1 Exhibit 99(b)(2) Confidential Presentation to the Board of Directors of UNIVAR CORPORATION [LOGO] Schroders SCHRODER WERTHEIM & CO Incorporated May 31, 1996 2 Univar Corporation ________________________________________________________________________________ TABLE OF CONTENTS A. Preface B. Executive Summary C. Selected Historical and Projected Financial Data D. Comparison of 1997 Year-to-Date Results to 1997 Budget and 1996 Actual Results E. Analysis of Historical Trading Prices and Volumes of Univar Corporation Common Stock F. Analysis of Premiums Paid in Recent Merger & Acquisition Transactions (1992 to 1996) G. Analysis of Selected Publicly Traded Chemical and Industrial Distributors H. Analysis of Selected Chemical and Industrial Distributors Mergers and Acquisitions (1994 to 1996) I. Discounted Cash Flow Analysis J. Discounted Cash Flow Sensitivity Analysis K. Discounted Value of Future Estimated Stock Prices Based on Current P/E Multiples L. Leveraged Buyout Analysis ________________________________________________________________________________ SCHRODER WERTHEIM & CO, INCORPORATED 3 Univar Corporation ________________________________________________________________________________ PREFACE This report has been prepared by Schroder Wertheim & Co. Incorporated ("Schroder Wertheim") for the Board of Directors of Univar Corporation ("Univar" or the "Company ") in connection with Schroder Wertheim's opinion (the "Opinion") as to the fairness, from a financial point of view, of the consideration (the "Consideration") to be received by the shareholders of the Company other than Royal Pakhoed N.V. ("Pakhoed"), UC Acquisition Corporation ("UC"), an indirect wholly-owned subsidiary of Pakhoed, and their affiliates, in the acquisition by Pakhoed of all of the outstanding shares of Common Stock of Univar (the "Transaction"). This report and the Opinion are for the information of the Board of Directors of the Company solely for its use in evaluating the fairness from a financial point of view of the Consideration to the shareholders of the Company other than Pakhoed, UC and their affiliates and may not be used for any other purpose or referred to without our prior written consent. The Opinion does not constitute a recommendation as to any action the Board of Directors of the Company or any stockholder of the Company should take in connection with the Transaction or any aspect thereof. In rendering the Opinion, we have not been engaged as an agent or fiduciary of the Company's shareholders or of any other third party. The opinion relates solely to the fairness from a financial point of view of the Consideration to the shareholders of Univar other than Pakhoed, UC or their affiliates. We express no opinion as to the structure, terms or effect of any other aspect of the Transaction. In rendering the Opinion, we have assumed and relied upon the accuracy and completeness of all information supplied or otherwise made available to us by Univar or obtained by us from other sources, and upon the assurance of Univar's management that they are not aware of any information or facts that would make the information provided to us incomplete or misleading. We have not independently verified such information, undertaken an independent appraisal of the assets or liabilities (contingent or otherwise) of Univar, or been furnished with any such appraisals. With respect to financial forecasts for Univar, we have been advised by Univar, and we have assumed, without independent investigation, that they have been reasonably prepared and reflect the best currently available estimates and judgment as to the expected future financial performance of Univar. We have reviewed various analytical methodologies for their applicability to the evaluation of the fairness, from a financial point of view, of the Transaction; we believe that the analytical methodologies contained herein are the relevant methodologies for evaluating the Transaction. Our conclusion is based on all the analyses and factors presented herein taken as a whole and also on application of our experience and judgment. Such conclusion may involve significant elements of subjective judgment and qualitative analysis. We therefore give no opinion as to the value or merit standing alone of any one or more parts of the material that follows. Our only opinion is the formal written opinion that we have expressed as to the fairness from a financial point of view of the Consideration being paid to the shareholders of Univar other than Pakhoed, UC or their affiliates in the Transaction. The Opinion, the analyses contained herein and all conclusions drawn from such analyses are necessarily based upon market, economic and other conditions that exist and can be evaluated as of the date of this presentation, and on information available to us as of the date hereof. We disclaim any undertaking or obligation to advise any person of any change in any fact or matter affecting the Opinion which may come or be brought to our attention after the date hereof unless specifically requested to do so. ________________________________________________________________________________ SCHRODER WERTHEIM & CO. INCORPORATED 4 Univar Corporation ________________________________________________________________________________ EXECUTIVE SUMMARY Overview of the Transaction - Royal Pakhoed N.V. ("Pakhoed") is contemplating the acquisition of Univar Corporation ("Univar" or the "Company"), through UC Acquisition Corporation ("UC"), an indirect wholly-owned subsidiary of Pakhoed. Univar has requested that Schroder Wertheim & Co. Incorporated ("Schroder Wertheim") render an opinion (the "Opinion"), as investment bankers to the Board of Directors of Univar, as to the fairness, from a financial point of view, of the consideration to be received by the shareholders of the Company other than Pakhoed, UC and their affiliates. - The proposed transaction will involve the acquisition by Pakhoed of all of the outstanding shares of Univar Common Stock not currently owned by Pakhoed, UC and their affiliates (the "Transaction"). There are currently 21,735,415 shares of Univar Common Stock issued and outstanding as of the date hereof and options to acquire an additional 1,741,072 shares exercisable at an average price of $11.15 per share. In addition, The Dow Chemical Company ("Dow") has an option to acquire 101,874 shares of Series A Convertible Preferred Stock at a price of $93.70 per share, each share of which is convertible into five shares of Univar Common Stock. - Pursuant to a tender offer to be made by UC (the "Tender Offer"), the holders of Univar Common Stock, other than Pakhoed, UC and their affiliates, would receive $19.45 in cash in exchange for each share of Univar Common Stock tendered. As discussed in the proposed Agreement and Plan of Reorganization among Pakhoed, UC and the Company (the "Reorganization Agreement"), in the event the Tender Offer is extended beyond July 31, 1996, the price per share to be paid to shareholders of the Company in the Transaction shall be increased by an amount equal to the product of (i) $19.45; (ii) the prime interest rate as announced by Bank of America NW, N.A. (doing business as Seafirst Bank) in Seattle, Washington as in effect on August 1, 1996; and (iii) the quotient obtained by dividing (x) the number of days the Tender Offer is extended beyond July 31, 1996, by (y) 365. Option holders (excluding option holders who exercise their options prior to the expiration of the Tender Offer) would receive in cash the positive difference, if any, between the highest price paid to shareholders of the Company who tendered their shares in the Tender Offer and the exercise price per share of such option. ________________________________________________________________________________ SCHRODER WERTHEIM & CO. INCORPORATED Page 1 5 Univar Corporation ________________________________________________________________________________ - The Reorganization Agreement provides that the Company will pay to Pakhoed a break-up fee of $4,000,000 in the event that the Reorganization Agreement is terminated as a result of the Board's approval of an unsolicited offer from a third party. - The Transaction price of $19.45 represents a 57.2% premium over Univar's closing stock price on May 30, 1996, and a 60.0% premium over Univar's average closing price in the four-week period preceding May 30, 1996. - The implied aggregate purchase price for 100% of the equity, and corresponding enterprise value, is as follows: (in millions, except per share data) Proposed Purchase Price Per Share $19.45 Shares Outstanding 21.7 ------ 422.8 Plus: Purchase Price of Options (1) 14.5 Plus: Purchase Price of Dow Option (2) 0.4 ------ Proposed Purchase Price of Equity (3) 437.6 Net Debt at 4/30/96 195.9 ------ Proposed Enterprise Value $633.5 (1) Assumes 1,741,072 options at an average exercise price of $11.15 per share. (2) 509,370 common stock equivalents at an average exercise price of $18.74 per share. (3) Pakhoed's purchase price of equity, excluding the 6.1 million shares it currently owns, is approximately $320 million. ________________________________________________________________________________ SCHRODER WERTHEIM & CO. INCORPORATED Page 2 6 Univar Corporation ________________________________________________________________________________ - The following table provides a summary of the implied multiples of Univar's historical and projected financial results based on the Transaction price of $19.45: LTM FY1997P EV*/EBITDA** 11.0x 7.5x EV*/EBIT*** 21.6x 11.9X Price/EPS 50.9x 18.1x * Equity value plus debt minus cash. ** Earnings before interest, depreciation, amortization and taxes. *** Earnings before interest and taxes. - All valuations and premiums in this presentation are based on an offer price of $19.45 per share. ________________________________________________________________________________ SCHRODER WERTHELM & CO. INCORPORATED Page 3 7 Univar Corporation _______________________________________________________________________________ Overview of Work Performed In connection with the Opinion, we have, among other things: o reviewed a draft, dated May 30, 1996, of the Reorganization Agreement; o reviewed a draft, dated May 30, 1996, of the Schedule 14D-1 to be filed by UC with the Securities and Exchange Commission in connection with the Tender Offer, including a draft of the Offer to Purchase incorporated therein by reference; o reviewed a draft, dated May 30, 1996, of the Schedule 14D-9 to be filed by the Company with the Securities and Exchange Commission in connection with the Tender Offer; o reviewed the Company's Annual Reports on Form 10-K filed with the Securities and Exchange Commission for the fiscal years ended February 1992, 1993, 1994, 1995 and 1996, including the audited consolidated financial statements of Univar included therein; o reviewed historical financial results of Univar by operating division prepared by management; o reviewed forecasts and projections for Univar prepared or supplied by Univar management for the fiscal years ending February 1997 through 2002; o held discussions with Univar management regarding the business, operations and prospects of the Company; o performed various valuation analyses, as we deemed appropriate, of Univar using generally accepted analytical methodologies, including: (i) the application to the financial results of Univar of the public trading multiples of companies which we deemed comparable; (ii) the application to the financial results of Univar of the multiples reflected in recent mergers and acquisitions for businesses which we deemed comparable; and (iii) discounted cash flow and leveraged buyout analyses of Univar's operations; o reviewed the historical trading prices and volumes of Univar Common Stock; and o performed such other financial studies, analyses, inquiries and investigations as we deemed appropriate. _______________________________________________________________________________ SCHRODER WERTHEIM & CO. INCORPORATED Page 4 8 Univar Corporation ______________________________________________________________________________ SELECTED HISTORICAL AND PROJECTED FINANCIAL DATA ________________________________________________________________________________ SCHRODER WERTHEIM & CO. INCORPORATED 9 SCHRODER WERTHEIM & CO. UNIVAR CORPORATION INCORPORATED FINANCIAL SUMMARY (dollars in thousands) Actual Year Ended February 28, -------------------------------------- 1994 1995 1996 ---------- ---------- ----------- Revenue Consolidated $1,802,463 $1,912,727 $2,037,674 Van Waters & Rogers Inc. & Corporate 1,251,549 1,273,429 1,276,709 Van Waters & Rogers Ltd. 295,563 356,088 401,338 Univar Europe 255,351 283,210 359,627 Gross Profit Consolidated $269,532 $273,672 $280,834 Van Waters & Rogers Inc. & Corporate 189,281 181,755 172,588 Van Waters & Rogers Ltd. 38,944 45,383 51,050 Univar Europe 41,307 46,534 57,196 EBITDA Consolidated $54,594 $51,925 $55,831 Van Waters & Rogers Inc. & Corporate 34,758 24,298 18,943 Van Waters & Rogers Ltd. 12,293 17,538 21,645 Univar Europe 7,543 10,089 15,243 EBIT Consolidated $27,145 $24,905 $26,695 Van Waters & Rogers Inc. & Corporate 13,262 2,575 (3,142) Van Waters & Rogers Ltd. 9,940 15,370 18,935 Univar Europe 3,943 6,960 10,903 Gross Margin Consolidated 15.0% 14.3% 13.8% Van Waters & Rogers Inc. & Corporate 15.1% 14.3% 13.5% Van Waters & Rogers Ltd. 13.2% 12.7% 12.7% Univar Europe 16.2% 16.4% 15.9% EBITDA Margin Consolidated 3.0% 2.7% 2.7% Van Waters & Rogers Inc. & Corporate 2.8% 1.9% 1.5% Van Waters & Rogers Ltd. 4.2% 4.9% 5.4% Univar Europe 3.0% 3.6% 4.2% EBIT Margin Consolidated 1.5% 1.3% 1.3% Van Waters & Rogers Inc. & Corporate 1.1% 0.2% (0.2%) Van Waters & Rogers Ltd. 3.4% 4.3% 4.7% Univar Europe 1.5% 2.5% 3.0% Projected Year Ended February 28, --------------------------------------------------------------------------- CAGR 1997 1998 1999 2000 2001 2002 1996-2002 ---------- ----------- ---------- ---------- ---------- ---------- --------- Revenue Consolidated $2,213,512 $2,380,730 $2,533,284 $2,675,677 $2,810,310 $2,952,387 6.4% Van Waters & Rogers Inc. & Corporate 1,344,041 1,450,100 1,537,106 1,613,961 1,678,520 1,745,660 5.4% Van Waters & Rogers Ltd. 419,961 445,159 471,869 495,462 520,235 546,247 5.3% Univar Europe 449,510 485,471 524,309 566,254 611,554 660,479 10.7% Gross Profit Consolidated $317,132 $346,135 $377,200 $399,757 $420,127 $441,643 7.8% Van Waters & Rogers Inc. & Corporate 191,433 210,264 230,566 242,094 251,778 261,849 7.2% Van Waters & Rogers Ltd. 54,443 57,710 61,172 64,231 67,442 70,815 5.6% Univar Europe 71,256 78,161 85,462 93,432 100,906 108,979 11.3% EBITDA Consolidated $84,871 $101,512 $121,596 $133,736 $143,488 $156,694 18.8% Van Waters & Rogers Inc. & Corporate 39,700 50,171 63,658 69,024 72,513 77,196 26.4% Van Waters & Rogers Ltd. 23,632 25,723 27,965 29,841 31,832 34,136 7.9% Univar Europe 21,539 25,618 29,973 34,871 39,143 45,363 19.9% EBIT Consolidated $53,090 $69,159 $89,923 $102,265 $112,457 $125,563 29.4% Van Waters & Rogers Inc. & Corporate 16,422 26,421 40,688 46,356 50,385 55,068 NM Van Waters & Rogers Ltd. 20,559 22,650 24,892 26,768 28,759 31,063 8.6% Univar Europe 16,109 20,088 24,343 29,141 33,313 39,433 23.9% Gross Margin Consolidated 14.3% 14.5% 14.9% 14.9% 14.9% 15.0% Van Waters & Rogers Inc. & Corporate 14.2% 14.5% 15.0% 15.0% 15.0% 15.0% Van Waters & Rogers Ltd. 13.0% 13.0% 13.0% 13.0% 13.0% 13.0% Univar Europe 15.9% 16.1% 16.3% 16.5% 16.5% 16.5% EBITDA Margin Consolidated 3.8% 4.3% 4.8% 5.0% 5.1% 5.3% Van Waters & Rogers Inc. & Corporate 3.0% 3.5% 4.1% 4.3% 4.3% 4.4% Van Waters & Rogers Ltd. 5.6% 5.8% 5.9% 6.0% 6.1% 6.2% Univar Europe 4.8% 5.3% 5.7% 6.2% 6.4% 6.9% EBIT Margin Consolidated 2.4% 2.9% 3.5% 3.8% 4.0% 4.3% Van Waters & Rogers Inc. & Corporate 1.2% 1.8% 2.6% 2.9% 3.0% 3.2% Van Waters & Rogers Ltd. 4.9% 5.1% 5.3% 5.4% 5.5% 5.7% Univar Europe 3.6% 4.1% 4.6% 5.1% 5.4% 6.0% 10 Univar Corporation __________________________________________________________________________ COMPARISON OF 1997 YEAR-TO-DATE RESULTS TO 1997 BUDGET AND 1996 ACTUAL RESULTS _________________________________________________________________________ SCHRODER WERTHEIM & CO, INCORPORATED 11 SCHRODER WERTHEIM & CO. INCORPORATED UNIVAR CORPORATION 1997 YEAR TO DATE ANALYSIS (in millions) U.S. & E.O. Canada Europe Consolidated ----------------------- --------------------- ---------------------- ----------------------- March April YTD March April YTD March April YTD March April YTD ---- ---- ----- ---- ---- ---- ----- ----- ---- ----- ----- ---- REVENUES -------------------- Actual 1997 $105.9 $109.1 $214.9 $36.0 $44.3 $80.3 $40.1 $36.1 $76.2 $182.0 $189.4 $371.4 Budget 1997 107.9 114.5 222.4 34.8 46.3 81.1 39.5 37.6 77.1 180.6 198.4 379.0 ----- ----- ----- ---- ---- ---- ----- ----- ---- ----- ----- ----- Variance from Budget (2.0) (5.5) (7.5) 1.2 (2.1) (0.8) 0.6 (1.6) (1.0) 1.4 (9.0) (7.6) Actual 1996 114.1 101.7 215.8 35.9 39.9 75.8 29.2 29.0 58.2 179.2 170.5 349.7 ----- ----- ----- ---- ---- ---- ----- ----- ---- ----- ----- ----- Variance from 1996 (8.2) 7.4 (0.8) 0.1 4.4 4.5 11.0 7.0 18.0 2.8 18.8 21.7 GROSS PROFIT -------------------- Actual 1997 $16.1 $15.3 $31.4 $4.6 $5.7 $10.3 $6.4 $6.0 $12.4 $27.1 $27.0 $54.1 Budget 1997 15.3 16.3 31.6 4.7 5.7 10.4 6.2 6.0 12.2 26.0 27.9 53.9 ----- ----- ----- ---- ---- ---- ----- ----- ---- ----- ----- ----- Variance from Budget 0.8 (1.0) (0.2) (0.1) 0.0 (0.1) 0.2 0.1 0.2 1.1 (0.9) 0.2 Actual 1996 16.9 14.7 31.5 4.4 4.7 9.2 5.0 4.6 9.5 26.2 24.0 50.2 ----- ----- ----- ---- ---- ---- ----- ----- ---- ----- ----- ----- Variance from 1996 (0.7) 0.6 (0.1) 0.2 0.9 1.1 1.4 1.4 2.9 0.9 3.0 3.9 EBIT -------------------- Actual 1997 $2.4 $1.0 $3.3 $1.8 $2.8 $4.6 $1.9 $1.4 $3.3 $6.1 $5.2 $11.3 Budget 1997 0.7 1.5 2.1 1.9 2.9 4.7 1.6 1.4 3.1 3.9 5.7 9.7 ----- ----- ----- ---- ---- ---- ----- ----- ---- ----- ----- ---- Variance from Budget 1.7 (0.5) 1.2 (0.0) (0.0) (0.1) 0.2 0.0 0.3 2.2 (0.5) 1.6 Actual 1996 2.3 0.0 2.3 1.7 2.2 4.0 1.4 1.0 2.4 5.4 3.3 8.6 ----- ----- ----- ---- ---- ---- ----- ----- ---- ----- ----- ---- Variance from 1996 0.1 1.0 1.1 0.1 0.6 0.7 0.5 0.4 0.9 0.7 1.9 2.6 GROSS MARGIN -------------------- Actual 1997 15.3% 14.0% 14.6% 12.7% 12.9% 12.8% 15.9% 16.7% 16.3% 14.9% 14.2% 14.6% Budget 1997 14.2% 14.2% 14.2% 13.5% 12.2% 12.8% 15.7% 15.9% 15.8% 14.4% 14.1% 14.2% ----- ----- ----- ----- ----- ----- ----- ----- ----- ----- ----- ----- Variance from Budget 1.1% (0.2%) 0.4% (0.7%) 0.6% 0.0% 0.2% 0.8% 0.5% 0.5% 0.2% 0.3% Actual 1996 14.8% 14.4% 14.6% 12.3% 11.9% 12.1% 17.0% 15.8% 16.4% 14.6% 14.1% 14.4% ----- ----- ----- ----- ----- ----- ----- ----- ----- ----- ----- ----- Variance from 1996 0.5% (0.4%) 0.0% 0.5% 0.9% 0.7% (1.1%) 0.9% (0.1%) 0.3% 0.2% 0.2% EBIT MARGIN -------------------- Actual 1997 2.3% 0.9% 1.6% 5.1% 6.3% 5.8% 4.7% 4.0% 4.4% 3.3% 2.8% 3.0% Budget 1997 0.6% 1.3% 1.0% 5.4% 6.2% 5.8% 4.2% 3.8% 4.0% 2.2% 2.9% 2.5% ----- ----- ----- ---- ---- ---- ----- ----- ---- ----- ----- ---- Variance from Budget 1.6% (0.4%) 0.6% (0.3%) 0.2% (0.1%) 0.5% 0.2% 0.4% 1.2% (0.1%) 0.5% Actual 1996 2.0% 0.0% 1.1% 4.8% 5.6% 5.2% 4.6% 3.6% 4.1% 3.0% 1.9% 2.5% ----- ----- ----- ---- ---- ---- ----- ----- ---- ----- ----- ---- Variance from 1996 0.3% 0.9% 0.5% 0.2% 0.7% 0.5% 0.0% 0.4% 0.4% 0.3% 0.8% 0.6% 12 Univar Corporation ________________________________________________________________________________ ANALYSIS OF HISTORICAL TRADING PRICES AND VOLUMES OF UNIVAR COMMON STOCK ________________________________________________________________________________ Schroder Wertheim & Co, Incorporated 13 UNIVAR CORPORATION HISTORICAL STOCK PRICE/VOLUME (January 1, 1996 to Present) This chart presents three types of data: 1) the fluctuations in stock prices of Univar Corporation ("Company") during the period from January 1, 1996 to May 30, 1996; 2) the stock price fluctuations reflected by the S&P 400 Index during the period of January 1, 1996 to May 30, 1996; and 3) the volume of trading of Company stock from January 1, 1996 to May 30, 1996. The chart is a line graph measured vertically by stock price and volume in trading, and measured horizontally by time period, marked by the following dates: January 1, January 22, February 12, March 4, March 25, April 15, May 6, and May 27. 14 UNIVAR CORPORATION HISTORICAL STOCK PRICE/VOLUME (January 1, 1990 to Present) This chart presents three types of data: 1) the fluctuations in stock prices of Company during the period from January 1, 1990 to May 30, 1996; 2) the stock price fluctuations reflected by the S&P 400 Index during the period of January 1, 1990 to May 30, 1996; and 3) the volume of trading of Company stock from January 1, 1990 to May 30, 1996. The chart is a line graph measured vertically by stock price and volume in trading, and measured horizontally by time period, marked by the following dates: January 1, 1990, January 23, 1991, February 14, 1992, March 9, 1993, March 31, 1994, April 24, 1995, and May 15, 1996. 15 UNIVAR CORPORATION RELATIVE HISTORICAL STOCK PERFORMANCE VS. INDEXED COMPARABLE COMPANIES VS. S&P 400 (January 1, 1990 to Present) This chart presents three types of data: 1) the fluctuations in stock prices of Company during the period from January 1, 1990 to May 30, 1996; 2) the stock price fluctuations reflected by the S&P 400 Index during the period from January 1, 1990 to May 30, 1996; and 3) the stock price fluctuations reflected by a Comparable Company Index during the period from January 1, 1990 to May 30, 1996. Comparable Companies include companies with trading symbols: ACET, BER, EEV, GWW, HWKN, MCK and NSSX. The chart is a line graph measured vertically by stock price, and horizontally by time period, marked by the following dates: January 1, 1990, October 18, 1990, August 6, 1991, May 22, 1992, March 10, 1993, December 27, 1993, October 13, 1994, August 1, 1995, and May 17, 1996. 16 UNIVAR CORPORATION SHARES TRADED BY PRICE RANGE January 1, 1996 - Present This chart describes the percentage of the total trading volume, during the period between January 1, 1996 to May 30, 1996, that occurred at a given price range. The chart is a bar graph measured vertically by volume in trading and horizontally by price. According to the chart: -- 25.3% of the trading volume occurred when the price was measured at $10.13 - $10.50 per share. -- 13.8% of the trading volume occurred when the price was measured at $10.50 - $10.88 per share. -- 14.7% of the trading volume occurred when the price was measured at $10.88 - $11.25 per share. -- 6.9% of the trading volume occurred when the price was measured at $11.25 - $11.63 per share. -- 39.4% of the trading volume occurred when the price was measured at $11.63 - $12.75 per share. The weighted average stock price, during the period between January 1, 1996 to May 30, 1996, is represented by the chart to be $11.30, with the high at $12.75 and the low at $10.25. 17 UNIVAR CORPORATION SHARES TRADED BY PRICE RANGE INCLUDING DOW PURCHASES January 1, 1990 -- Present This chart describes the percentage of the total trading volume, during the period between January 1, 1990 to May 30, 1996, that occurred at a given price range. The chart includes shares purchased by Dow. The chart is a bar graph measured vertically by volume in trading and horizontally by price. According to the chart: -- 19.9% of the trading volume occurred when the price was measured at $9.00 - $11.00 per share. -- 37.4% of the trading volume occurred when the price was measured at $11.00 - $13.00 per share. -- 17.1% of the trading volume occurred when the price was measured at $13.00 - $15.00 per share. -- 14.9% of the trading volume occurred when the price was measured at $15.00 - $17.00 per share. -- 10.6% of the trading volume occurred when the price was measured at $17.00 - $19.00 per share. The weighted average stock price, during the period between January 1, 1990 to May 30, 1996, is represented by the chart to be $13.29, with the high at $18.74 and the low at $9.375. The chart contains a footnote which states: "Dow purchased 1.9 million shares for $15.83 per share on June 24, 1991 (representing 10.0% of the 14.9% volume above) and 2.0 million shares for $18.74 on May 13, 1994 (representing 10.5% of the 10.6% volume above)." 18 UNIVAR CORPORATION SHARES TRADED BY PRICE RANGE EXCLUDING DOW PURCHASES January 1, 1990 - Present This chart describes the percentage of the total trading volume, during the period between January 1, 1990 to May 30, 1996, that occurred at a given price range. This chart excludes shares purchased by Dow. The chart is a bar graph measured vertically by volume in trading and horizontally by price. According to the chart: -- 19.2% of the trading volume occurred when the price was measured at $9.25 - $10.75 per share. -- 39.9% of the trading volume occurred when the price was measured at $10.75 - $12.25 per share. -- 23.2% of the trading volume occurred when the price was measured at $12.25 - $13.75 per share. -- 12.9% of the trading volume occurred when the price was measured at $13.75 - $15.25 per share. -- 4.8% of the trading volume occurred when the price was measured at $15.25 - $17.13 per share. The weighted average stock price, during the period between January 1, 1990 to May 30, 1996, is represented by the chart to be $12.26, with the high at $17.125 and the low at $9.375. 19 Univar Corporation ANALYSIS OF PREMIUMS PAID IN RECENT MERGER & ACQUISITION TRANSACTIONS (1992 TO 1996) SCHRODER WERTHEIM & CO. INCORPORATED 20 ANALYSIS OF FRIENDLY ACQUISITIONS OF U.S. PUBLIC COMPANIES(a) PAGE 1 PREMIUMS AND FORM OF CONSIDERATION PAID PREMIUM - ALL DEALS (PERIOD PRIOR TO ANNOUNCEMENT) CONSIDERATION NUMBER ------------------------------ ---------------------------- AVERAGE of DEALS 1 DAY 1 WEEK 4 WEEKS CASH COMMON OTHER (b) VALUE -------- ----- ------ ------- ----- ------ --------- ------- SUMMARY OF TRANSACTIONS BY YEAR Total Transactions: 1996YTD 13 24.8% 30.3% 47.1% 52.1% 38.9% 9.0% $408.7 Total Transactions: 1995 225 33.5% 40.1% 44.7% 44.7% 49.6% 5.6% 383.7 Total Transactions: 1994 208 32.0% 36.1% 42.7% 39.0% 55.5% 5.5% 327.3 Total Transactions: 1993 162 35.9% 38.5% 42.7% 36.2% 57.3% 6.5% 387.3 Total Transactions: 1992 128 40.2% 44.1% 52.0% 26.8% 66.1% 7.1% 194.6 --- ---- ---- ---- ---- ---- --- ------ Total 736 34.6% 39.1% 45.0% 38.2% 55.7% 6.1% $336.1 === ==== ==== ==== ==== ==== === ====== SUMMARY OF TRANSACTIONS BY VALUE Less than $5.0 million 42 1.7% 5.5% 18.2% 41.8% 50.5% 7.7% $2.5 Between $5.0 million and $20.0 million 124 36.4% 40.7% 38.8% 41.6% 52.4% 6.0% 11.8 Between $20.0 million and $100.0 million 235 37.9% 41.8% 48.2% 42.1% 54.5% 3.4% 52.8 Between $100.0 million and $200.0 million 125 34.0% 37.8% 46.5% 34.7% 59.1% 6.2% 145.0 Between $200.0 million and $500.0 million 109 31.8% 37.2% 44.8% 34.3% 58.4% 7.4% 314.9 Between $500.0 million and $1000.0 million 50 31.8% 36.5% 47.4% 31.4% 62.0% 6.7% 687.7 Greater than $1000.0 million 51 33.2% 39.7% 36.4% 33.2% 52.6% 14.2% 2,874.1 --- ---- ---- ---- ---- ---- ---- ------- Total 736 33.3% 37.7% 43.2% 38.2% 55.7% 6.1% $336.1 === ==== ==== ==== ==== ==== ==== ======= - -------------------- (a) Screening criteria: completed friendly mergers or acquisitions of U.S. public companies where 100% of the target company was acquired in the transaction. Averages are weighted by the number of transactions in each sort category. Premiums total averages vary slightly due to incomplete available data. (b) Includes options, warrants and preferred stock. 21 ANALYSIS OF FRIENDLY ACQUISITIONS OF U.S. PUBLIC COMPANIES Page 2 PREMIUMS AND FORM OF CONSIDERATION PAID (a) (DOLLARS IN MILLIONS) DATE DATE ANNOUNCED EFFECTIVE TARGET NAME ACQUIROR NAME TARGET INDUSTRY - --------- --------- ------------------------------- ------------------------------- ----------------------------------------- 03/15/96 05/07/96 Nevada Energy Co Inc Waterford Trust Co Business Services 03/04/96 04/08/96 Guardsman Products Inc Lilly Industries Inc Chemicals and Allied Products 02/29/96 03/19/06 Republic Inds(Newman Tonks) Newman Tonks Group PLC Sanitary Services 02/14/96 03/20/96 Helene Curtis Industries Inc Unilever NV Soaps, Cosmetics, and Personal-Care Products 02/01/96 04/12/96 HealthWise of America Inc United HealthCare Corp Health Services 01/31/96 03/04/96 Tivoli Systems Inc IBM Corp Prepackaged Software 01/29/96 04/01/96 First Federal Svgs Bk of NW GA Regions Financial Corp Savings and Loans, Mutual Savings Banks 01/24/96 03/29/96 TGV Software Inc cisco Systems Inc Prepackaged Software 01/22/96 04/11/96 Premier Industrial Corp Farnell Electronics PLC Wholesale Trade-Durable Goods 01/16/96 02/26/96 Concord Health Group Inc Multicare Cos Inc Investment & Commodity Firms, Dealers, Exchang 01/10/96 01/10/96 International Imaging Inc Innodata Inc Business Services 01/08/96 03/04/96 US Delivery Systems Inc Corporate Express Inc Transportation and Shipping (except air) 01/02/96 01/02/96 Mainstream Data Inc WavePhore Inc Wholesale Trade-Durable Goods 12/22/95 01/02/96 ADVANTAGE CAPITAL(VAN KAMPEN) SUNAMERICA INC INVESTMENT & COMMODITY FIRMS, DEALERS, EXCHANG 12/22/95 03/29/96 Brock Exploration Corp Key Production Co Inc Oil and Gas; Petroleum Refining 12/21/95 01/03/96 Mini-Systems Inc Career Horizons Inc Business Services 12/20/95 02/05/96 SCS/Compute Inc Thomson US Holdings Inc Business Services 12/20/95 03/14/96 Sierra Horne Service Companies American Home Shield(ServiceM) Business Services 12/18/95 03/15/96 Advantage Health Corp Healthsouth Corp Health Services 12/18/95 01/29/96 Cobra Golf Inc II American Brands Inc Miscellaneous Manufacturing 12/14/95 02/26/96 Alantec Corp Fore Systems Inc Business Services 12/12/95 02/22/96 Pacific Physician Services Inc MedPartners/Mullikin Inc Health Services 12/11/95 01/19/96 Earth Technology Corp USA Tyco International Ltd Business Services 12/11/95 03/15/96 Hogan Systems Inc Continuum Co Inc Prepackaged Software 12/11/95 01/22/96 Holson Burnes Group Inc Newell Co Paper and Allied Products 12/11/95 02/14/96 Maybelline Inc L'Oreal SA(Gesparal) Soaps, Cosmetics, and Personal-Care Products 12/04/95 04/01/96 Greiner Engineering Inc URS Corp Business Services 12/01/95 03/15/96 Condor Services Inc Amwest Insurance Group Inc Insurance 11/30/95 01/25/96 Inmac Corp Micro Warehouse Inc Retail Trade-Home Furnishings 11/30/95 01/19/96 Magma Copper Co Broken Hill Proprietary Co Ltd Mining 11/27/95 01/11/96 Commerce Clearing House Inc Wolters Kluwer NV Printing, Publishing, and Allied Services 11/20/95 03/13/96 Hornbeck Offshore Services Inc Tidewater Inc Transportation and Shipping (except air) 11/16/95 04/16/96 Prime Management Group Inc FirstService Corp Real Estate; Mortgage Bankers and Brokers 11/14/95 12/29/95 Suburban Federal Savings Bank Main Line Fed Svgs Bk(MLF Ban) Savings and Loans, Mutual Savings Banks 11/13/95 12/19/95 Simmons Outdoor Corp S.O.C. Corp(Blount/Blount Int) Wholesale Trade-Durable Goods 11/13/95 04/11/96 Victoria Bankshares Inc Norwest Corp,Minneapolis,MN Commercial Banks, Bank Holding Companies 11/13/95 03/01/96 Vigoro Corp IMC Global Inc Chemicals and Allied Products 11/08/95 02/15/96 Alert Centre Inc(ADT Ltd) ADT Ltd Business Services 11/08/95 02/23/96 Dolco Packaging Corp Packaging Acq(MST Part,MST Of) Rubber and Miscellaneous Plastic Products 11/08/95 12/18/95 National Convenience Stores Diamond Shamrock Inc Retail Trade-Food Stores 11/06/96 01/10/96 E For M Corp Marquette Electronics Inc USA Electronic and Electrical Equipment 11/06/95 03/28/96 FFE Financial SouthTrust Corp Commercial Banks, Bank Holding Companies 11/06/95 03/12/96 Federal Paper Board Co International Paper Co Paper and Allied Products 11/06/95 01/08/96 NetWorth Inc Compaq Computer Corp Computer and Office Equipment 11/06/96 01/10/96 Pratt & Lambert United Inc Sherwin-Williams Co Chemicals and Allied Products 11/03/95 11/03/95 Marshalltown Financial Corp BancSecurity Corp Savings and Loans, Mutual Savings Banks 11/03/95 01/18/96 Stone Medical Supply Micro Bio-Medics Inc Wholesale Trade-Durable Goods 11/01/95 03/13/96 PerSeptive Technolgies Corp PerSeptive Biosystems Inc Measuring, Medical, Photo Equipment; Clocks 10/31/95 02/06/96 St Ives Laboratories Alberto-Culver Co Soaps, Cosmetics, and Personal-Care Products 10/23/95 12/07/95 Griffin Technology Inc Diebold Inc Computer and Office Equipment 10/20/95 01/17/96 NexGcn Inc Advanced Micro Devices Inc Electronic and Electrical Equipment CONSIDERATION (%) PREMIUM (%) Date Date Transaction --------------------- ------------------------ Announced Effective Value Cash Common Other 1 Day 1 Week 4 Weeks - --------- --------- ----------- ------ ------ ----- ------- ------ ------- 03/15/96 05/07/96 $5.0 100.0% 0.0% 0.0% 03/04/96 04/08/96 $222.2 100.0% 0.0% 0.0% 32.4 32.4 57.3 02/29/96 03/01/06 $45.5 100.0% 0.0% 0.0% 02/14/96 03/20/96 $692.7 100.0% 0.0% 0.0% 18.6 30.2 71.8 02/01/96 04/12/96 $288.7 0.0% 100.0% 0.0% 8.3 9.1 18.6 01/31/96 03/04/96 $743.0 100.0% 0.0% 0.0% 25.9 25.0 41.8 01/29/96 04/01/96 $15.7 0.0% 100.0% 0.0% 01/24/96 03/29/96 $88.0 0.0% 100.0% (0.0%) 41.6 70.7 73.1 01/22/96 04/11/96 $2,733.9 51.6% 26.4% 22.0% 37.2 36.1 34.4 01/16/96 02/26/96 $113.4 61.2% 0.0% 38.8% 01/10/96 01/10/96 $0.6 0.0% 43.8% 56.2% 01/08/96 03/04/96 $333.9 0.0% 100.0% 0.0% 9.6 8.6 32.6 01/02/96 01/02/96 $31.0 64.5% 35.5% 0.0% 12/22/95 01/02/96 $10.0 0.0% 0.0% 12/22/95 03/29/96 $13.2 0.0% 100.0% 0.0% 10.4 22.7 31.4 12/21/95 01/03/96 $28.5 100.0% 0.0% 0.0% 12/20/95 02/05/96 $17.4 100.0% 0.0% 0.0% 134.8 157.1 145.5 12/20/95 03/14/96 $4.6 100.0% 0.0% 0.0% 12/18/95 03/15/96 $266.6 0.0% 100.0% 0.0% 28.3 31.9 39.7 12/18/95 01/29/96 $670.4 100.0% 0.0% 0.0% 30.3 32.1 32.7 12/14/95 02/26/96 $716.6 0.0% 100.0% 0.0% 20.6 23.4 44.9 12/12/95 02/22/96 $251.4 0.0% 100.0% 0.0% 7.2 15.3 18.0 12/11/95 01/19/96 $69.6 100.0% 0.0% 0.0% 36.2 33.3 73.0 12/11/95 03/15/96 $180.5 0.0% 100.0% 0.0% 15.7 48.5 53.1 12/11/95 01/22/96 $33.5 100.0% 0.0% 0.0% 4.8 41.9 46.7 12/11/95 02/14/96 $764.0 80.1% 0.0% 19.9% 41.9 66.8 93.4 12/04/95 04/01/96 $73.1 86.7% 13.2% 0.1% 68.1 72.8 82.9 12/01/95 03/15/96 $17.2 0.0% 99.9% 0.1% 153.6 115.2 153.6 11/30/95 01/25/96 $107.8 0.0% 100.0% 0.0% 6.9 32.0 36.3 11/30/95 01/19/96 $2,294.2 73.8% 0.0% 26.2% 39.1 45.5 62.3 11/27/95 01/11/96 $1,843.2 100.0% 0.0% 0.0% 100.0 115.5 131.3 11/20/95 03/13/96 $307.3 0.0% 92.8% 7.2% 40.9 40.9 46.9 11/16/95 04/16/96 $6.6 0.0% 99.8% 0.2% 7.3 24.2 24.2 11/14/95 12/29/95 $5.7 100.0% 0.0% 0.0% 11/13/95 12/19/95 $35.8 100.0% 0.0% 0.0% 66.4 73.3 77.0 11/13/95 04/11/96 282.4 0.0% 100.0% 0.0% (5.2) 14.7 16.2 11/13/95 03/01/96 1,187.8 0.0% 100.0% 0.0% 31.9 35.7 34.2 11/08/95 02/15/96 90.6 100.0% 0.0% 0.0% 11/08/95 02/23/96 30.8 100.0% 0.0% 0.0% (9.7) (15.2) (12.5) 11/08/95 12/18/95 246.9 71.6% 0.0% 28.4% 96.4 107.7 118.2 11/06/96 01/10/96 74.2 100.0% 0.0% 0.0% 29.7 37.1 31.5 11/06/95 03/28/96 12.7 40.2% 59.8% 0.0% 11/06/95 03/12/96 3,399.0 76.5% 0.0% 23.5% 20.9 37.9 48.6 11/06/95 01/08/96 372.0 100.0% 0.0% 0.0% 21.7 48.7 111.3 11/06/96 01/10/96 381.9 100.0% 0.0% 0.0% 68.7 60.9 49.7 11/03/95 11/03/95 23.6 100.0% 0.0% 0.0% 9.8 17.5 9.8 11/03/95 01/18/96 3.6 0.0% 99.9% 0.1% 11/01/95 03/13/96 28.1 0.0% 100.0% 0.0% 10/31/95 02/06/96 120.0 100.0% 0.0% 0.0% 20.0 50.0 55.8 10/23/95 12/07/95 17.9 100.0% 0.0% 0.0% (8.8) (6.1) 10/20/95 01/17/96 686.4 0.0% 100.0% 0.0% (0.6) 4.9 22 ANALYSIS OF FRIENDLY ACQUISITIONS OF U.S. PUBLIC COMPANIES Page 3 PREMIUMS AND FORM OF CONSIDERATION PAID (a) (DOLLARS IN MILLIONS) DATE DATE ANNOUNCED EFFECTIVE TARGET NAME ACQUIROR NAME TARGET INDUSTRY - --------- --------- ------------------------------ ------------------------------ ----------------------------------------- 10/20/95 10/20/95 Washington Savings Bank FSB Roosevelt Bank,Chesterfield,MO Savings and Loans, Mutual Savings Banks 10/19/95 11/13/95 Thermoscan(Thomas H Lee) Gillette Co Measuring, Medical, Photo Equipment; Clocks 10/18/95 01/11/96 Advance Ross Corp CUC International Inc Machinery 10/13/95 11/13/95 Carolco Pictures Inc Twentieth Century Fox Film Motion Picture Production and Distribution 10/13/95 10/13/95 New Canaan Co Bridgeport Hydraulic Co Electric, Gas, and Water Distribution 10/12/95 02/01/96 Western Bank, Coos Bay, Oregon Washington Mutual Inc Commercial Banks, Bank Holding Companies 10/10/95 01/15/96 Champps Entertainment Inc DAKA International Inc Retail Trade-Eating and Drinking Places 10/10/95 02/01/96 Microtec Research Inc Mentor Graphics Corp Prepackaged Software 10/10/95 01/17/96 Surgical Care Affiliates Inc HealthSouth Corp Health Services 10/09/95 12/28/95 American Electronic Components Echlin Inc Electronic and Electrical Equipment 10/06/95 01/23/96 EP Technologies Inc Boston Scientific Corp Measuring, Medical, Photo Equipment; Clocks 09/26/95 01/03/96 Larizza Industries Inc Collins & Aikman Corp Metal and Metal Products 09/25/95 09/25/95 National Gypsum Co(Delcor) CD Spangler Stone, Clay, Glass, and Concrete Products 09/20/95 02/05/96 Conner Peripherals Inc Seagate Technology Inc Computer and Office Equipment 09/15/95 01/11/96 Data Measurement Corp Measurex Corp Measuring, Medical, Photo Equipment; Clocks 09/14/95 11/11/95 CR Gibson Co Thomas Nelson Inc Printing, Publishing, and Allied Services 09/13/95 01/19/96 First Financial Bancshares Barnett Banks Inc Savings and Loans, Mutual Savings Banks 09/12/95 01/02/96 Advanced Surgical Inc Urohealth Systems Inc Measuring, Medical, Photo Equipment; Clocks 09/12/95 10/20/95 Elco Industries Inc Textron Inc Metal and Metal Products 09/08/95 12/26/95 Sunbelt Cos Inc Pelican Cos Inc Miscellaneous Retail Trade 09/06/95 12/01/95 Megatest Teradyne Inc Measuring, Medical, Photo Equipment; Clocks 09/06/95 12/15/95 Xylogics Inc Bay Networks Inc Computer and Office Equipment 09/05/95 01/09/96 Bank South Corp,Atanta,GA NationsBank Corp Commercial Banks, Bank Holding Companies 09/01/95 11/30/95 Tiger Direct Inc Global DirectMail Corp Wholesale Trade-Durable Goods 08/31/95 02/01/96 Check Express Inc Ace Cash Express Inc Other Financial 08/31/95 11/30/95 Seven Oaks International Inc Investor Group Business Services 08/30/95 01/02/96 Heart Technology Inc Boston Scientific Corp Measuring, Medical, Photo Equipment; Clocks 08/30/95 12/29/95 Helian Health Group Inc TheraTx Inc Health Services 08/30/95 01/03/96 Kentucky Medical Insurance Co Michigan Physicians Mutual Insurance 08/28/95 11/15/95 Medicine Shoppe International Cardinal Health Inc Miscellaneous Retail Trade 08/28/95 02/01/96 SFFed Corp First Nationwide Bk,Dallas,TX Savings and Loans, Mutual Savings Banks 08/28/95 11/30/95 Univax Biologics Inc North American Biologicals Inc Drugs 08/25/95 01/31/96 Fourth Financial Corp Boatmen's Bancshares Inc Commercial Banks, Bank Holding Companies 08/24/95 12/12/95 Comdata Holdings Corp Ceridian Corp Other Financial 08/24/95 08/24/95 Florida West Airlines Inc Florida West Intl Airways Air Transportation and Shipping 08/23/95 10/04/95 Medrad Inc Schering Berlin Inc Measuring, Medical, Photo Equipment; Clocks 08/23/95 11/29/95 Metro Financial Corp Regions Financial Corp Commercial Banks, Bank Holding Companies 08/22/95 12/29/95 Iowa Bancorp Inc First Midwest Financial Inc Commercial Banks, Bank Holding Companies 08/22/95 10/09/95 Palm Springs Golf Co Inc Ajay Sports Inc Amusement and Recreation Services 08/18/95 12/20/95 Capital Guaranty Corp Finl Security Assurance Hldgs Insurance 08/17/95 10/27/95 Beta Phase Molex Inc Business Services 08/17/95 01/15/96 FSB Financial Corp Standard Federal Bancorp Savings and Loans, Mutual Savings Banks 08/15/95 10/06/95 Advance Circuits Inc Johnson Matthey PLC Electronic and Electrical Equipment 08/15/95 11/17/95 DF&R Restaurants Inc Apple South Retail Trade-Eating and Drinking Places 08/14/95 10/11/95 Broadway Stores(Federated Dep) Federated Department Stores Retail Trade-General Merchandise and Apparel 08/14/95 11/27/95 Integrated Silicon Systems Inc ArcSys Inc Business Services 08/11/95 02/01/96 Seaboard Bancorp Inc Life Bancorp Inc Savings and Loans, Mutual Savings Banks 08/10/95 10/13/95 Emphesys Financial Group Inc Humana Inc Insurance 08/10/95 11/15/95 Nu-West Industries Inc Agrium Inc Chemicals and Allied Products 08/09/95 09/30/95 MHI Group Inc Loewen Group Inc Personal Services 08/08/95 12/14/95 Piedmont Management Co Chartwell Re Corp Investment & Commodity Firms, Dealers, Exchang CONSIDERATION (%) PREMIUM (%) DATE DATE TRANSACTION --------------------- ------------------------ ANNOUNCED EFFECTIVE VALUE CASH COMMON OTHER 1 DAY 1 WEEK 4 WEEKS - --------- --------- ----------- ------ ------ ----- ------- ------ ------- 10/20/95 10/20/95 96.0 100.0% 0.0% 0.0% 360.8 372.7 295.7 10/19/95 11/13/95 108.0 100.0% 0.0% 0.0% 10/18/95 01/11/96 207.8 0.0% 100.0% (0.0%) 10/13/95 11/13/95 50.0 100.0% 0.0% 0.0% 10/13/95 10/13/95 2.9 0.0% 100.0% 0.0% 10/12/95 02/01/96 177.2 0.0% 100.0% (0.0%) 34.8 42.9 44.1 10/10/95 01/15/96 69.8 0.0% 100.0% (0.0%) 10/10/95 02/01/96 116.3 0.0% 100.0% 0.0% 17.4 20.1 28.9 10/10/95 01/17/96 1,428.3 0.0% 100.0% (0.0%) 59.3 61.1 59.3 10/09/95 12/28/95 53.0 0.0% 100.0% 0.0% 35.2 45.6 43.8 10/06/95 01/23/96 147.1 0.0% 100.0% (0.0%) (18.8) (9.6) 6.1 09/26/95 01/03/96 173.6 82.7% 0.0% 17.3% 10.6 36.8 35.1 09/25/95 09/25/95 1,123.8 100.0% 0.0% 0.0% 0.9 0.9 09/20/95 02/05/96 1,114.0 0.0% 100.0% (0.0%) 23.7 30.5 56.1 09/15/95 01/11/96 30.0 100.0% 0.0% 0.0% 2.4 18.3 11.2 09/14/95 11/11/95 67.0 100.0% 0.0% 0.0% 2.9 1.4 5.9 09/13/95 01/19/96 20.0 100.0% 0.0% 0.0% 8.8 8.8 17.1 09/12/95 01/02/96 11.7 0.0% 100.0% 0.0% 09/12/95 10/20/95 179.4 100.0% 0.0% 0.0% 93.3 97.3 100.0 09/08/95 12/26/95 18.0 100.0% 0.0% 0.0% 32.5 27.2 44.5 09/06/95 12/01/95 200.4 0.0% 100.0% 0.0% 14.8 20.4 41.0 09/06/95 12/15/95 290.1 0.0% 100.0% 0.0% 42.6 51.3 70.2 09/05/95 01/09/96 1,589.8 0.0% 100.0% 0.0% 16.4 22.7 32.4 09/01/95 11/30/95 8.6 0.0% 59.6% 40.4% 08/31/95 02/01/96 6.0 100.0% 0.0% 0.0% 37.1 37.1 37.1 08/31/95 11/30/95 2.7 100.0% 0.0% 0.0% 08/30/95 01/02/96 475.2 0.0% 100.0% (0.0%) 5.4 4.3 31.7 08/30/95 12/29/95 30.3 0.0% 99.8% 0.2% 5.7 (3.5) 30.6 08/30/95 01/03/96 25.0 100.0% 0.0% 0.0% 45.5 37.4 76.7 08/28/95 11/15/95 347.2 0.0% 100.0% 0.0% 16.1 15.4 29.5 08/28/95 02/01/96 251.9 100.0% 0.0% 0.0% 21.9 36.9 43.4 08/28/95 11/30/95 151.9 0.0% 100.0% (0.0%) 8.8 10.5 21.9 08/25/95 01/31/96 1,026.2 0.0% 100.0% 0.0% 10.4 11.2 4.6 08/24/95 12/12/95 854.1 0.0% 100.0% 0.0% 20.2 18.7 35.5 08/24/95 08/24/95 3.5 100.0% 0.0% 0.0% 08/23/95 10/04/95 165.9 100.0% 0.0% 0.0% 25.8 25.8 28.7 08/23/95 11/29/95 27.3 0.0% 100.1% (0.1%) 47.6 57.2 73.8 08/22/95 12/29/95 8.5 100.0% 0.0% 0.0% 08/22/95 10/09/95 4.5 0.0% 8.8% 91.2% 08/19/95 12/20/95 197.7 25.3% 74.7% 0.0% 7.0 9.7 20.7 08/17/95 10/27/95 1.1 81.8% 17.2% 1.0% 08/17/95 01/15/96 27.2 100.0% 0.0% 0.0% 19.0 27.0 32.4 08/15/95 10/06/95 170.7 100.0% 0.0% 0.0% 39.5 36.4 37.4 08/15/95 11/17/95 201.2 0.0% 100.0% (0.0%) 25.0 27.4 32.6 08/14/95 10/11/95 1,614.4 0.0% 22.8% 77.2% 178.3 392.3 56.1 08/14/95 11/27/95 284.6 0.0% 100.0% 0.0% 43.6 63.7 43.6 08/11/95 02/01/96 8.2 100.0% 0.0% 0.0% 10.0 20.0 32.0 08/10/95 10/13/95 639.9 100.0% 0.0% 0.0% 13.6 (3.8) 1.4 08/10/95 11/15/95 99.3 100.0% 0.0% 0.0% (12.5) (12.5) (8.7) 08/09/95 09/30/95 64.3 100.0% 0.0% 0.0% 15.5 34.4 46.4 08/08/95 12/14/95 59.4 0.0% 100.0% 0.0% (1.0) 28.4 25.1 23 ANALYSIS OF FRIENDLY ACQUISITIONS OF U.S. PUBLIC COMPANIES Page 4 PREMIUMS AND FORM OF CONSIDERATION PAID (a) (DOLLARS IN MILLIONS) DATE DATE ANNOUNCED EFFECTIVE TARGET NAME ACQUIROR NAME TARGET INDUSTRY - --------- --------- ------------------------------- ------------------------------- ----------------------------------------- 08/04/95 09/12/95 American City Business Journal Advance Publications Inc Printing, Publishing, and Allied Services 08/04/95 01/02/96 Hawkeye Bancorp Mercantile Bancorp,St Louis,MO Commercial Banks, Bank Holding Companies 08/01/95 11/24/95 CBS Inc Westinghouse Electric Corp Radio and Television Broadcasting Stations 07/31/95 01/11/96 Sunrise Bancorp Inc Reliance Bancorp Inc Savings and Loans, Mutual Savings Banks 07/28/95 01/03/96 National American Bancorp Inc Keystone Financial,Harrisburg Conumcial Banks, Bank Holding Companies 07/27/95 10/13/95 Chipcom Corp 3Com Corp Electronic and Electrical Equipment 07/26/95 11/03/95 Bolle America Inc Benson Eyecare Corp Measuring, Medical, Photo Equipment; Clocks 07/24/95 12/04/95 Multimedia Inc Gannett Co Inc Printing, Publishing, and Allied Services 07/20/95 01/12/96 Rule Industries Inc Greenfield Industries Inc Machinery 07/19/95 01/02/96 Premier Bancorp,Baton Rouge,LA BANC ONE Corp Commercial Banks, Bank Holding Companies 07/18/95 10/26/95 CareLine Inc(Care Group Inc) Laidlaw Inc Health Services 07/17/95 08/22/95 Automotive Industries Holding Lear Seating Corp Transportation Equipment 07/17/95 10/02/95 CliniCom Inc HBO & Co Business Services 07/17/95 12/12/95 Scott Paper Co Kimberly-Clark Corp Paper and Allied Products 07/12/95 12/01/95 First Chicago Corp,Illinois NBD Bancorp,Detroit,Michigan Commercial Banks, Bank Holding Companies 07/12/95 12/21/95 Polar Express Corp Aasche Transportation Services Transportation and Shipping (except air) 07/11/95 12/15/95 Great Country Bank,Ansonia,CT Center Financial Corp Savings and Loans, Mutual Savings Banks 07/10/95 01/03/96 Advantage Companies Inc THORN Americas Inc(Thorn EMI) Telecommunications 07/10/95 01/04/96 Hunter Resources Inc Magnum Petroleum Inc Oil and Gas; Petroleum Refining 07/10/95 01/02/96 Midlantic Corp PNC Bank Corp Commercial Banks, Bank Holding Companies 07/10/95 08/11/95 WorldWay Corp Arkansas Best Corp Transportation and Shipping (except air) 07/06/95 08/04/95 Arcus Inc(Armored Transport) United Acquisition Co Business Services 07/06/95 11/30/95 Gaming Corp of America Grand Casinos Inc Amusement and Recreation Services 07/05/95 01/10/96 CSF Holdings Inc NationsBank Corp Savings and Loans, Mutual Savings Banks 07/04/95 09/18/95 Home Bancorp Inc Essex Bancorp Inc Commercial Banks, Bank Holding Companies 06/26/95 10/05/95 Enterra Corp Weatherford International Inc Business Services 06/26/95 10/16/95 Super Rite Corp Richfood Holdings Inc Retail Trade-Food Stores 06/21/95 07/12/95 Security Bancorp Inc Canton GA Habersham Bancorp Commercial Banks, Bank Holding Companies 06/19/95 10/03/95 Milwaukee Insurance Group Inc Unitrin Inc Insurance 06/16/95 10/23/95 Cellcor(Hillman Medical Ventu) Cytogen Corp Drugs 06/15/95 06/15/95 Coating Sciences Inc Scapa Group PLC Paper and Allied Products 06/13/95 08/23/95 Truck Components Johnstown America Industries Transportation Equipment 06/09/95 08/30/95 Bird Medical Technologies Inc Thermo Electron Corp Measuring, Medical, Photo Equipment; Clocks 06/06/95 06/06/95 New York Testing Laboratories Comprehensive Environmental Business Services 06/05/95 09/01/95 Designatronics Inc Dyson Dyson & Dunn Inc Machinery 05/30/95 09/07/95 Consolidated Oil & Gas Inc Hugoton Energy Corp Oil and Gas; Petroleum Refining 05/30/95 08/04/95 Constitution Bancorp JeffBanks Inc Commercial Banks, Bank Holding Companies 05/30/95 05/30/95 MNB Bancshares Inc First Interstate Bancorp,CA Savings and Loans, Mutual Savings Banks 05/30/95 09/01/95 Marsam Pharmaceuticals Inc Schein Pharmaceutical Inc Drugs 05/30/95 08/31/95 Saber Software Inc McAfee Associates Inc Business Services 05/24/95 10/25/95 Insituform Mid-America Inc Insituform Technologies Inc Construction Firms 05/24/95 09/28/95 MedChem Products Inc CR Bard Inc Drugs 05/23/95 10/20/95 Mariners Bancorp Eldorado Bancorp,Tustin,CA Commercial Banks, Bank Holding Companies 05/22/95 10/11/95 MIP Properties Inc JER Partners II LLC(J Roberts) Real Estate; Mortgage Bankers and Brokers 05/22/95 09/21/95 Nationwide Cellular Services MCI Communications Corp Telecommunications 05/22/95 08/25/95 Puritan-Bennett Nellcor Inc Measuring, Medical, Photo Equipment; Clocks 05/19/95 10/12/95 Recognition International Inc BancTec Inc Computer and Office Equipment 05/17/95 07/27/95 CRSS Inc American Tractebel Corp Business Services 05/17/95 07/31/95 Doehler-Jarvis Inc Harvard Industries Inc Metal and Metal Products 05/16/95 05/16/95 Regina Co Inc Philips Electronics North Electronic and Electrical Equipment 05/15/95 10/20/95 Foothill Group Inc Norwest Corp,Minneapolis,MN Credit Institutions CONSIDERATION (%) PREMIUM (%) DATE DATE TRANSACTION --------------------- ------------------------ ANNOUNCED EFFECTIVE VALUE CASH COMMON OTHER 1 DAY 1 WEEK 4 WEEKS - --------- --------- ----------- ------ ------ ----- ------- ------ ------- 08/04/95 09/12/95 193.2 100.0% 0.0% 0.0% 28.7 23.1 28.0 08/04/95 01/02/96 346.4 0.0% 100.0% (0.0%) 12.8 20.0 18.0 08/01/95 11/24/95 5,036.2 100.0% 0.0% 0.0% 24.8 22.5 18.9 07/31/95 01/11/96 110.0 100.0% 0.0% 0.0% 9.9 11.3 11.3 07/28/95 01/03/96 34.7 0.0% 100.0% 0.0% 07/27/95 10/13/95 702.6 0.0% 100.0% (0.0%) 34.7 62.8 66.1 07/26/95 11/03/95 33.9 0.0% 99.9% 0.1% 16.9 14.9 28.6 07/24/95 12/04/95 2,273.4 75.4% 0.0% 24.6% 07/20/95 01/12/96 72.5 49.4% 0.0% 50.6% 118.6 104.0 104.0 07/19/95 01/02/96 705.3 0.0% 100.0% 0.0% 07/18/95 10/26/95 341.5 0.0% 48.7% 51.3% 31.6 34.7 25.9 07/17/95 08/22/95 587.9 100.0% 0.0% 0.0% 3.9 10.7 45.7 07/17/95 10/02/95 202.7 0.0% 100.0% 0.0% 37.6 31.8 44.0 07/17/95 12/12/95 6,791.5 0.0% 100.0% (0.0%) 1.1 2.2 1.9 07/12/95 12/01/95 5,295.6 0.0% 100.0% (0.0%) (3.0) (1.8) 0.6 07/12/95 12/21/95 8.7 0.0% 100.0% 0.0% 07/11/95 12/15/95 27.9 0.0% 99.8% 0.2% 31.1 35.0 39.3 07/10/95 01/03/96 77.7 100.0% 0.0% 0.0% 07/10/95 01/04/96 1.9 0.0% 100.0% 0.0% 07/10/95 01/02/96 2,860.6 0.0% 100.0% 0.0% 34.4 37.7 54.9 07/10/95 08/11/95 142.2 50.8% 0.0% 49.2% 15.8 17.3 07/06/95 08/04/95 48.4 100.0% 0.0% 0.0% 1.3 1.3 1.3 07/06/95 11/30/95 139.2 0.0% 100.0% (0.0%) 74.5 64.6 121.5 07/05/95 01/10/96 516.0 100.0% 0.0% 0.0% 26.9 19.7 30.0 07/04/95 09/18/95 15.0 0.0% 0.0% 100.0% 06/26/95 10/05/95 540.4 0.0% 100.0% (0.0%) (6.9) 1.6 3.0 06/26/95 10/16/95 225.2 0.0% 100.0% (0.0%) 26.8 26.8 49.0 06/21/95 07/12/95 9.2 21.7% 78.3% (0.0%) 06/19/95 10/03/95 92.7 100.0% 0.0% 0.0% 63.0 63.0 77.8 06/16/95 10/23/95 14.9 0.0% 99.7% 0.3% (6.1) 06/15/95 06/15/95 43.2 79.2% 0.0% 20.8% 06/13/95 08/23/95 249.0 67.9% 0.0% 32.1% 37.6 43.8 37.6 06/09/95 08/30/95 59.2 100.0% 0.0% 0.0% 39.6 57.4 72.1 06/06/95 06/06/95 1.0 100.0% 0.0% 0.0% 06/05/95 09/01/95 17.2 100.0% 0.0% 0.0% 45.5 29.7 29.7 05/30/95 09/07/95 112.2 31.0% 69.0% 0.0% 05/30/95 08/04/95 2.7 0.0% 100.0% 0.0% 05/30/95 05/30/95 5.0 100.0% 0.0% 0.0% 05/30/95 09/01/95 244.4 100.0% 0.0% 0.0% 29.2 47.4 55.6 05/30/95 08/31/95 40.6 0.0% 100.0% 0.0% 42.5 37.1 34.6 05/24/95 10/25/95 144.0 0.0% 100.0% 0.0% 15.0 8.2 31.4 05/24/95 09/28/95 94.7 0.0% 100.0% 0.0% 42.3 60.9 57.4 05/23/95 10/20/95 13.5 30.4% 69.7% (0.0%) 05/22/95 10/11/95 69.9 32.8% 0.0% 67.2% 32.3 32.3 24.0 05/22/95 09/21/95 163.5 100.0% 0.0% 0.0% 5.7 8.0 18.4 05/22/95 08/25/95 469.6 0.0% 100.0% 0.0% 38.9 37.6 65.0 05/19/95 10/12/95 159.7 0.0% 100.0% 0.0% 48.6 48.6 51.3 05/17/95 07/27/95 193.7 100.0% 0.0% 0.0% 45.0 56.8 56.8 05/17/95 07/31/95 218.0 47.7% 0.0% 52.3% 05/16/95 05/16/95 17.5 100.0% 0.0% 0.0% 05/15/95 10/20/95 447.2 0.0% 100.0% 0.0% 11.2 13.0 23.8 24 ANALYSIS OF FRIENDLY ACQUISITIONS OF U.S. PUBLIC COMPANIES Page 5 PREMIUMS AND FORM OF CONSIDERATION PAID (a) (DOLLARS IN MILLIONS) DATE DATE ANNOUNCED EFFECTIVE TARGET NAME ACQUIROR NAME TARGET INDUSTRY - --------- --------- ------------------------------- ------------------------------- ----------------------------------------- 05/15/95 09/20/95 Random Access Inc Entex Information Svcs(JWP) Retail Trade-Home Furnishings 05/11/95 10/19/95 Employee Benefits Plans Inc First Financial Management Insurance 05/10/95 06/14/95 Best Power Technology Inc General Signal Corp Electronic and Electrical Equipment 05/09/95 09/12/95 Eastex Energy Inc El Paso Natural Gas Co Electric, Gas, and Water Distribution 05/08/95 08/21/95 American Medical Electronics Orthofix International NV Measuring, Medical, Photo Equipment; Clocks 05/08/95 06/08/95 Flair Corp United Dominion Industries Inc Machinery 05/04/95 06/08/95 Bestop Inc Douglas & Lomason Co Transportation Equipment 05/03/95 07/21/95 Evergreen HealthCare Lid GranCare Inc Health Services 05/03/95 08/30/95 Medical Diagnostics Inc Advanced NMR Systems Health Services 05/03/95 07/19/95 Plains Petroleum Co Barrett Resources Corp Oil and Gas; Petroleum Refining 04/28/95 06/16/95 Grow Group Inc ICI PLC Chemicals and Allied Products 04/28/95 06/02/95 NuVision Inc American Vision Centers Inc Miscellaneous Retail Trade 04/26/95 08/11/95 Dictaphone Corp Stonington Partners Inc Computer and Office Equipment 04/25/95 08/28/95 Cabot Medical Corp Circon Corp Measuring, Medical, Photo Equipment; Clocks 04/21/95 08/23/95 Altai Inc PLATINUM technology Inc Business Services 04/20/95 08/18/95 Bruno's Inc Kohlberg Kravis Roberts & Co Retail Trade-Food Stores 04/19/95 10/02/95 Railroad Financial Corp Commercial Federal Corp,Omaha Savings and Loans, Mutual Savings Banks 04/18/95 06/30/95 First Community Bankshares Inc California Bancshares Inc Commercial Banks, Bank Holding Companies 04/13/95 04/13/95 AUSA Inc(Apotex USA/Apotex) GEN/Rx Inc Drugs 04/12/95 04/12/95 Microcom Inc Loral Conic(Loral Corp) Communications Equipment 04/12/95 06/30/95 Rehability Corp Living Centers of America Inc Health Services 04/10/95 08/17/95 ALC Communications Corp Frontier Corp Telecommunications 04/06/95 08/31/95 Intermetrics Inc Apollo Holding Inc Business Services 04/05/95 04/05/95 Solon Automated Services Inc Coinmach Corp Personal Services 04/03/95 05/08/95 E-Systems Inc Raytheon Co Electronic and Electrical Equipment 04/03/95 06/29/95 I&J Bagels Inc Manhattan Bagel Co Inc Food and Kindred Products 04/03/95 09/07/95 USA Mobile Communications Arch Communications Group Inc Telecommunications 03/31/95 07/10/95 Continental Medical Systems Horizon Healthcare Corp Health Services 03/30/95 06/21/95 CareerStaff Unlimited Inc Sun Healthcare Group Inc Business Services 03/30/95 07/17/95 Circa Pharmaceuticals Inc Watson Pharmaceuticals Inc Drugs 03/28/95 09/29/95 ACS Enterprises Inc CAI Wireless Systems Inc Radio and Television Broadcasting Stations 03/27/95 07/28/95 Diagnostek Inc Value Health Inc(Warburg Pinc) Miscellaneous Retail Trade 03/27/95 09/18/95 Micrographic Technology Corp SoftNet Systems Inc Prepackaged Software 03/27/95 09/01/95 Putnam Trust Co Bank of New York Co Inc Commercial Banks, Bank Holding Companies 03/24/95 08/04/95 Lakeside Bancshares Inc First Commerce Corp Commcrcial Banks, Bank Holding Companies 03/24/95 04/26/95 Paco Pharmaceutical Services West Co Inc Drugs 03/22/95 06/09/95 Primary Access Corp 3Com Corp Communications Equipment 03/20/95 09/27/95 AutoFinance Group Inc KeyCorp,Cleveland,Ohio Credit Institutions 03/17/95 05/01/95 Resource Recycling Techs Inc Waste Management Inc Sanitary Services 03/16/95 04/25/95 Amdura Corp FKI PLC Machinery 03/16/95 04/07/95 Intelogic Trace Inc Decision Servcom Inc Business Services 03/16/95 10/24/95 Mt Vernon Financial Corp Colonial BancGroup Inc Commercial Banks, Bank Holding Companies 03/14/95 04/25/95 Leaseway Transportation Corp Penske Truck Leasing Co LP Transportation and Shipping (except air) 03/14/95 10/19/95 Lexington Savings Bank Main Street Community Bancorp Savings and Loans, Mutual Savings Banks 03/14/95 07/14/95 McArthur/Glen Realty Corp Horizon Outlet Centers Inc Investment & Commodity Films, Dealers, Exchang 03/13/95 06/30/95 Conquest Airlines Corp Air LA Inc Air Transportation and Shipping 03/13/95 09/15/95 Morgan Medical Holdings Inc NMR of America Health Services 03/10/95 06/30/95 M/A-COM Inc AMP Inc Electronic and Electrical Equipment 03/08/95 07/06/95 Sunrise Energy Services Inc ENSERCH Corp Electric, Gas, and Water Distribution 03/07/95 08/31/95 Lazer-Tron Corp Acclaim Entertainment Inc Amusement and Recreation Services 03/07/95 08/25/95 Trinzic Corp PLATINUM technology Inc Business Services CONSIDERATION (%) PREMIUM (%) DATE DATE TRANSACTION --------------------- ------------------------ ANNOUNCED EFFECTIVE VALUE CASH COMMON OTHER 1 DAY 1 WEEK 4 WEEKS - --------- --------- ----------- ------ ------ ----- ------- ------ ------- 05/15/95 09/20/95 22.0 100.0% 0.0% 0.0% 6.1 26.8 23.8 05/11/95 10/19/95 124.3 0.0% 100.0% (0.0%) 56.4 62.9 62.9 05/10/95 06/14/95 200.7 100.0% 0.0% 0.0% 61.5 68.0 75.0 05/09/95 09/12/95 28.4 48.9% 50.9% 0.1% 27.4 28.6 33.3 05/08/95 08/21/95 90.9 45.1% 35.1% 19.8% 49.8 71.7 42.1 05/08/95 06/08/95 192.2 61.0% 0.0% 39.0% 15.9 13.5 14.3 05/04/95 06/08/95 44.0 100.0% 0.0% 0.0% 22.0 18.6 27.5 05/03/95 07/21/95 162.3 0.0% 100.0% (0.0%) (1.9) 4.1 3.0 05/03/95 08/30/95 28.5 37.2% 63.1% (0.2%) 82.9 120.7 137.0 05/03/95 07/19/95 297.2 0.0% 100.0% 0.0% 34.3 38.2 39.0 04/28/95 06/16/95 355.5 100.0% 0.0% 0.0% 30.4 38.6 37.5 04/28/95 06/02/95 20.5 100.0% 0.0% 0.0% 32.2 38.2 35.1 04/26/95 08/11/95 450.0 100.0% 0.0% 0.0% 04/25/95 08/28/95 92.5 0.0% 100.0% (0.0%) 34.4 46.6 141.9 04/21/95 08/23/95 19.6 0.0% 99.7% 0.3% 36.0 21.4 36.0 04/20/95 08/18/95 1,150.4 76.3% 4.6% 19.2% 28.9 28.0 33.3 04/19/95 10/02/95 48.3 0.0% 100.1% (0.1%) 92.3 94.4 117.5 04/18/95 06/30/95 16.3 100.0% 0.0% 0.0% 04/13/95 04/13/95 24.9 0.0% 100.0% 0.0% 04/12/95 04/12/95 7.0 100.0% 0.0% 0.0% 04/12/95 06/30/95 121.0 70.2% 0.0% 29.8% 12.2 15.0 15.0 04/10/95 08/17/95 1,884.1 0.0% 95.8% 4.2% 36.8 33.8 45.0 04/06/95 08/31/95 27.2 100.0% 0.0% 0.0% 60.0 60.0 43.2 04/05/95 04/05/95 11.5 100.0% 0.0% 0.0% 04/03/95 05/08/95 2,255.4 100.0% 0.0% 0.0% 41.0 43.0 46.3 04/03/95 06/29/95 17.6 0.0% 100.1% (0.1%) 04/03/95 09/07/95 436.3 19.2% 34.9% 45.8% 25.1 23.9 26.3 03/31/95 07/10/95 578.7 0.0% 100.0% (0.0%) 110.2 135.0 121.9 03/30/95 06/21/95 101.8 0.0% 100.0% (0.0%) (24.9) (18.6) (9.8) 03/30/95 07/17/95 608.7 0.0% 100.0% 0.0% 57.5 59.7 66.9 03/28/95 09/29/95 206.3 17.7% 82.3% (0.0%) 32.3 36.5 64.9 03/27/95 07/28/95 402.9 0.0% 100.0% (0.0%) (10.3) (10.3) 8.0 03/27/95 09/18/95 13.8 8.0% 35.9% 56.1% 03/27/95 09/01/95 138.5 0.0% 100.0% (0.0%) 9.0 15.8 49.6 03/24/95 08/04/95 24.4 0.0% 99.8% 0.2% 03/24/95 04/26/95 49.0 100.0% 0.0% 0.0% 66.1 66.1 58.1 03/22/95 06/09/95 170.0 0.0% 100.0% 0.0% 03/20/95 09/27/95 322.3 0.0% 100.0% (0.0%) 72.5 73.6 66.3 03/17/95 05/01/95 30.8 100.0% 0.0% 0.0% 37.3 50.8 46.0 03/16/95 04/25/95 88.8 69.9% 0.0% 30.1% 22.7 15.0 2.2 03/16/95 04/07/95 15.8 55.7% 0.0% 44.3% 03/16/95 10/24/95 16.0 16.3% 83.5% 0.2% 03/14/95 04/25/95 199.8 100.0% 0.0% 0.0% 54.6 55.3 60.0 03/14/95 10/19/95 33.9 0.0% 100.1% (0.1%) (9.5) (8.1) (10.9) 03/14/95 07/14/95 315.4 0.0% 100.0% 0.0% 0.6 13.5 0.6 03/13/95 06/30/95 6.0 0.0% 100.0% 0.0% 03/13/95 09/15/95 5.2 0.0% 100.6% (0.6%) 03/10/95 06/30/95 284.3 0.0% 100.0% 0.0% 52.0 57.6 49.3 03/08/95 07/06/95 8.5 100.0% 0.0% 0.0% 03/07/95 08/31/95 32.8 0.0% 100.0% 0.0% 1.6 8.5 (9.9) 03/07/95 08/25/95 140.8 0.0% 100.0% (0.0%) 0.1 9.6 45.2 25 ANALYSIS OF FRIENDLY ACQUISITIONS OF U.S. PUBLIC COMPANIES Page 6 PREMIUMS AND FORM OF CONSIDERATION PAID (a) (DOLLARS IN MILLIONS) DATE DATE ANNOUNCED EFFECTIVE TARGET NAME ACQUIROR NAME TARGET INDUSTRY - --------- --------- ------------------------------- ------------------------------- ----------------------------------------- 03/06/95 08/01/95 A Pea in the Pod Inc Mothers Work Inc Retail Trade-General Merchandise and Apparel 03/02/95 06/28/95 Abbey Healthcare Group Inc Homedco Group Inc Health Services 03/02/95 08/30/95 DATEQ Information Network Trans Union(Martmon Holdings) Business Services 03/02/95 08/31/95 PSB Holdings Corp CitFed Bancorp Inc Commercial Banks, Bank Holding Companies 02/28/95 07/18/95 Marion Merrell Dow Inc Hoechst AG Drugs 02/28/95 06/08/95 Maxus Energy Corp YPF Sociedad Anonima Oil and Gas; Petroleum Refining 02/27/95 06/29/95 America First REIT Inc Mid-American Apartment Investment & Commodity Firms, Dealers, Exchang 02/17/95 06/30/95 American Equity Bancorp Inc Anchor Bancorp Wisconsin Inc Savings and Loans, Mutual Savings Banks 02/15/95 07/03/95 American Recreation Co Bell Sports Corp Transportation Equipment 02/15/95 03/31/95 Title Wave Stores Inc Hollywood Entertainment Corp Retail Trade-Home Furnishings 02/15/95 06/30/95 Urban National Bank Hubco Inc Commercial Banks, Bank Holding Companies 02/14/95 05/31/95 Intertrans Corp Fritz Cos Inc Air Transportation and Shipping 02/10/95 05/15/95 Hadson Corp LG&E Energy Corp Oil and Gas; Petroleum Refining 02/07/95 05/18/95 Glycomed Inc Ligand Pharmaceutical Inc Business Services 02/07/95 06/01/95 Petstuff Inc PetSmart Inc Miscellaneous Retail Trade 02/07/95 06/15/95 Wavefront Technologies Inc Silicon Graphics Inc Prepackaged Software 02/02/95 06/30/95 New Era Bank United National Bancorp Commercial Banks, Bank Holding Companies 02/01/95 05/15/95 Broadcasting Partners Inc Evergreen Media Corp Radio and Television Broadcasting Stations 01/27/95 06/15/95 Easel Corp VMARK Software Inc Prepackaged Software 01/26/95 06/30/95 Lakeland First Financial Group Valley National Bancorp Savings and Loans, Mutual Savings Banks 01/24/95 06/30/95 Broadcast International Inc Data Broadcasting Corp Communications Equipment 01/24/95 06/14/95 Surgical Health Corp HealthSouth Corp Health Services 01/19/95 07/11/95 Bancorp New Jersey Inc UJB Financial Corp Savings and Loans, Mutual Savings Banks 01/19/95 03/16/95 ConferTech International ALC Communications Corp Communications Equipment 01/17/95 03/28/95 Monitor Technologies Inc Nortech Systems Inc Measuring, Medical, Photo Equipment; Clocks 01/13/95 07/13/95 Community Health Computing ADAC Laboratories Measuring, Medical, Photo Equipment; Clocks 01/12/95 04/26/95 Re Capital Corp Zurich Reinsurance Centre Insurance 01/10/95 02/22/95 Forsyth Properties Inc Highwoods Properties Inc Real Estate; Mortgage Bankers and Brokers 01/10/95 03/31/95 Mayflower Group Inc Laidlaw Inc Transportation and Shipping (except air) 01/09/95 07/03/95 Deerbank Corp NBD Bancorp,Detroit,Michigan Savings and Loans, Mutual Savings Banks 01/09/95 05/12/95 Pet Inc Pillsbury Co(Grand Met PLC) Food and Kindred Products 01/09/95 04/05/95 United Stationers Inc Associated Stationers Inc Wholesale Trade-Nondurable Goods 01/04/95 04/05/95 Mitek Surgical Products Johnson & Johnson Measuring, Medical, Photo Equipment; Clocks 01/03/95 06/01/95 Coral Gables Fedcorp Inc First Union Natl Bank of FL Commercial Banks, Bank Holding 12/27/94 02/13/95 PERRY DRUG STORES, INC. RITE AID CORP MISCELLANEOUS RETAIL TRADE 12/26/94 03/03/95 Krelitz Industries Inc D&K Wholesale Drug Inc Wholesale Trade-Nondurable Goods 12/22/94 01/17/95 Delta Drilling Co Nabors Industries Inc Oil and Gas; Petroleum Refining 12/22/94 12/22/94 NDL Products Inc DHB Capital Group Inc Miscellaneous Manufacturing 12/16/94 03/02/95 Caesars World Inc ITT Corp Hotels and Casinos 12/12/94 04/03/95 American Financial Corp American Premier Underwriters Insurance 12/12/94 04/03/95 Delaware Management Holdings Lincoln National Corp Investment & Commodity Firms, Dealers, Exchang 12/09/94 03/29/95 Concord Holding Corp Bisys Group Inc Investment & Commodity Firms, Dealers, Exchang 12/09/94 03/31/95 Crop Genetics International biosys Chemicals and Allied Products 12/09/94 03/15/95 Sports-Tech International Inc Dainichi Electronics Inc Computer and Office Equipment 12/07/94 03/23/95 Security Capital Pacific Trust Property Trust of America Investment & Commodity Firms, Dealers, Exchang 12/06/94 02/28/95 Welbilt Corp(new) Berisford International PLC Electronic and Electrical Equipment 11/21/94 03/24/95 Allison Engine Company Inc Rolls-Royce PLC Aerospace and Aircraft 11/18/94 12/30/94 Synergen Inc Amgen Inc Business Services 11/16/94 11/16/94 Individualized Rehabilitation First Option Health Plan, NJ Health Services 11/16/94 12/28/94 MEDSTAT Group Inc Thomson Corp Business Services 11/14/94 02/13/95 Powersoft Corp Sybase Inc Prepackaged Software CONSIDERATION (%) PREMIUM (%) DATE DATE TRANSACTION --------------------- ------------------------ ANNOUNCED EFFECTIVE VALUE CASH COMMON OTHER 1 DAY 1 WEEK 4 WEEKS - --------- --------- ----------- ------ ------ ----- ------- ------ ------- 03/06/95 08/01/95 22.5 100.0% 0.0% 0.0% 37.5 83.3 57.1 03/02/95 06/28/95 658.7 0.0% 100.0% 0.0% 118.5 118.5 118.5 03/02/95 08/30/95 18.3 100.0% 0.0% 0.0% 27.3 27.3 27.3 03/02/95 08/31/95 42.9 0.0% 99.9% 0.1% 34.7 32.4 32.4 02/28/95 07/18/95 7,121.0 100.0% 0.0% 0.0% 7.9 7.9 4.0 02/28/95 06/08/95 1,843.8 45.8% 0.0% 54.2% 46.7 41.9 57.1 02/27/95 06/29/95 56.8 0.0% 100.1% (0.1%) 38.0 44.6 43.4 02/17/95 06/30/95 12.5 0.0% 99.6% 0.4% 02/15/95 07/03/95 72.6 0.0% 100.0% 0.0% 35.0 25.0 35.0 02/15/95 03/31/95 8.5 100.0% 0.0% 0.0% 33.3 77.8 34.7 02/15/95 06/30/95 34.7 0.0% 100.0% 0.0% 02/14/95 05/31/95 216.1 0.0% 100.0% 0.0% 17.7 22.5 40.6 02/10/95 05/15/95 167.7 100.0% 0.0% 0.0% 02/07/95 05/18/95 54.2 0.0% 100.1% (0.1%) 33.0 35.7 61.5 02/07/95 06/01/95 97.9 0.0% 100.0% 0.0% (6.5) 24.7 11.2 02/07/95 06/15/95 111.4 0.0% 100.0% 0.0% 9.7 27.2 27.2 02/02/95 06/30/95 19.3 0.0% 100.2% (0.2%) 02/01/95 05/15/95 237.7 39.5% 26.5% 34.1% 33.7 26.3 30.4 01/27/95 06/15/95 24.6 0.0% 100.2% (0.2%) 10.9 (2.9) 24.3 01/26/95 06/30/95 116.7 0.0% 100.0% 0.0% 39.8 43.1 51.2 01/24/95 06/30/95 37.8 35.7% 64.4% (0.1%) 15.9 12.0 17.2 01/24/95 06/14/95 211.7 0.0% 100.0% (0.0%) 01/19/95 07/11/95 104.4 34.7% 65.3% 0.0% 68.9 74.3 74.3 01/19/95 03/16/95 65.3 100.0% 0.0% 0.0% 45.5 29.0 85.5 01/17/95 03/28/95 0.8 0.0% 101.6% (1.6%) 01/13/95 07/13/95 16.5 100.0% 0.0% 0.0% 01/12/95 04/26/95 199.4 65.4% 0.0% 34.6% 45.1 45.1 48.0 01/10/95 02/22/95 169.2 15.9% 11.5% 72.6% 01/10/95 03/31/95 157.0 100.0% 0.0% 0.0% 01/09/95 07/03/95 100.5 0.0% 100.0% 0.0% 19.9 27.7 24.7 01/09/95 05/12/95 2,610.0 100.0% 0.0% 0.0% 29.2 31.6 52.9 01/09/95 04/05/95 266.6 100.0% 0.0% 0.0% 19.2 17.0 47.6 01/04/95 04/05/95 137.3 0.0% 100.0% 0.0% 27.7 20.0 44.6 01/03/95 06/01/95 486.6 100.0% 0.0% 0.0% 23.7 26.6 43.7 12/27/94 02/13/95 133.2 100.0% 0.0% 0.0% 44.3 44.3 46.7 12/26/94 03/03/95 1.4 100.0% 0.0% 0.0% 12/22/94 01/17/95 20.0 100.0% 0.0% 0.0% 12/22/94 12/22/94 3.1 100.0% 0.0% 0.0% 12/16/94 03/02/95 1,695.7 100.0% 0.0% 0.0% 58.4 58.8 57.0 12/12/94 04/03/95 1,686.5 0.0% 40.7% 59.3% 12/12/94 04/03/95 531.5 56.4% 0.0% 43.6% 12/09/94 03/29/95 121.5 0.0% 100.0% 0.0% 78.6 78.6 57.8 12/09/94 03/31/95 11.3 0.0% 59.1% 40.9% (9.8) (29.1) (38.0) 12/09/94 03/15/95 0.8 100.0% 0.0% 0.0% 12/07/94 03/23/95 245.4 0.0% 56.6% 43.4% 12/06/94 02/28/95 441.8 66.5% 0.0% 33.5% 28.6 37.8 35.0 11/21/94 03/24/95 525.0 100.0% 0.0% 0.0% 11/18/94 12/30/94 239.9 100.0% 0.0% 0.0% 4.2 25.4 11/16/94 11/16/94 1.5 60.0% 0.0% 40.0% 11/16/94 12/28/94 305.7 100.0% 0.0% 0.0% 56.5 68.8 56.5 11/14/94 02/13/95 817.3 0.0% 100.0% 0.0% 26.1 22.4 33.2 26 ANALYSIS OF FRIENDLY ACQUISITIONS OF U.S. PUBLIC COMPANIES Page 7 PREMIUMS AND FORM OF CONSIDERATION PAID (a) (DOLLARS IN MILLIONS) DATE DATE ANNOUNCED EFFECTIVE TARGET NAME ACQUIROR NAME TARGET INDUSTRY - --------- --------- ------------------------------- ------------------------------- ----------------------------------------- 11/14/94 12/30/94 Triconex Corp Siebe PLC Measuring, Medical, Photo Equipment; Clocks 11/10/94 03/07/95 Margaux Inc Dover Diversified Inc Electronic and Electrical Equipment 11/08/94 02/24/95 SciMed Life Systems Inc Boston Scientific Corp Measuring, Medical, Photo Equipment; Clocks 11/08/94 12/23/94 Trico Products Corp Stant Corp Transportation Equipment 11/04/94 01/29/95 United Inns United/Harvey Holdings LP Hotels and Casinos 11/03/94 03/15/95 Birtcher Medical Systems Inc Conmed Corp Measuring. Medical, Photo Equipment; Clocks 11/02/94 12/06/94 Snapple Beverage Corp Quaker Oats Co Food and Kindred Products 10/31/94 03/16/95 NAMIC USA Corp Pfizer Inc Measuring, Medical, Photo Equipment; Clocks 10/31/94 02/21/95 Vestar Inc NeXagen Inc Drugs 10/26/94 02/28/95 FirstRock Bancorp Inc First Financial Corp,WI Savings and Loans, Mutual Savings Banks 10/25/94 01/05/95 Digidesign Inc Avid Technology Inc Business Services 10/25/94 02/28/95 West Coast Bancorp Commercial Bancorp Commercial Banks, Bank Holding Companies 10/24/94 04/03/95 Savin Corp(HCS Technology NV) Ricoh Corp(Ricoh Co Ltd) Measuring, Medical, Photo Equipment; Clocks 10/24/94 03/02/95 Vermont Research Corp Storage Computer Inc Computer and Office Equipment 10/21/94 10/21/94 Wert & Garvey Inc DiMark Inc Investment & Commodity Firms, Dealers, Exchang 10/19/94 11/29/94 Sym-Tek Systems Inc Aetrium Inc Measuring, Medical, Photo Equipment; Clocks 10/17/94 12/02/94 All American Gourmet Co HJ Heinz Co Food and Kindred Products 10/17/94 02/28/95 American Union Bank,Union,NJ Valley National Bancorp Commercial Banks, Bank Holding Companies 10/14/94 12/13/94 Applied Digital Data Systems Sunriver Corp Computer and Office Equipment 10/10/94 12/15/94 Associated Natural Gas Corp Panhandle Eastern Corp Electric, Gas, and Water Distribution 10/10/94 03/24/95 Colonial Group Inc Liberty Financial Cos Inc Investment & Commodity Firms, Dealers, Exchang 10/07/94 04/05/95 Jefferson National Bank Hubco Inc Commercial Banks, Bank Holding Companies 10/06/94 02/28/95 NBSC Corp Synovus Financial Corp Commercial Banks, Bank Holding Companies 10/05/94 03/31/95 University Bank & Trust Co,CA Comerica Inc,Detroit.Michigan Commercial Banks, Bank Holding Companies 10/04/94 11/18/94 Malibu Grand Prix Corp Mountasia Entertainment Amusement and Recreation Services 10/03/94 12/20/94 CareNetwork Inc Humana Inc Insurance 10/03/94 10/03/94 Chomerics Inc(WR Grace & Co) Parker Hannifin Corp Electronic and Electrical Equipment 10/03/94 11/14/94 Information America Inc West Publishing Co Business Services 09/27/94 02/28/95 Public Storage Properties VI Storage Equities Inc Transportation and Shipping (except air) 09/27/94 12/21/94 Revell-Monogram Inc Hallmark Cards Inc Miscellaneous Manufacturing 09/26/94 02/01/95 Arbor National Holdings Inc BankAmerica Corp Real Estate; Mortgage Bankers and Brokers 09/26/94 02/27/95 Columbus National Bank,NC Triangle Bancorp Inc Commercial Banks, Bank Holding Companies 09/26/94 01/27/95 EquiCredit Corp Barnett Banks Inc Real Estate; Mortgage Bankers and Brokers 09/22/94 02/24/95 Community Bancshares First Tennessee National Corp Commercial Banks, Bank Holding Companies 09/22/94 02/17/95 United States Paging Corp Mobile Telecom Technologies Telecommunications 09/21/94 11/28/94 Anthem Electronics Inc Arrow Electronics Inc Wholesale Trade-Durable Goods 09/19/94 12/29/94 ReLife Inc HealthSouth Corp Health Services 09/16/94 12/09/94 Orthomet Inc Wright Medical Technology Inc Measuring, Medical, Photo Equipment; Clocks 09/15/94 10/31/94 American Income Holdings Torchmark Corp Insurance 09/15/94 12/01/94 Southern Health Management Coventry Corp Health Services 09/12/94 03/14/95 Borden Inc Kohlberg Kravis Roberts & Co Food and Kindred Products 09/12/94 01/03/95 Gencare Health Systems United HealthCare Corp Insurance 09/09/94 03/31/95 Atlantic Community Bancorp Inc Triangle Bancorp Inc Commercial Banks, Bank Holding Companies 09/09/94 02/08/95 Great Lakes Bancorp TCF Financial Corp Savings and Loans, Mutual Savings Banks 09/09/94 01/17/95 USLICO Corp NWNL Cos Inc Insurance 09/08/94 03/01/95 Xyplex Inc Raytheon Co Computer and Office Equipment 09/06/94 03/03/95 Plaza Home Mortgage Corp Fleet National Bank,Providence Real Estate; Mortgage Bankers and Brokers 09/02/94 03/15/95 Point Bancorp Inc One Valley Bancorp of WV Commercial Banks, Bank Holding Companies 09/01/94 01/20/95 Jefferson Savings & Loan Assn Crestar Financial Corp Savings and Loans, Mutual Savings Banks 08/31/94 03/09/95 Cardiovascular Imaging Systems Boston Scientific Corp Measuring, Medical, Photo Equipment; Clocks 08/31/94 02/17/95 Gwinnett Bancshares Inc Bank South Corp,Atlanta,GA Savings and Loans, Mutual Savings Banks CONSIDERATION (%) PREMIUM (%) DATE DATE TRANSACTION --------------------- ------------------------ ANNOUNCED EFFECTIVE VALUE CASH COMMON OTHER 1 DAY 1 WEEK 4 WEEKS - --------- --------- ----------- ------ ------ ----- ------- ------ ------- 11/14/94 12/30/94 94.7 100.0% 0.0% 0.0% 4.8 14.5 9.2 11/10/94 03/07/95 11.5 100.0% 0.0% 0.0% 11/08/94 02/24/95 897.3 0.0% 100.0% 0.0% 23.8 26.8 34.4 11/08/94 12/23/94 159.9 100.0% 0.0% 0.0% 39.3 34.9 80.9 11/04/94 01/29/95 67.6 100.0% 0.0% 0.0% 11/03/94 03/15/95 23.0 0.0% 99.8% 0.2% (21.3) (29.2) (35.6) 11/02/94 12/06/94 1,702.7 100.0% 0.0% 0.0% (1.8) (4.3) 16.7 10/31/94 03/16/95 155.2 0.0% 100.0% 0.0% 32.5 38.8 71.9 10/31/94 02/21/95 95.2 0.0% 100.0% 0.0% 29.9 26.9 33.1 10/26/94 02/28/95 71.7 0.0% 100.0% 0.0% 20.4 19.1 14.1 10/25/94 01/05/95 196.0 0.0% 100.0% 0.0% 21.2 26.8 41.6 10/25/94 02/28/95 27.9 0.0% 100.0% 0.0% 10.0 7.0 5.6 10/24/94 04/03/95 40.1 100.0% 0.0% 0.0% 10/24/94 03/02/95 5.0 0.0% 100.0% 0.0% 10/21/94 10/21/94 11.7 0.0% 100.0% 0.0% 10/19/94 11/29/94 7.0 100.0% 0.0% 0.0% 10/17/94 12/02/94 200.0 100.0% 0.0% 0.0% 10/17/94 02/28/95 7.3 0.0% 100.0% 0.0% 10/14/94 12/13/94 21.8 100.0% 0.0% 0.0% 10/10/94 12/15/94 828.0 0.0% 71.1% 28.9% 13.9 23.3 26.3 10/10/94 03/24/95 295.1 33.4% 60.6% 6.0% 36.8 46.9 40.8 10/07/94 04/05/95 9.7 0.0% 99.9% 0.1% 10/06/94 02/28/95 150.7 0.0% 100.0% 0.0% 15.2 8.4 21.7 10/05/94 03/31/95 71.5 0.0% 100.0% 0.0% 18.6 18.6 21.7 10/04/94 11/18/94 20.2 89.1% 10.8% 0.1% 10/03/94 12/20/94 120.3 100.0% 0.0% 0.0% 132.2 149.4 119.6 10/03/94 10/03/94 40.0 100.0% 0.0% 0.0% 10/03/94 11/14/94 29.3 100.0% 0.0% 0.0% 54.8 65.5 84.6 09/27/94 02/28/95 67.3 100.0% 0.0% 0.0% 6.0 4.3 4.3 09/27/94 12/21/94 29.8 100.0% 0.0% 0.0% 10.9 4.1 10.9 09/26/94 02/01/95 119.5 0.0% 100.0% 0.0% (17.1) (14.5) (15.0) 09/26/94 02/27/95 13.7 0.0% 99.8% 0.2% 09/26/94 01/27/95 332.0 100.0% 0.0% 0.0% 29.9 18.0 47.1 09/22/94 02/24/95 58.7 0.0% 99.9% 0.1% 20.8 20.8 13.0 09/22/94 02/17/95 30.5 0.0% 99.9% 0.1% 46.6 72.9 159.4 09/21/94 11/28/94 429.9 0.0% 100.0% 0.0% 40.8 47.5 48.3 09/19/94 12/29/94 125.0 0.0% 100.0% 0.0% 32.2 43.3 71.4 09/16/94 12/09/94 63.7 97.8% 0.0% 2.2% 33.3 37.5 51.7 09/15/94 10/31/94 550.8 100.0% 0.0% 0.0% 16.7 17.2 15.7 09/15/94 12/01/94 75.0 0.0% 100.0% 0.0% 09/12/94 03/14/95 4,324.2 0.0% 44.5% 55.5% 17.0 12.2 9.9 09/12/94 01/03/95 512.2 100.0% 0.0% 0.0% 20.3 16.2 45.0 09/09/94 03/31/95 19.9 0.0% 100.0% 0.0% 18.7 18.7 24.4 09/09/94 02/08/95 177.5 0.0% 100.0% 0.0% 14.6 20.0 26.7 09/09/94 01/17/95 328.1 0.0% 70.7% 29.3% (3.6) 2.1 8.5 09/08/94 03/01/95 171.8 100.0% 0.0% 0.0% 51.4 53.4 75.0 09/06/94 03/03/95 83.8 100.0% 0.0% 0.0% (8.8) (0.5) 3.8 09/02/94 03/15/95 16.0 28.8% 71.1% 0.2% 09/01/94 01/20/95 22.3 100.0% 0.0% 0.0% 41.7 44.7 54.5 08/31/94 03/09/95 93.8 100.0% 0.0% 0.0% 52.7 61.5 71.4 08/31/94 02/17/95 62.0 0.0% 100.1% (0.1%) 5.3 16.5 23.7 27 ANALYSIS OF FRIENDLY ACQUISITIONS OF U.S. PUBLIC COMPANIES Page 8 PREMIUMS AND FORM OF CONSIDERATION PAID (a) (DOLLARS IN MILLIONS) DATE DATE ANNOUNCED EFFECTIVE TARGET NAME ACQUIROR NAME TARGET INDUSTRY - --------- --------- ------------------------------- ------------------------------- ----------------------------------------- 08/30/94 03/15/95 Lockheed Corp Martin Marietta Corp Aerospace and Aircraft 08/30/94 02/15/95 Red Eagle Resources Corp Lomak Petroleum Inc Oil and Gas; Petroleum Refining 08/29/94 11/01/94 Brock Candy Co Brach Acquisition Co Food and Kindred Products 08/29/94 11/29/94 Marine Harvest International Booker PLC Food and Kindred Products 08/29/94 12/30/94 Soricon Corp International Verifact Inc Computer and Office Equipment 08/26/94 03/23/95 First Moline Financial Corp Firstar Corp Commercial Banks, Bank Holding Companies 09/26/94 12/30/94 Zenith Laboratories Inc IVAX Corp Drugs 08/25/94 12/16/94 Babbages Software Etc Stores Inc Retail Trade-Home Furnishings 08/25/94 09/30/94 Service Fracturing Co Nowsco Well Service Ltd Oil and Gas; Petroleum Refining 08/24/94 12/20/94 American Capital Management Van Kampen Merritt Cos Inc Investment & Commodity Firm, Dealers, Exchang 08/22/94 02/01/95 First National Bank Corp Old Kent Financial Corp Commercial Banks, Bank Holding Companies 09/22/94 02/14/95 Independent Bancorp of Arizona Norwest Corp,Minneapolis,MN Commercial Banks, Bank Holding Companies 09/22/94 10/03/94 Neutrogena Corp Johnson & Johnson Soaps, Cosmetics, and Personal-Care Products 08/19/94 08/19/94 Sunland Computer Services Inc Dataflex Corp Business Services 08/18/94 11/29/94 Joy Technologies Inc Harnischfeger Industries Inc Machinery 08/18/94 09/29/94 Micro Palm Computers Inc WPI Group Inc Computer and Office Equipment 08/18/94 03/01/95 Worthen Banking,Little Rock,AR Boatmen's Bancshares Inc Commercial Banks, Bank Holding Companies 08/17/94 03/17/95 Bank of Western Massachusetts Chittenden Corp Commercial Banks, Bank Holding Companies 08/16/94 03/31/95 LF Bancorp Inc BancorpSouth Inc Savings and Loans, Mutual Savings Banks 09/15/94 10/27/94 Sundowner Offshore Services Nabors Industries Inc Oil and Gas; Petroleum Refining 08/10/94 01/31/95 Civisla Corp First Bancorp of Ohio Savings and Loans, Mutual Savings Banks 08/10/94 11/16/94 General Atlantic Resources Inc United Meridian Corp Oil and Gas; Petroleum Refining 08/09/94 03/07/95 Network Systems Corp Storage Technology Corp Computer and Office Equipment 08/05/94 08/26/94 Hyload Inc Ruberoid PLC Rubber and Miscellaneous Plastic Products 08/04/94 03/14/95 Trident NGL Holding Inc Natural Gas Clearinghouse Oil and Gas; Petroleum Refining 08/03/94 09/09/94 American Residential Holding Chase Manhattan Bank Real Estate; Mortgage Bankers and Brokers 08/03/94 03/03/95 Brentwood Financial Corp PNC Bank Corp,Pitisburgh,PA Savings and Loans, Mutual Savings Banks 08/03/94 11/21/94 ElectroCorn Automation Inc AEG AG(Daimler-Benz AG) Electronic and Electrical Equipment 08/03/94 12/14/94 Holly Residential Properties Wellsford Residential Ppty Tr Investment & Commodity Firms, Dealers, Exchang 08/02/94 02/01/95 Levy Bancorp First Interstate Bancorp,CA Commercial Banks, Bank Holding Companies 08/02/94 08/31/94 WestGas Gathering Inc WG Acquisition Inc Electric, Gas, and Water Distribution 08/01/94 03/03/95 Grill Concepts Inc Magellan Restaurant Systems Retail Trade-Eating and Drinking Places 08/01/94 11/30/94 KnowledgeWare Inc Sterling Software Inc Prepackaged Software 08/01/94 02/28/95 Southern National,Lumberton,NC BB&T Financial Corp Commercial Banks, Bank Holding Companies 07/27/94 09/21/94 IRT Corp Thermo Instrument Systems Inc Electronic and Electrical Equipment 07/27/94 12/30/94 Knogo Corp Sensurmatic Electronics Corp Communications Equipment 07/25/94 09/21/94 Nature Food Centres Inc General Nutrition Companies Retail Trade-Food Stores 07/22/94 11/30/94 AdvaCare Inc Medaphis Corp Business Services 07/22/94 11/17/94 Keptel Inc Antec Corp Communications Equipment 07/15/94 07/15/94 Homart Development Co Sizeler Property Investors In Real Estate; Mortgage Bankers and Brokers 07/14/94 09/19/94 Active Noise & Vibration Tech Noise Cancellation Tech Inc Measuring, Medical, Photo Equipment; Clocks 07/14/94 10/19/94 Kendall International Inc Tyco International Ltd Measuring, Medical, Photo Equipment; Clocks 07/14/94 09/26/94 Southern Hospitality Corp DavCo Restaurants Inc Retail Trade-Eating and Drinking Places 07/13/94 12/30/94 IDB Communications Group Inc LDDS Communications Inc Telecommunications 07/12/94 10/19/94 Diasonics Ultrasound Inc Elbit Ltd(Elron Electronic) Measuring, Medical, Photo Equipment; Clocks 07/12/94 09/16/94 Katz Media Investor Group Advertising Services 07/08/94 12/30/94 Union Bank & Trust Montgomery Regions Financial Corp Commercial Banks, Bank Holding Companies 07/06/94 01/13/93 Anchor Bancorp Inc Dime Bancorp Savings and Loans, Mutual Savings Banks 07/06/94 11/30/94 Rock Financial Corp Valley National Bancorp Credit Institutions 07/05/94 10/21/94 SynOptics Communications Inc Wellfleet Communications Business Services 07/01/94 01/03/95 Fibronics International Inc Elbit Ltd(Elron Electronic) Communications Equipment CONSIDERATION (%) PREMIUM (%) DATE DATE TRANSACTION --------------------- ------------------------ ANNOUNCED EFFECTIVE VALUE CASH COMMON OTHER 1 DAY 1 WEEK 4 WEEKS - --------- --------- ----------- ------ ------ ----- ------- ------ ------- 08/30/94 03/15/95 5,204.1 0.0% 100.0% 0.0% 19.2 24.3 26.1 08/30/94 02/15/95 32.5 33.8% 66.0% 0.1% 30.2 46.9 59.1 08/29/94 11/01/94 155.0 90.3% 0.0% 9.7% 105.1 116.2 150.0 08/29/94 11/29/94 120.4 100.0% 0.0% 0.0% 14.9 31.6 33.8 08/29/94 12/30/94 15.2 0.0% 100.0% 0.0% 14.7 26.7 (5.0) 08/26/94 03/23/95 8.8 0.0% 99.5% 0.5% 09/26/94 12/30/94 612.5 0.0% 100.0% 0.0% 25.3 26.8 63.9 08/25/94 12/16/94 62.3 0.0% 99.9% 0.1% (0.4) 8.8 11.4 08/25/94 09/30/94 23.4 100.0% 0.0% 0.0% 51.7 30.0 30.0 08/24/94 12/20/94 440.0 97.7% 0.0% 2.3% 08/22/94 02/01/95 85.2 0.0% 100.0% 0.0% 25.0 27.3 30.8 09/22/94 02/14/95 158.6 100.0% 0.0% 0.0% 09/22/94 10/03/94 933.1 100.0% 0.0% 0.0% 22.6 34.3 78.5 08/19/94 08/19/94 4.8 0.0% 100.0% 0.0% 08/18/94 11/29/94 413.5 0.0% 100.0% 0.0% 32.1 32.1 33.8 08/18/94 09/29/94 1.8 0.0% 100.0% 0.0% 08/18/94 03/01/95 595.0 0.0% 100.0% 0.0% 10.9 10.9 16.0 08/17/94 03/17/95 25.7 44.8% 55.2% 0.0% 08/16/94 03/31/95 28.1 0.0% 100.0% 0.0% 64.9 73.0 97.0 09/15/94 10/27/94 83.9 0.0% 100.0% 0.0% 27.5 26.4 33.5 08/10/94 01/31/95 154.0 0.0% 100.0% 0.0% 08/10/94 11/16/94 182.3 43.0% 40.6% 16.4% (7.0) (9.6) 11.9 08/09/94 03/07/95 331.8 0.0% 100.0% 0.0% 23.8 44.6 45.9 08/05/94 08/26/94 3.0 100.0% 0.0% 0.0% 08/04/94 03/14/95 735.6 21.0% 21.9% 57.1% 7.9 12.9 21.5 08/03/94 09/09/94 332.3 100.0% 0.0% 0.0% 63.8 65.0 54.8 08/03/94 03/03/95 20.3 100.0% 0.0% 0.0% 3.6 16.0 11.5 08/03/94 11/21/94 265.0 100.0% 0.0% 0.0% 63.3 66.7 70.2 08/03/94 12/14/94 130.0 0.0% 100.0% 0.0% 10.3 6.7 6.7 08/02/94 02/01/95 86.5 0.0% 100.0% 0.0% 08/02/94 08/31/94 87.0 100.0% 0.0% 0.0% 08/01/94 03/03/95 53.1 0.0% 88.0% 12.0% 08/01/94 11/30/94 68.5 0.0% 100.0% 0.0% (2.2) 23.1 (6.9) 08/01/94 02/28/95 1,340.2 0.0% 100.0% 0.0% 46.7 49.4 51.2 07/27/94 09/21/94 6.8 100.0% 0.0% 0.0% 07/27/94 12/30/94 99.6 0.0% 100.0% 0.0% 11.1 10.3 19.6 07/25/94 09/21/94 61.2 100.0% 0.0% 0.0% 21.5 37.1 50.0 07/22/94 11/30/94 106.4 0.0% 34.8% 65.2% 11.1 11.1 2.1 07/22/94 11/17/94 83.8 100.0% 0.0% 0.0% 12.5 24.1 42.6 07/15/94 07/15/94 11.0 100.0% 0.0% 0.0% 07/14/94 09/19/94 2.7 7.4% 92.6% 0.0% 07/14/94 10/19/94 1,435.4 0.0% 100.0% 0.0% 20.3 19.4 22.1 07/14/94 09/26/94 18.4 76.1% 0.0% 23.9% 07/13/94 12/30/94 879.8 0.0% 100.0% 0.0% (2.1) 2.7 1.3 07/12/94 10/19/94 69.9 100.0% 0.0% 0.0% 47.0 37.8 52.1 07/12/94 09/16/94 287.1 34.7% 0.0% 65.3% 07/08/94 12/30/94 66.2 0.0% 96.9% 3.1% 07/06/94 01/13/93 533.1 0.0% 100.0% 0.0% 18.0 22.3 32.0 07/06/94 11/30/94 47.2 0.0% 99.9% 0.1% 7.7 7.7 19.2 07/05/94 10/21/94 1,170.7 0.0% 100.0% 0.0% 16.2 28.5 16.2 07/01/94 01/03/95 7.6 0.0% 100.0% 0.0% 28 ANALYSIS OF FRIENDLY ACQUISITIONS OF U.S. PUBLIC COMPANIES Page 9 PREMIUMS AND FORM OF CONSIDERATION PAID (a) (DOLLARS IN MILLIONS) DATE DATE ANNOUNCED EFFECTIVE TARGET NAME ACQUIROR NAME TARGET INDUSTRY - --------- --------- ------------------------------- ------------------------------- ----------------------------------------- 07/01/94 08/17/94 Lincoln Foodservice Products Welbilt Corp(new) Machinery 06/30/94 01/16/95 Central Jersey Bancorp National Westminster Bank Commercial Banks, Bank Holding Companies 06/29/94 12/28/94 Premiere Page Inc USA Mobile Communications Telecommunications 06/27/94 10/03/94 Golden West Homes Oakwood Homes Corp Wood Products, Furniture, and Fixtures 06/27/94 11/04/94 Kirschner Medical Corp Biomet Inc Measuring, Medical, Photo Equipment; Clocks 06/27/94 11/30/94 Metro Bancshares Inc North Fork Bancorp Savings and Loans, Mutual Savings Banks 06/24/94 01/10/95 Commerce Bank,VA BB&T Financial Corp Commercial Banks, Bank Holding Companies 06/23/94 08/29/94 Gates/FA Distributing Inc Arrow Electronics Inc Wholesale Trade-Durable Goods 06/22/94 11/10/94 RHNB Corp,Rock Hill, SC NationsBank Corp Commercial Banks, Bank Holding Companies 06/20/94 06/29/94 Kover Group Inc Med/Waste Inc Business Services 06/17/94 09/30/94 Health Equity Properties Inc Omega Healthcare Investors Inc Investment & Commodity Firms, Dealers, Exchang 06/15/94 09/30/94 TSI Corp Genzyme Transgenics Corp Business Services 06/14/94 11/15/94 Summit Bancorp, Bellevue, WA Washington Mutual Svgs,Seattle Commercial Banks, Bank Holding Companies 06/13/94 09/16/94 Chiles Offshore Noble Drilling Corp Oil and Gas; Petroleum Refining 06/13/94 10/06/94 Hallmark Healthcare Corp Community Health Systems Inc Health Services 06/13/94 01/06/95 Quincy Savings Bank,Quincy,MA Citizens Financial Group Inc Commercial Banks, Bank Holding Companies 06/13/94 09/08/94 Trans Sierra Communications Mikohn Gaming Corp Business Services 06/09/94 08/23/94 Sunward Technologies Inc Read-Rite Corp Electronic and Electrical Equipment 06/02/94 11/01/94 Charter FSB Bancorp Inc Sovereign Bancorp Savings and Loans, Mutual Savings Banks 06/02/94 11/23/94 Koll Management Services(Koll) Investor Group Real Estate; Mortgage Bankers and Brokers 06/01/94 09/01/94 Nichols Institute Corning Lab Services Inc Business Services 05/31/94 11/01/94 Horne Federal Svgs Bk.Wash,DC First Union Corp,Charlotte,NC Savings and Loans, Mutual Savings Banks 05/23/94 09/01/94 H&H Oil Tool Co Weatherford International Inc Business Services 05/23/94 09/16/94 Medical Care America Inc Columbia Healthcare Corp Health Services 05/23/94 09/01/94 SuperMac Technology Inc Radius Inc Computer and Office Equipment 05/23/94 08/05/94 Wheatley TXT Corp Dresser Industries Inc Electric, Gas, and Water Distribution 05/19/94 09/20/94 ASK Group Inc Computer Associates Intl Inc Business Services 05/13/94 09/01/94 MSA Realty Corp Simon Property Group Investment & Commodity Firms, Dealers, Exchang 05/13/94 09/13/94 Serving Software Inc HBO & Co Prepackaged Software 05/11/94 10/13/94 Optical Radiation Corp Benson Eyecare Corp Measuring, Medical, Photo Equipment; Clocks 05/10/94 08/19/94 PDA Engineering MacNeal-Schwendler Corp Business Services 05/06/94 09/20/94 Glendale Bancorporation Mellon Bank,Pittsburgh,PA Commercial Banks, Bank Holding Companies 05/06/94 05/06/94 RF Inc Butler National Corp Wholesale Trade-Durable Goods 05/04/94 06/23/94 Allied Clinical Laboratories National Health Laboratories Health Services 05/03/94 05/03/94 Universal Land Title Inc. Engle Homes Inc Insurance 05/02/94 09/29/94 Statesman Group Inc Conseco Capital Partners II LP Insurance 05/02/94 11/03/94 Syntex Corp Roche Holding AG Drugs 04/26/94 08/10/94 Montana Naturals Intl Inc Vitamin Specialties Corp Food and Kindred Products 04/26/94 05/27/94 RHI Entertainment Inc Hallmark Cards Inc Motion Picture Production and Distribution 04/18/94 08/15/94 Total Energy Services Co Enterra Corp Machinery 04/15/94 09/30/94 Suburban Bancorp,Palatine,IL Bank of Montreal Commercial Banks, Bank Holding Companies 04/11/94 08/10/94 Fischer & Porter Co Elsag Bailey Process Measuring, Medical, Photo Equipment; Clocks 04/05/94 09/14/94 Kenfil Inc AmeriQuest Technologies Inc Wholesale Trade-Durable Goods 04/04/94 07/15/94 Hook-SupeRx, Inc Revco DS Inc(Anac Holding) Miscellaneous Retail Trade 03/31/94 06/01/94 Central Point Software Inc Symantec Corp Prepackaged Software 03/31/94 11/11/94 Intramed Laboratories Inc Baxter International Inc Measuring, Medical, Photo Equipment; Clocks 03/31/94 05/12/94 Software Toolworks Inc Pearson PLC Prepackaged Software 03/30/94 10/31/94 First Western Financial Corp AMFED Financial Inc Savings and Loans, Mutual Savings Banks 03/28/94 10/03/94 Fishkill National Corp Community Bancorp Inc NY Commercial Banks, Bank Holding Companies 03/25/94 09/27/94 United National Bancorp First Commonwealth Financial Commercial Banks, Bank Holding Companies 03/24/94 07/13/94 American Oil and Gas Co KN Energy Inc Oil and Gas; Petroleum Refining CONSIDERATION (%) PREMIUM (%) DATE DATE TRANSACTION --------------------- ------------------------ ANNOUNCED EFFECTIVE VALUE CASH COMMON OTHER 1 DAY 1 WEEK 4 WEEKS - --------- --------- ----------- ------ ------ ----- ------- ------ ------- 07/01/94 08/17/94 52.6 100.0% 0.0% 0.0% 17.7 17.7 17.7 06/30/94 01/16/95 286.9 100.0% 0.0% 0.0% 8.1 24.1 20.7 06/29/94 12/28/94 96.0 12.2% 63.9% 23.9% 27.5 37.5 14.3 06/27/94 10/03/94 15.5 0.0% 99.9% 0.1% 06/27/94 11/04/94 40.9 100.0% 0.0% 0.0% 79.2 79.2 87.0 06/27/94 11/30/94 126.9 0.0% 100.0% 0.0% 11.2 13.7 47.4 06/24/94 01/10/95 111.1 0.0% 100.0% 0.0% 25.5 53.2 59.9 06/23/94 08/29/94 141.8 0.0% 100.0% 0.0% 13.9 12.5 13.2 06/22/94 11/10/94 43.7 0.0% 99.9% 0.1% 29.3 45.9 50.4 06/20/94 06/29/94 0.4 0.0% 90.0% 10.0% 06/17/94 09/30/94 144.0 0.0% 100.0% 0.0% 1.2 (0.1) 1.2 06/15/94 09/30/94 27.1 0.0% 99.9% 0.1% 42.9 17.6 73.9 06/14/94 11/15/94 25.6 0.0% 100.0% 0.0% 36.5 32.6 49.7 06/13/94 09/16/94 200.2 0.0% 100.0% 0.0% 5.0 2.4 23.5 06/13/94 10/06/94 161.7 0.0% 43.2% 56.8% 75.7 60.6 111.6 06/13/94 01/06/95 141.1 100.0% 0.0% 0.0% 47.1 44.1 41.1 06/13/94 09/08/94 3.0 0.0% 100.0% 0.0% 06/09/94 08/23/94 109.5 0.0% 100.0% 0.0% 36.3 32.9 58.4 06/02/94 11/01/94 75.9 0.0% 100.0% 0.0% 48.4 54.4 64.5 06/02/94 11/23/94 50.4 100.0% 0.0% 0.0% 33.3 23.1 36.2 06/01/94 09/01/94 322.2 0.0% 69.0% 31.0% 301.0 290.9 301.0 05/31/94 11/01/94 22.9 0.0% 99.9% 0.1% 86.9 113.3 141.7 05/23/94 09/01/94 27.6 0.0% 100.0% 0.0% 67.6 59.6 76.4 05/23/94 09/16/94 875.6 0.0% 100.0% 0.0% 55.7 49.8 66.6 05/23/94 09/01/94 80.5 0.0% 100.0% 0.0% 39.1 47.6 29.1 05/23/94 08/05/94 173.8 0.0% 100.0% 0.0% 25.1 25.1 32.1 05/19/94 09/20/94 328.4 100.0% 0.0% 0.0% 47.2 39.5 57.0 05/13/94 09/01/94 49.5 0.0% 100.0% 0.0% 45.2 36.5 31.2 05/13/94 09/13/94 46.5 0.0% 100.0% 0.0% 5.9 17.3 29.2 05/11/94 10/13/94 135.4 72.1% 27.9% 0.0% 35.6 33.7 35.6 05/10/94 08/19/94 61.0 0.0% 0.0% 00.0% 138.3 138.3 56.6 05/06/94 09/20/94 28.0 100.0% 0.0% 0.0% 31.3 50.0 50.0 05/06/94 05/06/94 3.5 0.0% 99.7% 0.3% 05/04/94 06/23/94 180.6 100.0% 0.0% 0.0% 24.6 68.6 72.0 05/03/94 05/03/94 2.3 100.0% 0.0% 0.0% 05/02/94 09/29/94 349.2 100.0% 0.0% 0.0% 5.2 24.5 41.9 05/02/94 11/03/94 5,307.2 100.0% 0.0% 0.0% 57.4 71.4 79.4 04/26/94 08/10/94 4.9 0.0% 99.4% 0.6% 04/26/94 05/27/94 365.8 100.0% 0.0% 0.0% 35.8 36.5 48.5 04/18/94 08/15/94 296.0 0.0% 77.0% 23.0% 04/15/94 09/30/94 254.1 0.0% 100.0% 0.0% 55.4 79.5 86.1 04/11/94 08/10/94 156.5 100.0% 0.0% 0.0% 181.2 189.6 177.1 04/05/94 09/14/94 9.0 0.0% 99.9% 0.1% (44.0) (25.3) (44.0) 04/04/94 07/15/94 586.8 48.9% 0.0% 51.1% 50.7 48.6 66.7 03/31/94 06/01/94 63.0 0.0% 99.2% 0.8% 03/31/94 11/11/94 9.7 0.0% 99.6% 0.4% 89.2 117.6 117.6 03/31/94 05/12/94 435.4 100.0% 0.0% 0.0% 47.5 28.3 55.3 03/30/94 10/31/94 61.2 51.0% 49.0% 0.0% 30.8 26.6 28.7 03/28/94 10/03/94 26.2 0.0% 100.0% 0.0% 03/25/94 09/27/94 26.0 0.0% 100.0% 0.0% 2.3 2.3 8.9 03/24/94 07/13/94 286.8 0.0% 100.0% 0.0% 4.0 4.0 5.2 29 ANALYSIS OF FRIENDLY ACQUISITIONS OF U.S. PUBLIC COMPANIES Page 10 PREMIUMS AND FORM OF CONSIDERATION PAID (a) (DOLLARS IN MILLIONS) DATE DATE ANNOUNCED EFFECTIVE TARGET NAME ACQUIROR NAME TARGET INDUSTRY - --------- --------- ------------------------------- ------------------------------- ----------------------------------------- 03/21/94 10/03/94 Citizens First Bancorp Inc National Westminster Bancorp Commercial Banks, Bank Holding Companies 03/18/94 09/01/94 Momentum Corp Phillips & Jacobs Inc Wholesale Trade-Durable Goods 03/15/94 08/31/94 Aldus Corp Adobe Systems Inc Prepackaged Software 03/10/94 07/19/94 American Natural Energy Corp Alexander Energy Corp Oil and Gas; Petroleum Refining 03/10/94 05/18/94 Grumman Corp Northrop Corp Aerospace and Aircraft 03/07/94 09/30/94 West Newton Savings Bank Shawmut National Corp Savings and Loans, Mutual Savings Banks 03/04/94 10/01/94 Business Bancorp SJNB Financial Corp Commercial Banks, Bank Holding Companies 03/04/94 04/18/94 Home Nutritional Services Inc WR Grace & Co Health Services 03/02/94 09/30/94 Cohasset Svgs Bk,Cohasset,MA Shawmut National Corp Savings and Loans, Mutual Savings Banks 03/01/94 03/21/94 Gitano Group Inc Fruit of the Loom Inc Textile and Apparel Products 02/23/94 08/11/94 Turf Paradise Inc Hollywood Park Inc Amusement and Recreation Services 02/22/94 09/13/94 Crestmont Financial Corp Summit Bancorporation,NJ Savings and Loans, Mutual Savings Banks 02/22/94 05/19/94 Omni Films International Inc Iwerks Entertainment Inc Wood Products, Furniture, and Fixtures 02/21/94 07/01/94 Grand Valley Gas Co Associated Natural Gas Corp Electric, Gas, and Water Distribution 02/17/94 08/31/94 Pioneer Financial Corp Signet Banking Corp Savings and Loans, Mutual Savings Banks 02/15/94 05/31/94 Ramsay-HMO United HealthCare Corp Health Services 02/10/94 05/17/94 Interspec Inc Advanced Technology Labs Measuring, Medical, Photo Equipment; Clocks 02/07/94 07/11/94 Medisys,Healthinfusion,1 Other T2 Medical Inc Health Services 02/02/94 10/03/94 Loan America Financial Barnett Banks Inc Real Estate; Mortgage Bankers and Brokers 01/31/94 03/31/94 VMX Inc Octel Communications Corp Investment & Commodity Firms, Dealers, Exchang 01/28/94 09/01/94 Continental Bank Corp NA BankAmerica Corp Commercial Banks, Bank Holding Companies 01/28/94 08/19/94 First Inter-Bancorp Inc First Fidelity Bancorporation Savings and Loans, Mutual Savings Banks 01/27/94 04/01/94 Community Savings Bank,MA Andover Bank,Andover,MA Savings and Loans, Mutual Savings Banks 01/24/94 05/27/94 Envirofil Inc USA Waste Services Inc Business Services 01/24/94 05/18/94 On The Border Cafes Inc Brinker International Inc Retail Trade-Eating and Drinking Places 01/20/94 08/17/94 Mr. Coffee Inc Health o meter Products Inc Electronic and Electrical Equipment 01/19/94 05/31/94 Complete Health Services Inc United HealthCare Corp Health Services 01/18/94 04/07/94 CBM Sage Technologies Inc Retail Trade-Home Furnishings 01/18/94 08/01/94 Frankford Corp Keystone Financial,Harrisburg Commercial Banks, Bank Holding Companies 01/17/94 08/01/94 BancFlorida Financial Corp First Union Corp,Charlotte,NC Credit Institutions 01/14/94 03/08/94 Critical Care America Inc Caremark International Inc Health Services 01/11/94 05/31/94 BMC Bankcorp Inc CBT Corp Commercial Banks, Bank Holding Companies 01/11/94 08/26/94 Cumberland Federal Bancorp Fifth Third Bancorp,Cincinnati Savings and Loans, Mutual Savings Banks 01/10/94 06/17/94 TakeCare Inc FHP International Corp Health Services 01/06/94 09/29/94 Blockbuster Entertainment Corp Viacom Inc(Natl Amusements) Motion Picture Production and Distribution 01/05/94 03/28/94 McGaw Inc IVAX Corp Drugs 01/04/94 06/23/94 Mediplex Group Inc Sun Healthcare Group Inc Health Services 01/03/94 05/18/94 Alta Energy Corp Devon Energy. Corp Oil and Gas; Petroleum Refining 12/29/93 05/02/94 Boston Restaurant Associates Capucino's Inc Retail Trade-Eating and Drinking Places 12/22/93 12/22/93 Automotive Industries Inc Acorn Venture Capital Corp Wholesale Trade-Durable Goods 12/21/93 04/04/94 Care Enterprises Inc Regency Health Services Inc Health Services 12/21/93 08/01/94 Mid-Atlantic Bankcorp Fulton Financial Corp Commercial Banks, Bank Holding Companies 12/17/93 07/01/94 VSB Bancorp Inc UJB Financial Corp Savings and Loans, Mutual Savings Banks 12/16/93 12/16/93 Stewart Foods Inc Modami Services Inc Food and Kindred Products 12/13/93 01/31/94 Nutmeg Industries Inc VF Corp Textile and Apparel Products 12/13/93 01/19/94 United Knitting Inc Dyersburg Corp Textile and Apparel Products 12/08/93 06/30/94 LSB Bancshares Inc of SC BB&T Financial Corp Commercial Banks, Bank Holding Companies 12/03/93 06/30/94 Farm & Home Financial Corp Roosevelt Financial Group Savings and Loans, Mutual Savings Banks 12/03/93 12/03/93 Miracle Recreation Equipment Investor Group Miscellaneous Manufacturing 12/02/93 02/01/94 Rexnord Corp BTR Dunlop Holdings(BTR PLC) Machinery 12/02/93 04/19/94 Summit Health Ltd OrNda HealthCorp Health Services CONSIDERATION (%) PREMIUM (%) DATE DATE TRANSACTION --------------------- ------------------------ ANNOUNCED EFFECTIVE VALUE CASH COMMON Other 1 DAY 1 WEEK 4 WEEKS - --------- --------- ----------- ------ ------ ----- ------- ------ ------- 03/21/94 10/03/94 486.1 100.0% 0.0% 0.0% 9.9 20.0 16.4 03/18/94 09/01/94 29.0 0.0% 100.0% 0.0% 03/15/94 08/31/94 433.0 0.0% 100.0% 0.0% 23.0 36.4 59.9 03/10/94 07/19/94 27.9 0.0% 99.9% 0.1% 33.3 47.8 36.0 03/10/94 05/18/94 2,104.0 100.0% 0.0% 0.0% 55.5 65.3 59.0 03/07/94 09/30/94 42.9 100.0% 0.0% 0.0% 35.1 47.1 96.1 03/04/94 10/01/94 9.6 44.8% 54.9% 0.3% 41.7 41.7 47.8 03/04/94 04/18/94 90.8 100.0% 0.0% 0.0% 79.4 90.3 65.3 03/02/94 09/30/94 16.1 100.0% 0.0% 0.0% 33.3 48.8 39.1 03/01/94 03/21/94 100.0 100.0% 0.0% 0.0% 02/23/94 08/11/94 33.8 0.0% 100.0% 0.0% 36.8 33.3 44.4 02/22/94 09/13/94 86.2 0.0% 100.0% 0.0% 5.9 6.5 14.8 02/22/94 05/19/94 19.6 22.4% 77.4% 0.1% (37.0) (30.0) (33.7) 02/21/94 07/01/94 55.0 0.0% 100.0% 0.0% 19.9 24.1 33.7 02/17/94 08/31/94 55.6 0.0% 100.0% 0.0% 8.9 1.8 16.9 02/15/94 05/31/94 564.9 0.0% 100.0% 0.0% 39.8 39.8 55.5 02/10/94 05/17/94 41.9 0.0% 100.0% 0.0% 78.7 78.7 62.4 02/07/94 07/11/94 549.0 0.0% 100.0% 0.0% 02/02/94 10/03/94 60.1 100.0% 0.0% 0.0% 17.3 17.3 21.5 01/31/94 03/31/94 147.0 0.0% 100.0% 0.0% 32.5 33.5 45.6 01/28/94 09/01/94 2,162.0 38.8% 61.2% 0.0% 37.4 42.5 45.2 01/28/94 08/19/94 56.0 100.0% 0.0% 0.0% 19.5 24.1 30.8 01/27/94 04/01/94 3.5 0.0% 0.0% 100.0% 01/24/94 05/27/94 136.1 0.0% 100.0% 0.0% (3.3) (3.3) 5.5 01/24/94 05/18/94 33.0 0.0% 99.9% 0.1% 29.6 45.8 70.7 01/20/94 08/17/94 134.9 100.0% 0.0% 0.0% 01/19/94 05/31/94 205.9 0.0% 100.0% 0.0% 01/18/94 04/07/94 4.1 68.3% 29.5% 2.2% 01/18/94 08/01/94 131.5 0.0% 100.0% 0.0% 35.5 35.5 40.0 01/17/94 08/01/94 108.5 0.0% 100.0% 0.0% 30.4 49.1 49.1 01/14/94 03/08/94 175.0 100.0% 0.0% 0.0% 01/11/94 05/31/94 55.9 0.0% 100.0% 0.0% 01/11/94 08/26/94 137.5 0.0% 100.0% 0.0% 31.0 34.1 40.3 01/10/94 06/17/94 1,033.0 35.0% 15.0% 50.0% 54.6 44.1 53.1 01/06/94 09/29/94 7,971.1 0.0% 100.0% 0.0% 22.7 17.1 26.3 01/05/94 03/28/94 428.5 0.0% 100.0% 0.0% 40.1 52.3 45.1 01/04/94 06/23/94 320.0 33.3% 66.7% 0.0% 14.1 23.1 20.8 01/03/94 05/18/94 67.5 2.1% 40.2% 57.7% (14.0) (16.4) (23.7) 12/29/93 05/02/94 7.3 0.0% 100.0% 0.0% 12/22/93 12/22/93 5.0 100.0% 0.0% 0.0% 12/21/93 04/04/94 120.0 0.0% 100.0% 0.0% 40.5 37.8 49.3 12/21/93 08/01/94 64.6 0.0% 100.0% 0.0% 12/17/93 07/01/94 71.7 0.0% 100.0% 0.0% 13.3 13.3 16.4 12/16/93 12/16/93 3.5 100.0% 0.0% 0.0% 12/13/93 01/31/94 325.5 100.0% 0.0% 0.0% 16.7 34.6 19.7 12/13/93 01/19/94 12.2 42.6% 41.0% 16.4% 12/08/93 06/30/94 122.8 0.0% 100.0% 0.0% 37.4 35.1 39.9 12/03/93 06/30/94 243.6 0.0% 100.0% 0.0% 37.1 53.2 44.3 12/03/93 12/03/93 29.0 100.0% 0.0% 0.0% 12/02/93 02/01/94 814.8 50.9% 0.0% 49.1% 23.3 25.0 20.8 12/02/93 04/19/94 350.8 50.9% 25.5% 23.6% (8.3) 13.8 22.2 30 ANALYSIS OF FRIENDLY ACQUISITIONS OF U.S. PUBLIC COMPANIES Page 11 PREMIUMS AND FORM OF CONSIDERATION PAID (a) (DOLLARS IN MILLIONS) DATE DATE ANNOUNCED EFFECTIVE TARGET NAME ACQUIROR NAME TARGET INDUSTRY - --------- --------- ------------------------------- ------------------------------- ----------------------------------------- 11/30/93 08/08/94 Motor Coach Industries Intl Consorcio G Grupo Dina SA Transportation Equipment 11/24/93 08/01/94 Mid Maine Savings Bk,Auburn,ME Peoples Heritage Finl Grp Inc Savings and Loans, Mutual Savings Banks 11/22/93 07/08/94 Lake Shore Bancorp Inc First Chicago Corp Commercial Banks, Bank Holding Companies 11/18/93 04/19/94 American Healthcare Management OrNda HealthCorp Health Services 11/18/93 06/27/94 Independence Bancorp,Perkasie CoreStates Financial Corp Commercial Banks, Bank Holding Companies 11/11/93 04/28/94 Prime Federal Bank FSB First Northern Savings Bank SA Savings and Loans, Mutual Savings Banks 11/05/93 06/27/94 Gateway Financial Corp Shawmut National Corp Savings and Loans, Mutual Savings Banks 11/03/93 05/31/94 Federal Savings Bank MidConn Bank Savings and Loans, Mutual Savings Banks 11/02/93 05/02/94 EdgeMark Financial Corp Old Kent Financial Corp Commercial Banks, Bank Holding Companies 10/28/93 02/28/94 Terminal Data Corp BancTec Inc Electronic and Electrical Equipment 10/27/93 07/01/94 Washington Bancorp Inc Hubco Inc Savings and Loans, Mutual Savings Banks 10/26/93 04/11/94 Central Holding Co Standard Federal Bank Savings and Loans, Mutual Savings Banks 10/26/93 06/03/94 Suburban Bancshares Inc 1st United Bancorp Commercial Banks, Bank Holding Companies 10/25/93 03/29/94 Community Financial Systems First Midwest Financial Inc Commercial Banks, Bank Holding Companies 10/25/93 03/31/94 Rational Verdix Corp Prepackaged Software 10/21/93 02/04/94 RehabClinics Inc NovaCare Inc Health Services 10/18/93 02/15/94 Artel Communications Corp Chipcom Corp Communications Equipment 10/18/93 03/02/94 Corporate Software Inc CS Acquisition Corp Wholesale Trade-Durable Goods 10/18/93 01/20/94 UniCare Financial Corp Wellpoint Health Networks Inc Insurance 10/14/93 05/03/94 Candlewood Bank & Trust Co New Milford Bank & Trust Co Commercial Banks, Bank Holdng Companies 10/14/93 03/25/94 ESB Bancorp Inc PennFirst Bancorp Inc Commercial Banks, Bank Holding Companies 10/12/93 04/29/94 LGF Bancorp First of America Bank Corp,MI Savings and Loans, Mutual Savings Banks 10/12/93 11/30/93 MECA Software Inc H&R Block Inc Prepackaged Software 10/07/93 06/10/94 Advanced Interventional Sys Spectranetics Corp Measuring, Medical, Photo Equipment; Clocks 10/03/93 02/10/94 HCA-Hospital Corp of America Columbia Healthcare Corp Health Services 10/01/93 03/01/94 KeyCorp,Albany,New York(OLD) Society Corp Commercial Banks, Bank Holding Companies 09/29/93 03/25/94 Boulevard Bancorp Inc First Bank System Inc Commercial Banks, Bank Holding Companies 09/28/93 04/22/94 Home Federal Bancorp of MO Roosevelt Financial Group Savings and Loans, Mutual Savings Banks 09/27/93 11/17/93 Bytex Corp Network Systems Corp Communications Equipment 09/23/93 12/14/93 Preferred Health Care Ltd Value Health Inc Health Services 09/23/93 12/22/93 Telematics International Inc ECI Telecom Ltd Communications Equipment 09/21/93 05/27/94 BankWorcester,Worcester,MA Bank of Boston Corp Commercial Banks, Bank Holding Companies 09/20/93 05/31/94 Valley Bancorp,Appleton,WI Marshall & Ilsley Corp Commercial Banks, Bank Holding Companies 09/16/93 04/22/94 GWC Corp United Water Resources Inc Electric, Gas, and Water Distribution 09/13/93 03/25/94 Commercial Bancorp of Colorado KeyCorp,Albany,New York(OLD) Commercial Banks, Bank Holding Companies 09/13/93 11/04/93 Engraph Inc Sonoco Products Co Paper and Allied Products 09/13/93 06/23/94 Fortune Bancorp Inc AmSouth Bancorp,Birmingham,AL Savings and Loans, Mutual Savings Banks 09/13/93 04/27/94 Republic Pictures Corp Spelling Entertainment Inc Motion Picture Production and Distribution 09/13/93 10/11/93 Shared Financial Systems Inc Stratus Computer Inc Business Services 09/10/93 12/29/93 Geraghty & Miller Inc Heidemij Holding NV Business Services 09/09/93 10/13/93 A&W Brands Inc Cadbury Schweppes PLC Food and Kindred Products 09/09/93 03/17/94 Chattahoochee Bancorp Inc Bank South Corp,Atlanta,GA Commercial Banks, Bank Holding Companies 09/09/93 03/30/94 Pacific Western Bancshares,CA Comerica Inc,Detroit,Michigan Commercial Banks, Bank Holding Companies 09/09/93 07/07/94 Paramount Communications Viacom Inc(Natl Amusements) Motion Picture Production and Distribution 09/07/93 01/21/94 Baroid Corp Dresser Industries Inc Machinery 09/07/93 04/11/94 Hamptons Bancshares Inc Suffolk Bancorp Commercial Banks, Bank Holding Companies 09/07/93 11/10/93 Total Pharmaceutical Care Inc Abbey Healthcare Group, Inc Health Services 09/03/93 03/07/94 KSB Financial Independent Bank Corp, Rockland Commercial Banks, Bank Holding Companies 09/01/93 12/13/93 ChipSoft Inc Intuit Prepackaged Software 08/26/93 02/28/94 First Fidelity Bancorp Inc,WV WesBanco Inc Commercial Banks, Bank Holding Companies 08/26/93 05/27/94 Peoples Bancorp of Worcester Shawmut National Corp Commercial Banks, Bank Holding Companies CONSIDERATION (%) PREMIUM (%) DATE DATE TRANSACTION --------------------- ------------------------ ANNOUNCED EFFECTIVE VALUE CASH COMMON OTHER 1 DAY 1 WEEK 4 WEEKS - --------- --------- ----------- ------ ------ ----- ------- ------ ------- 11/30/93 08/08/94 334.6 0.0% 50.7% 49.3% 33.8 39.3 42.3 11/24/93 08/01/94 11.5 0.0% 100.0% 0.0% 21.5 23.7 33.6 11/22/93 07/08/94 307.3 0.0% 100.0% 0.0% 28.2 36.7 35.2 11/18/93 04/19/94 403.1 0.0% 59.3% 40.7% 31.3 39.2 45.0 11/18/93 06/27/94 463.0 0.0% 100.0% 0.0% 30.6 51.4 35.6 11/11/93 04/28/94 19.0 0.0% 100.0% 0.0% 2.4 2.4 2.4 11/05/93 06/27/94 152.0 0.0% 100.0% 0.0% 5.3 (5.7) 19.2 11/03/93 05/31/94 13.2 100.0% 0.0% 0.0% 14.8 14.8 24.0 11/02/93 05/02/94 62.0 0.0% 100.0% 0.0% 10/28/93 02/28/94 16.2 100.0% 0.0% 0.0% 22.7 28.6 28.6 10/27/93 07/01/94 40.0 49.0% 0.0% 51.0% 34.2 46.4 130.0 10/26/93 04/11/94 21.3 100.0% 0.0% 0.0% 175.0 266.7 238.5 10/26/93 06/03/94 6.7 0.0% 52.7% 47.3% 10/25/93 03/29/94 31.4 33.4% 0.0% 66.6% 10/25/93 03/31/94 56.0 0.0% 100.0% 0.0% 10/21/93 02/04/94 192.5 0.0% 100.0% 0.0% 8.6 10.0 10.0 10/18/93 02/15/94 39.0 0.0% 100.0% 0.0% 10/18/93 03/02/94 94.3 100.0% 0.0% 0.0% 33.3 36.4 34.8 10/18/93 01/20/94 145.9 100.0% 0.0% 0.0% 46.8 41.5 38.1 10/14/93 05/03/94 5.8 100.0% 0.0% 0.0% 101.6 101.6 112.2 10/14/93 03/25/94 24.3 100.0% 0.0% 0.0% 14.9 13.1 25.6 10/12/93 04/29/94 67.8 0.0% 100.0% 0.0% 27.9 30.1 42.9 10/12/93 11/30/93 30.8 100.0% 0.0% 0.0% 23.3 29.3 39.5 10/07/93 06/10/94 11.7 0.0% 99.7% 0.3% (45.9) (48.9) (54.0) 10/03/93 02/10/94 5,605.0 0.0% 100.0% 0.0% 39.6 46.9 54.0 10/01/93 03/01/94 3,923.9 0.0% 100.0% 0.0% 1.9 2.6 (0.4) 09/29/93 03/25/94 213.7 0.0% 100.0% 0.0% 22.8 25.6 49.4 09/28/93 04/22/94 67.0 24.9% 75.0% 0.1% 7.1 5.3 22.4 09/27/93 11/17/93 49.0 100.0% 0.0% 0.0% 70.0 55.4 51.1 09/23/93 12/14/93 386.7 0.0% 100.0% 0.0% 49.8 57.3 35.3 09/23/93 12/22/93 278.5 0.0% 100.0% 0.0% 25.7 21.0 37.6 09/21/93 05/27/94 226.9 100.0% 0.0% 0.0% 21.4 23.1 34.7 09/20/93 05/31/94 819.7 0.0% 100.0% 0.0% 10.7 19.0 (9.6) 09/16/93 04/22/94 193.8 4.6% 71.3% 24.1% 6.6 11.6 13.3 09/13/93 03/25/94 90.6 0.0% 100.0% 0.0% 30.3 29.6 26.0 09/13/93 11/04/93 296.0 100.0% 0.0% 0.0% 20.2 19.1 20.2 09/13/93 06/23/94 285.6 50.0% 50.0% 0.0% 27.0 21.4 31.2 09/13/93 04/27/94 93.6 100.0% 0.0% 0.0% 4.0 6.1 09/13/93 10/11/93 15.0 100.0% 0.0% 0.0% 09/10/93 12/29/93 69.8 0.0% 100.0% 0.0% (4.7) 1.1 17.0 09/09/93 10/13/93 334.0 100.0% 0.0% 0.0% 21.0 21.0 29.8 09/09/93 03/17/94 46.0 0.0% 100.0% 0.0% 27.8 24.3 31.4 09/09/93 03/30/94 133.0 0.0% 100.0% 0.0% 194.2 176.4 168.2 09/09/93 07/07/94 9,600.0 68.7% 20.4% 10.8% 94.5 86.9 99.1 09/07/93 01/21/94 842.2 0.0% 100.0% 0.0% 19.3 21.3 25.5 09/07/93 04/11/94 13.1 23.6% 76.4% 0.0% 58.5 58.5 98.1 09/07/93 11/10/93 185.6 82.6% 17.4% (0.0)% 73.6 67.3 87.8 09/03/93 03/07/94 1.0 0.0% 100.0% 0.0% 09/01/93 12/13/93 226.6 0.0% 100.0% 0.0% (5.5) (3.9) 41.2 08/26/93 02/28/94 75.4 0.0% 100.0% 0.0% 30.2 33.0 57.9 08/26/93 05/27/94 181.6 0.0% 100.0% 0.0% 66.7 70.7 79.2 31 ANALYSIS OF FRIENDLY ACQUISITIONS OF U.S. PUBLIC COMPANIES Page 12 PREMIUMS AND FORM OF CONSIDERATION PAID (a) (DOLLARS IN MILLIONS) DATE DATE ANNOUNCED EFFECTIVE TARGET NAME ACQUIROR NAME TARGET INDUSTRY - --------- --------- ------------------------------- ------------------------------- ----------------------------------------- 08/24/93 10/15/93 Revco Scientific Inc General Signal Corp Machinery 08/24/93 06/14/94 West Mass Bankshares Inc Vermont Financial Services Savings and Loans, Mutual Savings Banks 08/20/93 06/06/94 Mid-South Bancorp Inc Union Planters Corp Commercial Banks, Bank Holding Companies 08/20/93 09/03/93 Premier Resources Ltd Northern Reef Exploration Ltd Oil and Gas; Petroleum Refining 08/19/93 02/11/94 Celutel Inc Century Telephone Enterprises Telecommunications 08/19/93 11/30/93 Fisher-Price Inc Mattel Inc Miscellaneous Manufacturing 08/17/93 02/04/94 Spinnaker Software Corp WordStar International Inc Prepackaged Software 08/17/93 02/01/94 United Postal Bancorp Mercantile Bancorp,St Louis,MO Savings and Loans, Mutual Savings Banks 08/16/93 02/08/94 Dycam Inc Styles on Video(New Image Ind) Measuring, Medical, Photo Equipment; Clocks 08/16/93 02/11/93 Princeton Diagnostic Labs EDITEK Inc Health Services 08/13/93 12/02/93 Amoskeag Co(Dumaines Trust) Fieldcrest Cannon Inc Transportation and Shipping (except air) 08/09/93 12/10/93 Family Health Systems Inc Physician Corp of America Health Services 08/09/93 03/18/94 San Diego Financial Corp First Interstate Bancorp,CA Commercial Banks, Bank Holding Companies 08/05/93 01/28/94 First Savings Bank FSB,SC Southern National,Lumberton,NC Savings and Loans, Mutual Savings Banks 08/05/93 01/28/94 Mountaineer Bankshares of WV One Valley Bancorp of WV Commercial Banks, Bank Holding Companies 08/05/93 01/28/94 New Line Cinema Corp Turner Broadcasting System Inc Motion Picture Production and Distribution 08/02/93 11/23/93 American Steel & Wire Corp Birmingham Steel Corp Metal and Metal Products 08/02/93 03/16/94 Constellation Bancorp CoreStates Financial Corp Commercial Banks, Bank Holding Companies 08/02/93 02/11/94 Greenery Rehabilitation Group Horizon Healthcare Corp Health Services 08/02/93 01/31/94 Greenwich Financial Corp First Fidelity Bancorporation Savings and Loans, Mutual Savings Banks 07/30/93 12/31/93 First AmFed Corp,Huntsville,AL Colonial BancGroup Inc Commercial Banks, Bank Holding Companies 07/29/93 07/29/93 Merken Corp Management Technologies Inc Prepackaged Software 07/28/93 11/18/93 Medco Containment Services Inc Merck & Co Wholesale Trade-Nondurable Goods 07/27/93 06/17/94 First Eastern Corp,PA PNC Bank Corp,Pittsburgh,PA Commercial Banks, Bank Holding Companies 07/27/93 01/17/94 First United Bank Group Inc Norwest Corp,Minneapolis,MN Commercial Banks, Bank Holding Companies 07/27/93 12/06/93 Heritage Bankcorp Inc Standard Federal Bank Commercial Banks, Bank Holding Companies 07/23/93 11/30/93 First Amarillo Bancorp Inc Boatmen's Bancshares Inc Commercial Banks, Bank Holding Companies 07/12/93 08/18/93 Voit Corp Usaha Tegas Sdn Bhd Miscellaneous Manufacturing 07/06/93 06/01/94 Cragin Financial Corp ABN-AMRO Holding NV Savings and Loans, Mutual Savings Banks 07/02/93 01/10/94 Elmwood Bancorp Inc Keystone Financial,Harrisburg Savings and Loans, Mutual Savings Banks 07/02/93 12/23/93 Tristate Bancorp,Cincinnati,OH Fifth Third Bancorp,Cincinnati Commercial Banks, Bank Holding Companies 06/30/93 02/10/94 FloridaBank A Federal Savings AmSouth Bancorp,Birmingham,AL Savings and Loans, Mutual Savings Banks 06/30/93 10/01/93 Quantum Chemical Corp Hanson PLC Chemicals and Allied Products 06/28/93 08/05/93 Damon Corp Corning Inc Health Services 06/25/93 04/20/94 Pennsylvania & Southern Gas Co NUI Corp Electric, Gas, and Water Distribution 06/23/93 09/08/93 Costar Corp Corning Inc Measuring, Medical, Photo Equipment; Clocks 06/18/93 09/23/93 Pioneer Bancorp Inc First Citizens Bancshares Inc Savings and Loans, Mutual Savings Banks 06/17/93 11/10/93 Superior Teletec Inc Alpine Group Inc Metal and Metal Products 06/16/93 10/22/93 Price Co Costco Wholesale Corp Retail Trade-General Merchandise and Apparel 06/14/93 08/31/93 Johnson Products Co Inc IVAX Corp Soaps, Cosmetics, and Personal-Care Products 06/14/93 10/01/93 Vari-Care Inc Living Centers of America Inc Health Services 06/10/93 10/01/93 Affiliated Publications Inc New York Times Co Printing, Publishing, and Allied Services 06/10/93 09/01/93 Galen Health Care Inc Columbia Hospital Corp Health Services 06/07/93 12/29/93 First Bancorp Indiana Inc Huntington Bancshares,Columbus Savings and Loans, Mutual Savings Banks 06/02/93 02/04/94 Firestone Bank,Lisbon,Ohio Citizens Bancshares Inc Commercial Banks, Bank Holding Companies 06/02/93 04/05/94 International Holding Capital CB Bancshares Inc,Honolulu,HI Savings and Loans, Mutual Savings Banks 06/01/93 10/13/93 OCOM Corp International CableTel Inc Telecommunications 06/01/93 12/27/93 Railroadmen's Federal S&L Assn Huntington Bancshares,Columbus Savings and Loans, Mutual Savings Banks 05/25/93 11/15/93 AMAX Inc Cyprus Minerals Co Metal and Metal Products 05/25/93 12/10/93 Cal Rep Bancorp Inc First Interstate Bancorp,CA Commercial Banks, Bank Holding Companies 05/21/93 08/11/92 Discount Corp of New York Zions First Natl Bk, Salt Lake Investment & Commodity Firms, Dealers, Exchang CONSIDERATION (%) PREMIUM (%) DATE DATE TRANSACTION --------------------- ------------------------ ANNOUNCED EFFECTIVE VALUE CASH COMMON OTHER 1 DAY 1 WEEK 4 WEEKS - --------- --------- ----------- ------ ------ ----- ------- ------ ------- 08/24/93 10/15/93 85.0 0.0% 100.0% 0.0% 08/24/93 06/14/94 24.1 0.0% 99.8% 0.2% 61.5 61.5 82.9 08/20/93 06/06/94 23.0 0.0% 100.0% 0.0% 08/20/93 09/03/93 3.8 92.1% 0.0% 7.9% 08/19/93 02/11/94 146.8 35.0% 36.6% 28.4% 08/19/93 11/30/93 1,145.4 0.0% 87.4% 12.6% 36.8 35.4 43.6 08/17/93 02/04/94 28.3 0.0% 82.4% 17.6% 21.6 21.6 21.6 08/17/93 02/01/94 180.0 0.0% 100.0% 0.0% 29.0 29.0 33.3 08/16/93 02/08/94 6.5 0.0% 99.8% 0.2% 08/16/93 02/11/93 4.1 0.0% 100.0% 0.0% 36.5 36.5 36.5 08/13/93 12/02/93 137.6 100.0% 0.0% 0.0% 31.1 39.1 46.8 08/09/93 12/10/93 44.0 100.0% 0.0% 0.0% 08/09/93 03/18/94 362.3 0.0% 100.0% 0.0% 08/05/93 01/28/94 179.1 0.0% 100.0% 0.0% 70.0 96.8 96.8 08/05/93 01/28/94 129.5 0.0% 100.0% 0.0% 25.7 27.5 27.5 08/05/93 01/28/94 486.6 0.0% 73.2% 26.8% 54.9 53.6 66.2 08/02/93 11/23/93 130.6 6.7% 35.0% 58.2% 36.4 44.7 44.7 08/02/93 03/16/94 291.2 0.0% 100.0% 0.0% 3.2 4.4 25.9 08/02/93 02/11/94 88.0 0.0% 37.9% 62.1% 70.9 62.4 70.9 08/02/93 01/31/94 43.4 100.0% 0.0% 0.0% 42.2 42.2 45.5 07/30/93 12/31/93 44.3 0.0% 99.9% 0.1% 9.0 6.9 3.7 07/29/93 07/29/93 0.4 0.0% 90.0% 10.0% 07/28/93 11/18/93 6,225.7 40.0% 60.0% 0.0% 31.1 36.2 21.9 07/27/93 06/17/94 336.0 100.0% 0.0% 0.0% 35.0 47.9 63.6 07/27/93 01/17/94 413.8 0.0% 100.0% 0.0% 20.0 20.0 27.7 07/27/93 12/06/93 110.7 100.0% 0.0% 0.0% 56.5 60.2 78.5 07/23/93 11/30/93 167.4 0.0% 100.0% 0.0% 38.0 32.8 47.7 07/12/93 08/18/93 13.9 100.0% 0.0% 0.0% 56.5 56.5 38.5 07/06/93 06/01/94 501.6 100.0% 0.0% 0.0% 51.2 55.9 79.9 07/02/93 01/10/94 34.1 0.0% 99.9% 0.1% 102.7 122.0 111.9 07/02/93 12/23/93 68.4 0.0% 100.0% 0.0% 29.1 29.1 37.5 06/30/93 02/10/94 27.3 0.0% 100.0% 0.0% 57.2 69.6 19.3 06/30/93 10/01/93 3,219.7 0.0% 22.4% 77.6% 60.0 55.3 39.1 06/28/93 08/05/93 565.3 66.9% 0.0% 33.1% 65.8 82.2 89.7 06/25/93 04/20/94 16.7 0.0% 100.0% 0.0% 06/23/93 09/08/93 167.4 0.0% 100.0% 0.0% 37.2 35.3 42.2 06/18/93 09/23/93 3.8 100.0% 0.0% 0.0% 45.3 45.3 58.5 06/17/93 11/10/93 57.8 29.4% 70.5% 0.1% 41.3 41.3 45.1 06/16/93 10/22/93 1,666.2 0.0% 100.0% 0.0% 12.3 23.8 21.7 06/14/93 08/31/93 62.9 0.0% 99.9% 0.1% 32.9 30.3 35.6 06/14/93 10/01/93 70.9 25.2% 35.3% 39.5% 39.1 33.3 18.5 06/10/93 10/01/93 1,092.5 0.0% 100.0% 0.0% 11.1 13.2 23.7 06/10/93 09/01/93 4,187.7 0.0% 76.1% 23.9% 42.6 42.6 43.9 06/07/93 12/29/93 48.6 38.5% 61.5% 0.0% 60.6 85.1 97.2 06/02/93 02/04/94 7.6 0.0% 99.7% 0.3% 06/02/93 04/05/94 50.9 45.0% 55.0% 0.0% 70.4 70.4 72.5 06/01/93 10/13/93 77.6 0.0% 100.0% 0.0% (2.1) 22.4 06/01/93 12/27/93 82.9 0.0% 100.0% 0.0% 44.0 50.5 57.7 05/25/93 11/15/93 2,657.0 0.0% 46.1% 53.9% (25.9) (22.2) (17.6) 05/25/93 12/10/93 68.0 0.0% 100.0% 0.0% 05/21/93 08/11/93 65.3 100.0% 0.0% 0.0% 28.0 23.1 16.4 32 ANALYSIS OF FRIENDLY ACQUISITIONS OF U.S. PUBLIC COMPANIES Page 13 PREMIUMS AND FORM OF CONSIDERATION PAID (a) (DOLLARS IN MILLIONS) DATE DATE ANNOUNCED EFFECTIVE TARGET NAME ACQUIROR NAME TARGET INDUSTRY - --------- --------- ------------------------------- ------------------------------- ----------------------------------------- 05/19/93 11/19/93 First Natl Finl,Albuquerque,NM First Security Corp,Utah Commercial Banks, Bank Holding Companies 05/18/93 12/31/93 Secor Bank FSB,Birmingham,AL First AL Bancshares,Birmingham Savings and Loans, Mutual Savings Banks 05/14/93 09/15/93 LDDS Communications Inc Resurgens Communications Group Telecommunications 05/13/93 09/20/93 Atek Metals Center Inc Rolled Alloys Inc Wholesale Trade-Durable Goods 05/13/93 08/31/93 HMO America Inc United HealthCare Corp Health Services 05/11/93 01/03/94 Wisconsin Southern Gas Co Wisconsin Energy Corp Electric, Gas, and Water Distribution 05/10/93 07/30/93 Lifetime Corp Olsten Corp Health Services 05/07/93 08/27/93 HDR Power Systems Inc Solidstate Controls Inc Electronic and Electrical Equipment 05/07/93 12/18/93 InterFirst Bankcorp Inc Standard Federal Bank Savings and Loans, Mutual Savings Banks 05/05/93 12/30/93 New South Bancorp First Tennessee National Corp Commercial Banks, Bank Holding Companies 05/04/93 01/21/94 United Federal Bancorp PNC Bank Corp,Pittsburgh,PA Savings and Loans, Mutual Savings Banks 04/29/93 06/02/93 Industrial Training Sys Corp Westcott Communications Inc Motion Picture Production and Distribution 04/29/93 02/01/94 Regency Bancshares Inc Southern National,Lumberton,NC Savings and Loans, Mutual Savings Banks 04/28/93 12/15/93 BMR Financial Group SouthTrust Corp Commercial Banks, Bank Holding Companies 04/23/93 12/09/93 Mid-State Fed S&L Assn,Ocala AmSouth Bancorp,Birmingham,AL Savings and Loans, Mutual Savings Banks 04/22/93 10/29/93 Ameriscribe Corp Pitney Bowes Inc Printing, Publishing, and Allied Services 04/20/93 07/01/93 Hall-Mark Electronics Corp Avnet Inc Wholesale Trade-Durable Goods 04/14/93 12/30/93 Peoples Westchester Savings Bk First Fidelity Bancorporation Savings and Loans, Mutual Savings Banks 04/13/93 10/14/93 Boston Five Bancorp Citizens Financial Group Inc Savings and Loans, Mutual Savings Banks 04/07/93 02/24/94 North American National Corp Liberty Corp Insurance 04/01/93 07/01/93 Systems Center Inc Sterling Software Inc Business Services 03/30/93 09/01/93 Commonwealth Bancshares Corp Meridian Bancorp Inc Commercial Banks, Bank Holding Companies 03/25/93 07/06/93 Trans Kentucky Bancorp Trans Financial Bancorp Inc Commercial Banks, Bank Holding Companies 03/19/93 10/18/93 First Fed Svgs Bank of NW FL Central Bancshares of South,AL Savings and Loans, Mutual Savings Banks 03/19/93 10/01/93 Royal Bank Group Inc Citizens Banking Corp,Flint,MI Commercial Banks, Bank Holding Companies 03/15/93 12/13/93 FirstSouth Bancorp Inc BT Financial Corp Savings and Loans, Mutual Savings Banks 03/12/93 11/10/93 Athlone Industries Inc Allegheny Ludlum Corp Metal and Metal Products 03/11/93 08/02/93 Malrite Communications Group Shamrock Broadcasting Inc Radio and Television Broadcasting Stations 03/10/93 08/06/93 Gynex Pharmaceuticals Inc Bio-Technology General Corp Drugs 03/08/93 07/30/93 Perception Technology Corp Brite Voice Systems Inc Computer and Office Equipment 03/04/93 05/26/93 Boston Digital Corp Charterhouse Group Intl Inc Machinery 03/02/93 03/01/93 Medical Innovations Inc Ballard Medical Products Health Services 03/01/93 06/25/93 Datatronix Financial Services FIserv Inc Business Services 02/23/93 08/11/93 Village Financial Services Ltd First Fidelity Bancorporation Savings and Loans, Mutual Savings Banks 02/22/93 08/04/93 International Broadcasting Century Park Pictures Corp Amusement and Recreation Services 02/19/93 08/06/93 Pioneer Fed BanCorp Inc First Hawaiian Inc Savings and Loans, Mutual Savings Banks 02/18/93 06/02/93 NERCO Inc Kennecott Corp(RTZ Corp PLC) Mining 02/16/93 06/30/93 Equus Investments Inc Equus II Inc Investment & Commodity Firms, Dealers, Exchang 02/08/93 07/09/93 Goldtex Inc Tomen America Inc(Tomen Corp) Textile and Apparel Products 02/03/93 07/08/93 Jimbo's Jumbos Inc JJJ Acquisition Corp Agriculture, Forestry, and Fishing 02/02/93 08/02/93 Dahlberg Inc Bausch & Lomb Inc Measuring, Medical, Photo Equipment; Clocks 02/02/93 06/30/93 Express Cash Intl Corp Cash America International Inc Miscellaneous Retail Trade 01/29/93 08/11/93 National Community Banks Inc The Bank of New York Co Inc Commercial Banks, Bank Holding Companies 01/18/93 03/31/93 Alden Press Co APC Holding Inc Printing, Publishing, and Allied Services 01/14/93 07/30/93 Dakota Bancorp Inc South Dakota Financial Bancorp Commercial Banks, Bank Holding Companies 01/05/93 11/18/93 Belding Heminway Co Inc Noel Group Inc Textile and Apparel Products 01/04/93 05/24/94 National Medical Waste Inc BioMedical Waste Systems Inc Sanitary Services 12/24/92 10/15/93 Autrol Corp Osmonics Inc Measuring, Medical, Photo Equipment; Clocks 12/23/92 12/17/93 First Financial Associates BANC ONE Corp Commercial Banks, Bank Holding Companies 12/22/92 11/19/93 Gateway Fed Corp,OH PNC Bank Corp,Pittsburgh,PA Savings and Loans, Mutual Savings Banks 12/21/92 05/14/93 CFS Financial Corp Crestar Financial Corp Savings and Loans, Mutual Savings Banks CONSIDERATION (%) PREMIUM (%) DATE DATE TRANSACTION --------------------- ------------------------ ANNOUNCED EFFECTIVE VALUE CASH COMMON OTHER 1 DAY 1 WEEK 4 WEEKS - --------- --------- ----------- ------ ------ ----- ------- ------ ------- 05/19/93 11/19/93 201.1 0.0% 100.0% 0.0% 05/18/93 12/31/93 102.5 0.0% 100.0% 0.0% 52.7 61.0 77.1 05/14/93 09/15/93 1,961.3 0.0% 100.0% 0.0% 1.8 (0.2) (4.4) 05/13/93 09/20/93 18.8 100.0% 0.0% 0.0% 56.9 56.9 50.3 05/13/93 08/31/93 372.2 0.0% 100.0% 0.0% 33.9 32.1 88.7 05/11/93 01/03/94 45.1 0.0% 99.9% 0.1% 13.7 19.8 13.7 05/10/93 07/30/93 607.0 0.0% 51.6% 48.4% 85.5 92.4 119.8 05/07/93 08/27/93 6.5 100.0% 0.0% 0.0% 62.5 52.9 44.4 05/07/93 12/18/93 32.5 100.0% 0.0% 0.0% 14.1 9.7 5.6 05/05/93 12/30/93 6.3 0.0% 100.0% 0.0% 05/04/93 01/21/94 154.7 100.0% 0.0% 0.0% 46.1 72.2 53.8 04/29/93 06/02/93 3.2 100.0% 0.0% 0.0% 04/29/93 02/01/94 47.4 0.0% 100.0% 0.0% 65.8 52.0 52.0 04/28/93 12/15/93 16.0 100.0% 0.0% 0.0% 26.0 26.0 57.5 04/23/93 12/09/93 91.8 29.8% 70.2% 0.0% 36.2 42.9 55.7 04/22/93 10/29/93 87.2 0.0% 100.0% 0.0% 45.5 47.4 27.7 04/20/93 07/01/93 488.9 41.8% 28.9% 29.3% 36.7 47.1 36.7 04/14/93 12/30/93 225.3 53.5% 46.5% 0.0% 79.2 81.2 88.3 04/13/93 10/14/93 92.5 100.0% 0.0% 0.0% 38.7 44.4 48.6 04/07/93 02/24/94 52.6 100.0% 0.0% 0.0% 31.1 40.5 37.2 04/01/93 07/01/93 169.7 0.0% 100.0% 0.0% 36.1 39.8 36.1 03/30/93 09/01/93 358.5 0.0% 100.0% 0.0% 39.4 37.3 37.3 03/25/93 07/06/93 18.5 100.0% 0.0% 0.0% 03/19/93 10/18/93 14.4 100.0% 0.0% 0.0% 03/19/93 10/01/93 22.5 15.1% 84.9% 0.0% 03/15/93 12/13/93 16.0 42.5% 57.8% (0.3%) 03/12/93 11/10/93 105.6 0.0% 100.0% 0.0% 22.8 22.8 16.7 03/11/93 08/02/93 310.0 0.0% 100.0% 0.0% 03/10/93 08/06/93 58.8 0.0% 100.0% 0.0% 30.1 27.3 27.3 03/08/93 07/30/93 15.9 0.0% 100.0% 0.0% 72.7 90.0 91.0 03/04/93 05/26/93 10.4 100.0% 0.0% 0.0% 66.2 66.2 36.0 03/02/93 03/01/93 12.5 100.0% 0.0% 0.0% 6.9 12.9 6.9 03/01/93 06/25/93 11.9 0.0% 99.7% 0.3% 02/23/93 08/11/93 66.0 60.0% 40.0% 0.0% 66.8 77.2 58.6 02/22/93 08/04/93 10.0 100.0% 0.0% 0.0% 02/19/93 08/06/93 87.4 100.0% 0.0% 0.0% 37.4 33.3 33.3 02/18/93 06/02/93 1,161.9 40.4% 0.0% 59.6% (10.3) 1.1 (4.0) 02/16/93 06/30/93 10.6 0.0% 100.0% 0.0% (11.1) (14.9) (20.0) 02/08/93 07/09/93 15.7 100.0% 0.0% 0.0% 42.1 42.1 42.1 02/03/93 07/08/93 45.1 100.0% 0.0% 0.0% 42.2 45.9 63.1 02/02/93 08/02/93 139.0 100.0% 0.0% 0.0% 44.8 42.4 37.7 02/02/93 06/30/93 12.8 49.2% 0.0% 50.8% 31.4 26.9 93.7 01/29/93 08/11/93 591.6 0.0% 100.0% 0.0% 01/18/93 03/31/93 151.0 73.5% 0.0% 26.5% 13.2 20.0 15.4 01/14/93 07/30/93 20.4 100.0% 0.0% 0.0% 37.6 27.6 27.6 01/05/93 11/18/93 59.0 100.0% 0.0% 0.0% 5.2 8.5 8.5 01/04/93 05/24/94 5.8 0.0% 100.0% 0.0% (64.0) (64.0) (64.0) 12/24/92 10/15/93 44.4 0.0% 100.0% 0.0% (7.1) (0.8) 17.0 12/23/92 12/17/93 76.1 0.0% 100.0% 0.0% 12/22/92 11/19/93 59.8 100.0% 0.0% 0.0% 111.0 94.3 112.9 12/21/92 05/14/93 60.6 10.7% 89.3% 0.0% 267.9 259.6 478.0 33 ANALYSIS OF FRIENDLY ACQUISITIONS OF U.S. PUBLIC COMPANIES Page 14 PREMIUMS AND FORM OF CONSIDERATION PAID (a) (DOLLARS IN MILLIONS) DATE DATE ANNOUNCED EFFECTIVE TARGET NAME ACQUIROR NAME TARGET INDUSTRY - --------- --------- ------------------------------- ------------------------------- ----------------------------------------- 12/18/92 05/04/93 Mass Microsystems Inc Ramtek Corp Computer and Office Equipment 12/18/92 04/16/93 Van Dorn Co Crown Cork & Seal Co Metal and Metal Products 12/15/92 06/03/93 Immunex Corp American Cyanamid Co Drugs 12/10/92 03/05/93 Clinical Homecare Ltd Curaflex Health Services Inc Wholesale Trade-Durable Goods 12/04/92 03/26/93 Colonial Cos Inc UNUM Corp Insurance 12/02/92 03/19/93 Heekin Can Inc Ball Corp Metal and Metal Products 12/01/92 02/25/93 Inforum Inc MEDSTAT Systems Inc Business Services 11/30/92 10/06/93 Centennial Savings Bank FSB Aspen Bancshares Inc Savings and Loans, Mutual Savings Banks 11/25/92 06/01/93 Ben Franklin National Bank West One Bancorp Commercial Banks, Bank Holding Companies 11/25/92 03/03/93 Geodyne Resources Inc Samson Investments Co Oil and Gas; Petroleum Refining 11/24/92 08/26/93 Decom Systems Inc CCI Coded Communications Inc Communications Equipment 11/23/92 04/06/93 Central Freight Lines Inc Roadway Services Inc Transportation and Shipping (except air) 11/20/92 07/05/94 Arcata Corp Quebecor Printing Inc Printing, Publishing, and Allied Services 11/20/92 03/31/93 Northern Indiana Fuel & Light NIPSCO Industries Inc Electric, Gas, and Water Distribution 11/20/92 08/10/93 Preston Corp Yellow Freight System Inc Transportation and Shipping (except air) 11/17/92 12/31/92 Arkla Exploration Co Seagull Energy Corp Oil and Gas; Petroleum Refining 11/17/92 03/24/93 EquiVest Inc Medical Resource Cos of Amer Investment & Commodity Firms, Dealers, Exchang 11/17/92 08/31/93 Franklin First Financial Corp ONBANCorp Inc Savings and Loans, Mutual Savings Banks 11/17/92 04/21/93 Republic Capital Group Inc TCF Financial Corp Savings and Loans, Mutual Savings Banks 11/16/92 06/11/93 Western Financial Corp Metropolitan Financial Corp Savings and Loans, Mutual Savings Banks 11/12/92 06/28/93 CB&T Financial,Fairmont,WV Huntington Bancshares,Columbus Commercial Banks, Bank Holding Companies 11/10/92 07/14/93 Naylor Industries Inc Insituform Technologies Inc Construction Firms 11/09/92 06/18/93 Peoples Bancorp Inc Valley National Bancorp Commercial Banks, Bank Holding Companies 10/27/92 08/24/93 Home Theater Products Inc H&S Treat & Release Inc Electronic and Electrical Equipment 10/23/92 03/15/93 Flagler Bank Corp SunTrust Banks Inc,Atlanta,GA Commercial Banks, Bank Holding Companies 10/22/92 06/30/93 Home Fed Svgs Bk,Fort Collins KeyCorp,Albany,New York(OLD) Savings and Loans, Mutual Savings Banks 10/20/92 03/12/93 First Fed Svgs Bk,Salt Lake,UT Washington Federal Savings Savings and Loans, Mutual Savings Banks 10/16/92 03/05/93 CF&I Steel Corp Oregon Steel Mills Inc Metal and Metal Products 10/16/92 11/10/93 Mark Correctional Systems Inc Showcase Cosmetics Inc Metal and Metal Products 10/06/92 02/18/93 Applied Biosystems Inc Perkin-Elmer Corp Measuring, Medical, Photo Equipment; Clocks 10/02/92 10/26/93 Peoples Holding Co Inc Central Bancshares of South,AL Commercial Banks, Bank Holding Companies 10/01/92 01/31/93 First United Bancorp Inc,AL SunTrust Banks Inc,Atlanta,GA Commercial Banks, Bank Holding Companies 09/30/92 02/15/93 Chuska Resources Corp Harken Energy Corp Oil and Gas; Petroleum Refining 09/28/92 03/10/93 Waste Processor Industries Inc American Ecology Corp Sanitary Services 09/24/92 04/01/93 Montclair Bancorp Inc Collective Bancorp Commercial Banks, Bank Holdng Companies 09/23/92 03/08/93 Unibancorp Inc,Chicago,IL GAB Bancorp Commercial Banks, Bank Holding Companies 09/21/92 03/01/93 Dominion Bankshares,Roanoke,VA First Union Corp,Charlotte,NC Commercial Banks. Bank Holding Companies 09/17/92 10/30/92 CONSTAR International Inc Crown Cork & Seal Co Rubber and Miscellaneous Plastic Products 09/17/92 12/23/92 Trans-National Leasing Inc Associates Corp of N America Repair Services 09/09/92 07/13/93 Multibank Financial Corp Bank of Boston Corp Commercial Banks, Bank Holding Companies 09/04/92 12/24/92 Autodie Corp Progressive Tool & Industry Co Machinery 09/02/92 04/01/93 DCB Corp Old Natl Bancorp,Evansville,IN Commercial Banks, Bank Holding Companies 08/31/92 07/09/93 Society for Savings Bancorp Bank of Boston Corp Savings and Loans, Mutual Savings Banks 08/31/92 12/30/92 Sun Electric Corp Snap-On Tools Corp Measuring, Medical, Photo Equipment; Clocks 09/20/92 02/10/93 Lincoln Financial CorpIN Norwest Corp,Minneapolis,MN Commercial Banks, Bank Holding Companies 09/20/92 03/01/93 Pioneer Savings Washington Mutual Svgs,Seattle Savings and Loans, Mutual Savings Banks 08/17/92 12/11/92 American Biodyne Inc Medco Containment Services Inc Health Services 08/13/92 12/31/92 Fourth National Corp Fourth Financial Corp Commercial Banks, Bank Holding Companies 08/12/92 05/12/92 Bennett Petroleum Corp Abraxas Petroleum Corp Oil and Gas; Petroleum Refining 09/10/92 09/17/92 American CDI Inc PolyMedica Industries Inc Drugs 07/31/92 11/20/92 Hipotronics Inc Hubbell Inc Electronic and Electrical Equipment CONSIDERATION (%) PREMIUM (%) DATE DATE TRANSACTION --------------------- ------------------------ ANNOUNCED EFFECTIVE VALUE CASH COMMON OTHER 1 DAY 1 WEEK 4 WEEKS - --------- --------- ----------- ------ ------ ----- ------- ------ ------- 12/18/92 05/04/93 4.2 0.0% 99.0% 1.0% 12.8 7.2 (6.8) 12/18/92 04/16/93 176.5 20.3% 79.7% 0.0% 95.3 95.3 100.0 12/15/92 06/03/93 736.3 43.5% 56.5% 0.0% 7.8 8.7 (3.5) 12/10/92 03/05/93 25.7 0.0% 100.0% 0.0% 61.3 29.0 7.5 12/04/92 03/26/93 576.7 0.0% 100.0% 0.0% 32.3 37.1 41.0 12/02/92 03/19/93 88.3 0.0% 100.0% 0.0% 2.9 3.3 35.0 12/01/92 02/25/93 103.4 0.0% 100.0% 0.0% 16.2 19.7 25.3 11/30/92 10/06/93 17.4 100.0% 0.0% 0.0% 11/25/92 06/01/93 5.1 0.0% 100.0% 0.0% 11/25/92 03/03/93 20.3 9.9% 0.0% 90.1% 39.4 50.2 62.7 11/24/92 08/26/93 1.5 0.0% 98.3% 1.7% 11/23/92 04/06/93 101.6 100.0% 0.0% 0.0% 11/20/92 07/05/94 192.0 100.0% 0.0% 0.0% 11/20/92 03/31/93 29.5 0.0% 100.0% 0.0% 11/20/92 08/10/93 108.8 21.9% 0.0% 78.1% (37.7) (40.0) (23.3) 11/17/92 12/31/92 397.0 100.0% 0.0% 0.0% 11/17/92 03/24/93 7.4 0.0% 100.0% 0.0% 60.0 50.0 65.5 11/17/92 08/31/93 173.7 0.0% 100.0% 0.0% 65.0 72.2 88.6 11/17/92 04/21/93 68.8 0.0% 100.0% 0.0% 67.2 61.8 69.0 11/16/92 06/11/93 21.5 23.7% 76.3% 0.0% 53.8 66.7 122.2 11/12/92 06/28/93 131.2 0.0% 100.0% 0.0% 27.5 30.8 32.5 11/10/92 07/14/93 23.0 100.0% 0.0% 0.0% 11.4 32.9 47.1 11/09/92 06/18/93 10.7 0.0% 100.0% 0.0% 10/27/92 08/24/93 9.7 0.0% 99.7% 0.3% 10/23/92 03/15/93 50.3 0.0% 100.0% 0.0% 66.3 64.6 71.7 10/22/92 06/30/93 19.6 0.0% 100.0% 0.0% 61.8 63.7 69.5 10/20/92 03/12/93 35.7 100.0% 0.0% 0.0% 15.3 9.7 11.5 10/16/92 03/05/93 109.3 5.7% 15.6% 78.7% 10/16/92 11/10/93 12.6 0.0% 99.6% 0.4% 10/06/92 02/18/93 295.8 0.0% 100.0% 0.0% 20.1 39.4 38.4 10/02/92 10/26/93 5.0 100.0% 0.0% 0.0% 10/01/92 01/31/93 48.4 0.0% 100.0% 0.0% 09/30/92 02/15/93 27.6 0.0% 99.9% 0.1% 09/28/92 03/10/93 6.4 45.0% 55.0% 0.0% 20.0 (14.3) 09/24/92 04/01/93 61.7 100.0% 0.0% 0.0% 24.1 24.1 27.4 09/23/92 03/08/93 10.6 0.0% 99.8% 0.2% 09/21/92 03/01/93 934.3 0.0% 96.9% 3.1% 34.6 67.9 76.3 09/17/92 10/30/92 528.9 100.0% 0.0% 0.0% 33.3 39.0 46.9 09/17/92 12/23/92 6.1 100.0% 0.0% 0.0% 183.3 183.3 183.3 09/09/92 07/13/93 203.7 0.0% 100.0% 0.0% 35.9 44.8 38.0 09/04/92 12/24/92 33.9 100.0% 0.0% 0.0% 09/02/92 04/01/93 57.0 0.0% 100.0% 0.0% 08/31/92 07/09/93 205.4 0.0% 100.0% 0.0% 08/31/92 12/30/92 110.7 100.0% 0.0% 0.0% 13.9 23.3 40.6 09/20/92 02/10/93 163.9 0.0% 100.0% 0.0% (16.7) (8.2) 31.7 09/20/92 03/01/93 170.0 0.0% 100.0% 0.0% 10.7 9.6 14.3 08/17/92 12/11/92 120.2 0.0% 100.0% 0.0% 38.1 37.1 49.8 08/13/92 12/31/92 43.1 0.0% 99.9% 0.1% 08/12/92 05/12/92 2.0 44.6% 55.4% 0.0% 09/10/92 09/17/92 2.6 0.0% 99.6% 0.4% 07/31/92 11/20/92 39.9 100.0% 0.0% 0.0% 20.1 17.7 15.4 34 ANALYSIS OF FRIENDLY ACQUISITIONS OF U.S. PUBLIC COMPANIES Page 15 PREMIUMS AND FORM OF CONSIDERATION PAID (a) (DOLLARS IN MILLIONS) DATE DATE ANNOUNCED EFFECTIVE TARGET NAME ACQUIROR NAME TARGET INDUSTRY - --------- --------- ------------------------------- ------------------------------- ----------------------------------------- 07/30/92 07/30/92 Atlantic Mortgage & Investment Pitney Bowes Credit Corp Real Estate; Mortgage Bankers and Brokers 07/30/92 01/15/93 Equimark Corp,Pittsburgh,PA Integra Financial Corp Commercial Banks, Bank Holding Companies 07/30/92 02/17/93 Prime Bancshares Inc SouthTrust Corp Commercial Banks, Bank Holding Companies 07/27/92 10/23/92 Horizon Industries Inc Mohawk Industries Inc Textile and Apparel Products 07/24/92 10/19/92 Fleer Corp Marvel Entertaintment Group Inc Food and Kindred Products 07/22/92 05/03/93 First Community Bancorp Inc BANC ONE Corp Commercial Banks, Bank Holding Companies 07/20/92 01/22/93 First Fed S&L Assn,Ft Myers,FL Society Corp Savings and Loans, Mutual Savings Banks 07/20/92 10/29/92 Vivigen Inc Genzyme Corp Health Services 07/16/92 07/16/92 Sterling Optical Corp Sterling Vision Inc Wholesale Trade-Durable Goods 07/15/92 07/15/92 Basic American Medical Inc Columbia Hospital Corp Health Services 07/14/92 10/26/92 ANADAC Idenfix Inc Business Services 07/13/92 03/19/93 Apollo Savings and Loan Co Mid Am Inc Savings and Loans, Mutual Savings Banks 07/13/92 10/15/92 Century MediCorp Inc Foundation Health Corp Health Services 07/10/92 07/10/92 Quantum Learning Systems Inc CCR Inc-Education Division Prepackaged Software 07/09/92 04/16/93 Cherry Hill National Bank,NJ Meridian Bancorp Inc Commercial Banks, Bank Holding Companies 07/08/92 05/20/93 Tago Inc BioSource Industries Inc Drugs 07/05/92 01/29/93 FedFirst Bancshares Inc Southern National,Lumberton,NC Commercial Banks, Bank Holding Companies 07/01/92 11/25/92 Micron Products Inc Arrhythmia Research Technology Measuring, Medical, Photo Equipment; Clocks 07/01/92 01/04/93 MidAmerican Corp Mercantile Bancorp,St Louis,MO Commercial Banks, Bank Holding Companies 07/01/92 02/26/93 National Savings Bank,Albany KeyCorp,Albany,New York(OLD) Savings and Loans, Mutual Savings Banks 06/29/92 01/15/93 DFSoutheastern Inc First Union Corp,Charlotte,NC Savings and Loans, Mutual Savings Banks 06/29/92 02/01/93 First Chattanooga Financial AmSouth Bancorp,Birmingham,AL Savings and Loans, Mutual Savings Banks 06/29/92 07/02/92 General Sciences Corp Science Applications Intl Corp Prepackaged Software 06/22/92 08/31/92 TMBR/Sharp Drilling Inc State Farm Mutual Auto Ins Co Oil and Gas; Petroleum Refining 06/18/92 12/11/92 CK Federal Savings,Concord,NC SouthTrust Corp Savings and Loans, Mutual Savings Banks 06/17/92 09/09/92 Critical Care America Inc Medical Care International Inc Health Services 06/17/92 12/02/92 Tyler Cabot Mortgage Sec Fund Capstead Mortgage Corp Investment & Commodity Firms, Dealers, Exchang 06/16/92 10/05/92 Arctic Alaska Fisheries Corp Tyson Foods Inc Agriculture, Forestry, and Fishing 06/12/92 01/15/93 Harmonia Bancorp Sovereign Bancorp Savings and Loans, Mutual Savings Banks 06/11/92 01/15/93 South Carolina Federal Corp First Union Corp,Charlotte,NC Savings and Loans, Mutual Savings Banks 06/09/92 10/29/92 Wetterau Inc Super Valu Stores Inc Wholesale Trade-Nondurable Goods 06/08/92 12/31/93 Gulf States Utilities Co Entergy Corp Electric, Gas, and Water Distribution 06/05/92 05/03/93 Key Centurion Bancshares,WV BANC ONE Corp Commercial Banks, Bank Holding Companies 06/03/92 12/04/92 Advanced Telecommunications LDDS Communications Inc Telecommunications 05/27/92 03/09/93 Centel Corp Sprint Corp Telecommunications 05/18/92 12/07/92 First Florida Banks Inc Barnett Banks,Jacksonville,FL Commercial Banks, Bank Holding Companies 05/15/92 12/11/92 Patlex Corp AutoFinance Group Inc Investment & Commodity Firms, Dealers, Exchang 05/13/92 09/04/92 Nova Phamaceutical Corp Scios Inc Business Services 05/13/92 06/01/92 Syntrex Inc Phoenix Technologies Inc Computer and Office Equipment 05/04/92 09/30/92 Wiland Services Inc Neodata Corp(Hicks Muse & Co) Business Services 04/30/92 03/30/93 Home Federal Svgs Bank of AL Colonial BancGroup Inc Savings and Loans, Mutual Savings Banks 04/21/92 02/26/93 First Fincorp Inc BB&T Financial Corp Savings and Loans, Mutual Savings Banks 04/14/92 03/31/93 Valley National Corp,Phoenix BANC ONE Corp Commercial Banks, Bank Holding Companies 04/07/92 12/31/92 First Com'l Bancshares Inc,AL Synovus Financial Corp Commercial Banks, Bank Holding Companies 04/06/92 08/24/92 Wicat Systems Inc Jostens Inc Computer and Office Equipment 04/03/92 12/30/92 Thermascan Inc Virology Testing Sciences Drugs 04/02/92 09/01/92 Volunteer Bancshares Inc Bancorp of Mississippi,Tupelo Commercial Banks, Bank Holding Companies 03/31/92 06/30/93 Horizon Financial Services Inc Republic Bancorp Inc Savings and Loans, Mutual Savings Banks 03/25/92 06/30/92 OW Office Warehouse Officemax. Inc Wholesale Trade-Durable Goods 03/18/92 10/15/92 INB Financial Corp NBD Bancorp,Detroit,Michigan Commercial Banks, Bank Holding Companies 03/13/92 07/27/93 The Circle K Corp CK Acquisitions Corp Retail Trade-Food Stores CONSIDERATION (%) PREMIUM (%) DATE DATE TRANSACTION --------------------- ------------------------ ANNOUNCED EFFECTIVE VALUE CASH COMMON OTHER 1 DAY 1 WEEK 4 WEEKS - --------- --------- ----------- ------ ------ ----- ------- ------ ------- 07/30/92 07/30/92 38.6 40.4% 0.0% 59.6% 07/30/92 01/15/93 287.9 0.0% 100.0% 0.0% 40.0 36.9 31.1 07/30/92 02/17/93 38.7 2.1% 97.8% 0.2% 55.0 53.8 71.9 07/27/92 10/23/92 86.5 74.0% 26.0% 0.0% 69.0 64.4 81.8 07/24/92 10/19/92 264.2 100.0% 0.0% 0.0% 9.8 20.4 21.7 07/22/92 05/03/93 137.9 0.0% 100.0% 0.0% 86.9 81.8 84.3 07/20/92 01/22/93 141.3 100.0% 0.0% 0.0% 32.4 26.8 36.4 07/20/92 10/29/92 39.3 0.0% 100.0% 0.0% 15.0 35.5 19.5 07/16/92 07/16/92 6.0 100.0% 0.0% 0.0% 07/15/92 07/15/92 150.4 33.0% 67.0% 0.0% 1.6 2.3 (0.5) 07/14/92 10/26/92 6.3 0.0% 99.4% 0.6% 07/13/92 03/19/93 12.7 0.0% 99.9% 0.1% 95.6 95.6 100.4 07/13/92 10/15/92 164.1 0.0% 100.0% 0.0% 66.3 94.1 127.8 07/10/92 07/10/92 8.4 0.0% 100.0% 0.0% 07/09/92 04/16/93 18.7 0.0% 100.0% 0.0% 07/08/92 05/20/93 1.0 0.0% 98.0% 2.0% (76.0) (74.2) (66.4) 07/05/92 01/29/93 89.1 0.0% 84.8% 15.2% 55.9 70.8 84.4 07/01/92 11/25/92 5.4 40.7% 59.1% 0.2% 07/01/92 01/04/93 110.9 0.0% 100.0% 0.0% 07/01/92 02/26/93 64.6 0.0% 100.0% 0.0% 29.4 29.4 34.7 06/29/92 01/15/93 145.7 0.0% 100.0% 0.0% 71.8 74.1 89.7 06/29/92 02/01/93 109.7 2.6% 97.4% 0.0% 67.2 57.2 67.2 06/29/92 07/02/92 10.1 100.0% 0.0% 0.0% (7.0) (10.8) 06/22/92 08/31/92 11.4 0.0% 0.0% 100.0% 06/18/92 12/11/92 32.7 0.0% 100.0% 0.0% 38.4 25.8 38.4 06/17/92 09/09/92 846.3 0.0% 100.0% 0.0% 0.9 6.3 (5.4) 06/17/92 12/02/92 259.4 0.0% 0.0% 100.0% 06/16/92 10/05/92 412.3 9.0% 42.5% 48.5% 85.5 104.0 100.0 06/12/92 01/15/93 92.2 11.6% 88.4% 0.0% 44.9 55.4 81.6 06/11/92 01/15/93 78.2 0.0% 100.0% 0.0% 66.7 70.6 80.2 06/09/92 10/29/92 1,084.3 59.4% 0.0% 40.6% 26.0 33.0 27.4 06/08/92 12/31/93 2,281.0 11.0% 89.0% 0.0% 64.9 64.9 63.3 06/05/92 05/03/93 583.9 0.0% 100.0% 0.0% 28.0 26.3 29.7 06/03/92 12/04/92 598.6 0.0% 100.0% 0.0% 34.6 43.8 75.0 05/27/92 03/09/93 3,967.0 0.0% 72.3% 27.7% (9.3) (6.1) 4.9 05/18/92 12/07/92 882.6 0.0% 100.0% 0.0% 77.0 75.6 72.2 05/15/92 12/11/92 45.0 0.0% 100.0% 0.0% 26.7 15.7 40.0 05/13/92 09/04/92 166.4 0.0% 100.0% 0.0% 0.9 (6.0) (13.8) 05/13/92 06/01/92 13.6 23.5% 0.0% 76.5% 05/04/92 09/30/92 25.0 100.0% 0.0% 0.0% (10.5) (12.0) 20.0 04/30/92 03/30/93 7.9 0.0% 100.0% 0.0% 42.5 04/21/92 02/26/93 18.5 0.0% 100.0% 0.0% 26.5 38.0 38.0 04/14/92 03/31/93 1,186.0 0.0% 100.0% 0.0% 48.8 66.9 68.8 04/07/92 12/31/92 118.7 0.0% 100.0% 0.0% 36.2 41.1 41.1 04/06/92 08/24/92 97.3 0.0% 100.0% 0.0% 45.9 65.3 51.8 04/03/92 12/30/92 7.3 0.0% 38.4% 61.6% 04/02/92 09/01/92 56.2 0.0% 100.0% 0.0% 03/31/92 06/30/93 28.7 0.0% 99.9% 0.1% 47.9 61.4 69.0 03/25/92 06/30/92 74.8 100.0% 0.0% 0.0% 22.2 51.7 57.1 03/18/92 10/15/92 883.3 0.0% 100.0% 0.0% 32.2 30.4 31.3 03/13/92 07/27/93 399.5 100.0% 0.0% 0.0% 35 ANALYSIS OF FRIENDLY ACQUISITIONS OF U.S. PUBLIC COMPANIES Page 16 PREMIUMS AND FORM OF CONSIDERATION PAID (a) (DOLLARS IN MILLIONS) DATE DATE ANNOUNCED EFFECTIVE TARGET NAME ACQUIROR NAME TARGET INDUSTRY - --------- --------- ------------------------------- ------------------------------- ----------------------------------------- 03/12/92 06/29/92 MIPS Computer Systems Inc Silicon Graphics Inc Electronic and Electrical Equipment 03/09/92 08/19/92 First American BanCorp,Ohio Charter One Financial Inc Commercial Banks, Bank Holding Companies 03/05/92 10/01/92 Sunwest Finl Svcs,Albuquerque Boatmen's Bancshares Inc Commercial Banks, Bank Holding Companies 03/04/92 01/15/93 Puget Sound Bancorp,Tacoma,WA KeyCorp, Albany, New York(OLD) Conunercial Banks, Bank Holding Companies 03/04/92 07/08/92 Stuart Hall Co Inc Newell Co Paper and Allied Products 03/04/92 08/04/92 Worldwide Computer Svcs Inc Computer Horizons Corp Business Services 03/02/92 03/26/92 Unity Healthcare Holding Co Star Multi Care Services Inc Business Services 02/27/92 09/30/92 First Savings Bancorp,Ohio Tristate Bancorp, Cincinnati, OH Savings and Loans, Mutual Savings Banks 02/21/92 08/03/92 First Centennial Corp Citizens Inc Insurance 02/21/92 02/26/92 Sterling Optical Corp Cohen Fashion Optical Inc Wholesale Trade-Durable Goods 02/20/92 10/13/92 Preferred Homecare of America Home Intensive Care Inc Health Services 02/18/92 08/27/92 Niagara Exchange Corp Selective Insurance Group Inc Insurance 02/17/92 09/30/92 Security Financial Group Inc Metropolitan Financial Corp Commercial Banks, Bank Holding Companies 02/14/92 09/03/92 First Peoples Financial Corp CoreStates Financial Corp Commercial Banks, Bank Holding Companies 02/12/92 06/19/92 Commtron Corp Ingram Entertainment Wholesale Trade-Durable Goods 02/11/92 08/07/92 First Federal S & L,Lenawee Standard Federal Bank Savings and Loans, Mutual Savings Banks 02/10/92 05/29/92 Salem Carpet Mills Inc Shaw Industries Inc Textile and Apparel Products 01/30/92 03/31/92 Flight Dynamics Inc Hughes Flight Dynamics Inc Measuring, Medical, Photo Equipment; Clocks 01/27/92 07/01/92 FB & T Corp Dauphin Deposit Corp Commercial Banks, Bank Holding Companies 01/22/92 01/22/92 Academy Computing Corp Investor Business Services 01/17/92 11/20/92 Flagship Financial Corp PNC Financial,Pittsburgh,PA Commercial Banks, Bank Holding Companies 01/13/92 10/05/92 Quantronix Corp Excel Technology Inc Electronic and Electrical Equipment CONSIDERATION (%) PREMIUM (%) DATE DATE TRANSACTION --------------------- ------------------------ ANNOUNCED EFFECTIVE VALUE CASH COMMON OTHER 1 DAY 1 WEEK 4 WEEKS - --------- --------- ----------- ------ ------ ----- ------- ------ ------- 03/12/92 06/29/92 217.7 0.0% 100.0% 0.0% (22.6) (25.1) (23.5) 03/09/92 08/19/92 41.9 0.0% 100.0% 0.0% 69.4 77.3 81.5 03/05/92 10/01/92 327.9 0.0% 100.0% 0.0% 32.5 35.8 37.8 03/04/92 01/15/93 889.8 0.0% 100.0% 0.0% 49.3 54.4 64.1 03/04/92 07/08/92 62.6 0.0% 100.0% 0.0% 51.4 72.3 47.4 03/04/92 08/04/92 3.6 0.0% 100.0% 0.0% (9.9) 12.7 69.0 03/02/92 03/26/92 0.5 100.0% 0.0% 0.0% 02/27/92 09/30/92 14.1 0.0% 100.0% 0.0% 2.5 2.5 2.5 02/21/92 08/03/92 5.4 0.0% 99.4% 0.6% 76.0 105.3 76.0 02/21/92 02/26/92 15.0 50.0% 0.0% 50.0% 02/20/92 10/13/92 14.0 0.0% 76.6% 23.4% 38.0 47.2 69.8 02/18/92 08/27/92 31.9 100.0% 0.0% 0.0% 130.0 130.0 119.0 02/17/92 09/30/92 12.8 0.0% 100.0% 0.0% 70.7 94.4 66.7 02/14/92 09/03/92 107.4 0.0% 100.0% 0.0% 11.9 5.7 21.4 02/12/92 06/19/92 78.3 100.0% 0.0% 0.0% 19.2 21.6 14.8 02/11/92 08/07/92 46.2 100.0% 0.0% 0.0% 55.2 59.7 54.2 02/10/92 05/29/92 138.2 47.2% 0.0% 52.8% 45.1 38.8 72.5 01/30/92 03/31/92 14.5 100.0% 0.0% 0.0% 01/27/92 07/01/92 74.6 0.0% 100.0% 0.0% 26.0 27.1 27.1 01/22/92 01/22/92 0.9 100.0% 0.0% 0.0% 01/17/92 11/20/92 45.5 100.0% 0.0% 0.0% 45.0 51.3 45.0 01/13/92 10/05/92 7.3 0.0% 99.5% 0.5% (12.5) 27.3 - ------------- (a) Screening criteria: completed friendly mergers or acquisitions of U.S. public companies where 100% of the target company was acquired in the transaction. 36 UNIVAR CORPORATION ANALYSIS OF SELECTED PUBLICLY TRADED CHEMICAL AND INDUSTRIAL DISTRIBUTORS SCHRODER WERTHELM & CO. INCORPORATED 37 SCHRODER WERTHEIM & CO. INCORPORATED UNIVAR CORPORATION SUMMARY VALUATION BASED ON COMPARABLE PUBLICLY TRADED DISTRIBUTORS (IN THOUSANDS, EXCEPT PER SHARE DATA) UNIVAR PAKHOED COMPARABLE TRADING MULT (b) UNIVAR CURRENT OFFER ---------------------------- LMT(a) RESULTS MULTIPLES MULTIPLES HIGH AVERAGE LOW - -------------------------------------------------- ---------------------------- EHITDA $57,842 8.0x 11.0x 8.4x 7.3x 5.7x EBIT 29,343 15.8x 21.6x 10.7x 9.0x 6.5x EPS 0.38 32.4x 50.9x 18.3x 14.5x 9.2x FISCAL 1997 (d) - ---------------- EBITDA $84,871 (e) 5.5x 7.5x 7.8x 7.2x 6.3x EBIT 53,090 (e) 8.8x 11.9x 10.0x 9.1x 8.0x Company EPS 1.07 (e) 11.5x 18.1x 16.6x 13.4x 8.7x First Call EPS 0.82 15.1x 23.7x 16.6x 13.4x 8.7x IMPLIED UVX EQUITY VALUE IMPLIED EQUITY VALUE PER SHARE(c) ------------------------------- ---------------------------------- LMT(a) HIGH AVERAGE LOW HIGH AVERAGE LOW - ---------------- ------------------------------- ---------------------------------- EHITDA $291,565 $223,636 $134,124 $13.25 $10.29 $6.17 EBIT 119,092 66,774 0 5.48 3.07 0.00 EPS 151,586 120,143 76,299 6.97 5.53 3.51 ------ ------ ------- Average $8.57 $6.30 $3.23 FISCAL 1997 (d) ====== ====== ======= - ---------------- EBITDA 469,103 413,768 335,537 20.81 18.45 15.12 EBIT 332,427 286,600 229,736 14.99 13.03 10.57 Company EPS 386,558 312,224 202,215 17.29 14.13 9.30 ------ ------ ------- Average $17.70 $15.20 $11.66 ====== ====== ======= First Call EPS 295.413 238,606 154,535 13.41 10.98 7.11 Average Equity Values per Share (f) $13.13 $10.75 $7.45 ====== ====== ======= Parkhoed Offer Price (g) $19.45 $19.45 $19.45 Implied Acquisition Premium 48.1% 80.9% 161.2% 1 Day 1 Week 4 Weeks Historical Acquisition Premium ------ ------ ------- 34.6% 39.1% 45.0% - ------------------- (a) Univar results exclude a $1.3 million loss on asset sale and $0.2 million in reengineering costs. (b) Comparable companies include: ACET, BER, EEV, GWW, HWKN, MCK & NSSX. (c) Shares are accounted for under the Treasury Stock Method. Includes 1,741,072 options exercisable at an average price of $11.15 per share. (d) For fiscal year ending February 28, 1997. (e) Projections provided by management. (f) Excludes valuation based on First Call EPS. (g) Pakhoed offer price of $19.45 corresponds to an enterprise value of $633,484 and an equity value of $437,569. (h) For friendly acquisitions of U.S. public companies; Premiums are relative to announcement date. 38 SCHRODER WERTHEIM & CO. INCORPORATED COMPARABLE COMPANY DATA RANKED BY SELECTED CATEGORIES PUBLICLY TRADED DISTRIBUTION COMPANIES VALUATION MULTIPLES - ------------------------------------------------------- CURRENT P/E - ------------------------------------------------------- Univar 50.9 x - ------------------------------------------------------- W W Grainger 18.3 x McKesson 15.7 x Bearings 15.7 x Hawkins Chemical 14.6 x Ellis & Everard 14.5 x National Sanitary Supply 13.3 x Aceto 9.2 x AVERAGE EXCL. UVX 14.5 x AVERAGE EXCL. HI/LO & UVX 14.8 x PRICE / 1996P EPS - ------------------------------------------------------- Univar (First Call Estimates) 23.7 x - ------------------------------------------------------- Univar (Company Estimates) 18.1 x - ------------------------------------------------------- W. W. Grainger 16.6 x Ellis & Everard 14.1 x McKesson 13.9 x Bearings 13.6 x Aceto 8.7 x Hawkins Chemical n/a National Sanitary Supply n/a AVERAGE EXCL. UVX 13.4 x AVERAGE EXCL. HI/LO & UVX 13.9 x EV / EBIT - ------------------------------------------------------- Univar 21.6 x - ------------------------------------------------------- Ellis & Everard 10.7 x Hawkins Chemical 9.7 x Bearings 9.6 x W. W. Grainger 9.5 x McKesson 8.5 x National Sanitary Supply 8.1 x Aceto 6.5 x AVERAGE EXCL. UVX 9.0 x AVERAGE EXCL. HI/LO & UVX 9.1 x EV / 1996P EBIT - ------------------------------------------------------- Univar (Company Estimates) 11.9 x - ------------------------------------------------------- Ellis & Everard 10.0 x Bearings 9.6 x W. W. Grainger 8.8 x McKesson 8.0 x Aceto n/a Hawkins Chemical n/a National Sanitary Supply n/a AVERAGE EXCL. UVX 9.1 x AVERAGE EXCL. HI/LO & UVX 9.2 x EV / EBITDA - ------------------------------------------------------- Univar 11.0 X - ------------------------------------------------------- Hawkins Chemical 8.4 x Ellis & Everard 8.4 x W. W. Grainger 7.7 x Bearings 7.4 x McKesson 6.8 x Aceto 6.4 x National Sanitary Supply 5.7 x AVERAGE EXCL. UVX 7.3 x AVERAGE EXCL. HI/LO & UVX 7.3 x EV / 1996P EBITDA - ------------------------------------------------------- Ellis & Everard 7.8 x Univar (Company Estimates) 7.5 x - ------------------------------------------------------- Bearings 7.3 x W. W. Grainger 7.3 x McKesson 6.3 x Aceto n/a Hawkins Chemical n/a National Sanitary Supply n/a AVERAGE EXCL. UVX 7.2 x AVERAGE EXCL. HI/LO & UVX 7.3 x 39 SCHRODER WERTHEIM & CO. INCORPORATED COMPARABLE COMPANY DATA RANKED BY SELECTED CATEGORIES PUBLICLY TRADED DISTRIBUTION COMPANIES OPERATING RATIOS - ------------------------------------------------------- GROSS MARGIN - ------------------------------------------------------- W. W. Grainger 35.9% National Sanitary Supply 31.3% Bearings 25.9% Hawkins Chemical 21.2% Ellis & Everard 20.5% Aceto 13.9% Univar 13.8% - ------------------------------------------------------- McKesson 8.3% AVERAGE EXCL. UVX 22.4% AVERAGE EXCL. HI/LO & UVX 22.6% EBITDA MARGIN - ------------------------------------------------------- Hawkins Chemical 12.4% W. W. Grainger 11.9% Aceto 6.3% Ellis & Everard 5.8% Bearings 5.5% National Sanitary Supply 4.9% Univar 2.8% - ------------------------------------------------------- McKesson 2.5% AVERAGE EXCL. UVX 7.0% AVERAGE EXCL. HI/LO & UVX 6.9% EBIT MARGIN - ------------------------------------------------------- Hawkins Chemical 10.7% W. W. Grainger 9.7% Aceto 6.1% Ellis & Everard 4.5% Bearings 4.2% National Sanitary Supply 3.5% McKesson 2.0% Univar 1.4% - ------------------------------------------------------- AVERAGE EXCL. UVX 5.8% AVERAGE EXCL. HI/LO & UVX 5.6% TOTAL DEBT / TOTAL CAP INCL SHORT-TERM DEBT - ------------------------------------------------------- Univar 53.1% - ------------------------------------------------------- Bearings 41.8% McKesson 40.0% Ellis & Everard 28.3% National Sanitary Supply 22.8% Aceto 3.5% W. W. Grainger 2.7% Hawkins Chemical 1.6% AVERAGE EXCL. UVX 20.1% AVERAGE EXCL. HI/LO & UVX 15.9% EBIT / ENDING ASSETS - ------------------------------------------------------- W. W. Grainger 19.2% Hawkins Chemical 18.0% Ellis & Everard 13.1% Aceto 12.7% Bearings 11.6% National Sanitary Supply 10.1% McKesson 7.4% Univar 3.8% - ------------------------------------------------------- AVERAGE EXCL. UVX 13.2% AVERAGE EXCL. HI/LO & UVX 13.1% PRE-TAX RETURN ON ENDING EQUITY - ------------------------------------------------------- Ellis & Everard 29.5% W. W. Grainger 26.1% Hawkins Chemical 25.5% Bearings 21.5% McKesson 21.2% Aceto 20.4% National Sanitary Supply 15.9% Univar 8.6% - ------------------------------------------------------- AVERAGE EXCL. UVX 22.9% AVERAGE EXCL. HI/LO & UVX 22.9% 40 SCHRODER WERTHEIM & CO. INCORPORATED COMPARISON OF SELECTED PUBLIC DISTRIBUTION COMPANIES (in thousands, except per share data) Univar Univar Corporation Corporation Aceto Bearings, Ellis & Current Price Proposed Price(a) Corporation Inc. Everard plc -------------- -------------- ----------- ---------- ----------- VALUATION RATIOS - ----------------------------------------------------------------------------------------------------------------------------------- Current P/E(1) 32.4 x 50.9 x 9.2 x 15.7 x 14.5 x Price/First Call Calendar Projected 1996E EPS(2) 15.1 x 23.7 x 8.7 x 13.6 x 14.1 x Price/First Call Calendar Projected 1997E EPS(2) 11.3 x 17.7 x n/a 12.7 x 12.8 x Price/Company Projected 1996E EPS 11.5 x (b) 18.1 x (b) Price/Company Projected 1997E EPS 7.8 x (b) 12.3 x (b) Market Value/Book Value 1.4 x 2.3 x 1.2 x 1.9 x 3.1 x EV/Revenues 0.2 x 0.3 x 0.4 x 0.4 x 0.5 x EV/EBIT 15.8 x 21.6 x 6.5 x 9.6 x 10.7 x EV/EBITDA 8.0 x 11.0 x 6.4 x 7.4 x 8.4 x EV/Projected 1996 EBIT 8.8 x (b) 11.9 x (b) n/a 9.6 x 10.0 x EV/Projected 1996 EBITDA 5.5 x (b) 7.5 x (b) n/a 7.3 x 7.8 x EV/Projected 1997 EBIT 6.7 x (b) 9.2 x (b) n/a 8.1 x 8.8 x EV/Projected 1997 EBITDA 4.6 x (b) 6.2 x (b) n/a 6.4 x 7.0 x - ----------------------------------------------------------------------------------------------------------------------------------- MARKET DATA - ------------------------------------------------ Symbol/Exchange UVX/NYSE CET/NASDAQ BER/NYSE EEV.L/London 12 Months Ended 30-Apr-96 31-Mar-96 31-Mar-96 31-Oct-95 Fiscal Year Ended 28-Feb 30-Jun 30-Jun 30-Apr Price (30-May-96) $12,375 $19,450 $15,000 $28,500 L 2,800 52 Week Price Range $16.25-9.63 $17.50-12.96 $33.75-18.33 L 2.97-2.43 Annual Current Dividend $0.30 $0.33 $0.56 L 0.06 Indicated Yield 2.4% 2.2% 2.0% 2.1% Market Value $268,976 $437,569 $77,839 $337,674 L 246,680 EV(=MV+Debt+Pfd-Cash) 464,891 633,484 73,946 454,461 272,680 Shares Outstanding 21,735 22,497 5,189 11,848 88,100 LTM FINANCIAL DATA - ------------------------------------------------ Revenues $2,059,326 $183,715 $1,128,532 L 563,200 Gross Profit 284,736 25,529 292,388 115,300 EBIT 29,343 (c) 11,291 47,241 25,400 Pre-Tax Income 16,044 (c) 12,880 38,909 23,500 Net Income(1) 8,286 (c) 7,888 22,014 16,100 EBITDA 57,842 (c) 11,569 61,633 32,600 EPS(1) $0.38 (c) $1.63 $1.82 L 0.19 1996 First Call Calendar Projected EPS(2) 0.82 (3) 1.73 (1) 2.09 (3) 0.20(6) 1997 First Call Calendar Projected EPS(2) 1.10 (1) NA 2.25 (3) 0.22(4) 1996 Company Projected EPS 1.07 (b) 1997 Company Projected EPS 1.58 (b) 1996 Projected EBIT(3) $53,090 (b) NA $47,549 27,400 1996 Projected EBITDA(3) 84,871 (b) NA 61,941 34,800 1997 Projected EBIT(3) 69,159 (b) NA 56,115 31,000 1997 Projected EBITDA(3) 101,512 (b) NA 70,507 39,000 Total Assets 779,738 89,132 408,021 194,400 Cash & Equivalents 15,239 7,005 13,238 5,400 Long-Term Debt 131,495 1,000 68,571 26,800 Total Debt 211,155 2,291 130,025 31,400 Total Debt + Preferred 211,155 3,112 130,025 31,400 Common Shareholders' Equity 186,632 63,031 181,251 79,600 PROJECTED GROWTH RATES - ------------------------------------------------ 1995A - 1996P Fiscal EBITDA Growth Rate 52.0% NA 21.7% 17.6% 1996P - 1997P Fiscal EBITDA Growth Rate 19.6% NA 13.8% 12.1% 1995A - 1996P Cal EPS Growth Rate (First Call) 163.0% 4.9% 32.6% 16.3% 1996P - 1997P Cal EPS Growth Rate (First Call) 34.1% NA 7.7% 10.1% 1995A - 1996P Cal EPS Growth Rate (Comp) 244.2% 1996P - 1997P Cal EPS Growth Rate (Comp) 47.3% Hawkins National W.W. Chemical, McKesson Sanitary Grainger, Avg ex Avg ex H/L Inc. Corporation Supply Co. Inc. UVX & UVX ---------- ------------- ----------- ---------- ------ ---------- VALUATION RATIOS - ----------------------------------------------------------------------------------------------------------------------------------- Current P/E(1) 14.6 x 15.7 x 13.3 x 18.3 x 14.5 x 14.8 x Price/First Call Calendar Projected 1996E EPS(2) n/a 13.9 x n/a 16.6 x 13.4 x 13.9 x Price/First Call Calendar Projected 1997E EPS(2) n/a 13.0 x n/a 15.1 x 13.4 x 12.9 x Price/Company Projected 1996E EPS Price/Company Projected 1997E EPS Market Value/Book Value 2.4 x 1.9 x 1.2 x 2.8 x 2.1 x 2.0 x EV/Revenues 1.0 x 0.2 x 0.3 x 0.9 x 0.5 x 0.5 x EV/EBIT 9.7 x 8.5 x 8.1 x 9.5 x 9.0 x 9.1 x EV/EBITDA 8.4 x 6.8 x 5.7 x 7.7 x 7.3 x 7.3 x EV/Projected 1996 EBIT n/a 8.0 x n/a 8.8 x 9.1 x 9.2 x EV/Projected 1996 EBITDA n/a 6.3 x n/a 7.3 x 7.2 x 7.3 x EV/Projected 1997 EBIT n/a n/a n/a 8.1 x 8.3 x 8.1 x EV/Projected 1997 EBITDA n/a n/a n/a 6.8 x 6.7 x 6.8 x - ---------------------------------------------------------------------------------------------------------------------------------- MARKET DATA - ------------------------------------------------ Symbol/Exchange HWKN/NASDAQ MCK/NYSE NSSX/NASDAQ GWW/NYSE 12 Months Ended 31-Mar-96 31-Mar-96 31-Mar-96 31-Mar-96 Fiscal Year Ended 30-Sep 31-Dec 31-Dec 31-Dec Price (30-May-96) $8,500 $45,500 $12,750 $67,625 52 Week Price Range $9.29-5.95 $55.63-41.25 $14.00-11.38 $71.13-55.50 Annual Current Dividend $0.30 $1.00 $0.30 $1.00 Indicated Yield 3.6% 2.2% 2.4% 1.5% Market Value $93,939 $2,031,571 $78,238 $3,446,987 EV(=MV+Debt+Pfd-Cash) 87,497 2,316,271 94,820 3,045,457 Shares Outstanding 11,052 44,650 6,136 50,972 LTM FINANCIAL DATA - ------------------------------------------------ Revenues $83,798 $13,716,400 $337,397 $3,312,730 Gross Profit 17,782 1,132,791 (a) 105,609 1,190,151 EBIT 8,986 (a) 272,476 (a) 11,748 322,143 Pre-Tax Income 10,134 (a) 227,400 9,959 317,591 Net Income(1) 6,112 (a) 135,400 5,818 189,920 EBITDA 10,382 (a) 341,276 (a) 16,618 394,323 EPS(1) $0.58 (a) $2.90 $0.96 $3.70 1996 First Call Calendar Projected EPS(2) NA 3.27 (6) NA 4.08 (12) 1997 First Call Calendar Projected EPS(2) NA 3.50 (4) NA 4.49 (9) 1996 Company Projected EPS 1997 Company Projected EPS 1996 Projected EBIT(3) NA $288,900 NA $345,000 1996 Projected EBITDA(3) NA 369,900 NA 417,180 1997 Projected EBIT(3) NA NA NA 375,000 1997 Projected EBITDA(3) NA NA NA 447,180 Total Assets 49,804 3,674,400 116,708 1,674,479 Cash & Equivalents 7,071 527,000 1,979 435,997 Long-Term Debt 572 455,800 15,000 8,202 Total Debt 628 752,800 18,561 34,467 Total Debt + Preferred 628 811,700 18,561 34,467 Common Shareholders' Equity 39,733 1,072,600 62,674 1,218,992 PROJECTED GROWTH RATES Avg ex Avg ex H/L - ------------------------------------------------ UVX & UVX 1995A - 1996P Fiscal EBITDA Growth Rate NA 8.4% NA 7.8% 13.9% 13.0% 1996P - 1997P Fiscal EBITDA Growth Rate NA NA NA 7.2% 11.0% 12.1% 1995A - 1996P Cal EPS Growth Rate (First Call) NA 12.8% NA 12.0% 15.7% 13.7% 1996P - 1997P Cal EPS Growth Rate (First Call) NA 7.0% NA 10.0% 8.7% 8.9% 1995A - 1996P Cal EPS Growth Rate (Comp) 1996P - 1997P Cal EPS Growth Rate (Comp) 41 SCHRODER WERTHEIM & CO. COMPARISON OF SELECTED PUBLIC DISTRIBUTION COMPANIES INCORPORATED (in thousands, except per share data) Univar Univar Corporation Corporation Aceto Bearings, Ellis & Current Price Proposed Price(a) Corporation Inc. Everard plc ------------- ----------------- ----------- ---------- ----------- OPERATING RATIOS - ---------------- EBIT/Ending assets 3.8% 12.7% 11.6% 13.1% Pre-Tax Return on Ending Equity 8.6% 20.4% 21.5% 29.5% Gross Margin 13.8% 13.9% 25.9% 20.5% EBIT Margin 1.4% (c) 6.1% 4.2% 4.5% Pre-Tax Margin 0.8% (c) 7.0% 3.4% 4.2% Net Margin(1) 0.4% (c) 4.3% 2.0% 2.9% EBITDA Margin 2.8% (c) 6.3% 5.5% 5.8% HISTORICAL INCOME DATA REVENUES - ---------------------- LTM $2,059,326 $183,715 $1,128,532 L563,200 1995 2,037,674 164,783 1,054,809 513,500 1994 1,912,728 149,847 936,254 426,100 1993 1,802,464 155,267 831,432 394,600 Growth Rate 6.3% 3.0% 12.6% 14.1% GROSS PROFIT - ---------------------- LTM $284,736 $25,529 $292,388 L115,300 1995 280,834 24,834 271,704 112,300 1994 273,673 22,821 252,041 101,200 1993 269,533 22,360 218,186 91,900 Growth Rate 2.1% 5.4% 11.6% 10.5% EBIT - ---------------------- LTM $29,343 (c) $11,291 $47,241 L25,400 1995 26,695 (c) 10,987 36,923 22,600 1994 24,906 (d) 10,498 (a) 27,817 17,200 1993 27,145 (e) 9,413 (b) 20,521 13,800 Growth Rate (0.8%) 8.0% 34.1% 28.0% PRE-TAX INCOME - ---------------------- LTM $16,044 (c) $12,880 $38,909 L23,500 1995 13,671 (c) 12,615 29,659 21,000 1994 13,781 (d) 11,330 (a) 21,657 15,900 1993 15,479 (e) 10,790 (b) 15,357 12,200 Growth Rate (6.0%) 8.1% 39.0% 31.2% NET INCOME(1) - ---------------------- LTM $8,286 (c) $7,888 $22,014 L16,100 1995 6,765 (c) 7,756 16,909 14,200 1994 5,868 (d) 7,231 (a) 12,687 11,100 1993 8,895 (e) 6,394 (b) 8,927 8,500 Growth Rate (12.8%) 10.1% 37.6% 29.3% PRIMARY EPS(1) - ---------------------- LTM $0.38 (c) $1.63 $1.82 L0.19 1995 0.31 (c) 1.54 1.47 0.17 1994 0.27 (d) 1.42 (a) 1.12 0.13 1993 0.45 (e) 1.26 (b) 0.82 0.10 Growth Rate (16.9%) 10.7% 33.7% 28.7% Hawkins National W.W. Chemical, McKesson Sanitary Grainger, Avg ex Avg ex H/L Inc. Corporation Supply Co. Inc. UVX & UVX --------- ----------- ---------- ---------- ------ ---------- $83,798 $13,716,400 $337,397 $3,312,730 13.2% 13.1% OPERATING RATIOS - ---------------- EBIT/Ending assets 18.0% 7.4% 10.1% 19.2% 13.2% 13.1% Pre-Tax Return on Ending Equity 25.5% 21.2% 15.9% 26.1% 22.9% 22.9% Gross Margin 21.2% 8.3% (a) 31.3% 35.9% 22.4% 22.6% EBIT Margin 10.7% (a) 2.0% (a) 3.5% 9.7% 5.8% 5.6% Pre-Tax Margin 12.1% (a) 1.7% 3.0% 9.6% 5.8% 5.4% Net Margin(1) 7.3% (a) 1.0% 1.7% 5.7% 3.5% 3.3% EBITDA Margin 12.4% (a) 2.5% (a) 4.9% 11.9% 7.0% 6.9% HISTORICAL INCOME DATA REVENUES - ---------------------- $83,798 $13,716,400 $337,397 $3,312,730 83,333 13,716,400 340,913 3,276,910 71,423 13,189,100 308,280 3,023,076 60,914 12,251,400 296,865 2,628,398 17.0% 5.8% 7.2% 11.7% GROSS PROFIT - ---------------------- $17,782 $1,132,791 (a) $105,609 $1,190,151 17,777 1,132,791 (a) 106,206 1,181,358 16,139 1,130,800 97,739 1,071,755 13,794 1,064,400 94,330 974,864 13.5% 3.2% 6.1% 10.1% EBIT - ---------------------- $8,986 (a) $272,476 (a) $11,748 $322,143 9,196 (a) 272,476 (a) 11,847 316,291 7,879 282,700 10,292 284,618 (a) 7,368 262,400 9,093 252,960 (b) 11.7% 1.9% 14.1% 11.8% PRE-TAX INCOME - ---------------------- $10,134 (a) $227,400 $9,959 $317,591 10,238 (a) 227,400 9,819 312,149 8,408 213,600 8,089 281,837 (a) 7,989 186,700 7,344 250,829 (b) 13.2% 10.4% 15.6% 11.6% NET INCOME(1) - ---------------------- $6,112 (a) $135,400 $5,818 $189,920 6,174 135,400 5,745 186,665 5,044 116,200 4,753 159,723 (a) 4,793 102,000 4,277 149,747 (b) 13.5% 15.2% 15.9% 11.6% PRIMARY EPS(1) - ---------------------- $0.58 (a) $2.90 $0.96 $3.70 0.59 (a) 2.90 0.95 3.64 0.48 2.52 0.80 3.12 (a) 0.46 2.22 0.73 2.88 (b) 13.5% 14.3% 14.2% 12.4% 42 SCHRODER WERTHEIM & CO. COMPARISON OF SELECTED PUBLIC DISTRIBUTION COMPANIES INCORPORATED (in thousands, except per share data) UNIVAR UNIVAR CORPORATION CORPORATION ACETO BEARINGS, ELLIS & CURRENT PRICE PROPOSED PRICE(a) CORPORATION INC. EVERARD PLC ------------- ----------------- ----------- --------- ----------- EBITDA - ------------------------------------ LTM $57,832 (c) $11,569 $61,633 L 32,600 1995 55,831 (c) 11,286 50,878 29,600 1994 51,926 (d) 10,813 (a) 44,182 24,300 1993 54,594 (e) 10,291 (b) 33,867 20,000 Growth Rate 11% 4.7% 22.6% 21.7% MARGIN ANALYSIS GROSS PROFIT MARGIN - ------------------------------------ LTM 13.8% 13.9% 25.9% 20.5% 1995 13.8% 15.1% 25.8% 21.9% 1994 14.3% 15.2% 26.9% 23.8% 1993 15.0% 14.4% 26.2% 23.3% EBIT MARGIN - ------------------------------------ LTM 1.4% (c) 6.1% 4.2% 4.5% 1995 1.3% (c) 6.7% 3.5% 4.4% 1994 1.3% (d) 7.0% (a) 3.0% 4.0% 1993 1.5% (e) 6.1% (b) 2.5% 3.5% PRE-TAX MARGIN - ------------------------------------ LTM 0.8% (c) 7.0% 3.4% 4.2% 1995 0.7% (c) 7.7% 2.8% 4.1% 1994 0.7% (d) 7.6% (a) 2.3% 3.7% 1993 0.9% (e) 6.9% (b) 1.8% 3.1% NET MARGIN(1) - ------------------------------------ LTM 0.4% (c) 4.3% 2.0% 2.9% 1995 0.3% (c) 4.7% 1.6% 2.8% 1994 0.3% (d) 4.8% (a) 1.4% 2.6% 1993 0.5% (e) 4.1% (b) 1.1% 2.2% EBITDA MARGIN - ------------------------------------ LTM 2.8% (c) 6.3% 5.5% 5.8% 1995 2.7% (c) 6.8% 4.8% 5.8% 1994 2.7% (d) 7.2% (a) 4.7% 5.7% 1993 3.0% (e) 6.6% (b) 4.1% 5.1% HAWKINS NATIONAL W.W. CHEMICAL, MCKESSON SANITARY GRAINGER, INC. CORPORATION SUPPLY CO. INC. --------- ----------- ---------- -------- EBITDA - ------------------------------------ LTM $10,382 (a) $341,276 (a) $16,618 $394,323 1995 10,565 (a) 341,276 (a) 16,695 387,141 1994 9,138 352,500 14,817 348,947 (a) 1993 8,519 329,600 13,845 308,931 (b) Growth Rate 11.4% 1.8% 9.8% 11.9% MARGIN ANALYSIS GROWTH PROFIT MARGIN - ------------------------------------ LTM 21.2% 8.3% (a) 31.3% 35.9% 1995 21.3% 8.3% (a) 31.2% 36.1% 1994 22.6% 8.6% 31.7% 35.5% 1993 22.6% 8.7% 31.8% 37.1% EBIT MARGIN - ------------------------------------ LTM 10.7% (a) 2.0% (a) 3.5% 9.7% 1995 11.0% (a) 2.0% (a) 3.5% 9.7% 1994 11.0% 2.1% 3.3% 9.4% (a) 1993 12.1% 2.1% 3.1% 9.6% (b) PRE-TAX MARGIN - ------------------------------------ LTM 12.1% (a) 1.7% 3.0% 9.6% 1995 12.3% (a) 1.7% 2.9% 9.5% 1994 11.8% 1.6% 2.6% 9.3% (a) 1993 13.1% 1.5% 2.5% 9.5% (b) NET MARGIN(1) - ------------------------------------ LTM 7.3% (a) 1.0% 1.7% 5.7% 1995 7.4% (a) 1.0% 1.7% 5.7% 1994 7.1% 0.9% 1.5% 5.3% (a) 1993 7.9% 0.8% 1.4% 5.7% (b) EBITDA MARGIN - ------------------------------------ LTM 12.4% (a) 2.5% (a) 4.9% 11.9% 1995 12.7% (a) 2.5% (a) 4.9% 11.8% 1994 12.8% 2.7% 4.8% 11.5% (a) 1993 14.0% 2.7% 4.7% 11.8% (b) 43 SCHRODER WERTHEIM & CO. COMPARISON OF SELECTED PUBLIC DISTRIBUTION COMPANIES INCORPORATED (in thousands, except per share data) UNIVAR UNIVAR CORPORATION CORPORATION ACETO BEARINGS, ELLIS & CURRENT PRICE PROPOSED PRICE(a) CORPORATION INC. EVERARD PLC ------------- ----------------- ----------- --------- ----------- HISTORICAL BALANCE SHEET TOTAL ASSETS - ------------------------------------ LTM $779,718 $89,132 $408,021 L 194,400 1995 740,604 86,116 359,231 199,300 1994 673,203 81,798 343,519 175,500 1993 652,694 76,352 315,935 165,900 Growth Rate 6.5% 6.2% 6.6% 9.6% COMMON EQUITY - ------------------------------------ LTM $186,632 $63,031 $181,251 L 79,600 1995 179,606 60,143 165,104 72,900 1994 176,163 56,846 150,491 73,100 1993 157,406 51,901 134,940 68,400 Growth Rate 6.8% 7.6% 10.6% 3.2% CAPITALIZATION AS OF: 30-Apr-96 31-Mar-96 31-Mar-96 31-Oct-95 Short-Term Debt $ 79,660 $1,291 $61,454 L 4,600 (a) Long Term Debt 131,495 41.3% 1,000 1.5% 68,571 27.4% 26,800 25.2% Preferred Stock + Minority Interest 0 0.0% 821 1.3% 0 0.0% 0 0.0% Common Equity 186,632 58.7% 63,031 97.2% 181,251 72.6% 79,600 74.8% -------- ------- -------- ----------- TOTAL CAPITALIZATION $318,126 100.0% $64,852 100.0% $249,822 100.0% L 106,400 100.0% ======== ======= ======== ============= Cash and Equivalents $15,239 $7,005 $13,238 L 5,400 ======== ======= ======== ============= HAWKINS NATIONAL W.W. CHEMICAL, McKESSON SANITARY GRAINGER, INC. CORPORATION SUPPLY CO. INC. --------- ----------- ---------- ----------- HISTORICAL BALANCE SHEET TOTAL ASSETS - ------------------------------------ LTM $49,804 $3,674,400 $116,708 $1,674,479 1995 53,691 3,674,400 123,239 1,669,243 1994 45,975 3,479,200 124,072 1,534,751 1993 40,067 2,835,000 114,144 1,376,664 Growth Rate 15.8% 13.8% 3.9% 10.1% COMMON EQUITY - ------------------------------------ LTM $39,733 $1,072,600 $62,674 $1,218,992 1995 38,119 1,072,600 61,867 1,179,109 1994 34,773 1,013,500 57,561 1,032,805 1993 30,869 678,600 53,148 941,905 Growth Rate 11.1% 25.7% 7.9% 11.9% CAPITALIZATION AS OF: 31-Mar-96 31-Dec-95 31-Mar-96 31-Mar-96 Short-Term Debt $56 $297,000 $3,561 $26,265 Long Term Debt 572 1.4% 455,800 28.7% 15,000 19.3% 8,202 0.7% Preferred Stock + Minority Interest 0 0.0% 58,900 3.7% 0 0.0% 0 0.0% Common Equity 39,733 98.6% 1,072,600 67.6% 62,674 80.7% 1,218,992 99.3% ------- ---------- ------- ---------- TOTAL CAPITALIZATION $40,306 100.0% $1,587,300 100.0% $77,674 100.0% $1,227,194 100.0% ======= ========== ======= ========== Cash and Equivalents $7,071 $527,000 $1,979 $435,997 ======= ========== ======= ========== 44 SCHRODER WERTHEIM & CO. COMPARISON OF SELECTED PUBLIC DISTRIBUTION COMPANIES INCORPORATED NOTES (1) Net income and EPS results are from continuing operations, before extraordinary items, after minority interests and preferred dividends. (2) Earnings estimates are from First Call for all US companies. Earnings estimates for foreign companies are from equity research reports. (3) Projected EBIT and EBITDA from analyst projections. UNIVAR CORPORATION (a) Dilution of exercised options is accounted for under the Treasury Stock Method. (b) Projections provided by the Company. (c) Excludes a $1.3 million loss on asset sale and $0.2 million in reengineering costs ($0.9 million after-tax, $0.04 per share). (d) Excludes a $0.1 million loss on asset sale and $37.4 million in reengineering charges ($22.5 million after-tax, $1.05 per share). (e) Excludes $4.5 million in reengineering charges ($2.7 million after-tax, $0.14 per share). ACETO CORPORATION (a) Excludes $0.4 million in plant shut-down costs ($0.2 million after-tax, $0.05 per share). (b) Excludes $7.5 million in plant shut-down costs ($4.5 million after-tax, $0.88 per share). ELLIS & EVERARD PLC (a) Total debt is actual as of October 31, 1995 however the allocation between short-term and long-term is estimated based on April 30, 1995 results. HAWKINS CHEMICAL, INC. (a) Excludes $0.8 million in nonrecurring expenses ($0.5 million after-tax, $0.04 per share). MCKESSON CORPORATION (a) Estimated based on fiscal 1995 margins. W.W. GRAINGER, INC. (a) Excludes a $53.0 million restructuring charge ($31.8 million after-tax, $0.62 per share). (b) Excludes a $0.8 million restructuring charge ($0.5 million after-tax, $0.01 per share). 45 Univar Corporation __________________________________________________________________________ ANALYSIS OF SELECTED CHEMICAL AND INDUSTRIAL DISTRIBUTORS MERGERS AND ACQUISITIONS (1994 TO 1996) __________________________________________________________________________ SCHRODER WERTHEIM & CO. INCORPORATED 46 SCHRODER WERTHEIM & CO. UNIVAR CORPORATION Page 1 INCORPORATED SUMMARY VALUATION BASED ON COMPARABLE DISTRIBUTION M&A TRANSACTIONS (in thousands, except per share data) ALL COMPARABLE TRANSACTION MULTIPLES (b) IMPLIED UVX EQUITY VALUE IMPLIED EQUITY VALUE PER SHARE(c) ------------------------- --------------------------------- --------------------------------- LTM UNIVAR RESULTS (a) HIGH AVERAGE LOW HIGH AVERAGE LOW HIGH AVERAGE LOW - ------------------------- ----- ------- ---- -------- -------- -------- ------ ------ ------ EBITDA $57,842 15.6x 10.0x 5.4x $706,421 $382,505 $116,432 $30.92 $17.12 $5.36 EBIT 29,343 21.1x 12.7x 8.7x 423,217 176,738 59,367 18.85 8.13 2.73 Net Income 8,286 38.6x 19.4x 1.6x 319,859 160,758 96,123 14.45 7.40 4.42 ------ ------ ----- Average Equity Value per Share $21.41 $10.88 $4.17 ====== ====== ===== CHEMICAL DISTRIBUTION TRANSACTIONS IMPLIED UVX EQUITY VALUE IMPLIED EQUITY VALUE PER SHARE ---------------------------------- -------------------------------- -------------------------------- PAKHOED/ BRENNTAG/ PAKHOED/ BRENNTAG/ PAKHOED/ BRENNTAG/ LTM UNIVAR RESULTS (a) LAMBERT AVERAGE ORCHIDIS LAMBERT AVERAGE ORCHIDIS LAMBERT AVERAGE ORCHIDIS - ------------------------- ------- ------- --------- -------- ------- --------- --------- ------- -------- EBITDA $57,942 9.1x 7.3x 5.4x $330,447 $223,440 $116,432 $14.90 $10.28 $5.36 EBIT 29,343 10.8x 9.8x 8.7x 120,987 90,177 59,367 5.57 4.15 2.73 Net Income 8,286 11.6x 12.7x 13.7x 96,123 104,824 113,525 4.42 4.82 5.22 ------ ------ ----- Average Equity Value per Share $8.30 $6.42 $4.44 ====== ====== ===== - ------------------- (a) Univar results exclude a $1.3 million loss on asset sale and $0.2 million in reengineering costs. (b) Average excludes high and low values in the range. (c) Shares are accounted for under the Treasury Stock Method. Includes 1,741,072 options exerciseable at an average price of $11.15 per share. 47 SCHRODER WERTHEIM & CO. SELECTED DISTRIBUTION COMPANIES MERGER AND PAGE 1 INCORPORATED ACQUISITION TRANSACTIONS JANUARY 1994 TO PRESENT (Currencies in Millions) DATES: ANNOUNCED/ TARGET/ COMPLETED ACQUIROR TARGET DESCRIPTION - ---------- ----------------------------------------- ---------------------------------------------------- 05-Dec-95 Parts Inc. (GKN plc) Distribution company for auto parts 26-Jan-96 APS Holding CORP. 14-Jun-95 Erith plc Distribution company for construction 01-Sep-95 Graham Group materials and building products 24-May-95 Industrial and Life Sciences Unit (Baxer) Distribution company for laboratory supplies, 15-Aug-95 VWR Scientific Products Corporation chemicals and industrial equipment 05-Jan-95 ADESA Corporation Distribution company for automobiles 30-Jun-95 Minnesota Power & Lighting Company equipment Fiscal 1995 Various regional distributors Distributors of industrial, medical and specialty Fiscal 1995 Airgas, Inc. gases and related equipment 05-Dec-94 Lambert Riviere S.A. French chemical distributor with operations 04-JAN-95 Royal Pakhoed N.V. in France, Italy, Spain and Portugal 21-Sep-94 Anthem Electronics, Inc. Distribution company for electronics 28-Nov-94 Arrow Electronics, Inc. and computer equipment 19-Jan-94 Orchidis Distribution company of chemicals, fuels, and ores 09-Aug-94 Brenntag AG 23-Jun-94 Gates/FA Distributing Inc. Distribution company for electronics 29-Aug-94 Arrow Electronics, Inc. and computer equipment 17-Jun-94 Bunzl Building Supply Inc. Distribution company for construction 17-Jun-94 Rugby Group plc materials and building products Fiscal 1994 Various regional distributors Distributors of industrial, medical and specialty Fiscal 1994 Airgas, Inc. gases and related equipment DATES: ANNOUNCED/ PURCHASE LTM REVENUES LTM EBIT LTM EBITDA LTM NET INCOME CASH/ COMPLETED PRICE (PP) APP/REVENUES APP/EBIT APP/EBITDA PP/NET INCOME DEBT + PREF - ----------- ---------- ------------- --------- ---------- -------------- ----------- 05-Dec-95 $79.7 $232.5(a) $4.2(b) $5.6(a) $2.1(a) $1.1 26-Jan-96 0.3x 18.6x 14.0x 38.6x 0.3 14-Jun-95 L55.4 L85.2 L3.0 L4.0 L1.8 L0.0 01-Sep-95 0.7x 21.1x 15.6x 30.0x 7.4 24-May-95 $428.7 $490.7 $43.6 $45.2 $25.5 $0.0 15-Aug-95 0.9x 9.8x 9.5x 16.8x 0.0 05-Jan-95 $206.6(b) $110.5 $18.1 $25.3 $7.7 $18.0 30-Jun-95 2.4x 14.6x 10.5x 26.9x 76.3 Fiscal 1995 $91.0 $92.1 $6.7 $10.2 $4.5 $0.0 Fiscal 1995 1.0x 13.5x 9.0x 20.4x 0.4 05-Dec-94 Ffr 408.0 Ffr 1,005.9 Ffr 43.2 Ffr 51.3 Ffr 35.1 Ffr 77.2 04-Jan-95 0.5x 10.8x 9.1x 11.6x 136.0 21-Sep-94 $390.6 $701.8 $36.4 $39.5 $21.6 $39.7 28-Nov-94 0.5x 9.7x 8.9x 18.0x 0.0 19-Jan-94 Ffr 240.0 Ffr 1,002.2 Ffr 36.5 Ffr 59.4 Ffr 17.5 Ffr 3.9 09-Aug-94 0.3x 8.7x 5.4x 13.7x 82.2 23-Jun-94 $141.8 $393.4 $16.1 $17.0 $8.0 $0.0 29-Aug-94 0.5x 11.1x 10.5x 17.7x 36.3 17-Jun-94 $94.0 $358.5 NA NA $6.4 $0.0 17-Jun-94 0.3x N/A N/A 14.7x 0.0 Fiscal 1994 $56.3 $65.1 $4.2 $6.3 $3.4 $0.0 Fiscal 1994 0.9x 13.3x 8.9x 16.8x 0.0 Notes: (1) All data is from continuing operations and excludes extraordinary items. (2) Adjusted Purchase Price (APP) = Purchase Price + Debt + Preferred + Minority Interest - Cash (a) Estimated based on nine month data ended November 30, 1995 and 25% of twelve months ended December 31, 1994. (b) Minnesota P&L acquired 80% of the stock for $167 million. Purchase price is grossed up to reflect total company value. AVERAGE TRANSACTION MULTIPLES Average 0.7x 13.1x 10.1x 20.5x Average excl. High/Low 0.6x 12.7x 10.0x 19.4x High 2.4x 21.1x 15.6x 38.6x Low 0.3x 8.7x 5.4x 11.6x 48 Univar Corporation __________________________________________________________________________ DISCOUNTED CASH FLOW ANALYSIS __________________________________________________________________________ SCHRODER WERTHEIM & CO. INCORPORATED 49 SCHRODER WERTHEIM & CO. PROJECT EAGLE INCORPORATED UNIVAR CONSOLIDATED DISCOUNTED CASH FLOW ANALYSIS BASE CASE (dollars in thousands, except per share data) Discount Rate ----------------------------------- Low Average High --------- ----------- -------- Present Value of Discounted Free Cash Flows as of May 31, 1996 $254,023 $239,131 $225,539 Terminal Value as of May 31, 1996 2002 EBITDA Exit Multiple of 5.0x $423,692 $382,443 $345,829 6.0x 508,431 458,932 414,995 7.0x 593,169 535,420 484,161 Implied Enterprise Value as of May 31, 1996 2002 EBITDA Exit Multiple of 5.0x $677,715 $621,574 $571,368 6.0x 762,454 698,062 640,534 7.0x 847,192 774,551 709,700 Plus: Cash & Equivalents at 4/30/96 $15,239 $15,239 $15,239 Less: Total Debt and Cash Overdraft at 4/30/96 (211,155) (211,155) (211,155) Implied Equity Value as of May 31, 1996 2002 EBITDA Exit Multiple of 5.0x $481,800 $425,658 $375,453 6.0x 566,538 502,147 444,619 7.0x 651,277 578,636 513,785 Implied Equity Value per (Fully Diluted) Share (a) 2002 EBITDA Exit Multiple of 5.0X $21.35 $18.96 $16.82 6.0x 24.96 22.22 19.77 7.0x 28.57 25.47 22.71 (a) Includes issuance of common shares and cash proceeds from the exercise of in-the-money options. 50 SCHRODER WERTHEIM & CO. PROJECT EAGLE INCORPORATED FINANCIAL SUMMARY BASE CASE (dollars in thousands) Projected Year Ended February 28, Actual Pro Forma ---------------------------------------------------------------------- SUMMARY INCOME STATEMENT DATA 1996 1996 1997 1998 1999 2000 2001 2002 - ------------------------------ ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- Revenue Consolidated $2,037,674 $2,037,674 $2,213,512 $2,380,730 $2,533,284 $2,675,677 $2,810,310 $2,952,387 Van Waters & Rogers Inc. & Corporate 1,276,709 1,276,709 1,344,041 1,450,100 1,537,106 1,613,961 1,678,520 1,745,660 Van Waters & Rogers Ltd. 401,338 401,338 419,961 445,159 471,869 495,462 520,235 546,247 Univar Europe $359,627 $359,627 $449,510 $485,471 524,309 566,254 611,554 660,479 EBITDA Consolidated $55,831 $55,831 $84,871 $101,512 $121,596 $133,736 $143,488 $156,694 Van Waters & Rogers Inc. & Corporate 18,943 18,943 39,700 50,171 63,658 69,024 72,513 77,196 Van Waters & Rogers Ltd. 21,645 21,645 23,632 25,723 27,965 29,841 31,832 34,136 Univar Europe 15,243 15,243 21,539 25,618 29,973 34,871 39,143 45,363 EBIT Consolidated $26,695 $26,695 $53,090 $69,159 $89,923 $102,265 $112,457 $125,563 Van Waters & Rogers Inc. & Corporate (3,142) (3,142) 16,422 26,421 40,688 46,356 50,385 55,068 Van Waters & Rogers Ltd. 18,935 18,935 20,559 22,650 24,892 26,768 28,759 31,063 Univar Europe 10,903 10,903 16,109 20,088 24,343 29,141 33,313 39,433 51 SCHRODER WERTHEIM & CO. PROJECT EAGLE INCORPORATED VAN WATERS & ROGERS INC. & EXECUTIVE OFFICE DISCOUNTED CASH FLOW ANALYSIS (dollars in thousands) Projected Year Ended February 28 -------------------------------- 1997 1998 1999 2000 2001 2002 ------- ------- ------- ------- ------- ------- EBIT $16,422 $26,421 $40,688 $46,356 $50,385 $55,068 Less: Taxes at Blended Rate (7,108) (11,150) (16,739) (18,976) (20,574) (22,428) ------- ------- ------- ------- ------- ------- Tax Effected EBIT 9,314 15,271 23,949 27,380 29,811 32,639 Plus: Depreciation and Amortization 23,278 23,750 22,970 22,668 22,128 22,128 Plus: Deferred Taxes 8,082 1,243 1,269 1,130 929 666 Less: Working Capital Requirements 7,462 (7,480) (2,781) (1,716) (1,089) (2,071) Less: Capital Expenditures (30,038) (15,862) (13,197) (13,541) (13,896) (13,896) ------- ------- ------- ------- ------- ------- Free Cash Flow $18,098 $16,922 $32,210 $35,921 $37,882 $39,466 ======= ======= ======= ======= ======= ======= Discount Rate ------------- 11.0% 13.0% 15.0% ----- ----- ----- Present Value of Discounted Free Cash Flows $124,029 $116,650 $109,921 Terminal Value ---------------------------- 2002 EBITDA Exit Multiple of 5.Ox $211,815 $191,145 $172,803 6.Ox 254,178 229,374 207,364 7.Ox 296,541 267,603 241,924 Implied Enterprise Value ---------------------------- 2002 EBITDA Exit Multiple of 5.Ox $335,844 $307,795 $282,724 6.Ox 378,207 346,024 317,284 7.Ox 420,570 384,253 351,845 52 SCHRODER WERTHEIM & CO. PROJECT EAGLE INCORPORATED VAN WATERS & ROGERS LTD. DISCOUNTED CASH FLOW ANALYSIS (Dollars in thousands) Projected Year Ended February 28, --------------------------------- 1997 1998 1999 2000 2001 2002 ------- ------- ------- ------- ------- ------- EBIT $20,559 $22,650 $24,892 $26,768 $28,759 $31,063 Less Taxes at Effective Rate of 37.6% (7,725) (8,511) (9,353) (10,058) (10,806) (11,672) ------- ------- ------- ------- ------- ------- Tax Effected EBIT 12,834 14,139 15,539 16,710 17,953 19,391 Plus: Depreciation and Amortization 3,073 3,073 3,073 3,073 3,073 3,073 Plus: Deferred Taxes 86 175 173 157 129 91 Less: Working Capital Requirements 2,478 (7,947) (1,993) (1,562) (1,824) (2,052) Less: Capital Expenditures (4,571) (2,000) (2,000) (2,000) (2,000) (2,000) ------- ------- ------- ------- ------- ------- Free Cash Flow $13,900 $7,440 $14,792 $16,378 $17,331 $18,504 ======= ======= ======= ======= ======= ======= Discount Rate ------------- 11.0% 13.0% 15.0% ------- ------- -------- Present Value of Discounted Free Cash Flows $61,938 $58,478 $55,318 Terminal Value ---------------------------- 2002 EBITDA Exit Multiple of 5.Ox $93,664 $84,524 $76,413 6.Ox 112,397 101,429 91,696 7.Ox 131,130 118,333 106,978 Implied Enterprise Value ---------------------------- 2002 EBITDA Exit Multiple of 5.OX $155,602 $143,002 $131,731 6.Ox 174,335 159,906 147,014 7.Ox 193,068 176,811 162,297 53 SCHRODER WERTHEIM & CO. PROJECT EAGLE INCORPORATED UNIVAR EUROPE DISCOUNTED CASH FLOW ANALYSIS (dollars in thousands) Projected Year Ended February 28, -------------------------------------------------------- 1997 1998 1999 2000 2001 2002 ------- ------- ------- ------- ------- ------- EBIT $16,109 $20,088 $24,343 $29,141 $33,313 $39,433 Less Taxes at Effective Rate of 35.4% (5,699) (7,106) (8,611) (10,309) (11,785) (13,949) ------- ------- ------- ------- ------- ------- Tax Effected EBIT 10,410 12,982 15,732 18,832 21,529 25,483 Plus: Depreciation and AMORTIZATION 5,430 5,530 5,630 5,730 5,830 5,930 Plus: Deferred Taxes 160 310 279 233 176 108 Less: Working Capital Requirements (2,572) 3,407 (3,070) (3,293) (3,637) (4,378) Less: Capital Expenditures (9,067) (3,000) (3,000) (3,000) (3,000) (3,000) ------- ------- ------- ------- ------- ------- Free Cash Flow $4,362 $19,228 $15,571 $18,503 $20,898 $24,144 ======= ======= ======= ======= ======= ======= Discount Rate --------------------------- 12.0% 14.0% 16.0% -------- --------- -------- Present Value of Discounted Free Cash Flows $68,056 $64,002 $60,300 Terminal Value ---------------------------- 2002 EBITDA Exit Multiple of 5.OX $118,213 $106,774 $96,613 6.Ox 141,856 128,129 115,936 7.Ox 165,498 149,484 135,258 Implied Enterprise Value ---------------------------- 2002 EBITDA EXIT Multiple of 5.Ox $186,269 $170,777 $156,913 6.Ox 209,912 192,132 176,236 7.Ox 233,554 213,486 195,558 54 SCHRODER WERTHEIM & CO. UNIVAR CORPORATION INCORPORATED WEIGHTED AVERAGE COST OF CAPITAL (WACC) (currencies in thousands) WEIGHTED AVERAGE COST OF CAPITAL (WACC) - ----------------------------------------------------------------------------------------------------------------------------- WEIGHTED AVG. AFTER-TAX COST OF UNLEVERED DEBT/EQUITY RELEVERED COST OF EQUITY COST OF DEBT CAPITAL BETA (BU) (D/E) BETA (BR) (RE) (RD)*(1-T) (WACC) --------- ----------- --------- ------------- ------------ ------------- US - Univar at Unlevered Beta of: 0.64 0.25 0.74 11.8% 5.0% 10.4% Canada - Univar at Unlevered Beta of: 0.64 0.25 0.74 13.2% 5.1% 11.6% Europe - Univar at Unlevered Beta of: 0.64 0.25 0.74 14.7% 5.2% 12.8% UNLEVERED Beta (BU) BASED ON PUBLIC COMPARABLE COMPANIES - -------------------------------------------------------------------------------------------------------------------------- MARKET VALUE ADJUSTED UNLEVERED TICKER COMPANY NAME TOTAL DEBT OF EQUITY DEBT/EQUITY BETA (B) BETA (BU) - ------ ------------ ---------- ------------ ----------- -------- --------- ACET Aceto Corporation 2,291 77,839 0.03 0.50 0.49 EEV.L Ellis & Everard plc 31,400 246,680 0.13 0.54 0.50 HWKN Hawkins CHEMICAL, Inc. 628 93,939 0.01 0.81 0.81 BER Bearings, Inc. 130,025 337,674 0.39 0.35 0.28 MCK McKesson Corporation 752,800 2,031,571 0.37 0.72 0.59 NSSX National Sanitary Supply Co. 18,561 78,238 0.24 0.45 0.39 GWW W.W. Grainger. Inc. 34,467 3,446,987 0.01 0.77 0.77 Average 0.17 0.59 0.55 Current D+E ----------- UVX Univar Corporation 480,130 211,155 268,976 0.79 0.80 0.45 Average Univar 480,130 97,159(a) 382,971(a) 0.25 0.80 0.64 FORMULAS ASSUMPTIONS - ------------------------------------------------------------------------ ---------------------------------------------- Unlevered Beta (BU) B/[I +(D/E)*( 1-T)] Relevered Beta (BR) Bu * [I + (D/Er)*(l-T)] Cost of Debt (Rd) 8.10% Cost of Equity (Re) Rf + Br*(Rm - Rf) Tax Rate (T) 38.00% WACC [Rd*(l-T)*D/(D + E)] + [Re*E/(D + Ef)] U.S. Risk Free Rate of Return (Rf) 6.79% Risk Premium (Rm - Rf) 6.79% Canadian 10-Year Treasury 7.62% Spread over Comparable U.S. Rate 0.83% U.K. 10-Year Treasury 8.47% Spread over Comparable U.S. Rate 1.68% (a) Based on average projected debt for fiscal years 1996 - 2002. Equity based on current enterprise value. 55 Univar Corporation __________________________________________________________________________ DISCOUNTED CASH FLOW SENSITIVITY ANALYSIS __________________________________________________________________________ SCHRODER WERTHEIM & CO. INCORPORATED 56 SCHRODER WERTHEIM & CO. INCORPORATED PROJECT EAGLE SENSITIVITY ANALYSIS VAN WATERS & ROGERS INC. GROSS MARGIN Consolidated Discounted Cash Flow Value per Share ------------------------------------------------- Discount Rate Gross Profit EBITDA ------------------------------- 1996 - 2002 Case (a) Multiple Low Average High CAGR ------------------------------- -------- ------- ---------- ----- ----------- Base Case 5.0x $21.35 $18.96 $16.82 7.2% 6.0x 24.96 22.22 19.77 7.0x 28.57 25.47 22.71 Gross Margin Decreased by 0.25% 5.0x $20.41 $18.09 $16.02 6.9% 6.0x 23.92 21.26 18.88 7.0x 27.42 24.42 21.74 Gross Margin Decreased by 0.50% 5.0x $19.47 $17.22 $15.21 6.6% 6.0x 22.87 20.29 17.99 7.0x 26.28 23.37 20.77 Gross Margin Decreased by 0.75% 5.0x $18.52 $16.35 $14.40 6.3% 6.0x 21.82 19.33 17.10 7.0x 25.13 22.31 19.80 Gross Margin Decreased by 1.0% 5.0x $17.58 $15.47 $13.59 6.0% 6.0x 20.78 18.36 16.21 7.0x 23.98 21.25 18.82 - ---------------------------- (a) Gross margin reductions are made each year relative to the annual Base Case gross margin assumptions. 57 Univar Corporation - -------------------------------------------------------------------------------- DISCOUNTED VALUE OF FUTURE ESTIMATED STOCK PRICES BASED ON CURRENT P/E MULTIPLES - -------------------------------------------------------------------------------- SCHRODER WERTHEIM & CO. - ----------------------- INCORPORATED 58 SCHRODER WERTHEIM & CO. - ----------------------- INCORPORATED PROJECT EAGLE VALUATION SUMMARY BASED ON P/E MULTIPLES BASE CASE (dollars in thousands, except per share data) Pro Forma Year Ended February 28, Current --------------------------------- Multiple of 1997 1998 1997 EPS ------------- ------------- ----------- Future Value of Total Equity 14.0x 326,253 481,210 Based on P/E Multiple of: 15.0x 349,557 515,582 16.0x 372,861 549,954 Future Value of Equity per Share 14.0x $14.75 $21.36 Based on P/E Multiple of: 15.0x 15.74 22.82 16.0x 16.73 24.29 Present Value of Equity per Share (Fully Diluted) (a) 14.0x $14.75 $18.90 Based on 13.0% Discount Rate 15.0x 15.74 20.20 16.0x 16.73 21.49 Present Value of Equity per Share (Fully Diluted) (a) 14.0x $14.75 $18.57 Based on 15.0% Discount Rate 15.0x 15.74 19.85 16.0x 16.73 21.12 Present Value of Equity per Share (Fully Diluted) (a) 14.0x $14.75 $18.25 Based on 17.0% Discount Rate 15.0x 15.74 19.51 16.0x 16.73 20.76 (a) Present Values as of May 31, 1996. 59 Univar Corporation - -------------------------------------------------------------------------------- LEVERAGED BUYOUT ANALYSIS OF UNIVAR CORPORATION SCHRODER WERTHEIM & CO. - ----------------------- INCORPORATED 60 SCHRODER WERTHEIM & CO. - ----------------------- INCORPORATED PROJECT EAGLE TRANSACTION SUMMARY LBO CASE (in thousands, except per share data) USES OF FUNDS - --------------------------------------------------------------- Amount Percent -------- ------- Share Repurchase 332,737 60.0% Special Dividend 0 0.0% Retirement of Existing Debt 209,920 37.9% Cash 0 0.0% Transaction Costs 11,767 2.1% -------- ------- $554,425 100.0% ======== ======= SOURCES OF FUNDS - --------------------------------------------------------------- Amount Percent -------- ------- Cash $ 14,053 2.5% Revolver 0 0.0% Term Loan 166,327 30.0% New Senior Debt 225,892 40.7% New Senior Subordinated Debt 0 0.0% Dow Preferred 0 0.0% Retirement of Dow Put Option 9,546 1.7% Net Proceeds from Divestitures 0 0.0% New Equity 138,606 25.0% -------- ------- $554,425 100.0% ======== ======= TRANSACTION COSTS - --------------------------------------------------------------- Amount Rate -------- ------- Term Loan Issuance Costs $ 1,663 1.0% Sr. Notes Issuance Costs 6,777 3.0% Sr. Sub. Notes Issuance Costs 0 3.0% Preferred Stock Issuance Costs 0 3.0% Common Stock Issuance Costs 0 0.0% Divesture Costs 0 1.0% Other Costs/Expenses 3,327 -------- Total Transaction Costs $11,767 SHARE REPURCHASE / LBO ASSUMPTIONS - --------------------------------------------------------------- Current UVX Price $12,375 Acquisition Premium 21.2% ------- Share Repurchase Price $15,000 Total Shares Repurchased 21,735 Value of Exercised Options $6,706 ------- Aggregate Purchase Price $332,737 ======= GOODWILL/TREASURY STOCK CALCULATION - --------------------------------------------------------------- Total Share Repurchase Price $332,737 Less: Book Value (179,607) Less: Net Deferred Taxes (8,903) Plus: Existing Goodwill 0 Less: Asset Write-Up 0 -------- Total Goodwill $144,227 ======== Amortization Expense $ 7,211 ASSUMPTIONS - --------------------------------------------------------------- Minimum Cash Balance $5,000 Interest Rates Cash 5.0% Existing Debt 7.0% Revolver 7.0% Term Loan 8.0% New Senior Notes 11.0% Goodwill Amortization Term 20 years Use Excess Cash in 1996? Yes Common Dividends % of Net Inc. 30.0% Exercise Dow Put? Yes Divest Canada? No Divest Europe? No U.S. Sales Deflator 0.0% DIVESTITURE ASSUMPTIONS - --------------------------------------------------------------- Gross Proceeds from Canada Sale $0 Gross Proceeds from Europe Sale 0 -------- Total Gross Proceeds 0 Less: Basis of Subsidiaries Sold 0 -------- Gain on Sale 0 Taxes at 35.0% 0 -------- After Tax Gain 0 -------- Net Proceeds $0 ======== 61 SCHRODER WERTHEIM & CO. - ----------------------- INCORPORATED PROJECT EAGLE FINANCIAL SUMMARY LBO CASE (dollars in thousands) Projected Year Ended February 28, Actual Pro Forma ------------------------------------ SUMMARY INCOME STATEMENT DATA 1996 1996 1997 1998 1999 - ------------------------------ ---------- ---------- ---------- ---------- ---------- Revenue Consolidated $2,037,674 $2,037,674 $2,213,512 $2,380,730 $2,533,284 Van Waters & Rogers Inc. & Corporate 1,276,709 1,276,709 1,344,041 1,450,100 1,537,106 Van Waters & Rogers Ltd. 401,338 401,338 419,961 445,159 471,869 Univar Europe 359,627 359,627 449,510 485,471 524,309 EBITDA Consolidated $55,831 $55,831 $84,871 $101,512 $121,596 Van Waters & Rogers Inc. & Corporate 18,943 18,943 39,700 50,171 63,658 Van Waters & Rogers Ltd. 21,645 21,645 23,632 25,723 27,965 Univar Europe 15,243 15,243 21,539 25,618 29,973 EBIT Consolidated $26,695 $19,484 $45,879 $61,948 $82,712 Van Waters & Rogers Inc. & Corporate (3,142) (10,354) 9,211 19,210 33,477 Van Waters & Rogers Ltd. 18,935 18,935 20,559 22,650 24,892 Univar Europe 10,903 10,903 16,109 20,088 24,343 Projected Year Ended February 28, ------------------------------------ SUMMARY INCOME STATEMENT DATA 2000 2001 2002 ---------- ---------- ---------- Revenue Consolidated $2,675,677 $2,810,310 $2,952,387 Van Waters & Rogers Inc. & Corporate 1,613,961 1,678,520 1,745,660 Van Waters & Rogers Ltd. 495,462 520,235 546,247 Univar Europe 566,254 611,554 660,479 EBITDA Consolidated $133,736 $143,488 $156,694 Van Waters & Rogers Inc. & Corporate 69,024 72,513 77,196 Van Waters & Rogers Ltd. 29,841 31,832 34,136 Univar Europe 34,871 39,143 45,363 EBIT Consolidated $95,053 $105,245 $118,352 Van Waters & Rogers Inc. & Corporate 39,144 43,173 47,856 Van Waters & Rogers Ltd. 26,768 28,759 31,063 Univar Europe 29,141 33,313 39,433 62 SCHRODER WERTHEIM & CO. - ----------------------- INCORPORATED PROJECT EAGLE FINANCIAL SUMMARY LBO CASE (dollars in thousands) Projected Year Ended February 28, Actual Pro Forma -------------------------------------------------------------------- SUMMARY BALANCE SHEET 1996 1996 1997 1998 1999 2000 2001 2002 - ------------------------------- -------- --------- -------- -------- -------- -------- -------- -------- Cash & Cash Equivalents $19,053 $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 Working Capital 133,499 133,499 125,669 137,690 145,533 152,105 158,654 167,154 Capital Expenditures 19,405 19,405 43,466 20,962 18,297 18,641 18,996 18,996 Short-Term Debt 77,108 0 0 0 0 0 0 0 Revolver 0 0 21,603 37,555 32,939 17,746 0 0 Term Loan 0 166,327 133,062 99,796 66,531 33,265 0 0 Existing Debt 132,812 0 0 0 0 0 0 0 Senior Notes 0 225,892 225,892 225,892 225,892 225,892 220,249 153,435 -------- -------- -------- -------- -------- -------- -------- -------- Total Debt $209,920 $392,220 $380,557 $363,343 $325,362 $276,904 $220,249 $153,435 ======== ======== ======== ======== ======== ======== ======== ======== Common Equity 179,607 136,384 135,824 144,829 168,245 201,713 244,438 299,540 COVERAGE-RATIOS - ------------------------------- EBITDA/Interest Expense 3.7x 1.5x 2.3x 2.8x 3.6x 4.4x 5.4x 7.6x EBITDA - CapEx/Interest Expense 2.4x 1.0x 1.6x(a) 2.2x 3.0x 3.8x 4.7x 6.7x LEVERAGE RATIOS - ------------------------------- Total Debt/ EBITDA 3.8x 7.0x 4.5x 3.6x 2.7x 2.1x 1.5x 1.0x Total Debt/ Total Cap + Short-Term Debt 53.9% 74.2% 73.7% 71.5% 65.9% 57.9% 47.4% 33.9% Net Debt/ Total Cap + ST Debt - Cash 51.5% 74.0% 73.4% 71.2% 65.6% 57.4% 46.8% 33.1% (a) Excludes $18 million for the Chicago Facility. 63 SCHRODER WERTHEIM & CO. - ----------------------- INCORPORATED PROJECT EAGLE LBO RETURNS ANALYSIS (dollars in thousands) Projected Year Ended February 28, Equity -------------------------------------------------------- Internal Rate 2000 EXIT SCENARIO Investment 1997 1998 1999 2000 2001 2002 of Return - ------------------------------- ---------- ----- ----- ----- ----- ----- ----- ------------- EBITDA Exit Multiple 5.0x ($138,606) $0 $0 $0 $391,775 29.7% 6.0x (138,606) 0 0 0 525,510 39.5% 7.0x (138,606) 0 0 0 659,246 47.7% 2001 EXIT SCENARIO - ------------------------------- EBITDA Exit Multiple 5.0x ($138,606) $0 $0 $0 $0 $497,190 29.1% 6.0x (138,606) 0 0 0 0 640,678 35.8% 7.0x (138,606) 0 0 0 0 784,165 41.4% 2002 EXIT SCENARIO - ------------------------------- EBITDA Exit Multiple 5.0x ($138,606) $0 $0 $0 $0 $0 $630,037 28.7% 6.0x (138,606) 0 0 0 0 0 786,731 33.6% 7.0x (138,606) 0 0 0 0 0 943,426 37.7%