 4.3
==================================================================================================================================
(a) Latest stock price as of 04/18/97.
(b) Based on GS Research estimates as of 04/18/97. Estimates for companies
with non-calendar fiscal year ends have been calendarized.
56
Review of Research Analyst Comments
PetroFina
- ------------------ --------------------- ------------------ ---------------- ----------------------------------------
Date 2 Company/Analyst Price/l997E EPS Rating Comments
- ------------------ --------------------- ------------------ ---------------- ----------------------------------------
January 31, 1997 Merrill Lynch Bfr 11,875/Bfr 724 Neutral o "Surprise" stock for 1997
Susan Graham
o Chemicals was a touch disappointing.
A weakening trend seen in refining
as new ethylene capacity is brought
onstream over the next two years.
PetroFina's leadership position,
combined with its high degree of
integration with its refining
activities will act as a buffer to
the downturn.
January 17, 1997 Goldman Sachs Bfr 11,075/Bfr 734 Market Performer o Now trading in line with the group
Peter Nicol
o Despite a flat production profile,
costs should decline over the next
few years and the prospects in the
Gulf of Mexico, the North Sea and
offshore Angola offer scope for
faster production growth.
o Refining and marketing remains the
key area for the company's fortunes.
PetroFina has insufficient marketing
outlets in relation to its refinery
output.
November 4, 1996 Dewaay Servais Bfr 9,600/Bfr 650 Hold/Sell o High exposure to low return on
capital employed businesses like
refining and petrochemicals will
generate unappealing returns over a
full cycle. Stock does not seem
compellingly cheap.
o Sell PetroFina as soon as the share
price approaches the Bfrl0,000
benchmark.
o Even if the refining overcapacity
problems were solved, the industry
economics are deteriorating
steadily.
November 1, 1996 SBC Warburg Bfr 9,810/Bfr 678 Reduce o Lower earnings and cash flow momentum
than the oil sector average between
1996 and 2000. We see little to
justify the continued premium of
PetroFina to the European oil sector
average on debt adjusted cash flow
multiples.
Goldman, Sachs & Co.
57
Research Analyst Comments
FINA
- --------------------------------------------------------------------------------
Fitch Investors Service
- --------------------------------------------------------------------------------
Mary Anne Sudol
o FINA's commercial paper rating of F-1 reflects its excellent chemicals
business position and performance, strengthened credit protection
measurements, and consistent free cash flow generation. In recent years,
the company has substantially refocused all operations and upgraded asset
quality while continuing to lower costs. After completing required
environmental spending and refinery upgrading, rising capital outlays are
now focused on growth projects in exploration and production and
chemicals. FINA now funds itself independently of its parent company,
PetroFina, having developed access to diverse funding sources.
o FINA's challenges are to achieve solid profitability in its upstream and
downstream businesses while maintaining reasonable chemicals margins in
cyclical downturns. Fitch expects FINA to be able to generate free cash
flows, even with higher capital expenditures.
Strengths
-- Operations upgraded and tightly focused; constant cost reduction
-- Chemicals operations are world scale and low cost, with strong
market shares in key products
-- Consistent free cash flow generation and positive cash flow adequacy
ratio
-- Diverse funding sources are in place
-- Improving profitability remains the highest corporate priority
Concerns
-- Commodity price risk exists in all areas of the business
-- Reserve replacement must be done at competitive costs
-- New environmental regulations may require additional spending
-- Capital expenditures are still highly selective, possibly missing
growth opportunities
- --------------------------------------------------------------------------------
Goldman, Sachs & Co.
58
Comparison of Profit Breakdown by Business Segment
FINA vs. PetroFina
[The following table was depicted as a pie chart in the printed material.]
- --------------------------------- ---------------------------------
1992-96 Average 1996
- --------------------------------- ---------------------------------
FINA EBITDA by Segment
Chemicals 48% 57%
E&P 35% 31%
R&M 17% 11%
PetroFina Operating Profit by Segment
Chemicals 30% 27%
E&P 51% 59%
R&M 14% 11%
Paints 5% 3%
59
FINA vs PetroFina
Geographic Breakdown of Fixed Assets
[The following table was depicted as a pie chart in the printed material.]
- --------------------------------------------------------------------------------
1996
- --------------------------------------------------------------------------------
FINA PetroFina
North America 100% 23%
Belgium - 39%
Other Europe - 37%
Africa and Other 1%
60
- -------
Goldman
Sachs
- -------
Exhibit 8
61
Next Steps
o Satisfy outstanding due diligence requests
o Finalize valuation analysis
o Finalize assessment of cash v. stock
o Confirm recommendation to Special Committee
o Initiate discussions with Parent
Goldman, Sachs & Co.
62
- -------
Goldman
Sachs
- -------
63
Comparison of Publicly-Traded Companies
Median Multiples
Price/Earnings Multiple (a) Price/DCF Multiple (a) Enterprise Value/EBITDA (a)
------------------------------- ---------------------- ------------------------------
1996E 1997E Norm(b) 1996E 1997E 1996E 1997E Norm(b)
===========================================================================================================================
FINA(c) 13.2x 12.7x 12.0x 6.6x 5.5x 6.2x 5.7x 5.4x
FINA Undisturbed (c) (d) 10.2 9.8 9.3 5.1 4.3 5.2 4.8 4.5
Composite Medians:
Domestic Integrated 14.9x 13.9x NA 5.5x 5.2x NA NA NA
Commodity Chemicals 14.6 13.6 8.0x 6.9 6.6 6.9x 6.8x 5.2x
Exploration & Production 19.4 16.8 NA 6.3 4.8 NA NA NA
Refining & Marketing 24.2 18.7 NA 9.3 6.1 8.9 7.2 7.2
===========================================================================================================================
(a) Based on GB Research estimates as of 4/4/97. Estimates for companies with
non-calendar fiscal year ends have been calendarized.
(b) FINA's normalized financial data reflects a five-year average based on two
years of historical data and three years of projected data.
(c) FINA 1998 figures are actual. FINA estimates based on management
projections.
(d) Based on FINA's closing share price as of February 24, 1997, one day prior
to PetroFina announcement.
64
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 1996E 1997E 1996E 1997E 1996E 1997E
====================================================================================================================================
FINA (c) $64.75 98.1% $2,021.3 $2,715.9 13.2x 12.7x 6.6x 5.5x 81.5% 59.6%
FINA Undisturbed (d) $50.00 90.9% $1,560.9 $2,255.5 10.2x 9.8x 5.1x 4.3x 81.5% 59.6%
Amoco Corp. $81.38 90.4% $40,414.4 $45,558.4 15.6x 14.5x 7.4x 7.2x 24.6% 19.9%
Ashland, Inc. 44.00 90.0 3,266.6 5,086.3 19.8 16.9 5.5 5.3 35.2 29.3
Atlantic Richfield 131.63 92.4 21,202.4 28,279.4 12.9 12.8 5.9 5.9 19.2 18.4
Kerr-McGee 57.88 77.2 2,807.5 3,350.5 12.6 13.9 4.8 5.2 24.5 29.0
Murphy Oil 44.00 77.9 1,974.1 2,079.9 19.1 15.7 5.5 5.1 0.0 0.0
Phillips Petroleum 38.50 82.1 10,130.0 13,294.0 11.3 10.7 5.2 4.9 30.6 33.7
Sun Company 24.63 75.5 1,797.4 2,374.8 -58.6 22.4 11.5 6.8 47.6 28.2
Unocal Corp. 37.50 81.7 9,390.6 12,753.6 15.3 13.4 5.1 5.2 0.0 0.0
USX-Marathon 26.75 93.9 7,693.4 8,846.4 14.9 13.4 5.2 5.2 0.0 0.0
- ------------------------------------------------------------------------------------------------------------------------------------
Median 82.1% 14.9x 13.9x 5.5x 5.2x 24.5% 19.9%
Mean 84.6 7.0 14.9 6.2 5.7 20.2 17.6
High 93.9 19.8 22.4 11.5 7.2 47.6 33.7
Low 75.5 (58.6) 10.7 4.8 4.9 0 0
====================================================================================================================================
(a) Latest stock price as of 04/18/97.
(b) Based on GS Research estimates as of 04/11/97. Estimates for companies with
non-calendar fiscal year ends have been calendarized.
(c) FINA 1996 figures are actual. FINA 1997 figures based on FINA management
estimates.
(d) FINA's closing share price as of February 24, 1997, one day prior to
PetroFina announcement.
65
Comparison of Publicly-Traded Companies
Commodity Chemicals
Current Price/Earnings Price/DCF Enterprise Value/
Price as Levered Multiple (b) Multiple (b) EBITDA (b)
Current % 52-Week Market Market ---------------------- ------------ ----------------------
Price(a) High Cap Cap 1996E 1997E Norm(c) 1996E 1997E 1996E 1997E Norm(c)
================================================================================================================================
FINA (d) $64.75 98.1% $2,021.3 $2,715.9 13.2x 12.7x 12.0x 6.6x 5.5x 6.2x 5.7x 5.4x
FINA Undisturbed (e) 50.00 90.9 1,560.9 2,255.5 10.2 9.8 9.3 5.1 4.3 5.2 4.8 4.5
Dow Chemical $80.50 87.0% $20,125.0 $24,391.0 10.7x 11.9x 10.7x 6.0x 6.3x 5.5x 5.8x 5.4x
Geon 21.50 74.8 533.2 672.2 47.8 22.6 7.8 7.0 6.3 8.1 6.7 3.9
Georgia Gulf 23.63 61.0 822.2 1,217.2 12.8 13.5 6.2 7.7 7.8 7.4 7.2 4.3
Lyondell 20.63 67.9 1,650.0 2.948.0 16.5 13.8 8.3 8.5 8.4 8.6 7.8 5.9
Millenium 18.25 69.2 1,396.1 3.546.1 12.0 16.6 6.5 3.3 3.9 6.4 6.9 4.9
Union Carbide 47.38 95.9 6,253.5 7,758.5 12.0 12.3 10.4 6.8 6.9 6.4 6.5 5.8
Methanex 8.81 82.9 1,665.6 1,721.6 24.5 24.5 NA NA NA NA NA NA
Wellman 16.25 65.3 526.5 835.5 20.6 11.6 NA NA NA NA NA NA
---------------------------------------------------------------------------------------------------------
Median 72.0% 14.6x 13.6x 8.0x 6.9x 6.6x 6.9x 6.8x 5.2x
Mean 75.5 19.6 15.8 8.3 6.5 6.6 7.1 6.8 5.0
High 95.9 47.8 24.5 10.7 8.5 8.4 8.6 7.8 5.9
Low 61.0 10.7 11.6 6.2 3.3 3.9 5.5 5.8 3.9
================================================================================================================================
(a) Latest stock price as of 04/18/97.
(b) Based on GS Research estimates as of 04/04/97. Estimates for companies with
non-calendar fiscal year ends have been calendarized.
(c) FINA's normalized financial data reflects a five-year average based on two
years of historical data and three years of projected data.
(d) FINA 1996 figures are actual. FINA estimates based on management
projections.
(e) FINA's closing share price as of February 24, 1997, one day prior to
PetroFina announcement.
66
Asset Valuation
(US$ in millions)
Valuation Range
================ ==============================================================
Low High Valuation Basis
====== ====== ==============================================================
Chemicals $1,200 $1,600 1997 EBITDA and net income multiples; Replacement costs
Exploration & Production 500 575 $5 to $6 per BOE of Proved Reserves; DCF multiples
Refining & Marketing 400 500 LTM DCF and EBITDA multiples
Working Capital 0 270 Range dependent upon going concern vs. asset value disposition
Investments 78 78 Valued at book
------ ------
Total Enterprise Value $2,178 $3,023
Net Debt (696) (696)
------ ------
Total Equity Value $1,482 $2,327
Equity Value Per Share $47.47 $74.54
67
FINA Cash Flow Statement
($ in millions)
Projections for Discounted Cash Flow Analysis
----------------------------------------------------
1994 1995 1996 1997E 1998E 1999E 2000E 2001E
===================================================================================================================
Revenues $3,421.1 $3,606.6 $4,081.2 $4,290.2 $4,903.3 $5,302.2 $5,587.7 $5,965.2
======== ======== ======== ======== ======== ======== ======== ========
EBIT $191.2 $202.1 $264.8 $278.2 $336.4 $412.4 495.3 $601.9
Taxes (a) (68.8) (72.8) (95.3) (100.2) (121.1) (148.5) (178.3) (216.7)
Capital Expenditures (133.9) (213.1) (263.3) (322.4) (422.3) (294.9) (351.5) (413.6)
Depreciation & Amortization 186.0 215.0 171.0 195.8 211.1 238.5 250.7 258.8
Other Cash Flow (16.7) 67.3 (20.1) 9.2 1.1 18.1 50.5 79.1
-------- -------- -------- -------- -------- -------- -------- --------
Free Cash Flow $ 157.8 $ 198.5 $ 57.0 $ 60.6 $ 5.2 $ 225.6 $ 266.7 $ 309.5
======== ======== ======== ======== ======== ======== ======== ========
Discretionary Cash Flow (b) $ 271.3 $ 386.7 $ 304.1 $ 364.3 $ 403.5 $ 488.1 $ 590.6 $ 700.9
Revenue Growth 5.4% 13.2% 5.1% 14.3% 8.1% 5.4% 6.8%
EBIT Margin 5.6% 5.6% 6.5% 6.5% 6.9% 7.8% 8.9% 10.1%
- ----------
Projected financial data based on management projections.
(a) Assumes a 36.0% tax rate.
(b) Defined as Net Income + D&A + Other Cash Flow.
68
FINA DCF Analysis
($ in millions)
Multiple of Terminal DCF
---------------------------------------------------
Discount Rate 4.5x 5.0x 5.5x 6.0x 6.5x 7.0x
=================================================================================
9.0% PV of Cash Flows $ 624 $ 624 $ 624 $ 624 $ 624 $ 624
PV of Terminal Value 2,050 2,278 2,505 2,733 2,961 3,189
------ ------ ------ ------ ------ ------
Enterprise Value $2,674 $2,902 $3,130 $3,358 $3,558 $3,813
10.0% PV of Cash Flows $ 603 $ 603 $ 603 $ 603 $ 603 $ 603
PV of Terminal Value 1,958 2,176 2,394 2,611 2,829 3,046
------ ------ ------ ------ ------ ------
Enterprise Value $2,562 $2,779 $2,997 $3,215 $3,432 $3,650
11.0% PV of Cash Flows $ 583 $ 583 $ 583 $ 583 $ 583 $ 583
PV of Terminal Value 1,872 2,080 2,288 2,496 2,704 2,912
------ ------ ------ ------ ------ ------
Enterprise Value $2,455 $2,663 $2,871 $3,079 $3,287 $3,495
Equity Value Per Share
---------------------------------------------------
9.0% $63.41 $70.71 $78.00 $85.30 $92.59 $99.89
10.0% $59.80 $66.77 $73.74 $80.71 $87.68 $94.65
11.0% $56.39 $63.05 $69.71 $76.37 $83.03 $89.69
---------------------------------------------------
- ----------
Note: Cash flows discounted to December 31, 1996.
69
Potential Future Stock Price
[The following table was represented as a line graph in the printed material]
Stock Price ($)
1997 1998 1999 2000 2001
---- ---- ---- ---- ----
9.0x $45.90 $55.17 $66.78 $ 83.43 $104.67
10.0x $51.00 $61.30 $74.20 $ 92.70 $116.30
11.0x $56.10 $67.43 $81.62 $101.97 $127.93
LTM EPS $ 5.10 $ 6.13 $ 7.42 $ 9.27 $ 11.63
70
Present Value of Potential Stock Price (a)
[The following table was represented as a line graph in the printed material]
Stock Price ($)
1997 1998 1999 2000 2001
---- ---- ---- ---- ----
9.0x $43.37 $46.55 $50.30 $56.11 $62.86
10.0x $48.19 $51.72 $55.89 $62.35 $69.84
11.0x $53.01 $56.89 $61.48 $68.58 $76.82
Offer $60.00 $60.00 $60.00 $60.00 $60.00
Undisturbed (b) $50.00 $50.00 $50.00 $50.00 $50.00
LTM EPS $ 5.10 $ 6.13 $ 7.42 $ 9.27 $11.63
(a) Assumes discount rate of 12%. Share prices discounted to June 1, 1997.
(b) FINA's closing share price as of February 24, 1997, one day prior to
PetroFina announcement.
71
PetroFina Acquires Remaining 14.2% of FINA
100% Stock/0% Debt - Purchase Accounting - Impact on EPS
Amortization Period: 20 years
-------------------------------------------------------------------------------
Price Per Share $57.50 $60.00 $62.50 $65.00 $67.50 $70.00 $72.50
-------------------------------------------------------------------------------
Publicly Held Shares Outstanding (mm) 4.42 4.42 4.42 4.42 4.42 4.42 4.42
-------------------------------------------------------------------------------
Equity Consideration $254.2 $265.3 $276.3 $287.4 $298.4 $309.5 $320.5
-------------------------------------------------------------------------------
- -------------------------------------
1997E
- -------------------------------------
PetroFina Net Income (a) $480.9 $480.9 $480.9 $480.9 $480.9 $480.9 $480.9
Incremental FINA Net Income (b) 22.6 22.6 22.6 22.6 22.6 22.6 22.6
After-Tax Interest Expense (c) 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Goodwill Amortization (c)(d) (3.9) (4.4) (5.0) (5.5) (6.1) (6.6) (7.2)
After-Tax Synergies (e) 0.0 0.0 0.0 0.0 0.0 0.0 0.0
-------------------------------------------------------------------------------
Pro Forma Net Income $499.7 $499.1 $498.5 $498.0 $497.4 $496.9 $496.3
PetroFina 1997E EPS (Pre-Transaction) $20.79 $20.79 $20.79 $20.79 $20.79 $20.79 $20.79
Pro Forma 1997E EPS $20.96 $20.91 $20.86 $20.81 $20.76 $20.71 $20.66
Accretion/(Dilution) 1997E 0.8% 0.6% 0.3% 0.1% (0.1)% (0.4)% (0.6)%
PT Synergies to Breakeven - 1997(e) $ (6.2) $ (4.4) $ (2.6) $ (0.7) $ 1.1 $ 3.0 $ 4.8
- -------------------------------------
1998E
- -------------------------------------
PetroFina Net Income(a) $537.2 $537.2 $537.2 $537.2 $537.2 $537.2 $537.2
Incremental FINA Net Income(b) 27.2 27.2 27.2 27.2 27.2 27.2 27.2
After-Tax Interest Expense(c) 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Goodwill Amortization(c)(d) (3.9) (4.4) (5.0) (5.5) (6.1) (6.6) (7.2)
After-Tax Synergies(a) 0.0 0.0 0.0 0.0 0.0 0.0 0.0
-------------------------------------------------------------------------------
Pro Forma Net Income $560.5 $560.0 $559.4 $558.9 $558.3 $557.8 $557.2
PetroFina 1998E EPS (Pre-Transaction) $23.23 $23.23 $23.23 $23.23 $23.23 $23.23 $23.23
Pro Forma 1998E EPS $23.52 $23.46 $23.41 $23.36 $23.30 $23.25 $23.20
Accretion/(Dilution) 1998E 1.2% 1.0% 0.8% 0.6% 0.3% 0.1% (0.1)%
PT Synergies to Breakeven - 1998(e) $(10.6) $ (8.6) $ (6.7) $ (4.7) $ (2.8) $ (0.8) $ 1.1
- -------------------------------------
Shares Outstanding
- -------------------------------------
PetroFina Shares Outstanding 23.13 23.13 23.13 23.13 23.13 23.13 23.13
New Shares Issued 0.71 0.74 0.77 0.80 0.83 0.86 0.89
-------------------------------------------------------------------------------
Pro Forma Shares Outstanding 23.83 23.87 23.90 23.93 23.96 23.99 24.02
Notes
- ----------
In order to show full-year 1997 earnings impact, analysis assumes transaction
occured 12/31/96.
(a) PetroFina earnings estimates based on GS Research (January 1997).
(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%.
72
PetroFina Acquires Remaining 14.2% of FINA
100% Stock/0% Debt - Purchase Accounting - Impact on DCF
Amortization Period: 20 years
---------------------------------------------------------------------------------
Price Per Share $ 57.50 $ 60.00 $ 62.50 $ 65.00 $ 67.50 $ 70.00 $ 72.50
---------------------------------------------------------------------------------
Publicly Held Shares Outstanding (mm) 4.42 4.42 4.42 4.42 4.42 4.42 4.42
---------------------------------------------------------------------------------
Equity Consideration $ 254.2 $ 265.3 $ 276.3 $ 287.4 $ 298.4 $ 309.5 $ 320.5
---------------------------------------------------------------------------------
- -------------------------------------
1997E
- -------------------------------------
PetroFina Discretionary Cash Flow(a) $1,201.1 $1,201.1 $1,201.1 $1,201.1 $1,201.1 $1,201.1 $1,201.1
Incremental FINA Net Income (b) 22.6 22.6 22.6 22.6 22.6 22.6 22.6
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 $1,223.8 $1,223.8 $1,223.8 $1,223.8 $1,223.8 $1,223.8 $1,223.8
PetroFina 1997E DCF (Pre-Transaction) $ 51.94 $ 51.94 $ 51.94 $ 51.94 $ 51.94 $ 51.94 $ 51.94
Pro Forma 1997E DCF $ 51.34 $ 51.28 $ 51.21 $ 51.14 $ 51.08 $ 51.01 $ 50.95
Accretion/(Dilution) 1997E (1.1)% (1.3)% (1.4)% (1.5)% (1.7)% (1.8)% (1.9)%
PT Synergies to Breakeven -1997(d) $ 21.8 $ 24.2 $ 26.7 $ 29.1 $ 31.6 $ 34.1 $ 36.5
- -------------------------------------
1998E
- -------------------------------------
PetroFina Discretionary Cash Flow (a) $1,303.1 $1,303.1 $1,303.1 $1,303.1 $1,303.1 $1,303.1 $1,303.1
Incremental FINA Net income (b) 27.2 27.2 27.2 27.2 27.2 27.2 27.2
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 $1,330.3 $1,330.3 $1,330.3 $1,330.3 $1,330.3 $1,330.3 $1,330.3
PetroFina 1998E DCF (Pre-Transaction) $ 56.35 $ 56.35 $ 56.35 $ 56.35 $ 56.35 $ 56.35 $ 56.35
Pro Forma 1998E DCF $ 55.81 $ 55.74 $ 55.67 $ 55.60 $ 55.53 $ 55.45 $ 55.38
Accretion/(Dilution) 1998E (0.9)% (1.1)% (1.2)% (1.3)% (1.5)% (1.6)% (1.7)%
PT Synergies to Breakeven -1998(d) $ 19.6 $ 22.2 $ 24.9 $ 27.6 $ 30.3 $ 32.9 $ 35.6
- -------------------------------------
Shares Outstanding
- -------------------------------------
PetroFina Shares Outstanding 23.13 23.13 23.13 23.13 23.13 23.13 23.13
New Shares Issued 0.71 0.74 0.77 0.80 0.83 0.86 0.89
---------------------------------------------------------------------------------
Pro Forma Shares Outstanding 23.83 23.87 23.90 23.93 23.96 23.99 24.02
Notes
- ----------
In order to show full-year 1997 earnings impact, analysis assumes transaction
occurred 12/31/96
(a) PetroFina DCF estimates based an GS Research (January 1997).
(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%.
73
PetroFina Acquires Remaining 14.2% of FINA
0% Stock/l00% Debt - Purchase Accounting - Impact on EPS
Amortization Period: 20 years
-------------------------------------------------------------------------------
Price Per Share $57.50 $60.00 $62.50 $65.00 $67.50 $70.00 $72.50
-------------------------------------------------------------------------------
Publicly Held Shares Outstanding (mm) 4.42 4.42 4.42 4.42 4.42 4.42 4.42
-------------------------------------------------------------------------------
Equity Consideration $254.2 $265.3 $276.3 $287.4 $298.4 $309.5 $320.5
-------------------------------------------------------------------------------
- -------------------------------------
1997E
- -------------------------------------
PetroFina Net Income (a) $480.9 $480.9 $480.9 $480.9 $480.9 $480.9 $480.9
Incremental FINA Net Income (b) 22.6 22.6 22.6 22.6 22.6 22.6 22.6
After-Tax Interest Expense (c) (9.9) (10.3) (10.8) (11.2) (11.6) (12.1) (12.5)
Goodwill Amortization (c)(d) (3.9) (4.4) (5.0) (5.5) (6.1) (6.6) (7.2)
After-Tax Synergies (e) 0.0 0.0 0.0 0.0 0.0 0.0 0.0
-------------------------------------------------------------------------------
Pro Forma Net Income $489.7 $488.8 $487.8 $486.8 $485.8 $484.8 $483.8
PetroFina 1997E EPS (Pre-Transaction) $20.79 $20.79 $20.79 $20.79 $20.79 $20.79 $20.79
Pro Forma 1997E EPS $21.18 $21.13 $21.09 $21.05 $21.01 $20.96 $20.92
Accretion/(Dilution) 1997E 1.8% 1.6% 1.4% 1.2% 1.0% 0.8% 0.6%
PT Synergies to Breakeven - 1997(e) $(13.6) $(12.1) $(10.6) $(9.1) $(7.6) $(6.1) $(4.5)
- -------------------------------------
1998E
- -------------------------------------
PetroFina Net Income (a) $537.2 $537.2 $537.2 $537.2 $537.2 $537.2 $537.2
Incremental FINA Net Income (b) 27.2 27.2 27.2 27.2 27.2 27.2 27.2
After-Tax Interest Expense (c) (9.9) (10.3) (10.8) (11.2) (11.6) (12.1) (12.5)
Goodwill Amortization (c)(d) (3.9) (4.4) (5.0) (5.5) (6.1) (6.6) (7.2)
After-Tax Synergies (e) 0.0 0.0 0.0 0.0 0.0 0.0 0.0
-------------------------------------------------------------------------------
Pro Forma Net Income $550.6 $549.6 $548.7 $547.7 $546.7 $545.7 $544.7
PetroFina 1998E EPS (Pro-Transaction) $23.23 $23.23 $23.23 $23.23 $23.23 $23.23 $23.23
Pro Forma 1998E EPS $23.81 $23.77 $23.72 $23.68 $23.64 $23.60 $23.55
Accretion/(Dilution) 1998E 2.5% 2.3% 2.1% 1.9% 1.8% 1.6% 1.4%
PT Synergies to Breakeven - 1998(e) $(20.6) $(19.1) $(17.6) $(16.1) $(14.6) $(13.0) $(11.5)
- -------------------------------------
Shares Outstanding
- -------------------------------------
PetroFina Shares Outstanding 23.13 23.13 23.13 23.13 23.13 23.13 23.13
New Shares Issued 0.00 0.00 0.00 0.00 0.00 0.00 0.00
-------------------------------------------------------------------------------
Pro Forma Shares Outstanding 23.13 23.13 23.13 23.13 23.13 23.13 23.13
Notes
- ----------
In order to show full-year 1997 earnings impact, analysis assumes transaction
occured 12/31/96.
(a) PetroFina earnings estimates based on GS Research (January 1997).
(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%.
74
PetroFina Acquires Remaining 14.2% of FINA
0% Stock/l00% Debt - Purchase Accounting - Impact on DCF
Amortization Period: 20 years
---------------------------------------------------------------------------------
Price Per Share $ 57.50 $ 60.00 $ 62.50 $ 65.00 $ 67.50 $ 70.00 $ 72.50
---------------------------------------------------------------------------------
Publicly Held Shares Outstanding (mm) 4.42 4.42 4.42 4.42 4.42 4.42 4.42
---------------------------------------------------------------------------------
Equity Consideration $ 254.2 $ 265.3 $ 276.3 $ 287.4 $ 298.4 $ 309.5 $ 320.5
---------------------------------------------------------------------------------
- -------------------------------------
1997E
- -------------------------------------
PetroFina Discretionary Cash Flow(a) $1,201.1 $1,201.1 $1,201.1 $1,201.1 $1,201.1 $1,201.1 $1,201.1
Incremental FINA Net Income (b) 22.6 22.6 22.6 22.6 22.6 22.6 22.6
After-Tax Interest Expense (c) (9.9) (10.3) (10.8) (11.2) (11.6) (12.1) (12.5)
After-Tax Synergies (d) 0.0 0.0 0.0 0.0 0.0 0.0 0.0
---------------------------------------------------------------------------------
Pro Forma Net Income $1,213.8 $1,213.4 $1,213.0 $1,212.5 $1,212.1 $1,211.7 $1,211.3
PetroFina 1997E DCF (Pre-Transaction) $ 51.94 $ 51.94 $ 51.94 $ 51.94 $ 51.94 $ 51.94 $ 51.94
Pro Forma 1997E DCF $ 52.49 $ 52.47 $ 52.45 $ 52.43 $ 52.41 $ 52.39 $ 52.37
Accretion/(Dilution) 1997E (1.1)% (1.0)% (1.0)% (1.0)% (0.9)% (0.9)% (0.8)%
PT Synergies to Breakeven -1997(d) $ (19.5) $ (18.9) $ (18.2) $ (17.6) $ (16.9) $ (16.2) $ (15.6)
- -------------------------------------
1998E
- -------------------------------------
PetroFina Discretionary Cash Flow (a) $1,303.1 $1,303.1 $1,303.1 $1,303.1 $1,303.1 $1,303.1 $1,303.1
Incremental FINA Net Income (b) 27.2 27.2 27.2 27.2 27.2 27.2 27.2
After-Tax Interest Expense (c) (9.9) (10.3) (10.8) (11.2) (11.6) (12.1) (12.5)
After-Tax Synergies (d) 0.0 0.0 0.0 0.0 0.0 0.0 0.0
---------------------------------------------------------------------------------
Pro Forma Net Income $1,320.4 $1,319.9 $1,319.5 $1,319.1 $1,318.6 $1,318.2 $1,317.8
PetroFina 1998E DCF (Pre-Transaction) $ 56.35 $ 56.35 $ 56.35 $ 56.35 $ 56.35 $ 56.35 $ 56.35
Pro Forma 1998E DCF $ 57.09 $ 57.07 $ 57.05 $ 57.04 $ 57.02 $ 57.00 $ 56.98
Accretion/(Dilution) 1998E 1.3% 1.3% 1.3% 1.2% 1.2% 1.2% 1.1%
PT Synergies to Breakeven -1998(d) $ (26.5) $ (25.9) $ (25.2) $ (24.5) $ (23.9) $ (23.2) $ (22.6)
- -------------------------------------
Shares Outstanding
- -------------------------------------
Petrofina Shares Outstanding 23.13 23.13 23.13 23.13 23.13 23.13 23.13
New Shares Issued 0.00 0.00 0.00 0.00 0.00 0.00 0.00
---------------------------------------------------------------------------------
Pro Forma Shares Outstanding 23.13 23.13 23.13 23.13 23.13 23.13 23.13
Notes
- ----------
In order to show full-year 1997 earnings impact, analysis assumes transaction
occurred 12/31/96
(a) PetroFina DCF estimates based on GS Research (January 1997).
(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%.
75
PetroFina Acquires Remaining 14.2% of FINA
100% Stock/0% Debt - Purchase Accounting - Impact on EPS
Amortization Period: 5 years
-------------------------------------------------------------------------------
Price Per Share $57.50 $60.00 $62.50 $65.00 $67.50 $70.00 $72.50
-------------------------------------------------------------------------------
Publicly Held Shares Outstanding (mm) 4.42 4.42 4.42 4.42 4.42 4.42 4.42
-------------------------------------------------------------------------------
Equity Consideration $254.2 $265.3 $276.3 $287.4 $298.4 $309.5 $320.5
-------------------------------------------------------------------------------
- -------------------------------------
1997E
- -------------------------------------
PetroFina Net income (a) $480.9 $480.9 $480.9 $480.9 $480.9 $480.9 $480.9
Incremental FINA Net Income (b) 22.6 22.6 22.6 22.6 22.6 22.6 22.6
After-Tax Interest Expense (c) 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Goodwill Amortization (c)(d) (15.4) (17.6) (19.8) (22.0) (24.3) (26.5) (28.7)
After-Tax Synergies (e) 0.0 0.0 0.0 0.0 0.0 0.0 0.0
-------------------------------------------------------------------------------
Pro Forma Net Income $488.1 $485.9 $483.7 $481.5 $479.2 $477.0 $474.8
PetroFina 1997E EPS (Pre-Transaction) $20.79 $20.79 $20.79 $20.79 $20.79 $20.79 $20.79
Pro Forma 1997E EPS $20.48 $20.36 $20.24 $20.12 $20.00 $19.89 $19.77
Accretion/(Dilution) 1997E (1.5)% (2.1)% (2.7)% (3.2)% (3.8)% (4.4)% (4.9)%
PT Synergies to Breakeven - 1997(e) $ 11.6 $ 16.0 $ 20.3 $ 24.7 $ 29.1 $ 33.5 $ 37.9
- -------------------------------------
1998E
- -------------------------------------
PetroFina Net Income (a) $537.2 $537.2 $537.2 $537.2 $537.2 $537.2 $537.2
Incremental FINA Net Income (b) 27.2 27.2 27.2 27.2 27.2 27.2 27.2
After-Tax Interest Expense (c) 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Goodwill Amortization (c)(d) (15.4) (17.6) (19.8) (22.0) (24.3) (26.5) (28.7)
After-Tax Synergies (e) 0.0 0.0 0.0 0.0 0.0 0.0 0.0
-------------------------------------------------------------------------------
Pro Forma Net Income $549.0 $546.8 $544.6 $542.3 $540.1 $537.9 $535.7
Petrofina 1998E EPS (Pre-Transaction) $23.23 $23.23 $23.23 $23.23 $23.23 $23.23 $23.23
Pro Forma 1998E EPS $23.03 $22.91 $22.79 $22.67 $22.54 $22.42 $22.30
Accretion/(Dilution) 1998E (0.8)% (1.4)% (1.9)% (2.4)% (2.9)% (3.5)% (4.0)%
PT Synergies to Breakeven - 1998(e) $ 7.2 $ 11.7 $ 16.2 $ 20.7 $ 25.2 $ 29.7 $ 34.2
- -------------------------------------
Shares Outstanding
- -------------------------------------
PetroFina Shares Outstanding 23.13 23.13 23.13 23.13 23.13 23.13 23.13
New Shares Issued 0.71 0.74 0.77 0.80 0.83 0.86 0.89
-------------------------------------------------------------------------------
Pro Forma Shares Outstanding 23.83 23.87 23.90 23.93 23.96 23.99 24.02
Notes
- ----------
In order to show full-year 1997 earnings impact, analysis assumes transaction
occured 12/31/96.
(a) PetroFina earnings estimates based on GS Research (January 1997).
(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%.
76
PetroFina Acquires Remaining 14.2% of FINA
100% Stock/O% Debt - Purchase Accounting - Impact on DCF
Amortization Period: 20 years
---------------------------------------------------------------------------------
Price Per Share $ 57.50 $ 60.00 $ 62.50 $ 65.00 $ 67.50 $ 70.00 $ 72.50
---------------------------------------------------------------------------------
Publicly Held Shares Outstanding (mm) 4.42 4.42 4.42 4.42 4.42 4.42 4.42
---------------------------------------------------------------------------------
Equity Consideration $ 254.2 $ 265.3 $ 276.3 $ 287.4 $ 298.4 $ 309.5 $ 320.5
---------------------------------------------------------------------------------
- -------------------------------------
1997E
- -------------------------------------
PetroFina Discretionary Cash Flow (a) $1,201.1 $1,201.1 $1,201.1 $1,201.1 $1,201.1 $1,201.1 $1,201.1
Incremental FINA Net Income (b) 22.6 22.6 22.6 22.6 22.6 22.6 22.6
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 $1,223.8 $1,223.8 $1,223.8 $1,223.8 $1,223.8 $1,223.8 $1,223.8
PetroFina 1997E DCF (Pre-Transaction) $ 51.94 $ 51.94 $ 51.94 $ 51.94 $ 51.94 $ 51.94 $ 51.94
Pro Forma 1997E DCF $ 51.34 $ 51.28 $ 51.21 $ 51.14 $ 51.08 $ 51.01 $ 50.95
Accretion/(Dilution) 1997E (1.1)% (1.3)% (1.4)% (1.5)% (1.7)% (1.8)% (1.9)%
PT Synergies to Breakeven - 1997(d) $ 21.8 $ 24.2 $ 26.7 $ 29.1 $ 31.6 $ 34.1 $ 36.5
- -------------------------------------
1998E
- -------------------------------------
PetroFina Discretionary Cash Flow (a) $1,303.1 $1,303.1 $1,303.1 $1,303.1 $1,303.1 $1,303.1 $1,303.1
Incremental FINA Net Income (b) 27.2 27.2 27.2 27.2 27.2 27.2 27.2
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 $1,330.3 $1,330.3 $1,330.3 $1,330.3 $1,330.3 $1,330.3 $1,330.3
PetroFina 1998E DCF (Pre-Transaction) $ 56.35 $ 56.35 $ 56.35 $ 56.35 $ 56.35 $ 56.35 $ 56.35
Pro Forma 1998E DCF $ 55.81 $ 55.74 $ 55.67 $ 55.60 $ 55.53 $ 55.45 $ 55.38
Accretion/(Dilution) 1998E (0.9)% (1.1)% (1.2)% (1.3)% (1.5)% (1.6)% (1.7)%
PT Synergies to Breakeven - 1998(d) $ 19.6 $ 22.2 $ 24.9 $ 27.6 $ 30.3 $ 32.9 $ 35.6
- -------------------------------------
Shares Outstanding
- -------------------------------------
PetroFina Shares Outstanding 23.13 23.13 23.13 23.13 23.13 23.13 23.13
New Shares Issued 0.71 0.74 0.77 0.80 0.83 0.86 0.89
---------------------------------------------------------------------------------
Pro Forma Shares Outstanding 23.83 23.87 23.90 23.93 23.96 23.99 24.02
Notes
- ----------
In order to show full-year 1997 earnings impact, analysis assumes transaction
occurred 12/31/96
(a) PetroFina DCF estimates based on GS Research (January 1997).
(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%.
77
PetroFina Acquires Remaining 14.2% of FINA
0% Stock/100% Debt - Purchase Accounting - Impact on EPS
Amortization Period: 5 years
-------------------------------------------------------------------------------
Price Per Share $57.50 $60.00 $62.50 $65.00 $67.50 $70.00 $72.50
-------------------------------------------------------------------------------
Publicly Held Shares Outstanding (mm) 4.42 4.42 4.42 4.42 4.42 4.42 4.42
-------------------------------------------------------------------------------
Equity Consideration $254.2 $265.3 $276.3 $287.4 $298.4 $309.5 $320.5
-------------------------------------------------------------------------------
- -------------------------------------
1997E
- -------------------------------------
PetroFina Net Income (a) $480.9 $480.9 $480.9 $480.9 $480.9 $480.9 $480.9
Incremental FINA Net Income (b) 22.6 22.6 22.6 22.6 22.6 22.6 22.6
After-Tax Interest Expense (c) (9.9) (10.3) (10.8) (11.2) (11.6) (12.1) (12.5)
Goodwill Amortization (c)(d) (3.9) (4.4) (19.8) (22.0) (24.3) (26.5) (28.7)
After-Tax Synergies (e) 0.0 0.0 0.0 0.0 0.0 0.0 0.0
-------------------------------------------------------------------------------
Pro Forma Net Income $489.7 $488.8 $472.9 $470.2 $467.6 $465.0 $462.3
PetroFina 1997E EPS (Pre-Transaction) $20.79 $20.79 $20.79 $20.79 $20.79 $20.79 $20.79
Pro Forma 1997E EPS $20.18 $20.13 $20.45 $20.33 $20.22 $20.10 $19.99
Accretion/(Dilution) 1997E (1.8)% (1.6)% (1.7)% (2.2)% (2.8)% (3.3)% (3.9)%
PT Synergies to Breakeven - 1997(e) $(13.6) $ 12.1 $ 12.3 $ 16.4 $ 20.4 $ 24.5 $ 28.6
- -------------------------------------
1998E
- -------------------------------------
PetroFina Net Income (a) $537.2 $537.2 $537.2 $537.2 $537.2 $537.2 $537.2
Incremental FINA Net Income (b) 27.2 27.2 27.2 27.2 27.2 27.2 27.2
After-Tax Interest Expense(c) (9.9) (10.3) (10.8) (11.2) (11.6) (12.1) (12.5)
Goodwill Amortization (c)(d) (3.9) (4.4) (19.8) (22.0) (24.3) (26.5) (28.7)
After-Tax Synergies (e) 0.0 0.0 0.0 0.0 0.0 0.0 0.0
-------------------------------------------------------------------------------
Pro Forma Net Income $550.6 $549.6 $533.8 $531.1 $528.5 $525.9 $523.2
PetroFina 1998E EPS (Pre-Transaction) $23.23 $23.23 $23.23 $23.23 $23.23 $23.23 $23.23
Pro Forma 1998E EPS $23.81 $23.77 $23.08 $22.97 $22.85 $22.74 $22.62
Accretion/(Dilution) 1998E 2.5% (2.3)% (0.6)% (1.1)% (1.6)% (2.1)% (2.6)%
PT Synergies to Breakeven - 1998(e) $(20.6) $(19.1) $ 5.3 $ 9.4 $ 13.4 $ 17.5 $ 21.6
- -------------------------------------
Shares Outstanding
- -------------------------------------
PetroFina Shares Outstanding 23.13 23.13 23.13 23.13 23.13 23.13 23.13
New Shares Issued 0.00 0.00 0.00 0.00 0.00 0.00 0.00
-------------------------------------------------------------------------------
Pro Forma Shares Outstanding 23.13 23.13 23.13 23.13 23.13 23.13 23.13
Notes
- ----------
In order to show full-year 1997 earnings impact, analysis assumes transaction
occured 12/31/96.
(a) PetroFina earnings estimates based on GS Research (January 1997).
(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%.
78
PetroFina Acquires Remaining 14.2% of FINA
0% Stock/100% Debt - Purchase Accounting - Impact on DCF
Amortization Period: 5 years
------------------------------------------------------------------------------------
Price Per Share $ 57.50 $ 60.00 $ 62.50 $ 65.00 $ 67.50 $ 70.00 $ 72.50
------------------------------------------------------------------------------------
Publicly Held Shares Outstanding (mm) 4.42 4.42 4.42 4.42 4.42 4.42 4.42
------------------------------------------------------------------------------------
Equity Consideration $ 254.2 $ 265.3 $ 276.3 $ 287.4 $ 298.4 $ 309.5 $ 320.5
------------------------------------------------------------------------------------
- ------------------------------------
1997E
- ------------------------------------
PetroFina Discretionary Cash Flow (a) $ 1,201.1 $ 1,201.1 $ 1,201.1 $ 1,201.1 1,201.1 1,201.1 1,201.1
Incremental FINA Net Income (b) 22.6 22.6 22.6 22.6 22.6 22.6 22.6
After-Tax Interest Expense (c) (9.9) (10.3) (10.8) (11.2) (11.6) (12.1) (12.5)
After-Tax Synergies (d) 0.0 0.0 0.0 0.0 0.0 0.0 0.0
------------------------------------------------------------------------------------
Pro Forma Net Income $ 1,213.8 $ 1,213.4 $ 1,213.0 $ 1,212.5 $ 1,212.1 $ 1,212.7 $ 1,228.5
PetroFina 1997E DCF (Pre-Transaction) $ 51.94 $ 51.94 $ 51.94 $ 51.94 $ 51.94 $ 51.94 $ 51.94
Pro Forma 1997E DCF $ 52.49 $ 52.47 $ 52.45 $ 52.43 $ 52.41 $ 52.39 $ 52.37
Accretion/(Dilution) 1997E 1.1% 1.0% 1.0% 1.0% 0.9% 0.9% 0.8%
PT Synergies to Breakeven - 1997(d) $ (19.5) $ (18.9) $ (18.2) $ (17.6) $ (16.9) $ (16.2) $ (15.6)
- ------------------------------------
1998E
- ------------------------------------
PetroFina Discretionary Cash Flow (a) $ 1,303.1 $ 1,303.1 $ 1,303.1 $ 1,303.1 $ 1,303.1 $ 1,303.1 $ 1,303.1
Incremental FINA Net Income (b) 27.2 27.2 27.2 27.2 27.2 27.2 27.2
After-Tax Interest Expense (c) (9.9) (10.3) (10.8) (11.2) (11.6) (12.1) (12.5)
After-Tax Synergies (d) 0.0 0.0 0.0 0.0 0.0 0.0 0.0
------------------------------------------------------------------------------------
Pro Forma Net Income $ 1,320.4 $ 1,319.9 $ 1,319.5 $ 1,319.1 $ 1,318.6 $ 1,318.2 $ 1,317.8
PetroFina 1998E DCF (Pre-Transaction) $ 56.35 $ 56.35 $ 56.35 $ 56.35 $ 56.35 $ 56.35 $ 56.35
Pro Forma 1998E DCF $ 57.09 $ 57.07 $ 57.05 $ 57.04 $ 57.02 $ 57.00 $ 56.98
Accretion/(Dilution) 1998E 1.3% 1.3% 1.3% 1.2% 1.2% 1.2% 1.1%
PT Synergies to Breakeven -1998 (d) $ (26.5) $ (25.9) $ (25.2) $ (24.5) $ (23.9) $ (23.2) $ (22.6)
- ------------------------------------
Shares Outstanding
- ------------------------------------
PetroFina Shares Outstanding 23.13 23.13 23.13 23.13 23.13 23.13 23.13
New Shares Issued 0.00 0.00 0.00 0.00 0.00 0.00 0.00
------------------------------------------------------------------------------------
Pro Forma Shares Outstanding 23.13 23.13 23.13 23.13 23.13 23.13 23.13
Notes
- ----------
In order to show full-year 1997 earnings impact, analysis assumes transaction
occurred 12/31/96
(a) PetroFina DCF estimates based an GS Research (January 1997).
(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%.
79
Analysis at Various Prices
FINA
($ in millions)
-------------------------------------------------------------------------------
Price Per Share $57.50 $60.00 $62.50 $65.00 $67.50 $70.00 $72.50
-------------------------------------------------------------------------------
Equity Value (a) $1,795 $1,873 $1,951 $2,029 $2,107 $2,185 $2,263
-------------------------------------------------------------------------------
Total Enterprise Value (a) $2,490 $2,568 $2,646 $2,724 $2,802 $2,880 $2,958
-------------------------------------------------------------------------------
Premium To:
Undisturbed Share Price $50.00 15.0% 20.0% 25.0% 30.0% 35.0% 40.0% 45.0%
Current Share Price (b) 64.75 (11.2)% (7.3)% (3.5)% 0.4% 4.2% 8.1% 12.0%
52-Week High 66.00 (12.9)% (9.1)% (5.3)% (1.5)% 2.3% 6.1% 9.8%
Enterprise Value/EBITDA
1996 $436 5.7x 5.9x 6.1x 6.2x 6.4x 6.6x 6.8x
1997E (c) 474 5.3 5.4 5.6 5.7 5.9 6.1 6.2
1998E (c) 548 4.5 4.7 4.8 5.0 5.1 5.3 5.4
Equity Value/DCF
1996 $304 5.9x 6.2x 6.4x 6.7x 6.9x 7.2x 7.4x
1997E (c) 364 4.9 5.1 5.4 5.6 5.8 6.0 6.2
1998E (c) 404 4.4 4.6 4.8 5.0 5.2 5.4 5.6
Equity Value/Net Income
1996 $153 11.7x 12.2x 12.7x 13.2x 13.8x 14.3x 14.8x
1997E(c) 159 11.3 11.8 12.2 12.7 13.2 13.7 14.2
1998E(c) 191 9.4 9.8 10.2 10.6 11.0 11.4 11.8
Notes
- -----
(a) Value of 100% of FINA.
(b) As of April 18,1997.
(c) Estimates based on management projections.